Carroll County Experiencing Real Estate Impact of Shale Boom

By -
From NE Ohio Public Radio:

Nestled in eastern Ohio at the heart of Carroll County, Carrollton Village is the kind of place where families pass down large farms over generations, and city folk come to retire from the urban life. The real estate market here has been pretty slow since the recession started a few years ago. 
But ever since companies like Chesapeake and Rex Energy rolled their big rigs through town to drill for natural gas in the area, things have started to improve. 
Clark: “I would say probably the summer of 2011 when the drilling started and then the pipeliners came, and then the small businesses involved with the drilling.  That’s what really helped boost our market." 
JoAnn Clark has lived in the area most of her life and sold homes for Cutler Real Estate for the last ten years.  Clark says she’s seen a thirty percent increase in sales since May 2011.  Data from the area’s real estate listing service shows median home prices are up more than one hundred percent in Carroll County since April last year. 
But Clark says she’s noticed an even bigger increase in the rental market.  She gets ten calls a week from subcontractors in the oil and gas industry looking for a home to rent. 
Clark: “I see a lot of urgency.  A lot of these guys have been staying in hotels, and they think that’s going to be fine, and then they get real tired of that hotel life. And they’ll call and they’ll say, don’t you have a house to rent? We’ll rent it tomorrow.” 
Clark says the average three bedroom now rents for nearly double the rate of a year ago.  Carrolton’s rental activity has increased so much, the village council recently passed an ordinance requiring landlords to register tenants with the income tax administrator.  The mayor says that’s to ensure everyone pays their fair share for fire, emergency and other village services.

Read the rest of the article here.

Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

By -
Image
From Energy in Depth: There is something very strange going on along Carter Road, in Dimock, Pennsylvania, and I’m not speaking of natural gas, methane migration, contamination, litigation or even the extensive water testing there by the EPA and others.  No, I’m talking about a new “Watergate” conspiracy, complete with 18 minutes of missing tape (well, video, actually). It seems the ever-present Green Party member and  naturist   Vera Scroggins  (a/k/a  Vera Duerga ) has posted a video of Craig Sautner meeting with the EPA.  Mysteriously, the video is but 14 seconds in length, cutting off conversation in what is obviously mid-stream.  It raises a question Craig Sautner, like  Ronald Reagan in Kings Row , might have asked, “Where’s the rest of me?’  Carter Road, isn’t Kings Row, of course, (at least not until you arrive at  the mansion Scott Ely, one of the Dimock litigants, is building with his royalty money ), but there appears to be a whole lot of film editing going on there to fi
Read more

The Second Largest Oil and Gas Merger - Cabot and Cimarex

By -
Image
       Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money.      That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector.      The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest.       The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividend on closing the deal while offering a quarterly variable div
Read more

Is a Strong Oil Demand Expected This Year?

By -
Image
  According to the world's largest oil traders, global oil demand is set for a rebound. Between now and the end of 2022, global consumption is expected to increase by up to 8 million barrels each day. Vitol Group, the world's largest oil trader, supports this statement.  In an interview with Bloomberg, Vitol's chief executive Russell Hardy said, "We'll need all eight cylinders to get through 2022". This, of course, is due to the lower than average demand for oil at the moment. Reopening economies and Asian markets will create a strong demand rebound by the end of this year and in 2022.  Although the demand for jet fuel will slowly increase, it will still be below average at the end of the year. Nevertheless, a surge in petrochemicals will offset the expected delay in jet fuel demand. Last year, the oil surplus reached a record of 1 billion barrels. This excess is already more than halfway drained, and experts believe it will be depleted by the third quarter th
Read more