Bozeman Montana Real Estate Information Archive

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Bozeman Looks to Expand Cottonwood, Durston Intersection

by Hart Real Estate Solutions

In early February, the Bozeman City Commission focused their efforts towards road expansion and reconstruction on the west side of town. With Bozeman's growth rate in the top ten nationally, road expansions and construction will continue to be needed. The city wants to expand the intersection of Cottonwood and Durston Road to better address the growth in the area. Bozeman has and will continue to find additional funding for city streets so long as growth continues.

Ideally, the commission would like to expand Cottonwood to four lanes and widen Durston to three lanes. The plan would also add a new light on the intersection of Cottonwood and Babcock. The commission would install roundabouts at Oak and Baxter, and Flanders Mill and Ferguson.

Bozeman’s growth, particularly on the west side, have increased traffic in the area. With the fastest growing economy in Montana, Bozeman continues to stay on the national radar. Its been awarded as one of the nation’s most liveable towns, a top worldwide destination and a top college town in the past 2 years. School districts continue to break enrollment records, Expanding neighborhoods like Laurel Glen and Valley West have attracted more residents to the west side of Bozeman, putting more strain on the nearby roads. More commercial permits have also been given on the west side of Bozeman, increasing traffic as well.

Durston and Cottonwood improvements would cost an estimated 30 million dollars and would be broken into several projects over the coming years.

 

Source: http://www.nbcmontana.com/news/Bozeman-seeks-expansion-of-Cottonwood-Durston/37762862

 

Bozeman Continues to Improve Local Trail System

by Hart Real Estate Solutions

The Gallatin Valley Land Trust, the City of Bozeman and the Western Transportation Institute received additional funding last week to improve the West Side Trail between Bozeman Pond Park and Gallatin Regional Park.

The West Side Trail is used by runners, walkers, bikers and travelers alike. Children also use the trail as an alternative to streets and sidewalks to get to school by foot. The trail is a major artery between two of Bozeman’s major parks.

The three groups mentioned above received $167,000 to improve the trail from the Transportation Alternatives Program. A majority of the money will go to improving road crossings on the trail. Additional funds will be used to improve signs, lights curbs etc.

Improvements to the trail will begin in 2017.

Trails are a high amenity asset in Bozeman that continue to increase the property values of nearby residents. Trails have lead to high health in Bozeman and do a lot to give local residents an outlet for activities and fun.

 

Source: http://www.bozemandailychronicle.com/news/environment/funding-secured-for-bozeman-trail-improvements/article_0af91346-86af-5b3c-8a45-f855953039e9.html

 

Gallatin County Market Update - Single Family Home Sales Year End Report

by Hart Real Estate Solutions

Year end figures for 2015 have been released. Now, with concrete figures for all of 2015, we can compare real estate market growth in comparison to 2014. This month, we will compare single-family home sales in 2015 to annual sales figures during 2014. Here are a few stats:

  • Total home sales increased by 6.68% (1,392 sold in 2014, 1,485 sold in 2015)
  • Dollar volume increased by 8.93% ($609,153,302 in 2014, $663,572,593 in 2015)
  • Average sale price increased by 2.11% ($437,610 in 2014, $446,850 in 2015)
  • Median sale price increased by 12.02% ($297,250 in 2014, $333,000 in 2015)
  • Homes spent 9.28% time longer on the market in 2015 (88 Days on Market in 2014, 97 Days on Market in 2015)

Summary – Sales, dollar volume, as well as average and median sales prices continued to rise in 2015. The Gallatin market has grown consistently in the past couple years, with 2015 being no exception. Homes did spend a little longer on the market. New construction homes need to be listed once framed, contributing to higher days on the market. In exchange for spending more time on the market, single family homes sold at higher prices. The market continues to be very active and healthy.

Hart Real Estate Solutions Know Your Home 101 – Neoclassical

by Hart Real Estate Solutions

Neo-classical architecture began in the United States in the mid 18th century. The style is principally derived from the architecture of classical antiquity. Buildings like the Parthenon in Athens provided the framework for Neo-classical architecture.

In the United States, neoclassical is most often seen in government buildings. In fact, neo-classical architecture became so popular that for a long time in the 19th century, the style was actually referred to as Federal Architecture. The Capitol building, the Lincoln Memorial and the Museum of Natural History all are built in neoclassical style.

Residential homes are defined by the large columns that frame the main entry door. They are usually stately and give a sense of great power and wealth. They can be confused for Colonial homes, which also display columns prominently in the front entrance.

Take another lesson here:

Victorian

Craftsman/Bungalow

Colonial

Tudor

Ranch

French Eclectic

Spanish Mission Revival

Cape Cod

Tri-Level

Second Empire

Italianate

Prairie School

Chalet

A Frame

Can Home Renovations Raise Property Taxes?

by Hart Real Estate Solutions

As spring approaches, many home sellers awake from their winter slumber, hoping to list and sell their home for top dollar. The current wisdom suggests that renovating the home in the right places can oftentimes drastically raise the list price. Although true for many, home renovations come at a cost. Renovations take up time that the home could otherwise be on the market and they take up-front money. Most homeowners see both of these costs and plan their investment accordingly. However, many renovators forget that improvements to the property can also raise their own tax bills. Though usually not a deal breaker, its something many overlook when they are trying to determine whether a renovation will bring a solid return on investment.

Renovations can raise a home’s assessed value and therefore its property taxes. Local governments valuate homes then take a percentage of that value to determine how much each homeowner should pay.

Homeowners who are unsure of how a renovation may affect their assessed value should communicate with government officials before taking on a major project.

Generally, increasing the living space (square footage) of a home will raise a property’s value. Finishing a basement or an attic, for example, will also require a reassessment. Of course, adding additional bedrooms or bathrooms can almost guarantee a property value rise.

Kitchen renovations are very grey area, so checking in with local officials first will alleviate worries of reassesments. According to Realtor Magazine, even adding things like garden sheds or regrading lots for drainage issues can affect a property’s value.

Renovations can often be the best way to improve a property’s listing price. With a higher listing price, comes a higher overall home value, increasing property taxes. Homeowners should make sure that the renovation, as well as future costs, are properly budgeted to avoid having to squeeze by financially.

 

Source: http://realtormag.realtor.org/daily-news/2015/11/30/some-home-renovations-can-raise-tax-bills

 

 

Bozeman Honored as Top 16 Worldwide Destination

by Hart Real Estate Solutions

Los Angeles journalists might finally be catching up to the rest of us Bozemanites who have already made Bozeman home. In a recent article, the LA Times shared their top 16 destinations to visit in the world in 2016. Bozeman, MT made the list, which included other exotic locations such as Botswana; Paris, France; Iran; Dublin, Ireland; Cartagena, Columbia and Washington DC among others. The list did not order from 1 to 16, so Bozeman’s honor put it on equal footing with these other spectacular locations.

The article highlighted Bozeman as the tourist gateway to Yellowstone National Park. In 2014, 3,936,162 people who visited Montana, travelled to Bozeman as well. In 2015, that number grew to 4.4 million plus visitors. Tourist spending broke 4 billion in 2014.

The LA Times looked at Bozeman’s growing hospitality industry as an example of the positive momentum for the town in general. For example, the Lark Hotel on Main Street, after only its first year of business, has already moved forward with plans to expand their hotel. The hotel already had 90% occupancy rates, showing how many people now want to visit the Bozeman area. Forty-six percent of people who drove through Bozeman with no intentions of stopping, stayed in the town for at least one night in 2014. In 2015, that number rose to 48 percent.

The LA Times article also highlighted the local restaurants in the area and of course, Yellowstone National Park, as major draws for the small Montana town we call home. Local officials credited Bozeman’s tourism growth to the expanding airport, which has made travel to Yellowstone and beyond much easier for out of state visitors.

As Bozeman continues to grab more national attention, it can be expected that more people will visit Bozeman. More than a few are more than likely to catch “the Bozeman bug” so to speak and look to make Bozeman a more permanent destination. So long as that continues, Bozeman real estate can look forward to continued growth and recovery as the market expands.

 

Source: http://www.latimes.com/travel/la-tr-d-16-places-20151227-story.html

http://www.nbcmontana.com/news/Bozeman-makes-list-for-top-2016-destinations/37167738

http://www.kpax.com/story/30846496/paris-spain-ireland-and-bozeman-city-joins-list-of-must-see-destinations

http://www.nbcmontana.com/news/Bozeman-hotel-expands-after-successful-year/37343366

Displaying blog entries 1-6 of 6

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