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.”

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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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Cos Cob is now home to a dedicated bagel business

GREENWICH — When the owners of Lenny’s Bagels were looking to open their third shop, Greenwich jumped off the map as the perfect location.

The town lacked a dedicated bagel shop, it already boasted a loyal customer base — and it perfectly lined up with their stores in Rye Brook and Pelham, N.Y., and co-owner Richard Damato’s home.

And after nearly 18 months of planning and work, Lenny’s Bagels held its grand opening at 207 E. Putnam Ave. in Cos Cob earlier this month.

The popular restaurant boasts a menu of breakfast sandwiches, burritos and omelets, breakfast bowls, cheese steaks, specialty sandwiches, wraps, smoked fish, cream cheese and more. And there are over 20 bagel choices, ranging from plain and sesame seed to garlic and even rainbow, with low carb and whole wheat options available, too.

The shops reflect the vision of brothers Richard and Steve Damato, who are carrying

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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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Topeka business leaders back Docking building renovation – Business – The Topeka Capital-Journal

The Greater Topeka Partnership, which includes Downtown Topeka, Inc. and the Greater Topeka Chamber of Commerce, are in support of renovating of the Docking Building, the state said at a committee hearing Wednesday.

DeAngela Burns-Wallace, Secretary of Administration, said she has been in talks with local business leaders, who are now in full support for the renovation.

Curtis Sneden, president of the Chamber of Commerce, confirmed such.

“We are supportive of a plan that will return the Docking State Office Building to its proper place as an important facet of downtown,” he said.

The Docking State Office Building, a 62-year-old 12-story high-rise adjacent to the Capitol, had long been neglected and plagued with issues. Former Gov. Sam Brownback had pushed to tear down the building, which was ultimately rejected.

Now, the next state legislature will be considering four proposed options in renovating the building. The one path the state administration

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Strict rules keep business out of New Mexico loan program

SANTA FE, N.M. (AP) – Only about $20 million of a $400 million loan program for New Mexico small businesses hit by the pandemic has been approved to send out since the program began in August, according to the state agency running the program.

“We created the program, believing that about 5,000 applications would be processed. And it’s a much smaller volume than that,” said New Mexico Finance Authority CEO Marquita Russel at a presentation to state legislators Tuesday.

Low participation has saved the agency money on contractors, Russel said.

But it’s also a sign that the legislation isn’t reaching many small businesses. Fewer than 900 businesses have applied for loans under the program, which range from $500 to $75,000.

That’s despite ongoing pain in the

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How Two Music Industry Professionals Launched A New Business During A Pandemic

When the pandemic hit the U.S. in March, married couple “Zito” and Christin Zito were trying to figure out next steps. Zito, who spent the past 20 years on the road most recently serving as production manager for Steve Aoki, and Christin, a celebrity hair and makeup stylist, weren’t sure what to do.

On Easter Sunday the couple was planning a cheat meal for their diet and Zito had a sourdough starter already made. While brainstorming what to make with it, they settled on sourdough cinnamon rolls. Having previously baked sourdough bread during Covid-19, the Zitos immediately knew there was something special about the sourdough cinnamon rolls. When Christin posted a photo on Instagram of their cheat meal,

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Historic mansion on Charleston’s Battery reopened as boutique hotel after renovation | Business

Throughout its history, the mansion at 20 South Battery has been known for its gatherings. Just last month, a historic marker was installed in front of it, naming it as the birthplace of the now 100-year-old Preservation Society

Founder Susan Pringle Frost hosted the organization’s first-ever meeting in the house in 1920. About 50 years before that, Colonel Lathers of the Union Army made the mansion a place where U.S. senators and New Yorkers met with locals.

Now-owner Dr. Jack Schaeffer, a native Charlestonian and part-time Sullivan’s Island resident, hopes the property’s reputation as a host will continue under his guidance. He’s just spent 18 months restoring the 1843 mansion after buying it in 2018. It was reopened as an 11-room boutique hotel on Sept. 10. 



Charleston preservation group closing in on goal for first capital campaign in 100 years

While the coronavirus pandemic has put his plans for utilizing the house’s large ballroom on pause, Schaeffer said a large

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South African Coffin-Maker Saw COVID-19 at Work and at Home | Business News

By CARA ANNA, Associated Press

JOHANNESBURG (AP) — The coffin-maker knew death too well. The boxes were stacked in his echoing workshop like the prows of ships waiting for passengers. COVID-19 was turning his business upside down.

Then it moved into his home.

Casey Pillay’s wife was a midwife, delivering babies for coronavirus-positive mothers in Johannesburg, the epicenter of the pandemic in South Africa — once fifth in the world in number of cases — and on the continent.

That she would be infected, they knew, was a matter of time.

When she fell ill during the country’s surge in cases, she retreated to the main bedroom. Pillay withdrew to a bedroom next door. Scared, he barely slept, managing a few hours before dawn as his wife wrestled with some of the worst days of her life.

“I’d literally be on eggshells listening to what she was going through,” Pillay

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