OT: Due to Covid 19 people looking elsewhere to live?

[utep2step]

Anyone in contact with BozemanMiner? This place made national news as the new getaway for the rich. For you hair band head bangers (which I proudly include myself) Nikki Six now calls Wyoming home. I work in the El Paso real estate market and I don't have numbers but coming across (non military) folks moving to El Paso because a) it's safer than where they live and b) Covid 19 changed their industry so they can live anywhere they can afford and conduct work virtually.

El Paso is the not cheapest but in no way expensive. The median home price is floating from the mid 180's so this is pushing those that can not afford to rentals at a greater rate (multi family construction happening in central EP) and those that can are fueling a surge in sales (along with very low interest rates below three percent) and above list price sales (sellers market) is here.

Covid in El Paso is having heart breaking ramifications but on the same token the real estate economy is pumping strong; strange.

https://altnewscoin.com/markets/rich-buyers-seeking-open-spaces-fuel-a-housing-boom-in-u-s-west/

 

[axingfools1]

Anyone in contact with BozemanMiner? This place made national news as the new getaway for the rich. For you hair band head bangers (which I proudly include myself) Nikki Six now calls Wyoming home. I work in the El Paso real estate market and I don't have numbers but coming across (non military) folks moving to El Paso because a) it's safer than where they live and b) Covid 19 changed their industry so they can live anywhere they can afford and conduct work virtually.

El Paso is the not cheapest but in no way expensive. The median home price is floating from the mid 180's so this is pushing those that can not afford to rentals at a greater rate (multi family construction happening in central EP) and those that can are fueling a surge in sales (along with very low interest rates below three percent) and above list price sales (sellers market) is here.

Covid in El Paso is having heart breaking ramifications but on the same token the real estate economy is pumping strong; strange.

https://altnewscoin.com/markets/rich-buyers-seeking-open-spaces-fuel-a-housing-boom-in-u-s-west/

Also rates are low and just not as many homes for sale like usual. I've never really heard of people in EP trying to outbid each other for homes/properties. Its crazy. Great for sellers of nice homes though.

 

[TxRdKiller]

El Paso is the not cheapest but in no way expensive. The median home price is floating from the mid 180's so this is pushing those that can not afford to rentals at a greater rate (multi family construction happening in central EP) and those that can are fueling a surge in sales (along with very low interest rates below three percent) and above list price sales (sellers market) is here.

Covid in El Paso is having heart breaking ramifications but on the same token the real estate economy is pumping strong; strange.

https://altnewscoin.com/markets/rich-buyers-seeking-open-spaces-fuel-a-housing-boom-in-u-s-west/

Great for refi. Many will push their sale price way up and some will get it but others will end up sitting on their property because they over-priced. Those refinancing their existing loans are getting great rates.

 

[utep2step]

. I've never really heard of people in EP trying to outbid each other for homes/properties.

They are. Back in the summer there was a single family residential on the westside with five bids. I've been doing this for slightly over twenty years and I have never come across a home with five bids on it, not even the Kern Place boom fifteen or so years ago.

 

[utep2step]

Three to five percent above list is common in what I am seeing and that's where the market is at now locally. One investor is trying to flip a house above twenty five to thirty percent and he didn't do anything to the home!

 

[JCorona]

180k is high for El Paso.

 

[utep2step]

As per NBC News:

“PPP loans went to real estate agents in booming markets — $3.6 million to real estate entities in Beverly Hills, $4.3 million to entities in El Paso, Texas, and $14.9 million in 1,107 loans to real estate entities in Charlotte, North Carolina.”

Real estate agents got billions in Covid relief loans. Few repaid them.

As real estate sales — and commissions — rose during the pandemic, individual agents also got a helping hand from taxpayers.

www.nbcnews.com

 

[UTEPMiners8106]

As per NBC News:

“PPP loans went to real estate agents in booming markets — $3.6 million to real estate entities in Beverly Hills, $4.3 million to entities in El Paso, Texas, and $14.9 million in 1,107 loans to real estate entities in Charlotte, North Carolina.”

Real estate agents got billions in Covid relief loans. Few repaid them.

As real estate sales — and commissions — rose during the pandemic, individual agents also got a helping hand from taxpayers.

www.nbcnews.com

It’s seems like so many corporations and individuals scaled their way into PPP loans.

 

[FiliUTEP]

It’s seems like so many corporations and individuals scaled their way into PPP loaloybe

Us minerdigs should've applied for a PPP loan, put it under Ncaanowins name. We could've used that money to get players.

 

[axingfools1]

As per NBC News:

“PPP loans went to real estate agents in booming markets — $3.6 million to real estate entities in Beverly Hills, $4.3 million to entities in El Paso, Texas, and $14.9 million in 1,107 loans to real estate entities in Charlotte, North Carolina.”

Real estate agents got billions in Covid relief loans. Few repaid them.

As real estate sales — and commissions — rose during the pandemic, individual agents also got a helping hand from taxpayers.

www.nbcnews.com

Hopefully those people lose their license.

 

[denverutep]

Us minerdigs should've applied for a PPP loan, put it under Ncaanowins name. We could've used that money to get players.

You are a moron.

 

[FiliUTEP]

I'm thinking of going back to El Paso or San Antonio.

Arizona/PhX turning to the next California.

 

[utep2step]

I'm thinking of going back to El Paso or San Antonio.

Arizona/PhX turning to the next California.

I work in real estate and a client had some questions they wanted me to answer. In answering that question I came across one particular article about the Cali exodus to Arizona, Utah and Texas and this article stated that San Diegoans are preferring El Paso (and Bell County/Temple/Killeen area).

A friend has some investment property and went to the EP Central Appraisal District to fight it a few months ago. He asked the appraiser what is causing this? They stated one big reason is that Californians are moving to Texas and El Paso being one of the destinations because the home prices are very affordable (along with your other economic factors of production: Labor, materials, land, investment, Legal/Governmental blah..blah...blah). He was in an Egypt state of mind....Da Nile. He got into a shouting match with the staff.

One thing not mentioned much in the news for El Paso was Labor: There is not enough. The lumber supply came into balance but it doesn't do much good if you can't get enough bodies to build to meet time lines.

Facts are facts folks. Yes, there will some "cooling off" in El Paso but don't look for you values to go down if much at all, especially for some neighborhoods.