Here’s how much it costs to own a 0.17-acre empty lot in a ritzy Wyoming hideout
A strip of grass in the isolated mountain town of Jackson, Wyoming, is on the market for nearly $1.7 million — and it’s nothing but an empty lot, according to the Daily Mail.
This 7,405-square-foot plot at 55 West Karns Ave. is sandwiched between opulent homes and spacious backyards, looking more like a grassy alleyway than a developer’s dream.
Yet, it’s causing quite the stir among potential buyers, according to its listing reps.
For context, a similar-sized vacant lot in Cheyenne, Wyoming, would set you back less than $100,000. You can even snag a 40-acre property with stunning vistas there for just $125,000.
But Jackson, with its breathtaking mountain views, national parks, and appealingly low state taxes, is a different ballgame. It has become a haven for the wealthy, especially those who can work remotely.
The influx of affluent newcomers and the establishment of billionaire retreats have pushed up real estate prices. The average income for new residents in Teton County is a staggering $661,000 a year, compared to the $100,181 average of those leaving, according to the report.
This surge in wealth has driven the average price of a single-family home in Jackson to more than $7 million, making the $1.67 million price tag on this lot seem like a steal.
And that wasn’t even the starting price. Initially listed at $1.8 million in May, the home took a price cut in June to $1.7 million. Earlier this month, it dropped to $1.65 million.
The property’s prime location just off Cache Avenue offers easy access to Town Square and Snow King Mountain. It’s also zoned as Neighborhood High Density 1, making it a developer’s delight.
With street and alley access, a savvy buyer could construct a three-story building with an apartment on each floor and parking at the rear.
A vacant lot with this kind of zoning hasn’t hit the Jackson market in more than two years, and a less favorable plot sold for $1.6 million just last month.
Ryan Block with Compass holds the listing.
“The lot we have for sale is even better zoning,” Block told The Post.
Once developed, the apartments could fetch millions, and a three-bedroom unit could rent for $5,000 a month.
