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Old 12-31-2007, 11:38 AM
 
17 posts, read 49,824 times
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I may be moving to Bozeman in 2009 and was wondering if housing prices have been dropping recently in Bozeman? Are the real estate brokers getting nervous about the market there?

I visited Bozeman a few days during this past summer and was shocked at how expensive housing was. We were staying at a vacation home for a doctor and he had that house on the market. It was a 4 bedroom, 3 bathroom house selling for $640,000! That same house back in Louisiana would sell for $200,000 or so.

If I move to Bozeman, i'm going to have to look at whether it's a better deal to rent an apartment for 4-5 years until I get married and have a family and buy a starter house, or whether it would be better to buy a small condo and then sell it when I have a family and need a bigger house. Do any of yall have thoughts on which of these 2 options are better? I know it will depend largely on the interest rates and monthly payments for both options...
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Old 01-01-2008, 04:31 PM
 
22 posts, read 101,017 times
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Default good luck

An even better idea, would be to skip Bozeman altogether. Housing prices are ridiculous. There are far better places to live. Bozeman has no right to it's outrageous prices, but they don't seem to be going away. Yes, a house may not sell for what it would have 2 yrs ago, but it is still overpriced.
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Old 01-01-2008, 06:08 PM
 
495 posts, read 404,746 times
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Quote:
I visited Bozeman a few days during this past summer and was shocked at how expensive housing was. We were staying at a vacation home for a doctor and he had that house on the market. It was a 4 bedroom, 3 bathroom house selling for $640,000! That same house back in Louisiana would sell for $200,000 or so.
And here I thought it was all just my imagination

Seriously though, if one does by a small condo that they could afford to live in now, let's just assume you paid 200 because you can't afford the 600 on the big one you like................so in 5 years the condo doubles in price - great you now have 400, but to bad the 600 one has also doubled to 1200 - you're actually worse off, because the difference in price of the two places is now 800 instead of 400.
What people don't understand is that when the price of your realestate goes up - it is NOT to you advantage if you want to sell and buy a big place. It would be an advantage if you take the profit and more to a different and cheaper realestate market.
Missoula use to be a cheap place to move to from just about every place in the country, now it's only cheap if you come from a very pricey part of the country (ie. calif.) - over the last several years I've notice people leaving Missoula, selling to get money out of their house and move to other places that are much cheaper than living here.........
To site your example - the doctor sells his 640 bozeman house pockets the 440 and buys a 200 in Louisiana not a bad profit..........and just imagine if you were the buyer - you'd be giving him 440 for basicaly nothing he did on his part execpt live in the house for how ever many years he was there, and actually that 440 would end up being more like 880 by the time you pay the mortgage, well I don't know about you but I don't think god put me on this good green earth to work my whole life to make that doc or anyone else rich or richer. You might say "yea put I'd sell that house for a profit to someday" -----maybe, but if you continue to live there, in a home you like - well you never see that profit, you just basically worked your whole life to make a million bucks to give to someone else......have at it,
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Old 01-02-2008, 08:54 AM
 
Location: SoCalif
102 posts, read 248,524 times
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Here's a thought, when discussing real estate prices, the sense or nonsense of same, separate the land from the house. So for example, it's not a $200K house in La., and a $640K house in Bozeman, it's a $180K house in both places. The lot in La is valued at $20K, the lot in Bozeman is valued at $460K. The houses roughly cost the same both places, i.e. a 2x4 costs , an hour of labor costs, etc are within comparable understanding.

When people ask what my house in California would sell for, they are shocked, even more so after they see the house. It's a $200K house (anywhere including Montana) on a lot that someone might pay a lot of money for to have a temp range of 50 to 75 degrees year around? There are other costs less easy to calculate, what is the cost, or value, of living in a place you're unlikely to get robbed, killed or spindled? If you got robbed, killed or spindled in La. what would you pay to avoid? $100K? $200K? $460K? ya, $460K is the price a lot of people have decided they'd pay to avoid they or a loved one getting hurt is worth.

Back to the Bozeman house once again. The question one has to ask is will people continue to pay $460K for the lot? or more or less in the future?
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Old 01-02-2008, 03:41 PM
 
22 posts, read 101,017 times
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TypicalCalifornian, very good point you make. Also, you nearly have me drooling with that 50-75 degrees year 'round comment!
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Old 01-02-2008, 06:16 PM
 
17 posts, read 49,824 times
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I don't have another option... if i move to Montana it has to be to Bozeman because of a company there that does work in my field. I wish I could just move to the middle of nowhere and buy a house and land for a lot cheaper but that will have to wait till I retire. I'm only 22 right now.
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Old 01-03-2008, 10:37 AM
 
22 posts, read 101,017 times
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You're young, you have LOTS of time. You will probably love Bozeman, high cost of living aside. It is beautiful, and quite different from other areas of the country, so if you have to come here, you will probably find lots of positives, and really enjoy your time here. Good luck
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Old 01-03-2008, 11:34 AM
 
495 posts, read 404,746 times
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I've heard a house is a depreciating assest, the land appreciates. I've also once heard a pretty smart home owner, in his third or fourth house, he said. "as far as I can tell I'm not sure that you actually make any money in the end by owning a home"..........."really" I repiled.......he said..."yea when you start taking in to account all the maintance, taxes and everything else over the years....and then when you sell it, you'll basically a bigger difference to upgrade because of inflation or lose money moving sideways because realtor costs etc."...........................I asked "so why do it"............he replied........"well if you wanna own your own home"
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Old 02-05-2008, 07:06 PM
 
9 posts, read 34,525 times
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Although there are certainly houses selling for $640,000 and significantly more, I think the average single family home price in Bozeman is more like $280,000. There are houses available for close to $250,000 and condos for under $200,000. The market has gotten softer in recent months. I'm not sure that the asking prices have gone down much, but they are staying on the market longer. But it's still a relatively expensive place for housing.

As far as what to buy and whether to buy, I think that's a decision that you have to make, and I'd need a lot more information before I could provide a decent opinion.
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Old 02-09-2008, 04:46 PM
 
Location: Seattle, WA
1,368 posts, read 6,140,049 times
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Quote:
Originally Posted by Bbrad View Post
Although there are certainly houses selling for $640,000 and significantly more, I think the average single family home price in Bozeman is more like $280,000. There are houses available for close to $250,000 and condos for under $200,000. The market has gotten softer in recent months. I'm not sure that the asking prices have gone down much, but they are staying on the market longer. But it's still a relatively expensive place for housing.

As far as what to buy and whether to buy, I think that's a decision that you have to make, and I'd need a lot more information before I could provide a decent opinion.
Is anyone here actually LOOKING in Bozeman?

I've been given a list of 9 places, 6 condos, 3 houses on the south side of Main, East of 19th (all but 1 within walking distance to MSU) All under 275k. Housing prices are no longer ridiculous in Bozeman. All 3br+.

And then one way way out off Valley Ridge? For $230k. Apparently it got 5 showings the first day.


So, the Bozeman housing market is no longer ridiculous, and prices are continuing to fall as people need to sell.
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