The week that was
New apartments for Uptown
A new apartment complex is set to rise in an Uptown parking lot on Fifth Avenue, the first new construction of a large-scale, market-rate apartment building in that community in decades. The seven-story Flats on Fifth, just blocks from Consol Energy Center, will feature 64 one-bedroom and 10 two-bedroom units renting from $1,200 to $1,500 a month. The developer, Downtown-based Castlebrook Development Company, estimates the cost of the apartment building at $10 million.
Clairton residents seek relief
Residents of a cluster of townhouses in Clairton were left wondering who will buy the property and make long overdue repairs after a deal to sell the Century Townhomes to a local attorney fell apart. The current owner, Century Arms Townhomes, filed Chapter 11 bankruptcy last year after it defaulted on $2 million in debt and and failed to pay more than $500,000 in taxes and utility bills. The proposed buyer was unable to complete the sale due to an unexpected family matter.
Bond owners beware
The CEO of Fragasso Financial Advisors, Downtown, said he is steering his clients clear of long-term bonds in light of the risks they pose in a rising interest rate scenario. Robert Fragasso said he only recommends short-term bonds with maturities of one year or less, or intermediate bonds of five years or less. While the Federal Reserve took no action at the end of its meeting this week and made no definite announcement on when it begin raising rates, the financial industry is anticipating rates will rise this year.
In case you missed it...
For people who need a way to document their personal possession in the event of a theft, fire or natural disaster, several smartphone apps on the market can help simplify the process. The apps allow users to add photos of their possessions, receipts and other important information such as warranties, purchase price and purchase date for each item. The details can be exported to save on a home computer or another device as a back up record.