BLUE RIDGE, GA - Real Estate and the Local Economy

People ask us constantly for updates on the current economic climate in our area.

Blue Ridge is a beautiful, quaint and unique town with much to offer. In Fannin County we are surrounded by some of the most beautiful mountain views, lakes and rivers North Georgia has to offer.

Because of this, tourism has become our main economic resource. As with most of the national economy we are certainly feeling the pinch, but visitors still seem to be flocking to our area and investors are still moving forward with BIG development plans. All in all, we have a very positive outlook for the economic future of our area.

Below is a posting of a recent article from the News Observer (local Blue Ridge paper)



Signs point to recovery

BY DUB JOINER, STAFF WRITER

Thursday, June 4, 2009 3:32 PM CDT
For the past year or more the economy in Blue Ridge and Fannin County has suffered like the rest of the state and the nation. Now, there are signs that give local residents reasons to see the proverbial light at the end of the tunnel, even if the light seems dim.

People must be finding work because, according to the latest state unemployment report, the number of initial unemployment claims has decreased for two consecutive months in Fannin County.

For more than a year, the the unemployment rate had risen each month until it peaked at 10.3 percent in February. The March and April reports have shown consecutive slight decreases.

There are also good signs in the housing market that better days are within sight.

June Slusser, president of Colwell Banker High Country Realty in Blue Ridge, points out a number of things that indicate a turn in the economy, even if the turn is slow at present.

“The $8,000 federal tax and the $1,800 state tax credit for first home buyers is a big plus,” Slusser said. “Interest rates are also low at around 5 percent.”

She said home and property owners who have houses and land for sale have also realized that to make a sale they need to reduce their prices, which has helped make the current situation a buyer’s market.

The tax credits and lower prices have meant more people are out looking at what’s available, Slusser said.

“When people feel good, they spend money,” Slusser said.

There are other signs that give a hint that brighter days are on the horizon.

Local stocks such as United Community Bank have risen significantly in the past two months. UCB’s stock has climbed from $3 per share in April to $8.17 on June 3.

Appalachian Community Bank stock has also risen from a low of $1.14 in early May to $1.30 per share on June 3.

The entertainment and retail park project that was announced in mid May for a 42-acre site bordering Hwy. 515 and the Toccoa River will offer a number of local jobs and bring much-needed revenue into the local economy once construction begins.

The recently approved beer and wine ordinances in the city of Blue Ridge, and in Fannin County, will improve sales and provide additional sales tax revenue for local governments, local restaurant owners believe.

The construction of the new Fannin County Recreation Center in Fannin Park is also providing a number of local jobs.

Fannin County Chamber of Commerce President Jan Hackett said that , even though the chamber and Welcome Center recently moved, the number of visitors has been steady over the past two months.

“Sales tax revenue the chamber receives from hotel/motel taxes is also up slightly over the past quarter,” Hackett said. “So far, so good.”

Work is also continuing on the new Blue Ridge Golf and River Club off Ada Street and along the Toccoa River that will add to the local economy when the golf course opens this fall.

Blue Ridge Golf and River Club Director of Golf Clark Spratlin said progress is moving at a rapid pace and that the goal is to have as many as nine holes ready in the fall.

“Irrigation work is under way and sod work will begin in early July,” Spratlin said. “Things are moving along well even with some weather setbacks.