Property sales under $500,000 increase for 2nd month in Jackson Hole

The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

What Sold in May 2016? 

  • 42% :: Percentage of single family home sales (significant drop from previous months)
  • 46% :: Percentage of condo/townhome sales (significant increase from previous months)
  • 12% :: Percentage of Land Sales (down slightly from April)
  • 36% :: Percentage of residential properties selling for over $1 million (up from low last month)
  • 64% :: Percentage of residential properties selling for under $1 million (down from high last month)
  • 30% :: Percentage of residential properties selling for under $500,000 (2nd large monthly increase)
  • 7 :: Commercial Transactions – 5 sales and 2 leases

What it means: After increasing for 3 straight months, single family homes sales declined in May, representing only 42% of all sales and marking the lowest percentage since Aug 2015. Three of these sales were multi-family properties (2 duplexes and 1 four-plex), illustrating investors’ interest in our strong rental market in Jackson Hole. On the other end, the percentage of condo and townhome sales nearly doubled from April to May and accounted for more sales than single family homes for the first time in several months (see chart below). There were 4 land sales in May including two 1.17 acre vacant lots in Shooting Star near Teton Village at the base of Jackson Hole Mountain Resort which sold for $2.7 million each.  Entry level sales had another strong month, with 30% of all sales occurring under $500,000 in May, achieving a double digit increase for the second month in a row (see chart below). The majority of the 10 sales under $500,000 where condos in the Town of Jackson, including a 2 bed/2 bath townhome with a 1 car garage located in central Jackson, which sold in 79 days from listing. Property sales over $1 million rebounded slightly after accounting for only 25% of all sales last month. Property sales over $3 million also rebounded with 4 sales over $3 million including a newly built home on the Westbank, which had been on and off the market for nearly 3 years (pictured below).  The month of May also saw 4 larger commercial sales in Jackson, including the Wilson gas station, an in-town restaurant space and a re-development opportunity on Broadway (currently home to Ocean City).

Over$1m

Under$500

PropertyTypeBreakdown

Rivendell

New custom home on Westbank – SOLD in May 2016 – Listed by JH Real Estate Assoc

Click HERE to read the full Monthly Market Update for June 2016.

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Nearly 50 new listings hit the Jackson Hole real estate market in March 2016

The Colbert Real Estate Report

Monthly Market Update for April 2016

Jackson Hole, WY

What’s new in Mar 2016? (New Listing Analysis)

  • 48 :: Total number of new listings in March
    • Total New Listing Volume: $66,500,000
    • Average List Price: $1,385,000
  • 40 new residential properties (single family, condo, townhome)
    • Average List Price: $1,415,000
    • New listings already under contract or sold: 14
  • 8 new building sites
    • Average List Price: $1,235,000
    • New listings already under contract or sold: 3

What it means: New listing activity picked up in March, with nearly 50 new properties hitting the Teton County real estate market. We should expect to see more inventory each month as we get closer to the busy summer selling season. New listings in March outpaced March sales at a rate of 2 to 1, marking the first time since last Aug 2015 that new listings have been at least 2x that of monthly sales. In March, there were 17 new condo/townhome listings under $750,000, adding some much needed inventory to the entry level market. By April 10th, 8 of these new listings were already under contract, illustrating the high demand for properties in this price point. At the other end of the spectrum, there were 7 single family homes that hit the market priced in excess of $2 million including a recently remodeled home in the Gill Addition ($2.25m and pictured below), an equestrian estate in the Flat Creek Fishing Club ($3.96m) and a 5,400 sq ft home in Owl Creek listed for just under $6 million. Eight new lot listings hit the market in March including, 4 of which are located north of Town with great Teton views.

As we approach the busy selling season, Sellers will be in a great position to sell this Spring/Summer. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis.

Notable new listings in March include:

  • 23 different options to own a tenant-in-common interest at the Fireside Resort – $350,000-$395,000 (Note: These properties are not available for conventional financing. In the new listing stats above, these options were only counted as 2 new listings for March)
  • Bright and sunny 3 bed / 3.5 bath townhome in East Jackson – $695,000
  • Four contiguous lots zoned for multi-family development in Town  -$3,000,000

Click HERE to view all new March residential listings.

Click HERE to view all new March land listings.

NewListings

NewVSold

GillAddition

Recently remodeled home in the Gill Addition – $2.25 million – listed by RE/MAX Obsidian

Click HERE to read the full Monthly Market Update for April 2016.

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by April 30, 2016 will be included in our RE/MAX Obsidian Real Estate Spring Brochure!

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

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New Listing: Multi-Family Investment Opportunity in E Jackson

Quick Stats:

  • Multi-family
  • 4 units, 2,880 sq ft total
  • Each unit: 2 bed /1 bath
  • Good Rental Income
  • Long term tenants
  • Listing Price: $975,000

Great Investment Opportunity

Great turn-key investment opportunity in desirable East Jackson. Four units (each with 2 bdrm/1 bath) provide great rental income from long term tenants. Current owner has made many updates to the 4-plex including: new windows, new washer/dryers, new water heaters and new carpet. Storage units and adequate off-street parking on site. Grandfathered use – you could not build this under current zoning. Great employee housing opportunity. 

Exterior1

Exterior.Storage

Additional Information:

  • 370 E Pearl Ave, Jackson, WY 83001
  • MLS#: 16-350 (Click HERE for the MLS link)
  • Gross Rental Income: $57,600
  • No HOA or CC&Rs
  • Storage units and 8+ off-street parking spaces on site

 

Listed by Katie Colbert Brady, RE/MAX Obsidian Real Estate

 

Unique Multi-Family Investment Opportunity in the Town of Jackson

A short drive around the Town of Jackson will illustrate the absence of large multi-family developments. This can be explained by the overall lack of vacant parcels of land and/or the current Town zoning which does not allow large scale development in many areas. Further, over the years, many older apartment buildings have been converted into condominiums where each unit is owned individually.

Therefore, this 12-unit multi-family apartment building presents a truly unique opportunity for investors looking for a good return and a steady cash flow. The Raver’s Apartment complex offers six 2 bed/1.5 bath units and six 1 bed/1 bath units, all with great views of Snow King Mountain. (The two bedroom units have nice south facing decks.) The building sits in a convenient location on the corner of Snow King Ave and Millward, close to hiking trails, skiing at Snow King, and located only several hundred feet from a START bus stop. Built in 1973, the building has been very well maintained with several improvements in 2013 including a new roof, new windows, and new sliding glass doors.

RaverDeck

South facing decks with views of Snow King

The building is fully occupied and currently generates $126,000 in annual gross rents. Based on historical expenses of roughly $30,000 per year (which includes property taxes, water/sewer, trash removal, insurance, maintenance and repair, business licenses and a property management fee), the current list price of $2,150,000, equates to a 4.5% capitalization rate (return).

Where the opportunity lies however, is in the fact that the current rents are quite under market. Currently the 2 bedroom units rent for $1,000 a month, where the going rate for similar units is closer to $1,200 –  $1,400 a month. Similarly, the one bedroom units rent for $750 a month. It is very difficult to find any 1 bedroom units in Jackson for under $900 a month. Tenants are on month-to-month leases and when brought up to market, the property should generate just over $165,000 per year, which could push the cap rate up to above 6.00%. Note that these numbers conservatively assume purchasing the property at the current list price. Obviously the return would be even more attractive if a buyer was able to negotiate a discounted purchase price.

Click HERE to view the full listing with more information and more photos of the property.

Please contact me if you are interested in reviewing my cash flow analysis for this investment (in excel). I’m happy to walk you through the model and discuss the numbers as well as set up a time to view the property.