Dear Friends and Family,
This is an update we had never hoped to share, but we are closing up shop at Foothold. This has been a tremendously difficult decision for us to make, and we are grateful to each and every one of you that supported us along this endeavor. Three years ago, we set out on a bold path to bring well-built and affordable housing to Montana.
While the need for a better kind of housing has only grown, it is clear that we can no longer provide that product while operating as a profitable business. Continued high costs of construction led us to increase our prices earlier this year, which together with rising interest rates resulted in lost sales. This shockwave caused us to take stock of our business and carefully evaluate the prospects going forward. What we realized is that our model of fixed price, high-quality housing is not sustainable at our scale and within the current market conditions. While we are heartbroken for this journey to come to an end, we are proud of the work that we have completed. In two years, we built 18 houses, we employed and trained over 20 people, and we learned countless lessons along the way. We deeply appreciate the vendors, customers, partners, and communities that we work together with, . While we're not sure what is next for either of us, we've been challenged by, and proud of our work owning and operating Foothold for the last 3 years.
The landscape of housing in communities in Southwest Montana continues to be a wicked problem, and low cost accessory dwelling units and entry-level single family homes are still a sorely needed solution to stabilizing the continued growth and rising costs of home ownership in places like Bozeman, Butte, and Missoula.
We'll be letting the dust settle with limited communication for the next month, but welcome any continued conversation on how to stabilize our communities and ensure that good, quality housing is available at all levels of the market.
- Team Foothold