Dana Harris - Jackson Hole Real Estate

Living In Jackson Hole and Jackson Hole Real Estate Associates announced today that they are the exclusive brokergae for the Teton Club located in Teton Village, Wyoming. The broker will work with the developer of the Teton Club to sell out the club's remaining inventory. Jackson Hole Real Estate Associates is the exclusive affiliate of Christie's Great Estates here in Jackson Hole and brings the power of that brand to the marketing of the club. Dana Harris, Sales Associate, of Jackson Hole Real Estate Associates and founder of Living In Jackson Hole will be the point person on all sales activity.

About the Teton Club

The Teton Club, nestled slopeside in the heart of Teton Village, is a private residence club with spacious two and three bedroom condominium homes that can be fractionally owned from two to twelve weeks per year, every year. Teton Club members enjoy true ski-in/ski-out access, daily ski passes for two, private ski/boot lockers, year round storage, heated underground parking, 24 hour concierge, valet service, and the new Sena Spa featuring Eastern ancient healing arts and Western state of the art services. While in residence members also belong to the Teton Pines Country Club and to Headwaters Golf Club at Teton Springs in Victor, ID.

About Christie's Great Estates

Christie’s Great Estates is the largest international network of real estate companies dedicated to the sale and marketing of luxury homes and a subsidiary of Christie’s, the world’s leading art business. The Christie’s Great Estates global network spans more than 40 countries with 850 offices and approximately 35,000 brokers. Committed to the auction house’s two-century-old tradition of exceptional customer service and expertise in high-value marketing, the network achieved total combined sales in excess of $125 billion.

Admittance to the Christie’s Great Estates network is offered by invitation only to those real estate companies with proven records of success in high-value home sales and who exemplify Christie’s traditional value of service. Once awarded affiliate status, brokers may then display the coveted Christie’s brand and use the proprietary marketing services of Christie’s Great Estates, resulting in the successful listing and sales high-value real estate around the globe for more than 20 years. Exceptionally skilled local real estate specialists, a client-focused approach, and strategic global marketing to a qualified audience of proven luxury consumers are the hallmarks of Christie’s Great Estates.

I am pleased to be associated with this new firm. Please read the recent press release below:

Jackson Hole Real Estate Associates – Christies Great Estate’s will open the doors this week as the largest locally owned and operated real estate firm in the region. The new firm is comprised of some of the valley’s most prominent real estate brokers: Bob Graham, Karen Terra, Matt and Julie Faupel, David and Devon Viehman, Chad and Dianne Budge, and T. Bomber Bryan. In addition to the principal group, the organization has over 60 agents and support staff working in its office locations throughout Jackson Hole and Star Valley. Jackson Hole Real Estate Associates opens with its agents having achieved over 50% market share through the 100 days of 2009.

The first quarter of 2009 has been one of the most challenging in Jackson Hole’s long history of thriving real estate; however the principals comprising the new entity are undaunted. “While we are in unusual times, our clients and customers are seeking solutions and relying even more heavily on the market expertise and experience of their brokers. By joining forces, our clients have access to over 500 years of experience and real estate success in the valley, use of the most comprehensive database in the region, the valley’s oldest and most established appraisal company and marketing through the preeminent luxury real estate brand; Christie’s Great Estates. There is no other organization that is better equipped to respond to the needs of our clients and customers and to continue to produce results through this economic downturn,” said Chad Budge.

The ownership of Jackson Hole Real Estate Associates has a history of successful real estate brokerage ownership including Dianne and Chad Budge who co-founded, with their partners, the Sotheby’s franchise in Jackson Hole, David Viehman one of the principals of 41-year old Jackson Hole Real Estate & Appraisal and Bob Graham the founder of Real Estate of Jackson Hole 35 years ago. “No other real estate ownership group in the valley has this kind of track record of real estate sales and development success. We know that with the continued commitment to conscientious client service by the ownership group combined with the global reach of the Christie’s Great Estates brand; we will be a force in the Jackson market place. I am enthusiastic with this new affiliation and look forward to a successful future,” reported Bob Graham.

The current platform of Jackson Hole Real Estate and Appraisal will be integrated into the new company with partners Brad and Barb Andrews, Bill May, Ryan May and Carlton and Cathy Loewer contributing as principals. Brad, Bill and Ryan will assist in the Jackson operations while Carlton and Cathy will head-up the Alpine office, which now controls the majority of that market. David Viehman, founder and publisher, of the quarterly “Hole Report,” is enthusiastic about the evolution of his current partners into the new company. “Our organization has always been considered the most complete source of real estate information in our region and we look forward to that continued commitment. Jackson Hole Real Estate Associates gives us an opportunity to open our database to a global market. There is no doubt that Jackson Hole Real Estate Associates will offer the most resources under the finest management and will raise the bar for real estate companies in the markets we serve,” said Viehman.

About Christie’s Great Estates

Christie’s Great Estates is the largest international network of real estate companies dedicated to the sale and marketing of luxury homes and a subsidiary of Christie’s, the world’s leading art business. The Christie’s Great Estates global network spans more than 40 countries with 850 offices and approximately 35,000 brokers. Committed to the auction house’s two-century-old tradition of exceptional customer service and expertise in high-value marketing, the network achieved total combined sales in excess of $125 billion.

Admittance to the Christie’s Great Estates network is offered by invitation only to those real estate companies with proven records of success in high-value home sales and who exemplify Christie’s traditional value of service. Once awarded affiliate status, brokers may then display the coveted Christie’s brand and use the proprietary marketing services of Christie’s Great Estates, resulting in the successful listing and sales high-value real estate around the globe for more than 20 years. Exceptionally skilled local real estate specialists, a client-focused approach, and strategic global marketing to a qualified audience of proven luxury consumers are the hallmarks of Christie’s Great Estates.

Contact

Dana Harris, Sales Associate

Email - danaharris@jhreassociates.com

Web - www.jhreassociates.com

The number of closings in Jackson Hole picked up ever so slightly over January's . Discussions with other real estate professionals here also reveals activity is beginning to pick up in the form of both inquiries and showings. Our office is also seeing purchase contract activity increasing as we begin to move in the the busy summer season. Here is an overview of the sales activity for February in Jackson Hole:

Recent Sales of Single Family Homes in Jackson Hole - February 2009

Type Location List Price Sold Price

SF Melody Ranch $1,495,000 $1,275,000

SF Town of Jackson $699,000 $615,000

Condo East Jackson $370,000 $303,000

*Wyoming is a non-disclosure state and for privacy some sales are not reported. Based on current market factors assuming a decrease of the listing price 15-20% would be a reasonable ball-park estimate.

As a follow-up to an earlier post on this blog the recent announced foreclosure sales seem to be about as interesting as watching paint dry to most people. As reported in the local paper no one is showing up to place a bid on the condos that were up for auction. Whether this is just part of the overall market malaise that is running through the system or just the fact that the offerings were not that interesting is up for speculation. In the last week we've also seen an announced foreclosure on a single family home but that one never made it to auction most likely because the owner was able to work something out with the bank or refinance into the lower rates now available. I'm sure more of this will continue to sort its way through the system but recent efforts by the Fed and President Obam's team make actuaaly begin to stem the tide. I'll continue to monitor it and provide updates on this blog.

A couple of weeks ago there was a front page article in the Jackson Hole Daily about a planned foreclosure auction. The article stated that there were 17 foreclosure auctions planned and that in all of 2008 the sheriffs office only scheduled 19. At first blush you might say "oh my gosh, we've got 17 in a month and a half that almost matches the previous years total"! Now let me be the first to say I'm not minimizing the seriousness and financial tragedy of losing a home to foreclosure, that would not be right. But having said that you really have to look at the data to get the full picture. First, most of the 17 announced are condos. Second, most are in areas where investors most likely leveraged themselves over the past few years (Aspens/Racquet Club, Teton Village, East Jackson). A closer look shows that of the 17 announced many were under the name of the same borrower thus giving credence to the leverage I mentioned. Even more important is the fact that a very high percentage of these are resolved before they even go to auction. Remember that these are "announced" planned foreclosure auctions that are part of the legal process. In addition the borrower gets 90 days to match the price of the accepted bid. So the reality of the matter is these types of news events need to be taken in context in order to understand what their real impact to our real estate might be. So far Jackson Hole has shown that the market here is still pretty stable despite the fact we have seen some price decreases. Many properties have held their price or the owners have taken them off the market or rented them instead of selling in a down market. Most who live or invest in Jackson Hole real estate understand how special this place is and conversely how valuable the property is. So while it appears that the velocity of foreclosure announcements have increased their impact across the broader market will be minimal. Sure we'll most likely see more if the economy worsens further but my guess is they'll be for similar reasons that the current 17 are for and, like those in the past, will get resolved prior to any sale.

Read more articles on the Jackson Hole Real Estate market at http://www.livinginjacksonhole.com/index.cfm?id=real_estate_articles