Katie’s Remodel: Week One – Demolition and Painting

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Week One: Demolition & Painting

As soon as we were able to get into the condo, Chris began tearing out the old brown carpet and baseboards that were throughout the home. He also chiseled out all the old linoleum, which was quite the laborious task!

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Kitchen Demo: Chris dismantled the entire kitchen pretty quickly. We have new cabinets from IKEA, and hope to purchase new appliances in the next few weeks (although the original ones do still work – the fridge is keeping Chris’s afterwork beers cold!). Our plan is to knock down the wall on the right, which will really open up the entryway and then install a large granite counter top in between the kitchen and the living room.

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Bathroom #1: Our plan is to fully remodel one of the bathrooms (the smaller one) first. We figured we could work on the second (larger) bathroom once we are moved in.

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Chris got to use his new sawzall to cut apart the shower! He had to cut it into several smaller pieces to get it out of the house. (Note the concrete wall is the firewall between ours and the neighboring unit.) Our plan is to install a new tub and use shower tile all the way up to the ceiling, in addition to installing a new vanity, toilet and tile flooring.

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Painting: While Chris is doing most of the work for the remodel (I get the fun job of documenting it all), I was able to contribute my painting skills in the back bedroom (with my friend Lucille’s help!). We are painting both bedrooms a light blue color (my favorite) and painting the living room and hallway a beige/light brown color. We are also painting all of the trim an eggshell white. Everything was so dark in there (carpet, trim, doors, etc.) it will be nice to brighten it up!

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Up next: Removing the wall between the hallway and kitchen and installing the new kitchen cabinets.

 

Visit Katie’s Remodel Page to see previous posts including “before” photos.

 

 

Katie’s Remodel: We bought a townhome – Let the remodel begin!

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My fiance Chris and I recently purchased a townhome south of Jackson. It’s going to be a complete remodel and we are excited to get started. I thought it would be interesting for my readers to follow our progress (including successes and missteps). We’ve never done something like this before so it will be interesting!

Closing

Signing the documents for the purchase of the townhome

Here are a few of the “Before” photos. The townhome is 1,040 sq feet with 2 bedrooms and 2 bathrooms along with a oversized 2 car garage. It was built in 1981 and has original finishes, including dark brown carpet and 80’s style “brick” linoleum in the kitchen and entry way. One of the bedrooms was painted bright pink (even the ceiling!).

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Needless to say there is a TON of potential! The south facing deck overlooks a neighboring horse pasture with mountain views. I have a feeling we’ll be spending plenty of time out there this summer.

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Stay tuned every week to track our progress!

Affordable Housing in Teton County: The Grove Development & Regional Housing Survey

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Housing in Teton County has been an important issue for many years. The Jackson Hole area, and the housing options it offers, is very unique. First of all, the available supply is extremely low. Over 97% of land in Teton County is publically owned (by the State, the County, the National Park, the National Forest, the Elk Refuge, etc.), which leaves only 3% of land available for private ownership. However, much of this privately held land is not developable due to conservation easements, wetlands, or zoning restrictions. So, in a nutshell, we don’t have much land to work with. When our population increases, we simply can’t go ‘build more housing’. Add to this equation some of the most beautiful landscapes of mountains, rivers, canyons and lakes which makes Jackson Hole a very desirable place to live. As a result, Jackson Hole has some of the highest real estate values in the country, where the AVERAGE price for a home hovers around $1 million and the least expensive single family home for sale in the Town of Jackson is $595,000 (for a fixer upper with no garage!).

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It’s no surprise that many working and middle class people find it very difficult to purchase a home here. Even if they can save up the down payment and/or receive help from a family member, they are still facing an increasing real estate market and many times competing with cash buyers or multiple offers (or both!). The rental market is also very tight in Teton County (some say the worst it’s ever been!). In the paper today, there were over 300 available job postings and only 3 available housing ads in the Jackson Hole area.

Several agencies and organizations in the county strive to help fill this ‘gap” by offering deed restricted affordable housing. One such project is The Grove, located off Snow King Ave near the Library, which when completed, will offer 68 affordable housing units. The first phase will consist of 20 affordable rental units, which should help alleviate the current tight rental market. Later phases in 2015/2016 will include 48 ownership opportunities. There is a ground breaking ceremony tonight from 5:00pm – 7:00pm.

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Regional Housing Survey

Teton County (along with Freemont, Madison and Teton County Idaho) are working together to offer a Housing and Quality of Life Survey. The survey, funded by a federal HUD Sustainable Communities Grant, focuses on housing availability, quality of housing, desired housing options, quality of life, etc. The survey results will be combined with other data (census, MLS, etc.) and will be the basis for setting housing policy in each County going forward.

www.4countysurvey.com

Please consider taking the survey. It takes under 5 minutes and is completely confidential/anonymous. It’s important for our community leaders to know and understand the housing needs of Teton County.

 

Market Focus: Sales of Investment / Vacation Property increase as Winter Ski Season approaches

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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.

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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.

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Renovated Snow King Hotel Lobby

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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Grand View / Love Ridge Condo Development

 

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

Jackson Hole Mountain Resort to open on Thanksgiving

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In less than a week Jackson Hole Mountain Resort with fire up its chairlifts and officially open for the 2013-2014 ski season. This year marks the earliest opening ever on Thanksgiving Day. The upper mountains have received a reported 86″ of snow so far this year, with 33″ of it sticking around to form the base. Snow making efforts over the past month have provided coverage on the lower mountain for opening day. It’s not yet clear exacting what lifts will be spinning on Thursday, but in years past skiers have been able to ski off of Apres Vous Chair and Casper Chair on opening day.

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This year, Jackson Hole has the distinct honor of being named the #1 Overall Ski Resort in North America by SKI magazine’s Reader’s Poll. Jackson Hole also received top ranks for Overall Satisfaction, Character, Variety and Challenge from over 10,000 readers participating in the poll. As a thank you to the skiing/riding community, this Friday November 29th Jackson Hole Mountain Resort will offer FREE skiing  to the local community and visitors alike. There are now 12 cities with direct flights to Jackson Hole including Chicago, Los Angeles, Houston, San Francisco, Denver, New York (JFK), Newark, Atlanta, Minneapolis, Seattle and Salt Lake City.

Web Winter Map 12 Cities

REAL ESTATE IN TETON VILLAGE: Do you visit so often that it make sense to own a ski condo here? Are you a local and interested in investing in some prime ski-in, ski-out real estate? There are many options in Teton Village including 1-4 bedrooms condos and townhomes starting at $299,000, condo-hotels starting at $330,000 and single family homes starting at $2,250,000 as well as fractional ownership opportunities starting at just $10,000. Click the in links the preceding sentence to view the current inventory.

Interested in staying informed about real estate opportunities near Jackson Hole Mountain Resort? Sign up for Automatic Email Updates informing you of any new listing or closed sales (with sale price) of a particular property type and location.

Happy Skiing!

Skiing.Katie

Fresh powder turns in the Jackson Hole backcountry

 

 

Office is one of several new “Character Zones” as part of the Comprehensvie Plan for Jackson, WY

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Over the past few months, Town of Jackson leaders and the public have been reviewing a set of proposed zoning guidelines as part of the new Teton County Comprehensive Plan. These new “Character Zones” envisioned for downtown Jackson Hole include Office, Retail, Resort Connector, Residential and Gateway (see map below).

This blog will focus on the office zone discussing what the Town has planned for the area as well as public response and comment to the proposal. 

Character Zones

 PROPOSED OFFICE ZONE – E Broadway & Willow: This zone is an area running along E Broadway and south along Willow Street in E Jackson (brown area in the map above). This zone, which is not considered a “visitor destination” area would focus on supporting employment and “high-intensity” residential use (a.k.a multi-family residential complexes). Owners could build up to two stories with a density or Floor Area Ratio (FAR) of 1.00. This means that a 7,500 square foot lot (50′ x 150′) could hold up to 7,500 square feet of floor area. Owners would also benefit from a reduction in the parking requirement which the Town hopes will help spur the creation of new office spaces. To learn more about this proposed zone, please reference a recent article in the Jackson Hole News & Guide.

After recent public comment and Town Council discussion this past week, we may see certain sections of existing residential along S Willow Street excluded from the office zone. Since a major goal of the Comprehensive Plan to provide more housing in Town, this area seems like a “logical place to start” according to Town Councilman Jim Stanford.

An article in today’s Jackson Hole News & Guide outlines some additional public comment and discussion on the character zones.

Snake River Sporting Club Rises from the Ashes; hosting Open House & Club Preview

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Many of the people that have lived in Teton County for more than 5 years remember the Snake River Sporting Club, a 360 acre recreational development planned along the Snake River located about 15 miles south of Jackson between Hoback Junction and Alpine, Wyoming. The plan won approval in 2003, however plans for the grand development (including golf, fishing and just under 70 building sites) were halted during the market downturn as the development went into bankruptcy is the Fall of 2008 and was later foreclosed on by Wells Fargo in 2010. The clubhouse, many real estate lots and the golf course sat empty for over 4 years until recently.

Snake River Sporting Club

In the Spring of 2013, The Snake River Sporting Club was purchased and taken over by Cygnus Capital, an investment group out of Atlanta, GA. Cygnus also bought the adjoining 437 acre River Bend Ranch to create a very unique 800 acre Golf, Equestrian and Fly fishing play ground unmatched in Jackson Hole. Since their purchase, the new owners have been working diligently to revitalize the development including restoring and completing the Clubhouse, repairing and renewing the award winning 18 hole Tom Weiskopf golf course (which will debut in the spring of 2014), and finishing construction on several cabin properties near the Clubhouse.

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This Saturday, October 5th from 12:00pm – 5:00pm, The Snake River Sporting Club and RE/MAX Obsidian Real Estate will be hosting an Open House and Club Preview allowing past members, locals and visitors alike an opportunity to preview the renewed golf course, tour the recently completed Clubhouse and new Equestrian facility and learn about Club memberships and real estate opportunities. There will also be three completed homes to tour as well as four currently under construction real estate opportunities to view. All attendees will be entered to win a foursome of golf on the renewed golf course, opening next Spring. Food and refreshments will be provided by Cafe Genevieve and Bo-B-Q.

Please contact me for more details, site plans, cabin renderings, etc.

 

Riva Ridge Preserve to be Sold at Real Estate Auction in Jackson Hole

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On September 12, 2013, interested buyers will have the opportunity to bid on a 118 acre estate located 800 feet above the Jackson Hole Valley. Concierge Auctions, who has successfully completed several other auction real estate sales in the Jackson Hole area (See Grand Teton Estate), will be hold this auction in two weeks without a reserve (minimum bid).

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The estate was constructed in 2009 and consists of a 13,721 square f00t, 6 bedroom main residence, a 3,850 square foot, 4 bedroom guest house and a 1,400 square foot caretakers apartment. The property’s location atop one of the area’s ridge tops provides stunning views of the Tetons and Jackson Hole Mountain Resort. The 118 acres include a beautiful landscape with ponds, creeks, waterfalls and a private lake. The Adirondack style log home was designed with high end finishes and features throughout including a two story glass entrance (pictured above), a double sided moss rock fireplace, commercial grade kitchen with wood fired pizza oven, game room, media room, gym, locker rooms, wine tunnel (pictured below) and custom burled wood mantles throughout the home. My favorite area is the indoor marble pool area with hot tub and kitchen – perfect for entertaining! – along with a movable glass wall that can be opened to the outdoors (pictured below). Amazing!

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This property originally hit the real estate market in September 2012 and was listed by JHREA for $37,000,000. It has since been reduced to $32,950,000 and will sell at auction on Sept 12th.

Click HERE to view the full brochure.

Please contact me for more details and stay tuned for the auctioned sale price!

Jackson Hole Compass provides in-depth look at Jackson Community

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JH Compass 2013 Cover

The 2013 edition of the Jackson Hole Compass publication was recently released in Jackson Hole, WY. This magazine, described as “a comprehensive overview of and reference to our community” takes an in-depth look at Jackson’s economy, demographics, politics, tourism, philanthropy, trends, recreation and most important to this blog, Housing. Below are some interesting statistics (based on the 2010 census) on Jackson Hole’s housing market.

  • 70% of Teton County’s 12,813 homes are occupied by year-round residents (a very high proportion for a resort town)
  • In the past 10 years, 40% of the new homes were constructed in the Town of Jackson.
  • In the past 10 years, Teton Village saw the highest growth in new homes, thanks to the Shooting Star development.
  • The Moose-Wilson Village Rd (Hwy 390) area houses the County’s largest share of second homes and short-term rental property.

Even though there hasn’t been much new home construction in the past few years, the real estate market has picked up sharply since the low point of 2009. Real estate sales have increased every year since, with 2013 on track to outpace them all as low inventory levels are driving higher sales prices.

Here are some other quick interesting facts about Teton County, Wyoming from The Compass:

  •  Since 1990 Teton County has ranked among the top five counties in the nation in per-capita income.
  • Teton County has roughly 1.25 jobs for every permanent resident (with much help from the tourism industry)
  • Yellowstone National Park sees nearly 3.5 million visitors per year; Grand Teton National Parks sees around 2.6 million per year.
  • Teton County’s median age is 37, slightly younger than the nation as a whole. The largest age group is 25-29.
  • There are over 200 non-profits in Teton County.

Read the entire 2013 digital edition of The Compass HERE.

What strikes you as the most interesting trend in Jackson Hole?

 

Jackson Hole Affordable Housing spotlighted in High Country News

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Breath-taking views of the Tetons grace this month’s cover of High Country News, a monthly publication focusing on news in the West. The reason for the cover story “Paradise at a Price”? Affordable Housing. Jackson Hole is a unique place, where conservation goals and a desire to maintain the town’s “Western small town character”, often collide with the need for affordable housing for the community’s workforce. With over 97% of the land in Teton County publicly owned (by federal, state or local government agencies), traditional solutions of sprawl and new development are not an option. This can be a good thing, many conservationists argue, as much of the land is permanently protected from development. The problem? Many of Jackson’s workers cannot afford to live here. In Jackson Hole, the average sales price of a home is around $1,000,000, which is 10x the average income of the County. During the housing boom, as many as 1/3 of Jackson’s work force lived in bedroom communities and commuted over Teton Pass or through the Snake River Canyon.

The article discusses the South Park neighborhood in particular. Over the past many years, advocates of affordable housing have proposed various affordable housing projects in this area, located about 5 minutes south of Jackson. Neighbors, conservationists and other opponents were able to kill all proposals, citing negative effects to large-scale development including car-dependent sprawl, and intrusion on wildlife habitat, a core value in Jackson Hole. Supporters point to the existing utilities, good access and existing development as reasons that make South Park the perfect location for new development.  The debate continued in over 40 public meetings associated with the re-write of the Town and County Comprehensive Plan. The new plan proposed South Park as an area for dense development, however after residents and conservationists rebelled against the plan, it was paired down calling for small pockets of affordable housing scattered throughout several different neighborhoods.

The article also outlines the three main players in Jackson Hole trying to address the growing need for affordable housing through deed restricted homes – the Teton Housing Authority, the Jackson Hole Community Housing Trust and Habitat for Humanity. These homes are much cheaper than market rate homes as they are subsidized by the County, developers and local non-profits. However they amount to only a fraction of the homes here and require a thorough application process and long waiting lists or many attempts through a lottery system.

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An example of affordable housing from the Jackson Community Housing Trust

As the Jackson Hole real estate market heats up as we enter the busy summer selling season (See June Market Report), affordable market rate homes are moving farther out of reach for many middle-class working families (There are currently only 3 single family homes in Jackson priced under $500,000). There is no doubt the debate with continue as the Jackson Hole community strives to balance the scenic beauty and wildlife habitat with the growing need for affordable and attainable housing.