Buyers are circling around a very rare piece of property in Jackson, Wyoming.
It’s a side lot sandwiched between other buildings, with absolutely nothing on it. It looks kind of like a grass alleyway.
In Jackson, however, a town where the average price of a single-family home has topped $7 million, it’s a tiny field of dreams.
Despite having absolutely nothing on it, the property is listing for a cool $1.675 million.
A comparable lot in Cheyenne would range from $71,000 to $100,000, #1 Properties Real Estate Agent Dominic Valdez told Cowboy State Daily.
Or there’s a 40-acre corner lot in Cheyenne with “views for miles,” which listed Thursday, for a mere $125,000 with #1 Properties.
That’s a much larger field of dreams at a much smaller price tag, but in Jackson, undeveloped land of any size is extremely rare, listing agent Ryan Block with Compass real estate told Cowboy State Daily.
This particular lot is ideally situated, too, he added. It’s within walking distance of Snow King Mountain Resort and Jackson’s famous Town Square with its famous elk antler arches.
So, it has that old cliché going for it in spades — location, location, location.
“And this is also in a high-density neighborhood,” Block told Cowboy State Daily. “So, with a lot of this size, the (city of Jackson) wants at least three units on the parcel.”
That means it’s a highly developable sliver of land.
The most likely configuration for a narrow property like this is probably a three-story unit with an apartment on each floor and parking in the back, Block suggested.
“There are smaller lots in town than this,” he added. “But what kind of makes this one amazing is that it has both street and alley access.”
Which is what Block said makes development doable on the property.
Interest Is Building Despite Lot’s High Price Tag
While few communities could sell a tiny lot for $1.675 million, Jackson is different.
“Jackson is just a world unto its own,” Valdez said. “It’s not something for the average person. It’s for those who dare to dream. That’s how they got there — they take risks that you and I would never dream of.
“They build these empires, and now they can afford to live wherever they want. And they can pay that kind of money for that little piece of land.”
Block said interest is indeed already building for the property, and he already has a list of people who want to see it.
“Most high-density lots, there are already homes on those parcels,” Block said. “So, to actually find a lot like this that’s open, without a home on it, that’s extremely rare.”
It may be tiny, but it’s a blank slate in downtown Jackson, and that makes it an incredibly scarce commodity.
Block said it’s been more than two years since any vacant, high-density lots have sold in Jackson.
“There was an NM-2, which is a medium density lot, that just sold about 30 days ago for I think like $1.6 million,” he said. “So, this kind of lot is fairly rare.”
This tiny 0.17-acre lot in the middle of Jackson, Wyoming, is selling for nearly $1.7 million — and is expected to be snapped up quick. (Compass via Teton Board of Realtors) 
This tiny 0.17-acre lot in the middle of Jackson, Wyoming, is selling for nearly $1.7 million — and is expected to be snapped up quick. (Compass via Teton Board of Realtors)
Billionaire Battle
Now that technology allows people to handle their business interests remotely, Jackson has attracted a new influx of people with money who want to live where they love to play.
Teton County, with multiple national parks and national forests in its backyard, is leading the nation in this outdoor recreation-inspired boom.
It doesn’t hurt that Wyoming also has some of the friendliest income tax and trust laws in the nation as well.
A recent analysis by Jonathan Schechter of this in-migration shows that Teton County’s newest residents have a mean income of $661,000, while those moving away have a mean income of $100,181.
The billionaires really are moving out the millionaires in Teton County.
What Can You Do With 0.17 Acres In Downtown Jackson?
While 0.17 acres may not sound like a lot, it’s considered a standard parcel size in Jackson.
There’s actually quite a bit of opportunity on the tiny slice of land, given its downtown location, Block said.
“I could see someone coming in and building a unit for themselves and then having two rentals to help pay for the development,” he said. “But I would suspect somebody’s going to come in and buy this and they’re going to be a developer.”
Another option is that someone buys the property with an eye toward picking up an adjacent property down the road.
“Then you can do something really interesting,” Block said. “You could take multiple parcels and do a little apartment building on this parcel or a larger building. So, it’s just a nice piece of dirt in the town of Jackson.”
The payment on the property, ballpark, would be an estimated $9,657 per month, using a 20% downpayment based on an online mortgage payment calculator.
Three-bedroom apartments in Jackson, on the other hand, can go for around $5,000 a month, based on averages from Apartments.com.
The price on this property was recently reduced, Block added, so interest is only picking up, not waning.
So, get it while you can. There might not be a better opportunity for a blank-slate entry into Jackson for years to come.
Renée Jean can be reached at renee@cowboystatedaily.com.
