Missoulacurrent.com [2021]

With supply lacking and demand climbing, Missoula housing

To address the challenge of supply, timing and the pricing that comes with it, the real estate industry is working with the city and county to create a single record of all development work, along with enhanced data reporting to help project future supply.

Actived: 9 days ago

URL: https://missoulacurrent.com/business/2021/05/housing-missoula-supply/

Montana's 'Zoom boom' demand for housing may be here for

(Just Now) It hit Billings real estate broker Mark Dawson in a furniture store, of all places. The owner of one of the largest brokerages in Montana’s largest city, Century 21 Hometown, Dawson was discussing Billings with a furniture salesperson as he was shopping. Turns out, business was booming for …

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Housing Missoula: City, county, industry leaders seek

(4 days ago) While the city and county look to streamline the process and explore any regulatory hurdles that can drive up prices or slow development, the real estate and development communities also are working to make improvements. They’ve placed their support behind a new county tool known as iSam – a repository that captures subdivision work and

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Northside KettleHouse building up for sale: Asking price

(4 days ago) By Martin Kidston May 26, 2021. An iconic Northside property hit the real estate market this week, and those behind the sale hope the future occupant fits well into the historic railroad district. The building last occupied by KettleHouse Brewing is listed with Engel & Volkers Western Frontier for the asking price of $2 million.

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Realtors report out-of-state rush on Montana real estate

(5 days ago) Real estate has traditionally been a face-to-face type business where you shake hands, but we’ve had to adjust.” Seely, the woman from California, has also started doing FaceTime tours of properties in the Missoula area after preparing to make an offer on a home as she was touring, only to lose out to someone else.

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'No bidding' drawing for 19 Hellgate Village homes nets

(Just Now) In an effort to avoid the bidding wars that can add tens-of-thousands of dollars to the price of a Missoula home, a real estate firm and team of developers over the weekend completed a unique drawing that saw 19 homes sell for the asking price. Gillian Edgell, an agent with Glacier Sotheby’s International Realty, brought the Hellgate Village

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New Missoula County technology reveals growth boom

(8 days ago) Since the pandemic set in back in March, real estate agents in Missoula and across Montana have reported a new batch of buyers looking to leave some of the nation’s major cities for a different way of living. Missoula County has captured those claims in data using a suite of new technologies, including its Subdivision and Survey Tracker.

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Median sales price of homes in western Montana jumps by

(7 days ago) The real estate market is usually busier in the summer before slowing down in the fall. But Friedner said it’s not clear that it will slow down this fall. In September 2019, 233 closed sales were recorded in Flathead County. A year later that number has …

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Uncertainty: New listings up in Missoula housing market

(9 days ago) Home sales across the Missoula market remain on pace with the same month last year, though local real estate experts believe it’s too soon to fully understand the impacts of the coronavirus pandemic on the housing market. With March nearly at an end and spring in the air, home sales in Missoula are down slightly over this time last year

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High demand, lack of housing drives Missoula's median home

(Just Now) A recent report by Sterling Commercial Real Estate of Missoula also suggested that Missoula’s rental market is growing increasing tight. It found that vacancy rates in Missoula fell from 4.1% in the second quarter of 2020 to just 1.2% in the third quarter.

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Marshall Mountain property buyers amend lawsuit, seek

(1 days ago) The complaint also states that the Doergin’s real estate agent had contacted the Melby’s agent to “try and convince the Melby’s to back out of their …

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Montana counties see double-digit property value increases

(9 days ago) The value of commercial property in Montana’s 56 counties increased this year, but generally at a lesser amount than residential property — except in Missoula County, where the average value of commercial property increased nearly 18 percent.

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Riverfront Triangle developers place property on the

(2 days ago) Scott Strellnauer is marketing the property with PureWest Christie’s International Real Estate and it comes with a land use and development agreement in place with the city. That agreement, crafted over the course of several years, resulted in the Riverfront Triangle Master Plan. Along with the hotel and conference center, the plan calls for

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Building material costs hit historic highs, impacting area

(9 days ago) COVID-19 shutdowns and remote work are having an economic impact in Montana, and it's taking the form of a hot real estate market. But prices for building materials also are inflating and it’s impacting local businesses.

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No rush: City believes redevelopment of Riverfront

(9 days ago) The group changed its name to Riverfront Triangle Partners and was ready to move forward on its portion of the development when the pandemic hit. It has placed several parcels on the real estate market, hoping to net a partner in the development.

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No bidding wars: Developer to take different tack on

(8 days ago) As one of Missoula's newest subdivisions comes online later this year, a local real estate firm and team of builders will take a new approach to selling homes, hoping to avoid the bidding wars that have resulted from the city's notoriously low housing inventory.

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Recreation groups concerned about Marshall Mountain sale

(8 days ago) The property was initially listed for sale around 2016, including 156 acres on the lower mountain and the old ski lodge. The initial listing firm was Windermere Real Estate, and the owners were seeking $2.9 million. Dawn Maddox, the current listing agent with Engel & Volkers Western Frontier, confirmed that the Marshall Mountain property is

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City of Missoula awards nearly $1M in housing grants, but

(1 days ago) “Missoula’s real estate market has long been out of reach for those with low incomes,” said grants planner Kendra Lisum. “The vacancy rate is less than 1% and the median home purchase price is $425,000. That doesn’t include the number of renters who are cost burdened.”

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Sold! $13.9M island home marks highest private transaction

(4 days ago) A year ago, the property was listed for $22.7 million and its sale completes one of the highest private real estate transactions in western Montana in recent times – and the highest ever on Flathead Lake. Maddux is also the listing agent for the $27.5 million Hampton Trail home in Hamilton and the $13.9 million Bearmouth Legacy Ranch.

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Montanan charged in Capitol riot said he was there for

(6 days ago) Camper also has an active real estate sales license, which was issued in 2019 and expires on Oct. 31. Camper lists his address in Helena, according to the Montana Department of Labor and Industry. Because the real estate license is just for sales, he must be supervised by a broker, Terri McGillis of Real Estate Montana and Company.

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Market Watch: Apartments, commercial real estate still

(6 days ago) Just over 100,000 square feet of retail real estate was delivered last year, with about 129,000 square feet in the works for the next two years. The final total will depend on the Riverfront Triangle and Old Sawmill District developments. Traditional retail, especially with an emphasis on grocery and furniture, is a risky investment when stores

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Properties 2000 rebrands itself as The Partner Group

(5 days ago) The real estate industry requires hard work to build a clientele, and teamwork is essential, broker and owner Deke Tidwell said. “I think it takes a special kind of person to be a part of this company, just because you have to be a self-starter, you have to be responsible for yourself and also a …

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RBH Investments eyes renovations to Missoula's old Fat Cat

(Just Now) RBH Investments plans to gut the old Fat Cat pizzeria and divide the building in two to house Horizon Credit Union and a possible restaurant. The Missoula Redevelopment Agency on Thursday approved a request from RBH Investments to help fund renovations to the old Fat Cat pizzeria building, which are expected to cost more than $2 million.

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Missoula's tech firms on the rise; statewide industry

(5 days ago) In Bozeman, the median price of a single family home was $707,000, according to the Bozeman Real Estate Group. “One thing we’re definitely hearing from business leaders in Missoula and across the state really has been the effect of housing costs on their workforce,” said Henderson.

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Berkshire Hathaway of Missoula ranked in top 1.5% of U.S

(3 days ago) Berkshire Hathaway HomeServices Montana Properties, based in Missoula, was ranked in the top 1.5% of all brokerage firms in the country. The RealTrends 500, now in its 34th year, remains the undisputed leading report, which ranks the performance of the top residential real estate brokerage firms in the US, according to a recent press release.

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Washington state developer sues to foreclose on Smurfit

(3 days ago) A Washington state real estate development company is suing to force the foreclosure of the former Smurfit-Stone mill site in Frenchtown.Wakefield Kennedy filed a lawsuit in Missoula County District Court last week, asking that the mortgage on the Smurfit-Stone site, owned by Green Investment Group Inc. and M2Green Redevelopment LLC, be foreclosed and the property sold.

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Harmon's Histories: Missoula's 1888 housing crisis left

(6 days ago) “The number of people looking to buy a home is at an all-time high,” said Brint Wahlberg, a Realtor with Windemere Real Estate, last Wednesday in addressing the Missoula Senior Forum. “Rates are low, so the ability to borrow money … is very easy right now, (but we have) record low supply.”

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Missoula real estate broker breaking barriers by earning

(8 days ago) After graduating in 2004, she took a job at a large commercial real estate firm in Phoenix. Her knowledge of the local market, aided by the CCIM software she now has access to, helps clients minimize risk and make informed decisions, removing the speculation with hard data.

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UM economists struggle to explain Montana's skyrocketing

(5 days ago) Montana’s average wages, for comparison, are up by about 74 percent since 2000, according to data from the U.S. Bureau of Economic Analysis. Montana home prices began to rise markedly in the 1990s and then accelerated in the 2000s, Barkey said, inflating at an average of 7.4 percent a year until being taken down a notch by the 2008 recession

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Middle class vs. upper class: Montana's income disparity

(8 days ago) Look at the increasing cost of real estate across the state, the study’s authors wrote. That’s a sign of increasing income disparity, and makes housing less and less affordable not only for lower-income Montanans but for an ever-larger group of middle-income earners.

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Bill of rights for residents of manufactured housing

(5 days ago) Axne said that her constituents in manufactured housing communities in Waukee were hit with 70% in rent hikes from a Utah-based real estate investment firm, Havenpark Capital. She argued that if her constituents are receiving federal funds for housing, they should qualify for tenant protections.

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Urban living: Historic downtown Billings lofts go condo

(7 days ago) Jane McFadyen, a real estate agent with Coldwell Banker The Broker, said the building’s owners have decided to sell the entire 37,500-square-foot building, which includes commercial space in the basement and on the main and second floors, and apartments on the third and fourth floors.

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New report shows healthcare drives much of Montana's

(2 days ago) In between 2002 and 2020, healthcare grew 2 percent, and still remained higher than other notable categories like arts and entertainment, retail trade, and real estate. During the 15-year period from 2005 to 2019, the total wages increased 16.7 and …

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Legislature's paltry film cap kills plans for media hub in

(5 days ago) “It was certainly disappointing from the standpoint of our real estate development plan, and also disappointing for the state,” said Graham. “That’s the nature of the industry. There’s so many states offering incentives to film development. It’s kind of the price to pay in that space for a state.”

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Big Sky Fulfillment heads to Bonner warehouse to meet

(5 days ago) Sterling Commercial Real Estate brokered the deal. “Industrial space is at a premium in Missoula,” said Nick Chaussee with Sterling. “Even pre-COVID, the demand for warehouse space was through the roof. Now, brick and mortar locations are quickly pivoting to e-commerce, and that’s where a business like Big Sky Fulfillment comes in. They

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Tonix Pharmaceuticals buys 44 acres in Hamilton, plans

(8 days ago) The deal was brokered by Sterling Commercial Real Estate in Missoula and announced late Tuesday night. The news became public on Wednesday morning. Parsons Behle & Latimer also help negotiate the deal. “As we saw with this deal, collaboration is the key to robust economic opportunity in Montana,” said Matt Mellott, lead broker with Sterling

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City Club Missoula explores pros, cons of tax increment

(9 days ago) City Club Missoula took on the hefty and often misunderstood topic of tax increment financing on Monday, pitting Missoula Mayor John Engen, who supports the program, against real estate developer Adam Hertz, who remains one the program’s outspoken critics.

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No bidding wars: Developer to take different tack on

(Just Now) “As a real estate broker in Missoula, I’ve spent the last nine months or so listening to the frustration with buyers,” said Edgell. “I’ve worked with my own buyers who got beat out on properties they wanted to purchase over and over again. Every agent I talk to is in the same boat.

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Old Sawmill District gearing up for tech campus to house

(6 days ago) According to the release sent out by Wetherbee Group Real Estate, the campus will go up on the north side of Wyoming Street, just across from Cambium Place. Cognizant ATG moved out of downtown Missoula into the Old Sawmill District two years ago with an eye on its future. “ATG Cognizant has leased over 40,000 square feet of additional office

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Missoula realtors combine listing service with Kalispell

(2 days ago) Two real estate entities in western Montana have combined their listings in an effort to boost exposure and expand reach, creating the largest multiple listing service in the state. The merger between the Missoula Organization of Realtors and the Northwest Montana Association of Realtors in Kalispell took effect last month.

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Billings: Last-minute filings make for crowded municipal

(5 days ago) Hanel, a retired police officer and a real estate agent, is nearing the end of his second term and can’t run again. The candidates hoping to succeed him are Randy Hafer, an architect; Bill Cole, a lawyer; Jeff Essmann, a businessman and chairman of the Montana Republican Party; Angela Cimmino, who represents Ward 2 on the council but is term

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Unpaid: Missoula County forgoes $150K in delinquent taxes

(3 days ago) Commissioners also agreed to write off at least eight real estate entities delinquent in their taxes, which isn’t necessarily required under state law but made sense from a bookkeeping standpoint. Together, they total $7,350 and include a number of coffee carts that no longer exist, along with one cabin on leased land.

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Missoula City Council appoints housing committee members

(2 days ago) The city’s appointments, approved on Wednesday, include Paul Herendeen from the banking and finance industry and Katie Carlson from the housing and real estate industry. The appointments also include Laura Bird – a community member with experience seeking housing assistance – and community member Will Sebern.

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Missoula County eliminates user fees on credit card

(2 days ago) Missoula County on Thursday eliminated the user fees charged to citizens who pay for certain county services by credit card, including property taxes. The waiver is set to expire on June 30, though it could be extended. Forgoing the fees will likely cost the county up to $45,000 in revenue, according to Andrew Czorney, the county’s chief

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Caras keeps Missoula’s history alive with restorations for

(7 days ago) Caras, president of Caras Real Estate, thought of building a coworking space long before the pandemic started, but he said “corona was the impetus.”. After months of staying indoors, he believes people will want a place away from home to work from that doesn’t require a long term contract and isn’t as public as a coffee shop. Located at

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City, county leaders in Montana struggle with Legislature

(3 days ago) And with real estate and rental prices climbing, the shortage of affordable housing is already having a noticeable impact on the local labor force. “You look at any restaurant in Whitefish, every single one of them has help wanted signs out on the windows,” Taylor said.

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Gianforte signs repeal of local-option gas tax despite

(Just Now) The local development community, real estate industry and other business leaders also asked Gianforte to veto the measure. Dave Gault, head of the Montana Contractor’s Association and former director of the Montana Department of Transportation, stood …

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Sterling CRE: O'Reilly Auto Parts to build new store on

(5 days ago) By Missoula Current October 21, 2019. Sterling Commercial Real Estate of Missoula on Monday said a former auto lot located on West Broadway has been sold and will be redeveloped next spring. In their latest episode of “Hey, What’s That,” posted monthly on the Missoula Current, real estate advisers Claire Matten and Matt Mellott said the

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