Midland Boom Lasting? (Lubbock, Abilene, Odessa: real estate, apartment, rent)

[usernameLOL]

I'd like to hear some predictions of the Midland oil boom and its likelihood to last this time, if any can speak on the subject. They are screaming for workers but I dont' want to move just to have the bust come and be out of work then.

Some of the real estate folks are saying this is easy a 20-year boom. And does anyone know if Midland/Permian Basin is doing anything to build on the boom for the time when its goes flat. Hard to find any info by reading the papers. Thank you.

[Cathy4017]

Originally Posted by usernameLOL

I'd like to hear some predictions of the Midland oil boom and its likelihood to last this time, if any can speak on the subject. They are screaming for workers but I dont' want to move just to have the bust come and be out of work then.

Some of the real estate folks are saying this is easy a 20-year boom. And does anyone know if Midland/Permian Basin is doing anything to build on the boom for the time when its goes flat. Hard to find any info by reading the papers. Thank you.

Having been through a number of Midland boom-busts (with a dad in the oil business since 1954, now retired) and having lived there myself for 30 years, we learned that what goes up must come down.

However, I don't think that this boom will end as hard or fast as the last one did (1985 or so), because many learned some really difficult lessons....and are not going as all-out with the spending/borrowing/building as they did in the last one. You had to be there to see the sheer excesses. It was just unbelievable. Money was spent as if there were no tomorrow.

Some are predicting that this boom will never end because of the increased worldwide demand for oil and gas, but I have a feeling (and that is just a feeling, nothing more) that prices will decrease, but won't come down as sharply as in the past.

The Midland housing market, as one agent told me the other day, has already leaned back to a buyer's market (looks like I sold just in time, LOL), but sellers have not reduced their prices accordingly...YET.

Midland is also attempting to diversify (economic incentives, et al) so that the economy is not quite as heavily dependent on the petroleum industry, but it will always be primarily an oil/gas center, at least for many years to come.

If you have an opportunity to make substantial money...and can rent an apartment, it is worth considering, IMHO.

Keep in mind that I am no expert...and people with years in the industry have tried to predict booms and busts for years, LOL!!

Midland-Odessa has had its shares for sure. I left there last August.

[usernameLOL]

Thank you, that is helpful information. Unfortunately I don't have a chance to make substantial money but any money at this point would be nice. It is hard to get a decent-paying job where I am unless you speak Spanish, the game kind of changed on me and I just can't get fluent in Spanish although I can speak a very ignorant-sounding Spanish and get by sometimes.

[Cathy4017]

Originally Posted by usernameLOL

Thank you, that is helpful information. Unfortunately I don't have a chance to make substantial money but any money at this point would be nice. It is hard to get a decent-paying job where I am unless you speak Spanish, the game kind of changed on me and I just can't get fluent in Spanish although I can speak a very ignorant-sounding Spanish and get by sometimes.

You're quite welcome.....good luck in whatever you decide to do. Where are you now?

[wade_word]

Can't Midland find something besides oil? Not that it will help in the long run, anyway, but that city and any other Texas city would have to find some other source of revenue and economy for the place in which they live. Look what's happened in other places. Boom and bust, boom and bust. They may boom now, but it will bust in five to ten years. Wait and see.

[JamesAbilene]

I am pretty old and have lived through lots of oil boom and bust cycles. The West Texas cities of Midland, Odessa, Abilene, Big Spring, Andrews, Pampa, Borger--and all of the small towns around them--have gone through those cycles several times in my life time. It seems that every time, experts say that this boom will not bust or that it is a long term boom. Every time it busts before it is expected to by the experts.

[usernameLOL]

JamesAbilene I think you are right, I called up the online paper from Midland today and they are sounding a "warning note" about the boom ALREADY slipping into a recession, guess the Players in this old world just were playing around again, also the "reduced" on so many of the housing ads tells me something is brewing well before it was expected. ANd many of the want-ads are going the bilingual route so a Midland move may not be a good idea for those who don't speak Spanish.

BTW Wade-Word, that area does try very hard to get more diversified, they have gotten several companies to come into their town with incentives, ditto for Odessa, but they went bust, also they tried hard for several specialty libraries and medical facilities and for a CO2 recovery plant but it went elsewhere. They are also trying for that El Camino del Pacifica route. A city can be forward-thinking all they want but be hindered by being in the middle of nowhere and having SW airlines cutting back hard on flights in and out.

Where they are missing the boat IMO is that they are not going for the retiree dollar. There is nothing in that area for retirees and it seems a shame to let Las Cruces, with worse weather in the summer by far, get the retirees while West Texas is much safer and cheaper BY FAR. Oh well.

[usernameLOL]

Nothing against Las Cruces, btw. Just don't understand why other sunshiny places don't try for the retirees.

BTW I found tons of information by reading the blogs associated with the newspapers, could be an idea for those researching on other places also. The archives of papers are harder to wade through but the blogs are easy. Seems mroe has gone on than was reported in teh actual papers.

[Cathy4017]

Originally Posted by usernameLOL

JamesAbilene I think you are right, I called up the online paper from Midland today and they are sounding a "warning note" about the boom ALREADY slipping into a recession, guess the Players in this old world just were playing around again, also the "reduced" on so many of the housing ads tells me something is brewing well before it was expected. ANd many of the want-ads are going the bilingual route so a Midland move may not be a good idea for those who don't speak Spanish.

Where they are missing the boat IMO is that they are not going for the retiree dollar. There is nothing in that area for retirees and it seems a shame to let Las Cruces, with worse weather in the summer by far, get the retirees while West Texas is much safer and cheaper BY FAR. Oh well.

Your statements in bold....neither one is entirely true, especially the first, IMHO. Midland is only about 30% Hispanic, and the majority of those speak English. Granted, there are illegal aliens and Mexican immigrants who have been there 10 or more years...and are too lazy to learn English.

As for the second:

Welcome to MOHRE.ORG

[usernameLOL]

Cathy I'm just basing it on the ads I have been reading in the paper there and in Odessa & talking with other dispatchers there, it is getting to be common to ask for bilingual or say "bilingual strongly preferred" in the ads. I am seeing this in Lubbock too, even for jobs you wouldn't think you needed it for. Also the Midland schools are changing to "dual" and that means...you need that bilingual endorsement as a teacher and need to speak it if you're going for teacher's aide/para-professional. Also I have it from the law enforcement there that 30% Spanish-speaking may be the official line but they see it as much more like 50/50 b/c they see the actual population which is not legally there and not being counted. I am just real leery of any place that is going that direction especially if the boom is ending too soon. This old horse can't learn a new language.