Q2 Big Sky Market Watch

Posted on July 20, 2020 by Amy Sand
Big Sky Sotheby’s International Realty Friends & Family,
 
As a result of the unprecedented social changes we’re experiencing, Big Sky notably, has seen unprecedented numbers of folks moving here. Buyers are out in record numbers seeking homes in our markets, while listings under contract and showings are surging over last year. If we thought it was a Seller's market before the pandemic it is now more than ever. The moment to list your home, condo or land for sale is now. The brokers at Big Sky Sotheby's International Realty continue to work for buyers and sellers as a result of continued interest in properties here in Big Sky, Montana. 
 
Under Contract
Our agents continue to communicate and present opportunities to our buyers and continue to be in contact with our sellers regarding appropriate protocol for property tours and showings. Our priority is keeping our families and clients safe and healthy, and we are taking recommended measures to accomplish this.
 
Click the link below to see what happened last quarter. Big Sky Sotheby's International Realty provides the latest real estate statistics for Big Sky and its surrounding areas.
 
It appears that this will not be a short-lived challenge for our country or the world, and social distancing may be an increasingly valuable benefit of property ownership in Montana. For those looking for a retreat away from high-density areas, we’re happy to assist you in finding a special place where you and your family can remain healthy and happy.
 
Be a good neighbor. Stay safe and stay healthy. 
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Categories: MARKET TRENDS

Big Sky Relief: Pulling Together to Aid the Community

Posted on June 10, 2020 by Kali Gillette

On Saturday, March 14, 2020, it was evident that things were getting real regarding COVID-19 reaching Big Sky. The resort had not yet announced it was closing, but other resorts around the Rocky Mountains were.

Kevin Germain, Big Sky Resort Area District Board Chairperson, and Danny Bierschwale, Big Sky Resort Area District, saw the writing on the wall. That day, they had multiple calls with the attorney representing the tax board. The local resort tax has been in existence since the 1990s and helps local non-profits and government entities in Big Sky. Since its inception, the tax is collected throughout the year, and the funds distributed in June. The two men wanted to know if they could do things differently this year and distribute a portion earlier to respond swiftly to the pandemic. As it turned out, they had quite a bit of flexibility and could tap into the money they had already collected. The wheels were in motion.

On Sunday, March 15, 2020, Big Sky Resort announced they would be closing the following day. Germain reached out to the Yellowstone Club, Moonlight, and Spanish Peaks Community Foundations and started discussing how they could offer aid to the community.

By Friday, March 20, the Resort Tax Board approved putting $1,000,000 toward the relief effort. They agreed to allocate $500,000 to the Big Sky Medical Center and $500,000 to other social needs in the community. By that afternoon, the Yellowstone Club Community Foundation contributed half a million dollars, and Moonlight and Spanish Peaks Community Foundations each committed a quarter of a million. One week from the time talks started, the relief fund grew to $2 million, and a robust collaboration was in place.

At this point, community leaders were well aware of what happened in Sun Valley and other ski areas. They anticipated a significant surge in COVID-19 cases in Big Sky due to the number of travelers visiting the area. After a week of talks with Big Sky Medical Center and an understanding of their needs, the group allocated $1 million to finish four hospital rooms, purchase ventilators, an analyzer for testing, and a lot of PPE. The needs totaled just over $1 million, the majority of it covered through the relief fund.

Typically, resort tax funding goes to numerous entities. This year, 28 organizations applied for resort tax dollars, ranging from the fire department and Sheriff's department to the food bank. Resort tax dollars can only go to non-profits and government entities, but the money from the foundations has fewer restrictions. As such, they have been able to give out close to $200,000 in grants to help local families to help them through this period.

But the relief efforts didn't stop there. The business community had to shut down 3-5 weeks early, and two of those weeks were significant for revenues. They were going to need help. The Relief Fund organizers sent an email to the 28 entities that had received money asking if they had any remaining resort tax funds and could give them back to support the effort. These non-profit and government entities stepped up and gave back another $400,000 of funds not yet spent.
The Big Sky Chamber of Commerce, an incredibly active organization, quickly joined the conversation about how to help the business community. They had $210,000 of unspent resort tax funds they offered to return to the relief effort. However, Big Sky Relief told them to keep the money and re-purpose it. The Chamber created the Big Sky Save Small Business Relief Fund, a micro-grant program for the businesses. To date, the fund has given grants to 57 small businesses totaling $192,500 of the $210,000. The remainder of the money will go toward re- opening bundles for businesses, including masks, gowns, hand sanitizer, signage, and plexiglass. They also facilitated a volunteer-staffed hotline to help walk the business owners through applying for aid through the federal stimulus package.

The group recently funded a study testing wastewater for Covid-19 to keep tabs on the presence of the virus and ease mitigation efforts.
"Everybody's trying to come together during this time of need and work very collaboratively to help our community out," Germain said. "Big Sky doesn't have a city government or mayor; people jump in and get things done. It's all bootstrapped and utilizes a lot of volunteer boards to make things happen. Everybody's just jumping in and doing what needs to be done."

What's next? Germain explains, "Our economy is 100% tourism-driven, yet we need to protect our residents' health and safety. The county line goes right through the area, so we are in conversations with both Madison and Gallatin County Health Departments about how to put together robust testing, tracing, and monitoring programs to open again." He says, "At this point, we need more testing and more contact tracers."
For updates on current relief efforts, or for ways you can help, go to bigskyrelief.org.

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Tags: BIG SKY

Q1 Big Sky Market Watch

Posted on May 1, 2020 by Amy Sand
No one will be able to fully predict the effect the coronavirus pandemic will have on the real estate market, but at Big Sky Sotheby’s International Realty, the health and safety of our agents, clients, employees and community is our #1 priority.
 
We invite you to review a summary of sales activity in the Big Sky area during the first quarter of 2020, based on closed production from January – March 2020, much of which went into contract before the onset of the coronavirus pandemic. The Big Sky Country MLS reports the following market data for this quarter, which is compared here for the same period of 2019:
 
Heading into the second quarter of 2020, here were a few positive things in the Big Sky housing market:
  • 16 Sold Listing in the last 30 Days
  • 12 New Listings in last 30 Days
  • Brokers Tallie Lancey marketed and Tory Cyr sold the highest priced property in 2020 to date. Listed for $8,500,000 in Big Sky’s Moonlight Basin
Real estate is all about location, location, location and location is our local community. Here are a few local organizations that you can help OR here are ways Big Sky Sotheby’s International Realty is helping the community:
  • Big Sky Sotheby’s International Realty donated a $1,000 to the Big Sky Community Food Bank
  • Partipated in the Big Sky CARE - van. A community wide morale booster and Big Sky Relief fundraiser
  • Hand made dozens of face masks
  • Attended a socially distanced 95 birthday party for someone in our community
  • Picked up and delivered groceries to clients who are in high risk.
  • Our Virtual Tour camera has been unprecedentedly busy. Each agent in our office has made sure a virtual tour of all our properties is available!
  • Check out BigSkyRelief.org for more ways to help!
During this unprecedented time, we are continuing to represent clients who want or need to sell a home and our local teams are working hard continuing to conduct the business of real estate. We are committed to providing the highest quality service and will to continue to support our buyers and sellers using state-of-the-art technology and a suite of virtual marketing tools, which make it easy to view and experience the finest real estate in the world from the safety of one’s home.
 
As always, our goal in sharing market data with you is to create a better understanding of the trends affecting our unique housing market. We hope you find it to be a valuable resource and look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Big Sky market, please do not hesitate to reach out to me or any of our independent sales associates at (406) 995-2211.


 
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Categories: MARKET TRENDS | Real Estate

Resort Report 2020

Posted on February 14, 2020 by Amy Sand

Living in a resort community offers a unique and attractive lifestyle, abundant with scenic views, recreational opportunities, and like-minded people. Buying and selling real estate in resort communities is unlike most transactions, which is why LIV Sotheby's International Realty compiles an annual Resort Report focused on these one-of-a-kind communities.

The Resort Report is aimed to inform consumers about 12 prominent resort markets and details what makes each of them unique. The report analyzes the performance of 12 different resort markets spanning Colorado, California, Nevada, Utah, Montana, Wyoming, New Mexico and Idaho.

On that list: Vail Valley (Vail, Beaver Creek, etc.), Summit County (Breckenridge, Keystone, Copper Mountain, etc.), Crested Butte, Telluride, Aspen, Steamboat Springs, Lake Tahoe, Park City, Big Sky, Jackson Hole, Santa Fe and Sun Valley.

There are many factors that can impact real estate in these resort communities — for example, the changing seasons, available amenities, transportation offerings, and shifts in employment due to the seasonality of job needs. In order for consumers to make sound financial decisions regarding real estate, it’s important to be knowledgeable of the metrics especially focusing on any shifts in average price and average days on market. Monitoring the real estate performance will set a potential buyer or seller up for success when entering the typically complicated process.

Reporting good news, most of the communities showed a notable increase in demand for 2020, with an increase in average sold price and average sold price per square foot, in combination with a decrease in average days on market. The Big Sky market specifically reported notable increases in the market, including an impressive 18.4 percent increase in average sold price from $960,675 in 2018 to $1,136,998 in 2019. In addition, average days on market dropped over 13 percent to 113 days in 2019, an extremely quick transaction time for a resort location.

“The numbers say it all. We have more buyer demand than we have product which is pushing property values up. Big Sky is growing! Big Sky Resort continues to elevate the ski experience with new terrain, state of the art heated lifts & a beautiful new Base Lodge amenities & après ski choices. The Big Sky Town Center has doubled in size in the past few years, adding a hospital, skating rink, hotel, a trail system, new retail shops, breweries and restaurants. In all, approximately 1 billion dollars will be spent in new commercial development including the Montage and One & Only luxury Hotels, a community center, affordable housing, infrastructure and more. That and more direct flights into Bozeman has skiers flocking to Big Sky,” said Cathy Gorman owner and managing broker of Big Sky Sotheby’s International Realty offices.

Understanding the market and local economy is a critical piece to real estate success for both buyers and sellers. This report provides information to help interested buyers have an understanding of each unique community, and for potential sellers to keep current with local real estate trends.

Big Sky Sotheby’s International Realty is proud to provide various reports as resources for consumers. Visit bigskysir.com/market-watch to access the firm’s reports today. Call 406-995-2211 for more information or to service any of your real estate needs.

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Categories: MARKET TRENDS | Real Estate

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

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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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

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

Cross Country Ski Waxing

Posted on March 9, 2017 by calliep

The town of Big Sky, and Big Sky country in general, is a mecca for Nordic skiing. Between Lone Mountain Ranch and the miles of groomed ski trails around the greater Gallatin County region, nordic skiing, and specifically skate skiing, is one of the best activities for getting into the woods and away from the crowds, fast. But unlike downhill skis, skate skis require more frequent waxing and at-home care, especially now as the weather changes from winter to spring-like conditions. This may sounds overwhelming, but don’t worry; waxing is one of the sublime pleasures of being a nordic skier. Here’s a quick primer on the basics of waxing skate skis:

What you’ll need:

1) Ski vice or clamps, homemade or store bought
2) Glide wax
3) Scraper
4) Waxing iron
5) Cork block

The Process:

Before being stowed away every spring, skate skis should receive a coat of “storage wax”, which needs to be removed every fall. After affixing your skis to your chose work surface, set your wax iron to medium heat and begin slowly heating the base of your ski. As the iron and the ski get hotter, the existing wax with turn ghostly white and stand out. Scrap off all the old wax to give yourself a new start.

After the ski is stripped and ready for wax, it’s time to give your skis their first coat of glide wax for the winter. Begin the waxing process by holding your wax block at a steep downward angle to the face of the iron, allowing hot wax to drip onto the ski.

Cover the ski with little blotches of wax from tip to tail. After the ski is fairly covered, begin spreading the wax around the ski’s base by running your iron in circular motions across the ski’s base. You will see the wax melt and spread. Continue this waxing motion until the ghostly white wax covers the ski base entirely. Because nordic skis have relatively soft bases, be careful to not melt the ski’s base.

Now it’s time to scrape. Hold your wax scraper at 45-degree angle to the ski as you pull the scraper towards yourself. You’ll see satisfying curls of excess wax pull from the ski. Once the excess is pulled from the ski, the bases should appear shiny and smooth. If you want to put some additional elbow grease into the work, buff the skis bases with a cork block to work the wax into the base.

Now get your skiing clothes on and get out the door!

Meadow Village ski trails

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Student Scholarship Awarded

Posted on April 5, 2016 by bigskysir

Scholarship2016 Cathy Gorman and Tim Cyr, broker/owners of Big Sky Sotheby’s International Realty, targeted their scholarship toward a highly motivated student with a minimum GPA of 3.0. Cathy and Tim have lived and worked in Big Sky since the 1980s and have supported the school district for over 35 years. Big Sky Sotheby’s International Realty is donating a scholarship for the second year. Soby Rain Haarman, of Lone Peak High School, earned an A- average overall throughout high school. Soby has worn the mantle of leadership in student government and National Honor Society. She has performed with many school groups: the Concert Band, the Jazz Ensemble, as well as school and community drama groups. Soby was inducted into the International Thespian Society, and she organized the student docents for the Warren Miller Performing Arts Center. Recognized as a Rotary Youth Leader, Soby also attended the National Student Leadership Conference on Forensic Sciences at American University and the National Academy of Future Scientists and Technologists in Boston. Soby will study psychology at Seattle Pacific University and after that wants to continue study in forensics. Congratulations, Soby Rain Haarman.

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