New oil in North Dakota
On Christmas Eve, my wife and I enjoyed a light dinner in a Minneapolis truck stop. I struck up a conversation with a trucker who was enjoying a nice meal and a book.
After a bit our conversation turned to the North Dakota oil boom and real estate. He was telling me that everything was selling or renting at a premium: gas, food, motels and apartments, to name a few.
Unless you have been living under a rock, you know that North Dakota sits on top of one of the largest oil reservoirs in the world. More oil in ND than all of the Middle East
This new found oil is creating jobs and wealth. The wealth is fueling the housing market. Where? Arizona real estate.
It’s not too surprising this is happening. North Dakotans have been moving to or spending the winters in Arizona for decades. This new found wealth is taking advantage of extreme market conditions. Real estate is depressed and money is flowing out of the ground.
It reminds me of an investment quote. Buy low sell high.
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