The Bobcat Nation

My sister and brother-in-law are selling their place due to a transfer to Billings. It is a 3BR and 2 bath place in the River Rock subdivision, and they are selling it themselves at a list price of $154,900. I can attest to the fact that it is a nice place and is in great shape. For more information:

http://bradbergum.com/condo.html

Note: Some of the photos are quite large, so when you click on a thumbnail photo, please be a little patient as the photo loads and then resizes itself to fit the browser.

I'm assuming they sold their condo, and am curious how long it took and how they did with it . Hopefully they sold it before the market noticeably slowed down - although I'm not sure it really has in the Bozeman area. Any insight into how real estate has fared there in the last 6 months ?

HassFan wrote:I'm assuming they sold their condo, and am curious how long it took and how they did with it . Hopefully they sold it before the market noticeably slowed down - although I'm not sure it really has in the Bozeman area. Any insight into how real estate has fared there in the last 6 months ?

I talked to a local builder/ client a couple days ago who has built many condos in River Rock. First half of '06 he sold 29 units, second half he sold 8- so far this year he has sold 7 and he dropped the price $15,000/unit.

Thanks GOKATS ! I keep hearing how we are insulated a bit from the housing downturn, but I don't think that means we are totally isolated from it. I wonder if the Belgrade market isn't also being hit a bit harder than the Bozeman market, since fuel prices are so high now, and I'm assuming some portion of the Belgrade folks are commuting to Bozeman.

GO CATS !

I think part of it is the condo supply is saturated right now. Until the market catches up he's doing single family homes, but he's had to drop the price on them also.

I just reviewed some interesting data today regarding our market

In number of SFR units sold (all of Gallatin County):
3rd quarter 2006 - 303
3rd quarter 2007 - 268

Median sale price for those:
3rd quarter 2006 - $330000.00
3rd quarter 2007 - $315000.00

*I talked to the gentleman who gave these figures to me and he said that values in our market are still on a general trend of around 6-8% per year. But that some people have dropped their values way low when they had to sell.

Can the condo only be listed for what it was purchased for? Just curious...

HassFan wrote:I'm assuming they sold their condo, and am curious how long it took and how they did with it . Hopefully they sold it before the market noticeably slowed down - although I'm not sure it really has in the Bozeman area. Any insight into how real estate has fared there in the last 6 months ?

I didn't see this until just now ... they thought they had it sold for asking price at one point, but the guy's financing fell through. I'm not sure if they are still actively trying to sell it or not -- it sounds like the market's pretty soft (and if I was a buyer right now, I would be waiting for a good deal, so it makes sense). They might just end up keeping it as a rental instead.

But if anyone wants to make a big huge offer on the place, I'm sure they'd still listen!