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The Big Sky Real Estate Almanac 2013 Wrap Up by Eric Ossorio Supervising Broker, Prudential Montana Real Estate eric.ossorio@prumt.com, 406-539-9553 Back in 2005, it seemed as if you just couldn’t loose in Real Estate. Those were the days! Perhaps those salad days are “back”, perhaps not. Let’s looks at some fun facts and indicators to see what the tea leaves are telling us. But first, to get you in the mood, ponder the following puzzler: A bat and a ball cost $1.10. The bat cost $1.00 more than the ball. How much does the ball cost? Now hold that thought. Back in 2011 and 2012, all reported MLS real estate transactions (Multiple Listing Service) in the greater Big Sky area numbered 220 in each year in each of the following classes of property: Commercial, residential, raw land, subdivided land, condos and town homes. In 2013, so far, the total number of MLS reported transactions in all classes of real estate is going to be over 310 by the time you read this, with about 50 “pending” transactions set to close this winter season. While some of those 50 transactions may not close, lets assume that 50% of them will, so we might see a full year of closed sales of about 335. That will be a 60% increase in activity over last year. “Wow!” you might say, and you’d be right. So let us take a closer look at how these transactions break down. So far, 215 of the 2013 sales are of residential (improved) properties. (In 2012 there were 170 residential sales.) The bulk of the sales, about 40%, or 80 properties, sold for under $250,000 and were in Condo Associations. 25% (20) of those
sales were in the Firelight Meadows Condos. Other popular Associations were Hill Condos, Cedar Creek, Stillwater, Shoshone and Summit Hotel units in the Mountain Village. In the Meadow area: Firelight, Yellowstone, Glacier, Silverbow, Aspen Court, Grey Wolf and Hidden Village. Jumping to the $250,001-$500,000 range, there were 64 sales. In this category, there is more of a mix of condos and homes, and in both Meadow and Mountain area properties. In 2012 there were 49 sales in this bracket. Mountainside we saw: Alpenglow, Big Horn, Black Eagle, a few Cascade Homes, and Elkhorn Creek, Powder Ridge, Saddle Ridge Townhomes, Moonlight Cabins, Skycrest, Shoshone and Summit Hotel. Meadowside we saw: Deer Run, Hidden Village, Lone Moose Meadows, Lone Peak Townhomes (Condo), Spanish Peaks Club, homes in Ramshorn Estates, Silverbow and homes in the BSOA, Canyon, Westfork and Southfork. Between $500,001-$750,000 there were 29 sales, with a representative mix of homes and condos. In 2012 there were 14 sales in this bracket...a 100% increase, more than double from the prior year. Condos represented: Arrowhead, Beaverhead, Crail Creek and Crail Ranch, Fairways, Moose Ridge, Powder Ridge, Saddle Ridge, San Marino, Spanish Peaks Club. Homes in that range also traded in the Gallatin Canyon, Porcupine Park, Pinewood Hills and South Fork. Between $750,001-$1,000,000, there were 23 sales. Here we see a significant, 65% increase from 2012 results of 14 sales: Black Eagle, Crail Ranch and Powder Ridge condos. The homes sold were in Aspen Groves, Antler Ridge, Beaver Creek West, Cascade, Cowboy Heaven, Meadow Village, Diamond Hitch, Pinewood Hills and the Club at Spanish Peaks. Between $1,000,001 and $1,500,000 there were 12 sales versus 14 sales in 2012, a slight decrease. 2 condos: A Summit Hotel and a Powder Ridge. 10 homes sold were in Buck Ridge Ranch,
Cascade, Moonlight Basin, Skywood, the Club at Spanish Peaks/ Big EZ and Summit View. Between $1,500,001 and $2,000,000 there were 3 sales. A Cowboy Heaven home, a Summit Hotel condotel, and a home in Beaver Creek West. In 2012, there were 2 sales in this bracket. Over the $2,000,000 mark, there were 5 sales...4 reported on MLS in the Yellowstone Club, as well as the Big EZ, which sold at auction. The top end sale of the market for which information is reported was $7,500,000. There are 4 sales “pending” on MLS: one each in the Club at Spanish Peaks, Sweetgrass Hills, Diamond Hitch and the Yellowstone Club. In 2012 there were 6 sales in: Cowboy Heaven, Sweetgrass Hills, Gray Drake, the Club at Spanish Peaks, Diamond Hitch and one home reported on MLS sold in the Yellowstone Club. Activity is up 60%, pricing is recovering, the market is stabilizing and there are still good values to be had in Big Sky, offering the Biggest Skiing in America. Next time, we will take a look at the Land Side, where there were 81 transactions, with about 30% of the sales between $100,000 and $200,000, and the 9 Commercial transactions with 2 improved properties and 7 land sales. Oh...the ball cost $0.05. To more fully understand why you may have thought the ball cost $0.10, read Daniel Kahneman’s: Thinking Fast and Slow. Eric Ossorio, is a Supervising Broker at Prudential Montana Real Estate in Big Sky, Montana where he’s lived with his wife and partner, Stacy for over 22 years, raising their three children here. Both have been active Brokers since the early 1990’s, and are involved community members. To contact Eric, call 406-5399553, or see prumt.com or www.ossoriorealestategroup.com.
Happy Holidays from all of us at
The Club at Spanish Peaks (under new ownership)
The Club at Spanish Peaks Opportunities Elegant mountain homes from: $1,695,000. Ski in/out homesites from: $500,000 Wildridge from: $250,000 Ranch lots from: $250,000 Big EZ 20 & 40 acre lots from: $299,000 Contact Martha for a customized market report and a Club at Spanish Peaks update.
Featured Property: Wildridge 23 "Renali" $4,995,000
Shown by appointment with:
Martha Johnson, Broker 406.580.5891 | Martha@BigSkyRealEstate.com Martha has sold 12 properties at The Club at Spanish Peaks to-date in 2013. Contact her directly to discuss listing your property
This information is subject to errors, omissions, prior sale, change, withdrawal and approval of purchase by owner. All information from sources deemed reliable, but not guaranteed by Montana Living - Big Sky Real Estate, independent investigation is recommended. For properties being purchased at The Club at Spanish Peaks approval for membership is required prior to closing. If you are currently working with another real estate agent, this is not intended as a solicitation. Montana Living is a registered Montana trademark of Newwest, llc.
A Histor y of Excellence.
We a re
elkridge 32 Spanish peaks mountain Club, spectacular 5bd, 7 bath home on the golf course and ski-in/skiout. gorgeous views. $3,485,000
land iS at 6 year low and the market iS riSing - Buy now. ski in/Ski out, homesites, 20 acre lots and 160 acre ranches Call for pricing!
lone peak Center #201 Ski-in/ski-out from this second floor Studio with large deck, valet parking, outdoor pool, hot tub, & ski locker . $299,000
230 rainBow trout run adorable Southfork home. 4 bd, 3.5 bath, 2 car garage. 2,638 sq. ft. and .3 acre homesite. ready to move in. $599,000
mooSe ridge Condo #59 great views from this elevated meadow location. 3bd, 5 bath, 2,711 sq.ft. unit has exquisite finishes. Convenient to town Center. $669,000
moonlight Chalet #78 wake up to this view! Ski-in/ski-out from this fabulous 3 bd, 4.5 bath, 2,624 sq. ft. unit. gorgeous views and ready to move in. $1,395,000
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BigSkyRealEstate.com
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greathorn ranCh #5 Fabulous 40+ acres located only minutes to Big Sky town Center. resident wildlife & gorgeous views. last remaining parcel. $899,000
215 grey owl your cabin in the Big Sky woods. 4 bd, 3 bath home with detached single car garage. 2,456 sq. ft. great views, hot tub, and fully furnished and ready to move in. $699,000
elevation 6000 Condominium 3 Bd, 2.5 bath, 2 car garage with central location in Big Sky town Center. Strong long or short term rental history . $575,000
whipple minor SuBdiviSon mountain village homesites. 2 to choose from. each is 6+ acres or combine for privacy. From $399,000 each
river ranCh SpaniSh peakS mountain CluB on the South Fork of the gallatin. new construction, 4 bd, 6 bath, custom home with gorgeous finishes. $2,899,000
Bighorn Boutique. Big Sky town Center established business and/or ground floor commercial end unit for sale. plenty of foot traffic in Big Sky’s newest business district. $625,000
This information is subject to errors, omissions, prior sale, change, withdrawal and approval of purchase by owner. All information from sources deemed reliable, but not guaranteed by Montana Living - Big Sky Real Estate, independent investigation is recommended. For properties being purchased at The Club at Spanish Peaks approval for membership is required prior to closing. If you are currently working with another real estate agent, this is not intended as a solicitation. Montana Living is a Montana Trademark owned by NewWest LLC.
Moonlight & Big Sky Ski In/Out Properties
Alpine Chalet 78
Luxury ski in/out 3 Bed + loft. $1,395,000 Shown by appointment with:
Martha Johnson, Broker/Owner
406.580.5891 | Martha@BigSkyRealEstate.com
Powder Ridge 126
5 Bed ski in/out log cabin. $895,000 Contact Martha directly for additional ski in/out properties.
This information is subject to errors, omissions, prior sale, change, withdrawal and approval of purchase by owner. All information from sources deemed reliable, but not guaranteed by Montana Living - Big Sky Real Estate, independent investigation is recommended. For properties being purchased at The Club at Spanish Peaks approval for membership is required prior to closing. If you are currently working with another real estate agent, this is not intended as a solicitation. Montana Living is a registered Montana trademark of Newwest, llc.
* The Buyers Are Back!! * neW lIsTInG
BlaCK eaGle #25 - This 3,234+/- sf 3 bedroom, 3.5 bath Black Eagle Lodge with 2 car garage is the largest hillside Black Eagle, can sleep 14 people comfortably, & has countless high-end features. Lavish furnishings are negotiable. Next to the Poma lift. $1,295,000 MLS 193740
658 elK MeadOW TRaIl, THe CluB aT sPanIsH PeaKs - Savor the comfortable, classic western-style luxury of this beautiful home located in The Club at Spanish Peaks. Wander through this expansive 11,000+/- sf vacation ski lodge/summer retreat & discover plenty of cozy spaces to host a corporate retreat or large gathering of family & friends. There are 7 bedrooms (2 master suites) & 7.5 baths with all the highend amenities as expected in a home of this caliber. Spacious elevated decks & outdoor patios help bring the feeling of being outdoors in and allow you to experience the exceptional views. $6,500,000 MLS 193853
BeaVeR CReeK, 100 lOsT POnd Rd - You can move right in to this delightful guest home with 2 bedrooms/ 1.5 baths/ oversized one car garage located on 39 +/- splendid acres with a magnificent trout pond. Perfect site for your dream home. $1,285,000 MLS 175158
942 lOne MOunTaIn TRaIl - This extraordinary family estate offers a 5BR/6B 6,516+/- sf home on 36+/- acres is located inside Big Sky along the Westfork of the Gallatin. The home is a perfect blend of comfort & luxury for you in an ideal setting for your horses, too! $3,850,000 MLS 193137
asPen GROVes, BlOCK d lOT 1 - This 1.064 acre corner lot is one of the best building sites in Aspen Groves for location and terrain with mature trees, glorious mountain views, nesting song birds, & abundant wildlife. $195,000 MLS 190583
1266 Ousel Falls Rd - This great looking 3,248+/sf 3BR/2.5B home w/ 1BR/1B guest quarters above the garage offers all the charm of log & beam construction. Wood flooring, river rock fireplace, granite counter tops, & 2 large decks are just a few of this homes terrrific features. $569,500 MLS 192900
BeaVeRHead 1467- This 2,010 sf 3 bedroom/3 bath condo with new furnishings & accessories in Mtn Village has 1st rate access to the ski runs. Other great features include a building elevator, 2 car garage, beautiful rock fireplace, spacious bedrooms, separate hot tub room, & 2 balconies. $598,000 MLS 194391
BuCK RIdGe RanCH, lOT 26a - This 39.875+/- acre estate-sized property is simply exquisite. There are open meadows covered in wild flowers fringed by spruce & pine trees perfect for your homesite and an enchanting year round stream. $749,000 MLS 193029
MeadOW VIllaGe BlK5, lOTs 23 & 24- These 2 unique side-by-side Little Coyote lots have million dollar views because they’re located above the road at the top of the hill. Buy one lot or both & you’ll have over 1/2 an acre with room for a terrific home. $148,900 (each) MLS 188524 & 188525
JusT lIsTed
BIG HORn 52 - This 1,584+/- sf terrific end unit Big Horn w/ garage offers unobstructed views of the lake & the Spanish Peaks. With 3 spacious bedrooms & 3 baths & extras including updated appliances, granite counter tops, this owner never rented condo is a knock-out. $449,500 MLS 193993
d l O s 2885 TWO MOOns - This spacious 4,000+/- sf 2 level home on .5 ac is located on a secluded Meadow Village lot with the Middle Fork nearby. This 4BR/4B home has a large living room w/ stone fireplace, dining room, den, updated kitchen, family room, & deck w/ hot tub. $575,000 MLS 184076
PRICe ReduCed
d l O s elKRIdGe lOT 3- Enjoy Western living at its finest on this 20 acre tract. A rare find in exclusive Elk Ridge Ranch. This lot has breathtaking views of Lone Mtn, Pioneer Mtn & the Spanish Peaks. Horses allowed seasonally. $499,500 MLS 178135
BIG HORn 25- Fabulous location just 3 doors down from the Poma ski lift. Lovely views of Lone Mountain from the master bedroom enhance this unit which has 3 bedrooms & 3 full baths, plus a heated attached garage. New flooring, granite counter tops & more updates make this condo a “must see”! $439,500 MLS 176327
RaMsHORn lOT - This .46+/- acre lot is located on Ramshorn View’s upper bench. There’s ample room for a very comfortable home & prime views of the Gallatin River & the Porcupine Elk Refuge across the road. Fishing, hiking, & wildlife viewing are unforgettable. $129,000 MLS 183777
sTIllWaTeR 1023 - Updated 1BR/Loft/2B Stillwater condo has new cabinets, granite counter tops, and tile flooring in the kitchen and baths. This is a turn-key property with great views of the mountain creek in summer & Andesite ski runs in winter . $255,000 MLS 158391
selleR FInanCInG
BuCK RIdGe RanCH, lOTs 31a & 32a - Pick either of these two 39+/- acre tracts bordering private access to Forest Service land. Both properties have mature trees, great building sites, abundant wildlife, & sensational views. $1,150,000 & $1, 400,000 MLS 192834, 147523
1135 BuCK RIdGe TRl - Dreaming about a spacious log home for your family gatherings? This 5,000+/- sf home with 5 bedrooms/6 baths on 19+ acres will certainly fill the bill & there’s even a separate 1 bedroom/1 bath guest house for overflow. $1,375,000 MLS 181225
dudley CReeK, lOT 1 - This wonderful 17.51 ac tract in Dudley Creek located just a short distance from the Big Sky entrance has an excellent house site tucked away on a level bench above the road & overlooks a pasture with a conservation easement along the Gallatin to the east & abuts wilderness to the west. $299,750 MLS 181527
lOsT TRaIls - This 20 acre tract located halfway between the Meadow & Mountain Villages offers panoramic views of the Spanish Peaks & the Gallatin Range. If you want land that is easily accessible & private you’ll be enthralled by this property. $525,000 MLS 164610
laKeFROnT ManOR, lOT6 - This excellent 1.04 acre lot in this small Hebgen Lake Subdivision with well, approved septic, and private community dock is perfect for the fisherman & boater. Loads of recreational fun in every season for the entire family! $299,000 MLS 170691
BeaVeR CReeK lOT- This beautiful 20+/- acre Beaver Creek lot with sweeping views of this lovely water shed is the ideal setting for your home away from home & your horses are welcome with a corral & well for their comfort. The gated road insures quiet living. $329,900 MLS 192327
d l O s CasCade lOT - Enjoy fantastic views of Lone Mountain from this .75 acre lot on White Otter Rd. Ski to the White Otter lift to start your ski day & return home via the White Otter Trl. This gently sloping lot faces southwest & overlooks a stream side green belt. $229,000 MLS 181908
sTIllWaTeR 1035 - Enchanting views of the mountain stream in the summer & ski runs in the winter are hallmarks of this ground floor 1BR/1B skier-friendly condo. This neat & clean unit features a fireplace, satellite TV, and easy access to the ski lift & mountain amenities. $175,000 MLS 185895
Becky & Jer r y Pape - Broker/Ow ners 406-995-4848 (Office next to the Exxon) | 888-830-4883 (Toll free) 406-995-4883 (Anytime) | www.triplecreek.com