Housing market tightens in Bay State
BOSTON – Amid signs of a nationwide housing market slowdown, the average price for a single family home in Massachusetts rose 16.8 percent over the last year, in figures released by the Massachusetts Association for Realtors for September. The average cost of a single family home in the state is now $251,900, the board reported. The chief executive of the Greater Boston Real Estate Board attributed the rise to a shrinking inventory and a willingness of people to pay a little more for the property they want, according to the Boston Globe. Meanwhile, the Realtors reported, the market for condominiums is even hotter, with the average price per unit reportedly rising 17.3 percent over the last year. The average is now $158,842, the Realtors reported.
Bradford Furniture going out of business
LITTLETON, N.H. – Founded 30 years ago in West Concord, Mass., Bradford Furniture announced that it would close all its stores by the end of this year. The announcement follows the news that Jordan Furniture was selling out to Berkshire Hathaway, Inc. Bradford executives announced that the lack of interest by the heirs to the business led to the decision to close its stores in Burlington, Danvers, Natick, Norwood, Pembroke and Nashua before the end of the year. Company owners said business at the stores remained good and the closings were not forced. One of the two partners in the company said efforts to sell the chain were unsuccessful.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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Delta to begin commuter flights from Worcester
WORCESTER – Delta Airlines announced that one of its subsidiaries, Atlanta Southeast Airlines, would begin regular service between this city and Atlanta starting Feb. 1. Only U.S. Airways serves the city now. Passengers at the airport have dwindled from the record 360,000 in the 1980s to the 77,000 who used the airport last year. Meanwhile the city had agreed to transfer ownership of the airport to Massport over the next five years. Massport operates Logan Airport in Boston, among other things. Gov. Paul Cellucci said the state’s strategy was to include a redeveloped Worcester Airport within a comprehensive regional transportation plan.
Iron Mountain to buy chief rival
BOSTON – Iron Mountain, Inc., an operator of storage warehouses, announced that it has agreed to buy its chief competitor, the Pierce Leahy Corp. of Pennsylvania for $1.2 billion in stock and debt. The acquisition is still subject to regulatory approval. Despite increasing revenues over the last few years, exceeding industry averages, Iron Mountain reported a $3 million loss in 1998, which the company attributed to interest charges and acquisition costs. The two companies are the biggest in the field and the combination would create a company with 350 warehouses in 33 countries.
Chamber chooses Pharm-Eco-Labs for award
LEXINGTON – The Greater Boston Chamber of Commerce has chosen Pharm-Eco-Laboratories, Inc., based here, as the small business of the year. Pharm-Eco is a drug development testing and manufacturing company. The company, which originated in California in 1972 and moved to Massachusetts in 1992 has been working on treatments for a variety of illnesses, including AIDS, Parkinson’s and Alzheimer’s. Revenues of $25 million are predicted for the company next year. The company has been growing at a rate of 40 percent a year for the last two years.
Sipex to buy Calogic
BILLERICA – Sipex Corp. is buying Calogic Corp. of Fremont, Calif. for $43 million in stock. Sipex is an integrated circuit manufacturer. Its purchase of Calogic increases its presence in the analog market and its product lines in the power-management area, considered the fastest growing area of the analog market. By purchasing Calogic which sells low-cost analog circuits to the Pacific Rim countries, Sipex extends its trade to a new area of the globe. Sipex business has been primarily in North America and Europe.
Summit Laser wins approval for new treatments
WALTHAM – Summit Technology, Inc. has won approval from the Food and Drug Administration to sell its Lasik lasers for treatment of farsightedness as well as a wider range of nearsightedness, the company announced. By winning FDA approval Summit will be able to compete with Visx, Inc., the leading eye treatment laser manufacturer. Visx has been selling its lasers for treatment of both far and nearsighted conditions for the last year.
St. Luke’s drops Medicare service
NEW BEDFORD – St. Luke’s Hospital announced that it would no longer accept Secure Horizons-covered Medicare patients, approximately 7,000 senior citizens. Secure Horizons is operated by Tufts Health Plan. The hospital is required by federal law to provide emergency care to the seniors, whatever health care coverage they have, but elective care will not be provided for Secure Horizons. Hawthorn Medical Associates, the region’s largest physicians group, announced they would continue to treat Horizons-covered patients, but that they might have to send them to Morton Hospital in Taunton for elective care. St. Luke’s had previously announced that it would terminate its contracts with Harvard Pilgrim Health Care’s First Seniority HMO and the United Health Care’s Medicare Complete HMO, asserting that the plans did not provide adequate funds to pay for hospital services.
