© 2005 Nick Springett Photography
Home All-Stars: America’s Most Wanted
January 1, 2006
Jackson Hole
Despite the connotations of confinement inherent to its name, Jackson Hole, Wyo., is actually a sprawling
valley–20 miles long and 70 miles wide and dissected by the Snake River. It
boasts more than 130 developments built in the last 20 years, most of them
geared toward second-home buyers. But with nearly 99 percent of the contiguous
land either set aside for natural preserves or owned by the state and federal
government, the feel of living in wide-open spaces is still extant. And that is
exactly what has fueled the market here. During 2005, the volume of home sales
in Jackson Hole increased 24 percent over 2004, including a whopping 65 percent
increase in sales of homes valued at $1 million, according to The Hole Report, a
newsletter compiled by David Viehman of Jackson Hole Real Estate and
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A residence in Jackson Hole. (Click image to enlarge)
While the high-end market is decidedly healthy–the median price
of a new home is about $750,000 in Jackson Hole–there has been "a feeding frenzy
on condos and townhouses under $500,000, and lots under $400,000," Viehman says.
"For lots of people, it has been a matter of ‘I want to hurry up and buy a place
in Jackson Hole, anyplace, and then look around for something a little bigger
and better.’ "
Top photo: A 3,680-square-foot residence ($1.8 million)
and Bottom photo: log home ($2.25 million), offered by Jackson Hole Real Estate &
Appraisal. (Click images to enlarge) ; function voidFunc() { } voidFunc();)
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Where you buy in Jackson Hole depends largely on when you expect to visit.
For those who intend to come mainly for the skiing, Viehman points to property
west of the Snake River and closer to Teton Village. If it is to be primarily a
summer retreat, he advises something north of town, near the Jackson Hole Golf
and Tennis Club and a number of high-end subdivisions that cater to those with
private jets who can use the nearby airport. Showcase properties can start at
about $3 million, a price that can ascend significantly if you are searching for
frontage on the Snake River, where sizeable building lots start at about $10
million.
Malibu
In 2005, a two-bedroom mobile home in Malibu,
Calif., sold for (gulp) $1.6 million. There were, however, some extenuating
circumstances
"It sat on an ocean-view lot and, for all intents and purposes,
it didn’t really look like a mobile home. It had lots of custom features like
hardwood floors and a Viking stove in the kitchen," says Brian Merrick of
Coldwell Banker Previews Malibu Colony. "If it had been a typical family home,
it would have sold for $5 million."
Top photo: An $8.85 million home on Pacific Coast Highway
and Bottom photo: a terrace in the $4.45 million Via Escondito, both through
Coldwell Banker. Photography by Nick Springett Photography. (Click images to enlarge); function voidFunc() { } voidFunc();)
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Still, that sale lends perspective to the Malibu home market.
Buyers here are willing to eschew the sprawling estates they might purchase
elsewhere in order to live in a relatively tiny place along Malibu’s choice
27-mile coastline. Here, where the typical home is only about 2,000 square feet,
those who want something big and dazzling have to cobble together two or three
adjacent lots, a feat not often easily accomplished in a notoriously tight
market. Still, that is exactly what Oracle tycoon Larry Ellison has done over
the past year or so, according to Merrick, buying nearly $200 million worth of
properties in ultra-hot Carbon Beach.
One major price determinant: the width of the beach. Beaches in Malibu vary wildly in width and the choice properties are often advertised as "dry sand" beaches, meaning there is room to walk out back, even during high tides. Be that as it may, Malibu Colony, with a skinny, often nonexistent beach, remains a prime locale, mainly because of its gated, guarded access and the star power of its residents.
Off the beach, along the bluffs and hills that hover above Malibu–yep, those same hills you often see on the news during mud slide season–the entry price is in the $2 million range.
"For $2 million you get a pretty average 2,500-square-foot home, with maybe some ocean view and maybe an acre of land," says Merrick. "Anywhere else it wouldn’t be a head-turner, but hey, this is Malibu."
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