Redevelopment of the Gill Addition, east of downtown Jackson, took another step last week with the sale of a home on four lots on Teton Avenue.
The lots, bordering the National Elk Refuge, now are occupied by a 3,674-square-foot house built in 1982. The house at 325 Teton has three bedrooms, three baths, a finished basement and a 1,700-square-foot garage.
The house was on the market in the $5 million range.
Realtor Greg Prugh, who had the listing for the property, is prominent in Jackson deals involving redevelopment of downtown lots with aging houses. Though he is not involved in the future of the property following the sale, he said, “It’s probably going to be redeveloped.”
The house went on the rental market right after it sold, with potential tenants told they could have the place for 18 months.
The property’s location along the Elk Refuge boundary, and the fact that’s already legally divided into four 0.17-acre lots, gives it two big attractions, said Prugh, owner of Prugh Real Estate.
“It’s rare to see property come on the market bordering the Elk Refuge,” Prugh said, “and by right the new owners have four separate lots” when they decide to do something with the property.
The subdivision’s closeness to downtown is another selling point, Prugh said.
“There’s a lot of interest because it walkable,” he said.
Given how small the lots are, Prugh said he didn’t expect to see four separate houses go up on them.
“I’d be very surprised if they did that,” Prugh said, “but I don’t know.”
More likely, he said, would be two or possibly three with a lot rearrangement that would spread them out by sacrificing the fourth.
Prugh said he saw that kind of trade-off in a recent realignment that turned three lots into two for a redevelopment.
The owners would give up the right to build four units to make fewer homes more attractive and more in line with the taste of modern homeowners.
“My guess is they’d want more space,” he said. “We’re seeing larger homes being built. People need the space.”
Gill Addition property has rebounded strongly from the Great Recession, Prugh said. He recalled one corner property just steps from 325 Teton Ave. that sold at the top of the real state market for $1.8 million, went at the bottom of the crash for $660,000 in a bank sale and now is back near its high.
Other houses in the neighborhood have recently sold at good prices, he said, “one going for $2.2 million, and a revamped home just sold for a million-nine.”
The house at 325 Teton was the home of Dick and Dian Bess, whose business ventures included the Spotted Horse Guest Ranch and the development of Car Corner, the gas station-convenience store at the corner of West Broadway and South Park Loop Road. They died in 2014.
The Gill Addition was subdivided in 1950, originally with 154 lots, though many neighboring parcels were bought by one person and developed as one home.