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Old 12-15-2020, 12:37 AM
 
35 posts, read 21,591 times
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With the recent tough news about Morgantown Mylan shutting down next year, just wondering how bad of a negative effect this will have on the real estate market here? With many people potentially losing jobs and moving out of the area, this cannot bode well for our housing market that has thankfully done well during the pandemic.
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Old 12-15-2020, 06:52 AM
 
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I was wondering the same thing. I’m looking to buy rental property, but now I might wait until the foreclosures start coming in or just look in Fairmont.
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Old 12-15-2020, 03:36 PM
 
Location: elkins wv
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I would think it would mostly affect the high end homes in Cheat Lake and around town. Most Mylan employees make at the least 70,000 a year. I have friends that work there and if they stay till July they get a great severance package and I think a years pay. I'm sure the city and state will see if they can keep them or bring in someone to replace them. Morgantown is one of only two areas in the state even doing well. The supposed factory coming with up to 1,000 workers and the Westridge development should help to keep the local economy healthy but much of it has been put on hold because of covid. It's hard to replace great paying jobs anywhere. My friends don't seem to concerned since they really have up to a year and a half to worry about bills . I know one of the 3 will move out of the area but the other two have long time ties to this area and wouldn't leave.
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Old 12-16-2020, 10:14 PM
 
75 posts, read 36,101 times
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Quote:
Originally Posted by D T WV MOUNTAINS View Post
I would think it would mostly affect the high end homes in Cheat Lake and around town. Most Mylan employees make at the least 70,000 a year. I have friends that work there and if they stay till July they get a great severance package and I think a years pay. I'm sure the city and state will see if they can keep them or bring in someone to replace them. Morgantown is one of only two areas in the state even doing well. The supposed factory coming with up to 1,000 workers and the Westridge development should help to keep the local economy healthy but much of it has been put on hold because of covid. It's hard to replace great paying jobs anywhere. My friends don't seem to concerned since they really have up to a year and a half to worry about bills . I know one of the 3 will move out of the area but the other two have long time ties to this area and wouldn't leave.
That area has been in healthy growth mode for some time now. Those jobs are excellent jobs, but the open borders mentality always makes industrial jobs vulnerable. The expert I read about expects that there will be downside for around 2 years then it will be business as usual. If it does result in some price drops in the Cheat Lake area though, this would be a great time to buy there since it seems that demand will always focus in that area for high end properties.
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Old 12-18-2020, 08:29 AM
 
68 posts, read 44,655 times
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Originally Posted by Diddlesquat View Post
That area has been in healthy growth mode for some time now. Those jobs are excellent jobs, but the open borders mentality always makes industrial jobs vulnerable. The expert I read about expects that there will be downside for around 2 years then it will be business as usual. If it does result in some price drops in the Cheat Lake area though, this would be a great time to buy there since it seems that demand will always focus in that area for high end properties.
I'm certainly not an expert, but I can do math.

The jobs being lost equate $75-90 million dollars a year in lost income. Additionally, hundreds of the jobs lost were ones that required only a high school education. There is nothing moving to WV or this area that is going to replace the jobs lost.
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Old 12-18-2020, 09:27 AM
 
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Originally Posted by Mountaineer1871 View Post
I'm certainly not an expert, but I can do math.

The jobs being lost equate $75-90 million dollars a year in lost income. Additionally, hundreds of the jobs lost were ones that required only a high school education. There is nothing moving to WV or this area that is going to replace the jobs lost.
Nothing likely to replace all of those particular jobs ... I would agree with that. The globalists preparing to take over administering the country will not be looking to improve the lot of the middle class. There probably won't be as many jobs requiring just a high school education coming, but for the area as a whole, after an adjustment period, growth in other areas will offset the economic losses. Most of the added jobs will be in high skilled fields. The jury is still out on the coal conversion jobs though. If they come about, they will definitely add lower skilled jobs to that area, but jobs paying $70,000 per year for semi skilled labor would be hard to come by, especially during the next 4 years.
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Old 12-21-2020, 09:07 AM
 
35 posts, read 43,774 times
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Originally Posted by Diddlesquat View Post
Nothing likely to replace all of those particular jobs ... I would agree with that. The globalists preparing to take over administering the country will not be looking to improve the lot of the middle class. There probably won't be as many jobs requiring just a high school education coming, but for the area as a whole, after an adjustment period, growth in other areas will offset the economic losses. Most of the added jobs will be in high skilled fields. The jury is still out on the coal conversion jobs though. If they come about, they will definitely add lower skilled jobs to that area, but jobs paying $70,000 per year for semi skilled labor would be hard to come by, especially during the next 4 years.
The loss of these jobs will easily be offset by the thousands upon thousands of jobs in the coal industry that the current administration brought back to our state. I don't see anything to worry about.
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Old 12-21-2020, 05:04 PM
 
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Originally Posted by Sharon Music View Post
The loss of these jobs will easily be offset by the thousands upon thousands of jobs in the coal industry that the current administration brought back to our state. I don't see anything to worry about.
What jobs did the administration bring back to the state? Also you mean to tell me that 1500 high paying (80k+) will be outweighed economically by a few hundred sub (70k) jobs? Get a grip. This loss will hit the region and will sting for some time but this region is growing outside of that and has a top notch university to lean on as well. I am worried about the outfall from this but I do not think it will be long lasting.
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Old 12-21-2020, 05:14 PM
 
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We are just thankful that the present administration stopped the blood letting of the previous administration with the coal jobs, so this will not be as bad as it could have been a few years ago.
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Old 12-21-2020, 08:09 PM
 
68 posts, read 44,655 times
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Originally Posted by Marc64 View Post
What jobs did the administration bring back to the state? Also you mean to tell me that 1500 high paying (80k+) will be outweighed economically by a few hundred sub (70k) jobs? Get a grip. This loss will hit the region and will sting for some time but this region is growing outside of that and has a top notch university to lean on as well. I am worried about the outfall from this but I do not think it will be long lasting.
The poster you quoted was being factitious.
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