While the rapid appreciation of the Jackson Hole real estate market has garnered attention in recent years, the relative expense of property in northwestern Wyoming still lags behind many urban areas as well as other Rocky Mountain Resort communities.
In a recent report issued by the consulting firm Webster Pacific, the “priciest real estate markets” in the country (based on a price-per-square-meter value for luxury neighborhoods) include…
– New York City : $34,000
– Pebble Beach, Monterey: $21,000
– Los Angeles: $14,000
– San Francisco: $14,000
– Miami: $14,000
– Palm Beach: $12,000
– The Hamptons: $11,000
– Las Vegas: $10,000
– Lake Tahoe: $10,000
– Aspen: $9100 (or roughly $845/sq.ft.)
According to Inman, the Webster Pacific report states, “The rankings also note that many of the world’s most expensive apartments are actually hotel residences, in the style of Eloise at the Plaza, which have risen in popularity in recent years.”
Using that footnote as a guide, we tried to find an apples-to-apples comparison for the Jackson Hole market. What makes this exercise tricky, however, is the unique nature of each of these high-end real estate markets.
Using Aspen, Colorado as a benchmark, we looked more closely at properties currently for sale with our neighbor to the south. The One Aspen development offers a ski-in/ski-out experience at more than $2,800/sq.ft. Anecdotally, other elite properties in Aspen have sold at closer to $4,000/sq.ft.
The Four Seasons Resort Vail offers ski-in/ski-out residences in an amenities-rich environment in Colorado’s second toniest resort community. Condos for sale at the Four Seasons Resort Vail range in price from $2,350/sq.ft. up to more than $3,000/sq.ft.
By comparison, the Four Seasons Resort and Residences Jackson Hole has been the flagship residential community when it comes to luxury real estate in northwestern Wyoming. Publicly, nothing has been for sale at the Four Seasons since 2017, but the last reported sale approached $1,600/sq.ft. Today, if something were to hit the market, the asking price might be closer to $2,100 sq.ft. (or about 25% less than Aspen’s comparable property).
Sun Valley, Idaho, has newer townhomes in the $1,000/sq.ft. range. The Thunder Spring Residences are a nine-unit development ranging from 3,353 to 5,498 sq.ft. in size. Three have sold, and another townhome is presently under contract.
In Park City, Utah, the Stein Eriksen Residences feature a slopeside location in Deer Valley. Built in 2016, the Residences vary in size from 3,700 sq.ft. to more than 5,000 sq.ft., and have fetched sale price in the $1,300 – $1,400 sq.ft. range.
Jackson Hole Sotheby’s International Realty has also compiled its 2019 Resort Report that features statistics from other markets across the Rockies. Download the report below and please contact one of our associates on all things statistical in the Jackson Hole real estate market!