Bad economy? Remember the Revolutionary War?

Worried about our economy? Polls are showing that it's the #1 concern right now, so you're not alone. Of course if you think it's bad now, it's a good thing you weren't around during the Revolutionary War.

I'm no historian, but last week I tackled the voluminous biography of Alexander Hamilton by Ron Chernow. It has been fascinating to learn about the life of this founding father. It has struck me as I read that many of the issues we face today are no different in principle than when the country was formed- state powers, taxation, economy, size of the federal government, etc.

As far as the economy during this period, it was bad and getting worse. The continental congress printed money after the colonies declared independence from Britain, but this currency, known as continentals, was soon worthless. People had to barter for goods and services or continue to use a foreign currency. It didn't help that during the war, Britain counterfeited continentals and ensured the rampant inflation. (more about colonial currency)

The weak central government was completely at the mercy of the states for revenue and had no money to pay the military. This undermined morale and greatly concerned General Washington. After the war ended, the congress narrowly avoided a military uprising by paying the soldiers with land from upstate New York.

Okay, enough of my book report. It just gives us some perspective to understand this piece of history, especially as we consider the current economic situation. In light of this and a good dose of optimism, I tend to think things aren't as bad as reported on the news. Cycles are an inherent part of economies and markets. It's a healthy thing.

Most of the articles I'm reading lately proclaim that the local real estate market isn't getting worse, it's just smaller. Much of the research shows that while there are, in fact, fewer homes selling, the values have continued to appreciate.

It's important to understand the market but yet not be paralyzed with fear. Otherwise, like Alexander Hamilton, you may miss out on purchasing some bargain real estate in Manhattan. :)

-Peter

www.NashvilleCityHomes.com

Nashville, Then and Now

I found myself strolling through Barnes & Noble last weekend while the kids were playing at the train table and came across a very interesting book called Nashville Then and Now. I’m always curious about the history of downtown and so I picked it up. It was full of pictures comparing scenes from a hundred years ago to the same location today.

For example, did you know that where Riverfront Park currently is, there used to be a busy wharf where boats would load and unload their goods? Here’s a neat picture along 1st avenue from shortly after the Civil War.

It was also interesting to learn that the North side of the capital used to filled with slums and crime until Nashville, the nation’s first urban renewal city, cleared the area in 1949 and built James Robertson Parkway. Before it was redeveloped it was often reffered to as "Hell's Half Acre".

In addition to seeing some of the changes that have taken place in Nashville over the last century, it’s also fascinating to see what still remains. Some of the pictures of Historic Edgefield looked remarkably similar to current ones. Also, many of the downtown buildings look just the same such as the Customs House, and the Hume Fogg Magnet school with it’s origins as the first public high school in Nashville.

I love exploring the history of Nashville, especially as it relates to real estate and the buildings that we still have today. It would be interesting to see how Nashville continues to grow and change over the next 100 years. I wonder if Barnes and Noble will still be around...

-Peter

www.NashvilleCityHomes.com
REALTOR. City Home Specialist.