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Newsletter from Montana
February 2007
The real estate market in Red Lodge, Montana, is still going strong. I updated the page for our
market conditions.
Here is the summary of it for homes with five acres or less:
2001 - 25 homes sold, median price $ 145,000
2002 - 37 homes sold, median price $ 137,000
2003 - 46 homes sold, median price $ 135,000
2004 - 70 homes sold, median price $ 149,000
2005 - 61 homes sold, median price $ 188,000
2006 - 62 homes sold, median price $ 260,000
Overall home prices rose between 15 and 30% over 2005
Now in February 2007 there are 60 homes - with and without acreage over 5 acres - offered for sale and the median home price is $ 330,000
With the area going strong like that, it is probably a good idea to start a little subdivision, maybe even a tad closer to Billings. I just listed 320 acres two miles south of Rockvale, which is the intersection of Highway 212 and 310 to Wyoming. There are plans to widen the Highway 212 north of Rockvale to Laurel, where a new Walmart Superstore is under construction. Rockvale is just a place, not a town, so kids would have to go to Joliet to go to school. Laurel is only 12 miles to the north and Billings is another 14 miles to the east from Laurel. Bozeman is less than 90 miles from there to the west.
Laurel has a population of about 6,500 people of mostly German, Norwegian and English descent. Billings is running out of room and water, so it is spreading west and south on Highway 212. The freight train follows Highway 212 to Rockvale and then swings over along Highway 310 to Wyoming. This property is two miles SW of Rockvale on Highway 212 and you cannot hear the train from there. It is a great location for a development or of course for your private hangout with a quarter mile of highway frontage. There are springs, an irrigation ditch and one pond by the highway. This summer a new fishpond will be built toward the back of the property, sheltered by trees.
The 120 acres along the highway are irrigated, and yield about 5-6 tons of hay per year.
The most south-westerly part of the irrigated acreage - 20 acres can be sold separately for $ 210,000 or they might even sell 30 acres if the price is right, make them an offer!
The other 200 acres are dryland to the north of the irrigation ditch. They include rolling hills of grass, a sheltered valley and a reservoir, which only fills up during very wet years. It can also be sold separately for $ 650,000 with an easement through the irrigated ground.
All 320 acres are offered - including ALL mineral rights! - for $ 1,850,000
Now since I have you all exited about the Laurel area where the Clark's Fork joins Rock Creek and both rivers flow into the Yellowstone River, I also listed a hunting estate south of that city along a gravel road. The family who owns it now raises hunting falcons and of course they have all 213 acres groomed to support upland birds. This beautiful estate just south of Laurel features a 2,400sqft modern home in Colonial style, barns, shop, garages and miscellaneous outbuildings. Ponds, springs, hills, draws and coulees adorn the private setting with mountain views. It\'s a hunting paradise, 3,500 bushes of Silver Berry, Buffalo Berry, Sumac and Juniper have been planted to attract pheasants and other game birds.
It is a steal for $ 995,000
The land has a good cover of sagebrush as well. Big sagebrush is perhaps the most important shrub on western rangelands. Evergreen leaves and abundant seed production provide an excellent winter food source to numerous species of large mammals including mule deer, black-tailed deer, white-tailed deer, elk, pronghorn antelope, bighorn sheep and jack rabbits. Nearly 100 bird species depend on sagebrush ecosystems for their habitat needs, including sage grouse, sharp tailed grouse, sage thrashers, sage sparrows, Brewer\'s sparrow, pheasants and chukar. Come and take a look!
Mike Olson, my agent in Minnesota, is spinning like a Dervish and he roped in a bunch of listings. I am still in the process of putting them on our website, so keep checking back at
http://minnesotahereicome.com/Listings
Our listings in Minnesota are in the NW of the state where the weather is much milder then what you hear in the news about Minnesota. The NW features rolling hills, many lakes and ponds, productive ground and large forests to the North. The area is still undiscovered and prices are still reasonable. This area never participated in a real estate boom, so there is no bust either. Prices have appreciated steadily, keeping up with inflation. If you like hunting and fishing, or are looking to grow some food for your family, even a small plot can help you to accomplish that.
Here are the properties I put on our website so far:
Four forested acres with a 2001 two bedroom/two baths cottage and a 40\' x 30\' ft pole barn along with 2 small sheds for $ 149,000
http://minnesotahereicome.com/Sebeka/
The next one is a \"Rambler\" in Rural Minnesota with up to 160 Acres near Hawley, where Mike Olson opened our branch office. Hawley is just 25 miles from Fargo/Moorhead near the Lakes Country around Detroit Lakes. Hawley has just under 2,000 people and is a classic bedroom community where people live and drive to work in Fargo/Moorhead. The town attracts people because of the new school built in 1997, the successful sports programs, and the variety of art programs. Mike knows all about that, he grew up there. His email address is
MikeOlson@vcn.com
The property is located six miles out of city limits and just off of Highway 32. A paved driveway leads to the updated home with three bedrooms and two baths. There could be two more bedrooms downstairs if egress windows would be installed. The home features two family rooms, kitchen, dining room, den, pantry, wood fireplace set in brick, and a two car attached garage.
$ 230,000 home on 5 acres
$ 320,000 home on 10 acres, with 8 grain bins, 40\'x90\' barn with cement floor, 30\'x40\' barn with gravel floor.
The owner will sell up to 160 acres of productive farmland around the property, for $3,500 per acre.
$ 845,000 home with all outbuildings and 160 acres to grow soybeans, wheat, barley, corn or sugar beets. The bins hold 3000 bushels of grain each.
http://minnesotahereicome.com/Rambler/
The next home is on 34 acres and has 2,300 ft of lakefront for $ 290,000
http://minnesotahereicome.com/Audubon/
The property is near Audubon, about 10 miles west of Detroit Lakes and 30 miles east of Fargo, North Dakota. Most recently, the home was a weekend retreat for a family looking to get away from the hustle and bustle of the city. They put an addition on the house and enjoyed many lazy afternoons on the water or just relaxing in the country atmosphere. The home has been vacant now for two years, is in need of repair and is sold \"as is.\" The property has great potential. The old farm could be revived; it has a 30' x 50' steel Quonset, a 80' x 40' hay barn, and two grain bins. The lakeshore is partly forested and is excellent for hunting ducks and geese. North Barnes Lake is 45 acres big and 18 feet deep and home to pan fish. A quarter mile driveway leads to the property, which is surrounded by farmland. The opposite side of the lake is undeveloped and is heavily wooded. There are no other homes on the lake, except for a hangar that a neighbor uses for his plane.
Mike also listed land, lots of it actually. Nevertheless, here is a unique little spot without any restrictions or covenants. Just 2.6 acres located northeast of Lake Park and it comes with a 40' x 90' pole barn and two 3000 bushel silos for just $ 35,000
http://minnesotahereicome.com/Site/
The next parcel is 42 acres - but it could be your \"North Forty.\" The land is located within three miles of Mike's favorite city of Hawley.
The school's website is:
http://www.hawley.k12.mn.us/
The city also has an informative website:
http://www.hawley.govoffice.com/
The land has rolling hills and trees along its borders. Highway 32 runs along the west side of the property; 5th Avenue South runs along the south, which is a gravel road. The rest of the property is bordered by farmland with some homesteads. It is a wonderful acreage which offers quiet country living and it produces crops or can sustain livestock.
Electric service is easily brought to your homesite and cell phones work in the area as well.
5+ acres pieces are offered at $ 7,400 per acre
10+ acres pieces are offered at $ 6,900 per acre
$ 249,000 takes all 42 acres.
http://minnesotahereicome.com/Forty/
The last parcel I would like to tell you about is 64 acres, about 30 miles east of Fargo/Moorhead, and 15 miles West of Detroit Lakes. The nearest town would be Lake Park. The land is currently farmed but has been pre-platted for development. In Minnesota anything over five acres can be subdivided without any static from officials. (In Montana, you will have to jump through hoops for anything less than 160 acres).
The lots can be between 4 and 15 acres, but the seller will consider splitting parcels into any desired size. There is a pond on the north side of the land with many beautiful rural building sites around it. Located just off paved Becker County Road #1 along the East side of the property, it is a good spot to own some acreage or farm; and if you like, you can sell smaller lots yourself. The land is bordered by farmland on three sides.
There are hundreds of lakes within a 25-minute drive from here. Mike fished Turtle Lake, which is south about five miles, and done very well. This winter he had a 27 inch (about 7+ lbs) Walleye when he went ice fishing there. He caught many walleyes from 13" to 23" this winter. "It is all part of the enjoyment of living in Minnesota," he says.
5+ acres pieces are offered at $ 5,900 per acre
$ 288,000 takes all 64 acres
http://minnesotahereicome.com/Sixty/
If you are looking for a reliable, creative lender who is responsive and works as fast as lightning, I found one: Pam Jones - Home Mortgage Consultant - Wells Fargo Home Mortgage
Phone: (218) 846-1335, Fax: (218) 847-0987, pam.jones@wellsfargo.com
She does loans nationwide! I just took her for a test drive, because I bought this little home here in Red Lodge. Send her an email and keep your eyes on your inbox, she will get right back at ya.
Just a few more snow storms and by the time you receive my next newsletter at the end of March, it is Spring!
:-)
Best Regards,
Dorothea Lowe, Broker
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