The real estate market is moving in Jackson Hole in the sub $500K and above $5M price range. Why? Inexpensive Jackson Hole condos are hitting the market at prices not seen in 4 years. Investors are looking at getting out, prices are down as much as 40% from their highs. In the last month, Prugh Real Estate put under contract two condos in the Town of Jackson within 3% of their listing prices of $335-350K. Both are being remodeled. A one-bedroom Racquet Club property closed for $350K and another appeared on the market today for $315K.

Large homes in John Dodge and Fairway Estates are under contract and are listed for $5M. This movement is not based on financing but owners ready to move on and savvy buyers looking for good deals on newer properties.

For more information, search our Jackson Hole MLS at Prugh Real Estate ’s website prughrealestate.com.

The good news is that building costs are way down including labor and raw materials. There is probably no better time than this summer to build.

Everything surprises me and nothing surprises me. My predictions for the new year? Interest rates stay low, refinancing goes through the roof revising prices through appraisals and keeping title companies in business. I continue to fill up my Yukon for under $30. Projects that offer the low end and super high end of the market will continue to flourish. Builders drop their numbers trying to keep their crews busy, commodities continue to drop (steel is now a third, oil is a fourth, lumber is half). I don’t think there has been a better time to build since 2001. People will make money by creating value.

Our company will work on developing a studio apartment development, Daisy Bush, a commercial building, and a business park.

Today, there are 56 months worth of inventory on the market according to the Teton Board of Realtors. A total of 85 listings changed hands in October-the real number is probably over 100, but not all properties are reported in the database. This means prices will come down, buyers will emerge, banks will offer packages though the subprime days are over, and sellers will have to decide if they would like to sell. Easy credit allowed many people to purchase inflating a bubble that is now deflating in Jackson. Although I don’t see properties losing 50% of their value, I do see a 10-20% correction over the course of the next year-numbers must make sense more than ever.

On a good note-Mark Barron, Greg Miles and Mark Obringer were elected tonight. This race was important as it preserves Town as Heart. These candidates believe in opportunities for people to work and live in downtown Jackson. They support affordable housing, creative housing projects, redevelopment, and small businesses.

Four lots including memberships just hit the market at JHGT for $895K-$925K less than what the last interior lot sold for.

The high end is still cruising with Dave Taylor’s home in Indian Springs UC (listed for $11M+) and the Moose Creek Ranch UC (listed for $11M+). Three Granite Ridge Townhomes UC (listed for around $4.5M)-you might remember we sold two last year for the low $3M.