Teton Valley Real Estate, Idaho, Driggs Victor Tetonia, Alta Teton Valley Idaho, Driggs, Victor, Tetonia, Alta Real Estate Sales

When average house prices in Teton County surged past the $1 million mark in recent decades, buying a home seemed out of reach for many working in the valley.  In post-recession 2011, some homes are now being listed at prices that would be considered reasonable.

“For the first time in many years, there are 13 homes for sale throughout the valley for under $500,000,” stated The Hole Report, a real estate analysis released earlier this week. “The least expensive home is listed for $299,000.”

The seemingly affordable prices for homes — not condos — are part of a broad picture of the valley’s real estate market, report co-editor David Viehman noted in the most recent analysis that focused on the first quarter of 2011. Slowly, sellers have begun to realize they most likely won’t get the mid-2000s prices for their properties.  Some sellers, though, still hope they can get peak prices in an economic downturn.

As of April 1, 81 of 233 single-family homes for sale were listed for less than $1 million.  Single-family home sales continue to remain relatively strong, with the number in the first quarter up 48 percent when compared to the first quarter a year ago. The mean sales price of a single-family home is down 21 percent in the first quarter when compared to the same quarter last year, but the median price is down just 2 percent.

“What is this telling us?” asked Viehman, whose report can be found at jacksonholereport.com. “The upper-end of our single-family home market is still the strongest segment for home sales.”

Sales in the lower end of the single-family home market are not as strong because they are driven by residents, many of whom are not completely confident with the Jackson Hole economy.

Overall, 96 properties sold in the first three months of the year, Viehman reported. That is an increase of 45 percent from the same period the year before.

In the first quarter, 19 distressed properties sold. Distress sales are classified as short sales or foreclosures.  Such distressed properties will continue to impact the market, Viehman said. The trend of fewer short sales and more foreclosure, or bank-owned, sales, points to the string of distressed-property sales coming to a conclusion, Viehman said.

For the coming season, Viehman predicted sales would continue but not at a fast clip.  “We are still predicting a slow recovery through the summer,” Viehman wrote. “Based on the number of active listings, we also predict that only 45 [percent] to 50 [percent] of the current listings will sell by the end of 2011.”

9.34 acre Alta Wyoming building site in Spring Creek Farms. Near National Forest, Grand Targhee Resort, golf course, Teton Canyon and riding, hiking, biking & ski trails. Paradise!! Horses are welcome! Property boasts ponds, streams, mountain and valley views & forested foothills of Targhee National Forest. THE ONLY POND LOT LISTED FOR SALE! Excellent proximity to Valley amenities, exceptional per acre value!  Priced at $284,900.

Contact me for all your real estate needs in Victor Idaho, Driggs Idaho, Tetonia Idaho, Alta and Jackson Hole Wyoming, Teton Valley Idaho. dave@altarealty.com, 208-709-4155.
Your Teton Valley Realtor

Happy Easter to all you Driggs Idaho, Victor Idaho, Tetonia Idaho, Alta and Jackson Hole Wyoming real estate fans. I hope the Easter Bunny brought you peace and quality chocolate!
Your Teton Valley Realtor

Ski season has end (not due to lack of snow) and now time to begin preparations for the Grand Targhee summer music events. This summers music offerings will include Wide spread Panic in early July, Targhee Fest in late July and the 24th Annual Bluegrass Festival. Bluegrass headliners will include Rodney Crowell, Joy Kills Sorrow, Tim O’Brien, Peter Rowan Band and Railroad Earth. I’m hoping we will also see some of Ben Winship and hear some of his “Fishing Music”; such as Madison Brown, perhaps one of the best bluegrass melodies ever written.   You can contact Grand Targhee for ticket and scheduling information at www.grandtarghee.comor 307-353-2300. While your in town take some time to investigate some Driggs Idaho real estate. For that matter, check out the real estate deals throughout Teton Valley;Driggs, Victor and Tetonia Idaho, Alta and Jackson Hole Wyoming. In many instances real estate prices have reverted to mid 1990 levels. There’s just about never been a better time to buy a home, second home or investment property in this unique western community.

Your Teton Valley Realtor.

Two nice Trouts Ranch lots priced at $120,000 each. One lot is 3.57 acres and the second lot is 3.86 acres.  Huge Teton view, year round access, well maintained and managed, quality development. Protective CC&R’s ensure quality and protect your investment. Property taxes are at agricultural rate, undeveloped lots are farmed, managed by the Homeowners Association.

A beautiful and year round accessible location in Teton Valley.  Unlimited outdoor recreational potential with Grand Targhee Ski Resort and Jackson Hole Ski Resort both less than 45 minutes away.  There are numerous rivers close by with world class fishing and scenery.  Besides local access to National Forest land, Yellowstone National Park and Grand Teton National Park are close enough for a day trip to enjoy mountain splendor at it’s finest.

Priced at $120,000 each.  Contact realtor Dave Dery at 208-709-4155 (cell) or 208-354-8988 (office), email at dave@altarealty.com, or visit his website at www.tetonrealtor.com for more information and additional real estate for sale in Teton Valley.

Beautiful building site in Driggs, Teton Valley, Idaho. Ski Hill Road location, slightly elevated and partially treed, views of the Grand Teton and Grand Targhee Ski Resort. Centrally located between Driggs and Alta Wyoming, good access to ski resort, Teton Canyon, and valley amenities. Large 2.43 acre lot, potentially splitable and or multi-family developable. Great spot for a primary or second home, excellent investment property. Contact me for all your real estate needs in Victor Idaho, Driggs Idaho, Tetonia Idaho, Alta and Jackson Hole Wyoming, Teton Valley Idaho. dave@altarealty.com, 208-709-4155.
Your Teton Valley Realtor

Foreclosures and short sales are a popularitem in Teton Valley and Alta Wyoming, for that matter nation wide. Buyers tend to assume foreclosures and short sales are an automatic good deal. Frequently they are unaware of the potential frustration and extended time frame often associated with these transactions.  To address the good deal aspect; foreclosing and short sale lenders are running a business and therefore highly resistant to taking a loss. Generally, they are not going to sacrifice a property at any price just for the sake of getting it off their books. They perform appraisals, broker price opinions (BPOs), and look at recent sales comparisons to determine value. They usually hold out to sell at or quite close to current valuation. It is rare for a bank to dump a property at substantial discounts; doesn’t make good business sense to do so. Business sense is the key. Nothing takes the human emotion and sentiment out of a real estate transaction quicker. These folks are just doing their jobs, period. If the house sells great, if not, well, they’ll wait for the next buyer. Another thing to keep in mind, most distressed properties are distressed because they are “under water”; the owner/ ex owner owes/owed more than the property is worth. I.E., the lender has taken a  loss before they even took possession of the property. 

Short saleis a term bandied about at a lot of cocktail parties. It is surprising to find how many folks really don’t know what it means or how a short sale works. To short sell is to sell a property for less than is owed to the lender. A short sale contract is a three party contract requiring acceptance and approval between the buyer and seller and also from the sellers lender. Usually the buyer and seller agree to terms and then present their agreement to the lender for approval. Sometimes the lender has ahead of time knowledge that the seller is attempting to short sell, sometimes they don’t. Acceptance and approval from the lender can be a long time coming. I’ve waited over six months for a lender to come back with a refusal to accept. In the mean time a lot of decent properties have come and gone from the market. Properties the buyer could have been taking action on if not tied up in a short sale. Here’s another good thing to know about short sales; you can’t short sell your property unless you are behind on your payments. Think about it, why would the lender agree to short sell if your still making your payments. People are highly resistant to not making their mortgage payment. Banks are well aware of this. If you want to short sell, you better be at least a few months behind on your mortgage, i.e. well on your way to foreclosure. Back to the bargain scenario, a short sale property still belongs to the seller, they can list it for whatever ridiculously low price they want. The short sale lender is going to look at comps, appraisals and BPOs to determine value and will expect to get at or close to value. In my experience, most short sales sell for more than the low list price frustrated sellers put on them. Further, lenders frequently wait for two or more offers before making a decision. They want to pit the buyers against one another to bid each other up, happens all the time and is a successful tactic.

Foreclosures sales can also take a long time to complete. Foreclosures and short sales are typically handled by an asset manager; basically a middle man hired by the lender to manage the asset so the lender can focus on their business of making money. Typical of a middle man, they slow the process down and have limited authority. Response from the middle man may sound as though your offer has been accepted but is usually subject to senior management approval. Based on the speed in which senior management approval is received, I assume those folks play a lot of golf, vacation a lot, or generally have better things to do than review and approve purchase offers. I’m currently over 3 months into waiting for “senior management approval” on a good cash offer. My office closed a foreclosure transaction this week that was almost two years in the works. Patience is a requirement if your looking to purchase distressed properties, foreclosures and short sales. Remain prepared for your transaction to fail, continue looking at whats on the market. Be prepared to jump ship if you see a better or more interesting deal. These lenders care about one thing, their bottom line. They will drop you like a hot rock, with complete disregard for how patient you’ve been or how long you’ve waited, if it means another dollar in their pocket.

Call, text or email for any assistance with real estate. Your Teton Valley Realtor dave@altarealty.com 208-709-4155

Beautiful Creekside Meadows Estate .77 acre lot in Driggs city limits. Cul-de-sac location, backs up to Teton Creek and community trail system. Landscaped by mother nature, beautiful trees, filtered foothill views, wildlife corridor. Public sewer and water saves thousands in construction cost. A beautiful and year round accessible location in Teton Valley.  Unlimited outdoor recreational potential with Grand Targhee Ski Resort and Jackson Hole Ski Resort both less than 45 minutes away.  There are numerous rivers close by with world class fishing and scenery.  Besides local access to National Forest land, Yellowstone National Park and Grand Teton National Park are close enough for a day trip to enjoy mountain splendor at it’s finest.

Priced at $79,000.  Contact realtor Dave Dery at 208-709-4155 (cell) or 208-354-8988 (office), email at dave@altarealty.com, or visit his website at www.tetonrealtor.com for more information and additional real estate for sale in Teton Valley.

Dramatic Teton views from this 1 acre PUD property in scenic Teton Valley, Idaho. Highland Meadows is a nicely maintained and well managed real estate development, existing homes are upscale and architecturally attractive; a very desirable neighborhood close to National Forest land access. Cul-de-sac location at the eastern end of the development; Teton and mountain views are top notch and unobstructed. Adjacent to protected, undevelopable, open ground, year round accessible. Community well saves thousands in construction costs. A superb location for your custom home or investment dollars.

Priced at $49,000.  Contact realtor Dave Dery at 208-709-4155 (cell) or 208-354-8988 (office), email at dave@altarealty.com, or visit his website at www.tetonrealtor.com for more information and additional real estate for sale in Teton Valley.

In recent weeks I have been contacted by several builders toying with the idea of spec home construction in Teton Valley Idaho. Hard to believe in the midst of the current real estate decline. Interesting however, in that I would love to have some fresh, new, quality built homes to represent and sell. Homes I truly felt good about, homes I could enthusiastically endorse. A large percentage of the current offerings are time worn, picked over remnants. Not exactly the most desirable offerings. It seems the trend being researched is energy efficient and solar design and construction; green building. The question is: is there a market for better quality homes, with solar and green construction components, energy efficient design, insulation and mechanical equipment? Homes as described cost more to build as well as cost less to own and operate. Are there buyers out there that would pay the premium for a truly better quality product? Lets assume there are, where would they want these homes located? In town, within walking distance to shopping and amenities or out of town with acreage and elbow room? So here goes, assuming there is anyone out there reading this, what do you think? Are buyers ready to step up to the plate for a better product, or are they all still Wal-Mart shoppers? Help me help these builders out. Are buyers ready for and wishing for a better quality home product in Teton Valley? Are they willing to pay for that product? If you’ve any thoughts I’d love to hear them, dave@altarealty.com. Representing buyers and sellers in Victor, Driggs, Tetonia and all of Teton Valley Idaho, Alta and Jackson Hole Wyoming.

Your Teton Valley Realtor