New Listing: Affordable 1 bdrm condo in East Jackson

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Just Listed: One bedroom condo in E Jackson – $225,000

755 E Hansen Ave #104, Jackson WY 

Kitchen&Barstools (Medium)

Quick Stats: 

  • 581 sq feet
  • 1 bedroom / 1 bath
  • New Bamboo flooring and paint in 2014
  • Bathroom/Kitchen remodeled in 2004
  • Refrigerator, range, microwave included
  • Carport assigned parking
  • Washer/Dryer & Storage on Site

BedroomtoBath (Medium)      Vanity (Medium)

Convenient location in East Jackson close to St. John’s hospital, the National Elk Refuge, Cache Creek trail system and across the street from the proposed May Park and a Start Bus Stop. This one bedroom condo was recently updated with new bamboo flooring, new carpet and new paint. This well-maintained property is currently the most affordable condo in the Town of Jackson. Laundry and bike storage on premise.

Exterior.FrontDoor (Medium)      Exterior.HansenMeadows (Medium)

Additional information: 

  • HOA Fees: $145/month
  • 2014 Taxes: $761.98
  • Entertainment Center, bookshelf, desk and bar stools included in the purchase
  • Monthly mortgage payment (based on 20% down and 3.75% interest): $833/month – cheaper than rent!

EntertainmentCenter.LivingRoom (Medium)     Desk&Bookshelf (Medium)

Visit the MLS Link for more photos and additional information.

Please contact Katie for more information or to set up a showing.

 

New Listing: Beautiful Remodel in the Aspens!

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Quick Stats:

  • 1 Bedroom
  • 1 Bathroom
  • 766 sq ft
  • End Unit
  • South Facing
  • Remodeled
  • Listing Price: $419,000

Location, Location, Location.

This south facing end unit backs up to heavily treed open space offering an owner unexpected privacy while still enjoying the amenities and conveniences of The Aspens. Beautifully remodeled with hardwood oak floors, granite counter tops, alder cabinets, new doors and trim and new cove heating throughout, this 1 bed, 1 bath (plus 2 bunk bed) unit is great for owner occupancy or as an investment property. Additional improvements include a new hood/vent system, re-textured walls/ceiling, added insulation around the windows and doors and the removal of the large old fireplace, which creates additional living space.

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Additional Information:

  • Located in the Juniper building in The Aspens
  • MLS#: 15-271 (Click HERE for the MLS link)
  • Taxes: $1592/year
  • HOA: $3240/year
  • Walk to grocery store, coffee shop, restaurants and bus stop to Teton Village/Jackson Hole Mountain Resort

Off-Season in Jackson Hole marked with Low Inventory and Bold List Prices

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marketfocus

If you are an active buyer in the Jackson Hole real estate market (or just simply someone who likes to stay on top of the market) you’ve surely noticed the lack of new inventory that has hit market in the last few months. Since October 1, only 45 new listings have come onto the market. Eleven of these properties have already sold or are currently under contract. This is hardly enough new inventory to make up for our very busy selling season this summer (July-Sept), which saw 143 transactions and $175 million in reported sales volume. As a result of a robust summer selling season (and low inventory levels) Sellers appear to be testing the market with more aggressive list prices. In particular, properties in the The Aspens, the Town of Jackson and Teton Shadows neighborhoods have seen some of the largest changes in available inventory and in some cases, listing prices. Has the market really increased that much and that quickly? Time will tell, as buyers decide if these prices truly reflect the new real estate market in Jackson Hole. One thing is for sure however, it appears to be a Seller’s market in many of the segments of the Jackson Hole Real Estate market.

CONDOS IN THE ASPENS

Cinqfoil

  • In the past 12 months, there have been 19 sales of 1 & 2  bdrm condos in The Aspens
  • One bedroom condos have sold, on average, for $314,000 or $400/sq ft
  • Four recent new listings of one bedroom condos range from $355,000-$389,000
  • Two bedroom condos have sold, on average for $450,000 or $424/sq ft
  • Two new listings of two bedroom condos are priced at $415,000 and $715,000

While not every condo unit is the same in The Aspens (some have an added loft, some have 2 bathrooms vs. 1 bathroom and some are end units or unique floor plans), the general trend shows an increase in pricing in one bedroom units in particular. The overall change in the two bedroom condo market is a bit more difficult to determine right now as one of the units is a very unique unit with a carport and ability to add a 3rd bedroom (pictured above) and the other unit appears to be listed by motivated sellers. 

TOWNHOMES IN TOWN (with a garage, priced under $550,000)

CottonwoodFlats

  • In the past 12 months, there have been 29 sales of townhomes in the Town of Jackson with a garage priced under $550,000
  • These townhomes have sold, on average, for $438,000 or $351/sq ft
  • Currently there is one townhome under contract in the Town of Jackson (priced under $550,000)
  • There are NO townhomes available for sale in the Town of Jackson, with a garage, priced under $550,000

This segment of the market has, in my opinion, seen the most drastic change in available (and affordable) inventory levels. After a year that saw almost 2.5 Town townhome sales per month, to not have a single available option in this price range at the end of the year is extreme. 

TETON SHADOWS

TetonShadows

  • In the past year, there have been 11 condo sales in Teton Shadows (a condo development located north of Jackson near Jackson Hole Golf & Tennis)
  • These condos have sold, on average, for $493,000 or $313/sq.ft.)
  • There are currently 0 Teton Shadows condos under contract
  • There is currently only 1 Teton Shadows condo on the market listed for $495,000 or $384/sq.ft

Similar to condos in The Aspens, Teton Shadows units can be quite different ranging in size (1,288sf – 2,088sq ft), bedrooms (2-4) and overall condition (original to fully remodeled). However, on average is appears that pricing is up (with more inventory we can be more certain) and inventory is down. 

Would you sell your home in …..Teton Shadows? …..The Aspens? …..Teton Village? …..the Town of Jackson? 

SoldSign

As seen from the above Market Focus, inventory is extremely low, especially in these areas.

Current Property owners are in a great position to take advantage of a Seller’s market.

If you are considering selling your home, I’d love the opportunity to share what I can do for you. 

Market Focus: New Fall Inventory in Jackson Hole Real Estate Market

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New Fall Inventory

marketfocus

What types of properties are hitting the market this Fall? How are they priced? How have new listings affected inventory levels? 

In last month’s Market Focus: Summer in Review, we analyzed the busy summer selling season (considered June/July/Aug) where we saw 124 residential sales transactions representing over $100 million in sales volume. In this month’s Market Focus, I decided to take a look at new listing activity since the end of the busy summer season.

Between September 1, 2014 and October 15, 2014  there have been 33 new residential listings in Teton County totaling $52 million in listing volume (excluding fractionals and lots (see below)). That equates to one new listing every 1.36 days. The average listing price of these new listings is $1,538,000. Compare that to the typical average of just under $1,000,000 for SOLD properties.  As of Oct 15th, 14 of these new listings (or 42%) are already off the market; as 12 have been put under contract and 2 have already sold.

Click HERE to view the new residential listings

Between September 1, 2014 and October 15, 2014  there have been 14 new building lot listings in Teton County totaling $22 million in listing volume. That equates to one new listing every 3.2 days. The average listing price of these new lots is $1,584,000. As of Oct 15th, 3 of these new listings (or 21%) are already off the market; as 2 have been put under contract and 1 has already sold.

Click HERE to view the new building site listings

 

Many of the new listings, and the majority of the entry level listings (under $525,000), are located in the Town of Jackson. Three new listings are in Rafter J, two are in Melody Ranch and two are in Teton Village (a Tensleep 2 bdrm condo for $389,000 and a 9th floor 3 bdrm unit at the Four Seasons for $3,050,000 – pictured below).

fourseasons

New listings for building sites are located all over the County, including several high end lots in Spring Creek Ranch, Gros Ventre West & North, and Stilson Ranch. Only one of the new lot listings is priced under $300,000 – a 0.6 acre lot south of Town on Horse Creek Road. The next least expensive lot is a 6.21 acre building site in Game Creek for $649,000 (pictured below). The most expensive new lot listing is for a 2.75 acre parcel in 3 Creek Ranch for $3,550,000.

Game Creek

Of the properties that have already gone under contract, half of them are priced under $600,000 and the majority are located in the Town of Jackson including Cottonwood Flats, E Jackson and Snow King. The two new listings that closed in less than a month included a 2 bdrm house in Wilson, which was not advertised in the MLS, and a 2 bdrm Meadowbrook/Town Creek condo in Town, which sold in 25 days.

Overall, inventory is not being replaced quite as quickly as it has been selling. Over the summer, there were 124 transactions, averaging out to 1.34 sales per day, while the recent new listings (land and homes combined) have been coming onto the market at a rate of about 1 per day in the last month and a half.

Summary: In conclusion, these new listings tell us a few things about the market. 1) Prices (at least asking prices) are increasing. The average listing price for new residential listings in the last 1.5 months was 50% higher than the average SOLD price in the past year. 2) Well priced properties (and even not-so-well priced properties that are in a high demand location or price point) are being snatched up quickly, and 3) overall inventory levels remain lower than usual and demand remains high, especially in the sub $600,000 market.

 

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NEW LISTING: Convenience & Privacy in the Town of Jackson

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Just Listed: Convenience and Privacy on Pine Drive

ElevatedBackDeck.Closeup

  •  Over 3,400 sq ft of living space including 5 bedrooms and 3 baths
  •  Additional “mother-in-law-suite” with living space, full kitchen, bedroom, bath and separate entrance
  •  Half acre lot with mature trees that create a very private setting
  •  Elevated sunny views from 2 levels of newer decking
  •  Flat large fenced backyard perfect for yard games with views of Glory Bowl
  •  In-town location with convenient access to Snow King, hiking and skiing trails, and several restaurants
  •  2 car garage plus additional storage for all your toys

MotherinLawLivingRoom  SunRoom

The lower level was fully remodeled in 2008 with full kitchen and stainless appliances, cork and slate flooring, energy efficient fireplace, new windows and trim, cove heating and updated bathrooms. Recent updates to the home include: new sliding door/window to deck, additional insulation, new exterior paint, new carpet and interior paint, and cove heating throughout.

LargeBackDeck   LowerDeck&Flowers

Property Address: 535 Pine Drive, Jackson, WY

Asking Price: $1,118,000

PUBLIC OPEN HOUSES:

  • Wednesday July 16: 10am – 1pm & 6pm – 8pm
  • Sunday July 20: 11am – 2pm

Click HERE to view more photos and information.

The summer selling season is here! Many new real estate listings hit the market in Jackson Hole.

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As we enter the spring/summer months, many new listings have come onto the market in Teton County. Since May 1, 2014, there have been 90 new residential listings and 40 new building lot listings. There have also been 7 new commercial listings.

RESIDENTIAL LISTINGS: Ninety new residential listings have hit the market since May 1st with an average listing price of $1,750,000. New listings range from a 2 bedroom condo in Town priced at $214,900 to 2 different $11 million estates – one in John Dodge on the Snake River and one in Crescent H south of Wilson (pictured below).

CrescentH

Of the 90 listings, the majority (38%) are priced between $1,000,000 – $3,000,000. The next largest price segment is the $500,000 – $1,000,000 range where there have been 26 new listings since May 1st. The price segments to see the smallest amount of new listings are Under $300,000 (3 listings) and Over $5,000,000 (4 listings). 

NewListings

So far 6 of these new listings have already gone under contract, which represents only 6.6% of all new listings, suggesting that many buyers have yet to make their move (perhaps because some of these new listing prices are a little too high).

The price point breakdown of the new residential listings is below. Click below to view the new listings in each category:

BUILDING LOT LISTINGS: Since May 1st, there have been 40 new lots to hit the market, with an average listing price of $1,725,000. Available building sites range from the last remaining lot for sale in the new King Eider development in Rafter J (listed for $312,500) to a 48 acre parcel for sale in Crescent H for $5,750,000. None of the newly listing lots have gone under contract, however there are currently 12 lot sales pending in the MLS (properties listed prior to May 1, 2014).  

The price point breakdown of the new lot listings is below. Click below to view the new listings in each category:

COMMERCIAL LISTINGS: Since May 1, 2014 there have been 7 new commercial listings in Teton County. Three lease opportunities – an 1,100 sq foot office space in The Aspens, and office & retail space for lease on the corner of Pearl & King in downtown Jackson. There is also an opportunity to purchase a live/work unit south of town for $895,000 (pictured below). Finally the Teton Gables/Cutty’s Bar & Grill property ($4,850,000) and the old Maverick site ($1,150,000) are also newly available for sale. Click HERE to see all new commercial listings.

LiveWork

Thinking of listing this summer?

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. It may be a great time to sell.  Please contact me for more info or to receive a free market analysis on your property. Properties listed by June 20, 2014 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Brochure

Unique Multi-Family Investment Opportunity in the Town of Jackson

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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.

New Listing: 2 bed / 1 bath condo in West Jackson

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Just listed:   This 2 bedroom / 1 bath condo is located in West Jackson in close proximity to grocery stores, banks, the post office, and restaurants. Additionally, this condo is within walking distance of numerous hiking trails, bike paths and Flat Creek. This Ponderosa Village condo is a top floor unit with nice southern views of Josie’s ridge from the private deck (pictured below). The condo’s updates include new kitchen counters, new wood flooring and new paint.

This home went through foreclosure and is now being offered for sale by the bank. The previous owner kept the property in good condition and the condo is move in ready. Currently, this property is one of only two 2-bedroom condos in the Town of Jackson priced under $270,000.

DeckView Kitchen

Property Address: 750 POWDERHORN LN F-4 Jackson, WY 83001

Asking Price: $269,900  

Click HERE to see the full listing and more photos

Note: This property is eligible under the Freddie Mac’s First Look initiative through 01/06/2014. Offers received from investors within the first 15 days will not be considered for negotiation until after the First Look period. Second home buyers who intend to use the property as a residence are welcome to submit offers in the First Look period.

 

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New Listing: 3 bdrm home with 2 car garage in E Jackson

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Just listed:   This 3 bedroom / 2 bath home is located on a quiet cul-de-sac in desirable East Jackson within walking distance to St. John’s Hospital and the National Elk Refuge.  The home includes over 2,000 square feet on two different levels (with separate access), a pellet stove and a detached 2 car garage.

This home went through foreclosure and is now being offered for sale by the bank. The property needs some fixing up, but represents a great opportunity to own a single family home in E Jackson. Currently, this property is one of only 3 single family homes in the Town of Jackson priced under $450,000 and is by far the largest home in that price range.

Garage

Property Address: 80 Stormy Circle, Jackson, WY

Asking Price: $440,000   

Click HERE to see the full listing and more photos

Interested in receiving weekly email updates on new listings in your desired area and/or price range? 

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Email me at katiecolbert123@gmail.com or

Fill out your own Auto Email Update Form to start receiving the automatic updates.  

New Listing – Single Family Home South of Jackson priced under $500,000

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Just listed:   This 3 bedroom / 2 bath home is located only 5 minutes south of downtown Jackson and offers stunning mountain views of Glory Bowl and Munger Mountain from the back deck (see photos below). The home sits on 0.58 acres with a large flat backyard overlooking South Park. The home also features a wood burning stove, built-in bookshelves, storage shed and a fenced in dog run area on the south side of the house.ViewfromBackDeck (Large)    ViewfromBackDeck1 (Large)

This home is now one of only 7 single family homes in Teton County priced under $500,000. At 1,400 square feet, it is the second largest home available in this price range.

LivingRoom (Large)

Wood Burning Stove in the Living Room

Property Address: 3655 S Canadian Drive, Jackson, WY

Asking Price: $475,000   Click HERE to see the full listings and more photos

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Large, Flat Backyard

PUBLIC OPEN HOUSE: Wednesday August 21, 2013 from 10am-1pm – Please visit and take in the great views from the back deck! Snacks will be served. Call Katie for details and/or directions at 307-699-4137