Fine Homes Group

Things You Should Know Before Buying a Luxury Home

2012-01-09T17:00:00.000-07:00

Luxury New Market Realities

It's a great time to buy - really! Compared to real estate overall, the high end has seen a resurgence in sales but there is still no shortage of excellent buying opportunities. Equally desirable are interest rates, which even for jumbo loans are exceptionally low.
Trading up? Sell low, buy even lower. Even if you have to sell your current home for less than you want, chances are you still come out ahead. "Once you find out what a good deal you might get on your purchase, that big discount on your existing house will be much easier to stomach, " says Paul Boomsma, president of Luxury Portfolio International. Factor in ultra-low interest rates and the prospect of selling low becomes even more palatable.
Don't be surprised to discover you are not the only buyer in the marketplace. The opportunity to own a fabulous home for a fraction of the cost of only a few years ago continues to entice consumers worldwide; interest from international buyers in U.S. real estate has never been higher.
Multiple offers still happen. Even though there are a large number of homes for sale, really good inventory gets noticed. "When a property is done and priced at the market, it will definitely attract multiple offers and that's very surprising to buyers," says Betty Graham, president of the Coldwell Banker Previews International division for NRT.
Not all sellers are desperate. "Distressed sales are part of the market but they are not the whole market," observes Mark Nash, a Coldwell Banker Residential Brokerage agent in Chicago and author of "1,001 Tips for Buying and Selling a Home."
Taking a hard line in negotiations isn't always the best strategy; sometimes patience brings a better pay-off. It is important to "give buyers enough time so they will thoughtfully consider your offer," says Graham.
Cash is king. One of the biggest changes in the last five years is that more luxury buyers are opting for a cash deal. The motivation is not a lack of available loans; rather, luxury buyers understand they often can negotiate a better deal using cash, observes Joyce Rey, executive director of Coldwell Banker Previews International. "If there are fewer contingencies, then sellers are more likely to accept a lower price."
Don't worry if it's a buyer market or a sellers marketing; instead focus on getting a handle on what's happening today in your target location and price range.

Source: Unique Homes by Camilla McLaughlin

Pros and Cons of Owning a Home in a Historic District

2011-10-06T16:38:00.002-06:00

Buying a home within a local, state or national historic district most likely means you’re buying into a fascinating neighborhood with important history behind it. But along with the great past of your new home, there are all sorts of opportunities as well as important considerations to keep in mind.

Understand the Limits

Check with your real estate agent or local city government to understand what you can or can’t do to your home. Some cities have specific permits or building codes for historic districts that cover such areas: potential add-ons, types of windows allowed or various other exterior improvements on a historic home.

Take Advantage of the Savings

Many districts have tax incentives available for those that rehabilitate their home using approved standards. Some of these incentives have fairly distinct time requirements so check out all the rules in advance to maximize the possibilities.

Research Your Home

Most local libraries have a wealth of information on historic homes. Finding original photos of your home not only will impress your guests, but can also help you assess potential improvements to match up your home to its original look and feel.

You’ll Be Surprised

Whether you like to do it yourself or have others help you, odds are you’ll find something unexpected when you take on a home improvement project. Often, new homeowners of historic homes find things ranging from beautiful wainscoting behind wallboards or original woodwork sandwiched in between studs, behind a wall. The general rule is if you find it — make use of it!

Take a look at some of the Historic Homes Prudential Montana Real Estate has listed: http://www.finehomesmt.com/property/fineHomes/Montana/historic-homes/

September 26, 2011

Author:Mitch Robinson
http://www.zillow.com/blog/2011-09-26/pros-and-cons-of-owning-a-home-in-a-historic-district/

The Power of the Bobcat Spirit

2011-07-01T11:11:00.010-06:00

The Montana State University Bobcats are well-known throughout the beautiful state of Montana as well as the entire western region. The football rivalry between the MSU Bobcats and the University of Missoula’s Grizzlies is one of fame and fanatical proportions, especially to those who hold Bozeman or Missoula close to heart. For Bozeman and the surrounding Gallatin Valley area, the roar of autumn games and the community spirit that is experienced at the football stadium brings families, friends and colleagues together in camaraderie at its finest.

For years, the Bobcat Stadium has been bursting at its seams in an attempt to house all the cheers and energy the Bozeman fans exude. In May of 2008, in reaction to the obvious need for expansion, MSU’s Athletic Department revealed plans to enlarge the stadium over the next twenty years, a master plan totaling around $100 million. The “design team is comprised of a lot of MSU graduates,” stated Jim Bos, owner of the project’s creative company A & E Architects and a Montana State University alumnus. That the stadium expansion was designed by MSU alumni gives the whole football project a sense of passion. Everyone involved truly cares about the project and its success.

Now in 2011, the project has been underway for around three years, with the End Zone Expansion on track. The construction team broke ground in January of this year, with over one hundred people and fans attending the End Zone Ceremony. MSU President Waded Cruzado spoke, while other honorary players and fans stood close by, including legendary player Sonny Holland. The End Zone Expansion is clearly a community-induced effort to expand both the stadium and the hearts of the fans within the community. Those present took up the gold-painted shovels, complete with blue and white bows, and dug into a new beginning for Montana State University’s Bobcat Football.

With the expansion of the end zone, due to be completed by the first home game on September 10, 2011, around 5,000 additional seats will be available, as well as an entirely new scoreboard. The effort is representative of not only more seats for fans, but the way this Bozeman community can come together in order to reach a shared vision. The End Zone Expansion project itself is set to cost around $10 million, all of which was donated and raised by those in the community that care about its completion. In no other way can it be described but that Bozeman is passionate about its community spirit and has pride for its hometown Bobcats.

To learn more about the stadium expansion and purchase season tickets, visit: http://www.msubobcatstadium.com

Posted by:
Carla Dingman

Broker, CRS, GRI, ABR

2001 Stadium Drive, Ste. A

Bozeman, MT 59715

Phone:(406) 556-2258

Cell:(406) 570-9199

carla.dingman@prumt.com

What Makes Bozeman Special

2011-06-10T16:31:00.000-06:00

Community, outreach, involvement, giving back; these are words that strike a chord with those of Bozeman, Montana and fully exemplify the spirit of this vibrant community. This is not only apparent with the countless non-profit and volunteer organizations as well as resident involvement around town; it is printed in almost every newspaper Bozeman has to offer.
One recent newspaper headline included “There’s One Team. We’re All On It.” The 2011 Special Olympics Montana State Summer Games were held this past May in Bozeman, enveloping the area with even more heart and togetherness as volunteers (including Prudential Montana Real Estate) and sponsors engaged themselves in the program to Live a Little Louder. This consistent and inspiring theme for the Games applied to those amazing athletes participating from all over the state, as well as those there for support.

With over 1,000 athletes and 2,600 volunteers absorbing themselves in the Games, there were around four thousand people soaking up every ounce of humanity, celebration and hope the Special Olympics inevitably emanates. By closely and personally participating in the volunteer work supporting the Games, I know how magical and contagious the smiles on those athletes’ faces are and how that happiness is able to spread throughout Bozeman. Prudential Montana Real Estate’s ability to be involved is both a pleasure and a chance to cohesively work side-by-side in promoting that community bond that Bozeman embraces. As John Parkes, the Special Olympics’ Honorary Games Chairman stated, “Special Olympics is the inspiration to believe in a more hopeful world – not just during this week but every day of the year. Because of Special Olympics, [Bozeman is] living a lot louder.”

Posted by:

Heidi Parkes

Broker/CRS

Prudential Montana Real Estate

2001 Stadium Drive, Ste. A

Bozeman, MT 59715

heidi.parkes@prumt.com

cell: 406-539-0222

CASH SALES ON THE INCREASE

2011-04-29T15:05:00.000-06:00

Both nationally and locally real estate brokers have noticed an increase in the number of cash transactions.

For example, between January 1, 2010 and late March 2011 of 166 transactions in Big Sky, 72 or 43 percent have closed with cash. According to a recent article in the San Francisco Examiner in January 2011, 28.7 percent of the sales closed with cash. Also in January, 2011, 46 percent of real estate transactions in Toledo, Ohio were cash sales. The MLS of Central Oregon that tracks sales in the Bend, Oregon area noted that 32 percent of the sales in February were cash transactions.

The National Association of Realtors noted that 54.2 percent of the sales in Miami, 45.9 percent in Las Vegas, 44.9 percent in Tampa and 35.6 percent of the sales in Phoenix were cash transactions. These four cities were all hit pretty hard by the recent recession and prices were dramatically reduced due to numerous foreclosures and short sales.

While there are a number of reasons for this increase in cash sales, such as foreign investment, cashing out equity in other properties or investments or using cash and a quick close as a negotiation strategy, there is also another potential reason: the return of the investment buyer.

Investment buyers look for opportunity; the combination of motivated sellers, short sales and foreclosures combined with a lot of inventory creates an almost ideal situation for those investment minded buyers. This also could be a signal that many buyers believe that we are close or at the bottom of the market. Already in Big Sky we are seeing significant market absorption in certain areas and price ranges.

Posted by

Don Pilotte, Broker, GRI, RRS

Big Sky Office
55 Lone Peak Drive
Suite 3
Big Sky MT 59716
don.pilotte@prumt.com
cell: 406-580-0155

SECOND HOME DEMAND INCREASES

2011-04-20T11:41:00.000-06:00

According to a recent article in the Wall Street Journal the market for vacation homes appears to be increasing. This is also supported by the 2010 National Association of Realtors Investment and Vacation Home Buyers Survey where one in ten home buyers purchased a vacation home in the previous year. Sales in Big Sky and the Bozeman area also support an increased interest in investment and second homes.

Interestingly in most markets where demand has improved, prices have not increased. A broker in Hilton Head, S.C., noted that many buyers are purchasing the low end of the market and in New York’s Hamptons area another broker noted that sellers have become aware that homes have to be well priced to sell. The Hampton market has increased because the prices are now mostly where they should be, according to the broker. Data from the Southwest Montana MLS supports those trends in this part of the state.

The sales data below represents sales in the Big Sky area. The data from 2011 represents closed transactions between January 1, 2011 and March 27, 2011. In addition to the closed volume noted below for 2011, there is currently another $12,263,900 in pending transactions combining to total almost $30 million in sales during the first three months of 2011.

YEAR MEDIAN SALES PRICE & DOM VOLUME SALES

2011 $368,201 105 $17,683,201 39

2010 $350,000 101 $70,998,176 139

2009 $350,000 165 $53,789,868 93

2008 $615,000 210 $92,236,284 89

2007 $687,500 163 $120,655,988 118

The average sales price decreased from 2007 through 2010, but in 2011 the average sales price increased due to several sales near the very top end of the listed homes in Big Sky.

YEAR AVERAGE SALES PRICE

2011 $769,230

2010 $510,778

2009 $578,385

2008 $1,036,362

2007 $1,022,508

Posted by

Don Pilotte, Broker, GRI, RRS

Prudential Montana Real Estate

Big Sky Office- Town Center

55 Lone Peak Drive Ste. 3

Big Sky MT 59716

cell: 406-995-4060

email: don.pilotte@prumt.com

Oh, The Times, They Are a-Changin‘ ...

2011-04-07T11:10:00.000-06:00

For the past two years, what exactly the phrase “there’s a light at the end of the tunnel” was meant to convey was wide open for interpretation. So often recited by the news media, pundits and economists, the phase conjured up different meanings for different people....often different meanings to the same people at different times of the day. Some saw the “light” as heralding the swift end to the current “recession”...for others the “light” signified the locomotive beam of a train which was not bound for glory... rather the unavoidable demise of our civilization as we know it and like to think of it. And others thought they had slept through their stop and were heading for the maintenance yard.
But, The Times, They Are a-Changin‘ : perhaps its not an immediate return to the salad days of the previous mid-decade, when an upward trajectory of values seemed both an entitlement and inevitability...but the specter of masses of Dr. Zhivagos and Laras surviving a bleak future by foraging for furniture and wood on the streets to burn for warmth has quietly morphed into better corporate earnings reports, stock market rallies, modest job growth and even the odd account of real estate sale stability in New York. Of course, these more optimistic sentiments are tempered by the looming Federal deficit, foreclosure overhang, skyrocketing price of copper and continued de-leveraging of a large swath of the economy. There’s a sword of Damocles around every corner. Yet, even coverage of the current turmoil in Cairo, while rightly a front page story, seems to be more balanced and less hysterical than it might have been 18 months ago. Looking either forward or backwards has some uses, most often to remind us that there is “no time like the present.”

So, what does all of this have to do with the State of the Real Estate Market in Big Sky? Well, it may be down, but its not out. In fact, its showing real signs of life. As explained in the intro classes of Econ 101, when demand increases, prices adjust upwards until ultimately demand slows which then puts pressure on pricing to decrease, and, with luck, revives market demand. A really scary scenario would be that prices continue to decline and no one comes to the party...and the result would be “economic obsolescence” and a “ghost town” (by the way, there are a few nearby well worth visiting on a nice summers day) or, like when the grocer waits too long to mark down the brown bananas and the fruit flies begin to swarm and banana bread is not even an alternative.

Happily, market activity in Big Sky is reviving: while not exactly vibrant, there are 21 transactions pending and 6 properties closed in January of 2011. The Big Sky demand rush had been so pronounced a few years ago and the market and expectations got way ahead of themselves...all that talk about Big Sky becoming the next Vail! (While Vail is a popular, if somewhat overcrowded and yet quaint ski resort in Colorado, its setting, overlooking the stunning I-70 corridor is rather unfavorable, so it’s unfair to compare Vail to Big Sky...).

Pricing adjustments are still somewhat in flux...with some pricing facing further pressure, while other properties (that old “location, location, location” thing) showing more resilience. The properties that were sold or are now “pending” run the gamut...from studio condos to vacant lots, from a Moonlight Chalet to single family Meadow home. But the range has narrowed considerably, and for Sellers and Buyers with a realistic expectation of selling or buying, that light at the end of the tunnel is less relevant. So, while the future is uncertain, and the past, well at least the recent past, should be all but forgotten, when you look over the alternatives, this is a pretty special place in the here and now.

By Eric Ossorio, Broker
Prudential Montana Real Estate
Big Sky Office
55 Lone Peak Drive Ste. 3
Big Sky MT
59716
eric.ossorio@prumt.com
406-995-4060

Kids Skiing in Bozeman, Montana

2011-02-01T11:54:00.000-07:00

When you live here in Bozeman, you know you are fortunate. Going on a vacation offers a quick break from winter, bigger shopping malls, and a change of scenery, but it is amazing how many locals say that the drive down the Frontage Road from the airport to home always brings a sigh of relief.

Kids growing up here realize very young that there is always something to do each season outside. Many cities and states have indoor play areas with anything from arcades to ice skating. Bozeman is an outdoor play area. Kids spend their winter days sledding, ice skating and skiing. We are blessed to have two great shi areas close to us. Big Sky Ski Resort is a quick hour away and offers amazing skiing, dining and a resort feel. Bridger Bowl is the local ski area. It is a quick twenty minute trip from town and has great skiing and a local feel.

One of the great services that Bridger Bowl offers is the “Kids Free Ski Bus”. Only for kids, they meet at the local fairgrounds and Bridger Bowl runs as many busses as there are kids. Leaving at 8:30am, the kids make the early run. They ski all day and catch a return bus at 4:00 at the ski hill closing, arriving back to town at 4:30pm. The bus runs both weekends and all school holidays, making it a convenient way for the kids to meet their friends and get outside to spend the day on the hill.

The morning drop off looks like an ant hill of excited and animated kids surrounded by ski gear, sitting on the snow bank planning the days adventure ahead of them. At pickup, a far quieter group comes off the bus, tired from a full day, but eager to retell their adventures and accomplishments and show off their pictures and videos.

As a parent of a 12 and 15 year old, I was initially hesitant to send my kids on a day when we did not ski as a family. But, time and time again Bridger Bowl has proven itself to be an efficiently fun ski hill with an amazing staff that is always present to help if needed. That and the reminder that I could not keep up with them skiing if I tried make the bus a great option.

By Kristen Hoell

Broker, CRS, GRI, ABR

Prudential Montana Real Estate

1925 N 22nd Ave, Ste. 201

Bozeman MT

59718

406-556-7708

For what its worth...

2011-01-03T11:24:00.000-07:00

At times there seems to be too much information thrown at us...and when the reports are contradictory day to day and from news source to news source, making sense of it all can be a challenge. Still, all in all, 2010 was a pretty good year in Big Sky. Once again the Canyon is aglow with a steady stream of headlights during both the morning and late afternoon. Occupancy at the Mountain Village is near capacity, the Yellowstone Club is breaking attendance records and its a good idea to call ahead for a dinner reservation.

The number of pending/closed sales reported in the Big Sky MLS for 2009 topped out at 130, with 118 actual closings (several closings spilled over into 2010) while in 2010 we’re seeing 172 pending/closed MLS sales, with 166 already closed, close to a 40% increase in number of transactions. 2010 closed sales show that 71 properties sold for under $300,000, 42 properties were sold between $300,001 and $500,000, 27 properties were sold between $500,001 and $750,000, 19 properties were sold between $750,001 and $1,500,000 and 6 properties were sold for over $1,500,000, with two of those 6 very close to the $3,000,000 mark, representing $77.7 million in sales, a 18% increase in the value of the market.

Compared with the final tally in 2009 of 118 MLS closings, 50 properties sold for under $300,000, 27 between $300,001 and $500,000, 18 properties between $500,001 and $750,000 and 19 (again) properties between $ 750,001 and $1,500,000 and 4 properties sold for over $1,500,000, with two sales over $4,000,000, representing $65.1 million in sales.

Land sales remained steady from 2009 at 16 parcels, far below the land “boom” year of 2004, which saw 64 sales, yet more in line with 2005 pricing than the price peaks seen in 2006 when 19 properties sold.

The color coded chart below graphically illustrates the increase in the number of sales as well as the relative consistency of the price distribution in various categories (no magic there...just seemed like logical and interesting price points to differentiate between).

Growth in the area has been steady and infrastructure improvements have kept apace, with an added amenity in the Town Center, the Alpine Ice Rink, which is hosting the very first Pavelich Invitational Hockey Game to open the New Year (yes...thats our own Marty Pavelich and Gordie Howe teammate of Detroit Red Wings fame...). The Lone Peak High School has become a solid compliment to the Ophir Elementary and Ophir Middle Schools, providing educational opportunities to over 200 students.

2010 Census Data reports that the population of the USA grew by 9.7% since 2000, keeping pace with the growth of the population of Montana during the same time frame, also increasing by 9.7% to 989,415 residents, while growth in the Western Region grew at a 13.8% pace. During that period, the population increases were most dramatic in the Western portion of the State, with Gallatin County growing by over 30% with a large part of that growth occurring in Bozeman, which saw close to 25% growth.

So many improvements to Highway 191 are now taken for granted, and the airport expansion at Gallatin Filed, from 75,000 square feet in the terminal, to over 200,000 square feet, with more baggage carousels, parking and gates, should be completed by the end of 2011. Gallatin Field saw that 2010 was the busiest year at the airport with a increase of over 10,000 passengers more than the previous busiest year at the airport, 2008. Several additional direct flights to and from Bozeman are in the works, and new overnight facilities for larger planes will help to accommodate increased passenger counts well into the future.

And what about these snow and skiing conditions? Pretty amazing, eh? So we continue to be grateful for small things and the reminders that we’re in a special place.

By Eric Ossorio

Broker

Prudential Montana Real Estate

55 Lone Peak Drive

Suite 3

Big Sky, Montana 59716

406-995-4060

eric.ossorio@prumt.com

CALLING ALL ANIMAL LOVERS

2010-12-16T15:59:00.000-07:00

To characterize Bozeman as an animal friendly community is a huge understatement! We are so lucky to have a shelter that is truly a template for shelters all over the US: Heart of the Valley Animal Shelter (“HOV”).

Claire Gillam, HOV Board Member

As a past Board President, I was privileged to spend a lot of time at Heart of the Valley interacting with a talented, dedicated and professional staff and also working closely with an exceptional board to fund raise and make sure our PR and Marketing communications did justice to our amazing shelter. In addition to the major fund raising event of each year held in June, the Dog Ball, it is important to give back to the community that supports HOV: since 2008, Woofstock has been the day of giving back in September, a day filled with activities and fun for the whole family and their pets. More than 1,000 people and 3,000 dogs participated in 2010!

Peg Potter, Volunteer

Every animal receives loving care and attention each day and a veritable army of volunteers receives training specifically adapted to cats and dogs before they begin handling the animals. A full- time veterinarian and assistant are available in a state of the art hospital on the premises. A 15 acre off lease park is open to the public 7 days a week and only closed at certain hours to allow the shelter canines to stretch their legs. The community room is also open to the public for children’s and pet’s birthday parties and the summer day camp for children 6-12 has become a must do for Bozeman’s youngsters from June-August.

Please check out Heart of the Valley’s web site at www.heartofthevalleyshelter.org and feel free to call Kathryn Hohmann, Development Director or Kari Chiocchi, Volunteer & Education Manager at 388 9399 to arrange to tour the facility. But be warned, you will lose your heart to one of the many cats or dogs looking for their forever home!

Written by Nancy Palmer, Past HOV Board President

The answer is YES

2010-12-02T17:04:00.000-07:00

The answer is YES.

By the time you are reading this we will probably not know a whole lot more about where the real estate market is heading than we did back in the late summer, but we’ll look for some clues by reviewing where we’ve been. The market has been trolling for a bottom for, well, lets just say for what seems like a very long time now. Clearly, the “highs” of the 2005-2006 market era retreated dramatically as the false sense of absorption and demand that a surge of speculative acquisition brought into being gave way to more need based purchases and a corresponding drop in volume.

Still, while looking in the rear view mirror is not a great way to predict what lies ahead, reviewing the past can shed some light on our journey. Looking back into 2004, there were 212 MLS reported transaction in the Big Sky and Canyon markets. While MLS had been introduced to the Big Sky area in 2003, I’m going to discount it as a unreliable metric due to its uneven use by the local real estate community at that time. By 2004, the use of MLS information was more universal and representative, resulting in sales of 212 properties in all categories: homes, condos, town-homes, small and larger lots. Anything on MLS (Multiple Listing Service). 2005 saw absorption of 207 properties in our market. Interest rates were low and lender underwriting standards were, well, a work in progress. Several projects came on line: land subdivisions, condos and a raft of speculative houses, yet by 2006, the year many consider the “peak” of the bubble and certainly a year in which there were some astounding and escalating price points, MLS closings dropped to 178 units, then 140 units in 2007 (the year that the “recession” officially began...). By 2008, a year that saw the complete upending of the American financial system, the closing of Lehman Brothers and coining of the satirical and caustic phrase “Too Big To Fail”, there was a slight decline in absorption to 121 closings reported on MLS and speculative building had all but ceased. Not many shovels were going into the ground. Inasmuch as the financial meltdown occurred closer to the 4th quarter of 2008, closings during the first 6 month of 2008 ran at more than double the pace than during the final 6 months and led into 2009 which saw another slight decline by 4 closings, with absorption of 117 units. It certainly did feel like 2009 was a slow year.

So, what’s happened thus far in 2010? Year to date (January 1, 2010 to November 15th, 2010) the market absorbed 151 properties, a full 20% jump in units closed on MLS over fiscal 2009, with 6 weeks left to go in 2010. What appears int the rear view mirror is the decline from 2004 into the valley of 2009 and the increase in absorption in 2010, topped off with a legendary snowfall this November.

MLS may offer an imperfect metric, and the underlaying layers of data and values should be reviewed for pertinence to a particular market layer, but its clear that any question of the resiliency of the Big Sky market would be answered with a resounding “yes”.

By Eric Ossorio
Broker
Prudential Montana Real Estate
55 Lone Peak Drive, Ste. 3
Big Sky, MT 59716
406-995-4060
eric.ossorio@prumt.com

FINE HOME MARKETS IN SOUTH WEST MONTANA

2010-12-01T15:58:00.000-07:00

The fine home market in Southwestern Montana is recovering, with the local MLS reporting a slight increase in the number of sales and volume for 2010, yet this volume is still much lower than 2007.

The Average Sale Price for the fine home market, in our area, has remained relatively stable in the past four years; perhaps more stable than almost any other segment of the area’s real estate market. The Days on Market have increased since 2007 and remain much higher also indicating a continued slow market.

YEAR AVERAGE SALE PRICE DAYS ON MARKET

2007 $1,493,765 171

2008 $1,641,525 260

2009 $1,639,633 296

2010 $1,444,898 310

The sales volume decreased dramatically in 2009, but we are seeing a slight increase in the volume and number of transactions in 2010.

YEAR TOTAL SALES VOLUME # OF TRANSACTIONS

2007 $164,314,206 110

2008 $142,812,745 87

2009 $59,026,803 36

2010 $65,020,450 51

While conducting a survey of people whose incomes are greater than $306,000.00 per year and are buyers, United Marketing found that the percentage of those people planning to buy homes rose from 3% in 2008 to 11% currently.

The CEO of the Institute for Luxury Home Marketing, Laurie Moore-Moore, said that while the luxury market is not booming, she is seeing sellers who are more realistic about prices and that are influencing buyers.

“After waiting in the wings, many affluent buyers spent the summer shopping for value and snapping up trophy properties” according to Moore-Moore.

Also helping this portion of the real estate market is the return of jumbo mortgages. These loans are more available than in the past two years as many small and regional banks are offering them once again. Jumbo lending increased 30% in the second quarter of the year when compared to the first quarter.

For the first six months of this year Wells Fargo jumbo lending is up 47.5%, while J.P. Morgan Chase’s jumbos have increased by 146%.

Still, qualifying for these larger loans will be strict. Down payments will range between 20 to 40%, excellent credit scores are mandatory and verification of income is necessary.

By Don Pilotte
Broker, GRI, RRS
Big Sky, Montana

55 Lone Peak Dr, Ste. 3
Big Sky, Montana 59716
Cell: 406-580-0155
Office:406-995-4060

BOZEMAN – A COMMUNITY BLENDING TRADITIONS OF THE OLD WEST & BIG CITY SOPHISTICATION

2010-11-18T10:06:00.000-07:00

Many clients looking for the perfect luxury second home, ranch or recreational property take months to preview and get to know an area before buying – after all, the investment is considerable and the decision often based on how much use a property will get.

Bozeman often trumps other locations, primarily luxury resorts, for the following reasons:

· The community spirit of giving back and caring about others.
· The easy access to a large variety of year ‘round outdoor activities – voted the top ski town in the US by Powder Magazine
· Outstanding university and K-12 schools
· The quality of life factor – where people work and play hard
· A strong, cutting edge agricultural tradition and dedication to raising the best – whether cattle, sheep or the versatile American Quarter Horse
· The Museum of the Rockies, affiliated with the Smithsonian in Washington, DC
· A Children’s, Computer and Pioneer Museums and Emerson Cultural Center
· A wealth of art galleries and talented local artists
· Local authors with national recognition
· A large selection of restaurants offering traditional American and International cuisine
· A symphony orchestra, ballet school and Inter-Mountain opera in collaboration with the Metropolitan Opera in New York City
· Volunteer board opportunities for many locally based non-profits

Even today, Montanans continue to exemplify the pioneer tradition of welcoming new comers and reaching out whenever help is needed.

Bozeman’s vibrant main street is the heart beat and soul of a very special Last Best Place.

So please take the time to stop for coffee and stroll – whether you are a resident or thinking about buying property here!

By Nancy Palmer, Sales Associate

Prudential Montana Real Estate

2001 Stadium Drive, Ste. A
Bozeman, MT 59715

cell: (406) 539-7324

nancy.palmer@prumt.com

Big Sky: You’re Welcome!

2010-07-23T15:56:00.000-06:00

It’s early in June when the Montana Department of Transportation begins to repave and chip seal MT 64 (the Spur Road). Despite the fact that it’s still soggy and overcast, and winter is very slow in releasing its grip to summer, bright yellow Knife River trucks and equipment seem to suddenly appear everywhere at once. Flaggers with bright neon safety vests take up positions along side the road to alert drivers of the roadwork ahead. In the early morning they clutch thermoses and stomp their feet to ward off the chill. Elk are gathered in the open areas barley visible from the road where they bedded the night before, whisps of mist evaporating as the day warms. Its characteristic of Montana Mountain spring weather: a ceremonial display of nature lurching from one season into the next.

It’s a perfect backdrop for the “Spring Cleaning” underway.

The delays and improvements along Highway 191, while now very much appreciated, have now faded into the past, and soon it’ll be “Showtime” in Big Sky: the vestiges of snow melted away, with grasses and glacier lilies having taken over the landscape. By the end of June and early July, fewer road crews will visible on the Spur Road as they shift their focus to other arterials….until the chip sealing begins….Traffic began to pick up just in time to miss the longest delays. By early July RV campers and trailers with exotic names like Scamp and Wildcat (who makes these names up?) slowly will have replaced the heavy equipment, now set up along another roadway.

The Gallatin River is raging, summer events calendar is filling up, and warm sunny days are here. Attendance at Yellowstone National Park set an all time record in 2009, with 3.3 million visitors. When the park opened up to vehicle traffic on April 16th it looked as if summer of 2010 was shaping up to be a very popular summer destination again. Apparently, some of those visitors are coming back, and others found their way to Big Sky.

What a difference a year makes.

Since the dark days of early 2009, 173 MLS properties closed in Big Sky, with prices ranging from $53,000 on the low end to over $5,000,0000 on the high end. 80 of those properties closed in the first half of 2010 and there are currently 21 “pending” sales in the chute, and its only June…so something is going on. That’s not to say that we have a new bubble forming, but buyers continue chipping away at the inventory as pricing adjusts to market expectations. Some buyers are even finding that properties that seemed like a good buy back in February have sold or owners, who are less distraught over the future, have withdrawn listing. There are now 397 properties listed for sale in the Big Sky area, down over 30% (mirroring the stock market, eh?), a considerable reduction from a year ago when there were over 625 properties available at any one time, though it did seem as if there were more. There is only one (1) SSPBA (short sale pending bank approval). Unfortunately, there are still a few properties that are in other stages of distress, however. Using a silly absorption formula, if another 80 properties close in 2010, for a total of 160 sales, then there are 2 years and 4 months of inventory remaining.
Of course, we’re not shutting the doors. At least not quite yet. But the tide doesn’t seem to be rushing out quite as quickly or with such conviction. The adjustments have been painful, to be sure. And there may be more in the way of adjustments to come. But we can be and are grateful for the natural beauty surrounding Big Sky that no CDO, CDS or toxic mortgage can take away. And for that we say: “Thank you.”

And if you listen closely you’ll hear the whispering aspens say: You’re Welcome!

By Eric Ossorio
Broker
Prudential Montana Real Estate
55 Lone Peak Drive Ste. 3
Big Sky MT 59716
Eric.ossorio@prumt.com
p. 406-995-4040

Jumbo Home Loans

2010-06-11T16:27:00.000-06:00

The jumbo loan market seems to be opening up a bit, based on several recent articles and recent lending trends.

According to an interview with Vijay Lala of Bank of America Home Loans, in 2009 the larger national lenders like BofA began making more jumbo loans. These large lenders were the only ones with the financial strength to hold the loans. Small lenders without the ability to securitize jumbo mortgages, or unable to hold loans in their portfolios could not get into the market.

However that seems to be changing, as the securities market for jumbo loans is coming back. Based on a recent article in the Washington Post, Redwood Trust, in a SEC filing, said it would sell $222 million in securities backed by pools of jumbo mortgages. The article stated that the average balance would be $933,000.00. These would be the first securities issued since the market collapsed.

If Redwood Trust is successful in attracting investors, lenders in other national banks should begin to consider also making jumbo loans, providing more completion.

Jumbo loan rates are currently about 6% and are down from about 8% during the top of the mortgage crisis. Lenders are currently requiring at least 20 percent down and approval times can be lengthy.

This trend is good news for our Big Sky and Bozeman markets as we have quite a few properties that require jumbo loans. Combined with the excellent values and large selection currently available in our markets, buyers have a wonderful window of opportunity to acquire a tremendous property at an adjusted price.

For example, the Southwest Montana Listing Service currently is showing 145 properties listed in Areas 1 and 2 (Bozeman area) that are priced above $700,000.00 and 84 homes in Big Sky priced above $1M; a great selection from which to choose a new fine home! In conducting a search of sold properties for 2009 the MLS shows that 10 fine home properties in Big Sky and 23 in Bozeman closed during 2009. This compares to the first quarter of 2010 where 9 homes in Big Sky and 18 in Bozeman are closed or are pending during only the first quarter of 2010. Clearly the higher end market is beginning to pick up some momentum once again.

Posted by
Don Pilotte, Broker, GRI, RRS
Prudential Montana Real Estate
Big Sky Office
55 Lone Peak Dr, Ste. 3
Big Sky, Montana 59716
cell:(406) 580-0155
direct:(406) 995-4060
email:don.pilotte@prumt.com

Baby Boomers Buying in Bozeman, MT

2010-05-07T16:13:00.000-06:00

According to the Center for the Rocky Mountain West (CRMW), Baby Boomers are shifting the traditional demographic pattern from that of retirement to warm climes to that of retirement to the cooler, mountainous regions of the Rockies, particularly Wyoming and Montana. This, in turn, is shifting the average age of the population of these states from a relatively younger to a significantly older average age. Baby Boomers are retreating north, buying homes and other types of real estate in Rocky Mountain cities, enjoying the relative quiet and freshness of the Rockies, and loving it!

In late 2007, The Center For The Rocky Mountain West, stated that by 2030, Census Bureau predicted that Montana would rank fifth and Wyoming third in the nation for their over-65 populations.

Montana set up a trust fund in 2007 so the Treasure State’s older population would have health care access and other key services, even in Montana's rural regions.

According to Charlie Rehbein, chief of the Montana Aging Services Bureau in 2007, "We’ve done projections and seeing our elderly population doubling in the next 10 to 15 years...I think it’s going to have a tremendous impact."

According to the Center for the Rocky Mountain West in Missoula, Montana, "One challenge is that the two states already have very low unemployment, around 3 percent, and could face a real labor crunch when the oldest baby boomers hit 65 in 2011."

Larry Swanson, an economist and director for CRMW stated in 2007, "We haven’t seen anything yet, because the exodus has not really begun out of the work force. That’s going to begin in two or three years.’’

Due to the 2008 economic crisis, Rehbein's and Swanson's predictions may be forestalled another few years, but, nonetheless, it’s been my experience in the last 6 months that Baby-Boomers are visiting and purchasing southwest Montana real estate as evidenced by the uptick in late 2009 and early 2010 of both residential and luxury home sales.

In just the past 2 months I’ve served 6 out-of-state Baby Boomers choosing Bozeman not as a second-home town but as their primary hometown because of Bozeman’s quality of life. Bozeman is a health-conscious, University town, appealing to artists, outdoor recreationists, and entrepreneurs. And, Bozeman offers a state-of-the-art health-care facility ; excellent, multifarious dining; a western rodeo; many art galleries; house to a regional, summer arts and crafts festival; a symphony and opera; a community committed to its people, healthy living, and so much more.

Baby-Boomers are exploring many Rocky Mountain cities but Bozeman, Montana is winning their hearts and souls.

Photos courtesy of the Downtown Bozeman Partnership.

By Tauyna Fagan, Sales Associate, ABR, GRI

Prudential Montana Real Estate

2001 Stadium Drive, Ste. A

Bozeman MT 59715

Phone:(406) 556-7744

Cell:(406) 579-9683

Email:taunya@taunyafagan.com

The Big Sky Winter Season Wrap up 2009-2010….

2010-04-28T11:29:00.001-06:00

For those of us who have watched and participated in the Real Estate arena for 15-20 years or longer, the events of the last 4 years, the rapid run up in values followed by a subsequent and precipitous decline and realignment, were less surprising than the recognition that, despite instantaneous MLS data, weekly Case-Shiller index reports, appraisals, game theory based negotiations and USA Today headlines, we have to own up to the fact that some cycles just can’t be controlled. At least not yet.

Staying at the Lone Mountain Ranch for a week, enjoying three fabulous meals each day, soaking in the spa, visiting with family and new friends, is likely to be both relaxing and to expand one’s waistline…so feigning surprise that the dial on the scale has moved is predictable, yet mostly theatrical. It’s going to happen.

The factors that contributed to the “bubble” in Big Sky mirrored similar factors that swept across other communities and markets around the country. Essentially too much money chasing too few assets…and, while, of course, there were many interrelated and unrelated elements that economists and analysts will study intensely for years to come to try to understand and learn from with the goal of taming these cycles in the future, the perverse reality might just be that not only will these cycles continue to be repeated occasionally, but that its these cycles that create the environment for vibrant markets.

Given the refinement of modern day economic theory and the availability of quantitative computing power, which allows for complex market evaluations, it would, of course, be more comforting (but less thrilling) to have the ability to more accurately and precisely project future outcomes. Derived from the mathematical foundations developed to describe and comprehend scientific principals of the physical world, Physicists can, to a large extent, predict the behavior of planets, elements and space. However, as we are learning first hand, economists and real estate market followers have to rely on a different set of parameters.

So what does any of this to do with the Big Sky real estate market?

Well, the Big Draw to Big Sky is its natural beauty and out doors. Sure, its easy enough to get to, and getting easier all of the time with additional flights, the expansion of the airport to accommodate more and larger planes. The skiing is unbeatable (anyone taste that fresh powder on March 26th?). Fishing access is wonderful, with endless hiking, great summer concerts, top-of-the-line restaurants. The park (Yellowstone National Park) is so full of sights that new discoveries are everyday occurrences. We don’t need air-conditioning, the big horn sheep licking salt of the roads still make even locals slow down to watch, and relaxation seems to come naturally.

Yet, Big Sky defies quantitative analysis for many. Which isn’t to say that no information is preferable to good information…it’s just that an analysis of the Big Sky real estate market is more akin to the subtlety associated with biological systems, combined with a hint of a Zen like acceptance that you have to be here to really experience it, than an analytical scientific approach to predicting risk and reward.

And what does that mean? Well, despite the limitations in the lending arena, there are a lot of green shoots emerging. Lenders may have provided too much oxygen as stimulus helping to create the “bubble”, and then too quickly shut off the oxygen forcing that same bubble to contract. Still, like any healthy ecosystem, the participants have adapted. Exchanges between sellers and buyers are underway and increasing. With pricing at less extravagant and artificial levels, the values seem more intuitive, and market activity in the Big Sky thrives.

Despite many predictions and studies to the contrary, 21 years after the “devastating” fires in Yellowstone National Park, the forests there are healthier than ever. And even with normal and unavoidable cycles, the miracle of life continues. Be a part of it.

By Eric Ossorio
Broker
Prudential Montana Real Estate
55 Lone Peak Drive Ste. 3
Big Sky MT 59716
Eric.ossorio@prumt.com
p. 406-995-4040

Bozeman Trail System

2010-04-07T09:29:00.000-06:00

One of the greatest parts of the community in Bozeman, Montana is it’s trail system. The Gallatin Valley Land Trust (www.gvlt.org) has worked since 1991 to create and improve Bozeman’s trail system to provide trail access from Bozeman’s historic Main Street to the mountains both to the north and south. Encompasing over 50 miles, the trail system winds through community neighborhoods and allows people to explore Bozeman.

Actively used, the trails vary from level, for a leisurely walk, to steep, offering a great hike. Used year round, they provide great access for foot traffic, snowshoes, cross country skiing and bicycles. Throughout the winter a pair of Yak-trax on your shoes will get you most places!

Some trails, like Peet’s Hill, in the center of town offer off-leash walking for dogs. Peet’s Hill is a very popular destination and a busy one too. Just a quick trip to the edge of town, the “M” and Drinking Horse Mountain offer a more rigorous hike. http://www.gvlt.org/images/trails_maps/BigMap.jpg

Whichever trail you choose, they each provide you an opportunity to enjoy the amazing mountain views we are blessed to have, surround yourself in wildlife and get great exercise.

Posted by Kristen Hoell, Broker, CRS, GRI, ABR

1925 N 22nd Ave Suite 201

Bozeman, MT 59718

cell: 406-580-0245

email: kristen.hoell@prumt.com

Crust Cruising

2010-04-07T09:16:00.000-06:00

Well you know spring has sprung here at Ross Peak Ranch, in the heart of the Bridger Mountains Snow Belt, as the surface of the snow has stiffened with the diurnal warmth and freezing of the coming spring, making the snow supportable for the skinniest of skis (the Nordic racing ski). With the skis already waxed and propped against the wide plank siding boards of our reverently called ski shack, we are ready to ski as the conditions ripen. These conditions only occur in the spring and last for a short period, as the snow goes through its transition from winter powder to spring runoff. This is the powder days of the Nordic traveler, Crust Cruising!! When the gorgeous rolling alpine meadows covered in a smooth almost sensuous blanket of frozen snow allows you to skate effortlessly over the terrain, laced with the sub alpine firs and pines. What a special time of year!! With a quick phone call to Bohart Ranch Cross Country Ski Center, to let them know we will be skiing through there today, we can then link the alpine meadows of our home with endless ski terrain in the Bracket creek and Bridger creek drainages.

What a special day. Today the snow gods smiled down upon us here at Ross Peak Ranch, laying down a dusting of powdery snow that not only enhanced the skiing pleasure of the spring crust, but added to the visual effects of sunlight reflecting colors off the newly fallen snow crystals. The rolling meadows were smooth and silky under our skis, as we glided along admiring the lightly dusted firs and pines. WE are now experiencing the cross roads of seasons with the arrival of spring and the ending of winter as the two snow conditions powder and spring crust blend together for superb skiing.

By Janet Kravetz, Broker, CRS, GRI

cell: 406-580-7676

email: janet.kravetz@prumt.com

Prudential Montana Real Estate

2001 Stadium Drive Ste. A

Bozeman, MT 59715

Spring in Montana

2010-03-30T15:26:00.000-06:00

It’s spring in Montana and I am so excited! Spring is usually the only season that most of us can bring ourselves to leave Bozeman and we are all just returning from our spring break vacations. There is something so great about stepping off the plane to enjoy the fresh mountain air, bright blue skies and spectacular mountain views – it is always good to be home. Our snow is really melting with all the above normal temps we have been experiencing. Even our real estate market is showing signs of thawing. Coming off one of our tougher years in the luxury real estate market here, we have seen 4 sales close in the first quarter with 2 additional properties pending. This tracks us significantly ahead of last year’s luxury home sales.

With nearly 80% of all real estate buyers beginning their search on the internet, we keep a close eye on our Prudential website (PruMt.com) analytic reports. Our latest statistics show that inquiry traffic on the Fine Homes section of our website increased 20% in the last 30 days.

We are still seeing buyers coming in desiring our amazing Montana and specifically Bozeman lifestyle. Those buyers could wait to see if we have “bottomed out” yet but is it really worth missing our amazing summer coming up when any “wait and see” savings (if any) should be recovered in the next few years. Most sellers are acknowledging the new market realities and have brought prices into line with buyer’s expectations. There are numerous values out there for the savvy buyer.

Check out this beautiful piece of the Montana experience in Saddle Peak Ranch – what a view of the Bridger Mountain Range from the exquisite home and extensive outdoor living spaces.

I’ll see you outside!

Carla Dingman
Broker, CRS, GRI, ABR
carla.dingman@prumt.com
cell: (406) 570-9199

Prudential Montana Real Estate's Fine Homes Group Visits The Yellowstone Club

2010-03-22T16:33:00.000-06:00

Members of Prudential Montana Real Estate's Fine Homes Group toured the Yellowstone Club last week to learn more about the recent improvements the new owners and management have made to the Club. Prudential Montana Real Estate's Fine Homes Group frequently tours properties in the luxury home market in Bozeman and Big Sky to better assist clients with their luxury home needs. http://www.yellowstoneclub.com/

Fine Homes Group members include (from left to right)-Don Pilotte, Lisa Collins, Carol Lister, Heidi Parkes, Mike Basile, Mary Suit (marketing), Kristen Hoell, Janet Kravetz, Peg Potter and Carla Dingman

Big Sky—Big Panache

2010-03-05T16:12:00.000-07:00

So… did you see the night sky the other evening: so clear and dark, studded with millions of stars and planets? Then watch as the full moon inched its way into the firmament reflecting so much light off of the snow that one might have been tempted to venture out for a midnight cross country ski or snow shoe outing….?

The Big Sky Snow Report described the conditions the other day in one word: “Bluebird.” Just about sums it up. March usually has plenty of those Bluebird days.

Many surprises await the visitor to Big Sky. A few surprises fall into the “whoops” pile: Roads can be icy; the snow is pretty deep; it’s a good idea to have a reservation at the Lotus Pad before you show up; tree wells and snow machines don’t mix well; ski patrol volunteers are awfully nice; the clinic at the base is larger than imagined….

Yet, most surprises fall into the “pleasant surprise” category. Top of the list is usually the awesome beauty of the Valley suddenly exposed as you head west onto the Spur Road by the Conoco with Lone Mountain majestically positioned at the far end, at dawn illuminated like a giant fiery red pinnacle and at dusk like a brooding exclamation point back-lit by the setting sun with that neat contrail wisp barely holding onto the peak. Next is usually the realization that there are no lift lines (except for the Tram on a Bluebird day, of course…), and that skiing laps here adds up to more vertical in a few hours than a week at most other ski areas.

Then, of course, there is the curiosity that some lucky folks live here, and others own property here which then leads to the question: What is the market like?

Glad you asked.

Based on MLS reports, 392 properties are for sale of the Home, Condo or Town home variety. Pricing varies from $58,000 for a studio condo at the Mountain, to a De-lux ski in ski out spread at just under $8 Million dollars. About 200 of the properties are priced at under $600,000. 100 or so of the properties are priced from $600-1,200,000 and the rest are priced at over $1,200,000, in clustered increments.

On the vacant land side, there are 184 parcels available. 150 residential parcels are priced between $100,000 and $1,500,000. 34 are priced from $1,500,000 to $20,000,000 at the very top end, including development tracts, as well as larger spectacular residential estate size pieces…some the size of small municipalities.

There were about 120 home/condo/TH sales last since January 2009 from $62,000 to $4.2 Million, and 20 vacant land sales from $170,000 to $1,200,000, likely in response to the seasonal availability of quality builders and more modest building costs, as well as the opportunity to buy that adjacent parcel for a little extra space and privacy.

And that was in a very slow year.

So, what about the real deals, you know, the “steals”?

To paraphrase Mark Twain’s comment about the erroneous report of his death: The reports of distress sales and steals, while notable, are greatly exaggerated. While most pricing across the board has adjusted downward from the recent highs, less than 2% of inventory falls into the bank owned/distressed pile: fewer than a dozen properties. Some may be fantastic opportunities, and a positive sign that the market is responding by absorbing the inventory. Take a look: http://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

The corollary is that many buyers are finding solid opportunities and great deals on non-distressed property as adjusted pricing stokes sales, sellers have readjusted expectations and the slower volume of transactions continues to favor Buyers at the moment. Nonetheless with close to a 25% market absorption rate, the amount of quality inventory coming on the market is becoming a trickle and opportunities will have a decreasing shelf life. The clamor to spur rising pricing may not yet be a threat, but the variety and selection is dwindling.

So: ski the tram, enjoy the sun, fish in the rivers, snowmobile in Yellowstone Park, take in a Big Sky Institute lecture on Bear or Wolf or High Temperature bacteria flourishing in the hot pot and geyser basins, skin up into Beehive Basin on your Nordic skis, enjoy diner in or out with your family, but don’t dilly-dally.
There are plenty of destination resorts that offer an abundance ways for you to spend your money. Big Sky is a little different in that it also offers you so many ways to spend your time. And time is all you really have anyway.

By Eric Ossorio

Broker
Prudential Montana Real Estate
55 Lone Peak Drive Ste. 3
Big Sky MT 59716
Eric.ossorio@prumt.com
p. 406-995-4040

“A Carol of Harvest.”

2010-03-04T10:54:00.000-07:00

“A song of the good green grass!

A song no more of the city streets;
A song of farms----a song of the soil of fields.

A song with the smell of sun-dried hay, where the
nimble pitchers handle the pitch-fork;
A song tasting of new wheat, and of fresh husk’d maize."

Walt Whitman surely was thinking of Montana when he wrote “A Carol of Harvest.” He might even have been lying in the grass in Manley Meadows, a gorgeous neighborhood North of Bozeman contemplating his novel at the time. He could have been staring at the expanse of Bridger Mountains to the east with pink peaks during sunrise and sunset. Or maybe to the west deciding if a round of golf at Riverside Country Club suited his fancy. Either way, one of the greatest American poets of all time would have been welcome at any residents table.

When buyers look at purchasing a luxury home with close proximity to the town of Bozeman, the University, the airport, shopping and conveniences, Manley Meadows rises to the top consistently. With only 42 home sites and nearly 100 acres of open space it is a wonderful place to call home. The nimble youngsters with pitch forks have been replaced by modern combines but the result is the same when inhaling the clean scent of freshly cut hay.

Our Bozeman luxury market offers many things to many people. A lot of us look back at statistics from year to year. An interesting statistic I just reviewed was that in the peak of our market for luxury homes in the Bozeman area (not Big Sky) there were 28 properties closed over $850,000 on 20 acres or less in 2006. That works out to 2.33 a month. The average days on the market were 136 days. To date in 2010, from January 1 to today March 1, there are 5 homes over $850,000 on less than 20 acres either closed or pending. Should the current pendings close in March, that is roughly 1.7 closings for luxury homes in a month. There is an average of 166 days on the market. Even with dire economic news being spread constantly, it does indicate that buyers are tired of waiting around and are ready to get back to business. They also recognize that the inventory is great, prices have softened reflecting some real value and jumbo loan interest rates are more reasonable than ever.

Prudential Fine Homes agents are some of the cream of the crop. We have great skills to negotiate the best for today’s Buyers and Sellers. Many of us believe that it is about winning for both parties in a transaction and that Real Estate should be a contact sport, full of handshakes and hugs.

Posted by

Krista Palagi
"Relationships are the secret to my success!"
Broker, ABR, GRI, CRS
Cell: 406-581-3559
krista.palagi@prumt.com
http://www.kristapalagi.com/
Prudential Montana Real Estate
2001 Stadium Drive, Suite A
Bozeman, MT 59715
Office Direct: 406-556-2235
Fax: 406-586-7591

2009 and early 2010 Fine Homes Sales Statistics

2010-02-17T11:49:00.000-07:00

People always ask about real estate, no matter where you go or where you live. I think it is just human nature to be curious about such things. It makes people feel good to know that the market is doing well, that homes are selling.

So here is the scoop for Bozeman including the surrounding area (but not Big Sky) for activity in our fine homes market above $1,000,000. In 2009 there were 9 homes that sold and closed. After a slow start with only 3 of them occurring in the first half of 2009, the number doubled to 6 in the second half of the year, a definite indicator of our recovering market. And, I am pleased to let you know that our company participated in 5 of these 9 transactions. With over 600 Realtors in the Bozeman area, our involvement in 55% of these sales is very significant.

In 2010, only 45 days into the first quarter there has already been one more closed home, and, now this is very exciting, there are 3 pending sales, in the process of closing. Better news still, all three of these homes have been marketed by Prudential Montana Real Estate Fine Homes Specialists.

Our marketing tools shine above all others. Combine that with our experience and expertise, both individually and as a group, and you will see that it makes good sense to work with us if you want to sell your Fine Home!

Peg Potter, ABR, CRB, CRS, GRI
Broker and Fine Homes Specialist
peg@pegpotter.com
cell: 406-570-8828

Prudential Montana Real Estate Member of Who's Who in Luxury Real Estate

2010-02-10T08:49:00.000-07:00

Recognized worldwide by industry leaders and media alike, the Who's Who In Luxury Real Estate brand continues to set the standard for extraordinary estates. Who's Who In Luxury Real Estate / LuxuryRealEstate.com is an international network with more than 60 countries representing the finest residential luxury estates and property brokerages in the world. Each member, carefully selected by John Brian Losh, has been recognized as a leader in the marketing of distinctive and luxury properties, committed to high performance, professionalism, and quality service.

The award-winning website www.LuxuryRealEstate.com currently provides access to over 62,000 for-sale properties, multimillion dollar homes and luxury homes from around the world with an average price of $2,500,000. Prudential Montana Real Estate promotes all of their luxury homes on http://www.luxuryrealestate.com/ in addition to their own luxury real estate website, http://www.finehomesmt.com/.

Welcome…..to Big Sky, and Welcome to Montana.

2010-02-08T14:29:00.000-07:00

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

Eric.ossorio@prumt.com

ph: 406-539-9553

Welcome to the Fine Homes Montana Blog

2010-02-08T10:48:00.000-07:00

Our Fine Homes Specialists have the reputation, experience and training to represent luxury homes, estates, ranches, and residences with historical appeal and architectural detail. By maintaining close communication, exclusive marketing materials and attention to detail, our discerning clients receive the service they need to buy or sell a luxury property.

We welcome you to search properties on our exclusive luxury real estate website, http://www.finehomesmt.com/.