Minot North Dakota Real Estate and the Oil Boom

Hi, I am Bob Timm, Realtor with Oak Park Realty in Minot North Dakota.  Minot  ND Real Estate is in a very unique position at this time due to several factors. The largest of these factors is that early this year (2008) it was publicly announced/confirmed that North Dakota is sitting on an oil field the industry says may be the largest ever found!! They still have not even located the boundaries for it and it may in fact be larger then the entire State of North Dakota. Enough large oil companies have announced that they will be building centers here that even Halaberten will be opening services here for the oil giants.

Factor number two is no slouch on it's own either, The military has announced that it is adding another squadron of B52's to the Minot Air Force Base. Along with that announcement and the actual meat of it for the Real Estate industry is that 1,000 new troops will be sent to Minot North Dakota. Also add the knowledge that the Minot Air Force Base is in the seventh year of an eight year housing plan (building) yet they are so short of housing that several thousand troops are already living in and about Minot North Dakota.

Factor number three is not as large but still very important. Two of Minot's largest employers ( Ing Service Center and Choice Hotels Reservation Center) have announced plans to greatly increase their staffs in town.

Of course all this activity will spur even more Service, Retail, Financial, and Wholesale business in and around Minot North Dakota.

Our present population in Minot is a mere 35,000 and has been stalled there for years. However we are projected to double in the next 5 to 10 years. Already you will find "Now Hiring" signs in/at about every retailer in town. No one that wants to be employed has an legitimate excuse for not being employed in Minot!

North Dakota, especially Western North Dakota, has seen oil booms and busts before. The good/great news for us is that this oil is a mile or two in the ground. Because of the depth of these wells the oil folks are saying it will take ten years of building rigs just to get it out of the ground. Minot North Dakota is virtually guaranteed 10 years of prosperity just from the drilling alone!

Property is going fast! I am not exaggerating when I say (today) there are more Realtors in town then properties for sale! Want to rent a home in Minot? There isn't one, Brokerages are asking each other if they know of any rentals and nobody has any. Home prices have not yet been significantly affected yet but speculators are buying. Our office listed a home this morning in one of the lesser sought after neighborhoods and it sold with-in the hour! I purchased a home for rental income on the least attractive street (actually an in town highway) and it not only rented immediately (to two young oil field workers) but I received phone calls for a week after the ad quit running.

So why have I posted this blog entry? We need bodies in Minot North Dakota! If you are in an economically depressed area why not come to Minot and stake your claim to big earnings? We will even take a few Realtors who are having a tough time in their market (as long as you switch professions LOL). If you want to know more about the economic boom here, one guaranteed to last for at least two decades, feel free to call or email me.

Bob Timm, Oak Park Realty 1500 NW 4th Ave Minot ND 58703. Cell Phone 701-720-8513 email bobt@MinotHome.com website www.MinotHome.com

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: