The new Teton County comprehensive plan has been quite the buzz since the controversial Serr Thos - Teton Meadows development got halted due to an emergency moratorium. What does that mean to the Jackson Hole real estate market? It means that it will continue to be heavily constricted, especially in the near term. The county did just release a new draft plan that does increase the density in areas south of town including the Teton Meadows area. It would give that project an estimated 280 homesites versus the 500+ asked for in the last Teton Meadows plan. The new plan has also set limits on areas in the town, such as the town square, which it attempts to keep consistent with its current height limit - consisting of buildings with a two story height limit.
We have seen sale prices continue to go up, not following the National Trend in any manner. Our inventories continue to be low and things are selling. Why? I believe that people cherish places that will remain less changed. Change is inevitable but in Jackson Hole it is very limited. Most of the town projects being done now involve first tearing down an older developement or house to then rebuilding with new. The Teton Meadows project represents one of a possible four major developments that could come down the stream in Jackson. For arguments sake - lets say at a maximum we gain 1000 home sites over the next 10 years - the market will easily absorb those if we look at past records. I think that that is a very high estimate and unlikely. Beside those new developments there is nothing else left. None of these projects will happen easily and without fight from local groups.
Another great reason for Jackson Hole real estate price remaining stable and increasing is because of Wyoming’s beneficial tax structure. It remains to be one of the tax friendliest states in the union.
I think the above reasons represent wonderful excuses to live and buy a home in Jackson Hole. But, the real reason is that this place is special on a global scale. There is clean air, plentiful clean water, gorgeous vistas, inspiring wildlife, great recreational oprtunities, a striving economy, and great people. What more do you really want from a mountain town.
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