Jackson Hole Real Estate Advisors

Jackson Hole Real Estate Advisors

By Ronald Miller/ Broker Jackson Hole Real Estate Company, LLC

It has been an interesting 2020 summer for the real estate market in Jackson Hole. We are experiencing a serious demographic change with folks exiting the big cities desiring to be in a small town like Jackson Hole. We have more buyers than sellers creating a supply problem and sellers are getting higher prices than normal for properties.

We have another 12.8 mm in closings this week again and more sales coming in. I would personally like to thank my staff for assisting me with listings and sales this past month. A special thanks too for all our buyers and sellers for choosing me to represent you.

Folks ask why we sell so many properties. I tell them that being available at a moment’s notice and providing excellent customer service always is the secret.

By Ronald Miller/ Broker Jackson Hole Real Estate Company, LLC

Greetings from Jackson Hole!

I want to thank all of you for your daily inquiries and for using our interactive jacksonholerr.com website feed to see new listings. As always we are updating the featured listings and showing our most popular listings to make your search quick and easy.

We have been fairly consistent and steady at the moment with brisk sales in Jackson Hole. Our team is once again having record sales with 26mm closed since October of 2019. My team specializes mostly in the higher end sales in the resort areas of Spring Creek, Teton Village, The Aspens and Teton Pines. We had 2 closings south of town for 12 million so that market too seems to be doing well. I attribute our large dollar volume in sales to my clients looking for an excellent store of value of extra cash and being able to enjoy their fantastic Jackson Hole property! What else are you going to do with cash these days with the stock market and economy on edge?  I tell folks that investing in very unique Jackson Hole properties that have a high probability of holding value is a great alternative. Investing in physical precious metals and art is nice too but all you can do is look at it and those investements are more like an insurance hedge. Right? Not a bad idea to look at those alternatives also.

At present I take advantage of the Trump tax cuts that are primarily geared towards real estate and business depreciation. We are currently renovating 28 units at the Miller Park Lodge and White Arrow Ranch project. Owning a nice Jackson Hole rental property in an L.L.C. can be highly attractive to offset gains with depreciation write-offs. Your tax advisor should be able to guide you to the same conclusion depending on your situation.

Again we appreciate your business. Please let me know how I can help you in any way.

By Ronald Miller/ Broker Jackson Hole Real Estate Company, LLC

As we enter into the final month of the 3rd quarter and Jackson Hole Markets we are seeing quite a flurry of activity in all sectors of the Jackson Hole real estate market. It has been easier for the Realtors this year with more inventory coming on the market to show buyers. The market is still tight for good short term rental condominiums in Teton Village. Moose Creek Townhomes have leveled off at or below 3mm price point now as buyers are refusing to pay more. This too is a correction in the market and will be a new trend as prices get too high and buyers say NO.

In the higher end market we have seen about a dozen high end properties sell and go into escrow as of late. This is quite normal in the 3rd quarter and our team has 12mm in escrow at this time. Prices over 5mm is where most of the listing inventory seems to be coming on strong as sellers try to reach new heights in sales prices. Only the attractive properties sell in these price ranges. Modern design still seems to be moving faster than traditional homes and log lodges.

Teton Pines has finally seen increased sales activity which I predicted as it is a great location and a bit undervalued compared to other exclusive West Bank properties for sale. Spring Creek Resort is also seeing sales after a slow start this past year. As a member of Teton Pines I am bias for sure as it is a great community of folks and a great place to reside or own a second home. It is close to both town and Teton Village.

Let us know how we can update you on any specific properties you are looking at on our jacksonholerr.com website. We have a great feature whereby you can receive very specific information in a text or e-mail on all new listings by the neighborhood and price range you are seeking.

By Ronald Miller/ Broker Jackson Hole Real Estate Company, LLC

Our active buyers on our popular jacksonholerr.com site may have noticed the sudden surge in high end properties pouring into the Jackson Hole Marketplace as of late. This may indicate a shift in the market. Last year we had very little good inventory to show our buyers and that seems to be changing dramatically this year. Those homes that are priced well and have exceptional locations in the valley are selling while those homes that are overpriced and not in desirable locations will struggle to obtain offers. Jackson Hole sellers seem to be reaching for new heights in pricing asking well over $2,500 per ft in some instances. Is this the new norm? While most Realtors can point to current sales and try to justify this, I am not confident this high end strategy can hold for much longer.

When will we know and see the signs of a buyer market shift? High end long term rentals are one indicator. I have several high end buyers sitting on the sidelines watching the market shift daily but have opted to lease homes and wait for just the right opportunity. The sudden surge of high end listings can also give high end buyers so many choices they can get confused and realize there is NO urgency. We should know a lot more towards the end of the summer. With the booming economy it will be interesting to see what happens next as most sales are yet to come in August through October.

By Ronald Miller/ Broker Jackson Hole Real Estate Company, LLC

The statistical facts are in for 2018 using the facts from Teton County MLS. This was an exceptional year for our team at the Jackson Hole Real Estate Company. We want to thank all of our buyers and sellers for your part in our record breaking 4th quarter this past year. We are truly grateful.

Our sales included a luxury collection of several nice condominiums and fine homes. We are seeing a softening of prices in higher end properties and sellers are ready to make deals. My advice to sellers is to always consider all reasonable offers and counter the buyer in the middle if possible. This has been the case on the past 5 deals I put together last month anywhere from 650k condominiums to 12.5mm homes. On our Fish Creek Bend property listed at 12.5 mm we received a 10.5mm offer and settled quickly at 11.5mm with a fast cash closing. It is always best when both buyers and sellers think they both got a fair price.

If you are considering listing your property I highly recommend you get my realistic 30-60-90- lifetime listing evaluation. You will appreciate this service and only takes a few hours to get you a realistic evaluation.  Lifetime listings hurt sellers!!  I have seen some over priced listings on our MLS way too long and they are good properties. Some listings are now shop worn being over 1,200 days on the market. Really?? The 30-60-90 price recommendation always works!! It is just a good principle and I save sellers a lot of pain without having their property on the market for several years. As a top producing Broker I am always concerned when I consider taking over priced listings if the market is not likely to produce an offer in that price range. My last 5 listings sold quickly as we priced them just a little over market value at a 90 day listing price and we met the buyer in the middle. We just placed another nice property we listed in escrow yesterday and my seller is so excited we got the job done in less than 60 days and 1 open house. It came together with 2 counter offers. Price is 95% of every deal and 5% is due diligence with residential sales from my experience.

By Ronald Miller/ Broker Jackson Hole Real Estate Company, LLC

OK folks. Fasten your seat belts as the market is ramping up again in an unusual off season buying spree unlike any we have seen during this period. As I told you last month, with high end home prices softening a bit and coming down we saw several high end properties between 10-15mm go into escrow. Our lovely River bend listing located at 5555 Cutthroat drive in Crescent H Ranch at 12.5mm is in escrow and set to close soon. Great property!! Our seller lowered this fantastic home and property from $15mm to $12.5mm and sold pretty fast.

https://www.jacksonholerr.com/PropertyDetails?mls_num=18-2153

One of the large homes in Indian Springs Ranch that lowered their price sold and another one was placed into escrow.

https://www.jacksonholerr.com/PropertyDetails?mls_num=18-2759

The condominium market in the short term rental zoning  is still moving well with high demand still and low inventory. Our office closed on the last 3 remaining 2 and 3 bedroom units in the Aspens and I highly recommend selling at this time. We closed these units at $640k, 715k and 875k this past month. Please call me if you are reading this and want to sell at a great price in there  as we have buyers waiting.

We listed another fantastic property in the Eastridge Development this week at a very fair price. This beautiful Mountain Modern design home is recently upgraded and being sold turnkey. Great Grand Teton Views are the big selling point. We just listed it this week and may get some offers so call me ASAP if you like this one. Easy to show. Call Ron at 307-690-6331 for a showing.

https://www.jacksonholerr.com/PropertyDetails?mls_num=18-3182

This is a great question. As lead broker for the Miller team and owner of the Jackson Hole Real Estate Company, I strongly do not believe this is the case. However, leading brokers are promoting this “soft market” mindset presently to desperately keep a seller stranglehold on high end listings in the valley for long durations of time.

My argument is valid. Here are a few reasons backed by facts. They are:

1. The Miller team at Jackson Hole Real Estate Company has increase our sales volume by a whopping 20 million dollars in the past 12 months through strategic marketing and lead follow up. We have a detailed market analysis prepared for sellers wanting to know more about our targeted strategy. It is simply the best.

2. High End listings are being held hostage on the Market in MLS way too long. Many buyers we are working with are concerned when they see these properties on the market from 360 days to in some instances for well over 1000 days. Seriously?? This is extremely difficult to explain to a high end buyer when they ask the listing broker attending the showing for a good reason. I heard several agents this year explain it away that it is a “soft market” and is very common in our marketplace.

3. This is only a good excuse and lame in my opinion and becomes an objection in and of itself  to overcome with the buyer right from the start of the showing. There is simply a lack of urgency if a buyer thinks he can buy it 2 years from now at possibly a reduced price. This is why I encourage listings in MLS only sometimes through short selling seasons like summer and winter.

4. The amount of money generated since the last election is in the trillions for high end clients so would we say the money supply is “soft”. That would be nonsense.

Posted By Ron Miller / Jackson Hole Real Estate Broker