CXtec, TERACAI local management sees Florida investment firm as the “right partner”

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Committed to staying, growing in CNY SALINA — Former CXtec and TERACAI Corp. CEO William Pomeroy “was very firm” in his commitment to finding the “right partner” to help the companies expand and grow jobs in Central New York. “That was … one of our top priorities in evaluating potential partners,” says Peter Belyea, who […]

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Committed to staying, growing in CNY

SALINA — Former CXtec and TERACAI Corp. CEO William Pomeroy “was very firm” in his commitment to finding the “right partner” to help the companies expand and grow jobs in Central New York.

“That was … one of our top priorities in evaluating potential partners,” says Peter Belyea, who has succeeded Pomeroy in the CEO role for both firms.

Belyea spoke with CNYBJ on Aug. 30, one day after the company announced that an affiliate of a Miami, Florida–based investment firm had acquired a “majority interest” in CXtec and sister company TERACAI.

Pomeroy, CXtec founder and CEO, has retired, and Belyea, who has been serving both companies as president, assumes the CEO role, “effective immediately,” the company said in an Aug. 29 news release.

Belyea will also keep the company president title, he said in the CNYBJ interview. He has worked for the firms for more than 26 years in “various” leadership capacities.

CXtec is the is the d/b/a name of CABLExpress Corp.

The Florida firm, H.I.G. Capital, is a private equity and alternative-asset investment firm, has more than $20 billion of equity capital under management.

The transaction closed on Aug. 26, says Belyea. CXtec and TERACAI had been considering the possibility of a new majority owner for about 18 months, he adds.

“We evaluated many potential partners and H.I.G. aligned most tightly with our commitment to remaining in Central New York. That was a top priority for [Pomeroy],” says Belyea.

They also believe H.I.G. will help “grow the organization” in a way that would provide opportunity for current and future employees.

H.I.G.’s acquisition provides an “opportunity for growth and expansion,” according to the release

“H.I.G. sees [CXtec and TERACAI] as a tremendous platform for both organic and inorganic growth… We look forward to supporting the existing leadership team in its efforts to continue to grow the franchise,” Ricky Stokes, managing director at H.I.G. Capital, said.

“H.I.G. is focused on growth, both organically and inorganically. We see that as an exciting opportunity to expand into market adjacencies and to expand our portfolio products,” says Belyea.

When asked about specific plans for growth at both CXtec and TERACAI, Belyea would only say, “It’s a bit too early for us to articulate those publicly.”

CXtec and TERACAI “will remain” in Central New York, having secured a “long-term” lease for their Salina headquarters. They’ll also maintain their distribution facilities at 621 East Brighton Ave. in Syracuse and sales office in Rochester, the firm said.

The now-retired Pomeroy, who founded CXtec in 1978, will continue to serve on the board of directors and retain a minority ownership interest in both companies.

“After extensive discussions and review with my advisors over many months, I am confident that this direction will provide the greatest opportunity to take CXtec [and] TERACAI to the next level and facilitate their long-term growth in the [Central New York] community,” Pomeroy said in the release.

CXtec, which operates at 5404 South Bay Road in Salina, buys and sells used networking hardware, phones, and cabling. The company employs 225 people.

TERACAI, which spun off from CXtec in 2009, says it provides businesses with core-networking infrastructures, which enable virtualization, unified communications, and cloud applications. It operates at 217 Lawrence Road East in the town of Salina and employs 45 people.

Founded in 1993, H.I.G. has invested in and managed more than 200 companies worldwide, according to the release.

The firm’s current portfolio includes more than 100 companies with combined sales topping $30 billion.

Belyea declined to disclose specific revenue information for both CXtec and TERACAI.

Contact Reinhardt at ereinhardt@cnybj.com

Avalon Document Services expands in Florida market

Energy, Environment & Sustainability, Manufacturing & Engineering, Small Business, Subscriber Only

SYRACUSE — Avalon Document Services has expanded its employee count in Florida with its acquisition of Southeastern Document Services (SDS), a small Tampa, Florida–based litigation support and eDiscovery provider. Syracuse–based Avalon didn’t disclose financial terms of the acquisition. Under the deal, Avalon will retain all three SDS employees and expects to add several workers in

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Unionized nurses to consider tentative contract with St. Elizabeth, Samaritan

Health Care, Subscriber Only

St. Elizabeth Medical Center (SEMC) In Utica and Samaritan Medical Center (SMC) in Watertown operated with unionized nurses during the Labor Day holiday weekend. Both hospitals reached tentative agreements with the union representing nurses at each facility, avoiding one-day strikes on Sept. 1 and nurse lockouts at each location. The New York State Nurses Association

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Lakeside Innovative Technologies expands in Sullivan to meet demand

Construction, Design & Real Estate, Energy, Environment & Sustainability, Manufacturing & Engineering, Small Business, Subscriber Only

SULLIVAN — Lakeside Innovative Technologies has added about 1,500 square feet to its facility in the Harbor Lights Business Park in the town of Sullivan. “We’ve moved into it now,” says Bob Hulchanski, the company’s president and sole owner. He spoke with CNYBJ on Aug. 29. He’s added the extra space as the company’s “shop

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SULLIVAN — Lakeside Innovative Technologies has added about 1,500 square feet to its facility in the Harbor Lights Business Park in the town of Sullivan.

“We’ve moved into it now,” says Bob Hulchanski, the company’s president and sole owner. He spoke with CNYBJ on Aug. 29.

He’s added the extra space as the company’s “shop floor is bursting at the seams with more than $2 million worth of machine stations,” according to the firm’s website.

Lakeside Innovative needs the extra room for new equipment to keep up with customer orders.

Hulchanski also decided to expand following his involvement in the U.S. Small Business Administration’s (SBA) Emerging Leaders program in 2015.

He had no plans to expand the business, but after discussions with people in the SBA program, he figured the extra space would allow the firm to help meet customer demand and to create more jobs.

Hulchanski describes his business as a “job shop, machine shop,” a contract manufacturer that doesn’t make or market a proprietary product.

“We get drawings and computer models supplied to us by our customers and we produce their parts to their specifications primarily in aluminum, plastic, copper, and brass,” he says.

Lakeside Innovative broke ground on the expansion in late June. J&S Construction of Central Square handled the construction work. Essex Structural Steel Co. Inc. of Cortland provided the steel beams, roofing, and walls for the $40,000 project.

Lakeside Innovative operates in an 8,000-square-foot space on a 9 acre lot at 2010 Enterprise Parkway, he says. The location is situated south of Route 31 on the south side of Oneida Lake.

The firm is currently the sole tenant of that business park, according to Hulchanski.

Lakeside Innovative, which Hulchanski launched in June 2006, currently has 10 employees, including Hulchanski, and his wife, Coleen.

The firm has added one full-time employee this year and is currently searching for at least one more additional full-time employee, perhaps two, before the end of the year.

The newest employee operates a computer numeric control (CNC) machine, as will the other workers that Lakeside wants to add.

The firm has also purchased two additional CNC machine centers, he says.

Lakeside’s customers include Falls Church, Virginia–based General Dynamics and the Copper John Corp. in Auburn, which produces archery equipment.

“We’ve been making parts for [Copper John] since 2006,” he says.

General Dynamics, one of Lakeside’s “top” customers, honored the Hulchanskis in Washington, D.C. in May 2015 with its “2015 Defender of the Year” award for producing more than 30,000 precision-machined parts used in the U.S. Army’s MAN-PAC radio “with zero defects,” according to a Dec. 22, 2015, SBA news release.

Lakeside’s operations
Lakeside Innovative Technologies uses CNC machining equipment, controlling those machines with computer-aided design (CAD) computer-aided manufacturing (CAM) software, says Hulchanski.

Machine operators tend the machines.

“Their job while they tend the machines is to load and unload the machines and then check in-process verification of sizes using machinists tools like micrometers and calipers and gauges,” says Hulchanski.

The firm takes raw materials, such as plastic or aluminum, and cuts, drills, taps, and machines them into finished parts.

“Those finished parts then ship to our customer and they get assembled into complete units of some other component,” he adds.

Lakeside supplies products for companies that make archery equipment; medical products; telecommunications products; automotive drive-train products for off-road vehicles; and the U.S. Army through its subcontractors.

“It’s a big mix,” he says.

For example, Lakeside makes cams for bows that archery companies sell. A cam is the wheel on a compound bow, Hulchanski says.

SBA assistance
Hulchanski started the company with the help of a $300,000 mortgage loan, so that he could build the structure where Lakeside operates, he says.

The SBA had backed that Patriot Express loan, he added.

The firm has since paid off the loan, according to Hulchanski.

Hulchanski was part of the 2015 class of the SBA’s Emerging Leaders program. In that program, he learned about creating an action plan for his company and making it a bigger company.

“Through that program, you do a lot of planning and documenting your business plan to grow,” he says.

Army service
Hulchanski, a DeWitt native, joined the U.S. Army in 1976.

He went to a machinist school in Aberdeen, Maryland in early 1977. From there, he was stationed at Fort Hood, Texas in spring 1977, working in a machine shop and “often rebuilding broken parts that needed immediate replacement during military exercises,” the SBA said.

Hulchanski would eventually serve a one-year deployment in South Korea, managing both American soldiers and South Korean civilians in the Army base’s machine shop.

His active-duty service ended in November 1979, after which he joined the Army Reserve back in Central New York.

Hulchanski also started working for Foursome Tool in East Syracuse, he says. Two years later, he joined Armstrong Mold Corp. in DeWitt, where he learned about operating a CNC machine.

Hulchanski worked for 24 years at Armstrong Mold before deciding to pursue his own business in 2006.

Contact Reinhardt at ereinhardt@cnybj.com

Crews to demolish Syracuse University building to make way for veterans’ complex

Construction, Design & Real Estate, Health Care, Small Business, Subscriber Only

SYRACUSE — Crews are beginning work to demolish the Hoople Special Education Building at 805 South Crouse Ave. on the Syracuse University campus. The university is demolishing the Hoople Building to create space for construction of the upcoming National Veterans Resource Complex (NVRC). To facilitate the demolition work, the parking lot at the corner of

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SYRACUSE — Crews are beginning work to demolish the Hoople Special Education Building at 805 South Crouse Ave. on the Syracuse University campus.

The university is demolishing the Hoople Building to create space for construction of the upcoming National Veterans Resource Complex (NVRC).

To facilitate the demolition work, the parking lot at the corner of Marshall Street and South Crouse Avenue was closed to the public beginning Aug. 29, the City of Syracuse and Syracuse University said in a news release.

Crews will temporarily use the lot for heavy equipment as part of the demolition. Both the school and the city expect crews to finish the work by January.

Syracuse owns the lot and leases it to the City of Syracuse for public parking close to the shops and restaurants along Marshall Street.

The City suggests that drivers use the paid lot located between First Niagara Bank and University College along East Adams Street. Metered street parking in the area will also remain available.

About the Hoople Building
Opened in 1953, the Hoople Building is named for Gordon Hoople, who graduated from Syracuse University in 1915 and its College of Medicine in 1919, according to its page on the Syracuse University Archives website.

Hoople served as a professor of otolaryngology at Syracuse’s School of Medicine and at, what is now, Upstate Medical University.

He also established the school’s Student Health Services in 1923 and served as chair of the school’s board of trustees from 1967 to 1971, according to the website.

About the NVRC
The NVRC, which is tentatively scheduled for completion in the spring of 2019, will offer vocational and educational programs designed to advance the economic success of the region’s and the nation’s veterans and military families, according to Syracuse University.

The NVRC is a “key pillar” of the Central New York regional economic-development council’s winning proposal entitled “Central New York: Rising from the Ground Up,” the school contends.

The complex will serve as the permanent home of the university’s Institute for Veterans and Military Families (IVMF), which has served more than 48,000 veterans and military families.

The NVRC will house the Syracuse University and Regional Student Veteran Resource Center; the Army Reserve Officer Training Corps; the Air Force Reserve Officer Training Corps; U.S. Department of Veterans Affairs “Vet-Success on Campus”; the National Center of Excellence for Veteran Business Ownership; Veteran Business Outreach Center and Accelerator; and Syracuse University’s Office of Veteran and Military Affairs, according to the school.

Syracuse University in June picked New York City–based SHoP Architects to “conceptualize” and design the new NVRC. The selection completed a six-month design competition.

Contact Reinhardt at ereinhardt@cnybj.com

SBA official to keynote women entrepreneurs’ event at Syracuse University

Small Business, Subscriber Only

SYRACUSE — An official with the U.S. Small Business Administration (SBA) is set to speak at the “Inspiring Women Entrepreneurs” event set for Sept. 8 at Syracuse University. Tameka Montgomery, the SBA’s associate administrator for the Office of Entrepreneurial Development, will present keynote remarks at the program, which is free to attend, according to a

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SYRACUSE — An official with the U.S. Small Business Administration (SBA) is set to speak at the “Inspiring Women Entrepreneurs” event set for Sept. 8 at Syracuse University.

Tameka Montgomery, the SBA’s associate administrator for the Office of Entrepreneurial Development, will present keynote remarks at the program, which is free to attend, according to a news release the SBA issued Aug. 25.

The event begins with a 4 p.m. networking session at the new Blackstone LaunchPad in Bird Library, followed by a 4:30 p.m. program in the Peter Graham Scholarly Commons with the keynote speaker and an entrepreneur panel.

It concludes with a resource fair featuring Syracuse University campus and community organizations.

Registration is available online at https://www.eventbrite.com/e/inspiring-women-entrepreneurs-tickets-27079574737.

“Colleges and universities are recognizing the increasing interest that the millennial generation has in pursuing entrepreneurship as part of their college experience. We’re pleased to partner with Syracuse University and other sponsors to raise awareness for students about the resources available to help them realize their small business dreams,” Bernard J. Paprocki, director of the SBA Syracuse District, said in the release.

Montgomery, a presidential appointee, leads SBA programs that serve more than 1.5 million entrepreneurs and small businesses nationwide.

She oversees the SBA’s Office of Small Business Development Centers, the Office of Women’s Business Ownership, and the Office of Entrepreneurship Education, the agency said.

The SBA is cosponsoring the event with the Blackstone LaunchPad, New York Business Development Corporation, WISE Women’s Business Center, and the Syracuse Technology Garden.

SBIR tutorials
The SBA has also released its small business innovation research (SBIR) online tutorials to help small businesses navigate the SBIR program.

The agency provides users with a mobile-compatible site to learn about the program through a combination of videos and text, according to the SBA.

The platform will provide accessible program information and training resources to “underrepresented” areas.

The courses are open to all with no registration or fee required.

“We are excited to introduce these tutorials. We know there are many small businesses in rural communities as well as young entrepreneurs that are unaware of this amazing program,” Mark Walsh, SBA’s associate administrator for investment and innovation, said in an agency news release. “SBA has pulled together resources from across the federal government, providing them in a format easily accessible on mobile devices, while allowing users to select just the information they need.”

The SBIR and small-business technology transfer (STTR) programs, also called “America’s seed fund,” inject $2.5 billion every year into small, “innovative and nimble” firms across the nation.

The mission of each program is to support research and development (R&D) in technical areas that align with American priorities, and build a strong national economy to meet the pressing needs of the federal government.

The federal government currently has 11 agencies with SBIR/STTR programs.

“This new source should be invaluable to entrepreneurs looking to take advantage of our SBIR and STTR programs, which are the largest source of non-dilutive early stage R&D dollars available to small businesses,” said Walsh. “Further, these courses will help the SBA provide timely and accurate information about the programs to our entrepreneurs regardless of their geographic location or ability to attend one of our conferences or SBIR road-tour events.”

With 52 modules housed within 10 courses, the platform addresses topics “relevant” to small businesses that are new to the SBIR/STTR programs and companies that have previously received SBIR funding.

Topics include agency differences, registration requirements, SBIR data rights, accounting, and how to find partners.

The SBA is developing more topics or future tutorials. Tools, resources, links, and quizzes accompany each tutorial to help users navigate the process of applying for and winning federal awards.

The SBA provides more information on its online tutorials at www.sbir.gov/tutorials.

Contact Reinhardt at ereinhardt@cnybj.com

Finger Lakes Wine Alliance names Dello Stritto executive director

People on the Move, Small Business, Sports, Entertainment & Tourism, Subscriber Only

GENEVA — Finger Lakes Wine Alliance, a marketing association for wines from the Finger Lakes region, announced that it has named Tracey Dello Stritto as its new executive director. Dello Stritto will lead the organization’s efforts to increase awareness of Finger Lakes wines and wineries across the country and the world. “We are extremely confident

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Veterans’ Resources Provide Important Employment Connections

Business Mentors, Insurance & Financial Services, Law, Accounting & Taxes, Small Business, Subscriber Only

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Recently, my office was contacted by a family member of a decorated soldier who had retired after serving 20 years in the Army at Fort Drum. In addition to serving the Army with distinction, he found the time to take college courses, earn a bachelor’s degree in business management, and raise a family. Armed with the leadership experience from the military and his college degree, it seemed that transitioning into civilian life and finding his next career would be easy.

Unfortunately, this soldier’s experience proved otherwise. He submitted hundreds of résumés to businesses throughout Central and Northern New York and received few interviews. When he did secure an interview, this veteran was told by a number of employers that they were unsure how his military experience could translate into “civilian employment.” Months went by and he still didn’t have a job. As you can imagine, facing these barriers to employment was frustrating, financially straining, and disappointing for him and his family. He proudly served our country and took pride with what he accomplished, yet his service was acting as a barrier to his next steps in life. It took more than four months for this veteran to finally land a job. Unfortunately, his experience is not an isolated instance and many veterans find it difficult to find a job after serving.

According to a report by the Institute for Veterans and Military Families at Syracuse University, the Bureau of Labor Statistics found that veterans who served post-9-11 face higher unemployment rates when compared to non-veterans and veterans who served during different time periods. These findings are concerning because employment plays an important role to transitioning into post-military life and has a positive impact on veterans’ lives. When employers hire veterans, they are getting a proven set of talented employees who are able to adapt, exhibit strong leadership and organizational skills, and have experience working in a team setting.

Some of the barriers to employment appear to be the lack of knowledge by employers about skills acquired in the military, how they can translate to their workforce and a lack of knowledge of existing programs that have been designed to help veterans with education, training, and employment.

New York State has some programs designed to help veterans to transition to civilian life and find employment. The New York State Division of Veterans’ Affairs has veterans’ benefit advisers who work with veterans on a case-by-case basis to connect them with services and benefits that may be available to them and their family. Contact them at (888) 838-7697 or online at http://www.veterans.ny.gov/. If a veteran is only looking for employment assistance, the Department of Labor has local veterans’ employment representatives at most career centers throughout the state. They specialize in advocating on behalf of veterans with business, industry, and community organizations to promote employment and training opportunities for veterans. They also provide services including job matching and job placement for veterans, conduct employer outreach, inform federal contractors of the process to hire qualified veterans, and promote credentialing and licensing opportunities for veterans. To find one nearby, visit www.labor.ny.gov/vets/employspec/veteransemployspec.shtm or call (888) 469-7365.

In addition to state programs, there are a number of locally established organizations whose mission is to help veterans transition. Clear Path for Veterans is a resource center that partners with local businesses and organizations to connect veterans and their families to resources they need. The Clear Path Employment Program aims to empower veterans and provides career-services support customized to the individual. Any veteran who seeks to start a career or desires to continue in his or her current workplace can benefit from a call or visit to Clear Path for Veterans. In addition to employment services, it offers programs for children of military families and spouses, recreational programs, and a “wingman” program that pairs new veterans with other veterans who can provide support and guidance. To find out more, visit http://www.clearpath4vets.com/ or call (315) 687-3300.

The Institute for Veterans and Military Families at Syracuse University is another organization that is dedicated to this issue. In addition to acting as a bridge between veterans, government, and employers, it also provides resources to veterans for employment opportunities and entrepreneurship. The institute’s focus is dual in nature — helping veterans transition into civilian life and to provide training and tools for employers so they can adopt strategies to make hiring military veterans a priority. To learn more about this program, visit http://vets.syr.edu/

As more men and women leave military service and enter civilian life, it is important for the state and the federal government to be responsive to their needs. We have a moral obligation to the men and women who sacrificed so much to protect and serve our great country. Their service to our country should not go unrecognized and certainly should not act as barrier to employment.

William (Will) A. Barclay is the Republican representative of the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact him at barclaw@assembly.state.ny.us, or (315) 598-5185.

MWBE Certification: What’s It All About?

Business Mentors, Insurance & Financial Services, Law, Accounting & Taxes, Small Business, Subscriber Only

Many people are talking about Minority and Women Owned Business Enterprise (MWBE) certification. What does it mean for your business? It can be a great way to open up many new business opportunities within your industry. No, you will not automatically win grants by having this certification and no, it does not ensure you will

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Many people are talking about Minority and Women Owned Business Enterprise (MWBE) certification. What does it mean for your business?

It can be a great way to open up many new business opportunities within your industry. No, you will not automatically win grants by having this certification and no, it does not ensure you will get a bid on a job you are seeking. However, certification will give you an edge over a business that is not certified in winning contracts from the government.

The benefit of becoming a certified MWBE business is that it puts you on a New York State (NYS) directory of certified minority and women-owned business enterprises list. This enables the state agencies and authorities, prime contractors, vendors, municipalities, subcontractors, and the private sector to look at companies that are certified to help to meet the NYS requirement of 30 percent of the project being performed by minority or women-owned businesses. As a certified MWBE, your company will have access to a variety of loan and bonding programs as well as programs that provide technical assistance.

Who qualifies as an MWBE company? To be certified as a minority or women-owned business, you must be an independently owned and operated business authorized to do business in NYS that is at least 51 percent owned and controlled by a minority member or a woman. That means the principal owner, whether minority or woman, must have knowledge of the day-to-day practices of the business and have a vested interest. The days of the wife taking over ownership on paper, but not really knowing the day-to-day business are over.

Now, let’s get down to business. What do you need to do in order to obtain the certification? You will need to fill out an online application by visiting the Empire State Development website at www. esd.ny.gov.

When you apply for the certification, you will need certain documentation. That includes the following, according to the MWBE Certification Planning Guide produced by the New York Small Business Development Center:

1.Résumés of all principals, partners, officers, and/or key employees of the firm

2. Bank signature card, bank resolution, or letter from the bank identifying persons authorized to conduct transactions on behalf of firm and level of authority and limitations, if any

3. Notarized personal financial statement for each minority or woman upon whom certification is based along with appropriate supporting documentation

4. Year-end balance sheets and income statements for the past three years (or life of firm, if less than three years); a new business must provide a current balance sheet

5. Firm’s tax returns for the past three years and all related statements, schedules, and amendments

6. Personal tax returns for the past two years for each minority or woman upon whom certification is based, including all schedules, W2s, statements, and amendments

7. Descriptions of all real estate owned/leased (including office/storage spaces, etc.) and documented proof of ownership/signed leases

8. Documented proof of contributions used to acquire ownership for each owner (i.e., both sides of cancelled checks)

9. Schedule of salaries paid to all officers, managers, owners, and/or directors (or other compensation or remuneration)

10. Proof of U.S. citizenship or permanent resident alien status and ethnicity (if applicable)

11. Appropriate proof of company formation, registration, publication, and/or assumed name (depends on type of company formed; please see actual application for details)

If applicable:

12. Operating agreement and any amendments

13. Proof of gender

14. Proof of minority status

15. Copy of the New York State Vendor Tax Registration

16. Proof of business activity in the form of a signed contracted or purchase order

17. Copies of all licenses, permits, certifications, and/or accreditations utilized by this firm to conduct business, including those held by individuals

18. Any certification, decertification, or denial-of-certification documentation

Note: This is only a sample listing. A more complete checklist can be found online at www.ny.gov/services/apply-mwbe-certification-new-york-state

Out-of-state businesses also might want to apply for the NYS MWBE certification. They must be certified in their home state first before applying to NYS.

Of course there are some online application tips to keep in mind.

1. You must answer all the questions and complete each section. If a section is not applicable, you must say that — do not leave it blank

2. Click “save & return” constantly

3. After uploading a document, be sure to select “Lock In” to ensure that it is saved

4. Print a hard copy of entries

5. Complete the electronic signature required to submit the application

6. Each section offers a self-help option — take advantage of that.

This certification is a great way to help you gain an edge in doing contract work with the government. However, don’t forget just because you are placed on a list, it doesn’t mean you will automatically have job opportunities flooding your gates. You still have to market yourself, network in the right circles, and have a good reputation in your field as well. The hard work will pay off in the end and you will be glad you became certified as an MWBE.

Melissa Zomro, a former small-business owner in the equine industry, is a New York State-certified business advisor at the Small Business Development Center at Onondaga Community College. Contact her at m.l.zomro@sunyocc.edu or call (315) 498-6066.

New York home sales fall more than 10 percent in July

Construction, Design & Real Estate, Sports, Entertainment & Tourism, Subscriber Only

New York realtors completed the sale of more than 11,700 previously owned homes in July, down 10.3 percent compared to the more than 13,000 completed sales in July 2015. That’s according to the housing-market report that the New York State Association of Realtors (NYSAR) recently issued. “The New York State housing market has been performing

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New York realtors completed the sale of more than 11,700 previously owned homes in July, down 10.3 percent compared to the more than 13,000 completed sales in July 2015.

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

“The New York State housing market has been performing at a very high level in 2016 and July was no exception despite falling short of the exceptional 2015 July sales total,” Duncan MacKenzie, CEO of NYSAR, contended in the organization’s news release. “The 11,736 closed sales represent the third-strongest July in the past decade and through the first seven months statewide sales are 11 percent ahead of the same point in 2015,” said MacKenzie.

The “persistent” decline in the number of homes available for sale is “starting to influence” the market as evidenced by the growth in selling price and the slowing of sales, he added.

“With fewer choices available, buyers are willing to pay more when they find the right home, while many more are still waiting for their dream home to come on the market,” said MacKenzie.

Sales data
July pending sales statewide were nearly unchanged at 12,223 compared to the year-ago total of 12,254.

Year to date (through July 31), New York realtors have sold more than 68,000 homes, up 11 percent from over 61,000 homes sold in the year-ago period.

The year-to-date statewide median sales price was $234,000, up 2.6 percent from the same period in 2015.

The July 2016 statewide median sales price of $255,000 was up 8.1 percent from the July 2015 median price of $236,000.

The months’ supply of inventory dropped 27 percent at the end of July to 7.2 months’ supply. That’s down from 9.9 months’ supply a year earlier.

A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 79,818 homes, down 18 percent from July 2015.

Central New York data
Realtors in Broome County sold 160 previously owned homes in July, up 6.7 percent from 150 a year ago, according to the NYSAR report. The median sales price fell nearly 5 percent to $106,500 from $112,000 a year ago.

In Jefferson County, realtors closed on 102 homes in July, up nearly 15 percent from 89 a year ago, and the median sales price fell almost 7 percent to $140,000 from $150,000 in July 2015, according to the NYSAR data.

The association also reports that realtors sold 184 homes in Oneida County last month, down more than 16 percent from 220 in July 2015. The median sales price rose nearly 1 percent to $125,000 from $124,200 a year ago.

Sales of previously owned homes fell 16 percent to 513 in Onondaga County in July from 611 a year earlier, and the median sales price rose nearly 2 percent to $145,750 from $143,000 a year ago, according to the NYSAR report.

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.

Contact Reinhardt at ereinhardt@cnybj.com

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