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Month: March 2020

Mar 2020

Inside Look: Lofts @ 79 Perry

The final component of Pegula Sports and Entertainments’ redevelopment of 79 Perry Street is complete.  Four apartments have been finished on the building’s fifth floor with two already leased. Pegula Sports and Entertainment redeveloped the former Hi-Temp Fabrication Building into a mix of uses.  The five-story, circa-1919 building is home to Labatt Brew House, The …

Mar 2020

The sun is shining on solar

How much value does a solar installation add to a property? It’s a question increasingly on the minds of consumers who are interested in the cost-benefit analysis of residential solar installations, also known as photovoltaic systems. If you haven’t already sold a property with solar panels, you probably will soon, so it’s important to understand …

Mar 2020

Marrano buys rest of Sherwood Meadows housing development from Burke

Marrano Homes, the leading locally based homebuilder in Western New York, has acquired a new housing development in Hamburg that it plans to more than double in size. Marrano paid $1.96 million to acquire the fourth phase of Sherwood Meadows, with 28 fully developed home sites on Carlyles Court, according to documents filed with the …

Mar 2020

Coronavirus, lack of inventory constricting Buffalo Niagara housing market

House hunters have their work cut out for them as the spring home buying season begins. The number of homes for sale fell to a 22-year low during February, further tightening a housing market that already had buyers scrambling to find homes. Listings are down by 12% from a year ago, making for intense competition …

Mar 2020

Buffalo homeowners gear up for downside of rising values

It is the dark cloud that comes with the silver lining Western New York homeowners have been enjoying in recent years. Buffalo is a one of the nation’s hot real estate markets, but higher home prices are pushing up property taxes. The storm cloud is hanging over many older and long-time homeowners in Buffalo now …

Mar 2020

How tax breaks affect the bottom line in Utica, Rome

As the city’s budget process heads toward the finish line, Utica lawmakers are looking at a $72.5 million spending plan for the upcoming fiscal year. If approved as proposed by Mayor Robert Palmieri, the budget contains a 1.9 percent property tax increase. Property tax accounts for $29.8 million, or 41 percent, of the budget’s revenue; …

Mar 2020

Rising home values: As investors cheer, low-income owners despair

          Published by The Buffalo News Residents of a number of neighborhoods saw assessments jump far above the citywide norm, and many say they’ve considered selling their homes to avoid tax delinquency or foreclosure. John Howell and his wife have begun to wonder where she will live when he is dead. …

Mar 2020

Coming to a mailbox near you, new assessments, new property taxes

Thousands of Western New York homeowners are opening their mailboxes to some sobering news–property reassessments, which will generally lead to higher property taxes. Despite property values going through the roof, New York has a firewall to prevent local governments from turning those higher valuations into tax windfalls. Tax levies are supposed to be capped at …

Mar 2020

Commercial real estate in Albany: Lots of demand for industrial and office space, and room to grow for coworking

Twice a year, CBRE-Albany releases an overview of the office and industrial market in the region. This week, the region’s largest broker released the report covering the second half of 2019. The data provides a snapshot of what’s happening in commercial leasing, development and construction trends across the region. Here are three takeaways from the report: Demand continues …

Mar 2020

Assessment notices blanket Lancaster; review deadline March 30

No one was spared in Lancaster’s revaluation blitz, as 19,202 assessment notices were mailed this week, the first time in a decade a townwide reassessment was conducted. Town officials and department heads said their own property values have increased from 19% to 48%. Supervisor Ronald Ruffino’s home on Pleasantview Drive saw a 26% increase, from …

Mar 2020

Steuben Trust a step closer to being sold

Steuben Trust is a step closer to being sold to Community Bank System. Steuben Trust shareholders at a special meeting on Tuesday voted in favor of the $109 million deal. Steuben Trust reported that 84% of the Hornell-based bank’s common shares were represented at the meeting, and over 98% of those shares voted in favor of …

Mar 2020

‘5 factors of awesomeness’ are key to Buffalo’s growth, global economist says

Buffalo is doing well in creating a live-work-play environment to attract and retain talent, but Western New York needs to do a lot more. It needs to do more to leverage the University at Buffalo. It needs to make it easier to do business locally. It needs to strengthen ties to Toronto and improve access …