Jackson Hole Luxury Report Volume 7, Edition 2

VOLUME 7 | EDITION 2

HUCKLEBERRY ESTATE page 3

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

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 pub-

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

2

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.

lished the inaugural Jackson Hole Luxury Report seven 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 1,719 properties worth $3 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

Huckleberry Estate It is exceedingly rare for a legacy estate of this size and provenance to come on the market.

Situated on six, 3+ acre lots with sweeping views of the Tetons and adjacent to the “Sleeping Indian� hole of the Jackson Hole Golf and Tennis, the property has a unique blend of privacy paired with close proximity to the airport, Town of Jackson and Grand Teton National Park access. It truly has the best of all worlds.

Learn more and view video at

3

165huckleberry.com

READ MORE >

HU C K LEBERRY ESTATE

4

Winner of American Institute of Architects Design Award in 1991 THE HOME

Designed by award-winning architect Bruce Hawtin of Hawtin Jorgensen Architects in Jackson Hole, the

Toad Hall

Frank Lloyd Wright-inspired, 14,598-square-foot, 7-bedroom, 9-bathroom home was programmed to maximize the views of the Tetons. “Every inch was designed to take full advantage of the site,” says Hawtin. With classic lines and a beautiful floor plan, this sophisticated estate—nicknamed “Toad Hall” for the original owner’s love of “The Wind in the Willows”— exudes timeless luxury.

JacksonHoleLuxuryReport.com

HUCKLEBERRY ESTAT E

Entertaining takes center stage in the chef’s kitchen with majestic, 18-foot cathedral ceilings and clear story windows to capture the sun, pocket doors for privacy during parties, and vertical-grain cherry cabinets. Chef-grade amenities include two ovens, double dishwashers, a professional-grade Sub Zero refrigerator, six-burner Thermador gas range with grill, warming drawers, granite island and butler’s pantry.

The intimate breakfast room with wood-burning fireplace sets the stage for small gatherings and engaging breakfast conversations around the table. At dinner time in the formal dining room, guests look out over a breathtaking vista of the Tetons.

Capturing an unparalleled view of the surrounding landscape, the soaring 18-foot living room ceiling has tongue-and-groove western red cedar. A large stone fireplace is the true heart of the home where family and friends gather to relay tales of days spent exploring. Just off the living room, a smaller piano nook creates an intimate gathering space to enjoy music, wine and conversation.

The custom gallery hallway leads from the living room to three guest bedrooms—one with Teton views—and features expansive windows and soaring ceilings. In the opposite direction, the master suite includes a wood-burning fireplace and magnificent views of the Grand Tetons. Designed as a true respite, the space features a cozy sleeping area, an expansive custom walk-in closet, and seamless granite master bath with walk-in shower, soaking tub and beautiful vertical-grain cherry wood cabinets.

At every possible turn the home is connected to the outdoors. In the warmer months, a 372-square-foot north-facing stone patio, with an outdoor fireplace sets the stage for long, lingering dinners outside in the fresh mountain air.

JacksonHoleLuxuryReport.com

5

HU C K LEBERRY ESTATE

The Guest & Pool House The guest house is attached to the main home via a heated outdoor walkway or carpeted, beautifully finished, heated underground tunnel designed to be reminiscent of an Old Western mineshaft. The guest house provides additional accommodations, and is also used as a private hideaway/ executive office suite. Guests can relax on the private, 500-square foot outdoor patio ideal for entertaining with extraordinary views of the Tetons and sunsets. The large, cathedral ceiling office with wood burning fireplace, mahogany walls and trim and walnut floors with maple inlay affords a magnificent view of the Grand.

6

JacksonHoleLuxuryReport.com

HUCKLEBERRY ESTAT E

When it’s time for a break from the world, the year-round indoor pool is accompanied by a fully equipped workout room, hot tub and spa. This private escape, finished with sixty-million-year-old fossil fish floors quarried in the Green River area, oak doors and trim, and Douglas fir beams, is ideal for days when outdoor activity is limited.

An expansive 2,000-bottle wine cellar was designed for a connoisseur in mind with an expansive and luxuriously appointed glass-enclosed and temperature-controlled environment and custom mahogany racks and trim. The space is finished with rustic, handhewn fir beams, and a storage room for cases.

The Landscape Discover your own private hideaway with five outdoor patios

7

designed to capture the magic of Jackson Hole at any time of day.

Each secluded space offers an opportunity to kick back and enjoy a wildlife right at your doorstep.

The grounds are integral to the feel of this singular retreat. Between the main house and guest house is constructed of paving stone, as is the 300-foot driveway. In addition to stone terraces, the reflecting pool with rock waterfall provides one of the most picturesque vistas in all of Jackson Hole. Wide open spaces are complemented with areas of golf-course standard manicured lawn, recirculating pond, seasonal stream, wild grasses and wildflowers, creating the ideal haven for birds, deer, fox, moose, elk and bison.

Learn more and view video at

165huckleberry.com

JacksonHoleLuxuryReport.com JacksonHoleLuxuryReport.com 7

CONTENTS

11 Overall Luxury Market Comparing mid-year 2019 with 2018, we discovered that the overall number of luxury sales decreased 17% to 50 sales total.

14 Single Family Luxury Homes Luxury homes accounted for 60% of all luxury sales so far in 2019. All told, the number of sales is down 19%, and the dollar volume decreased by 9% to a total of $175 million.

Competence. Exclusivity. Passion.

Ensuring an Experience of the Highest Caliber

Opening the door to the life you aspire.

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:

17 Vacant Luxury Lots The demand for vacant luxury lots so far in 2019 is on par with last year. Sales totaled eight transactions with a dollar volume of 8

$33.8 million.

home. From starter homes, to dream homes, and even castles, 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.

Engel & Völkers evokes a real estate experience with the utmost

18 Luxury Condo/Townhouses Luxury Condo/Townhouses are few but not far between in Jackson Hole: Almost all are located in Teton Village.

competence, exclusive expertise and passion for all that we do.

Handcrafted attention to every detail and meticulous white-glove service is what each and every one of our clients deserves.

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

20 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.

22 Significant Sales Here are some of our significant sales over the last 27 years that we have been involved with either on the listing, selling or both sides.

“

David and Devon Viehman are the best realtors I have ever worked with - buying or selling a property in the Jackson Hole area. This is the third home I have sold in Jackson and they did it in one day! From the time the offer was placed to the closing they responded to phone calls, texts and emails immediately.

Wise advice and guidance through out the process. I will use them again in the future and would not even consider anyone else in Jackson to work with.

R O SA N N A M I TC HELL Jackson Hole, Wyoming

JacksonHoleLuxuryReport.com

S ELLER S ERVICES

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.

“

After perusing this publication, we hope

advice available, we ensure that you

you agree: the Jackson Hole Luxury

have a successful and smooth real estate

Report stands in a league all its own.

transaction.

Other Realtors try to analyze the Jackson Hole market from MLS statistics, however

To keep you abreast of Jackson Hole’s

the MLS accounted for only 46% of the

ever-changing real estate conditions, we

luxury sales in 2018. In contrast, we track

offer a suite of services including daily

every single luxury transaction in Teton

email updates of active luxury listings,

County by painstakingly reviewing public

a free confidential market analysis of a

records. Our data-driven reporting is the

client’s property and annual price updates

most accurate and trusted real estate

for estate and/or trust planning. If you

news source in Teton County.

want to list your luxury property this fall, please call or email us to set up an

We use this detailed data to help you

evaluation of your property. After touring

– our clients. From pricing your luxury

your property, we will provide a custom

property to sell in this competitive market

marketing plan. No other Jackson Hole

to helping you determine the right time

brokerage can duplicate the dexterity of

to buy, we share all of our analytical

our marketing approach.

insight with you. Paired with impeccable

We cannot say enough good things about your total effort in selling our Bar B Bar property. Your professionalism each step of the way combined with your experience and wisdom was most essential.

Seldom is found: your kindness, patience, attention to detail, and strong sense of integrity. We thank you! It would be a privilege to do business with you and your team in the future.

A LLAN BAU MGART E L & JOE L T H E IS S Laguna Niguel, CA

professionalism and personal attention,

So whether you plan to list your luxury

we offer you superior service matched

property soon, want more detailed

only by the superior nature of the

analysis of a specific area, or need a

properties themselves.

professional realtor to represent you, please call (307) 690-4004 or email

The lack of published luxury sales can

team@jacksonholereport.com.

make pricing a luxury home stressful, particularly when emotions are involved.

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 extensive research of listed and unlisted sales. By providing you with the best

JacksonHoleLuxuryReport.com

9

WH AT DEFINES LUXU RY IN JAC KS ON H OLE?

Custom Home JACKSON HOLE GOLF & TENNIS Located on the 2nd fairway at Jackson Hole Golf and Tennis, this custom home boasts stunning views of the Grand Teton and surrounding mountain ranges. Built in 2006, this four-bedroom home is well appointed with high-end finishes, custom woodwork and tile. Throughout the 3,333 square feet of living space you will enjoy the many details that were designed for the home.

The home is being offered fully furnished and entirely turn key. The one-acre lot is spacious and gives you room to enjoy your outdoor spaces, which includes beautiful landscaping and a seasonal stream. In

10

addition to the home, there is a large three-car garage with ample storage space.

Wildlife frequent the area and are seen regularly during migration times.

List price $3,750,000 www.6155junegrass.com Devon Viehman (307) 690-0621

W H AT D E F I N E S LU X U R Y I N JACKSON HOLE?

Our simple answer: a property worth $3 million or more.

JacksonHoleLuxuryReport.com

Our full response is much more nuanced. Respecting the singular nature of high-end homes and parcels, we analyze each property in great detail. Often, these properties are incomparable, eluding clear comparisons to other properties. Context is crucial for both buyers and sellers navigating the elite market.

Pricing such singular parcels requires consulting a specialist—an expert not only in analyzing luxury data, but also recognizing valley trends. As authors of the Jackson Hole Luxury Report, the only one of its kind, David and Devon Viehman are leaders in the local field of luxury real estate.

OVERALL M ARKET

Overall Luxury Market Comparing mid-year 2019 with 2018, we

listings priced over $3 million (up 33%), with

discovered that the overall number of luxury

36% of those on the market for more than

sales decreased 17% to 50 sales total, and

12 months.

Listen to the Numbers

MLS accounted for only 62% of the overall luxury sales in the first six months of 2019.

the overall dollar volume decreased 5% to $293 million. NOTE: While luxury sales only

The challenge with tracking luxury market

make up 17% of the overall number of sales

values is the lack of comparable sales. While

in Jackson Hole, they account for 52% of

there are many properties in Jackson Hole

the total dollar volume so far in 2019.

worth more than $3 million, no two are alike.

OVERALL LUXURY SALES BY AREA

For this reason, many sellers start by overThe hot spot for all sales, again claiming

pricing their homes beyond market levels,

62%, was between $3 and $5 million.

and then lower the price progressively until

Five luxury properties have sold for more

why 26% of the luxury listings have been

than $10 million so far in 2019. However, only one was reported to the MLS; a trend that underscores the necessity of enlisting us as your Realtor when entering this elite market.

the property reaches market value. This is on the market for more than two years. If you are planning to sell your property soon,

11

do not make the mistake of overpricing it.

Through our confidential property and market analysis, we can help you through the entire process.

While the first half of 2019 experienced a 21% decrease in luxury sales between $3 and $5 million, as well as the $5+ million segment, the over $10 million segment is up 67%. A home on 4.7-acres in Indian Springs was the highest priced sale listed in MLS. While the price was not disclosed, it was listed for $15.5 million. NOTE: At the

Close analysis of the statistics supports the following conclusion: When compared to mid-year 2018, the current overall available inventory increased by 33% in 2019. Meanwhile, the average listing price is up 3% to $8.06 million and the median listing price is up slightly to $5.95 million.

end of the first six months, there were 125 Number of sales decreased 17%

Overall dollar volume decreased 5% Current overall inventory increased by 33%

WESTBANK

NORTH OF JACKSON

GROS VENTRE BUTTES

TOWN OF JACKSON

SOUTH OF JACKSON

26 SALES $160M

3 SALES $13M

6 SALES $30M

4 SALES $21M

13 SALES $76M

JacksonHoleLuxuryReport.com

OV E RALL MARKET

THE CURRENT LANDSCAPE Available inventory is up 33% compared to mid-year 2018, at 125 luxury listings for sale. With an average listing price of $8.06 million and a median listing price of $5.95 million, available inventory breaks down into:

2 LISTINGS OVER $20 MILLION

50 LISTINGS (40%) BETWEEN $3-$5 MILLION

12

MOST EXPENSIVE SALE IN 2019

Jackson Hole Ski Corp. Tract H-1

49 LISTINGS (39%) BETWEEN $5-$10 MILLION

Tract H-1 of the Teton Village Master Plan represents one of few remaining opportunities to own prime vacant land

24 LISTINGS BETWEEN $10-$20 MILLION

commercial real estate at the base of the legendary Jackson Hole Mountain Resort. Tract H-1, which is 3.62 acres, is one of the larger commercial lots created in the master plan and offers one of the strongest locations for elevated mountain and valley views, skier access, pedestrian access, and development potential. The property allows for mix-used development comprised of commercial and lodging uses.

JacksonHoleLuxuryReport.com

Of the 125 listings, only 23 are 35+ acres.

OVERALL M ARKET

4 OVERALL LUXURY UNDER CONTRACT

9

At mid-year, there were 18 properties under contract (down

number of properties under contract reflects at 65% decrease in listings under contract in Shooting Star, where the development is slowly selling out. Of the listings currently under contract, 9 are townhomes, 4 are single-family lots, 4 are homes

1 COM M ERCIAL

TOW N HOM ES

58%) with an average list price of $6.5 million (up 22%), and a median list price of $6.4 million (up 28%). The decrease in the

HOM ES

4

S IN G LE- FAM ILY LOTS

18 properties under contract (down 58%) Average list price of $6.5 million (up 22%)

Median list price of $6.4 million (up 28%)

and 1 is a commercial building.

13

THE MOST EXPENSIVE UNDER CONTRACT

7675 S. Highway 89 (84 acre parcel) This 84.36 acre ranch is located directly behind the new Munger Mountain Elementary School just south of Jackson. It also backs up to Bridger Teton National Forest. Currently operated as a working ranch, the Buyer has applied to have the property rezoned and is waiting for approval. The property also includes a small 1945 ranch house.

L I ST PRI C E $12.5 M

JacksonHoleLuxuryReport.com

S I N G LE FAM ILY HOM ES

Single Family Luxury Homes Luxury homes accounted for 60% of all luxury sales so far in 2019. All told,

HOT SPOT

the number of sales is down 19%, and the dollar volume decreased by 9% to a total of $175 million. In contrast, the average sale price increased by 12%.

The Westbank logged the most single-family luxury home sales with 14 sales, 11 of which were north of Wilson. Only five of the Westbank sales sat atop parcels with more than five acres of land,

The first six months of 2019 ended with

resent 10% a decrease from last year. Some

30 home sales over $3 million (down 19%),

homes continue to be overpriced for the

of which 57% sold for between $3 and $5

current market, while others do not match

million.

the value of the land they occupy.

NOTE: The most expensive sin-

gle-family luxury home sale so far in 2019

14

was in Indian Springs Ranch. Listed at $15.5

This

situation

constrains

buyers.

For

million, the 4.7 acres came with a 8,500+ sq.

instance, in the $15+ million segment, buy-

ft. home, a 1,000+ sq. ft. guest house and a

ers may choose from 13 homes valley-wide.

1,000+ sq. ft. garage.

Of those 13, nine are 10+ years old and six have less than 10 acres; only three are on

Unlike the locals’ market—where homes

the Snake River. Further complicating the

under $1 million are limited to two months of

process, many luxury homes only appeal

supply—the luxury home market is saddled

to a specific buyer—a precise pairing that

with 13 months of inventory, up 45%. While

requires substantial marketing.

this may seem like plenty of inventory to meet demand, this dynamic is not as favor-

NOTE: There are 4 luxury homes currently

able for sellers: 36% of the existing inventory

under contract (down 71%). All are listed for

has been on the market for at least a year

under $6 million.

and 26% for more than two years—both rep-

two of those with 35+ acres.

MOST EXPENSIVE S I N G L E - F A M I LY H O M E S A L E

Indian Springs Lot 66 Sitting on the highest lot in the exclusive, gated community of Indian Springs Ranch, Star Dancer is a centrally located home, nestled on a hillside with majestic mountain views. It is five miles from Town Square and 10 miles from the Jackson Hole Mountain Resort, yet completely private and quiet. The stunning design of the main living level has vaulted ceilings, large windows and open living areas to create a warm environment with picture perfect views. Balconies and a south-facing patio provide ample spaces to relax, entertain and soak in the outdoors during each season. The lower level is a series of guest suites with fireplaces, leading to patios and lawns with a game and bunkroom. A generous guesthouse sits above a three-car garage. A waterfall, two ponds and a creek feature add ambience and attract wildlife.

The main house has five bedrooms, and eight bathrooms encompassing

Number of sales is down 19%

Dollar volume decreased by 9%

8,581 sq. ft. while the guesthouse has one bedroom and one bath encompassing 1,008 sq. ft. While the sale price was not disclosed to MLS, it Average sale price increased by 12%

JacksonHoleLuxuryReport.com

was on the market a total of 113 days.

L ISTE D AT $15 ,5 00,000

S IN G LE FAM ILY HOM ES

THE CURRENT LANDSCAPE Available inventory increased 45% compared to July 1, 2018 with 84 luxury homes for sale. With an average listing price of $9.15 million (up 24%), and a median listing price of $6.4 million (up 20%), the available inventory breaks down into the following: 28 homes priced between $3 and $5 million (33%); 33 between $5 and $10 million (39%); 21 between $10 and $20 million and two over $25 million (see most expensive home listing). NOTE: Of the 84 homes listed, only six—or 7%—sit on 35+ acres.

Also noteworthy: 68% 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

Bar B Bar A very special home and much more. The 4 bedroom, 7984 square foot home is on a 37 acre parcel and adjoins 6 other 35+ acre parcels totaling 278 acres in the private Bar B Bar Ranch. With 3 spring creeks flowing through the property and over 1/2 mile of Snake River frontage you know you are somewhere very special. The home is an exceptional design and built to the highest quality standards. A 4 bedroom 3618 sq. ft. guest house adds to the appeal. The property has been extensively landscaped and very private yet conveniently located. Two patios offer wonderful outdoor spaces as well as enjoying the bark covered walking paths.

Watch the wildlife every season and enjoy the fishing in the creeks or river.

L IST PR ICE $ 8 0 M Ed Liebzeit Jackson Hole Sotheby’s International Realty

JacksonHoleLuxuryReport.com

15

F E ATURED LUXU RY LISTING

The Phoenix House TETON VILLAGE This European style ski chalet is completely furnished and perfect for year-round living, a vacation getaway, or for short-term rental income.

This multi-level home comes completely furnished in a Western motif and boost four large bedrooms, two family rooms, a bonus room (office or den). Other features include: 3,146 sq. ft. of heated living space; well appointed kitchen with black granite counter tops, glass door cabinets and modern appliances; wood, slate and tile floors throughout; lodge pole furnishings; upgraded lighting and plumbing fixtures; vaulted ceilings; large exposed beams; lots of windows (light and bright); mud room with cubbies for ski and outdoor gear; 2 car attached and heated garage with 16

a floor drain; 2 wood-burning fireplaces; 5 balcony’s and 3 porches; outside hot tub; and heavily treed lot creating a sense of privacy.

The well maintained exterior is a mix of heavy wood, stucco, and wood cedar shake siding and roof. The multiple balcony’s and decks, plus a hot tub, add to the enjoyment of our Jackson Hole summers. The property is heavily wooded, with lots of tall native grasses and wildflowers, and designed with low to no maintenance in mind.

There is also plenty of room for expansion of the house, or adding a separate garage/guesthouse. Ski-in access to the world famous Jackson Hole Mountain Resort is only a few hundred feet from the property.

LIST P R I CE $4.5 M www.3620mccollister.com David Viehman (307) 690-4004

JacksonHoleLuxuryReport.com

VACAN T LOTS

Vacant Luxury Lots

HOT SPOT South of Jackson enjoyed the most luxury lot sales to date with four

The demand for vacant luxury lots so far in 2019 is on par with last year.

luxury parcels for a total dollar value of $15.3 million.

Sales totaled eight transactions with a dollar volume of $33.8 million. This is an above average showing for this market segment when compared to the last 10 years.

CURRENT LANDSCAPE Available inventory of luxury lots is up 7% in 2019 with a total of 29

Vacant luxury lots under contract are down 50%, with only 4 lots under contract (8 in 2018) at an average list price of $8.35 million. NOTE: All are 30+ acres.

As previously discussed, several factors could accelerate sales of luxury lots. 68% of the current luxury home inventory classifies as outdated product (15+ years old), with only 21 homes built in the last 10 years. NOTE: Only six of the 84 luxury homes currently listed sit on 35+ acres.

single-family luxury home sites currently listed. With an average list price of $5.9 million (down 33%), and a median list price of $4.5 million (down 43%), available inventory breaks down into the following: 15 lots listed between $3 and $5 million; 12 between $5 and $10 million; and two at more than $10 million.

Of the 29 listings, 15 offer 35+ acres.

17

MOST EXPENSIVE LUXURY LOT SALE

Bar BC Ranch Lot 12 a 38-acre elevated tract north of Jackson in Spring Gulch. This mountain ranch feels more remote than it actually is as moose and elk range on the property and mule deer are often seen perched on outcroppings of rock.

Situated to take full advantage of the subtly changing light on the Sleeping Indian, this site overlooks one of the valley’s most scenic corridors. A yurt has been constructed on the property so one can sit on the deck and enjoy what views would be from a future home. There are paved roads, central waters, and underground utilities to each ranch boundary and a private gated entry with secure access. There is also a private walkway to the Snake River for Bar BC homeowners.

L IST PR ICE $ 7.7 M Tom Evans | Jackson Hole Sotheby’s International Realty JacksonHoleLuxuryReport.com

C ONDO S/TOWNHOMES

Luxury Condo/Townhomes Luxury Condo/Townhomes are few but not far between in Jackson Hole: Almost all are located in Teton Village. 154 units currently qualify for the Jackson Hole Luxury Report by being worth $3+ million.

CONDO/TOWNHOMES UNDER CONTRACT There are 9 luxury townhomes currently under contract or reservation. All are new and within Shooting Star. They range in size from 4,074 to 5,095 sq. ft. Prices range from $5.7 million to $8

This dramatic rise in luxury units is due to increased values, and new townhomes

81

Shooting Star (Lodges or Cabins)

26

Four Seasons Hotel

MOST EXPENSIVE CONDO/TOWNHOME UNDER CONTRACT

21

Granite Ridge Lodges

Homesteads at Shooting Star

16

Granite Ridge Homesteads

6

Timbers at Granite Ridge

1

Snake River Lodge & Spa

1

Granite Ridge Cabin

1

Crystal Springs Lodge

1

Town of Jackson Penthouse

coming online in Shooting Star. They break down as follows: 26 units in the Four Seasons Hotel; all 21 Granite Ridge Lodges; 81 in Shooting Star (Lodges or Cabins); 16 Granite Ridge Homesteads; 6 Timbers at Granite 18

L ISTE D AT $7.85 M

Ridge; 1 Snake River Lodge & Spa; 1 Granite Ridge Cabin; 1 Crystal Springs Lodge; and 1 penthouse in the Town of Jackson.

In the first six months of 2019, the number of luxury condo/townhome sales was down 20% (8 total sales) with the dollar volume down 24% to $35 million. Of the 8 sales, one was a Granite Ridge Homestead; three were in Shooting Star; one was a Crystal Springs Lodge; one was a Granite Ridge Cabin; one was in Snake River Lodge & Spa and one in the Timbers at Granite Ridge.

JacksonHoleLuxuryReport.com

John Resor | The Clear Creek Group

CON DOS /TOW N HOM ES

There are “7” luxury townhomes currently listed. They range in size from 2,200 to 3,500 sq. ft.

Prices range from $3.025 to $5.75 million.

MOST EXPENSIVE LUXURY CONDO/TOWHOME SALE T O DAT E I N 2 0 1 9

CURRENT LANDSCAPE MLS shows seven luxury units listed—all but one are in Teton Village. They range in size from 2,200 to 3,500 sq. ft. Prices range from $3.025 to $5.75 million.

Three are in Granite Ridge, two in Moose Creek, one in Shooting Star and one in the Town of Jackson. Five of the seven are furnished. Please contact us for a complete list of available luxury townhouses.

Shooting Star Cabin

MOST EXPENSIVE LUXURY CONDO/TOWHOME LISTING AT T H I S T I M E

Located at the Shooting Star Resort and next door to the Jackson Hole Mtn.

Cabins at Shooting Star #6

Resort, this 4,098 sq. ft. townhome is located on the lake and walking distance to the clubhouse. It was built using reclaimed timbers and Oklahoma Moss Rock stone. Included are 4 bedrooms, 3.5 baths, outdoor hot tub and a two-car attached garage. The floor plan includes a spacious master suite, upstairs living, with a beautiful rock fireplace and a well appointed kitchen with top-of-the-line appliances. The amenities of Shooting Star Resort include a Tom Fazio designed 18-hole golf course, a year-round clubhouse that includes a dining room and bar, men’s/women’s locker rooms with lounges, a Nordic ski track, a variety of fitness facilities, outdoor swimming

19

Located right in the heart of beautiful Shooting Star. Bordered by a clear stream and Shooting Star’s world class golf course, Cabin 6 is the perfect property for those looking for privacy, yet just a stones throw from all the amenities of Shooting Star and Teton Village . The house is just under 3,000 sq. ft and has 3 bedrooms, 3 full bathrooms and a powder room in the main upstairs living area. Impeccably furnished with spectacular views of the Teton Range to the west and the Gros Ventres mountains to East, this is the perfect home for Buyers looking for a turn key property that encompasses

pool, luxurious spa, and concierge services that connect directly to the

everything Jackson Hole has to offer.

Jackson Hole Mountain Resort.

L IST PR ICE $ 5.7 5M

$ 7. 0 75M

John Resor | The Clear Creek Group

John Resor | The Clear Creek Group

JacksonHoleLuxuryReport.com

A B O UT US

Meet the Team 20

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.

David Viehman

Devon Viehman

Luke Smith

Associate Broker

Associate Broker

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 two 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. Nineteen 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 rising star among valley Realtors. She has garnered industry accolades throughout her twelve-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. Her professional accomplishments are matched by the fulfillment she feels as a mother to her 11-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.

307 690 4004 david@jacksonholereport.com JacksonHoleLuxuryReport.com

307 690 0621 devon@jacksonholereport.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

S ELLER S ERVICES

LIST WITH US

For the Seller 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 the market better than anyone else because our extensive database tracks every real estate transaction in Jackson Hole. Only 66% of sales went through the local MLS in 2018. When pricing your property, you cannot rely on only 2/3 of the data.

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

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 9,000 advisors and 750 shops in 37 countries across the globe, including to 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 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 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 market your property through the Teton County Multiple Listing Service (MLS), exposing your listing to over 500 agents in the region who can help us find a buyer.

We will create a personal website for your listing: For all listings above $3 million, and for those special listings under $3 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.

NEW!

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.

Engel & Völkers Signature Film

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

JacksonHoleLuxuryReport.com

21

Significant Sales Here are some of our significant sales over the last 27 years that we have been involved with either on the listing, selling or both sides.

On Snake River 215 acres north of Jackson, on Snake River (first sale ever) List price $5 million

Ellen Creek Luxury living in Teton Village at this ski retreat List price $12.5 million

22 Spring Creek Equestrian Center World Class Equestrian Facility in the heart of Jackson Hole List price $20 million (2002 sale)

Granite Ridge Lodge #10 Luxury ski townhome located directly on the slopes at Teton Village List price $4.2 million

Granite Ridge Home Lot 7 Luxury Ski Home located directly on the slopes at Teton Village List price $11.9 million Fairways Estates lot 37 Exquisite home with panoramic Teton and Sleeping Indian views List price $5.95 million JacksonHoleLuxuryReport.com

Tucker Ranch Custom log home in Tucker Ranch List price $10 million

SIG N IF ICAN T SALES

King Street Penthouse Top floor penthouse with the best views in downtown Jackson List price $4.5 million

Town of Jackson Six town-size multi-family lots with 12 modular homes List price $7.5 million

River Springs A luxury three lot subdivision on the Snake River List price $7.2 million

Gill Addition Landmark sale in the most desirable location in town on the National Elk Refuge $4.8 million

23

Fairways Estates Lot 8 Warren Adler’s, author of War of the Roses, personal residence List price $6.5 million

4/B Ranch The historic 4/B guest ranch (85 acre Ranch + a 35 acre parcel) $14.95 million

3 Creek Cabin Custom Cabin on the golf course List price $4.35 million

Will you be one of our significant sales in 2019?

JacksonHoleLuxuryReport.com

Opening the door to the life you aspire.

Engel & Völkers evokes a real estate experience of the highest caliber with the utmost competence, exclusive expertise and passion for all that we do.

Engel & Völkers, a European-based premium real estate brand, is excited to have its international presence in Jackson Hole. This brings the firm’s global network and exclusive level of service to residents of the evolving area.

Engel & Völkers Jackson Hole is ideally situated just off the square in Downtown Jackson. It provides leading services for buyers and sellers of premier

24

properties in not only Jackson Hole but the Westbank, Teton Village, Star Valley, Teton Valley and its surrounding areas.

50 King Street, Suite 102 & 202 Jackson, Wyoming 83001 (307) 201-8800 jacksonhole.evusa.com JacksonHoleLuxuryReport.com

EN G EL & VÖLKERS

Since its beginning in 1977 as a specialty boutique providing exclusive, high-end real estate services in Hamburg, Germany, Engel & Völkers has become one of the world’s leading companies specializing in the sale and lease of premium residential and commercial property, yachts and private aviation. Engel & Völkers currently operates a global network of over 10,000 real estate advisors in more than 800 brokerages spanning more than 30 countries across four continents, offering both private and institutional clients a professionally tailored range of luxury services.

It established its North America corporate headquarters in 2007 and opened its first brokerage in the same year. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs and tools; multiple platforms for mobile, social and web; as well as access to its global network of real estate professionals, property listings and market data. Engel & Völkers is an active supporter of the Fair Housing Act and the Equal Opportunity Act. Each brokerage is independently owned and operated.

About our Team

25

WE COLLA B OR AT E. Our team works in an open office environment to allow creative input from every member.

WE GE T R E A L E STAT E .

Our team has over a century of combined experience and are market experts in Jackson Hole, Westbank, Teton Village, Star Valley & Teton Valley.

WE E VOLV E TO STAY C UR R E N T. Whether it’s a new social media platform or mobile app, we constantly educate our team on the most effective way to reach potential buyers across the globe.

WE MOV E FAST. We will have your property marketed and distributed locally, nationally, and internationally faster than any other agency.

WE H AV E P R OVEN RE S ULTS .

We have sold hundreds of millions of dollars in real estate. Our track record shows that we do not give up, that we meticulously pay attention to detail and we understand the legal process as well as the art of the deal.

50 King Street, Suite 102 & 202 Jackson, Wyoming 83001 (307) 201-8800 jacksonhole.evusa.com JacksonHoleLuxuryReport.com

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

Why Wyoming

is 1.2% of the property’s assessed value

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

particular, property taxes are based on assessed value. The Teton County rate 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

26

to pay the taxes.

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

BUYER S ERVICES

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

of their listing brokerage. As your repre-

understanding of the business and the

sentative, we provide you with dedicated,

market. David and Devon have lived in

knowledgeable and responsible support.

the Tetons for three decades and Luke

We deploy our unique market experience,

is a Jackson Hole Native. We have the

knowledge of the inventory and skills

knowledge and experience of being “lo-

to ensure a successful outcome. Our

cals”, not to mention the strong personal

passion for the valley real estate market

and professional relationships we have

is rooted in our knowledge of the Teton

developed with vendors, contractors and

region itself. We offer local insights on the

government contacts throughout the re-

area, the unique lifestyle and the special

gion. Our reputation for integrity and pro-

needs of living in this World Heritage Site.

fessionalism is based upon the relationDavid Viehman and his team has represented us in our Jackson Hole real estate transactions for over ten years.

We have found that they really know the market and that they have consistently given good advice backed with a lot of hard work and integrity. We would not hesitate to recommend David’s team to anyone seeking help with their real estate needs.

H. & B. HIRVE LA Granite Ridge Teton Village, Wyoming

ships we have built on trust and longevity,

Our team views the services we provide

relationships that are crucial elements in

as a complement to the incredible envi-

collaborating on successful transactions.

ronment and community we have been

Our strong network in the valley gives us

fortunate to be members of for decades.

the competitive advantage over other real

If you are just beginning your exploration

estate professionals in the area.

of Jackson Hole, please turn to us for information on local real estate prices,

Finding a seasoned professional is only

schools, economics, recreational opportu-

the beginning. As a buyer, you must rely

nities, and personal lifestyle.

on your agent to give you the most accurate, up-to-date market information available. We take the approach of showing you all available properties, irrespective

JacksonHoleLuxuryReport.com

27

TETON COUNTY SEARCH AND RESCUE

CELEBRATES 26TH ANNIVERSARY 28

Tim Ciocarlan, Mike Estes and Mike Moyer JacksonHoleLuxuryReport.com

19

93

25

8 2 01

T ETON COUN T Y SEARCH & RES CUE

Teton County Search and Rescue is celebrating 26 years of service to the Jackson Hole community this year. TCSAR was founded by the Teton County Sheriff’s Office in 1993 with an advertisement placed in the local newspaper seeking volunteers. At that time, volunteers were required to provide all of their own gear and equipment for rescues and to purchase their own pagers as a condition to joining the team. Three volunteers from the original class, Tim Ciocarlan, Mike Estes and Mike Moyer, still serve on the team today.

ANDY BARDON

DIRK COLLINS

Now, 26 years later, Teton County boasts one of the most elite rescue teams in the world. The team hasn’t grown much in size but the complexity of its missions has grown exponentially. The team of volunteers is highly skilled and trained to perform technical rescues in the most extreme circumstances and terrain, including swift water, avalanches, caves,

In celebration of 25 years of service and commitment from our volunteers, TCSAR Foundation is inviting members of the community to support the team by joining

downed aircraft tracking, lost person searches, heli-

the Shriver Society. Ray Shriver served on

copter operations, high-angle rescues, backcountry

the TCSAR team from its inception in 1993

skiing and snowmobiling, and wilderness emergency

until his death in 2012. His dedication to

medicine and patient evacuation.

Today the team has 35 volunteers and a foundation to support its needs. On average, each volunteer do-

training and education was unmatched in the search and rescue community. During his 19 years of service, Ray volunteered

nates 270 hours every year to SAR related activities.

more hours to rescues and training than

Those hours include rescues, monthly trainings and

anyone else in Teton County history. Ray

community education events. For more information

was killed in February 2012 in a helicopter

and statistics about rescues for the past 6 months you can pick up the latest Rescue Report that was released at the end of the year, or find it online at www.tetoncountysar.org/resources/.

crash while on a search and rescue mission. The Shriver Society was created in his honor. For more information about the Shriver Society please visit www.tetoncountysar.org/shriversociety.

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 2019 compared to 2018. * 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.

30

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

Overall: All luxury sales in Teton County combined – homes, lots, condos, commercial and ranch. Š Copyright 2013-2019 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.

JacksonHoleLuxuryReport.com

50 King Street, Suite 101 & 102 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