In the real estate biz, that old mantra of "location, location, location" remains tried and true, going strong in determining price and scarcity. A recent study from two Northwestern University economists highlights this point. In it, the authors conclude that owners who sell their homes on their own, as opposed to employing the services of a real estate agent, come out ahead in the race for the best price. Where does location factor into the equation, you ask? The study focused on the Madison, Wisconsin area, which has a highly developed online service, FSBOMadison,com, that has emerged in the region as the place to go to buy and sell real estate. Therefore, the applicability of the findings elsewhere all depend on the existence of such an online presence in an area. For me, this was the most interesting implication from the study. Contrary to many futurist commentators out there, no matter how technically dependent our society becomes, it is still all very much contingent on where you live as to what your day-to-day life means, formed by you and the neighbors around you.
Developers eyeing target properties must also take into account the inherent local flavor of the surrounding area when making determinations as to where to invest and build. Missteps are around every rolling hill of developable regions. A perfect case of this was the recent story out of Pennsylvania, where State officials have formed the Wall Street consortium, a project conceived to entice financial outfits located in the epicenter of lower Manhattan to establish back-up facilities in the bucolic setting of northeast Pennsylvania. The draw is that the region is outside of the "blast zone" of potential attacks and natural disasters that could befall Wall Street. As part of this initiative, the Governor has announced plans to construct a $24 million fiber optic cable network that would connect Pennsylvania to the current home of the world's movers and shakers. Up until now, Wall Street's interest in their neighbors to the west has been lukewarm at best. Boosters hope that the installation of high-speed connectivity to the fast-paced world of financial markets will open up the floodgates. Most remain skeptical.
On another front, backers in Blackman, Tennessee, a burgeoning exurb about 35 miles southwest of Nashville, are hoping to win approvals for Bible Park USA, a theme park sprawling over 100 acres of Tennessee farmland. The $150 to $200 million project would divide its focus so that one half of the park would be devoted to Old Testament teachings, and the other half to the New Testament. An authentic Galilean village would be at the center of it all. Even though the local residents are firmly rooted in the Bible Belt, when religion and land use mix, these denizens have decided to turn their back on the Lord. Despite a campaign described as completely "above-board," the local residents have let the preservation of the character of the community reign supreme. Even the local Methodist pastor is against the project. "Would I rather look at the theme park or would I rather look at the farmland and the forest here? I would pick the latter." Although the developers continue to push on in their fight through the zoning process, it appears that the almighty force of localism may win this round.
No matter where you decide to settle down, the enormous influence of a location's character engulfs the people who take ownership in a particular place. Whether you're in Madison, Wisconsin, northeast Pennsylvania or central Tennessee, people who call these places home have their own conception of how their world ought to be ordered. But that's the beauty of the process that governs land use -- it is in the hands of those that truly care to make a difference, whether one considers their vision right or wrong. But whatever the value system, it is one that at times not even a higher power can influence.
Speaking of ranging locations, my lovely fiance and I will be getting married this Saturday in bucolic upstate New York. After that, we'll be off to Portugal and Madeira. What that means is I'll be taking a vacation from my musings, returning in two weeks with a new edition, and hopefully a story or two to tell.
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