Scranton Real Estate News | Hinerfeld Commercial

It has been stated that one person’s gain is another person’s pain.

This appears to be the situation with the housing market in NEPA, particularly in regard to shelter for the poor.
Mike Hanley, executive director of the United Neighborhood Centers (UNC) of Lackawanna County, explains that Money magazine is predicting that Scranton will soon become one of the fastest growing metro areas in the United States. This growth is currently creating some side effects that Hanley’s organization must deal with.

“Yes, economic growth like this is good for the business community,” says Hanley. “But, what about the poor caught in the squeeze as prices for regional housing escalate? This growth has not been good for the poor and working poor.”

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The cost of doing business can be much higher for the poor, with a wide variety of businesses offering needed goods and services that are priced at higher than optimum levels.

Popular opinion indicates that many of these businesses are preying on individuals who have placed themselves in unfortunate economic circumstances. Others proclaim that these merchants occupy a vital area of commerce, and are assuming substantial risk while doing so.

John Cognetti, owner of Hinerfeld Commercial Real Estate Services, says that the arguments with higher-priced lenders and rental centers are all part of a good two-sided issue.

“Some of these businesses are performing legitimate services for their customers. Others are not, and are charging too much,” says Cognetti. “There are both sellers and buyers who abuse the system, and it works both ways.”

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Positive changes in downtown Scranton prompted a group of local investors this week to purchase the SNB Plaza at Lackawanna and Washington avenues.

The group led by Taylor contractor Carl Scartelli purchased the 49,000-square-foot building for $1.1 million.

Mr. Scartelli said development downtown and the pending reconstruction and streetscaping of Lackawanna Avenue made the building a good investment.

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