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Big Sky Is Booming: But What About Affordable Housing?

by Hart Real Estate Solutions

Big Sky Resort is the third largest ski resort in America and attracts 500,000 skiers annually. After announcing a deal with CrossHarbor Capital Partners to merge Moonlight Basin into Big Sky Resort in 2013, the resort now boasts an impressive 5,800 acres of public skiing, with an additional 2,200 acres available to Yellowstone Club members, yet still remains fairly undiscovered. Although a whopping one million cars drive past Big Sky every year, most of that traffic is Yellowstone National Park bound.

The Housing Issue

Between now and 2025, the resort plans on spending $150 million on improvements. The community of Big Sky currently has a population of 2,500 and in recent years has added numerous shops and restaurants, in addition to a movie theater and a full-service grocery store in 2014. The following year, Big Sky Medical Center started offering emergency services and inpatient care.

Although the community is steadily growing and the resort itself has expanded, there is one issue that still raises concern— most of Big Sky’s workforce commutes to work due to the lack of affordable housing available to employees. Recent data shows that Big Sky is short between 900 and 1,200 units, and that roughly 83% of the entire workforce leaves at the end of the day to begin their commute back to Bozeman and other surrounding areas. (image credit: explorebigsky.com)

Is There a Plan?

David Fowler is an architect who has been working on this issue since 2013. He states that the most important thing to do in order to begin solving this problem and creating more affordable housing is the establishment of an organization to begin accepting donations in order to offset land costs. There is a plan in the works that includes the construction of an 18-condo development on a 4.14-acre parcel known as Sweetgrass Hills in the Town Center, but critics argue that 18 condos don’t count for much when the housing shortage is as high as it is.

Additionally, Lone Mountain Land Company (LMLC) is developing two properties in the Town Center that will be targeted for Yellowstone Club, Moonlight and Spanish Peaks employees. One building will contain 16 units (completion estimated at approximately one year) and the other will hold 32 units. Both buildings will likely be rental properties.

While these plans may not begin to take place in the immediate future, the resort plans on moving forward with its $150 million improvements. Last year two new high-speed chairlifts were added to the mountain, one of which has heated seats and plexiglass bubbles to shield passengers from the elements. A number of new restaurants are expected to be opening soon as well. Overall, Stephen Kircher (president of Boyne Resorts’ operations, of which Big Sky Resort is a part) says that both of these projects are early steps in a 10-year plan to add a European experience to the resort. The addition of more real estate and improved services in the Town Center will help his vision become a reality, though it may be several years down the road before we see any significant changes to the area. 

 

5 Areas to Focus On: How to Increase Your Home’s Resale Value

by Hart Real Estate Solutions

It’s the hottest time of year, and with that comes the hottest selling season. When aiming to sell, keep in mind that the littlest changes can often have the largest impact when trying to increase the resale value of your home. Here are a few ideas to get you started on preparing your home to sell this summer, while also getting a great price for it:

  1. Declutter

It is important to keep in mind that some of the changes you will be making may not suit your personal preferences and tastes— that’s okay! Packing away family photos and sports memorabilia will be less distracting during showings. Keep in mind that many buyers cannot visualize a space, and if you have too much “stuff”, this can overwhelm them and leave them with a negative impression of your home.

  1. Spruce up the bathrooms

42% of real estate professionals surveyed by Consumer Reports agree that bathrooms are one of the most important rooms in a home to have in good condition. You can invest as much or as little as you want into renovations and updates, but simple projects such as re-grouting the tile or replacing an old toilet could give you a potential increase in asking price of up to 3%.

  1. Update the kitchen

Millennials currently make up 34% of all homebuyers, and a “modern/updated kitchen” is one of their top criteria when considering which home to purchase. New or repainted cabinets, stainless steel appliances and a fresh coat of paint can completely transform your kitchen and potentially add between 3 and 7% to the asking price.

  1. Give the walls some TLC

Walls should be a backdrop rather than a focal point when trying to sell. Certain colors work better in some rooms than others and may have an impact on selling price. Homes with warm neutrals such as wheat yellow in the kitchen sell for $1,360 more on average. Comparatively, neutrals such as grey-beige win in the living room, adding an average of $1,104 to the selling price.

  1. Remember the curb appeal

The exterior of your home can easily be neglected when renovating the inside, but some potential buyers won’t even make it through the front door if they aren’t impressed with the outside. Basic landscaping, installing outdoor lighting and planting a few flowers can make a world of difference, and may bump up the asking price by up to 5%.  New roofs are also a huge bonus, as it shows buyers that the home has been cared for, and 31% of real estate professionals agree that the roof is an important part of the home to have in good condition.

In order to attract buyers and leave them with a positive and memorable impression, it’s important to spend a little time spicing up your home without going overboard. Researching which projects will suit your home best before spending money on unnecessary renovations will help to ensure that you’re only putting in what you’ll get out when offers start rolling in. 


Related Articles:

Looking to Sell? 5 Projects to Improve Your Curb Appeal

Top Home Improvement Projects That Sell

Expert Tips for Spring Cleaning: Improve Energy Efficiency and Air Quality of Your Home

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