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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, things won't ease up until interest rates begin to rise. According to the Federal Reserve that will not happen for the next 2 to 3 yrs. Why not stay where you are?
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.
I do not think ANY area recovered from 2008-9 when we got hit by a big recession. A lot of building just stopped with houses just sitting there, framed but not finished. What did keep going were the high end and custom homes as they could be sold at higher prices to those who still had money. Rapid City saw a big boom a few years ago due to the oil fields in North Dakota. Lots of people made lots of money but did not want to live up there so settled in Rapid City. When the boom busted even more people went looking for a place to live. Rapid City has a great shortage of homes for the number of people wanting to move here. ADD to it a lot of tech companies allowing a lot of employees to work remotely, many moved out of San Francisco and they too are moving into more rural areas. If you want to move here you should EITHER rent a place so you got a lot of time to look around OR buy the cheapest place you can and then look around. If you are going to wait for the "perfect home" you are going to have a long wait. If you want to buy land and build, watch out. A lot of land is on a slope and building on it is difficult and expensive. Check the CC&Rs and see if you can stick a mobile home on the lot as that is an easy way to buy land and at least get started. Other things to check, power to the property, septic and well regulations and livestock rules. Nothing like having a pig farm right next to you.
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, but I for see states that will become the crime ridden krapholes that LA and NY'ites left. I mean if they weren't happy where they lived, what makes you think they won't do the same thing to where they move?
My new boss just bought a 7 figure place in the Black Hills. It was ironic because she's from San Francisco and I was looking to go back home for a job (which fell through). At the end, we'd both looked at the same property.
As California continues to edge closer to socialism, there's going to be an ever increasing flow of cash away from the State here. People like me look to finally return home. People like her are looking for places to sell real estate assets here and move the money elsewhere. I'd expect there to be some inflation on the upper end of things. The average home price here is over $1M.
In her case, she's got 10 trailer parks that she's selling. To move that money without getting nailed on taxes, she has to invest that money into other real estate. A Biden Presidency is talking like that SS of tax code may be eliminated as well, so the smart ones are trying to get money moved now because it will be less mobile later...and you don't want that money stuck in California when you have a governor like we have.
Call it the money zombie apocalypse. California money has already saturated the west coast....now it's moving inland. This time around, again the Natives are in the Hills, and there's a whole bunch of new people pushing inland. We'll see how Sitting Bull fares this time around.
It's not the socialists that made the money. The socialists are overrunning the State and converting the net losers. California was a purple state for a long time. Both Reagan and Nixon hailed from California. California is, in my thought, the perfect place where God shows that even after giving a land with year-round temperate climate, gold and minerals in the hills, natural harbors, land that can grow any crop....we still can't survive without....something more.
At any rate, we have Hollywood in the south and up north there's 200 publicly traded companies within 50 miles of me and likely another few hundred "unicorns" valued at over $1B. After that you have the normal businesses that can do 9 figures easy in their respective industries. The weight of the government has always been able to be dealt with because everyone was making so much money....nobody really cared.
The money does trickle down. If Google, Apple, Microsoft, Amazon, Facebook, Lockheed etc. are snapping up the top talent in a region for megabucks, all the other companies are clashing for the next round of talent. It pushes prices up. When I was looking to move, I was looking at a 50% cut in pay. That's why recessions hit so hard here....if everyone can leverage on 6 figure incomes and there's limited housing....guess what happens to prices? When that work stops, those mortgages are crazy expensive. New modest townhomes are going up in my relatively modest part of town for $1.4M. That's two people making 6 figures to afford that. When one loses the job....they're in trouble fast....and while there's lots of big companies, realize they are not static. VC funded companies measure their future lives in months before they have to do something big to get more money unlocked. It can make a 30 year commitment daunting.
Lots of money here if you play the game right, but lots of people get crushed as well. Those people are deciding the government should just seize all the wealth and give them some. The smart money is selling and running away. So it's not the socialists with the money...you're actually getting the better people in the first wave. It's when things inevitably break that there will be a marked change in the quality of person coming out.
However, for a place like Rapid City....a Republican there is not the same as a California Republican. We've been living in a matrix. The idea of living free of government is going to be like speaking French to someone that doesn't understand. Hopefully you can get them to convert and assimilate. If you don't....well, just look at the west coast.
When you talk economy, if California was a sovereign nation, it would be the 5th largest in the world. San Francisco individually would be 19th in the world.
The folks leaving for other western areas is astounding. Folks from California buying houses sight unseen. They call a real estate agent, they send a check for the house without looking at in person. I think of areas like Jackson Wyoming, Bozeman Montana, Red Lodge Montana. Talking places that I want to retire to.
While the influx of money to the area is nice. Which I think the governor is looking at. The mentality that the people bring in, is not something I care for.
Artillery, your last two paragraphs make perfect sense.
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