Reprinted from The Wall Street Journal
A Rocky Mountain Crown Jewel
By Clayton Andrews, executive vice president and chief operating officer, Sotheby’s International Realty, Inc.
Wyoming has been called the most tax-friendly state in the United States – and Jackson Hole, renowned for its Teton mountain vistas, skiing and recreational opportunities, is known as the crown jewel of this Rocky Mountain region. Show full article +
Wyoming has been called the most tax-friendly state in the United States – and Jackson Hole, renowned for its Teton mountain vistas, skiing and recreational opportunities, is known as the crown jewel of this Rocky Mountain region.
Jackson Hole offers the alluring combination of a rustic yet refined lifestyle, significant tax benefits and limited growth opportunities due to conservation efforts, all of which have made this western destination an exceedingly desirable place to live. Reflecting this demand, real estate prices in recent years have soared.
Today, people interested in purchasing a primary or secondary/vacation home in Jackson Hole are finding friendlier conditions and an array of opportunities. The highly active and fast pace of activity in the sellers’ market of just a few years ago has shifted to a buyers’ market for everything from a new amenity-rich slope-side condominium at Jackson Hole Mountain Resort, to a historic 49 acre ranch currently on the market for $15,900,000, to a quintessential Jackson Hole retreat with full Teton views. For anyone looking to start fresh in a thriving Rocky Mountain town, this could be the moment to relocate.
There are a variety of properties in Jackson Hole that may not have been available at all 12 to 24 months ago. The opportunities that present themselves today are more consistent with what a buyer may be looking for. In addition, the market for financing has improved significantly in the past six to 18 months. Homebuyers often are able to secure very favorable loan terms with the local banks once they have identified their dream property in Jackson Hole.
Reasons to Invest
The benefits of buying property in Jackson Hole become even clearer when viewed against the backdrop of Wyoming’s longstanding tax policies and fiscal management. With no general corporate or personal income tax, and no inheritance or gift taxes, the Cowboy State ranks No. 1 on the Tax Foundation’s list of the states most favorable to business and economic growth. Simply put, Wyoming business owners and their employees can keep more of their hard-earned dollars.
Unlike many states, Wyoming has operated with a budget surplus, so even in these tough economic times, new taxes and drastic cuts in government services are unlikely. With a small population and low crime rate, Wyoming is still a land of big spaces and welcoming people. In Jackson Hole, blue jeans are acceptable attire in even the best restaurants, and people don’t mind not having mail delivered to their homes because going to the post office is a chance to catch up with old acquaintances. Jackson Hole has a busy airport with daily jet service, a well-regarded hospital and good schools – public and private.
An Outdoor Paradise
But what makes people fall in love with Jackson Hole are the scenery and the outdoor activities. The postcard-worthy landscape in this corner of northwest Wyoming includes the Teton and Gros Ventre mountain ranges, the Snake River, vast expanses of national forest land, and the National Elk Refuge, a 25,000-acre swatch of undeveloped terrain that borders the Town of Jackson. Jackson Hole is home to Grand Teton National Park, and the gateway to Yellowstone National Park lies within an hour’s drive north.
One can admire that scenery today and know that it won’t change. More than 97 percent of Teton County, Wyoming, is permanently protected from development in public lands. New construction is off-limits on much of the private acreage as well, thanks to conservation programs through organizations such as the Jackson Hole Land Trust. A new comprehensive land-use plan currently being crafted by town and county leaders will further preserve the community’s natural attributes by protecting open spaces and limiting new development.
As an outdoorsman’s paradise, Jackson Hole suits athletes of all abilities and preferences. In the warm months, residents and visitors can enjoy hiking, camping fly-fishing, kayaking, mountain climbing, mountain-biking and road cycling. Wintertime choices include downhill skiing and snowboarding not only at the world-renowned Jackson Hole Mountain Resort, but also at Snow King Resort, located in downtown Jackson, and at Grand Targhee Resort, a short drive away on the west side of the Tetons. Skate-skiers and Nordic skiers can take in the scenery from the groomed trails, while acres and acres of backcountry terrain are available to skiers who like the wilder side of winter.
Culture and Nightlife
In recent years Jackson Hole has become known as well for its popular nightlife, cultural activities and big-city amenities without big-city hassles. After a day of skiing or a hike in the mountains, one can choose from an array of acclaimed restaurants. Visitors can unwind with a visit to the National Museum of Wildlife Art, a tour of the area’s approximately 40 art galleries, or a massage and facial at one of Jackson Hole’s many spas. Music lovers can go dancing at the Cowboy Bar or enjoy an evening of chamber music at the Grand Teton Music Festival. The new Center Theater in downtown Jackson hosts a variety of dance, music, comedy and theatrical performances.
In a recent Gallup survey of Americans’ well-being by state, Wyoming scored third in a poll that took into account variables such as mental, physical and economic health, with only Utah and Hawaii rating higher. As the coveted destination point in a state with a high quality of well being, Jackson Hole offers a unique slice of the American dream. With market conditions as they are, that dream is within reach of more prospective homebuyers than ever.
Jackson Hole At A Glance
- Town of Jackson population 2000: 8,647
- Teton County population 2000: 18,251
- Teton County ranked #1 in charitable giving among National Community Foundation
- Teton County: 2,705,676 acres
- Elevation: 6,209 sq. ft.
- Elevation of Grand Teton: 13,770
- Valley dimensions: 60 miles long by 20 miles wide
- Wyoming has no state income tax
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