Archive for July, 2007

Richard Florida
by Richard Florida
Tue Jul 31st 2007 at 12:26pm UTC

Red and Blue Real Estate

Tuesday, July 31st, 2007

Check out this chart over at Zillow.

Redblue_4

Stan Humphries, Zillow’s vice-president of data and analytics, explains:

According to Zillow’s Zindex (median Zestimate or the middle estimated home value), the Red states (pro-Bush) have substantially lower home values than do Blue states (pro-Kerry).
Red states had a Zindex of $190,323 vs. a Zindex of $323,952 for the
Blue states as of the first quarter of 2007. …  In other words, while Red states were on the winning side of the election, the Blue states are on the winning side in terms of real
estate values, and by a substantial amount. … The correlation between the Zindex and Bush’s
share of the popular vote is -58%, indicating that the two measures are
fairly inversely related.

Richard Florida
by Richard Florida
Tue Jul 31st 2007 at 10:37am UTC

Risky Real Estate

Tuesday, July 31st, 2007

Interesting report over at Forbes (hat tip: Dean Alexander) on riskiest housing markets. Topping the list, not surprisingly, is Miami.

“Many of the cities on our list –like San Francisco and San Diego–are traditional high fliers where speculators can still make a lot of money if they pick the right neighborhood or hit the price trough. Of course, they might also take a serious bath. Others, like Chicago
or Phoenix, are generally stable markets that are currently under significant
strains. Finally, some, like Cincinnati or Kansas City, are precariously teetering and are not well equipped to handle further downturn. … The metros with the highest shares of ARMs, according to the National Association of Realtors, are in San Francisco, San Diego and Los Angeles, respectively. These three cities are also the most overpriced, according to our
price-to-earnings measure. And these areas are three of the four least affordable to the local population, according to the National Association of Home Builders and Wells Fargo’s affordability index. If rates go up or lending tightens, fewer will be able to buy in, bringing the markets to a screeching halt. …Two larger cities that performed very well by this measure were
Los Angeles and New York, which ranked fourth and eighth for lowest vacancy rate. While both cities had high ARM shares and high P/Es, their low vacancy rates bode well for those markets.

Interesting stuff: and I agree with much of it (still waiting for that steal on a place in Miami Beach).But what what if much of the demand in places like San Francisco, San Diego and LA is not coming from local sources – what if it is increasingly global? Could that be what is showing up in the low vacancy rates in NY and LA, and continuously rising prices in Manhattan?  Is the super-star city phenomenon now shifting outward to the global level, as globalization brings  us a  small set of global super-stars where demand has gone truly global?

Richard Florida
by Richard Florida
Mon Jul 30th 2007 at 5:31pm UTC

Big Corporation on Campus

Monday, July 30th, 2007

Richard has written extensively on the role of the University in the Creative Economy… (check out the library for pieces by Richard including The University and The Creative Economy by Richard, Gary, Kevin, and Brian). His work has informed my work on the benefits of starting new ventures on campuses.

A recent story in the WSJ by Thaddeus Herrick (available w/out a sub via AOL) shows that corporations are beginning to try new strategies in leveraging the benefits of the university in the creative economy. Express Scripts, Inc., a company that does $18 billion in pharmacy benefits management, is relocating its HQ to the University of Missouri’s St. Louis Campus. From the piece,

(more…)

Richard Florida
by Richard Florida
Mon Jul 30th 2007 at 12:01am UTC

Getting Ahead

Monday, July 30th, 2007

Kevin Stolarick of the Creative Class Group and Lisa Taber of
FortiusOne have paired up to develop a series of ‘heat maps’ that show
the hottest places in the country based on your lifestage and some
preselected criteria.  The maps allow you to zoom in on specific parts
of the country or see how your current city compares to others.

Each map shows the best regions based on a variety of
criteria all evenly weighted.  In this case, "Getting Ahead" shows the
combination of cities that rate the best based on:
    Tolerance (higher is
better)
    Growth
    Number of Creative Class young & single in
the region
 
The criteria used for each map are listed & described
in the region to the left of the map. 

Only data for major US cities
(populations above 250,000) has been included.


The map itself is a heat map overlay on a standard Google
Map.  So, all of the usual Google map features are available: pan, zoom in
, zoom out, change the background, etc…

The "hotter" — yellow areas are those places that do
the best on the combined criteria.

Getting Ahead Map

Come back Monday to see next week’s map: Starting a Family

Richard Florida
by Richard Florida
Thu Jul 26th 2007 at 1:56pm UTC

Our Infrastructure is Old…

Thursday, July 26th, 2007

And will cost a lot of money to up-grade.

Plus long commutes are not good for people and make for unhealthy cities. Riverside, Atlanta, L.A., Houston, and D.C. top Forbes’ list.

Richard Florida
by Richard Florida
Thu Jul 26th 2007 at 1:13pm UTC

Breaking News…

Thursday, July 26th, 2007

From Toronto’s National Post...

[M]aybe it’s time to start printing brochures, buttons
and lawn signs for Richard Florida — a new mayor for a better Toronto. … On the cosmetic front, Florida is as tall as Mayor Miller, has excellent hair and is a great public speaker — and so far hasn’t screwed anything up. … In the big casino of running cities, Mayor Miller is down to his last few chips. He has to change his bets soon. Or Mayor Florida looms.

When Rana read me this comment from her blackberry by the smart and witty Bill Marshall who runs the Toronto Film Festival, I nearly busted a gut. We’re in Positano (one of my favorite places in the world) after an event in Rome, so it took me a little while to get to the computer.  And, no, seriously, I’m not running for anything. But I do appreciate the props on the hair.

Richard Florida
by Richard Florida
Wed Jul 25th 2007 at 12:59pm UTC

Jurisdictional Advantage

Wednesday, July 25th, 2007

Over at The Intangible Economy, Ken Jarboe elaborates on the concept which undergirds our new research center at the Rotman School.

Richard Florida
by Richard Florida
Wed Jul 25th 2007 at 12:54pm UTC

Creative Class Fashion

Wednesday, July 25th, 2007

Banana
According to Women’s Wear Daily, Banana Republic dubs its fall campaign “urban style for the creative class.”

Richard Florida
by Richard Florida
Wed Jul 25th 2007 at 12:46pm UTC

Science and the Creative Class

Wednesday, July 25th, 2007

15465_3
[S]cience is moving away from the stereotype of men in lab coats. … [T]he new generation of scientists is an imaginative and creative
class of people from a wide variety of backgrounds.

Jonathan McDowell a leading researcher of black holes, dark matter and extreme astrophysics at the Harvard-Smithsonian Center for Astrophysics says in an interview with Earth and Sky, here.

Richard Florida
by Richard Florida
Tue Jul 24th 2007 at 2:44pm UTC

Money to Party

Tuesday, July 24th, 2007

Kevin Stolarick of the Creative Class Group and Lisa Taber of FortiusOne have paired up to develop a series of ‘heat maps’ that show the hottest places in the country based on your lifestage and some preselected criteria.  The maps allow you to zoom in on specific parts of the country or see how your current city compares to others.

Each map shows the best regions based on a variety of
criteria all evenly weighted.  In this case, "Money to Party" shows the
combination of cities that rate the best based on:
    Overall Cost of Living (lower is
better)
    Nightlife
    Rental Affordability (lower is
better)
    Number of Creative Class young & single in
the region
 
The criteria used for each map are listed & described
in the region to the left of the map. 

Only data for major US cities
(populations above 250,000) has been included.

 

The map itself is a heat map overlay on a standard Google
Map.  So, all of the usual Google map features are available: pan, zoom in
, zoom out, change the background, etc…
 

The "hotter" — yellow areas are those places that do
the best on the combined criteria.

Money to Party Map

Come back Monday to see next week’s map: Getting Ahead