Make us your home page
Instagram

The Biz: Gas prices affect far-away homes, study says

Latest study adds fuel to home location argument

They're baaaack. Joe Cortright and Carol Coletta landed in the Tampa Bay area four years ago, shortly after regional economist Richard Florida introduced Tampa Bay to the idea that by becoming more tolerant and creative, the area would attract better jobs and smarter companies. It was urban consultant Coletta and regional economist Cortright who introduced us in 2004 to the study "The Young and the Restless: How Tampa Bay Competes For Talent," which warned we needed to become more creative to recruit and keep younger workers.

Cortright has a new analysis out called "Driven to the Brink" that suggests that in many metro areas, including Tampa Bay, rising gas prices increasingly hurt home prices the farther the houses are from the metro core. Case in point: The 33607 ZIP code in Tampa, just 3.7 miles from the central business district, suffered a housing price decline of 1.3 percent last year. But the suburban Ruskin ZIP code of 33573 experienced a 21.7 percent drop in housing values.

Cortright's study was done for a group called CEOs for Cities, which happens to be headed by Coletta. And Coletta happens to be keynote speaker Wednesday at the Tampa Downtown Partnership's 22nd annual meeting and luncheon at the Tampa Marriott Waterside.

The Donald back in the blues

What is it about Florida and Trump that brings out the worst in each other? Former Trump apprentice Richard T. Fields clashed with Trump over an ill-fated attempt to cut a deal with the Seminole tribe for a casino project in Florida. Fields pursued the deal with another partner, and Trump sued. That legal contest was recently resolved when Fields' company, Coastal Marina LLC, agreed to buy Trump Marina Hotel Casino in Atlantic City for the tidy sum of $316-million. Now comes Colonial Bank, whose 108-page foreclosure action in Hillsborough County seeks a return of more than $3.2-million in loans to the proposed-but-stalled 52-story, $225-million Trump Tower Tampa from local developer SimDag/RoBEL LLC. The long-planned tower's fate continues to drift.

From RayJay to hedge fund

Nobody can accuse Michael Krensavage of failing to put his money where his mouth is. He's so convinced drug stocks are a fabulous buy that he quit his job as an analyst at Raymond James & Associates this spring to launch a hedge fund. "Valuations for many of these names are the lowest they've been since at least 1990," he said. "It seems like investors may be assuming these companies are unable to produce any more drugs. Hopefully that's not the case." He says his success with New York City's Krensavage Asset Management will come down to how well he picks his stocks, the same task he had as an analyst. Krensavage, 40, has nothing but good things to say about his former St. Petersburg employer, which avoided the subprime debacle that ensnared Wall Street's high-flying brokerage firms. "The tortoise is passing the hare," he said. "I always said (RayJay chief) Tom James has a 'get rich slow' scheme."

For the love of heat and bugs?

Forest City Enterprises is transferring Greg Lenners from suburban Los Angeles to manage the Shops of Wiregrass, the Tampa Bay area's first full-blown outdoor lifestyle shopping center, which opens in Wesley Chapel in October. Including its three department stores, Wiregrass is strikingly similar to Forest City's Simi Valley Town Center that he manages. "The difference is there's a two-way street through the middle and from the air Wiregrass appears bent into a half-moon shape," he said. Lenners, 42, has no qualms about Florida. "The heat isn't worse than when I worked in Las Vegas" at the Grand Canal Shoppes at the Venetian Resort, he said. "And I was born in Alaska, so I've seen big bugs."

Times Staff

The Biz: Gas prices affect far-away homes, study says 06/14/08 [Last modified: Monday, November 1, 2010 11:43am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Bucs and Bucks: HBO's Hard Knocks series boosts local businesses

    Business

    TAMPA — Men can enjoy yoga, including the most athletic ones. That is the message that the co-founder of Camp Tampa, a fitness studio located in South Tampa, wants to push after a few Tampa Bay Buccaneers players were shown practicing on HBO's television series Hard Knocks.

    Longtime hairstylist, Katie Ellwood styles Tampa Bay Buccaneers linebacker Kwon Alexander's hair last week at New Identities Hair Studio of Tampa Palms. The camera crew follows Kwon Alexander and other Bucs players during the team's training camp for the HBO show "Hard Knocks," a documentary television series about the ups and downs of an NFL training camp. [Courtesy of New Identities Hair Studio]
  2. Old Time Pottery adds store in Largo

    Business

    LARGO — A home decor and furniture store opened Thursday at 1111 Missouri Ave. N, according to a news release from the Central Pinellas Chamber of Commerce. This is Old Time Pottery's fourth location in the Tampa Bay area, joining stores in Kenneth City, New Port Richey and Brandon. The company, which has 41 …

  3. Tampa Bay has two new million-dollar ZIP Code areas — is yours one of them?

    Real Estate

    You might not be a millionaire, but chances are greater now that you live in a million-dollar Tampa Bay neighborhood.

    Tampa's ZIP Code 33606 is among the six bay area ZIPs in which at  least 10 percent of the homes are worth $1 million or more. This  Davis Islands home sold in January for $6.275 million. {Courtesy of Smith & Associates]
  4. Powerball jackpot climbs to $510 million, 8th largest

    Nation

    DES MOINES, Iowa — The Powerball jackpot has climbed to an estimated $510 million, making it one of the largest in U.S. history.

    A store clerk pulls a Powerball ticket from the printer for a customer, Tuesday, in Hialeah, Fla. The Powerball jackpot has has rolled 18 times, since the June 14, drawing, resulting in an estimated $510 million for Wednesday night's drawing. [Associated Press]
  5. Security threat leads Florida to cancel prison visitation

    Crime

    TALLAHASSEE — Visitation to all Florida state prisons has been canceled this weekend after evidence surfaced that inmates are planning possible uprisings to coincide with Saturday's march for prisoners' human rights in Washington, D.C.