Resort, Ranch, & City
moderated & edited by Aaron Kampfe
location photography by Kene Sperry
Round Table panel location: Fielding’s, Bozeman Armory Hotel
In the fall of 2024, Aaron Kampfe, editor of the Bozeman/Big Sky edition of Western Home Journal, sat down with four real estate agents at Fielding’s restaurant in the KIMPTON ARMORY HOTEL BOZEMAN. They discussed the state of the regional real estate market and their personal approaches to servicing their clients. Each member of the panel offered their own perspectives on their market niche—the resort area of Big Sky; Bozeman and the surrounding Gallatin Valley; and ranch, farm, and recreation properties across the West.
Meet the panel:
Joy Vance, The Agency. As owner and managing partner of The Agency Bozeman and The Agency Big Sky, Joy Vance is a dynamic, service-first leader who guides The Agency Montana offices with grace, humor, and an extensive knowledge of the local real estate market. A consistent top producer, Joy specializes in a wide range of distinct luxury properties, from new downtown developments to turnkey vacation homes. Joy’s passion is in building relationships and delivering one-of-a-kind service for her clients.
Tallie Lancey, Big Sky Sotheby’s International Realty. Hailing from Ohio with roots in the South, Tallie is a Citizen-Realtor with a penchant for philanthropy. Stewardship of Big Sky’s small-town feel is of utmost importance to her and her business. That business began humbly in 2007 and earnestly grew to top-tier production. Tallie was able to scale her business thanks to Claire Thayer who oversees all of the operations and has on-boarded their newest teammate, Emily Eckhoff.
Mike Swan, Swan Land Company. Growing up on a family ranch on the banks of the Jefferson River near Twin Bridges, Mike Swan is deeply attuned to the importance of the stewardship of natural resources and the complexities of large land transactions. In 2002, he obtained his real estate license, worked his way up to managing broker, and eventually founded Swan Land Company in 2012. During his tenure, he has brokered some of the largest land transactions in the West and served many families through the emotionally and logistically complicated process.
Emily Eckhoff, Big Sky Sotheby’s International Realty. A Connecticut native, Emily has called Big Sky her second home since childhood. After living in New Zealand with her husband, she returned to Big Sky, where they now raise their three kids, surrounded by the same mountains, meadows, and community that shaped her own upbringing. She is actively involved in the community though local nonprofits, including BSSEF, Eagle Mount, and the PTO for Ophir Elementary School. She is proud to be part of a dynamic team with Tallie Lancey and Claire Thayer.
The Panel Location:
The Bozeman Armory was one of six armories built in Montana during the lead-up to World War II and as a response to the Japanese attack on Pearl Harbor. Originally designed by prolific Bozeman architect Fred Fielding Willson and built in 1941 to house the Bozeman National Guard, the landmark Armory building is a timeless example of Art Deco design.
Today, the building begins a new chapter as the Kimpton Armory Hotel. Details of its rich past have been lovingly preserved and can be observed throughout the hotel, from the street entrance on Mendenhall to the music hall on the main level to the nods to the Art Deco era in Fielding’s restaurant and Tune Up, the basement level bar.
Any good discussion begins with drinks…
Behind the bar in Fielding’s, Allie, a seasoned mixologist, served four of her favorite signature cocktails to the Round Table participants.
Allie: I’m a huge fan of old fashioneds and meet some of the best people through them. I’m also becoming a connoisseur of all things bourbon. Our Yellowstone Old Fashioned is made with Lazy K Bourbon from Big Timber, Montana. The top half of the bottle is encased in leather to match a saddlebag. This is the smoothest old fashioned I’ve ever tasted and is best served with a large, single ice cube.
Tallie: Sign me up.
Aaron: Me too.
Allie: The Avalanche on our cocktail menu is one of my favorites. It is served in a champagne flute with Cold Spring Blackberry Vodka topped with soda water. One of our staff members grows edible flowers at her house and we use them as a garnish. Refreshing and elegant.
Joy: Perfect for me. I’ll take one.
“The Hibiscus Bloom’s base is Whyte Lady Gin from the Montgomery Distillery. We add Domaine de Canton, lime, and egg white. Garnished with Hibiscus, it’s frothy and rich.”
–Allie, Mixologist, Armory Hotel
Allie: The Ranch Hand is made with Willie’s Honey Moonshine, distilled along the banks of the Madison River in Ennis. We mix it with Domaine de Canton (a ginger liqueur), lemon, and Laphroaig 10.
Mike: I sure like the sounds of the Ranch Hand–seems to fit.
Allie: The Hibiscus Bloom’s base is Whyte Lady Gin from the Montgomery Distillery in Missoula. We add Domaine de Canton, lime, and egg white. Garnished with Hibiscus, it’s frothy and rich.
Emily: I’ll take it! Cheers everyone!
whj (Aaron Kampfe): How do you deal with the emotions around real estate transactions?
Emily: In so many fields, it’s just business. Real estate is so personal because you’re often dealing with people’s legacies. It’s their family, it’s their history, and it’s often one of their biggest assets. When things get heated, we need to stay level-headed and factual but at the same time support our clients emotionally.
Joy: I think this is a great question. I find that the best realtors are very skilled at what I call client management. This is a people business. We must be curious and open to learn about our clients, the realtors on the other side, and the sellers or buyers opposite us in a transaction. The more we seek to understand their motivations, goals, communication styles, and triggers, the more we can help manage the transaction in a way that builds trust and confidence.
Tallie: Any kind of real estate transaction will be emotionally driven. In Big Sky, most buyers are looking for something outside the home—skiing, fishing, views of the mountains, a quiet setting, access to Yellowstone…. this feeds something their soul longs for. Our team’s mission is to serve as a thermostat, not the thermometer. If we keep an even keel ourselves, then our clients can stay focused on the big picture.
Mike: For multi-generational ranchers who are looking to sell, there can be a sincere sense of loss. The land may have been in the family for several generations, going back to the grandparents or great-grandparents. Given the high price of land in western Montana, sellers will typically realize a handsome profit from the sale but can feel emotionally conflicted. Selling what is viewed as the family heritage is tough. The ranch has been passed to them, but they are struggling to make it, oftentimes due to factors outside of their control like input costs, inflation, taxes, etc…. They often feel despair and loss.
whj: Have you seen some kind of in-between solution so that rancher isn’t abandoning his heritage all together?
Mike: We support families who want to remain connected to agriculture post-sale. We help them explore their options and come up with creative solutions. One is for the family to stay on the place and continue to manage it for the new landowner. Or we help them to purchase an agricultural operation with lower input costs, a ranch or farm that can operate more efficiently with no debt and some cash for a cushion.
whj: What are you seeing in the Bozeman real estate market?
Joy: Bozeman has a larger breadth of home prices, and a wider variety of property options compared to Big Sky. Single-family homes continue to dominate the market with continued low inventory and a two- to three-month sell-through. The current median home price sits around $930k and homes are selling on average at 97% of the list price. That is still a healthy market with only condos seeing a slight decrease in prices. We currently have six months of inventory in the condo market just in Bozeman. The high interest rates and rising HOA fees are putting a damper on the condo climate. I expect we will see that shift in the near future.
whj: What is your role when addressing the economics of property acquisition?
Joy: We are both connectors and advisors. While not financial advisors, we are paid to advise our clients on property values, which may or may not include investment properties. I own several different types of investment properties and in certain areas I feel quite confident based on my own experience. But regardless, part of my job is to connect my clients to the experts and/or to teach them the things they need to study in order to make the best financial decisions with their real estate portfolios. When I buy properties out of state or even out of my area of expertise, I rely on a highly skilled and knowledgeable realtor in the area to advise me. I know the value they provide, and my clients expect the same value add of industry intelligence from me.
“The more we seek to understand our clients’ motivations, goals, communication styles, and triggers, the more we can help manage the transaction in a way that builds trust and confidence.”
–Joy Vance, The Agency
Tallie: Our role is to help our clients achieve their goals, period. Buyers would be wise to be realistic about short-term rental income. Acquiring a vacation home here is a lifestyle investment that may increase in value over time, but it won’t produce compelling cashflow. We advise all of our clients to comfortably pay their mortgage in full, if they have one. If their property manager sends them a check at the end of the year, then it’s icing on the cake!
Emily: Additionally, there is a risk of a slow rental season. When there is less snow in Big Sky there are fewer skiers and fewer renters.
Mike: Most of today‘s buyers looking for a ranch or recreation property don’t have a background in agriculture or knowledge of how these places operate financially. We do our best to help them understand the numbers so they have a realistic idea of what that land will produce. Even for the properties that are free of land debt, it’s break-even at best. For most, the operation will need to be subsidized, especially if significant infrastructure is planned or any major capital improvements are made.
Think of all the factors: input costs, the fluctuation of commodities prices, wages, maintenance of equipment, inflation, energy rates, management and consulting fees… Agriculture is hanging on by a thread right now. Like most of the Rocky Mountain region, ranch and recreation land in western Montana is a lifestyle investment.
whj: What are you seeing in the resort market in Big Sky?
Tallie: The infrastructure in Big Sky is developing rapidly. Ten years ago, there was barely a town center. Now it’s become more like a true town that both locals and visitors frequent. As basic as it may sound, having a large grocery store, hospital, movie theater, and a variety of restaurants still seems like a novelty to us locals. Thirty years ago, skiers would come with all their food packed in a cooler as there were few restaurants or places to buy groceries. In a way, thankfully, it is still like that but with more options.
Emily: Big Sky is a less developed market compared to some more established markets like Colorado and Utah. There still is buildable land and opportunities for new developments. From a competitive analysis point of view, the skiing is always the top draw. The new tram to the summit of Lone Peak really is the cherry on the top in terms of the ski experience. Nowhere else in the country has terrain and lift systems like Big Sky.
Mike: The Yellowstone Club in Big Sky has brought in players from the world economic stage. Montana has been put on the map and attracted the attention of international money. For some, they may initially come to the Yellowstone Club but start to look around and see alternatives. This trickles down to Bozeman, the Gallatin Valley, and surrounding, more rural, communities.
“In Big Sky, we have a clever word play with ‘altitude’ and ‘attitude.’ Acclimatize to the mountain town attitude, not just the altitude. Our small-town spirit is alive and well.”
–Tallie Lancey, Big Sky Sotheby’s International Realty
Emily: The Big Sky community has taken the lack of workforce housing seriously. You can’t operate a ski resort, or any business, without a staff. Restaurants, construction companies, shops, and service businesses need people to manage the operations. Driving an hour or more each way from the Gallatin Valley is taxing and most would rather live closer to work. While it’s not completely solved, the community has addressed this and will continue to have to address this.
Tallie: What I appreciate when you walk through Town Center or attend a Big Sky event is that it’s now a refreshing mix of locals, part-time residents, and visitors. This results in a more vibrant community.
Joy: The Big Sky market remains fairly unaffected by the rising interest rates and unpredictability with the current real estate environment. As an example, the private residences currently being built in the first phase of the One & Only have over 70% sell-through. These homes have a starting point of $8.5M. I recently closed on a home in Spanish Peaks Mountain Club that went for over $2,000 per square foot. While fewer people are buying, the prices are not softening. If anything, we are level setting with our sellers, helping them to understand that they should be patient in receiving an offer but that the value is still there.
Tallie: When looking to acquire real estate in Big Sky, I recommend working with an independent brokerage. Development properties in Big Sky are terrific and buyers should be represented by someone who solely has their client’s best interest at heart.
whj: What are you seeing in the ranch and recreation property market in Montana?
Mike: The number of listings in this sector is down since COVID. Across the state, we’re going through inventory fast. Since the COVID rush, we have seen a 50% reduction in rural land listings. This spring we saw a slight uptick in listing inventory, but the demand has remained relatively consistent.
Emily: Bozeman has been put on the map and it’s not going out of style anytime soon. The airport continues to add service and make our region of the state more and more connected to the rest of the country. This ease of accessibility makes owning real estate more attractive for every type of buyer, not just in Bozeman, but also in Big Sky and surrounding rural areas.
Mike: Conservation easements have become more and more common in the last 30 years. Most of our buyers have no intention of developing their lands for anything other than agriculture. As a brokerage, we support many land conservation groups, but locally the Gallatin Valley Land Trust and Montana Land Reliance are organizations we see most of our clients utilize.
whj: What advice do you have for newcomers to your respective communities?
Mike: Be warned that the winters are long and cold.
Tallie: There’s no Uber in Big Sky.
[everyone chuckles]
“For multi-generational ranchers who are looking to sell, there can be a sincere sense of loss. The land may have been in the family for several generations, going back to the grandparents or great-grandparents. We support families who want to remain connected to agriculture post-sale. We help them explore their options and come up with creative solutions.”
–Mike Swan, Swan Land Company
Emily: Childcare can sometimes be hard to arrange, but it also means kids are involved and included in everything, which naturally leads to more family time together.
Tallie: Finding service people to clean your house or shovel your snow can be difficult so it helps to be self-reliant!
Joy: We know you are not from here if you don’t wave on a dirt road. So wave to the passersby. It’s the kind and hospitable nature of our communities.
Mike: AAA doesn’t provide service to many of these rural locations if your vehicle breaks down.
Tallie: Or on the side of Lone Peak.
[everyone laughs]
Mike: Best to get to know your neighbors and establish good relations because we all rely on each other—that’s one of the things that makes this state so special.
Joy: Take care of the outdoors. The best part of Montana is the nature that surrounds us. Learn how to care for it. Respect it.
Emily: Often, we are the bridge between newcomers and the Big Sky community. We may be one of the few people a new property owner may know when they first arrive. We make introductions and help get them get involved… and it usually doesn’t take long before they recognize people on the street, in the lift line, or at community events.
Mike: You came here for a reason; don’t come and try to change it. Just enjoy it. Find out what the community can teach you, not the other way around. As time passes, you’ll have an opportunity to make a positive impact on the community but take your time finding the best way for you to fit in and contribute.
Joy: I am open to all who want to come and enjoy this beautiful place. I have an open mind to new ideas, different people, and different ways of thinking. What matters most to me is that you are kind and that you learn about the values and mindsets of the locals who have called Montana home. Montanans have incredible hospitality, and they love to showcase this state’s beauty. We just want others to care for it and all who inhabit the wild west as much as we do.
Mike: My advice to new ranch or farm owners is to get into the communities. Our small-town way of life is alive and well in Montana and it should be part of the reason you come here. The county 4-H fair is always where the ag community congregates. Buying a 4-H steer or lamb goes a long way in establishing your commitment to the community.
Tallie: In Big Sky, we have a clever word play with “altitude” and “attitude.” Acclimatize to the attitude, not just the altitude. Adjust your expectations to a slower pace of life, more authentic interactions with people, and everything being just simpler.
Mike: Another piece of advice is to take your time when you’re new. Sit back, take it all in, and ease your way into the community. Your role in your Montana community is different from your role in your New York or LA community. This environment is new for you, and it may take some time to figure it out.
whj: Pick one of your current listings and share what is special about it.
Tallie: We have a beautiful home that we think is among the nicest homes within a mile of Town Center. It’s not flashy or full of new age amenities; it’s secluded, nestled in the forest, yet a short walk to the bustling farmers markets.
Emily: It’s really classic Big Sky, charming but not trendy. It’s also well-built. The inspector reported that it is one of the best built homes that he’s inspected in a while.
Joy: This year I took on a new challenge and dove into large-scale new development. I currently represent HomeBase Partners and their current development in downtown Bozeman, the Henry. The Henry is a luxury 44-unit condo building located in the core of downtown at 315 North Tracy. These condos are perfect for those wanting to enjoy the liveliness of downtown with its breadth of restaurants, shopping, and breweries. Just two blocks north of historic Main Street, you can’t find a better location.
Mike: We are listing an 1,800-acre ranch near Norris, between Bozeman and Ennis. It’s a beautiful piece of property with expansive meadows, creeks, natural springs, and prime elk habitat. They converted an old historic barn into a one-of-kind wedding venue, just a spectacular location to get married.
whj: How do you and your brokerage give back to the community?
Mike: In small Montana communities, the local school is the center of civic life. There are no movie theaters, shopping malls, or performance venues in many of them. Most rural towns barely have a bar, let alone a restaurant. The football or basketball game on a Saturday night might be the only event in town. Giving back to the school with your time and financial resources goes a long way. I serve on our local school board in Manhattan (Montana) and see how impactful the school is on not just the kids, but also the entire community. We are also strong supporters of 4-H, FFA, the Gallatin Valley Land Trust, and Montana Land Reliance.
Emily: As closing gifts, we offered our clients an opportunity to pick where they wanted to make a charitable donation. We make the gift in their name. And then after we make the contribution, we make an introduction to the nonprofit with the expectation that the new property owner will continue giving to the nonprofit as they become more embedded in the community.
Tallie: Our team’s focus is not simply on sales. We are community cultivators. From our perspective, buying here is not just about the house. It’s not about the acreage. It’s not about the price per square foot or ski access or if there is a celebrity nearby. It’s about the kind of life you can experience living in a tiny town on the edge of wilderness. The clients who seek our representation value the chance to make a difference. To that end, we co-founded The Big Sky Real Estate Collective, which allows us to contribute a percentage of our compensation and encourages our clients to do the same.
“In so many fields, it’s just business. Real estate is so personal because you’re often dealing with people’s legacies. It’s their family, it’s their history, it’s their identity, and it’s often one of their biggest assets.”
–Emily Eckhoff, Big Sky Sotheby’s International Realty
Joy: I am really proud to say we recently partnered with Big Sky Bravery, an absolutely amazing organization that supports Active Duty Special Forces and their families. We were able to raise $62K for the organization through the kindness and humanity of our friends, family, and clients. It is important to me that what we put out in the universe we receive back, therefore I hope to give to others in need. I would want the same to be returned to me.
Mike: Our buyers are generally new to their communities, and we give them advice on how to ease their way into the community. Often it starts with small gestures. Stop by your neighbors with a plate of cookies or bottle of bourbon. Montanans are hardy, down-to-earth people and will embrace newcomers, but you have to start on their terms.
Emily: Often what people crave is a connection to community. In urban and suburban environments, you don’t always feel connected. What Montana offers, be it in Bozeman, Big Sky, or rural areas, is authentic connections with people. None of this requires money. Someone with a multi-million-dollar home will be riding the ski lift, attending the farmers market, or sitting in the stands at a ballgame or rodeo with people from every walk of life.
