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Jackson Hole, WY Real Estate News

By Dana Harris, The Coast Life Team
(Coastal Premier Properties)
Many times over the years I've lived here people have asked me what is so special about Jackson Hole. For the most part they are friends who live in the city and many times people who have never visited Jackson Hole even once.  When I stop and really think about it the answer is probably the same as it would have been back in the early trapper days of Davey Jackson, the towns namesake.  To me its the people and the human spirit, plain and simple.  It seems the same things that attracted people to the area hundreds of years ago continues to attract similar people to this day.  Gritty, determined, adventurous people who are on mission to change both their worlds, and others, in a very profound way.  They are not egoists or selfish people but passionate and self-empowered and always thinki...
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By Dana Harris, The Coast Life Team
(Coastal Premier Properties)
Interest rates continue to hover at an all-time low making this an unprecedented opportunity for home buying.  According to Fannie Mae these are the lowest rates they've seen since they began tracking their index back in 1971. Some owners are also taking the opportunity to lower their payments by refinancing.  One of our appraisers at Jackson Hole Real Estate & Appraisal reported he is also seeing an increase in appraisals for refinancing.  As housing has continued to slow, 30 yr. fixed mortgage rates have continued to ease over the last few months.  In the Fall of 2008 they peaked up to about 6.4% and are now down to about 5.13%.  There is always another side to the story, however, and according to Holden Lewis, a senior reporter for BankRate.Com, "Mortgages are near historic lows. At ...
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By Dana Harris, The Coast Life Team
(Coastal Premier Properties)
  For Immediate ReleaseJanuary 8, 2009The Living In Jackson Hole Team Joins Jackson Hole Real Estate & AppraisalLiving In Jackson Hole is proud to announce the that we have become a part of the Jackson Hole Real Estate & Appraisal (JHREA) brokerage.  JHREA is Jackson Holes oldest and largest locally owned real estate company, with over 40 years of knowledge and experience to service client’s.  According to Dana Harris, founder of Living in Jackson Hole, “The unexpected shutdown of Real Estate of Jackson Hole in December created significant opportunities for brokers and realtors in the valley.  Many have taken a step back and taken a hard look at their business models.  Its become obvious to many that bigger isn’t always better.”JHREA is a smaller specialized firm that also offer apprais...
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By Tim Bradley, Commercial Real Estate Expert in Jackson Hole, WY
(Contour Investment Properties)
At our Rotary lunch meeting today, our guest speaker started out by saying "It's cool to be noticed." That struck me as such an innocent and revealing comment, and such a true one as well. The speaker was a high school girl being recognized for her hard work in overcoming a difficult family situation and doing well in school. For her hard work, 100 people stood and clapped, and gave her an award. Miss that feeling? Put in some hard work, and you'll be rewarded too. Tim BradleyOwner/BrokerContour Investment Properties220 East BroadwayPO Box 1152Jackson, WY 83001(307) 733-6400www.contourproperties.com Tim Bradley is an owner of Contour Investment Properties, the only brokerage firm in Jackson exclusively focused on commercial and investment property in Jackson Hole and Teton Valley. Tim h...
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By Tim Bradley, Commercial Real Estate Expert in Jackson Hole, WY
(Contour Investment Properties)
Wyoming has a well deserved reputation for low taxes, having no state personal or corporate income tax, and having a very low property tax rate. Here's how to calculate property taxes in Jackson Hole (Teton county, Wyoming). Property taxes are calculated by multiplying the mill levy by the assessed value, and the assesed value is equal to the market value times 9.5%. The mill levy is generally given as an amount per $1000 dollars of value, so before multiplying the levy by the assessed value, you should move the decimal point on the levy to the left by three places. Here's an example. Let's say the property is worth $1,000,000, and the mill levy is $57.42. Multiply $1,000,000 (market value) by 9.5% to get $95,000 (assessed value). Now multiply $95,000 (assessed value) by 0.05742 (mill l...
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By Rick Armstrong, Jackson Hole Real Estate
(Jackson Hole Real Estate Broker RARE Properties Real Estate )
The indymac deal hits a snag over the one billion dollars Fannie Mae says Indymac owes to them for bad loans.
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By Rick Armstrong, Jackson Hole Real Estate
(Jackson Hole Real Estate Broker RARE Properties Real Estate )
Indymac sells for 13.9 billion to a partnership of titans that include George Soros, Michael Dell, and the Flowers group that is a conglomerate of hedge funds.       So this is a continuation and result of the mortgage meltdown.  Seems like a smart play to me.  If the mortgage market recovers they should see positive returns.  If the business fails they should qualify for some of the bailout funds.  A win - win for them
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By Rick Armstrong, Jackson Hole Real Estate
(Jackson Hole Real Estate Broker RARE Properties Real Estate )
Jackson Hole ski report is as follows.  The skiing is incredible right now.  We have colder temps that have dried out the surface snow that fell very warm and wet over the last three days.   Another storm is poised to hit the region on Monday  or Tuesday.    Avlanche hazard remains high in the back country and is not recommended.   Please feel free to check out my blog at www.realestatejackson.com for more detailed info.      
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By Rick Armstrong, Jackson Hole Real Estate
(Jackson Hole Real Estate Broker RARE Properties Real Estate )
Jackson Hole real estate has seen continuous increases year over year for basically 15 years now.  There had been a couple of lulls but no major declines.   What we are seeing now is what I refer to as reality.    The appreciation of the past was pushed by easy loans, low interest rates and speculation.    I have recently talked with people that I feel are more than average when it comes to the experience and knowledge they hold.  Some of these people think the old addage "Jackson Hole never goes down" is still somewhat true.   Others feel like we are just seeing the start of this.     One thing is absolute and that is we are seeing a correction right now.    Sales have slowed prices have dropped and still not many closings.    I do have personal predictions and opinions that I will gla...
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By Tim Bradley, Commercial Real Estate Expert in Jackson Hole, WY
(Contour Investment Properties)
One of the largest and oldest real estate companies in Jackson Hole closed their doors today. The 89 agents and several staff members with Real Estate of Jackson Hole became homeless today, as a dramatic slowdown in residential sales over the past year rendered the company unable to meet their overhead requirements. Many of these agents will likely exit the business, while others will be absorbed into other firms, and a few will open new smaller brokerages. This is a trend seen around the valley, with every aspect of the real estate business sharing in the downturn. Developers, contractors, real estate agents, title companies, and appraisers are all reducing staff and laying off professionals. This latest closing will also have a significant impact on our newspaper, which was reportedly...
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By Dana Harris, The Coast Life Team
(Coastal Premier Properties)
I love seeing this on the TV as I go to bed at night.  We received almost 12" of new snow in the last 24 hours and we have a winter storm warning until later this evening.  Todays storm may bring another 12" by tomorrow morning with more snow to come throughout the week.  I guess Santa repelling out of the Tram was good karma and our early Christmas present is a really good one.  My advice, get out there and get some fresh cowboy powder this morning.  If you're sitting somewhere else reading this get up here!      
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By Dana Harris, The Coast Life Team
(Coastal Premier Properties)
December 19th was the big night at the Jackson Hole Mountain Resort.  The new tram, affectionately known as Big Red, is officially back.  After almost 3 years and $31 million dollars the resort owners delivered on their promise to replace the signature tram that serviced the mountain for 40 years.  In true style the tram was introduced with the classic sound track played on the old tram along with fireworks and spot lights to a crowd of over 2000 who braved the cold and the snow to witness the historic event.  In a nod to the season and maybe even a symbolic gesture of gift giving, Santa Claus repelled from one of the escape hatches on the bottom of the car to the crowds below.  It was truly a very amazing sight to see given that few trams are launched in North America, the last one bei...
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By Tim Bradley, Commercial Real Estate Expert in Jackson Hole, WY
(Contour Investment Properties)
Photo taken by May 2008 by Tim Bradley, all rights reserved and may not be reproduced without the express written permission of the photographer. Tim Bradley is an owner of Contour Investment Properties, the only brokerage firm in Jackson exclusively focused on commercial and investment property in Jackson Hole and Teton Valley. Tim has earned the MAI designation from the Appraisal Institute as well as the CCIM designation from the CCIM Institute. Tim BradleyOwner/BrokerContour Investment Properties220 East BroadwayPO Box 1152Jackson, WY 83001(307) 733-6400www.contourproperties.com
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By Dana Harris, The Coast Life Team
(Coastal Premier Properties)
This beautiful course, first opened in 1987, is located just minutes from Jackson Hole on the Westbank off the Village Road.  Jackson Hole Mountain Resort is just 5 minutes North and the views of the resort and the Tetons are breathtaking.  The course is always in excellent shape and has one of the best greens-keeping staff's in the valley.  The course is open for public play in the afternoon and will provide all the challenge a golfer is looking for whether you play from the tips or the front tees. As usual weekends tend to be a little busier than weekdays but tee times are easy to get if you call in advance.  There is a great pro shop on-site for all your last minute needs.  There are also two dining options at the Patio Grill for light fare or at the turn and the Pines Restaurant wit...
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By Rick Armstrong, Jackson Hole Real Estate
(Jackson Hole Real Estate Broker RARE Properties Real Estate )
Jackson Hole real estate has seen continuous increases year over year for basically 15 years now.  There had been a couple of lulls but no major declines.   What we are seeing now is what I refer to as reality.    The appreciation of the past was pushed by easy loans, low interest rates and speculation.    I have recently talked with people that I feel are more than average when it comes to the experience and knowledge they hold.  Some of these people think the old addage "Jackson Hole never goes down" is still somewhat true.   Others feel like we are just seeing the start of this.     One thing is absolute and that is we are seeing a correction right now.    Sales have slowed prices have dropped and still not many closings.    I do have personal predictions and opinions that I will gla...
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By Rick Armstrong, Jackson Hole Real Estate
(Jackson Hole Real Estate Broker RARE Properties Real Estate )
Quick snow report. We recieved 6-8 inches of snow Friday night with the Gondola up and running.    we are expecting snow through the week.    The tram is scheduled to open December 20th.   The 30 million dollar project is a huge asset to Teton Village and the real estate surrounding it.  The other big project is the Shooting Star golf course which is well under way.  Houses are begining to spring up on what has been a monumentous project.
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By Tim Bradley, Commercial Real Estate Expert in Jackson Hole, WY
(Contour Investment Properties)
Teton County commissioners intend to extend a moratorium on new housing developments in the county. The moratorium was enacted in May 2008 and is set to expire at the end of December, but will now likely be renewed until July 1, 2009 or when the new Jackson Hole/Teton County Comprehensive Plan is updated, whichever is sooner. The debate over whether to allow/encourage new development or close the door on increased population has long been contentious in Jackson Hole. For now, at least, the county government is leaning towards limiting development. That will tend to boost housing prices even further, as there is no shortage of people wanting to move to the valley. Tim Bradley is an owner of Contour Investment Properties, the only brokerage firm in Jackson exclusively focused on commercia...
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By Tim Bradley, Commercial Real Estate Expert in Jackson Hole, WY
(Contour Investment Properties)
Here's another project idea for your Rotary club. Every year our club mans the Salvation Army buckets at Thanksgiving and Christmas. The Salvation Army provides the buckets and bells, and club members sign up for one hour shifts to ring the bell. We ring the bell on Saturday and Sunday afternoons/evenings on the most popular shopping weekend days of the holidays. This season especially, the Salvation Army needs the help and funds. Build goodwill and friendships, Get your club involved - ring the bell!
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By Tim Bradley, Commercial Real Estate Expert in Jackson Hole, WY
(Contour Investment Properties)
The Town of Jackson and surrounding county (Teton) have been struggling with growth issues for years. The raw beauty and recreational opportunities of our valley continue to attract more and more people, where housing is limited by the geography and the fact that 97% of the land in the county is owned by federal, state, or local government. Demand for housing far exceeds supply, and prices long ago became unaffordable for those living paycheck to paycheck. The most common solutions proposed fall into two camps: Build More, and Close The Door. Build More strategies include increasing building heights, increasing allowed densities in town, rezoning county land to allow housing, requiring developers to provide price-restricted housing, and using public dollars to build housing. Close The D...
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By Dana Harris, The Coast Life Team
(Coastal Premier Properties)
This course is beautifully situated in the middle of the valley. The first thing you notice as you step on the course are the incredible panaramic views of the valley and mountains including the Grand Teton. The other thing that becomes obvious is the openess of the course with very few trees "in play". Don't let this fool you as hazards abound and this course has the longest yardage and toughest rating of any course in the area. I would say this is probably the most challenging, beautiful and fun to play course all in one. 3 Creek Ranches facilities are some of the best you'll find anywhere. They've spared no expense in providing an incredible clubhouse, fitness facility and pool on top of an immaculate golf course. In addition the food and service are just what you would expect from a...
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