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Month: May 2020

May 2020

Fiber Optic Property In NY Subject To Local Tax, Court Finds

A group of telecommunication companies can’t decrease the local assessments of their New York fiber optic property to zero because the property is taxable, a state court found, adding that the case was brought to the wrong forum. A state district court Wednesday dismissed the action by C enturyLink Communications LLC, Level 3 Communications LLC …

May 2020

Pier 1 plans wind down as coronavirus pandemic stalls search for buyer

Home goods retailer Pier 1 Imports said Tuesday it is seeking bankruptcy court approval to wind down its business entirely after it was not able to find a buyer due to the coronavirus pandemic. It said in a press release that it plans to sell its inventory and remaining assets, including its intellectual property and …

May 2020

It’s Amazon: Online retail giant coming to Clay warehouse

It’s Amazon. The online retail giant is the “mystery tenant” that will bring at least 1,000 jobs to Clay. “The biggest secret in all of Central New York is no longer a secret,” said Onondaga County Executive Ryan McMahon. “It’s a good day.” Anand Mehta, regional director of Amazon operations, appeared in a video message …

May 2020

Bolton business owners unhappy with revaluation

Several owners of lakeshore lodging businesses are unhappy with a townwide revaluation that includes large increases in their assessments, as they struggle with an economic shutdown and the expectation of a poor summer season. The tentative assessment for Candlelight Cottages on Lake George, owned by Heidi Hess, went from about $1.7 million in 2019 to …

May 2020

Coronavirus ‘tidal wave’ causes Connecticut real estate frenzy

A “tidal wave” of buyers are fleeing the coronavirus-ravaged concrete jungle for Connecticut, creating an unexpected uptick in the real estate market, according to a new report. Real estate agents told the Stamford Advocate that their well-to-do New York City clients have been snapping up single-family homes in areas like Westport, Greenwich, Litchfield County and …

May 2020

Hampshire developers threaten to sue Mamaroneck for rejecting project

Hampshire Recreation LLC got what it asked for and what it expected on May 6 when the Village of Mamaroneck Planning Board rejected its plans for a proposed residential project at Hampshire Country Club. After nearly five years of deliberations and hearings and demands for more information, the board denied Hampshire Recreation LLC a special permit …

May 2020

Pandemic Will Spur Hotel Industry Consolidation, Real Estate Conversions

Airlines have gotten a lot attention when it comes to the stunning economic fallout from the coronavirus pandemic.  Airline passenger revenue is likely to drop by 55% this year compared with last year, the International Air Transport Association said last month, for example. Yet the hotel industry, another travel-related business, is also facing upheaval. Shares …

May 2020

Fannie Says Q2 Will be Tough, but Housing, Healthcare Should Bolster Recovery

Fannie Mae’s Economic and Strategic Research (ESR) group says it expects the U.S. gross domestic product (GDP) to decline by 35 percent (annualized) in the current quarter. The loss of 4.8 percent in the first quarter, the largest decrease in six years exceeded Fannie Mae’s estimate of -3.3 percent because of a larger than anticipated …

May 2020

Mortgage applications from buyers jump 11%, signaling the spring housing market may not be a total loss

As some states reopen from the nationwide coronavirus shutdown and open houses reemerge, buyers are coming back to the housing market much faster than expected. Buyer demand kept mortgage application in the positive last week, up 0.3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications to purchase a …

May 2020

Mortgage rates settle near historic lows as the purchase market begins to pick up

Mortgage rates have held steady for the past three weeks, a remarkably calm period after early spring’s wild swings According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average crept up to 3.28 percent with an average 0.7 point. (Points are fees paid to a lender equal to 1 percent of …

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