Quick observation from walking around downtown Billings:
Many owners here have held properties for decades with super-low basis. They’re still making OK money without dumping cash into big renos or chasing pre-lease deals that haven’t gained much traction yet.
In a tertiary market like ours, that stability makes sense—why rock a steady cash-flow boat? But it also keeps turnovers low and slows some evolution in our downtown.
I’m curious what typically tips the scales here to get owners investing big or selling at prices that let new buyers renovate aggressively?
Drop a comment if you’ve got thoughts.