Senior Living Bozeman Montana

Senior Living in Bozeman Montana

 

Senior Living in Bozeman has become big business. Entrepreneurs riding the wave of an aging population. Mixed use facilities from homes/condos that you can purchase through a real estate agent or lease to apartments that have more care. This gives seniors the opportunity to ride the Bozeman real estate wave or to lease an apartment or condo while they can still be active and the opportunity to find more intensive care as needed in later years.

There are usually meal plans that give flexibility and give opportunities to socialize with other residents. Community activities are organized with games, exercise and music. A main lobby anchors most of the facilities and then wings are built off the lobby. The condo/homes are unattached usually and built in a 180 degree circle around the main building.

You find the residents grow very close to each other and build a real sense of community to care for each other. This has turned into a business that has waiting lists for potential residents and continued growth and opportunity as Bozeman grows and residents move their aging parents to live close for care.

Here is an example called the Bozeman Lodge.

 

Bozeman Montana Real Estate Market

Bozeman Montana Real Estate Update

In looking at the real estate statistics for August in Bozeman I thought it was a good time for a brief Bozeman Montana Real Estate update. Bozeman, Montana is a hot real estate market so I thought I would visit some of the statistics for the home market in August 2018. What is interesting is new listings were exactly the same as 2017 at 71 properties. The interesting thing is that the Median Sales price jumped from @ $395,000 to $452,500 which is a 14.7% increase in one year. The average sales price in the Bozeman real estate market changed from $435,643 to $512,213 which is a 17.6% increase.

Obviously, we are in a sellers market with those kinds of increases. Bozeman has seen these double digit increases for several years. The question arises can this continue. Inventory on market has risen a bit but not enough to change the 3.2 months of inventory.

What it boils down to is continued job growth and a strong economy. An alarming % of people are employed by the construction industry in Bozeman so if the market downturns it is likely that things can go south quickly. The music would stop and several people might not have seats.

So is this a repeat of 2008 where we are just going through another boom and bust cycle? It is a real possibility and will be determined by the national economy. Right now we are strong with +4% GDP growth. As long as we stay above 2.5% growth the Bozeman real estate market should stay strong.

If you want more info visit Gallatin MLS

Interesting that we are very similar to when we were last time where the market in Big Sky and Bozeman was crazy. There has been a great deal of investment in both areas since then and much notoriety and it will be interesting to see if this insulates this little market. Big Sky has two new high end hotels and Bozeman has added quite a few since the last downturn. MSU is the fastest growing University in the state and we have seen several businesses move in to Bozeman.

Spanish Peaks to Add $400 Million High End Hotel

Big Sky Montana

Big Sky, Montana looks to be taking a giant leap forward in trying to keep up with some of the higher end ski resorts in the world. Big Sky has always lacked in a high end hotel with ability to have more than just a few rooms. This development will have 140 guest rooms and 39 residences. It will be located in Spanish Peaks Mountain Club and will have many of the amenities of the Club offered to guests.

CrossHarbor Capital and Montage Resorts are partnering on the project and it is slated to open the resort in 2021 in the Spanish Peaks Development of Big Sky. Montage Big Sky will offer ski-in, ski-out access to Big Sky, retail area, restaurant and bowling alley among other amenities.

It is rumored that Cross Harbor is bringing another hotel into Big Sky as well. Big Sky has been underserved for years and this should go a great distance toward starting the initial service of good, high end hotels. Big Sky has shown real and dramatic growth in the resorts and residential market but the retail and hotel properties are important to the continued growth of Big Sky.
Big Sky should be in the world class category of Vail and Jackson Hole and it looks like the Developers are taking a very positive step in the right direction. Big Sky is known as one of the largest ski areas in North America and with its close proximity to Yellowstone National Park and the number of blue ribbon trout streams in Big Sky or in close proximity makes this a no brainer. With the Gallatin River going through Big Sky and the Madison, Ruby, Yellowstone, Missouri and Jefferson all with an hours drive this is centrally located to be one of the better places in the Lower 48 for fly fishing.
When stacked up against Colorado resorts with ski acreage and proximity to Yellowstone, summer amenities and wildlife, Big Sky should see great growth for the next decade. The only other place that comes close is Jackson Hole. The downfalls of Jackson Hole are the crowds and Big Sky to this date doesn’t have them. Couple that with Bozeman’s growth and this area should continue to blossom and become a real destination place for more and more people.

Our little ski resort of Big Sky will soon look very different with new hotels, retail and other amenities.
When to Buy Real Estate in Montana

When to Buy Real Estate in Montana

Montana is one of the few states with plenty of wide open space and a very small population, that makes buying real estate here affordable to most residents.  That being said the real estate market here can still be fairly competitive and at certain times of year you can find a much better deal.  Whether you want to buy land to develop or buy an existing home or rental property you still want the best deal possible.   When is the best time of year to buy property in Montana?  Let’s look at your options and find out.

The Right Season

If you are seriously considering buying property then if possible waiting until the fall can yield you the best deal.  Typically the fall offers not only a decent amount of  inventory but the prices are also lower than they would be in the spring or the summer.  The interest rates still remain low enough that you may want to start looking for new property now rather than waiting until the rates go up or the prices climb in the spring.  Combine the better prices with the fact that sellers are more motivated in the fall.  A house or property that is still for sale in the fall will likely remain on the market throughout the winter, so you can negotiate not only a better price but a quick sale.  Here is more reasons to shop for a property in the fall.

Spring and Summer

In most real estate markets, Montana included the spring and summer are the busiest season for real estate transactions.  Families want to be in their homes before school starts and are hesitant to pull children out of schools in the middle of the year.  While you may have more inventory on the market, real estate particularly in the Missoula or Bitterroot Valley, the prices are higher.  That being said, home prices range between $150,000 – $250,000 makes home buying affordable for most residents, means there will be even more competition.

Where to Begin

Getting together with a good real estate agency that knows the area well is your first step in finding the right piece of property.  They can show you property in your price range and in the neighborhood that you and your family may want to relocate to.  If you are looking at vacant land or commercial property then find a realtor that can specializes in that type of real estate transaction.

Doing Business in Montana

Doing Business in Montana: The Good and Bad

Montana can be a great place to start a business, in fact it has the highest startup rate per capita in the country.  It is a business friendly state with no sales taxes and low rates for business taxes so you can find plenty of entrepreneurs here running their own small businesses.  While the good far outweighs the bad when it comes to opening a business her, Montana is far from perfect.  Let’s look at doing business in Montana: the good and the bad.

The Good

There are a lot of good perks to setting up a business in Montana.  If you love wide open spaces with incredible scenery along with all the hiking and fishing you can handle then Montana is the place for you.  Not only that Montana has affordable housing and commercial space, making far easier to compete with urban areas that cost significantly more.

Having an affordable cost of living means that wages are also affordable for the average small business owner.  If you are running any kind of retail business then you also don’t have to worry about the burden of collecting or paying sales taxes.  There aren’t a lot of regulatory hoops that you will have to jump through so getting your business set up is easier than you think.

The Bad

Montana has a population of less than a million people and they are far away from major markets so supply chain can be a problem.  You will pay more in shipping for supplies that you need for business.  If you have equipment that needs servicing, then chances are good there won’t be someone local to do the repairs and you will have to wait for a service tech to fly in.  Business travel can be expensive and you’re at least 2 flights away from almost anywhere.  Montana also has fewer college graduates than some other states making skilled labor a bigger challenge.

The Final Verdict

Overall the good outweighs any of the drawbacks of setting up a business in Montana.  Most of the obstacles can be easily overcome and while the cost of travel and transportation may be higher it is offset by lower real estate prices, labor and taxes.

The sheer beauty of Montana and the low cost of land makes it one of the best places in the country to have a thriving tourism or adventure type of business.  Overall you won’t regret your decision to do business in Montana.