Jackson Hole Luxury Report

VOLUME 5, EDITION 1

Welcome to the Jackson Hole Luxury Report Greetings from Jackson Hole, Buying a home in Jackson Hole becomes more than a transaction. For many of our clients, the decision takes on the weight of a lifestyle move as well. As such, we respect the many elements that factor into such a choice, and therefore offer our clients counsel far beyond the property fact sheet. With this wider role in mind, we decided to expand our analytical format to include editorial elements—reflections on the cultural currents coursing through our valley, reflections on our significant tenure in the Tetons.

Devon Viehman ASSOCIATE BROKER & EDITOR

Responding to context has long been our modus operandi: More than two decades ago, we published the first Jackson Hole Report as a way to fill the valley void of specialized market analysis. Then as now, the Jackson Hole Report remains the definitive source on Jackson Hole real estate, regularly cited in national publications.

Post-Recession, we observed the high-end segment grow in strength and subtlety. Realizing luxury properties required special attention and analysis, we published the inaugural Jackson Hole Luxury Report four years ago— to wide acclaim. The Luxury Report caters to high-end buyers and sellers who seek to gain a clear understanding of this elite market segment. The ensuing report focuses on the 1,566 properties worth $3 million and above, many of which are sold privately and therefore never appear as public listings (we came to the aforementioned total by combing through public records).

JACKS ONH OLELU XU RYR EP ORT.COM 1

Underlying our exhaustive research is our core commitment to our clients. Above all else, we want to ensure their experience matches their expectations of this spectacular setting. With this in mind, we’ve expanded the scope of this issue of the Luxury Report to include not only the in-depth statistics you’ve come to rely on, but also insight on various aspects of real-estate ownership requested by our readership.

As trusted advisors, we work with our clients throughout the process of purchasing and selling real estate, but also well beyond the closing date. Past clients have called us years after they purchased a property for advice on remodeling; as did our friends featured in the New Outlook article. Proud of our landscape— both cultural and natural—we spotlight the jam-packed upcoming arts and culture season, and ask local entrepreneurs for their favorite spots in the valley.

Intrinsic to our roles as realtors is our pride of place, a connection we share 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 the market dynamics to sketching a social calendar, we consider ourselves 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 this discovery of place.

- Devon Viehman

CONTENTS

06

WHAT DEFINES LUXURY IN JACKSON HOLE?

07

Our simple answer: a property worth $3 million or more. Our full response is much more nuanced.

20 38

CULTURE AT ALTITUDE As if the infinite array of outdoor diversions weren’t enough to keep you busy and happy, Jackson Hole amplifies the buzz of summer with a swarm of cultural events.

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.

HOW CAN JHLR SERVE YOU

13

PORTRAIT OF A REMODEL

37

WHY WYOMING?

After perusing this publication, we hope you agree: the Jackson Hole Luxury Report stands in a league all its own.

26

IN THE KNOW Ali Cohane of Persephone and Picnic.

Christian Burch of Mountain Dandy.

40

DINING SCENE IN JACKSON HOLE If you want to learn about the dining scene in Jackson Hole, there is no better place to turn than the girls behind Dishing Magazines.

JACK SO NH OLELU XU RYR EP ORT.COM 2

46

A social metric for judging the success of a renovation is if the crew assembled emerges as friends, not enemies.

There are many reasons to love Wyoming.

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.

R E AL E S TAT E M AR K E T R E P ORT A singular report for singular properties.

08

10

18

OVERALL LUXURY MARKET

SINGLE-FAMILY LUXURY HOMES

RESIDENTIAL VACANT LAND

In 2016, the luxury market – all homes, lots, condos, ranches and commercial properties worth $3 million or more – totaled 1,566 properties.

Luxury Homes accounted for 58% of all luxury sales in 2016. The dollar volume decreased by 10% to a total of $228 million.

The demand for vacant luxury lots remains sluggish in 2016. Sales totaled 9 transactions (down 36%).

29

34

42

LUXURY CONDOS & TOWNHOMES

RANCH/LARGE PARCELS

OVERALL INVENTORY

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

Ranch / large parcels are few and far between in Jackson Hole: We consider a ranch or large parcel to be a minimum of 100 acres.

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A snapshot of the total existing deeds and future potential development.

ALTAMIRA FINE ART

Altamira Fine Art Jackson Hole gallery.

Altamira Fine Art represents

preeminent artists in western contemporary art, the artists you see in important private and public collections. Take a stroll through the Denver Art Museum, the Phoenix Art Museum, or the Whitney Museum at the Buffalo Bill Center of the West in Cody, Wyoming, and you will find the work of R. Tom Gilleon, Ed Mell, Theodore Waddell, Howard Post, John Nieto, Dan Namingha, Gary Ernest Smith, Tony Abeyta and Billy Schenck.

Part of the excitement of this business is discovering and introducing the emerging talent we expect will become the next generation of important artists. We direct you to the work of September Vhay, Jared Sanders, David Slonim, Robert Townsend, David Grossman, Travis Walker and Todd Kosharek. These are artists creating work sometimes abstract or conceptual and always with an original voice.

TOP: Jivan Lee; BOTTOM: Theodore Waddell

Jackson Hole, more than any other mountain community, has a fine art tradition. The access to the visual arts and the performing arts in Jackson Hole is unparalled for a town this size. Collecting and living with fine art is part of the Jackson Hole lifestyle, and Altamira Fine Art is available to connect@altamiraart.com

Advertisement

CLOCKWISE: Billy Schenck, Robert Townsend, David Grossmann, September Vhay, Duke Beardsley.

assist in making that dream collection a reality.

Maintaining the records of your fine art collection...

At Altamira, we provide an appraisal packet for each object. This includes the essential documents for your records; the appraisal, description, photograph, provenance, copy of invoice and artist biography. We encourage our clients to maintain a file for all owned art and have a process to update the values. Your insurance company should have the current “insurance values” for your collection. Our research staff can help you with establishing current values.

“Jackson Hole, more than any other mountain community, has a fine art tradition. Collecting and living with fine art is part of the Jackson lifestyle.” ~ Director, Mark D. Tarrant

Your wish list...

We have extensive resources and can assist in locating artwork “on your wish list”. Recent projects include Carl Rungius, Georgia O’Keeffe, Mark Rothko, and Fritz Scholder. Many times the best objects are not on gallery websites and are confidentially offered through private sales. We can assist in this market.

ALTAMIRA FINE ART JACKSON + SCOTTSDALE

172 Center Street | Jackson, Wyoming | 307.739.4700 7038 E. Main Street | Scottsdale, Arizona | 480.949.1256 www.altamiraart.com

connect@altamiraart.com

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.

THE NEWEST LUXURY LISTING Situated on four lots in the Gill Addition, this property is the most sought after location in the Town of Jackson.

Bordered on the North and East side by National Elk Refuge, you will enjoy frequent wildlife visits and unequaled privacy; all while walking distance to the town square. The home features an open floor plan; many thoughtful details throughout the approximately 4,600 s.f. with 4 bedrooms and 4.5 baths. The enclosed sun porch overlooking the Elk Refuge has in indoor BBQ and is the perfect place to enjoy the wildlife. Mature landscaping and stunning gardens.

AÂ property surrounded on two sides by the National Elk Refuge. The rare opportunity to own this property, intact or for re-development, may never come along again. Translation: A distinctly wild setting.

List price $5.6 million (MLS#16-1758) www.280moosestreet.com Call Devon Viehman for more information (307) 690-0621 JACK SO NH OLELU XU RYR EP ORT.COM 6

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 43% of the luxury sales in 2016. 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 Teton County by painstakingly reviewing public records. Our datadriven reporting is the most accurate and trusted real estate news source in Teton County.

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 summer, 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 Teton 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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OVER ALL L UXURY MA RKE T

LISTEN TO THE NUMBERS In 2016, the luxury market – all homes, lots, condos, ranches and commercial properties worth $3 million or more – totaled 1,566 properties.

Comparing 2016 with 2015, we discovered that the ove-

property soon, do not make the mistake of overpricing

rall number of luxury sales slipped by 9% to 74 sales

it. Through our confidential property and market analy-

total, and the overall dollar volume dropped slightly (3%

sis, we can help you price to sell in 2017, and will confi-

to $455 million). NOTE: While luxury sales only make

dently guide you through the entire process.

up 12% of the overall number of sales in Jackson Hole, they account for 45% of the total dollar volume in 2016.

Close analysis of the statistics support this conclusion: When compared to 2015, the current overall available

The hot spot of all sales, again claiming 59%, was be-

inventory increased by 16% in 2016. What’s more, the

tween $3 and $5 million.

overall dollar volume rose 13%, and the median listing price jumped 22% to $6 million.

Seven luxury properties sold for more than $10 million in 2016 (down 67%), however only two sale prices were reported to the MLS – a trend that underscores the necessity of enlisting an expert when entering this elite

OVE R AL L LU X U RY SAL E S BY AR E A

market.

Although 2015 recorded the second highest number

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

of luxury sales in JH history, 2016 fared less well, lo-

TOTAL DO L L AR VO LUME

sing 9% to arrive at 74 sales. The drop in luxury sales appeared most acute in the $5+ million segment (down

WESTBANK $178M / 38 PROPERTIES

17%). The overall decrease in sales could be the result of two factors: An influx of new, well-priced inventory (up 16%); and 34 luxury properties currently under contract (up 209%). NOTE: As of year’s end, there

NORTH OF JACKSON $102M / 11 PROPERTIES

were 100 listings priced over $3 million (up 16%), with 47% of those on the market for more than 12 months.

The challenge with tracking luxury market values re-

GROS VENTRE BUTTES SPRING 8GULCH $86.4M / 8 PROPERTIES

mains the lack of comparable sales. While there are many homes in Jackson Hole worth more than $10 million, no two are alike. For this reason, many sellers start by overpricing their homes beyond market levels,

TOWN OF JACKSON $24.5M / 5 PROPERTIES

and then lower the price progressively until the property reaches market value. This is why 33% of the current luxury listings have been on the market for more than two years. If you are planning to sell your

SOUTH OF JACKSON $59.6M / 12 PROPERTIES

JACK SO NH OLELU XU RYR EP ORT.COM 8

12

TH E C U RR E N T L A N DSCA P E

44 L ISTIN G S

between $5-$10 million

Available inventory is up 16% compared to 2015, at 100 luxury listings for sale. With an average listing price of $7.57 million (up 13%) and a median listing price of $6 million (up 22%), the available inventory breaks down into: 35 listings priced between $3 and $5 million (35%); 44 between $5 and $10 million (44%); 20 between $10 and $20 million and one at $28 million (see page #17). NOTE: Of the 100 listings, only 26 – are 35+ acres.

2 0 L IST I N GS

1 L I ST I NG

3 5 L ISTIN G S

PAGE 1 7

between $3-$5 million

at $28 million

THE

between $10-$20 million

OVERALL LUXURY UNDER CONTRACT

Four Springs Ranch, South of Wilson and along the banks of the Snake River and Fish Creek,

At year-end, there were 34 properties under contract (up

is the highest priced listing under contract at years-end. Listed at $53 million there is a total of 264 acres.

a median list price of $4.75 million (down 34%). The decrease

209%) with an average list price of $6.1 million (down 20%) and across the board is due partly to the 23 Shooting Star properties (homes, cabins and lots) under contract, where the average list price is $4.4 million.

THE R E AR E

23

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 $5.45 million.

(MLS #16-1413 / 16-1412) COURTESY OF SOTHEBY’S JH REALTY (TOM EVANS)

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SIN G LE FAMI LY L UXURY HOME S

LUXURY HOMES accounted for 58% of all luxury sales in 2016. All told, the dollar volume decreased by 10% to a total of $228 million, a trend echoed by the 18% decrease in the average sale price to $5.3 million.

The year ended with 43 home sales over $3 million (up 10%), of which 42% sold for more than $5 million. NOTE: The Town of Jackson recorded a $4.6 million luxury home sale in 2016—only the second single-family home ever sold above the $3 million-mark in Town.

HOT SPOT

For the third year running, the Westbank logged the most singlefamily luxury home sales with 16 sales, 13 of which were north of Wilson. In an interesting new trend, only three of the Westbank sales sat atop parcels with more than 5 acres of land.

Unlike the locals’ market—where homes under $1 million are limited to two monthsworth of supply—the luxury home market is saddled with 15 months of inventory. While this may seem like plenty of inventory to meet demand, this dynamic is not a favorable for sellers: 43% of the existing inventory has been on the market for at least a year and 25% for more than two years—both of which represent 10% slips 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 (down 38% when compared to year-end 2015). Of those 11, five are 10+ years old and six 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 months-more marketing.

NUMBE R O F HO ME S SO L D

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SOUTH OF JACKSON $59.6M / 12 HOMES

WARREN AD LE R Author of “The War of the Roses”, “Random Hearts”, and 25 other acclaimed novels. New York, New York

GROS VENTRE BUTTES SPRING GULCH $28.9M / 5 HOMES

I can say without question that the Viehman’s are the most professional, ethical, diligent and knowledgeable brokers of any I have ever encountered in my business life. No one knows the area and the real estate market in the Jackson area better. I would not hesitate to recommend them highly to anyone seeking to buy or sell property in Jackson Hole.

NORTH OF JACKSON $48M / 9 HOMES

TOTAL DO L L AR VO LUME

WESTBANK $86M / 16 HOMES

“

LU X U RY H O ME SAL E S BY ARE A

MOST E XPE NSI VE L UX U RY SI NG L E - FA MI LY HOME S AL E Six-bedroom home in Shooting Star

In 2016, the most expensive home sale was a sixbedroom home at 7305 Crystal Springs Road in Shooting Star. This Mountain Modern home sits on a one acre lot and overlooks the East Branch of Fish Creek with spectacular views of Rendezvous Mountain. It was constructed with Oklahoma Moss Rock, and log stack, barn wood reverse board and batten siding, and timbers -- all reclaimed. The home was developed by a partnership of Mortensen Signature Homes and Shooting Star and sold for over $1,350/square foot, unfurnished.

The owners purchased the home when it was 50% complete and contracted with KAM Designs to guide them with their finishes selections. KAM Designs provided all the furnishings and light fixtures. The interior selections were all done remotely. The owners never saw the home in person until they moved in for Christmas.

COURTESY OF THE CLEAR CREEK GROUP/JOHN RESOR

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OLD WEST MEETS THE NEW WEST Located At The Base Of Jackson Hole Mountain Resort, Shooting Star Offers A Limited Number Of Memberships, Home Sites, Lodges, And Cabins.

JOHN L.RESOR A S S O C I AT E B RO K E R

307-739-1908 J R e s o r @ S h o ot i n g S ta r J H . co m w w w . S h o ot i n g S ta r J H . co m # 1 P R O D U C I N G R E A L E S TAT E AG E N T I N J AC K S O N H O L E I N 2 015 A S R E P O R T E D I N T H E WA L L S T R E E T J O U R N A L SOU RC E : R E A L T R E N DS 2016 R A N K I NG S - #1 I N J AC K SON HOL E , 38T H I N T H E U. S.

T C C G R E A L E S T A T E , A D I V I S I O N O F T H E C L E A R C R E E K G R O U P, L L C 1 2 0 W E S T PE A R L AV E N U E ․ J AC K S O N, W YOM I N G 830 01 (307) 732-3400 ․ TCCGR E A L E STAT E .COM This is not an of fer to sell nor a solicit ation of of fers to buy real est ate in Shooting St ar by residents of Connecticut , Hawaii, Idaho, Illinois, New York , New Jersey, Oregon, or in any other jurisdiction where prohibited by law. ACC ES S TO AN D RIG HTS TO U S E REC RE ATIONAL AM E NITIES WITHIN S HOOTING STAR MAY BE SU BJECT TO PAYM E NT OF U S E FE ES , M E M BE RS HIP REQUIRE M E NTS , OR OTH E R LIMITATION S .

JACK SO NH OLELU XU RYR EP ORT.COM 12

PORTRAIT

of a remodel

BY KATY NINER

A social metric for judging the success of a renovation is if the crew assembled emerges as friends, not enemies. Such is the case with the team who converged on a classic ranch house in Fairway Estates.

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Built in 2001, the panoramic residence—set within eyesight of the Sleeping Indian and Teton Range—came with some structural flaws. Undeterred, seasoned homeowners Dave and Darbi Warren purchased the 4.6-acre property in 2012. Their first order of business: Rework the kitchen. Turning to their realtor David Viehman, they asked for design referrals. David introduced them to Jennifer Prugh Visosky of Grace Home Design, which proved to be a dynamic match. Together, they grew the scope of work to realize the full potential of

“We went from something small into something very imaginative,” Jen says.

the property. Dave recalls an early conversation when Jen described the house as having “good bones,” a proverbial cue for an overhaul.

Keen to hear her ideas, he asked her what she would do if allowed to reimagine the 7,100 sq.ft. house.

Mutually inspired, they dove into a complete remodel. “We went from something small into something very imaginative,” Jen says.

When a project evolves from a kitchen remodel into a strippedto-the-studs renovation, communication and collaboration become the determining factors; the crew must abide by both to fully realize the homeowners’ vision. “You have to understand the breaking point, how far the clients want to go,” Jen says. “Renovations can be so much more stressful than new constructions because of the structural unknowns and budget creep. Not understanding the full scope of the project can kill a renovation. It’s our job to take the stress off of the client and present the best options so as not to overwhelm them.”

Having recruited Craig Oliveri of Jackson Hole Contracting, Jen trusted the talent involved. She knew Craig could achieve the gracious layout Darbi sought. “Dave wanted to make the home special and beautiful for his wife,” Jen says. As such, personal touches abound, like the fleurs-de-lis carvings in the bar that reflect Warrens’ love of Louisiana and the DD “brand” emblazoned above the bar top.

The desire to host corporate retreats drove a lot of design decisions. Breaking up the warren of rooms, the revised layout sought to accommodate socializing in groups and sleeping in private suites. The kitchen became as wide open as the vista outside, and the unfinished basement transformed into an entertainment floor with a shuffle board, pool table and long bar.

Moving deftly between the macro and the micro, Jen guided the scope of the project while also delicately challenging the Warrens to consider new aesthetic choices. “We were more traditional,” Dave says. “Jen pushed us into mountain contemporary touches which we didn’t know we liked until we saw it all fit together.”

JACK SO NH OLELU XU RYR EP ORT.COM 14

Taking on the responsibilities of project

timbers and stacked stone. She placed

Throughout the collaborative process, Jen

manager, Jen oversaw every detail from

industrial pieces within the sophisticated

appreciated their decisiveness.

the new plumbing and electrical plans

schema.

(which included a NEST climate control system and hydronic in-floor heating) to the hard fixtures and finishes (from new flooring to replaced appliances).

From this wide vantage point, she worked to establish balance throughout the house by adjusting discordant volumes and characteristics. She made door heights consistent, and widened hallways.

She established a neutral palette, pairing bright-white ceilings with greyed-out de-

With many construction projects under

Moving deftly between the macro and the micro, Jen guided the scope of the project while also delicately challenging the Warrens to consider new aesthetic choices.

All while making sure the

his belt, Dave describes the Fairway Es-

project penciled out as an

tates remodel as fun and fulfilling—words

investment. Throughout the

echoed by Jen. She takes pride in the pro-

18-month

Dave

ject, not only because of the banner end

would touch base with David

remodel,

result—a beloved house that sold well—

to make sure their expendi-

but also in terms of the relationships for-

tures would be supported by

ged on the jobsite—a sentiment shared by

the resale market. “We were

all. Dave looks forward to working with Jen

threading the needle in terms

on another project; he’s currently scouting

of design and economics,”

sites in Jackson and beyond. “Regardless

Dave says. With the Warrens

of what we do, we will continue to work

based in Texas, budget dis-

with Jen,” he says. “She gets us.”

cussions and decisions occurred over the phone and

tails. She introduced contemporary light

email. “We had a lot of real-time conver-

fixtures and steel tilework amid the rustic

sations,” he says. “It worked really well.”

JACKS ONH OLELU XU RYR EP ORT.COM 15

CRESCEN T H FULL SCA LE D ESI G N P ROJ ECT CRESCEN T H FULL SCA LE D ESI G N P ROJ ECT

G R AC E H O M E DE S I GN.CO M

(307) 733-9893

SIN G LE FAMI LY L UXURY HOME S

THE CURRENT LANDSCAPE Available inventory brightened 10% compared to 2015 with 56 luxury homes for sale. With an average listing price of $7.4 million (up 14%) and a median listing price of $5.9 million (up 22%), the available inventory breaks down into the following: 20 homes priced between $3 and $5 million (36%); 25 between $5 and $10 million (45%); 10 between $10 and $20 million and one at $28 million (see below). NOTE: Of the 56 homes listed, only five—or 9%—sit on 35+ acres.

Also noteworthy: 71% of the luxury homes currently on the market are more than 15 years old.

Of the 56 luxury homes currently listed, 35 are priced above $5 million (up 59%), while 11 top $10 million (up 37%).

M OST EX P EN SIV E HOME L I STI NG AT YE A R’S E ND

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.

The beautiful ¾ mile of trout filled spring creeks and private golf practice area are framed in the shadow of the Tetons. Lots of room for horses, taking walks, cross country skiing, snow shoeing or just watching all the wildlife. List price $28 million.

JACKS ONH OLELU XU RYR EP ORT.COM 17

VACANT L UXURY LOTS

The demand for vacant luxury lots remains sluggish in 2016.

Sales totaled nine transactions (down 36%) with a below-average showing for this market segment when compared to the last 10 years.

Faring no better, the dollar volume and the median sale price both slumped, 35% and 22% respectively, with a median sale price of $3.5 million. NOTE: With the 19% increase in the median list price, we do not expect this trend to continue in 2016.

HOT SPOT

The Westbank enjoyed the most luxury lot sales in 2016 with 8 luxury parcels - with a total dollar value of $39.5 million.

As previously discussed, several factors could help accelerate sales of luxury lots: 70% of the current luxury home inventory classifies as outdated product (15+ years old), with only 13 homes built in the last 10 years.

NOTE: Only five of the 56 luxury homes currently listed sit on 35+ acres.

NUMBE R O F LOTS SO L D

LUXURY LOTS SA LES BY A R E A

TOTAL DO L L AR VO LUME

WESTBANK $39.5M / 8 LOTS

“

Our Thanks to you for your loyalty, your knowledge and your suggestions as to our proper pricing and preparation of the property for listing and for sale with your company. Your personal attention was a very special bonus as you received the bid, negotiated the bid and efficiently completed the sale. Thank you for your lesson of clarity,

SOUTH OF JACKSON NONE IN 2016

GROS VENTRE BUTTES SPRING GULCH $16.5M / 1 LOT

W. M A RV I N WATS ON White House Chief of Staff Johnson Administration NORTH OF JACKSON NONE IN 2016

JACK SO NH OLELU XU RYR EP ORT.COM 18

It’s more than just

a getaway.

It’s your home away from home.

Our lenders are here to offer advice every step of the way during your big purchase.

Home loans you can count on—it’s you and together.

Apply online or visit a local branch: MAIN - 842 West Broadway, 307-734-7373 TOWN SQUARE - 120 East Broadway, 307-732-7883

firstinterstate.com

CULTURE AT ALTITUDE As if the infinite array of outdoor diversions weren’t enough to keep you busy and happy, Jackson Hole amplifies the buzz of summer with a swarm of cultural events. Day and night, there’s something edifying to do, from exploring an art exhibition to applauding a world-famous flautist.

BY KATY NINER CE NTE R F O R THE ARTS

When approaching the arts array in Jackson, consider touching base with a trio of local institutions: The National Museum of Wildlife Art, the Center for the Arts and the Grand Teton Music Festival.

Overlooking the National Elk Refuge, the National Museum of Wildlife Art celebrates its 30th anniversary this summer, with a suite of special programs and exhibits, and a total overhaul of the main galleries.

The Exploring Wildlife Art reinstallation takes a fresh look at humanity’s relationship with wildlife and forges fresh relationships between works by presenting enduring favorites alongside never-before-seen acquisitions. Throughout, the new curatorial concept focuses on the art and history of the region, a creative lineage tracing back to trailblazing artists like Thomas Moran, whose paintings of Yellowstone helped inspire formation of NAT I ON A L MU SE U M O F W IL DL IF E A RT

the world’s first national park. Beyond the

JACK SO NH OLELU XU RYR EP ORT.COM 20

G R AND TE TO N MUSIC FESTI VAL

core collection, the museum will host se-

Runnicles as Music Director, the festival

studios and rehearsal spaces peppe-

veral visiting showstoppers, including the

lures classical musicians from around

red throughout the creative campus. On

Andy Warhol: Endangered Species port-

the country to spend seven weeks in the

any given night, something is happening

folio, an ecologically-driven ensemble that

mountains. Since its founding in 1962, the

at the Center, be it an art opening, film

highlights the Pop icon’s oft-overlooked,

festival has cultivated a loyal following of

screening, community benefit or sold-out

life-long interest in nature and animals.

patrons and musicians alike by presen-

concert. Through its signature Center Pre-

Also noteworthy: National Geographic

ting the biggest names in classical music

sents series, the Center has played host

photographer Joel Sartore’s Photo Ark,

while also introducing rising stars. Visiting

to a spectrum of top-tier acts within its in-

an exhibition of arresting images Sarto-

soloists of seasons past have included

timate 500-seat theater. Past headliners

re has taken around the world (over the

Grammy

mezzo-sopra-

have included Willie Nelson, Emmylou

course of his illustrious career, he has cap-

no Kelley O’Connor and soulful classical

Harris, Tedeschi Trucks Band, Amos Lee,

tured more than 5,000 creature portraits).

guitarist Pablo Villegas. Stay tuned for

Ira Glass, David Sedaris and Elvis Costello.

In addition to the banner exhibitions, the

the summer 2017 lineup, coming soon on

Keep apprised of the Center’s schedule

museum will toast its three decades with

www.gtmf.org.

by visiting www.jhcenterforthearts.org.

summer. For more information, visit www.

In downtown Jackson, a creative hub cul-

To map out a complete cultural itinerary,

wildlifeart.org.

tivates art across mediums, from perfor-

turn to DailyWonder.org, a new compre-

award-winning

a series of parties staged throughout the

mance and dance to music and visual art.

hensive calendar sponsored by the Cen-

From an equally exquisite perch—in Teton

Set two blocks south of Town Square, the

ter of Wonder. From book signings to art

Village—the Grand Teton Music Festival

Center for the Arts encompasses a thri-

classes and improv comedy shows, Daily

offers a world-class orchestral experien-

ving arts and education pavilion—home

Wonder logs every event in the valley,

ce within an alpine amphitheater. Led by

to some 20 valley nonprofits—as well as

which paints a realistic picture of the crea-

internationally acclaimed Maestro Donald

a performing arts pavilion, with galleries,

tivity coursing through Jackson Hole.

JACKS ONH OLELU XU RYR EP ORT.COM 21

For over 30 years, our local team has provided land planning consulting to Teton County Wyoming and Idaho. How can we help you?

PIERSON LAND WORKS LLC

visit us at www.plwllc.com (307) 733-5429 | (208) 529-5429

MOST E XPE NSI VE LOT SAL E AT YE A R ’S E N D 125 acres on the Snake River Listed at $13.9 million

A very special riverfront property recently sold in Jackson Hole, which provided an unusual amount of development flexibility. The 125 acre property is covered by a conservation easement with the Jackson Hole Land Trust.

This is the Ultimate Snake River residential property, located on the West Bank of the Snake, south of the small town of Wilson. An utterly magical and picturesque environment awaits the new owner, including large mature trees, views over the Snake River to the Grand Teton and the ambiance of smaller waterways within the interior of the property.

A pristine and beautiful lake also exists on the property. Excellent trout fishing abounds, not only on the Snake River itself, but also along the smaller streams which meander through the property and through the picturesque lake. Wildlife and waterfowl viewing are a daily ritual, with moose, elk, deer, otters and other marine occupants. Trumpeter swans, Bald Eagles and other large waterfowl will also frequent this magical property on a consistent basis. Courtesy Listing Broker Ken W. Gangwer-JH Sotheby’s.

JACKS ONH OLELU XU RYR EP ORT.COM 23

VACANT L UXURY LOTS

THE CURRENT LANDSCAPE Available inventory is up by one listing when compared to 2015, with 25 singlefamily luxury home sites currently listed. With an average listing price of $7.9 million (up 9%) and a median listing price of $6.75 million (up 19%), available inventory breaks down into: the following 9 lots listed between $3 and $5 million and 4 at more than $10 million.

Of the 25 listings, 17 are 35+ acres.

9 L ISTIN G S

$3-$5 million

Of the 25 luxury lots currently listed, 16 are priced above $5 million (up 23%), while 4 top $10 million (up 33%).

4 L ISTIN G S

$10 million+

1 2 L ISTIN G S

between $5-$10 million

JACK SO NH OLELU XU RYR EP ORT.COM 24

www.jacksonholecontracting.com | 307.413.9922

IN THE KNOW

Christian Burch of Mountain Dandy Classifying Christian Burch as “a man of many talents” falls far short of his eclectically robust resume: An acclaimed author (his series, The Manny Files, remains a bestseller a decade after its debut); a beloved art teacher (his students have gone on to prestigious art schools); a sought-after artist (one of his personality-driven paintings hang in the Snake River Grill bar); a former collegiate gymnast (he turned down an offer from Cirque du Soleil to move to Jackson); and now, a visionary entrepreneur (his Mountain Dandy store and showroom have set a new bar for interior cool in Jackson Hole). Above all, Christian is a grounded, witty friend to all who step foot inside his curated world.

FAVORITE RETREAT

MOST ICONIC

Salt Lake City. SLC is so underrated. It offers great restaurants,

LeeJay’s. No longer open, this 24-hour hotspot remains—in my

plays, concerts, University of Utah sports events, and is a quick

mind—a legend. After 2am, the bar crowd would roll in and order

flight to most places. Just a five hour drive away, this quick trip

greasy breakfast food, with cigarettes ablaze at every table. If

gives JH expats a small dose of culture and city. Don’t miss the

you made it to LeeJay’s at the end of a night out, then it was most

Tracy Aviary in Liberty Park or a concert at Red Butte Gardens

certainly a great one. Larry Turner Special, anyone?

where concertgoers are encouraged to bring their own picnics FAVORITE MEAL

and wine.

We love sitting at the Snake River Grill bar, sharing a steak tarHIDDEN GEM

tare pizza and sipping a Trout Saddle (vodka, orange juice, lime

Snake River Sporting Club. Jackson Hole has quickly turned into

and cranberry). Though a wonderful place to celebrate a special

a golfer’s paradise with the addition of several clubs within the

occasion, my favorite nights have been last-minute early dinners

last few years. However, the hidden gem among them is the

at the bar. And don’t forget to order the Eskimo bars for dessert.

SRSC. What many think as a disadvantage is actually the benefit...it is twenty minutes south of town. That distance, combined with the natural beauty of the canyon, makes for a wonderful getaway from the Summer hustle and bustle. We love to go down and hit a few balls, swim in the beaver pond, and then grab a cocktail and dinner.

BEST KEPT SECRET Budges’ Slide Lake Cabins: Located on the shores of Slide Lake past Kelly, these cabins are great for winter (cross country skiing and snow shoeing) and summer (swimming and wildlife watching). We try to go up once a winter with our close friends to completely check out. There’s no Wi-Fi or cellular service, which MO UNTAIN DAN DY

makes it perfect for a family game of Monopoly.

JACK SO NH OLELU XU RYR EP ORT.COM 26

Ali Cohane of Persephone & Picnic FAVORITE BAR Stiegler’s Copper Bar. Who doesn’t love dirndls? Step inside and feel yourself instantly transported to the Austrian Alps. We love claiming a fireside seat in the cozy bar, and ordering our favorites, from the classic pork schnitzel to the remarkable Burgermeister.

FAVORITE STORE Mountain Dandy Showroom. Christian Burch can do no wrong: Whether stocking hand-thrown ceramics by American artists or scouring stockyards for vintage treasures, he has an exquisite eye for elements that make a room feel rich with character.

Weekends often find us stopping by the new showroom to check out his latest layering of irresistible finds.

SUMMER ESSENTIAL

Ali Cohane is a magician of aesthetics; everything she touches turns into an artful experience. Case in point: The cozy cabin she transformed into a chic aerie and patisserie— Persephone Bakery in downtown Jackson. And her second café, Picnic, raises the design bar by incorporating custom elements by local artists.

The business reflects her background in fine art and graphic design, as well as her husband Kevin’s pedigree as a master baker.

Having met in Jackson, the pair cultivated their careers in Paris (where he studied at Le Cordon Bleu) and Chicago, before moving back to the Tetons in 2012 to open Persephone.

Jackson Lake. No matter the activity, the chaos of summer suddenly mellows in the soft waves of this titanic Teton lake. A Chicago native, a day spent lakeside reminds me of my childhood—of soggy sandwiches and endless smiles.

FAVORITE RETREAT Turpin Meadows. Tucked back along the banks of the Buffalo Fork River, the ranch is beyond perfection, with its careful pairing of adventurous activities and rustic-chic trappings. Turpin delights year-round, with horseback riding, hiking and fly-fishing in the summer and Nordic skiing, snowmobiling and fat biking come winter. Best of all, every adventurous day ends with a memorable farm-to-table meal served within the cozy surrounds of the gracious lodge.

BEST-KEPT SECRET OYG Sunday Brunch. A Teton institution, OYG (Old Yellowstone Garage) began wayback-when as a diamond-in-the-ruff restaurant in Dubois, WY. OYG drew foodies from all over western Wyoming before migrating to new digs in downtown Jackson. When the owners decided to retire to Italy, Jackson fans went into mourning… only to rejoice when Paulie O’Connor—OYG chef for six years—decided to resuscitate the Italian institution in Alpine. We make a day of Sunday brunch by chasing the meal with a float down the Salt River.

PE R SE PHO NE B AKERY MO UNTAIN DANDY JACKS ONH OLELU XU RYR EP ORT.COM 27

Wyoming Title & Escrow CHRISTINA FEUZ & LIZ JORGENSON

We knew we had to open the doors at WTE with a different mantra. In one word, SERVICE. We take pride in the integrity of our work, the way we treat and serve our customers and simply being a company that provides knowledge and professionalism to the real estate industry, all the while treating our customers as if they were family.

- Christina & Liz T H E C H O I C E I S YO U R S ! D E M A N D T H E B E S T !

211 East Broadway Jackson, WY 83001 307.732.2983

wyomingtitle.com

118 S. Main Street Thayne, WY 83127 307.883.2983

LUXURY COND O/TOW NHOUSE S

Luxury Condo/Townhouses are few but not far between in Jackson Hole: Almost all are located in Teton Village. One hundred seventeen units currently qualify for the Jackson Hole Luxury Report by being worth $3+ million (up 39%).

This dramatic rise in luxury units is due to increased values, and new townhomes coming on-line in Shooting Star. They break down as follows: 27 units in the Four Seasons Hotel; all 21 Granite Ridge Lodges; 59 in Shooting Star (Lodges and Cabins); 5 Granite Ridge Homesteads; 3 Timbers at Granite Ridge; 1 Snake River Lodge & Spa; and 1 penthouse in the Town of Jackson.

In 2016, the number of luxury condo/townhouse sales increased by a slight 8% and the dollar volume followed suit, up 10%. Of the 13 sales, one was a Granite Ridge Lodge; seven were Shooting Star Cabins or Lodges; one slope-side Four Seasons Condo; three were Granite Ridge Homesteads; and one was a Timbers at Granite Ridge.

NOTE: There are twenty-three 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 $5.45 million.

THE MOST E XPE NSI VE L UXURY COND O/ TOW NHOUSE SAL E I N 20 16 A 3,430 sq. ft. slopeside Four Seasons condo with 3 bedrooms and 4.5 baths listed for $5.5 million.

COURTESY OF NANCY MARTINO & ELIZA MATHIEU, JACKSON HOLE REAL ESTATE ASSOCIATES

This Four Seasons slope side Private Residence Condo offers rarified luxury in 3000+ sq. ft., and 2 patios.

With 3 bedroom suites (2 have fireplaces), a loft media room, and 4.5 baths, this ski-in, ski-out spacious condo views the chairlifts, the mountains and the pool. All the south windows drench the interior with sunshine. An open plan gives airy space with large chef’s kitchen, dining room and soaring living room, that has a tall stone (gas) fireplace. Elegantly furnished, it comes with 2 heated garage parking spaces*. Adjoining the hotel, but removed and quiet, the private residences enjoy all hotel amenities and their own staff to graciously meet your every need. Rental demand is high, or call it your home at the JH Mountain Resort.

JACKS ONH OLELU XU RYR EP ORT.COM 29

LUXURY COND O/TOW NHOUSE S

THE CURRENT LANDSCAPE MLS shows 2 luxury units listed – a Granite Ridge Homestead for $3.15 million, featuring 4 bedrooms, 4.5 baths (full-furnished) within its 3,412 sq. ft. footprint, plus an attached two-car garage - and a Cabin in Shooting Star for $4.5 million, featuring 3 bedrooms, 3.5-baths (full-furnished) within its 3,321 sq. ft. footprint, plus an attached two-car garage.

MOST E XPE NSI VE CO ND O/ TOW NHOUSE ML S L IS T ING AT YE A R ’S E ND $4.5 million for a 3,321 sq. ft. 3-bedroom, 3.5 bath Cabin in Shooting Star.

COURTESY OF THE CLEAR CREEK GROUP/JOHN RESOR

Located in the East Cabins at Shooting Star, this JLF designed home features cathedral ceilings, reclaimed wood, a gourmet kitchen, and a master wing. Owner/members enjoy all the amenities of Shooting Star, including its world-class spa and fitness facilities, tension edge lap pool, Jacuzzis, fine dining, tennis courts, Tom Fazio golf course, and on-call shuttle service to and from the Jackson Hole Mountain Resort. List Price $4,500,000

JACK SO NH OLELU XU RYR EP ORT.COM 30

LUXURY COND O/TOW NHOUSE S

ON THE HORIZON Shooting Star adds 30% more inventory to the luxury market!

In November, the twelve North Cabins will begin to close.

These 4- and 5- bedroom homes were designed by JLF & Associates and offer from 3,500 sq. ft. to 4,750 sq. ft. of living space. Prices range from $3.2 million to $4.95 million. These Cabins went under reservation agreements in August of 2014.

The last Cabin is scheduled to close in October of this year.

CLB recently designed a new 4-bedroom, 4,000 sq. ft. home which is being offered on four single family lots. The first one just went under contract at $5.1 million and will close in 2018.

In February of 2017, the second of two Lodges at Shooting Star II will close at just under $3.5 million. These 3-bedroom units are 3,400 sq. ft. and were designed by CLB.

With all twenty-three of these homes under contract with 25% or more down, Shooting Star retained JLF to design a new 5-bedroom floor plan with just over 5,000 sq. ft. The first Cabin was just released with three more expected to be released this summer.

In June of 2017, an 8,000 sq. ft., 5–bedroom home will close at $12.7 million.

Starting in June of 2017, three North Cabins II will close at prices ranging from $5.27 million to $6.02 million. Designed

by JLF, these Cabins range from 4,750 sq. ft. to 4,950 sq. ft.

Finally, three more single family homes are under construction with a fourth to start in the spring. One is 5 bedrooms and 6,000 sq. ft., another is 6 bedrooms and 7,000 sq. ft., and the third is 6 bedrooms and 7,600 sq. ft. They are priced respectively at $8.75 million, $10.95 million, and $12.1 million.

Also, in December of 2017, six Lodges at Fish Creek II will begin to close at an average price of $3.67 million. These were also designed by CLB and are similar to the Lodges at Shooting Star II.

JACKS ONH OLELU XU RYR EP ORT.COM 31

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O

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THE LODGES AT FOUR PINES With its six previous developments sold out, Shooting Star is releasing the Lodges at Four Pines. Designed by John Carney of CLB Architects, these 4-bedroom, 4,000 SF homes will have Fish Creek frontage, spectacular views of the top of the Tram and master suites both downstairs and upstairs.

The Club provides on-call shuttle service to and from the Jackson Hole Mountain Resort.

JOHN L.RESOR A S S O C I AT E B RO K E R

307-739-1908 J R e s o r @ S h o ot i n g S ta r J H . co m w w w . S h o ot i n g S ta r J H . co m # 1 P R O D U C I N G R E A L E S TAT E AG E N T I N J AC K S O N H O L E I N 2 015 A S R E P O R T E D I N T H E WA L L S T R E E T J O U R N A L SOU RC E : R E A L T R E N DS 2016 R A N K I NG S - #1 I N J AC K SON HOL E , 38T H I N T H E U. S.

T C C G R E A L E S T A T E , A D I V I S I O N O F T H E C L E A R C R E E K G R O U P, L L C 1 2 0 W E S T PE A R L AV E N U E ․ J AC K S O N, W YOM I N G 830 01 (307) 732-3400 ․ TCCGR E A L E STAT E .COM This is not an of fer to sell nor a solicit ation of of fers to buy real est ate in Shooting St ar by residents of Connecticut , Hawaii, Idaho, Illinois, New York , New Jersey, Oregon, or in any other jurisdiction where prohibited by law. ACC ES S TO AN D RIG HTS TO U S E REC RE ATIONAL AM E NITIES WITHIN S HOOTING STAR MAY BE SU BJECT TO PAYM E NT OF U S E FE ES , M E M BE RS HIP REQUIRE M E NTS , OR OTH E R LIMITATION S .

JACK SO NH OLELU XU RYR EP ORT.COM 32

Knowledge is POWER “The best advice I ever got was that knowledge is power and to keep reading” (David Bailey). Our goal with the Jackson Hole Report has always been to provide market knowledge to our clients and customers that will help empower them in their next real estate transaction.

One of the most powerful market forces in real estate is “Supply & Demand”. Knowing the demand has never been an issue in Teton County, but knowing the supply has always been a challenge. The fact that 97% of Teton County will never be developed (as public or conserved lands), you would think the determining supply of the remaining 3% would be easy.

Our process required tracking the MLS on a daily basis—recording every single deed documented in Teton County—and then filling in the gaps through the Teton County Geographic Information System. An example of our findings; The “Overall” development potential for single-family deeded homes equates to an additional 2,169 homes, or 38% more homes than current exist. NOTE: This does not include future affordable housing or the potential transfer of development credits from other parts of the valley. Another example of our findings; there are currently 1,292 platted residential single-family lots. Based on the five-year average of new single-family home permits (45 per year), it will take almost 29 years

PRSRT. STD. U.S. POSTAGE

PAID

Jackson, WY 83001 Permit No. 81

22nd anniversary

YEAR END

KNOWLEDGE IS POWER

to deplete the current inventory.

2016

“The best advice I ever got was that knowledge is power and to keep reading.” David Bailey Our goal with the Jackson Hole Report has always been to provide our clients with market knowledge that will empower their real estate decisions.

Supply and demand remains the most powerful dynamic in our real estate market. Demand has never been an issue in Teton County; supply is the problem. With 97% of Teton County barred from development as public or conserved land, tracking the remaining 3% should be relatively straightforward. Not so: Our analysis requires monitoring the MLS on a daily basis—recording every single deed documented in Teton County—and then filling in the gaps through the Teton County Geographic Information System. Our meticulous process, for example, recently yielded a startling discovery regarding the overall development potential of Teton County: The county, by deeds, could support 2,169 (38%) more homes than currently exist. This includes the existing 1,292 platted residential single-family lots. NOTE: This does not include future affordable housing or the potential transfer of development credits from other parts of the valley. Based on the five-year average of new single-family home permits (45 per year), it will take almost 29 years to realize the current development potential.

We have spent the past 15 months inventorying every free-market deed in the entire valley, an exhaustive process that allows us to say, with complete confidence: We have the most comprehensive real estate database in the valley. Or simply put: We know this market better than anyone else. Our in-depth, unparalleled knowledge make us the most thorough and trusted advisors to buyers and sellers alike. So whether you are a buyer or seller, let our knowledge empower you in your next real estate transaction.

With far more data available than digestible in this report, we have include a snapshot of the total existing deeds and future potential development.

This first foray into the numbers has convinced us that this is a crucial exercise, therefore we will continue to update our stats annually. All of our analysis is available online at jacksonholerealestatereport.com/inventory. To subscribe to our Jackson Hole Report, please email us at david@ jacksonholereport.com or visit our website at jacksonholerealestatereport.com/contact.

After spending 15 months inventorying every free-market deed in the entire valley, we can now safely say: “We have the most comprehensive real estate database in the Valley” and “We know the market better than anyone!” Our knowledge is so in-depth that we are now the most powerful tool available to Jackson Hole Buyers and Sellers. Whether you are a Buyer or Seller, let our knowledge empower you in your next real estate transaction.

To guarantee the most successful outcome in your next real estate transaction, call us today.

The Jackson Hole Report is the most widely-distributed and anticipated quarterly newsletter in Jackson Hole.

With far more data available than legible in this report, we have at-

TH E Y E AR I N R E V I E W: 2 0 1 6 SA L E S A N D T R E N D S The year closed with the overall market—all home, lot, condo and commercial transactions or listings— reporting 10% less sales than 2015, for a total of 618 properties sold in 2016 in Teton County. The overall dollar volume followed suit, down 8% to $1.005 billion. The Luxury Market (over $3 million) also followed suit with an 8% decrease in sales. The decrease in overall sales can be attributed to two main factors; the sluggish vacant residential lot market, where sales slumped 43%, and the overall available inventory, which is at the second lowest level in 30 years.

The hot spot in 2016 was under $1 million, where 54% of all transactions occurred. The steady surge of sales in this segment—in tandem with the dearth of homes listed under $1 million (only 14 are available valley-wide)— suggests prices will continue to climb in 2017. We predict buyers will continue to flock to our market, but our underlying concern remains: How much well-priced inventory will be available for buyers?

Overall real estate currently under contract: At year-end, there were 63 properties under contract (up 43%) with an average list price of $3.8 million (up 42%) and a median list price of $3.2 million (up 224%). This

across-the-board spike can be traced to the 23 Shooting Star properties under contract—a medley of homes, cabins and lots with an average list price of $4.4 million.

Current overall available inventory has decreased 5% when compared to the close of 2015, making year-end 2016 the second lowest level of overall available inventory in more than 30 years. The average and median list prices have jumped, up 12% and 5% respectively, and dollar volume is up 6% to $1.07 million. NOTE: Even though the under $1 million segment reported the greatest amount of currently active listings (105), the $1-$2 million segment comes in a close second with 93 listings. The $1-$2 million segment logged 156 sales in 2016.

Whether you are pricing your property to sell in this competitive market or weighing the right time to buy, rest assured that when you are our client, you have the upper hand through access to current market statistics and our impeccable level of service and personal attention. Please contact us by calling 307-6904004 or emailing david@jacksonholereport.com.

DAVID VIEHMAN & DEVON VIEHMAN PO Box 2431, Jackson, WY 83001 855 690 4004 toll free | 307 690 4004 direct | 855 722 2023 fax www.jacksonholereport.com • david@jacksonholereport.com

tached a “snapshot” of the total existing deeds and future potential development. Convinced by this first foray into the numbers, that this is a very important analysis, we will continue to update these stats annually - provided on-line at jacksonholerealestatereport. com/inventory/. To subscribe to our Jackson Hole Report, please email us at david@jacksonholereport.com or visit our website at jacksonholerealestatereport.com/contact.

JACKS ONH OLELU XU RYR EP ORT.COM 33

R AN CH / L A RGE PA RCE L S

Ranch / large parcels are few and far between in Jackson Hole: We consider a ranch or large parcel to be a minimum of 100 acres. There are currently 53 parcels that qualify with a total of 11,755 acres. Of these parcels only 12 are protected by conservation easements, while the others can still be subdivided.

NOTE: Some of the ranches have already broken their property into 35 or 40 acre parcels, allowing them to sell off parts of the ranch if needed.

THE WALTON RANCH (see below)

RAN CH / L A R GE PARCEL SAL E S AT Y EA R’S E ND

SPRING GULCH A 260-acre large parcel with a partial conservation easement – private sale.

In 2016 we recorded one ranch

ANTELOPE FLATS The 640-acre section of land owned by the State Wyoming in Grand Teton National Park (see page 36).

sale and three large parcel sales, two sales better than 2015.

SOUTH FALL CREEK 3 Snake River parcels under easement for a total of 125 acres – two homes + guest house allowed, but only one owner – listed for $13.9 million.

The Walton Ranch

STEVE NESTLER

After five years on the market, the 1,848-acre Walton Ranch attracted a new owner. As the first conservation easement secured by the Jackson Hole Land Trust (1983), the ranch remains the largest easement in Teton County. Sited just north of Hwy 22, the ranch stretches more than three miles north along the Snake River, almost all the way to the Gros Ventre River. Although the final price was not publicly announced, the property bore an original price tag of $100 million, which steadily fell to the final price of $39 million. The ranch contains three small homes dating back to 1952, and an assortment of out buildings. Barred from commercial use beyond the existing cattle operation, future development must be confined to two building areas, and the easement prohibits hunting of the property’s resident elk herd.

UNDER CONTRACT Four Springs Ranch, south of Wilson along the banks of the Snake River and Fish Creek, stands as the only ranch or large parcel under contract at year-end. Listed at $53 million the property offers a total of 264 acres. (MLS #16-1413 / 16-1412) COURTESY OF SOTHEBY’S JH/TOM EVANS

JACK SO NH OLELU XU RYR EP ORT.COM 34

TH E CUR RE NT L ANDSCAPE

The MLS lists six luxury ranch or large parcels, of which the most expensive is a 104-acre parcel north of Jackson on the banks of the Snake River. NOTE: This parcel only allows one home. Collectively, the most expensive large parcel offering at year-end is in Spring Gulch where four parcels of more than 100 acres each (507 acres total) carries a combined price tag of $50.2 million. Another standout is Trails End Ranch, a 160-acre parcel 20-minutes south of Wilson, surrounded by national forest and listed for $7.995 million.

MOST E XPE NSI VE R A NCH / L A RGE PA RCE L L I STI NG

100 Acres on the Snake River. Ranch parcel 10 of the Bar B Bar boasts 100+/- acres of unparalleled natural beauty, featuring meandering creeks, Grand Teton views, Snake River frontage with privileged fly-fishing access, abundant wildlife, wildflower meadows, mature trees, unsurpassed privacy and proximity to Jackson’s amenities.

COURTESY OF SOTHEBY’S JH / TOM EVANS

JACKS ONH OLELU XU RYR EP ORT.COM 35

Imagine

a development on

TH E MO S T E XP ENS IV E SA L E IN 2016 $46 million

antelope flats.

Photo: Henry Holdsworth/Wild by Nature

Now, you don’t have to.

On December 12, the National Park Service purchased the $46 million Antelope Flats parcel in Grand Teton National Park from the State of Wyoming, injecting much needed funding into Wyoming’s Permanent School Trust Fund and preserving critical wildlife habitat in the heart of the park. Gifts ranged from 1 dollar to 4 million dollars in this historic campaign that brought 5,421 donors who care about this special place together.

Thanks to everyone who helped us protect 640 acres in Grand Teton forever.

JACK SO NH OLELU XU RYR EP ORT.COM 36

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.

JACKS ONH OLELU XU RYR EP ORT.COM 37

Low property tax Low inheritance tax

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.

JACK SO NH OLELU XU RYR EP ORT.COM 38

L O N G T E R M & VA C A T I O N R E N T A L S H O M E O W N E R S A S S O C I AT I O N M A N A G E M E N T C A R E TA K I N G Mountain Property Management is a full-service property management company specializing in personalized service for our guests, tenants, and property owners since 1989.

www.JacksonHoleProperties.net | 307.733.1684

If you want to learn about the dining scene in Jackson Hole, there is no better place to turn than the girls behind Dishing Magazine, Co-Publishers Allison Arthur and Cara Rank.

The pair of editors scour town for new food trends, regularly meet with the local chefs and report about food news and happenings for their biannual magazine and daily blog. Follow them on Instagram at @dishingjh, online at dishingjh.com and on Facebook at Dishing Jackson Hole for the latest in what is happening food-wise. Or pick up a magazine from stands you can find around town at places like Jackson Whole Grocer, Aspens Market and on the Town Square under the Snake River Grill.

We turned to them to find out what their favorite picks are currently in Jackson Hole.

best breakfast

date night

AA: I am always a sucker for Lotus Café, but also really love the toast at Healthy Being, too. They have Persephone Bread and make a delicious cashew spread with a fresh chimichurri, and I love it!

AA: My husband would vote Rendezvous Bistro for this, so I go there a lot, but I always crave King Sushi.

CR: I love the frittata from Café Genevieve. It changes seasonally but always comes with a side salad so I don’t feel too bad having the mimosa before noon.

CR: Trio is our ritual. The restaurant opened right around the time we started dating, and we used to eat there once a week. We love to sit at the bar, split a salad, pizza and bottle of wine and catch up with each other.

girls night out AA: I think Bin22 is a fun place to meet girls and sit outside in the summer.

CR: If it’s winter, we love to go to the Alpenhof and have girl talk over cocktails and fondue. Summertime the deck at Hayden’s Post is our choice for great cocktails and the view.

favorite apres ski cocktail AA: I love the drinks at The Handle Bar. They always have something seasonal and delicious, like the homemade Fireball they are serving this year.

CR: I love the spicy margarita from Spur.

It’s a classic and has been my go-to for years.

JACK SO NH OLELU XU RYR EP ORT.COM 40

gourmet food you send to relatives AA: We have so many great foodie gifts my list could be long, but Vom Fass has a great selection of very unique oils and vinegars. Every summer I buy a different selection to dress the fresh greens from my garden.

CR: The house-made charcuterie from Local Butcher is a great gift to send friends and family. They make things like pheasant sausage and foie gras, so I always stock up for houseguests and send it home as presents.

best indulgent dinner AA: The obvious choice for this is Snake River Grill, and I LOVE that place. But another spot that I will go to for a special dinner is The Rusty Parrot. You can sit by the fire, it is quiet and romantic and you always have a good meal.

CR: Sudachi is my top spot to indulge. It’s not indulgent in terms of calories, but it feels like a splurge when we sit at the sushi bar and let the chef decide what we should eat that night. We always get sashimi from whatever is fresh, and basically put our order in the chef’s hands.

farmer’s market strategy AA: Go early on Saturday morning and stock up for the week! I like to go to the People’s Market on Wednesday and grab a few things for dinner like Mexican corn and fresh mango in a cup.

CR: I am there by 8 a.m. and get my tomatoes first. I load up on veggies for the week and will preorder all my items I plan to pickle. I also hit the People’s Market to restock midweek.

sandwich of choice AA: I love to grab a build-your-own Creekside sandwich. They really know how to make them, but I also like the turkey sub from New York City Subs. The banana peppers make it!

CR: I Being from the South, I get serious hankerings for fried chicken.

There’s no better way to get my fix than Bodega’s fried chicken sandwiches. I love the Mexican style, layered with guacamole, jalapeño and an iceberg lettucetomato-mayonaise sauce (strangely reminiscent of a Big Mac).

BRIAN UPESLEJA

sweet treats of choice AA: It is hard to get any better in the summer than ice cream from Moos. I love the toffee chocolate, and they do homemade raspberry sorbet with fresh, local raspberries.

CR: I love to pick up a pie from Persephone in the summer for a dessert on the back porch.

tip for a quick dinner picnic essentials

your hangover fix

AA: When I want to go out but don’t want

AA: I have to have something fried.

to have a long dinner, I go to Liberty Burger. I love the turkey burger because the meat is white meat and never frozen, so it tastes great.

CR: I stop by Lucky’s Market for a rotisserie chicken. Then I’ll grab some potatoes to roast and make a big side salad.

favorite soup AA: Mama Leone from Whole Grocer.

CR: I eat soup by the gallons in winter, and Teton Tiger has my favorite. It’s a kimchi udon soup loaded with vegetables and in spicy ramen broth for only $6. You can even add add pork belly, tofu or prawns.

AA: A Persephone or 460 baguette, some great cheese from Pearl Street Market, and a sweet treat from Atelier Ortega (I particularly love the coconut crème brulee).

CR: Pearl Street Market and Aspens Market are my stop for picnic foods. At both places (they have the same owners), you can get cheese, charcuterie and crackers; salads and sides to-go; sandwiches; chips and, of course, wine.

If that is the case, Sidewinders recently started offering a fried chicken sandwich menu and the Hot Nashville is incredible.

CR: Nothing cures what ails you quite like the Nor’easter from Cutty’s.

It’s a Philly cheesteak (on Amoroso’s bread) with pickles, bacon, grilled onions and cheese.

grab & go lunch AA: If I want lunch to-go, I usually do two errands in one and pick up stuff for lunch and dinner from Whole Grocer. The soups are always amazing, but I recently also discovered how good the Mexican station there is, too. The burritos are on point.

CR: I love Fish Sandwich Fridays at Creekside Market. The sandwich is to die for and reminds me of living on the Florida coast, where we’d eat grouper sandwiches every Saturday on the beach.

JACKS ONH OLELU XU RYR EP ORT.COM 41

OVERALL VALLEY DEEDED PARCELS SINGLE-FAMILY HOMES 5,669 This represents all deeded “free-market” single-family zoned homes.

FARM & RANCH 64 (24 ranches with homes) (11 Dude ranches) This represents all Farm / Ranch / Dude deeds whether developed or not.

Some have conservation easements.

DEEDED TOWNHOME/CONDOS: 2,937 This represents all deeded “free-market” townhome/condos, including a small segment (106 units) being rented through commercial operations in the TOJ.

SINGLE FAMILY VACANT LOTS 1,433 (211 are 35+ acres) *This represents all single-family zoned lots, and parcels over 35 acres. *Except for 78 single-family lots in the TOJ that are .34 acres or larger, the rest cannot be further subdivided.

COMMERCIAL VACANT LOTS 56 This represents commercial zoned vacant lots.

COMMERCIAL DEEDS 930 (developed) This represents commercial zoned deeded parcels and condos.

MULTI-FAMILY DEVELOPED 87 This includes all multifamily parcels with a minimum of two units (duplexes, triplexes, etc.) with no main house

APARTMENT DEVELOPMENTS 28 CONSERVATION EASEMENTS 184 Parcels with no current development

Westbank – 1,674 + 9 = 1,678 Town of Jackson (TOJ) = 1,379 Gros Ventre River south to county line (not including TOJ) – 1,762 + 5 = 1,765 Gros Ventre River north to county line – 865 + 10 = 847 Westbank – 30 (9 ranches with homes) (1 Dude) Gros Ventre River south to county line (not including TOJ) – 14 (5 ranches with homes) (2 Dude) Gros Ventre River north to county line – 20 (10 ranches with homes) (8 Dude)

Westbank – 1,144 Town of Jackson (TOJ) – 1,446 Gros Ventre River south to county line (not including TOJ) – 255 Gros Ventre River north to county line – 92

Westbank – 413 (34 are 35+ acres) Town of Jackson (TOJ) – 141 Gros Ventre River south to county line (not including TOJ) - 476 (119 are 35+ acres) Gros Ventre River north to county line - 403 (58 are 35+ acres)

Westbank - 7 Town of Jackson (TOJ) - 33 Gros Ventre River south to county line (not including TOJ) - 15 Gros Ventre River north to county line - 1 Westbank - 106 Town of Jackson (TOJ) - 638 Gros Ventre River south to county line (not including TOJ) - 176 Gros Ventre River north to county line - 10

Town of Jackson (TOJ) - all 87

Town of Jackson (TOJ) – all 28 with a total of 705 actual rental units

351 total conservation easements (this includes homes and ranches with some development) 60 of the 351 are partial conservation easements with no more development 152 common lots + 24 (open space, school, public - cannot be developed) 527 – Total parcels protected from future development.

NOTE: The 527 parcels total approximately 29,195 acres, or 39% of the deeded lands in Teton County (not including Alta, WY).

JACK SO NH OLELU XU RYR EP ORT.COM 42

5,669 deeded homes + 64 Farm / Ranch / Dude + 2,937 condo/townhomes + 1,222 vacant single-family lots (less than 35 acres) + 211 35+ acre vacant parcels + 56 commercial vacant parcels + 930 commercial developed properties + 87 Multi-family developed + 28 Apartments + 184 Conservation parcels with no improvements + 152 common + 23 Public

= Total deeds - 11,563 – 175 (common/public) = 11,388

TOTAL DEEDS: 11,563 Westbank – 3,509 Town of Jackson (TOJ) – 3,789 Gros Ventre River south to county line (not including TOJ) – 2,859 Gros Ventre River north to county line – 1,406 *Teton County is approx. 2,697,000 acres (4,216 sq. miles) of which 3% (approx. 75,210 acres) is deeded. NOTE: Alta, WY (5,700 acres or 8.3 sq. miles), which is not included in this report, brings the total acres to 80,910. * A complete breakdown of deeds and residential units by area, including new construction cost and current property prices, can be found on our website at http://jacksonholereport.com/overall-deeded-parcels/

PROJECTED FUTURE SINGLE-FAMILY HOME DEVELOPMENT NUMBER OF ADDITIONAL POTENTIAL SF LOTS USING THE PRD TOOL 541 NEW PARCELS

*This study does not explore the potential of transferring development credits to other parts of the valley Westbank - 333 Gros Ventre River south to county line (not including TOJ) - 37 Gros Ventre River north to County line - 171

50-acres as minimum under the new Teton County Comprehensive plan before any subdividing can occur.

EXISTING VACANT SINGLE-FAMILY PARCELS 1,293

Westbank - 414 Gros Ventre River south to county line (not including TOJ) - 476 Gros Ventre River north to county line - 403

*These are the vacant parcels that cannot be further subdivided.

HOMES “OVERALL” WITH LESS THAN 1,000 SF 185

Westbank - 106 Gros Ventre River south to county line (not including TOJ) - 40 Gros Ventre River north to County line - 39

* These parcels could use the existing homes as guesthouses, and still build a main house.

HOMES IN THE TOWN OF JACKSON (TOJ) 128

This includes all vacant single-family and NC-2 lots

Total “Projected Overall” Additional Single-Family homes: 2,147 approx.

Westbank - 853 Town of Jackson (TOJ) - 128 Gros Ventre River south to county line (not including TOJ) - 553 Gros Ventre River north to county line - 613 * Does not include deed restricted affordable housing, fractional ownership, or Government leases. * All statistics are supplied by sources that have been deemed reliable but are not guaranteed. * “Overall” in this report includes all deeded parcels in Teton County, not including Alta, Wyoming. * Although some homes are not yet reflected in the Teton County GIS, this number includes homes issued building permits through Q3 2016.

JACKS ONH OLELU XU RYR EP ORT.COM 43

W E L IV E H E R E , RAIS E O U R FAM ILY H E RE AN D A R E D E E P LY INVESTE D IN TH E CO M M U NITY.

Let us share why we love Jackson Hole with you and be your local lifestyle guide.

DAVID VIEHMAN

DEVON VIEHMAN

LUKE SMITH

(307) 690-4004

(307) 690-0621

(307) 699-5921

david@jacksonholereport.com

devon@jacksonholereport.com

luke@jacksonholereport.com

WWW.JAC KSON HOLE R E PORT.COM

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 CELL 307 690 4004 TOLL FREE 855 690 4004 david@jacksonholereport.com A Florida native, David Viehman moved to Jackson two decades ago with his wife Donna and daughter Devon, and dove into the Teton real estate world. He quickly discovered the valley presented a distinct market worthy of analysis, so he created the Jackson Hole Report, a quarterly newsletter tracking sales and listings that is now considered the definitive source on valley real estate trends. Beyond analytics, David has worked extensively in resort sales, public relations, agent management and training. Paramount to his professional life is his connection with place and conservation. In 2012, he was appointed to the board of directors of the Grand Teton National Park Foundation, which provides private financial support for special projects that enhance and protect the park. When he is not showing a house, meeting with a client or researching the Jackson Hole Report, he is outside – fly-fishing, rafting, hiking, camping, alpine skiing, snowmobiling, snowshoeing or mountain biking.

DEVON VIEHMAN ASSOCIATE BROKER CELL 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 until 2014 when she decided to move to RE/Max Obsidian, a boutique firm that allows her to focus solely on her clients’ needs. She has garnered industry accolades throughout her decade-long 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, she is currently the President-Elect for the Wyoming 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 an 9-year-old son.

LUKE SMITH SALES ASSOCIATE CELL 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.

JACKS ONH OLELU XU RYR EP ORT.COM 45

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 transactions in Jackson Hole.

• We will feature your property on our company website www.remax.com, which received over 52 million visits in 2016.

• We will feature your property on our company’s global website www.Global.REMAX.com: Here, potential buyers can look for properties in 30 languages, translate currencies and find the latest international real estate news.

• 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.

JACK SO NH OLELU XU RYR EP ORT.COM 46

RE/MAX

Obsidian Real Estate RE/MAX Obsidian Real Estate, a member of the RE/MAX Global Network, is a locally-owned and managed boutique real estate sales brokerage. Our team consists of 40 seasoned Realtors, as well as a powerful database that keeps daily track of every single real estate transaction in Jackson Hole. While the intimacy of our local firm guarantees personal service and attention, the global reach of RE/MAX is unmatched in Jackson Hole. When you combine the global presence of all the other local brokerages, their collective

New Teton Village Location

reach does not even equal half the number of worldwide offices and agents in

ReMax is one of only two

other local franchise or affiliate brokerage combined, which equates to more

real estate brokerages with an office in the village.

the RE/MAX Global Network. Stateside, RE/MAX offers an equally impressive presence. Our U.S. franchises’ websites are visited by 10 times as many as any than 50 million visits in 2016. This marketing advantage is critical when selling a property; according to the National Association of Realtors, 90% of all buyers in the U.S. start their search online. Global.REMAX.com even allows potential

buyers to look for properties in 30 languages, translate currencies, and find the latest international real estate news. With nearly 90,000 agents in 89 countries, RE/MAX Obsidian Real Estate and the RE/MAX Global Network connect your property to potential customers virtually anywhere.

In Jackson Hole, RE/MAX Obsidian is a vital, contributing member of the community. As a participant in 1% for the Tetons, our brokerage donates 1% of our real estate sales commission to local sustainability initiatives.

Our decades-deep knowledge of the valley combined with the global network of RE/MAX Global Network has made us the Local Luxury Experts.

JACKS ONH OLELU XU RYR EP ORT.COM 47

HENRY HOLDSWORTH

Unforgettable Let’s keep it that way.

Grand Teton National Park Foundation funds projects and programming that go beyond what the National Park Service could accomplish on its own. In 2016, donors gave more than $15 million to support critical work and outreach, greatly improving Grand Teton for locals and visitors alike.

YOUTH ENGAGEMENT

•

WILDLIFE RESEARCH AND PROTECTION

CULTURAL PRESERVATION

•

•

VISITOR SERVICES

TRAIL RESTORATION DAVID SWIFT

JERRY HERMAN

RYAN SHEETS

Love your park? Support your park.

Keep Grand Teton unforgettable with a gift today!

GTN PF.O RG JACK SO NH OLELU XU RYR EP ORT.COM 48

IN THE NEWS

Forbes Ranks JHMR #1 http://www.forbes.com/sites/christophersteiner/2016/11/17/thetop-10-ski-resorts-in-north-america-for-2017

It’s becoming a bit tyrannical at this point.

Every year, same thing. Jackson Hole is to skiing what the Patriots are to the NFL. You take away the copious snowfall and you’re still left with the best fall lines and terrain.

Take away the tram and you still have a gondola that covers 2,500 feet of vertical.

New England was denied Tom Brady and the team still managed to go 3-1. Jackson Hole does the same for skiers.

Last season, the resort opened the Teton Lift, which accesses a bunch of terrain that has always been in-bounds, but was skied less often than anything else in the resort, and less often than much of the side country and backcountry terrain for which Jackson is so well known. Off its skier’s-left flank, Teton offers amazing views of the Tetons and fun little gladed shots down the north end of the resort. Off the right, there’s a big apron groomer plus a few hidden powder fields in the trees.

And the place just made a key off-season acquisition this year: yet another gondola.

It’s not even fair...

“Wilson, Wyo.: A Low-Key Ski Town for America’s Wealthy” Wilson, Wyoming was featured last December in the Wall Street Journal after being ranked No.1 in the U.S. in the average adjusted gross income ($296,778), according to IRS data.

In the tiny town of Wilson, Wyo., residents eat trout and eggs at Nora’s Fish Creek Inn. On Sunday nights, they head to the Stagecoach Inn for a secular yet hallowed event called Sunday Church to dance to the same swing bans that’s played there 47 years. http://www.wsj.com/articles/wilson-wyo-a-low-key-ski-town-for-americas-wealthy-1479396558 JACKS ONH OLELU XU RYR EP ORT.COM 49

Alta Mira Gallery

Grace Home Design

First Interstate Bank

Pages 4 & 5 307.739.4700 www.altamiraart.com

Page 16 307.733.9893 www.gracehomedesign.com

Page 19 307.734.7373 www.firstinterstate.com

Jackson Hole Report

Jackson Hole Contracting

Mountain Property Management

Page 33 307.690.4004 www.jacksonholereport.com

Page 24 307.413.9922 www.jacksonholecontracting.com

Page 39 307.733.1684 www.jacksonholepreoperties.net

DAVID VIEHMAN DEVON VIEHMAN LUKE S MI TH

JACK SO NH OLELU XU RYR EP ORT.COM 50

Home Services

Pierson Land Works

Dishing JH

Shooting Star

Page 22 307.733.5429 www.plwllc.com

Pages 40 & 41 www.dishingjh.com

Pages 12 & 32 307.739.1908 www.shootingstarjh.com

Wyoming Title and Escrow

Re/Max Obsidian Real Estate

Page 28 307.732.2983 www.wyomingtitle.com

Page 47 307.690.4004 www.jacksonholereport.com

Grand Teton National Park Foundation

JACKS ONH OLELU XU RYR EP ORT.COM 51

Page 48 307-732-4192 www.gtnpf.org

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 2016 compared to 2015. * 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.

JACKSONHOLE L U X U R Y

D AVID VIE H M A N D E VO N VIE H M A N L U K E SMI T H

R E P O R T

D AV I D V I E H M A N & D E V O N V I E H M A N

Š Copyright 2013-2017 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.

JACK SO NH OLELU XU RYR EP ORT.COM 52

D AV I D V I E H M A N & D E V O N V I E H M A N 307.690.4004 J A C K S O N H O L E L U X U R Y R E P O R T. C O M