This lovely 1920′s home has been well cared for over the years. It was extensively remodeled in 1999 including a major upgrade to the existing structure. The upgrade included not only a complete overhaul to the original interior, but also the addition of a second story over the single-car attached garage, and the addition of a studio apartment that may be used as a rental unit or guest quarters. List Price $469,500
Helena, MT – Bolstered by a strong summer, single-family home sales in Montana are up nearly 15% through the third quarter of 2013 when compared to sales data from the same period of time last year. The Montana Association of REALTORS® received sales data from local associations across the state, and overall there was an increase of 14.4% in the number of single-family homes sold year-to-date in 2013 compared to the same time period in 2012.
In the eight major markets in Montana, 7,639 single-family homes have been sold in 2013 compared to 6,678 in 2012. When looking solely at third quarter (July through September) sales data, there were 3,174 single-family homes sold over the past three months, representing more than 41% of the market activity for the year. The average and median sales price increased in every area as well, while the average number of days a house was on the market dropped in seven of the eight major markets.
“The summer months are typically the busiest time of year for REALTORS®, and this year was no exception,” MAR President Pam Wood said. “Home buyers continue to take advantage of low interest rates. If a prospective buyer is thinking about buying their first home, or current homeowners are considering moving up or downsizing, contacting a local REALTOR® is the best way to start that process.”
The largest percentage increase in year-to-year sales of single family homes was reported by the Missoula Organization of REALTORS®. The area had a 20.6% (+165 homes) increase in the number of homes sold to date in 2013 when compared to 2012, one of six markets to post double-digit percentage increases in the number of single-family homes sold. The Gallatin Association of REALTORS® was next at 19.2% (+212), followed by the Northwest Montana Board of REALTORS® (+16.7%/223 homes), the Billings Association of REALTORS® (+13.0%/198 homes), the Bitterroot Valley Board of REALTORS® (+12.3%/39 homes), the Helena Association of REALTORS® (+11.8%/68 homes) and then the Great Falls Association of REALTORS® (+8.6%/68 homes). The Butte Board of REALTORS® was only slightly off of last year’s pace, having sold 341 single-family homes in 2013 compared to 343 in 2013, a decline of less than one percent.
MAR also collected townhouse/condo statistics, as well as sales of lots. Those statistics are available at MAR’s website.
Submitted by Bryan Haines MBOR on October 24, 2013
Tasteful and immaculate home on twenty acres located in Paradise Valley with the Yellowstone River and downtown Livingston close by… List Price: $1.375 million
Crow Hollow Ranch is situated in Montana’s legendary Paradise Valley. This majestic property which was once inhabited by the Crow Indians encompasses a diverse topography with 198 +/- deeded acres, over a half mile of Suce Creek, a beautifully designed period-style farm house, historic caretaker’s home, and log cabin…all tucked privately into a dramatic valley with National Forest, and BLM lands surrounding the ranch. List Price $3.6 Million
Real Estate Provisions in “Fiscal Cliff” Bill
Below is a summary of real estate related provisions in the bill:
Real Estate Tax Extenders
• Mortgage Cancellation Relief is extended for one year to Jan. 1, 2014
• Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
• 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
• The 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.
Permanent Repeal of Pease Limitations for 99% of Taxpayers
Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers. These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. These thresholds have been increased and are indexed for inflation and will rise over time. Under the formula, the amount of adjusted gross income above the threshold is multiplied by three percent. That amount is then used to reduce the total value of the filer’s itemized deductions. The total amount of reduction cannot exceed 80 percent of the filer’s itemized deductions.
These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years. They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012. Had we gone over the fiscal cliff, Pease limitations would have been reinstituted on all filers starting at $174,450 of adjusted gross income.
Capital Gains
The Capital Gains rate stays at 15 percent for those at the top rate of $400,000 (for individuals) and $450,000 (for those filing a joint return). After that, any gains above those amounts will be taxed at 20 percent. The 250/500k exclusion for sale of principle residence remains in place.
Estate Tax
The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that the rate will be 40 percent, up from 35 percent. The exemption amounts are indexed for inflation.
Source: National Association of Realtors
