|From:||Lenny Siegel <email@example.com>|
|Date:||Mon, 23 Aug 2010 09:05:32 -0700 (PDT)|
|Subject:||[CPEO-MEF] REUSE: Base closures and real estate|
Will Military Base Closures Mortally Wound Local Real Estate Markets? By BRUCE KENNEDY Daily Finance August 23, 2010The Department of Defense's Base Closure and Realignment Commission (BRAC) plans to close 20 military bases across the country by Sept. 15, 2011. Once a military facility closes, the ripple effect is felt throughout the surrounding communities: families lose neighbors, businesses lose customers and workers lose jobs. In this series of stories, DailyFinance looks at how closures have affected communities in the past, and at what some military families and the businesses that cater to them plan to do once their base closes.
Unlike the military base closures that occurred in the 1990s, the 20 bases scheduled to close next year come at a time of great economic uncertainty. Many U.S. cities and towns, from Hawaii to New England, are bracing for the vast hole that will be created in their communities when the local military packs up and leaves. Not only will it take a toll on already-suffering local economies but it could also send real estate markets spiraling even further downward, clouding all prospects that a housing recovery might occur anytime soon.
Those living in the community surrounding Atlanta's Fort McPherson could see residential and commercial real estate prices drop even more precipitously once the base closes in September 2011. Named for a Union general killed during the Battle of Atlanta, the base has been part of that city's tradition and culture for more than a century. Its 488 acres contain 40 buildings listed on the National Register of Historic Places, as well as a variety of administrative buildings and an 18-hole golf course. It has also been one of Atlanta's largest employers, with a total active duty payroll for 2004 reported at $106.8 million.
... For the entire article, see http://www.dailyfinance.com/story/real-estate/will-military-base-closures-mortally-wound-local-real-estate-mar/19599783/ -- Lenny Siegel Executive Director, Center for Public Environmental Oversight a project of the Pacific Studies Center 278-A Hope St., Mountain View, CA 94041 Voice: 650/961-8918 or 650/969-1545 Fax: 650/961-8918 <firstname.lastname@example.org> http://www.cpeo.org _______________________________________________ Military mailing list Military@lists.cpeo.org http://lists.cpeo.org/listinfo.cgi/military-cpeo.org
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