A parcel of land in a remote mountain town is for sale for nearly $1.7 million, despite being a completely empty lot.
The 7,500-square-foot lawn at 55 West Karns Avenue in Jackson, Wyoming, is surrounded by large homes and backyards.
According to the real estate agents, there is currently a lot of interest in the plot, which looks more like a lawn than a dream project.
A vacant lot of the same size in Cheyenne, Wyoming, costs less than $100,000, and a massive 100-acre tract of land with “views for miles” costs just $125,000.
The 7,405-square-foot swath of grass at 55 West Karns Avenue in Jackson, Wyoming, is surrounded by large homes and backyards
The plot, which looks more like a grass path than a sought-after development dream, is attracting enormous interest, according to the agents.
But vacant land is extremely rare in Jackson. Picturesque mountain views, national parks and low state taxes make it a popular spot for wealthy buyers.
As wealthy professionals increasingly work remotely, the area is seeing an increase in wealthy new residents, as well as billionaire retreats.
An analysis by Jonathan Schechter found that the average new resident of the local Teton County earns $661,000 a year, compared to $100,181 for those who leave.
This pushed the average price of a single-family home in Jackson to over $7 million, making the $1.675 million price a bargain.
The property has other advantages, such as 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, an owner with a good budget could build a three-story building with an apartment on each floor and parking in the back
As wealthy professionals increasingly work remotely, the area is seeing an influx of wealthy new residents — along with billionaire retreats
Jackson City has also classified the area as a “Neighborhood High Density 1” category, which allows for the most project-friendly design for developers.
A property owner with a good budget, having access to both a street and an alley, could build a three-story building with an apartment on each floor and parking in the back.
In Jackson, no vacant lot with this zoning has sold in at least two years, while a lower-density parcel sold last month for $1.6 million.
Once the building is complete, the apartments could sell for millions and a three-bedroom house could rent for $5,000 a month.
Vacant land is extremely rare in Jackson, where picturesque mountain views, national parks and low state taxes have made it a hotspot for wealthy buyers