Bakken fueling real estate boom in Arizona.Tell me again the Bakken is inconsequential, which I heard over and over back in 2007, 2008, and 2009.
This is the USA Today link.
Flush with cash from an oil boom and plentiful jobs, North Dakotans are snapping up homes 1,500 miles away in balmy Arizona, where prices have plunged since the real estate bubble burst.
"It boils down to the weather and taking advantage of the market," says real estate agent Rocky Parra of HomeSmart Realty in Gilbert, Ariz., a Phoenix suburb.
He and wife Beverly, a native of Minot, N.D., have sold eight homes to North Dakotans in recent months. Parra is heading to North Dakota this month to meet with possible buyers.
"A lot of people have struck it rich," he says. "Oil companies are coming in and buying businesses and land. They're selling up there at the peak and buying down here at the bottom."
Can you imagine how robust the US economy would be if we had a) a pro-growth president; and, b) a non-activist EPA?
The oil boom in North Dakota is but one very small area in the entire United States. There is tight oil, tight gas reserves in a dozen other states, and then there is off-shore conventional reserves.
Too bad we don't have a "morning-in-America-Reaganesque" president. As big as the energy industry was in 2011, does anyone remember one positive statement made by the president regarding this industry? I don't.
But for NoDaks -- not only are some making a lot of money, but they are buying great property at severely depressed prices and best mortgage rates in history.
By the way, when you go to the link, read about Blaine Bjella -- he made his money not in royalties, or oil directly, but ... well, go to the link. Some of it was being in the right place at the right time, but most of it was due to hard work.
This article demonstrates that when the economy is doing well so does most segments of society. Pretty shrewd to sell their property for a premium and pick up a home in Arizona that has been devalued over 55% for 2.1 million cash. I wonder what they offered for their home with 6 acres near Williston?
ReplyDeleteThe rungs of the economic ladder are being challenged. Some who have spent a lot on higher education and have huge debts to pay off are not always at the top. Education is very important but only if it can be applied in the market place and the market place is very weak now.
It is very interesting; the land near Williston has become so valuable that in some cases real estate is being priced higher than mineral rights in the areas outside the core Bakken.
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