Des Moines and San Francisco: factual differences
July 5, 2009 by James
Filed under Business, Economics, Environment, Fun Finds, General, Great Places, Guest Writer: Lindberg, James G., In the News, Iowa, Life is Political, Politics, Weather
I’ve been visiting family in the Bay Area of California for three weeks – plenty of time to see some differences between Polk County in Central Iowa and San Mateo County just south of San Francisco. (Compare stats.)
Weather? In the summer this coastal part of CA often feels cool; Central Iowa often feels a little muggy.
- at 2 pm on Friday, June 26 it was 65 with 64% humidity and an 8 mph breeze in Half Moon Bay
- at 2 pm in Des Moines it was 86 with similar humidity and breezes
- and sometimes San Francisco can be downright cold in the summer! In the photo to the right taken at 3 pm on June 24, it was foggy and 50 degrees with a 25 mph wind on the Golden Gate Bridge.
Unemployment? Iowa looks comparatively good.
- 9.5% nationally
- 11.2 % in Silicon Valley; 11.5% in California overall
- 5.2% in Iowa
Real estate? Iowa wins big time! While the houses don’t look that different, the land costs are very different. In the first quarter of 2009 the median cost of a home was
- over $600,000 in San Mateo County where the median household income was $83,000
- under $140,000 in Polk County where the median household income was $54,000
Cost of living? You may have figured this one out already. The cost of living where the national average is set as 100 is
- 171 in San Mateo County
- 82 in Polk County
State budget? California is in a budget impasse, and the world is watching. Iowa appears to be OK.
- In California the governor and the legislature are enough at odds that the state can’t pay its bills
- In Iowa although it has not been an easy process, the budget is manageable
Well, you win some, you lose some, and sometimes you tie.
Des Moines economy receives high rating
June 17, 2009 by James
Filed under Business, Economics, Guest Writer: Lindberg, James G., In the News, Iowa, Manufacturing, The City
While the economy in the Des Moines metro (like the rest of the country) is less than perfect, the Washington-based think tank Brookings Institution reports: Des Moines is doing relatively well.
The Brookings’ MetroMonitor report was released today (6/17/2009), and based on “overall performance” Des Moines is ranked in the top 20 of the 100 largest metropolitan economies in the U. S. where overall performance was based on recent changes in 4 indicators:
- employment
- unemployment
- gross metropolitan product
- housing price index
The full rankings are available.
In employment were are in the top 20% along with Omaha-Council Bluffs and Kansas City. The middle quintile included Denver, Minneapolis, St. Louis, and Chicago.
In the rate of increase in unemployment, the report showed that Des Moines was best in the country. We have lost jobs more slowly than any other metropolitan area. This was attributed in part to the relative insulation of the insurance industry to rapid change during a recession. Omaha-Council Bluffs was also in the most favorable 20%.
The question of wages which typically do not drop during a recession, Des Moines did not compare as favorably where we were in the second to the lowest quintile.
In recent changes in the gross metropolitan product, Des Moines was in the middle quintile.
The strength of the real estate markets is reflected by our position in the 2nd most favorable quintile. If you want to sell a house, it is most favorable to live in Houston, Buffalo, or Dallas, but you are in a lot of pain if you are trying to sell in Modesto, CA, Las Vegas, NV, or Stockton, CA. New slogan opportunity for Las Vegas: “If you bought a house in Vegas, your money will stay in Vegas.”
A final category considered in the Brookings report is real estate owned by lending institutions. These are properties that have been foreclosed, that the lender has tried and failed to sell at auction, and that remain in the hands of the lending institution. The Des Moines metro is in the middle. The fewest such properties are in Syracuse and Albany, NY and greatest number in Stockton, CA and Las Vegas, NV.
During the worst economic downturn since the Great Depression, while we are suffering individually and collectively as institutions, a city and state, the Des Moines metro is doing relatively well. We couldn’t ask for a lot more.
photos by flickr by recentexposurephotography
Home Sales in Des Moines
July 1, 2008 by Sandy Renshaw
Filed under Business, Community, Editor: Sandy Renshaw, Iowa
According to several realtors and mortgage brokers I know in the metro area, home sales are better than we hear about in the news. After all, fear sells more soap than good news.
There’s many options to sell your house. If you choose to do it yourself, there is a new website – Hawkeye FSBO – that lists real estate in Iowa that is for sale by owner. This is a free listing. Check it out! I talked to the owner of the site and he created this site because he noticed there are a lot of FSBO homes for sale around town but not a simple way to find them online.
What is involved in selling your own house? A post titled “For Sale by Owner in Iowa” by Matt Gardner on the Iowa Law Blog may answer some of those questions. It’s probably a good idea to retain the services of a good real estate attorney to help you through the legalities.
Listed below are links to Amazon for books about selling your own home. I didn’t realize so many people are choosing this option. Have you sold your own house or purchased a home that was for sale by owner? How was the experience? Would you recommend it?
Writer: Sandy Renshaw is a self-employed communications consultant. You will also find her blogging at Purple Wren.
