Industry News
Location is everything when it comes to real estate, and Jackson, Wyoming, continues to be one of the most desirable places to live. Last year, the town broke a record when the average single-family home sale price surpassed $5 million. Then, in April of this year, it topped $7 million. It was just $2.6 million in 2019. Additionally, as previously reported, Teton County is the wealthiest county and has the largest income gap in the U.S.
Given that, it should come as no surprise that a tiny 0.17-acre bare side-lot is listed for $1.675 million. The lot has nothing on it but grass and is sandwiched between other buildings. For comparison, a similar lot in the state’s capital city of Cheyenne would range from $71,000 to $100,000, according to #1 Properties Real Estate agent Dominic Valdez. By comparison, a 40-acre corner lot in Laramie County with “views for miles and endless possibilities” is listed for $125,000.
Even with the minuscule size and relatively huge price, the property is expected to sell quickly. Undeveloped land in Jackson is extremely rare, and the property is attracting buyers. It is also ideally situated within walking distance of Snow King Mountain Resort and Town Square with its famous elk antler arches.
The neighborhood is high-density, meaning it is extremely developable, and the city would want at least three units on the land. Since it has both street and alley access, a likely configuration would be a three-story unit with an apartment on each floor and parking in the back. It has been more than two years since any vacant, high-density lots have sold in Jackson. Similar parcels of land in the city mostly have homes, making it even rarer.
High interest rates shouldn’t be a problem, as 68% of all real estate transactions in the city are done in cash. With technology allowing people to handle business deals remotely, anyone in the world could seemingly be a potential buyer. Whether it is a developer or an individual, the buyer will have deep pockets. A recent analysis by private equity firm Kirkland & Ellis showed that Teton County’s newest residents have a mean income of $661,000, while those moving away have a mean income of $100,181.
Jackson is no doubt a desirable place to live. The abundance of activities and the area’s natural beauty certainly create the demand. Skiing, mountain biking, hiking, white water rafting, and multiple national parks are only part of the allure as the outdoor-inspired boom in real estate continues.
