Isaac Toussie On Wyoming Realty
December 30th, 2009
Commercial realty in Wyoming has not suffered the same levels of decline on account of the recession, as the state was never known for being a hot spot of the industry. Thus it was somewhat immune, all things considered, to the turmoil experienced by places such as Florida and Nevada. Commercial real estate also tends to be a steadier business than the residential market in many respects anywhere, so there has not been the same degree of governmental assistance rendered as is the case with residential realty. Finally, the general equilibrium between supply and demand in Wyoming means that commercial real estate will probably see no dramatic movement in any indices for the foreseeable future.
Because it was never a hot real estate market, Wyoming’s commercial real estate has generally been fairly balanced between supply and demand. But Wyoming shopping centers are experiencing the same dearth of consumer confidence that’s afflicted malls all across the United States. Fortunately, even in this current economic downturn, most malls in Wyoming have been able to operate at a profit, even if not as highly as was once the case during more prosperous times – “flat is the new up,” as the new dictum goes. None of Wyoming’s shopping centers of any size and financial backing has had to declare bankruptcy yet, and though some may be applying for refinancing, there is no great fear of failure.
The cardinal rule of real estate is “location, location, location,” and it certainly holds true when examining focal points of economic activity. Thus it comes as no surprise that most real estate transactions occur within cities and their surrounding areas. In Wyoming, its handful of small cities are where most of the action is to be found, though in this current recessionary economy there has been hardly anything for realtors to do except refinance mortgages due to encouragingly low interest rates. Second homes also help sustain many realty offices otherwise bereft of business.
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