News September 12, 2017

Housing Authority Building Goes Unsold

by Jackson Hole. Media

In March of 2007, The Teton County Housing Authority purchased the building located at 260 W. Broadway for $1,100,000.00. The building is on a ground lease that is currently $12,399.70 monthly or $148,796.00 annually. The building has three tenant spaces. Ste A is occupied by the Jackson Hole Chamber of Commerce, Ste B is occupied by Fine Dining Restaurant Group, LLC, and Ste C is occupied by TSA. Please see the attached Income and Expense Worksheet prepared by Brett McPeak of Jackson Hole Sotheby’s International Realty (formerly of Re/Max Obsidian) for financial information on the building. In June 2016 the Town Council and Board of County Commissioners directed and authorized the Jackson/Teton County Housing Authority to enter into a listing agreement with Mr. McPeak to sell the building at 260 W. Broadway. The listing agreement was signed June I 6, 2016. That agreement expired January 31, 2017. The asking price was $1,095,000.00 with a 5% commission if a buyer’s agent is involved or 4% if the listing agent brings the buyer. The listing agreement was renewed in February, 2017 with the same terms except the asking price was lowered to $995,000.00. This renewal expired August 1, 2017.

The building has not had any offers to purchase to date.  The renewal has the same terms as the original listing agreement.

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