Vacation Real Estate Still Booming in Jackson Hole, WY

Despite doom-and-gloom reports of a nationwide downturn in housing, the Wyoming market continues to see double-digit growth. Riding that wave, the Snake River Sporting Club, Jackson Hole’s premier private vacation residence community, has sold more than two-thirds of its inventory. In addition, a survey by the National Association of Realtors shows that the West is a hot market for vacation home buyers.

According to the Office of Federal Housing Enterprise Oversight, Wyoming ranked fourth in the nation in highest percentage change in housing prices with a one-year increase of 11.67 percent from first quarter 2006 to first quarter 2007. Its five-year growth rate, 60.96, is well above the national figure of 53.53.

“We have only a handful homesites remaining and we continue to have high levels of interest in these premium locations along the golf course, creekside and backing up to the Bridger-Teton National Forest,” said Steve Schram, chairman of DPS Sporting Club Development, LLC. “More than 97 percent of the land here is designated as national park or other protected area that can’t be developed. There simply isn’t much prime real estate for homes. That almost assures buyers and owners continued appreciation on their investments.”

Looking specifically at Teton County, which includes Jackson Hole, the numbers are even more impressive. According to data published July 1, 2007 by Jackson Hole Real Estate & Appraisal LLC:

“The overall market had the second best showing, for number of sales, in over twenty years with 464 transactions in the first six months of 2007. But the dollar volume stole the show with a 30% increase to $826 million and a healthy increase in the average overall sale price, up 28%. … The $3+ million segment experienced a huge jump in the number of sales, up 76%. But, the $5 million+ segment experienced the biggest increase with the number of sales up 81% for a total of 29 transactions.”

Further, a survey of vacation-home buyers by the National Association of Realtors (NAR) conducted in April 2007 showed that 80 percent of second-home buyers considered it a good time to invest in real estate, compared with 57 percent of primary residence buyers.

The NAR study also showed that 25 percent of second homes were in the West, and of those, 67 percent were detached, single-family homes.

“We’re tuned into our clientele, which is why we only build single-family homes at our Sporting Clubs,” said Schram. “Most people who choose to buy in the West do so, in part, for the space. We give that to them by not over building and not building condos or hotels. It’s a place where owners can connect with their families in an amazing environment.”

With an average homesite sale price of $1.5 million, Snake River Sporting Club is particularly attractive to buyers considering the Mountain West and West Coast where vacation-home prices have spiraled unchecked over the last decade.

And if the survey data holds true, the remaining home sites at Snake River Sporting Club should sell out fast, and possibly to someone who already owns onsite or at one of four other DPS-created communities. Fifty-five percent of 1,412 survey respondents who bought vacation homes in 2006 said they were likely to purchase another property within two years.

“Second homes are really something of a misnomer because a fair number of respondents buy multiple properties,” David Lereah, NAR’s chief economist, said in the survey report. Twelve percent of vacation-home buyers owned two such homes and 2 percent purchased three or more vacation properties.

For Snake River Sporting Club home ownership or club membership information, call 888-434-7772 or visit www.snakeriversportingclub.com.

Brian Courtney
PR Director
610-613-2160
bcourtney@dpsdevelopment.com

DPS Sporting Club Development Company, LLC, creates private sporting communities on historic properties, with a commitment to preserving each property’s distinct character and environment. The company’s properties take maximum advantage of the natural setting, while providing five-star service and outdoor activities for all ages and skill levels. In addition to the Snake River Sporting Club, the award-winning DPS Sporting Club collection includes The Ford Plantation in Georgia, Deep Water Cay Club at Grand Bahama Island, The Greenbrier Sporting Club in West Virginia, and the Turks & Caicos Sporting Club at Ambergris Cay in the British West Indies. For more about the Sporting Life, visit www.dpsdevelopment.com.

This release was published on openPR.