The Montana real estate market is among the few that were not severely affected by the housing crisis of 2008. While activity certainly reduced, house prices did not experience significant dips like was the case in some states. If you are looking to put your money in real estate, Montana is a stable market that will guarantee you a return on investment.
There are many homes being flipped in the Montana area. House flipping refers to buying a home as a real-estate investment, improving it and then putting it back for sale in the market at a significantly larger price. Homes that were going for under $500,000 in 2010 have now doubled in value.
You can purchase Montana real estate homes for living or flipping purposes. Buying in some neighborhoods is more attractive than others due to their current and future prospects. These neighborhoods are not congested and some are experiencing economic growth like never seen before. Buying a home in one of these neighborhoods guarantees you a high quality life. Apart from this, you can flip the home at a profit when you decide to move.
Below are five of the top neighborhoods that waded through the economic recession and emerged unscathed, and that have great prospects for real estate investors.
West Yellowstone
The West Yellowstone neighborhood has seen exponential growth over the last decade and is attractive for new homeowners. The development of the area can mostly be attributed to planned real state firms, which have focused on creating a mixed-use neighborhood that goes beyond the traditional residential focus.
The living experience in West Yellowstone is marked by convenience. Majority of the real estate in the area are high-rise apartments and condominiums.
Colstrip
Colstrip can be easily defined as a “city within a city”. Located on the northwest side of the city, the neighborhood has approximately 14,000 residents, majority of who are home owners. Houses in Colstrip are relatively small and many are also attached. However, they are extremely well maintained. The streets of Colstrip are lined with trees and have the original cobblestone pavement.
If you have school-going children or plan to raise kids, there are many private and public schools in the area.
East Helena
Located in the northwest section of the city, East Helena offers affordable real estate for anyone interested in apartments and condominiums. The average price of homes sold in the area is below $500,000 with many being owner occupied.
The presence of colleges in the area has led to an influx of young people in the area. The medium age for residents here is 27.7 years. There are lots of good restaurants in East Helena.
Baker
No, this area is not named so due to the presence of bakeries! Baker is a great haven if you would like to be crossing the CBD line, without the hassle and bustle of the city. The area has an edge over other emerging markets thanks to its proximity to wonderful restaurants and amenities.
The neighborhood is great for anyone looking for a single-family house in the city but with some green space in a quiet area that has decent commute and is close to recreation. The attractions in Baker also make it an ideal place for raising a family.
Big Timber
Investing in Big Timber is a smart move. Real estate prices in the area were stable during the recession and have continued to move up over the last years. Now would be a great time to invest in the area before the market explodes. The entire area has been mapped for redevelopment and you can still buy a one bedroom condo here for under $500,000. The area has a mix of detached single family homes, apartment building as well as attached row house types. Big Timber also has a haven of attractions.
If you want to buy a home in Montana, don’t be in a hurry unless it’s in one of the neighborhoods above, where prices will be accelerating. Traditionally, the most expensive properties have been located in the upper Northwest.