PROVEN REALTY
Erik Peterson, Broker
North Dakota Broker License # 9328
Montana License #RRE-BRO-LIC-65900
Cami Hinz, VP of Operations
Sarah Gibson, Salesperson
April Szostak, Salesperson
Janessa Storlie, Salesperson
Shayla Brown, Salesperson
North Dakota Broker License # 9328
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News and Events
That You Don't Want To Miss!
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Proven Realty Is A Full-Service Real Estate Company With Boots On The Ground in North Dakota. We Are A Locally Owned And Managed
Company, And Are Committed To Providing You The Highest Level Of Customer Service.
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EXPERIENCE * SERVICE * RESULTS
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Erik C. Peterson, Broker MBA-Erik Peterson is the founder of Proven Realty and brings extensive experience to the market.
To date, Erik has negotiated on over $100 million worth of real estate in the Bakken. These various projects include industrial shops, retail, office, residential, mancamps, and development projects. He also has worked closely with planning & zoning departments, engineers, architects, contractors, and developers.
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EXPERIENCE * SERVICE * RESULTS
Thoughts From Our Broker/Owner: Erik Peterson
As the second quarter is coming to a close, it's hard to believe the volatility in the Bakken the last few months. It was a quarter we all would like to forget. The ND rig count went from above 50 to currently 10, frac crews dropped from 25 to 1 and we shed almost 10,000 oil field related jobs. These numbers are astonishing and caught most companies by surprise. Add in the first time oil prices traded in negative territory, and it is a correction our grandkids will be studying someday in their classes. We are resilient by nature though and the moves companies made to curb production has helped prop up oil prices. Recently we have been trading at about $40/barrel for WTI, levels even the most optimistic predictions didn't foresee until the end of 2020 at the earliest. Hopefully oil prices will stabilize and companies will hire back the valuable employees they furloughed or laid off during the downturn. The main life line which has kept the economy from going into recessionary levels is the largest government stimulus program in history. The government programs, including the PPP, have helped companies stay afloat by providing necessary funds to keep the doors open and rents paid. It will be interesting to see how the companies move forward once these funds are exhausted.
There has been some great economic news recently. The NASDAQ markets hit an all-time high and as states are opening back up, many companies have benefited from the pent up consumer demand. Additionally, many analysts have increased their price targets for oil as the economy has turned around. One of the biggest financial companies in the world, Bank of America increased their 2020 oil price forecast by over $7. Read more at the link below. Here are some of the important highlights.
Bank of America expects Brent Crude prices to average US$43.70 per barrel this year, up from its previous forecast of US$37 per barrel. Brent Crude is set to average US$50 and US$55 per barrel in 2021 and 2022, respectively, according to the bank. The three key reasons for Bank of America’s more optimistic outlook on oil prices are the stronger-than-expected demand recovery, the solid OPEC+ pact, and the curtailments across the industry due to the low oil prices". This news is essential if the North Dakota economy is going to get back to pre-COVID levels.
How has the recent activity impacted the Bakken real estate markets?
As we discussed in our Spring Newsletter, there has been limited new construction over the last several years in the Bakken. It has been extremely difficult to find reliable builders and developers who can deliver quality homes and shops. Couple this with the fact banks had been tighter with loans as they were burned during the bust, and it made new construction severely challenging. During the last two months, the residential market has been surprisingly strong. The supply of houses has been shrinking weekly and we are currently sitting on less than 3 months of single family inventory. As the market has improved, inventory has dwindled, prices have gone up, and there have been many bidding wars. We see this trend continuing for the foreseeable future as there are more buyers than sellers, interest rates are at historic lows and the economy is dramatically improving.
So how has the commercial sector performed during the last quarter? During the last three months, the call volume for commercial properties has significantly slowed down. The recent volatility has caused commercial prices and lease duration to come down, properties have sat on the market longer and there have been less buyers competing for the same properties in the commercial sector. The good news is that we have had more calls during the last two weeks than we did the previous two months combined. Most companies have been looking to reduce their monthly lease expenses or downsize. We anticipate this game of "musical chairs" will continue throughout the summer until winter approaches and companies will be looking to lockup warehouses before winter hits.
In the last month, we have had over 250 new individuals sign up on our property search website. It is the most powerful property search tool in the Bakken and can be found
at:
www.ProvenRealtyNDSearch.com
. Please check it out to help in your next search. If you are a seller looking to capture the best price for your property, this database of active buyers is priceless.
If you are looking for expertise to help you navigate the volatile real estate markets, please let us use our knowledge and connections to assist you.
We at Proven Realty would be honored to connect with you to see how we can help with any of your real estate needs. We will use our vast experience and world-class service, to get you the results you deserve. If you are looking to sell your property, it'll be more important than ever to price it appropriately, have the highest quality marketing available and ensure it is exposed to everyone. Please visit our website to see how our marketing is delivering top results consistently for our clients.
www.ProvenRealtyND.com
.
Thank you,
Erik & The Proven Realty Team
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Cami Hinz,
VP of Operations
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April Szostak, Salesperson
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Sarah Gibson, Salesperson
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Janessa Storlie, Salesperson
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Shayla Brown, Salesperson
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"Leaders must exemplify integrity and earn the trust of their teams through their everyday actions. When you do this, you set high standards for everyone at your company. And when you do so with positive energy and enthusiasm for shared goals and purpose, you can deeply connect with your team and customers."
-Marillyn Hewson
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$190 oil sounds crazy. But JPMorgan thinks it's...
In a little-noticed report, JPMorgan Chase warned in early March that the oil market could be on the cusp of a "supercycle" that sends Brent crude skyrocketing as high as $190 a barrel in 2025.
Read more
www.cnn.com
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Another Major Bank Turns Bullish On Oil | OilPrice.com
Tsvetana Paraskova Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. Bank of America has increased its average WTI crude price forecast by $7.70, adding to a trend of...
Read more
oilprice.com
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Check out our new website featuring the Best Real Estate Search for Homes, Industrial Properties, Commercial Properties, Land, and Multi -Family Homes. Properties For Sale and/or Lease, you will find what you are looking for here. It is the only site you will ever need! It is easy-to-use and updated by the official Realtor®’s database every 15 minutes.
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*FEATURED INDUSTRIAL PROPERTY
2014 125th Ave NW Watford City, ND 58854
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- Two High Quality Shops
- 16 APPROVED 3 Bedroom and 3 Bath Mobile Homes
- Total Shop Square Feet: 19,160, Acreage: +/- 17 Acres
- APPROVED WORK FORCE HOUSING HOUSES 50+ People!
- Rural Water With Water Outbuilding
- Housing is Permanently Approved
- First Shop: +/-13,400 Sq Ft Shop
- 4 Offices & 5 Drive Through Bays + Separate Wash Bay
- Second Shop: 5,760 Sq Ft Shop-Mezzanine Storage
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*FEATURED RESIDENTIAL PROPERTY
6722 Fairview Dr. Williston, ND 58801
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- 6,011 SQ FT, 5 Bedroom / 6 Bathrooms
- 3,558 SQ FT Main Floor Living, 2,553 SQ FT Finished Basement.
- Top-End Large Appliances
- Master Suite, With 6 Head Rain Shower, Full Size Soaking Tub, and an Enormous Walk-In Closet
- Over-sized Kitchen & Great Room Stone, Floor to Ceiling Fireplace
- Downstairs= Separate Walk-Out Basement With Wet Bar, Pool Table and Walk-in Gun Room
- Two Basement Bedrooms, With Jack & Jill Connecting Bathroom
- Gun safe / storm shelter with 12" concrete walls
- High efficient furnace/ac/water softener system/ Dual hot water heaters with recirculating hot water lines throughout house for Instant hot water everywhere
- 3 Car Garage With Energy Efficient Doors. Additional Smaller Garage in Basement
- Large Professionally Landscaped Yard With Mature Trees, Island & Native Grasses
- Colossal Deck With Unobstructed Views of The Golf Course and One of the Best Views in Williston
- Stamped concrete driveway & front porch
- Inside/outside speakers throughout house
- Existing security system in place on all entrances & windows
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Bakken Communication Center
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Prime Office Space Available For Immediate Occupancy!
Call Today For A Tour! #701-369-3949
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WORK FORCE HOUSING
CALL 701-355-6465 TODAY
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We represent high quality properties for anyone looking to find the best place to lay their head at the most competitive price:
We work directly with owners and property managers to negotiate the best deal for you. Due to the fact we have multiple properties available, it’s our job to find you the property, which best fits your needs. Think of us as your personal housing concierge!
If you are a landlord or management company, we can help in your lease up as well. Give us a call, and see what we can do for you!
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