? on home prices in black hills/RC area (Rapid City, Hot Springs: real estate, apartment)

[camping!]

First of all, let me say what a beautiful state you live in! From the prairies to the badlands to the Black Hills the scenery is outstanding. Plus, as a camper I was very impressed by how well kept your state parks are (most especially the bathrooms! Nebraskas bath/shower houses are stys)

Anyways, we have been going to the Black Hills for ten years now, and I have noticed that your real estate has been going through the roof. I was wondering if anyone can tell me just who are these people who are able to buy $400,000+ properties in Rapid City as well as in Custer? Are salaries commisserate with such property prices? If they are, I know where we are moving Or, are the Black Hills area going the way of Montana?

Thanks for any responses --- I've been dying to know just what is going on in my beloved Black Hills.

[DannyBanany]

They're Californians and Coloradoans that sell their 2 bedroom condos for $400,000 and then come out here to buy triple the amount of house for the same price.

[blackhillsdreams]

Danny is right, there aren't any salaries in the state that can justify a mortgage anywhere near that amount. This is the same reason that people in Montana absolutely despise outsiders (especially Californians). I lived in Montana for a short while and I learned one of the sayings was "Montana's biggest export is its children" because kids growing up there from an average family would never ever be able to afford a home there...

It is a sad reality of beautiful places like the hills. People with money go there to retire or have a get away from the big cities, but they bring with them little to nothing that adds to the local economy. Once the construction of their "McMansion" is complete, they pretty much lay low and impact the economy negatively because of the price they paid for their home...

Trust me, I've bumped into this when I lived in Montana and in my long efforts to move to the Black Hills many times.

it's not just the property pricing either, property taxes are VERY high as well for the most part. If somebody gave you one of those $400,000 houses for free, your taxes alone might be $6000 to $8000 per year if the value is set at that mark.

[Jammie]

HI Camping~what a complimentary post and we're glad you like it here.

Unfortunately, the salaries and some of the housing just isn't comparable at all. It's happened in several parts of the country and the Hills area is one of those places.

I agree with Danny and BH as to who the major buyers are. There's also a utube clip on the So. Dak. forum (can't find it right now), but it talks to the people who were here for the filming of National Treasure Part 2. They fell in love with the Hills and Nicholas Cage was commenting on how they've filmed all over the world and would say they definitely HAD to go back and visit Italy or France, etc. But went on to say that "But in South Dakota, we're looking for houses." Kevin Costner also fell in love with the Hills during the filming of Dances With Wolves. It probably doesn't account for the majority, but there are some pretty wealthy people who want summer homes up here. Ted Turner also comes to mind.

[blackhillsdreams]

yep, there's no place like the hills! The smell of the sweet grass, sage, and pines in the spring and summer air is like nothing else on earth. I was in Idaho in June, it had a strong smell, but it wasn't good. I was right near Yellowstone and even went there. it doesn't compare to the hills. Now then, just because lots of houses are $350,000 and up, there ARE some that are much more reasonable. Even those are hard to justify compared to wages, so save your pennies and invest wisely. Maybe you'll make it there someday. Me too!

Also, with the real estate collapse nationwide, it will eventually strangle off some of those big money house flippers that have been heading to the hills. I spoke with an agent at Black Hills Realty recently who'd been there for years. She said the last 6 months have been the slowest she's ever seen it and she picked up a job waiting tables to make ends meet. That should at least slow the rising prices if not drop them somewhat. Won't help the taxes though...

[Jammie]

Here's another thought~for the moment while housing is quite expensive~Rapid City has several apartment buildings that are very reasonable. I don't know if they show up on the Journal's online paper, but I browse through the regular paper on occasion and some are actually cheap. Of course, if someone wants an apartment that was built just recently or is "upper class", they wouldn't work well. But if you don't mind a nice, clean apartment built back in the 70s or 80s, they are out there.

[blackhillsdreams]

Jammie is correct, additionally, you can rent some houses for a good price as well. If you want a garage and other things you won't find in an apartment, you can rent houses for $750 and up in various areas and some are relatively new. it would be a good way to get started out there and then you can buy a house once you get established.

Where there is a will, there is a way. I'm still working on mine...

[camping!]

Thanks guys!

My dh and I first came to the Black Hills on our honeymoon back in '92.....I recall seeing prices for acreages in the $1-5000 range. Of course, back then we didn't have two dimes to rub together! We started going to Custer yearly since '98 and again, it seems that we consistently can afford the prices of 3-5 years ago -- just never the price of the moment Ah, if only we can figure out a way to make a living. We have been keeping an eye out on Monster for job openings, but it doesn't seem to be happening.

I cannot praise your park system enough, though! It really puts Nebraska and Iowas to shame. We stayed at Sylvan Lake campground and Stockade Lake North and we loved every minute of it. So beautiful, and so serene. I also like Custer a lot, but it seems to be getting 'frou-frouized' if you know what I mean Still, I would love to live there or in Rapid one day. Only we would like to be part of the workforce, retirement is just too far away

[blackhillsdreams]

Originally Posted by camping!

Thanks guys!

My dh and I first came to the Black Hills on our honeymoon back in '92.....I recall seeing prices for acreages in the $1-5000 range. Of course, back then we didn't have two dimes to rub together! We started going to Custer yearly since '98 and again, it seems that we consistently can afford the prices of 3-5 years ago -- just never the price of the moment Ah, if only we can figure out a way to make a living. We have been keeping an eye out on Monster for job openings, but it doesn't seem to be happening.

I cannot praise your park system enough, though! It really puts Nebraska and Iowas to shame. We stayed at Sylvan Lake campground and Stockade Lake North and we loved every minute of it. So beautiful, and so serene. I also like Custer a lot, but it seems to be getting 'frou-frouized' if you know what I mean Still, I would love to live there or in Rapid one day. Only we would like to be part of the workforce, retirement is just too far away

Custer is my favorite place too. That's the area I would like to live in as well. You could always look between Custer and Hot Springs, prices are less but so are opportunities for employment. I've been thinking of starting my own business in that area rather than having to find a job for someone else. I need to save enough to get by for a while first. We'll see.

Good luck!

[DannyBanany]

Originally Posted by camping!

I also like Custer a lot, but it seems to be getting 'frou-frouized' if you know what I mean

I have also heard that Hill City is becoming "the next Jackson Hole" but I don't really see it. Surem the town has grown a lot over the years and there are a lot of art galleries up there, but I know some pretty "trashy" people from up in that area.