Gillette Economy and Housing Prices
As you may well know, at this same time last year there were only about 70 to 100 homes up for sale on the Gillette Market. That was the trend for most of the summer months and into fall. Now we have around 400 homes on the market and it has been this way most of the summer. What is causing this? Some say it is all the new builders and new homes coming on the market. People are putting up their homes for sale because their new home is almost built. Also, there may be a lot of people that saw the high prices of homes last year and still think that they can get that level of inflation for theirs which has caused a flood of homes to come onto the market. Another reason is that there is always that crowd of people who are leaving town and moving away. Right now home prices and selection is actually at its most favorable point – in my opinion. We are seeing $10,000 to $20,000 price reductions. Sellers are now willing to pay closing costs too. And this is happening on median priced homes, not just the larger $350,000 to $500,000 homes. So if you want to buy a home in Gillette, now is the perfect timing. DON’T WAIT TOO LONG!!!! This won’t last. I think the window of opportunity to negotiate a good deal is only going to last a few more months at best. Maybe 4 to 6 months. With talks of another coal mine and all of the projecions of new business coming down the pipe, we are looking at around 400 jobs opening up in the very near future. Gillette will see another surge of people coming in looking for good paying jobs and for fair priced housing.
Please feel free to leave your comments or opinions. The Gillette Wyoming Blog is open to everyone in the public or media. Thanks for stopping by.
Mr. Blog
Tags: housing
I think are very wrong in your opinion. The market is going to be oversaturated very soon with too many lots. Also, now is NOT the time to get a good deal on a house. Give me a break if you think someone wants to pay $230,000 for a 2 bedroom, 1 bath home with an unfinished basement! This is bull****. If people can wait 6-12 months, that will be the time when so many homes are on the market that people will realize they can’t sell their 3 bedroom, 2 bath home for $300,000. Prices are overinflated and need more than your 4-5 months to go to a reasonable level. The problem right now in Gillette is not lack of housing, but lack of housing in a reasonable price range for what you are buying.
I agree with Planner. There are way too many overpriced houses and way too many high end ones when more affordable housing and rentals are what is really needed here. Plus, with the article in the paper about all the new building permits of even more houses yet to come on line, can we say “overbuilding?”.
Not to mention, all it takes is for the price of coal to soften, or more regulations slowing the methane development, and the market can take yet another downturn.
Hey.. Thanks for the feedback. That’s exactly what I was looking for is others opinions on the housing market and economy. Your guess could be just as good as mine. You just never know.
I would like to make another comment on the building permits. I personally know the City Planner who gives the news-paper their numbers and he uses tactics to inflate those numbers, or rather, portray them in a different light. If one were to go up to City Hall and ask to see their data, you would find that of the 600 or so “residential building permits” issued this year, over HALF of them have been for apartments! The City Building Department issues one permit per apartment in a building – not for the entire building itself. Yes, each apartment will be inspected and is considered a “dwelling unit,” but it is my personal opinion that “Gillette sets permitting record” is not a true statement when you consider that most of the “residential building permits” are being issues for 1 or 2 bedroom apartments.
I agree with some of the things that have been said on this topic about housing.
I find it interesting that not long ago there were complaints that the ONLY thing being built was single dwelling houses, and we needed more apartments built so we would have more affordable housing. Now we are getting more apartments built, and while the rent is high, rent is still cheaper than the mortgage payment on a 200K house. I guess you can’t win for losing. I disagree with NotANewcomer in that there are a lot of apartments being built right now. Yes, I agree with Planner, it is wrong for the City Bldg Dept to inflate the unit numbers by including each apartment unit. In reality the number of apartments being built is balancing out the number of single dwelling units that were built in the last two years and are continuing to be built.
I don’t think that housing is being overbuilt. There are still too many people living in travel trailers and in the motels. These people need housing regardless of where the population or the economy is, and whether we are in a boom or a bust cycle.
We all need to keep a wide view of where things were, where they are and where they will be. More than anything we need to remember the human factor here. It is tough for new people who are here and for people who genuinely want to move here and take advantage of the plentiful job opportunities we now have in Gillette. We need to be welcoming and accommodating with the hope when things do begin to “soften” they will want to stick around and fill the jobs that are sitting unfilled right now. This will make Gillette be a better town in the long run.
Hi to all, My name is Shannon and my husband and I and our 2 children are moving there to Gillette in feb.My husband works for a company that is coming there for 2 1/2 years. I don’t have all the info on the job yet but I know it is with one of the power plants there in Gillette. I have been searching for housing now for about a week online and I have to say I am shocked at the prices for places to rent. Now I am looking at motels with extended stays does anyone know of a good motel with indoor swimming pool that offers extended stay and affordable? my kids said if we had to stay in a motel then it needed to have a indoor pool for the winter ha ha!! Anyway is there going to be any new appartments that anyone knows of that will be ready by the spring, I think I can handle a motel till then but we would have to find a more spacious living arrangments soon. I am really looking forward to the move even though it is going to be hard to find housing, Wyoming is Beautiful and I am a photographer so that will work hand and hand wouldn’t you say, anyway I can’t wait for Feb. to get here so my kids can see a real snow, we live in Alabama and that is something they have not really seen in there life time just a flurry here and there, and not to mention the pictures I can take, I can finnally give my kids a break from the camera and start taking them of this beautiful state ( at least Wy want grip every time I say “come on lets take your picture” ha ha). Well thanks for listening and any advise or info would be great I know I will need it.
A lot of people stay at the Clarion or the Towers West for extended stays. These are 2 very nice motels. Enjoy your stay! Welcome to Gillette.
The real estate agents are working overtime to keep the artificial inflation steady.
Bottom line is that the average house is priced above what the average income can pay, the boom is leveling off and many housing units are near completion. Take all that combined with the national housing situation and it’s a time bomb and bunch of BS when people say otherwise.
I looked at a house in the summer of 2007. That house is still listed (still overpriced) and $65,000.00 cheaper. 80% of the homes I looked at in the summer are still for sale.
On average (compared to Casper and Billings MT) housing is about $100K overpriced.
Housing CAN NOT be valued more than what the jobs can pay for and be called a stable market. It’s a working town that real estate agents have over inflated and desensitized people to.
I posted this on another reply but I’d like to add that the lenders have also added fuel to the fire. Supplying easy credit and selling the loans.
It is good that things are finally correcting. Another good example of what happens when they real estate market out paces what jobs can pay:
http://money.aol.com/news/articles/_a/california-home-sales-drop-to-lowest/n20080214165009990020
http://www.msnbc.msn.com/id/23224905
My family and I, (two teenagers) will be moving to Gillette from Rapid City the end of May. We are also trying to find affordable housing. Can anyone recommend sites to check for rentals?
im a single person, student, im planning to move to gillette in april because of so many reasons, theres a lot of job there, but i dont know anything about the housing, can anyone help me about this stuff, if theres a websites of appartments or looring for roommates. i will apreciate the help. thanx
What can you tell me about the local city building department? Are permit numbers really inflated? And is rental spaces really this hard to find or is this all talk?
It is pretty hard to find a decent rental at times.. Most people that I have talked to who put up a home for rent get anywhere from 10 to 15 calls the first day the ad comes out in the paper. I don’t really know about the permit #’s though.. Maybe a little inflated but still a very busy dept.
Thanks for the info, blog owner. So are deposits/first/last etc., steeper due to the shortage of units as well? Are there areas outside of town, acreages a such?
Usually deposits are first and last mos. rent payment or equivalent to that. It might be possible to get something out of town. You just have to watch the News Record for that stuff. http://www.gillettenewsrecord.com
Call me if you need anything. I’m a Mortgage Loan officer at First Natl. Bank. 307-686-3379.
-Corey Bricker
Permit numbers were seemingly “inflated” before the City’s planning Department acknowledged that over half of their “residential building permits” issued were for 1 or 2 bedroom apartments.
Yes, building at both the City and County is very busy. There are many homes out there though, but you have to realize how high prices are around here.
I am on a local housing committee, and from what we have learned, builders are saying they cannot build market rate apartments for less than about $900/month for a 2 bedroom unless they are tax-credit projects.
However, I do think that more apartments are/will be coming online. And I know many people out looking who are finding something within a week to a month. While the price ranges are really not that good, it is getting easier to actually find a place to rent or buy.
Do most of the builders have ties to this area, or are the “big boys” moving in to reap big profits on a hot market and then on to the next one?
If you don’t mind the drive, check out Buffalo and Sheridan. With the real estate correction, your money buys you as much or more in those areas. Good retirement and recreational value as well as thriving job markets. Gillette does seem overly inflated still.
Isn’t the drive to Gillette from buffalo and sheridan prohibitive due to distance and weather?
If you were planning on driving it every day it would be. I sure would not want to do it, but I know there are people who do make that drive every day. The distance is approximately 72 miles between Gillette & Buffalo.