New Listing :: 10+ acres in Elk Ridge Ranches

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Property Details

  • 10.42 Acres
  • 8.83 acres of water rights
  • Equestrian Friendly
  • Salt River Range and Star Valley Views
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Elk Ridge Ranches at Henry’s Mountain is located just outside of Etna Wyoming. Nestled under the mountains, this 10+ acre lot is equestrian friendly and offers truly sensational 360 degree elevated views of the Salt River Range and Star Valley. The access to fly fishing, snowmobiling, hunting, boating and golfing make this area a true recreational paradise. Reasonable CC&R’s and 8.83 acres of water rights add tremendous value to this unique property.
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LOT 4 WESTERN SKY DR, Etna, WY 83120

HOA Dues: $260/year

Taxes: $708.25/year

List Price: $299,000

MLS: 21-855

Listed by: Katie Brady

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2021: March Market Report in Jackson Hole

What SOLD in March?

$156M

Total Sales Volume

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100%

Sales:List Price Ratio

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Market Analysis

Despite dwindling levels of inventory, real estate sales increased slightly in March with 48 transactions, more than double the number of sales last March 2020. While recording two more sales than February, total sales volume increased $18 million to $156 million. The average sale price topped $3 million for the third time in the last 5 months. The average number of days a property was on the market before closing dipped to 115, the lowest monthly average since September 2019, an illustration of the quick pace of homes going under contract soon after hitting the market. Demand remains high for Jackson Hole properties. Nearly half of all properties sold at or above their listing price in March – 13 sales at full listing price and 10 properties selling ABOVE the asking price, no doubt a result of multiple offers and bidding wars, a trend that is now becoming very common in our market. It’s interesting to note that 11 sales in March were undisclosed (marked a $0 in MLS), so applying the same rate, we could assume at least 5 more sales occurred at or above their listing prices, meaning that close to 60% of March sales were for full price or greater! As a result, after hitting a high of 99% in February, the average sale to list price ratio was 100% in March, a number never seen since I began tracking stats in 2013.

The majority (44%) of sales in March were for single family homes. With low available inventory, vacant lot sales remained strong, representing 23% of all transactions last month. Seventy (70%) percent of sales occurred above $1,000,000 in March, with half those sales occurring above $3 million, including a 7,400 sq ft 3 Creek house listed for $12.25 million, a ranch lot in Bar BC listed for $8.75 million and a 5 bedroom home in Teton Pines listed for $10.5 million.

23%

Land Sales

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$3,248,487

AVERAGE SALES PRICE

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71%

of property sales over $1M

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17

TRANSACTIONS OVER $3M

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NEW LISTINGS in March

$176,814,500

New Listing Volume

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Market Analysis

New listings increased in March with 45 properties entering the market, the highest number of monthly listings in the last 6 months and slightly more than new listings in March of 2020. With an increase in listings came an increase in dollar volume with March’s new listings totaling more than $175 million. Not only is this the highest monthly listing volume since September 2020, it is also $114 million more than March 2020, which had only 5 fewer listings. Not surprising, the average listing price nearly reached $4 million in March 2021, up $2 million from March 2020! Thirteen new lot listings entered the market, the highest monthly total since September 2020, with an average listing price of $2.9 million.

Thirty-five of the 45 new listings were in excess of $1 million, while less than 1 in 4 properties entering the market in March was priced under the $1 million mark, including an 2 bedroom Elk Run townhome, a 1 bedroom condo in the Aspens and a 3 bedroom townhome in Cottonwood Flats, all of which received multiple offers pushing the contract price well over the listing price.

Currently there are just 46 total listings for residential property in Teton County. Available condos range from a Miller Park Loft unit for $549,000 to a 3 bedroom Four Seasons unit for $6,950,000. The least expensive single family home property is $3.1 million (a 1 bedroom ARU with room to build a main house). There are only 19 lots available for sale in Teton County, less than 2 months supply of inventory (based on last year’s 118 lot sales).

$1.75M

MEDIAN LIST PRICE

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$3.9M

Average List Price

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13

Vacant Lot Listings

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35

Listings over $1M

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

New Listing :: Peaceful End Unit Condominium

Property Details

  • 3 bed / 3 bath / 2 car garage
  • 1,462 sq ft
  • Quiet and peaceful in small development
  • Common area on Flat Creek
  • Steps from bike path, park and hiking trails
  • Gas stove, wood floors, covered back deck
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Located just steps away from Russ Garaman Park and Josie’s Ridge hiking and biking trails, this 3 bedroom condo is part of a small and private development right on Flat Creek. Enjoy commuting on the nearby bike path or relaxing next to the creek on HOA common area. This spacious end unit has a unique floor plan, a private entry way, and attached 2 car garage. The covered back deck allows year-round BBQing and is surrounded by mature willow trees affording a peaceful outdoor setting. The 9 foot high ceilings, hardwood floors and gas fireplace make this well cared for home a special find.

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900 POWDERHORN LANE UNIT A, JACKSON, WYOMING

HOA Dues: $3,800/year

Taxes: $4,514/year

List Price: $949,000

MLS: 21-365

Listed by: Katie Brady

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2020: Year End Review – Five Year Trends and 2021 Forecast

Jackson Hole Real Estate Trends – Past 5 years

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Market Analysis

Real Estate Sales – Past 5 years

Well, 2020 was a year for the record books as statistics from this past year dwarfed all previous years. MLS sales had not exceeded 500 per year over the last 5 years and almost reached 650 in 2020 (a 37% increase over the previous 4 year average). Sales volume experienced even bigger gains in 2020. Looking back, we saw annual sales volume increasing from $634 million to $676 million from 2016 to 2017. The market took a jump in 2018, when sales volume increased more than $250 million from the previous year – a staggering 38% increase (with only a 13% increase in sales). The market stayed steady in 2019, with a similar level of sales and slightly less sales volume (about a 5% drop), a healthy sign after a very strong 2018. Enter 2020, where sales volume skyrocketed – up to $1.8 billion – more than DOUBLE the average annual sales volume of the previous 4 years. To put it in perspective: 2020 saw as much sales volume as 2018 & 2019 COMBINED!

As to be expected, the average sales price also experienced a record breaking increase, with the trend following that of sales volume: Average sales price hovered around $1.5 million in 2016 & 2017, jumped up to $1,892,000 in 2018 and cooled slightly in 2019 to just above $1.8 million. The average sales price in 2020 was $2.8 million, a $1,000,000 increase from 2019 and a 68% increase over the previous 4 year average. Wow! These record breaking increases were a result of unprecedented demand, as many out of town buyers flocked to Jackson Hole and competed with local buyers on property purchases. What resulted were many multiple offer situations, contributing to 170 properties selling at or above their listing prices in 2020 (more than 1 in every 4 sales). Compare that to the previous 4 years, where the highest percentage was 23% in 2018 (and only 17% last year). It’s interesting to track the various price points over the past 4 years. The $1-3 million segment follows the overall market growth, mirroring increases in overall sales and volume. In contrast, the luxury segment saw oversized growth in 2020. Back in 2017, there were just 42 sales in this high end segment. In 2018, sales in this segment jumped along with the overall market, recording 76 sales. After seeing a similar level of sales in 2019, this segment exploded in 2020 with 186 sales over $3 million, more than double the number of sales in the previous two years combined. On the other end of the spectrum, sales under $500,000 dropped off considerably in 2020, representing less than 5% of all sales.

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Market Analysis

Inventory Trends – Past 5 years

In a year of unprecedented demand, the Jackson Hole market saw a decline in inventory levels in 2020. Looking back over the past 5 years, new listings in 2016-2018 ranged between 613-632 per year. As a result of a busy 2018 in sales, sellers responded and new listings jumped in 2019, with nearly 700 new listings hitting the market. In 2020, inventory levels actually dropped, with barely enough new listings (685) to replace the 643 sales in 2020. It’s interesting to analyze the gap between sales and new listings over the past 5 years. In 2016 & 2017, new listings outpaced sales by 170 properties each year. In 2018, inventory tightened a bit, with 138 more listings than sales. In 2019, more listings hit the market, an increase in supply which held sales (and dollar volume) steady, as new listings outpaced sales by 203 properties. Compare those trends to 2020, where the gap between listings and sales was only 42, by far the lowest supply to demand (sales) we’ve seen yet.

Despite seeing fewer listings in 2020, the listing volume increased significantly from 2019, recording 17% more in volume (with 11 fewer listings). Looking back over the last 5 years, listing volume has increased each year, growing by roughly $250 million in the past 2 years in particular. The year 2020 saw a $325 million increase from 2019, pretty amazing considering there were actually fewer new listings in 2020! After increasing 12% in 2018, and holding steady in 2019 at just under $2.5 million, the average listing price jumped significantly in 2020 – up to more than $3.2 million, a 30% increase over 2019.

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2021 Forecast

By all accounts, 2020 in the Jackson Hole real estate market was one for the record books. Annual sales were up 30% and overall sales volume in 2020 was more than double that of 2019. The average sales price was $1 million higher than in 2019. Fewer listings came onto the market, but did so at higher prices as listing volume increased 17% and the average listing price nearly reached $3.2 million.

The global pandemic had buyers from all over the country, many of whom could now work remotely, escaping to less populated areas with access to the outdoors. Many had dreams to one day move to Jackson Hole, a favorite vacation spot, and the pandemic encouraged them to act. We saw buyers urgently shopping for Jackson Hole real estate at all price points, adding tremendous demand to a market with, for the most part, a permanently limited supply of properties.

Now with the vaccine rollout and a hint of normalcy on the horizon, do people still need to escape? Is it a permanent lifestyle change or just a temporary exodus? Do these buyers miss the city enough to move back? Even if they do move back, will we see that inventory come back on the market? Or, will many elect to keep their newly purchased property as a vacation home? How much inventory (supply) do we need to see a real effect on pricing? Right now, the Jackson Hole market has the lowest level of inventory in recent history. Pre-pandemic, demand for Jackson Hole properties was strong. Even if we go back to previous levels, there will still be enough demand to eat up existing low inventory levels. Regardless of the demand changes, we would need to see supply increase significantly for pricing to be affected.

Looking back over the past 30 years, Jackson Hole real estate has seen, on average, 6-8% annual appreciation, with a 5-10% correction every 5 years or so. The Jackson Hole market has been growing at a strong pace for the past 5+ years, with 2020 being an explosive year. For example a newly built home in Town sold for $675,000 in 2014, sold again for $1,050,000 in 2018 and was just listed for $2,150,000 – and is under contract! Some will argue that these levels of appreciation simply cannot continue and at some point we will see a correction. In larger markets and pockets in the nation that may be true, but will we see a correction in Jackson Hole? Again, to see any affect on pricing we need to see a sharp drop in demand or a significant increase in supply. At this point, it’s hard to imagine either of those happening.  We are still seeing buyers from across the country move their money from the stock market into real estate. Jackson Hole will continue to be a draw for many who value a sense of community, outdoor recreation and mountain living.

I think 2021 will be another strong year for Jackson Hole real estate. Record low inventory levels will make it challenging for all buyers, creating competition and multiple offers. We may see fewer sales because there are simply less options on the market, but pricing and values will remain strong.

Advice for Sellers in 2021:

Track your property’s value in today’s market. Be familiar with comparable sales, but also focus on current inventory levels, which may have more impact on market value. Properties that are priced with those two things in mind (vs. putting an unreasonable price tag on it) are receiving the most interest and selling quickly. (Talk to Katie about an aggressive yet accurate pricing strategy.)

Strategize for mass market exposure. There are many buyers out there with limited options to buy. As a seller, you will have the most success if you can reach them all at once. Finding one buyer will not be difficult, your goal should be to bring all the interested buyers to the table at the same time in order to achieve your desired terms of sale. (Talk to Katie about her unique strategies to obtain mass market exposure.)

Be prepared for multiple or quick offers. Think about what terms are most important to you: price? leaseback? quick closing? Focus on buyer’s enthusiasm and ability to preform.

Prepare your home for sale: De-clutter, clean up, work on deferred maintenance items, etc. Move in ready and remodeled properties are receiving the most attention. Discuss which (if any) updates will produce a higher return. (Have Katie join you for a tour of your home to discuss what you can do to increase your home’s value.)

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Advice for Buyers in 2021:

Know and follow the market. What are the recent comps? How are current inventory levels? Are you learning about properties before they hit the market? (Talk to Katie to make sure she is on the look out for soon to be listed properties for you.)

Determine what you want and be ready to act quickly. Know that there are many buyers for the same property. Get all your ducks in a row now. How will you position yourself to be the best candidate in a multiple offer situation? (Talk to Katie about proven strategies to “win” in these competitive situations.)

If you need to sell your home to buy something else, prepare your home now so that you will be ready to list as soon as you find the right property. Be prepared for things to move quickly when that happens. Explore options that would allow you to purchase before selling (i.e. bridge financing, leasebacks, etc.) (Ask Katie to help you crunch numbers and brainstorm options.)

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2020: Year End Listings Review – Jackson Hole

2020: New Listing/Inventory Analysis

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$2,175,597,500

LIST PRICE Volume

$3,176,055

AvERAGE LIST PRICE

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Market Analysis

New Listings in 2020

Slightly fewer new listings came onto the market in 2020 than in 2019. For many years, the Jackson Hole real estate market has suffered from low inventory levels (and high demand) and this year was no different. Through the first two quarters, new inventory trailed 2019 by 40 listings. After demand for Jackson real estate exploded in Q3, more sellers were encouraged to put their properties on the market for sale and new listings outpaced 2019 in the second half of the year. Despite seeing a total of 11 fewer new listings in all of 2020, the dollar volume of those 2020 listings was significantly higher.  New listing volume outpaced 2019 in 3 of the 4 quarters, finishing the year with $2.175 billion worth of new inventory – a staggering $323 million increase in new listing volume (with 11 fewer listings!). As a result, the average listing price jumped to over $3.1 million in 2020 (from $2.66 million in 2019). The median list price also increased in 2020, up over $2 million for the first time since I began tracking stats in 2013. An interesting thing happened in August of 2020: monthly sales started outpacing monthly new listings, meaning new properties hitting the market were not keeping pace with property purchases – further diminishing already low inventory levels and putting additional upward pressure on pricing.

Not surprising, 70% of new listings in 2020 were in excess of $1 million, with this segment seeing 32 more listings than in 2019. Breaking it down further, the largest shift occurred in the luxury market ($3+ million), which saw 83 more listings in 2020. All other segments under $3 million actually saw a decrease in new listings in 2020, with the $1-3 million price point seeing the largest drop (51 fewer listings than 2019). The breakdown in property type was consistent with 2019, so the shift in listing price can’t be explained by simply “more single family home listings” – prices were up across the board, with all property types seeing an increase in average listing prices.  That being said, we saw the largest spike in single family home listings come at the start of the third quarter, no doubt contributing to the record breaking sales numbers this past summer.

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$2,043,500

AvERAGE MEDIAN LIST PRICE

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70%

Listings over $1 million

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

2020: Year End Sales Review – Jackson Hole

2020: Transactions/Sales Volume – What Sold?

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$1,799,973,233

Total Sales Volume

$2,799,336

Average Sales Price

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Market Analysis

Real Estate Sales in 2020
2020 was a tale of two markets – pre-pandemic and the early stages of the shut down and the resulting Jackson Hole real estate boom that followed. The first two quarters of 2020 actually lagged the 2019 market, which was a very strong year. Sale transactions were down in Q1 and Q2, while sales volume kept pace with 2019 through the second quarter. In mid-June, the Jackson Hole real estate market started to pick up and then exploded in the summer. The second half of 2020 saw 200 more sales than in the second half of 2019, an increase of 70% over 2019. Sales volume skyrocketed, dwarfing sales volume levels from 2019, recording $898 million MORE in sales volume in the second half of the year vs. 2019, an increase of 165%! After a modest increase in Q1, the average sales price was roughly $1 million higher each quarter through the end of 2020, ending at $2.8 million for the year 2020. The median sales price was also up in 2020, increasing $437,000 to just under $1,600,000.
Similar to 2019, the majority of property sales in 2020 occurred in the $1-3 million price point. However, the largest shifts in price point occurred in the high and low ends of the market. Homes selling for above $3 million represented nearly 30% of all sales in 2020, while that same segment accounted for only 15% of all sales in 2019. On the other end of the spectrum, after representing 14% of all sales in 2019, sales under $500,000 accounted for less than 5% of sales in 2020.
The average sale to list price ratio was 97% or higher in 8 out of 12 months in 2020, as increased demand weakened buyers ability to negotiate on price. In that vein, 170 property sales in 2020 were at or above their listing prices, meaning more than 1 out of every 4 sales sold for full price (or above). Compare that to 2019, when just 17% of all sales were at or above the listing price.
Single family homes accounted for more sales in 2020, representing 52% of all transactions (vs. 46% in 2019). Fewer condo and townhome sales occurred in 2020 (30% of all sales vs. 40% in 2019), while land sales got a boost in 2020 – accounting for 18% of all sales (up from 14% in 2019).
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$1,592,167

Average Median Sales Price

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18%

of Sales were Land Lots

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2020: New Listing/Inventory Analysis

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$2,175,597,500

LIST PRICE Volume

$3,176,055

AvERAGE LIST PRICE

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Market Analysis

New Listings in 2020

Slightly fewer new listings came onto the market in 2020 than in 2019. For many years, the Jackson Hole real estate market has suffered from low inventory levels (and high demand) and this year was no different. Through the first two quarters, new inventory trailed 2019 by 40 listings. After demand for Jackson real estate exploded in Q3, more sellers were encouraged to put their properties on the market for sale and new listings outpaced 2019 in the second half of the year. Despite seeing a total of 11 fewer new listings in all of 2020, the dollar volume of those 2020 listings was significantly higher.  New listing volume outpaced 2019 in 3 of the 4 quarters, finishing the year with $2.175 billion worth of new inventory – a staggering $323 million increase in new listing volume (with 11 fewer listings!). As a result, the average listing price jumped to over $3.1 million in 2020 (from $2.66 million in 2019). The median list price also increased in 2020, up over $2 million for the first time since I began tracking stats in 2013. An interesting thing happened in August of 2020: monthly sales started outpacing monthly new listings, meaning new properties hitting the market were not keeping pace with property purchases – further diminishing already low inventory levels and putting additional upward pressure on pricing.

Not surprising, 70% of new listings in 2020 were in excess of $1 million, with this segment seeing 32 more listings than in 2019. Breaking it down further, the largest shift occurred in the luxury market ($3+ million), which saw 83 more listings in 2020. All other segments under $3 million actually saw a decrease in new listings in 2020, with the $1-3 million price point seeing the largest drop (51 fewer listings than 2019). The breakdown in property type was consistent with 2019, so the shift in listing price can’t be explained by simply “more single family home listings” – prices were up across the board, with all property types seeing an increase in average listing prices.  That being said, we saw the largest spike in single family home listings come at the start of the third quarter, no doubt contributing to the record breaking sales numbers this past summer.

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$2,043,500

AvERAGE MEDIAN LIST PRICE

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70%

Listings over $1 million

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Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.

New Listing :: In Town Condo with Prime Location

Property Details

  • 2 Bed + Loft
  • Top Floor
  • Updates Throughout
  • Spacious Floorplan
  • Owners Storage
  • 2 Off-Street Parking Spaces
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This spacious 2 bedroom plus large loft condominium is ideally located on Aspen Drive with proximity to hiking and biking at Snow King Mountain, shopping and restaurants of downtown Jackson and the bus stop to Teton Village for skiing. The best floor plan in the development, this top floor unit features vaulted ceilings in the living room and master bedroom as well as a 200 sq ft loft perfect for an office or guest sleeping quarters. Updated over the last handful of years with refinished hardwood floors, and paint throughout as well as a new water heater, bathroom vanity, dishwasher, and washing machine. In addition to the 1,112 square feet, owners can take advantage of a wood stove hook up, a spacious outdoor storage closet, and 2 dedicated off street parking spaces.

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265 ASPEN DR #8, JACKSON, WYOMING

HOA Dues: $6,000/year

Taxes: $2,776/year

List Price: $625,000

MLS: 20-2848

Listed by: Katie Brady

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New Listing :: Downtown Townhome with Snow King Views

Property Details

  • 4 Bd, 4 Ba
  • 2,015 Sq Ft
  • 1 car garage
  • Proximity to downtown & Snow King Mountain
  • Beautifully Updated
  • Snow King Views
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Ideally located in the heart of downtown Jackson, this townhouse is the epitome of the Jackson Hole lifestyle. Conveniently located just blocks from the historic downtown, Center for the Arts and endless outdoor amenities of Snow King Mountain, you can be in the center of the action! This 4 bed, 3.5 bath townhome encompasses more than 2,000 sq ft on 3 levels with 2 separate living rooms, one with a wood burning fireplace. Enjoy morning sun and Snow King views from the east facing bedroom windows and afternoon sun on the west facing private deck.  Tastefully updated with white oak hardwood floors, all new lighting, updated bathrooms with quartzite counters and tile showers, and new KitchenAid stainless steel appliances (including a gas range) and quartzite counters in the kitchen.

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517 S CACHE ST, JACKSON, WYOMING

HOA Dues: $2,568/year

Taxes: $5,113/year

List Price: $1,150,000

MLS: 20-2439

Listed by: Katie Brady

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New Listing :: Love Ridge Condominium

Property Details

  • Short Term Rentable
  • Elevated Views
  • Proximity to Downtown
  • Owner Storage
  • Underground Parking
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You will love the convenient location of this Love Ridge Condominium! You are just minutes from the excitement of Jackson’s downtown and the outdoor pursuits of Snow King Mountain including skiing, hiking, mountain biking and horseback riding. The southeast orientation allows for a sun filled home as you are welcomed into the living space. Enjoy northeast views over the Elk Refuge from the second floor balcony. These spacious 3 bedroom condominiums have the option for 1 & 2 bed lock off arrangements, which can maximize rental income and add flexibility for owners. Each unit comes with a sizable storage unit as well as 2 parking spots in the underground garage. Sold fully furnished and turnkey for the new owner.

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531 SNOW KING LOOP #3140 JACKSON, WYOMING

HOA Dues: $7,200/year

Taxes: $8,199/year

List Price: $1,495,000

MLS: 20-2208

Listed by: Katie Brady

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New Listing :: Quintessential Mountain Home

Property Details

  • 4,100+ square feet
  • 4 BD / 5 BA
  • Private West Bank Location
  • Generous 1.52 Acre Lot
  • Abuts Open Space
  • Proximity to Wilson
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Tucked in the woods on a quiet cul-de-sac, this quintessential mountain home is only a 1/2 mile from downtown Wilson. You get it all: true peace and privacy but with unparalleled proximity to the best of Westbank living. A true stand-out for this reason. The home sits on a generous 1.52-acre lot that abuts deeded HOA open space. Soak up the views of the Wilson Faces as you soak in the second story hot tub. Comfortable and inviting, there are two bedrooms on the main floor, a large lofted space currently used as another bedroom, and a new 550 sq foot master suite with gas fireplace. The basement “bunkhouse” accommodates all your friends and family effortlessly. All together, there is approx. 4100 sq. ft. of space in this home to stretch out, relax and enjoy Wilson living at its finest

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1475 N Old Trail Dr Wilson, WY 83014

HOA Dues: $1,000/year

Taxes: $7,685/year

List Price: $2,495,000

MLS: 20-1140

Listed by: Katie Brady & Deb Keenan

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