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Bozeman Main Street Nationally Recognized in the Top Ten

by Tim Hart

 

The 2012 American Planning Association has determined Bozeman’s nine blocks of Main Street is one of the top 10 streets in America. The clever uses of historical buildings, diversity of businesses, and the economic and cultural prosperity found within Bozeman as a whole all were taken into account when the street was chosen.

“Main Street has been a leader in preservation planning practices since the mid-1980s,” said Mayor Sean Becker.The Great Streets program is part of Great Places in America, an APA program that began in 2007 and recognizes areas shaped by “deliberate planning,” the release stated.

Kitsch, neo-gothic, and art deco styles can be seen in a stroll downtown here in Bozeman. Three of the four properties that were destroyed in the 2009 gas leak explosion have been rebuilt and reopened. This is a testament to the resiliency and determination to grow and prosper as a community.

The nine other streets recognized were in Key West, Fla.; Kansas City; Saratoga Springs, N.Y.; New York City; Kingston, N.Y.; Beachwood, Cleveland and Shaker Heights, Ohio; Pittsburgh; Charleston, S.C.; and Knoxville, Tenn.

 

 

Real Estate Outlook for the Gallatin Valley

by Tim Hart

 

Activity in Bozeman continues to trend very positively.  Big Sky continues to improve in median price and also days on market.  Belgrade is up and Manhattan and Three Forks continue to improve.  Bozeman and the Gallatin Valley are moving nicely!  The realtors and their suppliers are still very busy, prices are rising, days on market stats are shrinking.  It is a great place to live and the stats continue to prove this out.

Stats for Improved Properties:

 

Market Area

Units Sold – 2012 (thru Sept 30th)

Units Sold – 2011

Median Price – 2012

Median Price – 2011

Ave Days on Market – 2012

Ave Days on Market – 2011

Indicator

Bozeman

809

663

$235,000.00

$224,000.00

87

108

Improved

Belgrade

180

168

$160,750.00

$150,000.00

85

95

Improved

Big Sky

117

131

$355,000.00

$306,424.00

217

240

Mixed

Manhattan

43

41

$175,000.00

$159,000.00

234

191

Improved

Three Forks

26

20

$153,750.00

$154,500.00

240

128

Mixed

* Data is for period Jan 1 – Sept 30th – includes all improved categories except for mobile/manufactured.

Summary of Data for Improved Properties:

  • Bozeman continues to trend up – 146 more improved properties sold this year vs. last year, days on market continue to shrink.
  • Belgrade also improved.  12 more units have sold year to year, median price up and days on market are down.
  • Big Sky statistics are mixed.   Median price continues to trend up – almost $45 k, units sold down a touch and days on market now improved over last year.  The trend is improving and should continue to.  
  • Manhattan now trending up – 2 more units sold, median price up $16k, days on market the only lagging indicator.
  • Three Forks finally gaining ground – six more properties sold year to year, median price about stagnant, days on market not improved though.

 

 

 

Overall, the Gallatin Valley is very healthy and continuing to improve!

Call, e-mail or text me for more information on the market and to get signed up for property alerts  which are daily updates based on your parameters or visit my web site..  I look forward to serving you!   Tim

Foreclosure News: This Is A Good One

by Tim Hart

 

Trends are shifting! Foreclosures continue to drop so much so that the number of those not occurring has passed the critical mass of those that are coming on the market. Foreclosure rates have fallen 7% in September reaching their lowest since July of 2007.

“We’ve been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market — at least at a national level,” says Daren Blomquist, vice president at RealtyTrac. “Make no mistake, however, the other shoe is dropping quite loudly in certain states, primarily those where foreclosure activity was held back the most last year.”

Court processes are skewing the numbers slightly as each state handles their foreclosure process a little differently, but even with backlogs, slow court-approval, and other details, the trend is speaking loudly. Foreclosures are on the decline!

Source: RealtyTrac

 

 

The Blackstone Group is now the largest investor in the US of single family rental homes. The private-equity firm has purchased more than 6,500 foreclosed homes this year in eight metro areas. Investors play a significant role in determining the prices and health of a real estate market. Investors have recently been taking advantage of lower home prices in the last few years raising $6-8 billion in purchasing single family homes alone.

“Of course, success is by no means assured for private-equity firms, especially given their high targets for investment returns in general and their lack of experience with this type of real estate,” a recent article at The Wall Street Journal notes. “Used to buying office buildings, shopping centers and other big properties, they may struggle to find economies of scale in managing thousands of individual homes in neighborhoods that were hard-hit by foreclosures, but are showing signs of price stabilization.”

Projection from this side of real estate is price appreciation at the low end of the market meaning lower cash yields.

Source: “Rental Market's Big Buyers,” The Wall Street Journal (Oct. 3, 2012)

 

Displaying blog entries 1-4 of 4