Highest Rents In The Country???
Did anyone see the MSN article quoting Williston, ND as having the highest rents in the country? Higher than New York or San Francisco. Williston is the fastest growing small town in America.
Quick, lets all go buy there! Let's look at rents over time and see how FAR they drop on the list.
I would have to agree with Moody's and say that the pricing is not sustainable. It's simply supply and demand...there is a lot of money there and very little in the way of housing. It'd be nice if you invested there 5-10 years ago and could cash out now, but I wouldn't want to jump in now!
ND is advertising they have 20,000 jobs available. Williston (population 28,000) has 3,000 jobs available. They have the lowest unemployment in the country. An article just came out written by Harold Hamm of Continental and states there is 50% more oil in ND than previously thought. They expect the increase to continue for 20-30 years. That's all I need.
"They expect the increase to continue for 20-30 years."
Trust me, that won't happen. Single industry phenomena alway = boom/busts.
There are substantive reasons why SF and Manhattan had/have/will continue to have very high rents, and it ain't solely based on short term restricted supplies.
What's that phrase...sucker born every minute? Don't be one of them ;)
You dont need 20-30 years in that town. 10 years you can make what other do in 30. That said slow and steady always wins the race. I have family member that owns oil rights there. You cannot inagine it inless you see it first hand. Its the hottest part in the nation right now and no other place is even a close second.
trick is getting out in time. Just ask all the condo flippers that invested in FL, Vegas, etc in the mid 2000's and got their *** handed to them. It's harder than most people think to "get out in time."
Personally I don't want to bother with that boom/bust risk factor when I can make so much $$$ appreciation in SF.
You seem to be sold on investing in your "backyard". There's a lot of opportunities out there that are not just in the Bay Area.
Anyone that doubts the opportunity in North Dakota should Google "Housing Shortage in Williston, ND" or "The Bakken" to learn more about what is happening there. If for nothing else, the opportunities that exist there. It's the fastest growing small town in America, with the lowest unemployment in America, not to mention a lot of other firsts. Don't rely on hear say. Investigate it. People like Warren Buffet aren't investing up there because it's short term.
What type of CAP rates are you seeing out there?
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