BOZEMAN — Selling your home for less than market value doesn't sound good for most people, but one couple in Bozeman jumped at the idea.
“We’ve been asked a couple of times, 'Why are you losing money on this?' said Bob Wall. “I tell them, well—we’re not losing money.”
For 11 years, Montana State Senator JP Pomnichowski and her husband Bob Wall have owned a condo off West Olive Street.
“It was super important to us when we bought the condo to make it affordable housing, which we did while we owned it,” said JP.
Now that they’re selling it, they say it’s important to them to keep it affordable.
That’s why they decided to work with the HRDC and its land trust, which helps create and maintain affordable housing. Today, the land trust stewards more than sixty homes in Gallatin and Park Counties.
JP and Bob’s condo is one of the 3 newest homes available for purchase.
“We want to keep the cost within reach of a lot of people who live and work in this community who increasingly can’t,” said JP.
So, they set a sales price that is roughly 25% below market price on their condo to be folded into HRDC’s land trust. A deed restriction will ensure the home stays affordable for future buyers.
“We plan on selling it for $300,000 flat,” said JP.
She says they could’ve easily sold it for $425,000 to $550,000.
“We’re not making as much as we could have, but I think it’s more important to think about the community,” said Bob.
And they hope their decision inspires other people to do the same.
“There’s a lot of housing inventory that is coming online, but it’s going to be high priced, which doesn’t help,” said JP. “If we can inspire others to do what we’ve done, there is a great way to do it.”
For more information on the HRDC’s Land trust, visit https://www.swmthousingtrust.org
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