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That drive (to shopping in Minot) is not getting shorter anytime soon. Real estate developers are finding loans and investments hard to come by from Wells Fargo, private equity firm Carlyle Group and other major American financial powerhouses for new department stores and other commercial property, as well as residential developments.
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Home Depot Inc plans to open a small satellite store this summer inside an old warehouse in Williston. The location, the company's first in the city, will employ about 25 workers and have only a fraction of the products offered in its big-box stores.
So far, Home Depot said it's holding off on a decision to build a new hardware store in the heart of the oil patch.
Too many local and state leaders spending too much time running their mouths about the "bust" that is likely never going to happen. It soured the lending market for commercial development and the banks can't reassess housing fast enough to keep up with valuations. By the time you close on a place the value may have increased 20%. I know my taxable valuation on my house went up 40% this year but I can't find a bank anywhere that would agree. The market is literally too hot for the banks to touch, they are all scared of the inevitable slowdown.
Hello all. I am from PA and a new nurse. I would love to move to Williston because it seems fascinating to me and I'd love to watch the community transform and mature into its new role (I love studying human societies, development, architecture, politics, etc.), but the lack of housing really is keeping me where I am. Williston has some great potential if adequate housing and infrastructure is invested in. It's a shame to see these big players sit on the sidelines as there's at least a 30 years supply of oil by today's drilling standards. If the cost of housing was reasonable (under 1000 bucks a month for an 800 sq. ft. apt), I would be there yesterday.
Hello all. I am from PA and a new nurse. I would love to move to Williston because it seems fascinating to me and I'd love to watch the community transform and mature into its new role (I love studying human societies, development, architecture, politics, etc.), but the lack of housing really is keeping me where I am. Williston has some great potential if adequate housing and infrastructure is invested in. It's a shame to see these big players sit on the sidelines as there's at least a 30 years supply of oil by today's drilling standards. If the cost of housing was reasonable (under 1000 bucks a month for an 800 sq. ft. apt), I would be there yesterday.
Mercy provides some housing I believe. Don't know about Trinity, probably depends on your level of education and specialty.
Hello all. I am from PA and a new nurse. I would love to move to Williston because it seems fascinating to me and I'd love to watch the community transform and mature into its new role (I love studying human societies, development, architecture, politics, etc.), but the lack of housing really is keeping me where I am. Williston has some great potential if adequate housing and infrastructure is invested in. It's a shame to see these big players sit on the sidelines as there's at least a 30 years supply of oil by today's drilling standards. If the cost of housing was reasonable (under 1000 bucks a month for an 800 sq. ft. apt), I would be there yesterday.
Bet almost all of the oil patch hospitals would love to talk to you. Most probably have housing available or at a reduced rate.
Not just Williston's hospital, but places like Tioga, Watford City, Crosby, Dickinson, Kenmare, and maybe even Kenmare and Hettinger. All of them are seeing the impact of oil on their housing markets.
Watford City is in an even bigger growth mode than Williston (10x growth vs 5x growth), while Tioga and Crosby are mirroring Williston's growth but from a much smaller base.
Williston's Hospital has built its own apartment complex for new employees.
Mercy Medical Center has 50 out of 500 positions to fill at any given time, said Grimshaw, chief executive officer. When $5,000 sign-on bonuses offered to attract nursing recruits didn’t get enough takers, Grimshaw persuaded the parent company, Englewood, Colorado-based Catholic Health Initiatives, to build a $12 million, 68-unit apartment building near the hospital.
“We’re facing some of the greatest staffing challenges we’ve ever encountered,” Grimshaw said, sitting behind a desk piled with technical drawings and construction layouts. “This is a most unique situation really in America.”
Keep in mind too that land prices in around small towns in eastern North Dakota (nothing to do with oil) have gone from $1000 acre in the northern Red River Valley to $3000 an acre in the past 10 years. That shift in agricultural prices (in land and rent) isn't really that different from what has happened in the oil patch with housing. Few hear about it because it's only impacting farmers (especially young farmers that want to get a foothold in the business) and the retired set that have often retired to bigger towns in ND with huge rental checks where they have access to medical facilities (like Grand Forks, Fargo, and Bismarck). Retired farmers moving to those those cities with their tripled farm rental checks are a big reason housing is scarce in those cities, plus displaced people from Williston and Minot.
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