Soaring homes sales in New York, CNY continue in March

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ALBANY, N.Y. — New York realtors sold just over 11,000 previously-owned homes in March, up nearly 37 percent from more than 8,000 homes sold in March 2020. Pending sales in March jumped more than 59 percent, indicating continued strong closed sales of homes will continue in the next couple months. That’s according to the New […]

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ALBANY, N.Y. — New York realtors sold just over 11,000 previously-owned homes in March, up nearly 37 percent from more than 8,000 homes sold in March 2020.

Pending sales in March jumped more than 59 percent, indicating continued strong closed sales of homes will continue in the next couple months.

That’s according to the New York State Association of Realtors (NYSAR)’s March housing-market report issued April 22.

“Closed and pending sales remained robust in March, marking the seventh straight month of gains in year-over-year comparisons,” NYSAR said.

Sales data

Pending home sales totaled 14,757 in New York state in March, an increase of 59.1 percent from 9,276 pending sales in the same month in 2020, according to the NYSAR data.

The roaring housing market sent home prices up sharply. The March 2021 statewide median sales price was $365,000, up 30 percent from the March 2020 median sales price of $280.000.

The months supply of homes for sale at the end of March stood at 2.9 months, down from 4.7 months at the end of March a year ago. A 6 month to 6.5 month supply is considered a balanced market, NYSAR says.

The inventory of homes for sale was 36,739 statewide in March, down 30 percent from 52,536 in the year-ago month.

Central New York data

Realtors in Onondaga County sold 297 previously owned homes in March, up more than 5 percent from the 282 homes sold in the same month in 2020. The median sales price rose nearly 8 percent to more than $167,000 from $155,000 a year ago, according to the NYSAR report.

The association also reports that realtors sold 152 homes in Oneida County in March, up nearly 37 percent from 111 homes sold in March 2020. The median sales price increased more than 16 percent to $147,500 from under $127,000 a year ago.

Realtors in Broome County sold 131 existing homes in March, up more than 32 percent from 99 homes a year prior, according to the NYSAR report. The median sales price rose over 6 percent to more than $122,000 from $115,000 a year before.

In Jefferson County, realtors closed on 109 homes in March, up over 31 percent from 83 in the year-ago month, and the median sales price of $170,000 was up nearly 46 percent from under $117,000 a year prior, according to the NYSAR data.

All home-sales data is compiled from multiple-listing services in New York state, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.

$3.9M paving project starts on Route 11 in northern Onondaga County

Construction, Design & Real Estate, Subscriber Only

CICERO, N.Y. — New York State Department of Transportation (DOT) Commissioner Marie Therese Dominguez on April 19 announced the start of a $3.9 million project to repave 2.1 miles of State Route 11 in northern Onondaga County. Crews will make improvements to Route 11 from Taft Road in the town of Clay through the village

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State starts nearly $2M project on Route 13 bridge in Ithaca

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ITHACA, N.Y. — Construction crews have started a $1.95 million project to rehabilitate the bridge carrying State Route 13 (South Meadow Street) over Six Mile Creek in the city of Ithaca, the state announced. When completed, the improved bridge will enhance safety and improve travel along a key roadway that provides direct access to Ithaca’s

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Grow-NY business contest accepts applications through mid-July

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Applications will be accepted through July 15 for the 2021 Grow-NY business competition. Grow-NY is a business contest that focuses on “enhancing the emerging food and agriculture innovation cluster” in Central New York, the Finger Lakes, and the Southern Tier regions of New York state, Empire State Development (ESD) said. The competition attracts “high-growth” food and agriculture

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Applications will be accepted through July 15 for the 2021 Grow-NY business competition.

Grow-NY is a business contest that focuses on “enhancing the emerging food and agriculture innovation cluster” in Central New York, the Finger Lakes, and the Southern Tier regions of New York state, Empire State Development (ESD) said.

The competition attracts “high-growth” food and agriculture startups from around the world and across the state, where they will compete for a combined total of $3 million in prize money.

The program will select up to 20 finalists from among the submitted applications.

For additional information about the Grow-NY competition and to apply visit www.grow-ny.com.

ESD is funding the contest through Gov. Andrew Cuomo’s Upstate Revitalization Initiative connected with the three regions — CNY Rising, Finger Lakes Forward, and Southern Tier Soaring. The competition is administered by Cornell University through its Center for Regional Economic Advancement.

In September, up to 20 finalists will be assigned mentors and enter the business-development phase. All finalists will receive entrepreneurial support and regional introductions, along with additional training on presenting their live pitches. Barring travel restrictions, all finalists will join an expenses-paid, three-day, business-development trip to the region for up to two team members.

The finalists will then present their business plans during the Grow-NY Summit, which is set for Nov. 16-17 as a hybrid (in-person and virtual) event broadcast live from Syracuse.

Winners are required to contribute to the upstate New York economy in the Grow-NY region through “innovation, job creation and industry-ecosystem development” and commit to operating in at least one of the 22 Grow-NY counties for at least 12 months.

One finalist will receive a top prize of $1 million; two others will be awarded $500,000 prizes, and four more will be given $250,000 prizes. Winners will also receive tax incentives and publicity support to announce their achievements across the Grow-NY region and in their home regions, ESD said.

Judging criteria

A panel of judges will evaluate the submissions on the potential for the entrant to generate revenue and maintain a cost structure that “allows for a competitive and sustainable business, demonstrate technological readiness or innovate to fulfill its value proposition.”

The criteria also include the team, or a “demonstration of a level of cohesion, completeness, and readiness within, and diversity and inclusion amongst the founders, employees, and advisors of the business that will allow the team to deliver on its potential,” ESD said.

Judges will also evaluate on customer value, or the “degree to which the entrant is providing something for which customers are willing to pay and addressing a substantial market.”

In addition, the judging criteria includes food and agriculture innovation, or “the extent to which the entrant is pushing what’s considered state-of-the-art in the food and agriculture industries and contributing to [upstate New York’s] status as a global leader in innovation in these markets.”

And the criteria also include the potential for creating “high-quality jobs in the Grow-NY footprint and relevance to the existing food and ag ecosystem,” per the ESD.

Millennial, Gen Z consumers prefer digital, in-person banking combo

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About 85 percent of Americans say they will use digital tools to conduct some or all financial transactions after the COVID-19 pandemic, according to a recently released survey report from KeyBank. However, Millennial and Gen Z consumers (which this study defined as those under age 35) prefer a combination of digital and in-person banking more often than

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About 85 percent of Americans say they will use digital tools to conduct some or all financial transactions after the COVID-19 pandemic, according to a recently released survey report from KeyBank.

However, Millennial and Gen Z consumers (which this study defined as those under age 35) prefer a combination of digital and in-person banking more often than older Americans, who would rather exclusively use digital-banking tools. That’s a “surprising” discovery for technology-forward younger generations, according to the KeyBank 2020 Financial Resiliency Survey, which the Cleveland, Ohio–based bank released Feb. 23. KeyBank has a significant presence throughout Central and Upstate New York, with its branch network and ATMs.

The survey also found more than one- quarter (28 percent) of people under age 35 say they want to create and update a budget with the help of a professional powered by technology. By contrast, just 6 percent of people 50 and over said the same. Rather, 51 percent of people age 50 and over would prefer to create and update a budget on their own using digital-banking tools, compared to 44 percent of people under age 35 who agree.

The 2020 Financial Resiliency Survey polled more than 1,200 Americans on their financial feelings after nearly a year of living through a pandemic, finding that 44 percent of people are “extremely comfortable” with digital-banking tools, “reflecting a massive shift” towards digital, “as our lives become increasingly virtual during the pandemic,” KeyBank said.

Generational preferences in digital banking could be a result of younger Millennials and Gen Zers experiencing financial firsts — such as budgeting and bill pay — during a “tumultuous” year, per KeyBank.

“The pandemic has accelerated the adoption of online and mobile banking, and consumers are increasingly comfortable with using digital tools to manage their money,” Jamie Warder, executive VP and head of digital banking at KeyBank, said. “The advantage of digital banking tools is that they are not one-size-fits-all solutions. With widespread economic fallout resulting from the pandemic, it is understandable that younger Americans are seeking guidance from trusted financial advisors to help them navigate uncharted waters, in addition to technology-enabled services that allow them to bank on their own terms. The future of banking includes both digital tools and human expertise.”

This survey was conducted online by Schmidt Market Research with 1,204 respondents completing the survey between Sept. 30 and Oct. 2, 2020. The target audience was between the ages of 18 and 70, and those who have sole or shared responsibility for household financial decisions.

Oswego Industries, The Arc of Oswego County plan on-site hiring event May 6

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FULTON — Oswego Industries and the Arc of Oswego County plan to hold an on-site hiring event on May 6 from 9 a.m. to 3 p.m. at their shared headquarters at 7 Morrill Place in Fulton. Both are nonprofits that support individuals with intellectual and developmental disabilities. The organizations have full- and part-time positions ranging

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DFS offers guidance for N.Y. insurers on managing climate-change financial risks

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The New York State Department of Financial Services (DFS) has issued a proposed, detailed guidance for New York–regulated domestic insurers, outlining the department’s expectations for managing the financial risks from climate change. The proposed guidance builds on the DFS circular letter on Sept. 22, 2020. That letter outlined the department’s expectations that all New York insurers start

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The proposed guidance builds on the DFS circular letter on Sept. 22, 2020. That letter outlined the department’s expectations that all New York insurers start “integrating the consideration” of the financial risks from climate change into their governance frameworks; risk-management processes; and business strategies, along with developing their approach to climate-related financial disclosure.

DFS is seeking input on the guidance, which will be finalized following a 90-day public comment period, per a March 25 department news release.

“This proposed guidance provides a blueprint for insurers to manage the complex financial risks of climate change,” Superintendent of Financial Services Linda Lacewell said in the release. “We look forward to receiving input from the industry, experts and others to help shape our final guidance. The imperative of climate change is now.”

The proposed guidance is the first climate-related guidance issued by a U.S. financial regulator, the department noted.

It is based on the New York Insurance Law; National Association of Insurance Commissioners manuals; and publications, guidance, and supervisory statements of international regulators and networks, such as the Bank of England Prudential Regulation Authority, the Network for Greening the Financial System, the International Association of Insurance Supervisors, the Sustainable Insurance Forum, and the European Insurance and Occupational Pensions Authority.

Among other things, the proposed guidance covers governance, business models and strategy, risk management, scenario analysis, and public disclosure. Each insurer is expected to assess the significance of climate-related financial risks to its business and take a “proportionate” approach to managing those risks that reflects its exposure to those risks as well as the “nature, scale and complexity” of its business, DFS said.

DFS will continue to develop its supervisory approach to managing and disclosing climate risks over time, considering U.S. federal and state regulatory developments, as well as evolving practices in the industry and in the international supervisory community.

Based on the industry’s progress and the impact of climate risks to insurers, DFS will also develop a timeframe by which insurers should have “fully embedded” their approaches to managing climate risks in their governance structures; risk-management frameworks; and processes, business strategies, metrics and targets, and disclosure methods.

Those interested are encouraged to provide comments on the proposed guidance by June 23. Instructions for providing comments can be found on the public consultation section of the climate-change page on the DFS website (www.dfs.ny.gov/industry_guidance/climate_change), the department said.

MVP Health Care to start offering level-funded insurance plans in July

Insurance & Financial Services, Subscriber Only

SCHENECTADY, N.Y. — Beginning this summer, MVP Health Care will offer “level funded” insurance plans to employers with more than 100 subscribers, or health-plan participants. Level-funded plans offer employers “an alternative to traditional fully insured or self-funded plan options,” MVP said. MVP will start offering the plans July 1, director of public relations at MVP

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Brown & Brown Insurance net income jumps 31 percent in Q1

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Brown & Brown, Inc. (NYSE: BRO), the Florida–based parent of Syracuse–based Brown & Brown Empire State, reported that its net income rose 31 percent to $199.7 million in the first quarter from $152.4 million in the year-ago quarter. The company’s net income per share increased almost 30 percent to 70 cents from 54 cents a year prior.

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ANCA seeks new leader as Fish is set to retire

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SARANAC LAKE, N.Y. — The Adirondack North Country Association (ANCA) will accept applications until May 7 for those interested in serving as the organization’s next executive director. Kate Fish — who has served as ANCA’s executive director for nearly 12 years — plans to retire later this year. The board of directors of ANCA, a

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SARANAC LAKE, N.Y. — The Adirondack North Country Association (ANCA) will accept applications until May 7 for those interested in serving as the organization’s next executive director.

Kate Fish — who has served as ANCA’s executive director for nearly 12 years — plans to retire later this year.

The board of directors of ANCA, a regional economic-development nonprofit, has launched a nationwide search to fill the position. A complete job description can be accessed at bit.ly/ANCA-ED.

“Kate is leaving a lasting legacy at ANCA and Adirondack North Country,” Jim Sonneborn, president of the ANCA board, said in a news release. “Her vision and bias toward action have helped ANCA become a real leader in sustainable economic development. ANCA’s clean-energy program and Center for Businesses in Transition are models for other rural areas, and we have Kate’s innovative thinking to thank for that.”

Fish also worked on a revolving-loan fund for small farms that ANCA will launch later this year, Sonneborn noted.

ANCA is an independent, nonprofit corporation that works to promote economic development across a 14-county region of Northern New York, with a focus on entrepreneurship, local agriculture, and clean energy. Since 1955, ANCA says it has leveraged the investment of hundreds of millions of dollars into key sectors that drive sustainable local economic development.

In 2019, ANCA took on operation of the Adirondack Diversity Initiative, when state funding enabled the hiring of its inaugural director.

“This is a great time for ANCA to attract an excellent new leader,” Fish contended. “I have accomplished what I set out to do over the past 12 years — building a skilled staff and board, establishing a strong clean energy program, securing new revenue sources, and accelerating our entrepreneur and small business programs.”

ANCA’s board has appointed a small search committee to manage the search process, including Ty Stone, ANCA board member and North Country Regional Economic Development Council co-chair. Stone is president of Jefferson Community College.

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