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Margate Jobless & Foreclosures
• Margate positioned to emerge faster than other Broward cities
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Sunday,
April 26, 2009
South Florida’s ten percent jobless rate and the fact that one in every 254 homes in Broward faces foreclosure mean little to the average Margatonian. Most Margate homeowners still have their jobs and their homes and our city continues to move forward fixing roads, promoting community redevelopment and attracting small business.
‘Foreclosuremania’ in the media is a bit overstated and the air needs clearing. A foreclosure filing is just that, a filing, and every filing doesn’t represent a family losing their home. Although foreclosure filings in Broward are way up, included in Margate filings are:
1. The normal number of foreclosures that happen on a yearly basis.
2. Families who first must go through the foreclosure process as a part of loan restructuring.
3. Homeowners whose mortgages are so upside-down that they’re walking away from their loan.
4. Homeowners who are walking away from their homes and buying foreclosed properties down the street for half the price with savings and 401(k)s.
5. People who made poorly informed financial decisions for their families.
6. People who lost their jobs and subsequently can’t pay their mortgage.
There are no statistics in Margate to tell us what the jobless rate or the foreclosure rate is specifically for our city. Margate city officials piggyback on county numbers to show as much poverty as possible in Margate so as to better position our city for grants from state and federal agencies. In fact, because Margate didn’t experience the rapid growth of cities such as Coral Springs, Weston, Pembroke Pines, Parkland, Hollywood, Fort Lauderdale and others during the boom years, our city hasn’t been impacted nearly as much by current economic downtrends, but in all likelihood will benefit from state and federal programs regardless.
For instance, while the number of housing units in Pompano rose 28 percent between years 2000 and 2007, the number of housing units in Margate increased by less than five percent. During the same period, the number of housing units in Fort Lauderdale grew by 12 percent and in Parkland by 64 percent.
Margate moving forward
Thanks to aggressive Community Development Block Grants in Margate, you’ll see more improved, restored homes in our neighborhoods than you will dilapidated or foreclosed ones. Homes on East and West River Drives, Margate and Southgate Boulevards have been improved, along with neighborhoods along the State Road 7 corridor. Furthermore, recent events have enabled the city to purchase foreclosed homes in the CRA (Community Redevelopment Agency) district and to fix them up, so as to improve another area of our city. In terms of small business, some have closed in Margate, but more so the result of bad operators than a bad economy.
In addition, Margate is home to thousands of retired folks whose ‘fixed dollar’ buys more for less. U.S. News & World Report ranks Margate, Florida as one of the ‘Best Places to Retire’ in the country and according to American Factfinder, the number of people 65 and over living in Margate outpaces the national average by more than seven percent.
As uncanny as it may seem, the fact that Margate didn’t grow much during the boom years has put our city at somewhat of an advantage over other Broward cities as we emerge from the current recession. Our MCRA (Margate Community Redevelopment Agency) owns prime mixed-use acreage on State Road 7 (god only knows what would happen to these properties if they were privately-owned) and our city continues to acquire state and federal funds to improve housing and create jobs in our city. In addition, our Chamber of Commerce continues to grow, taking on new members weekly.
Although not good for first time home buyers, investors are scooping up Margate foreclosures, which will raise property values faster than if foreclosures were sold directly to homesteaders. A plus to all of us who have lived here for years.
Worried about who’s moving in next door?
Don’t be...yet. Banks are lending only to people with excellent credit and cash to put down. Media hype has spawned serious competition among investors and first time home buyers, causing lending practices to remain tight. Secondary lending markets have shown signs of loosening up, but if left unchecked could easily put us right back where we started.
It's a horrible thing that Florida ranks third among states with the highest foreclosure rates in the nation – trailing Nevada and California – and that Broward County ranks 13th in number of foreclosures nationwide (keep in mind that condominiums account for a large share of South Florida foreclosures, which happens when overzealous developers build beyond what is considered reasonable sustainability). But in Margate, things are a bit different.
Our Starbucks and Dunkin’ Donuts are cranking, the supermarkets remain packed, Margatonians continue to dine out and the traffic on State Road 7 has subsided little. Ethnic restaurants are opening up left and right and both the Seminole and Isle casinos spillover everyday with gamblers and buffet fanatics looking for a deal. It's unfortunate that the Broward County School system may be laying off hundreds of teachers, but the growing disconnect between the School System and the educational needs of individual municipalities in Broward is at an all-time high and will continue to result in casualties.
There’s no question that the future of our local, state and federal economies remain unsure. For now though, life in Margate for the majority of its residents is pretty good. Although naysayers continue to complain about the clock and traffic circle expenditures downtown – these elements are here to stay and are a matter of civic pride. Not having to stop at what used to be a four-way intersection saves on gas and, although few need another timepiece, the clock signifies re-birth and aids in branding future Margate redevelopment. It’s a new era, and times are changing forever. Hopefully for the better.
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Copyright Cassius Group 2009
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