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YEAR END MARKET UPDATE 2021

When viewing data through yearend 2021 (a composite of single-family homes, attached homes, and single-family homesites), the Teton County Real Estate Market set records in all pricing-related categories, while showing decreasing numbers of sales, the likely result of a lack of listed inventory. The result of this is total residential volume of sales that approached $1.9B (and crested the $2.0B mark when including commercial sales). A flight from more populated areas is widely acknowledged for this growth in volume in Teton County sales, with the higher echelons of the market ($5M and up) showing the largest gains – a likely result of the luxury home demographic being comprised of people having the most flexibility to move from their primary residences.  The result of the competition for Teton County real estate is that inventory of available product dwindled to all-time lows with only 52 homes being available for purchase in Teton County at the start of 2022.  In reaction to this, the average price of single-family homes increased 30% to a tabulated $4.78M.  Admittedly, this average is heavily influenced by the prevalence of luxury single-family homes in 2021, and a discussion of market trends allocated between vacant land, attached homes, and single-family homes will follow that addresses these categories in the context of the pricing cohorts of Resort/Luxury Market as compared to what has historically been referred to as the “Local” market. The latter of these categories being properties that historically have been targeted for purchase by market participants whose economic resources were dependent on income earned locally. The premise of a local market has been called into question, with the argument existing that the increasing prevalence of remote working makes almost every home (excluding deed-restricted properties) a target for purchase by someone whose economic resources are not tied to the local economy.

Single-Family Home Sales Trends

            Single-family homes increased over 30% in average price between 2020 and 2021, with the total number of sales decreasing by nearly 14%. This resulted in a reported dollar volume of sales increasing only modestly, with this metric showing growth of 3.05%.  Continuing to the speaking point of the influence of the luxury/resort market, 2021 reported 84 homes selling at or above the $5M mark, while less than 70 homes sold in this range in 2020 and 30 homes sold in this price range in 2019 (total reflected properties in Teton County excluding Alta). The luxury market’s influence on increasing averages perhaps cannot be stated any more clearly then noting the sale of “Camp Teton,” a home overlooking the Snake River towards the Teton Range that was reported to have closed for $65,000,000 in late 2021. A market that has experienced the gains that have been noted in Teton County can beg the question of a price stabilization or correction on the horizon. At present, the limited inventory of homes for sale is largely attributed to there being no definitive signs of a market pause. Declining number of sales are noted as a whole, but this is again attributed to a lack of product to sell.  As of early January 2022, the MLS system reported that the average price of a single-family home for Teton County was $7M.

Other Interesting Facts of Note for Teton County Single-Family Home Market:

  • The average price of a single-family homes increased by 30%, while the number of sales decreased by 14%.
  • 2021 reported 84 homes selling at or above the $5M mark, while less than 70 homes sold in this range in 2020 and 30 homes sold in this price range in 2019 (total reflected properties in Teton County excluding Alta).
  • Teton County’s luxury home market accounted for 12.3% of the home sales volume by number, while accounting for 40% of the $1.9B worth of sales that was tallied by dollar volume.
  • Melody Ranch, the south-of-town neighborhood that was platted in 1995 as a family-oriented subdivision for locals began selling lots in the $70,000 range at that time.  2021 saw one of these lots sell for nearly $1.2M and five homes sell for more than $2M, with one of these homes clearing the $3M mark.

A new home with “Mountain Modern” stylings in East Jackson sold for $1,350,000 more than it was acquired for five months earlier, equating to an annualized growth rate of 97%.

Attached Home Sales Trends            

The attached home market (condominium / townhouse) remained level in the number of sales occurring, with a decrease in the number of resort attached home sales being offset by an increase in the number of local market attached homes. However, both numbers were likely governed by a lack of available inventory, a hypothesis supported by the fact that both market segments saw increases in their average prices and the total dollar volume of attached home sales increased by over 11%. The aggregated data of both of these market segments saw a moderation in appreciation rates with the local market increasing in price by 13.84% and the resort market increasing by 5.18%. This moderation of rates, however, was due to the changing composition of properties in the aggregated data, and not a lessening of appreciation rates .  When viewing properties on an individual basis, price growth was noted such as 2-bedroom units in the Jackson Hole Racquet Club (“The Aspens”) that were selling the $600k range in late 2020 increasing to over $1M in 2021. Similarly, Elk Run Townhomes (once entry-level housing in the Town of Jackson) were selling for $640k in 2020 and two sales were posted for over $1.2M in 2021.

Vacant Land Sales Trends            

Focusing on single-family homesites (and not ranches), vacant land sales decreased by approximately 15% in 2021, with a reasonable hypothesis being that this decrease was due to a lack of available inventory. It was noted that the average price of homesite sales decreased as well, but this is attributed to 2021 benefiting from a then-available inventory of large parcels fronting the Snake River as well as available lots in Riva Ridge, Shooting Star, and Vogel Hill (all of which were either not available or available in lesser quantity during 2021). As with the detached and attached home markets, the examination of individual sales tells the more accurate story of appreciation. With lots in Snow King Estates (once a more affordable option for an in-town location for those willing to build on a steeper slope) climbing above $1M, and previously noted sales in the third quarter of 2020 being noted in the $500k-$700k range.  Notable milestones include 50 ft x 150 ft lots in the sought-after Gill Addition (benefitting from proximity to both Town and the National Elk Refuge) approaching $2M per lot for sales prices and lots in Solitude Subdivision doubling in value from $1M in November of 2020 to $2M by the end of 2021.

The preceding table arrays a yearend snapshot of inventory levels for the past nine years. Inventory levels continue to remain low and are frequently cited by agents as a stagnating factor for sales volume levels. Inventory shortages did not abate during 2021, with the above table showing a 9% decrease in available inventory from 2021.

Value Trends Past and Future

               The result of dwindling inventory in the Jackson / Teton County Marketplace and a national migration trend towards more rural locations (with Teton County, WY arguably offering the best combination of secluded, yet amenitized mountain living) is not surprising.  Teton County real estate has reported double digit annual inflation rates for the past four years. The intuition that some market segments will plateau is logical, but there is no remotely definitive evidence of this occurring at the present time. Datapoints such as the sale of a $65,000,000 single-family residence or the fact that the average listing price of a single-family home in Teton County hovered around $7M in early 2022, point to the fact that the upper echelons of the Teton County Marketplace are likely to be the most resilient in maintaining and, and adding to, their newfound value. Properties in this realm are typically there because of attributes that will always be in short supply such as elevated views, water frontage, or immediate proximity to a resort setting. It is similarly logical to assume that a property which has benefited in price growth simply by relative comparison to the upper echelon of the market but does not itself have any such uniqueness may be subject to more price variability in the future. The reliance on real estate professionalism such as that offered by the Cornish | Lamppa team to help you in this differentiation is perhaps the best investment you can make while considering an investment in Teton County Real Estate.  

Andrew Cornish | Associate Broker
Jackson Hole Sotheby’s International Realty

Cornish | Lamppa Realty Group
Jackson, WY 83001
c 307.413.7799

jhsir.com

Redefining the Local Market – Rafter J Ranch and Cottonwood Park Top Sales Now Average $2.2 Million

Historically, the market snapshots and yearend reports that I provide have not only addressed the market as a whole, but also have broken it down into its component parts of the “Resort/Luxury” market segment and the “Local” market segment, with the latter of these segments being defined as properties that historically have been targeted for purchase by market participants whose economic resources were dependent on income earned locally.  The last two years have challenged this definition and called into question whether the purchase of any Teton County property is possible for all but the upper echelon of local economy participants. Perhaps the most pronounced example of this has been in the incorporated limits of the Town of Jackson. This area has always had some higher-end sales, particularly in areas adjacent to the national Elk Refuge and the “East Jackson” submarket. However, in 2021 the top ten highest sales in the Town of Jackson Market Area averaged nearly $4.6M, with the overall average of all single-family homes in the incorporated limits of Jackson averaging just under $2.5M. Both of these measures show an over threefold growth in pricing since 2013.

While the examination of the growth of pricing in the Town of Jackson provides eye-catching datapoints (with prices ranging north of $4M certainly being noteworthy), perhaps of more impact to participants in the local economy has been the increases noted in neighborhoods such as Rafter J Ranch and Cottonwood Park. These developments were conceived over 40 years ago with their proximity to schools being a selling point to local families. When looking at 2021 year-to-date data, it was noted that the top five sales for Rafter J Ranch ranged from approximately $1.6M to $2.2M, with one nearly 1,700 square foot home selling for $2.1M after being on the market for just under 60 days.            

Real estate throughout Teton County has experienced exponential growth since the onset of the Covid-19 pandemic. This is not surprising considering the flight from metropolitan areas – and what better place to flee to than Jackson. While this price growth has been a tremendous boom to those participants of the local economy that already own real estate, it creates a near impossibility for those without a foothold already to lever their way into the community. As a result, we may be looking for a new way to classify the market segment that formerly was known as the “Local Market”.

Teton County Real Estate Remains Strong with Limited Inventory through Mid-September of 2021 Continuing to Drive Prices Upward

When viewing data through the beginning of September 2021 (a composite of single-family homes, attached homes, and single-family homesites), the Teton County Real Estate Market is observed to be continuing its upward trending in price. Low inventory continues to be a driving force behind appreciation trends, with the available inventory east of Tetons the being over 28% less than it was at this time last year. As evidence of this price growth, the below table arrays sales and resales of properties in the Teton County Market Area:

            As is noted in the above table, the range in appreciation rates shown by observed sales and resales is varying, with rates noted to have ranged in the full sample (not shown here in its entirety) from .04% to 10.57% per month, with a median rate of 2.5% per month (average, not compound).  There is some anecdotal evidence of the appreciation curve flattening, which would be logical considering the intuition that double-digit appreciation will not continue forever. That said, there is also a reporting of appreciation comparisons from this sample that indicates that strong upward price pressure still exists.

Market in General – Single-Family, Attached Home, and Vacant Homesites

            When addressing the number of total sales in all categories (SFR, Attached, and Homesites), volume increased by over 15%, with the average price increasing at just over 10% when compared to this time last year. It is notable that the increase in average price when viewed as a composite of all markets is relatively modest in comparison to the appreciation rate noted previously in this report. This is largely opined to be a result of the changing composition of sales, which prevents this measure from being a true measure of market appreciation. This was particularly true in the higher-end resort market, where composite averages show a drop for some property types, whereas sales and resale comparisons show no such contraction in pricing. Offsetting the impact of the high-end market’s changing composition during the year-to-date period has been the explosion of the Local Market, with this categorization being properties that historically have been targeted for purchase by market participants whose economic resources were dependent on income earned locally. In the yearend report for 2020, it was noted that the premise of a Local Market was being called into question, with the argument existing that the increasing prevalence of remote working makes almost every home a target for purchase by someone whose economic resources are not tied to the local economy. This observation was confirmed as reality in the first nine months of 2021 as precedent-setting prices were noted in such neighborhoods as Cottonwood Park, Rafter J Ranch, and East Jackson (which was already well on its way to being a second-home target area in 2020). The result of this phenomenon was an increase in average price of single-family homes in the Local Market of over 60%, with this increase being both a function of appreciation and a growing prevalence of higher-end homes in markets such as East Jackson.

Single-Family Home Sales Trends

            While the total number of single-family homes stayed relatively constant (presumably due to a lack of inventory), average pricing increased by nearly 30%.  This growth was led by that of the Local Market. However, as previously alluded to, this growth is likely as much due to the changing character of neighborhoods like East Jackson, which are calling for such areas to be reclassified into the Resort/Second Home market segment. As an example, 2021 year-to-date saw nine sales topping the $4M mark (a figure handily out of the resources of most local purchasers), while only one such sale was seen the previous year. The Resort market continued to climb as well, with four sales over $20M through mid-September (while only one such sale was recorded the previous year).

Attached Home Sales Trends

            The attached home market (condominium / townhouse) showed a marked increase in the number of sales.  Overall average pricing was down for attached homes. However, this is practically not correct and due to a change in the composition of sales due to available inventory. As an example, in the previous year-to-date period, five sales of attached homes occurred in the Shooting Star development (driving average prices upward), while no such properties were available as inventory in this year-to-date period.

Vacant Land Sales Trends

            Focusing on single-family homesites (and not ranches), vacant land sales increased by over 25% in 2021 YTD. The average price of homesites showed an overall decrease. However, this was due to the combined effect of a lack of sale price reporting for as much as 40% of the higher-end sales and the lack of inventory (and therefore lack of sales) in the Vogel Hill and Shooting Star developments.  The real story of growth is noted in the Local Market where the average sales price of lots jumped over 80%. This again speaks to the need to reclassify many neighborhoods from the Local to the Resort market as neighborhoods such as East Jackson have clearly become the target of monied second-home owners.     

Inventory At a Glance

Low inventory has been a key component to price appreciation over the past two years in particular. This trend appears to be continuing within all tracked market segments, with only one exception showing a decrease in inventory levels (single-family homes in Jackson and South of Town). The result was a decrease in inventory of over 28% when comparing September last year to September this year.  Inventory is noted to have increased from February when active listings in Teton County east of the Tetons were counted at 88. However, this is likely due to seasonal variations rather than an increasing inventory trend. A reasonable hypothesis to explain the increase in inventory in single-family homes in the Town/South of Town market area is that sellers are being enticed to explore sales at the higher price points that are now being enjoyed in these areas.  It is noted that the average list price for single-family homes in these locations is currently over $3,675,000.

In Summary

            The Teton County Real Estate Market, when addressing the primary component of real estate east of the Teton Range, continues to show the effects of upward price pressure driven by a limited inventory.  Price points in areas once considered neighborhoods for participants in the local economy have reached levels that calls into the classification of these homes as being locally oriented.  At the same time, the upper echelons of the Teton County Real Estate Market continues to set new high-water marks and make previously-thought of high-water marks become more common place.   

Written by Andrew Cornish

Cornish | Lamppa Realty Group  

The Brokerage Team for ALL of Your Real Estate Needs

Jackson Hole Sotheby’s International Realty

andy@andycornish.com and todd@toddlamppa.com

Low Inventory Key Component to Price Appreciation

Low inventory has been a key component to price appreciation over the past two years in particular. This trend appears to be continuing, within all tracked market segments, with only one exception showed a decrease in inventory levels  single-family homes in Jackson and South of Town. The result was a decrease in inventory of over 28% when comparing September last year to September this year.   Inventory is noted to have increased from Feburary, when active listings in Teton County east of the Tetons were counted at 88.  However, this is likely due to seasonal variations rather than an increasing inventory trend. A reasonable hypothesis to explain the increase in inventory in single-family homes in the Town/South of Town market area is that sellers are being enticed to explore sales at the higher price points that are now being enjoyed in these areas.  It is noted that the average list price for single-family homes in these locations is currently over $3,675,000.

JH Golf Course Highlight Series: Overview

 

While Jackson Hole is known by many for its world class skiing and wondrous mountain views, those who enjoy the warm weather pastime of golf, know that it is home to some of the most beautiful and well manicured courses in the country. Although most of the courses situated in the Jackson Hole area are private clubs, several do offer public play in addition to their membership status. The incredible mountain views and western scenery make for great golf but these courses also are home to nearby equally stunning and sought after real estate.

The Courses

We have gone through each course in the area, with a few on the other side of Teton Pass in Idaho and Alta, WY, to dissect what makes each course, their other amenities and surrounding real estate great, as well as providing important details for those that are interested in visiting or looking into the golf course real estate in the Jackson Hole area.

See the chart below for a brief overview/comparison of all of the private clubs in the area.

Click on the name of the course or the “Learn More” button for a more detailed overview of each course.

Course / DevelopmentAccessHoles / YardsStateLocation / Drive
Time From Jackson
ArchitectTennisMembershipsFull Course Overview
Snake River Sporting ClubPrivate18 / 7,500WYS. of Jackson /18
Miles south of
Jackson / 30 min.
Tom WeiskopfYesAvailableLearn More
Teton PinesPrivate Club –
Public Play Allowed
18 / 7,412WYWilson Area / On
Access Road to JH
Mtn. Resort – 15
min. from Jackson
Arnold PalmerYes (Year Round)Waitlist – anticipated
availability in Spring of
2022
Learn More
Shooting StarPrivate18 / 7,550WYTeton Village – base
of JH Mountain Resort
Tom FazioYesWaitlist – purchaser’s
of real estate can
purchase the
membership from the
seller to avoid wait
Learn More
Jackson Hole Golf & TennisPrivate Club –
Public Play Allowed
18 / 7,409WYNorth of Jackson –
drive time of 15 Min.
Longer to Ski Area
Robert Trent Jones Jr.YesAvailable Learn More
3 Creek RanchPrivate18 / 7,700WYWest of Jackson – 5
minute drive to Jackson
Rees JonesYesEstimated One-year waiting list Learn More
Bronze Buffalo Sporting Club
at Teton Springs
Private18 / 7,373
+ 9 Hole Par 3
IDTeton Valley, ID –
approximate 30
minute drive
Gary Stephenson /
Steve Jones / Byron Nelson
YesAvailable Learn More
TributaryPrivate18 / 7,700IDTeton Valley, ID –
approximate 45
minute drive
David McLay-KiddNoAvailable Learn More

Public Courses

The Jackson Hole Valley, east of the Teton Range has no fully public courses; however, just on the other side of Teton Pass there are three great courses that are easily accessible from Jackson and have very reasonable greens fees.

Targhee Village

The Targhee Village Golf Course is accessed by driving over Teton Pass and is a favorites of locals on both sides of the pass looking for a relaxed golfing experience. The course is has a wide open layout, with fairways often being separated from each other by scattered conifers. Greens fees are reasonable, with walkers paying $18 and those opting for a cart paying $29. Notably, this property recently sold, but is under covenant to remain a golf course / open space area, so play at Targhee Village Golf Course will continue!

Teton Reserve

Teton Reserve was originally designed as a private resort development center around a Hale Irwin-designed 7,426 championship course. However, the plans for Teton Reserve were thwarted by the recession beginning in 2007 and was ultimately sold off in phases to various investors. The course is now operated as a public course that is owned by the homeowner’s association of the platted development. Ownership of the surrounding real estate includes developers that are building homes both on a speculative and contracted basis. Presently, homes in the 1,500 to 2,400 SF range are noted to be offered in the $590,000 – $800,000 range. Teton Reserve is located approximately 5 miles north of Victor, ID and is an estimated 40 minute driving time from Jackson.

The Links at Teton Peaks

The Links at Teton Peaks was designed as a public course with no ties to a particular residential development. Golfers can choose between 12 and 18-hole options and choose to golf with or without a cart. The links was built as an 18-hole target golf course. Located approximately 3.5 miles east of Driggs, it can be easily accessed by driving east on Bates Road and then heading north on County Road N 4000 W. Approximately 35 miles 50 minutes from the center of Jackson. Real estate in the area is largely comprised of larger-tract private land holdings and is a mix of residential and agricultural uses.

Jackson Hole Golf Course Real Estate Listings

For more information about real estate around any of the above golf courses in the Jackson Hole area feel free to reach out to partner Andy Cornish to learn more, even if there are no active listings in your desired area Andy will work with you to research additional inventory and off-market private party listings or be able to keep you up to date as properties become available.

Andrew Cornish

Andrew Cornish

Associate Broker

(307) 413-7799

andy@andycornish.com

Rare Opportunity: 80 Acres Bordering National Forest

A once in a decade (or more) opportunity to own 80 acres bordering National Forest in the most desirable location of Teton County. Located off 10000 S, this property is zoned A 2.5 and could be divided, but is arguably most suitable as a high-end estate or equestrian estate site. The property is approximately split between meadow and forested hillside (offering elevated valley views). A live spring feeds a picturesque pond. With irrigation also being provided by 25 shares of the Trail Creek Irrigation Company. This is an exquisite property in the most sought-after location in Teton Valley. Preliminary conversations with the Teton Valley Regional Land Trust indicate that this property could provide tax benefits for the conservation-minded buyer.

For inquiries about this property – Please contact Andy Cornish

Andrew Cornish

Andrew Cornish

Associate Broker

(307) 413-7799

andy@andycornish.com

Golf Course Highlight Series: Jackson Hole Golf and Tennis Club

The Course

Jackson Hole Golf and Tennis was the first 18-hole championship golf course in Teton County. It began to take shape as it is known today in 1967 when purchased by Laurence Rockefeller, who promptly hired Robert Trent Jones Jr. to rework the existing course. Jackson Hole Golf and Tennis has a long-standing membership component but is open to the public for play.  The course is located approximately 6 miles north of the Town of Jackson, an area that affords some of the best views of the Tetons in the valley. However, travel to the Jackson Hole Mountain resort in the winter requires a U-shaped path over the Snake River Bridge that can place travel to the ski area in the 40-minute timeframe depending on traffic.  As a counter to this point, the north-of town of location facilitates ready access to the National Parks. 

Other Than Golf

Courtesy of JHGTC.com

Recreational opportunities other than golf include:

  • 12,000 SF LEED Gold Certified clubhouse with private Men’s and Women’ lockers and a fitness center, steam rooms
  • Saltwater swimming pool maintained at 85 degrees
  • Four hard surface tennis courts
  • Groomed Nordic skiing trails

Membership Types

The Jackson Hole Golf and Tennis Club has one membership (Full/Golf) that provides access to all club amenities.     

Real Estate

Having been developed over the past 50+ years, almost the real estate in the vicinity of this golf course has traded from private part to private party several times, with no developer inventory being in existence. The initial filings of the Jackson Hole Golf and Tennis plats comprise a total of 92 lots ranging from .6 to .9 acres. At the new millennium, Vail Resorts acquired the golf course with 30 acres of unused development land that was subsequently platted into 37 additional lots of the same size range.  While historically vacant sites in this area were less than $1M, the recent increase in demand has caused sales to recently exceed $1.35M. Due to the wide span of time that has transpired since the initial development of this area, sales of improved properties range widely in price, quality and condition, with sales prices for homes in the development ranging from $2.5M to $6M.  Additionally, opportunities to buy homes in adjacent developments that are still proximal to clubhouse expand this range, upward in to the eight-figure range.  

Attached homes in the area include both the Teton Shadow Condominiums and the Golf Creek Condominiums, with the price points of these units ranging from $1M- $2M and zoning permitting short-term rentals.  The Cabins at Jackson Hole Golf and Tennis are recently developed clustered / attached homes in this area. These units are good quality homes on .11-acre pads that are surrounded by common area, for the feel of a larger lots and offer good opportunity for the intermittent resident that want to minimize home maintenance and “lock it and leave.”  Units can range in size from 1,500 SF up to over 2,000 SF and, while no recent sales exist, are approximated to have pricing in the $1.6M – $2M range. 

Summary

The stunning views offered at this Robert Trent Jr. course are some of the best golf has to offer. Due to the maturity of this course, surrounding real estate can range from simpler ranch-style homes to new homes showcasing superb quality and mountain modern design.   A slightly longer drive to the Jackson Hole Mountain Resort is offset by excellent proximity to Grand Teton National Park.

Jackson Hole Golf & Tennis Real Estate Listings

While there currently are no listings available at the golf course, there are several nearby properties available if you are interested in this area. Otherwise get in touch with partner Andy Cornish and he will work with you to research additional inventory and off-market private party listings or be able to keep you up to date as properties become available. Click the link below to view the nearby properties to JH Golf & Tennis.

Andrew Cornish

Andrew Cornish

Associate Broker

(307) 413-7799

andy@andycornish.com

Golf Course Highlight Series: Shooting Star

The Course

Shooting Star is a private club located at the base of the Jackson Hole Mountain Resort (Jackson Hole Ski Area). This resort offers an 18-hole, 7,550 yard Tom Fazio-designed course that required the movement of more than two million cubic yards of dirt to create is contours and water features. Golf Digest rewarded these efforts in 2021-22 by ranking it the best course in Wyoming. This property’s location at the base of the Jackson Hole Ski Area provides that it has superb recreational opportunities in both the summer and winter seasons. 

Other Than Golf

Courtesy of Shooting Star

Recreational opportunities other than golf include:

  • Superbly appointed clubhouse with lockers, fitness center and therapy rooms
  • Alpine Barn 5,600 SF facility that serves both as a home base for ski lockers, a warm place to wait for the ski shuttle, and the hosting of special events of up to 120 people
  • The aptly-named spring creek fishery of Fish Creek traverses the property that is complimented by smaller streams and lakes to provide excellent fishing opportunities
  • Groomed Nordic skiing trails
  • Large pool suitable for lap exercise or relaxation that is complimented by two spa / hot tubs
  • Tennis (hard surface)

Membership Types

Shooting Star has one basic membership, with the purchase of the winter “Alpine” membership being available to members as an additional membership opportunity.  Purchasers of real estate in Shooting Star can purchase the membership of the seller of the home (who must rescind their membership with the sale of the real estate).  The current initiation rate must then be paid by the new owner.

Real Estate

Shooting Star is located at the base of the Jackson Hole Mountain with great views of four mountain ranges, four creeks, two ponds, and five lakes. The development is limited to 100 single-family home sites, 34 cabins, and 48 townhouses. Single-family homesites typically range from 1 to 2.5 acres, with most of these homesites being between 1 and 2 acres. Locations with Fish Creek contiguity or contiguity with larger ponds are most desirable, with over 75% of the lots being reported to have this configuration.  Homes on standard single-family lots can range in size up to the county-permitted maximum of 8,000 SF, with some lots being restricted to less (5,000 SF) by covenant. Sales of single-family home on these sites were noted to extend above $15M in the past year.  Lodge and Cabin properties at shooting star are free-standing homes in a more clustered configuration with deeded pads in the .2-.35-acre range being surrounded by common area to provide the feel of a larger lot. Homes developed on these sites range in size from 3,300 to nearly 5,000 SF.  In the early summer of 2021 these homes were noted to be transacting in the $7M to $9M range.

Summary

The combination of a premier location at the base of one of North America’s premier ski resorts and a world-class private golf club have marked Shooting Star as one of the premier addresses in Teton County. As can be imagined, price points have grown to match this reputation with the current lack of inventory bolstering price growth.

Shooting Star Real Estate Listings

For more information about real estate at Shooting Star feel free to reach out to partner Andy Cornish to learn more. Even if there are no active listings in your desired area, Andy will work with you to research additional inventory and off-market private party listings or be able to keep you up to date as properties become available.

Andrew Cornish

Andrew Cornish

Associate Broker

(307) 413-7799

andy@andycornish.com

Golf Course Highlight Series: The Tributary

The Course

The Tributary is a private club located contiguous with the Teton County, Idaho seat of Driggs.  Originally conceived by chemical magnate Jon Huntsman as a development of the highest quality, the property had the unfortunate timing of its would-be sales volume crescendo occurring during the “mortgage crisis” and ensuing recession. The property has since changed hands, with the new ownership enjoying the dramatic increase in demand spurred by an apparent migration to small-town America.  While being adjacent to the county seat of Driggs, the 1,500-acre footprint of Tributary-owned land allows for a low density setting with interpretive trails, golf and other outdoor recreation such as fishing and Nordic skiing.  The interpretive trails include over two miles of raised boardwalk through a wetlands preserve. The golf course is an 18-hole, David McLay-Kidd designed course (designer of Bandon Dunes) that will challenge golfers of all levels. The clubhouse is planned for completion in the fall of 2021 and will feature a restaurant, bar, meeting room, golf shop and a home for concierge services. 

Other Than Golf

Photo Courtesy of The Tributary

Recreational opportunities other than golf include:

  • 26,000 SF Clubhouse with lockers, fitness center and therapy rooms
  • Archery 
  • Frisbee Golf
  • Pond fishing
  • Elevated boardwalk and interpretive trails
  • 2 Courts for Pickle Ball
  • Two spa / hot tubs year round
  • 50 meter pool (summer)
  • Groomed Nordic trails system (classic and skate)

Membership Types

The Tributary offers both full membership and a social (non-golf) membership, with owning real estate in the development being required for the social membership.  

Real Estate

The Tributary currently offers single family homes on estate lots, as well as clustered “Park Homes.”  Some flexibility exits for some higher density development towards the east of the development on lots that were platted under the vision of the previous ownership but have yet to be formally planned for development at this time.

  • Park Homes – The park home lots range in size from 0.15 acres to 0.32 acres with an average lot size of 0.20 acres and are situated on the development/s east boundary with the City of Driggs. The design of this section of the development is centered around a handful of green space / park areas. Lots are lot-line to lot-line situated on perpendicular and horizontal roads. This area is gated at both the north and south ends.  While original developer homes from inception of the development in 2007 exist, the current developer is marketing the Osprey model home type in this area of the development. This home is approximately 4,000 square feet, a four-bedroom and four-bath home with a “bonus” room located above the garage.
  • Golf Homes – To the west of the park homes area and surrounded by golf course / open space are the golf home lots. This is a gated area of homes within the golf course and next to the property’s wildlife sanctuary. The lots are mostly sized around one-half acre, while there are a limited number of larger three-quarter acre sized lots. These lots are actively being marketed for between $500,000 to $650,000. “Pad lots” which are 0.08 acre lots ( 60’ x 60’ / 3,600 square feet) with surrounding open space are also located within the golf homes area.  A mixture of homes have been constructed in the golf home area ranging from those constructed under the supervision of the original developer to the current developer’s “mountain modern” style homes (model names being The Targhee and The Tributary) under construction and being marked and sold currently.  The Tributary is an approximately 3,000 square foot home, while Tributary is a slightly larger 3,366 square foot home. Each feature three bedrooms and three and one-half baths and attached garage.

Summary

The Tributary was conceived as a first-class development and is hitting its stride as just that. The combination of a convenient proximity to town and the seclusion offered by its generous acreage creates an appealing environment, with the amenities and David McLay-Kidd golf course furthering this appeal to say the least.

The Tributary Real Estate Listings

Click the link below to view the available publicly listed properties at The Tributary and be sure to reach out to Andy Cornish if you are interested in getting more information about any of the listed properties or exploring similar properties not shown.

Andrew Cornish

Andrew Cornish

Associate Broker

(307) 413-7799

andy@andycornish.com

Golf Course Highlight Series: The Bronze Buffalo Sporting Club

The Course

The Bronze Buffalo Sporting Club is a private club with guests at on-site hostelry venues also being able to play. The club is located on the Idaho side of Teton Pass, southwest of Victor, Idaho. Both an 18-hole course (7,373 yds) and a par-3, nine-hole course exist on the property, with the courses being the result of a collaborative design effort between Course Architect Gary Stephenson and US Open Champion Steve Jones and golf legend Byron Nelson.  Note: real estate filings still bear the club’s original name of “Teton Springs Golf and Casting Club.”

Other Than Golf

Courtesy of TetonSprings.com

Recreational opportunities other than golf include:

  • Outdoor Pool and hot tubs
  • Four hard surface tennis courts (also used for basketball and Pickle Ball)
  • Tennis Bubble for winter play at Teton County, Idaho’s most vibrant tennis community.
  • Fitness Room
  • Horseback riding and fishing lessons included with premier membership

Membership Types

  • Only a full membership is offered at the Bronze Buffalo Club with this membership including such extras as horse riding, winter recreation (snowmobiling) and fishing.  

Real Estate

Prior to its rebranding as the The Bronze Buffalo Club, Teton Springs Golf and Casting Club was originally designed with three primary types of lodging opportunities: single-family homes on estate lots; cabin homes (Forest and Village); Lodge Condominiums and Mountain Meadows (single-family homes on smaller lots). 

  • Estate Lots are the largest sites available for single-family residences in this development. A majority of estate lots are in the .5-acre size range, with some larger .75-acre lots existing along the eastern perimeter of the development. Developed homes on these lots range in size from 2,000-6,000 SF with sales being between $1M- $2M, but now noted to have approached $3M for the largest of these homes.  
  • Cabin properties include Forest Cabins (log construction approximating 4,000 SF) and Lodge Homes (timber frame construction 2,000-3,000 SF typically).  These homes appear to be on lots ranging from .06-.12 acres with recent pricing being noted in the $1M – $2M range. 
  • The Mountain Meadows area of the Teton Springs has more density than the estate and cabin sections of the development, and provides some of the best values in Teton Springs with homes between 2,500 and 3,500 SF on .12-acre lots being noted to have transacted at less than $1M.
  • Condominium ownership is available at Teton Springs with both “Lodge” and Palisades Units. These units have been noted to range in price from $200,000 to above $500,000 and in size from 800 SF to over 1,000 SF.  These units allow for short-term rentals to defray ownership costs, with some units limiting owner occupancy to 30 days during peak seasons. 

Summary

The recent rebranding of the Teton Springs Golf and Casting Club to the Bronze Buffalo  Sporting Club has combined one of the Teton Valley’s premier locations with the benefits of a fully-amenitized club.

Real Estate Listings in Teton Springs – Home of the Bronze Buffalo Club

Click the link below to view the available publicly listed properties in Teton Springs and be sure to reach out to Andy Cornish if you are interested in getting more information about any of the listed properties or exploring similar properties not shown.

Andrew Cornish

Andrew Cornish

Associate Broker

(307) 413-7799

andy@andycornish.com

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