We are finally seeing movement in the condominium and townhome market with prices dropping as much as 30%. Our modern Snow King condo closed today for $347,500 in downtown Jackson. An Aspens one bedroom closed for $350K, another Teton Village condominium is under contract—the listing price was $1.25M—activity we haven’t seen in 9 months. David Viehman’s $650K, 4 bedroom property with views of the Tetons on Snow King is a good value and Margie Barrie’s own property at $775K is 20% below the highs.
We are seeing a thaw in the market–however this will only continue if the wheels of finance continue to turn, appraisers get actual comps (at AR zoned lot just appraised for $525K????), sellers decide to sell and take the loss, and buyers decide to step away from the sidelines. But first we need jobs and confidence and I think we are starting to see both return.