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Tag: Business

Home closings increase in 2020 along coastal SC counties despite COVID pandemic | Myrtle Beach Business

Myrtle Beach Realtor Travis Muir put a condo up for sale in September at Blue Water Resort on Ocean Boulevard and within an hour, it was sold.

Not an every day occurrence, the realtor for The Hoffman Group admits. But, after all, it’s 2020 and anything can happen.

“The biggest thing is pricing it within realistic market price,” Muir said, adding 2020 has been his best year for sales, pushing nearly triple what he normally does.

“With this one being an investment property, the price point for the rate of return… I think one of the biggest things, too, is the interest rates are lower than they have been in a very long time. That gives people more incentive to go ahead and make that jump. They were thinking of buying in a two- or three-year window, but now with the interest rates so low, people are moving faster.”

Closed

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Fall Parade of Homes highlights broad range of locations, styles and price points | Business News

Built on a 1.5-acre lot with panoramic views of rural Dane County, the $1.04 million home has five bedrooms, 4.5 baths and 5,200-square-feet of living space. The outside entryway is framed with 12 inch by 12 inch beams of Douglas fir, a bar in the basement is accented with two-inch-thick shelves made from cherry while beams on the living room ceiling are stained to match those on the entryway. The home offers up an elegant but clean and functional design from Bouril Design Studio, an architectural firm in Madison.



Fall Parade of Homes

Offices are popular among those considering a new home. Jason Kratochwill, founder of Jason Thomas Homes, has two offices in his home, which is part of the Madison Area Builders Association’s Fall Parade of Homes.




“What we’re seeing trend-wise in the market is a lot of modern takes on traditional styles,” Kratochwill said. “So, in this case,

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JCB challenged over machinery used to demolish Palestinian homes | Business

JCB, the British tractor and heavy machinery firm, which has donated millions of pounds to the Conservative party and at least £25,000 to Boris Johnson’s leadership campaign, may be in breach of the Organisation for Economic Co-operation and Development’s guidelines on exporting goods for use in the demolition of Palestinian villages in the Israeli-occupied West Bank, a UK government body has assessed.

The case is likely to test the degree to which multinationals are responsible if their export goods are being sold by local distributors in ways that infringe human rights.

JCB can now enter into government-overseen mediation with the NGO that made the claim or it can outright contest the claim.

The claim was launched by Lawyers for Palestinian Human Rights last December after JCB refused to communicate with the lobby group over claims that its tractors were being used to tear up Palestinian villages.

The little-known complaints procedure

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Why bankers are so worried about their small business loan books

That means that 57 per cent of people whose home loan deferrals were due to expire in September – some 22,900 borrowers owing a total of $8.7 billion – felt they were now in a position to meet their loan repayments.

As a result, the Commonwealth Bank has seen a gratifying improvement in its home loan book in the past month alone.

At the end of August, 9.8 per cent of its giant home loan portfolio (measured in terms of value) consisted of loans in deferral. By the end of September, this had dropped to 8.0 per cent. (This translates into some 93,000 home loans, with a combined value of some $37 billion.)

What’s more, October is likely to see a further steep fall in deferred home loans, with deferrals due to expire on some 52,000 home loans (worth a combined $20 billion).

If more than half of home loan

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Courts siding with insurance firms over business interruption claims | Business

A growing number of U.S. courts are ruling against employers who’ve filed insurance claims for business interruption coverage stemming from government-ordered coronavirus shutdowns.

The Insurance Information Institute reports insurers have won more than a dozen cases since May, with judges ruling that the policies only kick in if a property sustains physical damage. The business owners had argued that the coverage should have started when local or state governments issued stay-at-home orders that hampered their ability to operate.

A couple of Charleston-area cases are still pending in federal court. Black Magic Cafe says its losses started on March 17, when Gov. Henry McMaster ordered a temporary halt to dine-in services at South Carolina restaurants.

The historic Calhoun Mansion at 10 Meeting St., now known as The Williams Mansion, sued its insurer after a McMaster executive order shut down museums.



Charleston cafe takes on insurance firm in fight over coronavirus claims

A bill that would have required insurance carriers

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Colorado Springs heating contractor up for record sixth customer service award | Business

WireNut Home Services is hoping to become the first Colorado Springs business to win the Better Business Bureau of Southern Colorado‘s top customer service award six times.

The Colorado Springs-based electrical, plumbing, heating and air conditioning contractor, which won the award for the past four consecutive years and in 2009, tops the list of seven finalists for this year’s awards. All Smiles Dental Group, Endodontic Specialists of Colorado and Champion Windows & Home Exteriors also have won the awards five times, but none are finalists for this year’s award.

The nonprofit BBB has presented the award annually since 1995. It will present the 26th annual awards from 4-6 p.m. Oct. 22 during a free virtual gala on livestream and Facebook Live sponsored by Bob Penkhus Motor. The Mazda, Mitsubishi, Volkswagen and Volvo new vehicle dealer also is a finalist for the award, which would be the first for the 63-year-old

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Contractors still owed hundreds of millions | Local Business

The Housing Development Corporation (HDC) still owes contractors $588 million for outstanding work prior to 2015, HDC chairman Noel Garcia confirmed yesterday.

Of that sum, only $7 million is owed to small contractors, he said.

He told the Sunday Express the HDC hopes to pay off the small contractors by February 2021, from a fund it set up specially to meet arrears to them.

Garcia said the remaining sum is owed to bigger contractors and the HDC will honour its legal commitments to its contractors and service providers.

In July 2019, the HDC had quantified the debt owed to contractors at $698,516,843 after making 271 payments to contractors for the sum of $139,853,660 in June 2019.

Garcia explained that before the onset of the Covid-19 pandemic in March, the HDC had projected it would sell houses valued at $1.2 billion this year.

However, the State housing company has only managed

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Area homes sales up despite shortage | Northwest Indiana Business Headlines



Home Sales



Home sales in the Region remained strong in August despite the continued shortage of homes on the market and the rising prices, according to information from the Greater Northwest Indiana Association of Realtors.

GNIAR collects sales data from members in a seven-county area, including Lake, Porter, LaPorte, Jasper, Newton, Starke and Pulaski. In August, the members reported selling 1,246 homes, almost 100 more than August of 2019, or an increase of 8.3%. August was also up from July’s total of 1,227. For the year, sales are about 1% up from 2019 at 7,113 units sold.

The median price of a home rose almost 12% from a year ago to $211,500 and it jumped almost 5% from July’s median price of $202,000. So far this year, the median price of a home has risen 8% to $189,000.

GNIAR CEO Pete Novak said a total of about

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Bobcat equipment store opens in Waterloo | Business

WATERLOO — There’s been a Bobcat sighting in this Seneca County town.

Not the spotted animal, but the white, orange and black Bobcat line of equipment for excavating, plowing, mowing and countless other tasks requiring mechanical assistance.

Bobcat of the Finger Lakes opened at 3055 Sessler Drive on July 3, and general manager Kevin Francis, a Palmyra resident, said business has “met and exceeded expectations.”

Francis, who’s been with Bobcat for 10 years at the Fairport store, said company officials had been looking for a central location somewhere between Fairport, East Syracuse and Southern Tier stores for three years.

“There’s a good demand for Bobcat products in the Finger Lakes from contractors, commercial users and the agricultural community. We serve Seneca, Ontario, Yates, Wayne, Cayuga, Livingston, Monroe and Genesee counties,” Francis said.

Those officials saw the parcel — just east of the Lowe’s Home Improvement Store on Sessler Drive in

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Australia should brace for a wave of business failures and growing mortgage stress, the RBA warns, as support measures fall away


Australia’s central bank expects the number of small business failures will “rise substantially” as income and loan pressure builds.

With income support measures and more than $200 billion in loan deferrals set to expire, the Reserve Bank of Australia (RBA) says between 10% and 15% of businesses in hard-hit sectors won’t make it as they run out of cash.

“These businesses are in a tenuous position and are particularly vulnerable to a further deterioration in trading conditions or the removal of support measures,” the RBA wrote in its Financial Stability Review published on Friday.

“Survey evidence indicates that about one-quarter of small businesses currently receiving income support would close if the support measures were removed now, before an improvement in trading conditions.”

While the RBA acknowledged there was “a high degree of uncertainty about the magnitude and timing” of those failures, the prognosis doesn’t look good.

For one, the number

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