NARREIA Discovers Modern-Day Boomtown for Real Estate Investment
The National Association of Residential Real Estate Investment Advisors (NARREIA) is helping real estate investors discover Ely, NV. Ely has become a modern-day boomtown where gold, coal, and oil are attracting thousands of new workers and driving up the demand for real estate.
(PRWEB) April 29, 2006 -- NARREIA has released new market research on Ely, Nevada, identifying it as a viable real estate market for investors. Reemergence of the gold and copper mining industry, along with a proposed $5 billion power plant and exploration of a new oil field (dubbed the “Noah Project”), are attracting thousands of new workers to Ely, which is located 4 hours north of Las Vegas. A severe housing shortage in Ely is creating prime market conditions for real estate investors.
“A few years ago this place was like a ghost town,” says Tara Klaas, a local real estate agent. “But that’s all changed now … we’re like the old boomtowns of the American Southwest, with people flocking here in droves because of all the new jobs. There simply aren’t enough affordable homes for people to buy or rent. I get several people a day asking me if a new place is available for them to stay in.”
Ely’s economic revival can be attributed to a series of significant events:
- August 2004: Quadra Mining Ltd., an international mining company, reopens a copper and gold mine just outside of Ely, creating about 350 new jobs.
- Fall 2004: Eden Energy acquires 211,000 acres near Ely to begin exploration and development of what several researchers believe is a giant oil field, which they’ve named the “Noah Project.” Exploration of the area will continue thru 2006.
- January 2006: Sierra Pacific Resources announces its plans to build a new coal-burning electrical plant 45 minutes to the north, with Ely being the closest town and primary location for the employees to live. The Ely Energy Center, which will cost $5 billion, would be the biggest energy project in Nevada since the construction of the Hoover Dam. The electrical plant now expects to employ up to 2000 construction workers during the building, and eventually there will be 300 permanent jobs added at the plant, many of them white-collar.
With the influx of new jobs and residents, Ely real estate is in high demand. The lack of rental housing has forced some new workers to stay in hotels until a rental becomes available. High demand and low supply have created an ideal situation for real estate investors to enter the market.
“For the real estate investors who knew about this early on, they were able to go into Ely and buy properties for under $20,000,” says Sean Brown, CEO and founder of NARREIA. “With some rehab work, these houses are now going for $40,000+ and easily renting within days for $700/mo. The return on investment is huge, especially if you do several of these deals together like several of our members have done.”
“We even had one of our investors up on his roof replacing shingles, and a local resident walked by asking if the house was available for rent. I’ve never heard of an investor renting his place out from his rooftop,” recalls Mr. Brown.
Ely is one of many markets throughout the country that NARREIA has identified for its real estate investment members. NARREIA focuses primarily on residential property, with over 50 real estate investment advisors reporting on local market conditions from across the U.S. More information on Ely and other real estate markets is freely available at www.NARREIA.com.
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