What do we do with the outpouring of negativity coming at us from the media and colleagues alike? Just because so called experts predict doom and gloom does that mean we give up and declare defeat before we've begun? How about we look at existing conditions as challenges to be overcome with a change in attitude and tactics?
That is what the city of Philadelphia did at the beginning of 2007 when the real estate market faltered and foreclosures flooded the city. The city bought foreclosed sites, bulldozed them, and built public parks and green spaces. Expensive? Not really. The city's return on their investment was substantial. Property values in the neighborhoods surrounding these parks increased and the city collected more taxes on the properties. Homeowners benefited because the rise in home prices more than compensated for the higher tax rate. Additionally, they benefited from a more beautified environment and the recreational aspects of the parks.
How are you going to face the challenges of a changing market? Opportunity is everywhere- you just have to look.
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