Frustrated by an outdated code compliance fee schedule and concerned about ongoing safety issues caused by vacant properties, the city of Rochester intends to augment legal procedures to rid neighborhoods of blighted structures. Fines for code violations will double, the time between ticketing will be cut in half and penalties of up to $1,000 a […]
The Rochester housing market would be one of the country's least vulnerable in a recession, a Redfin study determined.
Median rental rates in Rochester jumped by 11.4 percent year-over-year in March, according to the monthly report from Realtor.com. The overall median rent in Rochester climbed to $1,333 (a combination of studio, one-bed room and two-bedroom rates). One-bedroom rates experienced the sharpest increase, a spike of 13.9 percent to $1,238. Among the largest 50 metro […]
Rich Tyson remembers vividly the conversations that sparked his desire to buy rental property in the city of Rochester. He had been speaking with Tommy Davis, then the chaplain at the Monroe County Jail, about the legal system and what happened to inmates when their time behind bars ended. “He was saying that if you […]
Proposed legislation, a late-2020 law change and a possible bump in the corporate tax rate all should turn out to be beneficial for the affordable housing industry as objectives of the Biden administration play out. When the federal corporate tax rate climbs, investment options such as Low Income Housing Tax Credits (LIHTC) become more attractive. “Higher […]
Finding the right house is hard enough in today’s real estate world, where inventory remains at historically low levels. Factor bidding wars into the equation and homebuying becomes even more arduous. But the current market also may create a different type of sticker shock when it comes time to finalize a mortgage: more cash could […]
The coronavirus pandemic has devastated the hospitality industry and exacerbated on some fronts the continuing decline of brick-and-mortar retail, but lenders still have their checkbooks open when it comes to commercial real estate investment. You may not want to propose to your banker an upscale hotel project or luxury apartment building, but development ideas in […]
Further transformation of Rochester’s El Camino neighborhood kicked off on Thursday with the official groundbreaking of Pueblo Nuevo I. Pueblo Nuevo (“new town” in Spanish) is a $25 million redevelopment project spearheaded by Ibero-American Development Corp., the development arm of the Ibero-American Action League, Inc. The project will transform 20 vacant, underutilized or di[...]
WASHINGTON (AP) — U.S. sales of new homes shot up in March to the fastest pace in 8 months, as more Americans are upgrading their houses in a positive sign for the broader economy. The Commerce Department said Tuesday that new-home sales rose 5.8 percent last month to a seasonally adjusted annual rate of 621,000, […]
Spending months to find the perfect home in your price range, only to have your mortgage application rejected, or a home inspection turn up expensive repairs, is a nightmare — one that is coming true with increasing frequency, according to a report from real estate listings website Trulia. A Trulia analysis of U.S. listings shows […]
— Inspired by his own experience living in a New York City apartment building that was converted into high-priced condos, a 71-year-old former state regulator is taking on developers citywide on behalf of seniors and disabled tenants. Walter Goldsmith claims in a state lawsuit filed late Tuesday that landlords have ignored a decades-old law that […]
One of the keys to success in the apartment market is to understand the minds of renters. They are the lifeblood of an apartment complex, and as a result, communities must cater to their needs and desires to retain them as tenants. The mindset of apartment tenants has changed over the past few years. It […]
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