If you have decent credit, now is a great time to refinance. 30 year rates are at less than 5%, and you can even find a 15 year loan at less than 5% if you have a good loan officer watching for you.
Am sure this is not an option for everyone, but most financial planners will agree, getting that interest rate as low as possible and keeping the term as short as possible is one of the best things you can do for your long-term financial health. There are a number of easy mortgage calculators you can use to figure out just how much you can save and how long it will take you to "break even" on any closing costs, etc. you incur from a refi.
Anyway, enough amateur financial advice -- if you're interested in a refi, be sure to call up one of our great local banks and give them an opportunity to go to work for you.
Wednesday, January 14, 2009
Watkinsville Council and Other Updates
Good city council meeting tonight. We approved changes to our land use code that will allow recreational facilities -- everything from tennis courts to swim centers to climbing walls to places like Pump it Up -- in the Employment Center and Commercial Corridor areas. This will allow Zion Skate Park -- a privately run skateboarding and rollerblading facility -- to set up off of Morrison Street. Hopefully this will give kids and teens who want to skate a safe, supervised place to do so, and allow future recreational facilities in areas that have the infrastructure for traffic or the type of buildings that allow for indoor recreation.
We also approved several business licenses and discussed an updated solid waste ordinance for the city, which will likely be adopted next month once we work through some issues on concrete pads and screening for dumpsters at businesses (exciting, I know). Budget wise we are on track but next month we should know more based on Local Option Sales Tax Revenues. We are also going to check into voluntary recycling options for city residents as part of trash pick up (likely with a fee).
Also, if you catch a hard copy of the Oconee Enterprise this week, be sure to read the story on residential property values. It appears that the Tax Commissioner's office is beginning its annual "campaign to justify increasing property values" a few months early this year. I'm sorry, but the premise -- that if you hold on to your house long enough you can get a return -- doesn't hold water. There is a cost to holding onto your home, especially if you have to or need to move. Anyone with any sense in Oconee County knows that we are overbuilt, that the vast majority of property values are flat or down. So lets not hide from that fact. We've all benefited from pretty aggressive increases in property values over the past 5-10 years. See my previous rant on property assessments here.
It's a little bit far afield for me, but if you ever wonder what is wrong in Atlanta, here's an indicator from the AJC:
Back to the local scene, there is also a front page story in the OE about the demise of Creekside as well as significant coverage in the Athens Banner Herald earlier this week. Folks, whether you call it Green Hills or Creekside, the only question about this course is how in the world it made it so long. For most of its history, it was poorly maintained and has always been 15 minutes from civilization in any direction. There are too many quality and affordable golf options in this area for it to make it. Having financing with the now defunct The Community Bank out of Loganville did not help either. Moving ahead, Creekside would make a great passive recreation area if it could be picked up cheaply by Oconee -- install some horse, running, mountain bike trails that requires minimal maintenance but mostly let it return to the wild. There are beautiful woods and great terrain out there. There is also lot of history in that area that is disappearing (see item below) so it might be neat to preserve some space out there. And if you are looking for outstanding local public golf courses, start with newly renovated UGA and Lane Creek and the Georgia Club. There are many more.
Last thing -- two fascinating stories and photos in the Athens Banner-Herald's Oconee section today about Barnett Shoals Dam (wonder if Georgia Power is renewing its lease on the Dam next year?). This was a mile or two upstream from the old wire bridge (pictured) that connected Oconee and Oglethorpe Counties that is the namesake of Wire Bridge Road. Roy Ward -- his art and his knowledge -- is a gem in our community that should be recognized more often.
Photo credit: Vanishing Georgia, Georgia Division of Archives and History, Office of Secretary of State
We also approved several business licenses and discussed an updated solid waste ordinance for the city, which will likely be adopted next month once we work through some issues on concrete pads and screening for dumpsters at businesses (exciting, I know). Budget wise we are on track but next month we should know more based on Local Option Sales Tax Revenues. We are also going to check into voluntary recycling options for city residents as part of trash pick up (likely with a fee).
Also, if you catch a hard copy of the Oconee Enterprise this week, be sure to read the story on residential property values. It appears that the Tax Commissioner's office is beginning its annual "campaign to justify increasing property values" a few months early this year. I'm sorry, but the premise -- that if you hold on to your house long enough you can get a return -- doesn't hold water. There is a cost to holding onto your home, especially if you have to or need to move. Anyone with any sense in Oconee County knows that we are overbuilt, that the vast majority of property values are flat or down. So lets not hide from that fact. We've all benefited from pretty aggressive increases in property values over the past 5-10 years. See my previous rant on property assessments here.
It's a little bit far afield for me, but if you ever wonder what is wrong in Atlanta, here's an indicator from the AJC:
Franklin has estimated it would cost at least $20 million to hire, train and equip 200 officers. The police department currently has 1,633 sworn police officers and 79 recruits who are on track to becoming officers, said Sgt. Lisa Keyes, a police spokeswoman.What???? That is $100,000 per officer -- is that normal? Seems unbelievable. They should already be trained. And they can share vehicles. I still own a rental unit in Atlanta, and believe me, they need more police, but this explains why they have budget problems.
Back to the local scene, there is also a front page story in the OE about the demise of Creekside as well as significant coverage in the Athens Banner Herald earlier this week. Folks, whether you call it Green Hills or Creekside, the only question about this course is how in the world it made it so long. For most of its history, it was poorly maintained and has always been 15 minutes from civilization in any direction. There are too many quality and affordable golf options in this area for it to make it. Having financing with the now defunct The Community Bank out of Loganville did not help either. Moving ahead, Creekside would make a great passive recreation area if it could be picked up cheaply by Oconee -- install some horse, running, mountain bike trails that requires minimal maintenance but mostly let it return to the wild. There are beautiful woods and great terrain out there. There is also lot of history in that area that is disappearing (see item below) so it might be neat to preserve some space out there. And if you are looking for outstanding local public golf courses, start with newly renovated UGA and Lane Creek and the Georgia Club. There are many more.
Last thing -- two fascinating stories and photos in the Athens Banner-Herald's Oconee section today about Barnett Shoals Dam (wonder if Georgia Power is renewing its lease on the Dam next year?). This was a mile or two upstream from the old wire bridge (pictured) that connected Oconee and Oglethorpe Counties that is the namesake of Wire Bridge Road. Roy Ward -- his art and his knowledge -- is a gem in our community that should be recognized more often.
Photo credit: Vanishing Georgia, Georgia Division of Archives and History, Office of Secretary of State
Transportation Logjam Breaking Up?
I was able to attend yesterday's Eggs and Issues breakfast hosted by the Georgia Chamber of Commerce and came away as confused about Georgia's efforts to fix transportation as ever. A quick summary:
Governor Perdue, in his classic COO style: "I will support transportation improvements if and when we can find a plan and a way to fund it."
Lt. Governor Cagle, playing it safe: "I support regional choice in transportation."
Speaker Richardson: "I am leaving it to Vance Smith and company to come up with a plan, but I don't like the regional approach."
Now as a local official, I like the local approach. But I think one reason local officials like the T-SPLOST or more locally driven options is because there is a vacuum right now -- nothing is getting done or funded at the state level, and there is no "plan."
But what I am hearing today is exciting -- that Rep. Smith has put his proposal on the table, and it includes myriad road, transit, cargo, and rail projects that would be funded by a 10-year, one percent statewide sales tax. Folks, the early list includes things like the Brain Train, light rail to the suburbs, the Atlanta Belt Line, and much more.
This is exciting news, and if the bill is well thought out, could be a game changer for Georgia, if GDOT can implement once the funds are raised. It is exciting to see Republican leadership in Georgia understanding that transportation is about more than rails. Fingers crossed....
Governor Perdue, in his classic COO style: "I will support transportation improvements if and when we can find a plan and a way to fund it."
Lt. Governor Cagle, playing it safe: "I support regional choice in transportation."
Speaker Richardson: "I am leaving it to Vance Smith and company to come up with a plan, but I don't like the regional approach."
Now as a local official, I like the local approach. But I think one reason local officials like the T-SPLOST or more locally driven options is because there is a vacuum right now -- nothing is getting done or funded at the state level, and there is no "plan."
But what I am hearing today is exciting -- that Rep. Smith has put his proposal on the table, and it includes myriad road, transit, cargo, and rail projects that would be funded by a 10-year, one percent statewide sales tax. Folks, the early list includes things like the Brain Train, light rail to the suburbs, the Atlanta Belt Line, and much more.
This is exciting news, and if the bill is well thought out, could be a game changer for Georgia, if GDOT can implement once the funds are raised. It is exciting to see Republican leadership in Georgia understanding that transportation is about more than rails. Fingers crossed....
Monday, January 5, 2009
Is a Penny Saved a Penny Earned?
If you're wondering why this recession is going to be a doozy, read this article in today's Wall Street Journal (no password required for this article) and a related sidebar on what a penny saved really costs.
It looks like American families are finally doing what they should have been for a long time: spending less and saving more. Paying down debt. Being thrifty, like our grandparents were. All of this with some help from tighter reins on credit by banks and others.
The problem: a large chunk of our economy is built on unsustainable consumerism. Remember Bush's suggestion for how we could "sacrifice" in the wake of 9/11 -- "Go shopping." Perhaps the worst move of his presidency.
But what happens if consumers (and businesses) aren't spending? It means consumer spending will not lead us out of this recession in the short term. Or hopefully it won't, because if it does, it means we will not have learned a thing from our borrowing binge. Government and consumers (and in some cases, business) have been spending more than they are earning. Never a good combination.
To move the needle away from our consumerist addiction, we need investments in real innovation and infrastructure in this country. Mass transit, high speed and strong cargo rail on the transportation side (to help alleviate business killing congestion), and research, science and math education on the education side. The sort of things that create jobs but just as importantly spur new ideas that can take our economy in new directions and solve the challenges that are facing us (social security, medicare, medicaid, etc.). Our investments must help us take advantage of the direction that the world is moving in.
How does this translate locally? In my opinion, it means retailers are going to have to work harder than ever for the consumer dollar, and that new retail won't be built any time soon, no matter what my fellow bloggers believe. The feds and local governments should think bigger than simply applying money for "ready to go" highway projects that have minimal impact and focus on infrastructure projects with true region-changing potential. Banks will be helping consumers save, invest wisely, and borrow. It means that local leaders must continue to advocate for investments in secondary and higher education, especially at UGA, Athens Tech and Gainesville College where innovation and ideas emerge. Homes will be built to live in, not for short-term monetary gain.
What do you think?
Tuesday, December 23, 2008
Oconee Most Prosperous County
Despite all the bad news about the housing market, Oconee County apparently is faring well by many measures, as it was ranked no. 1 by the DCA in terms of the state's most prosperous counties according to an Associated Press article.
Articles like this help us remember how much we have to be thankful for in Oconee. We all get frustrated at times with the pace of progress (too fast? too slow?), the bad economy and the toll it is taking, and decisions we don't like. But when you step back it is apparent that this truly a special community.
We have a wonderful mix of talented professionals, dedicated artists, hard working public servants, skilled educators, outstanding students and other driven individuals and families whom we can thank for making Oconee County what it is today. And that is certainly something to be thankful for. Merry Christmas and happy holidays to all!
Articles like this help us remember how much we have to be thankful for in Oconee. We all get frustrated at times with the pace of progress (too fast? too slow?), the bad economy and the toll it is taking, and decisions we don't like. But when you step back it is apparent that this truly a special community.
We have a wonderful mix of talented professionals, dedicated artists, hard working public servants, skilled educators, outstanding students and other driven individuals and families whom we can thank for making Oconee County what it is today. And that is certainly something to be thankful for. Merry Christmas and happy holidays to all!
Wednesday, December 10, 2008
Homebuilding Depression
Okay, sorry for the lax posting. There has been a lot to blog about and I have been too busy to really go after it. A few thoughts:
NBAF: Bad loss. Everyone has weighed in with their opinion (blogosphere, Athens Banner Herald, Flagpole), and overall I don't think our situation out here is as bad as everyone thinks. I will say this: those pointing at the state package are largely right, although FAQ certainly played a role. I don't put a lot of stock in the workforce and research coordination arguments. The bottom line is that in these processes, decision makers are looking for reasons to eliminate a community. Note that community opposition was probably an easy one to point out to an angry elected official who calls you about the decision.
Holiday Cheer: Last weekend was a huge one for Watkinsville. The tree lighting and Christmas parade on back to back days, with thousands of folks downtown on Saturday morning. The Christmas Parade is an annual highlight and thanks to all for coming out! The Oconee Leader has some great pictures up on its website. Major kudos to Maridee Williams and the Oconee Enterprise for all their efforts to coordinate and promote the parade, which has to be one of the best in the state.
On a related note, consider shopping locally this Christmas. In downtown Watkinsville alone, you can find unique gifts at the Chappelle Gallery and the seeming-to-be-reopening Circa Antiques. My wife and mom love gift certificates from Emma Laura, and Dory's and other spots in Watkinsville have a lot to offer. Restaurant gift certificates from Le Maison Bleu, Girasoles, Big Easy and Mirko's are also great ideas.
City Council: Tonight's meeting was interesting. We had several small business licenses before us, including one for a new dried flower, antique and art store in the buildings John Byram has renovated downtown. It will be called Stone Soup. Girasoles is changing its name, and there is also a strong potential for an indoor skate park to be added in coming months if we can work through our codes. We are also updating our solid waste management ordinance -- good stuff.
Recession: Okay, the housing market is terrible. But throwing good money after bad by building more as detailed in this AJC article is a terrible idea. Yes, the banks need to lend. But does anyone really believe that there are not enough homes on the market in most areas? Housing is a very clear "supply and demand" market. Building more for the sake of building more makes no sense. Kind of like Detroit building more cars it can't sell. It just isn't sustainable.
As for sustainable, in general, American government, business, and consumers have been spending more than we have been earning for years. It makes no sense to go on spending without a plan to start paying off the debt -- Lee Shearer covers this on his blog.
NBAF: Bad loss. Everyone has weighed in with their opinion (blogosphere, Athens Banner Herald, Flagpole), and overall I don't think our situation out here is as bad as everyone thinks. I will say this: those pointing at the state package are largely right, although FAQ certainly played a role. I don't put a lot of stock in the workforce and research coordination arguments. The bottom line is that in these processes, decision makers are looking for reasons to eliminate a community. Note that community opposition was probably an easy one to point out to an angry elected official who calls you about the decision.
Holiday Cheer: Last weekend was a huge one for Watkinsville. The tree lighting and Christmas parade on back to back days, with thousands of folks downtown on Saturday morning. The Christmas Parade is an annual highlight and thanks to all for coming out! The Oconee Leader has some great pictures up on its website. Major kudos to Maridee Williams and the Oconee Enterprise for all their efforts to coordinate and promote the parade, which has to be one of the best in the state.
On a related note, consider shopping locally this Christmas. In downtown Watkinsville alone, you can find unique gifts at the Chappelle Gallery and the seeming-to-be-reopening Circa Antiques. My wife and mom love gift certificates from Emma Laura, and Dory's and other spots in Watkinsville have a lot to offer. Restaurant gift certificates from Le Maison Bleu, Girasoles, Big Easy and Mirko's are also great ideas.
City Council: Tonight's meeting was interesting. We had several small business licenses before us, including one for a new dried flower, antique and art store in the buildings John Byram has renovated downtown. It will be called Stone Soup. Girasoles is changing its name, and there is also a strong potential for an indoor skate park to be added in coming months if we can work through our codes. We are also updating our solid waste management ordinance -- good stuff.
Recession: Okay, the housing market is terrible. But throwing good money after bad by building more as detailed in this AJC article is a terrible idea. Yes, the banks need to lend. But does anyone really believe that there are not enough homes on the market in most areas? Housing is a very clear "supply and demand" market. Building more for the sake of building more makes no sense. Kind of like Detroit building more cars it can't sell. It just isn't sustainable.
As for sustainable, in general, American government, business, and consumers have been spending more than we have been earning for years. It makes no sense to go on spending without a plan to start paying off the debt -- Lee Shearer covers this on his blog.
Monday, December 1, 2008
Major UGA Investment in Oconee
Who would have guessed that Oconee County would soon house one of UGA's most successful athletic programs?Not me, but it looks like High Point Farms in Bishop will soon be the new home for the UGA Equestrian team according to the Athens Banner-Herald and UGA's official web site. This is great news for Oconee, and based on a message at the High Point web site it looks as if they will be relocating as well and staying in the area.
When I was the editor of the Campus Carrier in college, I had my run-ins with the equestrian team (they didn't think I gave them enough coverage, and I probably didn't). Now one of those riders is the coach at UGA, and has certainly represented our alma mater well. And I must say after attending a competition earlier this year with my daughter, I came away very impressed with the poise and skills of these young women and their horses. I would certainly be proud to see my little girl ride for UGA some day.
UGA Equestriennes, welcome to Oconee!
Photo Courtesy of UGA Sports Communications
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