Andrew Marshall

There usually seems to be a lot of discussion here in Jackson surrounded by the affordable housing crisis and this week is no different. With traditionally low inventory levels and high prices buyers here in Jackson are limited to what and where they can invest in their future. Enter Teton Meadows Ranch located on the South Park Loop Road. Chicago based developer, James Reinert has proposed to up-zone this large parcel, about 336 acres to allow for roughly 500 housing units to be built on 288 acres of the lot. Some will be traditional affordable with a siginificant portion enrolling into a hybrid deed restricted offering known as 'gap' housing where the individuals qualify under a certain income and asset class, yet cannot afford the 'free-market' properties available for sale througout Teton County. Rough price estimates for gap housing will be between $400-750,000. What troubles me is the release of #100 single family FREE MARKET lots situated within this development that will significantly increase our inventory levels and balloon our absorbtion rate, two factors which help to keep our real estate market vibrant and active.

South Park neighbors in Melody Ranch, Single Tree, Rafter J, Fishing Club are opposing this up-zone for warranted fear of traffic increase, permanent damage to wildlife and scenic corridors and loss of nearby property values. Supporters are voicing their concerns over work force housing, smart growth and the ability to offer a steady flow of affordable units to our teachers, fire fighters, police officers and various service industry employees.
Here is the TMR link: http://www.tmr-jh.com/ And Teton County Comprehensive Plan: http://www.jacksontetonplan.com/

TMR will have their first Planning Commission public meeting on February 11 and I will check in next week with some reactions.

Rumors: Hostel X at the Village is in escrow- pricing is all over the board. First I heard high $20M's, then I heard more like $15M- who knows, but that is a lot of money for a bulldoze. Sounds like the Buyers are from Aspen.
Snow Report: Waist deep all last weekend if you knew where to ski, 397" of snow this season to date with reports of 16" new last night with some more on the way for Saturday.

Hotell Terra I closed on all of their intial units last week. Sounds like $1000/square foot was the average, yet appraised values are more like $1275/foot- wow. This seems like the beginning of a surge of activity for Teton Village, at least for new condo-tel rooms. A few resales have already shown up on the MLS; 3 bedroom unit for $2.15M and a 2 bedroom for $1.35M. The construction crew was scurrying when I visited and the stress level was high to say the least. The only current occupants are with the Quiksilver crew here in JH for the snowboard competition organized by local ripper Travis Rice. These guys will for sure break in the new digs and help to work out the kinks.

The restaurant in the lobby will be open this week- so far the tasting reviews are incredible. Osteria will feauture Italian cuisine with a wine bar, gourmet pizzas and outdoor terrace with a fireplace. Opened by Rendezvous Bistro legend, Gavin Fine this place should be packed every night.

Link to Hotel Terra recent activity:

http://www.flexmls.com/cgi-bin/view.cgi?20080204213059352332000000&s=10&id=1

On the other side of the price spectrum here is a newly built western contemporary home located in East Jackson. There is just something unique about this section of town; quiet, offers big Teton views and walking distance to the National Elk Refuge and town square.

Details: 3310 square feet, 3BR/3B, huge living area on the second floor, attached 2 car oversized garage, .17 acre with an outstanding Teton view and nice view of Cache Creek/Snow King area. Just over $500 square foot, this is by far the best deal in town for single family homes if you have the cash. Brand new, move in condition.

link:

http://www.flexmls.com/cgi-bin/view.cgi?20080128162106475652000000&s=10&id=1

Andrew

As the year end stats start to roll in for 2007 we are reminded of why we choose to live in a place like Jackson. The past three weeks have been incredible skiing with over 70 inches of new snow in 7 days! Sunny days and cool temps made for empty slopes and the best turns of the year.

As for real estate happenings: Hotel Terra should be closing their units this week, setting the square footage mark around $1800. There seems to be a surplus of inventory at the Village right now for older condos, but as soon as the momentum starts back up again look for new heights in this special market segment.
Coming off two record breaking years the Teton County real estate market is poised for some new growth and adjustments amid the mortgage meltdown and national housing slowdown. What we are discovering as the sales numbers roll in is typical for our market; low inventory and rising prices. Dollar volume decreased slightly by 1% but with 30% less inventory our median prices rose 15% across all market segments. Most notably as usual were Teton Village and the Racquet Club recording price increases of 23% and 46% respectively.

What does this mean? At first glance there is a slight shift into a Buyer's market right now. We are certainly seeing disconnect between buyers and sellers with an increased days on market average. Later this week I will be featuring some of the strongest ‘buys' on the market in Jackson.