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Month: June 2020

Jun 2020

Americans are eyeing homes in the suburbs as pent-up demand hits housing market

Coronavirus cases may be on the rise in some parts of the country, but that hasn’t stopped Americans from looking for homes to buy. And increasingly, those homes are in the suburbs. A new study from Realtor.com found that Americans are showing a more pronounced interest suburban and rural areas as the housing market recovers …

Jun 2020

Sonwil in talks to build food warehouse in Batavia

Sonwil Distribution is in talks about building a food and beverage warehouse in the Genesee Valley Agri-Business Park in Batavia, the company said Monday. The warehouse would serve food and beverage manufacturers and processing companies within the business park, along with others in the Buffalo and Rochester areas, said Peter Wilson, the president and CEO …

Jun 2020

Done Deal: Gold Wynn Buys Main Street Apartment Building

Gold Wynn has purchased another residential building. Gold Wynn Mercer Commons paid $1.9 million for the apartment building at 2813 Main Street at the corner of E. Depew Avenue. The four-story building contains 27 apartments and off-street parking for 22 vehicles. Mercer Commons LLC was the seller. The Mercer Commons building is across the street …

Jun 2020

GlobalFoundries to acquire more land in Saratoga County

GlobalFoundries has secured the right to purchase more land in Saratoga County near the chip manufacturer’s $13 billion Malta campus. The announcement comes as lawmakers are considering investing tens of billions of dollars in America’s semiconductor industry over the next five to 10 years to help the United States compete with China. GlobalFoundries said on Monday that …

Jun 2020

Uniland starts work on 12 upscale residences

  Uniland Development has started construction on 12 upscale residences near Gates Circle. The residences will be priced from $850,000 to $1.5 million. Uniland expects to complete the project in about 12 months. Uniland will build seven townhomes at Delaware and Lafayette avenues, facing Gates Circle, priced between $1.3 million and $1.5 million. The company …

Jun 2020

Owner Douglas Jemal eyes ‘little town’ at renewed Boulevard Mall

Developer Douglas Jemal sees a lot of similarities between his ongoing revival of the One Seneca tower in downtown Buffalo and what he wants to do with the Boulevard Mall in Amherst. The tower was “a sea of concrete” when he bought it, all but vacant, and now is opening to apartment dwellers, tech workers …

Jun 2020

New Index Reveals Impact of COVID-19 on Real Estate

Earlier this month, realtor.com announced the release of their initial Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted average of four key components of the housing industry, tracking each of the following: Housing Demand – Growth in online search activity Home Price – Growth in asking …

Jun 2020

Homebuyer mortgage demand spikes to 11-year high, as rates hit another record low

Buyers are rushing back into the housing market, enticed by record low mortgage rates and a pandemic-induced need to nest like never before. Mortgage applications to purchase a home rose 4% last week from the previous week and were a remarkable 21% higher than one year ago, according to the Mortgage Bankers Association’s seasonally adjusted …

Jun 2020

Nearly 3 Offers Per Home Sold in May 2020

Housing market conditions improved in May, according to REALTORS® who responded to NAR’s May 2020 Realtors® Confidence Index (RCI) Survey, a survey of REALTORS® about their monthly transactions. Transaction indicators pertaining to buyer offers, client tours, and listings all picked up in May. On average, there were about three offers on a home that closed in May, …

Jun 2020

How the Pandemic Has Changed What Home Buyers Want. Get Ready for ‘Mother of All Bidding-War Seasons.’

As stocks tumbled this past week, mortgage rates quietly shrank to near record lows, which means that conditions are perfect for house buyers, except for some nitpicks. Almost no one is selling. Prices are high. Open houses don’t pair well with pandemics. And banks are reluctant to lend—but only to people who need money. Despite …

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