Investment propertyThe 100 Mile Peninsula: A Solution, A Lifestyle, A Future
Strong real estate markets and thriving local economies foster a diversity of business niches across the range of industries in an area. These mini- and micro-ventures hold clues for potential economic and social redefinition of communities when good times come to an end.
Niches based in almost any industry can provide new economic jumping-off points, but since our focus is real estate, we"ll concentrate on a fresh look at this major economic driver.
In your recession-ravaged area, one or more of the many boom-time niches of real estate buyers may hold the secret to:
rebuilding neighbourhoods
attracting viable business
creating a fresh-perspective on property ownership, and
stimulating investment with a new vision.
If your region has suffered significant loss of employment and withdrawal of industry, a fresh look at what is still good, if not great, about your area may be long overdue for residents, governments and everyone in between.
Employment and ready-made markets may originally have attracted you and many others to the area, but that alone would not be enough to keep you there. After all these years, what have you overlooked about why you like living there? In view of your answer, which existing businesses or real estate buyer types could inspire a re-emergence of value and migration into your area?
Windsor, located in the southern most county of Ontario, is a prime example of an area hit full-force by the current economic tsunami. Windsor and Essex County provide an excellent illustration of how expanding a niche, celebrating region-wide diversity and fast-forwarding on a widely-adopted marketing wave can accelerate a regional make-over. Although real estate values are reportedly 30-50% lower than comparable prices in Toronto, selling on this discount alone will not ensure a sustainable initiative—or sustainable communities.
Windsor is the main urban centre in Ontario"s southern-most county. The 100 Mile Peninsula map is both a reality and a trick of perspective:
A peninsula is a projection of land surrounded by water on three sides. The WindsorEssex Peninsula"s three water sides and touted 100-mile continuous shoreline consist of the Detroit River at its tip, Lake St. Clair on the north side and Lake Erie on the south.
Essex County, including Point Pelee and Pelee Island, has been re-branded "The 100 Mile Peninsula."
There"s much to learn from this innovative variation on the 100-mile theme. Not the least of which is how much easier it is to be successful when you use a clever, modern 21st-Century approach to put a fresh-face on a time-worn concept like retirement. The 100 Mile Peninsula website www.RetireHere.ca [ www.RetireHere.ca ] bills the WindsorEssex Peninsula as the ideal location for "a relaxed and comfortable lifestyle while easing into retirement."
The phoenix-like rise of Elliot Lake, Ontario, from the ashes of industrial collapse is proof that not everyone is attracted to an area because of employment. Affordable housing, a "green" lifestyle and a welcoming long-term commitment drew many retirees to this vibrant northern community.
Simple and effective, the Windsor-Essex re-branding may take longer for some existing residents and organizations to appreciate than those in the Greater Toronto Area who are prime targets for the marketing campaign.
During a transformation, some things are deliberate, some accidental. Serendipity is an important contributor. "New to us" innovative thinking must be cultivated when adapting lessons learned from other municipalities and projects. Some ideas work well from the start; some benefit from revision and others don"t work. Some residents and organizations get "it" from the beginning, others learn from the positive response of strangers to the area. It"s a mix of reactions. It"s madness, but it"s the best game in town.
The founding partners of the 100 Mile Peninsula project—the Windsor-Essex County Real Estate Board, Greater Windsor Home Builders Association Inc. (GWHBA) and Windsor-Essex Regional Chamber of Commerce (WERCC)—have experienced sufficient progress to formally incorporate their project, the Windsor-Essex Active Retirement Community Initiative (WEARCI), and to broaden commitments for re-branding of the Windsor-Essex Region.
Here are a few insights from the WEARCI process, as reported by Mike Dinchik, Executive Officer of the Home Builders Association and President of the new corporation:
Build on existing niches In midsummer 2007, Dinchik brought a group of GWHBA builder/developers together to explore the possibility of expanding on their individual efforts to market their real estate projects outside of the area. Working as a group, they could pool resources, extend their reach and reduce costs.
Incorporate local researchers and research The University of Windsor Centre for Business Advancement and Research [ The University of Windsor Centre for Business Advancement and Research ] carried out research to test the feasibility of regional marketing and, later, to explore WEARCI"s potential for funding and growth. (In your area, government agencies may share research and resources.)
Stress inclusiveness to gain buy-in and reduce redundancy In April 2008, a stakeholder meeting that included WERCC, local municipalities and a range of community-based organizations, including tourism, revealed that the Chamber of Commerce was about to launch a similar project, so they joined forces.
Prepare before you promote In December 2008, with funding and a common goal in place, WEARCI launched its media campaign. The website and toll-free number 1-877-963-2323 rounded out the campaign. Real estate professionals who wish to participate complete a short training program on the 100 Mile Peninsula Concept to ensure a strong, consistent message is delivered and standards are up-held.
Define "success" and measure progress Dinchik: "Each step we take, we interpret as success. Every time we get a response to advertising, get some hits on our website requesting information packages....We have been measuring "success" a little bit differently. If we can get people here—to take a look around and see what we have to offer—we feel that is a partial success. Long term, we want to see actual people move here—and it"s happening now and it has through this process."
Establish clear target markets This project began by focusing on "migrating retirees" interested in active lifestyles who currently live in the GTA. Advertising then spread across Ontario and Canada. Affordable real estate is the second promotional theme.
Build sustainable communities, don"t just sell real estate The initial focus on traditional retirement values has broadened to promote an active lifestyle for those at any stage of life. "We are not promoting any specific developments or lifestyle...the focus is more on promoting our Region and the amenities that would appeal to anyone," said Dinchik. A County-wide transportation study will investigate the feasibility of bus routes throughout the area and a current undertaking is cataloguing community organizations and resources.
Don"t think that an economic transformation is easy or that it will happen overnight. There"ll be dissension in the ranks, too. Windsor"s plant closings and the long-standing municipal strike are just two reasons that many citizens are on edge. Gaining consensus from layers of government and stakeholders galore is never easy. Creating in the face of global economic meltdown is daunting to say the least. However, the alternative to creativity is quitting—and that"s never been the Canadian way.
Let us share your community"s story of renewal: pjwade@TheCatalyst.com
Source: The Catalyst .