Growth in Georgia thanks to our entertainment industry friends!

The film and entertainment industry has been using the state of Georgia to produce films since the early 1970s. Recently there has been a real trend in the Hollywood market to move more of their work to our well-endowed state. In 2006 Actor/Producer Tyler Perry opened the Tyler Perry Studios to South Atlanta, where he shot the film Daddy’s Little Girls (2007) and films his television situation comedy House of Payne, which began airing on TBS Superstation in 2006. In 2008 the BET network premiered the comedy series Somebodies, written by University of Georgia graduate Henry Cameron “Hadjii” Hand and filmed in Athens.

During the first decade of the twenty-first century, both public and private entities across the state worked to create new incentives encouraging filmmakers to bring their projects to Georgia. In 2001 the Georgia General Assembly passed legislation exempting the television and film industry from sales and use taxes on production-related expenses, and in 2005 it passed the Georgia Entertainment Industry Investment Act, which offered income tax credits for filmmakers who worked in Georgia. The legislation resulted in a revenue increase for the state from $124 million in 2004 to $475 million in 2006.

In May 2008 Georgia governor Sonny Perdue signed into law a revised Entertainment Industry Investment Act, which gives production companies a 20 percent tax credit for filming in Georgia. The inclusion of an animated logo promoting the state earns filmmakers an additional 10 percent credit. The ceremony for the signing was held at the studios of Turner Broadcasting System. I truly believe this trend has assisted in the growth of our state. All of our economy seems to be consistently growing. Stay tuned to see even more growth as developments increase, housing starts to increase and the foreclosure gap begins to close, all thanks to our entertainment industry friends!

Housing Market Changes

What impacts home values more than ANYTHING?

Anytime you see a chart or a graph like this, know this…. On paper you can make Napalm look like an antibiotic!

People that dabble in this industry marvel at such graphs. People that do this for a living that don’t understand such stats and graphs are always looking for that silver lining, that glimmer of hope that the hard times are over or are about to be. Here’s the deal, what’s going on in Wyoming doesn’t impact in the slightest what is going on in the Georgia.

Wow, did you see this? Average home sale prices are up 4.5%. So that must mean values are coming back right? No it means the average sale price of homes that sold in that time frame were higher vs. the sales prices of the homes that sold during another time frame.

If in August of 2013 there were a lot of $200,000 houses that sold vs in August 2014 there were a lot of $300,000 houses that sold do you see how that would dramatically impact a bar chart or a graph? The cool thing is that none of that matters, it’s just filler copy for radio, TV and magazine articles. What impacts your home’s value more than anything else is this… What are you neighbor’s houses selling for? What’s going on in your subdivision? Did a homeowner three streets over destroy his house before the bank could foreclose on it? When that happens it affects your home’s value. Then it impacts the subdivision and listen, you can fix a house but not a subdivision.

There’s a lot more to it than a 30 second news article you hear or see.

This is Reggie Moon Owner/Broker of Eclipse Atlanta Realty.

Remember, there’s an easier way.