The TRUTH About the Star Valley Real Estate Market

Our comments on Low Ball Offers spurred one interested reader to comment. I agree with part of his/her statement regarding that the residents don't want to change!

The "Old Timers" see the "Outsiders" (anyone that didn't come over the mountains with the original settlers) as ruining the Valley! In a sense this is true! Once a quiet farming and dairy herd community, Star Valley today has or is slowly becoming a resort community in the shadows of Jackson Hole.

The community is made of of three or four basic groups: The vacation, retirement or second home owner from a "hot" climate (California, Arizona, Texas, Florida and Southern Utah); the service provider or blue collar worker that commutes to Jackson Hole each day; the "Old Timer" families that have been here for generations; and their kids that have left home and now moved back!

I would tend to disagree with the comments that "Star Valley is not connected in any way to Jackson Hole. Most visitors make a u-turn at High School Street." A very high percentage of our buyers are from out of state. As a whole most cannot or will not pay the prices we are seeing for real estate in Jackson Hole. These buyers start at the epicenter (Jackson Hole) then move outward to the first, second or third ring of communities. These buyers are very selective in where and what they purchase!

"The valley depends on outside money. " True! Each dollar that comes into the community is for lack of a better word ... fresh blood! It stimulates the communities economy and helps prevent the area from drying up and blowing away.

So ... what is the truth about our local real estate market?

Home and land buyers along with real estate investors continue to pour money into the Star Valley Real Estate market. Since the "discovery" of Jackson Hole by the rich and famous in 1992, our real estate market has exploded. We have seen segments of the market double and triple in value creating record breaking prices for homes and land ... All of this in face of the National sub-prime lending fiasco and the news media painting a picture of the real estate doomsday that is about to occur.

So why are buyers and investors and developers looking at Star Valley? There are several reasons. First, we have 17-Million baby-boomers with time, disposable income and good health that are looking for that special place. We have an older generation that is slowly passing away and leaving their wealth to their children ad they are looking for that special place. And, we have a lot of personal and corporate wealth in the world today. Many of these individuals are looking for weekend escapes or getaways!

Bottom line ... Star Valley real estate is a very good value compared to the trends occurring in Telluride, Vail, Steamboat Springs, Aspen, Breckenridge and other resort communities.

Savvy buyers and investors are investing right now in Star Valley!