Posted on May 9th, 2013
Foreclosure activity hit a six-year low in April, according to the latest report from public records data aggregator RealtyTrac, although scheduled foreclosure auctions posted annual increases in 15 of 26 states where courts handle the foreclosure process — a development that could help alleviate inventory shortages in some markets. The overall decline in foreclosure activity comes as other market bellwethers continue to point towards a recovery. Home prices in April reportedly posted their biggest annual gain in seven years, while new problem loans reportedly dropped to their lowest level in six years. In April, foreclosure-related filings — default notices, scheduled auctions and bank repossessions — dropped to 144,790, falling by 5 percent from March and 23 percent from April 2012, according to RealtyTrac’s April 2013 U.S. Foreclosure Market Report. That’s the lowest level since February, 2007.
“Many of the states hardest hit by the bursting housing bubble have worked through the bulk of the bad loans created during the housing bubble that triggered the foreclosure tsunami,” said Daren Blomquist, vice president at RealtyTrac. “Specifically those would be California, Arizona, Georgia and Michigan, where a more streamlined non-judicial foreclosure process has allowed for a more efficient disposition of the bad loans via foreclosure.”
But even as overall foreclosure activity declined, the number of scheduled auctions in judicial foreclosure states climbed 22 percent from March to April and 31 percent from a year ago, reaching a 30-month high, RealtyTrac said. Many judicial foreclosure states racked up backlogs of foreclosures during the housing meltdown, thanks in part to controversies over “robo-signing” of mortgage documents needed to move homes through the foreclosure process The jump in scheduled auctions in judicial foreclosure states follows an uptick in foreclosure starts in recent months as loan servicers put the robo-servicing scandal behind them.
“Many of these judicial foreclosure states experienced a foreclosure process logjam following the robo-signing controversy that came to light in October 2010,” Blomquist said. “That logjam prevented many new foreclosures from being added to the pipeline, but the logjam has slowly but surely broken up over the past year, allowing mortgage servicers to start pushing more seriously delinquent loans into the foreclosure pipeline.” The increase in foreclosure auctions may help alleviate inventory shortages in some markets. “The jump in scheduled foreclosure auctions should bring some much needed relief to both the Oklahoma City and Tulsa areas, where inventory is extremely tight, as many of these properties will end up repossessed by lenders and then listed for sale,” said Sheldon Detrick, CEO of Prudential Alliance Realty in Oklahoma City and Prudential Detrick Realty in Tulsa, in a statement provided to the RealtyTrac Network. “Local buyers will snap these up quickly, whether at the foreclosure auction itself or once a foreclosed home is listed for sale. The economy here is strong and well-priced properties are selling above their asking prices — most with multiple offers.”
But even as scheduled auctions in judicial states climbed higher, auctions scheduled in non-judicial states tumbled to an 88-month low, falling 7 percent from March to April and 43 percent year-over-year, RealtyTrac reported. Whereas the robo-signing controversy virtually blocked the flow of foreclosures in the judicial states, foreclosures continued to flow basically uninterrupted in the non-judicial states – preventing a large backlog from building up in those states,” Blomquist said. Foreclosure proceedings were initiated against 70,133 properties in April, down 4 percent from March, and 28 percent from a year before, according to the report.
“Meanwhile, foreclosure starts are bouncing higher in a handful of non-judicial states where servicers are adjusting to legislation designed to prevent improper foreclosures,” Blomquist said. “This includes Nevada, Washington and Arkansas, where foreclosure starts have been increasing on an annual basis since late 2012, along with Oregon and California, where foreclosure starts are still down from a year ago but have been moving steadily higher in recent months.” Amid this activity, bank repossessions neared a six-year low. Lenders seized 34,997 properties in April, down 20 percent from March and 32 percent from April 2012.
Connect with people mentioned in this story: Daren Blomquist
- See more at: http://www.inman.com/2013/05/08/foreclosure-activity-tumbles-to-6-year-low-in-april/#sthash.Zbt6CpMc.dpuf Teke Wiggin Staff Writer , May 8, 2013
Posted on May 8th, 2013
TD Bank recently announced the results of their inaugural Mortgage Service Index. The index was designed to identify best practices and trouble areas in home financing and act as a service indicator for lending institutions. Below are some of the key findings of the survey.
The index identified the percentage of respondents who had a positive (“excellent” or “very good”) experience in certain parts of the home buying experience:
- 64% had a positive experience during the home buying experience
- 55% finding a good Realtor
- 55% with the home appraisal/inspection process
- 53% finding the right lender
- 53% with the length of the entire home buying process
What Creates an Overall Positive Experience?
Certain key aspects of the relationship with the lender were important to those who said they had a very positive overall home buying experience. They rated their lender as “excellent” or “very good” in the following categories:
- Responsive 74%
- Accessible 76%
- Honest and transparent 76%
- Instilled confidence throughout the process 73%
- Helped buyers understand the process 73%
- Kept buyer informed during process 73%
- Explained the mortgage and available options 72%
Other Key Findings:
1. On average, home buyers considered approximately two banks or lenders when applying for a mortgage
2. An equal number of those surveyed (43%) obtained information on the lending process from their bank and from their Realtor, demonstrating that Realtors are used as informative resources by consumers during the mortgage process
3. Only 34% of home buyers obtained a mortgage at their primary bank
Michael Copley, Executive Vice President, Retail Lending at TD Bank concluded:
“As the housing market continues to rebound, the growing number of buyers should be aware of what to look for in a mortgage partner and seek out a lender who will best guide them through the home financing process in order to create a positive home buying experience.”
To view the original Blog Post click here: http://www.kcmblog.com/2013/05/08/how-difficult-is-the-mortgage-process-for-buyers/
Posted on May 8th, 2013
Posted on April 30th, 2013
We are often asked if the housing market can truly rebound if the all-round economy remains sluggish. We answer by explaining the housing market is not dependent on the economy but rather the economy is reliant on the housing market. Mark Zandi, Chief Economist at Moodys.com, addressed this issue in a recent report.
“Historically, housing has always led the U.S. out of recessions. It is the most interest rate-sensitive part of the economy, and as rates fall during recessions, housing rises first.”
How does real estate impact the economy?
Real estate impacts the economy in several ways. As Zandi explains:
“Housing’s resurrection is crucial to the creation of more jobs. Every new single-family home creates and sustains almost five jobs for about a year. These include not only construction jobs, but manufacturing positions for producing lumber, paint, nails, plumbing fixtures, carpets, wall board and so on. Truckers are hired to move this material around, and retailers add workers as new homeowners shop at home-improvement and hardware stores. Realtors, mortgage bankers, landscapers and cable installers all increase staff.”
Is the current market momentum sustainable?
If the economy is dependent on a recovering housing market, we need to know whether the current good news being reported in the real estate industry will continue as we move forward. Again, Mr. Zandi:
“The pace of construction has risen to 900,000 homes per year and is set to double to 1.8 million in the next few years. Even this will be only enough to meet demand; in an average year, 1.25 million households are formed, 350,000 houses are irreparably damaged or demolished, and an additional 200,000 are built for use as vacation or second homes. Given pent-up household formation—hundreds of thousands have put off their plans because of the tough job market—there could be a couple of years in which closer to 2 million homes will need to be built to meet demand.”
Housing will remain strong for the next several years. That will enable the economy to continue to heal until it fully recovers.
To view the original article click here: http://www.kcmblog.com/2013/04/30/how-housing-is-leading-us-out-of-the-great-recession/
Posted on April 23rd, 2013
Mortgage Rates Move Lower Again, Near Record Lows
Posted By susanne On April 20, 2013 @ 12:03 AM In Business Outlook,Real Estate Information,Real Estate News,Today's Top Story
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower this week amid data showing weaker consumer spending. This marks the third consecutive week fixed-rate mortgages have moved lower as the housing market continues to recover.
The 30-year fixed-rate mortgage (FRM) averaged 3.41 percent with an average 0.7 point for the week ending April 18, 2013, down from last week when it averaged 3.43 percent. Last year at this time, the 30-year FRM averaged 3.90 percent.
Additionally, the 15-year FRM this week averaged 2.64 percent with an average 0.7 point, down from last week when it averaged 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.13 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.60 percent this week with an average 0.5 point, down from last week when it averaged 2.62 percent. A year ago, the 5-year ARM averaged 2.78 percent.
Survey results show that the 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.4 point, up from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.81 percent.
“Mortgage rates nudged lower this week as consumer spending showed signs of weakness,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Retail sales contracted for the second time in three months, falling 0.4 percent in March. In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July. The April reading snapped a streak of three consecutive gains.”
For more information, visit www.FreddieMac.com .
Article printed from RISMedia: http://rismedia.com
Posted on April 22nd, 2013
Posted on April 15th, 2013
byon April 15, 2013
The American desire to own a second home as a vacation home is alive and well!
The National Association of Realtors analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes in the U.S. Their 2013 Investment and Vacation Home Buyers Survey shows vacation home sales improved in 2012.
NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales:
“We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes. Attractively priced recreational property is also a big draw.”
Here are the key findings from the report:
- Vacation-Home sales rose 10.1 percent to 553,000 from 502,000 in 2011
- Sales accounted for 11% of all transactions last year, unchanged from 2011
- The median price was $150,000, compared with $121,300 in 2011, reflecting a greater number of more expensive recreational property sales in 2012
- 35% of vacation homes purchased in 2012 were distressed homes
- The typical vacation-home buyer was 47 years old
- The median household income was $92,100
- Buyers plan to own their recreational property for a median of 10 years
- 29% said they were likely to purchase another vacation home within two years
- 78% of all second-home buyers said it was a good time to buy (compared with 68% of primary residence buyers)
Reasons for Purchasing
Lifestyle factors remain the primary motivation for vacation-home buyers:
- 80% want to use the property for vacations or as a family retreat
- 27% plan to use it as a primary residence in the future
- 23% plan to rent to others
- 23% wanted to diversify their investments or saw a good investment opportunity
- 45% of vacation homes purchased last year were in the South
- 25% in the West
- 17% in the Northeast
- 12% in the Midwest
The vacation home buyer purchased a property that was a median distance of 435 miles from their primary residence
- 34% were within 100 miles
- 46% were more than 500 miles
- 46% of vacation-home buyers paid cash in 2012
- The median down payment was 27%, the same as in 2011
Posted on April 10th, 2013
Part I – Demand for Real Estate is Much Stronger This Year
When selling anything, owners can only hope there is a strong demand for that which they are selling. The great news for today’s home sellers is that the current housing market is experiencing a stronger demand than we have seen in some time.
The spring housing market of 2013 is projected to be one of the best in years.
The National Association of Realtors (NAR) reports monthly on both pending sales (houses going into contract) and existing home sales (actual closed sales).
In the first quarter of 2013, pending sales have consistently outperformed the numbers reported in 2012. Contract activity has been above year-ago levels for the past 22 months. Before this year, the last time the index showed a higher reading was in April 2010, shortly before the deadline for the home buyer tax credit.
NAR also revealed that closed home sales have been above year-ago levels for 20 consecutive months and sales are at the highest level since the tax credit period of 2009-2010.
Impact on Sellers
This increase in demand has created bidding wars for properly priced homes across the country. This has resulted in two favorable changes for home sellers:
- They are receiving offers closer to (if not greater than) the list price.
- The average days it takes to sell a home has dropped by over 20% from last year.
If you are thinking about selling your home, don’t miss out on the strong demand that exists in the current spring market.
Part II – Housing Supply is Low
A seller’s ability to sell their home in today’s real estate market will be determined by both the supply of homes for sale and the demand for that housing. In real estate, supply is represented by the current month’s supply of homes for sale (the number of homes for sale divided by the number of homes sold in the previous month).
While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline:
- 1-4 months’ supply creates a sellers’ market where there are not enough homes to satisfy buyer demand. Appreciation is guaranteed.
- 5-6 months’ supply creates a balanced market. Historically home values appreciate at a rate a little greater than inflation.
- 7-8 months’ supply creates a buyers’ market where the number of homes for sale exceeds the demand. Depreciation follows.
What is happening across the country right now?
In most parts of the country, supply is dropping like a rock. According to the National Association of Realtors, total housing inventory is below a five months’ supply. This is almost 20% below inventory numbers of just a year ago and at levels we haven’t seen since 2005.
Based on the table above, we can see that the supply/demand ratio is showing a sellers’ market where prices appreciate. This has created positive movement in housing values in most parts of the country.
Sellers have a great opportunity right now. Historically, inventory increases dramatically as we approach summer. Selling now while demand is high and supply is low may garner you your best price
Part III – New Construction Will Soon Be Your Competition
Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. As an example, the National Association of Realtors revealed, relative to last year, year-to-date new home sales are up 19%.
These ‘shiny’ new homes will again become competition as they can be an attractive alternative to many of today’s home purchasers.
Here are the numbers regarding new construction about to come to market from the Census Bureau:
- Single-family authorizations in February were at a rate of 600,000.
- This is 25.5% above February 2012.
HOUSING UNDER CONSTRUCTION
- Single-family housing starts in February were at a rate of 618,000.
- This is 18.5% above February 2012.
- Single-family housing completions in February were at a rate of 574,000.
- This is 32.9% above February 2012.
As we mentioned, new construction can be strong competition to a seller of an existing home. It may make sense to list your home before this new inventory makes its way to market.
For the original blog post from KCM click here: http://www.kcmblog.com/
Posted on April 9th, 2013
Posted By susanne On April 8, 2013 @ 4:44 PM RISMedia
During New Homes Month in April, the National Association of Home Builders (NAHB) is showing home buyers why they can afford a higher-priced home—if it’s new construction. Using data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey, NAHB found that buyers can purchase a more expensive newer home and achieve the same annual operating costs as an older, existing home. “Home buyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home,” says NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget.”
NAHB’s study first looked at how utility, maintenance, property tax and insurance costs vary depending on the age of the structure. It found that homes built before 1960 have average maintenance costs of $564 a year, while a home built after 2008 averages $241. Similarly, operating costs average nearly 5 percent of the home’s value for pre-1960 structures, while they average less than 3 percent when the home was built later than 2008. The study then compared the first year after tax cost of owning a home by the year the house was built, taking into account the purchase price, mortgage payments, annual operating costs and income tax savings. This data showed that a buyer can afford to pay 23 percent more for a new house than for one built before 1960 and still maintain the same amount of first year annual costs. While mortgage payments will be greater with the higher purchase price of a newly-built home, the lower operating costs mean the home buyer will have annual costs that are about the same as if they’d bought a lesser-priced, older home with a smaller mortgage payment and higher operating expenses.
Other benefits of new homes include open space floorplans, creative storage options and entertainment resources that cater to modern lifestyles, as well as the safety consideration that the structure was built and wired to modern codes and standards. “For a family working with a fixed annual budget, new-construction homes offer outstanding comfort, convenience and overall cost savings,” says Judson. “Put that together with today’s near-record low interest rates and competitive prices, and the time has never been better to buy a new home.”
Home buyers can access home buying and home building information and resources on NAHB’s website at www.nahb.org/forconsumers .
Posted on March 27th, 2013
Posted By susanne On March 26, 2013 @ 4:52 PM In Consumer News and Advice,Home Owner News,Real Estate Information,Real Estate News,Real Estate Trends,Today's Marketplace,Today's Top Story,Today's Top Story - Consumer
Data through January 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1Home Price Indices, a leading measure of U.S. home prices, showed average home prices increased 7.3% for the 10-City Composite and 8.1% for the 20-City Composite in the 12 months ending in January 2013.
All 20 cities posted year-over-year gains with Phoenix leading the way with a gain of 23.2%. Nineteen of the 20 cities showed acceleration in their year-over-year returns. Despite posting a positive double-digit annual return, Detroit was the only city to show a deceleration. After 28 months of negative annual returns, New York came into positive territory in January.
The two headline composites posted their highest year-over-year increases since summer 2006,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “This marks the highest increase since the housing bubble burst. “After more than two years of consecutive year-over-year declines, New York reversed trend and posted a positive return in January. The Southwest (Phoenix and Las Vegas) plus San Francisco posted the highest annual increases; they were also among the hardest hit by the housing bust. Atlanta and Dallas recorded their highest year-over-year gains. “Economic data continues to support the housing recovery. Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25% year-over-year. Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels.”
As of January 2013, average home prices across the United States are back to their autumn 2003 levels for both the 10-City and 20-City Composites. Measured from their June/July 2006 peaks, the decline for both Composites is approximately 29-30% through January 2013. The January 2013 levels for both Composites are approximately 8-9% from their dip in early 2012.
In January 2013, nine cities — Atlanta, Charlotte, Las Vegas, Los Angeles, Miami, New York, Phoenix, San Francisco and Tampa — and both Composites posted positive monthly returns. Dallas was the only MSA where the level remained flat.
In terms of annual rates of change, all 20 cities as well as both Composites posted positive change. Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix and San Francisco were the eight MSAs to report double-digit annual returns.
Additional content on the housing market may also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com .
Article from RISMedia: http://rismedia.com
Posted on March 26th, 2013
DAILY REAL ESTATE NEWS | MONDAY, MARCH 25, 2013
Some would-be move-up home sellers are eyeing home prices carefully. They’re waiting to see how much home prices appreciate more before they consider selling their home. But they may be missing their perfect opportunity, some housing experts say. The best time to move may depend on when the home owner purchased their current residence, says Daren Blomquist, vice president of RealtyTrac. Blomquist says that home owners who purchased their home during the sluggish market the last two to three years may find moving up in 2013 may be their prime opportunity. "Because they bought near the bottom, these home owners should have built up some good equity that can go toward the purchase of a new home, and waiting longer to build more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace," Blomquist told HousingWire.
Home owners who wait much longer to sell their home may miss out. "If you're selling one house just to move up to another, it does you no good to wait for prices to rise — the price of the move-up home will increase faster than the price of the place you're leaving behind," says Redfin CEO Glenn Kelman. Plus, mortgage rates are expected to come off the 3.5 percent range and reach 4.4 percent in the next year, according to the Mortgage Bankers Association. That will increase the costs of financing your next home.
Source: “The Time to Sell Is a Waiting Game for Some,” HousingWire (March 21, 2013)
Posted on March 22nd, 2013
By: Esther Cho 03/20/13
Home price gains may be outpacing increases in rent, but the cost of being a homeowner is still much less than that of a renter, according to Trulia's Winter 2013 Rent vs. Buy report.
After factoring all cost components including transaction costs, taxes, and opportunity costs, Trulia found buying a home is 44 percent cheaper than renting, down slightly from 46 percent a year ago.
“Although buying a home is still cheaper than renting, the gap is closing,” said Jed Kolko, Trulia’s chief economist. “In 2013, home prices should rise faster than rents, and mortgage rates are likely to rise in the next year as the economy improves. By next year, buying could be more expensive than renting in some housing markets, even for people with the best credit.”
In the last year, asking home prices showed a 7 percent gain compared to a 3.2 percent increase in rents during the same time period, according to data from the real estate site.
Trulia explained low mortgage rates have kept the cost of owning down; for the analysis, a 3.5 percent mortgage rate was assumed.
The San Francisco-based company also revealed that out of the 100 largest metros analyzed, buying was more affordable than renting in all metros.
In some metros, the cost of buying was much less than the national average. The buy-rent gap was the largest in Detroit, where buying costs 70 percent less than renting. For the next four metros in top five, the cost of owning was 63 percent less than renting; the four metros were Dayton and Cleveland in Ohio; Warren, Michigan; and Gary, Indiana.
Although owning was found to be less expensive in all metros, owners in San Francisco averaged the smallest savings at 19 percent, a steep decrease from the 35 percent savings seen in 2012.
If one were to receive a mortgage rate of 4.5 percent, Trulia noted the cost of buying would be just 9 percent cheaper in San Francisco. However, a rate of 4.5 percent would still make buying more affordable than renting in all metros analyzed.
“People who didn’t buy a home last year may have missed the bottom of the market, but they haven’t completely missed the boat,” Kolko added. “Even buyers who can’t get today’s lowest mortgage rates will still find that buying makes more financial sense than renting in nearly all local markets – so long as they can get a mortgage in the first place.”
Other metros where owning may not be as enticing to borrowers based on savings were Honolulu, where the cost of owning is 23 percent cheaper, followed by San Jose (-24 percent), New York (-26 percent) and Albany (-30 percent).
For the full article click here: http://www.dsnews.com/articles/trulia-owning-44-more-affordable-than-renting-2013-03-20
Posted on March 13th, 2013
Posted By susanne On March 12, 2013 @ 2:58 pm In Business Outlook,Finance and Economy,Real Estate Information,Real Estate News,Real Estate Trends,Today's Marketplace,Today's Top Story |
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely holding steady from the previous week, remaining near their 65-year record lows, and continuing to provide support for the housing recovery.
Results showed that the 30-year fixed-rate mortgage (FRM) averaged 3.52 percent with an average 0.7 point for the week ending March 7, 2013, up from last week when it averaged 3.51 percent. Last year at this time, the 30-year FRM averaged 3.88 percent.
Additionally, the 15-year FRM this week averaged 2.76 percent withan average 0.7 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.13 percent.
The survey shows that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.63 percent this week with an average 0.5 point, up from last week when it averaged 2.61 percent. A year ago, the 5-year ARM averaged 2.81 percent.
The 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.3 point, down from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.73 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
“With gross domestic product growing only 0.1 percent in the fourth quarter of 2012, inflation remains at bay and consequently mortgage rates low,” says Frank Nothaft, vice president and chief economist, Freddie Mac. In fact, the price index of personal consumption expenditures rose only 0.1 percent in January which was below the market consensus forecast. Moreover, these low mortgage rates are helping to revive the housing market. For instance the CoreLogic® home price index rose 9.7 percent between January 2012 and 2013, marking the largest annual increase since April 2006.”
For more information, visit www.FreddieMac.com .
Posted on March 4th, 2013Barron's Penta | SATURDAY, MARCH 2, 2013
The law of unintended consequences has struck the second-home market. Increase taxes on the wealthiest Americans, and second-home prices jump. That's what we've discovered during our annual review of the second-home market. Buyers fleeing high-tax states are snapping up properties in states with less onerous tax burdens, animated by the dictum uttered by Judge Learned Hand, who famously stated that Americans have the right to construct their affairs to produce the lowest possible tax burdens.
Some second-home enclaves are, in short, morphing into domestic tax havens, with sales of multimillion dollar homes in states without income taxes increasing considerably in late 2012. The big winners were Wyoming, Nevada, Florida, and Texas; real-estate agents tell Penta the trend is carrying briskly into the current year. Conversely, it's interesting to note that the few resorts registering price falls last year included the Hamptons and Pebble Beach in high-tax New York and California, respectively. Homes in the right tax locations that once might have been classic "10 by 2s"—which fantastically describes $10 million property used two weeks a year—are increasingly being used as primary residences.
But the second-home market is now showing signs of health at almost all price points, in almost every market considered, which is helping to eliminate the excess inventory that has been hanging around since the recession. On our list of the 20 best places for second homes, which starts on the following page, fully 16 of the locales registered price increases last year. Many sales last year closed within 10% of the offering price, and all indications suggest that 2013 will be the year of real estate, as BlackRock, the world's largest stock and bond manager, advised its clients.
That's even though last year didn't start out that hot. High-end real-estate sales struggled for much of 2012, until state and federal elections in November and Washington's fiscal-cliff sideshow in December, energized what seemed to be a second-straight year of lackluster sales. The threat of rising taxes and a mistrust of the stock market together prompted buyers to buy luxury homes.
Wyoming, a state without debt and a budget surplus of about $1 billion, saw a tax-motivated buying surge in Jackson Hole. Palm Beach, Fla, long known as a place of great wealth and oceanfront trophy properties, saw a similar spike. Les Evans, a Palm Beach real-estate attorney, attributed the rise to the wealthy, particularly hedge-fund managers, fleeing high-tax states like New York. Texas and Nevada also benefited from the absence of state income taxes.
"We saw an uptick right after the election from states that passed proposals to raise taxes during the election," says Dave Spackman, a Sotheby's broker in Jackson Hole. "We had a number of people with whom it was very important to own property here and be registered."
Federal income taxes will of course increase in 2013 to 39.6% from 36% for anyone earning more than $400,000 in taxable income, or for couples earning $450,000. In California, a $6 billion tax increase included a millionaire's tax. Anyone who makes over $1 million pays California's income tax of 9%, plus a 3% millionaire's tax, potentially bringing their total state, local, and federal burden to 55%. That, apparently, is the tipping point. Californian millionaires drawn to Wyoming's outdoor life also are buying into Jackson Hole because their total income taxes will top out at 39.6%—Wyoming doesn't have state or local income taxes.
One California businessman contacted Spackman after the November election. He and his wife quickly bought a $15.5 million property. They moved part of their financial business to Texas. By year's end, the California couple had become Wyoming residents with state driver's licenses, voter-registration cards, and bank accounts to boot.
One Los Angeles financial advisor, who asked to remain anonymous, said many of California's wealthiest residents are moving to Lake Tahoe's Incline Village, in Nevada, to escape California's taxes. "After a while, it becomes real cash, and that's why all these guys live in Tahoe," he said, requesting anonymity for fear of triggering audits by California's tax agents.
State governments are naturally very aggressive in these matters. California state-tax authorities actively check airplane tail-number registrations and telephone records to confirm that people aren't secretly working in California and claiming residence in Nevada, where there is no state income tax.
Also important to note: Property taxes can be unusually low in some tax-friendly states. In Wyoming, for example, property taxes tend to total about $6,000 per $1 million of assessed property value. In Harrison, N.Y., a Westchester suburb, annual property taxes on a $2.5 million home can easily exceed $60,000 a year. If your business can travel, and you like the outdoors, it's hard not to see the logic of such a move. Of course, there also will always be folks who buy beautiful houses in beautiful places simply to enjoy the view.
So, here, now, our list of the top 20 resorts in America. This year, we have added Austin, Texas, and Mount Desert Island, Maine. We thought the growing interest in low-tax Texas and Austin better suited to our audience than sleepy Highlands, North Carolina, which we dropped. In Maine, meanwhile, we substituted Mount Desert Island for Castine, not because we were down on Castine but because Mount Desert Island has in recent years seen the highest valued property sales in the entire state. That caught our attention.
A word, too, about the numbers. Each broker makes its own database criteria and calculations, explaining why its median sales figures may not even be comparable with the calculations of the broker next door. One broker in Martha's Vineyard might create an average out of all the properties on the entire island, for example, while another might create a median second-home price out of only the island's highest-priced ZIP codes. We used several new brokers this year, so we recommend comparing only the median prices in this issue, rather than trying to match up median prices from past issues, which often came from different sources. Also note that the median sale in communities with a small number of properties can be distorted by a few very expensive houses selling one year, followed by a year when all price points are selling, including condos. The median price might fall between those two years, even though the real-estate market in the latter year is possibly more robust.
1. JACKSON HOLE, WYOMING
The stunning town is surprisingly easy to reach, with direct flights from many major cities, which is why folks are buying in Jackson Hole to escape high taxes elsewhere. Many initially come to ski and fall in love with the little mountain town of 20,000. It gets its name from trapper David Jackson, who, in the early 19th century, set up his operation in the hole surrounded by the Teton Range. The sales sweet spot in "the place," as locals call Jackson, is about $2 million to $10 million, or you can snag a year-round house in a spot near Yellowstone National Park. You can ski in winter, and fly-fish the Snake River, raft, hike, and ride bikes and horses during the warmer months. Be sure to hit the Snake River Grill, where the Culinary Institute of America-trained chef turns out American classics that has put him on the James Beard Award radar. If you forget anything at home, gear up at Teton Mountaineering.
Median price, 2012: $1.8 million
Median price, 2011: $1.2 million
for the full article in Barron's click here: Jackson Hole #1
Posted on February 25th, 2013Fiscal Cliff Deal Renews Tax Incentive Through 2013
Congress has passed a fiscal cliff deal that renews the enhanced income tax deduction for conservation easements through 2013, and retroactive to the beginning of 2012. This incentive will help land trusts work with farmers, ranchers and other modest-income landowners to increase the pace of conservation by about a third.
For the full article click here: Enhanced Easement Incentive
Posted on February 21st, 2013
Teton Valley Report
Welcome to the Teton Valley Report. This semi-annual report, published at mid-year and year end, is authored by Jackson Hole Real Estate Associates and focuses on the Teton Valley, Idaho and Alta, Wyoming market.
Although in many ways the 2012 Teton Valley, ID and Alta, WY real estate markets looked identical, even slightly worse than in 2011, a significant decrease of inventory in the residential and land markets indicates that we continue to gradually correct and recover.
The number of residential and land transactions were very similar to 2011, with similar sale price ranges, but both markets experienced decreased average sale prices. Fewer listings available at the end of 2012, but similar demand to 2011, resulted in an increased absorption rate, typically the precursor to a recovering market. As well, 2012 saw a decreased dollar volume of foreclosures, which explains not only fewer short sales and REOs in 2012, but also a smaller number of these types of listings in the beginning of 2013.
The number of residential sales in 2012 was similar to that of 2011. There were 215 sales in 2012, just 5 fewer (-2%) than the previous year. Of the 212 sales that were reported, the range of sale prices was similar to the year before, with a range of $35,000 to $1.75M compared to $20,000 to $1.6M in 2011.
The average sale price for the residential sector had an 18% decline for the second year in a row ($313,000 in 2010, $257,000 in 2011 and $211,000 in 2012). A look at median sale prices over the last two years is telling too; $183,000 was the median in 2011 and $165,000 in 2012. The low end of the market continues to be the most active, with almost three quarters of the transactions being under $250,000. 77% of sales were in the $0-$250,000 range, 12% were in the $250,000 to $400,000 range, 8% were in the $400,000 to $700,000 range and just 3% were over $700,000.
Looking at the resort sector of the residential market separately, the most notable change was the number of sales. There were just 24 residential resort sales in 2012, down from 40 the previous year. These sales made up just 11% of the total residential market. This can be explained by a decrease in the number of distressed resort listings on the market. There were fewer resort “deals” to be had, so there were fewer sales.
Following the rest of the overall market, the average sale price was down slightly from $529,000 to $469,000. The major difference between the resort and non-resort residential markets was that the resort sales were evenly distributed in the $0-$250,000, $250,000-$400,000 and $400,000-700,000 price ranges, whereas 74% of the non-resort residential sales were in the $0-$250,000 range. A further look at the non-resort residential sector, which makes up 89% of the residential market, shows the average sale price was down slightly from $196,000 to $178,000 in 2012. In fact, the median sale price was just $150,000 for that sub market.
The good news is that residential inventory has decreased significantly over the last few years. At the end of 2012, there were 195 residential listings compared to 295 at the end of 2011. That is a 34% reduction of inventory, which is very promising. Supply is down and demand is consistent, positively affecting the absorption rate. Since the median sale price of the total residential market was $165,000 in 2012, let’s look at the change to the rate of absorption for that slice of the market. At the end of the year, there were 35 residential listings priced from $100,000 to $200,000. As there were 68 sales during the course of the year, that yields a rate of absorption of 5.66 sales per month and indicates a 6 month supply. In 2011 the supply was 11 months, so a Seller with a residential property listed in the most active category can now expect a significantly shorter marketing period. That is great progress!
The land market also saw a significantly increased rate of absorption in 2012. This inventory was down by 15% at the end of 2012 and there were 38% more sales (51 in 2011 and 82 in 2012), yielding an absorption rate of 6.8 land sales per month vs. 4.25 per month in 2011. In other words, at the end of 2011 a 12 month history of sales and existing inventory indicated that it would take 105 months (8.7 years) to absorb all of the land inventory and that length of time shortened to 57 months (4.8 years) by the end of 2012. This is very promising. A disheartening statistic, however, is the median land sale price in 2012: $37,000. That is down from $124,000 in 2011.
There is nothing particularly notable about the resort land market, when those sales are broken out. There were 18 resort sales again in 2012. That is just 22% of the land market. The sale price range was $9,000 to $250,000 and the average sale price was $47,000, down slightly from $55,000.
Nothing would indicate any significant change to the state of the Alta market at the end of 2012. There were 6 residential sales in 2012, which was pretty consistent with the last three years (5 in 2010, 6 in 2011 and 6 in 2012). The sale price range was $130,000 to $800,000 and the average sale price was down just 18% to $474,000. There were 19 homes listed at the end of 2012, up from 13 at the end of 2011, which is the only case of an increase in inventory in any of the market categories identified in this report. There is no defendable explanation for this increase. It is possible that Sellers have gained some confidence in the market as the Jackson Hole real estate market recovers and as the Teton Valley market shows signs of improvement, influencing them to list. Wyoming property owners may also be speculating that Buyers looking to avoid income tax by claiming Wyoming residency may look to buy in Alta, WY now that inventory is drying up in the Jackson Hole area and
price increases there will inevitably follow.
Land sales in Alta were similar to 2011, with just 3 sales, but the sale price range and the average sale prices shifted. The average sale price was down to $132,000 in 2012, down 54% from 2011 and the sale price range decreased from $165,000 to $370,000 in 2011 to $115,000 to $160,000 in 2012. The inventory was down to 21 at the end of the year, which was just 2 two less listings than in the end of 2011, so the absorption rate was fairly unchanged.
According to Alliance Title and Escrow in Driggs, ID, $38M was foreclosed on in 2012, which is a significant decrease for the second year in a row ($110M in 2010 and $55M in 2011). According to county records, there is $14M scheduled to foreclose in Q1 of 2013, the majority of which Alliance Title thinks were foreclosures that were postponed in 2012. They predict that 2013 will again have fewer foreclosures, bringing fewer REOs with listing prices below market value to the market.
REOS AND SHORT SALES
Alliance Title and Escrow estimates that 50% of their closings in 2012 were REOs, 20% were short sales and 30% were non distressed sales. Even though the number of distressed sales still make up 70% of the market, they made up 90% of the market in 2011.
With inventory diminishing, a faster rate of absorption, fewer distressed listings hitting the market and favorable interest rates, it can be expected that 2013 will keep this pace and bring continued recovery. It can be expected that demand will grow as the population of “choice” properties diminishes and less desirable properties remain. It will remain a Buyer’s market until the selection of homes is unattractive enough to Buyers to give Sellers a long awaited advantage.
Please give us a call, at your convenience, to discuss the current market and your investment opportunities. 307.690.8855 or email RichardLewis(at)jhrea.com
Richard Lewis & Associates
What makes up Teton Valley, Idaho? For the purposes of this report, Teton Valley, shall be defined as Victor, Driggs and Tetonia, Idaho.
What makes up the “Resort Market” in Teton Valley? For the purposes of this report, the resort market in Teton Valley shall be defined as property located within the following resorts: Teton Springs, Teton Reserve, Huntsman Springs and River Rim Ranch.
What is distressed real estate? It is a property that has to be sold in order to pay arrears on a mortgage. There are three types of distressed real estate: foreclosures, short sales and REO’s.
What is foreclosure? Foreclosure is a legal proceeding to terminate a borrower’s interest in real property, instituted by the lender, to either gain title to the property or force a sale in order to satisfy the unpaid debt secured by the property.
What is a short sale? A short sale is when the proceeds from the sale of real estate fall “short” of the balance on the loan. The lender agrees to accept less than the amount due on the loan due to financial hardship on the part of the borrower. Generally, lenders won’t discuss short sale requests unless the borrower is already far behind on mortgage payments.
What is a REO? The property is owned by a lender, most often a bank, and after a failed attempt at selling the property at an auction, it is returned back to the bank. After the 90-day redemption period in Wyoming the bank will most likely place it on the open market, normally below market value to get it off their books quickly.
*The statistics used in this report are from the Teton Multiple Listing Service (MLS), unless specifically referenced otherwise. Any opinions expressed are that of Graham-Faupel and its team members and not of Jackson Hole Real Estate Associates as a brokerage.
* This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions, changes in number of transactions and average sales prices.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
*Average sale price is the total combined dollar volume divided by the number of sales.
*The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value.
© Copyright 2011-2013 by Jennifer Dawes and Graham-Faupel LLP. 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 Jennifer Dawes and Graham-Faupel LLP
Posted on February 8th, 2013Home Prices in 2012: Best Year-on-Year Gain in Six Years
Posted By susanne On February 7, 2013 @ 4:09 pm In Business Outlook,Consumer News and
Advice,Finance and Economy,Real Estate Information,Real Estate Trends,Today's
Marketplace,Today's Top Story
CoreLogic®, a leading residential property information, analytics and services provider, recently released its December CoreLogic HPI® report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 8.3 percent in December 2012 compared to December 2011. This change represents the biggest increase since May 2006 and the 10th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.4 percent in December 2012 compared to November 2012. The HPI analysis
shows that all but four states are experiencing year-over-year price gains.
Excluding distressed sales, home prices increased on a year-over-year basis by 7.5 percent in December 2012 compared to December 2011. On a month-over-month basis, excluding
distressed sales, home prices increased 0.9 percent in December 2012 compared to November 2012. Distressed sales include short sales and real estate owned (REO)
The CoreLogic Pending HPI indicates that January 2013 home prices, including distressed sales, are expected to rise by 7.9 percent on a year-over-year basis from January 2012 and fall by 1 percent on a month-over-month basis from December 2012, reflecting a seasonal winter slowdown. Excluding distressed sales, January 2013 house prices are poised to rise 8.6 percent year over year from January 2012 and by 0.7 percent month over month from December 2012. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month. “December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since the height of the last housing boom more than six years ago,” says Mark Fleming, chief economist for CoreLogic. “We expect price growth to continue in January as our Pending HPI shows strong year-over-year appreciation.”
“We are heading into 2013 with home prices on the rebound,” said Anand Nallathambi, president and CEO of CoreLogic. “The upward trend in home prices in 2012 was broad based with 46 of 50 states registering gains for the year. All signals point to a continued improvement in the fundamentals underpinning the U.S. housing market recovery.”.
Highlights as of December 2012:
• Including distressed sales, the five states with the highest home price appreciation were: Arizona (+20.2 percent), Nevada (+15.3 percent), Idaho (+14.6 percent), California (+12.6 percent) and Hawaii (+12.5 percent).
• Including distressed sales, this month only four states posted home price depreciation: Delaware (-3.4 percent), Illinois (-2.7 percent), New Jersey (-0.9 percent) and Pennsylvania (-0.5 percent).
• Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+16.4 percent), Nevada (+14.7 percent), California (+12.8 percent), Hawaii (+11.7 percent) and North Dakota (+10.8 percent).
• Excluding distressed sales, this month only three states posted home price depreciation: Delaware (-1.9 percent), Alabama (-1.0 percent) and New Jersey (-0.5 percent). • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to December 2012) was -26.9 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.8 percent.
• The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-52.4 percent), Florida (-43.5 percent), Arizona (-39.8 percent), Michigan (-36.5 percent) and California (-35.4 percent).
• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, only 16 are showing year-over-year declines in November, two fewer than in November.
For more information, visit www.corelogic.com
Posted on February 8th, 2013
Whether you’re heading out of town for the weekend or packing up the entire family for an extended vacation, taking the time to make sure your home is protected before hitting the road is crucial. By taking the following tips into consideration, you can go on vacation knowing that your home will be safe and sound while you’re away.
1. Make it look like someone is home. Install timers on interior lights so they turn on and off periodically. There are also products available that are capable of varying the time that your lights turn on. You may even want to consider leaving a radio on and tuned to an all-news or talk show station.
2. Disconnect and remove all exterior electrical decorations to reduce the chance of fire and theft. If you don’t already have them, install exterior lights controlled by motion sensors to make your home a more difficult target for prowlers.
3. Make a plan for the newspaper and other deliveries. If you provide enough notice, you can put your newspaper delivery on hold. Otherwise, ask a neighbor to grab your paper and any other circulars or brochures that may be left on your front stoop. Likewise for any unexpected UPS deliveries.
4. Have the post office hold your mail. If you can’t arrange for a neighbor to pick up your mail, notify the post office up to 30 days in advance of your vacation; at minimum, two days will be needed to process your request.
5. If you have an alarm that is monitored, tell the alarm company you’ll be away. If possible, provide a phone number where you can be reached.
6. Nothing beats a good neighbor. Ask your neighbor to keep an eye out for any suspicious activity and possibly even park their car in your driveway, if yours is on the road with you or at the airport. If police regularly patrol your neighborhood, give law enforcement authorities your schedule so they can watch for suspicious activity. If there's a crime-watch program, notify the person in charge.
Copyright© 2013 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.
Posted on February 5th, 2013We always look forward to this time of year. The WinterFest is full of activities to break up the winter.
From the Jackson Hole Chamber of Commerce:
February 15: Third Annual Jackson Hole WinterFest Begins
The Jackson Hole Chamber of Commerce is pleased to announce that the Third Annual Jackson Hole WinterFest will be held Friday, February 15 through Sunday, February 24.
Jackson Hole is truly a winter wonderland with many opportunities for enjoying the snowy days and long nights. WinterFest is a two week festival that brings these opportunities together from the Shriner's All American Cutter Races to snow sculpting. Many community organizations join together to present a series of events that delights winter enthusiasts who love to be out in the snow as well as those who prefer to spend their time beside a crackling hearth. Please see a schedule of events at jacksonholechamber.com/events/winterfest.
Are you a snow sculptor? This is your chance to show off your skills! Enter today! First place will win $750, second place will win $400, and third place will win $300. There's no fee to enter! Entries will be accepted until space is full or until Saturday, February 16. For more information, email email@example.com or call 267.702.5952.
For more information about WinterFest, please contact the Jackson Hole Chamber of Commerce at 307.733.3316.
Posted on January 23rd, 2013For all the details on this truley unique develpment property click here: Snake River Sporting Club Jackson Hole
or call 307.690.8855
Posted on January 9th, 20132012 Year End Report
The Jackson Hole Real Estate Market is Up 61%
The Jackson real estate market continues to capture the imagination and the hearts of the buying public and to intrigue investors worldwide. At Jackson Hole Real Estate Associates, as the recognized authority in the Jackson housing market, we are frequently asked questions such as: How is the market performing? Which segments of the market are performing above expectations, and what are the primary drivers? We publish this report by capitalizing on the collective wisdom, experiences, and insights from our group of real estate professionals. Jackson Hole Real Estate Associates is comprised of qualified leaders in the local market as well as recognized authorities on the world real estate stage.
We are pleased to report encouraging results as we look back on 2012 in review and we anticipate continued momentum and strength into 2013. As you review our summary of the last year of performance for Jackson Hole real estate, we invite you to contact any one of our esteemed real estate professionals for more information and specifics regarding real estate in the Teton Region.
Overall Market: Stabilization and Recovery have been the overriding themes of the Jackson Hole real estate market in 2012. Statistically, 2012 points to a healthy and robust market with sales up and inventory down in every market segment. The most dramatic improvement is the overall sales volume which is up 61% when compared to 2011. The overall number of sales is up nearly 25% and the average sale price is up about 26%. Inventory, which has remained relatively high throughout the market’s recovery, is down approximately 23% in contrast to 2011. This is the largest decrease we’ve seen since the peak of listings in 2009. Also an excellent sign of strength in the Jackson Hole marketplace is the continual drop in distressed inventory and sales. Only 18% of the sales in 2012 were considered distressed and less than 3% of the current inventory is considered distressed. The commercial market performance is reflective of the overall market showing strength on both the sales and leasing sides. Investors are purchasing properties offering attractive returns.
Single Family Market: The single family sector of the market mirrored the overall market with healthy improvements in each measurement. Sold volume in 2012 for the single family segment improved significantly over last year with an over 40% increase. The number of homes sold increased by about 22% with over 200 sales. The area which reaped the most improvement over last year is Teton Village with a 300% increase in number of sales. The Town of Jackson area sustained its lead with the most sales, comprising nearly 30% of the total single family sales in 2012. Although statistics show an increase in average sale price, we see pricing neighborhood by neighborhood stabilizing with a slight increase. The increase in average price speaks to the higher end of the market re-energizing. Overall inventory in the single family segment has decreased by 25% over last year, and, most notable, is the decrease in inventory in the Town of Jackson, down 68%. We anticipate continuing to see robust demand in the single family home market with adequate bank funding availability. If there is a challenge in these markets heading into 2013, it will be a lack of quality inventory.
Condo/Townhome Market:The condominium/townhouse segment also did well in 2012 with townhomes in particular strongly improving. The number of townhome sales increased 38% over last year and condominium sales improved just slightly with a 2% gain. The Town of Jackson also led in this segment, with over 50% of the condo and townhome sales occurring in town. This is a 32% increase over 2011 which was also a strong year for condominiums and townhomes. The only segment with a noted decrease in sales was condominiums in Teton Village. This is likely attributed to the disappearance of distressed inventory. In fact, condominium inventory in Teton Village as well as the condo market as a whole is down approximately 45%. In the upcoming months we anticipate that Teton Village will represent some of the only “shadow” inventory when the formerly foreclosed Terra II units are repackaged and return to the market.
Vacant Land Market: The vacant land segment of the market had a dramatic improvement over 2011. The number of sales increased an incredible 126% and sales dollar volume increased 166%. As homes dipped below replacement cost throughout the economic downturn, land sales languished more than any other segment. The sharp increase in sales in 2012 is an excellent indication that buyers are no longer finding inventory at prices less than replacement cost which indicates that the market is well into its recovery. The majority of the vacant land sales occurred in the south of Jackson area and north of Jackson near the Jackson Hole Golf & Tennis Resort. However, the biggest improvement was in the east Gros Ventre Butte area with a 500% increase in sales. The vacant land segment of the market was the hardest hit and will be the slowest to recover; while all other segments of the market saw large decreases in inventory, the land segment’s inventory has decreased a modest 7%.
In Summary: As we look to the year ahead we believe that the Jackson real estate market will continue to foster growth and appreciation. As inventory returns to a place of scarcity and buyers and investors look to shelter income against inflation and tax, Jackson offers the perfect balance of lifestyle and economic benefits. It seems that purchases in our remarkable destination will continue to be driven by a unique dynamic; for those that truly appreciate Jackson, location, lifestyle, and sentiment are equally important as value, and in some cases, even more so.
*Statistics quoted in this report are deemed reliable but are not guaranteed. Statistics are derived via internal audit with information from Teton County MLS and Jackson Hole Real Estate Associates LLC proprietary database
Posted on January 7th, 2013The fiscal cliff, an economically damaging set of tax hikes and spending reductions scheduled to begin in 2013, has been avoided (for now) and that is good news for housing in the short-run.
The enactment of H.R. 8, the American Taxpayer Relief Act of 2012, will extend permanently most, but not all, of the 2001/2003 tax cuts. The legislation prevents a fiscal drag of approximately $600 billion in 2013, which would have been large enough to push the current weak economy into recession. That in turn would have reduced demand for both owner-occupied and renter housing and threatened the ongoing recovery for home building.
That outcome has been prevented, although future fiscal policy debates loom on the horizon. For example, a legislative fight over the debt ceiling and the delayed sequester will take place in February. And 2013 may be a year in which comprehensive tax reform is under legislative consideration.
But for now, the following items in H.R. 8 are of interest to housing stakeholders and home builders:
Business Tax Items
Permanently extends the 2001/2003 tax rates for adjusted gross income levels under $450,000 ($400,000 single); good for small business and home builders, 80% of whom are pass-thru entities who pay taxes on the individual side of the code
Permanently extends the Alternative Minimum patch; again, good for small business owners who are frequently at risk of paying AMT
Permanently sets the parameters of the estate tax; positive for family-owned construction firms; codifies the 2010 $5 million exemption amount (indexed to inflation) and a 40% estate tax rate
Extends present law section 179 small business expensing through the end of 2013; offers cash flow and administrative cost benefits for small firms
Extends the section 45L new energy-efficient home tax credit through the end of 2013; allows a $2,000 tax credit for the construction of for sale and for-lease energy-efficient homes in buildings with fewer than three floors above grade
Homeowner Tax Items
Extends through the end of 2013 mortgage debt tax relief; important rule that prevents tax liability from many short sales or mitigation workouts involving forgiven, deferred or canceled mortgage debt
Deduction for mortgage insurance extended through the end of 2013; reduces the cost of buying a home when paying PMI or insurance for an FHA or VA- insured mortgage; $110,000 AGI phaseout remains
Extends the section 25C energy-efficient tax credit for existing homes through the end of 2013; important remodeling market incentive, although the lifetime cap remains at $500
.Reinstates the Pease/PEP phaseouts for deductions; for married taxpayers with AGI above $300,000 ($250,000 single), the Pease limitation reduces total itemized deductions by 3% for the dollar amount of AGI above the thresholds. This is a negative change for some high cost areas, but should only have small impacts. Example, a married household with $350,000 AGI would be $50,000 above the limit and must reduce their Schedule A total by $1,500 raising their taxes by about $500. Only a share of that would be due to the MID.
Multifamily Tax Items
Extends the 9% LIHTC credit rate for allocations through the end of 2013; absent the credit fix, the LIHTC program would suffer a loss of equity investment for affordable housing projects
Extension through the end of 2013 of base housing allowance rules for affordable housing
Also noteworthy are items that are not in H.R. 8, including an itemized deduction cap or a defined fast-track tax reform process. Nonetheless, the return of the Pease rules suggests that items like the mortgage interest deduction will be under debate in 2013.
The resolution of the fiscal cliff now gives way to a series of mini-cliffs due to the need to raise the debt ceiling, establishing government spending levels and deal with the sequester. Over the long run, the future of housing demand, and interest rates in particular, will be affected by how Congress and the President solve the nation’s long-run deficit challenges.
To view the original post from NABH, clicNAHBAHB
Posted on December 11th, 2012December 10, 2012
More Americans Believe Economy Headed in Right Direction
by Pete Bakel
WASHINGTON, DC – Despite continued uncertainty surrounding the fiscal cliff, Americans are showing increased confidence in the housing market and the direction of the economy. According to results from Fannie Mae’s November 2012 National Housing Survey, such improvement bodes especially well for continued strengthening in the housing sector, which in turn is likely to support overall economic growth.
“Consumer attitudes toward both the economy and the housing market continue to gather momentum, with many of our 11 key National Housing Survey indicators at or near their two-and-a-half-year highs,” said Doug Duncan, senior vice president and chief economist of Fannie Mae. “On the housing front, attitudes about the current selling environment continue to improve, with a significant increase in those saying it would be a good time to sell. This growing confidence in a housing recovery, in addition to other factors, may reinforce growing consumer optimism regarding the improving direction of the general economy. Those indicating that the economy is on the right track has risen to 44 percent while those saying it’s on the wrong track has fallen to 50 percent, the smallest gap since the survey's inception.”
The November survey results show significant movement across many of the indicators. The share of respondents who say now is a good time to sell a home jumped 5 percentage points in November to 23 percent – the highest level since the survey began in June 2010 – narrowing the gap with those who say it is a good time to buy. The percentage of respondents who expect mortgage rates to go up increased by 4 percentage points to 41 percent. Those expecting home prices to go down within the next year also rose by 4 percentage points to 14 percent over last month, a rebound from the survey's record low in the prior month, while the share who believe home prices will go up in the next 12 months edged up to 37 percent, tying the survey high. Of note, 51 percent of respondents now say it would be easy to get a mortgage, marking the highest rate since the survey’s inception (this survey finding is in addition to the 11 National Housing Survey indictors).
When asked about the economy, those who say it is on the wrong track dipped 6 percentage points since October and a total of 25 percentage points in the past year. Respondents expressed some improvement in the status of their current finances; however, due potentially to the looming fiscal cliff, the share who expect their personal financial situation to get worse over the next 12 months rose 5 percentage points to 18 percent – the highest level since December 2011.
Homeownership and Renting
* Average home price change expectation held steady at 1.7 percent.
* Fourteen percent of those surveyed say that home prices will go down in the next 12 months, a 4 percentage point increase over last month.
* The percentage who think mortgage rates will go up continued to rise, increasing 4 percentage points in November to 41 percent.
* Twenty-three percent of respondents say it is a good time to sell, a 5 percentage point increase over last month, and the highest level since the survey’s inception.
* The average rental price expectation hit 4 percent in November, a 0.9 percent rise over the past two months.
* Forty-eight percent of those surveyed say home rental prices will go up in the next 12 months, a slight decrease from last month.
* The share of respondents who said they would buy if they were going to move held relatively steady at 67 percent.
* Fifty-one percent of respondents now say it would be easy to get a mortgage, marking the highest rate since the survey’s inception.
The Economy and Household Finances
* Hitting 50 percent for the first time since the survey’s inception, the percentage who think the economy is on the wrong track has declined by 25 percentage points over the past year, and by 6 percentage points from last month.
* The percentage who expect their personal financial situation to get worse over the next 12 months rose 5 percentage points to 18 percent, the highest level since December 2011.
* Meanwhile, 21 percent of respondents say their household income is significantly higher than it was 12 months ago.
* Household expenses remained stable over the past month, with 56 percent responding that their household expenses stayed the same compared to 12 months ago.
The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,001 Americans via live telephone interview to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, the economy, household finances, and overall consumer confidence.
Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future. For detailed findings go to www.fanniemae.com
Posted on November 28th, 2012Click here to watch video: Home Values on the Rise
Posted on November 26th, 2012Oh, Jackson Hole, you did it again. SKI Magazine readers have voted Jackson Hole #1 in, Overall Satisfaction, Most Challenging Terrain and #1 in Character. #6 in Best overall…not bad for all of North America and our highest ranking ever! The best part is that it was a “readers” survey, regular ol’ real people giving us there real feedback, the greatest kind of review in my opinion. Check out the full SKI Magazine’s article here: SKI Magazine
As they say in real estate, “location, location, location” but when it comes to mountain resorts it’s all about “terrain, terrain, terrain” and we are #1. At over 1,250 total acres, there is awesome steep terrain to weaken your knees and almost half of our area is beginner to intermediate. Terrain for all skill levels. Each year Jackson Hole Mountain Resort gets better than the last. The first time I rode Jackson Hole I was in awe, literally, and coming from Colorado and traveling to ski mountains all over the states it was no easy feat to impress me. To this day I am still in awe.
Now on to character, Jackson Hole has got it. If you need to add a little “character” to your life, give a winter Yurt trip a try. If you love the great outdoors now is your chance to see it in all of its winter glory. Jackson Hole Mountain Resort offers great options to spend a divine night or two in a Yurt. I would not necessarily say it is “roughing” it but it is definitely not hanging at the Four Seasons. By the end of your trip you will definitely have memories of a lifetime and added a smidge of character to your personality. Here is a link to an article from a local as a first timer, click here: Washington Post, Jackson Hole Yurt or go directly to Jackson Hole Mountain Resorts webpage on yurt trips: JHMR Yurt
Well now you don’t need any more excuses not to come here and give it a try. Visiting Jackson Hole is definitely a place that needs to be on your “Bucket List”. For added incentive click here: Winter Special
Be sure to visit Jackson Hole Mountain Resort’s website to get all the details you need to plan your visit: JHMR
Posted on November 19th, 2012Property Overview
Location: The Yellowstone Club, Big Sky Montana
Prior List Price: $28M. Selling Without Reserve.
Auction Date and Time: February 18, 2013,
Square Footage: 14,000 sf
Bathrooms: 10 full
Year Built: 1988
Lot Size: 4.93 acres
THE LIFESTYLE: YELLOWSTONE CLUB, BIG SKY, MONTANA
Montana — A word that evokes spacious skies and majestic mountains; rich in history with authentic traditions; room to breathe, room to roam and room to loose yourself and just be. Montana — Envision a landscape you thought was lost in time. Montana — Experience uncrowded skiing and seemingly bottomless powder bowls. Montana — Enjoy a day of golf in cool, dry air and luring trout on the fly in blue-ribbon rivers. Montana — Escape to Yellowstone National Park, robust with nature and filled with limitless adventure.
Yellowstone Club-The Club's superior amenities, casual charm and overwhelming natural beauty present an incomparable experience of luxurious mountain living, providing year-round recreation and cherished family traditions. The world's only private ski and golf community, the Yellowstone Club truly captures the grandeur of the Rocky Mountains.
DREAMS DO COME TRUE
The rustic yet refined retreat at Twenty Six Obsidian offers the perfect escape from everyday life.
This expansive home rests on 4.93 acres of pristine mountain property and features stunning lodge architecture with soaring views of the Spanish Peaks. Located in Big Sky, Montana, Twenty Six Obsidian features unobstructed views of the tallest and the most familiar neighbor in town — Lone Mountain.
One of the first homes built in the exclusive Yellowstone Club, this premier property sits on the top of Andesite Mountain, with sweeping 230-degree views. In addition to the scenic landscape, you enjoy direct access to three ski areas — Yellowstone Club, Big Sky Ski and Summer Resort and Moonlight Basin — which combined give you access to over 8,000 acres of pristine ski terrain, right off of your deck.
Being sold furnished, Twenty Six Obsidian at the Yellowstone Club features an open living area with a spacious family room, bar, gourmet chef's kitchen, breakfast and dining spaces that allow for easy flow between rooms and activities.
LUXURIOUS MASTER RETREAT
This luxurious home provides a master suite like no other. Revel in opulence when you settle into a room fit for royalty. Finely-crafted, substantial wood furniture fills the expansive space. A rustic stone fireplace and rich cedar beams on the cathedral ceiling highlight the magnificent mountain views from a grand floor-to-ceiling window. Looking out onto the majestic Montana landscape is a wonderful way to start the day. In the evenings, enjoy the fireplace from the soft couch or finish a note at the finely-detailed desk.
SPACIOUS GUEST SUITES
Everyone will truly feel at home after settling in to their own rooms. The home's additional seven bedrooms give everyone the opportunity to relax in their own private oasis. Each of these marvelous guest retreats has its own special features — from romantic armoires and private balconies to plush carpeting and a surprise second-story "kids-only" loft area, accessible by a wooden ladder.
Private bathrooms complete each of these uniquely-designed and decorated suites.
Contact us for a full brochure or to register to participate. Richard Lewis 307.690.8855
Posted on November 15th, 2012Build your dream legacy ranch in one of the most sought-after locations in Jackson Hole. Bar B Bar Ranches 9 and 10 are simply two of the finest offerings to become available in the Rocky Mountain Region. Originally $13.7M & $12.5M. Selling to the highest bidders.
ABOUT THE BAR B RANCH.
Welcome to an opportunity as grand as the Tetons themselves. Jackson Hole, Wyoming is a city of wide-open spaces, inspiring mountain views, lush forests and extreme natural beauty. The remarkable Bar B Bar Ranch is 15 minutes north from the town of Jackson, 30 minutes to the Jackson Hole Mountain Resort and minutes from the Jackson Hole Airport and the Jackson Hole Golf and Tennis Club. Although close to amenities, the Ranch is a remote and peaceful refuge. Jackson Hole is a beautiful alpine valley surrounded by the Teton Mountain Range in the west and the Gros Ventre Mountains in the east. It is a wonderful place to live and play throughout the year. The trout fishing, skiing, mountain climbing, river rafting and wildlife viewing are among the best to be found in North America. The area also offers championship golf and tennis, a superb Summer Music Festival, Fall Arts Festival and many fine restaurants both rustic and refined in style. Jackson Hole has a very diverse population of full and part-time residents with one common denominator – all are bonded with the land, its splendor and the recreation it provides.
Dramatically set against the backdrop of Jackson Hole's most breathtaking and awe-inspiring scenery, Bar B Bar Ranch 9 is quite simply one of the finest offerings to ever become available in Jackson Hole, Wyoming. Encompassing a total of 780 acres, the Bar B Bar Ranch has a very limited offering of sites that offer all the key elements required in a legacy ranch property — live water, spectacular Teton Mountain Range views, Snake River frontage, a plethora of wildlife, open meadows, towering conifer and cottonwood trees, unsurpassed privacy and a convenient location to all the amenities of Jackson Hole. Ranch 9 represents one of the few land parcels of this quality remaining in Jackson Hole and the unique opportunity to acquire some of the finest land in the Rocky Mountain Region — and all for your bid price.
ABOUT BAR B RANCH 9.
Encompassing 103 acres with Snake River frontage, premier privacy and exclusivity, Bar B Bar Ranch 9 features spring-fed creeks and beautiful aspen, fir and cottonwood trees surrounded by gorgeous natural foliage and stunning, dramatic Teton views.
ABOUT BAR B RANCH 10.
Beautifully timbered with spring fed creeks, Bar B Bar Ranch 10 offers premier privacy, water, wildlife and natural foliage — all backdropped by dramatic Teton Range views. Nestled on 104 acres, every piece of the property tells a story and is ready to build your dream Jackson Hole paradise.
Contact us for a full brochure or to register to participate. Richard Lewis 307.690.8855
Posted on November 14th, 2012A lot of people think that Jackson Hole is just about the outdoors but I'm here to tell you that it is more, much more. Arts, Entertainment and delicious Dining are alive and well here! I am always amazed, for being such a small community, that Jackson continuously has something interesting, engaging going on and the creative dishes that our local restaurants execute are great to explore.
The Center for the Arts is one of my favorite places in Jackson. How lucky are we to have a state of the art facility to hear music, watch theater performances, and hear speakers from all over the world to mention a few. I have been to wine dinners, listened to Buddhist monks, ran around with the kids at festivals and this summer went to the first series of outdoor concerts….really???...I still can’t believe that we get to sit on the lawn with world renowned artist personally serenading us, Snow King Mountain as the backdrop, and endless fresh alpine air to complete the experience. Comedian Rich Hall will be here next week to making us all laugh which is welcomed by all in this off-season. Click here to get tickets or search upcoming events: Center for the Arts
Speaking of off-season the fine people of Fine Dining are once again offering 2 for 1 dining at their many local eateries. Have a meal and your second is 2$ and 100% of the 2$ goes to a non-profit. This week the donations go to our honorable vets. Awesome way to support the community and eat some phenomenal food. Click here for a list of participating restaurants: 2 for 1
Coming up is the event of the season, the place to be, the Annual Teton County Library Benefit. Unfortunately the tickets are sold out…you need to get them early because they go fast. Keep it in mind for next year. This is such a local’s favorite event and a wonderful way to support our incredible library. My family and I visit our recently updated library weekly and are thankful and proud to know it. Teton County Library
We are here because we have all made the choice to be here…..we love our “backyard”. Come see what Jackson Hole has to offer.
Richard Lewis & Associates
Posted on November 9th, 2012Most potential buyers first research homes for sale on the Internet and if the pictures of your home don't look awesome that buyer may just skip over your home. Here are some tips to make your home ready for a photo shoot....click here Photo Tips Video
There are many other details not to over look when getting your home ready to go on the market. We can help with advice and suggestions to make your home's saleability and may just get a higher sales price. Here are some suggestions from www.realtor.com. Click here " Get Ready Article" to read article and find links to other great advice when it comes to selling your home.
We are the experts so give us a call if we can help you with a market analysis of your property and how to get the most value out of your home. 307.690.8855 or info@LiveJacksonHole.com
Posted on November 8th, 2012
Completed remodeled in 2011. Situated on over 6 acres. Beautiful home....
Click here for more details or contact us 307.690.8855 http://www.flexmls.com/link.html?x4ha1b3ng4i,10,1
Posted on November 5th, 2012November Newsletter. The market is turning......
Posted on November 1st, 2012Click here for the 3rd Quarter Real Estate Market Statistics: 2012 3rd Quarter
Posted on October 31st, 2012Here is this week's top stories. You will find information on "Short Sales Streamlined", "Make Your Home Camera Ready" and an update on "Summer Home Sales". You will also find other links to pertinent and informative articles and videos.
Click here for Today's Top5 News
Posted on October 23rd, 2012Things are looking good in our area! Property is priced at exceptional values and interest rates are low. For the full scoop click here: 3rd Quarter Report
Posted on October 17th, 2012Today's Top Pick: Great townhome at the base of #snowking. 4 bedrooms, great condition and close to town. Click here for more information or give us a call. http://www.flexmls.com/link.html?x3l08lq6r16,10,1
Click here for more info on Snowking...www.snowking.com
Posted on October 9th, 2012Our property prices are still at a great value as we hit the bottom some time ago so we are seeing a lot of Buyer activity. Click here to read the article: Jackson Hole News & Guide | Realtors like 3rd Quarter
Posted on October 8th, 2012Great house on the "quiet side of the Tetons". Wide open views, 1 acre and horses are welcome. Offered at $180,000.
Click here for all the property details: http://www.flexmls.com/link.html?x3hu3ag5gc4,10,1
Posted on October 5th, 2012PRICED BELOW REPLACEMENT COST! 7,900 sq ft main residence has 3 bedrooms, 2 offices, outdoor covered living space with wood-burning fireplace. Guest home and barn.
Click here for all of the details: River Property in Jackson Hole
Posted on October 2nd, 20127,500 square foot home situated on one of the finest lots in Teton Pines. Have a look....Click Here
Click here for more information on Teton Pines or the ski resort of Jackson Hole Mountain Resort just minutes away from this home.
Posted on September 24th, 2012We love getting photos from our clients. Here is a great one of a moose family hanging out on Elliot Creek Ranch.
For more information on this property click here: Elliot Creek Information
Posted on August 16th, 2012Reduced from $2,980,000 to $2,780,000
• 191 acres consisting of 3 Parcels located between Victor and Driggs
• Unobstructed mountain views, open meadows, fishable ponds, aspen groves and wetlands
• Spring fed ponds and 1/2 mile of Elliot creek
• Great waterfowl and wild life property
• Conservation Easement in place and 5 identified perfect building sites
CLICK ON IMAGE TO VIEW OUR NEW EBROCHURE:
Posted on August 14th, 2012
We are pleased to present the Absolute Auction of one of the most beautiful ranches in our area taking place on September 8th. Ideally located at the base of Shadow Mountain, bordered on 3 sides by Grand Teton National Park and adjacent to the National Forest with the most breathtaking views of the Teton Mountain range and is perfectly situated just 10 minutes from Jackson Airport and 20 minutes to all that Jackson has to offer.
Originally Listed at $13.9 | SELLING ABSOLUTE to the highest bidder regardless of price
• 9,100+/- square feet – 5 bedrooms, including 2 master suites and 6.5 bathrooms
• Billiards room with full bar; gourmet chef’s kitchen, custom wine cellar
• Private, gated entrance
• Exterior: Custom timber frame and extensive stonework, rock stairs, wrap-around decks and lush scenery
• Interior: Expansive, floor-to-ceiling windows showcasing spectacular mountain views from every room; birch wood;
intricately-carved details; soaring, vaulted Douglas fir ceilings, grand river rock fireplace; etched glass doors; antler chandeliers; top-of-the-line appliance
• 933 square feet
• Second floor of oversized, 3-car garage
• 2 bedrooms, 2 full bathrooms
• Spacious living room, full kitchen
• 850 square feet
• 1 bedroom, 1 full bathroom
• 2 large, heated shops/barns
Contact us for more information or to register to participate.
Richard Lewis 307.690.8855
Posted on August 10th, 2012JHREA 2012 Mid-year Statistics
Overall market sold:
• Total number of sales --‐223 (up19%)
• Total dollar volume --‐ $279 million (up 8%)
• Average overall sale price --‐ $1,251,000 (down 10%)
• 153 sales were under $1 million (69% of overall sales)
• 43 sales were considered distressed (19% of overall sales)
Overall market active (as of July 1st, 2012):
• Total active listings – 616(down 20%)
• Total dollar volume --‐ $1,575,977,675
• Average list price --‐ $2,558,405
• 296 listed for under $1 million
• 38 listings are considered distressed (6.2% of overall listings)
Single--‐family homes sold:
• Total number of sales – 84 (up 2%) • Total dollar volume --‐ $113,047,600 (down 7%)
• Average sale price – $1,345,805 (down 9%)
• Median sale price --‐ $885,000 (down 4%)
• 47 sales were under $1 million & 12 sales were under $500,000
• 10 sales were considered distressed or 12% of home sales
Single--‐family homes listings:
• Total active listings – 262 (down 20%)
• Total dollar volume --‐ $802,442,850 (down 12%)
• Average list price – $3,062,759 (up 10%)
• Median list price --‐$1,675,000 (up 5%)
• 85 listed for under $1 million & 25 listings were under $500,000
• 15 listings are considered distressed (5.7% of home listings)
•Total number of sales -62 (down 11%)
• Total dollar volume --‐ $33,441,705 (down 27%)
• Average sale price – $539,382 (down 17%)
• Median sale price --‐ $310,000 (down 31%)
• 55 sales were under $1 million & 47 sales were under $500,000
• 23 sales were considered distressed or 37% of all condo sales
Condo/townhouse listings: • Total active listings – 127 (down 27%)
• Total dollar volume - ‐ $110,656,650 (down 23%)
• Average list price – $871,312 (up 6%)
• Median list price --‐ $695,000 (up 34%)
• 95 listed for under $1 million & 48 listings were under $500,000
• 15 listings are considered distressed or 12%
Vacant residential lots:
• Total number of sales – 51 (up 117%)
• Total dollar volume --‐ $80,667,673 (up 218%)
• Average sale price – $1,581,719 (up 38%)
• Median sale price --‐ $700,000 (down 7%)
• 31 sales were under $1 million & 17 sales were under $500,000
• 5 sales were considered distressed or 10% of all lot sales
• Total active listings – 188 (down 13%)
• Total dollar volume --‐ $345,981,900 (down 17%)
• Average list price – $2,756,518 (up 42%)
• Median list price --‐ $975,000 (flat)
• 100 listed for under $1 million & 44 listings were under $500,000
• 7 listings are considered distressed or 3.7%
• Total number of sales –22 (up 144%)
•Total dollar volume --‐$38,472,000 (down 42%)
• Total number of listings – 24 (down14%)
• Total dollar volume --‐$53,363,375 (flat)
*All statistics quoted in this update are based on sales in the first six months of 2011 compared to sales in the first six months of 2012.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
Posted on August 2nd, 2012As we are settling into our new offices at Jackson Hole Real Estate Associates, one of our tasks in to redo all of our online Ebrochures which has given us the opportunity to make them better and brighter. Have a look at the most recent completion....click here Mountain Ranch Estate Thanks Edie! All of our brochures are in the revision process so we will have more to come. This estate shows so well in pictures just image what it looks like in person!
Posted on July 23rd, 20121st Quarter 2012
The Christie’s International Real Estate Network
» 119 affiliated brokerages
» 1,074 offices
» 31,964 sales associates
» 40 countries
» Acquired by Christie’s in 1995
» The only real estate network owned by a fine art auction house
» Admittance to the network is by invitation-only to companies with proven records of success in high-value home sales
» Affiliates must also exhibit a commitment to the auction house’s two-century-old tradition of exceptional client service
Web Statistics for www.christiesrealestate.com
» Average property price on www.christiesrealestate.com: US$3.8 million
» Percentage of properties valued at US$1 million and above: 94%
» Number of properties valued at more than US$10 million: 592
» Number of countries with active listings: 40
» Average number of monthly visits: 117,518
» Unique visitors per month: 76,594
» Monthly average of click-throughs from Christie’s site, www.christies.com: 6,540
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Posted on June 21st, 2012Click Here: Christie's Magazine June 2012
Posted on April 17th, 2012Situated prominently on 15 lush acres of pasture land with 360 degree vistas which includes the Grand Teton, the Snake River Range and Munger Mountain, this refined western family estate offers all the amenities one would expect in a fine equestrian ranch compound. Adjacent to pristine ranch lands and year round live water courtesy of local warm springs, the setting for this private retreat is nothing short of spectacular, yet a mere 10 minutes from the town of Jackson.
A single level, custom built main house with approximately 5,000 square feet features three bedrooms which includes two separate master suites, a professional grade chef’s kitchen, music room, home theater with built-in bar, and high end finishes throughout. Separating the impeccably designed two bedroom/two bath guest house from the main residence is an aerated pond stocked with native Cutthroat Trout. Additional improvements include a separate garage with living space above, a third garage/storage barn with attached corral and horse stalls, extensive post and rail fencing, and professionally maintained landscaping with mature trees and native plants
Posted on March 15th, 2012
An exquisite, 13,000 square foot home and adjacent homesite in premier Granite Ridge. Enjoy the ultimate location, slope-side in the heart of Teton Village in the Jackson Hole Mountain Resort, and immediate ski-in/ski-out location. Selling to the highest bidder when the gavel sounds.
The Estate at Granite Ridge
Located on 2.5 private acres and offering stone decks, 9 bedroom suites, and 10 full and 4 powder bathrooms, the Estate at Granite Ridge is unquestionably one the most exquisitely designed, constructed and appointed homes in Jackson Hole. Originally listed for $18.95M.
Premier Granite Ridge Homesite
This exceptional .63 acre buildable lot is nestled in the mature forest next to the ski trail and open space fronting national forest. Ready for a dream cabin in the woods or vacation retreat, the lot features stunning mountain views, cable, electric and a paved road.
Originally listed for $2,75m. Selling without Reserve
Contact us for a Bidder Package or more details at 307.690.8855
Click here for more home details and photos
Click here for more details and pictures of the homesite
Posted on February 16th, 2012Click here to read the details Apres Ski Ranking
Posted on February 13th, 2012RIS Media Short Sale Success
Posted on January 23rd, 2012Our new catalogue of fine area properties is here and it is beautiful. Take a look at our inventory and you will see stunning properties as well as some interesting articles. Please contact us if we can provide additional information or details on any of the properties you see. We can also set up an automatic email from our local Multiple Listing Service based on your parameters so you will always have the most up-to-date information on our listings.
Click on image to view
Posted on December 29th, 2011We just sold one of the best townhome properties in the town of Jackson Hole. Ideal location off of Snow King Avenue overlooking Flat Creek and open protected area. The end unit has many upgrades and hi-end amenities throughout including hardwood and tile floors, granite and tile countertops, beautiful light fixtures and faux painted walls. Two outside decks provide endless lounging and entertaining opportunities while the attached two car, heated garage keeps toys and vehicles protected. These types of townhomes do not become available very often. Please contact us for more sale information or a list of other homes like this one. firstname.lastname@example.org
Posted on December 20th, 2011Happy Holidays from Richard Lewis & Associates
Posted on December 15th, 2011Check out this new listing in Idaho....perfect recreational ranch.
New Ranch Listing
Posted on December 14th, 2011Here we are in yet another publication touting our amazing Jackson Hole area. Click here to read the entire article in Forbes.Jackson Hole #1 Ski Resort
Posted on December 12th, 2011Congratulations to the Listing and Selling agents, both of Jackson Hole Sotheby's International Realty, on the successful sale of the Bighorn Lodge in Jackson Hole, WY!
• Live Auction with 11 Registered Bidders
• 136 Buyer Prospects Identified
• Over 6,000 Website Visitors from all US States and 40 International Countries
• Previously Listed for 2+ Years
• Successfully Sold in Only 4 Weeks for Jackson's Highest Reported Price This Year North of Gros Ventre Junction!
Contact us for more information.
Posted on December 9th, 2011Enter to win a get away in beautiful Jackson Hole! Includes lodging, lift tickets, rental car and gear. http://www.jacksonhole.com/hole_getaway.html
Posted on December 8th, 2011Bighorn Lodge Auction | December 10th
Reserve Removed — Now Selling to the Highest Bidder!
The registration deadline for the December 10th auction of the Bighorn Lodge in Jackson Hole, WY has been extended. Don't miss your opportunity to participate in this live auction! Originally Listed for $16M, the property will absolutely sell to the highest bidder Without Reserve this Saturday! Registered bidders may participate in person, by proxy or by phone.
Feel free to contact me directly with any questions, concerns or requests.
1. Auction: The auction will be held December 10, 2011 at 4PM MTN. Attendance is limited to registered bidders and their representatives only.
2. Registrations: To register, Bidder must (1) sign and submit the Terms and Conditions of Sale (please email us for a copy) as agreed and understood and (2) wire $100,000 into the Escrow Agent's account per the wiring instructions attached for receipt prior to 5:00PM December 9th.
Call us for additional details about the property. Richard Lewis 307.690.8855
THERE IS NO MINIMUM BID REQUIRED TO PARTICIPATE!
PHONE BIDDING AVAILABLE!
Posted on December 5th, 2011Town, county building permits see increase
By Kevin Huelsmann and Tram Whitehurst, Jackson Hole News & Guide December 05, 2011
Number of building permits issued this year by the town of Jackson and Teton County has outpaced last year’s totals, according to reports from the town and county building departments.
Between January and November, county staff issued 197 building permits, 15 more than issued by the same time last year.
The growth in town has been even more dramatic. Not only has the number of permits issued increased from 75 in 2010 to 117 this year, the estimated value of projects has more than tripled, from roughly $8 million in 2010 to more than $25 million this year.
It remains to be seen whether the increase signals a meaningful turnaround in building activity, which plummeted during the recession. Paul Nash, a town planning commissioner and owner of Symmetry Contracting, said he hasn’t yet seen evidence of a major shift.
Posted on December 1st, 2011Wyoming Knows what it Takes.....click here to read full article
Posted on November 25th, 2011Wonderful news and congratulations to Hotel Terra, the Four Seasons, Teton Mountain Lodge and the Jackson Hole Mountain Resort for great recognition in the December issue of Conde Nast Traveler.
Terra was named the #2 Top Ski hotel North America! This is the second consecutive year in receiving this award. Congratulations also the Four Seasons which is ranked #11 and TML is #24. The Rusty Parrott was #34 so Jackson was well represented in the top 50.
The Jackson Hole Mountain Resort was #5 in the list of Top Ski Resorts in North America, ahead of Vail, Sun Valley and Aspen!
Many units available in these exquisite hotels. Contact us for more information. 307.690.8855 or 307.690.6531
Posted on November 21st, 2011Org. $16m~Selling to highest bidder at or above $5.995m.
- 10,000 square foot log home on 5.32 acres
- 5 bedroom, 5 full baths and 2 half baths
- Surrounded on 3 sides by Grand Teton National Park
We can represent you with any interest you may have. Call us directly 307.690.8855.
Posted on November 18th, 2011
The snow has arrived! Just days away from the ski areas opening for business.
Posted on November 9th, 2011
Go Jackson Hole Mountain Resort! Why go any where else. Mens_Journal_Article.pdf
Posted on November 7th, 2011
We love our town ski hill especially for the night skiing. If you're staying in downtown Jackson, no need to drive or take a shuttle to the ski area, this one is within walking distance from most hotels. Just another recreational option in Jackson Hole! http://www.nytimes.com/2011/11/07/us/snow-king-in-jackson-wyo-struggles-in-hard-times.html?_r=2
Posted on November 3rd, 2011
Check us out on Facebook when you get a chance. Detailed information on our listings, market activties and events in Jackson Hole. http://www.facebook.com/pages/Richard-Lewis-Associates/289378561081883