Dear valued clients,
The Wall Street Journal recently published a publication describing Driggs, Idaho’s recent growth and the expansion of Grand Targhee Resort. As a market we intimately work in, we want you to be aware of the implications and opportunities this new visibility of Teton Valley presents. A summary of the article is below.
Driggs, Idaho, a quaint town nestled along the Idaho/Wyoming border with a population of 2,200, is undergoing a surprising transformation. Despite lacking the nightclubs and high-end restaurants associated with luxury mountain resorts, Driggs has seen a remarkable surge in real estate activity since 2020. The median sale price for single-family homes in 2023 has soared to $1 million, up by an astonishing 78.6% from $560,000 in 2020. The population has also experienced a 12% increase from 2020 to 2022. The growth is attributed in part to arrivals during the COVID-19 pandemic and the anticipation of an expansion at the nearby Grand Targhee Resort.
However, this burgeoning development is met with mixed feelings among the community. Some residents worry that the expansion plans for the Grand Targhee Resort may lead to a shift in the town’s character, potentially resulting in traffic congestion, high-priced amenities, and an impact on the local way of life. Tensions have risen, with concerns about the cost of living and infrastructure maintenance under the weight of increased ski resort traffic. While some welcome the growth for its potential economic benefits, others, particularly recent Driggs transplants, are cautious about turning the town into an exclusive playground for the wealthy.
Despite the rapid changes, it’s noted that Driggs still lacks the infrastructure to sustain rapid expansion. Roads are narrow, the airport lacks commercial flight plans, and affordable housing is in short supply. Additionally, rising construction costs pose a significant barrier to accelerated development. For now, the future of Driggs as the next high-end mountain hot spot remains uncertain, with the community hoping for measured and responsible growth that preserves the town’s unique charm.
Link to full article here.
Sincerely,
The Harland Brothers Team
