Is San Marco going to go up in flames? (economically speaking)

[thelakelander]

It will be interesting to see what replaces the Corner Brasserie.  Does anyone know when the streetscape project, on that section of San Marco Blvd, will start?

[thelakelander]

So are you predicting that no restaurants will open up at Kings Avenue Station due to poor economic conditions?

[thelakelander]

Yes.  That project should be complete at some point in 2009.

[RiversideGator]

We're all gonna die!!!   

Perhaps Nostradamus could also tell us the winner of the 2009 Super Bowl so we could make some well timed wagers.  We will sure need the money.   

[RiversideGator]

We will be lucky to keep 25 percent of our entertainment and lifestyle related businesses that are already existing. 

So, you are predicting that 75% of all such businesses will fail in the next year?

BTW, when was credit not a part of the economy?  The 1200s perhaps?

[JeffreyS]

I believe when the economy finally turns San Marco will recover faster than most areas. Now hopefully we are near the bottom.

[uptowngirl]

Well, the poor service, poor commodity, poor management places should fail. They will not have the "false economy" to support them any longer. If people do not have as much to spend they are not going to spend what they have on a crappy experience.

[Ocklawaha]

It will tell us one thing if it fails. All the clustering in heaven or hell isn't going to change Springfield, if San Marco can't make it spin. In which case we are in far deeper trouble then any of us suspects.

OCKLAWAHA

[thelakelander]

Businesses come and go.  San Marco isn't going anywhere.  While economic conditions may close certain places, it also creates new opportunities for others.

[uptowngirl]

Not so sure Ock. If you think about Historic Springfielders have much more disposable income. We tend to be above average age earners, who have not spent 400-500K on a little ranch house, and are younger, so do not have the extra expense of teenagers/college. We have other hurdles to get over in Springfield, such as native response to our area, but we actually have more disposable income then some of the other higher end neighborhoods....

[ChriswUfGator]

Not so sure Ock. If you think about Historic Springfielders have much more disposable income. We tend to be above average age earners, who have not spent 400-500K on a little ranch house, and are younger, so do not have the extra expense of teenagers/college. We have other hurdles to get over in Springfield, such as native response to our area, but we actually have more disposable income then some of the other higher end neighborhoods....

I guess next time I drive by Raymond Mason, Doriana Atkinson, or Wayne Weaver's house, I'll make sure to leave a note at their doors, saying "Move to Springfield, you need the money!". That is...assuming I get past the 12ft high iron gates. And maybe someone should pop in to John Peyton's place and let him know he must be strapped for disposable income, being that he lives in San Marco.

I mean, I'm not denying that it takes a nice chunk of disposable income to tackle a restoration on one of those Springfield termite-traps, but to say that Springfield residents' disposable cashflow exceeds that of a San Marco or Riverside or whatnot, based solely on the fact that they pay less in housing costs, is really kinda laughable.

You're only analyzing one half of the picture. Yes, housing costs less in Springfield, but the average gross income in S.M. and Riverside is undoubtedly higher, and this would offset the difference. If someone making $100k has $30k in annual housing payments, and someone else making $50k has $12k in annual housing payments, then the person with the $1k/mo mortgage certainly will have a better DTI ratio on paper, and may look better statistically, but guess what...the $100k guy still has more money, and more disposable income. You have to analyze the whole picture.

[uptowngirl]

Wow! I did not realize that Historic Springfielders only made 50K a year! Shoot I must be the Wayne Weaver of Springfield then!!!!

Where the heck have you been? I bet I could pick out three names here that are quite wealthy too, but those people you listed do not make up for the hundreds of small ranch houses that go for 400-500K (at least when i was looking three years ago). The people purchasing those homes are not "Wayne Weavers". It is like saying Alrington is full of rich people, by measuring only the people living on the riverfront LOL!  I am not slamming San Marco, I am just saying on the whole, we have people making the same amount of money with lower housing and other expenses (such as the younger age of residents here that would not have college tuition for kids). Why so hostile? termite traps? you seem to have some issues with Springfield LOL! You think termites are only in Springfiled, well do I have news for you!

[civil42806]

Wow! I did not realize that Historic Springfielders only made 50K a year! Shoot I must be the Wayne Weaver of Springfield then!!!!

Where the heck have you been? I bet I could pick out three names here that are quite wealthy too, but those people you listed do not make up for the hundreds of small ranch houses that go for 400-500K (at least when i was looking three years ago). The people purchasing those homes are not "Wayne Weavers". It is like saying Alrington is full of rich people, by measuring only the people living on the riverfront LOL!  I am not slamming San Marco, I am just saying on the whole, we have people making the same amount of money with lower housing and other expenses (such as the younger age of residents here that would not have college tuition for kids). Why so hostile? termite traps? you seem to have some issues with Springfield LOL! You think termites are only in Springfiled, well do I have news for you!

400k for a ranch home, where were you California?

[jtwestside]

Last 6 months sold. 400k-1Mil

San Marco:
Address                       Sub-Division                Bed Bath           Age App.        SqFt       Sale Price   
1478 Riverplace Blv #906 San Marco Place           3 F2                 1                 2,379     $500,000   
825 Waterman Rd S San Marco                          5 F3                58                 3,549     $515,000   
3870 San Jose Granada No No                           4 F2 H1             9                  3,216     $560,000   
2734 White Oak Ln River Oaks                           4 F3 H1            72                  2,774    $575,000   
4009 San Jose San Marco                                4 F3 H1              71                3,385     $740,000
4063 San Jose Bv Miramar Terrace                     3 F2 H2            20                 2,650     $460,000 89   
1208 Norwich Rd Ardsley                                 4 F3                 53                 2,924       $475,000 219   
1431 Riverplace Bl #2906 The Peninsula             2 F2                  0               1,649         $475,000 559

Sprinfield:
1420 Silver St Springfield                                 4 F3 H1              2                 2,546       $400,000 

[downtownparks]

I think the fact that the housing supply in SPR is cheaper has been conceded and established. I think Riverside beats Springfield based purely on # of people. Riverside/Avondale have thousands of more people. I do think UTGs point is still a good one. There are quite a few Springfielders now who make good money. The much maligned Ulrich report indicated that a couple of years ago, and there has been a continued influx of Lawyers, Nurses, and various other professionals.