Bozeman Montana Real Estate Information Archive

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Bozeman Market Report - Home Sales Are On The Rise

by Hart Real Estate Solutions

Statistically, there have been more sales single family homes in Bozeman in 2016 as compared to 2015. This would include every price range up to $700,000.   Also to note, the list price to sales price ratio is higher across the board, exceeding 98% in all price ranges under $700,000.

In price ranges above $700,000, 2015 had 65 sales verses 49 sales this year.

New construction sales are also slightly stronger in 2016 than the same period last year, with 110 sales of new homes so far this year.

We continue to see new inventory hit the market and go under contract quickly.  If you are thinking about selling, now may be the time to see what your home is worth and plan for winter house projects.

New Phone Application Will Map Bozeman Montana Trails

by Hart Real Estate Solutions

As the outdoors continue to bring more and more people to Bozeman, Montana, the city has put a bit of organization back into nature. One of Bozeman’s biggest attractions is its 80 mile, in and around town trail system. Bozeman continually updates and improves its trails, knowing they are one of the main attractors to local residents. The trail is used by adults, children, runners, walkers and bikers. Whether for exercise or for travel, the trails have become a part of Bozeman’s outdoor culture.

Starting sometime this year, the Gallatin Valley Land Trust and the City of Bozeman will create a new phone application that maps out every mile of Bozeman’s trails. The application will help residents organize runs or discover new trails. The app will also be constantly updated, so residents will know when a trail is  closed or under maintenance. Amenities like bathrooms will also be marked on the application, helping Bozemanites plan their hikes and breaks accordingly.

The application was approved in January. Once the application is up and running, it will help locals utilize Bozeman trails even more effectively.

 

Source: http://www.kbzk.com/story/30944764/80-miles-and-growing-app-to-feature-bozemans-trail-system

New Pathway Planned For Bridger Canyon Hikers and Bikers

by Hart Real Estate Solutions

The “M” Trail and the Drinking Horse Trail attract a host of daily hikers, trail runners, bikers and other outdoor enthusiasts. Bridger Canyon Road is also one of the more beautiful and fun biking roads in the area. As the area’s popularity has increased, Bridger Canyon road has seen a lot of pedestrian and recreational traffic.

Currently, only a small shoulder exists for people who want to get to the trail heads without having to drive. Using a previously passed bond, the city will construct a new pathway from Bozeman that will go to both the "M" and Drinking Horse Trails. The pathway will be fully separated from Bridger Canyon Road and is expected to cost $4 million.

The path will be asphalt to allow bikers to also use the path with ease. It will connect into city trails at Story Mill Road and then extend out to both the “M” and Drinking Horse. The city will also look into creating an under path  to connect the two trails (on opposite sides of the road) without having to cross Bridger Canyon Road.

The city will need to get 5 homeowners on board to allow room for the pathway.

Bozeman continues to focus on its resident’s safety, while also finding ways to provide access to the outdoors, without the need for a car. Bozeman becomes more convenient to its residents everyday. Its no wonder that more and more people continue to move to the greater Bozeman area.

 

Source: http://www.nbcmontana.com/news/safer-pathway-planned-for-bozeman-hikers-bikers/39578514

Vacation Rental Regulations Coming for Bozeman?

by Hart Real Estate Solutions

The vacation rental market in Bozeman has grown quickly over the past couple of years. The presence of online short term rental sites like AirBnB, have made it easier for any property owner to advertise their home to the world. Vacation home sales increased drastically across the US in 2014, partly due to their wonderful return on investment. But as the market has grown, more and more concerns have been raised about the lack of regulations of vacation rentals in Bozeman.

Bozeman has been honored as a top 16 world wide destination and a top ten ski town in the United States. Coupled with Big Sky's summer growth (and very consistent winters of course!) as well as Yellowstone's increasing popularity, it can be easier to find short term renters than in other Montana markets.

While short term rentals have provided Bozemanites with additional revenue potential in their properties, others have grown concerned about the commercialization of neighborhoods and rising rental rates. As more investors opt into the short term rental market, that leaves less home inventory for the long term rental market. Bozeman has had a vacancy rate at or near zero for several years. It has been an owner’s market, with most owners being able to filter rental candidates based on lease terms and rent rates. In general, having even less inventory on the rental market will lead to higher rent rates.

To have a vacation rental in Bozeman, home owners need to have a permit. However, vacation rentals have not been regulated. According to the Bozeman Daily Chronicle, 280 vacation rentals were listed as active on AirBnB. City planning only has 6 registered vacation rentals in the City of Bozeman.

Although vacation rentals only earn about 10 to 15% of their full potential in Bozeman, having a successful one can lead to a wonderful return on investment. A vacation home priced at $250 a night would net earnings at $40,000 plus if it was filled only half the year.

Bozeman Commissioners will explore the vacation rental market and determine if regulations will be necessary. They will discuss the issue on June 27th. Commissioners have had affordable housing on their list of priorities for a couple of years. The vacation rental battle will probably fall into this discussion as commissioners try to find ways to lower the average price of homes for sale as well as homes for rent.

 

 

Source: http://www.bozemandailychronicle.com/news/city/bozeman-may-tackle-vacation-rental-regulation/article_e3d08226-a643-5b06-89a9-6af769fc64d6.html

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

Displaying blog entries 1-10 of 175

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