News Blog
State Appraisal: Montana’s High-End Market Dropping
By Courtney Lowery, 1-28-09
 |
|
 | |
| File photo by David Frey/NewWest.Net. | |
|
It’s been no secret that the high-end real estate market is collapsing in the Rockies, but if anyone had any doubts here in Montana, the State Department of Revenue can confirm with it’s 2008 appraisals.
From a Charles Johnson story today in the Billings Gazette:
Although property values remain high for lakeshore footage on Flathead and Whitefish Lake and for real estate developments in areas such as Gallatin and Madison counties, Wilkie [Randy Wilkie, administrator of the Property Assessment Division] said the values of this high-end real estate actually have dropped in recent years.
In the Flathead, land along Whitefish lake has dropped from $35,000-$40,000 per lineal foot to $18,000 to $19,000 per lineal foot.
In the Big Sky and Gallatin Canyon areas in Gallatin County, lot prices have gone from $400,000 to $850,000 (peaked in 2006) to $250,000-$750,000 per lot. Still, in 2002 appraisals, lots ranged from $125,000-$500,000 per lot.
And, near and in the Yellowstone Club, lot prices dropped from up to $5 million per lot (again, in 2006) to on average, $2.4 million per lot in 2008.
Click here for Johnson’s full story.
Like this story? Get more! Sign up for our free newsletters.
Comments
Be the first to comment on this article. Please complete the form below.