The pulse of the commercial real estate market in Jackson Hole continued with a strong pace over the past 12 months. As reported by the Teton County Multiple Listing Service, commercial sales activity saw an increase in unit sales (non-lease) volume of nearly 40% in 2015 over activity in 2014, with the majority of the increase attributed to a surge in lodging and light industrial. Truly notable sales of 2015 reported to the MLS were the properties consisting of the Anvil and El Rancho Motels/Nani’s Restaurant package, listed for $8,675,000 which closed in November, and the United States Forest Service Parcel, listed for $12,000,000 which sold in October. Commercial real estate can sometimes resemble a well-kept kept secret in the Jackson Hole real estate market. When it comes to overall sales activity, a significant amount of transactions close without ever going through the multiple listing service, and for those that are in the MLS, in many cases the sale figures or capitalization rates are undisclosed, underscoring the importance of working with an agent experienced in commercial transactions. When asked to help shed light on commercial values, Bill Van Gelder, Associate Broker with Jackson Hole Sotheby’s International Realty says, “Cap rates have normalized in the 5% to 6% range depending on asset class. Buyers continue to pay more, relative to national options, for commercial properties in Jackson. Buyers have shown a willingness to seek out niche commercial markets like Jackson that trade off the initial rate of return for more subtle benefits like long term price stability, lack of competition from new development, and a very tax friendly state in which to derive income.” Further obfuscating the picture of commercial development in the near future are the pending reductions of commercial zoning within the town core. Due to the groundswell of demand for housing solutions within Teton County, and the town of Jackson in particular, town planners are pressed to maintain commercial zoning to 1994 zoning levels—approximately half of which has yet to be developed. In lieu of previously anticipated commercial upzoning, proposed changes to the draft zoning regulations would now shift the square footage towards housing-specific density bonuses. With the limited commercial development opportunities in and around Jackson in jeopardy of enduring a further reduction, neighboring counties have the potential to gain. Recent commercial projects have found sites in Alpine, Pinedale and eastern Idaho more appealing than working within the confines of regulations within Teton County. The uncertain state of commercial zoning within Jackson continues to affect small business owners as well. With development projects focusing heavily on lodging and large parcels, town inventory is enduring a chronic shortage of available commercial properties in sub-1,500 square foot storefronts and office space. Updated draft zoning is considered to be a priority item for elected officials with future opportunities for public comment expected. 185 West Broadway Jackson Hole, WY (888) 733.9009 NEWS REAL ESTATE ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated. Wednesday, February 10, 2016 www. JHSIR .com COMMERCIAL REAL ESTATE SUPPLY FACES SETBACKS Town poised to reduce levels in response to housing pressure by Darren Kleiman, Associate Broker RESIDENTIAL SPOTLIGHT | NEW AND NOTABLE LISTINGS FROM ACROSS THE VALLEY FOR MORE AVAILABLE PROPERTIES HERE IN JACKSON HOLE AND AROUND THE WORLD VISIT WWW.SOTHEBYSREALTY.COM South Jackson Hole Town of Jackson Teton Village 3 Bedrooms | 2 Baths | 1,860 Sq. Ft. | .02 Acres $975,000. #16-65 3 Bedrooms | 3.5 Baths | 3,414 Sq. Ft. | .051 Acres $3,250,000. #16-130 3 Bedrooms | 2 Baths | 2,400 Sq. Ft. | 3.5 Acres $1,100,000. #16-61 Pictured Above (Clockwise): 3,300 square foot commercial condominium with highway frontage 3 miles south of Jackson (#15-2911); Mixed-use commercial in Pinedale offers restaurant and bar, retail liquor license, offices, four hotel rooms and three undeveloped commercial- zoned lots (#15-2793); .32 acres of urban commercial zoning with 11,400 square foot of existing retail space and Broadway frontage in Jackson blocks from the town square (#14-1649).
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The pulse of the commercial real estate market in Jackson Hole continued with a strong pace over the past 12 months. As reported by the Teton County Multiple Listing Service, commercial sales activity saw an increase in unit sales (non-lease) volume of nearly 40% in 2015 over activity in 2014, with the majority of the increase attributed to a surge in lodging and light industrial. Truly notable sales of 2015 reported to the MLS were the properties consisting of the Anvil and El Rancho Motels/Nani’s Restaurant package, listed for $8,675,000 which closed in November, and the United States Forest Service Parcel, listed for $12,000,000 which sold in October. Commercial real estate can sometimes resemble a well-kept kept secret in the Jackson Hole real estate market. When it comes to overall sales activity, a significant amount of transactions close without ever going through the multiple listing service, and for those that are in the MLS, in many cases the sale figures or capitalization rates are undisclosed, underscoring the importance of working with an agent experienced in commercial transactions. When asked to help shed light on commercial values, Bill Van Gelder, Associate Broker with Jackson Hole Sotheby’s International Realty says, “Cap rates have normalized in the 5% to 6% range depending on asset class. Buyers continue to pay more, relative to national options, for commercial properties in Jackson. Buyers have shown a willingness to seek out niche commercial markets like Jackson that trade off the initial rate of return for more subtle
benefits like long term price stability, lack of competition from new development, and a very tax friendly state in which to derive income.” Further obfuscating the picture of commercial development in the near future are the pending reductions of commercial zoning within the town core. Due to the groundswell of demand for housing solutions within Teton County, and the town of Jackson in particular, town planners are pressed to maintain commercial zoning to 1994 zoning levels—approximately half of which has yet to be developed. In lieu of previously anticipated commercial upzoning, proposed changes to the draft zoning regulations would now shift the square footage towards housing-specific density bonuses. With the limited commercial development
opportunities in and around Jackson in jeopardy of enduring a further reduction, neighboring counties have the potential to gain. Recent commercial projects have found sites in Alpine, Pinedale and eastern Idaho more appealing than working within the confines of regulations within Teton County. The uncertain state of commercial zoning within Jackson continues to affect small business owners as well. With development projects focusing heavily on lodging and large parcels, town inventory is enduring a chronic shortage of available commercial properties in sub-1,500 square foot storefronts and office space. Updated draft zoning is considered to be a priority item for elected officials with future opportunities for public comment expected.
185 West Broadway Jackson Hole, WY (888) 733.9009
NEWS REAL ESTATE
®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Oppor tunity Company. Equal Housing Oppor tunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.
Wednesday, February 10, 2016
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COMMERCIAL REAL ESTATE SUPPLY FACES SETBACKSTown poised to reduce levels in response to housing pressure by Darren Kleiman, Associate Broker
RESIDENTIAL SPOTLIGHT | NEW AND NOTABLE LISTINGS FROM ACROSS THE VALLEY
FOR MORE AVAILABLE PROPERTIES HERE IN JACKSON HOLE AND AROUND THE WORLD VISIT WWW.SOTHEBYSREALTY.COM
South Jackson HoleTown of Jackson Teton Village
3 Bedrooms | 2 Baths | 1,860 Sq. Ft. | .02 Acres$975,000. #16-65
3 Bedrooms | 3.5 Baths | 3,414 Sq. Ft. | .051 Acres$3,250,000. #16-130
3 Bedrooms | 2 Baths | 2,400 Sq. Ft. | 3.5 Acres$1,100,000. #16-61
Pictured Above (Clockwise): 3,300 square foot commercial condominium with highway frontage 3 miles south of Jackson (#15-2911); Mixed-use commercial in Pinedale offers restaurant and bar, retail liquor license, offices, four hotel rooms and three undeveloped commercial-zoned lots (#15-2793); .32 acres of urban commercial zoning with 11,400 square foot of existing retail space and Broadway frontage in Jackson blocks from the town square (#14-1649).
PAGE 2 • REAL ESTATE NEWS, Wednesday, February 10, 2016
These two developable 35 acre parcels offer
river frontage, spring creeks and big mountain
views in every direction. The perfect retreat
close to the town of Jackson, just across the
Snake River from Grand Teton National Park.
$16,000,000. MLS # 15-1417
70 acres on the Snake River
CONSIDER THIS OPPORTUNITY . . .
PROPERTIES INSPIRED BY living.
SPACKMANS & ASSOCIATESYOUR GUIDES TO THE JACKSON HOLE LIFESTYLE
To view more information on our listings, please visitWWW.SPACKMANSINJH.COM
(307) 739-8156 | [email protected]
BABBS, BRANDON, DAVE, STEPHANIE, LIZ
REAL ESTATE NEWS, Wednesday, February 10, 2016 • PAGE 3
POLISHED ONE LEVEL HOMEUpdated in 2014, this one level home with over 4,800 square feet has five bedrooms, five and a half baths, hardwood floors, vaulted ceilings, a gourmet kitchen and is located on the 18th fairway of the Teton Pines golf course.$4,200,000. MLS #15-2575.
An excellent opportunity to get into the JH real estate market, this open concept condo in an enviable location close to the front of the Aspens has two bedrooms, one bathroom and a very strong vacation rental history.$435,000. #16-145.
SLOPESIDE IN TETON VILLAGEThe last remaining opportunity to build slopeside in the Granite Ridge neighborhood at the Jackson Hole Mountain Resort, this incredible lot is the quintessential locale for the mountain ski home of your dreams.$4,750,000. #15-1381.
Located on highly desirable Greens Place, this well-maintained, custom four bedroom home offers comfort and elegance with Teton Pines country club amenities just across the ninth fairway.$3,750,000. #15-2970.
WATERFRONT SANCTUARY WITH A VIEW
This beautiful home site offers ski area views, borders protected lands and has a natural mountain stream flowing through. Enjoy easy access to the ski slopes at the legendary Jackson Hole Mountain Resort.$2,495,000. #15-75.
Built with ageless grace, this Teton Pines Country Club home on a 1.2 acre lot with a beautiful pond has Teton views from every north-facing window, four en suite bedrooms, soaring ceilings, an elevator, lush lawns and gardens and so much more. $4,950,000. #15-1773.
Your Guides to the Jackson Hole Lifestyle.
SPACKMANS & ASSOCIATESBabbs, Brandon, Dave, Stephanie & Liz
GREENS PLACE GEM
Opportunities on the West Bank
New ListingREVAMPED ASPENS DIGS SKI-IN/SKI-OUT GRANITE RIDGE HOMESITE
PAGE 4 • REAL ESTATE NEWS, Wednesday, February 10, 2016
307.739.8149 TomEvansRealEstate.com
Tom Evans, Associate Broker
Melinda Day, Sales Associate Valerie Conger, Sales Associate
Experience the beauty of Jackson Hole from this special property set along the banks of Fish Creek and rising along the rolling hillsides for exquisite views of the valley.
Known as the Lazy Moose Ranch, this 128.01 acre property is immaculately maintained and boasts the rare privilege of Fish Creek frontage, providing the scenic and acoustic pleasures of live water, year round. Comprised of four parcels including 2 upper ranch parcels (70.51 acres and 44.21 acres) and 2 Fish Creek frontage parcels (7.31 acres and 5.98 acres), this property offers the owner an opportunity to reconfigure and/or split the property into additional parcels with development rights.
MLS # 14-2988 & 15-3. Price Upon Request.
John Hanlon, Associate Broker
Linda Hanlon, Sales Associate
307.413.1874 BuyJacksonHole.net
THE HISTORICLAZY MOOSE RANCH
REAL ESTATE NEWS, Wednesday, February 10, 2016 • PAGE 5
SanctuaryFind yours in Jackson Hole.
MERCEDES HUFF, Associate Brokermercedeshuff.com | phone 307.739.8135
Immerse yourself in the sanctuary of Jackson Hole. Mercedes Huff and her team deliver unparalleled service with an easy going approach. Let Mercedes, Laurie and Molly find your perfect Jackson Hole location.
Final Frontline Amangani Building SiteThis is the final undeveloped front line, Teton view lot available in the Homes at Amangani. Experience powerful views across preserved ranch land and up the entire Teton Range from this 1.44 acre home site. $3,400,000. #14-1862.
Turn-Key in Teton PinesTake advantage of this fantastic opportunity to own 6 planned weeks per year in a beautifully finished and centrally located Teton Pines condominium. Just a minute’s walk to the clubhouse, pool, tennis courts, and golf course. $225,000. #15-811.
John Dodge HavenYou’ll love listening to sounds of the freely, flowing creek from every room of this completely renovated John Dodge residence. Set among 4 acres of pristine lawns and huge conifers, you’ll enjoy your direct views of the Grand Teton. $6,250,000. #15-1860.
Charming Wilson RetreatNestle into this charming, cabin-style retreat! Located less than two miles from downtown Wilson, an adorable home and guest cabin are surrounded by 4.5 acres of pristinely manicured lawns, colorful flower beds, and towering trees. $2,950,000. #15-1576.
The SuncatcherLiving here, the sun will greet you at all times of the day. Completely remodeled in 2015, the bright and airy home features flowing spaces and is ideal for entertaining. Enjoy a spacious and private main floor master suite with mountain views. Three upstairs bedrooms with bathrooms finished in marble give this home comfortable livability. Quick access to the Jackson Hole Mountain Resort for world class skiing, Teton Pines for golf, tennis and restaurants and hiking in the Grand Teton National Park complete the Jackson Hole lifestyle. $2.600,000. #15-1525.
PAGE 6 • REAL ESTATE NEWS, Wednesday, February 10, 2016
DISCOVER THE JACKSON HOLE LIFESTYLE
Two SpecTacular properTieS - one Group of experTS To Guide You
AdditionAl ReAlty GRoup offeRinGs in teton VillAGe
307.739.8070 | [email protected] | REALTYGROUPJH.COM
ReAlizinG JAckson Hole dReAms foR ouR clients since 2003
JEFF WARD307.690.0873
ROB DESLAURIERS307.413.3955
KELLI WARD307.690.5286
JAKE KILGROW307.413.2822
Full Ownership Condo at the Four Seasons2 Bedrooms | 2.5 Baths | $2,825,000 | #15-2909
Best Priced Lot in Granite Ridge0.67 Acres | $2,295,000 | #14-249
Tramtower Townhome3 Bedrooms | 4 Baths | $1,895,000 | #14-2777
Fantastic Building Site in Shooting Star1.17 Acres | $2,850,000 | #15-2977
Jake Kilgrow • 307.413.2822 Jake Kilgrow • 307.413.2822
Rob DesLauriers • 307.413.3955Rob DesLauriers • 307.413.3955
Jackson Hole Ski Condo2 Bedrooms | 2 Baths | $695,000 | #16-79
Ski-In/Ski-Out Home in Teton Village5 Bedrooms | 5 Full, 2 Half Baths | $7,900,000 | #16-148
Rob DesLauriers • 307.413.3955Jeff & Kelli Ward • 307.690.0873 | 307.690.5286
#112
#307
#227
#419
#301
1 Bed / 2 Bath - $645,000
1 Bed / 2 Bath - $695,000
1 Bed / 2 Bath - $717,000
2 Bed / 3 Bath - $895,000
2 Bed / 2 Bath - $1,200,000
Teton Mountain Lodge Current Offerings
#522
#469
#272
#318
#559
#518
#467
1 Bed / 1 Bath - $575,000
1 Bed / 2 Bath - $725,000
2 Bed / 3 Bath - $900,000
2 Bed / 3 Bath - $919,000
2 Bed / 3 Bath - $950,000
2 Bed / 3 Bath - $995,000
3 Bed / 4 Bath - $1,500,000
Hotel TerraCurrent Offerings
REAL ESTATE NEWS, Wednesday, February 10, 2016 • PAGE 7
The Mountain ChaletThis ultra rare, true ski-in ski-out home presents the ultimate opportunity to own a quintessential luxury ski chalet on the slopes of the iconic Jackson Hole Mountain Resort. Boasting over 6,000 square feet of immaculate space with 4 bedrooms and 6 baths its a ski family’s dream home.
Front Line Ski-In/Ski-Out Building Site
RARE SLOPESIDE IN TETON VILLAGE
Extremely rare opportunity to acquire one of 4 remaining undeveloped true ski-in/ski-out building sites at the legendary Jackson Hole Mountain Resort. Featuring incredible light and unmatched views of the ski resort and across the entire snake river valley to the Sleeping Indian, Jackson Peak and Snow King mountain.
$4,495,000 | #15-405
$9,500,000 | #15-3021
ROB DESLAURIERS307.413.3955
JAKE KILGROW307.413.2822
PAGE 8 • REAL ESTATE NEWS, Wednesday, February 10, 2016
Jackson Land & Cattle Cutting Horse and Cattle Ranch
www.JacksonHoleLandandCattle.com | MLS #15-797 | $35,000,000
• World class equestrian ranch in Jackson Hole• 563 acres• 8 residential parcels, each of 35+ acres with development entitlements• 53 heated stalls with individual closets• 80’ x 200’ indoor heated arena
• Events Center• Four residences for staff housing• Numerous outbuildings including hay shed and shop• Indoor round pen• Dressage pad
• Large swaths of conservation land• Located in tax friendly Wyoming• Located 10 minutes from the Jackson Hole Airport and private FBO• Close to world class powder skiing and golf
The Jackson Land and Cattle offers a very unique opportunity to secure a home and commercial horse and cattle facilities in an area famously known for its striking vistas, abundant wildlife and easy Western lifestyle.
Tom Evans - Melinda Day - Valerie Conger
Tom Evans, Associate Broker 307-739-8149
REAL ESTATE NEWS, Wednesday, February 10, 2016 • PAGE 9
Ranch 1: SOLDRanch 2: SOLDRanch 3: SOLDRanch 4: SOLDRanch 5: availableRanch 6: SOLD
Ranch 7: SOLDRanch 8: SOLDRanch 9: SOLDRanch 10: SOLDRanch 11: SOLDRanch 12: available
Ranch 13: SOLDRanch 14: SOLDRanch 15: SOLDRanch 16: SOLDRanch 17: SOLDRanch 18: available
Ranch 19: availableRanch 20: availableRanch 21: SOLDRanch 22: SOLDRanch Estate: available
THREE RANCH SITES IN 2015 SOLDBAR BC RANCH | 35+ ACRE PARCELS
With just a few remaining ranch parcels available,
opportunity is limited to be a part of this exceptional community
Tom Evans - Melinda Day - Valerie Conger
Tom Evans, Associate Broker 307-739-8149
PAGE 10 • REAL ESTATE NEWS, Wednesday, February 10, 2016
TETON VALLEY
TETON VALLEY, IDAHOONE SOUTH MAIN STREET
DRIGGS, IDAHO 83422
Stop in at our Driggs office and talk to one of our knowledgeable agents about the many real estate opportunities available in Idaho!
Jane Carhart, Associate Broker(307) 413-8961 • [email protected]
JacksonHoleLuxuryProperties.com
This 5.5 acre mountain home has it all. The Indian Paintbrush
setting has hiking and biking trails at your doorstep. The property’s
secluded location is adjacent to USFS and Crescent H open space.
Spectacular views of the Snake River, Munger Mountain and the
Gros Ventre Mountains can be enjoyed from the spacious deck.
The beautiful 2,854 square foot log house and 861 square foot
guest house offer amenities including a pool house with an endless
swimming pool, hardwood floors, high-end appliances and a large
outdoor hot tub to enjoy after a day of playing in Jackson Hole!
3 bed, 3 bath, 2,854 sq. ft. $2,295,000. #15-2087.
Quintessential Mountain Retreat
(307) 413-3947 (307) 690-24681% of our net proceeds from the sale or purchase of your property is donated to a local charity of your choice.
Stunning Views in a Unique Setting
Completely renovated for the active family. 3.5 acres, open floor plan, three bedrooms, two bath, office/gym, two mudrooms, two car garage, mature landscaping, horses allowed and no CC&Rs.
Arts and Crafts meets Contemporary Clean
Just Listed
MLS #16-61 | $1,100,000
888.354.8880
REAL ESTATE NEWS, Wednesday, February 10, 2016 • PAGE 11
Extraord inar y dwel l ings in the Amangani Resor t ne ighborhood.
SPACKMANS & ASSOCIATESYOUR GUIDES TO THE JACKSON HOLE LIFESTYLE
To view more information on our listings, please visitWWW.SPACKMANSINJH.COM
(307) 739-8156 | [email protected]
BABBS, BRANDON, DAVE, STEPHANIE, LIZ
Designed to echo the Amangani Hotel, Petite Aman is truly its own private resort. Five guest en suites,
media room, library, spa and stone terracing, sweeping ranch land and mountain views and so much more. $11,750,000. MLS # 15-2719
This villa is tucked into the hillside
overlooking the valley with Tetons
rising as a stunning backdrop.
Offering privacy, warmth and modern
design, there is 11,000 square feet of
living space and 5,000 square feet of
terraces, patios and courtyards.
$11,200,000. MLS # 14-2391
PROPERTIES INSPIRED BY living.
PETITE AMAN
PEACEFUL AMAN VILLA
PAGE 12 • REAL ESTATE NEWS, Wednesday, February 10, 2016
307-733-9009 | JHSIR.COM
CONGRATULATIONS TO OUR TOP PRODUCERS IN 2015!
TOP INDIVIDUAL SALES AGENTS | 2015 SALES VOLUME LEADERS
EDLIEBZEIT
CATHYO’SHEA
JAYKORNOFF
BRIANSIEGFRIED
NATHANEMERSON
TOP INDIVIDUAL SALES AGENTS | 2015 TRANSACTION LEADERS
JOANNELABELLE
EDLIEBZEIT
TOMEVANS
CHRISTIANCISCO
PAULHOWARTH
DEBBIEHUNTER
GARYEDDINGTON
PETERSELKOWITZ
CHARLIEROSS
PATTYHARTNETT
TOMEVANS
PATTYHARTNETT
PETERSELKOWITZ
CHARLIEROSS
CHRISTIANCISCO
TOP SALES TEAMS | 2015 SALES VOLUME LEADERS
MERCEDES HUFF & ASSOCIATESLaurie Huff, Mercedes Huff, & Molly Hawks
REALTY GROUP OF JHJake Kilgrow, Rob DesLauriers,
Kelli & Jeff Ward
THE LEGACY GROUPKen Gangwer, Brett Frantz, Elizabeth Merrell & Kim Vletas
JH PROPERTY GROUPEthan Valenstein, Chris Grant & Brooke Walles
ERICH & CHRIS WILBRECHT
ALLEN & VAN GELDERBarbara Allen & Bill Van Gelder
JOHN & LINDAHANLON
TOP SALES TEAMS | 2015 TRANSACTION LEADERS
SPACKMANS & ASSOCIATESBabbs Weissman, Brandon, Dave & Stephanie
Spackman & Liz Retz
SPACKMANS & ASSOCIATESBabbs Weissman, Brandon, Dave & Stephanie
Spackman & Liz Retz
TETON PARTNERSCollin Vaughn & Jill Sassi-Neison
REALTY GROUP OF JHJake Kilgrow, Rob DesLauriers,
Kelli & Jeff Ward
TETON PARTNERSCollin Vaughn & Jill Sassi-Neison
JH PROPERTY GROUPEthan Valenstein, Chris Grant & Brooke Walles
MERCEDES HUFF & ASSOCIATESLaurie Huff, Mercedes Huff, & Molly Hawks
ALLEN & VAN GELDERBarbara Allen & Bill Van Gelder
THE LEGACY GROUPKen Gangwer, Brett Frantz, Elizabeth Merrell & Kim Vletas
ERICH & CHRIS WILBRECHT
JOHN & LINDAHANLON
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