Life on Vacation: Jackson, Wyo., a beautiful but expensive second-home spot
— -- There are many good reasons for living in Jackson, Wyo., but saving money is not one of them.
As a popular local lament goes: "The billionaires are pushing the millionaires out."
Jackson's airport is a mirror of the community: bumper-to-bumper private jets from celebrity vacation-home owners such as Tiger Woods and Charles Schwab and primary-home owners such as Harrison Ford and Dick Cheney, who commutes to his second home in Washington, D.C., via Air Force Two.
Despite its wealth, gourmet restaurants and boutiques, Jackson oozes Old West charm, right down to the saddle-covered bar stools at the venerable Million Dollar Cowboy Bar. And despite development and population growth, there's still wilderness all around. Next door are two of the nation's premier national parks, Yellowstone and Grand Teton. The town has two ski resorts (and a third nearby), including world-renowned Jackson Hole.
But don't think of the place as simply a winter destination. With stunning parks, great golf courses and world-class fly-fishing, on famous rivers such as the Snake, Jackson is the rare ski-resort town that is more popular in summer.
Though the town may never be perceived as a bargain vacation-home destination, its success has made it more affordable. Demand pushed growth over the nearby Idaho border, where large residential developments have created a buyer's market. Development at the foot of the ski resort also has exploded with luxury condo hotels and houses. So while limited in-town houses remain in great demand, ski-in/ski-out properties and Jackson's suburbs are within the grasp of more second-home buyers.
"The least-expensive condo in all of Jackson right now is $331,000, and that is a 625-square-foot one-bedroom," says broker Jeff Ward of Teton Village Realty. The most modest single-family house in town runs $639,000, and the median exceeds $1.2 million.
"We're seeing continued price growth and very heavy demand with limited supply," Ward adds. "But prices for comparable properties are still about 25% behind Vail and Aspen, so from a value perspective, there is still opportunity."
