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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. 

 

New Subsidized Housing to Help Ease Rental Numbers

by Tim Hart

A new, 47-unit development will be coming to the west end of Bozeman to help alleviate the lack of rentable homes in Bozeman. The new apartment complex will be subsidized in order to keep rental rates affordable for low-income residents. The complex will cost 10 million dollars to build, but almost 6.6 million will be funded in part by federal tax credits awarded to the city from the Montana Board of Housing. The project will be a shared effort between the Human Resources Development Council, they city of Bozeman and Summit Housing group, a Missoula based developer.

The subsidies should help reduce the amount of borrowed capital, making it possible for the apartment complex to lower rent rates. $659,000 will be awarded to the project every year for 10 years. The maximum rental price for a two bedroom unit will be $700 a month. The apartments should be finalized by September, just in time for the inevitable student rush that follows the beginning of the semester.

More affordable housing for rent should help alleviate the current rental ‘fill-up’ in Bozeman. As the rental market becomes less volatile, the buying and selling of homes often follows suit. As homeowners essentially “set the tone” for rental prices in the area, the highs and lows of a rental market can often reveal how the pendulum of the housing market is swinging. Per usual, sustained, consistent growth is ideal, and the addition of more rentals in the area may help make the current growth in Bozeman even more consistent.

Source: http://www.bozemandailychronicle.com/news/city/subsidized-housing-project-planned-for-bozeman-s-west-side/article_71ff832c-75c4-11e4-89a5-e3577905b3dd.html

 

New Affordable Housing Option Coming to Bozeman

by Tim Hart

I just read a really great article on this new affordable housing area off Cottonwood Road. Homes have been selling even before they are finished building. There are some great options regarding mortgages as seen in the article below. Some listings are still available. Feel free to contact me at 406-570-5730 if you have any questions about them.

Here is the article: http://www.kbzk.com/news/new-affordable-housing-option-available-to-own-in-bozeman/

 

Displaying blog entries 1-3 of 3

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