For Sale :: Charming Classic Cabins in Wilson, WY

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Property Details

  • Charming Main Cabin :: 2 bed / 1 bath / 840 sq feet / 620 sq feet of decks
  • Rustic Guest Cabin :: 1 bed / 1 bath / 533 sq feet / 125 sq feet of decks
  • Additional Crescent H cabin and storage shed
  • Half acre lot in quiet local neighborhood
  • Mountain views of Jackson Hole Mountain Resort to the north
  • Strong rental income in place
  • Lots of possibilities for a new owner
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Two Classic Wyoming Cabins (rumored to be from Yellowstone!) sit on this half acre lot located in a quiet local neighborhood on the Westbank with easy access to Jackson Hole Mountain Resort, Teton Pass and downtown Wilson, all connected via bike path.

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The charming main cabin is 840 sq feet with 2 beds/1 bath, an updated kitchen with granite counter tops, updated bathroom, new paint, a cozy wood burning stove, and over 600 sq feet of decking taking in mountain views and the aerial Tram at JHMR.  The smaller rustic cabin is 533 sq feet with 1 bed/1 bath, a wood burning stove and covered front porch.

The property also includes a third historic cabin from the famous Crescent H Ranch in Wilson and a large storage shed. (*Note: Crescent H cabin is not on a foundation and cannot be used as a third dwelling (per zoning).)

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With R3 zoning and no HOA, this unique property offers many opportunities for a new owner: Build a main house and keep larger cabin as a quaint/charming guest house, live in one cabin while supplementing your mortgage with the rental income from the other, or hold as an investment with strong rental income ($49,200/year).

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2155 Coyote Loop, Wilson, WY

2018 Taxes: $4,537/year

No HOA 

$1,200,000

MLS: 19-1622

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2018: September Market Report

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What happened in September?

New Listings

After a busy summer listing season that saw over 330 new listings hit the market, activity cooled in September with only 40 new property listings, reflecting less than half the summer average of 83 new listings/month. The average listing price in September was close to $4 million (significantly higher than the summer average of $2.8 million), as 8 new listings hit the market priced over $5 million, including 2 estates advertised for $19 million each. While high priced listings can inflate the average, a more telling statistic is the median list price, which actually dropped down to $1.1 million in September – the lowest since before summer. Four properties were listed under $600,000, with two of them already under contract, including a 2 bed / 1 bath townhome backing up to Cottonwood Park. Eight new lot listings came onto the market in September, with a median list price of $1 million. Two of those listings (both priced under $1 million) are already under contract.

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$3,708,200

Average List Price

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$1,100,000

MEDIAN LIST PRICE

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$148,328,000

New Listing Volume

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What Sold

After a busy summer (and especially busy August), real estate sales dropped off in September, with 43 sales. Overall dollar volume also dropped, dipping below $75 million for the first time since May 2018. While the transaction levels are similar to this time last year (40 sales in Sept 2017), sales volume is $13 million higher. As a result, the average sales price remained consistently strong, marking the 4th month in a row at or above $1.7 million. The median sales price, however, increased significantly in September, up a whopping 55% from August, as 60% of sales occurred over $1 million (including 7 over $3 million). Of the 40% of sales occurring in the sub $1 million market, only 3 of them were under $500,000, including a 1 bedroom East Jackson condo that sold at full list price of $346,000. The market remains competitive as 60% of all Sept sales closed within 90 days of listing. While only 7 properties sold at or above the listing price (this stat has reached 33% in the past), many sold very close to listing price.

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$73,466,400

Total Sales Volume

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7%

of property sales were under $500,000

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$1,455,000

MEDIAN SALES PRICE

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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.

Property sales over $1 million increase in August 2016

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The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

What Sold in Aug 2016?

  • 52% :: Percentage of single family home sales (slight increase)
  • 34% :: Percentage of condo/townhome sales (slight decrease)
  • 14% :: Percentage of Land Sales (slight increase)
  • 45% :: Percentage of residential properties selling for over $1 million (up from last month)
  • 55% :: Percentage of residential properties selling for under $1 million 
  • 20% :: Percentage of residential properties selling for under $500,000 (spike after two months of decline)

What it means:  The breakdown of sales by property type has remained relatively consistent over the last two months, with single family home sales representing just over 1/2 of all sales in Teton County. The share of condo and townhome sales has decreased over the last few months, down from a high of 46% in May.  Land sales increased slightly in August but have remained relatively consistent throughout 2016, usually making up between 10-20% of monthly sales.  Entry level sales saw a spike in August after declining for the past two months. There were 10 condo sales under $500,000 in August, 8 of which were located in the Town of Jackson, including a 2 bed/1 bath townhome with a 1 car garage, which sold for just over $450,000. It was the least expensive property with a garage in Teton County. While the “middle market” ($500,000 – $1,000,000) remained strong in August, accounting for 34% of all sales, there were also several sales in the $1-2 million range, including a high end Pine Glades townhome on Snow King, which sold for $1,820,000. As a result, sales over $1 million increased after being down in July.  High end sales (defined as sales over $3 million) also rebounded in August (after zero sales in July), as 3 properties sold between $3-$5 million, and included homes in JH Golf & Tennis, Teton Village and 3 Creek Ranch. 

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Clusters townhome with garage sold in August (listed by JH Sotheby’s)

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Pineglades townhome at the base of Snow King sold in August (listed by JHREA)

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Real Estate activity rebounds after slow July, but still lags 2015

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Single family home sales drop in November, as condo/townhomes sales surge

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The Colbert Real Estate Report

Monthly Market Update for Dec 2015

Jackson Hole, WY

What Sold in Nov 2015? 

  • 46% :: Percentage of single family home sales (sharp drop)
  • 46% :: Percentage of condo/townhome sales (huge increase this month)
  • 8% :: Percentage of Land Sales (another decrease)
  • 37% :: Percentage of residential properties selling for over $1 million (large drop from last 3 months)
  • 63% :: Percentage of residential properties selling for under $1 million (up significantly from last few months)
  • 20% :: Percentage of residential properties selling for under $500,000 (up from last month)

What it means: After two strong months, single family home sales dropped significantly in November, representing less than 1/2 of all sales in Teton County. On the other hand, condo/townhome sales increased significantly last month, accounting for nearly 1/2 of all sales in November and marking the highest monthly percentage seen in the past year. The higher than usual condo/townhome sales helps explain the lower sales volume and lower average sales price (see Summary above), as most condo sales are in the lower price points.  In particular, there were 9 condo sales under $600,000 last month including two condos in the Aspens, selling for $55,000 and $70,000 under list price. There were also several high-end condo sales over $1 million including a townhome in Teton Pines, a Moose Creek townhome in Teton Village and a penthouse unit at Teton Mountain Lodge, which sold for just under $2.3 million (pictured below).   Building lot sales took yet another dip as many potential lot buyers are most likely waiting until after winter to make a purchase so that they can break ground after the spring thaw. Properties selling for over $1 million also took a sharp drop in November, representing less than 40% of all sales – the second lowest percentage seen in the last 6 months. Again, this is connected to the higher than usual condo/townhome sales. Last month there were only 3 sales over $3 million including homes in 3 Creek Ranch, Teton Village and Tucker Ranch. Conversely, there were 8 sales under $500,000, representing 20% of all sales, an increase after several months of up and down. Last month, we saw a rarity: two single family home sales under $500,000 – a 1 bedroom 626 sq ft home on Aspen Drive (technically zoned a townhome) and a log home up in Moran, which sold for $490,000.

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Penthouse in Teton Mountain Lodge in Teton Village – Sold in Nov 2015

 

Click HERE to read the full Monthly Market Update for December 2015.

 

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Sales Volume and Transactions down in July in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

Summary – July 2015:

  • 33:: Total residential sale transactions (down again after May’s high)
  • $28,300,000 :: Total residential sales volume reported to MLS (down again from last month)
  • $944,000::  Average sales price of reported sales (down after several months of increases)
  • 96% ::  Ratio of sales price to list price (same as last few months)
  • 158 ::  Average days on market prior to selling (down for the 5th month in a row)

What it means:  After a spike in May, transaction levels and sales volume dropped significantly in June and July appears to be following the same trend, dropping to pre-summer sales levels. Reported sales volume in July marked the lowest volume in the past 6 months.  There were only 3 unreported sale prices in July and all were for properties priced under $550,000. This is interesting as most unreported sales are for very high end property sales. (These buyers may have received a great deal (or maybe feared they paid too much) and therefore didn’t want the real estate community to know the final sales price.) The average sales price declined in July after a spike in June ($1.3 million) and dipped below the $1 million mark for only the second time in 2015.   The average days a property is on the market before closing continues to decline (5th month in a row), and now represents the second lowest number of days in the past year. Well priced properties continue to go under contract very quickly, many times within a day of being listed in the MLS. In particular, in the month of July nearly 50% of all sales occurred within 90 days of being listed. While many sellers are listing their properties very aggressively given past comps, we saw several price reductions in July, suggesting that some Sellers may be feeling pressured from the well priced properties that are going under contract quickly.

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Click HERE to read the full Monthly Market Update for August 2015.

 

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July Market Focus: Is the window of opportunity closing for buyers in Jackson Hole?

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Then vs. Now: Is the window of opportunity closing for buyers? Has it already closed?

 Recently, we have all been closely watching a recovering real estate market in Jackson Hole.  Sales Volume and Transactions are both up (see last month’s Market Report), average days on market is going down meaning properties are selling more quickly, and distressed property sales make up less and less of total sales. To better illustrate the real estate market’s shift, it’s helpful to look at individual market segments.

Below is a quick ‘Then vs Now’ analysis of condos and town homes in the Town of Jackson.

Fact:  During the first 6 months of 2012, 31 condos/townhomes sold in the Town of Jackson.

Fact:  The average sales price for one of these condos/townhomes was $310,000 or $226/sq ft.

 

Fact:  During the first 6 months of 2013, 50 condos/townhomes sold in the Town of Jackson.

Fact:  The average sales price for one of these condos/townhomes was $440,000 or $328/sq ft.

 

Fact:  Currently there are 40 condos/townhomes available for sale in the Town of Jackson.

Fact:  The average listing price for one of these condos/townhomes is $538,000 or $428/sq ft. 

(Note: 21 of these listings are priced under $440,000; only 9 are listed for under the $310,000)

In addition to number crunching and analysis, I would also like to share several anecdotal stories that further paint a picture of a fast moving recovery that has many Sellers excited and has many Buyers worried they may have missed their opportunity.

Story #1 – Home in Rafter J: There was a home in Rafter J that was on the market for the first 6 months of 2012 listed at $460,000. It did not sell and the Sellers took it off the market in July last year. On May 31st of 2013 (less than a year later), they put the property back on the market and listed it at $515,000. In the first 72 hours they received two strong offers and the property was quickly put under contract.

Story #2 – Elk Run: There have been 5 sales of Elk Run townhomes in the past 18 months. They have ranged from an interior bank owned unit that sold for $304,000 in April 2012 to an end unit on Flat Creek (arguably the best location in the complex) that sold for $390,000 in March 2013 after 222 days on the market. I listed a nicely remodeled Elk Run end unit (however not on the Creek) in June 2013 for $419,500. Within the first 24 hours, we had received 3 FULL price offers and we closed this past week at a price greater than the listing price. 

Exterior Front

If you are a buyer, don’t be too discouraged. There are still many opportunities hitting the market, but they are moving quickly and interested buyers have to act fast!  If you are interested in receiving automatic email updates within your desired area/price range in order to learn about new opportunities as soon as they hit the market, please email me at katiecolbert123@gmail.com

As Jackson Hole Real Estate Inventory Increases, Buyers are Acting Quickly

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Spring and Summer are historically a busy time in the real estate market here in Jackson Hole, Wyoming, as Sellers take advantage of the beautiful weather, lush green landscapes and influx of tourists that flock to the greater Grand Teton & Yellowstone National Park area.  This year is no exception.  However, after a winter of unusually low real estate inventory levels paired with favorable lending environments, there are many anxious Buyers ready to make a move on the new inventory as soon as it hits the market.  As such, demand for this new inventory has increased significantly.  There are currently 42 properties under contract in Teton County. Twenty-eight of them (or 1/3) were on the market for 4 months or less.  Thirteen of the current pending sales were on the market less than a month before going under contract. Demand has increased especially for well priced homes and the majority of homes in the lower end of the market (sub $500,000). Sixty percent (60%) of current pending sales are listed under $1,000,o00; nearly 1/3 are priced under $500,000. Buyers are hoping more inventory continues to enter the market, while Sellers are taking advantage of the high demand and many times, multiple offer situations.