If life is a journey, you’ll have to admit that: 1) you’ve arrived in a pretty stunning spot and 2) that Big Sky is definitely one of the nicer destinations you’re likely to encounter on your travels.
Visitors to Big Sky are amongst a special coterie of voyager, outdoor enthusiasts and skiers. They come from all over the world and recognize that Big Sky is a unique, uncrowned and unpretentious place nestled in the Spanish Peaks and Gallatin National Forrest. Judging by the array of activities, careers and pursuits that residents and visitors to Big Sky engage in, they also amply demonstrate that life IS a journey.
Big Sky’s reach is extensive. When abroad, one is, not surprisingly, likely to run into a Big Sky denizen kayaking in Vietnam, fly-fishing in Patagonia, rafting the Salmon River, drilling for ice core samples in Antarctica or sharing lychee fruit with locals on an overnight train in China. Or to see Big Sky residents/doctors helping young Smile Train patients the Philippines, or as missionaries helping to build potable water distribution facilities in Africa, or providing engineering assistance to villages in South America. The list goes on and on, and is pretty impressive for a small community nestled in the mountains between Bozeman and Yellowstone National Park.
It’s an eclectic bunch that makes this place special. Oh, sure, the beauty of the setting is undeniable, the vistas are more than grand: witnessing the warm hues of the sun rising from a Moonlight Cabin, or the vibrant sunset alpenglow illuminating the Spanish Peaks and Yellow Mountain at dusk, and of course the very BIG evening sky, spotlighting constellations, planets and stars that look alive in the canopy overhead….however, that is
restating the obvious.
But it’s February and its prime ski season, with fresh cold smoke powder to shred and glades to navigate. And you are reading this to glean more about what is happening in the Real Estate market here. So here’s the scoop:
It’s a buyers’ market. Quite possibly it’s best buyers’ market in years, where cash is setting current market levels. Plenty of new development in the last few years has resulted in an abundance of availability inventory in our small market. The current “recessionary” pricing has sellers adapting to the realities of the market, levels in some cases 30-40% off of the market highs of 2006-07. Sales volume is creeping up as opportunities available to vacation homebuyers are meeting the pent up demand, and well-positioned and well-priced listings are being absorbed. A renewed interest in value as well as longer term ownership and investment is motivating buyers, with current lower price points allowing some to realize a dream they may have had to put on hold.
Interest in core locations is reemerging. Land opportunities in areas like the Meadow, Antler Ridge, Cascade and Aspen Groves are appealing buys. Lots, once available for as high as $400,000, are now listed for $175,000-$295,000, and offer attractive alternatives for those wishing to build their own dream home as construction costs have realigned. In the Meadow area, over the past year, half a dozen homes have traded in the $550-895,000 price range with no problems appraising.
Condo pricing has adjusted as well, with attractive listings in the Spanish Peaks Club near the Meadow golf course, where we recently sold four units, are getting snapped up. Listings in the Mountain Village base area at the Village Center offer affordable slopeside alternatives at close to or under $200,000. Saddle Ridge Town homes, recently listed in the high six figures, have readjusted into the $400-500,000 range.
A diverse selection of luxury second homes, some ski in-ski out, others tucked away and off of the beaten path, await those who want all of the “bells and whistles.” From the Yellowstone Club, where we recently closed on a 12MM custom spec home, to Diamond Hitch, where a 9000 sq. ft. home listed at $1,890,000 (reduced from $3,495,000) just went under contract, to the Club at Spanish Peaks where a 4 bedroom, 4 bath re-sale Settlement Cabin is attractively listed for $1,499,000, the selection of quality property
has not been this abundant for several years.
With that said, now is the time to contact your agent. Find your own needle in the haystack to call home.
http://www.prumt.com/property/feed/Montana/Big-Sky-Area/All-Types/nomin/nomax/pick-feed/All-Cities/All-Squarefoot/All-Acre/All-Bed/All-Bath/?subType=any&daysOnMarket=All-Days
Life IS a journey. Welcome to THIS destination.
By Eric Ossorio
ph: 406-539-9553
