Filed under: Real Estate Developments
Luxury real estate in Wyoming has taken a big blow with the sudden closure of Real Estate of Jackson Hole, the largest locally owned and operated real estate firm in the area. The company announced Monday it would close immediately after stakeholders turned down an anonymous investor's offer, as well failed plans to restructure. Many of the firm's brokers have begun to seek work elsewhere. Employees were asked to remove all personal items from company offices and remove all Real Estate of Jackson Hole yard signs from properties. The company had 70 agents listed on its webpage so many will be looking for work in a market that is a bit oversaturated with brokers. Underpinning all this is the stagnant real estate market which Rob Cheek, a top commercial broker who has been a realtor in Jackson Hole nearly 30 years, tells Planet Jackson Hole has been similar to the doldrums of recession of the mid-1980s.