Jackson Hole Luxury Report Volume 6, Edition 1

VOLUME 6, EDITION 1

A Concise History of the Jackson Hole Luxury Real Estate Market 1930s ROCKEFELLERS & FRIENDS It’s been a little more than 90 years since John D. Rockefeller Jr. first visited the Valley, buying thousands of acres of breathtaking scenery around Jackson Hole, and donating most of the land to the federal government for the eventual creation of Grand Teton National Park.

These visitors fell in love with the Valley, decided to stay, and the rest (as they say) is real estate history.

In 1932, the family purchased and retained the 3,100 acre JY Ranch as a family retreat, inviting friends, family, and leaders of industry

John D. Rockefeller, Jr. and wife Abbey boat on Jenny Lake in 1931.

from around the world to play in their pristine backyard. While the JY was the first dude ranch in Jac-

kson Hole, created in 1906, the Rockefeller’s presence drew wealthy patrons from destinations far and wide. The popularity of the valley spurred the Rockefeller family to purchase Jenny Lake Lodge in 1933 and build Jackson Lake Lodge in 1950.

During this time period, the valley capitalized on this culture of luxury with more dude ranches and outdoor schools like Knowles and Teton Valley Ranch Camp.

These visitors fell in love with the Valley, decided to stay, and

In 1955 the new Jackson Lake Lodge opened and became the first example of modern, International style architecture in a National Park.

the rest (as they say) is real estate history.

1980s-90s JACKSON HOLE AIRPORT & SUBDIVISIONS

These single-family parcels sold mostly for under $1 million throu-

The airport was established in the 1930s, but it wasn’t until

ghout the late 80s and 90s, but in 1997, 1,297 acres of the Cres-

the early 1980s when the county created private hangers

cent H Ranch sold for $52 million to a developer at auction. At

and implemented the voluntary Noise Abatement Plan. These

this point the market turned.

improvements ushered in an era of private jet service to the Valley, providing easy access for those who could afford it. This

The Crescent H developer plotted 29 tracts of 35+ acres with

level of exclusivity attracted the international jet set and Cap-

restrictive covenants, which flew off the shelf at an average of

tains of Industry, whose presence created demand for a thriving

$4.5 million, and it was quickly apparent how much demand

luxury lifestyle.

there was for larger tracts of land.

Around this time, the high-end real estate market began to

Almost immediately, this new price point ignited a trend towards

thrive as subdivisions like John Dodge, Gros Ventre North and

large single-family homes in Jackson Hole, and set the stage

Solitude hit the market, offering five to 10 acre parcels.

for luxury subdivisions like Bar B Bar, Bar B C, Riva Ridge and 3 Creek Ranch.

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1990s-2000s BIG HOMES DOMINATE Throughout the 90s and early 2000s as land values increased, property owners felt compelled to build larger and larger homes to justify their land.

There were so many large homes across the valley by the 1990s, in 1995 Teton County voted to limit the amount of improved area to 12,000 square feet of habitual/ non-habitual space. With the introduction of 35+ acre parcels in 1997, and a Teton County land use tool that provided for more density, property owners were able to once again build a home to justify their land value, so the trend of large homes

The Numbers LUXURY LOTS

LUXURY CONDOS/TOWNHOMES

From 1990 to the end of 2004, there were

The luxury condo and townhome market,

only 55 residential vacant lot sales over

which is booming today, is the most recent

$3 million. At the height of our market,

addition to the real estate market. Luxury

from 2005 to 2008, there were 65 lot

condos and townhomes first appeared in

sales above $3 million, with more than

the valley in 2004 when the Four Seasons

half closing in 2007 (including nine valued

Hotel started selling its penthouse and

at over $10 million, three of which were

slope-side condos.

over $20 million). For the next nine years only 105 sales occurred, with only eight of

While the slope-side Granite Ridge Lod-

those recorded in 2017. At the end of 2017,

ges were built in 2001, it wasn’t until 2005

there were 29 active lot listings above $3

before one sold for more than $3 million.

million.

Today, one is currently under contract for $6.5 million.

LUXURY HOMES By the year 2000, only 39 homes had

As demand increased, developers took

sold for more than $3 million, with the

note, building to meet the desire for sma-

highest at $8.1 million. Since then, 471

ller residences and second/third/fourth

homes have sold for more than $3

homes. To date, Shooting Star, which

LUXURY LAND VALUES & HOME

million. While 2007 and 2016 tied for the

began releasing cabins in 2009 at an ave-

VALUES INCREASE

most number of sales over $3 million (43),

rage price of $5 million, has developed

With large homes and large tracts of land

2017 recorded 38 sales with 62 luxury

and sold 40 luxury townhomes.

dominating the landscape, luxury land

homes actively listed at years-end.

continued.

2000s-Today

values continued to increase throughout the 2000s. 2007 saw the highest values for real estate, but in 2008 the market dro-

NOTE: All luxury condo/townhomes except for one are located in Teton Village. The one is a penthouse in the Town of Jackson

pped as the Great Recession hit.

Why Property Management is Key to Maintaining Your Luxury Home Your home is an asset; one that needs proper care and management to maintain.

We understand how critical property management is, which is why we founded an in-house management arm of our real estate business. The Clear Creek Group, founded in 2005, is a full-service property management company with more than 112 distinct homes under our portfolio. We tailor the services you need as they evolve from real estate to management to villa rental and personalize pre-arrival and concierge services.

KEY FEATURES OF THE CLEAR CREEK GROUP •

Professionally trained management team with a breadth of expertise—caretaking, maintenance, housekeeping, administrative staff support, and management

•

24-hour on call emergency backup and team members in the field every day

•

Services include weekly inspections, ongoing regular and preventative maintenance, utility management, seasonal preparation, and guidance and oversight of long-term repairs

•

Dedicated Homeowner Relations Manager

JACK SO NH OLELU XU RYR EP ORT.COM 2

2012

How do we do it?

JACKSON HOLE LUXURY REPORT IS FOUNDED In 2012, we created The Luxury Report to address the necessary special attention and analysis for high-end buyers and sellers who want to gain a clearer understanding of the market.

Today it stands as the most comprehensive and detailed report in this valley and the definitive resource you need to navigate the luxury real estate market in Jackson Hole.

WHY YOU NEED A CLEAR UNDERSTANDING OF THE MARKET It’s not a straightforward, simple path to purchase and maintain a luxury home in this valley.

Most properties over the $3M mark sell privately and never appear as public listings. Over the last 24 years, we have tracked not just the 70% of sales reported to the Realtor MLS, but also every single listing that isn’t reported.

That means our luxury report is the most accurate and comprehensive in the region.

The road is even more complex and winding once luxury homeowners decide to sell.

If you are buying or selling in the above $3M market, there are important details you need to know to make the right decisions for your investment; details that many Realtors don’t understand unless they have deep experience in the luxury market.

1.

Buyers need a real estate team like us who has their fingers on the pulse of the private and public markets

2. Sellers need a real estate team like ours who understand how to navigate the ins and outs of marketing their listings and pricing to sell YOU NEED TO WORK WITH LUXURY EXPERTS In short, our real estate team has longevity in the market, research-backed tactics, and the connections to market your home. We will properly price your property and consult on the right price to offer as a buyer.

Beyond the numbers and data, we are your trusted advisors to guide you through the buying or selling process. Call or email us today at 307-690-4004 or david@jacksonholereport.com.

WHY JACKSON HOLE WYOMING Many of today’s luxury buyers have visited the valley before, and typically have family or friends who already own here. While Wyoming is a very tax-friendly State, and allows you to establish a dynasty trust, the big draw for the luxury buyer is access to public lands, and a high level of available services.

Next Steps When you are ready to purchase or sell, we invite you to interview us and learn about how we are different from other Realtors in this valley.

It’s more than a transaction More than property fact sheets More than houses More than markets It’s a lifestyle.

We have a deep understanding of the Jackson Hole lifestyle and look forward to working with you whether you are brand new to the Valley and want to set up a new chapter of your life here, or if you are a seasoned Jackson Hole veteran looking for a new adventure.

JACKS ONH OLELU XU RYR EP ORT.COM 3

CONTENTS

05

Overall Luxury Market

13

Luxury Condo/ Townhouses

19

In 2017, the luxury market – all homes, lots, condos, ranches and commercial properties worth $3 million or more – totaled 1,602 properties.

Luxury condo/townhouses are few but not far between in Jackson Hole: Almost all are located in Teton Village.

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.

08

Single Family Luxury Homes

16

Most Expensive Sale

20

Luxury homes accounted for 55% of all luxury sales in 2017. All told, the number of sales is down 12% and the dollar volume decreased by 3%.

Grand Teton Volunteer Teams Improve Experiences

JACK SO NH OLELU XU RYR EP ORT.COM 4

11 17 23

Vacant Luxury Lots The demand for vacant luxury lots remains sluggish to date in 2017. Sales totaled eight transactions (down 11%).

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.

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.

OVERA LL LUXURY M A R KET

LISTEN TO THE NUMBERS In 2017, the luxury market – all homes, lots, condos, ranches and commercial properties worth $3 million or more – totaled 1,602 properties.

Comparing 2018 with 2017, we discovered that the ove-

it. Through our confidential property and market analy-

rall number of luxury sales slipped by 7% to 69 sales

sis, we can help you price to sell in 2018, and will confi-

total, yet the overall dollar volume increased (6% to

dently guide you through the entire process.

$481 million). NOTE: While luxury sales only make up 11% of the overall number of sales in Jackson Hole, they

Close analysis of the statistics support the following

account for 47% of the total dollar volume in 2017.

conclusion: When compared to 2017, the current overall available inventory increased by 4% in 2018.

The hot spot of all sales, again claiming 42%, was

Meanwhile, the average and median listing prices are

between $3 and $5 million.

almost unchanged—$7.53 million and $6 million respectively.

Nine luxury properties sold for more than $10 million in 2017 (up 29%), however none were reported to the MLS – a trend that underscores the necessity of enlisting an expert when entering this elite market.

OVERALL LUXURY SALES BY AREA

Although 2017 experienced a 9% reduction in luxury sales between $3 and $5 million, the $10+ million

NUMBE R O F PR O PE RTIE S SO L D

segment increased slightly with nine sales, three of which sold for over $20 million.

TOTAL DO L L AR VO LUME

The Four Springs

Ranch in Wilson was the highest priced sale (see WESTBANK $256M / 41 PROPERTIES

page 16). While the price was not disclosed, it was listed for $53 million. NOTE: As of year’s end, there were 104 listings priced over $3 million (up 4%), with 57% of those on the market for more than 12 months.

NORTH OF JACKSON $25.1M / 6 PROPERTIES

The challenge with tracking luxury market values remains the lack of comparable sales. While there are many homes in Jackson Hole worth more than $10

GROS VENTRE BUTTES SPRING GULCH $13M / 3 PROPERTIES

million, no two are alike. For this reason, many sellers start by overpricing their homes beyond market levels, and then lower the price progressively until the property reaches market value. This is why 31% of the

TOWN OF JACKSON $127M / 10 PROPERTIES (UP 100%)

current luxury listings have been on the market for more than two years. If you are planning to sell your property soon, do not make the mistake of overpricing

SOUTH OF JACKSON $60.5M / 9 PROPERTIES

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T H E C U R R E N T LAN D S CAPE Available inventory is up 4% compared to 2017, at 104 luxury listings for sale. With an average listing price of $7.53 million

4 7 L IST IN G S

and a median listing price of $5.995 million, the available in-

between $5-$10 million

ventory breaks down into: 35 listings priced between $3 and $5 million (34%); 47 between $5 and $10 million (45%); 20 between $10 and $20 million and two over $20 million (see page 9). NOTE: Of the 104 listings, only 24 are 35+ acres.

2 LI ST I N G S

over $20 million PAGE 9

2 0 L IST IN GS

between $10-$20 million

3 5 L I ST IN G S

between $3-$5 million

OVERAL L M ARKE T 1 5 Y E A R OV E RV IEW

DOLLAR VOLUME TOTAL NUMBER OF SALES

$800

$800

140

140

$700 $700

120

120

$600 $600

100 100

$500 $500 8080

$400 $400 6060

$300 $300 4040

$200 $200

2020

$100 $100 $0$0

JACK SO NH OLELU XU RYR EP ORT.COM 6

2013

2015

201 7

2011

201 5

2009

201 3

201 1

2007

200 9

2005

200 7

2003

200 5

200 3

00

2017

OVERALL LUXURY UNDER CONTRACT At years-end, there were 22 properties under contract (down 35%) with an average list price of $4.7 million and a median list price of $4.4 million (up 8%). The decrease in the number properties under contract reflects several townhouses and spec homes in Shooting Star closing earlier this year.

THE R E AR E

16

luxury townhomes currently under contract.

All are new and within Shooting Star.

They range in size from 3,400 to 4,800 sq. ft.

Prices range from $3.35 million to $6.2 million.

SHOOTING STAR NORTH CABIN COURTESY OF THE CLEAR CREEK GROUP/JOHN RESOR

MO ST EXPEN S I VE LU XU RY PRO PERTY C U R R E N TLY UN D ER C ON TRACT LIST PRICE $10,500,000

A local real estate developer and Carney Logan Burke architects are developing a 75,000-square-foot Luxury Hotel with 99-rooms on the historic property located in the northeast corner of the Jackson Town Square. The hotel will include a 4,544-square-foot restaurant and bar, retail spaces, and 6,136 square feet of deed-restricted employee housing.

According to the developer this project meets the following objectives: “the center of economic activity; the center of the visitor experience; engaging experience for pedestrians; the starting point for the refined lodging overlay; a vibrant mixeduse area;�

Wells Fargo, the current owner of the property, plans to re-build a smaller branch to retain its presence on the Town Square. No date has been set for demolition.

JACKS ONH OLELU XU RYR EP ORT.COM 7

S I NG LE FAM ILY LUXURY HOM ES LUXURY HOMES accounted for 55% of all luxury sales in 2017. All told, the number of sales is down 12% and the dollar volume decreased by 3% to a total of $222 million. In contrast, the average and median prices increased by 10% and 12% respectively.

The year ended with 38 home sales over $3 million (down 12%), of which 50% sold for more than $5 million. NOTE: The Town of Jackson recorded a $4.8 million luxury home sale in 2017—highest priced single-family home ever sold in Town.

Sold Price $4.8 million

The sellers were represented by David & Devon Viehman.

MOST EXPENSIVE LUXURY HOME SALE IN 2017 7,300 sq. ft. home, built in 2016 on 35 acres in the Crescent H Ranch, listed for $16,950,000.

LU XU RY H O ME SAL E S BY AR E A

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TOWN OF JACKSON $4.8M / 1 HOME

GROS VENTRE BUTTES SPRING GULCH $9.98M / 2 HOMES

WESTBANK $126M / 21 HOMES

For the fourth year running, the Westbank logged the most single-family luxury home sales with 21 sales, 17 of which were north of Wilson. Only five of the Westbank sales sat atop parcels with more than 5 acres of land, three of those with 35+ acres.

NORTH OF JACKSON $22M / 5 HOMES

H OT SPOT

SOUTH OF JACKSON $56M / 8 HOMES

Unlike the locals’ market—where homes under $1 million are limited to three months of supply—the luxury home market is saddled with 19 months of inventory. While this may seem like plenty of inventory to meet demand, this dynamic is not favorable for sellers: 53% of the existing inventory has been on the market for at least a year and 29% for more than two years—both of which represent 10% increase from last year.

Some homes continue to be overpriced for the current market, while others do not match the value of the land they occupy. This situation constrains buyers. For instance, in the $10+ million segment, buyers may choose from 11 homes valley-wide (same number as year-end 2016). Of those 11, four are 10+ years old and seven have less than 5-acre; none are sited on the Snake River. Further complicating the process, many luxury homes only appeal to a specific buyer—a precise pairing that requires substantial marketing.

HIGHEST PRICE SINGLE-FAMILY HOME EVER SOLD IN TOWN

TH E C UR R E NT LA NDS CA PE

Available inventory brightened 11% compared to 2016 with 62 luxury homes for sale. With an average listing price of $7.3 million and a median listing price of $5.9 million, the available inventory breaks down into the following: 21 homes priced between $3 and $5 million (34%); 30 between $5 and $10 million (48%); 10 between $10 and $20 million and one at $28 million (see most expensive home listing). NOTE: Of the 62 homes listed, only five—or 8%—sit on 35+ acres. Also noteworthy: 61% of the luxury homes currently on the market are more than 15 years old.

M OST E X PE NSIV E HOM E LISTING AT T HIS T IM E

COURTESY OF ED LIEBZEIT, JACKSON HOLE SOTHEBYS

Sited on the most spectacular 40 acres in Jackson Hole, this 11,500 square foot home has all the features most only dream about! From the spacious entry, dramatic views of the Tetons appear as art throughout this well designed, mountain contemporary masterpiece. The floor to ceiling windows in the living room capture the beauty of the surroundings while offering a very comfortable area for relaxation and entertaining. Enjoy the very functional eat-in kitchen with sitting area, large dining room, great rec room and 20 foot long mahogany bar, media room, expansive office and 4 bedroom suites including a luxurious master with sitting area, massage alcove and private rooftop decks. The private guest area has a sitting room adjacent to the bedroom suites with decks. List price $28 million.

S I N G L E FAM I LY LUX URY H O M E S 1 5 YE A R OV E RV I E W

DOLLAR VOLUME TOTAL NUMBER OF SALES

$300

$300

50

50

45

45

40

40

3535

$200 $200

3030 2525 2020 $100 $100

1515 1010 5 5

$0$0

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2013

2015

20 17

2011

20 15

2009

20 13

20 11

2007

20 09

2005

20 07

20 05

20 03

0 0

2003

2017

A L E A D E R I N LU X U RY FULL SERVICE REAL ESTATE, PROPERTY MANAGEMENT & VILLA RENTAL

The Clear Creek Group has been serving discerning homeowners in Jackson Hole for over twelve years; offering full service Real Estate, Property Management, and Villa Rentals in premier properties across the valley. Our brokerage team is seasoned, highly experienced in the luxury market, and poised to handle all of your real estate needs, from purchasing a vacation home, relocating permanently, or acquiring properties for your investment portfolio. As your property manager, we will represent you through the entire real estate transaction process and beyond.

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VACANT LUXURY LOTS

The demand for vacant luxury lots remained sluggish in 2017. Â Sales totaled eight transactions (down 11%) with a below-average showing for this market segment when compared to the last 10 years.

Faring no better, the dollar volume and the average sale price both slumped, 22% and 14% respectively. The only bright spot is the median sale price, which was up 14% to of $4 million. NOTE: With the 14% increase in the median list price, and the new tax reform, we expect this segment to experience more activity in 2018.

HOT S POT

The Westbank enjoyed the most luxury lot sales in 2017 with six luxury parcels for a total dollar value of $27.8 million.

As previously discussed, several factors could help accelerate sales of luxury lots: 61% of the current luxury home inventory classifies as outdated product (15+ years old), with only 19 homes built in the last 10 years.

VACAN T LUX URY LOTS 1 5 YE A R OV E RV I E W

DOLLAR VOLUME TOTAL NUMBER OF SALES

$200

$200

40

40

35

35

30

30

2525 $100 $100

2020

1515

1010

55 00

2013

Only five of the 62 luxury homes currently listed sit on 35+ acres.

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2015

20 17

2011

20 15

2009

20 13

20 11

2007

20 09

2005

20 07

2003

20 05

20 03

$0$0 2017

VACA NT LUXURY LOTS

THE CURRENT LANDSCAPE Available inventory of luxury lots increased in 2017 (up 16%) with four more available for a total of 29 single-family luxury home sites currently listed. With an average list price of $8.5 million (up 8%) and a median list price of $7.9 million (up 17%), available inventory breaks down into the following: Eight lots listed between $3 and $5 million; 12 between $5 and $10 million; and nine at more than $10 million.

Of the 29 listings, 21 offer 35+ acres.

MOST EXPENSIVE SALE

9 L I STINGS

35-ACRE TRACT SOUTH OF WILSON

$10 million+ 8 LISTINGS

$3-$5 million 12 L I STINGS

$5-$10 million

“Just wanted to send you our thanks for all your help with the purchase of our new Jackson Hole home. We have worked with several very highly regarded Realtors when buying property back in Illinois, but you are by far the best! Your knowledge, experience, and professionalism were greatly appreciated, and it was also nice to work with someone that we both liked and trusted. David and Devon Viehman will always have our highest recommendation.”

STEVE & CONNIE N E ST LE R Medical Consultant Chicago, IL

A 35-acre tract south of Wilson covered by mature aspens, with views of the Teton Range and Sleeping Indian from the building envelope. Comes with access to the Snake River for fly-fishing and Bridger-Teton National Forest for hiking or horseback riding. $5.25 million.

What defines luxury in Jackson Hole?

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

Our full response is much more nuanced. Respecting the singular nature of high-end homes and parcels, we analyze each property in great detail.

Oftentimes, these properties are incomparable, eluding clear comparisons to other properties. Even so, 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 in Jackson Hole, David and Devon Viehman are leaders in the local field of luxury real estate.

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LUXURY C ONDO/ TOWNHOUSE S

LUXURY CONDO/TOWNHOUSES are few but not far between in Jackson Hole: Almost all are located in Teton Village. 145 units currently qualify for the Jackson Hole Luxury Report by being worth $3+ million.

This dramatic rise in luxury units is due to increased values, and new townhomes coming online in Shooting Star. They break down as follows: 31 units in the Four Seasons Hotel; all 21 Granite Ridge Lodges; 79 in Shooting Star (Lodges or Cabins); 7 Granite Ridge Homesteads; 5 Timbers at Granite Ridge; 1 Snake River Lodge & Spa; and 1 penthouse in the Town of Jackson.

In 2017, the number of luxury condo/townhouse sales did not change (13 total sales) with the dollar volume up 8% to $57 million. Of the 13 sales, two were Granite Ridge Homesteads; 10 were Shooting Star Cabins; and one was a Timbers of Granite Ridge.

There are 16 luxury townhomes currently under contract. All are new and within Shooting Star. They range in size from 3,100 to 5,000 sq. ft.

Prices range from $3.2 million to $5.78 million.

COURTESY OF THE CLEAR CREEK GROUP/JOHN RESOR

THE MOST EX P EN SIVE LUXURY CONDO/ TOWN HOUS E S A LE I N 2 017

A 4,759 sq. ft. North Cabin at Shooting Star with 5 bedrooms and 5.5 baths sold for $5.85 million.

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LUXURY CONDO/ TOWNHOUSE S

THE CURRENT LANDSCAPE MLS only shows two luxury units listed—a Granite Ridge Homestead for $3.249 million, featuring 4 bedrooms, 4.5 baths (fully furnished) within its 3,412 sq. ft. footprint, plus an attached two-car garage—and a Timbers of Granite Ridge for $4.49 million, featuring 3 bedrooms, 3-baths (fully furnished) within its 3,158 sq. ft. footprint, plus an attached two-car garage. The other two are located in Shooting Star, but are not in MLS. Please contact us for a complete list of available luxury townhouses.

COURTESY OF THE CLEAR CREEK GROUP/JOHN RESOR

MOST EXPENSIVE TOWNHOME/ CONDO LISTING IN 2017

A JLF designed Cabin, situated on Fish Creek with five bedrooms and five baths with spectacular views of the Tram.

LISTED AT $7.65 MILLION

LU X U RY TOW N H OUS E S 1 5 Y E A R OV E RV I E W

DOLLAR VOLUME TOTAL NUMBER OF SALES

$100

$100

18 16

18 16

1414 1212 1010 8 8 6 6 4 4 2 2

$0 $0

JACK SONH OLELU XU RYR EP ORT.COM 14

2013

2015

20 17

2011

20 15

2009

20 13

20 11

2007

20 09

2005

20 07

2003

20 05

20 03

0 0

2017

LET US HELP YOU...

FIND THE PERFECT PROPERTY, TAKE CARE OF YOUR CURRENT HOME OR MAXIMIZE YOUR RENTAL REVENUE AS YOUR PROPERTY MANAGER, we will protect and enhance your home’s value. A dedicated Homeowner Relations Manager will serve as your ambassador and source of personalized concierge services. Our company founders and tenured management team are based in Jackson, providing an unparalleled depth of experience, drawing from the real estate, property/asset management, hospitality, and real estate development sectors.

WHEN YOU CHOOSE TO RENT YOUR HOME, we will maximize revenue generating opportunities based on your personal goals. Our rental portfolio includes the most sought-after properties in the valley. We promote them through implementation of a comprehensive marketing plan, including digital, direct sales, social media, revenue management and strategic partnerships.

TAKE ADVANTAGE OF OUR FULL RANGE OF CONCIERGE AND LIFESTYLE SERVICES, and allow us to help create unique, memorable experiences while making the most of your time in Jackson. Let us pay your bills, accept and deliver your packages, tune your skis, and deliver your vehicle to the airport. All you need to do is turn up!

Our programs are highly-flexible and personalized, all in an attempt to accommodate your specific goals. We provide you with peace of mind and the assurance your Jackson home is well cared for, regardless of where you may be in the world.

Call us today at 877-427-3400 or 307-732-3400 and discover how The Clear Creek Group will help you find the perfect property, take care of your current home or maximize rental revenue.

JACKS ONH OLELU XU RYR EP ORT.COM 15

MOST EXPE NSIVE SALE

FOUR SPRINGS In a setting that boasts Jackson Hole’s most exquisite features, this 265 acre property is incomparable in Teton County, encompassing both Fish Creek and Snake River frontages. Scenic ponds of various sizes dot the property. Red-tailed hawks are often seen perched on the custom wood perches, or soaring in the skies above. Moose nibble the willow buds along the creek while elk laze in the wide open meadows.

COURTESY OF TOM EVANS/JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY

The property features 8 parcels with development potential, and a riparian parcel. The main residence enjoys beautiful Fish Creek frontage and features a separate studio beneath a porte-cochere. Additional improvements include a guest house, a multi-use barn and a large equipment barn. The balance of the property features large swaths of pristine raw land. Public and BLM lands border the property to the north and south.

With exceptional wildlife habitat and viewing opportunities, and prized fishing privileges, this property must be seen to be fully appreciated.

JACK SO NH OLELU XU RYR EP ORT.COM 16

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.

David Viehman ASSOCIATE BROKER

307 690 4004 • david@jacksonholereport.com 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, 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.

Devon Viehman ASSOCIATE BROKER

307 690 0621 • devon@jacksonholereport.com 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. In 2009, she co-founded Jackson Hole Real Estate Associates, a firm she nurtured as a partner. In 2017 she decided to move to The Clear Creek Group, a boutique firm that allows her to focus solely on her clients’ needs. 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 recently elected as the Wyoming Association of Realtors 2018 President. 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 a 10-year-old son.

Luke Smith SALES ASSOCIATE

307 699 5921 • luke@jacksonholereport.com

Raised in Jackson Hole, Luke’s deep appreciation for the valley drew him back after college. A graduate of Colorado State University, Luke has been 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.

A veteran of the Moose Hockey team, Luke still enjoys participating in Jackson Hole 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. Luke works as a team with Devon Viehman and her father David; Co-Authors of the Hole Report, the most accurate and trusted real estate market report in the region.

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why WYOMING

There are many reasons to love Wyoming...

•

Wyoming does not charge state tax on personal or corporate income. And its sales tax, property tax and inheritance tax are among the lowest in the U.S. In particular, property taxes are based on assessed value. The Teton County rate is 1.2% of the property’s

•

assessed value while the Town of Jackson rate is 0.8%.

No state income tax

In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years

No corporate tax

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

No estate tax

in order to pay the taxes.

No capital gains tax

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

No trust tax

No tax on out-of-state retirement income. Second-homeowners may have retirement

Low sales tax

income from another state; Wyoming doesn’t tax retirement income earned beyond its borders.

•

No excise sales taxes. A tank of gas or bag of groceries are not burdened by state tax.

•

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.

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Low property tax Low inheritance tax

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.

CUSTOM MARKETING PLANS INCLUDE: • 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.

• We will feature your property on our company website TCCGRE.com.

• 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 at least 550 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.

• 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.

• 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.

• We participate in IDX, which means that your property will have more internet exposure than any other brokerage in the region.

• Over 98% of buyers start their search online and we offer an extensive online presence.

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.

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Grand Teton’s Volunteer Teams

IMPROVE EXPERIENCES

Grand Teton National Park Foundation supports innovative volunteer programs that bolster the park’s ability to provide people with safe and enjoyable experiences. These dedicated teams are an invaluable addition to Grand Teton that advance resource protection and education while having a tremendous impact on the millions of people who visit each year.

LATH AM JENKINS

Have you ever stopped at a moose jam and were concerned with how close someone got to the animal to take a photo? Have you ever been at String Lake and seen a black bear sneak a snack from a picnic basket? Or have you ever launched your boat at Deadman’s Bar and were unsure of what hazards you might face down river? As more and more people continue to explore the wonders of Grand Teton, safety and natural resource protection have come to the forefront of park managers’ concerns.

ST RIN G LAKE RS String Lake is one of the most popular destinations in Grand

Teton due to its stunning scenery, access to water activities, and proximity to hiking trails. The String Lake volunteer team (aka “String Lakers”) provides on-the-ground support to NPS staff to help minimize human-wildlife conflicts, parking issues, and resource impacts. 2017 marked the second year that the String Lakers were on patrol and it was another huge success—both summers were the first in recent memory with no significant human-wildlife interactions and zero food rewards reported in the area.

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RYA N S HEETS

W I L DLI F E B RI GA DE

SN AKE RIVE R AMBASSAD ORS

Tasked with facilitating safe interactions between visitors and

Record-breaking visitation and the Wild and Scenic designation

animals, Grand Teton’s Wildlife Brigade members are part

of the Snake River have increased recreational use, causing

ambassadors, part compliance officers. This valued group

more boating accidents. Snake River Ambassadors educate

of volunteers manages roadside wildlife jams, patrols picnic

boaters about the potential hazards and necessary skills to

areas for unsecured food, and shares educational information

successfully navigate the river in Grand Teton National Park. By

with visitors. By funding resources for topnotch training and

interacting with people at access points before they launch their

everyday equipment needs, the Foundation ensures the

boats, volunteers help increase safety and improve the river

Brigade’s effective operation year after year.

experience for park visitors.

As visitation to Grand Teton National Park continues to rise, these volunteer teams will play a critical role in protecting the park and its resources for the long-term. Interested in volunteering? Contact grte_volunteer@nps.gov or visit https://www.nps.gov/grte/getinvolved/volunteer.htm to apply today—applications accepted January through March.

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How can the Jackson Hole Luxury Report magazine serve you?

After perusing this publication, we hope you agree: the Jackson Hole Luxury Report stands in a league all its own. Other Realtors try to analyze the Jackson Hole market from MLS statistics, however the MLS accounted for only 51% of the luxury sales in 2017. In contrast, we track every single luxury transaction in Teton County by painstakingly reviewing public records. Our data-driven reporting is the most accurate and trusted real estate news source in Teton County.

We use this detailed data to help you – our clients. From pricing your luxury property to sell in this competitive market to helping you determine the right time to buy, we share all of our analytical insight with you. Paired with impeccable professionalism and personal attention, we offer you superior service matched only by the superior nature of the properties themselves.

...we track every single luxury transaction in Jackson Hole by painstakingly reviewing public records. Our datadriven reporting is the most accurate and trusted real estate news source in Jackson Hole.

The lack of published luxury sales can 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 advice available, we ensure that you have a successful and smooth real estate transaction.

To keep you abreast of Jackson Hole’s ever-changing real estate conditions, we offer a suite of services including daily email updates of active luxury listings, a free confidential market analysis of a client’s property and annual price updates for estate and/or trust planning. If you want to list your luxury property this fall, please call or email us to set up an evaluation of your property. After touring your property, we will provide a custom marketing plan. No other Jackson Hole brokerage can duplicate the dexterity of our marketing approach.

So whether you plan to list your luxury property soon, want more detailed analysis of a specific area, or need a professional realtor to represent you, please call (307) 690-4004 or email team@ jacksonholereport.com.

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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.

Buyer FOR THE

We are skilled negotiators with a deep understanding of the business and the market.

David and Devon have lived in the Tetons for three decades and Luke is a Jackson Hole Native. We have the knowledge and experience of being “locals�, not to mention the strong personal and professional relationships we have developed with vendors, contractors and government contacts throughout the region. Our reputation for integrity and professionalism is based upon the relationships we have built on trust and longevity, relationships that are crucial elements in collaborating on successful transactions.

Our strong network in the valley gives us the competitive advantage over other real estate professionals in the area.

Finding a seasoned professional is only the beginning. As a buyer, you must rely 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 of their listing brokerage. As your representative, we provide you with dedicated, knowledgeable and responsible support. We deploy our unique market experience, knowledge of the inventory and skills to ensure a successful outcome. Our passion for the valley real estate market is rooted in our knowledge of the Teton region itself. We offer local insights on the area, the unique lifestyle and the special needs of living in this World Heritage Site.

Our team views the services we provide as a compliment to the incredible environment and community we have been fortunate to be members of for decades. If you are just beginning your exploration of Jackson Hole, please turn to us for information on local real estate prices, schools, economics, recreational opportunities, and personal lifestyle.

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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 2017 compared to 2016. * 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.

Overall: All luxury sales in Teton County combined – homes, lots, condos, commercial and ranch.

Š Copyright 2013-2018 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.

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D AV I D V I E H M A N & D E V O N V I E H M A N 3 0 7. 6 9 0 . 4 0 0 4 J AC KS O N H O L E L U X U RY R E P O R T. C O M