Wednesday, October 22, 2008

Economic boom?

Amongst all of the bad news in recent months economically, it appears that our neck of the woods may have just hit the property jackpot. We just found out that the Mormon Church is going to build one of their Temples about a mile or two from our home. I've done some research on the internet involving other towns where a Mormon temple was build. The average property value in the immediate surrounding area has risen at rates of 50-75% within a few years of the temple's completion. The dramatic increase has to do with the influx of Mormons who want to live near these temples In addition, the retail industry in those same areas have seen 25-50% growth of profits.

The temple won't be completed for at least four years, so we've got a while to wait. Thankfully, we're at least paying for our mortgage knowing that it'll be relatively valuable down the road.