Friday, February 20 2009
F.C. Tucker Emge Realtors Commercial division had the annual Sate of Real Estate Conference yesterday afternoon at the Center. The main emphases of the discussion were that the real estate market is local. Even tough we have seen price reductions the last year they are by far not as high as other markets. At the same time, Evansville has not seen the same increases as other markets.
Realtors discuss local market
EVANSVILLE, IN (WFIE) - With the credit crisis and falling home values what is the state of real estate here in our own backyard?
Hundreds of realtors gathered at the State of Real Estate Conference at the Centre Thursday night. It was an opportunity for realtors with different expertise to present how they think their facet of the market is fairing in the waning economy.
The bumpy economy has taken its toll on Tri-State commercial realty, especially after national chains have gone belly up and vacated their local stores, most in the newer shopping centers.
"We didn't really expect those to become available, especially since they were in brand new strip centers. High-end, high-dollar strip centers," said industrial and retail realtor Dannetta Hiatt.
But she says with more than a half-million people regularly heading into the Evansville area for shopping it will end up being a boom for Evansville.
"We always have an influx of people and I don't think that's going to change because of the smaller counties that surround," Hiatt said. "We've always been a test market. Evansville has always been a test market for retail and i think that will continue."
Another area realtors say is getting a lot of attention right now is the downtown area and some think it's about to make a big change.
"Busy, bustling, things happening all hours of the day," said office and redevelopment realtor Harris Howerton.
Harris Howerton says there's been a lot of interest there thanks to the announcement of the new downtown arena.
"There's going to be a lot of second and third floors used for residential and then the downstairs, what we will call common areas used for commercial, offices, retail and some eateries," Howerton said.
And when it comes to the Tri-State housing market realtors maintain their optimistic outlook.
Kevin Eastridge, president of F.C. Tucker Emge Realtors, says there isn't a surplus of inventory in our area but hopes President Obama's new stimulus package will help.
"If you buy a house and you're a first time buyer you get an $8,000 tax credit," Eastridge said. "If your tax liability for that year is less than $8,000 you get a check for the difference.
When it comes to last year's home sales the market was down 20 percent on the dollar figures compared to 2007.
Commercial realty experts anticipate continued growth near the new Wal-Mart in Newburgh this year and say Tri-Staters will see more value-added stores and restaurants like Dollar General, bulk stores, supermarkets and low- to mid-level restaurants.