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Real Estate Notes
Buy your own slice of the creative life on Yellowstone’s doorstep
By Ray Sikorski
Photo by Andrew Geiger
 Paradise Valley has been through a lot over the last few decades. In the 1970s, it became party central when scores of Hollywood types descended. Later, in the early 1990s, there was a resurgence of real-estate interest after the seminal fly-fishing film A River Runs Through It was filmed here. Still, there are deals to be had in this pristine valley, flanked by the Absaroka Mountains to the east and the Gallatin Range to the west.
Tracy Raich, a Bay Area transplant who, like Ron Gompertz, lives in a contemporary home in the valley, is the Collection Sotheby’s International Realty’s primary broker for Paradise Valley. Raich admits that many prices became overinflated during the wine-and-roses days of the early 2000s. Fortunately, time has brought some—if not all—of those values back down to earth.
“Anything with unique qualities—water, recreational property, beauty, views—is still selling at top dollar,” Raich says. “It’s the marginal properties that aren’t moving. If you’re willing to give up something for your dream ranch, you’ll get a good deal.” Otherwise, you can simply spend the cash to buy your dreams.
> Location
Paradise Valley follows the Yellowstone River for some 55 miles, from the north entrance of Yellowstone National Park to Livingston, Montana. The nearest airport is in Bozeman, 35 miles west of Livingston on U.S. Interstate 90.
> Properties
The most desirable land is on or has access to creeks and the Yellowstone River’s world-class fly-fishing. Off the river, lots get bigger, as there’s a quiet understanding among longtime ranch owners that subdividing your property into, say, five-acre lots is not kosher. With the exception of Gompertz’s Tower House and a few other unique homes, a rash of modern, ultraluxe variations on the log cabin dominate the existing housing options.
> Prices
In general, as you move up the valley closer to Gardiner and the north gate to Yellowstone National Park, the land grows more dramatic and pristine—and more expensive. A two-acre parcel of bare land on the Yellowstone River near Gardiner was recently priced at $650,000. A five-acre plot of undeveloped land closer to Livingston, with no access to a stream, creek, or the Yellowstone River, costs $120,000. With river access, the price zooms to $300,000. Elsewhere in the valley, a 5,000-square-foot home on 20 acres goes for around $2.2 million.
> Construction
Building a new home, including labor costs, runs about $175 per square foot for a two- to three-bedroom home. This can rise to $300 to $400 per square foot if you want extra interior details, like custom tile and woodwork or a steam shower
in every bathroom. Architects, builders, and local suppliers familiar with the area will most likely be based in the college town of Bozeman.
> Zoning
While Park County has no zoning restrictions for Paradise Valley, other than an ample river setback, some properties may have certain covenants and deed restrictions placed on them, mostly related to water and livestock issues. Also, some citizen-initiated zoning districts have been cropping up in the valley in an effort to prevent high-density housing. As with anywhere, check the zoning laws governing whatever property you’re considering.
> Utilities
Drinking water comes from private wells. Sewage is handled by septic tanks. All landowners become members of the Park Electric Cooperative, which provides electricity to the valley. For 20 acres with a 4,000-square-foot house plus a separate barn, taxes run between $3,000 and $4,000 per year. Expect homeowner’s insurance to cost about $2,000 a year for a 4,000-square-foot home.
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