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Making Your "Old Downtown" New Again... A Tale of Two Cities

By Karen Anne Stone

Real Estate Agent with New Home Hunters of Fort Worth and Tarrant County

April 09, 2010 09:02 AM

A brand new email just flopped into my Gmail box... from REALTOR Mag... online.

One of the headline stories was titled "Office Vacancy Rate Hits New High."

First... the facts. It stated that the office vacancy rate in the United States reached 17.2 percent in the first quarter of 2010. It was the highest since 1994... according to the firm that did the research, Reis, Inc.

The vacancy rate was 2 percent higher than it was one year ago.

Also... with a larger supply, and a lesser demand... "asking rents" fell 4.2 percent... and effective rent was down 7.4 percent from a year ago.

Pretty bad news for the Commercial Real Estate brokers... AND pretty bad news for the folks who OWN those vacant office spaces, and retail spaces. Reis also reported that office new construction had slowed to the lowest rate since Reis began keeping track of this kinda stuff in 1999.

So... what to do... what to do ?

Now... the "rest" of the story.

About ten days ago... I returned from a long-overdue visit to my home town of Cleveland, Ohio. Actually, my home town was Mentor, Ohio... a wonderful city about fifteen miles straight east of Cleveland.

One of the things that really saddened me about Mentor... something that was pretty obvious as I drove down the "main drag" of Mentor... which is Mentor Avenue... was the incredible amount of vacant store fronts.

At times it looked... when I drove between the intersection of Mentor Avenue/Highway 306... and all along Mentor Avenue going east... to the intersection of Mentor Avenue and Heisley Road... at times it looked like every third or every fourth store-front along the Avenue was vacant. Not all that long ago... this is where I did my "Realtor thing."

So... as I looked at all those vacant store fronts... I thought... "gee... maybe what I have been reading in the national papers about "things up north" is really true ? Could this whole area... an area I love dearly... could this area be dying ?

And then... just for fun... while listening to a Cavs game on the radio... I decided to drive "West" along Mentor Avenue. Crossed 306, passed the old Andrews School... and slowly crept up to the edge of downtown Willoughby.

As I pulled up to the light to make my left turn on Mentor Avenue into "beautiful downtown Willoughby"... it hit me. Willoughby... downtown Willoughby... was "Alive." It was just "crawling" with people. People going in and out of the shops, the restaurants, the bars, the art and furniture shops... and in-and-out of everything else. Downtown Willoughby was "On Fire." No flames... so don't get scared. But it was just amazing... all that activity.

So... what is responsible for the difference ? Unfortunately, I wasn't able to talk to any of the "authorities" in the area... but the few "locals" I spoke with... said that if anyone had anything to do with downtown Willoughby's resurgence, it was "The Mayor." He pushed it, got after the merchants, did his best to drum up new tenants, pushed all the positives about renters and owners actually living... near the downtown... and lost of other typical "renewal" stuff. It obviously looks like it worked.

Downtown Willoughby, Ohio... is just "amazing." Go take a look... and tell anyone you meet... that an old timey Realtor who used to be with Smythe,Cramer twenty-eight years ago... sent you.

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Now... Please Note... that by writing this story... I am not writing even ONE negative thing about Mentor, Ohio. I love Mentor... I really do. I just wish that somehow, some way, someone could bring about wonderful changes in Mentor... that "Willoughby's Angels" have brought to downtown Willoughby.

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Christine Hynes

American Capital Corporation - Laguna Beach, CA

Orange County Senior Loan Consultant

Karen its unfortunate that this is the same story for a lot of towns around the country these days, even major cities here in California. Some commercial building owners are offering free months rent and all kinds of other incentives just to get someone, anyone, to sign a lease. Best wishes for Mentor, OH

Apr 09, 2010 09:06 AM

1~Judi Barrett

Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK

BS Ed, Integrity Real Estate Services -IDABEL OK

Karen Anne,

It is always best to check out all options to have an open mind as to what is available. Sometime people get an idea stuck in their head that is associated with a certain name or word.. if they explord a little further it might change and they would find exactly what they are looking for. Great post.

Apr 09, 2010 09:09 AM

Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Christine: Yes, I am sure that this same story is repeated over and over again in lots and lots of towns all over the country.

In this particular case... with these two cities... Mentor and Willoughy being only a few miles apart... I'm sure there are many things involved... but the main difference seems to be a "can do" attitude amoungst the population... with the Mayor at the head of it.

It's just incredible how much can be accomplished... if the entire train... is being pulled by "The Little Engine That Could."

Thanks so much for your kind wishes towards the wonderful folks in Mentor, Ohio.

Apr 09, 2010 09:15 AM

Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Judy: It is always a great idea to make sure you know all your options... especially if you have a seemingly impossible task ahead of you. Thanks for your kind words.

Apr 09, 2010 09:17 AM

Al & Peggy Cunningham, Brokers

RE/MAX West Realty Inc., Brokerage - Brampton, ON

Our Family Wants To Help Your Family!

Karen Anne, what a story. Tales of Two Towns right? Leadership definitely plays apart and community awareness. We have two little neighbourhood cities up here that tell almost the same story. Guess it truly does flow from the leadership down. Good luck to Mentor, maybe their big brother/sister Willoughby will share their experience.

Apr 09, 2010 09:23 AM

Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Al and Peggy: These two cities are within walking distance of each other. (It would be a good walk, to be sure.) And... downtown Willoughby is the older of the two. Perhaps that is it. Perhaps downtown Mentor isn't old enough to be "new again?"

There can be such a difference between two towns... and attitude makes all the difference. The difference between Fort Worth and Dallas is another great example. There's a little story that I tell that shows the difference.

Downtown Fort Worth is such a wonderful place. The downtown area of the city... is simply "people friendly." The streets are lined with trees... not huge ones, but maybe twenty or twenty-five feet tall ones... and these trees are decorated with small, white "Christmas tree-type" lights... all year round. The Fort Worth police... who patrol the downtown area... wear shorts and hiking-type shoes, and ride on mountain bikes. They definitely have a "presence"... but they surely do not imply anything negative. They're a very friendly sort.

Fort Worth downtown is extremely family-friendly. I tell folks that folks like myself... a single "senior" woman... can walk around downtown Fort Worth anytime, day or night... and be totally safe.

Then I tell them that the same woman could also walk around downtown Dallas by herself at 10pm... but she could only do it once.

Why ? Cuz she'd never be heard from again. Ewwww... that sounds rough... but it conveys the difference. And why ? I think it's "attitude." Same as in my post above.

Apr 09, 2010 09:36 AM

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL

708.921.6331 - 40+ yrs experience

Karen Anne: Expecially in smaller towns, I think the leadership is critical. Where can you make more impact than a smaller village? We get all worked-up about presidential elections, but we really should be turning out in larger numbers for local elections. You saw the reasons why when you drove through Willoughby ... you can still make an impact as an individual.

Gene

Apr 09, 2010 09:53 AM

Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Gene: You are so right. With all that is going on in this country, some days if just feels like the dam broke. It gave way... and an overwhelming flood has covered just about everything... as far as the eye can see... and as far as the lil duckie can paddle.

But Willoughby seems to have done it. An individual who believed in a city, or in an idea, or in "anything"... can make such a difference.

One should never underestimate the power that he or she has... if they only can "believe" in that idea. To believe it... to "own" it... is so much of the battle of making that dream come true. Take care...

Apr 09, 2010 10:09 AM

Elizabeth Bolton

RE/MAX Destiny Real Estate Cambridge, MA - Cambridge, MA

Cambridge MA Realtor

Hi Karen Anne ~ The number of vacant retail spaces in every city and town around here takes me aback. I've been hoping that when things pick up the spaces will be filled with interesting and unique shops. Rents had gotten so high that most spaces were getting filled with banks and cell phone stores. There is a Local First movement here and I think that mindset makes a difference if enough people get behind it. Willoughby and Fort Worth sound like wonderful places.

Liz

Apr 09, 2010 01:46 PM

Marchel Peterson

Results Realty - Spring, TX

Spring TX Real Estate E-Pro

Karen Anne, Isn't it amazing that one person with a little drive can make such a difference!

Apr 09, 2010 02:31 PM

Ruthmarie Hicks

Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

Hi Karen Anne,

Urban planning has got to be done "just right" or it can be a disaster. White Plains under our previous mayor developed the downtown and many consider it a "stunning success." But just "under the hood" there are some serious problems.

1. The small boutiques are being replaced by large chains. The small shops simply couldn't afford the crazy rents (similar to what Liz was saying) When I shop I prefer the Villages of Scarsdale, Hartsdale, Tarrytown, Larchmont etc. where small boutiques and coffee shops OTHER than Starbucks have a fighting chance.

2. They overbuilt on the condo front - so there is a high vacancy at the Ritz Carlton and Trump has gone down in price severely.

3. Our tax base is heavily dependent on "retail" hmmm - Mr. Mayor - How's that working for ya??? Answer - it isn't!

4. The construction of high-rise condos such as 42 stories at the Ritz and 39 stories at Trump have created infrastructure issues that cost $$$. From police and fire support to new drainage and sewage. Did you know how much fire equipment is needed when a 42 story building comes to town...A LOT more than when the tallest building is 20 stories...Let's not even discuss the strain on the school district where the cost per pupil is $25k a year. Increase the density..well you get the picture.

5. Property taxes were rebated for 10 years on the Ritz and Trump. So the money to fund all the above changes depended on #3 RETAIL TAXES - Mr. Mayor - How's that working for ya??? Mr. & Ms. Citizen who doesn't own at Trump or the Ritz - how's that working for ya??? Answer from both - its NOT! Our taxes may explode over 20% next year. In other words, the single family homes on the south end of town are footing the bill and getting the short end on services. When the storm hit - and all the lights went out - the downtown was put on priority - but those of us who pay for the downtown were told "suck it up - we'll get you up and running within a week or so"

It looks GREAT unless you are the one paying for it...

Apr 09, 2010 03:36 PM

Steve Shatsky

Dallas, TX

Hi Karen Anne... sounds like you should run for Mayor of Mentor! I bet you'd have downtown revitalized in no time! I'd even come for a visit to see your results. :)

Apr 09, 2010 04:28 PM

Ruthmarie Hicks

Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

Steve - That's a great idea...Karen Anne for mayor of Mentor! If she doesn't want Mentor - she can try my city of White Plains. The old mayor spent most of his time in a bar. I heaved a sigh of relief when a new mayor was sworn in....and then....drumroll...he got himself arrested for spousal abuse a month after entering office!

People are more than a tad upset about the leadership (or lack thereof) in our local government right now! Kind of pitiful for the city that's the county seat of Westchester. Surely we can do better than this.

You just can't make this stuff up....

Apr 09, 2010 04:54 PM

Al & Peggy Cunningham, Brokers

RE/MAX West Realty Inc., Brokerage - Brampton, ON

Our Family Wants To Help Your Family!

Karen Anne, you make downtown Fort Worth sound so nice, a place we would love to visit sometime.

Apr 11, 2010 06:01 AM

Roger D. Mucci

Shaken...with a Twist 216.633.2092 - Euclid, OH

Lets shake things up at your home today!

Karen, excellent blog and so true about Mentor and Downtown Willoughby. I actually spend a lot of time in Downtown Willoughby. Great restaurants, galleries and just a fun place to be, it's a happening place. I also shop the second hand stores there for my business. Thanks for all of your help and suggestions, I will put them to good use.

May 15, 2010 02:55 AM

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