A property in an isolated mountain village is for sale for nearly $1.7 million despite being a completely vacant lot.
The 7,405-square-foot strip of lawn located at 55 West Karns Avenue in Jackson, Wyoming, is surrounded by large homes and backyards.
The lot, which looks more like a cul-de-sac than a coveted development project, is attracting frenzied interest, its real estate agents said.
An empty lot of the same size in Cheyenne, Wyoming, would go for less than $100,000, and a massive 40-acre property there with “views for miles” is selling for just $125,000.
The 7,405-square-foot strip of lawn at 55 West Karns Avenue in Jackson, Wyoming, is surrounded by large homes and backyards.
The lot, which looks more like a grassy alley than a coveted development dream, is attracting frenzied interest, its real estate agents said.
But vacant lots are extremely rare in Jackson, where its picturesque mountain views, national parks and low state taxes have made it a hotbed for wealthy buyers.
Now that wealthy professionals are increasingly able to work remotely, the area is seeing an influx of new wealthy residents, along with billionaire retirements.
The average new resident of Teton County earns $661,000 a year, compared with $100,181 for those leaving, according to analysis by Jonathan Schechter.
All of this has pushed the average price of a single-family home in Jackson to more than $7 million, making the lot’s price, $1.675 million, a relative bargain.
The property also has other attributes working in its favor, starting with its location just off Cache Avenue, with easy access to both Town Square and Snow King Mountain.
With access to both a street and an alley, a wealthy owner could build a three-story building with an apartment on each floor and parking in the rear.
Now that wealthy professionals are increasingly able to work remotely, the area is seeing an influx of new wealthy residents, along with billionaire retirements.
Jackson City also zoned it as High Density Neighborhood 1, allowing for a more developer-friendly design.
With access to both a street and an alley, a wealthy owner could build a three-story building with an apartment on each floor and parking in the rear.
A vacant lot with this zoning has not sold in Jackson for at least two years, and one with the next lowest density level sold for $1.6 million last month.
Once the building is built, apartments would sell for millions and a three-bedroom house could rent for $5,000 a month.
Vacant lots are extremely rare in Jackson, where its picturesque mountain views, national parks and low state taxes have made it a hotspot for wealthy buyers.
