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Gill Addition: Jackson Hole’s hottest address

By   /  June 6, 2013  /  No Comments

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Town of Jackson real estate sales have been strong, with 156 sales during the last 12 months.

Town of Jackson real estate sales have been strong, with 156 sales during the last 12 months.

The property listing in the Gill Addition near downtown Jackson wasn’t very large, with about 1,200 square feet, two smallish bedrooms and a single bathroom. Certainly it was not new or in superior condition, having been built in 1957 with few updates over the ensuing 56 years. Also not enticing for potential buyers was a garage that includes only one stall and little additional storage.

However, it was located on about a quarter acre on a quiet corner in what has been Jackson Hole’s hottest neighborhood for real estate in recent quarters. When it hit the market last month with a list price of $750,000, the listing agent’s phone started ringing and didn’t stop for five days, by which time the home was under contract for well above list price. The property closed today, less than 30 days after hitting Teton County Multiple Listing Service.

Similarly, a 3,950-square foot, 5-bed home on a street that traces the National Elk Refuge listed on May 21 for $1.389 million was changed to “pending” on May 26 after numerous showings and multiple offers.

The MLS reports seven residential sales in Gill Addition during the last 12 months, or less than half a percent of overall sales in Town of Jackson during that time (156). Currently there are 24 pending properties in Jackson and 53 active listings. For more perspective on Town of Jackson real estate, see my guest post on JH Property Guide.

This West Jackson townhouse in Creekside Village is one of the fastest-moving types of Jackson properties in recent quarters.

This West Jackson townhouse in Creekside Village is one of the fastest-moving types of Jackson properties in recent quarters.

However, this subdivision accounted for five of the 14 sales for more than $1 million and two of the highest-priced sales. Additionally, Gill Addition has been one of the busiest markets for sales of unlisted properties in all of Teton County, with numerous transactions not reported to MLS.

Recent listing activity highlights for property in Gill Addition include:

  • A home originally built in 1906 and transferred to Gill Addition decades later sold in April for 100 percent of list price. The 5-bed, 2,788-square-foot home was on market for 164 days and closed at more than $1 million.
  • Four of the seven sales in the last 12 months were for what are called “Bigfoot” homes. These structures were built in the last 10 years to maximize the potential development on a single lot, which is 0.17 acres or 50 feet by 150 feet. These homes average approximately 3,750 square feet.
  • Platted more than 100 years ago, there are few undeveloped lots remaining and there have been no reported sales of vacant land since March 2008, when a double lot sold for $1.6 million. There are no active building sites listed in Gill Addition, though there are seven in Town of Jackson.
  • There is one active listing in Gill Addition at $950,000, a home on 1.5 lots with 3 beds, 1,600 square feet and built in 1958 (it is next door to the sale discussed above built in 1957; the two homes split 3 adjacent lots.) This home also has seen significant interest during its 22 days on market.

Please contact me to keep abreast of activity in Gill Addition, including sales outside of MLS, properties coming to market and a detailed sales history.

 

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