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Real estate sales fall 36% in the year
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Hinesville’s real estate sales have fallen 36 percent in the last year, and local Realtors expect the numbers to continue to dwindle as thousands of soldiers remain in Iraq.
In comparison, however, the market suffered a much larger blow following the high-volume deployment in 2005.
To date, 357 properties have been sold, while only a total of 321 were sold in 2005, George Holtzman of Holtzman Realtors, said. He based the statistics on information provided by the Hinesville Area Board of Realtors.
Comparing 2007 with 2005 figures, he noted sales are up 11 percent and growing. This past year, when soldiers returned from the 2005 deployment, real estate sales rose to 560, and Holtzman, along with other local realtors, are banking on the same kind of sales growth following the expected return of troops in the spring of 2008. He said soldiers deployed overseas are able to research real estate listings and make purchases online.
But he cautioned complications could arise.
Washington and Pentagon officials have begun talking about further extending the current deployments of troops (particularly Fort Stewart's 3rd Infantry troops) to a period longer than 15 months.
Congressman Jack Kingston (R-Savannah) has already said he would support the extension if the military requests it.
In regards to the extension, Allen Brown of Century 21 said, “Anything past 12 months is too long for our soldiers, let alone 15 months or longer. One of the biggest concerns is for our soldiers to return safely, and the present sales losses will eventually be recouped when they come back in 2008.”
The economic problems resulting from the interim lack of soldiers will worsen when roughly 4,000 4th brigade troops deploy from Fort Stewart in October, Brown said.
“Typically, there is a rotation of the military where soldiers are arriving and buying homes or leaving and selling homes. But that is not the case with this deployment. Currently, there is not much of a rotation since so many are gone for such a prolonged period of time, and we hope the soldiers begin to return when they’re expected” Century 21 real estate agent Linda Deloach said.
Despite the setbacks, the military community of Hinesville will be mostly untouched by the current mortgage-lending crisis throughout the country, Holtzman said.
“The (Veterans Administration) loans are still relatively easy to get, and they account for 90 percent of the financing we do in Hinesville,” Holtzman said. “The interest rates are fixed so the soldiers won’t encounter spikes in interest, and the VA interest rate (as of this past Tuesday) is 6.5 percent.”
The neighboring town of Richmond Hill has seen some financial effects from the absence of the troops, but not on the same level of Hinesville’s, Lynne Butler Bayens of Remax Realty, said.
“The homes in Richmond Hill are typically more expensive than in Hinesville, and we attract a different military buyer. We attract military officers with children in school who are less likely to deploy,” she said.
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GPA grows trade, market share
Intermodal volume up 20 percent
port photo
Rubber tired gantry cranes handle cargo at the Chatham Intermodal Container Transfer Facility at the Port of Savannah. The Georgia Ports Authority's Mason Mega Rail project will double rail lift capacity to 1 million containers per year by 2020 - photo by Provided

The Georgia Ports Authority achieved 14 percent growth in March container volumes, moving 355,208 20-foot equivalent unit (TEU) containers.

From July 2017 to March, TEU container trade grew by 9 percent, or 255,786 additional units for a total of 3.08 million, a new record for Savannah.

"Savannah's continued strength is a reflection of our customers' commitment, Georgia's leadership, and the many dedicated service providers, GPA employees and ILA members who come together every day to achieve great things," said GPA Executive Director Griff Lynch. "March marked our 17th consecutive month of business expansion thanks, in part, to a strong economy and growing market share."

Intermodal rail volumes jumped by 20 percent in March and 15.4 percent for the fiscal year to date, for a total of 318,454 containers handled over nine months – another record for the GPA.

"As the numbers show, our rail cargo is growing at a faster pace than our overall trade," GPA Chairman Jimmy Allgood said. "This is important because rail is playing a key role in our responsible growth strategy. We anticipate our rail infrastructure investments to take 250,000 trucks off the road each year by 2020."

The GPA recently broke ground on its Mason Mega Rail Terminal, on which the Port of Savannah will build 10,000-foot unit trains within its own footprint. From the expanded rail infrastructure at Garden City Terminal, Class I rail providers CSX and Norfolk Southern will provide direct rail service to major Southeast and Midwestern markets from Memphis to St. Louis, Chicago to Cincinnati.

An added benefit is that the Mason Mega Rail project will move all rail switching on terminal – improving vehicle traffic flow around the port.

In August, the GPA will open its Appalachian Regional Port in Murray County. Located in an industrial belt, including the production and export of carpet and flooring, automobiles and tires, the ARP will provide an alternative to all-truck transit to Northwest Georgia.

Each round-trip container moved via the Appalachian Regional Port will offset 710 truck miles on Georgia highways.

March was also a strong month for roll-on/roll-off auto and machinery units at the Port of Brunswick and Ocean Terminal in Savannah. Colonel's Island Terminal in Brunswick handled 66,144 cars, trucks and tractors, while Ocean Terminal added 4,050, for a total 70,194, a 17.2 percent increase.

"The global economy is thriving and our volumes are following suit," Lynch said. "As existing accounts grow their footprint in the expanding auto facility in Brunswick, Georgia's competitive logistical advantages are drawing additional business across all of our docks."

Lynch noted that for the fiscal year to date, Mayor's Point breakbulk terminal in Brunswick grew by 44 percent (34,515 tons) to reach 112,728 tons of forest products. At East River Terminal, bulk cargo expanded by 34 percent July-March (189,918 tons) for a total of 750,384 tons.

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