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Wyoming real estate

Despite National Cooldown, Wyoming Housing Market Still Pretty Hot

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By Ellen Fike, Cowboy State Daily

Even though the national housing market is cooling off, Wyoming’s market is still fairly hot, two realtors told Cowboy State Daily this week.

There also isn’t a slowdown in sight when it comes to home prices, which have been steadily appreciating for the last 18 months, Cheyenne realtor Dominic Valdez told Cowboy State Daily on Thursday.

“We’re in a little bit of a plateau right now, which is honestly good, because the pace we were going at this summer just was not sustainable,” Valdez said. “We have a lot of people moving to Wyoming, but the inventory is low.”

Supply chain issues and a lack of home builders are contributing to the inventory shortage, Valdez said, because houses are not being built at the same pace as normal.

Valdez said that he has seen an influx of both people moving to Wyoming and looking to buy houses, as well as first-time home buyers.

However, those looking for homes are eyeing the same houses as investors who are looking to flip houses or rent them out, he said.

The end result is since demand is high and supplies are low, prices have increased.

While there have been some price reductions recently in the housing market, realtor Adrianna True told Cowboy State Daily that the change was due largely to sellers pricing their homes higher than recommended, so now they are getting a little more realistic and reducing the sales price.

Houses in Laramie County are selling for an average of about $412,000, True said.

“We’re seeing a lot more people move to Laramie County and just a lot of growth in general,” she said. “I think prices will continue to increase, just not as quickly as they have over the last 18 months.”

Rising house prices is the reason for the cooldown in the housing market nationally, according to Business Insider.

The median price for an existing home jumped to $356,700 in August, a 14.9% increase from the same period last year and the 114th month in a row of year-over-year gains, the outlet reported.

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Cabin Or Mansion? Here Is What Kind Of House You Can Buy For $500K In Wyoming

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By Ellen Fike, Cowboy State Daily

Buying a house can be anxiety-inducing as thoughts turn to things like mortgages, escrow and other terms I do not understand because I’ve been a renter since moving out of my parents’ house.

But I do know that window shopping is fun. I also know that $500,000 is a lot of money. So I took those two tidbits and had more fun browsing Zillow, pretending be in a market for a house, than actually looking for somewhere to live.

So,here’s what $500,000 could buy you in six cities in Wyoming.


For exactly $500,000, this 2,600 square foot home could be yours!

This house was built in 2016, but the Zillow listing did note that everything had been updated, whatever that means. It has five bedrooms and three bathrooms, a brand new basement that features two of the five bedrooms and a family room that “can fit even the largest of families,” so you can invite the cast from “19 Kids and Counting” and not worry about having enough space!

It also has a brand new deck that goes along the entire back of the home, a walk-out basement with a covered patio, a “gorgeous” master bedroom and a tankless water heater, which sounds strange and confusing.

The estimated mortgage payments are $2,080 a month.


This (not quite finished) two-story home in Casper is priced at $487,900 and has just over 3,300 square feet. It is scheduled to be completed in January.

According to the listing, it has an open floorplan, vaulted ceilings and granite countertops, along with a covered porch and a master bedroom on the main floor. It has also been upgraded with a third-car garage, a fireplace with granite surrounding it, luxury vinyl tile flooring in the living room and bathrooms and enlarged and upgraded windows.

The estimated mortgage payment is $2,031 per month.

Rock Springs:

This brand new home can be yours for the low price of $445,000, so you’d have a little bit left over to spend on home furnishings!

According to the Zillow listing, what is pictured is a model home and can be customized, but it currently features three bedrooms and two bathrooms (the master bathroom has double sinks and a separate tub and shower!), wood floors, a large master bedroom and a “deep” three-car garage.

The estimated mortgage payment is about $1,800 per month. The house is about 3,500 square feet.


This Cody home, built in 1995, is estimated to cost $480,000.

According to the listing, it has five bedrooms and three bathrooms, with two attached garage spaces. The house has been well-maintained and has lake and mountain views and sits on 1 acre of land.

A shallow well is used for the yard, and there are corrals and fences for animals. The estimated mortgage payment would be around $2,000 per month.


This house, built in 1991, is estimated to cost just barely under $500,000, coming in at $498,000. It is just over 5,000 square feet.

This five-bedroom, three-bathroom ranch style home features a large living room with a high vaulted ceiling and a fireplace. It also boasts an eat-in kitchen, plus a large private dining room, if you’re one of those people who has friends and likes to entertain. (Who wants to do that? Get out of my large house!)

There is an extra large lower level family room, which is “great for entertaining with a walkout basement, wet bar and gas fireplace.” This area also has two offices and two large storage rooms.

It also comes with a maintenance-free deck (this sounds like something out of a science fiction story, maintenance free??) and a private fenced backyard. It also comes with a $7,000 carpet allowance, which I assume means the carpet is going to go on an amazing shopping trip once a year.


OK, yes, this house is significantly cheaper than the others featured in this list, but let’s be real: we all knew that there are virtually no homes for sale in Jackson under $1 million.

So think of this cabin as the best of both worlds: you get to live in Jackson AND you won’t have spent all of your $500,000, so you can live in the most expensive city in the state for a little while longer.

This 960 square foot A-frame cabin is estimated to cost $275,000 and is located in the Granite Creek Drainage area. However, the sale is only for improvements and permit only, no extra land is included in the purchase price. The listing states that the cabin was built in 1965.

According to the listing, it’s just downstream from the Granite Hot Springs and is a “great spot to get away and unplug.” It is one bedroom and one bathroom and there are no structures between the cabin and creek.

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Housing Market Remains Hot In The Big Horn Basin

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By Kevin Killough, Powell Tribune

Starting around the spring of 2020, the Big Horn Basin housing market began heating up. The sudden uptick in housing sales at a time COVID was creating a lot of economic uncertainty was a welcome sight. 

Flash forward to today and realtors report that, while sales are cooling ever-so-slightly, they remain busy. 

Travis Swenson, broker/owner of Metzler & Moore Realty, said it’s normal for the market to slow down this time of year. 

“My prediction is that this spring it will light back up like a wildfire again,” Swenson said. 

Swenson has nearly 20 years in the area’s real estate market, and said he’s never seen it like this. Typically, the Big Horn Basin has a very stable market because people who live here want to stay here. Things have changed in the past couple of years as a result of people moving to the area.  

“It’s not the frenzy it was like it was in the spring and before,” said Eric Paul, broker/owner of Heart Mountain Realty, “but there’s still a lot of people coming in.”

Besides the usual relocators from northern Colorado and California, Paul is seeing more interest from Washington and Oregon — even some from the eastern United States. 

Holly Griffin, broker/owner of The Real Estate Connection, is continuing to see buyers from outside Wyoming.

Griffin is seeing some difference from several months ago. Any house for sale $250,000 and under is gone in a flash, Griffin said, but buyers looking at houses $500,000 and up are seeing a bit more competition. Last year, the houses in that range would sell sight-unseen, but now buyers are giving the options some more scrutiny. Still, the properties are selling. 

“The market still keeps going. It’s not coming to a stand-still at all,” Griffin said. 

Swenson said he doesn’t see a lot of difference in sales along various price ranges. From $250,000 homes, which is pretty much the bottom of the market, up to $900,000, it all is selling pretty well.

Attractive area

Most of the people moving from other states are either retirees or people with families who have sold their first homes. Paul said it’s these second-tier buyers who have a lot of pent-up demand. 

“There’s just not much out there for them right now,” Paul said.

First-time home buyers are not finding much on the market, either. They might get prequalified for a $175,000 home, but there’s not much in that price range. In the first week of October, the cheapest home in Powell was a $130,000 two-story townhome. The cheapest single-family home was $189,000.

John Parsons, co-owner of 307 Real Estate, said the market has slowed “just a tick” but people from other states are still showing interest in living in Wyoming. 

307 Real Estate has offices in Buffalo, Sheridan, Cody, and Powell and “this whole corridor is extremely attractive to these out-of-town buyers,” Parsons said. “They’re looking for a quality of life.”

Cody Regional Health

Griffin said many of the out-of-state buyers are working remotely, so they have a lot of flexibility with where they live, as long as they have good internet. As such, the lack of inventory and high prices in Cody are pushing more interest into Powell; buyers who don’t find what they want here may look in Lovell and Greybull. 

 New building

New houses, unfortunately, are not helping to meet the demand. Griffin said almost all new construction is custom homes, with little spec housing being constructed. She said that’s partly due to the high cost of creating subdivisions, as well as material costs. It’s a hard time to keep costs down.

“Those homes are definitely needed, but I don’t know where they’d go,” Griffin said. 

Likewise, contractors are sometimes booked out for two years, leaving them little time to build on spec, even if they are so inclined. 

Parsons said there are a handful of spec houses being built, but they’re off the market before they’re finished. 

“If they [home builders] do start a spec home, by the time they get the foundation in the ground, it’s sold,” Parsons said. 

Griffin said residents who don’t plan to sell and move out of the area are stuck in the homes they’re living in, so many are hiring contractors for home improvement projects. 

Swenson said one thing that keeps the market rolling is that not everyone who moves to Wyoming stays in Wyoming. This opens up a few options here and there for buyers. 

“People love the glamor of summertime Wyoming, but they don’t like the nastiness of wintertime Wyoming. So we help them move in and then a couple years later, we help them move out,” Swenson said. 

Ultimately, the Big Horn Basin remains a sellers’ market, and realtors don’t see this ending any time soon. 

“Inventory grows and the demand wanes a little bit, but it’s still very much a sellers’ market,” Paul said. 

He added there’s about a month’s worth of inventory on the market, and it takes at least a few months’ worth to have a really stable market. 

All in all, Paul said the slight cooling of the market is a good outcome — if it’s the result of more buyers finding homes and leaving more inventory on the market. If demand is falling because of rising interest rates or other pressures on the market, then it’s a problem. 

“Less demand is never a good thing for the market,” Paul said. 

For the foreseeable future, things look good for the area’s housing market — at least if you’re selling. Swenson said he thinks it will remain fast and busy for some time to come. 

“All in all, I’m very optimistic about the real estate market,” he said. “I started when it was in a lull, so I know what it’s like when it’s slow. So, this is pretty nice.”

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Wyoming Real Estate Market Cooling Down Just a Bit; Homes in Mountainous Areas Still Hard To Find

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By Wendy Corr, Cowboy State Daily

The housing market has been on fire in Wyoming since the pandemic last year persuaded city-dwellers to look to this mostly rural state to escape the restrictions of urban life.

But if one takes a look at real estate listings right now, there is a much wider selection than there was at this time just a few months ago — depending on where you’re looking.

Lance Bower, a Cody real estate agent, said high-quality homes that are ready to move into are still difficult to find in towns that are close to picturesque, mountainous areas.

“Well maintained properties are challenging for buyers to find in these mountain corridor towns,” Bower notes. 

Bower’s observation holds true in Sheridan, where a search of home listings garners just one with a price between $200,000 and $500,000 — described as a “timeless home in a great location… settled on an 11,900 square foot lot with mature trees, alley access, a one car tuck-under garage.” Built in 1959, it lists for $349,900.

But in the other corners of the state, there area a few more options. 

A search revealed 13 single-family homes between $200,000 and $500,000 in Evanston, where the highest-dollar option is a “spacious 6 bed/3.5 bath home on a quiet cul-de-sac. The kitchen, living, and dining rooms boast extra tall vaulted ceilings…” for $495,000.

If you’re looking in a smaller town, your housing dollar goes a bit farther. 

In Buffalo, for example, there are 36 listings in the $200,000 – $500,000 price range. You can choose in town or in the country, on one acre or on 43; brand new or established. Take this house on a large lot, for just $250,000.

In a similarly-sized town, Douglas has 22 listings under $500,000 – including this five-bedroom, custom-built, 4,000-square-foot home on the banks of the North Platte River for $495,000.

Rock Springs is also wide open for the under-$500,000 housing market. There are 36 listings here, ranging from a beautiful 6-bedroom home with a 4-car garage for $465,000 to a brand-new, 5-bedroom, 2-bath home for $239,000.

Cheyenne has a wide range of housing available right now, as well – especially if your standards aren’t set too high or you’re looking for a fixer-upper. 

Take this 2-bedroom home with just over 1,000 square feet. The yard needs some work, but the property has potential – and it’s only $130,000.

But there are literally dozens of homes on Zillow for under $500,000 in the immediate Cheyenne area, including a seven-bedroom, two-bath home for $485,000… which indicates that the shortage of available homes for sale that has plagued the real estate industry since the pandemic began may be coming to a close — at least, in some parts of the state.

“It continues to be a seller’s market, you know, under $500,000,” Bower reports. “Well maintained property are challenging for buyers to find in these mountain corridor towns. So a lot of buyers, once they realize that they can’t find something in the mountain corridor towns, they’re having to pull back into other areas, which do provide a few more choices.”

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Now Californians Are Driving Up Home Prices Wherever They Move

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By Cole Lauterbach, The Center Square 

A popular gripe about Californians moving into nearby states is they bring their politics with them. The newest complaint could be they’re bringing high home prices as well.

Property data provider CoreLogic released its monthly Home Price Index on Tuesday, reflecting May values. It showed home prices in every state increased from average listing prices in May 2020. In states with a disproportionate number of relocated California residents, home prices increased well above the national average of 15.4%.

Of the 165,355 California taxpayers that left in the tax year 2019, 29,050 taxpayers and their dependents moved to Arizona. CoreLogic’s report showed Arizona’s home prices grew 23.4% from May 2019 to May 2020.

“Strong buyer demand coupled with scarce for-sale inventory have accelerated home-price gains, with the Phoenix metro especially hot,” CoreLogic Chief Economist Dr. Frank Nothaft said. “With mortgage rates continuing to hover near 3%, we expect home prices to continue a double-digit rise through the summer.”

Arizona’s increase was a greater increase than every state but Idaho. Residents there are dealing with a 30.3% home-price hike from the same period. Recent U.S. Census Bureau migration data showed Californians comprise the majority of newly branded Idaho residents. Utah, the CoreLogic report said, had a 20.4% year-over-year increase as “home buyers seek out more affordable locations with lower population density and attractive outdoor amenities.” Census numbers show Californians account for the lion’s share of their new residents as well.

The increased demand from well-heeled California ex-pats and others also is creating record home inventory shortages.

“Valley-wide, we normally have 20-25 thousand active homes on market,” said Jan Leighton, president of the Arizona Association of Realtors. “As of this morning, we have 5,799.”

Leighton said people used to sell their homes in five to seven years, but they seem to be moving more toward selling after seven to 10 years.

Arizona homeowners have been getting frequent calls for month from companies willing to offer cash for their properties, presuming they will continue only to increase in value.

The increased prices also could push first-time homebuyers back to the sidelines, meaning the demand would be prolonged.

“First-time buyers are hitting a wall in many places around the country as the pace of home price rises outpace the benefits of lower borrowing costs. Younger and first-time buyers, including younger millennials, are faced with the challenge of having sufficient savings for a down payment, closing costs and cash reserves,” said Frank Martell, president and CEO of CoreLogic.

“As we look to the balance of 2021, we expect price rises to continue which could very well push prospective buyers out of the market in many areas and slow home price growth over the next year.”

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Looking For A Home In Wyoming And Have $70 Million, There’s A House For You

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By Wendy Corr, Cowboy State Daily

To many people in the rest of the country, Wyoming is where cowboys still fight Indians, where we still use outhouses and electricity is a relatively new concept.

But Wyoming is more than just wide open spaces and a “down-home” attitude — there are homes here that have a “Wow” factor rivaling anything seen in Beverly Hills.

Pricepoint: $70 Million

Take this riverfront cottage, for example – for just under $70 million, you can have a rustic home in the woods north of Jackson. 

Amenities include striking views of the Grand Teton range, Snake River frontage, spring creeks, ponds, exquisite landscaping and “ultimate privacy.” 

The main house covers 7,984 square feet and includes a 540-bottle wine room. The property also includes 242 acres of pristine wildlife habitat, multiple guest houses and it comes fully furnished.

$17 Million Price Point

If $70 million is a little out of your price range, you could consider this lovely log cabin, also near Jackson — it’s just $17 million.

There’s a significant reduction in the square footage as well. This one encompasses just under 5,000 square feet, but it also fronts the Snake River, and includes a guest house on its 37-acre parcel.

$16 Million Price Point

Perhaps the above two homes are too small or ordinary for your tastes. Maybe you would find living in Teton County to be revolting.

Not to worry. You can build your own home and live 300 miles away from Jackson with this 1,400+ acre property near Newcastle, Wyoming.

Plus, you’ll save money. This property has a price tag of just $16 million. But there will be an extra cost for the home you build.

If so desired, you could put a used mobile home on it for $20,000. Or you could spend millions designing your own state-of-the-art home, pool, guest house, golf course, helipad, shooting range, etc.

Price Point $44 Million

Let’s revisit that high-dollar mark again. This incredible home, once again near Jackson (actually, it’s in Alpine), lists for a cool $44 million. 

It’s all worth it though because it has a private airstrip on the property and hangar for storing your planes. Think of all the money you’ll save by flying yourself instead of booking flights and flying commercial. Plus, there’s no commute time. Roll out of bed, stumble out the front door, and load yourself up into your plane. Within 2 minutes of waking up, you’ll be airborne.

Worried about power outages? Not anymore. This property has a solar-powered energy system plus its own sewer and water system. You’ll be fully operational while your neighbors are using their iPhone flashlight.

Pricepoint $1.5 Million

But if you’re on a budget, you might consider residing in another corner of the state. For example, this bargain (at only $1.5 million) fronts the Bear River near Evanston

Granted, this one may not look like much but you are really paying for the land and the water.

This 219 acre ranch has alfalfa, brome and timothy hay currently being produced along with plenty of grazing land for livestock.

There are also several ponds on the property registered with the State of Wyoming and can be stocked for fishing.

Plus, the water rights date back to 1895.

Pricepoint $1.4 Million

Or you might want an even more rural address – how about this lovely spot near Powell? It is listed for a mere $1.4 million, and is set up to accommodate a full farming/ranching operation, complete with warehouses, outbuildings and barns on 159 acres.

Don’t worry, that green, glowing outline in the above photo isn’t nuclear waste. It just outlines the property which is currently growing alfalfa, sanfoin/orchard grass, and sorghum.

Plus, there’s an updated farm house and large shop conveniently located in the center of the property with great Mountain views.

If you’ve got millions of dollars burning a hole in your pocket, don’t waste your fortune on pricey properties in New York or Los Angeles – you can find big-city price tags right here in the Cowboy State!

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Wyoming Real Estate: “Red-Hot Market” Due to Out-of-State Buyers

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By Wendy Corr, Cowboy State Daily

It’s a seller’s market.

That’s what Wyoming real estate agents are saying after an influx of out-of-state buyers has all but decimated the available properties in the last year. 

For example, in Cody, there are 193 active licensed realtors – but only 20 available residential properties in the city limits.

Jake Ivanoff, president of the Northwest Wyoming Board of Realtors, said rather than a buyer’s market, in which the supply is greater than the demand, it’s now a seller’s market.

“A year ago, up to even eight months ago, I was still hesitant to call it, you know, a seller’s market, but now it is 100% no question,” Ivanoff said. “It was probably like, November, that we started realizing, oh, man, we’re almost out of inventory.”

Ivanoff’s company, 307 Real Estate, has offices in Cody, Buffalo and Sheridan. He said the influx of buyers from other parts of the country means there are fewer properties available — especially in Park County.

“I think it’s mainly people trying to get out of the cities,” Ivanoff said. “And we’re seeing a lot of younger people moving to town here, because they’re working remote. We have couples from Florida we’re working with now, California, Minnesota — just really all over the board.”

The market isn’t quite as tight in the northeast part of the state. According to the Northeast Wyoming Board of Realtors, there are 230 active real estate agents, and 444 available properties (including those under contract). 

But Ivanoff pointed out that across the state, some areas are more popular than others for those looking to relocate.

“The Bighorn Basin, Park County, and the Sheridan-Buffalo area, those are really good markets right now,” he points out. “Lander’s always been good — and, you know, Jackson, of course, is its own world.” 

Ivanoff said now that so many properties have been snatched up, there’s been a shift in the market — which means that because their property is more sought-after, potential sellers can increase the prices on their homes. 

According to the state Department of Administration and Information’s fourth quarter 2020 economic summary, the price single-family home in Wyoming price increased 8.4% in the fourth quarter of 2020 from one year ago. 

Construction of new homes has increased as well. The economic report shows that single-family building permits issued for new privately-owned residential construction in the fourth quarter of 2020 increased by 21.5% over the previous year in Wyoming. 

But according to Ivanoff, building is more expensive than it used to be.

“Prices to build are just crazy right now,” he observed. “I know there’s at least one piece of land that’s for sale out on the Greybull highway area out there, and I know there’s some new developments coming up. But with interest rates and stuff it all still kind of makes sense.”

However, the state Department of Administration and Information predicted that the red hot housing market will slow down this year because of lower affordability and higher mortgage rates, which may contribute to a cool-down in housing demand. 

But for the 1,490 active real estate agents in the state of Wyoming, there’s still hope, Ivanoff said.

“I think we have five agents in Sheridan, and three in Buffalo,” he said, “and those guys are still finding stuff to sell. I think this is the first year we’re actually going to see a spring market.”

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Wyoming Real Estate Market On Fire; Coloradoans & Californians Moving In

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By Jimmy Orr, Cowboy State Daily

The heat wave that Wyoming experienced last weekend was one for the record books. But Wyoming’s real estate market is even hotter.

Not only were single-family home prices up 8.4% in 2020’s fourth quarter over the previous year but new construction prices are up a whopping 21.5% according to the Wyoming Economic Summary report.

The surge in pricing — and many local realtors are saying that 2021’s prices are even higher — is due to high demand and a lack of inventory. 

Dominic Valdez, a real estate agent in Cheyenne, told Cowboy State Daily that competition for homes in many parts of the state is “intense.”

He said as of Wednesday there are 66 homes for sale in Cheyenne. The average is usually between 400 and 500.

“It’s ridiculous and it’s not just Wyoming. It’s all across the country,” Valdez said.  “High demand and low inventory is really pushing prices up.”

Valdez said many of the new buyers are from outside of Wyoming, coming from areas including Colorado, California, and New York.

At many price points, he said, new construction is the route buyers are taking, but it can take 10 to 12 months to complete a home.

“The builders are going as fast and as hard as they can,” he said.  “But there is a shortage of skilled laborers — plumbers, electricians, roofers, framers, and sheet rockers.”

Valdez said the chief economist for the National Association of Realtors credits the economic downturn a decade ago for the lack of inventory.

“The recession put so many builders out of business and the builders that survived cut back on their production considerably,” Valdez said.

“The whole time we were trying to recover [from the recession], kids were graduating from college and entering the workforce. The buyers were still being produced but the inventory was not,” he said.

Valdez said prospective buyers should try to qualify for the highest price point they can, as prices won’t be going down.

“It’s still a good time to buy as interest rates are still historically low,” he said.  “It’s tough on buyers but if you can get it, the way we are appreciating, you will end up ahead of the game in two, three, five years down the road.”

Buyers should expect to get beat out on offers as the demand is high, but Valdez said not to get discouraged and “keep on trying.”

Max Minnick, president of Wyoming Realtors, told The Center Square that the real estate market is affecting all areas of Wyoming.

“We have a lot of people coming in from out of state right now, getting away from the bigger cities and into the Wyoming way of life,” Minnick said.

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