Bozeman Montana Real Estate Information Archive

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Bozeman Market Report - Condos and Townhome Sales Through June 2016

by Hart Real Estate Solutions

This month, we will highlight condo and townhome sales through June 1 2016 and compare them to 2015 totals in the greater Bozeman area and Belgrade. Here are a few stats:

  • Condos and Townhomes sales have increased by 7.35% in 2016 (204 sold in 2015, 219 sold in 2016)
  • Dollar volume has increased by 14.73% in 2016 ($44,716,616 in 2015, $51,305,072 in 2016)
  • Condos and Townhomes have spent 26.98% longer on the market than they did in 2015 (46 Days on the Market in 2015, 63 Days on the Market in 2016.

Summary: Condo and Townhome values continue to climb steadily in the greater Bozeman, Belgrade area. As values have risen, these homes have spent more time for sale but as of yet, total sales continue to go up. Having total sales increase suggests that the buyer pool still has an appetite for well-priced multi-family properties. Bozeman and Belgrade’s multi-family market continues to grow and remain healthy.

Bozeman Montana Commissioners Approve City Budget

by Hart Real Estate Solutions


Commissioners have been debating the city’s budget, discussing where spending needs to increase and by how much. Bozeman Montana is one of the fastest growing towns in the nation, so commissioners did not consider lowering the budget, but rather trimming back on possible spending increases.

Commissioners had debated several budgets, with City Manager’s Chris Kukulski’s budget dominating the conversation. Kukulski called for major investments in infrastructure, while also addressing issues created by Bozeman’s population and economic growth. If adopted in total, this budget would have increased a typical Bozeman resident’s city fees by 5.5 percent.

In Kukulski’s budget, the average Bozeman resident would see their taxes increase by $114 per year. Infrastructure spending would take $72 of the yearly tax increase per resident. The fees would fund deferred maintenance as well as street creation and maintenance in new Bozeman neighborhoods.

An alternative budget reduced the increase to $80 per year, representing a 3.9% total increase. However, this plan required cuts in both planning studies and affordable housing efforts, both topics that have been high on the Bozeman’s list of priorities.

The city ultimately decided to approve a budget closer to Kukulski’s budget, but with additional cuts, representing a middle area between the two proposed budgets. They city approved the new budget with a 3-2 vote. Bozeman Commissioners passed on several new hires and a few planning initiatives to cut an additional half million from the budget. They did add some spending in a few places, including the Bozeman Public Library’s new mobile library, the bookmobile.

The approved budget will add $92 a year to a Bozeman resident’s lifestyle. Total yearly costs per resident have increased to $1,148 per year. The 4.5% increase fell between Kukulski’s budget (5.5 percent increase) and the alternative budget (3.9 percent increase). Homeowners can expect to see a $1.32 increase in their property taxes.

Sources: http://www.bozemandailychronicle.com/news/city/bozeman-budget-passes-on-a-split-vote-as-commissioners-spar/article_fe577606-0987-5ec5-9127-3c4303a0dd65.html

http://www.bozemandailychronicle.com/news/city/bozeman-city-commission-debating-budget-tax-increases-monday-night/article_b337d1b8-0451-53ce-b795-c93180feddb5.html

http://www.bozemandailychronicle.com/blogs/city/getting-a-handle-on-bozeman-s-budget/article_8ebe8f60-6dde-56e8-929d-8756366b8241.html

Bozeman High School Students Earn 1.7 Million in College Scholarships

by Hart Real Estate Solutions

 

After tracking scholarship winnings for the first time in Bozeman High School’s history, the College and Career center announced that BHS students received more than 1.7 million dollars in scholarships for college. These scholarships were application based awards, requiring hard work and consistent support from both the students and the center.

Bozeman High School’s education is considered the best in the state. But perhaps its the programs and community that encompass more than just class taking that make the high school unique. The College and Career Center is one of the auxiliary programs that seem to direct BHS students in a positive direction.

The scholarship totals only represented high schoolers who had reported their scholarship to the center, so more money may have been awarded. This year, the College and Career center worked in depth with around 60 of the 415 students (going to the center is voluntary and must be student led). A majority of the 1.7 million in scholarships came from these students. One student went in almost every day and ultimately walked away with $27,000 in scholarships.

The center is open every day at Bozeman High School from 8 am to 4 pm. Having an additional support/educational program like this in the school will get more students into college and at a better rate.

Bozeman High School continues to work hard on surrounding the school with great programs to help students excel and to keep students from falling behind. Last year, Bozeman won an award to improve its mental health programs while also taking part in a competitive study for teaching mathematics in schools.

Bozeman’s enrollment continues to increase because of its consistent excellence. It’s hard for a home buyer to NOT move to Bozeman when they start a family. The City of Bozeman just announced plans to move forward with a second high school to better address growth, allowing for the city to grow while keeping a great education system moving forward.

 

Source: http://www.bozemandailychronicle.com/news/education/bozeman-high-seniors-earn-million-in-college-scholarships/article_a0a3da58-7edd-5dc3-879a-978a2e9fee18.html

Bozeman Approves Cottage Housing to Improve Home Affordability

by Hart Real Estate Solutions

The City of Bozeman has passed a proposal to create smaller, cottage style homes to add lower priced inventory to Bozeman’s real estate market. Bozeman has been addressing home affordability in town for some time, including passing an inclusive zoning ordinance, while continuing to approve additional developments.

The general proposal encourages homes between 1,000 and 1,200 square feet, built surrounding the edges of a property, with an interior, shared common space between them. The design would aim towards using the land more efficiently, fitting many more units per acre with a clustered living style. The design creates a pseudo courtyard feel, with buildings surrounding a natural space.

Growing homes have, at the very least, contributed to growing home prices in Bozeman.  Since 1950, the average square feet for a Bozeman home has doubled, while the average household size has actually shrunk. As buyers have searched for bigger homes year over year, builders have obliged, requiring lower end buyers to buy more home or return to the rental market. Allowing builders more opportunities to create smaller homes will help renters and condo owners get more opportunities to own a detached home. 

The new proposal would also allow for infill development from Bozeman property owners and developers as well. City officials believe cottage housing will improve density, while avoiding large apartments and other urban designs. Previous ordinances had funneled developers into building condos. Condo owners own their own units, but not the exteriors or the land beneath them. The cottage homes would make detached homes more affordable while also giving home buyers the opportunity for land ownership.

Source: http://www.bozemandailychronicle.com/news/city/bozeman-pondering-cottage-housing-ordinance-to-provide-affordable-homes/article_d987b65f-87af-5e23-a661-708e91461a8c.html

http://www.bozemandailychronicle.com/news/city/bozeman-commission-delays-discussion-on-vacation-rentals-food-trucks/article_08f615da-3309-55fb-a406-4579ab709237.html

http://www.bozemandailychronicle.com/news/city/bozeman-city-commission-approves-cottage-housing-ordinance/article_52afe981-a29c-5540-a84c-39d60b57c4cf.html

 

Displaying blog entries 1-4 of 4

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