The month of November experienced a higher than usual amount of sales of investment property, or properties that allow short term rentals. Most of these sales were concentrated in areas associated with vacation rentals, such as The Aspens, Teton Village and near Snow King Resort. On average, roughly 6 of these types of investment properties sell each month. Last month, 12 investment condos sold in Teton County, the highest monthly sales this year (see chart below). The approaching winter ski season (and the lucrative rental income associated with it) may explain the spike in sales this past month. The month of May also experienced higher than usual sales of investment property, most likely for similar reasons as owners hoped to cash in on the summer tourist season.

Interestingly, of the dozen sales of short term rental property this past month, 6 of those sales occurred at or around Snow King Resort. Snow King Resort was recently purchased by JMI Realty — a subsidiary of an investment company owned by the John Moores family, of San Diego. The new owners are in the midst of a $20 million renovation of the resort which includes updates to the hotel and conference center, a new restaurant (Hayden’s Post), and upgrades to the exterior of the property. Based on the high amount of sales this past month, it appears many investors are taking note of the improvements and are expecting increased property values and rental income as a result.

CURRENT INVENTORY AT SNOW KING: Currently there are 7 condos/townhomes available for sale near Snow King Resort. Six of them are located in the Love Ridge / Grand View development located just east of the Resort (pictured below). These units were built in 2003-2004, each include 3 bedrooms and range in size from 1,800 – 1,900 square feet. Owners of these condos also enjoy all the amenities of Snow King Resort. There is an older Pitchfork unit (built in 1991) also available for sale with 3 bedrooms and a detached garage. Click HERE to view all available Snow King listings.

 

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