‘Market Perspective: The Difference of a Decade‘
‘Once a sleepy ranching community in northwestern Wyoming, “Jackson Hole” has grown in popularity in recent years because of its protected scenic vistas, abundant wildlife and recreational outlets, and rustic-yet-refined cultural community.
A lot, however, has happened in a decade. In January, 2008, the Dow Jones Industrial Average was above 12,000. Today, it’s in excess of 24,000.
In 2008, an ounce of gold was $869.75. Today, it’s more than $1,300.
And Bitcoin was… well, let’s not go there.
Real estate inventory in Teton County remains near historic lows, but many segments of the valley market still lag behind the values of a decade ago.
In Teton Village, for example: a 4-bedroom, 4-bath, 2,143-sq.ft. Snowridge Condominium sold in May, 2008 for $1.625MM. In the ensuing decade, the property was remodeled, and sold again in February, 2016 for $1.55MM (95% of its 2008 value). Identical units in the then-new Teton Mountain Lodge and Hotel Terra also sold in 2008 for $1.125MM and $1.35MM, respectively, before selling again in 2017 for $875,000 and $835,000 (or 78% and 62% of their previous values).
In the desirable Berry Patch section of the Aspens, an original one-bedroom condo listed for $435,000 sold in November, 2008. After a decade and a remodel, the same unit sold again in June 2016 for $425,000.
Shifting focus to the town of Jackson, a 3-bedroom, 3.5-bath Love Ridge condominium at Snow King sold in October, 2007 for $1.4MM. Since then the town market has continued to mature, the Snow King hotel has undergone a major renovation, and the surrounding resort is in the midst of a major expansion. In December 2017, the same Love Ridge unit sold for $1.41MM.
Also in the town of Jackson, a fully renovated 2-bedroom, 1-bath Ponderosa Village condo sold in November 2007 for $370,000. The same unit sold in September 2009 for $284,000 (or 77% of its previous high). Today, one unit is currently on the market in the neighborhood for $335,000.
In Rafter J, a remodeled 3-bedroom, 3-bath Cedarwoods townhome sold in July 2008 for $650,000. In June 2017, the same unit sold after just 43 days on the market for $600,000 (or 92% of its previous high).
While the long-term effects of the new tax bill are yet to be seen, conventional wisdom and year-end activity in the Jackson Hole market suggest residents of high SALT (State And Local Taxes) states will seek refuge in low-tax environments like Wyoming.
All real estate is local. The associates of Jackson Hole Sotheby’s International Realty look forward to helping you navigate our local market and finding your Rocky Mountain refuge.