VOLUME 8 | EDITION 1
HUCKLEBERRY ESTATE page 3
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
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 pub-
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.
lished 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
H U C KL E B E R RY E STAT E It is exceedingly rare for a legacy estate of this size and provenance to come on the market. Situated on six, 3+ acre lots with sweeping views of the Tetons and adjacent to the “Sleeping Indian� hole of the Jackson Hole
Rare Legacy Estate Offering
Golf and Tennis, the property has a unique blend of privacy paired with close proximity to the airport, Town of Jackson and Grand Teton National Park access. It truly has the best of all worlds. Learn more and view video at
165huckleberry.com 3
READ MORE >
HU C K LEBERRY ESTATE
4
Winner of American Institute of Architects Design Award in 1991 THE HOME
Designed by award-winning architect Bruce Hawtin of Hawtin Jorgensen Architects in Jackson Hole, the
Toad Hall
Frank Lloyd Wright-inspired, 14,598-square-foot, 7-bedroom, 9-bathroom home was programmed to maximize the views of the Tetons. “Every inch was designed to take full advantage of the site,” says Hawtin. With classic lines and a beautiful floor plan, this sophisticated estate—nicknamed “Toad Hall” for the original owner’s love of “The Wind in the Willows”— exudes timeless luxury.
JacksonHoleLuxuryReport.com
HUCKLEBERRY ESTAT E
Entertaining takes center stage in the chef’s kitchen with majestic, 18-foot cathedral ceilings and clear story windows to capture the sun, pocket doors for privacy during parties, and vertical-grain cherry cabinets. Chef-grade amenities include two ovens, double dishwashers, a professional-grade Sub Zero refrigerator, six-burner Thermador gas range with grill, warming drawers, granite island and butler’s pantry. The intimate breakfast room with wood-burning fireplace sets the stage for small gatherings and engaging breakfast conversations around the table. At dinner time in the formal dining room, guests look out over a breathtaking vista of the Tetons. Capturing an unparalleled view of the surrounding landscape, the soaring 18-foot living room ceiling has tongue-and-groove western red cedar. A large stone fireplace is the true heart of the home where family and friends gather to relay tales of days spent exploring. Just off the living room, a smaller piano nook creates an intimate gathering space to enjoy music, wine and conversation. The custom gallery hallway leads from the living room to three guest bedrooms—one with Teton views—and features expansive windows and soaring ceilings. In the opposite direction, the master suite includes a wood-burning fireplace and magnificent views of the Grand Tetons. Designed as a true respite, the space features a cozy sleeping area, an expansive custom walk-in closet, and seamless granite master bath with walk-in shower, soaking tub and beautiful vertical-grain cherry wood cabinets. At every possible turn the home is connected to the outdoors. In the warmer months, a 372-square-foot north-facing stone patio, with an outdoor fireplace sets the stage for long, lingering dinners outside in the fresh mountain air.
JacksonHoleLuxuryReport.com
5
HU C K LEBERRY ESTATE
The Guest & Pool House The guest house is attached to the main home via a heated outdoor walkway or carpeted, beautifully finished, heated underground tunnel designed to be reminiscent of an Old Western mineshaft. The guest house provides additional accommodations, and is also used as a private hideaway/ executive office suite. Guests can relax on the private, 500-square foot outdoor patio ideal for entertaining with extraordinary views of the Tetons and sunsets. The large, cathedral ceiling office with wood burning fireplace, mahogany walls and trim and walnut floors with maple inlay affords a magnificent view of the Grand.
6
JacksonHoleLuxuryReport.com
HUCKLEBERRY ESTAT E
When it’s time for a break from the world, the year-round indoor pool is accompanied by a fully equipped workout room, hot tub and spa. This private escape, finished with sixtymillion-year-old fossil fish floors quarried in the Green River area, oak doors and trim, and Douglas fir beams, is ideal for days when outdoor activity is limited. An expansive 2,000-bottle wine cellar was designed for a connoisseur in mind with an expansive and luxuriously appointed glass-enclosed and temperature-controlled environment and custom mahogany racks and trim. The space is finished with rustic, handhewn fir beams, and a storage room for cases.
The Landscape Discover your own private hideaway with five outdoor patios designed to capture the magic of Jackson Hole at any time of day. Each secluded space offers an opportunity to kick back and enjoy a wildlife right at your doorstep. The grounds are integral to the feel of this singular retreat. Between the main house and guest house is constructed of paving stone, as is the 300-foot driveway. In addition to
7
stone terraces, the reflecting pool with rock waterfall provides one of the most picturesque vistas in all of Jackson Hole. Wide open spaces are complemented with areas of golfcourse standard manicured lawn, recirculating pond, seasonal stream, wild grasses and wildflowers, creating the ideal haven for birds, deer, fox, moose, elk and bison. Please call for pricing, as the home can be purchased with two, four or all six lots.
INMAN GOLDEN I WINNER
Best Sales & Marketing of a Luxury Property
View the video and property at 165Huckleberry.com.
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 area also a good fit.
CONTENTS
10 Overall Luxury Market Comparing year end 2019 with 2018, we discovered that the overall number of luxury sales decreased 8% to 111 sales total, but the overall dollar volume increased 7% to $716 million.
14 Single Family Luxury Homes Luxury homes accounted for 58% of all luxury sales in 2019. All told, the number of home sales is down 17%, and the dollar volume decreased by 11%.
Competence. Exclusivity. Passion. Ensuring an Experience of the Highest Caliber
Opening the door to the life you aspire. 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 castles, Engel
19 Vacant Luxury Lots The demand for vacant luxury lots in 2019 is up 18% when 8
compared to year-end 2018. Sales totaled twenty transactions with a dollar volume of $90.5 million.
& 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.
20 Luxury Condo/Townhouses Luxury Condo/Townhomes are few but not far between in Jackson Hole: Almost all are located in Teton Village. 160 units currently qualify for the Jackson Hole Luxury Report by being worth $3+ million.
24 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.
Handcrafted attention to every detail and meticulous white-glove service is what each and every one of our clients deserves. It’s our standard of service that truly sets Engel & Völkers apart.
“
We cannot say enough good things about your total effort in selling our Bar B Bar 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. May you have a Happy Holiday and a Joyous New Year! A L L A N B AUM GA RTEL & J OEL T HEISS Laguna Niguel, CA
JacksonHoleLuxuryReport.com
S ELLER S ERVICES
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.
After perusing this publication, we hope
advice available, we ensure that you
you agree: the Jackson Hole Luxury
have a successful and smooth real estate
Report stands in a league all its own.
transaction.
Other Realtors try to analyze the Jackson Hole market from MLS statistics, however
To keep you abreast of Jackson Hole’s
the MLS accounted for only 46% of the
ever-changing real estate conditions, we
luxury sales in 2018. In contrast, we track
offer a suite of services including daily
every single luxury transaction in Teton
email updates of active luxury listings,
County by painstakingly reviewing public
a free confidential market analysis of a
records. Our data-driven reporting is the
client’s property and annual price updates
most accurate and trusted real estate
for estate and/or trust planning. If you
news source in Teton County.
want to list your luxury property this fall, please call or email us to set up an
“
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. BILL AND SU SAN RE YN E R Santa Barbara, CA
We use this detailed data to help you
evaluation of your property. After touring
– our clients. From pricing your luxury
your property, we will provide a custom
property to sell in this competitive market
marketing plan. No other Jackson Hole
to helping you determine the right time
brokerage can duplicate the dexterity of
to buy, we share all of our analytical
our marketing approach.
insight with you. Paired with impeccable professionalism and personal attention,
So whether you plan to list your luxury
we offer you superior service matched
property soon, want more detailed
only by the superior nature of the
analysis of a specific area, or need a
properties themselves.
professional realtor to represent you, please call (307) 690-4004 or email
The lack of published luxury sales can
team@jacksonholereport.com.
make pricing a luxury home stressful, particularly when emotions are involved. 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 extensive research of listed and unlisted sales. By providing you with the best
JacksonHoleLuxuryReport.com
9
OV E RALL MARKET
Overall Luxury Market Comparing year end 2019 with 2018, we
priced over $3 million, with 49% of those on
discovered that the overall number of lux-
the market for more than 12 months.
Listen to the Numbers
MLS accounted for only 48% of the overall luxury sales in 2019.
ury sales decreased 8% to 111 sales total, but the overall dollar volume increased 7% to
The challenge with tracking luxury market
$716 million. NOTE: While luxury sales only
values is the lack of comparable sales. While
make up 17% of the overall number of sales
there are many properties in Jackson Hole
in Jackson Hole, they account for 54% of the
worth more than $3 million, no two are alike.
total dollar volume in 2019.
For this reason, many sellers start by over-
OVERALL LUXURY SALES BY AREA
pricing their homes beyond market levels, The hot spot for all sales, claiming 57%, was
and then lower the price progressively until
between $3 and $5 million.
the property reaches market value. This is why 29% of the luxury listings have been
10
Eleven luxury properties sold for more than
on the market for more than two years. If
$10 million in 2019. However, only four were
you plan to sell your property soon, do not
reported to the MLS, a trend that under-
make the mistake of overpricing it. Through
scores the necessity of enlisting us as your
our confidential property and market anal-
Realtor when entering this elite market.
ysis, we can help you through the entire process.
While 2019 experienced a 9% decrease in luxury sales between the $3 and $10 million
Close analysis of the statistics supports the
segment, the $10+ million segment did not
following conclusion: When compared to
change and the $20+ million had three sales
year-end 2018, the current overall avail-
(only one in 2018). The Best Western Lodge
able inventory is down 12% to 86 listings
at Jackson Hole was the highest priced
and the median listing price is down 18% to
sale. While a private sale, and the sale price
$5.75 million. Meanwhile, the average list-
was not disclosed, it was rumored to have
ing price broke an all-time record— up 13%
closed between $70 and $75 million. NOTE:
to $9.04 million.
At the end of the year, there were 86 listings Number of sales decreased 8% to 111
Current overall inventory decreased 12% to 86 listings Overall dollar volume increased 7% to $716M
JacksonHoleLuxuryReport.com
WESTBANK
NORTH OF THE GROS VENTRE RIVER
GROS VENTRE BUTTES
TOWN OF JACKSON
SOUTH OF JACKSON
53 SALES $327M
7 SALES $30.4M
15 SALES $83.5M
15 SALES $153M
21 SALES $121M
JACKS ON HOLE REPORT 2 5T H AN N IVERSARY
The Beginning of the Jackson Hole Report While the landscape of Jackson Hole has changed over the past two and a half decades, many things have stayed the same. This part of the world remains authentic with strong values and a sense of community. In 1992, we moved to Jackson Hole where David quickly saw a need in the market for accurate
As we celebrate the 25th anniversary of the report, it is also time to send a heart-felt thank you to our clients and subscribers.
data so buyers and sellers could make the most informed decisions. Wyoming was (and still is) a non-disclosure state which means sale prices are not public record. If a transaction didn’t go through the local MLS then it simply wasn’t accounted for. This has resulted in clients having less than 60% of all the data, which is unacceptable. In 1995, the Jackson Hole Report—which tracks 100% of our market—was created for our clients, but also given freely to our entire community four times a year.
The Next Phase In 2005, Devon joined the team and in 2016, Luke Smith joined. Together we continue with this family-driven business, developing more trusted relationships along the way. We live and breathe
Relationships drive everything in our business, and one of our biggest successes of this last quarter century is the relationships we have built. Our work is so much greater than a “transaction”, it’s about family, legacy and purpose—whether buying a first home for a new family, finding a second home investment, or selling an estate that has been in the family for generations.
the Jackson lifestyle, and know how much people sacrifice to make life work in the valley, particu-
Trust and longevity are so important to us. Today, we even have the rare opportunity to work with the second generation whose parents hired our team in the early years. That trusted relationship has created our thriving real estate business, and we are so grateful for that.
Considered the definitive source on valley real estate trends, The Jackson Hole Report has been
The most widely distributed local real estate report with annual distribution of
larly during up and down economic cycles.
The Future for Our Team Looking ahead to the next 25 years, we will continue to report on the ever-shrinking inventory and provide an accurate calculation of all types of real estate throughout the valley. While the data revolution has taken over everything from social media to sales, we have found that some things just aren’t possible to replicate—intuition, knowledge and longevity in the real estate market—and we have all three. cited in national publications.
Our decades of experience have taught us to treat each buyer, property and homeowner as if they were part of our family. As your Realtor, we will be by your side throughout the process,
over 37,000 mail pieces and over 10,000
fulfilling our promise to offer the highest level of client communication and service. We cover
digital copies.
Pinedale, Wyoming and invite you to place your trust in us. Contact us today for a consultation to
all areas and property types in the region, including Teton Valley, Idaho and Star Valley and buy or sell. JacksonHoleLuxuryReport.com
11
OV E RALL MARKET
THE CURRENT LANDSCAPE Available inventory is down when compared to year-end 2018, at 86 luxury listings for sale. With an average listing price of $9.04 million and a median listing price of $5.75 million, available inventory breaks down into: 37 listings priced between $3 and $5 million (43%); 30 between $5 and $10 million (35%); 14 between $10 and $20 million, and five over $20 million.
MOST EXPENSIVE SALE IN 2019
12
5 LISTINGS OVER $20 MILLION
37 LISTINGS (43%) BETWEEN $3-$5 MILLION
The Lodge at Jackson Hole Hotel Condominiums $ 7 0 -$75M The most expensive sale of 2019 was a 154-room luxury lodge sold for between $70-75 million to American entrepreneur and private equity investor, Henry Silverman. The sale was private and not reported to the public. Silverman has been a figure in the hotel and hospitality industry for decades, and has controlled brands such as AmeriHost Inn, Days Inn, Travelodge, Avis and Budget Rent a Car, as well as real
30 LISTINGS (35%) BETWEEN $5-$10 MILLION
estate brokerages like Coldwell Banker, and Sotheby’s International Realty.
14 LISTINGS BETWEEN $10-$20 MILLION
His intentions with The Lodge are unknown at this time, but we expect that there will be some transformation of the property, which in addition to 154 condominized guest rooms has six commercial spaces, a restaurant and fireside lounge, indoor/outdoor pool and concierge services all on 2.08 commercially zoned acres. One of the interesting thing about this sale is the fact that those 154 guest rooms can be sold off separately, as condos. Very few people know this was approved back in 2007.
JacksonHoleLuxuryReport.com
Of the 86 listings, only 18 are 35+ acres.
OVERALL M ARKET
OVERALL LUXURY UNDER CONTRACT
6
HOM ES
At year’s end, there were 21 properties under contract (down 30%) with an average list price of $6.6 million, and a median list price of $5.8 million. The decrease in the number of properties under contract reflects the lack of new available inventory in Shooting Star, where the development is slowly selling out. Of the listings currently under contract, 10 are
21 properties under contract (down 30%)
Average list price of $6.6 million
10
Median list price of $5.8 million
townhomes, 5 are single-family lots, and 6 are homes.
TOW N HOM ES
5
S IN G LE- FAM ILY LOTS
13
THE MOST EXPENSIVE UNDER CONTRACT
7675 S. Highway 89 (84 acre parcel) This 84.36 acre ranch is located directly behind the new Munger Mountain Elementary School just south of Jackson. It also backs up to Bridger Teton National Forest. Currently operated as a working ranch, the Buyer has applied to have the property rezoned and is waiting for approval. The property also includes a small 1945 ranch house. L I ST PRI C E $12.5 M
JacksonHoleLuxuryReport.com
S I N G LE FAM ILY HOM ES
Single Family Luxury Homes Luxury homes accounted for 58% of all luxury sales in 2019. All told, the number of home sales is down 17%, and the dollar volume decreased by 11% to a total of $383 million. In contrast, the average sale price increased by 7% to $5.99 million.
HOT SPOT The Westbank logged the most single-family luxury home sales with 29 sales, 22 of which were north of Wilson. Ten of the Westbank sales sat atop parcels with more than five acres of land, four of those
2019 ended with 64 home sales over $3
two years. Some homes continue to be
million (down 17%), of which 53% sold for
overpriced for the current market, while
between $3 and $5 million. NOTE: The
others do not match the value of the land
most expensive single-family luxury home
they occupy.
sale in 2019 was in Teal Trace, south of
14
Wilson. Listed at $18.5 million, the two lots
This situation constrains buyers. For
totaled 13.11 acres and came with a 8,300+
instance, in the $10+ million segment,
sq. ft. home, a 432+ sq. ft. guest house and
buyers may choose from 15 homes valley-
a 1,228+ sq. ft. garage.
wide. Of those 15, twelve are 10+ years
with 35+ acres.
MOST EXPENSIVE S I N G L E - F A M I LY H O M E S A L E
old and seven have less than 10 acres; Unlike the locals’ market—where homes
only three are on the Snake River. Further
under $1 million are limited to two months
complicating the process, many luxury
of supply—the luxury home market is
homes only appeal to a specific buyer—a
saddled with 12 months of inventory. While
precise pairing that requires substantial
Teal Trace
this may seem like plenty of inventory
marketing.
Extraordinary opportunity awaits just minutes south of the small town
to meet demand, this dynamic is not as
of Wilson. The wildlife sanctuary of Blue Heron and Teal Trace offers
favorable for sellers: 45% of the existing
NOTE: There are six luxury homes currently
just over 13 private acres adjacent to the 55 acres that comprise
inventory has been on the market for
under contract (down 50%). Two are listed
the Teal Trace Open Space allowing for maximum privacy and
at least a year and 19% for more than
for under $5 million.
irreplaceable views and feel. The home itself was thoughtfully and luxuriously designed in each and every space. Stunning entry to a grand staircase welcomes the Owner and Guests alike, while a large
Number of sales is down 17%
Dollar volume decreased by 11%
picture window opens just beyond to the creek and views to the east. The Grand room is surrounded with glass allowing the east light Average sale price increased by 7%
JacksonHoleLuxuryReport.com
to shine in the morning and the western glow in the afternoon. L IST PR ICE $17.75 M Rob DesLauriers Jackson Hole Sotheby’s International Realty
S IN G LE FAM ILY HOM ES
THE CURRENT LANDSCAPE Available inventory is unchanged when compared to year-end 2018 with 57 luxury homes for sale. With an average listing price of $9.9 million (up 15%), and a median listing price of $5.95 million (down 23%), the available inventory breaks down into the following: 22 homes priced between $3 and $5 million (39%); 20 between $5 and $10 million (35%); 11 between $10 and $20 million, and four over $25 million (see most expensive home listing). NOTE: Of the 57 homes listed, only five—or 12%—sit on 35+ acres. Also noteworthy: 77% 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 $ 8 0 M Ed Liebzeit Jackson Hole Sotheby’s International Realty
JacksonHoleLuxuryReport.com
15
F E ATURED LUXU RY LISTING
The Phoenix House TETON VILLAGE Generating over $180,000 in gross annual income this European style ski chalet is completely furnished and perfect for year-round living, a vacation getaway, or for short-term rental income. This multi-level home comes completely furnished in a Western motif and boost four large bedrooms, two family rooms, a bonus room (office or den). Other features include: 3,146 sq. ft. of heated living space; well appointed kitchen with black granite counter tops, glass door cabinets and modern appliances; wood, slate and tile floors throughout; lodge pole furnishings; upgraded lighting and plumbing fixtures; vaulted ceilings; large exposed beams; lots of windows (light and bright); mud room with cubbies for ski 18
and outdoor gear; 2 car attached and heated garage with a floor drain; 2 wood-burning fireplaces; 5 balcony’s and 3 porches; outside hot tub; and heavily treed lot creating a sense of privacy. The well maintained exterior is a mix of heavy wood, stucco, and wood cedar shake siding and roof. The multiple balcony’s and decks, plus a hot tub, add to the enjoyment of our Jackson Hole summers. The property is heavily wooded, with lots of tall native grasses and wildflowers, and designed with low to no maintenance in mind. There is also plenty of room for expansion of the house, or adding a separate garage/guesthouse. Ski-in access to the world famous Jackson Hole Mountain Resort is only a few hundred feet from the property. LIST P R I CE $3. 9 5 M / M L S # 1 9 - 3 1 4 7 www.3620mccollister.com David Viehman (307) 690-4004
JacksonHoleLuxuryReport.com
VACAN T LOTS
Vacant Luxury Lots
HOT SPOT Teton Village enjoyed the most luxury lot sales in 2019 with four luxury
The demand for vacant luxury lots in 2019 is up 18% when compared to year-
parcels for a total dollar value of $16.8 million.
end 2018. Sales totaled twenty transactions with a dollar volume of $90.5 million. This is an above average showing for this market segment when compared to the last 10 years.
CURRENT LANDSCAPE Available inventory of luxury lots is down 32% at the end of 2019 with
Vacant luxury lots under contract are up 25%, with five lots under contract at an average list price of $7.05 million. NOTE: Two are 35+ acres. As previously discussed, several factors could accelerate sales of luxury lots. 77% of the current luxury home inventory classifies as outdated product (15+ years old), with only nine homes built in the last 10 years. NOTE: Only five of the 57 luxury homes currently listed sit on 35+ acres.
a total of 19 single-family luxury home sites currently listed. With an average list price of $6.8 million (down 13%), and a median list price of $4.95 million (down 33%), available inventory breaks down into the following: nine lots listed between $3 and $5 million; seven between $5 and $10 million; and three at more than $10 million. Of the 19 listings, 11 offer 35+ acres.
19
MOST EXPENSIVE LUXURY LOT SALE
Bar BC Ranch Lot 12 A 38-acre elevated tract north of Jackson in Spring Gulch. This mountain ranch feels more remote than it actually is as moose and elk range on the property and mule deer are often seen perched on outcroppings of rock. Situated to take full advantage of the subtly changing light on the Sleeping Indian, this site overlooks one of the valley’s most scenic corridors. A yurt has been constructed on the property so one can sit on the deck and enjoy what views would be from a future home. There are paved roads, central waters, and underground utilities to each ranch boundary and a private gated entry with secure access. There is also a private walkway to the Snake River for Bar BC homeowners. L IST PR ICE $ 7.7 M Tom Evans | Jackson Hole Sotheby’s International Realty JacksonHoleLuxuryReport.com
C ONDO S/TOWNHOMES
Luxury Condo/Townhomes Luxury Condo/Townhomes are few but not far between in Jackson Hole: Almost all are located in Teton Village. 160 units currently qualify for the Jackson Hole Luxury Report by being worth $3+ million.
CONDO/TOWNHOMES UNDER CONTRACT There are 10 luxury townhomes currently under contract or reservation. Nine are new and within Shooting Star. They range in size from 4,074 to 5,095 sq. ft. Prices range from $5.7 million to $8
This dramatic rise in luxury units is due to increased values and new townhomes
Shooting Star (Lodges or Cabins)
39
Four Seasons Hotel
MOST EXPENSIVE CONDO/TOWNHOME UNDER CONTRACT
21
Granite Ridge Lodges
Homesteads at Shooting Star
16
Granite Ridge Homesteads
6
Timbers at Granite Ridge
3
Town of Jackson
2
Crystal Springs Lodge
1
Granite Ridge Cabin
1
Snake River Lodge & Spa
coming online in Shooting Star. They break down as follows: 39 units in the Four Seasons Hotel; all 21 Granite Ridge Lodges; 70 in Shooting Star (Lodges or Cabins); 16 Granite Ridge Homesteads; six Timbers at 20
5 bedroom, 5.5 baths – 5,095 sq. ft.
Granite Ridge; one Snake River Lodge & Spa; one Granite Ridge Cabin; two Crystal Springs Lodge; one Hotel Terra; and three in the Town of Jackson. In 2019, the number of luxury condo/townhome sales was unchanged from 2018 with a total of 15 sales and a dollar volume down 9% to $69 million. Of the 15 sales, one was a Granite Ridge Homestead; six were in Shooting Star; one was a Crystal Springs Lodge; two Granite Ridge Townhomes; one was in Snake River Lodge & Spa; two in the Timbers at Granite Ridge; and two in Four Season Hotel.
JacksonHoleLuxuryReport.com
million.
70
L ISTE D AT $7.85 M John Resor | The Clear Creek Group
CON DOS /TOW N HOM ES
There are six luxury townhomes currently listed. They range in size from 2,000 to 3,300 sq. ft. Prices range from $3.25 to
CURRENT LANDSCAPE MLS shows six luxury units listed—four are in Teton Village and two in the Town of Jackson. They range in size from 2,000 to 3,300 sq. ft. and prices range from $3.25 to $5.75 million. There are two in Granite Ridge, one in Crystal Springs, one in Shooting Star and two in the Town of Jackson. Three of the six are furnished.
$5.75 million.
Please contact us for a complete list of available luxury townhouses.
MOST EXPENSIVE LUXURY CONDO/TOWHOME SALE IN 2019
Shooting Star Cabin
MOST EXPENSIVE LUXURY CONDO/TOWHOME LISTING AT T H I S T I M E
Located at the Shooting Star Resort and next door to the Jackson Hole Mtn.
Cabins at Shooting Star #6
Resort, this 4,098 sq. ft. townhome is located on the lake and walking distance to the clubhouse. It was built using reclaimed timbers and Oklahoma Moss Rock stone. Included are 4 bedrooms, 3.5 baths, outdoor hot tub and a two-car attached garage. The floor plan includes a spacious master suite, upstairs living, with a beautiful rock fireplace and a well appointed kitchen with top-of-the-line appliances. The amenities of Shooting Star Resort include a Tom Fazio designed 18-hole golf course, a year-round clubhouse that includes a dining room and bar, men’s/women’s locker rooms with lounges, a Nordic ski track, a variety of fitness facilities, outdoor swimming
21
Cabins at Shooting Star #6 is located right in the heart of beautiful Shooting Star. Bordered by a clear stream and Shooting Star’s world class golf course, Cabin 6 is the perfect property for those looking for privacy, yet just a stones throw from all the amenities of Shooting Star and Teton Village . The house is just under 3,000 sq. ft and has 3 bedrooms, 3 full bathrooms and a powder room in the main upstairs living area. Impeccably furnished with spectacular views of the Teton Range to the west and the Gros Ventre mountains to East, this is the perfect home for Buyers looking for a turnkey
pool, luxurious spa, and concierge services that connect directly to the
property that encompasses everything Jackson Hole has to offer.
Jackson Hole Mountain Resort.
L IST PR ICE $ 5.7 5M
$ 7. 0 75M John Resor | The Clear Creek Group
JacksonHoleLuxuryReport.com
S E L LER S ERVICES
LIST WITH US
For the Seller
22
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
23
A B O UT US
Meet the Team 24
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
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
EN G EL & VÖLKERS
Opening the door to the life you aspire. Engel & Völkers evokes a real estate experience of the highest caliber with the utmost competence, exclusive expertise and passion for all that we do.
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 evolving 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
25
properties in not only Jackson Hole but the Westbank, Teton Village, Star Valley, Teton Valley and its surrounding areas.
50 King Street, Suite 102 & 202 Jackson, Wyoming 83001 (307) 201-8800 jacksonhole.evusa.com JacksonHoleLuxuryReport.com
JacksonHoleLuxuryReport.com
25
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.
26
About our Team W E COLLA BOR AT E. Our team works in an open office environment to allow creative input from every member. W E 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. W E 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. W E MOV E FAST. We will have your property marketed and distributed locally, nationally, and internationally faster than any other agency. W E HAV E P R OVE N 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.
50 King Street, Suite 102 & 202 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
27
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
Grand Teton’s Volunteer Teams Improve Experiences
W IL D L IFE B RIGA D E Tasked with facilitating safe interactions between visitors and animals, Grand Teton’s Wildlife Brigade members are part ambassadors, part compliance officers. This valued group of volunteers manages roadside wildlife jams, patrols picnic areas for unsecured food, and shares educational information with visitors. By funding resources for topnotch training and everyday equipment needs, the Foundation ensures the Brigade’s effective operation year after year.
28
Have you ever stopped at a moose jam and were concerned with how close someone got to the animal to take a photo? Have you ever been at String Lake and seen a black bear sneak a snack from a picnic basket? Or have you ever launched your boat at Deadman’s Bar and were unsure of what hazards you might face down river? As more and more people continue to explore the wonders of Grand Teton, safety and natural resource protection have come to the forefront of park managers’ concerns. Grand Teton National Park Foundation supports innovative volunteer programs that bolster the park’s ability to provide people with safe and enjoyable experiences. These dedicated teams are an invaluable addition to Grand Teton that advance resource protection and education while having a tremendous impact on the millions of people who visit each year. JacksonHoleLuxuryReport.com
LAT HA M JENK I NS
SK I A M B ASSA DOR S Winter Ski Ambassadors contact park visitors at Taggart Lake and Signal Mountain trailheads to increase awareness of Teton Park Road winter rules and etiquette. While patrolling the groomed ski trail along the Teton Park Road, Ski Ambassadors provide visitors with park related information, help limit resource violations, and collect important visitor contact statistics for park data tracking.
SN AKE RIVE R AMBASSAD ORS
STRIN G L A K E RS
Record-breaking visitation and the Wild and Scenic designation of the Snake River have increased recreational use, causing more boating accidents. Snake River Ambassadors educate boaters about the potential hazards and necessary skills to successfully navigate the river in Grand Teton National Park. By interacting with people at access points before they launch their boats, volunteers help increase safety and improve the river experience for park visitors.
The Lakers are a dedicated group of volunteers whose purpose is to promote visitor safety and protect wildlife around the increasingly popular String Lake area. Since their inception, the Lakers have educated thousands of visitors on the importance of food storage and bear awareness at String Lake. During peak visitation in the summer season (MaySeptember), the Lakers maintain a 7-day a week presence. These volunteers are vital to providing safe visitor access and enjoyable experiences at String Lake.
As visitation to Grand Teton National Park continues to rise, these volunteer teams will play a critical role in protecting the park and its resources for the long-term. Interested in volunteering? Contact grte_volunteer@nps.gov or visit https://www.nps.gov/grte/getinvolved/volunteer.htm to apply today—applications accepted January through March. JacksonHoleLuxuryReport.com
29
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 2019 compared to 2018. * 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
30
open market; current value. Overall: All luxury sales in Teton County combined – homes, lots, condos, commercial and ranch. Š Copyright 2013-2020 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.
JacksonHoleLuxuryReport.com
50 King Street, Suite 101 & 102 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