NEW YEAR NEW OPPORTUNITIES

Tim Ford – Real Estate Broker

Happy New Year! I hope that 2022 was a phenomenal year for you and that 2023 will bring wonderful experiences and great joy. As we reflect on the last 12 months’ accomplishments and look forward to the year ahead, it is a great time to consider what opportunities the future may bring.

As I write this, mortgage interest rates have increased from their record lows that had come to feel normal over the past few years. Although the increased rates are still historically low by some standards, they have affected both buyers’ ability to buy and, consequently, some sellers’ ability to sell. The Real Estate market is currently evolving. As it evolves, there could be many new opportunities.

The year 2023 may see a return of creative deal structuring and seller financing. When interest rates were low and money was easy to get, seller financing became very rare. That is starting to change, as we have already seen some sellers starting to advertise seller financing options and loan assumptions. This presents opportunities for both buyers and sellers. Both parties get the opportunity to negotiate the terms of the financing. Sellers get an opportunity to make some additional interest payments and may be able to utilize tax deferment, or take advantage of other tax opportunities. Buyers could get the opportunity to get into a property at a more favorable rate, or under terms more preferable than those they could realize with traditional financing.

For buyers, there are already a lot of opportunities that didn’t exist last year. Many buyers that either offered on or purchased real estate over the past 24 months had to plan on making up the difference if the property didn’t appraise for purchase price, or made offers that skipped inspections. For buyers that lament the loss of the low interest rates, it’s well worth exploring some of the creative opportunities to buy down interest rates. There are opportunities to temporarily or permanently buy down rates to help with monthly affordability. Sellers are becoming more willing to help pay for these rate buydowns, giving buyers a great opportunity to skip the bidding wars and still get an attractive rate.

More opportunities exist for those homeowners looking to upsize or downsize. Over the past few years, as new listings saw multiple offers and bidding wars were normal, homeowners who needed to sell another property in order to buy were often unable to compete with buyers who had cash in hand. As the average days on market inches up, more sellers may consider an offer that is contingent upon the sale of another property. Those looking to make a move across town can do so with the comfort of knowing that whatever happens to real estate pricing will most likely affect both properties in a similar fashion, so there’s no need to worry about whether prices will go up or down after they sell and buy.

As usual, I have included data for the number of homes sold in Bozeman during the first 11 months of 2022. In addition to the 657 homes sold during this time period, another 64 home sales are currently pending, or are under contract as of the date of this writing.

The included data reflects sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and Bozeman city limits. The data includes home sales reported through the local Big Sky Country MLS, and does not include private party sales, condominiums, or townhouses. H

When you first walk through Tanoshii’s doors on Main Street, you’re greeted by a comfortable ambiance and an intimate space decorated with eye-catching artwork. As the winter progresses, this izakayainspired, Montana comfort food spot is the place to visit to warm up during these snowy months. At Tanoshii, you can find dishes like ramen, noodle bowls, Japanese curry, a happy hour special of a hand roll and a beer, mochi donuts, and even a new take on chicken and waffles. With a menu that is always rotating, each visit will bring new flavors and combinations. Over a few bites at the restaurant’s bar, Tanoshii’s owner, Daniel

Wendell, sat down with me to share his vision and insight into the restaurant’s culinary creativity.

TAYLOR OWENS: How was Tanoshii conceptualized?

DANIEL WENDELL: The restaurant was actually dictated by the space. I had been looking at multiple spaces for some time. Numerous places either just didn’t seem right or didn’t feel right. When I walked in here, the long narrowness reminded me of when I used to live in the Bay Area and San Francisco and see little ramen places. So the kind of space dictated the idea. We do a lot of Japanese food and we had a lot of fun developing some things, especially working with allergens. We came up with a bunch of recipes based on Japanese food, but which use other ingredients to stay away from allergens. I purchased the existing business in November, 2019; then the pandemic hit, so we sat on it for 16 months. We had started, did all this stuff, and then had to shut it down because nobody really had any idea what was going to happen. It was kind of nice, because it gave us plenty of time to develop it. We used the pandemic to come up with and refine a lot of the recipes, and we did it as to-go’s and pickups. Then we opened in April, 2021.

TO: What would you like people to experience when they walk through the doors?

DW: The greatest asset we have here is our team. Austin, David and Sam are also managing partners. We decided to make them managing partners so that they have ownership over what they’re doing here. We just really pride ourselves on the people aspect, and the experience. We have tons of vegan food and it’s all gluten-free, and a lot of it is allergen-free.

TO: What do regulars keep coming back for?

DW: I think regulars now look at the specials. Obviously, ramen is the main thing. People think of us as a ramen restaurant, but we’re way more than a ramen restaurant. We fly in fish, and we want to be able to make sure that what we have is the freshest and best that we can bring in. We fly it all in from L.A. and through Japan. It’s always rotating.

TO: What’s your personal favorite menu item?

DW: You know, that is a very difficult question, so I’m going to pick one thing. I don’t think I’ve actually ever ordered it, but it’s my favorite menu item, only because it is so unique. It’s kind of a signature dish; it would be the chicken and waffles. That was a brainchild of all of us. We were making okonomiyaki cakes and they’re usually done in an egg pan. So, it’s like a pancake. We wondered one day, “Do you think we can make this in a waffle machine?” We threw it in a waffle maker and thought, “Oh my gosh, that came out crispier and better.” We always make karaage, which is a traditional type of Japanese fried chicken. Well, then we put the two together. We just came up with chicken and waffles that no one in the world has ever come up with, and it’s amazing.

TO: What would you say makes you unique in the Bozeman food scene?

DW: I don’t think anybody does food like we do, which is unique and doesn’t mean we’re better than somebody else. We’re just our own thing. The fact that we focus on seasonal, fresh, local, sustainable ingredients as much as possible. I mean, it’s cold here. We were growing all our own microgreens, especially herbs, and that stopped for a little this summer, but we’re starting it back up. They are actually grown at my other place, the Food Studio. We source as much local stuff as we can, and we really take pride in that. So we’re a locally-sourced, sustainable practice here, and I just think that’s super important, and really sets us aside. I think the experience is what’s most important to us. That means the quality of food, quality of service, and then, just the atmosphere. I think the atmosphere is a lot of fun.

TO: What do you personally enjoy about being part of the Bozeman community?

DW: I’ve been in Bozeman for 23 years now, and I’ve been a chef for way too long. I have run many restaurants, but I’ve never owned one, so it’s just being part of this community. I hear from people a lot that they like it because they can bring their kids here.

It’s not a kid’s place at all, but there is kids’ food here. So it adapts to both, you know, and I think it’s just a really neat spot to be able to fit almost any bill. Say you’re eating with a person who is vegan. Everybody can eat here. If you [go] into a restaurant and say, “Oh I don’t eat meat and I am a vegan,” they’ll give you a big hunk of cauliflower. They sear it in the pan, stick it out, and that’s your dinner, right? There are many things you can have here, and even if there is something that doesn’t necessarily fit into your diet, we’ll work through it and help you out in the kitchen. So I think that’s the other thing that makes us unique and different from anybody else. It doesn’t matter if you’re Whole 30, keto, or vegan, we have something for everybody here.

TO: Do you have anything coming up that you would like readers to know about?

DW: We’re constantly changing the menu. We’re trying to do a remodel in the spring and open up this space a little. Storage is very limited, so we’re trying to change that. During the summer, we do a lot of cold dishes and things like that. By this summer, we’re hoping to have this new room set up so we can do more fish and more sustainable stuff… kind of expand what we do as much as we can. Right now, the restaurant only seats 32 people. When we have the patio in the summer it seats 44, but that’s it. We are starting to take reservations for parties of six or more, which we have never done before. That starts this month. We’re doing our happy hours, where you get a hand roll and a beer. I mean, we just want to be a part of this community and stay in the community. We’re just hoping to be able to maintain the kind of drive we’ve had so far. I think we have a really good reputation. I think these guys have done a great job. I wrote all the recipes, designed everything. I did all the interior design. I did all the construction here. I was a general contractor while running other businesses. And so, a lot of my heart is here.

Coming up, we’re also going to have a Valentine’s dinner. We’ll have two different prix fixe menus along with a whole menu. So you can get five courses paired with wines, three courses paired with wines, or order a-la-carte. We’ll be taking reservations for that, too. T

Taylor Owens is a writer, editor, and videographer based in Bozeman. Taylor spends her days running in the sun, playing in the snow, or on the hunt for the best breakfast all across the West.

FOOD STYLE:

Locally-sourced, sustainable MT comfort food

DRINKS: beer, wine, saki, sak-tails

HOURS:

Tuesday - Saturday 4 PM - 10 PM

VIBE: Fun, relaxed atmosphere