Big Sky's Market Report - 2019 Year-End

Posted on January 27, 2020 by Amy Sand
Big Sky Sotheby's International Realty provides the latest real estate statistics for Big Sky and its surrounding areas. Get the stats Market Report and stay informed.
 
Seller’s Market

We are definitely still in a seller's market! 

In Big Sky overall 2019 vs 2018 residential sales: sold volume increased 6.36%, average price per square foot was up 13.15%, average days on market decreased 22.6%. Prices moved upwards with average sold price increasing over 18.35%.
Real estate in Big Sky is moving fast, if you are curious about what's possible for you and your investment property give us a call today!

Buying a house in a seller's market

To compete against other buyers in a seller's market, you need to be prepared. First, you’ll need a mortgage pre-approval letter if you are not paying cash before you start shopping, that way a seller knows you can afford to purchase.

You may also have to waive some contingencies to edge out other buyers—or widen your search to neighborhood with less demand.

Other ways to make your offer more attractive include increasing the amount of earnest money that you'll put into the escrow deposit, writing a personal letter to the seller and, of course, offering above list price. 

We look forward to being of service in 2020 - wherever your real estate requirements take you.



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Categories: MARKET TRENDS

The ELM; Turning Up the Volume on Bozeman's Music Scene

Posted on December 20, 2019 by Kali Gillette

Bozeman’s music scene is about to reach a whole new level. The ELM, a world-class new music venue opening April 2020, is set to put Bozeman on the map for even more music opportunities.

The venue is being built by Logjam Presents, an independent Montana music promotion company that is known for its amazing venues such as The Wilma, Top Hat, and Kettlehouse Amphitheater in Missoula. The quality of music they bring in is incredible; think big names like Robert Plant, Lyle Lovett, and Bruce Cockburn, but also regional favorites such as The Lil Smokies. Currently, Logjam manages the music at the newly remodeled Rialto and concertgoers have been giving rave reviews.

Nick Checota, owner of Logjam talks about his decision to expand into the Bozeman market, “The main reason is we felt there was a demand from our customers. We could see from ticket sales that many of our customers were driving over from Bozeman for shows we were hosting in Missoula,” he said. “In large part, this was because Bozeman did not have a sufficient venue of more than 500 people capacity. As a result, most acts would skip the market.” He goes on to explain, “It can be a challenge to encourage bands to go out of their way to play in Montana. Bozeman and Missoula do not fit into the ideal routing, so by having venues in each town, we can entice artists to come to Montana and play two shows which makes the idea more economically feasible.”

Working closely with Matt Dugid, with Paradigm Architecture in Missoula, Acoustical Engineer, Skip Kahane from Missoula, plus Layne McKay, Logjam’s on-staff technical director, Checota has created a contemporary design with best-in-class sound production and maximum functionality. The level of detail is impressive, from excellent site lines and efficient customer circulation to safe and secure entry points, the flow of the venue easily accommodates 1,500 people.

“We have learned quite a bit about customer flow and queuing from remodeling and constructing our venues in Missoula, which we took into careful consideration in creating the environment of the ELM,” Checota said. “The actual performance space will be the highlight of the venue.  We have put considerable time and effort into creating a space that has great view lines, great sound, and has a unique and interesting aesthetic.”

The ELM will double as a private event space, perfect for things such as a large banquet or corporate party.  Adjacent to the building is the RSVP Motel, a 1960’s era motor inn newly refurbished into a boutique hotel. Visitors will love the hip accommodations and convenience of being right next door.

Located at 506 Seventh Avenue in midtown Bozeman, the ELM is part of a vast revitalization of one of Bozeman’s original hubs. Focusing on urban density and infill, city plans include an expansion of sidewalks and bike lanes to make walking and biking easier.

The ELM is easily accessible from any part of town, as well as I-90.

To keep tabs on the progress of the ELM, along with upcoming show announcements, go to, logjampresents.com.

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Tags: Bozeman
Categories: Bozeman Events

Crazy Weather Trends? Or Simply Just the Weather...

Posted on December 17, 2019 by Kali Gillette

Avg Percip in Big SkyWinter hit October in full force! Big Sky received 53” of snow compared to the 27” we normally receive this time of year. On average, we end up with 300” by the middle of April, so if the snowfall kept on at this pace, we would be looking at a banner year.

Roscoe Shaw has been forecasting weather for Big Sky Resort for the past 15 years. Not as a public service, but rather for the resort to utilize in planning their internal operations. Needless to say, he’s seen a lot of trends, so we caught up with him to get his thoughts on what our incredibly snowy fall means for the upcoming winter.

The short answer, “The indicators are neutral, “ he says, “They’re not giving a signal.”

Weather trends are influenced by whether it’s an El Nino, or La Nina year, an odd oscillation in the ocean that goes back and forth. If it’s a La Nina year, there is more cool air moving over the ocean, generally resulting in more snow in Big Sky. If it’s an El Nino year, there is more warm air over the Pacific, resulting in less snow. “I like to say that the girl is good, the boy is bad,” Shaw jokes.

In all seriousness, he says, “This year it’s neither, it’s right in the middle.” Shaw explains that there is a mathematical model for forecasting snow and powder. “Granted, it usually only makes a 10% difference, and it’s only right 2/3 of the time,” he says.

“Just because it was snowy last month doesn’t mean it will be next month,” he says . “It doesn’t mean a thing. There’s no reason to think it will or won’t be a big snow year. Last year, March had very little snow, but overall, it was a really good year.”

As for the frequency of snowy years, it’s entirely random. “Some times kids born short, some times they are tall,” he laughs.

What he can say with certainty is that Big Sky is extraordinarily consistent compared to other areas. “A bad year here is still good,” he says. “The farther south you get in the Rockies, the more inconsistent the snow becomes. You can have awesome snow one year, and the next year have barely any.” He goes on to explain, “A couple of years ago, there were Utah and Colorado license plates all over town. They had very little snow there, so everyone gave up and drove to Big Sky.”

So what makes our snow so special? “Big Sky has as good of snow as you can get,” Roscoe says, “because it stays so steady and cold and dry, which leads to very good snow quality. Other areas may get more snow at times, but Big Sky’s is consistently good.”

Shaw came to Big Sky in 1995, “We just don’t have snow bad years,” he says. “That, and the fact that we have so much terrain with so few people is what makes Big Sky the best.”

Well said, Mr. Shaw.

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Our Collection - Winter 2019/20

Posted on November 26, 2019 by Amy Sand
Our collection of real estate listings
Explore real estate in Our Collection - winter edition.  Explore real estate in Big Sky, Bozeman and the surrounding area's. Browse market statistics and our most recent significant sales.  Find out what is happening in Southwest Montana!
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Categories: The Collection | Real Estate

Calendar of Events: Big Sky Winter 2019/20

Posted on November 26, 2019 by Amy Sand

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Tags: BIG SKY
Categories: Big Sky Culture

Fractionals Q & A

Posted on November 8, 2019 by Lisa Knorr & Amy Sand

1.  What are fractionals?

Fractional ownership of vacation homes allows you to enjoy a designated number of weeks or months of home ownership privileges in Big Sky or our surrounding areas but at a fraction of the cost of whole ownership.

2.  Who are fractionals really for?

This type of real estate arrangement is ideal if you want the benefits of owning a second home located in an amazing location like the Rocky Mountains of Southwest Montana but can’t justify the investment because of limited use.

3.  How long is a typical fractional share?

Most fractionals are between two to 13 weeks. Those don’t necessarily have to be consecutive weeks. Because there are far fewer owners of each individual property than say your typical timeshare, you’ll have a lot more options regarding when you can use the home.

4.  Who manages the fractionals?

Typically, fractionals are usually self managed. They are governed by recorded declarations.

5.  How do fractionals differ from timeshares?

Fractionals tend to be larger homes or condos, usually two to four bedrooms. Timeshares are typically for one to two weeks per year.  Fractionals offer from two to 13 weeks, and those don’t necessarily have to be consecutive weeks. Fractional ownership is a method of property purchase involving several buyers, typically 6-12. The main difference between fractional ownership and a timeshare is in the way actual equity is distributed. In a fractional ownership arrangement, the purchaser actually owns a piece of equity in the property. If the property goes up in value, the fractional owner's share of the pie also becomes more valuable. With a timeshare, ownership is not distributed. The owner purchases only weeks or months of enjoyment in a property, and these weeks or months do not rise and fall in value with the value of the property. The title is still owned by the principal owner.

6.  Why should I buy a fractional instead of a wholly-owned second home?

Most people who buy a fractional recognize that they won’t be spending more than a couple of months a year at their vacation home.  With a fractional you can get the quality and level of luxury you want and only pay for the “fraction” of time you actually plan to use the home.

7. Can you trade or rent out your time?

In some cases, yes, but you will want to check the specific guidelines for the property you’re considering.  Most fractionals also participate in a reciprocal usage program similar to timeshares in which you can trade weeks and locations.

8.  Can more than one individual or family own a residence interest?

At most properties, the answer is yes. In addition, the extended family of the owner including children, grandchildren, siblings and parents can use the residence and are entitled to use the property.

9.  What are ownership costs of a fractional?

Typically speaking operating costs ie property taxes, utilities, HOA dues, general maintenance, etc. are divided equally between the owners.

FRACTIONAL LISTINGS IN BIG SKY, MONTANA

Yellowstone Condo 74C

Yellowstone Condo 74C (Half ownership): 1,070 Sq. Ft., 2 BED, 3 BATHROOMS. OFFERED FOR $195,000 
LISTED BY LAURA T. SACCHI, BROKER

16 Woodbine

Hidden Village Condo - 16 Woodbine (Approx. 6 weeks per year of usage): 1,928 Sq. Ft., 3 BED, 3 BATHROOM. OFFERED FOR $38,500
LISTED BY LISA KNORR, BROKER

23 CONEFLOWER

Hidden Village Condo - 23 Coneflower Court (Aprox. 6 weeks per year of usage): 1,950 Sq. Ft., 3 BEDS, 3 BATHROOMS. OFFERED AT $44,000
LISTED BY LISA KNORR, BROKER

 

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Big Sky's Market Report - Q3 2019

Posted on October 28, 2019 by Amy Sand
Big Sky Sotheby's International Realty provides the latest real estate statistics for Big Sky and it's surrounding areas. Get the stats Q3 2019 Market Report and stay informed.
 
Seller’s Market

We are definitely still in a seller's market! 

In Big Sky overall Q3 2019 vs Q3 2018, sold volume increased 22% and average days on market decreased 6%. Prices moved upwards with average sold price increasing over 37%.

Buying a house in a seller's market

To compete against other buyers in a seller's market, you need to be prepared. First, you’ll need a mortgage pre-approval letter if you are not paying cash before you start shopping, that way a seller knows you can afford to purchase.

You may also have to waive some contingencies to edge out other buyers—or widen your search to neighborhood with less demand.

Other ways to make your offer more attractive include increasing the amount of earnest money that you'll put into the escrow deposit, writing a personal letter to the seller and, of course, offering above list price. 

We look forward to being of service in 2019/2020 - wherever your real estate requirements take you.

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Categories: Real Estate | MARKET TRENDS

Winterizing Your Home

Posted on October 23, 2019 by brookew

Winter weather snuck in a bit early this year, but don’t let it get the best of you—there’s still time to prep your home before the snow really settles in. With a few critical maintenance items, you can keep your home safe, warm and energy-efficient!

• Check the heating system. When is the last time you had your furnace serviced? Best practice is to have it professionally serviced every year, and Northwestern Energy will rebate you for that service every three years. Additionally, regular homeowners maintenance, such as changing your filters every time the season changes, will extend the life and efficiency of your system.

Curious how you could reduce your heating and cooling costs? Schedule an Energy Audit with Northwestern Energy!

An energy audit includes:

  • Blower door test to detect areas of leakage
  • Water heater temperature check
  • Refrigerator/freezer temperature check
  • Gas equipment safety check
  • Insulation evaluation
  • Free water heater tank wrap
  • Free hot water pipe insulation
  • Free low-flow faucet aerators and shower head

• Check the trim around windows and doors. If you find any openings or areas where the paint is peeling, be sure to re-caulk. Clean the gutters. Overflowing gutters cause water to drip onto the exterior (and sometimes interior) of your home causing water damage. Check the downspout extenders to be sure they are far enough away from the foundation and don’t allow water to build up. Any low spots around the house should be addressed to en- sure drainage away from the foundation.

• Clean the chimney. If you have a fireplace or stove, start the season with peace of mind by having your chimney or stovepipe cleaned.

•We know you’ve already done this one - right? Blow out the sprinkler system. You don’t want to start the spring with cracked pipes or a flooded crawl space! Be sure hoses are disconnected too.

Curious what else you might be able to do? Call your preferred Sotheby’s International Realty® expert and let’s talk about what might specifically be needed for your home.

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Maze Adventures in Bozeman!

Posted on October 22, 2019 by brookew

Fall fun kicks off at the beginning of October with Maze adventures!

Bozeman Maze: Dale Mandeville started the Bozeman Maze in 1998 intending to provide fun fall farm entertainment. Today, this 5000-bale hay maze draws crowds from around the region. In addition to the maze, whose theme changes each year, enjoy a hayride, giant corn bins, Power Jump Bungee Trampoline, and concessions.

Check out the Haunted Maze, one night only, Saturday, October 26, at 7:00 pm!

Montana Corn Maze: Another local favorite, Montana Corn Maze, sits on 4.5 acres off of Cameron Bridge Road Manhattan, Montana. The maze is made by cutting 4 foot wide paths into corn that has been planted on a grid. On Saturdays, Smoldering Coals Catering will be on-site featuring Dutch oven cooking, along with a farmer’s market full of honey, eggs, and baked goods.

Photo Credit: bozemanmaze.com

 

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Homecoming MSU Bobcat Tailgate!

Posted on September 20, 2019 by brookew

Park at Big Sky Sotheby's International Realty (on the corner of Willson and Kagy) and join us for a taco bar and custom Bloody Mary before the Bobcat Homecoming game on October 12. 11-1:00 we will be here to support you in supporting the Bobcats!

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Artist Reception: Meet Abby Pittman

Posted on September 10, 2019 by brookew
When you walk into the Bozeman office you will are immediately greeting by the colorful paintings by local painter, Abby Pittman. Her wildlife and landscape paintings are lively and complemented beautifully by her bright personality. You will be delighted to experience her work when you join Big Sky Sotheby's International Realty in Bozeman for drinks and appetizers while celebrating Abby and her work.
“I hope my paintings will remind people to slow down, notice the little details, and appreciate the amazing world we live in and the incredible creatures who share the earth with us." -Abby
 
Abby’s original art is guaranteed to brighten your day - and your home if you choose to take one home to make your own.
Earl the Eclectic
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Common Types of Deeds

Posted on August 22, 2019 by First American Title Company

Common Types of Deeds

A WARRANTY DEED…warrants to the Grantee:

A. That the Grantor has not previously conveyed the estate or any interest therein to anyone except the Grantee; and

B The estate is free from encumbrances.

The General Warranty Deeds if the deed most used in insuring titles to real property and give the most protection to the Grantee.

A SPECIAL WARRANTY DEED…limits the warranty to: “by, through or under the Grantor but not otherwise.”

These deeds are often used when the conveyance is from an executor, administrator, trustee, guardian, etc. There must be a valid reason for the Grantor to be limiting the warranty. We want to be certain that the Grantor does not have knowledge of some defect I the chain of title that is not being acknowledged.

A QUIT CLAIM DEED…does not contain “grand and convey” language.

Quit Claim Deeds are not acceptable in the direct chain of title and are normally used only for  curative matters. An example would be where a Divorce Decree properly divest one spouse’s interest in the property to the other-a Quit Claim Deed may be used to satisfy disposal of the spouse’s interest in the real property records.

You can rely on your title company’s knowledgeable professional to work diligently to ensure the orderly and efficient transfer of real estate.

Contact Amanda Harris with First American Title Company with any of your questions today (406) 682.5337.

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Mountain Mall Remodel - Summer 2019

Posted on July 22, 2019 by Lindsey Bedell

Construction is well underway on the Mountain Mall at the base of Big Sky Ski Resort Village. The Big Sky Sotheby’s International Realty team was invited to get a sneak peek at the recent renovations. An open concept and new structural steel bring a much needed upgrade to the space, thus creating a natural flow for incoming and departing skiers. Grab a coffee before heading out to the slopes for the day, or sit down at the new Apres Bar after a day of adventure and enjoy the view of Lone Peak from the large picture windows.

You can expect expanded dining options in the new Mountain Mall that includes sushi, stone-fired pizza, coffee shop and breakfast stop, along with cafeteria-style food options. There will be additional restrooms and sitting areas added- both indoor and outdoor with views of Lone Peak. The large, beautiful fireplaces offer a feeling of solitude and create a place to warm up before heading back out to the slopes.

The construction will also offer the option to host an array of events and will boast a wedding venue, conference and events center and offer additional outdoor space to increase capacity to accommodate 750 people.

The option to enter through the lower level and use the changing area and rent day-use cubbies to store your belongings before hitting the slopes is a huge bonus! Take advantage of the new elevator that will take you to the central core of the building to access retail and restaurants; in addition to the elevator, a new staircase, accessible on the exterior, will be great for those people coming in from the slope side.

Jamie Daugaard, Centre Sky Architects and Rocky Mountain Rustics have been working hard to get this project up and running for opening day in November! We hope to see you on the slopes and enjoying this awesome new upgrade to the Mountain Mall!

 

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Categories: Big Sky Culture

Big Sky's Market Report - Q2 2019

Posted on July 19, 2019 by Amy Sand
Big Sky Sotheby's International Realty provides the latest real estate statistics for Big Sky and it's surrounding areas. Get the stats Q2 2019 Market Report and stay informed.
 
Seller’s Market

We are definitely still in a seller's market! 

In Big Sky overall Q2 2019 vs Q2 2018, sold volume increased 18% and average days on market decreased 21%. Prices moved upwards with average sold price increasing over 30%.

Buying a house in a seller's market

To compete against other buyers in a seller's market, you need to be prepared. First, you’ll need a mortgage pre-approval letter if you are not paying cash before you start shopping, that way a seller knows you can afford to purchase.

You may also have to waive some contingencies to edge out other buyers—or widen your search to neighborhood with less demand.

Other ways to make your offer more attractive include increasing the amount of earnest money that you'll put into the escrow deposit, writing a personal letter to the seller and, of course, offering above list price. 

We look forward to being of service in 2019 - wherever your real estate requirements take you.


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Categories: Real Estate | MARKET TRENDS

Do You Need A Survey?

Posted on July 19, 2019 by Erin Mandeville

According to First American Title Company, one of the Top 10 Title Problems Sellers encounter during the home selling process is Boundary, Survey Disputes. “You may have seen several surveys of your property prior to purchasing, however, other surveys may exist that show differing boundaries. Therefore, a neighbor or other party may be able to claim ownership to a portion of your property.” That can be scary stuff!

Further, did you know that Title Insurance (provided by the Seller at closing on behalf of the Buyer to ensure clear title) doesn’t insure a Buyer against proper fence placement? Without a survey, you may think you own more, or less, property then you actually do if you rely on the fence placement as your guide. Particularly in Montana, it is important to check the location of the fence as often we see them installed without surveys, or locating the corner pins.

In my own neighborhood, I am watching a neighbor go through the struggle of assuming they knew where the fence should be located; as they relied on the location of my fence, and continued their installation in a straight line. Fun fact, our lots are not all parallel on the south side. In the distance between three homes, there is a nearly 5’ of difference between my properly placed fence line to the neighbors improperly placed fence. Can you imagine the cost of moving a gazebo, concrete pad, and fencing?


fence  fence

You know that phrase “the Devils in the details”? The details are what will set your real estate experience apart. At Sotheby’s International Realty, the details are our speciality. Are you thinking a survey might be appropriate for you? Give us a call, let us connect you with the specialists in our area, that’s what we do!

Montana Home Sellers Guide: http://www.gofirstam.com/resources/montana-homeseller-guide.html

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