A new wave of luxury homes appears to be on the way to the Jackson Hole market, even as the luxury home market in Teton County, the wealthiest in the country, is experiencing a significant decline in both inventory and sales.
The two latest luxury homes are being sold by Jackson Homes, a division of Brooklyn Homes, which recently sold the second most expensive townhouse in Brooklyn Heights, Brooklyn, New York, for $22.1 million.
The borough’s most expensive single-family home is an 11,600-square-foot mansion at 8 Montague Terrace, which sold in 2020 for $25.5 million.
Jackson Homes’ recent sales of $23 million and $24.5 million homes in Jackson Hole are the most expensive homes the company has offered in Wyoming and the West to date.
Both homes are over 5,000 square feet and feature a host of luxury amenities, though the company prefers not to call them mansions.
“I wouldn’t say this is a mansion,” Jake Kilgroe of Sotheby’s told Cowboy State Daily, “but it is certainly a very spacious home.”
And how?
Great views and amenities
Trader Ridge, listed for sale for $23 million, sits on 1,800 acres of what the company describes as “beautiful preserved land” and features 7,234 square feet of space on 11.59 acres with six bedrooms, six full bathrooms and two partial bathrooms.
“The property actually borders a ranch called Walton Ranch, which is 1,800 acres of protected land,” Kilgroe says, “so even though it’s 11.5 acres, it feels a lot more spacious.”
Views from nearly every room in the mansion include the Teton Range, Jackson Hole Mountain Resort and the Snake River.
The facilities are perfect for a spectacular view.
The spacious vaulted living room features a floor-to-ceiling fireplace and large windows overlooking the surrounding mountains. In addition to six bedrooms, the home also has a gym, sauna, and outdoor hot tub. There’s also a “living” roof over the 1,500-square-foot garage.
“The grass grows on the roof so when you look at it from above it blends in with the landscape,” Kilgroe says.
Due for completion in October, Granite Ridge is on the smaller side for a ski-in, ski-out home, but with six bedrooms, seven bathrooms plus one partial bathroom and 6,414 square feet on a 0.67-acre lot in Teton Village’s popular Granite Ridge subdivision, it still qualifies as a mansion.
The price is $24.5 million.
It too boasts many great amenities, including a professional kitchen with spacious butler pantry, outdoor hot tub and cozy sitting area with gas fireplace. This outdoor oasis also features a built-in grill, perfect for lounging and entertaining, as well as an oversized mudroom with plenty of space for your ski or snowboard gear. The roof has a “living edge” and is planted with grass to blend in with the landscaping.
These two products aren’t the end of Jackson Home’s luxury homes in this market.
Kilgroe said the firm is also working on another home in Barr BC Ranch that will be priced at $65 million, close to the most expensive home ever sold in Wyoming. The exact price of the Barr BC Ranch home has yet to be determined, but it will be in the same neighborhood.
“There are a lot of (amenities),” Kilgroe said, “a guest house, a full spa, a gym, a pool, a four-car garage and I think six bedrooms.”
Meeting a hungry market
According to the latest report from Veeman Group, which tracks both luxury home sales over $10 million and residential home sales under $10 million throughout Jackson Hole, Jackson’s inventory of luxury homes over $10 million is declining.
As Teton County home prices have skyrocketed since the COVID-19 pandemic, Veeman Group has revised its definition of a luxury single-family home, raising it from $5 million to $10 million, while leaving the definition of a luxury townhouse, condominium or residential lot unchanged at $5 million.
According to the Veeman Group report, the total number of homes priced above $10 million, including residential vacant lots and condominiums/townhouses, is 999, of which 54 percent are in the West Bank.
Many of the remaining $10 million+ listings are in Teton Village and Shooting Star, but places like 3 Creeks Ranch, Gros Ventre Buttes and the Snake River Corridor also have luxury homes.
Veeman Group said demand for luxury properties remains stable, but there is a significant shortage of inventory, especially for properties that buyers consider to be of high quality.
Of the 44 properties available as of mid-2024, only three were over 10 acres, 15 were more than 10 years old, and only 11 had outdoor water features.
Largely due to a lack of inventory, the number of luxury sales at the market fell 30% to just 14. However, overall dollar value was down slightly, down 5% to $275 million, indicating demand is by no means soft.
The market remains demanding high quality, expensive properties with modern amenities, particularly on larger plots with running water.
This home on Trader Road in Jackson, Wyoming features six bedrooms, six bathrooms, 7,234 square feet on 11.59 acres and is listed for sale for $23 million. (Southeby’s International Realty)This home on Trader Road in Jackson, Wyoming features six bedrooms, six bathrooms, 7,234 square feet on 11.59 acres and is listed for sale for $23 million. (Southeby’s International Realty)This home on Trader Road in Jackson, Wyoming features six bedrooms, six bathrooms, 7,234 square feet on 11.59 acres and is listed for sale for $23 million. (Southeby’s International Realty)This home on Trader Road in Jackson, Wyoming features six bedrooms, six bathrooms, 7,234 square feet on 11.59 acres and is listed for sale for $23 million. (Southeby’s International Realty)This home on Trader Road in Jackson, Wyoming features six bedrooms, six bathrooms, 7,234 square feet on 11.59 acres and is listed for sale for $23 million. (Southeby’s International Realty)This home on Trader Road in Jackson, Wyoming features six bedrooms, six bathrooms, 7,234 square feet on 11.59 acres and is listed for sale for $23 million. (Southeby’s International Realty)Arrow LeftArrow Right
Distinctive brands
Kilgrow told Cowboy State Daily that Jackson Homes has built 22 luxury homes in the Jackson Hole market so far between 2018 and 2019, and that the company sees a period of increased demand.
“We believe we’re in the right segment of the market, primarily because what’s desirable is what makes sense architecturally,” he said. “Typically, the people who buy these homes know how much time and effort it takes to build a home like this, so it’s valuable. And being able to walk into a beautiful home that’s so thoughtful is a great value.”
The company prides itself on its unique, cutting edge architecture and interior design, as well as its spectacular locations that are anything but ordinary.
That trend isn’t likely to change in this market, but one thing has changed recently: Most of the company’s homes were in Jackson, but they recently moved outside the city, where they can build larger, more luxurious homes because they know the demand is still there in the market.
Renée Jean can be reached at renee@cowboystatedaily.com.
