Tiny plot of land with NOTHING on it is listed for $1.7 million

A property in an isolated mountain town is on sale for almost $1.7 million despite being a completely empty lot.

The 7,405sqft strip of grass at 55 West Karns Avenue in Jackson, Wyoming, is surrounded by big houses and backyards.

Looking more like a grass alleyway than a sought-after development dream, the lot is attracting frantic interest, its realtors said.

A vacant lot of the same size in Cheyenne, Wyoming, would cost less than $100,000 and a huge 40-acre property there with ‘views for miles’ is going for just $125,000.

But vacant land is extremely rare in Jackson, where its picturesque mountain views, national parks, and low state taxes made it rich buyer’s hotspot.

With wealthy professionals increasingly able to work remotely, the area is getting an influx of moneyed new residents – along with billionaire retreats.

An average new resident of the local Teton County earns $661,000 a year, compared to the $100,181 of people leaving, analysis by Jonathan Schechter found.

All this drove the average price of a single-family home in Jackson to more than $7 million – making the lot’s $1.675 million price a relative bargain.

The property has other attributes working in its favor too, starting with its location just off Cache Avenue with easy access to both the Town Square and Snow King Mountain.

Jackson City also zoned it Neighborhood High Density 1, allowing for the most developer-friendly design.

Having access to both a street and an alley, a deep-pocketed owner could construct a three-storey building with an apartment on each floor and parking at the back.

A vacant lot with this zoning hasn’t sold in Jackson for at least two years, and one with the next lower density level sold for $1.6 million last month.

Once the building is up, the apartments would sell for millions and a three-bedroom home could be rented out for $5,000 a month.