A common conversation point recently amongst residents, landowners and business owners is what will the effect of the installation of Phase 1 of the Seeley Lake Sewer District system have on the economy and values of the benefitted properties. Phase 1 generally consists of the downtown area lying east of Highway 83 and most of the town lots lying between the highway and Tamarack Drive.
One obvious benefit to the community of Seeley Lake is that by moving forward with the installation of a sewer system within the Sewer District, we not only show the world, but importantly our residents, tourists and prospective purchasers of real estate here in Seeley Lake, that we are making a long term commitment to protecting the water and wildlife qualities that we all value. The spectacular water and wildlife features of the valley is one primary reason many have chosen Seeley Lake as their home. Of course, not many landowners look forward to the fees involved but most understand the cost versus the lifestyle benefit reward.
The effect on property values and benefits to the local economy of having a sewer system is more difficult to ascertain. Most of the highway front commercial properties that will hook up to sewer are already established, successful businesses, so to see substantial operational changes from them soon is not likely. However, the installation of sewer may certainly create changes and redevelopment soon with a few properties such as the former Foxfire Grill/Bowling Alley as well as six other vacant or minimally developed lots in the section of Highway 83 between Redwood Lane and Cedar Drive.
Sewer could also begin the process of redevelopment creating a true town center containing commercial storefronts combined with residences along Pine Drive as envisioned in the Seeley Lake Area Comprehensive Plan. There has been a few different groups interested in constructing a microbrewery and restaurant. Without sewer, it has been impossible for them to find property large enough to develop the necessary septic system to sustain it.
In my opinion, the value of properties with newly installed sewer may not rise quickly as installation of sewer will increase availability and development possibilities of all the lots in Phase 1.
It is no wonder Seeley Lake continues to wow our residents and visitors alike. It is very easy for people to come here from other areas and see immediately a great quality lifestyle that makes them become interested in property ownership. There are so many exciting things happening in Seeley Lake – our watershed and chain of lakes and the opportunity to see the wildlife that we do are beyond compare. The development of Nordic ski trails, our award winning and innovative school system, hiking, wilderness trails, golf, snowmobiling, pond hockey, arts festivals, brew fests, water sports, mountain biking, fishing, hunting, a shooting range, Forest Service lands, lakefront State and U.S. Forest Service parks, quality residential developments such as the Double Arrow Ranch and many vibrant organizations making a meaningful difference.
There has been much discussion causing excitement amongst groups that in the near future, will likely lead to the construction of an outdoor amphitheater park for hosting things like community arts and theatrical and musical concert events, a true place to meet and gather.
Mortgage rates, which loosely trend the yield on the U.S. 10-year Treasury, spiked this week. The move higher seems to signal that while rates move back and forth every day, they are now on a trajectory to go up, as the Federal Reserve continues to contemplate raising rates 0.25 percent in mid-December. Currently, home mortgage rates remain extremely attractive with a 30-year rate around 4 percent and a 15-year rate around 3.375 percent.
In Seeley Lake and the Swan Valley, the real estate market remains strong as we are on pace to exceed the great year in local sales we had in 2014. This summer, local agents were very busy with buyers (did you see all of the tourist traffic on Highway 83?). This summer we saw some very healthy signs, such as properties receiving multiple offers from buyers on a property at the same time, multiple showings of the same property in one day, full price offers and even some sales closing over the asking price.
While real estate markets around Montana such as Bozeman, Big Sky and the Flathead Valley areas have seen big valuation swings, Seeley Lake has not seen substantial swings and remains a very steady market where you can combine lifestyle, recreation and an investment that you can actually use and enjoy.
A snapshot of the year to date of all Seeley Lake area sales reported by all firms to the Missoula County Multiple Listing Service (MLS) demonstrates market comparisons between 2014 and 2015 is in the chart.
The land sale statistics may be skewed as four of the land sales were over $150,000 in 2015.
As shown in the charts, a healthy, appreciating market will show a trending decrease in number of active listings and a decrease in number of days on market. Both homes and land show decreasing inventory and days on market trends and a steady rise in sales price over 2014.
Another interesting note is that in 2006, there were 79 land parcels sold. In an improving land market and with buyers regaining confidence and loading up with cash, the land inventory can go quickly.
If you have any questions regarding the local real estate market or the purchase or listing of property, please contact your local real estate professional.
Reader Comments(0)