ERA Landmark Real Estate Bozeman, Montana

Sally Hickey of ERA Landmark Real Estate joined approximately 8,000 Realtors^® who gathered in Washington, DC, to inspire action on Capitol Hill that will help stabilize the real estate market and encourage economic recovery as part of the National Association of Realtors^® Midyear Legislative Meetings & Trade Expo. The meetings took place May 11-16.

During the week,Hickey participated in NAR's "Real Estate Summit: Advancing the U.S. Economy," an all-day program of sessions to address and meet head-on the challenges facing today's residential and commercial real estate markets. Realtors^® were joined by a number of policy leaders and industry experts, including U.S. Department of Housing and Urban Development Secretary Shaun Donovan; Federal Deposit Insurance Corp. Director Sheila Bair; former Federal Reserve Board Chairman Alan Greenspan; and former U.S. Secretary of Labor Robert Reich.

"As the leading advocate for housing issues and homeownership, Realtors^® urge the federal government to make stabilizing the real estate market a priority," Hickey said. "We will continue to press the Obama administration and Congress to keep taking meaningful action toward this goal."

Hickey met with Senators Max Baccus and Jon Tester and Congressman Denny Rehberg to reiterate the importance of this issue and discuss other subjects, as well, including protecting the mortgage interest deduction, facilitating short sales, easing limitations on mortgage availability and encouraging mortgage reform, ensuring affordable insurance through small business health care plans, and initiating effective energy efficiency legislation.

"Moving the real estate market forward is imperative," said Hickey. "The goal of this year's meetings is to develop a series of ‘next steps' that will serve as a blueprint for comprehensive progress."

Hickey said Realtors^® believe in a multifaceted approach to stabilization that includes making mortgages more affordable and available, reducing foreclosures and incentivizing home buyers. To this last point, she added that the $8,000 tax credit currently available to first-time buyers through November 30, 2009, will help thousands of consumers take advantage of opportunities in today's housing market and realize the dream of homeownership.

The National Association of Realtors^®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Sally Hickey received her real estate license in 1990 and has been as Sales Associate with ERA Landmark Real Estate since October 1991. Sally holds the Certified Residential Specialist (CRS), Graduate Realtor® Institute (GRI) and Certified Internet Professional (e-PRO) designations. She specializes in residential real estate, new construction and vacant land sales.

Sally Hickey
CRS, GRI, e-PRO Sales Associate
Phone: (406) 556-5026
Send me an email

Robyn Erlenbush, Broker/Owner of ERA Landmark Real Estate, is pleased to announce that ERA Landmark Real Estate has received recognition from global real estate leader ERA Franchise Systems, Inc. for ranking in the 90+ Club. The prestigious club honors companies who have received higher than 90% overall customer satisfaction rating in 2008.

The company was ranked in the top 15 companies in the nation among all sizes of ERA companies for 2008 and was the recipient of the Jerry Award for fund-raising in excess of $10,000 for the Muscular Dystrophy Association. ERA Landmark was also a 2008 Gene Francis Memorial Award Finalist, which honors the top 5 all-around companies in the nation. The ERA network includes more than 33,000 brokers and sales associates and approximately 2,800 offices throughout the United States and 50 other countries and territories. ERA Landmark has ranked in the top 50 since 1987.

Robyn Erlenbush
CRS, GRI, CRB, Broker Owner
Phone: (406) 586-1321
Send me an email

www.eralandmark.com

Andres, a member of Who's Who in Luxury Real Estate, is highly educated in strategies for successful marketing. Her outstanding efforts to provide the best service possible have ranked her 20th in the nation in total closed production volume for 2008. The ERA network includes offices throughout the United States and 50 other countries and territories. As a Sales Associate with ERA Landmark for 12 years, Denise has earned many distinguished awards including the ERA National Leaders' Circle each consecutive year since 1999, "1st in Customer Satisfaction" national awards from ERA Franchise System, and Gallatin Association of REALTORS® Salesperson of the Year 2001. Andres also holds the ABR, CRS and GRI designations which provide her with the best sales tools in the industry.

Denise Andres
MBA, CRS, GRI, ABR - Sales Associate
Phone: (406) 556-5065
Send me an email

In light of the recent tragic explosion on March 5^th that destroyed nearly one half of the 200 block of East Main in Bozeman, I thought it appropriate to dedicate this issue to an in-depth look at downtown and its place in our community and local economy.

How does one begin to put into perspective what downtown Bozeman means to its citizens? For each of us, it is a different set of special memories, usually involving family and friends...it is the ideal destination for a Saturday morning coffee, a warm evening walk or the perfect place to entertain out-of-area guests. Whether it is to enjoy a top notch meal, view stunning artwork, shop in any of the numerous specialty stores, or just be a part of the vibrant hub of Bozeman, Main Street is considered "the" place to be. The Downtown Business Association's slogan of "Life is Downtown" seems highly appropriate. The energy of this distinct area is felt through numerous special events including the Christmas Stroll, the Art Walk series, Music on Main, and the Sweet Pea Festival, among countless others. While towns and cities all over speak of the demise of their downtown districts and the dominance of strip malls and big box stores, Bozeman has stood apart as a crown jewel by evoking community pride and setting the bar high for other areas. I think we can all agree that spending time downtown is the premiere shopping experience in Bozeman, and perhaps Montana and beyond. But I would like to look a little deeper than the "experiential aspects" of the downtown shopping district and examine its progress, economic importance and future significance.

Of course, staying vibrant and retaining "destination" status does not occur without a large amount of work and forward thinking. Downtown Bozeman's current look and feel did not happen by accident. Dedicated business owners and city and state officials have worked over the past decade to preserve and enhance the "street face of downtown". With the creation of a downtown "tax increment financing" district, the City of Bozeman, Montana Department of Transportation highway funds, the federal government and other public funding sources have injected over $15,000,000 in improvements to historic downtown, including the significant construction projects over the past several summers. The water and sewer project was successfully completed. The Main Street streetscape project was completed last year, which resulted in upgrades including universal access, new sidewalks, historic street lamps, trash receptacles, pedestrian benches, bike racks and cobble stone cross walks. State of the art traffic lights and road improvements are now in place. Soroptomist Park located at Rouse and Main received a beautiful and timely upgrade. And after nearly 10 years of planning and construction, Bozeman's first multi-level parking garage will soon open, located one block north of Main Street between Black and Tracy streets. The Downtown Parking Garage will contain both leased and hourly parking options for a total of 435 parking spaces. Retail and restaurant spaces will line the Garage along Mendenhall Street and Tracy Avenue. The Garage will also serve as the downtown transit station for the Streamline bus system.

We should commend the courage and wisdom of those who have kept us ahead of the national curve, while other downtowns throughout the nation have fallen into disrepair and economic uncertainty. Interestingly enough, we sound like the text-book case of "revitalization", according to the National Trust for Historic Preservation whose Main Street program (www.mainstreet.org) helps revitalize traditional commercial districts using the Main Street Four-Point Approach ^TM which "is a community-driven, comprehensive methodology used to revitalize older, traditional business districts throughout the United States. It is a common-sense way to address the variety of issues and problems that face traditional business districts. The underlying premise of the Main Street approach is to encourage economic development within the context of historic preservation in ways appropriate to today's marketplace. The Main Street Approach advocates a return to community self-reliance, local empowerment, and the rebuilding of traditional commercial districts based on their unique assets: distinctive architecture, a pedestrian-friendly environment, personal service, local ownership, and a sense of community." Currently Anaconda, Butte, Libby, Livingston, Polson, Red Lodge, and Stevensville are involved in Main Street programs in Montana.

One thing that sustains downtown Bozeman's vitality is the eclectic mix of businesses you will find while walking down Main Street. Fine and casual dining choices are plentiful, including 33 restaurants, bars, pubs, coffee shops and bakeries. Music, books, clothing, jewelry, outdoor gear, art work, and furniture can all easily be found with over 80 different choices. Banks, architects, attorneys and other professional office spaces are intermingled with fitness studios and spas. The vast majority of businesses are independently and locally owned, and they are successfully keeping the revenue that is spent in Bozeman in our local economy. Small, family run retail stores and restaurants are the life blood of downtown's success. According to Chris Naumann, Executive Director of Downtown Bozeman Partnership, there are approximately 200 street level "storefronts" on Main Street with about 12 vacancies at this time, which translates to a 6% vacancy rate. Most healthy downtown environments rate about 92 to 95% occupancy. A handful of longtime businesses have recently retired or chose to pursue their business virtually or in different locations, and therefore our current situation is a higher vacancy than we have seen in recent years. We have also added new retail space into the market in the past year with the completion the Golden Rule Building, remodels of the Baxter Hotel, Jonathan Foote Architects, the Ellen Theater, and a current renovation of First Security Bank.

Attempting to put into perspective the significance of downtown's economic impact is complicated at best. Though many of the statistics were a bit difficult to pinpoint, the overall impact becomes quite evident. According to a Montana Department of Revenue report from 2007, there is estimated to be 1,157,312 square feet of retail and financial services space available in the downtown core, from Broadway to 3^rd, and including some spaces on side streets. Over 1 million square feet equates to approximately 26 acres. How can we quantify the economic impact of this area? Chris Pope of NAI Commercial suggests that a multiplier of $250-$300 per square foot could be used to estimate annual gross revenue. This range is based on a mid-size specialty retail shop in a tertiary downtown market such as Bozeman, during normal economic conditions. This multiplier would suggest $289 to $347 million in annual gross revenue/sales. According to Dr. Paul Polzin, of the Bureau of Economic Research, University of Montana, the 2002 census showed 538 retail businesses in Bozeman. The gross sales expressed in 2008 dollars (prices increased by 17.5% from 2002 to 2008) would be $1,290,733,000. Using the average multiplier of $275 per square foot of gross revenue, downtown Bozeman could represent 24.6% of the total Bozeman retail economy.

As you walk down "Mainstreet", take the time to look upwards, and you can see a few of the remnants of what used to comprise downtown Bozeman in the form of faded lettering from businesses of the past. These are a handful of blocks that in the late 1800s were imperative in forming the original community of Bozeman, Montana and which are still significant in our daily economic and cultural well-being. All of the ingredients are firmly in place as we look to move forward and rebuild a part of history. The reconstruction process will not be simple, timely, or convenient, and it will not be without financial challenges and business interruption, but it can and will be done. Let's reflect and reaffirm as a community that collectively we can and will rebuild and revitalize downtown. And for now, please frequently visit and generously support these local businesses that sustain and stimulate our community.

Robyn Erlenbush is a downtown business owner and the Broker/ Owner of ERA Landmark Real Estate (with offices in Bozeman, Big Sky, Livingston, and Clyde Park), NAI Landmark Commercial, and Intermountain Property Management. She can be reached at robyn@eralandmark.com

Robyn Erlenbush
CRS, GRI, CRB, Broker Owner
Phone: (406) 586-1321
Send me an email

By signing a legal document known as a homestead declaration, Montanans can protect up to $250,000 in value of a home against most creditors' claims. For example, if a person incurs an overwhelming gambling debt, up to $250,000 in value of his/her home would still be sheltered.

The purpose of this MontGuide is to provide Montanans with information about establishing a homestead declaration. Also included are homestead declaration and declaration of homestead abandonment forms.

What is a homestead?
A homestead is the house or mobile home that a person lives in and land on which it sits. The property must be a person's primary residence for it to be eligible for a homestead declaration. The term homestead also includes any improvements legally defined as "appurtenances" to the land, such as a fence. However, home furnishings and appliances are not eligible for the homestead declaration.
Limit on dollar value.

The maximum value of exempt property for a homestead declaration is $250,000. The legal value of the property is the amount appearing on the last completed county assessment roll at the county treasurer's office. The previous value of exempt property was $100,000. If a person filed a homestead declaration under the prior value, he or she does not need to refile to receive the $250,000 exemption. If the value of the property exceeds $250,000, creditors may request the district court judge to partition the land and sell part of it or all of it. If property is sold, the person who filed the homestead declaration has protection for the first $250,000 of proceeds. Sale proceeds up to $250,000 are exempt from creditors' claims for 18 months.

Example 1: Joe owns a house that has an assessed value of $80,000 with a $50,000 mortgage balance. Joe's homestead declaration protects only the $30,000 equity Joe has in the house, even though the maximum exemption is $250,000 ($80,000-$50,000 =$30,000).

Read more about homestead declarations from MSU Extensions 115 Culbertson Hall, Montana State University, Bozeman MT 59717