Bozeman Montana Real Estate Information Archive

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Bozeman Montana Company Wins Award from US Department of Commerce

by Hart Real Estate Solutions

The U.S. Department of Commerce rewards companies across the nation for making a substantial contribution to the expansion of US exports.

The “E” award, created by President John F. Kennedy, is the highest recognition any U.S. entity can receive from the department.  

Simms Fishing Products from Bozeman, Montana received the award in mid-May, showing the company’s growth and its consistency in delivering top quality goods.

The awardees this year contributed $2.23 trillion dollars worth of goods and services in 2015. These companies also provided 11.5 million jobs that were supported by exports.

Bozeman becomes more worldly each and every day. Business is not limited to the valley, to Montana or even the United States. Businesses continue to be attracted to the area for its unique culture and outdoor access. As more and more companies find Bozeman attractive, Bozeman can expect more jobs, more business and of course, more residents and homes in Bozeman.

 

Source: http://www.nbcmontana.com/news/bozeman-company-receives-national-award/39570200

Old Bozeman K- Mart to Be Demolished for New Development

by Hart Real Estate Solutions

The building that housed the Kmart in Bozeman will be demolished. Bozeman’s planning office approved a demolition permit this week as city officials continue to try to attract new development, both commercial and residential, in Bozeman’s Midtown district.

Kmart closed in Bozeman in 2014 due to financial struggles from the national brand. The land under the building was rezoned in early May by the Bozeman City Commission in an attempt to spur more business development in the area.

The demolition permit has approved tearing the building down to its concrete slab. Workers will remove the building material and then fence the remaining site until future development occurs. As of yet, no official development plans have been created.

Bozeman’s zoning changes along 7th avenue has already spurred reaction from property owners. A new business will be moving to Midtown, while other property owners are removing buildings with new zoning laws in place. Bozeman’s Midtown will undergo a lot of change in the coming years as the city works on developing and improving the area.

 

Source: http://www.bozemandailychronicle.com/news/city/demolition-permit-approved-for-old-bozeman-kmart/article_a24acaaf-b090-50a6-85d7-f1f072cced18.html

Gallatin County Multi-Family Home Sales: May Real Estate Market Report

by Hart Real Estate Solutions

This month, we will compare condo and townhome sales in the Gallatin County for Quarter 1 of 2016 to condo and townhome sales in Q1 2015. Here are a few stats:

  • Multi-family home sales increased by 15.83% (120 sold in 2015, 139 sold in 2016)
  • Dollar Volume increased by 5.96% ($33,245,180 in Quarter 1, 2015; $35,227,688 in Quarter 1, 2016)
  • Median sale price increased by 12.89% ($194,000 in 2015, $219,000 in 2016)
  • Multi-family homes spent 44.62% longer time on the market in 2016 (65 Days on market 2015, 94 Days on market in 2016)

Summary: Multi-family home sales continue to increase. As more multi-family properties sell, they are also selling at higher prices. The trend suggests that multi-family homes will continue to see value appreciation in 2016. It should be noted that they have spent more time on the market in exchange for higher listing prices. Feel free to look at Q1 2015 numbers compared to Q1 2014 to see an even bigger picture. The Gallatin County real estate market continues to grow and values continue to rise.

Bozeman Updates Zoning for Midtown Revitalization

by Hart Real Estate Solutions

The Bozeman City Commission approved updates to Bozeman’s Midtown in the hopes of sparking redevelopment and increased activity to the area. Most local Bozemanites will know Midtown as commercial district on North 7th Avenue or as the North 7th Corridor.

Commissioners will use two new zoning designations: R-5, or Residential High Density Mixed District; and B-2M, or Community Business Mixed District. The new designations will allow property owners on North 7th to build denser, higher buildings that can mix both residential and commercial aspects.

Commissioners believe the zoning change will help foster investment in taller, walk friendly, urban style projects. Many expect a “commercial ground floor” so to speak, with apartments and condos on any additional stories.

The zoning changes will help eliminate the sprawl at Bozeman’s edges while increasing the concentration of customers who could both shop at Midtown and Downtown. A new business, The Midtown Tavern, has already started construction on 7th Avenue. Street workers will work with business owners to replace lights and expand the space between the walkways and streets in the next three years.

Bozeman continues to grow. But as it grows, it is nice to see the city focus on revitalizing and redeveloping areas within Bozeman, maintaining the overall quality that continues to attract people to this lovely neck of the woods.

 

Source: http://www.bozemandailychronicle.com/news/city/bozeman-adopts-denser-midtown-zoning-in-hopes-of-spurring-redevelopment/article_b470078f-0042-5492-801a-c2c80bc50564.html

http://www.kbzk.com/story/31700528/zoning-changes-approved-for-midtown-district

http://www.nbcmontana.com/news/Bozeman-business-owner-rallies-behind-Midtown-revitalization/38977106

 

RECENT UPDATE 5/3/16: A few blocks of a neighborhood bordering Midtown will be up for rezoning consideration. Mayor Carson Taylor, previously siding with removing several areas from a rezoning proposal, wants more time to consider all available options. The area south of Lamme Street, running along 8th Avenue was designated R-5, promoting small scale businesses and walkable neighborhoods. Currently, the area is zoned R-4, which normally leads to apartment style construction. The city will now reconsider between zoning the area R-4 or R-5.

Source: http://www.bozemandailychronicle.com/news/city/bozeman-commission-to-reconsider-portion-of-north-th-zoning-decision/article_e0250268-72d6-5ef5-81f8-c8c975bcbeba.html

Montana State helps Bozeman Update Historic Home List

by Hart Real Estate Solutions

Montana State University architecture students helped survey Bozeman’s historic district and Neighborhood Conservation Overlay District, inputting and updating the city’s historic homes in the area.  Students looked at over 500 homes and structures nearby campus and then logged their findings to help Bozeman determine what changes, if any, they will make to Bozeman’s historic district regulations.

Currently, the historic district and the Neighborhood Conservation Overlay District both require residents to file for certificates of appropriateness when renovating their home, particularly its exterior. Rising home prices, a booming economy and bureaucratic slow down have lead City Commissioners to OK plans to revise the regulations.

In order for Bozeman officials to improve its historic districts, they first needed to update Bozeman’s inventory of historic homes (a list that had not been updated since 1984) to better understand the full scope of the district. Budget constraints had limited Bozeman’s ability to complete the survey, but with the help of Montana State University, the list will be updated in a relatively short time. 

In early April, MSU students worked in pairs to gather basic architectural characteristics of downtown homes to determine their historical significance. The project helped these students become familiar with popular Bozeman home styles while completing some much needed busy work for Bozeman.  By logging their findings into Bozeman’s historic home database, MSU and the city hope to eventually log every historic home in Bozeman’s historic districts. Montana State University plans to repeat the project until all the homes have been logged into Bozeman’s database.

 

Source: http://www.montana.edu/news/16076/msu-architecture-students-and-faculty-assist-city-of-bozeman-by-surveying-hundreds-of-downtown-homes

Northwestern Energy and Bozeman Green Light Solar Project

by Hart Real Estate Solutions

Bozeman will begin providing solar power to residents on the grid, thanks to an agreement between the city, Northwestern Energy and a local solar panel company in Bozeman. Ideally, the project will help pave the way for additional solar projects, helping lower utility costs in Bozeman for all residents.

Bozeman will donate land along Frontage Road between Bozeman and Belgrade for the new solar project. Northwestern Energy will invest up to $1 Million for the project, which they will use to research the advantages and pitfalls of potential future projects. As the project is primarily research based, Northwestern customers will not see any increases to their bills.

The project will create approximately 1,000 kilowatts of energy a year, or enough to power 12 homes for an entire year. Whether the costs associated with harnessing solar power pay off the later benefits will be determined by Northwestern over the next few years.

The project is to be installed in June 2016 and should be operational by October 2016.

 

Source: http://www.nbcmontana.com/news/northwestern-teams-up-with-bozeman-for-solar-project/39094588

Bozeman to Update Historic District Regulations in Future

by Hart Real Estate Solutions

The Bozeman City Commission approved a plan to adjust Bozeman’s Historic District Regulations in the future. However, the city will not remove any existing rules until a new system has been put into place.

Since 1991, Bozeman has used a Neighborhood Conservation Overlay District, or NCOD, to regulate where and how residents can update historically significant buildings. Because the district represents Bozeman’s approximate boundary in 1957, many buildings have historical significance to the city and contribute character and cultural significance to Bozeman.

However, in the attempt to preserve history, some regulations might be seen as bureaucratic by some. For example, every homeowner within the Neighborhood Conservation Overlay District must apply for a certificate of appropriateness before they can alter their home, particularly its exterior. In its current form, the district functions much like a Home Owner’s Association, regulating changes within the neighborhood to keep a consistent culture and feel within a neighborhood.

Last year, Bozeman commissioned a study in April that ultimately recommended that changes would be needed. In the midst of high growth and rising property values, Bozeman wants to break up the large overlay and create more specified districts. City officials believe this will help neighborhoods address their specific problems with less wait and less hassle. Changes might also open the door for additional infill and subdividing, alleviating high home prices by adding more home inventory to the market.

Each neighborhood could also direct growth with better communication from and between officials and residents.  By creating multiple districts, some emphasizing history, others design, regulations will be better tailored to fit the needs of the neighborhood.

The City of Bozeman also announced that it would update Bozeman’s inventory of historic buildings. The list hasn’t been updated since the 1980’s. Some Bozeman residents could see their property values change if their property is labeled as historic.

 

Source: http://www.bozemandailychronicle.com/news/city/commissioners-back-tweaking-bozeman-historic-preservation-regs/article_5cc86b26-77f2-5a89-9c75-00796e2af278.html

Bozeman Book Mobile Ready to Roll

by Hart Real Estate Solutions

The Bozeman Public Library has officially raised enough money to purchase their Book Mobile, a mobile library designed to bring library amenities to all Bozeman residents.

The library purchased the mobile libray for $320,000. Originally, the library had hoped to raise $600,000 for costs. The library has raised $400,000, with extras going towards an endowment designed to maintain the vehicle. They received a $300,000 dollar donation in mid 2015. However, $600,000 will eventually be needed to stay within budget. The Book mobile will be 40 feet long, come with solar panels and will be handicap accessible. It will also have wi-fi, allowing it to be used for other library programs.

Now, library officials will work on continuing to fundraise while designing the new Book Mobile’s route around Bozeman.

The book mobile will be used to help residents in Bozeman use the amenities provided by the library if they cannot make it to the physical library themselves. Children and the elderly have been highlighted as main segments of the population who might not have full library access. Having a mobile library will help these people get books, information and any help they might need.

 

 

Source: http://www.bozemandailychronicle.com/news/library-foundation-moves-forward-with-bozeman-bookmobile-purchase/article_9e4f2a67-faf5-50b0-ab3f-90ec8c9dff00.html

Job Market Spurs US Housing Market Forward

by Hart Real Estate Solutions

Job growth in 2015 certainly helped spur the housing market forward. Most experts believe 2016 will follow the pattern, with job creation leading to increased activity in the United States Housing Market. Most believe the two sectors are linked and that as people find new, higher paying jobs, home values and activity will both rise with it.

The job market created 2.6 million new jobs in 2015. Unemployment hit 5% in 2015, down from 5.8% in 2014. Urban centers and high tech hubs experienced the most growth in both job creation and housing activity. Places like San Francisco, Denver and Seatlle all had huge employment gains. Low and behold, they are also some of the nation’s busiest and most expensive housing markets.

The relationship between job growth and housing market growth seems pretty apparent. As great jobs come onto the market, new workers will need to find places to live. The influx of workers leads to increased activity as well as increased price in these hot markets.

Bozeman, though certainly not a city, has experienced huge real estate growth recently. Guess what? The Gallatin County remains one of the top counties in the state for high wages and low unemployment. Montana had its lowest unemployment rate since 2007. And, it seems like no coincidence that Bozeman is also considered the tech capital of Montana and that it also has the fastest growing economy in Montana.

The improved economy has fueled a rise in real estate transaction across the nation. Bozeman’s housing market activity has increased consistently year over year, showing that Bozeman is also falling in line with patterns established by the national housing market.

 

Source: http://www.realtor.com/news/trends/housing-industry-rises-with-job-market/

 

 

Land Trust Donates to Future Bozeman Park

by Hart Real Estate Solutions

The Trust for Public Land bought a 5-acre piece of land from the Boys and Girls Club of Southwest Montana. The parcel adjoins the to-be-built Story Mill Community Park to the Northeast of town. The Trust for Public Land intends to donate the property to the City of Bozeman for the new park.

Adding new, adjacent public land to the park will make the public area near Bridger Canyon all the better. The park received $75,000 in 2015 as well, helping park officials carry out their goals.

The park already plans to develop 54+ acres, creating a top tier park for Bozeman residents. Park officials have discussed including picnic areas, shelters, climbing rocks, playground equipment, fields, dog parks and an outdoor ampitheatre, potentially creating the most amenity filled park in Bozeman. Park creators want to connect the park into the vast Bozeman Trail system as well as the nearby M hike and Drinking Horse Trails.

The land includes a 11,000 plus square foot building with gymnasium and meeting rooms.

Read more about Land Trusts here and how they serve the community by safeguarding public land.  

 

Source: http://www.belgrade-news.com/news/municipal/article_ca6b7aae-efab-11e5-ad29-97dce0c1ab40.html

 

 

Displaying blog entries 1-10 of 171

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