There does not appear to be an oversupply of properties on the market but new
construction is surging, indicating a stable market and good demand. Speculators
are taking advantage of an active market and anticipating continued demand into
the immediate future. Market activity appears to be steadily increasing.
Parcels have price differences due not only to the physical attributes of the land
but also the property's situation to a major tourist attraction or recreation area.
Approximately 60 to 70 percent of the Black Hills area is federally owned. The
remaining thirty percent is privately owne.
Land sales are being affected by competition from investors for expectation of
land appreciation and from homebuyers for amenitites the land will afford in
living enjoyment rather than an expectation of an income return from
production.
The neighborhood has surged in the construction of campgrounds built
exclusively for the two-week period during the Sturgis Motorcylce Rally. The
location of the property, however, tends to indicate more family or group
setting. Situation to prime hunting area also suggest cabin rentals as a
feasible use during fall & spring hunting seasons. |
