Posted on 09/29/2015 6:22:54 PM PDT by posterchild
Real estate developers were too late to the party in North Dakota.
Just a few years after fracking sparked a shale oil frenzy that lured thousands of unemployed workers to North Dakota in the hopes of landing high-paying jobs, plummeting oil prices have sapped some oomph from the boom.
As workers streamed into North Dakota, temporary camps popped up to meet the demand, and real estate developers followed suit with plans to create thousands of permanent apartments.
Related: The North Dakota Boom That’s Going Bust After Oil’s Plunge
But crude oil prices have fallen more than 50 percent in the past year. In response, the region’s drilling-rig count has fallen to a six-year low, Bloomberg reports. The average occupancy rate in the once booming municipality of Williston is now 65 percent. Even so, there are another 1,300 units in the pipeline for construction.
“We are overbuilt,” Williston County commissioners Dan Kalil told Bloomberg. “I am concerned about having hundreds of $200-a-month apartments in the future.”
(Excerpt) Read more at thefiscaltimes.com ...
Real estate opportunity for a future boom.
Gas. Match. Boom.
Refugees anyone?
$200-$300/ month apartments? WOW! How can a WASP become an illegal immigrant from North of the border? A school bus driving job is just the ticket to afford such rent. (As my house is sold out from under me in Calgary by the bank.) I do wish I had pursued training in bankruptcies; it is now a major field in Alberta.
Unfortunately for the West (Canada and US), the only ‘boom’ likely to come is an EMP courtesy of O’Venal’s Persian friends.
Yep - what goes boom usually goes bust - this was predictable as soon as gas prices dropped.
Easy, dye your hair black, get a good tan and practice saying, “Allahu akbar!”
Change your name to one that ends in "Z",declare that you've been subjected to homophobic threats by rednecks back home and *voila!*...Green Card...welfare benefits galore..the whole enchalada!
So whats new...I remember the Aladka pipeline and what happened then. In fact I typed every invoice for all the Caterpillar equipment for the pipeline. .and then worked in HR later...crazy times.
Si, Manuel! You mean like Carloz Ianz Smithz for a name?
My family was once transferred to Williston, ND, when the oil boom was happening there. This 7th generation Texan had a hard time adjusting to the long, extremely cold winters.
However, the fine citizens there made up for the cold.
Just as an aside, this was the only place we have ever lived where the schools did not have a hot lunch program. Those kids walked home and back for lunch in temperatures as cold as -37 degrees—on the thermometer—not factoring in the wind chill.
It was a dry cold as the humidity was so low.
I loved living there—one of our children was born there.
We have very fond memories of our time in Williston.
Putin moving into Syria and the ME? Don’t count on that bust just yet.
Don’t tan but I burn, the blue eyes also give the lie and I would rather bite my tongue and eat it with relish than say ‘allahu akbar’. I guess I’m SOL. Oh well, saying ‘Eh?’ instead of ‘Huh?’ works better North of the border anyway!
The price of oil will bounce back. We’re past peak oil don’t you know.
Just a couple years ago there were a story about a guy who had converted a semi-trailer into a portable shower house and made a fortune at the beginning of the boom. People were hauling campers up there and selling or renting them at a premium. Boom/bust cycle.
Same story out in the Permian Basin... all the little NM and TX towns from Lovington down through Hobbs onto Monahans has RV parks on every available parcel...
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