Rehabarama

Rehabarama: It's About More than Just Houses!

CityWide Development Corporation has proudly served as project manager for all five editions of Rehabarama:

• McPherson Town (1993)
• Huffman Historic Area (1995)
• Historic Dayton View (1999)
• Historic Dayton View (2001)
• South Park Historic District (2001)

Rehabarama is a program that showcases restored historic homes and newly constructed homes, inspires neighborhood pride and sparks reinvestment. The latest edition of Rehabarama, in the South Park Historic District, was yet another major step toward the goal of restoring Dayton's urban neighborhoods to their former splendor.

With five successful Rehabaramas completed, the project has earned a national reputation as a catalyst for neighborhood revitalization. Locally, Rehabarama is considered the Dayton area's premier home show featuring renovated properties. Visitors to the South Park edition were impressed not only by the historic charm of the homes, but also by the attention to details such as hardwood floors, ceramic tile, original stained trim, and fireplace mantels. While not as immediately obvious as these physical details, equally impressive are the benefits that result from the renovation of these homes. These benefits reach far beyond the doors of each house.

Creating a Critical Mass

By focusing the collective resources of time, money and expertise from the City of Dayton, National City Bank, the Home Builders Association and CityWide Development in a relatively small area, it is possible to establish the critical mass necessary to change the housing market and people's perceptions of specific neighborhoods. In an area such as South Park, where property values have been relatively stagnant for years, few people are willing to take the risk of being the first to make the kind of investment necessary to renovate these older homes. By renovating and constructing eight houses so close together, setting high standards for quality work, and offering a value that cannot be found anywhere else in the Miami Valley, the Rehabarama team has accomplished the seemingly impossible: buyers and other visitors to South Park sense that this is a neighborhood truly on its way back and know that there will be others who share in that vision.

Stabilizing the Housing Market

People buy homes not only for the primary purpose of providing shelter, but also as an investment. For many, a house is the single largest investment they will ever make. If property values in a neighborhood are stagnant or declining, people are not willing to buy in that area. If properties don't sell, then comparable sales which appraisers use in order for banks to make loans cannot be obtained. The downward spiral continues…

Rehabarama homes sell, in part, because they are such outstanding values. The sale prices of today become the comparable sales of tomorrow. Now the person (and banker) eyeing that "fixer-upper down the street" can be confident that their investment in renovating a home can have long-term financial benefits. And so an upward spiral begins!

Building Wealth for Current Residents

As mentioned above, no one buys a home with the intention of someday selling it for a loss or seeing its value decline during the years they live there. As a result of increased property values, long-time residents who may need to make repairs to their homes or who may simply need funds for other purposes, now have the ability to use the equity that exists in their homes. Any increase in property taxes that may occur as property values rise is a small price for a homeowner to pay for the comfort of the knowledge that their primary investment is now increasing in value -- not to mention the physical improvement of their neighborhood.

Neighbors Who Care

All neighborhoods have community issues they need to deal with on a continuing basis: neighborhood watches, traffic concerns, children, etc. Few neighborhoods have too many volunteers to address these issues. Rehabarama homebuyers (and the new residents that follow) bring a fresh perspective and new energy to the task of dealing with these challenges. In addition, the usual group of neighborhood volunteers receives the opportunity to let someone else "take a turn."

"Less is More"

When a neighborhood makes the transition from one that needs the constant attention of city services to one that is empowered to take control of its own future, everyone benefits. Eliminating the dilapidated houses and building on vacant lots for Rehabarama, in and of itself, eliminates many traditional ongoing problems. Over time, as private investment increases, the need for city services decreases and the city can focus its energies in other areas in greater need of attention.

Creating New Markets for Builders and Renovators

According to the Better Business Bureau, the remodeling industry receives more complaints from consumers than any other type of business. Finding high-quality contractors who understand renovation of older homes is a huge challenge. Creating an environment where good contractors believe there is room for market expansion results in a win-win situation for consumers and the construction industry. Rehabarama gives customers an opportunity to see what professionals in the various trades are capable of doing. Contractors and suppliers in turn become exposed to these new markets. The City of Dayton, in general, with its aging houses and numerous vacant lots, presents many opportunities for those contractors who have the skills required to succeed in these specialized markets.

Rehabarama is about more than just renovating houses - it's about rebuilding the city, one neighborhood at a time!