VOLUME 9 | EDITION 2
FE AT UR E D LU X U RY HO ME L ISTIN G FA I RWAYS ESTATE S LOT 1 / PAG E 9
RAI SING T HE LU XU RY MARK ET PR I CE P O INT
2021
Responding to Context is our Modus Operandi More than two decades ago, we published the first Jackson Hole Report to provide the critical, specialized market analysis our clients need. Then as now, the Jackson Hole Report remains the definitive source on real estate in this region, regularly cited in national publications.
WELCOME TO THE 9TH ANNIVERSARY OF THE JACKSON HOLE LUXURY REPORT
Buying a home in Jackson Hole is more than a transaction. 2
For many, the decision is often an exciting lifestyle change as well. Respecting the many elements that factor into this important decision, we designed our real estate services to provide you with much more than just a property fact sheet.
The Origin of the Jackson Hole Luxury Report Post Recession, we observed the high-end segment grow in strength and subtlety. Understanding that luxury properties require special attention and analysis, we published the inaugural Jackson Hole Luxury Report nine years ago—to widespread acclaim. Catering to high-end buyers and sellers who seek a clear understanding of this elite market, the report focuses on 1,805 properties worth $3 million and above, many of which are sold privately and never appear as public listings.
Our Commitment to You Underlying our exhaustive research is a core commitment to our clients. We want to ensure their experience matches their expectations of this spectacular setting. As trusted advisors, we work with our clients throughout the process of purchasing and selling real estate, but also well beyond the closing date.
Creating Community Intrinsic to our roles as realtors is our pride of place and a connection with our clients. Getting to know the people and places who make this community so vibrant is as important as recognizing the economic factors at play in our market. From exploring market dynamics to sketching a social calendar, we are experts in all aspects of Jackson Hole, and we want to help make this valley feel like home. Please turn to us as your partner in the discovery of this special place.
Confidential Market Analysis As a courtesy to our clients, we offer a confidential market analysis of your distinctive Jackson Hole property, as well as annual valuation updates for trust and estate planning. If you own a luxury property in Jackson Hole and would be interested in a confidential market analysis, please fill out the form below or call David at (307) 690-4004 or email david@jacksonholereport.com. JacksonHoleLuxuryReport.com
As reported in our 2020 year-end report, the term “Luxury” was reclassified. Historically, one gauge used nationwide to define “Luxury” has been “the top 10% of a given market.” When we started the Luxury Report
Raising the Luxury Market Price Point
in 2012, the top 10% hovered around $2 million. By 2016, the top 10% averaged around $3.5 million. In 2020, however, the number of Luxury-defined $3+ million sales skyrocketed 132% to 257 sales. This surge drove the definition of “Luxury” in our market up 63% from 2019 to a baseline of $6.5 million. If we had focused solely on the top 10% of our market to define a Luxury Home in 2020, we would have only included sales above $8.45 million. Currently, of the 76 overall active, single-family home listings only twenty are listed for under $3 million. If we look at the top 10% of what’s available now, the listings sit at $13.9 million and above. With the bar raised so dramatically in 2020, this report will only focus on sales above $5 million going forward. If you would like to know more about sales under $5 million, please read our Jackson Hole Report at www.jacksonholereport.com
With the Luxury bar raised so dramatically
W H AT H A P P E N E D I N T H E L A S T 1 2 M O N T H S ?
in 2020, going forward
It’s clear many Luxury Buyers vacated large cities due to both COVID-19 and civil unrest. What came as a
this report will only
Most had been contemplating a move for some time or planned to retire in Jackson Hole someday and
focus on sales above
cities, retire early, or telecommute continues. In fact, many Luxury Buyers have hired local Realtors to be
$5 million.
Buyers have already moved here, putting pressure on our rent pool while they wait for new listings to hit the
BIG surprise was the number of Zoom Towners whose companies went virtual for the foreseeable future. felt that 2020 was the right time. Today, while the COVID-19 vaccines offer hope, the desire to exit larger their advocates, helping them find the Luxury property that best suits their wants and needs. Many of these market.
“OFF-MARKET” SALES An Off-Market sale is a property that was not made available to the public through MLS or was temporarily posted to MLS and then removed before going under contract. NOTE: Since January 1, 2021 only 32% of all closed Luxury sales were reported to MLS. The rest were considered Off-Market. Normally a Realtor is involved in these Off-Market sales, but advertising in MLS was not necessary to find a Luxury Buyer.
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CONTENTS
6 Overall Luxury Market Comparing mid-year 2021 with 2020, we discovered that the overall number of Luxury Sales increased 105% to 74 total sales.
Competence. Exclusivity. Passion. Ensuring an Experience of the Highest Caliber
Opening the door to the life you aspire.
Following suit, the overall dollar volume increased 120% to $678 million.
At Engel & Völkers, we believe that luxury is the fullness of life that begins and ends the day in the most important place we know: home. From starter homes, to dream homes, and even cas-
11 Single Family Luxury Homes Luxury homes accounted for 68% of all Luxury sales to date in 2021. All told, the number of home sales is up a record breaking 163%, and the dollar volume increased by178% for a total of $439 million.
tles, Engel & Völkers advisors help our clients discover what luxury means to them and deliver a home buying and selling experience that meets their unique needs. Engel & Völkers evokes a real estate experience with the utmost competence, exclusive expertise and passion for all that we do. Handcrafted attention to every detail and meticulous whiteglove service is what each and every one of our clients deserves. It’s our standard of service that truly sets Engel & Völkers apart.
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14 Vacant Luxury Lots The demand for vacant Luxury lots to date in 2021 is up 86% when compared to mid-year 2020. Sales totaled 13 transactions with a dollar volume of $110 million (up 108%).
18 Luxury Condo/Townhouses Luxury Condo/Townhomes are few but not far between in
“
It’s a difficult thing to move on from a home that was a huge part of your life. Working with Devon, David and Andrew created the best possible experience
Jackson Hole, and all but one is located in Teton Village.
and outcome. The care and professionalism they had throughout the entire
Currently, 136 units qualify for the Jackson Hole Luxury Report
process was amazing. They were also transparent and honest every step of the
-- being worth $5+ million.
way. Our former legacy property in Jackson is now in the hands of an amazing new family thanks to Devon, David, and Andrew.
22 Meet the Team Jackson Hole real estate is a treasured and valuable asset. With this investment in mind, it is vital that your relationship with your Realtor is based on an open line of communication.
JacksonHoleLuxuryReport.com
A N N ET T E C UM M I N G Jackson, WY Fairways Estates lot’s 19, 32, 33, 42, 43 & 44
How can the Jackson Hole Luxury Report serve you? ...we track every single luxury transaction in Jackson Hole by painstakingly reviewing public records. Our data-driven reporting is the most accurate and trusted real estate news source in Jackson Hole.
“
David and Devon Viehman are the best realtors I have ever worked with - either buying or selling a property in the Jackson Hole area. This is the third home I have sold in Jackson, and they did it in one day! From the time the offer was placed to the closing they responded to phone calls, texts, and emails immediately with wise advice and guidance throughout the process. I will use them again in the
After perusing this publication, we hope
extensive research of listed and unlisted
you agree: the Jackson Hole Luxury
sales. By providing you with the best
Report stands in a league all its own.
advice available, we ensure that you
Other Realtors try to analyze the Jackson
have a successful and smooth real estate
Hole market from MLS statistics, however
transaction.
the MLS accounted for only 32% of the luxury sales in 2021. In contrast, we track
To keep you abreast of Jackson Hole’s
every single luxury transaction in Teton
ever-changing real estate conditions, we
County by painstakingly reviewing public
offer a suite of services including daily
records. Our data-driven reporting is the
email updates of active luxury listings,
most accurate and trusted real estate
a free confidential market analysis of a
news source in Teton County.
client’s property and annual price updates for estate and/or trust planning. If you
We use this detailed data to help you
want to list your luxury property this
– our clients. From pricing your luxury
fall, please call or email us to set up an
property to sell in this competitive market
evaluation of your property. After touring
to helping you determine the right time
your property, we will provide a custom
to buy, we share all of our analytical
marketing plan. No other Jackson Hole
insight with you. Paired with impeccable
brokerage can duplicate the dexterity of
professionalism and personal attention,
our marketing approach.
we offer you superior service matched only by the superior nature of the
So whether you plan to list your luxury
properties themselves.
property soon, want more detailed analysis of a specific area, or need a
The lack of published luxury sales can
professional realtor to represent you,
make pricing a luxury home stressful,
please call (307) 690-4004 or email
particularly when emotions are involved.
group@jacksonholereport.com.
future and would not even consider anyone else in
When pricing your property, we reference
Jackson to work with.
our own knowledge base –built over
ROSA NNA MITC H E LL Jackson, WY
market and neighborhoods, and working
decades of tracking the Jackson Hole with clients and builders – as well as our
JacksonHoleLuxuryReport.com
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OV E RALL MARKET
Overall Luxury Market $5 + MI LLI ON
Comparing mid-year 2021 with 2020, we
overall listings priced over $5 million with
discovered that the overall number of Lux-
22% of those on the market for more than
ury Sales increased 105% to **74 total sales.
12 months.
Listen to the Numbers
MLS accounted for only 32% of the overall luxury sales in 2021.
Following suit, the overall dollar volume increased 120% to **$678 million. NOTE:
Tracking Luxury market values becomes
While Luxury Sales only made up 17% of the
challenging
overall number of sales in Jackson Hole,
While many properties in Jackson Hole are
they accounted for 53% of the total dollar
worth more than $5 million, no two are alike.
volume so far in 2021.
For this reason, many sellers start by over-
without
comparable
sales.
OVERALL LUXURY SALES BY AREA
pricing their homes beyond market levels About 69% of all sales fell between $5 and
and then lower the price progressively until
$10 million.
the property reaches market value. This is one reason why 16% of the Luxury listings
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**Twenty-three Luxury properties sold for
have been on the market for more than
more than $10 million in 2021 (up 155%).
two years. If you plan to sell your property
However, only 26% were reported to the
soon, do not make the mistake of overpric-
MLS; a trend that underscores the necessity
ing. Through our confidential property and
of enlisting us as your Realtors when enter-
market analysis, we can help you through
ing this elite market.
the entire process.
The highest priced sale came from “The
Close analysis of the statistics supports the
Ranch Inn” properties in the Town of Jack-
following conclusion: When compared to
son. The price of this private sale was not
mid-year 2020, the current overall avail-
disclosed, but because Teton County tax
able inventory is down 17% to 50 listings.
value was slightly over $16 million, odds
While the average list price did not change,
are good it sold for well over $20 million.
the median list price increased a scant 3%.
NOTE: At the end of the year, there were 50
Current overall inventory decreased 17% (50 listings) Number of sales increased 105% to 74
**Record Setting JacksonHoleLuxuryReport.com
Overall dollar volume increased 120% to $678M
WESTBANK
NORTH OF THE GROS VENTRE RIVER
TOWN OF JACKSON
SOUTH OF JACKSON
27 SALES $245M
11 SALES $98M
7 SALES $80M
29 SALES $256M
OVERALL M ARKET
THE CURRENT LANDSCAPE Available inventory is down 17%, when compared to mid-year 2020, at 50 Luxury listings for sale. With an average listing price of **$12.3 million and a median listing price of **$8.495 million, available inventory breaks down into 29 listings priced between $5 and $10 million (58%); 15 between $10 and $20 million (30%); and six over $20 million. NOTE: Of the 50 listings, only 10 include 35+ acres.
29 LISTINGS (58%) BETWEEN $5-$10 MILLION
Of the 50 listings, only 10 are 35+ acres.
6 LISTINGS OVER $20 MILLION
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THE MOST EXPENSIVE SALE OF 2021
The Ranch Inn The Ranch Inn has been owned and managed by the same local family for over 30 years. It first opened in 1974 with 7,584 sq. ft. of street level office/ retail and 7,400 sq. ft. of motel rooms upstairs. Located only one block south
15 LISTINGS (30%) BETWEEN $10-$20 MILLION
of the Town Square, a total of almost 30,000 sq. ft. of improvements and 0.86 acres of prime downtown real estate sold. The price of this private sale was not disclosed, but because Teton County tax value was slightly over $16 million, odds are good it sold for well over $20 million.
**Record Setting JacksonHoleLuxuryReport.com
OV E RALL MARKET
9 HOM ES
OVERALL LUXURY UNDER CONTRACT
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At mid-year, 13 properties were under contract (down 50%) with an average listing price of $8.7 million (down 11%) and median listing price of $7.895 million (up 5%). The median list price under contract hit a mid-year record at **$7.895 million. Of the listings currently under contract, one is commercial, nine are single-family homes, and three are 35+ acre sin-
13 properties under contract (down 50%)
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Average list price of $8.7 million (down 11%) Median list price of $7.895 million (up 5%)
gle-family lots.
35+ S IN G LE- FAM ILY LOTS
1 COM M ERCIAL
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THE MOST EXPENSIVE UNDER CONTRACT
Bar B Bar Ranch Lot 3 A&B LI ST PRI C E $18.5 M
Sweeping Teton views. Adjacent to the Snake River. Year-round spring creeks. This truly unique offering in the Bar B Bar Ranch offers an authenticity unrivaled in Jackson Hole. Two parcels comprise more than 72 acres along the banks of the Snake and in the shadow of the Grand. Open meadows meld with old growth conifers and soaring cottonwoods to create some of the finest native habitat for elk, moose, eagles and other wildlife. Each parcel features a defined building envelope allowing for up to 30,000 sq.ft. of finished improvements. A conservation easement on a portion of the property–as well as similar easements on adjacent properties–ensures the character of the Bar B Bar will remain. Fish for cutthroat from your backyard or stroll along the levee and watch the sunset over the Tetons. **Record Setting JacksonHoleLuxuryReport.com
F EAT URED LUXURY HOM E LIST IN G
Fairways Estates Lot 1 F E AT U RE D LU X U RY H O M E L I ST I N G LI ST P R I CE $ 6 , 9 5 0, 000 This stunning, 7,918 sq. ft. modern ranch style home rests on three acres and boasts both aesthetic and wildlife habitat water features.
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With Teton and mountain views, it remains the only home in Fairways Estates with access directly to Sagebrush drive. This 6-bedroom, 7 bath home includes a large lower-level media room, wine cellar and large living area perfect for entertaining. With a charming terrace directly out the bedroom doors, sought-after views of the Teton mountain range, hickory floors and two wood burning fireplaces, there isn’t a room in the house that doesn’t leave you in awe. This gorgeous estate is truly one of a kind! DAV ID & D EVON VIE H MAN ENG EL & VOLK E RS JAC K S ON H OLE M LS# 2 1-19 26
JacksonHoleLuxuryReport.com
I NM A N G OL D E N I W I N N E R
Best Sales & Marketing of a Luxury Property for our marketing of Rare Legacy Estate View the video and property at 165Huckleberry.com
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We are pleased to announce that our signature film of 165 Huckleberry won the Best Sales and Marketing Campaign for a Luxury Property 2019. The Inman Golden I Club is nothing less than the highest honor in luxury real estate. Since it’s launch in August, the film has had over 45,000 views. Contact us to see if your property qualifies for this marketing initiative. It isn’t always just about the price point as many unique properties in the area also a good fit.
S IN G LE FAM ILY HOM ES
Single Family Luxury Homes $ 5 + MI LLI ON LUXURY HOMES accounted for 68% of all Luxury sales to date in 2021. All told, the number of home sales is up a record breaking 163%, and the dollar volume increased by 178% for a total of **$439 million. In contrast, the average sale price decreased by 7% to $9.2 million and the median sale price of $8 million is unchanged.
To date there have been **50 home sales
Of the existing inventory, 25% has been
over $5 million (up 163%), of which 68%
on the market for more than a year. Some
sold for between $5 and 10 million. NOTE:
homes continue to be overpriced for the
Seven sold for over $15 million -- another
current market, while others do not match
historical record.
the value of the land they occupy.
Unlike the Luxury market in 2020—where
This situation constrains Buyers. For
homes over $5 million were saddled with
instance, in the $10+ million segment,
12+ months of inventory, 2021 wiped out
Buyers may choose from 12 homes valley-
most of the existing inventory. Based on
wide. Of those 12, ten are 10+ years old, six
the number of sales to date in 2021, there
include less than 10 acres, and two are on
are currently less than four months of
the Snake River. Further complicating the
inventory.
process, many Luxury homes only appeal to a specific Buyer—a precise pairing that requires substantial marketing.
HOT SPOTS The Westbank and North of the Gros Ventre River logged the most single-family, Luxury home sales to date in 2021, with 18 and 9, respectively. Only two of the sales sat atop parcels with 35+ acres, but 21 of the sales had some kind of water feature.
LUXURY HOMES UNDER CONTRACT There are nine Luxury homes currently under contract (down 10%). Seven are listed for under $10 million.
Average sale price ($9.2M) decreased by 7% Number of sales is up 163%
Dollar volume increased by 178%
**Record Setting JacksonHoleLuxuryReport.com
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S I N G LE FAM ILY HOM ES
MOST EXPENSIVE S I N G L E - F A M I LY L U X U R Y H O M E S A L E TO DAT E
Dairy Subdivision Lot 32 L IST PR ICE : $18.9 M I LLI ON A Refuge Five Minutes from Town - Tucked away in the prestigious Dairy Ranches, Cody Creek Sanctuary’s proximity to town is unmatched in the West. Only five minutes from downtown Jackson, this 65-acre property, populated by elk, deer, and a myriad of other native species, feels miles from the hubbub of civilization. Cody Creek Sanctuary, a log home on 65 acres of open space, lies just minutes south of downtown Jackson, but resembles a miniature National Park. Native wildlife roam the property year-round. Enjoy 12
the sound of a rambling spring creek, sunlight in a cottonwood grove or a stunning sunset over snow-capped mountains. L ATHAM J E NKI N S / LI VE WATER JAC KSON HOLE
If you are a property owner in Jackson Hole and would like a free comparative market analysis, please contact David Viehman at 307-690-4004 or david@jacksonholereport.com. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.
JacksonHoleLuxuryReport.com
S IN G LE FAM ILY HOM ES
THE CURRENT LANDSCAPE Available inventory is down 18% when compared to mid-year 2020 with only 32 Luxury homes for sale. With an average listing price of $13.2 million (up 9%), and a median listing price of $7.6 million (down 18%), the available inventory breaks down into the following: 21 between $5 and $10 million (65%); six between $10 and $15 million; two between $15 and $25 million, and three over $25 million (see most expensive home listing). NOTE: Of the 32 homes listed, only five sit on 35+ acres. Also noteworthy: 75% of the Luxury homes currently on the market are more than 15 years old.
MOST EXPENSIVE HOME LISTING AT T H I S T I M E
Bar B Bar A very special home and much more. The 4 bedroom, 7984 square foot home is on a 37 acre parcel and adjoins 6 other 35+ acre parcels totaling 278 acres in the private Bar B Bar Ranch. With 3 spring creeks flowing through the property and over 1/2 mile of Snake River frontage you know you are somewhere very special. The home is an exceptional design and built to the highest quality standards. A 4 bedroom 3618 sq. ft. guest house adds to the appeal. The property has been extensively landscaped and very private yet conveniently located. Two patios offer wonderful outdoor spaces as well as enjoying the bark covered walking paths. Watch the wildlife every season and enjoy the fishing in the creeks or river. L IST PR ICE $ 69. 5M Ed Liebzeit Jackson Hole Sotheby’s International Realty
JacksonHoleLuxuryReport.com
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VACANT LOTS
Vacant Luxury Lots $5 + MI LLI ON
HOT SPOT Gros Ventre Buttes enjoyed the most Luxury lot sales by mid-year
The demand for vacant Luxury lots to date in 2021 is up 86% when
2021 with six Luxury parcels for a total dollar value of $48 million.
compared to mid-year 2020. Sales totaled 13 transactions with a dollar volume of $110 million (up 108%). Four sales occurred on the Westbank; six sales occurred in the Gros Ventre Buttes; one North of Jackson; and two South of Jackson.
CURRENT LANDSCAPE Available inventory of Luxury lots is down 63% at mid-year 2021 with a total of seven single-family Luxury home sites currently listed. With
Vacant Luxury lots under contract are down 20% compared to mid-year 2020, with four lots under contract at an average listing price of $9.2 million. NOTE: All four are 35+ acres.
of $9.75 million (up 42%), available inventory breaks down into the
As previously discussed, several factors accelerated sales of Luxury lots. Current Luxury
$10.25 million, and one for $25.5 million.
home inventory is down 52% with only five homes built in the last 10 years. NOTE: Only five 14
an average list price of $11.16 million (up 44%), and a median list price
of the 32 Luxury homes currently listed sit on 35+ acres.
following: four lots listed between $5 and $10 million, two listed for
Of the seven listings, four offer 35+ acres.
MOST EXPENSIVE LOT S A L E TO DAT E
Bar BC Ranch Parcel 5 L IST PR ICE : $ 8 .75 M I LLI ON Bar BC Ranch parcel 5 is a 35-acre parcel within a 850+ ranch in Spring Gulch. The Ranch borders both the Snake and Gros Ventre rivers and is one of the few gated communities in the Valley. Parcel 5 has an elevated building site with a unique, mature grove of aspens within the building envelope, Teton and Sleeping Indian views, and wetland overlooks. The sale price was not disclosed to MLS, and the developer parcel has been on and off the market for nine years.
JacksonHoleLuxuryReport.com
F EAT URED LUXURY HOM E LIST IN G
Hoback Vistas Lot 1 FEATURE D LUX URY H OME LISTING L IST PRI C E $5 ,29 5 ,000 Located just 20 minutes South of Jackson, this gorgeous sought after 6-acre property borders National Forest. Expansive mountain
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views and complete privacy make this home one of a kind. Completely remodeled in 2016, the interior boasts stunning views and a wide open floor plan. Reclaimed wood, expansive closets, hardwood throughout and brand new appliances create an unparalleled modern mountain lodge feel. Bonus storage/playroom and exercise room, full bar in lower living room, perfect for entertaining. The backyard offers a full stone fire pit, large treehouse and swinging bench overlooking the entire valley and Hoback river. This gorgeous estate is truly one of a kind! DEVO N VIEHM AN & J OSIE DAN IEL EN G EL & VOLKERS JACKS ON HOLE M L S # 2 1- 1584
JacksonHoleLuxuryReport.com
C ONDO S/TOWNHOMES
Luxury Condo/Townhomes $5 + MI LLI ON LUXURY CONDO/TOWNHOMES are few but not far between in Jackson Hole, and all but one is located in Teton Village. Currently, 136 units qualify for the Jackson Hole Luxury Report -- being worth $5+ million. This reduction in Luxury units is due to the current definition of “Luxury” in Jackson Hole. The breakdown is as follows: 38 units in the Four Seasons Hotel; all 21 Granite Ridge Lodges; 70 units in Shooting Star
70 38
Shooting Star (Lodges or Cabins) Four Seasons Hotel
(Lodges or Cabins); one in Snake River Lodge & Spa; four in Crystal Springs Lodge; 18
one in the Tram Towers, and one in the
21
Granite Ridge Lodges
million in the first six months of 2020. Of
reservation. This is a first in the Luxury Condo/Townhome market.
CURRENT LANDSCAPE MLS shows four Luxury units listed—all in Teton Village. They $5.3 to $12.5 million. Two are in the Four Seasons Residence, one in the Residence at the Snake River Lodge & Spa and one in the Tram Towers. Three are furnished and all four allow short-
4
Crystal Springs Lodge
1
Town of Jackson
1
Snake River Lodge & Spa
1
Tram Towers
term rentals. Please contact us for a complete list of available Luxury townhouses.
condo/townhome sales were up 400% from 2020, as there were no sales over $5
There are NO Luxury townhomes currently under contract or
range in size from 2,200 to 3,800 sq. ft. and prices range from
Town of Jackson. At mid-year 2021, the number of Luxury
CONDO/TOWNHOMES UNDER CONTRACT
the four sales, three were in Shooting Star and one in Crystal Springs.
There are four Luxury townhomes currently listed. They range in size from 2,200 to 3,800 sq. ft. Prices range from $5.3 to $12.5 million.
JacksonHoleLuxuryReport.com
Jackson Hole Report Podcast Tune into our Podcast at jhreport.com for a current, and more in-depth conversation about the current real estate market.
CON DOS /TOW N HOM ES
MOST EXPENSIVE LUXURY CONDO/TOWHOME LISTING AT T H I S T I M E
Four Seasons Private Residence Combining the best of Four Seasons service and outstanding amenities, discover just how effortless life can be at the base of the Jackson Hole Mountain Resort in this rarely offered Slopeside Private Residence. Owners enjoy private access directly to skiing in the winter and hiking/biking in the summer from this 3,800 square foot condominium. This unit features a gourmet kitchen, three en-suite bedrooms, an extra sleeping loft, private hot tub, large stone fireplace, private parking garage, and a spacious mud room, all within two stories of luxury living. Impeccably finished and furnished, this timeless mountain styled condominium lives like a home yet offers convenience and ease of ownership that only the Four Seasons can provide. L IST PR ICE $ 1 2 . 5 MILLI ON
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MOST EXPENSIVE LUXURY CONDO/TOWHOME SALE T O DAT E
Shooting Star – Lodges at Fish Creek The 3-bedroom, 3,301 sq. ft. cabin, built in 2015 is the perfect home for Buyers looking for a turn-key property that encompasses everything Jackson Hole has to offer. Bordered by a beautiful seasonal stream with great views of the ski area, Lodge 8 is the perfect property for those looking for Luxury living a stone’s throw from all the amenities of Shooting Star and Teton Village. The beautiful JLF & Associates lodge has dramatic views up the tramline. The property allows short-term rentals and has excellent rental history. Sold fully furnished. Listed for $5.5 million in 2018, the sale price was not disclosed.
JacksonHoleLuxuryReport.com
S E L LER S ERVICES
LIST WITH US
For the Seller
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Our extensive market knowledge will help you to price your property in this ever-changing market, and our marketing expertise will ensure that you sell your property in a timely manner for the highest possible price. Respecting the unique characteristics of each and every property, we believe that every listing requires a different marketing strategy. We will develop a customized plan for you; market updates, showings, open houses and revised marketing plans are scheduled according to your desired frequency. We are skillful negotiators and will work to make the entire process, from start to finish, as streamlined as possible. We will live up to your high expectations.
We will provide you with the most accurate, in-depth data in the Jackson Hole market, helping to value your listing accurately. Armed with analysis, we will then price your property according to your needs. We know the market better than anyone else because our extensive database tracks every real estate transaction in Jackson Hole. Only 32% of sales went through the local MLS in the first half of 2021. When pricing your property, you cannot rely on only 1/3 of the data. We will expose your home to our extensive list of former and current buyers. We always use a professional photographer and will be on site for the shoot to ensure that every room is shot at the best angle. Drone photography for aerial photos are available as well. We are truly connected to the Engel & Volkers network of over 10,000 advisors and 800 shops in over 30 countries on five continents, including all divisions of E&V such as E&V Aviation, E&V Yachting, and the E&V Polo School, to ensure the property is marketed to the longstanding clientele of our 40+ year-old brokerage.
We know about operating costs and can advise potential buyers accordingly. Your property will be featured on the Engel & Völkers website, which attracts many brokerage prospects. We will conduct open houses to expose your property to other local realtors, one of the most valuable ways to show off your property and find a buyer. We will market your property through the Teton County Multiple Listing Service (MLS), exposing your listing to over 500 agents in the region who can help us find a buyer. We will create a personal website for your listing: For all listings above $5 million, and for those special listings under $5 million, we will build a custom website highlighting all of your property’s special features. The listing’s website address will be included in all advertising to make sure luxury buyers can find it. We will produce an in-house, color brochure for your property and make it available in our brokerage, on the web, on your yard sign, and to every prospective buyer who previews your property.
NEW!
The property will be on “Shop TV” which is the same channel of rotating properties played on displays at each E&V shop in the United States and Canada.
We will advertise your property in the Jackson Hole News & Guide and the Jackson Hole Daily, by far the most widely distributed print media in Jackson Hole and the entire region.
Our Signature Films capture the imagination of buyers around the world allowing them to experience the unique lifestyle and distinctive features of your property.
We hire a professional copywriter to help us with content for brochures, ads, and the property website.
Visit 165Huckleberry.com to view an example.
Your property will have the most extensive online presence offered.
We do more to ensure your property is sold for the highest price in a professional and timely manner. As part of a brokerage driven to provide excellent service to our clients and customers, we welcome the opportunity to add you to our long list of successful relationships.
Engel & Völkers Signature Film
JacksonHoleLuxuryReport.com
We know what is valued in property and will advise you accordingly.
BUYER S ERVICES
BUY WITH US
For the Buyer When you’re in the market for a property or new home in Jackson Hole, it is imperative that you work with a qualified and experienced real estate professional.
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My husband and I recently sold our East Jackson home of twentyfive years and downsized to a beautiful townhouse at Jackson Golf and Tennis. Our decision and experience could not have been more pleasant, thanks to the wonderful daughter/father duo from ENGEL & VÖLKERS JACKSON HOLE, Devon and David Viehman. Their impressive knowledge about real estate in Jackson Hole and professionalism made this difficult process exciting and enjoyable! As you know, the market is moving at an extremely fast pace and thanks to their expertise and responsiveness we were able to make a clean, quick offer to buy the townhouse. Just a week after our offer was accepted, our house was on the market and sold in a flash! Everyone of our questions and concerns were answered in a timely manner. Devon and David worked together as a high-performing team every step of the way! We have settled into our townhouse beautifully and could not be happier with our decision. I would recommend the Viehman Team without hesitation to anyone that is looking into selling or buying real estate in Jackson!
We are skilled negotiators with a deep
you all available properties, irrespective
understanding of the business and the
of their listing brokerage. As your repre-
market. David and Devon have lived in
sentative, we provide you with dedicated,
the Tetons for three decades and Luke
knowledgeable and responsible support.
is a Jackson Hole Native. We have the
We deploy our unique market experience,
knowledge and experience of being “lo-
knowledge of the inventory and skills
cals”, not to mention the strong personal
to ensure a successful outcome. Our
and professional relationships we have
passion for the valley real estate market
developed with vendors, contractors and
is rooted in our knowledge of the Teton
government contacts throughout the re-
region itself. We offer local insights on the
gion. Our reputation for integrity and pro-
area, the unique lifestyle and the special
fessionalism is based upon the relation-
needs of living in this World Heritage Site.
ships we have built on trust and longevity, relationships that are crucial elements in
Our team views the services we provide
collaborating on successful transactions.
as a complement to the incredible envi-
Our strong network in the valley gives us
ronment and community we have been
the competitive advantage over other real
fortunate to be members of for decades.
estate professionals in the area.
If you are just beginning your exploration of Jackson Hole, please turn to us for
Finding a seasoned professional is only
information on local real estate prices,
the beginning. As a buyer, you must rely
schools, economics, recreational opportu-
on your agent to give you the most accu-
nities, and personal lifestyle.
rate, up-to-date market information available. We take the approach of showing
REED AND JILL ARMIJO Jackson, Wyoming
JacksonHoleLuxuryReport.com
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A B O UT US
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David Viehman
Devon Viehman
Luke Smith
Josie Daniel
Associate Broker
Associate Broker
Associate Broker / Licensed in WY & ID
Sales Associate
David Viehman understands that real estate is about relationships – the ties forged between people and place. He has devoted his life to sharing the valley he loves so dearly with people keen to plant roots in Jackson Hole. A Florida native, David moved to Jackson over two decades ago with his wife Donna and daughter Devon. Having begun his real estate career in 1982, David dove into the Teton real estate world, and quickly discovered the valley presented a distinct market worthy of analysis. Twenty-six years ago, he published the first Jackson Hole Report, a quarterly newsletter tracking sales and listings. Now considered the definitive source on valley real estate trends, the Jackson Hole Report has been cited in national publications including The Robb Report, The Wall Street Journal, New York Times, US NEWS, Chicago Tribune, Washington Post, Los Angeles Times, San Francisco Chronicle, and NPR. To this day, David’s singular approach to the local market melds detailed analytics with personal attention. Knowing the valley as well as he does allows him to deftly find and feature properties for his clients, particularly when it comes to the luxury market.
Growing up in Jackson Hole, Devon Viehman embraced the cowgirl lifestyle with a drive and determination that foreshadowed her career to come. Beyond the rodeo arena, Devon has built a name for herself as topproducer among valley Realtors. She has garnered industry accolades throughout her sixteen-year career: In 2011, Realtor Magazine featured her as one of its Realtors to watch on “The 30 Under 30” national list. She served as the youngest-ever President of the Teton Board of Realtors in 2012 and was named Realtor of the Year by the Wyoming Association of Realtors the following year. Committed to development, Devon was elected as the Wyoming Association of Realtors 2018 President and serves on committees for the National Association of Realtors. Every quarter, she co-authors the Jackson Hole Report with her dad, David and husband, Luke. She is currently a Teton County Planning Commissioner and is committed to seeing Jackson Hole grow in a smart, sustainable way. Her professional accomplishments are matched by the fulfillment she feels as a mother to her 13-year-old son.
Raised in Jackson Hole, Luke was introduced to the myriad of outdoor pursuits Jackson Hole has to offer at an early age. From camping, mountain biking, hiking, river floating and fishing in the summers to skiing, ice hockey and snowmobiling in the winters, Luke has lived the Jackson lifestyle since a very young age. The abundance of activities and fun that the Jackson Area has to offer is what brought Luke home after college.
307 690 4004 david@jacksonholereport.com
307 690 0621 devon@jacksonholereport.com
JacksonHoleLuxuryReport.com
A graduate of Colorado State University, Luke is a successful small business owner in Jackson and brings his down-to-earth practices to real estate. Luke understands that lasting relationships are the foundation for a successful relationship with his clients. He has been here for decades and will be here for decades to come. An 11-year veteran of the Moose Hockey team, Luke still enjoys participating in Jackson Youth Hockey as a coach and continuing the tradition his father started decades ago. He is an avid fly fisherman and enjoys sharing a day on the river with friends and clients; letting them experience the river. 307 699 5921 luke@jacksonholereport.com
Josie moved to Jackson Hole 18 years ago after spending a single summer being mesmerized by the stunning beauty of this small Western town. She grew up in Lookout Mountain, Georgia with a deep love of home, family, community, and lasting relationships. After graduating from the Baylor School in Chattanooga, Tennessee, Josie went on to the University of Georgia where she studied Studio Art. Her art education led to a lasting interest in design of interior spaces, particularly of homes. After settling in Jackson, her western home and heart were made whole with the addition of her children, Gaines and Susannah. Motherhood is, without a doubt, her proudest achievement, she says. Raising her children in Jackson Hole is a continuous joy that naturally evolved into a strong desire to match others with the perfect home for their families. Perhaps the most important thing to know about her is that she does not simply talk about buying a home and investing here. As a homeowner, mother, resident, and member of the community, she is fully invested and is proud to call Jackson Hole her home. 307 699 4889 josie@jacksonholereport.com
Photo featuring: Hayden Fake, Real Estate Advisor
EN G EL & VÖLKERS
Engel & Völkers, a European-based premium real estate brand, is excited to have its international presence in Jackson Hole. This brings the firm’s global network and exclusive level of service to residents of the area. Engel & Völkers Jackson Hole is ideally situated just off the square in Downtown Jackson. It provides leading services for buyers and sellers of premier properties in not only Jackson Hole but
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the Westbank, Teton Village, Star Valley, Teton Valley and its surrounding areas.
Opening the door to the life you aspire. Engel & Völkers evokes a real estate experience of the highest caliber with the utmost competence, expertise and passion for all that we do.
JacksonHoleLuxuryReport.com
70 King Street Jackson, Wyoming 83001 (307) 201-8800 jacksonhole.evusa.com
JacksonHoleLuxuryReport.com
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E NGEL & VÖLK ERS
Since its beginning in 1977 as a specialty boutique providing exclusive, high-end real estate services in Hamburg, Germany, Engel & Völkers has become one of the world’s leading companies specializing in the sale and lease of premium residential and commercial property, yachts and private aviation. Engel & Völkers currently operates a global network of over 10,000 real estate advisors in more than 800 brokerages spanning more than 30 countries across four continents, offering both private and institutional clients a professionally tailored range of luxury services. It established its North America corporate headquarters in 2007 and opened its first brokerage in the same year. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs and tools; multiple platforms for mobile, social and web; as well as access to its global network of real estate professionals, property listings and market data. Engel & Völkers is an active supporter of the Fair Housing Act and the Equal Opportunity Act. Each brokerage is independently owned and operated.
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About our Team WE COLLA B OR AT E. Our team works in an open office environment to allow creative input from every member. WE GE T R E A L E STAT E . Our team has over a century of combined experience and are market experts in Jackson Hole, Westbank, Teton Village, Star Valley & Teton Valley. WE E VOLV E TO STAY C UR R E N T. Whether it’s a new social media platform or mobile app, we constantly educate our team on the most effective way to reach potential buyers across the globe. WE MOV E FAST. We will have your property marketed and distributed locally, nationally, and internationally faster than any other agency. WE H AV E P R OVEN RE S ULTS . We have sold hundreds of millions of dollars in real estate. Our track record shows that we do not give up, that we meticulously pay attention to detail and we understand the legal process as well as the art of the deal.
70 King Street Jackson, Wyoming 83001 (307) 201-8800 jacksonhole.evusa.com
W HY W YOM IN G
Wyoming does not charge state tax on personal or corporate income. And its sales tax, property tax and inheritance
THERE ARE MANY REASONS TO LOVE WYOMING...
tax are among the lowest in the U.S. In
Why Wyoming
is 1.2% of the property’s assessed value
For a decade running, Wyoming has ranked #1 for business-friendly taxation on Tax Foundation’s annual State Business Tax Climate Index.
particular, property taxes are based on assessed value. The Teton County rate while the Town of Jackson rate is 0.8%. In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years by establishing a dynasty trust. As a result, multiple generations can make use of and enjoy the property without having to pay estate taxes or worse, having to sell the property in order
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to pay the taxes. No state income tax No corporate tax No estate tax No capital gains tax No trust tax Low sales tax
No state gift tax: a Wyoming property owner can gift that real estate to their heirs without paying a state gift tax. No tax on out-of-state retirement income. Second-homeowners may have retirement income from another state; Wyoming doesn’t tax retirement income earned beyond its borders.
Low property tax
No excise sales taxes. A tank of gas or
Low inheritance tax
state tax.
bag of groceries are not burdened by
No intangible taxes: Wyoming does not tax financial assets like stocks and bonds. No tax on the sale of real estate. No tax on mineral ownership.
JacksonHoleLuxuryReport.com
S I G NI FI CANT SALES
Significant Sales
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HUCKLEBERRY ESTATE
SPRING CREEK EQUESTRIAN CENTER
List price $15.5 million
List price $20 million (2002 sale)
Rare Legacy Estate Offering on Six Lots at Jackson Hole Golf & Tennis
World Class Equestrian Facility in the heart of Jackson Hole
Here are some of our significant sales over the last 27 years that we have been involved with either on the listing, selling or both sides. Will you be one of our signicant sales in 2020? ON SNAKE RIVER
215 acres north of Jackson, on Snake River (first sale ever) List price $5 million
GRANITE RIDGE LODGE #10
Luxury Ski townhome located directly on the slopes at Teton Village
ELLEN CREEK
Luxury Living in Teton Village at this ski retreat List price $12.5 million
List price $4.2 million
KING STREET PENTHOUSE
TOWN OF JACKSON
List price $4.5 million
List price $7.5 million
Top floor penthouse with the best views in downtown Jackson
JacksonHoleLuxuryReport.com
Six town-size multi-family lots with 12 modular homes
SIG N IF ICAN T SALES
TUCKER RANCH
Custom log home in Tucker Ranch List price $10 million
FAIRWAYS ESTATES LOT 37
Exquisite home with panoramic Teton and Sleeping Indian views
FAIRWAYS ESTATES LOT 8
Warren Adler’s, author of War of the Roses, personal residence List price $6.5 million
List price $5.95 million
4/B RANCH
The historic 4/B guest ranch (85 acre Ranch + a 35 acre parcel) $14.95 million 27
GILL ADDITION
Landmark sale in the most desirable location in town on the National Elk Refuge $4.8 million
GRANITE RIDGE HOME LOT 7
Luxury Ski Home located directly on the slopes at Teton Village
3 CREEK CABIN
RIVER SPRINGS
List price $4.35 million
List price $7.2 million
Custom Cabin on the golf course
A luxury three lot subdivision on the Snake River
List price $11.9 million JacksonHoleLuxuryReport.com
For 30 years, the Jackson Hole Community Housing Trust has cultivated a sustainable community through housing. The Community Housing Trust has developed or acquired 181 affordable homes that have served hundreds of people in Teton County. With each new affordable neighborhood, the Community Housing Trust supports the essential work of people and organizations that deliver our health care, educate our children, maintain critical infrastructure, and protect our precious natural resources.
COM M UN IT Y HOUSIN G T RUST
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t h e 174 p r KING o p e rSTREET ty
featuring
Custom fit-out Access to on-site parking Class A commercial Commercial A - 1,219 sq. ft. 2 private bathrooms County, o f f i c eAssthe p apandemic c e i n t htook e hold in Teton Co m m ethe r c iCommunity a l B - 1 , 2Housing 9 9 s q .Trust f t . was faced with a decision Space for kitchen and got oforward h e a r ttoopause f d o or wn w n with its 9th1 affordable 1 f t . f i n ihousing s h e d cproject. e i l i n gThe answer was obvious: move full c o nNorth feren c e Street. room On Housing Trust ground on 174 King 4 0Community % glazin g to m a x broke imize J a c k sspeed o n aahead. vailab l eMay 18, 2020, the Forced air HVAC and sprinklers This affordable housing. n a t u rwill a l have l i g hstable, t summ e r winter, 2 0 2 155 people in our community 2 basement storage units As our community adapts to the realities of today’s housing market, the relationship between workforce housing and a strong community has never been more clear. With 24 new affordable
on King Street, the Community Housing Trust will make meaningful progress on the housing P r o j e chomes t d e tails: problem that overwhelms so many of our friends and neighbors.
174 North King Street is a mixed-use development comprising communityc o m m eAffordable r c i a l housing o f f i c iseatsapcritical a c ejuncture. a n dIt’s2a4community-wide c o n d o s . problem T h e that d erequires velop ment will provide wide participation. Be a part of the solution and support the Jackson Hole Community Housing Trust o w n e r stoday. with access to all that vibrant downtown Jackson has to offer. Donate today at housingtrustjh.org.
PROJECT TEAM:
JACKSON HOLE COMMUNITY HOUSING TRUST
JacksonHoleLuxuryReport.com
We hope the Jackson Hole Luxury Report gave you a snapshot of the trends unique to our local luxury market. To further discuss our research or to receive a digital copy, please contact us at (307) 690-4004 or david@ jacksonholereport.com. You also can write to us at: P.O. Box 2431, Jackson, WY 83001, Attn: David Viehman. * All statistics quoted in the Jackson Hole Luxury Report have been supplied by sources that have been deemed reliable but are not guaranteed. * All statistics are based on sales in 2021 compared to 2020. * If your property is currently listed, this is not meant as a solicitation.
JACKSON HOLE LUXURY REPORT GLOSSARY Median sale price: the price of a property that falls in the exact middle of the price scale, as in there are the same number of sales above and below it. Average sale price: the total combined dollar volume divided by the number of sales. Market value: the value of property in terms of what it can be sold for on the
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open market; current value. Overall: All luxury sales in Teton County combined – homes, lots, condos, commercial and ranch. © Copyright 2013-2021 by David E. Viehman. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.
2 6T H AN N I V E RSA RY DAVID VIEHMAN
JacksonHoleLuxuryReport.com
DEVON VIEHMAN
LUKE SMITH
JOSIE DANIEL
70 King Street | Jackson, WY 83001
Our mission. Our Group offers guidance and outstanding market knowledge to successfully navigate you through the Jackson Hole luxury real estate market. Give us your list of must haves, we’ll listen to your vision and bring it to life. Our Group is passionate about matching our clients with homes that reflect their lifestyles. Our team-approach philosophy ensures your needs are important to each and every member of our organization. We value the opportunity to serve all your real estate needs. JacksonHoleLuxuryReport.com | 307.690.4004
