Our Collection - Summer 2020

Posted on July 13, 2020 by Amy Sand
Our collection of real estate listings
Explore real estate in Our Collection - winter edition.  Explore real estate in Big Sky, Bozeman and the surrounding area's. Browse market statistics and our most recent significant sales.  Find out what is happening in Southwest Montana!
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Categories: The Collection | Real Estate

Q1 Big Sky Market Watch

Posted on May 1, 2020 by Amy Sand
No one will be able to fully predict the effect the coronavirus pandemic will have on the real estate market, but at Big Sky Sotheby’s International Realty, the health and safety of our agents, clients, employees and community is our #1 priority.
 
We invite you to review a summary of sales activity in the Big Sky area during the first quarter of 2020, based on closed production from January – March 2020, much of which went into contract before the onset of the coronavirus pandemic. The Big Sky Country MLS reports the following market data for this quarter, which is compared here for the same period of 2019:
 
Heading into the second quarter of 2020, here were a few positive things in the Big Sky housing market:
  • 16 Sold Listing in the last 30 Days
  • 12 New Listings in last 30 Days
  • Brokers Tallie Lancey marketed and Tory Cyr sold the highest priced property in 2020 to date. Listed for $8,500,000 in Big Sky’s Moonlight Basin
Real estate is all about location, location, location and location is our local community. Here are a few local organizations that you can help OR here are ways Big Sky Sotheby’s International Realty is helping the community:
  • Big Sky Sotheby’s International Realty donated a $1,000 to the Big Sky Community Food Bank
  • Partipated in the Big Sky CARE - van. A community wide morale booster and Big Sky Relief fundraiser
  • Hand made dozens of face masks
  • Attended a socially distanced 95 birthday party for someone in our community
  • Picked up and delivered groceries to clients who are in high risk.
  • Our Virtual Tour camera has been unprecedentedly busy. Each agent in our office has made sure a virtual tour of all our properties is available!
  • Check out BigSkyRelief.org for more ways to help!
During this unprecedented time, we are continuing to represent clients who want or need to sell a home and our local teams are working hard continuing to conduct the business of real estate. We are committed to providing the highest quality service and will to continue to support our buyers and sellers using state-of-the-art technology and a suite of virtual marketing tools, which make it easy to view and experience the finest real estate in the world from the safety of one’s home.
 
As always, our goal in sharing market data with you is to create a better understanding of the trends affecting our unique housing market. We hope you find it to be a valuable resource and look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Big Sky market, please do not hesitate to reach out to me or any of our independent sales associates at (406) 995-2211.


 
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Categories: MARKET TRENDS | Real Estate

Resort Report 2020

Posted on February 14, 2020 by Amy Sand

Living in a resort community offers a unique and attractive lifestyle, abundant with scenic views, recreational opportunities, and like-minded people. Buying and selling real estate in resort communities is unlike most transactions, which is why LIV Sotheby's International Realty compiles an annual Resort Report focused on these one-of-a-kind communities.

The Resort Report is aimed to inform consumers about 12 prominent resort markets and details what makes each of them unique. The report analyzes the performance of 12 different resort markets spanning Colorado, California, Nevada, Utah, Montana, Wyoming, New Mexico and Idaho.

On that list: Vail Valley (Vail, Beaver Creek, etc.), Summit County (Breckenridge, Keystone, Copper Mountain, etc.), Crested Butte, Telluride, Aspen, Steamboat Springs, Lake Tahoe, Park City, Big Sky, Jackson Hole, Santa Fe and Sun Valley.

There are many factors that can impact real estate in these resort communities — for example, the changing seasons, available amenities, transportation offerings, and shifts in employment due to the seasonality of job needs. In order for consumers to make sound financial decisions regarding real estate, it’s important to be knowledgeable of the metrics especially focusing on any shifts in average price and average days on market. Monitoring the real estate performance will set a potential buyer or seller up for success when entering the typically complicated process.

Reporting good news, most of the communities showed a notable increase in demand for 2020, with an increase in average sold price and average sold price per square foot, in combination with a decrease in average days on market. The Big Sky market specifically reported notable increases in the market, including an impressive 18.4 percent increase in average sold price from $960,675 in 2018 to $1,136,998 in 2019. In addition, average days on market dropped over 13 percent to 113 days in 2019, an extremely quick transaction time for a resort location.

“The numbers say it all. We have more buyer demand than we have product which is pushing property values up. Big Sky is growing! Big Sky Resort continues to elevate the ski experience with new terrain, state of the art heated lifts & a beautiful new Base Lodge amenities & après ski choices. The Big Sky Town Center has doubled in size in the past few years, adding a hospital, skating rink, hotel, a trail system, new retail shops, breweries and restaurants. In all, approximately 1 billion dollars will be spent in new commercial development including the Montage and One & Only luxury Hotels, a community center, affordable housing, infrastructure and more. That and more direct flights into Bozeman has skiers flocking to Big Sky,” said Cathy Gorman owner and managing broker of Big Sky Sotheby’s International Realty offices.

Understanding the market and local economy is a critical piece to real estate success for both buyers and sellers. This report provides information to help interested buyers have an understanding of each unique community, and for potential sellers to keep current with local real estate trends.

Big Sky Sotheby’s International Realty is proud to provide various reports as resources for consumers. Visit bigskysir.com/market-watch to access the firm’s reports today. Call 406-995-2211 for more information or to service any of your real estate needs.

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Our Collection - Winter 2019/20

Posted on November 26, 2019 by Amy Sand
Our collection of real estate listings
Explore real estate in Our Collection - winter edition.  Explore real estate in Big Sky, Bozeman and the surrounding area's. Browse market statistics and our most recent significant sales.  Find out what is happening in Southwest Montana!
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Categories: The Collection | Real Estate

Fractionals Q & A

Posted on November 8, 2019 by Lisa Knorr & Amy Sand

1.  What are fractionals?

Fractional ownership of vacation homes allows you to enjoy a designated number of weeks or months of home ownership privileges in Big Sky or our surrounding areas but at a fraction of the cost of whole ownership.

2.  Who are fractionals really for?

This type of real estate arrangement is ideal if you want the benefits of owning a second home located in an amazing location like the Rocky Mountains of Southwest Montana but can’t justify the investment because of limited use.

3.  How long is a typical fractional share?

Most fractionals are between two to 13 weeks. Those don’t necessarily have to be consecutive weeks. Because there are far fewer owners of each individual property than say your typical timeshare, you’ll have a lot more options regarding when you can use the home.

4.  Who manages the fractionals?

Typically, fractionals are usually self managed. They are governed by recorded declarations.

5.  How do fractionals differ from timeshares?

Fractionals tend to be larger homes or condos, usually two to four bedrooms. Timeshares are typically for one to two weeks per year.  Fractionals offer from two to 13 weeks, and those don’t necessarily have to be consecutive weeks. Fractional ownership is a method of property purchase involving several buyers, typically 6-12. The main difference between fractional ownership and a timeshare is in the way actual equity is distributed. In a fractional ownership arrangement, the purchaser actually owns a piece of equity in the property. If the property goes up in value, the fractional owner's share of the pie also becomes more valuable. With a timeshare, ownership is not distributed. The owner purchases only weeks or months of enjoyment in a property, and these weeks or months do not rise and fall in value with the value of the property. The title is still owned by the principal owner.

6.  Why should I buy a fractional instead of a wholly-owned second home?

Most people who buy a fractional recognize that they won’t be spending more than a couple of months a year at their vacation home.  With a fractional you can get the quality and level of luxury you want and only pay for the “fraction” of time you actually plan to use the home.

7. Can you trade or rent out your time?

In some cases, yes, but you will want to check the specific guidelines for the property you’re considering.  Most fractionals also participate in a reciprocal usage program similar to timeshares in which you can trade weeks and locations.

8.  Can more than one individual or family own a residence interest?

At most properties, the answer is yes. In addition, the extended family of the owner including children, grandchildren, siblings and parents can use the residence and are entitled to use the property.

9.  What are ownership costs of a fractional?

Typically speaking operating costs ie property taxes, utilities, HOA dues, general maintenance, etc. are divided equally between the owners.

FRACTIONAL LISTINGS IN BIG SKY, MONTANA

Yellowstone Condo 74C

Yellowstone Condo 74C (Half ownership): 1,070 Sq. Ft., 2 BED, 3 BATHROOMS. OFFERED FOR $195,000 
LISTED BY LAURA T. SACCHI, BROKER

16 Woodbine

Hidden Village Condo - 16 Woodbine (Approx. 6 weeks per year of usage): 1,928 Sq. Ft., 3 BED, 3 BATHROOM. OFFERED FOR $38,500
LISTED BY LISA KNORR, BROKER

23 CONEFLOWER

Hidden Village Condo - 23 Coneflower Court (Aprox. 6 weeks per year of usage): 1,950 Sq. Ft., 3 BEDS, 3 BATHROOMS. OFFERED AT $44,000
LISTED BY LISA KNORR, BROKER

 

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Big Sky's Market Report - Q3 2019

Posted on October 28, 2019 by Amy Sand
Big Sky Sotheby's International Realty provides the latest real estate statistics for Big Sky and it's surrounding areas. Get the stats Q3 2019 Market Report and stay informed.
 
Seller’s Market

We are definitely still in a seller's market! 

In Big Sky overall Q3 2019 vs Q3 2018, sold volume increased 22% and average days on market decreased 6%. Prices moved upwards with average sold price increasing over 37%.

Buying a house in a seller's market

To compete against other buyers in a seller's market, you need to be prepared. First, you’ll need a mortgage pre-approval letter if you are not paying cash before you start shopping, that way a seller knows you can afford to purchase.

You may also have to waive some contingencies to edge out other buyers—or widen your search to neighborhood with less demand.

Other ways to make your offer more attractive include increasing the amount of earnest money that you'll put into the escrow deposit, writing a personal letter to the seller and, of course, offering above list price. 

We look forward to being of service in 2019/2020 - wherever your real estate requirements take you.

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Categories: Real Estate | MARKET TRENDS

Common Types of Deeds

Posted on August 22, 2019 by First American Title Company

Common Types of Deeds

A WARRANTY DEED…warrants to the Grantee:

A. That the Grantor has not previously conveyed the estate or any interest therein to anyone except the Grantee; and

B The estate is free from encumbrances.

The General Warranty Deeds if the deed most used in insuring titles to real property and give the most protection to the Grantee.

A SPECIAL WARRANTY DEED…limits the warranty to: “by, through or under the Grantor but not otherwise.”

These deeds are often used when the conveyance is from an executor, administrator, trustee, guardian, etc. There must be a valid reason for the Grantor to be limiting the warranty. We want to be certain that the Grantor does not have knowledge of some defect I the chain of title that is not being acknowledged.

A QUIT CLAIM DEED…does not contain “grand and convey” language.

Quit Claim Deeds are not acceptable in the direct chain of title and are normally used only for  curative matters. An example would be where a Divorce Decree properly divest one spouse’s interest in the property to the other-a Quit Claim Deed may be used to satisfy disposal of the spouse’s interest in the real property records.

You can rely on your title company’s knowledgeable professional to work diligently to ensure the orderly and efficient transfer of real estate.

Contact Amanda Harris with First American Title Company with any of your questions today (406) 682.5337.

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Big Sky's Market Report - Q2 2019

Posted on July 19, 2019 by Amy Sand
Big Sky Sotheby's International Realty provides the latest real estate statistics for Big Sky and it's surrounding areas. Get the stats Q2 2019 Market Report and stay informed.
 
Seller’s Market

We are definitely still in a seller's market! 

In Big Sky overall Q2 2019 vs Q2 2018, sold volume increased 18% and average days on market decreased 21%. Prices moved upwards with average sold price increasing over 30%.

Buying a house in a seller's market

To compete against other buyers in a seller's market, you need to be prepared. First, you’ll need a mortgage pre-approval letter if you are not paying cash before you start shopping, that way a seller knows you can afford to purchase.

You may also have to waive some contingencies to edge out other buyers—or widen your search to neighborhood with less demand.

Other ways to make your offer more attractive include increasing the amount of earnest money that you'll put into the escrow deposit, writing a personal letter to the seller and, of course, offering above list price. 

We look forward to being of service in 2019 - wherever your real estate requirements take you.


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Categories: Real Estate | MARKET TRENDS

Do You Need A Survey?

Posted on July 19, 2019 by Erin Mandeville

According to First American Title Company, one of the Top 10 Title Problems Sellers encounter during the home selling process is Boundary, Survey Disputes. “You may have seen several surveys of your property prior to purchasing, however, other surveys may exist that show differing boundaries. Therefore, a neighbor or other party may be able to claim ownership to a portion of your property.” That can be scary stuff!

Further, did you know that Title Insurance (provided by the Seller at closing on behalf of the Buyer to ensure clear title) doesn’t insure a Buyer against proper fence placement? Without a survey, you may think you own more, or less, property then you actually do if you rely on the fence placement as your guide. Particularly in Montana, it is important to check the location of the fence as often we see them installed without surveys, or locating the corner pins.

In my own neighborhood, I am watching a neighbor go through the struggle of assuming they knew where the fence should be located; as they relied on the location of my fence, and continued their installation in a straight line. Fun fact, our lots are not all parallel on the south side. In the distance between three homes, there is a nearly 5’ of difference between my properly placed fence line to the neighbors improperly placed fence. Can you imagine the cost of moving a gazebo, concrete pad, and fencing?


fence  fence

You know that phrase “the Devils in the details”? The details are what will set your real estate experience apart. At Sotheby’s International Realty, the details are our speciality. Are you thinking a survey might be appropriate for you? Give us a call, let us connect you with the specialists in our area, that’s what we do!

Montana Home Sellers Guide: http://www.gofirstam.com/resources/montana-homeseller-guide.html

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The Collection - Summer 2019

Posted on July 17, 2019 by Amy Sand
Our collection of real estate listings
Explore real estate in The Collection of Big Sky, Bozeman and the surrounding area's listings magazine. Browse market statistics and our most recent significant sales.  Find out what is happening in Southwest Montana!
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Categories: The Collection | Real Estate
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