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!
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 (Half ownership): 1,070 Sq. Ft., 2 BED, 3 BATHROOMS. OFFERED FOR $195,000
LISTED BY LAURA T. SACCHI, BROKER
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
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
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.
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.
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.
Posted on July 19, 2019 by Amy Sand
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?
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
Posted on July 17, 2019 by Amy Sand
Our collection of real estate listings
Explore real estate in The Collection of Big Sky, Bozeman and the surrounding area's listings magazine. Browse market statistics and our most recent significant sales. Find out what is happening in Southwest Montana!