2022 Jackson Hole Luxury Real Estate Report

2022

I S T HE MAR KET BEGIN N I N G TO SLOW ?

V O L U M E 10 | E D I T I O N 2

Responding to Context is our Modus Operandi More than two decades ago, we published the first Jackson Hole Report to provide the critical, specialized market analysis our clients need. Then as now, the Jackson Hole Report remains the definitive source on real estate in this region, regularly cited in national publications.

WELCOME TO THE 10TH ANNIVERSARY OF THE JACKSON HOLE LUXURY REPORT

Buying a home in Jackson Hole is more than a transaction.

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For many, the decision is often an exciting lifestyle change as well. Respecting the many elements that factor into this important decision, we designed our real estate services to provide you with much more than just a property fact sheet.

The Origin of the Jackson Hole Luxury Report Post Recession, we observed the high-end segment grow in strength and subtlety.

Understanding that luxury properties require special attention and analysis, we published the inaugural Jackson Hole Luxury Report ten years ago—to widespread acclaim.

Catering to high-end buyers and sellers who seek a clear understanding of this elite market, the report focuses on 1,832 properties worth $5 million and above, many of which are sold privately and never appear as public listings.

Our Commitment to You Underlying our exhaustive research is a core commitment to our clients. We want to ensure their experience matches their expectations of this spectacular setting. As trusted advisors, we work with our clients throughout the process of purchasing and selling real estate, but also well beyond the closing date.

Creating Community Intrinsic to our roles as realtors is our pride of place and a connection with our clients.

Getting to know the people and places who make this community so vibrant is as important as recognizing the economic factors at play in our market.

From exploring market dynamics to sketching a social calendar, we are experts in all aspects of Jackson Hole, and we want to help make this valley feel like home. Please turn to us as your partner in the discovery of this special place.

Confidential Market Analysis As a courtesy to our clients, we offer a confidential market analysis of your distinctive Jackson Hole property, as well as annual valuation updates for trust and estate planning. If you own a luxury property in Jackson Hole and would be interested in a confidential market analysis, please fill out the form below or call David at (307) 690-4004 or email david@jacksonholereport.com.

JacksonHoleLuxuryReport.com

Is the Market Beginning to Slow?

The upper end of the market is reflecting the same

inventory available for the end of June. Regardless, it’s

changes we’re seeing in the under $5 million segment:

good news for Buyers as there is twice as much to choose

the number of sales and the dollar volume are both down.

from. NOTE: Currently, of the 35 overall active single-fam-

The average and median listings as well as the sale

ily home listings, only twenty-four are listed for under $10

prices, however, are still breaking records in the under $5

million. If we look at the top 10% of what homes are avail-

million segment; whereas the Luxury market is seeing a

able now, the listings sit at $18 million and above.

decline. Do not read too much into this, though, as there were only 59 sales between $5 and $100 million versus

While we normally do not focus on commercial activity in

167 sales between $600k and $5 million. With such large

this newsletter—as the activity is usually too small—we

dollar values these numbers can easily be skewed.

feel it necessary to bring to our readers’ attention the fact that 31% of the dollar volume to date in 2022 was

Both the overall number of sales and dollar volume are

commercially driven due to five motel/hotels selling. Four

down 20% and 6%, respectively. This decrease in the

of the sales occurred in the Town of Jackson and one was

number of sales comes from a multitude of issues not

in Spring Creek Resort. These sales pushed the overall

necessarily locally driven. Home mortgage interest rates

commercial dollar volume to $307 million, up 126% from

have almost doubled, inflation hit a 40-year high in June,

the first six months of 2021.

stocks suffered their worst first half of the year since 1970, and cryptocurrency took a big hit. NOTE: While the num-

Looking ahead, we are seeing a softening of demand with

ber of sales went down from 2021, the number of sales

inflation, rising interest rates, and lack of inventory in the

was almost 400% higher than the pre-pandemic levels for

lower price ranges. However, the softening is taking us

bar raised so

the first six months of the year. What’s more, the dollar vol-

from a frenzied market to one that is less so. Inventory is

ume was almost five times what we were seeing pre-pan-

increasing and prices will start to moderate into a slower

dramatically in

demic with just over $636 million in the first half of 2022.

growth curve. While inventory levels are still at historic

2020, going

Overall, properties under contract decreased 23%, yet the

have to lower their expectations if they want to close in

average list price broke another record at $12.6 million.

2022.

forward this report

NOTE: There were 14 overall properties under contract at the end of Q1 2022 and only 10 today. This slowdown

“Off-Market” sales. An Off-Market sale is a property that

will only focus on

could reflect the multitude of issues mentioned above,

was not made available to the public through MLS or

and/or the fact that the airport was closed for three

was temporarily posted to MLS and then removed before

sales above $5

months this spring.

going under contract. NOTE: Since January 1, 2022 only

million.

Available inventory at the end of June registered 50 over-

44% from 2021). The rest were considered Off-Market.

all Luxury listings. NOTE: Just three months ago, at the

Normally a Realtor is involved in these Off-Market sales,

end of Q1 2022, there were only 21 active Luxury listings

but advertising in MLS was not necessary to find a Luxury

overall. While the increase in listings is expected this time

Buyer. This also indicates an increased difficulty selling

of year, it’s still about half of the normal (pre-pandemic)

your property without placing it on the open market.

With the Luxury

lows, without more Buyers in the market, some sellers will

46% of all closed Luxury sales were reported to MLS (up

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CONTENTS

6 Overall Luxury Market Comparing mid-year 2022 with 2021, we discovered that the overall number of Luxury Sales decreased 20% to 59 total

Competence. Exclusivity. Passion.

Ensuring an Experience of the Highest Caliber

Opening the door to the life you aspire.

sales. Following suit, the overall dollar volume decreased 6% to $636 million.

At Engel & Völkers, we believe that luxury is the fullness of life that begins and ends the day in the most important place we know: home. From starter homes, to dream homes, and even cas-

11 Single Family Luxury Homes

tles, Engel & Völkers advisors help our clients discover what luxury means to them and deliver a home buying and selling experience that meets their unique needs.

Luxury homes accounted for 56% of all Luxury sales to date in 2022. All told, the number of home sales is down 34%, and the

Engel & Völkers evokes a real estate experience with the utmost competence, exclusive exper-

dollar volume decreased by 34% for a total of $290 million.

tise and passion for all that we do. Handcrafted attention to every detail and meticulous whiteglove service is what each and every one of our clients deserves.

14 Vacant Luxury Lots

It’s our standard of service that truly sets Engel & Völkers apart.

The demand for vacant Luxury lots to date in 2022 is down 46% 4

when compared to mid-year 2021. Sales totaled 7 transactions with a dollar volume of $50.5 million.

18 Luxury Condo/Townhouses Luxury Condo/Townhomes are few but not far between in Jackson Hole. All of them can be found in Teton Village except five which are in the Town of Jackson. Currently, 145 units are set at $5+ million.

22 Meet the Team Jackson Hole real estate is a treasured and valuable asset. With this investment in mind, it is vital that your relationship with your Realtor is based on an open line of communication.

“

Luke was a pleasure to work with and made the entire home buying process straightforward and uncomplicated. Locally raised and deeply familiar with the Teton County market, Luke was able to help me secure an off-market deal in a highly competitive environment with multiple bidders. Luke’s team is a huge added bonus, as they were able to assist in getting up to the complex right away to take pictures/videos of the unlisted units in which I was interested. Luke also used a very clear template to outline and keep track of all the deliverable dates and milestones during the escrow process - a fantastic resource that I greatly appreciated. Finally, Luke made it incredibly simple to close the transaction while I was out of the area and went above and beyond to help connect me with the resources I needed to make this investment property successful. I would highly recommend Luke to anyone in the WY/ID area looking to sell or buy a home!

RYA N TOWN S EN D Jackson Hole / West Hollywood

JacksonHoleLuxuryReport.com

How can the Jackson Hole Luxury Report serve you? ...we track every single luxury transaction in Jackson Hole by painstakingly reviewing public records. Our data-driven reporting is the most accurate and trusted real estate news source in Jackson Hole.

“

Thank you SO much David! We know there were some tricky moments in the negotiations, but we always felt that you had our back, handled things well and were very efficient.

After perusing this publication, we hope

extensive research of listed and unlisted

you agree: the Jackson Hole Luxury

sales. By providing you with the best

Report stands in a league all its own.

advice available, we ensure that you

Other Realtors try to analyze the Jackson

have a successful and smooth real estate

Hole market from MLS statistics, however

transaction.

the MLS accounted for only 46% of the luxury sales in 2022. In contrast, we track

To keep you abreast of Jackson Hole’s

every single luxury transaction in Teton

ever-changing real estate conditions, we

County by painstakingly reviewing public

offer a suite of services including daily

records. Our data-driven reporting is the

email updates of active luxury listings,

most accurate and trusted real estate

a free confidential market analysis of a

news source in Teton County.

client’s property and annual price updates for estate and/or trust planning. If you

We use this detailed data to help you

want to list your luxury property this

– our clients. From pricing your luxury

fall, please call or email us to set up an

property to sell in this competitive market

evaluation of your property. After touring

to helping you determine the right time

your property, we will provide a custom

to buy, we share all of our analytical

marketing plan. No other Jackson Hole

insight with you. Paired with impeccable

brokerage can duplicate the dexterity of

professionalism and personal attention,

our marketing approach.

we offer you superior service matched We appreciate your frequent communication and felt like we always knew what was going on.

Thanks again for handling the last-minute disbursement of items. We could never have handled that from a distance, and we know it took a lot of time and effort on your part. We hope Colby helped you out with that!

It is bittersweet to be leaving the butte. It will make us happy to know that Grant will appreciate our condo and feel at home there.

only by the superior nature of the

So whether you plan to list your luxury

properties themselves.

property soon, want more detailed analysis of a specific area, or need a

The lack of published luxury sales can

professional realtor to represent you,

make pricing a luxury home stressful,

please call (307) 690-4004 or email

particularly when emotions are involved.

group@jacksonholereport.com.

When pricing your property, we reference our own knowledge base –built over decades of tracking the Jackson Hole market and neighborhoods, and working with clients and builders – as well as our

M ARY A ND JE F F Ada, MI

JacksonHoleLuxuryReport.com

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OV E RALL MARKET

Overall Luxury Market $5 + MI LLI ON

Comparing mid-year 2022 with 2021, we

of those on the market for more than 12

discovered that the overall number of

months.

Listen to the Numbers

MLS accounted for only 46% of the overall luxury sales in 2022.

Luxury Sales decreased 20% to 59 total sales. Following suit, the overall dollar

Tracking Luxury market values becomes

volume decreased 6% to $636 million.

challenging without comparable sales.

NOTE: While Luxury Sales only made

While many properties in Jackson Hole

up 26% of the overall number of sales in

are worth more than $5 million, no two

Jackson Hole, they accounted for 63% of

are alike. For this reason, some sellers

the total dollar volume so far in 2022.

start by overpricing their homes beyond

OVERALL LUXURY SALES BY AREA

market levels and then lower the price About 80% of all sales fell between $5 and

progressively until the property reaches

$10 million.

market value. This is one reason why 24% of the Luxury listings have been on the

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Twelve Luxury properties sold for more

market for more than 12 months. If you plan

than $10 million in 2022 (down 48%).

to sell your property soon, do not make

However, only 25% were reported to

the mistake of overpricing. Through our

the MLS; a trend that underscores the

confidential property and market analysis,

necessity of enlisting us as your Realtors

we can help you through the entire

when entering this elite market.

process.

The highest priced sale was the Amangani

Close analysis of the statistics supports

Hotel at Spring Creek Resort. The price of

the following conclusion: When compared

this private sale was not disclosed, but a

to mid-year 2021, the current overall

$65 million loan was recorded, and it was

available inventory is unchanged at 50

rumored to sell for $100 million. NOTE: At

listings. Meanwhile, the average and

the end of the year, there were 50 overall

median list prices are down 8% and 9%,

listings priced over $5 million with 24%

respectively.

Number of sales Decreased 20% to 59

JacksonHoleLuxuryReport.com

Overall dollar volume decreased 6% to $636M

Current overall inventory unchanged (50 listings)

WESTBANK

NORTH OF THE GROS VENTRE RIVER

TOWN OF JACKSON

SOUTH OF JACKSON

$161M 17 SALES

$72M 9 SALES

$192M 18 SALES

$210M 15 SALES

OVER AL L M AR KET

THE CURRENT LANDSCAPE Available inventory is unchanged, when compared to mid-year 2021, at 50 Luxury listings for sale. With an average listing price of $11.3 million and a median listing price of $7.7 million, available inventory breaks down into 32 listings priced between $5 and $10 million (64%); 12 between $10 and $20 million (24%); and six over $20 million. NOTE: Of the 50 listings, only 8 include 35+ acres.

32 LISTINGS (64%) BETWEEN $5-$10 MILLION

Of the 50 listings, only 8 include 35+ acres.

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6 LISTINGS OVER $20 MILLION

THE MOST EXPENSIVE SALE OF 2022

Amangani Hotel In the foothills of the Grand Tetons, near the snow sports paradise of

12 LISTINGS (24%) BETWEEN $10-$20 MILLION

Jackson Hole, Amangani looks out across the mountains and Snake River Valley. Evoking the pioneering spirit of the Old West in its redwood and sandstone architecture, the all-season retreat invites guests to discover outdoor adventure and the extraordinary natural beauty of Wyoming.

This was a “Private Sale.” A $65 million loan was recorded, and the hotel and property were rumored to sell for $100 million.

JacksonHoleLuxuryReport.com

OV E RALL MARKET

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1

HOM ES

R AN CH

OVERALL LUXURY UNDER CONTRACT At mid-year, 10 properties were under contract (down 23%) with an average listing price of $12.65 million (up 45%)—a midyear record. Of the listings currently under contract, two are commercial, four are single-family homes, two single-family lots, one condo, and one ranch.

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10 properties under contract (down 23%)

LOTS Average list price of $12.65 million (up 45%) *mid-year record

1 CON DO

THE MOST EXPENSIVE UNDER CONTRACT

Jackson Hole Ranch

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LIST PR I C E $35 M At the foot of the Tetons and bordering Grand Teton National Park, yet only a short drive from James Beard-recognized restaurants, the 233-acre Jackson Hole Ranch is unlike any property on the Valley’s market in the last two decades. The ranch’s creeks, ponds, meadows, and ¾ of a mile of the Snake River are a sanctuary for its human owners and more than 100 species of wildlife, including elk, bald eagles, moose, and Snake River fine-spotted cutthroat trout. Each spring, elk seek out the solitude offered by the ranch’s wild lands to calve.

The ranch’s owners—stewards helping to carry on the legacy of conservation in this remarkable ecosystem—can enjoy the solace and awe of being in the shadow of the Tetons yearround. Jackson Hole Ranch is like a personal national park to call your home.

JacksonHoleLuxuryReport.com

FEAT U R ED LU XU RY HOM E L IST IN G

FE AT URE D LUX URY H OME LIST ING LI ST PRI C E $5 ,75 0,000 Located in the coveted Gill Addition, this property offers an easy walk to your favorite coffee shops, restaurants, and hiking trails yet the quiet neighborhood offers a true sanctuary. The open floor plan of this 4-bedroom home is complete with wonderful entertaining spaces. You will enjoy peaceful evenings around the firepit on the patio and your morning coffee on the deck. Spread over three levels, the lower level offers a separate living space for a media room or bunk room.

Other features include vaulted ceilings, gas fireplace, charming barn wood exterior, hardwood floors, and an upper-level living room which provides views of Jackson’s gorgeous landscape. Find your own personal Jackson Hole retreat in this beautiful home that is within walking distance to Town Square.

DEVON VIEHM AN & N AN CY CL AN CY EN G EL & VOL KER S JACKSON HOL E M L S # 2 2 - 1 2 78

110 Moose Street JacksonHoleLuxuryReport.com

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I NM A N G OL D E N I W I N N E R

Best Sales & Marketing of a Luxury Property for our marketing of Rare Legacy Estate View the video and property at 165Huckleberry.com

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We are pleased to announce that our signature film of 165 Huckleberry won the Best Sales and Marketing Campaign for a Luxury Property 2019. The Inman Golden I Club is nothing less than the highest honor in luxury real estate. Since it’s launch in August, the film has had over 45,000 views. Contact us to see if your property qualifies for this marketing initiative. It isn’t always just about the price point as many unique properties in the area also a good fit.

S IN G L E FAM ILY HOM ES

Single Family Luxury Homes $ 5 + MI LLI ON

LUXURY HOMES accounted for 56% of all Luxury sales to date in 2022. All told, the number of home sales is down 34%, and the dollar volume decreased by 34% for a total of $290 million. Following suit, the average sale price decreased by 4% to $8.8 million and the median sale price decreased 19% to $6.5 million.

To date, there have been 33 home sales

homes continue to be overpriced for the

over $5 million (down 34%), of which 79%

current market, while others do not match

sold for between $5 and 10 million. NOTE:

the value of the land they occupy.

Three sold for over $15 million.

This situation is constraining Buyers. For Unlike the Luxury market in 2020—where

instance, in the $10+ million segment,

homes over $5 million were saddled with

Buyers may choose from 11 homes valley

12+ months of inventory, the last two years

wide. Of those 11, eight are 10+ years old,

wiped out half of the existing inventory.

six include less than 10 acres, and only two

Based on the number of sales to date in

have water features. Further complicating

2022, there are currently less than six

the process, many Luxury homes only

months of inventory.

appeal to a specific Buyer—a precise pairing that requires substantial marketing.

Of the existing inventory, 20% has been on the market for more than a year. Some

HOT SPOTS The Westbank and North of the Gros Ventre River logged the most single-family, Luxury home sales to date in 2022, with 10 and 8, respectively. Only one of the sales sat atop parcels with 35+ acres, and only eight of the sales had some kind of water feature.

LUXURY HOMES UNDER CONTRACT There are five Luxury homes currently under contract (down 45%).

All five are listed between $5 and $10 million.

Number of sales is down 34%

Dollar volume decreased by 34%

Average sale price ($8.8M) decreased by 4%

Median sale price ($6.5M) decreased by 19%

JacksonHoleLuxuryReport.com

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S I N G LE FAM ILY HOM ES

MOST EXPENSIVE S I N G L E - F A M I LY L U X U R Y H O M E SALE IN 2021

Queens Lane, North of Town LIST PRICE : $25 M This enchanting property will captivate your soul and senses.

Surround yourself with the beauty of 39.66 acres in a private park-like setting, the sound of babbling creeks and the sanctuary of watching the otters and ducks in your own private ponds. Mountain views and wildlife strolling through this tranquil landscape. This home was totally remodeled and tastefully incorporates the blending of new living spaces. A well-designed floor plan creates an inviting and comfortable gathering place.

Offered with the finest furnishings for a welcoming haven for 12

family and friends.

If you are a property owner in Jackson Hole and would like a free comparative market analysis, please contact David Viehman at 307-690-4004 or david@jacksonholereport.com. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.

JacksonHoleLuxuryReport.com

S IN G L E FAM ILY HOM ES

THE CURRENT LANDSCAPE Available inventory is up 9% when compared to mid-year 2021 with only 35 Luxury homes for sale. With an average listing price of $9.7 million (down 26%), and a median listing price of $7.25 million (down 5%), the available inventory breaks down into the following: 24 between $5 and $10 million (69%); five between $10 and $15 million; five between $15 and $25 million, and one over $25 million (see most expensive home listing). NOTE: Of the 35 homes listed, only three sit on 35+ acres. Also noteworthy: 69% of the Luxury homes currently on the market are more than 15 years old.

MOST EXPENSIVE HOME LISTING AT T H I S T I M E

Eagle Southfork LIST PRI C E: $48 M

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Situated in an incomparable location just south of Wilson, this sweeping 110-acre ranch boasts private access to both the Snake River and Fish Creek. A quintessential equestrian property which includes a 7-stall barn with tack room, guest apartment, and caretaker quarters. This expansive ranch also consists of lush, rolling meadows, paddocks, towering mature cottonwoods, and robust native riparian vegetation.

Enjoy both privacy and seclusion within minutes of the amenities of Jackson. Two riparian parcels (35+ acres each) are currently undeveloped and allow for a primary and guest house on each. The existing home features an exceptional deck overlooking a private island in Fish Creek, accessible by wooden foot bridge for an ideal evening spent by the creek side. This is a legacy property for generations to come.

Listed by Mercedes Huff, Sotheby’s Jackson Hole

JacksonHoleLuxuryReport.com

VACANT LOTS

Vacant Luxury Lots $5 + MI LLI ON

HOT SPOT Gros Ventre Buttes enjoyed the most Luxury lot sales by mid-year 2022 with four Luxury parcels for a total dollar value of $30.5 million.

The demand for vacant Luxury lots to date in 2022 is down 46% when compared to mid-year 2021. Sales totaled 7 transactions with a dollar volume of $50.5 million. One occurred on the Westbank; four sales occurred in the Gros Ventre Buttes; one North of Jackson; and one South of Jackson.

CURRENT LANDSCAPE Available inventory of Luxury lots is up 43% at mid-year 2022 with a total of ten single-family Luxury home sites currently listed. With

Vacant Luxury lots under contract are down 50% compared to mid-year 2021, with two lots

an average list price of $17 million (up 53%), and a median list price

under contract at an average listing price of $8.95 million. NOTE: One of the listings is 35+

of $9.75 million (no change), available inventory breaks down into

acres.

the following: five lots listed between $5 and $10 million, two listed between $10 and $20 million, and three over $20 million.

NOTE: Current Luxury home inventory is up 9% with only eight homes built in the last 10 years. Only three of the 35 Luxury homes currently listed sit on 35+ acres.

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Of the ten listings, four offer 35+ acres.

MOST EXPENSIVE LOT SALE

Bar BC Ranch Parcel 8 LIST PRICE : $ 9.5 M I LLI ON Bar BC Ranch parcel 8 is a 35.5-acre parcel within a 850+acre ranch in Spring Gulch. The Ranch borders both the Snake and Gros Ventre rivers and is one of the few gated communities in the Valley. Enjoy direct Teton views from this premier lot in the highly desirable and gated Bar BC Ranch. It is an ideal building location with easy access from the ranch entrance, stunning views to the north and south, and Sleeping Indian to the east. Walk the ranch trail to the Snake and Gros Ventre Rivers to fish or just relax.

Listed by Ed Liebzeit, Sotheby’s Jackson Hole

JacksonHoleLuxuryReport.com

SIG N IFICAN T SAL E

SIGNIFICA NT SA LE LI STED F OR $15 ,75 0,000 Located in one of Jackson’s most desirable and exclusive neighborhoods, this stunning 37-acre property offers a picturesque log home and guest cabin on one parcel, and blank canvas on the other. Steps from worldclass fly fishing on the Snake River while immersed in a pristine forest with moose and deer as neighbors, you will feel uniquely ensconced in the beauty of Jackson Hole.

Offering a total of 5,000 square feet of living space you’ll enjoy stunning views of Rendezvous Mountain and the entire Teton Range.

The home is built in a style that effortlessly balances the rustic charm of a cabin with its grandiose surroundings. Bear Island is a perfect seasonal refuge or year-round residence with a three-car garage to cache gear for a mountain lifestyle.

L IST ED BY AN N E FIS H EN G EL & VOL KER S JACKSON HOL E

Quintessential Jackson Hole Sanctuary JacksonHoleLuxuryReport.com JacksonHoleLuxuryReport.com

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C ONDO S/TOWNHOMES

Luxury Condo/Townhomes $5 + MI LLI ON LUXURY CONDO/TOWNHOMES are few but not far between in Jackson Hole. All of them can be found in Teton Village except five which are in the Town of Jackson. Currently, 145 units are set at $5+ million and qualify for the Jackson Hole Luxury Report.

CURRENT LANDSCAPE MLS shows five Luxury units listed—two in Teton Village and three in the Town of Jackson. They range in size from 2,200 to 6,075 sq. ft., and prices range from $5.25 to $7.695 million. The

The definition of “Luxury” condo/townhomes in Jackson Hole is $5+ million. The

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current breakdown is as follows: 38 units

38

Four Seasons Hotel

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Snake River Lodge & Spa; four in Crystal

the three in the Town of Jackson are in the new Art District West

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Granite Ridge Lodges

5

Town of Jackson

4

Crystal Springs Lodge

3

Timbers of Granite Ridge

2

Snake River Lodge & Spa

1

Cabin at Granite Ridge

1

Tram Towers

and four allow short-term rentals. Please contact us for a complete list of available Luxury townhouses.

Ridge; one Cabin at Granite Ridge; 70 units in Shooting Star (Lodges or Cabins); two in

two in Teton Village are in the Timbers of Granite Ridge. Two of project and the third one is in Eastridge. Only one is furnished

in the Four Seasons Hotel; all 21 Granite Ridge Lodges; three Timbers of Granite

Shooting Star (Lodges or Cabins)

Springs Lodge; one in the Tram Towers, and five in the Town of Jackson.

At mid-year 2022, the number of Luxury condo/townhome sales were up 50% from 2021, as there were six sales over $5 million in the first six months of 2022. Of the six sales, five were in Teton Village and one was in the Town of Jackson.

There are currently five

Jackson Hole Report Podcast

Luxury units listed.

JacksonHoleLuxuryReport.com

Tune into our Podcast at jhreport.com for a current, and more in-depth conversation about the current real estate market.

CON DOS /TOW N HOM ES

MOST EXPENSIVE LUXURY CONDO/TOWHOME SALE REPORTED TO MLS

Timbers at Granite Ridge

MOST EXPENSIVE LUXURY CONDO/ TOWHOME LISTING Paying homage to the old and the new, this timeless timberframe home features the convenience of Town living while still providing a private retreat from its elevated perch overlooking

Frontline, Timbers at Granite Ridge townhome with direct views of the legendary

the Grand Teton. Completed in 2016, the 5-bedroom, 6.5-bath

Jackson Hole Mountain Resort and the Gros Ventre Mountain range. This end-unit

floor plan affords more than 6,000 sq. ft. of finely appointed

residence offers close proximity to skiing/snowboarding, Grand Teton National

living space on three levels. A vaulted great room, highlighted

Park, hiking/mountain biking trails, and all the amenities of the Village Core. The

by towering glazing and Douglas Fir timber elements, creates a

main level has an open floor plan with cathedral ceilings; chef’s kitchen with

light and airy place to gather with family and friends. Two wood-

professional grade appliances and a large island perfect for entertaining; cozy

burning and two gas fireplaces provide ambiance in the colder

wood burning fireplace; outdoor deck adjacent to the living room; and large picture

months, while radiant in-floor heat warms the home year-round.

windows that frame the views of the Jackson Hole Mountain Resort. The primary

Intimate decks and patios offer more than 1,000 sq. ft. of outdoor

suite is located on the top floor with a vaulted ceiling, private deck, freestanding

living space. Few homes in the town boast this combination of

bathtub, double vanities, and steam shower.

views, privacy, and craftsmanship.

Sold for $6.4 million.

Listed for $7,695,000 Listed by Brett McPeak, Sotheby’s Jackson Hole

JacksonHoleLuxuryReport.com

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S E L LER S ERVICES

LIST WITH US

For the Seller

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Our extensive market knowledge will help you to price your property in this ever-changing market, and our marketing expertise will ensure that you sell your property in a timely manner for the highest possible price. Respecting the unique characteristics of each and every property, we believe that every listing requires a different marketing strategy. We will develop a customized plan for you; market updates, showings, open houses and revised marketing plans are scheduled according to your desired frequency. We are skillful negotiators and will work to make the entire process, from start to finish, as streamlined as possible. We will live up to your high expectations.

We will provide you with the most accurate, in-depth data in the Jackson Hole market, helping to value your listing accurately. Armed with analysis, we will then price your property according to your needs.

We know about operating costs and can advise potential buyers accordingly.

Your property will be featured on the Engel & Völkers website, which attracts many brokerage prospects.

We know the market better than anyone else because our extensive database tracks every real estate transaction in Jackson Hole. Only 46% of sales went through the local MLS in the first half of 2022. When pricing your property, you cannot rely on only 1/2 of the data.

We will conduct open houses to expose your property to other local realtors, one of the most valuable ways to show off your property and find a buyer.

We will expose your home to our extensive list of former and current buyers.

We will market your property through the Teton County Multiple Listing Service (MLS), exposing your listing to over 755 agents in the region who can help us find a buyer.

We always use a professional photographer and will be on site for the shoot to ensure that every room is shot at the best angle. Drone photography for aerial photos are available as well.

We are truly connected to the Engel & Volkers network of over 16,000 advisors and 900 shops in over 37 countries on five continents, including all divisions of E&V such as E&V Aviation, E&V Yachting, and the E&V Polo School, to ensure the property is marketed to the longstanding clientele of our 40+ year-old brokerage.

We will create a personal website for your listing: For all listings above $5 million, and for those special listings under $5 million, we will build a custom website highlighting all of your property’s special features. The listing’s website address will be included in all advertising to make sure luxury buyers can find it.

We will produce an in-house, color brochure for your property and make it available in our brokerage, on the web, on your yard sign, and to every prospective buyer who previews your property.

The property will be on “Shop TV” which is the same channel of rotating properties played on displays at each E&V shop in the United States and Canada.

We will advertise your property in the Jackson Hole News & Guide and the Jackson Hole Daily, by far the most widely distributed print media in Jackson Hole and the entire region.

Our Signature Films capture the imagination of buyers around the world allowing them to experience the unique lifestyle and distinctive features of your property.

We hire a professional copywriter to help us with content for brochures, ads, and the property website.

Visit 165Huckleberry.com to view an example.

Your property will have the most extensive online presence offered.

We do more to ensure your property is sold for the highest price in a professional and timely manner. As part of a brokerage driven to provide excellent service to our clients and customers, we welcome the opportunity to add you to our long list of successful relationships.

NEW! Engel & Völkers Signature Film

We know what is valued in property and will advise you accordingly.

JacksonHoleLuxuryReport.com

BU YER SERVICES

BUY WITH US

For the Buyer When you’re in the market for a property or new home in Jackson Hole, it is imperative that you work with a qualified and experienced real estate professional.

We are skilled negotiators with a deep

you all available properties, irrespective

understanding of the business and the

of their listing brokerage. As your repre-

market. David and Devon have lived in

sentative, we provide you with dedicated,

the Tetons for three decades and Luke

knowledgeable and responsible support.

is a Jackson Hole Native. We have the

We deploy our unique market experience,

“

knowledge and experience of being “lo-

knowledge of the inventory and skills

cals”, not to mention the strong personal

to ensure a successful outcome. Our

and professional relationships we have

passion for the valley real estate market

developed with vendors, contractors and

is rooted in our knowledge of the Teton

government contacts throughout the re-

region itself. We offer local insights on the

gion. Our reputation for integrity and pro-

area, the unique lifestyle and the special

fessionalism is based upon the relation-

needs of living in this World Heritage Site.

Obviously, we could not have done this without you and your generous support when confronting with sellers whom I considered to be inflexible and difficult to deal with.

I took a moment to reflect today, and I count that this is the 29th residential real estate transaction that I personally have done. These deals spanned the Washington, D.C. area, Delaware and California. Therefore, I think it’s fair to say I know a good and bad broker from one another.

In all these deals, I never dealt with a broker who could hold a candle to you. You remained calm, reasonable, efficient, informative and always took the extra step to get whatever we needed done. These actions included finding two builders who committed to an early Spring start for us, getting surveyors moving on short notice to flag the set-backs, and providing recommendations for who to use for various tasks. When the title company or property manager strayed a bit off course you always were there to provide a gentle correction.

ships we have built on trust and longevity, relationships that are crucial elements in

Our team views the services we provide

collaborating on successful transactions.

as a complement to the incredible envi-

Our strong network in the valley gives us

ronment and community we have been

the competitive advantage over other real

fortunate to be members of for decades.

estate professionals in the area.

If you are just beginning your exploration of Jackson Hole, please turn to us for

Finding a seasoned professional is only

information on local real estate prices,

the beginning. As a buyer, you must rely

schools, economics, recreational opportu-

on your agent to give you the most accu-

nities, and personal lifestyle.

rate, up-to-date market information available. We take the approach of showing

BILL A ND SU SAN RE YN E R Santa Barbara, CA

JacksonHoleLuxuryReport.com

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A B O UT US

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David Viehman

Devon Viehman

Luke Smith

Josie Daniel

Associate Broker

Associate Broker

Associate Broker / Licensed in WY & ID

Sales Associate

David Viehman understands that real estate is about relationships – the ties forged between people and place. He has devoted his life to sharing the valley he loves so dearly with people keen to plant roots in Jackson Hole. A Florida native, David moved to Jackson over three decades ago with his wife Donna and daughter Devon. Having begun his real estate career in 1982, David dove into the Teton real estate world, and quickly discovered the valley presented a distinct market worthy of analysis. Twenty-six years ago, he published the first Jackson Hole Report, a quarterly newsletter tracking sales and listings. Now considered the definitive source on valley real estate trends, the Jackson Hole Report has been cited in national publications including The Robb Report, The Wall Street Journal, New York Times, US NEWS, Chicago Tribune, Washington Post, Los Angeles Times, San Francisco Chronicle, and NPR. To this day, David’s singular approach to the local market melds detailed analytics with personal attention. Knowing the valley as well as he does allows him to deftly find and feature properties for his clients, particularly when it comes to the luxury market.

Growing up in Jackson Hole, Devon Viehman embraced the cowgirl lifestyle with a drive and determination that foreshadowed her career to come. Beyond the rodeo arena, Devon has built a name for herself as topproducer among valley Realtors. She has garnered industry accolades throughout her sixteen-year career: In 2011, Realtor Magazine featured her as one of its Realtors to watch on “The 30 Under 30” national list. She served as the youngest-ever President of the Teton Board of Realtors in 2012 and was named Realtor of the Year by the Wyoming Association of Realtors the following year.

Committed to development, Devon was elected as the Wyoming Association of Realtors 2018 President and serves on committees for the National Association of Realtors. Every quarter, she co-authors the Jackson Hole Report with her dad, David and husband, Luke. She is currently a Teton County Planning Commissioner and is committed to seeing Jackson Hole grow in a smart, sustainable way. Her professional accomplishments are matched by the fulfillment she feels as a mother to her 13-year-old son.

Raised in Jackson Hole, Luke was introduced to the myriad of outdoor pursuits Jackson Hole has to offer at an early age. From camping, mountain biking, hiking, river floating and fishing in the summers to skiing, ice hockey and snowmobiling in the winters, Luke has lived the Jackson lifestyle since a very young age. The abundance of activities and fun that the Jackson Area has to offer is what brought Luke home after college.

Josie moved to Jackson Hole 18 years ago after spending a single summer being mesmerized by the stunning beauty of this small Western town. She grew up in Lookout Mountain, Georgia with a deep love of home, family, community, and lasting relationships.

After graduating from the Baylor School in Chattanooga, Tennessee, Josie went on to the University of Georgia where she studied Studio Art. Her art education led to a lasting interest in design of interior spaces, particularly of homes.

307 690 4004 david@jacksonholereport.com

307 690 0621 devon@jacksonholereport.com

JacksonHoleLuxuryReport.com

A graduate of Colorado State University, Luke is a successful small business owner in Jackson and brings his down-to-earth practices to real estate. Luke understands that lasting relationships are the foundation for a successful relationship with his clients.

He has been here for decades and will be here for decades to come. An 11-year veteran of the Moose Hockey team, Luke still enjoys participating in Jackson Youth Hockey as a coach and continuing the tradition his father started decades ago. He is an avid fly fisherman and enjoys sharing a day on the river with friends and clients; letting them experience the river.

307 699 5921 luke@jacksonholereport.com

After settling in Jackson, her western home and heart were made whole with the addition of her children, Gaines and Susannah.

Motherhood is, without a doubt, her proudest achievement, she says. Raising her children in Jackson Hole is a continuous joy that naturally evolved into a strong desire to match others with the perfect home for their families.

Perhaps the most important thing to know about her is that she does not simply talk about buying a home and investing here. As a homeowner, mother, resident, and member of the community, she is fully invested and is proud to call Jackson Hole her home.

307 699 4889 josie@jacksonholereport.com

W HY W YOM IN G

Wyoming does not charge state tax on personal or corporate income. And its sales tax, property tax and inheritance

THERE ARE MANY REASONS TO LOVE WYOMING...

tax are among the lowest in the U.S. In particular, property taxes are based on assessed value. The Teton County rate

Why Wyoming For a decade running, Wyoming has ranked #1 for business-friendly taxation on Tax Foundation’s annual State Business Tax Climate Index.

is 1.2% of the property’s assessed value while the Town of Jackson rate is 0.8%.

In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years by establishing a dynasty trust. As a result, multiple generations can make use of and enjoy the property without having to pay estate taxes or worse, having to sell the property in order

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to pay the taxes.

No state income tax No corporate tax No estate tax No capital gains tax No trust tax

No state gift tax: a Wyoming property owner can gift that real estate to their heirs without paying a state gift tax.

No tax on out-of-state retirement income. Second-homeowners may have retirement income from another state; Wyoming doesn’t tax retirement income

Low sales tax

earned beyond its borders.

Low property tax

No excise sales taxes. A tank of gas or

Low inheritance tax

state tax.

bag of groceries are not burdened by

No intangible taxes: Wyoming does not tax financial assets like stocks and bonds.

No tax on the sale of real estate.

No tax on mineral ownership.

JacksonHoleLuxuryReport.com

E &V

Live your luxury.

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Escape the everyday … with the luxury of the great outdoors.

Live Your Wyoming Dream Engel & Völkers . .

Jackson Hole Star Valley Sublette . Dubois . Teton Valley . Swan Valley

jacksonhole.evrealestate.com | starvalley.evrealestate.com | sublette.evrealestate.com

Photo Features Real Estate Advisor Jo Gathercole JacksonHoleLuxuryReport.com

EN G EL & VÖL KER S

Extensive · Domestic · Global · Exposure

N

ot all properties are created equal, yet Engel & Völkers values every home our advisors represent and will dedicate

the expertise, time, and unmatched marketing resources we possess to help you sell your property to the right buyer at the right price. Our Extensive Domestic & Global Exposure (EDGE) platform provides unprecedented reach to get your property in front of qualified consumers, whether they are next door, in The Americas or abroad, because they deserve to see it, and

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you deserve to sell it. Working with an Engel & Völkers advisor gives you the EDGE that allows each home listing extensive online exposure in major markets where a potential buyer for your property may exist, with today’s savvy consumers and international clientele. But we don’t stop there ...

E

ngel & Völkers provides luxury services to each of its clients worldwide. With a global network of more than 16,000 real

estate professionals in over 37 countries, we not only reach millions of targeted consumers, but we collaborate with our fellow Engel & Völkers advisors to strategically handpick and refer buyers for the specific properties they seek ... like yours.

JacksonHoleLuxuryReport.com

Significant Sales Here are some of our significant sales over the last 30 years that we have been involved with either on the listing, selling or both sides. Will you be one of our significant sales in 2022?

HUCKLEBERRY ESTATE Rare Legacy Estate Offering on Six Lots at Jackson Hole Golf & Tennis. List price $15.5 million

SPRING CREEK EQUESTRIAN CENTER World Class Equestrian Facility in the heart of Jackson Hole. List price $20 million (2002 sale)

PACIFIC CREEK IN-HOLDING Custom log home with two parcels on Pacific Creek, totaling 8.8 acres. List Price $8.5 million

ELLEN CREEK Luxury Living in Teton Village at this ski retreat.

List price $12.5 million

VOGEL HILL RANCH #10 35-acre parcel with elevated views of the valley and Tetons. List price $8.5 million

3 CREEK CABIN Custom Cabin on the golf course.

List price $4.35 million

ON SNAKE RIVER 215 acres north of Jackson, on Snake River (first sale ever).

List price $5 million

FAIRWAYS ESTATE AT JACKSON HOLE Stunning 8,000 sq. ft. home on three acres with big Teton views. List price $6.25 million

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JacksonHoleLuxuryReport.com

S IG N IFICAN T SAL ES

RIVER SPRINGS A luxury three lot subdivision on the Snake River.

List price $7.2 million

FAIRWAYS ESTATES LOT 37 Exquisite home with panoramic Teton and Sleeping Indian views. List price $5.95 million

FAIRWAYS ESTATES LOT 8 Warren Adler’s, author of War of the Roses, personal residence. List price $6.5 million

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4/B RANCH The historic 4/B guest ranch (85 acre Ranch + a 35

GILL ADDITION Landmark sale in the most desirable location in town on

GRANITE RIDGE HOME LOT 7 Luxury Ski Home located directly on the slopes at Teton

acre parcel). List price $14.95 million

the National Elk Refuge. List price $4.8 million

Village. List price $11.9 million

3 CREEK CABIN

GRANITE RIDGE LODGE #10 Luxury Ski townhome located directly on the slopes at Teton Village. List price $4.2 million

TUCKER RANCH Custom log home in Tucker Ranch.

List price $10 million

Custom Cabin on the golf course.

List price $4.35 million

JacksonHoleLuxuryReport.com

174 North King provides stable, Affordable housing for 41 people in our community. On average, King Street homeowners have served Teton County for over 14 years, cumulatively giving back over 10,000 volunteer hours.

From the lowest cost unit to the highest cost unit, the condos at King Street were priced to be affordable to households earning between $51,278 (63% AMI) and $99,397 (86% AMI).

The Town’s contribution to this project includes land and $1.25m, in exchange, they were provided with five housing options for Town employees.

The Community Housing Trust leveraged the Town’s contribution with private philanthropy ($1.1m) and the sale of four Employer Option Agreements ($1.1m), which allowed employers to secure affordable housing on behalf of their employees. This pilot

Downtown Jackson just got a little more Affordable Community Housing Trust celebrates completion of 24 Affordable homes

program allowed the CHT to raise meaningful capital required to support construction of the Affordable homes, while minimizing the burden on donors and taxpayers.

Of the newest homeowners, ​​Anne Cresswell, Executive Director, says “They are our teachers, managers, fire fighters, first responders, physical therapists, counselors, guides, and carpenters, all of whom make our community great. Each have given so much to our town and it is an honor to give back to them a place to call home.”

Of the opportunity to purchase a home at King Street, Leslie and David Gomez said, “It has had a profound and measurable impact on our family and on our quality of life.”

COM M U N IT Y HOU S IN G FU N D

The Gomez’s have worked for the Forest Service for over 23 years. David is the National Helicopter Program Manager on behalf of the National Forest Service, and Leslie is the North Zone Fire Prevention

“They are our teachers,

Specialist for the Bridger Teton, Blackrock and

managers, fire fighters,

Jackson Ranger districts. In their spare time, David

first responders, physical

serves on the Teton Helitack Crew and Leslie is a USFS Smoke Jumper. Prior to having stable housing

therapists, counselors, guides,

in Jackson, the Gomez family commuted from Driggs

and carpenters, all of whom

to their jobs in Jackson—jobs that often require

make our community great.

overtime and significant travel.

Each have given so much to our town and it is an honor to give back to them a place to call home.”

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Anne Cresswell Executive Director, Jackson Hole Community Housing Trust

“Now that we live in the community where we work, is it clear the incredible toll it took on our family to commute to work and school every day. Living here gives us peace of mind that we’re all in the same area versus being over the hill which was incredibly stressful. To have the opportunity to work and live

To support the essential work of the Community Housing Trust, donate today at HousingTrustJH.org

in Jackson is a blessing. To have the priceless time back in our day means more family time, more time enjoying this beautiful place, close to friends, enjoying this community.”

JacksonHoleLuxuryReport.com

We hope the Jackson Hole Luxury Report gave you a snapshot of the trends unique to our local luxury market. To further discuss our research or to receive a digital copy, please contact us at (307) 690-4004 or david@ jacksonholereport.com. You also can write to us at: P.O. Box 2431, Jackson, WY 83001, Attn: David Viehman. * All statistics quoted in the Jackson Hole Luxury Report have been supplied by sources that have been deemed reliable but are not guaranteed. * All statistics are based on sales in 2022 compared to 2021. * If your property is currently listed, this is not meant as a solicitation.

JACKSON HOLE LUXURY REPORT GLOSSARY Median sale price: the price of a property that falls in the exact middle of the price scale, as in there are the same number of sales above and below it.

Average sale price: the total combined dollar volume divided by the number of sales.

Market value: the value of property in terms of what it can be sold for on the open market; current value.

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Overall: All luxury sales in Teton County combined – homes, lots, condos, commercial and ranch. © Copyright 2013-2022 by David E. Viehman. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.

2 7 T H A N N I V E RSA RY DAVID VIEHMAN

JacksonHoleLuxuryReport.com

DEVON VIEHMAN

LUKE SMITH

JOSIE DANIEL

PO Box 2431, 70 S. King Street | Jackson, WY 83001

Our mission.

Our Group offers guidance and outstanding market knowledge to successfully navigate you through the Jackson Hole luxury real estate market. Give us your list of must haves, we’ll listen to your vision and bring it to life. Our Group is passionate about matching our clients with homes that reflect their lifestyles. Our team-approach philosophy ensures your needs are important to each and every member of our organization. We value the opportunity to serve all your real estate needs.

JacksonHoleLuxuryReport.com | 307.690.4004