It’s not like there isn’t building going on everywhere. Yes there is zoning but it is not prohibiting new construction. I just remodeled a tiny 9’x5’ bathroom and we’re in the 7th week of that project because getting sub contractors is almost impossible. If I didn’t have a neighbor who is a general contractor, I’d never have found a sheet rock guy or a glass guy. My neighbor is too busy to take my project on but thank goodness he is advising me. I still had to install my own window and do the painting and baseboards.
Lots of people moved up here during Covid and they brought big money with them. I’m not exaggerating when I say that every house that hits the market here in Missoula ends up being an auction. Buyers are wielding huge sums of cash, forgoing inspections and financing. I have a good friend who bought her home 5 years ago for $399K…a fair price for the home at that time. This past January, she listed it for $720K and sold it in 3 days for $905K cash, no inspection, to a couple from Seattle.
There’s a house around the corner from me…they’ve got a little ranch style house…similar to mine…4 beds/2 baths built in the 50’s…they listed it for $724K and sold it for $812K cash, no inspection…and two week closing. The people buying these homes at these prices are not Missoulians. They’re coming from other states. Most folks don’t make that kind of money here. Hell I don’t make that kind of money.
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