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Hi guys. I have recently moved to Fargo. So far I love it esp since this winter was not bad. We are currently renting but now looking to buy. The market is very inflated right now as many many people are coming to town and buying homes.
The only good deals right now are along the red river in flood zones. We have never experienced a flood before and I know many people want to get out of their homes which equals values.
BUT since the diversion will eventually happen we may only need to sandbag for the next 10 years and then the land values will dramatically go up. Has anyone researched this further?
The only way we can get 2 acres of land on the river for $200K now. Any thoughts?
Similar homes on the shyanne river are going for double.
Should we just buy inland and wait till the diversion goes in then buy on the river?
There is absolutely no guarantee that the Diversion will go through.
Congress hasn't appropriated all the money needed.
The land acquisitions needed for the diversion will be tied up for years in the courts.
To me, buying Red River frontage now assuming that it will increase in value is far, far from a sure thing.
I would agree....coming from a weather-hydrology angle....buying land and hoping prices will increase is quite foollish at this point. There could be many many changes ahead and as previous poster said I wouldnt hold my breath that it will get built anytime in the next 20-30 years. Nothing wrong with buying some land, but there is a lot of risk involved.
I suggest the OP take a look at what happened to the homes and land of some of the folks in Pierre and Ft. Pierre, SD last year with the flooding. Sand bagging and building dikes is no guarantee the river won't reclaim home and land alike.
Given our economy if you are going to speculate with land as an investment don't gamble your house on it as well. You'd be better off purchasing productive farm land and getting returns every year than placing all one's eggs in a basket based on hopes of soaring land values via river diversion, IMO. YMMV
I suggest the OP take a look at what happened to the homes and land of some of the folks in Pierre and Ft. Pierre, SD last year with the flooding. Sand bagging and building dikes is no guarantee the river won't reclaim home and land alike.
Given our economy if you are going to speculate with land as an investment don't gamble your house on it as well. You'd be better off purchasing productive farm land and getting returns every year than placing all one's eggs in a basket based on hopes of soaring land values via river diversion, IMO. YMMV
Heck, look what happened to those mansions in Bismarck last year. No house is ever completely safe near a river. All it takes is saturated ground followed by a massive down pore to make your investment wash away.
I agree with the previous comments. River lots are a real concern. Water gets pushed higher in the river because water can't get to the low areas Fargo has built in. Don't forget about flood insurance. Many people in Minot dropped flood insurance and are now paying mortgages on homes that have to be rebuilt.
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