Jackson Primed For New Wave Of Luxury Homes In The $25 Million Range

A new wave of luxury homes appears poised to enter the Jackson Hole market. That’s even as the luxury home market in Teton County, the nation’s wealthiest, has shown a significant drop in both inventory and sales.

The two newest luxury homes are offered by The Jackson Home Co., a division of The Brooklyn Home Co. The latter recently closed on the second most expensive townhouse in Brooklyn Heights in Brooklyn, New York, for $22.1 million.

That borough’s most expensive single-family sale remains the 11,600-square-foot mansion at 8 Montague Terrace, listed at $25.5 million in 2020.

The Jackson Home Co.’s latest Jackson Hole listings at $23 million and $24.5 million are the company’s most expensive to date in Wyoming and the West.

Both homes exceed 5,000 square feet and feature a lot of luxurious amenities, but the company doesn’t like to call them mansions.

“I don’t think this falls into the mansion category,” Jake Kilgrow with Sotheby’s told Cowboy State Daily. “But it’s certainly a very generous-sized home.”

And how.

Stunning Views And Amenities

Trader Ridge lists for $23 million and is set in 1,800 acres of what the company describes as “beautiful conservation land,” features six bedrooms, six full bathrooms, two partial bathrooms in 7,234 square feet on an 11.59-acre property.

“This particular property actually backs up to a ranch, known as the Walton Ranch, which has 1,800 acres in conservation,” Kilgrow said. “So even though you have 11.5 acres, it has a feeling of a much more expansive space.”

The views — which can be seen from just about every room in the residence — include the Teton Range, Jackson Hole Mountain Resort and the Snake River.

The amenities match the stunning views.

There’s a floor-to-ceiling fireplace in the vaulted-ceiling great room with large picture windows that overlook the surrounding mountains. There’s a gym and sauna, as well as outdoor hot tub, to go with the six bedrooms. There’s even a “living” roof over the 1,500-square-foot garage.

“So, there’s grass that grows on the roof, so visually, from above, it kind of blends into the landscape,” Kilgrow said.

Granite Ridge, which will be finished in October, is a slightly smaller ski-in, ski-out residence. But it still qualifies as a mansion as well, with six bedrooms and 7 full bathrooms, plus 1 partial in 6,414 square feet on .67 acres in Teton Village’s coveted Granite Ridge subdivision.

It’s listed for $24.5 million.

It, too, has a number of cool amenities that include a professional-grade kitchen with expansive butler’s pantry, an outdoor built-in hot tub and cozy sitting area with gas fireplace. There’s a built-in grill to complete this outdoor oasis that’s perfect for either relaxation or entertainment, and there’s an oversize mudroom with ample space for skiing and snowboarding equipment. The roof features a “living edge,” which is planted with grass, to help it blend into the landscape.

These two offerings are not the end of luxury homes Jackson Home Co. is working on in this market.

It’s also working on another home in the Bar B C Ranch that will list for close to what had been Wyoming’s most expensive residential listing to date, $65 million, Kilgrow said. The exact price point for the Bar B C Ranch home has not yet been determined, but it will be in that same neighborhood.

“It’s going to have a lot (of features),” Kilgrow said. “It will have a guest home, a full spa, a gym, swimming pool and a four-car garage, and I think it has six bedrooms.”

Meet A Hungry Market

Jackson’s inventory of luxury homes in the $10 million-plus range has been slipping, according to the latest report from the Viehman Group, which tracks both luxury home sales above $10 million and regular home sales below $10 million throughout Jackson Hole.

After the COVID-19 pandemic, home prices in Teton County skyrocketed, so the Viehman Group revised its definition of luxury, single-family homes, bumping it from $5 million to $10 million. The definition of luxury townhomes and condos and residential lots, meanwhile, stayed at $5 million.

The total number of homes in the $10 million and up range, including residential vacant land or condo/townhomes is 999, 54% of which are located on the West Bank, according to the Viehman Group’s report.

Many of the remaining $10 million-plus properties are in Teton Village and Shooting Star, though there are also clusters of luxury homes at places like the 3 Creek Ranch, Gros Ventre Buttes and the Snake River Corridor.

Demand for luxury properties has been steady, according to the Viehman Group, but there’s a significant lack of inventory, particularly in what these buyers would consider to be high-quality inventory.

Out of the 44 listings available at the midpoint of 2024, just three had more than 10 acres, 15 were more than 10 years old, and just 11 had outdoor water features.

Primarily due to low inventory, the number of luxury sales has decreased 30% to just 14 In the market. However, overall dollar volumes have only dropped slightly, a 5% drop to $275 million, indicating demand is anything but soft.

The market is still hungry for high-quality, high-dollar properties with modern amenities, particularly those on larger lots that have live water.

With A Distinctive Brand

Jackson Home Co. has so far built 22 luxury homes in the Jackson Hole Market since 2018-2019, Kilgrow told Cowboy State Daily, and the company sees it as a time of high demand.

“We believe we’re in the right segment of the market, mainly because what is desirable is something that’s architecturally relevant,” he said. “People who typically buy these homes know the amount of time and energy it takes to produce a home like these, so there’s good value. And to be able to step into a beautiful home that’s very thoughtful has a lot of value.”

The company prides itself on distinctive cutting-edge architecture and interior design, as well as stunning locations — anything but cookie-cutter.

That’s not a trend likely to change in this market, but there is one thing that has changed lately. Where most of the company’s homes had been in Jackson, it has lately moved outside of city limits. There it can build larger, even more luxurious homes in a market that’s showing it still has an appetite for it.

Renée Jean can be reached at renee@cowboystatedaily.com.