1/10/2019 1 2 1 1/10/2019 Top 10 Economies 3 Interest Rates 4 - - PDF document

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1/10/2019 1 2 1 1/10/2019 Top 10 Economies 3 Interest Rates 4 - - PDF document

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1/10/2019 1 2 1 1/10/2019 Top 10 Economies 3 Interest Rates 4 2 1/10/2019 10 Year Treasury 5 6 3 1/10/2019 MT Ag 27,100 farms Average 2,207 acres 67 Farmers Markets $ 4.58B Revenue National Leader-wheat, dry peas,

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Top 10 Economies Interest Rates

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10 Year Treasury

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MT Ag

  • 27,100 farms
  • Average 2,207 acres
  • 67 Farmers Markets
  • $ 4.58B Revenue
  • National Leader-wheat, dry peas, lentils, flax, #2 –

honey/pollination

MT Top 10 Ag Products

  • Cattle & Calves –
  • Wheat
  • Hay
  • Barley
  • Lentils
  • Dry Peas
  • Sugar Beets
  • Chickpeas
  • Potatoes
  • Oilseeds – Flaxseed, Safflower, Canola

7 8

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Information Requirements

  • Borrower Information
  • Financial Information
  • Property Information

Property Information

  • Buy/Sell Agreement
  • Legal Description
  • Water Rights Information
  • Buildings & Improvements

9 10

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Real Estate Financing

  • Customized structures
  • 5 to 25 years, Monthly/Qtly/Semi/Ann
  • Fully Fixed, Fixed to conversion,

variable

Country Home & Lot Loans

  • No acreage restrictions
  • Can include barns, shops, outbuildings or riding arenas,

income producing properties

  • Custom, Modular, log,& manufactured
  • All in one construction loans
  • Up to 80%
  • Kept in house

11 12

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Insurance

  • Multi-Peril
  • Named Peril
  • Revenue based
  • Whole-Farm Revenue
  • Pasture, Rangeland, Forage
  • Production Cost Insurance
  • Livestock

Ag Direct

  • Easy application/Quick decision
  • Purchase, lease or refinance
  • 2-7 years on equipment
  • Up to 10 years on pivots
  • AgDirect.com

13 14

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Appraisals

  • Financing through FCS or FSA
  • Estates or Estate Planning
  • Business Planning

Cash Patronage Paid in $

15 16

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“ForLandsSake” 2018MontanaLandRoundup&Review Passing Notes YouGotLucky

17 18

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SpecialThanks SouthwestMontanaFarmandRanchBrokers NorthwestFarmCreditServices

PanelMembers– Brokers– MarketParticipants&ConfidentialSources

  • ScottPogh – SVP– WesternMT– NorthwestFarmCreditServicesScott.Pogh@northwestfcs.com
  • DonVanimen PresidentSouthwestMontanaFarm&RanchBrokersdon@donvaniman.com
  • N.ClarkWheeler,ARA– NormanCWheeler&Associatesclark@ncwheeler.com
  • MichaelFMcDonnell,ARA– NormanCWheeler&Associatesmike@ncwheeler.com
  • Mr.JimWiley,ARA– NorthwestFarmCreditServicesJim.Wiley@northwestfcs.com
  • AndrewRahn,ARA– MontanaLandSourceandy@rahnland.com
  • RoaldAregonson– Appraiser– NWFCSRoald.Aageson@northwestfcs.com
  • BruceBurger– LandDecisionsResourcesbruce@landdecision.com
  • MaryKTennille AppraiserBozemanAppraisalServicesasktennille@gmail.com
  • ThomasKingsbury– Part&Parcel– GISServicestom@ncwheeler.com
  • NextYearCECredit
  • February2019– 18th to20th 4classes2to8hours16creditsREandAppraisalinBozeman
  • AmericanSocietyofFarmmanagers&RuralAppraisers– ContactRoald

19 20

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Disclaimer– Novaluesortrendsexpressedheretodayshouldbeconsideredspecifictoanyoneproperty. ThedatapresentedisnotintendedtorepresentanAppraisal. Presentationisforbasicinformationalpurposes.

Secrets Hall&Hall FayRanches SwanRanches Livewater Properties Brokers&Others

MFMcDonnell Express

DifferentAppraisers– DifferentData– DifferentOpinions

DataOutput

NCW&Assoc SubjectProperty

21 22

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NormanCWheeler&Associates SpecialValuationProjects

650,000acreSageGrouseMitigationBank CostBenefitAnalysis&BenefitRatios ForCapitalRanchImprovement Projects StreamRestoration IrrigationRedevelopment WetlandsMitigationBank ValuationModels

ConservationEasement

WetlandsCredits StreamCredits RiverCredits

23 24

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SpecializedAgriculturalInfrastructure ObsolescenceStudies NonConformingHouses

25 26

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AverageLossBasedOn TypicalExpected Contributionis20%to 30% BasedonPhysical Replacement

ValueStudies2015 ForwardShow Averageat65%

2018Sales >80%

MontanaStateLandsMassValuation

StateLands– 5,500,000acreslocatedin12,922individualparcels DesignedaGISBasedInteractiveProgram ThatAllowsValueEstimatesWithin GeographicSubmarketsForVarying LandClassesToAccommodateStaffPlanning

27 28

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StateLease#7022 640DeededAcres 600AcresNativeRange 40acreswaste RecreationalRiparian/River $7,500peracre IrrigatedLand$4,200peracre DryCropland$1,200peracre SubPasture$1,000peracre NativeRange– Mountain $1,000peracre Open $800peracre

Subdivision– DevelopmentStudies

29 30

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Structures Studies

ValueInterpolationStudies

31 32

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ConservationEasementTrends

ValueChangesAssociatedWithLarger RuralLandOwnerships

  • 25to35%
  • FederalALEProgram
  • SoilsandGrasslandPrograms
  • Payingupto75%Marketvalue

basedonNonIRSQualified Appraisals

  • SmallerUnitsandThoseWith

HeavyRiparianInfluenceCanBe Problematic

ValueChangeAssociatedWith UrbanProjects

  • 35to60%
  • FederalALEProgram
  • SoilsandGrasslandPrograms
  • Payingupto75%Marketvalue

basedonNonIRSQualified Appraisals

  • OpenSpaceFundingCanAdd

Additional10to15%

MarketStudies– ParadiseValley AveragePerAcreLandValues

$3,511 $8,176 $4,207 $3,937 $ $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 1 2 3 4

AveragePerAcreLandvalue

2000to 2005 2005 to2008 2010 to2014

2015to Present ACRESSOLD 15,2943,600 8,64321,150

Basedata– NormanC.Wheeler&Associates AnnualLandSurveys

33 34

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1/10/2019 18 Gallatin County Market Study

Period Total Sales Acres Average Size Deeded 2003to2005 27,137

  • 379
  • 5,881

$ 2006to2009 16,946

  • 385
  • 5,735

$ 2010to2015 36,592

  • 355
  • 5,534

$ 2016topresent 15,024

  • 395
  • 5,981

$ Development 2006 1,920

  • 240
  • 34,000

$ Development 2017to2018 3,007

  • 334
  • 13,030

$ AverageLandValue DevelopmentSales PerAcre Unimproved AverageLand ValuePerDeeded Acregeneral Market PrimaryGallatinCountyLandMarket

Statemap– eastwestplus

35 36

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Year Sales DeededAcres SaleValue Average Acres AverageLand Value

1990 10 22,300

  • 11,053,890

$ 2,230

  • 505

$ 1995 33 101,541

  • 68,032,470

$ 3,077

  • 655

$ 2001 61 320,861

  • 313,160,336

$ 5,260

  • 960

$ 2002 51 217,546

  • 192,310,664

$ 4,266

  • 874

$

738,786

  • 2003

52 200,379

  • 159,100,926

$ 3,853

  • 785

$

$887

2004 54 265,394

  • 309,184,010

$ 4,915

  • 1,135

$ 2005 83 323,895

  • 459,283,110

$ 3,902

  • 1,361

$

763,518

  • 2006

53 174,229

  • 237,996,000

$ 3,287

  • 1,325

$ 2007 46 159,061

  • 319,715,000

$ 3,458

  • 1,909

$ 2008 31 91,999

  • 172,040,000

$ 2,968

  • 1,795

$

$1,888

2009 17 66,822

  • 60,125,004

$ 3,931

  • 880

$

AvgPerAcre2009 thru2012

2010 41 464,074

  • 291,405,710

$ 11,319

  • 610

$ 2011 47 323,779

  • 273,994,314

$ 6,889

  • 798

$

$596

1,432,764

  • 2012

46 327,029

  • 258,632,689

$ 7,109

  • 776

$ 2013 34 114,804

  • 147,852,010

$ 3,376

  • 1,164

$ 2014 57 141,327

  • 220,503,374

$ 2,479

  • 1,465

$ 2015 49 171,389

  • 249,843,915

$ 3,498

  • 1,335

$

$1,338

517,178

  • 2016

44 89,658

  • 137,422,392

$ 2,038

  • 1,368

$ 2017 42 108,650

  • 217,076,237

$ 2,587

  • 1,801

$ 2018 82 193,079

  • 422,354,540

$ 2,355

  • 2,066

$

$1,970

301,729

  • AvgPerAcre2013

thru2016

AvgPerAcre 2017thru2018

Total Volume Deeded Acres AvgPerAcre2001 thru2003$890

Average weightedLand ValuePerAcre

AvgPerAcre2004 thru2008$1,888

Rural Land Sales 640 acres or greater in deeded acres within primary recreational influenced markets - Volume

  • f confirmed sales - Sale Value is an overall value that

includes land, leases and buildings - The Average Per Acre Value Referenced Is Unimproved - Land Only

BaseData NormanC.Wheeler&Associates AnnualLandSurvey

TierOne TierOne TierTwo TierThree

>$1500PerAcre >$1250upto$2000 $700to$1200peracre Agricultural

37 38

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WesternLandsStudy– TierOneRanches Salesgreaterthen2,000deededacres Over$2,000peracre/Land

2017

  • 3Sales
  • AveragesalePrice $18,933,000
  • AverageDeededAcres– 5,642
  • $56,800,000

AverageSalePricePerAcre– Land Only $2,950

  • PercentofDollars– 26%

2018

  • 9Sales
  • AveragesalePrice $18,092,000
  • AverageDeededAcres– 6,569
  • $162,835,000
  • AverageSalePricePerAcre–

LandOnly $2,498

  • PercentofDollars– 39%

Note– 2016– 2sales $20,400,000

AverageDaysOnMarket >70Days

HoldTime Average 19.7Years

9TierOne Sales 2018

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Deeded Acres Sale Price Seller Hold Period Buyer Motivation Status 22,242 $ 45,000,000 30 New Non Resident Investor Expanding to more lands 8,101 $ 21,500,000 10 New Non Resident Investor Building and expanding 10,138 $ 21,100,000 5 New Non Resident Investor Expanding to more lands 93,280 $ 59,000,000 30 Foreign Investment Building and expanding 6,647 Over $25,000,000- Confidential 20 years plus Expanding non resident Investor Bringing into an expanding 26 year hold 50,333 $23,500,000 20 years plus Expanding Investor Bringing into an expanding 15 year hold 5,665 $33,000,000 30 years Plus Expanding non resident Investor Bringing into an expanding 25 year family portfolio - in Montana 24,848 $25,437,500 Investor hold was over 20 years New Non Resident Investor Building and expanding 45,045 $35,500,000

  • ver 40

years New Non Resident Investor Expanding to more lands 108,571 $79,785,000 Built and expanded

  • ver 25

years Expanding non resident Investor Expanding empire builder

ReviewofProbableBuyersAnalysisofHoldTimesSalesover $20,000,000

Salesover$20,000,000Since1998 AverageHoldWas19.3years

2018Reported RealEstateSales

Source Onthestreet

PropertyofTimBlixeth

<45yearsold LifestyleBuyer >55– LandEthic– InvestmentBuyer

41 42

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NorthwestLandValuesetc.

AdditionalPerspectives

43 44

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He uses statistics as a drunken man uses lamp posts – for support rather than for illumination.

  • Andrew Lang, Scottish Writer

45 46

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200 400 600 800 1000 1200 1400 1600 1800 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD2018 #SalesCount Ave$/Acre

AverageLandValuesforSalesTransactions40AcresandLarger ID,MT,OR,andWA

Ave$/Acre NumberofSales

Source:NWFCSdatabase

200 400 600 800 1000 1200 1400 1600 1800 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD2018 #SalesCount Ave$/Acre

AverageLandValuesforSalesTransactions40AcresandLarger ID,MT,OR,andWA

Ave$/Acre NumberofSales

Source:NWFCSdatabase

  • Macroview
  • Includeswidevarietyofpropertytypes
  • Usedforconsistencyovertimefortrends

47 48

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$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD2018 Ave$/Acre

Average$/AcreLandValue PropertiesFortyAcresandGreater,byState

Idaho Montana Oregon Washington

source:NWFCSdatabase

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD2018 Ave$/Acre

Average$/AcreLandValue PropertiesFortyAcresandGreater,byState

Idaho Montana Oregon Washington

source:NWFCSdatabase

Washington&Montanaslightly from201617to2018 functionof higher%ofdatafromlowerpriced areas. Noareasreportinglowervalues

49 50

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Commontrendsforallnorthwest:

  • Overallpricetrendsaresteadytoslightly

higher

  • Demandisstrong
  • Supplyofgoodqualityagriculturalproperties

islimited,particularlyforlargetracts

  • Somesofteningofrentalratesinsomeareas

51 52

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EasternWashington LandUseorClass ValueRange Unit Activity/Trend RentalRange Unit Activity/Trend IrrigatedCropPivot $9,000 $16,000 Acre Stable $400 $800 Acre Stable IrrigatedCrop(nonpivot) $5,000 $11,000 Acre Stable $250 $450 Acre Stable IrrigatedCrop(orchard) $13,000 $19,000 Acre Stable DryCrop Annual $2,200 $3,500 Acre Stable $65 $120 Acre Stable DryCrop SummerFallow $350 $2,300 Acre Stable 25% 33% Share Stable DryPasture Rangeland $250 $500 Acre Stable $25 $30 AUM Stable

Note:valuerangesarenotallencompassing,butaremosttypical

WJ1

CentralWAOrchardsArea

53 54

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Slide 53 WJ1

Wiley, Jim, 12/28/2018

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CentralWashingtonOrchards LandUseorClass ValueRange Unit Activity/Trend Orchard Apples&Cherries $12,000 $22,000 Acre Stable IrrigatedCrop OrchardSite $8,000 $14,000 Acre Stable

92018~$171M19,525totalacres$8,747/ac. 18,386deeded$9,289/ac. ~13,350acrespivotirr– 130pivots$12,700/ac.

J.Hancock– 100CLLC(AngelinaAgCo.– Louisiana;Kirkland, WA)notlistedforsale“motive– wealthpreservation”

55 56

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EasternRegion LandUseorClassValueRange Unit Activity/Trend RentalRange Unit Activity/Trend IrrigatedCrop $2,750 $8,000 Acre Stable/Increasing $100 $350 Acre Stable DryCrop $700 $2,500 Acre Stable/Increasing $25 $50 Acre Stable Pasture $450 $2,500 Acre Stable/Increasing $15 $35 AUM Stable

57 58

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SouthernRegion—MagicValleyArea LandUseorClass ValueRange Unit Activity/Trend RentalRange Unit Activity/Trend IrrigatedCrop $5,000 $10,000 Acre Stable/Increasing$275 $400 Acre Stable DryPasture/Range $350 $1,000 Acre Stable/Increasing$18 $30 AUM Stable WesternRegion—TreasureValleyAreas LandUseorClass ValueRange Unit Activity/Trend Rental Range Unit Activity/Trend IrrigatedCrop $5,000 $10,000 Acre Stable $150 $450 Acre Stable DryPasture/Range $400 $2,900 Acre Stable $18 $30 AUM Stable

59 60

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1/10/2019 31 Perspectivesfromaninstitutionalinvestor PrimarilyactiveinIdahoandWashington,someOregon

  • Veryactiveinthemarket
  • “MarketValue”,notalwaystopprice
  • Mostinterestedinlarge,irrigatedfarms
  • Alsopermanentplantingswithgoodirrigation
  • Lookforverygoodqualityproperties
  • Typicallycashleasedfor2– 3yearperiods,%grossonorchards
  • Holdperiodofatleast10yearsinmostcases
  • Acceptingalowerreturnthaninthepast(~4.25%vs.5+%)
  • Lotsof$$inthequeue!

61 62

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RandomTrivia? Whereis99%ofU.S.hops produced?

ID.13% WA.75% OR.11%

99%intheNorthwest! 63 64

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In Conclusion: If you torture the data long enough, it will confess!

  • Ronald Coase, Economist

65 66

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SouthernIdaho

  • Dynamicmarket
  • Recreationalfactorsoftennotas

significantinfluence

  • Agricultureprimaryinfluence
  • Competitionforavailable

irrigatedlands

  • Institutionalinvestors
  • Rowcrops
  • Dairy

Montanadairy Idahodairy

67 68

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MONTANA LAND SOURCE

The Most Comprehensive Source for the

Large-Acreage Montana Land Market

73 74

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MONTANA LAND SOURCE

What we do:

  • Track and map all available Montana

listings and sales 200 acres and greater

Updated Daily!!!
  • Put all properties on a searchable
  • nline map
Along with parcels, public lands,

hunting districts, wildfires, and more

  • Publish an email market update each

week with all new market activity

  • Compile and share market statistics

MONTANA LAND SOURCE

  • Who uses MT Land Source?
  • Primarily rural real estate professionals:
Land Brokers and Agents Appraisers Lenders Attorneys Land Trusts Land Consultants Government Agencies
  • And increasingly:
Land buyers Land Sellers

75 76

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MONTANA LAND SOURCE

New Developments:

Free public version Daily Property Updates on Website Real Time Market Statistics Weekly email market updates available to non-

subscribers

Property advertising

MONTANA LAND SOURCE

www.MTLandSource.com 77 78

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Montana Land Source Map App

Mapped Listings, Pending Sales and Sales

Current Listing Statistics

All of Montana – 200 Acres and Greater

Total Number of Active Listings: 595 Percent of Listings with Price Changes: 31% Average Percent Price Change: - 23% Average DOM: 572 days (up 21%) Total Number of Acres Listed: 1,222,825 acres Average Acreage: 2,103 acres Average Land Price Per Acre: $3,077 Total Sum of Listing Prices: $2,064,700,000

79 80

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Current Listing Statistics

All of Montana – 200 Acres and Greater

200400Acres 38%

4001,000Acres 29% 1,0005,000Acres 24% 5,00010,000Acres 6% >10,000Acres 4%

Current Listing Statistics

All of Montana – 200 Acres and Greater

$500,000 $1,000,000 20% $1,000,000 $2,500,000 28% $100,000 $500,000 14% $2,500,000 $5,000,000 19% $5,000,000 $10,000,000 11% >10,000,000 8%

81 82

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2018 Statistics

All of Montana – 200 Acres and Greater

  • Number of Listings at Beginning of 2018: 601
  • Number of New Listings During the Year: 424
  • Total Number of Listings on Market During 2018: 1,025
Properties Sold: 194 (19%) Expired/Withdrawn Properties: 236 (23%) Active Listings at the End of 2018: 595 (58%)

Expired/Withdrawn 23% Sold19% CarryoverListings 58%

2018 Statistics

All of Montana – 200 Acres and Greater

Recap – Based on 2018 Data: Less than 20% of listings sell each year Over 20% of listings expire or are

withdrawn

More properties are taken off the market

than sell!!!

83 84

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Montanalandstudy– 2018

  • Montana2017and2018Sales

Volume– considering properties640acresinsize andgreater

Increaseinaverage$/acresellingprice largelyattributabletotheWestern Montanamarket accountsforroughly 60percentofthedata Numberof transactions Volume Average $/acresales price(ULV) Year Dollars Acres 2017 163 $594,658,109 585,311 $1,386 2018 139 $519,828,189 339,851 $1,750 Change 15% 13% 42% 26%

85 86

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2018Marketactivitysegmentedbypropertysize– Properties640acres insizeandgreater

600acres<1,000acres 37% 1,000acres<2,000acres 31% 2,000acres<10,000acres 28% 10,000acres 4%

2018Marketactivitysegmentedbypropertysize– Properties640acres insizeandgreater

600acres<1,000acres 37 1,000acres<2,000acres 31% 2,000acres<10,000acres 28% 10,000acres 4%

Year Category 2017 2018 600acres<1,000acres 36.81% 36.76% 1,000acres<2,000acres 28.22% 30.88% 2,000acres<10,000acres 28.22% 27.94% 10,000acres 6.75% 4.41% 2018 Propertieslessthan2,000acresinsize madeup67percentofthemarketin 2018,upfrom65percentin2017

87 88

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2018Marketactivitysegmentedbytransactionsize– Properties640 acresinsizeandgreater

<$1,000,000 27% $1,000,000<$3,000,000 41% $3,000,000<$5,000,000 13% $5,000,000<$10,000,000 9% $10,000,000 10%

2018Marketactivitysegmentedbytransactionsize– Properties640 acresinsizeandgreater

>$1,000,000 27% $1,000,000< $3,000,000 41% $3,000,000< $5,000,000 13% $5,000,000< $10,000,000 9% $10,000,000 10%

Year Category 2017 2018 >$1,000,000 30.06% 27.21% $1,000,000<$3,000,000 38.65% 41.18% $3,000,000<$5,000,000 13.50% 13.24% $5,000,000<$10,000,000 9.20% 8.82% $10,000,000 8.59% 9.56% 2018 Transactionslessthan$5million representedroughly82percentofthe marketin2017and2018

89 90

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2018Marketactivitysegmentedbytransactionsize– Properties640 acresinsizeandgreater

>$1,000,000 27% $1,000,000< $3,000,000 41% $3,000,000< $5,000,000 13% $5,000,000< $10,000,000 9% $10,000,000 10%

2018 Transactions$5millionandless representedroughly82percentofthe marketin2017and2018 Ourdatashowsatotalsalesvolumeof $519,828,189in2018

Category Percentof market Totaldollars Transactions<$5,000,000 81.62% $424,271,537 Transactions$5,000,000 18.38% $95,556,652

Distributionofunimproveddollarperacresalespricetogetherwith averagevaluesforproperties640acresinsizeandgreaterfrom throughoutMontanafor2017and2018

2017 2017Average, $1,386 2018 2018Average, $1,750 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 Suggestsanincreasein averagevaluesofroughly 26percentfrom2017

91 92

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Distributionofunimproveddollarpersalespricevaluestogetherwith averagevaluesforproperties640acresinsizeandgreaterfrom throughoutMontanafor2017and2018

2017 2017Average, $1,386 2018 2018Average, $1,750 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 Suggestsanincreasein averagevaluesofroughly 26percentfrom2017 Medianvalues: 2017=$850/acre 2018=$1,000/acre Anincreaseorroughly18.50percent

Distributionofunimproveddollarpersalespricetogetherwithaverage valuesforproperties640acresinsizeandgreaterfromthroughout Montanafor2017and2018,contrastedto2009

2017 2017Average,$1,386 2018 2018Average,$1,750 2009 2009Average, $728 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000

93 94

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Western Lands– Ranch Study 2018

95 96

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Deededacressoldtogetherwith numberoftransactionfrom2014 through2018 WesternMontana properties640acresinsizeand greatercontrastedtothenumberof transactionsoccurringin2005

57 49 44 42 82 20 40 60 80 100

  • 50,000

100,000 150,000 200,000 250,000 2014 2015 2016 2017 2018 NUMBEROFTRANSACTIONS NUMBEROFACRES 2005peakinnumberoftransaction Totalacres Numberoftransactions 83transactionsin2005

Numberoftransactionsin2018 reflectiveofthatseenin2005

Dataindicatesthenumberof transactionspeakedin2005 323,895deededacrestradedin 2005comparedto193,079 acresin2018

Averagesize

  • 2005=3,902acres
  • 2018=2,340acres

Comparisonofthenumberoftransactionsbetween2001 2005and 2014 2018

2001 2002 2003 2004 2005 2014 2015 2016 2017 2018 25 50 75 100 NUMBEROFTRANSACTIONS 20012005 20142018

97 98

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Totaldollarsalesvolumecomparisonbetween2001 2005and2014– 2018– showingthetrendthrough2009

2001 2002 2003 2004 2005 2006 2007 2008 2009 2014 2015 2016 2017 2018 25 50 75 100 NUMBEROFTRANSACTIONS 20012009 20142018

$422,354,540 $217,076,237 $137,442,392 $249,843,915 $220,503,374 $ $250,000,000 $500,000,000 2018 2017 2016 2015 2014

TotalWesternMontanasalesvolume2014through 2018forproperties640acresinsizeandgreater Year Volume Annual percentage change 2014 $220,503,374 49% 2015 $249,843,915 13% 2016 $137,442,392 45% 2017 $217,076,237 58% 2018 $422,354,540 95% Salesvolumein2018up95percentfrom 2017 2018totalsalesvolumenearingthepeak

  • froughly$459millionexperiencedin

2005

WesternMontanaSalesVolume

99 100

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Totaldollarsalesvolumecomparisonbetween2001 2005and2014 2018

2001 2002 2003 2004 2005 2014 2015 2016 2017 2018 $ $100,000,000 $200,000,000 $300,000,000 $400,000,000 $500,000,000 ANNUALSALESVOLUME

Totaldollarsalesvolumecomparisonbetween2001 2005and2014 – 2018– showingtotrendinto2009

2001 2002 2003 2004 2005 2006 2007 2008 2009 2014 2015 2016 2017 2018 $ $100,000,000 $200,000,000 $300,000,000 $400,000,000 $500,000,000 ANNUALSALESVOLUME

101 102

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Averagedollarperacrevaluestogetherwithannualpercentagechange forWesternMontanarelativetothedollarperacrevalueexperiencedin 2007 properties640acresinsizeandgreater

$2,066 25.9% 8.9% 2.5% 31.7% 14.7% 15.0% 0.0% 15.0% 30.0% 45.0% $ $1,000 $2,000 $3,000 2014 2015 2016 2017 2018 ANNUALPERCENTAGECHANGE AVERAGEDOLLARPERACRE YEAR 2007high$acrevalue Average$/acre Percentagechange

2007averagevalue$1,909/acre

Comparisonofoveralldollarperacressalespricesbetween2003 2007 and2014 2018

2014 2015 2016 2017 2018 2003 2004 2005 2006 2007 $ $500 $1,000 $1,500 $2,000 $2,500 OVERALLAVERAGE$/ACRESALESPRICE 20142018 20032007

103 104

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Comparisonofoveralldollarperacressalespricesbetween2003 2007 and2014– 2018– showingthetrendthrough2013

2014 2015 2016 2017 2018 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 $ $500 $1,000 $1,500 $2,000 $2,500 OVERALLAVERAGE$/ACRESALESPRICE

Averagedollarperacre(ULV)togetherwithnumberoftransactionoccurringfrom 2003through2018inWesternMontana– 640acresinsizeandlarger(NCWheeler andAssociates,2018).

10 20 30 40 50 60 70 80 90 $ $500 $1,000 $1,500 $2,000 $2,500 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Numberoftransactions Averagedollarperacre(ULV) Averageperacrevalue(ULV) Numberofsales

105 106

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MONTANA LAND SOURCE

The Most Comprehensive Source for the

Large-Acreage Montana Land Market

2018 Statistics

All of Montana – 200 Acres and Greater

Total 2018 Sales = 194 Percent of Listings with Price Change: 41% Average Percent of Price Change: - 34% Average Land Value Per Acre: $1,502/acre (down

17%)

Average DOM: 528 (up 21%)

107 108

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USDA Data East MT / West MT Split

109 110

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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 50 100 150 200 250 300

Year

NumberofSales

AllMTSales WestMTSales EastMTSales

Number of Sales by Year

Total MT 2018 Sales = 194 Number of Current Listings = 595 = Over 3 years inventory

Median $/Acre Land Values by Year

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 $0 $500 $1,000 $1,500 $2,000 $2,500

Year MedianLandValue$/Acre

WestMTSales AllMTSales EastMTSales

111 112

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100 200 300 400 500 600 700 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average DOM Year

East MT Sales All MT Sales West MT Sales

Average Days on Market (DOM) by Year

Average DOM all of current listings = 571

Sale Price as a Percent

  • f List Price by Year

20 40 60 80 100 120 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Median Land Value $/Acre Year

East MT Sales All MT Sales West MT Sales

113 114

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1/10/2019 58 Thank you Land Brokers and other Rural Real Estate Professionals for your support!!!

The more data you share, the better analysis we can provide!!!

  • www.MTLandSource.com

“SometimesIwritedrunkandrevisesober,andsometimesI writesoberandrevisedrunk.Butyouhavetohaveboth elementsincreation…” PeterDeVries;Reuben,Reuben(1964)

115 116

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North Central Montana South Central Montana

117 118

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Eastern Montana North Central Montana

119 120

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North Central Montana

Land Class Value Range Unit Activity / Trend Rental Range Unit Activity / Trend Irrigated Crop $2,000 - $3,500 Acre Stable $75 - $125 Acre Stable Dry Crop $800 - $1,400 Acre Stable / Increasing $25 - $40 Acre Stable / Decreasing Pasture / Range $350 - $800 Acre Stable $20 - $40 AUM Stable 2017 Land Class Value Range Unit Activity / Trend Rental Range Unit Activity / Trend Irrigated Crop $2,500 - $4,000 Acre Stable / Increasing $75 - $125 Acre Stable Dry Crop $800 - $1,800 Acre Stable / Increasing $25 - $50 Acre Stable Pasture / Range $350 - $800 Acre Stable $20 - $40 AUM Stable 2018

10 8 27 21 21 19 16 18 10 8 5 10 15 20 25 30 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NumberofSales DollarsperAcre

IrrigatedCrop

Median$/Acre Mean$/Acre NumberofSales Linear(Median$/Acre)

North Central Montana

121 122

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41 63 70 92 66 36 54 58 62 41 10 20 30 40 50 60 70 80 90 100 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NumberofSales DollarsperAcre

DryCrop

Median$/Acre Mean$/Acre NumberofSales Linear(Median$/Acre)

North Central Montana

42 61 94 94 68 56 59 72 50 44 10 20 30 40 50 60 70 80 90 100 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NumberofSales DollarsperAcre

Pasture/Range

Median$/Acre Mean$/Acre NumberofSales Linear(Median$/Acre)

North Central Montana

123 124

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$ $200 $400 $600 $800 $1,000 $1,200 $1,400 $ $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 DollarsperAcre DollarsperBushel

WheatPricevs.DryCropLandValues

WheatPriceinDollarsperBushel Median$/Acre Linear(WheatPriceinDollarsperBushel) Linear(Median$/Acre)

North Central Montana South Central Montana

125 126

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South Central Montana

Land Class Value Range Unit Activity / Trend Rental Range Unit Activity / Trend Irrigated Crop $1,800 - $4,000 Acre Stable/Increasing $70 - $150 Acre Stable Dry Crop $500 - $750 Acre Stable $20 - $35 Acre Stable Pasture / Range $350 - $700 Acre Stable $20 - $30 AUM Stable 2017 Land Class Value Range Unit Activity / Trend Rental Range Unit Activity / Trend Irrigated Crop $2,500 - $6,000 Acre Stable/Increasing $70 - $150 Acre Stable Dry Crop $550 - $800 Acre Stable $20 - $35 Acre Stable Pasture / Range $400 - $800 Acre Stable $20 - $30 AUM Stable 2018

6 8 20 22 20 2 14 18 9 8 5 10 15 20 25 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NumberofSales DollarsperAcre

IrrigatedCrop

Median$/Acre Mean$/Acre NumberofSales Linear(Median$/Acre)

South Central Montana

127 128

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10 6 17 11 10 2 10 7 10 2 2 4 6 8 10 12 14 16 18 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NumberofSales DollarsperAcre

DryCrop

Median$/Acre Mean$/Acre NumberofSales Linear(Median$/Acre)

South Central Montana

14 20 54 49 39 9 48 50 60 20 10 20 30 40 50 60 70 $0 $500 $1,000 $1,500 $2,000 $2,500 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NumberofSales DollarsperAcre

Pasture/Range

Median$/Acre Mean$/Acre NumberofSales Linear(Median$/Acre)

South Central Montana

129 130

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Eastern Montana Eastern Montana

Land Class Value Range Unit Activity / Trend Rental Range Unit Activity / Trend Irrigated Crop $1,250 - $3,500 Acre Stable $40 - $200 Acre Stable Dry Crop $425 - $1,000 Acre Stable $22 - $40 Acre Stable Pasture / Range $275 - $650 Acre Stable $18 - $50 AUM Stable 2017 Land Class Value Range Unit Activity / Trend Rental Range Unit Activity / Trend Irrigated Crop $1,250 - $3,500 Acre Stable/Increasing $40 - $200 Acre Stable Dry Crop $500 - $1,000 Acre Stable $22 - $40 Acre Stable Pasture / Range $300 - $650 Acre Stable $18 - $50 AUM Stable 2018

131 132

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26 27 25 35 15 29 26 8 17 13 5 10 15 20 25 30 35 40 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NumberofSales DollarsperAcre

IrrigatedCrop

Median$/Acre Mean$/Acre NumberofSales Linear(Median$/Acre)

Eastern Montana

35 48 29 39 21 44 41 35 45 25 10 20 30 40 50 60 $0 $100 $200 $300 $400 $500 $600 $700 $800 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NumberofSales DollarsperAcre

DryCrop

Median$/Acre Mean$/Acre NumberofSales Linear(Median$/Acre)

Eastern Montana

133 134

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80 112 111 110 83 123 92 63 75 58 20 40 60 80 100 120 140 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NumberofSales DollarsperAcre

Pasture/Range

Median$/Acre Mean$/Acre NumberofSales Linear(Median$/Acre)

Eastern Montana

135 136

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Bozeman’sBoomv.2.0 ALookatRecentDevelopmentPatternsandInfluences

TheTippingPoint?

137 138

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Sobynow everyone’sgotten thememo….

  • OutsideMagazine

USNews&WorldReport USAToday Forbes MoneyMagazine WallStreetJournal LATimes etc.,etc.,etc…

Source:DowntownBozemanImprovementPlanUpdate Oct2018 https://downtownbozeman.org/plan

Trend Actual

ButWe’veBeenHereBefore,Right?(NotReally….)

2003– 2008(“GoGoDays”)

  • SpeculativeSubdivisionBoom
  • EasyCreditConditions
  • NarrowEconomicBase
  • NewDevelopersJumpingIn
  • BabyBoomersDrivingtheMarket
  • BuyerMotivation Misplaced
  • ShortTerm,Can’tMissMentality
  • “Return”=BorrowandFlipIt

2013– 2018(CurrentCycle)

  • BuildingBoom– ReDevelopment,

InfillAND NewSubdivision

  • TighterCreditConditions
  • DiversifyingEconomy/RealGrowth
  • MoreExperiencedDevelopers
  • BoomersFading;MillennialsUp
  • DowntownTransformation
  • BuyerMotivation Lifestyle
  • BuyandHoldforAppreciation
  • Enabledby“OccupyandAirBnBIt”

139 140

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  • BuildingUp andOut
  • #ofcranesseenon

Bozeman’sskylinein Nov’18(+4)

  • MSUEnrollment
  • Fall2010=13,559

Fall2018=16,902 (+24.6%)

  • AirportDeplanings
  • 2012=433,288

2017=599,176 (+38.3%)

  • HealthcareFacilities
  • BznHealthExpanding
  • BillingsClinic– 54ac/

97,000sf/$40MM

  • NewandExpanding

IndustrySectors

  • Tech,Biotech,

ProfessionalSvcs, OutdoorProducts Mfg/Distribution

  • Tourism,Recreation,

Construction,Retail

MapSource:DowntownBozemanImprovementPlanUpdate Oct2018 https://downtownbozeman.org/plan

N.19th

Corridor

N.7th

MarketPlace/ W.Huffine

Bozeman’sGrowth– Reaching“CriticalMass”

PopulationNumbers

  • U.S.CensusBureauReport2018
  • FastestgrowingU.S.Micropolitan

StatisticalArea(outof551areas thatsurroundcitiesw/1050K residents)

  • BozemanMicroSA=107,810pop.

atendof2017(allofGallatinCty)

  • AnnualGrowthRate=3.6%(if

sustained,aratethatwilldouble populationin20years)

EconomicClassification

  • FromMicrotoMetroStatisticalArea
  • Projectedtooccurin2020(ascity’s

populationexceeds50Kresidents)

  • Impactsarea’s“branding”intermsof

economiccapacityandmarket potential

  • Acceleratestransitionfrom“small

town”to“urban”businessclimate

141 142

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2009’12

“

  • Development

Patterns

2013’14

“

  • +/ 211new

subdivisionlots createdover thetwoyears combined

143 144

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2015

  • +/ 655add’l

newsubdivision lotscreated

  • vertheyear

2016

“

  • +/ 632add’l

newsubdivision lotscreated

  • vertheyear

145 146

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2017

“

  • +/ 28add’l

newsubdivision lotscreated

  • vertheyear

2018

“

  • +/ 335add’l

newsubdivision lotscreated

  • vertheyear

+/ 1,650totalnew subdivisionlotsover thelast4years

147 148

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2018

“

  • +/ 335add’l

newsubdivision lotscreated

  • vertheyear

+/ 1,650totalnew subdivisionlotsover thelast4years (withmoreplanned)

Current Development Activity

ProjectsUnder Review/Approvals InProcess

  • 149

150

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Current Development Activity

ProjectsUnder Review/Approvals InProcess

  • Downtown

Bozeman

from 2009– ‘18:

HousingUnitsAdded OfficeSpace Created NewHotels

Source:DowntownBozemanImprovementPlanUpdate Oct2018 https://downtownbozeman.org/plan

151 152

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Downtown Bozeman

NowOnthe Horizon

Source:DowntownBozemanImprovementPlanUpdate Oct2018 https://downtownbozeman.org/plan

Downtown Bozeman

LookingAhead

Source:DowntownBozemanImprovementPlanUpdate Oct2018 https://downtownbozeman.org/plan

153 154

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UpinBigSky

“Stuff’s”Rolling Downhill….”

Yellowstone Club SpanishPeaks MtnClub Moonlight Basin

BigSky Resort

Town Center BigSky Meadow Village Hwy191/ Canyon Village

BigSky:Bozeman’s“X”Factor

  • Adestinationresorteconomy“removedbutnotremote”fromBozeman
  • “BigSky2025”infullswing;$1Billioninimprovementsinprogress
  • Upto2,000workerstravelbetweenBozemanandBigSkydaily
  • Anunseenforcegeneratinghundredsofmillionsofdollarsindirectandindirect

economicspillovertotheBozemaneconomy

  • 2018– BigSky’sbreakoutyear?
  • Epicsnowconditions;skiervisitsup20%;3newhotelswithin12yrs,socialmediabuzz
  • ClubEffect– YellowstoneClub,SpanishPeaks&MoonlightBasin
  • HavebecomethemarketingandinvestmentenginedrivingBigSky’sdestination

identity

  • Haveevolvedtogenerateneeded“bodyheat”awayfromtheslopesasTownCenter

andhotelcapacitycontinuetodevelop

  • Arefillingthevoidassociatedwithlackofproximitytoamajormetrofeedermarket

155 156

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BigSky:Bozeman’s“X”Factor

  • RealEstateMarketCharacteristics
  • Retailbuyerslargelypreferbuiltproductoverlotproduct
  • Changedmindsetthiscycle:lifestylecommitment(buy/hold)vs.“investment”(buy/flip)
  • Notanattractiveinvestormarket;exhibitshighersensitivitiestoovernightratesthan

purchaseprices

  • Propertiesdon’tcashflow;rentscan’tkeeppacewithsalepriceincreases;AirBnBoffsets
  • Investmentreturnisgeneratedbysalepriceappreciationovertime;flexiblehorizonrequired
  • Currentinvestmentcapitaldeployingisdeveloperbased;patient,withaffinityforthearea
  • Lagsnationaltrendsby1to2yrs;appearsbetterpositionedforthenextdownturn
  • Clubsarenowwellcapitalized
  • Onlyabout1015%ofretailrealestatesalesarenowfinanced
  • Commercialmarketsmostvulnerable;highrents,shortseasons

BigSky:Bozeman’s“X”Factor

  • Challenges
  • ShortageofBuildProductInventory(i.e.theproductsinhighestdemand)
  • Shortseason/longtransittimesformaterialsandcontractors=extendedleadtimes
  • “Perilouslyclosetotoomuch,toofast”
  • Lagginginfrastructuredevelopment/capacity
  • Inadequateworkforcehousing;developmentconstrainedbylandpricesandcosts
  • Municipaldecisionmakingcapacity
  • Anunincorporatedcommunitystraddlingtwocounties
  • Notconsideredatownanddoesnothaveatowngovernment
  • Twodifferentcountyregulatoryregimesgovernthearea
  • RemotelylocatedfromCountyPlanningresources,staffandapprovalprocesses

157 158

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2009’14

“

  • 2015’18

“

  • 159

160

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2018

“

  • NorthTown
  • 132acreprojectsite
  • 10yrphasingplan

anticipated

  • 8,000to9,000SFlots

startingat$59K (4050%ofBozeman pricepoints)

  • supporting$275K

$325Kfinished homes

Katie’sTurn….

BozemanBoomv.2.0 ALookatAreaMarketActivity

161 162

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TrendsinResidentialReal Estate20152018

GreaterBozemanArea

MaryKathrynTennilleCertifiedResidential

AppraisalServicesofBozemanInc.

  • Bozemanisamongthefastestgrowingnonmetropolitanareas

inthecountry.

  • Thisgrowthhassplitoverintothesurroundingareas.
  • Thisincreaseindemandandlimitsonsupplyisimpactingthe

increasesalespricearoundthearea.

163 164

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EastBozeman

  • Homesaleshavedecreased2%inthelast4years
  • Pricehasincreased27%duringsametime
  • In2018,medianhomepriceroseto$500,000

EastBozemanMedianSalesData ForSingleFamilyHomes

(Eastof19th Ave)

#ofSales SalePrice $/Sq.Ft. D.O.M. 2015 181 $394,000 $182 30 2016 163 $420,000 $201 19 2017 149 $460,000 $224 24 2018 177 $501,000 $246 17 %Change 2% 27% 35% 43%

165 166

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EastBozeman

  • $/Sq.Ft.notagreatindicatorofvalueinareasofgentrificationdueto

landvaluebeingignored.

  • Manyhomesinthedowntownareaareleveledandrebuiltwithlarger

footprint

WestBozeman

  • Homesaleshaveincreased27%inthelast4years,whilemedianprice

hasincreased32%duringsametime

  • Medianhomepricehasincreased$100,000from20152018

167 168

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WestBozemanMedianSalesData ForSingleFamilyHomes

(Westof19th Ave)

#ofSales SalePrice $/Sq.Ft. D.O.M. 2015 254 $291,500 $167 36 2016 300 $322,700 $178 24 2017 318 $346,281 $195 24 2018 324 $384,940 $213 26 %Change 27% 32% 28% 28%

BozemanMedianSalesData

100000 200000 300000 400000 500000 600000

41800 42000 42200 42400 42600 42800 43000 43200 43400 43600

MedianSalePrice

EastVsWest BozemanWest BozemanEast

169 170

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FourCorners

  • Homesaleshaveincreased20%inlast4years
  • LowestpricepersquarefootinallofBozemanarea($188/sq.ft.)

FourCornersMedianSalesData ForSingleFamily

#ofSales SalePrice $/Sq.Ft. D.O.M. 2015 110 $343,590 $143 51 2016 139 $372,500 $153 41 2017 131 $414,000 $170 28 2018 132 $444,276 $188 23 %Change 20% 29% 32% 55%

171 172

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Belgrade

  • Numberofhomesalesindowntownhaveseennochange,whereas

thesprawlhasseenanincreaseof192%

  • Newsubdivisiondevelopmentsareonasteadyincline

BelgradeMedianSalesData

ExpansionAreas

#ofSales SalePrice $/Sq.Ft. D.O.M. 2015 41 $215,900 $148 22 2016 71 $270,250 $166 29 2017 126 $298,375 $183 13 2018 120 $337,500 $193 24 %Change 192% 56% 30% 9%

DowntownArea

#ofSales SalePrice $/Sq.Ft. D.O.M. 2015 91 $217,500 $124 27 2016 91 $237,000 $135 12 2017 93 $258,000 $133 10 2018 102 $286,500 $151 14 %Change 12% 32% 22% 48%

173 174

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Belgrade

  • NewsubdivisiondevelopmentscontinuetobeproposedtoCityof

Belgrade

  • Newcommercialdevelopmentsaswell(YellowstonePlaza,Airport

upgrades,Jackrabbitcorridor)

175 176

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2018– 765sales

177 178

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Livingston

  • Thenumberhomesaleshaveremainedconsistentinrecenthistory
  • In2017,marketincreasedwithanupswinginmediansalespriceof

$30,000.Followedby$40,000justlastyear.

179 180

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LivingstonMedianSalesData

#ofSales SalePrice $/Sq.Ft. D.O.M. 2015 145 $190,000 $100 28 2016 135 $199,900 $107 26 2017 150 $230,000 $130 25 2018 137 $270,000 $158 24 %Change 6% 42% 59% 14%

$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000

December14 May16 September17 February19

SalePrice

MedianSalesPrice

BigSky

  • Medianhomesaleshaveincreased$500,000inlast4years
  • Mostexpensiveofallmarketareas
  • Costpersquarefootdoublethatofnexthighestarea(EastBozeman)

181 182

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BigSkyMedianSalesData

SingleFamilyHomes

#ofSales SalePrice $/Sq.Ft. D.O.M. 2015 53 $1,050,000 $360 159 2016 51 $1,100,000 $533 214 2017 60 $1,296,250 $431 146 2018 64 $1,662,500 $497 65 %Change 15% 58% 38% 59%

Condominiums

#ofSales SalePrice $/Sq.Ft. D.O.M. 2015 130 $325,000 $236 90 2016 173 $335,000 $241 118 2017 178 $382,500 $281 86 2018 193 $440,000 $307 63 %Change 48% 35% 30% 30%

$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 Jun14 Dec14 Jul15 Jan16 Aug16 Mar17 Sep17 Apr18 Oct18 May19

SalePrice Date

MedianSalePricePerMonth

SingleFamily Condominium 183 184

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TheMontageatBigSkyResort

Montana’sFirstUltraLuxuryResort atSpanishPeaksClub

  • 150GuestRooms
  • 39ResidentialCondos
  • 3Restaurants
  • 1LobbyBar
  • Pub
  • EventCenter
  • LapPool
  • FamilyPool
  • FitnessArea
  • Spa
  • BowlingAlly

TheYellowstoneClub’sVillageCore

185 186

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YellowstoneClubVillageVirtualTour Acknowledgements

  • Kingsbury,Thomas(January,2019).GallatinValleySalesDataMap.
  • Kingsbury,Thomas(January,2019).GallatinValleyPricePerSq.Ft.

Map.

  • TheMontageBigSkyResort
  • https://www.montagehotels.com/destinations/bigsky/
  • TheYellowstoneClubVillage
  • http://yellowstoneclub.com/newofferings/thevillage/

AllMarketDatapresentedisretainedinworkfile. 187 188

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www.partandparcelmt.com

189 190

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191 192

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2018 ~64sales 2018 ~64sales

SalePrice Range:295K– 464K Ave:~$360,000

193 194

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2018 ~64sales

SalePrice Range:295K– 464K Ave:~$360,000

2018 ~64sales

Price/Sqft Range:$137– $229 Ave:~$189

195 196

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2018 ~64sales

Price/Sqft Range:$137– $229 Ave:~$189

197 198

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199 200

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201 202

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203 204

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205 206

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207 208

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<6%

209 210

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  • <1,000acres 415,000+
  • >1,000acres 10,000+
  • >5,000acres ~2,000
  • >10,000acres

~670

  • >20,000acres

~180

  • >40,000acres

~50

  • >80,000acres

15 211 212

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1/10/2019 107 ThankYou SeeyouallNextYear

213 214