Montana

Manhattan, Montana

Who knew that tucked away just outside of view from the freeway as a driver makes their way to the more populated Bozeman or Billings is the little town of Manhattan? With a population of 1,300, Manhattan is framed with picturesque panoramic of the Horseshoe Hills and the Bridger Range.

The old west town is supported on industries including potatoes, dairy, wheat, and cattle. Because of its food, arts, and outdoor recreation scene, the town of Manhattan is authentically rustic as fewer and fewer cities here and Montana can claim to be.

Originally named Hamilton, the renamed Manhattan has been an establishment here in southwestern Montana since 1865. By their traditions continue for many years to come.

Enjoy local events such as:

Garage-A-Rama,

Manhattan Easter Egg Hunt,

Farmer’s Market,

Potato Festival,

Christmas Stroll

Stabilizing is a word being thrown about to describe the current housing market. CoreLogic has found the following five states to go beyond ‘stabilization’ to price appreciation:

• South Dakota: 5.7%
• North Dakota: 4%
• West Virginia: 4%
• Montana: 3.6%
• Michigan: 3%

The average price change recently recorded was a drop of 3.1% as compared to the above five markets and their price increases. In fact, Illinois’s market was down 8.7%. Blessed to be a Montanan—always.

Source: “Home Prices at Levels of 10 Years Ago: CoreLogic,” HousingWire (March 7, 2012)

The housing market has been called the anchor holding the economic recovery down. In the past, the comeback of a healthy job market is highly dependent upon the construction sector (nearly 25% of recovery is attributed to new construction).

Most recent job reports show rapid improvement in 25-34 year olds, the same age group who feed the housing demand. Numbers show the unemployment rate dropping for this age group by 9% in January and 8.7% in February.

“Today’s jobs report means housing demand will pick up: as young people go back to work, they’ll be able to rent their own place or start saving for a down payment. Construction is picking up, too, but not fast enough to lead the recovery. To get back to its traditional share of jobs, construction needs to catch up from its long slowdown by outpacing overall growth. Right now construction employment is keeping pace with the overall economy but not growing fast enough to get back to its normal share.” says Jed Kolko, chief economist and head of analytics at Trulia.

A famous statistic quote is ‘correlation does not prove causation,’ but there certainly is an inverse relationship between a vibrant housing market and unemployment. The role real estate casts a wide net.

HOW IS YOUR AREA DOING?

Montana Specific Highlights from the 2010 Census Report:

In 2010:

• The average new single-family home sold was built on a lot of 17,590 square feet. The average lot size for new homes sold inside metropolitan areas was 16,585 square feet. Outside metropolitan areas, it was 27,363 square feet.
• 58% of all new single-family homes sold were financed by a conventional loan. The proportion was 62% in 2009 and 74% in 2008. The proportion that were financed by an FHA-insured loan was 25% in 2010, 24% in 2009, and 16% in 2008.
• The average sales price of new single-family homes sold was $272,900. The average sales price was $270,900 in 2009, $292,600 in 2008 and $313,600 in 2007.
• The average price per square foot for new single-family homes sold was $84.07. Regionally, the average price per square foot was $111.05 in the Northeast, $85.24 in the Midwest, $75.72 in the South, and $102.75 in the West.
• Of the 155,000 multifamily units completed, 50% had one bathroom, 5% had 1½ bathrooms, and 46% had 2 or more bathrooms.
• The average square footage of multifamily units completed and built for sale was 1,388.
• 9,000 multifamily buildings were completed. Of these, 22% were 2-unit buildings and 16% were 3 to 4-unit buildings.

Read more: http://swampland.time.com/2012/03/09/the-good-and-bad-housing-news-in-the-february-jobs-report/#ixzz1ouf1YXTP

As a resident of Montana, I don't often need to be reminded of the importance of the natural beauty surrounding those of us living here. But a study just released illustrates just how important a pretty view can be for our economy.

Apparently, we can, at least to some extent, quantify in dollars and cents the value of a spectacular view.

According to a Michigan State University researcher, visitors to Glacier National Park in northwest Montana spend more than $100 million a year in the communities surrounding it. That spending supports nearly 1,700 jobs that are sorely needed in struggling communities like Kalispell, Whitefish and Browning.

The report adds that nationwide, national parks are responsible for generating more than $30 billion a year to the U.S. economy and creating some 250,000 jobs. And those numbers only include spending done within 60 miles of a national park. It does not include spending as travelers pass through other communities on the way to their destinations.

I bring this up because I do forget sometimes that all of that empty space isn't just valuable in some heady, green way. Natural beauty doesn't just give us an opportunity to have a spiritual moment or to go "ahh."

All of that undisturbed property is money in the bank and jobs for a lot of folks - maybe even for some real estate agents.

In many cites and towns, the natural setting drives people to want to live there, to buy a home and raise their children there. Curb appeal doesn't just apply as a potential buyer pulls alongside a house. It reaches to the horizon and to the scenes taken in along the way.

So while we struggle with 8 percent unemployment and the housing market continues to struggle, let's remember those undisturbed views can translate into jobs and money in local economies.

Sure we also should build the pipeline and mine the coal. We need all the jobs we can get. Let's just remember that other important jobs and a big chunk of change also come from that beautiful horizon we usually appreciate for other reasons.

I was in a continuing education class for supervising brokers this week. We learned - or had a refresher course in - everything from trust accounts to water rights and a legislature update from last session. Our Montana legislature meats every other year.

I was in a continuing education class for supervising brokers this week. We learned - or had a refresher course in - everything from trust accounts to water rights and a legislature update from last session. Our Montana legislature meats every other year.

In the class information that was passed on:

1) Montana has 176,000 miles of rivers, only 3 states have more

2) In explaining flood plains: in a 100 year flood plain there is a 1% chance of flooding in any given year, in a 500 year flood plain .2% of a chance. So, instead of thinking that a 100 year flood plain means that odds will be that a major flood will happen once in every 100 years, it is actually the likely hood of a flood in any given year.

3) There was a bill that was passed prohibiting sprinkler systems to be installed in new homes. The governor vetoed the bill. The department of Labor and Industries is working on guidelines for these to be installed. The cost of a system in the average house will add $6000 to the price. The irony is that in most Montana areas outside of the city limits, there are no building codes enforced so to implement this sprinkler system ruling is going to be very difficult.

4) Montana Realtor Association is a huge lobby group in the state fighting for property rights and lack of government interference in private matters. There were many bills that this association made an impact on that would have effected our private property rights. Since Gov. Schweitzer is not up for re-election this year, there is optimism that some of his vetoes will be over turned in 2013. Gov. Schweitzer vetoed 78 bills!

March 9 saw 62 degrees! This last week there were many awesome ski days with sun.