On Wednesday night, after the scintillating performance by Dr. John at the Lucas Theatre, I joined a group of friends at the new Winston’s Wine Bar in the basement of Churchill’s Pub on Bay Street. The elegant but cozy atmosphere offers a much needed option for downtown drinkers and diners.
Winston’s occupies the long, narrow space beneath Churchill’s street-level bar. Entry is through a door next to the hostess stand and also via the stairs or elevator at the rear of the building.
The ceiling at Winston’s is low, but not uncomfortably so. The old brick walls give a sense of history and convey a sort of privacy at the comfortable tables, which can be easily combined for larger groups.
The lighting is pleasant, and the jazzy music in the background is loud enough to be enjoyed but soft enough to allow for extended conversation.
Winston’s offers a fairly broad selection of wines by the glass, with even more options by the bottle. Guests can also order from the full bar.
Winston’s food menu presented some tempting appetizers and small plates. I was thrilled with the quality of the British cheese board ($14), which included a stilton, a cheddar, a double Gloucester and a white stilton with cranberry.
The surprisingly mild cheeses were served with a nice mix of nuts and dried fruit.
Downtown Savannah has a lot of bars but few that offer the atmosphere that can be found at Winston’s. I suspect it will quickly become a regular destination for those looking for more quiet and privacy than downtown’s louder nightspots offer. It was certainly an ideal spot to wind down after such a fine Savannah Music Festival production.
You can read more about Winston’s Wine Bar on the Churchill’s website (http://www.thebritishpub.com).
Local unemployment down again
Savannah metro area unemployment fell to 7.8 percent in February, according to the Georgia Department of Labor. That number, which is not adjusted for seasonality, is down significantly from 8.7 percent in February 2012.
That’s a fairly rapid pace of decline, but it will be 2015 or so before we could fairly say that the local labor market has fully recovered from the 2007-09 recession.
Athens, Gainesville and Warner Robins were the only metro areas in the state with lower unemployment rates in February than Savannah.
The data show a decent .9 percent increase in the size of the local labor force over the past year, with an increase of almost 2 percent in the number of area residents who report themselves as working.
The gains were spread relatively well across the three counties — Chatham, Effingham and Bryan — that comprise the metro area.
A few thoughts on the rebound in home prices
The most recent S&P/Case-Shiller home price index for 20 major metro areas showed an 8.1 percent increase over the last year.
Zillow’s home value index estimates a similar improvement for the Savannah metro area, with an increase of 8.9 percent between February 2012 and February 2013.
The recovery in local home prices has come sooner and been more robust than I anticipated.
There are a number of factors at play.
As the local labor market has improved, we’re seeing more buyers come off the sidelines. The pace of foreclosures and distressed sales seems to have slowed.
While the improving economy has supported prices, it’s also worth noting that we’re likely seeing the effect of federal policies encouraging low interest rates.
But how long will that last? What will happen to home prices when the Federal Reserve allows interest rates to rise?
Well, since the Fed has signaled that it will continue to support the economy until unemployment has declined significantly, we probably won’t see any dramatic drop in home prices in the foreseeable future.
Yes, an eventual increase in interest rates will put downward pressure on home values, but that increase will almost certainly come at a time when the general economy is stronger than it is now. At that point, the housing market should be able to stand on its own.
It’s also worth noting that current prices in many neighborhoods seem to be in an appropriate balance with prevailing rents.
When a friend recently mentioned the asking price of a property near me, my first thought was that the price is just too high.
But the prospective buyer’s monthly payment would be less than he is currently paying in rent and less than the home’s likely rental income.
So I don’t see any sign of the bubble being reinflated, even though prices seem to have rebounded sharply from a year ago in many areas.
City Talk appears every Tuesday and Sunday. Bill Dawers can be reached via billdawers@comcast.net and http://www.billdawers.com. Send mail to 10 East 32nd St., Savannah, GA 31401.