Commercial Real Estate Growing in Black Hills Region

The Black Hills, South Dakota area may be known for its millions of acres of beautiful forest, premier vacation spots and great towns such as Hill City or Rapid City, but commercial real estate is making an emergence as well. A recent article from Mortgage News Daily shows that many of the Black Hills area towns are making a comeback in population while prices are still low.

Commercial real estate in South Dakota is among the best priced real estate in the country. It certainly has the land available to be developed into affordable housing developments, retail complexes and industrial spaces. While many young adults seem to be flocking to more metropolitan areas of the country, studies have shown that young South Dakotans are staying true to their roots; many obtaining a higher education and moving to local cities gaining in population such as Sioux Falls and the Black Hills region.

With tourism bringing in over $2 billion a year in our area, there is great potential in reviving the lodging, restaurants, and retail stores already standing in tourists cities such as Deadwood, Hill City, and Sioux Falls. While prices are still low, now is a great time for new business owners to buy-in before prices begin to rise significantly.

There are also great incentives, including tax policies, for opening a business in the Black Hills area:

• No personal income tax levied on your business or employees.
• For smaller business owners, South Dakota does not have a state levied property tax.
• There are plenty of vacant lots already zoned to be developed into commercial real estate at reasonable prices.
• The Black Hills Region is a rapidly growing area; there will be a need for more lodging, restaurants and stores as the population grows.

If you are interested in looking to purchase commercial real estate in the Black Hills area, I can help! If you are ready to purchase a home in the Custer Area, look at investment land in Hot Springs, or a vacation home in Hill City, I’d love to talk with you.  Our expertise in the Black Hills or Rapid City markets will ensure you a stress-free experience. Contact me, Jim Peterson, at (605) 574-4444 or email me to discuss how I can help you with all your real estate needs. My office is in the heart of Hill City and as a tourist spot, restrooms are hard to find – mine are always open for your convenience!

Buying a Black Hills Vacation Home

The Black Hills of South Dakota is a perfect place for a vacation home! However, buying a vacation home is a very different experience than buying a primary residence. If you are trying to decide if a vacation home is the right investment for you – or if you have already decided to begin looking, here are some guidelines:

Vacation Home Versus Investment
When determining the features you want or need in a second home, you must first determine if this will truly be a “home away from home” or if this going to mainly be used for investment purposes. Typically a buyer’s wish-list for many convenience items will differ depending on the answer.

To Rent or Not to Rent
There is no wrong answer here! Just be sure to research how the property’s use may affect your financing options and taxes. While renting out your vacation home can provide additional income, renting it for more than a few weeks a year may change the classification of your home as an investment property; making it ineligible for full mortgage interest tax deductions. However, there potential benefits for rented vacation homes including deductions for property management and rental expenses. This is where utilizing a Realtor® with expertise in vacation home and investment properties can be invaluable to help you determine the best option for you.

Vacation Home or Future Primary Residence
When looking at vacation properties, one aspect to focus on is quality-of- life amenities for your family. Often times, a vacation home can eventually turn into your primary residence in later years so be sure it has the amenities you are desiring or it has the capabilities for them to be added when  desired. Look at your current home and list those items that you use in your regular day-to-day life and add them to your vacation home wish-list!

Consider Realistic Expenses
Consider all the expenses involved in each potential vacation home. Expenses include things such as garbage collection, snow removal, outdoor maintenance and clean-up, and yearly home maintenance. Now is the time to realistically to put these in your budget as well as if you want a property management company to assist.

Rapid City, Hill City, Black Hills and surrounding areas … all great places for vacation homes no matter the season. If you are ready to buy a vacation or investment property; or just have questions on if it’s the right choice for you – I’d love to talk with you. Our expertise in the Black Hills or Rapid City markets will ensure you a stress-free experience. Contact me, Jim Peterson, at (605) 574-4444 or email me to discuss how I can help you with all your real estate needs. My office is in the heart of Hill City and as a tourist spot, restrooms are hard to find – mine are always open for your convenience!

Come for the Independence Day Fun, Stay for the Beauty

Whether you live here in the Black Hills area or just come for the summer fun, there’s no denying that this is a great season to be in South Dakota! Independence Day is just one of the great annual celebrations around the area. Once here, you will know why so many homeowners own vacation homes in the beautiful Black Hills and Rapid City areas. You may even want to look at a few vacation homes yourself while here!

Spearfish City Park
Ready for some good old-fashioned fun with the kids? Join Spearfish in their annual Ice Cream Social and Floating Parade for some cool fun! Bring an inner-tube to Spearfish City Park (no registration required) at 1pm for their annual Ice Cream Social followed with decorating your inner-tube, and yourself, to the theme of “125^th Birthday Style”. The free floating parade will start at 2:45pm – tubers will enter the creek at the location marked near the South Park shelter and will exit where marked at the creek bank, before the falls. Come early to get a good spot for you and the family and be ready to show off your tube creation! Admission: Free

Mount Rushmore
What better way to celebrate our country’s independence than at Mount Rushmore; one of our National treasures! It’s a 2-day celebration starting on July 3 with live music from local musicians and the Ellsworth Air Force Band as well as performances along the Avenue of the Flags, Military honors, a flag folding ceremony, Declaration of Independence reading and many other activities. The kids and plane enthusiasts alike with be thrilled to see a US Air Force flyover in the afternoon and evenings before the monument lighting!

The entire celebration is dedicated to honoring the veterans and active duty members of our military. At this time, the fireworks celebration is on hold due to the fragility of the forest lands. There are, however, surrounding Black Hills communities that can offer responsible firework displays and all celebrations have been coordinated with the area towns so you won’t miss anything! Admission: Parking Fee – $11

Crazy Horse Memorial
“Legends in Light” is an awesome multimedia laser-light show that is being presented nightly, at dark, now through Native Americans’ Day in October. The show turns the mountainside into giant 500-foot “screen” showing how the memorial will look once completed and shares the story of the heritage, culture and contributions made by Native Americans in our society.

Colorful animations, sound effects and laser beams choreographed to music will be sure to catch everyone’s attention. If you think you’ve seen Crazy Horse already, you must check out this ever-evolving memorial in a whole new light! Admission: Varies

Whether you are looking for a year-around home, land, investment or vacation home, our expertise in the Black Hills or Rapid City markets will ensure you a stress-free experience. Contact me, Jim Peterson, at (605) 574-4444 or email me to discuss how I can help you with all your real estate needs. My office is in the heart of Hill City and as a tourist spot, restrooms are hard to find – mine are always open for your convenience!