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.