Jackson Hole Luxury Report Volume 10, Edition 1

V O L U M E 10 | E D I T I O N 1

FE AT UR E D LU X U RY HO ME L ISTIN G 1 2 3 9 0 S HOB AC K V ISTAS DR IV E / PAG E 9

A NOTHER R EC ORD-BREA K IN G Y E AR

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 10TH ANNIVERSARY OF THE JACKSON HOLE LUXURY REPORT

Buying a home in Jackson Hole is more than a transaction.

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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 ten 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 1,832 properties worth $5 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

What is considered “Luxury” in a given real estate market? The top 10% of a given market is one gauge used nationally. When we started the Luxury Report in 2012, the top 10% hovered around $2 million. By 2016, the

Raising the Luxury Market Price Point

top 10% averaged around $3.5 million.

The number of Luxury-defined $5+ million sales skyrocketed 132% in 2020 to 257 sales. This surge drove the definition of Luxury in our market up 63% from 2019 to a baseline of $6.5 million. In 2021, if we had focused solely on the top 10% of our market to define a Luxury Home, we would have only included $8+ million sales.

Currently, of the 47 active single-family home listings only eight are listed for under $3 million. If we look at the top 10% of what’s available now, the listings sit at $13.95 million and above.

With the Luxury bar raised so dramatically in 2020, going forward this report will only focus on sales above $5 million. The graph below reflects the history of the top 10% of sales. 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 in 2020, going forward

$8M

LUXURY MARKE T - TOP 10% STA RTS AT $6.5M

this report will only focus on sales above

$4.6M

$4.4M

$5 million.

$4M

$2.75M $2.1M

$3.5M $3.2M

$1.875M

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

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CONTENTS

6 Overall Luxury Market Comparing year end 2021 with 2020, we discovered that the overall number of luxury sales increased 20% to 167 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 38% to $1.7 billion.

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 66% of all luxury sales in 2021. All told, the number of home sales is up a record breaking 33%, and the dollar volume increased by 37% to a record-breaking $1.1 Billion.

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 in 2021 did not decrease even though the number of sales did (down 11%) when compared to year end 2020. Sales totaled 25 transactions with a dollar volume of $219 million (up 6%).

18 Luxury Condo/Townhouses Luxury Condo/Townhomes are few but not far between in Jackson Hole, and all but one is located in Teton Village.

Currently, 138 units qualify for the Jackson Hole Luxury Report with values of $5+ million.

22 Meet the Team

“

David, Devon and their team did an outstanding job for us from the start to close of escrow. They were most helpful in planning the timing of the sale to meet our retirement and relocation dates. Their advice on setting a realistic and marketable listing price was an example of their knowledge and familiarization of the Jackson real estate market. Both Devon and Kara worked with us to help us prepare the house for showings by having us eliminate clutter and too many items all around.

When it came time for the property inspections, they followed through to make sure we had all the required details.

Kathi and I couldn’t be more pleased with the job they did selling our home. Most helpful through the process was their attention to communication. Their team always answered us promptly by providing accurate feedback on the showings or just general questions about the market.

Jackson Hole real estate is a treasured and valuable asset. With

Thank you again for all you did to accomplish the successful sale of our Jackson

this investment in mind, it is vital that your relationship with your

home. We both wish you all the best in the future.

Realtor is based on an open line of communication.

JacksonHoleLuxuryReport.com

ST EV E A N D K AT HI M I C HEL Aiken, SC

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.

“

Thank you SO much David! We know there were some tricky moments in the negotiations, but we always felt that you had our back, handled things well and were very efficient.

We appreciate your frequent communication and felt like we always knew what was going on.

Thanks again for handling the last-minute disbursement of items. We could never have handled that from a distance, and we know it took a lot of time and effort on your part. We hope Colby helped you out with that!

It is bittersweet to be leaving the butte. It will make us happy to know that Grant will appreciate our condo and feel at home there.

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 39% 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.

When pricing your property, we reference our own knowledge base –built over decades of tracking the Jackson Hole market and neighborhoods, and working with clients and builders – as well as our

M ARY AND JE FF Ada, MI

JacksonHoleLuxuryReport.com

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OV E RALL MARKET

Overall Luxury Market $5 + MI LLI ON

Comparing year end 2021 with 2020, we

The challenge with tracking luxury mar-

discovered that the overall number of lux-

ket values is the lack of comparable sales.

ury sales increased 20% to 167 total sales.

While many properties in Jackson Hole are

Following suit, the overall dollar volume

worth more than $5 million, no two are alike.

increased 38% to $1.7 billion. NOTE: While

For this reason, many sellers start by over-

luxury sales only made up 20% of the over-

pricing their homes beyond market levels

all number of sales in Jackson Hole, they

and then lower the price progressively until

accounted for 57% of the total dollar volume

the property reaches market value. This is

in 2021.

one reason why 13% of the luxury listings

Listen to the Numbers

MLS accounted for only 39% of the overall luxury sales in 2021.

OVERALL LUXURY SALES BY AREA

have been on the market for more than two About 66% of all sales fell between $5 and

years. If you plan to sell your property soon,

$10 million.

do not make the mistake of overpricing it.

Through our confidential property and mar-

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In 2021, 56 luxury properties sold for more

ket analysis, we can help you through the

than $10 million (up 60%). However, only

entire process.

34% were reported to the MLS; a trend that underscores the necessity of enlisting us as

Close analysis of the statistics supports the

your Realtor when entering this elite market.

following conclusion: When compared to year end 2020 the current overall available

The highest priced sale came from The

inventory is down 21% to 31 listings, and the

Blair Apartments. Though the price of this

average listing price is up 13% to $12.8 mil-

private sale was not disclosed, a mortgage

lion. Meanwhile, the median listing price is

was recorded for $78.9 million. NOTE: At

down 11% to $7.795 million.

the end of the year, there were 31 listings priced over $5 million with 13% of those on the market for more than 24 months.

Current overall inventory decreased 21% (31 listings) Number of sales increased 20% to 167

JacksonHoleLuxuryReport.com

Overall dollar volume increased 38% to $1.7B

WESTBANK

NORTH OF THE GROS VENTRE RIVER

GROS VENTRE BUTTES

TOWN OF JACKSON

SOUTH OF JACKSON

$492M 60 SALES

$334M 33 SALES

$276M 24 SALES

$296M 21 SALES

$309M 37 SALES

OVERALL M ARKET

THE CURRENT LANDSCAPE Available inventory is down 21% when compared to year end 2020 at 31 luxury listings for sale. With an average listing price of $12.8 million (up 13%) and a median listing price of $7.8 million, available inventory breaks down into: 20 listings priced between $5 and $10 million (65%); seven between $10 and $20 million (38%); and four over $20 million. NOTE: Of the 31 listings, only three are 35+ acres.

20 LISTINGS (65%) BETWEEN $5-$10 MILLION

Of the 50 listings, only 3 are 35+ acres.

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4 LISTINGS OVER $20 MILLION

THE MOST EXPENSIVE SALE OF 2021

Blair Apartments The Blair Place Apartments have 294 units on 28.8 acres adjacent to

7 LISTINGS (38%) BETWEEN $10-$20 MILLION

the Teton County Middle School. Roughly one third of the units are onebedroom and the remaining two thirds are two-bedroom units. The complex sold in September at an undisclosed price. A mortgage of $78.9 million was recorded in the Teton County Courthouse.

JacksonHoleLuxuryReport.com

OV E RALL MARKET

6 HOM ES

OVERALL LUXURY UNDER CONTRACT

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At year’s end, 10 properties were under contract (down 47%) with an average listing price of $7.6 million (down 36%) and median listing price of $6.25 million (down 29%). The decrease in properties under contract reflects the current lack of supply. Of the listings currently under contract, one is commercial, six are single-family homes, and three are

10 properties under contract (down 47%)

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Average list price of $7.6 million (down 36%) Median list price of $6.25 million (down 29%)

LOTS

1 COM M ERCIAL

single-family lots.

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THE MOST EXPENSIVE UNDER CONTRACT

Bear Island LI ST PRI C E $15 .75 M

Quintessential Jackson Hole Sanctuary-Located in one of Jackson’s most desirable and exclusive neighborhoods, this stunning 37-acre property offers a picturesque log home and guest cabin on one parcel, and blank canvas on the other. Steps from world-class fly fishing on the Snake River while immersed in a pristine forest with moose and deer as neighbors, you will feel uniquely ensconced in the beauty of Jackson Hole. Offering a total of 5,000 square feet of living space you’ll enjoy stunning views of Rendezvous Mountain and the entire Teton Range. The home is built in a style that effortlessly balances the rustic charm of a cabin with its grandiose surroundings. Bear Island is a perfect seasonal refuge or year-round residence with a three-car garage to cache gear for a mountain lifestyle.

JacksonHoleLuxuryReport.com

F EAT URED LUXURY HOM E LIST IN G

12390 S Hoback Vistas Drive FE AT URE D LUX URY H OME LIST ING LI ST 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 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.

DEVON VIEHM AN & J OSIE DAN IEL EN G EL & VOLKERS JACKS ON HOLE M LS # 2 1 - 1584

JacksonHoleLuxuryReport.com

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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 66% of all luxury sales in 2021. All told, the number of home sales is up a record breaking 33%, and the dollar volume increased by 37% to a record-breaking $1.1 Billion. Following suit, the average sale price increased by 4% to a record-breaking $9.96 million.

Last year ended with 111 home sales priced

current market, while others do not match

over $5 million (up 33%), of which 68%

the value of the land they occupy.

sold for between $5 and 10 million. NOTE: In 2021, seven homes sold for over $20

This situation constrains buyers. For

million— a new record.

instance, in the $10+ million segment, buyers may choose from nine homes

The 2021 luxury market left about four

valleywide. Of those nine, eight are 10+

months of inventory going into 2022 after

years old, five include less than 10 acres,

111 home sales over $5 million wiped out

and only one is on the Snake River. Further

most of the existing inventory.

complicating the process, many luxury

HOT SPOTS South of Jackson to the Snake River Bridge logged the most single-family luxury home sales in 2021 with 23 (up 109%). Only 11

three of the sales sat atop parcels with 35+ acres.

homes only appeal to a specific buyer, Of the existing inventory, 20% has been

and a precise pairing requires substantial

on the market for more than a year. Some

marketing.

homes continue to be overpriced for the

LUXURY HOMES UNDER CONTRACT There are six luxury homes currently under contract (down 33%).

Five are listed for under $10 million.

Number of sales is up 33%*

Dollar volume increased by 37%*

Average sale price ($9.96M*) increased by 4%

* Record Breaking JacksonHoleLuxuryReport.com

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 SALE IN 2021

Bar BC Ranch Parcel 3 - North Jackson L IST PR ICE : $6 5 M Situated on 55 acres atop Hansen Peak, Camp Teton offers stunning views of the iconic Teton Mountain Range over the confluence of the Snake and Gros Ventre Rivers. Bar BC, named after one of the first dude ranches founded in Jackson Hole in 1912, offers unparalleled privacy among a diverse array of wildlife, and lies just 9 miles north of Jackson and 6 miles from the Jackson Hole airport. Focused on the combination of work, play, health & family, Camp Teton is the culmination of a lifetime of experiences, a vision for what is possible, and execution that can never be replicated. Camp Teton invites you to appreciate

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the history of the maker and to participate in creating the next chapter for decades to come.

Comprised of four structures, Camp Teton includes a 9,000 sq. ft. main home, 2,200 sq. ft. guest home, 1,000 sq. ft. spa, and 2,100 sq. ft. ‘treehouse’ (upstairs office and lower level indoor/outdoor dining and entertainment). Infinity edge pool, cold plunge, and hot tub offer unobstructed views of the Tetons, and sit adjacent to the spa with treatment room, yoga room, steam room, and fitness center.

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 4% when compared to year end 2020 with 25 luxury homes for sale. With an average listing price of $11.4 million (down 9%) and a median listing price of $6.995 million (down 28%), the available inventory breaks down into the following: 15 between $5 and $10 million (60%); five between $10 and $15 million; and two over $25 million (see most expensive home listing below). NOTE: Of the 25 homes listed, only two sit on 35+ acres. Also noteworthy: 80% 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

Bugling Elk Trail – North Jackson L IST PRI C E: $48M

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This magical Estate-Level sanctuary is located north of the town of Jackson, along the Gros Ventre River. The property consists of 3 parcels, (parcels 4-6) for a total of 127 acres with a private lake and beautiful Teton views. The levee for this property runs the entirety of these 3 parcels for utmost enjoyment. The main home contains 7 bedrooms, all en-suite, 2 powder rooms and 10 wood burning fireplaces.

There are many gathering areas. 1 off the kitchen and 2 additional areas adjacent to the guest bedrooms on the main level and 2nd level. The cozy library on the 2nd level is perfect for relaxing by the fireplace and enjoying a book. The sunroom is a perfect spot for wildlife viewing with the pond and Tetons as a backdrop. The main home is approx. 13,300 sq. ft. consisting of amazing hand-crafted log construction, oak floors, a commercial grade kitchen and 10 wood burning fireplaces. The charming guest house contains 2 bedrooms, 2 baths plus a loft and is approx. 1,680 sq. ft. There are 2 wood burning fireplaces in the guest house. The estate is located north of the town of Jackson. Parcel 6 is vacant and will allow for development rights, adhering to Teton County regulations. Being sold furnished with some exceptions.

A recreational easement exists on Parcels 1-6 for homeowners which runs with the land, and not the owners. Therefore, the new owners will also be able to enjoy the use of Parcel 1, 2 & 3 for fishing, hiking, picnicking, etc. There are only 3 homeowners between these 6 large parcels. Some of the best fishing in the valley can be accessed by the owners of Elk Run, along the confluence of the Snake & Gros Ventre Rivers and the numerous spring creeks located near the confluence.

JacksonHoleLuxuryReport.com

VACANT LOTS

Vacant Luxury Lots $5 + MI LLI ON

HOT SPOT For the second year in a row, the Gros Ventre Buttes enjoyed the most

The demand for vacant luxury lots in 2021 did not decrease even though the number of sales did (down 11%) when compared to year end 2020. Sales

luxury lot sales in 2021 with 11 luxury parcels (up 38%) for a total dollar value of $113 million.

totaled 25 transactions with a dollar volume of $219 million (up 6%). Five sales occurred on the Westbank; eleven sales occurred in the Gros Ventre Buttes; three North of Jackson; and six South of Jackson.

CURRENT LANDSCAPE Available inventory of luxury lots is down 12% at the end of 2021 with

Vacant Luxury lots under contract are on par with 2020 with three lots under contract at an average listing price of $7.73 million. NOTE: Two are 35+ acres.

a total of six single-family luxury home sites currently listed. With an average list price of $9.9 million (up 18%) and a median list price of $6.9 million, available inventory breaks down into the following: five lots

As previously discussed, several factors accelerated sales of luxury lots. Current luxury

listed between $5 and $10 million and one at more than $10 million.

home inventory is down 4% with only three homes built in the last 10 years. NOTE: Only 14

two of the 25 luxury homes currently listed sit on 35+ acres.

Of the six listings, none offer 35+ acres.

MOST EXPENSIVE LOT SALE

Pine Meadow - Fish Creek L IST PR ICE : $ 1 0.8 M I LLI ON A truly rare opportunity to own a blank canvas on the banks of the East Fork of Fish Creek in Wilson. This property boasts spectacular Teton Views, with unrivaled privacy afforded by mature spruce and willows, convenience, and ease of access. The site borders conservation easement land to the North and has private creek frontage, a spring-fed pond, and an additional spring creek on the property. With power and fiber optic internet running along the southern edge of the property, this is an excellent opportunity for someone to build a legacy home in one of the most sought-after locations in Jackson Hole.

JacksonHoleLuxuryReport.com

VACA NT LOTS

MOST EXPENSIVE LOT LISTING AT T H I S T I M E

Saddle Butte Heights Lot 102 LI ST PRI C E: $8.5 M Presenting an impeccable 23.66 acres atop Saddle Butte located just above the heart of Jackson Hole. This expansive blank canvas is ready for you to design your dream home with unobstructed views of the entire Teton Range and protected ranch lands below. The fully paved meandering road to the top guides you above the clouds for your own bird’s eye view of the valley below. Your morning coffee indulgence will be accompanied by soaring osprey and eagles, while spectacular sunsets unmatched by nearly anywhere else in the valley can be enjoyed as twilight sets in. Saddle Butte gives you the sense that you are truly living among the Rocky Mountain peaks, where you can experience hiking out of your back door while enjoying the convenience of a short jaunt to Town below.

JacksonHoleLuxuryReport.com

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Artwork details from: David Frederick Riley, First Snow; Jared Sanders, Out West; Ben Steele, Ballet Boot; Douglas Fryer, The Upper River; and Robert McCauley, Gathering Totem.

Painter Paul Gauguin once said,

“Color! What a deep and mysterious language, the language of dreams.”

And in the hands of a master the language of color can leave you speechless.

DAVID FREDERICK RILEY JARED SANDERS BEN STEELE DOUGLAS FRYER ROBERT MCCAULEY

S E E A L L A R T I S T S AT A LTA M I R A A R T.C O M

172 Center Street | Jackson Hole, Wyoming AltamiraArt.com | 307-739-4700

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, 138 units qualify for the Jackson Hole Luxury Report with values of $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; 73 units in Shooting Star

73 38

Shooting Star (Lodges or Cabins) Four Seasons Hotel

(Lodges or Cabins); one in Snake River Lodge & Spa; four in Crystal Springs Lodge; 18

and one in the Town of Jackson.

In 2021, the number of luxury condo/ townhome sales were down 50% from

CONDO/TOWNHOMES UNDER CONTRACT There are currently no Luxury condo/townhomes under contract.

CURRENT LANDSCAPE MLS shows ZERO inventory starting in the new year. If you would like to keep track of active Luxury inventory, please contact us at

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Granite Ridge Lodges

4

Crystal Springs Lodge

1

Town of Jackson

1

Snake River Lodge & Spa

jacksonholereport.com

2020 with a total of 10 sales, and the dollar volume decreased 51% to $62 million. Of the 10 sales, one was in Tram Tower, one in Crystal Springs, one in Snake River Lodge & Spa and the other 7 in Shooting Star – all in Teton Village.

There is currently ZERO inventory available.

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

Current there are ZERO active Luxury Condo/townhomes on the market.

MOST EXPENSIVE LUXURY CONDO/TOWHOME SALE REPORTED TO MLS

The Residences at Snake River Lodge & Spa An elegant and beautifully appointed ski-in/out, luxury penthouse residence at the Snake River Lodge & Spa, which is located at the base of the world-famous Jackson Hole ski area. This spacious 3,800sf residence has a grand open floor plan that provides an inviting experience, and the expansive windows take in the pristine surroundings and stunning mountain views including a gorgeous view of the Sleeping Indian. East and south facing, the residence has lots of natural light. There are 3 spacious and tastefully appointed bedrooms each with a private bath and a loft area/4th bedroom with bath for

WE NEED INVENTORY! With historically low inventory, if you have been waiting for the right time to sell, NOW is the time.

Demand is still very high, and we do not anticipate new inventory until next spring. Call us today for a free, no-obligation comparative market analysis and to discuss the next step to getting your property on the market.

an additional sleeping area. Owners can short-term rent and enjoy the many desirable amenities at the Lodge & Spa along with the multitude of activities found at the Jackson Hole ski area and the nearby town of Jackson and Grand Teton National Park. Sold fully furnished.

Sold for $5,400,000.

JacksonHoleLuxuryReport.com

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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 59% 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 14,000 advisors and 900 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 755 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.

“

Devon Viehman has generations of Wyoming in her blood and her approach to life radiates the Cowboy code of Conduct. Highly ethical and honest with a sincere devotion to her clients, Devon goes above and beyond an average realtor personality on a daily basis.

Not only did Devon consistently pursue potential buyers, but she also creatively sought outside the box. Not only was my financial stability a concern for Devon but she also cared about my emotional well-being. She regularly checked in to see if I was ‘doing ok’.

God blessed me with a profitable sale of my Jackson home and a new home in Alpine through his angelic assistant, Devon. She is now more than my Realtor; she is my friend.

There’s no doubt in my mind that I couldn’t have done any of it without her.

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

D EBORA H PE N K Alpine, Wyoming

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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 three 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

23

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

25

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

Significant Sales 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 significant sales in 2022?

HUCKLEBERRY ESTATE Rare Legacy Estate Offering on Six Lots at Jackson Hole Golf & Tennis. List price $15.5 million

SPRING CREEK EQUESTRIAN CENTER World Class Equestrian Facility in the heart of Jackson Hole. List price $20 million (2002 sale)

PACIFIC CREEK IN-HOLDING Custom log home with two parcels on Pacific Creek, totaling 8.8 acres. List Price $8.5 million

ELLEN CREEK Luxury Living in Teton Village at this ski retreat.

List price $12.5 million

VOGEL HILL RANCH #10 35-acre parcel with elevated views of the valley and Tetons. List price $8.5 million

3 CREEK CABIN Custom Cabin on the golf course.

List price $4.35 million

ON SNAKE RIVER 215 acres north of Jackson, on Snake River (first sale ever).

List price $5 million

FAIRWAYS ESTATE AT JACKSON HOLE Stunning 8,000 sq. ft. home on three acres with big Teton views. List price $6.25 million

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JacksonHoleLuxuryReport.com

SIG N IF ICAN T SALES

RIVER SPRINGS A luxury three lot subdivision on the Snake River.

List price $7.2 million

FAIRWAYS ESTATES LOT 37 Exquisite home with panoramic Teton and Sleeping Indian views. List price $5.95 million

FAIRWAYS ESTATES LOT 8 Warren Adler’s, author of War of the Roses, personal residence. List price $6.5 million

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4/B RANCH The historic 4/B guest ranch (85 acre Ranch + a 35

GILL ADDITION Landmark sale in the most desirable location in town on

GRANITE RIDGE HOME LOT 7 Luxury Ski Home located directly on the slopes at Teton

acre parcel). List price $14.95 million

the National Elk Refuge. List price $4.8 million

Village. List price $11.9 million

3 CREEK CABIN

GRANITE RIDGE LODGE #10 Luxury Ski townhome located directly on the slopes at Teton Village. List price $4.2 million

TUCKER RANCH Custom log home in Tucker Ranch.

List price $10 million

Custom Cabin on the golf course.

List price $4.35 million

JacksonHoleLuxuryReport.com

The meteoric rise in housing prices in Teton County in 2021 has had a devastating effect for many in the community experiencing housing insecurity.

Concerned about the rapidly changing character of Jackson Hole and the ability for essential employees to afford stable, secure housing, Teton County’s real estate community is stepping up to help.

Inspired by Devon Viehman, with full support of the Teton Board of Realtors, the Community Housing Fund was launched to make it easy for every agent and seller, at every transaction, to dedicate a portion of their proceeds to the development of new affordable housing opportunities for the workforce.

The Community Housing Fund pools donations to maximize impact on this all-encompassing issue.

In time, with the leadership from the real estate community, Viehman aims to grow participation in the program year-over-year so that contributions can have a profound impact on the community’s housing crisis.

Closings with a Cause Teton County realtors support affordable housing through launch of the Community Housing Fund.

With support of Jackson’s escrow community, each time an agent orders a title commitment, all agents, buyers, and sellers will be asked: “Does the Agent, Seller or Buyer intend to designate a contribution to the TBOR Community Housing Fund at closing?”

Each donor directs their gift toward the support of the design, development, and construction of qualified affordable housing in Teton County, Wyoming.

In full support of the goals and objectives of the Community Housing Fund, 22 Fund Founders, pledged over $150,000 to the Community Housing Fund to close out the Jackson Hole Community Housing Trust’s $2.1M capital campaign that will make 24 affordable homes possible at 174 North King Street.

COM M UN IT Y HOUS IN G F UN D

Of the Fund, Devon Viehman said, “The housing

Currently, the Community Housing Fund has three

problem in our community affects every household,

beneficiaries — the Jackson Hole Community

organization and employer in our community.

Housing Trust, Teton Habitat for Humanity of the

Jackson is the community we all love because of

Greater Teton Area, and the Teton County Idaho Joint

dedicated, hardworking people who call this place

Housing Authority — with shovel-ready projects in

“The warm and enthusiastic

home, but too many people are struggling to make

need of philanthropic support.

response from the real

ends meet. Our community needs this Fund now more than ever.”

Of the support from the Teton Board of Realtors,

Are you buying or selling a home? Consider donating

estate community for the

a portion of the proceeds to the Community Housing

Community Housing Fund

Fund and encourage your realtor to join you.

Anne Cresswell, Executive Director of the Jackson Hole Community Housing Trust said, “The warm and

For more information about the fund,

enthusiastic response from the real estate community

contact Carma Miller at info@tbor.org or visit

for the Community Housing Fund was inspiring. Their

CommunityHousingFund.com.

was inspiring. Their support was unanimous and their gratitude for the work of

support was unanimous and their gratitude for the

dedicated professionals in

work of dedicated professionals in our community is

our community is sincere.

sincere. With the support of the Community Housing Fund, the Community Housing Trust is delighted to

With the support of the

close our fundraising efforts on King Street so that

Community Housing Fund,

we can prioritize design and development work on our future projects.”

Sellers in the valley, wondering how they can make a difference, found the opportunity provided by

the Community Housing Trust is delighted to close our fundraising efforts

the Community Housing Fund a great way to make

on King Street so that we

an immediate impact. In 2007, Meg Daly and Mark

can prioritize design and

Llinares bought a home in Rafter J. Fourteen years later they are ready to pursue other opportunities

development work on our

outside of Jackson. Over time, watching the prices

future projects.”

of homes skyrocket, Meg said, “We have young, professional friends who live in rundown, cramped conditions. This is not sustainable. In addition to selling our home to a local Jackson family, we are thrilled to contribute to the Community Housing

Anne Cresswell Executive Director of the Jackson Hole Community Housing Trust

Fund – it allows us to give back a portion of our good fortune. We don’t want to be a part of the problem and the Community Housing Fund is a streamlined way for us to be a part of the solution.”

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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 2013-2022 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

KARA PEARSON

PO Box 2431, 70 S. 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