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/
Thursday, October 6, 2011
Friday, July 1, 2011
The Power of the Bobcat Spirit
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. ABozeman, MT 59715
Phone:(406) 556-2258
Cell:(406) 570-9199Friday, June 10, 2011
What Makes Bozeman Special
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.”
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
cell: 406-539-0222
Friday, April 29, 2011
CASH SALES ON THE INCREASE
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, RRSBig Sky Office
55 Lone Peak Drive
Suite 3
Big Sky MT 59716
don.pilotte@prumt.com
cell: 406-580-0155
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, RRS55 Lone Peak Drive
Suite 3
Big Sky MT 59716
don.pilotte@prumt.com
cell: 406-580-0155
Wednesday, April 20, 2011
SECOND HOME DEMAND INCREASES
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
2009 $578,385
2008 $1,036,362
Posted by
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
2010 $510,778
2009 $578,385
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
Thursday, April 7, 2011
Oh, The Times, They Are a-Changin‘ ...
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
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.
Prudential Montana Real Estate
Big Sky Office
55 Lone Peak Drive Ste. 3
Big Sky MT
59716
eric.ossorio@prumt.com
406-995-4060
Tuesday, February 1, 2011
Kids Skiing in Bozeman, Montana
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
Monday, January 3, 2011
For what its worth...
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).
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
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