2020 RECO R D BREAKING YEAR
VOLUME 9 | EDITION 1
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 seven 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
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 top
Raising the Luxury Market Price Point
10% averaged around $3.5 million. The number of Luxury-defined $3+ 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 2020, if we had focused solely on the top 10% of our market to define a Luxury Home, we would have only included $8.45+ million sales. Currently, of the 45 active single-family home listings only seven are listed for under $3 million. If we look at the top 10% of what’s available now, the listings sit at $13.75 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
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$7M
$6.5M
LUX U RY M ARKET - TO P 10% STARTS AT $6M
With the Luxury bar
$5M
$4.6M
raised so dramatically
$4.4M
in 2020, going forward
$4M $4M $2.75M
$3M
this report will only
$3.5M $3.2M
focus on sales above
$2.1M
$2M $2M
$5 million.
$1.875M
$1M
$0 2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
CONTENTS
6 Overall Luxury Market Comparing year end 2020 with 2019, we discovered that the overall number of luxury sales increased 190% to 139 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 158% to $1.23 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 60% of all luxury sales in 2020. The number of home sales is up a record breaking 177%, and
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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 exper-
the dollar volume increased by 219% to a total of $797 million.
tise and passion for all that we do. Handcrafted attention to every detail and meticulous white-
14 Vacant Luxury Lots
It’s our standard of service that truly sets Engel & Völkers apart.
The demand for vacant luxury lots in 2020 is up a record breaking 460% when compared to year-end 2019. Sales totaled 28 transactions with a dollar volume of $206 million (up 489%).
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. 136 units currently qualify for the Jackson Hole Luxury Report by being worth $5+ million.
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.
glove service is what each and every one of our clients deserves.
“
Obviously, we could not have done this without you and your generous support when confronting with sellers whom I considered to be inflexible and difficult to deal with. I took a moment to reflect today, and I count that this is the 29th residential real estate transaction that I personally have done. These deals spanned the Washington, D.C. area, Delaware and California. Therefore, I think it’s fair to say I know a good and bad broker from one another. In all these deals, I never dealt with a broker who could hold a candle to you. You remained calm, reasonable, efficient, informative and always took the extra step to get whatever we needed done. These actions included finding two builders who committed to an early Spring start for us, getting surveyors moving on short notice to flag the set-backs, and providing recommendations for who to use for various tasks. When the title company or property manager strayed a bit off course you always were there to provide a gentle correction. B I L L A N D S USA N R EY N ER Santa Barbara, CA
JacksonHoleLuxuryReport.com
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.
“
We cannot say enough good things about your total effort in selling our Oatgrass property. Your professionalism each step of the way combined with your experience and wisdom was most essential. Seldom is found: your kindness, patience, attention to detail, and strong sense of integrity. We thank you! It would be a privilege to do business with you and your team in the future.
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 58% of the luxury sales in 2020. 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
ALLAN BAU MGART E L & JOE L T H E IS S Laguna Niguel, CA
JacksonHoleLuxuryReport.com
5
OV E RALL MARKET
Overall Luxury Market $5 + MI LLI ON
Comparing year end 2020 with 2019, 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 190% to 139 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 158% to $1.23 billion. NOTE:
For this reason, many sellers start by over-
While luxury sales only made up 16% of the
pricing their homes beyond market levels
overall number of sales in Jackson Hole,
and then lower the price progressively until
they accounted for 50% of the total dollar
the property reaches market value. This is
volume in 2020.
one reason why 27% of the luxury listings
Listen to the Numbers
MLS accounted for only 42% of the overall luxury sales in 2020.
OVERALL LUXURY SALES BY AREA
have been on the market for more than About 75% of all sales fell between $5 and
two years. If you plan to sell your property
$10 million.
soon, do not make the mistake of overpricing it. Through our confidential property and
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Thirty-five luxury properties sold for more
market analysis, we can help you through
than $10 million in 2020 (up 281%). How-
the entire process.
ever, only 37% were reported to the MLS; a trend that underscores the necessity of
Close analysis of the statistics supports the
enlisting us as your Realtor when entering
following conclusion: When compared to
this elite market.
year-end 2019, the current overall available inventory is down 19% to 39 listings and the
The highest priced sale came from The Vir-
average listing price is down 12% to $11.3
ginian Lodge and RV Park. Though the price
million. Meanwhile, the median listing price
of this private sale was not disclosed, it was
broke an all-time record – up 6% to $8.75
listed at $60 million. NOTE: At the end of the
million.
year, there were 39 listings priced over $5 million with 31% of those on the market for more than 12 months.
Current overall inventory decreased 19% (39 listings) Number of sales increased 190% to 139
JacksonHoleLuxuryReport.com
Overall dollar volume increased 158% to $1.23B
WESTBANK
NORTH OF THE GROS VENTRE RIVER
GROS VENTRE BUTTES
TOWN OF JACKSON
SOUTH OF JACKSON
69 SALES $566M
23 SALES $189M
25 SALES $243M
7 SALES $85M
15 SALES $149M
OVERALL M ARKET
THE CURRENT LANDSCAPE Available inventory is down 19% when compared to year-end 2019, at 39 luxury listings for sale. With an average listing price of $11.3 million and a median listing price of $8.75 million, available inventory breaks down into: 23 listings priced between $5 and $10 million (59%); 15 between $10 and $20 million (38%); and one over $20 million. NOTE: Of the 39 listings, only 8 are 35+ acres.
23 LISTINGS (59%) BETWEEN $5-$10 MILLION
THE MOST EXPENSIVE SALE OF 2020
Of the 39 listings, only 8 are 35+ acres.
1 LISTING OVER $20 MILLION
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The Virginian Hotel and RV Park (7.79 acre parcel) The Virginian Lodge and RV Park has been owned and managed by the same local family for 56 years. The Virginian opened in 1965 and has kept its Wyoming heritage. With 170 guest rooms, 103 RV sites, outdoor heated pool and hot tub, the famous Virginian Saloon, 5,000 square foot
15 LISTINGS (38%) BETWEEN $10-$20 MILLION
convention center, and “the best breakfast in Jackson Hole,” the Virginian has welcomed visitors from all over the world with local hospitality. The Virginian serves as a special community meeting place for the annual Rod Run Classic Car Show, Christmas Tree Festival, the World Championship Hill Climb, and Fall Art Festival. LIST P R I CE $60 M JacksonHoleLuxuryReport.com
OV E RALL MARKET
9 HOM ES
OVERALL LUXURY UNDER CONTRACT
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At year’s end, 19 properties were under contract (up 19%) with an average listing price of $11.9 million (up 62%) and median ties under contract reflects the continued demand, which is outpacing current supply. Of the listings currently under contract, four are commercial, nine are single-family homes, two
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Average list price of $11.9 million (up 21%)
listing price of $8.75 million (up 35%). The increase in proper19 properties under contract (up 19%)
Median list price of $8.75 million (up 35%)
S IN G LE- FAM ILY LOTS
4 2
are townhomes in Shooting Star, and 4 are single-family lots. COM M ERCIAL
TOW N HOM ES (SHOOT IN G STAR)
THE MOST EXPENSIVE UNDER CONTRACT 8
Riva Ridge Home Private, architectural masterpiece located in Riva Ridge subdivision— one of the most sought-after subdivisions in Jackson Hole—boasts 118 acres with dramatic views of the entire Teton Mountain Range. This picturesque mountain retreat marries western style with modern conveniences only 10 minutes from the nearby town of Jackson and is close to the ski areas, national parks, and the Jackson Hole Airport. Feel like you’re living amongst nature in a true wilderness setting. Sit in the peace and quiet of this wide-open space and enjoy visits from local wildlife, such as elk, moose, and bears as they visit the troutstocked pond for a drink. Every detail and fixture of this dramatic estate has been considered. This exquisite 13,721 sq. ft. main house features perfectly designed living areas and five bedrooms and six full bathrooms, along with two half-baths. A huge, double-sided moss and rock wood burning fireplace feature separates the main floor living and dining rooms, which are both constructed of massive windows for an unobstructed view of the mountains and landscape. L IST PR ICE $ 33.9 M
M OST RE C E N T LU X U RY SA L E LI ST P R I CE $ 1 5 . 5 M “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 and outcome. The care
Rare Legacy Estate Offering
and professionalism they had throughout the entire process was amazing. They were also transparent and honest every step of the way. Our former legacy property in Jackson is now in the hands of an amazing new family thanks to Devon, David and Andrew.” A NNETTE C U MMIN G Jackson, WY Fairways Estates lots 19, 32, 33, 42, 43 & 44
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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 60% of all Luxury sales so far in 2020. All told, the number of home sales is up a record breaking 177%, and the dollar volume increased by 219% to a total of $797 million. Following suit, the average sale price increased by 15% to $9.6 million.
2020 ended with 83 home sales over $5
homes continue to be overpriced for the
million (up 177%), of which 65% sold for
current market, while others do not match
between $5 and 10 million. NOTE: Eight
the value of the land they occupy.
homes sold for over $15 million, up 300% from 2019.
This situation constrains buyers. For instance, in the $10+ million segment,
Unlike the luxury market in 2019—where
buyers may choose from 13 homes valley
homes over $5 million were saddled with
wide. Of those 13, nine are 10+ years
12+ months of inventory, 2020 wiped
old, nine include less than 10 acres, and
out most of the existing inventory. Based
none are on the Snake River. Further
on the number of sales in 2020, there
complicating the process, many luxury
are currently less than four months of
homes only appeal to a specific buyer—a
inventory.
precise pairing that requires substantial marketing.
Of the existing inventory, 32% has been
Dollar volume increased by 219%
The Westbank and the Gros Ventre Buttes logged the most single-family luxury home sales in 2020, with 15 and 14 respectively. Eight of the sales sat atop parcels with 35+ acres, and 35 of the sales had some kind of water feature.
LUXURY HOMES UNDER CONTRACT There are nine luxury homes currently under contract (up 125%).
on the market for more than a year. Some
Number of sales is up 177%
HOT SPOTS
Four are listed for under $10 million.
Average sale price ($9.6M) increased by 15%
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 H O M E SALE IN 2020
Fish Creek Meadows (private sale) OVE R $ 3 5M A short drive South of Wilson the home sits on 72 acres of Teton County Scenic Preserve Trust conservation lands. Straddling Fish Creek and the Snake River confluence, the main house was built in 2006 and encompassing 13,069 sq. ft. of quality stone masonry, while the guesthouse was built in 2004 and encompassing 1,854 12
sq. ft. Privacy and blue ribbon fly fishing make this the perfect Jackson Hole escape.
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 26% when compared to year-end 2019 with 26 luxury homes for sale. With an average listing price of $12.5 million (down 9%), and a median listing price of $9.75 million (up 64%), the available inventory breaks down into the following: 13 between $5 and $10 million (50%); twelve between $10 and $15 million; and one over $25 million (see most expensive home listing). NOTE: Of the 26 homes listed, only one sits on 35+ acres. Also noteworthy: 69% 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 in 2020 with
The demand for vacant luxury lots in 2020 is up a record breaking 460%
eight luxury parcels for a total dollar value of $77.4 million.
when compared to year-end 2019. Sales totaled 28 transactions with a dollar volume of $206 million (up 489%). Nine sales occurred on the Westbank; eleven sales occurred in the Gros Ventre Buttes; seven North of Jackson; and three South of Jackson.
CURRENT LANDSCAPE Available inventory of luxury lots is down 20% at the end of 2020 with a total of eight single-family luxury home sites currently listed.
Vacant luxury lots under contract are on par with 2019, with four lots under contract at an
With an average list price of $8.4 million (down 6%), and a median list
average listing price of $10.8 million. NOTE: All four are 35+ acres.
price of $7 million (down 4%), available inventory breaks down into
As previously discussed, several factors accelerated sales of luxury lots. Current luxury
more than $10 million.
the following: eight lots listed between $5 and $10 million, and one at
home inventory is down 26% with only six homes built in the last 10 years. NOTE: Only one 14
of the 26 luxury homes currently listed sits on 35+ acres.
Of the eight listings, six offer 35+ acres.
MOST EXPENSIVE LOT SALE IN 2020
Black Canyon Tract 4 $ 1 4 . 5M Spring Gulch Ranch comprises 580Âą acres divided across six parcels, each of which have pristine home-building sites with expansive views. The ranch is a blank canvas for you to paint your dreamscape -- whether a place of solitude and escape or a breathtaking retreat to commune with family and friends. Spring Gulch Ranch is just 15 minutes from Jackson Hole Airport. With such smooth access, it is bound to be more than an investment. Enjoy it on weekend getaways from the city, or make it a home base for adventures the world around.
JacksonHoleLuxuryReport.com
F EAT URED LUXURY LOT LIST IN G
Hufsmith Hill Lot 23 $5 M
Truly exceptional 7.68 acre building site just minutes from the Town of Jackson. Hill-top privacy and 360-degree views of the mountains that make up Jackson Hole as well as views of the Snake River. A perfect spot to build your ultimate mountain home. Listed for $5,000,000 by Ann Fish of Engel & Volkers Jackson Hole.
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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. 136 units currently qualify for the Jackson Hole Luxury Report by being worth $5+ million.
CONDO/TOWNHOMES UNDER CONTRACT There are two luxury townhomes currently under contract or reservation. Both are in Shooting Star at Teton Village. One has 3,101 sq. ft. with three bedrooms and 3.5 baths - listed for $5.7 million, and
This reduction in Luxury units is due to the current definition of “Luxury” in Jackson Hole. The breakdown is as follows: 39 units in the Four Seasons Hotel; all 21 Granite Ridge Lodges; 71 units in Shooting Star
71
Shooting Star (Lodges or Cabins)
39
Four Seasons Hotel
21
Granite Ridge Lodges
3
Crystal Springs Lodge
1
Town of Jackson
1
Snake River Lodge & Spa
(Lodges or Cabins); one in Snake River Lodge & Spa; three in Crystal Springs 18
Lodge; and one in the Town of Jackson. In 2020, the number of luxury condo/townhome sales were up 186% from 2019 with a total of 20 sales, and the dollar volume increased 168% to $126 million. Of the 20 sales, two were in Granite Ridge and the other 18 in Shooting Star – all in Teton Village.
There are three luxury townhomes currently listed. They range in size from 2,200 to 3,800 sq. ft. Prices range from $5.95 to $12.5 million.
JacksonHoleLuxuryReport.com
CURRENT LANDSCAPE MLS shows three luxury units listed—all in Teton Village. They range in size from 2,200 to 3,800 sq. ft. and prices range from $5.95 to $12.5 million. Two are in the Four Seasons Residence and one in the Residence at the Snake River Lodge & Spa. All three are furnished and allow short-term rentals. Please contact us for a complete list of available luxury townhouses.
the other has 4,074 sq. ft. with four bedrooms and 3.5 baths - listed for $5.8 million.
MOST EXPENSIVE CONDO/TOWNHOME UNDER CONTRACT
Lot 1 The Homesteads & The Lodges at Shooting Star West A 4,074 sq. ft. townhome with four bedrooms and 3.5 baths on .36 acres in the Shooting Star Resort.
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 . 5M
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MOST EXPENSIVE LUXURY CONDO/TOWHOME SALE IN 2020
Cabins at Shooting Star One of the best located West Cabins in Shooting Star! The 4 bedroom, 4,100 sf cabin 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 and Shooting Star’s world class golf course, overlooking the 9th and 10th holes. Cabin 16 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 cabin has unobstructed views to the south and east. The property allows short term rentals and has excellent rental history. Sold fully furnished. Listed for $8.095 million and sold for over list.
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 66% of sales went through the local MLS in 2018. When pricing your property, you cannot rely on only 2/3 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 9,000 advisors and 750 shops in 37 countries across the globe, including to 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 $3 million, and for those special listings under $3 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.
“
We are skilled negotiators with a deep
of their listing brokerage. As your repre-
understanding of the business and the
sentative, we provide you with dedicated,
market. David and Devon have lived in
knowledgeable and responsible support.
the Tetons for three decades and Luke
We deploy our unique market experience,
is a Jackson Hole Native. We have the
knowledge of the inventory and skills
knowledge and experience of being “lo-
to ensure a successful outcome. Our
cals”, not to mention the strong personal
passion for the valley real estate market
and professional relationships we have
is rooted in our knowledge of the Teton
developed with vendors, contractors and
region itself. We offer local insights on the
government contacts throughout the re-
area, the unique lifestyle and the special
gion. Our reputation for integrity and pro-
needs of living in this World Heritage Site.
fessionalism is based upon the relationDavid and Devon Viehman are the best realtors I have ever worked with - 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. Wise advice and guidance through out the process. I will use them again in the future and would not even consider anyone else in Jackson to work with. ROSANNA MITC H E LL Jackson, Wyoming
ships we have built on trust and longevity,
Our team views the services we provide
relationships that are crucial elements in
as a complement to the incredible envi-
collaborating on successful transactions.
ronment and community we have been
Our strong network in the valley gives us
fortunate to be members of for decades.
the competitive advantage over other real
If you are just beginning your exploration
estate professionals in the area.
of Jackson Hole, please turn to us for information on local real estate prices,
Finding a seasoned professional is only
schools, economics, recreational opportu-
the beginning. As a buyer, you must rely
nities, and personal lifestyle.
on your agent to give you the most accurate, up-to-date market information available. We take the approach of showing you all available properties, irrespective
JacksonHoleLuxuryReport.com
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A B O UT US
Meet the Team 22
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.
David Viehman
Devon Viehman
Luke Smith
Associate Broker
Associate Broker
Associate Broker Licensed in Wyoming & Idaho
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. Nineteen 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 rising star among valley Realtors. She has garnered industry accolades throughout her twelve-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. Her professional accomplishments are matched by the fulfillment she feels as a mother to her 11-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 JacksonHoleLuxuryReport.com
307 690 0621 devon@jacksonholereport.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
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
Grand Teton Renews Historic Crest Trail 28
JacksonHoleLuxuryReport.com
G RAN D T ETON N AT ION AL PARK F OUN DAT ION
Limited by a short work season and complicated
2020 marked the beginning of a new focus area for
logistics of getting tools and supplies to the high
Grand Teton National Park Foundation to fund trail
elevation job sites, the Crest Trail has remained
renewal throughout Grand Teton. Success of past
largely untouched by the park’s maintenance crews
projects inspired the park and Foundation to take
Grand Teton National Park provides
for decades—until last summer.
a more holistic and long-term approach to improve
a once-in-a-lifetime experience
Hurricane Pass is the first renewal site along the
execute projects that seemed unreachable in the
for those with the grit to get there.
route. Sitting at 10,400 feet, this high alpine trail
past.
The almost ninety-year-old trail that travels through the high country of
Initially called the Skyline Trail and now known as the Teton Crest Trail, the iconic route is marked by high mountain passes, rugged terrain, and unforgettable views. The trail was completed in 1933 by the Civilian Conservation Corps and has welcomed hikers, backpackers, and horsemen every summer since then.
trails, allowing Grand Teton to be more strategic and
experienced significant damage when a section was lost to a landslide, resulting in safety issues for
Work along the Teton Crest Trail is slated to
hikers. The park’s trail crew completed three, eight-
continue next summer in the south fork of
day backcountry hitches at the work site this past
Cascade Canyon and at Paintbrush Divide. To
summer—meaning they camped near ten thousand
learn more about the Foundation’s support of
feet for more than a week (three times) to complete
trails in Grand Teton, visit gtnpf.org.
the improvements. The main objective was to reestablish a sustainable path in this technical area. Crews etched a new three-foot-wide trail in the bedrock, creating a
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stable surface for both stock and foot traffic. They constructed drystone retaining walls and erosion control structures, and also regraded a major portion of the pathway ensuring the route is safe and accessible.
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 2020 compared to 2019. * 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. Š 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