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What I've seen a lot is the "Californians" buying houses unseen so they can either flip them or rent them out. They get with a relator, buy with cash, hire a contractor to paint, update appliances and cleanup the yard, list for $40,000 more. Or, paint and cleanup the yard and rent it out via a property management company. Either way they likely never see the property, but still make their money. Why not...? It's the American way to make money when the opportunity is there. I'm guessing many of us would do the same thing if we had the money up front to do it. We may not like it in our back yard, but if living in Rapid City, why not do it in Sioux Falls, Casper, WY, Great Falls, MT, etc. You get your money, and the problems happens somewhere else.
Californians are fleeing as the state is too expensive. Affordable housing is nil and taxes are high. The sad part is the Californians who depart the state move to conservative states and then attempt to create the California they left. My sister, who lives in Arizona, has said Arizona has changed and not for the better as the Californians are changing Arizona.
I hope South Dakota is sheltered from the Californians leaving for greener pastures and don't ruin it.
BTW I really wanted to move to South Dakota, as my husband is a native, but due to my health issues we will probably move to an area where I have access to university level health care. I was diagnosed with a couple rare diseases and should stick to an area that offers access to specialists.
We may be visiting the hills this summer. I look forward to being with family and being in South Dakota.
I think any pretty place with mountains and/or lakes is going to be invaded by the super wealthy, whether they are from the West or East Coast. That's what they seem to be attracted to.
I think any pretty place with mountains and/or lakes is going to be invaded by the super wealthy, whether they are from the West or East Coast. That's what they seem to be attracted to.
It really depends. We do have all the different stereotypes out here, but realize there is nobody that embodies them all. There is no monolithic culture.
You will get some of the born and raised Californians that are running. If you look at home prices (outside of LA) in the early 80's, most of these towns were on par with even South Dakota in terms of cost. Materials + profit. California is big and her cities sprawled. So if you were born in California in say 1965, and I'm not saying there weren't lots of challenges, but you couldn't have won the birthplace lottery any better.
You attended the best schooling system in the world at the time. Your universities were plentiful and cheap, but there was no need to attend if you didn't want to. There were tons of great jobs as tech began her evolution. If you bought a home....any home...in the cities in the 70's, you are now a millionaire. Chances are, at some point in time, one of your neighbors had a stock tip from a company they were working at. (I dunno...some fruit company called Apple?) Life was good...for awhile...and there is a culture that grew out of it. There's more levels than people like to admit...and it's a bitter little pill to fall down a step or 20....but it happens...all the time.
But the schools declined, the universities filled with others that paid more, the price of everything skyrocketed...and maybe, just maybe, that person enjoyed spending above their means a bit...which we're still know for our conspicuous consumption.
The competition got stiffer too. I'm not a 1% in terms of intelligence, but I do ok. What happens when the two countries with over a billion people start sending their 1% to start learning...to help shape where things that we used to make get sourced to their countries for building. These are not idiots coming over. These are very well educated...and reverse cronyism is fair game. Google actually just implemented hiring blocks when a given department is not diverse enough ethnically....not because there's too many White people...
At any rate, for those guys...they're now outnumbered by a factor of 10 in their own homeland. It's hard to put on airs when the money is unstable or not coming in all the time. They begin to look elsewhere. They're not bad, but they're used to playing the game on easy without realizing it. If you ever want a sportscar without many miles, shop here in a recession.
The ones you want, but also have to be careful of, are the ones that, like many of us, came to California to make money. There's actually quite a libertarian streak on the Peninsula of Norcal. They're quiet. They can be demonized in general, but when laws start to get passed that go for the money, the money needs to get beyond their reach. It's not just Californian money either. California has long been a dumping ground for large money earned in areas that aren't safe in general for capital. There's a very rich Persian community in LA. The Chinese and Indians regularly vie for top neighborhoods with good schools here in the Bay. The kids are part of Plan B...nobody gets a safe pass in some countries...so you send the kid to college in the US, and then you prop them up with money....to get it out of that country. What soaks up lots of legitimate cash more than real estate....in all cash deals?
One colleague I worked with says her family has 19 homes in the area....all worth more than $1M and all bought new. Doesn't even rent them. When places like Oakland try to make that illegal, nearby money gets nervous and starts looking for exits.
So, I'd say try and avoid the washouts....the ones that couldn't make it. Sell stuff to the investors. (They still need pics and property maintenance right?)
However those wicked ones that move out that know stuff and are optimistic....try and settle them down to something tolerable, but try hard to listen to the ideas openly. Work with them. Jobs, good jobs, are no longer necessarily tied geographically to an area in many cases. (Which is why housing is so expensive here to begin with). If the School of Mines shifts some of its offerings slightly and still puts out quality students....why wouldn't Google or Facebook set up a little office in the area to take advantage of that talent?
At any rate, covid killed my shot at the Black Hills...at least for now. But I've put in a bid on an apartment complex East River. I saw it when I was a kid, but not recently. If I win, I'll fix up the place and make it nice because nobody needs another slumlord and I can afford to make some mistakes now. It's not going to make me big money, but it gives me a chance to re-acclimate and work with some local suppliers...and have something to talk about with other investors, some in the area hopefully.
We're all programmed a bit to have certain public appearances. That satisfied, the rest is an exercise in l R i E n A e D s. It's freedom that most are after. As regulated as we are, it's practically wild west in the mountains around here....except ours burn from time to time.
People in California can sell their house for $700,000 to a million and then buy a house twice the size at half the cost in the Black Hills. To them with all that cash, they can afford to bid more than the asking price. They buy and sometimes they only use the Black Hills house for a vacation home, most of the time it sits empty. With Covid there are a lot more people leaving California and they are flooding the nicer rural areas. Then you got the new B21 coming to the base here. They are building new hangers, new facilities for the personnel, pretty much everything except more base housing. So all those people are looking for places to live too. So no, we are not going to see a increase in available of homes nor a reduction in price. Even apartments are getting high in cost. If you plan on moving here you need to reduce your expectations on your home unless you have a ton of money.
I think any pretty place with mountains and/or lakes is going to be invaded by the super wealthy, whether they are from the West or East Coast. That's what they seem to be attracted to.
It seems that a lot of people are relocating to the black hills area, housing prices are pretty high and getting snapped up left and right. I’ve heard it’s also difficult to find any construction companies because they are overwhelmed as well. Do you foresee that things will ease up in the months ahead?
No. Seriously, expect it to get exponentially worse. I say this based on this information:
"California's Home Shortage is Making Everyone Else's Worse - Sightline Institute" California’s repeated failure to strike down local bans on close-in housing has an incalculable number of victims. But 13 million of them live in Oregon, Washington, and Idaho. Year after year, through booms and busts, California sends a one-way jet stream of people moving north to Cascadia. If comparable numbers of people were instead able […] https://www.sightline.org/2020/09/09/californias-housing-shortage-is-making-everyone-elses-worse/
"Is this one state to blame for soaring housing prices in Idaho and Utah?;"As home prices in the West, especially in Utah and Idaho, continue to soar — and as both states see in-migration adding to their population — eyes locally and nationwide are turning, perhaps resentfully, to what’s happening in a major state to the West: Californiahttps://www.deseret.com/utah/2022/1/...est-home-house
The Face Of Bozeman No longer a cow town, Bozeman -- in Big Sky Country, Montana -- has been nicknamed Boz Angeles because of an influx of Californians and celebrities https://www.nytimes.com/2006/05/21/magazine/the-face-of-bozeman.html
What’s bugging me this moment are that some homes are being bought by wealthy elite types, west coast, NY area and turning around to rent said homes. They are trying to make money on people moving out there as well as cash in on the future B 21 training coming to Ellsworth. Total dick move only hurting those who are trying to find affordable housing not to mention first time homebuyers who have lived out there their whole lives. They are loosing their chances from out of state idiots buying up everything and in cash. Another “Montana” event is unfolding here and it won’t be pretty.
You are right. It's happening in many other states, Montana included:
"Is this one state to blame for soaring housing prices in Idaho and Utah? As home prices in the West, especially in Utah and Idaho, continue to soar — and as both states see in-migration adding to their population — eyes locally and nationwide are turning, perhaps resentfully, to what’s happening in a major state to the West: California. https://www.deseret.com/utah/2022/1/...est-home-house
This problem is said to be likely to outlive any trends in the future housing market:
“The remote workers have left, but the housing havoc they created remains”
“Small and midsize rural communities had some of the biggest increases in home prices in the first two years of the pandemic, driven by out-of-town buyers.” by NBC News ““In 2018, 2019, you could be a working-class family and we still had housing options that were $300,000 to $400,000, which is manageable. But now we just don’t have options like that in our market anymore,” Myers said. “We definitely still need housing for housekeepers and restaurant workers and river guides, but for the most part, we have a lot of businesses that are starting to figure out housing for them. Our bigger issue is making sure that we have housing for teachers, nurses and firefighters and our essential workforce that we need to run the community.” ” https://www.nbcnews.com/politics/eco...ains-rcna68874
Last edited by Ann Hearst; 03-04-2023 at 12:02 PM..
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