Originally Posted by Uncle Louie
Bob...I have a few questions.
I have always though of Jackson as a winter destination. Of course I always lived many many miles away and flunked geography
(forgetting how close Yellowstone is)
Do you consider your area to be a Summer or Winter destination ? (and) Are most of the sales in your area Summer / Winter or Year Round use ?
If you look at vinns numbers of between 19/35% increase in the last four years and 98/104% in four years here, that would perhaps make one market terribly undervalued or one very overvalued or both.
What did your increase in values look like the last few years ?
We are most definitely a summer destination. The numbers I've always heard (but never really seen verified in some kind of statistical form) are that we get about 200,000 "visitors" during the winter season and about 2,000,000 during the summer. As JH Refugee said, traffic at our main intersection leading from town to Teton Village can be nightmarish at times during the summer, at least by our standards.
Why, occasionally it'll take me as much as 18 minutes to drive the 10 miles from home to my town office during the summer. During the winter, it's more like 14. During the off-season, it's 12.
It's really hard here to put very good numbers on average price appreciations. This market is so fragmented that a few sales can very seriously skew the averages. The sale of a few homes for over $10 million each can make the "median" home price go off the charts. There was a huge land sale of 1300 acres for $110 million the year before last, for instance, that made all the comparisons go crazy. That sale set a new standard of $100,000 per acre for a large, undeveloped but developable tract. That standard was shattered last fall by the sale of a 200 acre tract for nearly $40 million. Further complicating the task is the fact that there is no requirement whatever to report the selling prices of property in our area. So the really trend-setting (read; astronomical) prices often never show up on any records and don't get included in the averages.
For whatever it's worth, the median standalone home price in Teton County the first six months of this year looks like it will be just above $1,000,000. Four years ago, that same category was just about $550,000.
And Tony, JH home prices did what I would call a "softening" from 2001 to 2002. The only prices that dropped appreciably were for someone who HAD to get out of a property. Some of that occurred during that period. Prices DID drop somewhat during the late '80's. Probably around 10-20% from 1987 to 1990.