(Music)
>> Elissa Marra: JUST AHEAD ON
"NEED TO KNOW," THE RACE FOR
GOVERNOR CONTINUES TO HEAT UP.
ONE CONTENDER WAS IN TOWN
TODAY TO DRUM UP SUPPORT.
WE'LL TELL YOU WHAT HE HAD TO
SAY.
AND ARE YOU LOOKING TO BUY A
HOME IN THE GREATER ROCHESTER
AREA?
GOOD LUCK FINDING ONE.
IT'S A SELLER'S MARKET.
WE'LL TALK WITH INDUSTRY
EXPERTS TO FIND OUT WHETHER
YOU CAN FIND THE HOME THAT'S
RIGHT FOR YOU.
PLUS WE'LL BE JOINED BY BEN
RAND OF THE "DEMOCRAT AND
CHRONICLE" FOR THIS WEEK'S
"BUSINESS SECTION," AND WE'LL
PROFILE A LOCAL PROFESSOR WITH
A KNACK FOR MAKING JEWELRY.
BUT FIRST, OUR LOCAL REAL
ESTATE MARKET, COMING UP NEXT
ON "NEED TO KNOW."
>> IT'S THE BEST SELLER'S
MARKET IN ROCHESTER IN
PROBABLY 20 YEARS, IF NOT EVEN
LONGER.
>> THIS IS "NEED TO KNOW," THE
ROCHESTER AREA'S ONLY IN-DEPTH
NEWS PROGRAM.
"NEED TO KNOW" IS A PRODUCTION
OF WXXI NEWS AND PUBLIC
AFFAIRS, COVERING ISSUES,
POLITICS, EDUCATION AND
CURRENT EVENTS.
>> "NEED TO KNOW" IS MADE
POSSIBLE BY THE DAISY MARQUIS
JONES FOUNDATION, BY DORSCHEL
LEXUS, AND THROUGH THE SUPPORT
OF VIEWERS LIKE YOU.
>> Elissa Marra: THANK YOU FOR
JOINING US.
I'M ELISSA MARRA.
GARY WALKER HAS THE NIGHT OFF
TONIGHT.
DEMOCRATIC GUBERNATORIAL
CANDIDATE ANDREW CUOMO TOURED
WESTERN NEW YORK TODAY,
INCLUDING ROCHESTER, AS PARTOF A FOUR-DAY BUS TOUR OF
TWELVE NEW YORK CITIES.
CUOMO FORMALLY ANNOUNCED HIS
CANDIDACY AGAINST STATE
COMPTROLLER CARL McCALL FOR
THE DEMOCRATIC PARTY
NOMINATION ON TUESDAY.
WHILE TOURING UPSTATE, CUOMO
CONTINUED HIS ATTACK ON GEORGE
PATAKI AND PLEDGED TO IMPROVE
PUBLIC EDUCATION, CUT TAXES
AND INVIGORATE THE UPSTATE
ECONOMY.
AND JOINING ME IN STUDIO TO
DISCUSS THE RACE FOR GOVERNOR
IS AM 1370'S MARK GIARDINA.
MARK, THANKS FOR COMING IN.
A BUSY DAY FOR CUOMO TODAY BUT
HE REALLY GOT ALL OF THE
ATTENTION YESTERDAY WITH SOME
COMMENTS HE MADE ABOUT THE
GOVERNOR IN BUFFALO.
>> Mark Giardina: HE WAS
TALKING TO SOME NEWSPAPER
REPORTERS IN BUFFALO, AND HE
MADE THE COMMENT THAT GEORGEPATAKI HELD THE COAT OF MAYOR
GIULIANI AFTER THE 9/11
TERRORIST ATTACK,
AND THAT OBVIOUSLY GOT SOME
REPUBLICANS UPSET.
THE GOVERNOR HIMSELF WAS
INTERVIEWED BY SOME REPORTERS
AT A DIFFERENT NEWS EVENT.
THEY BROUGHT IT TO HIS
ATTENTION AND HIS FIRST
REACTION WAS, "HE SAID THAT
ABOUT ME?"
AND THEN HE RECOVERED FROM
THAT AND REALLY HAD NO COMMENT
AFTERWARDS.
>> Elissa Marra: HE APPEARED
TO BE STUNNED, SAID HE WAS
STUNNED.
AND ACTUALLY, CUOMO'S COMMENTS
WERE PRETTY ROBUST.
IT WASN'T LIKE AN OFFHAND
COMMENT.
HE ACTUALLY SPOKE WITH
REPORTERS ABOUT THIS AT
LENGTH, DID HE NOT?
>> Mark Giardina: THAT'SCORRECT, YES.
BASICALLY WHAT HE WAS SAYING
IS THAT GIULIANI WAS THE
LEADER AFTER 9/11 AND PATAKI
WAS JUST THERE FOR THE
PICTURES AND TO BE IN THE
BACKGROUND, SO TO SPEAK, TO
TRY TO GET SOME OF THE
PUBLICITY.
THAT ANGERED NOT ONLY PATAKI
BUT A LOT OF REPUBLICANS
ACROSS THE STATE.
>> Elissa Marra: REACTIONS
FROM THE VARIOUS CAMPS?
I KNOW SENATOR BRUNO HAD SOME
REACTION; I KNOW CARL McCALL
HAD SOME REACTION.
>> Mark Giardina: SENATOR
BRUNO HAD REACTION.
I THINK THE BEST REACTION WAS
FROM MAYOR GIULIANI WHO SAID,
"LOOK, WE HELD EACH OTHER'S
COATS.
WE WERE THERE FOR EACH OTHER.
PATAKI WAS THERE TO HELP ME; I
WAS THERE TO HELP PATAKI, ANDTHE OVERALL PURPOSE WAS TO
HELP THE PEOPLE AFFECTED BY
9/11."
>> Elissa Marra: THIS IS THE
FIRST TIME THAT 9/11 HAS BEEN
INVOKED IN THE POLITICAL
CAMPAIGNS THAT I CAN REMEMBER,
AT LEAST IN THIS STATE,
CORRECT?
>> Mark Giardina: THAT IS
CORRECT.
YOU HAVE TO BE CAREFUL WHEN
YOU TALK ABOUT 9/11.
IT'S SOMETHING THAT YOU DON'T
WANT TO POLITICIZE, AND CUOMO
MAY HAVE STEPPED ON A LAND
MINE BY DOING THAT.
WE DON'T KNOW THE OVERALL
REACTION YET, BUT CERTAINLY
IT'S GIVEN REPUBLICANS THE
FUEL FOR THE FIRE, SO TO
SPEAK, TO BRING THIS BACK UP
IN THE CAMPAIGN AS THE
CAMPAIGN PROGRESSES.
>> Elissa Marra: AND CUOMO DID
MENTION THAT MANY PEOPLE TALKABOUT 9/11, BUT HE SAID
SOMETHING ALONG THE LINES THAT
WHEN HE TALKS ABOUT IT, IT
GETS POLITICAL BECAUSE HE'S A
CANDIDATE.
BUT IT'S ALSO A STRATEGY.
TALKING ABOUT GOVERNOR PATAKI
AT ALL IS A STRATEGY, CORRECT,
TO TAKE ATTENTION AWAY FROM
THE FACT THAT HE AND McCALL
ARE ACTUALLY RUNNING AGAINST
EACH OTHER FIRST?
>> Mark Giardina: THAT IS
CORRECT.
HE'S LOOKING PAST THE
SEPTEMBER PRIMARY TO NOVEMBER.
HE'S CONCENTRATING
PARTICULARLY ON PATAKI.
HE'S TRYING TO CLAIM THAT THE
UPSTATE ECONOMY HAS NOT
RECOVERED BECAUSE OF PATAKI
AND THAT THE STATE BUDGET IS
LATE BECAUSE OF PATAKI.
HE WANTS TO IGNORE CARL
McCALL.
HE DOESN'T WANT McCALL IN THEPICTURE AT ALL.
BUT McCALL IS THERE AND McCALL
IS A RIVAL.
POLLS SHOW CUOMO AND McCALL
VIRTUALLY TIED FOR THE
DEMOCRATIC PARTY'S NOMINATION.
SO IT'S GOING TO BE A TOUGH
BATTLE BETWEEN NOW AND THE
SEPTEMBER PRIMARY.
>> Elissa Marra: WHAT DO YOU
SEE IN TERMS OF THE CAMPAIGNS?
HOW DO YOU SEE IT SHAPING UP?
>> Mark Giardina: I DON'T KNOW
IF THE TWO CANDIDATES WILL
ACTUALLY START NAME-CALLING
BUT I KNOW ALREADY THEIR AIDES
HAVE STARTED NAME-CALLING.
WHAT I SEE IS A VERY
HARD-FOUGHT CAMPAIGN, A VERY
EXPENSIVE ONE, SOMETHING THAT
SOME DEMOCRATIC OFFICIALS ARE
CONCERNED ABOUT BECAUSE WHAT
YOU MAY END UP WITH AFTER THE
SEPTEMBER PRIMARY IS A DIVIDED
PARTY.
WHOEVER LOSES MAY HOLD AGRUDGE.
YOU HAVE BOTH CANDIDATES
SPENDING A GREAT DEAL OF
MONEY.
YOU MAY NOT HAVE ENOUGH MONEY
TO RUN IN THE GENERAL ELECTION
AND PLUS PATAKI IS LEADING IN
THE POLLS.
>> Elissa: AND THEY STILL HAVE
TO FACE GEORGE PATAKI IN
NOVEMBER.
>> Mark Giardina: THAT'S
RIGHT.
>> Elissa Marra: ALL RIGHT.
THANK YOU VERY MUCH, MARK
GIARDINA, FOR JOINING US.
WE'LL LISTEN FOR FURTHER
CAMPAIGN UPDATES ON WXXI AM
1370, AND A REMINDER: YOU CAN
GET THE LATEST ON THE RACE FOR
GOVERNOR AT
www.NYcitizens.org.
TURNING OUR ATTENTION NOW TO
THE LOCAL REAL ESTATE MARKET,
AND ACCORDING TO AREA
REALTORS, SELLERS NOW HAVE THEUPPER HAND.
ACCORDING TO STATISTICS
RELEASED BY THE GENESEE REAL
ESTATE INFORMATION SERVICE,
THE NUMBER OF HOMES LISTED FOR
SALE DROPPED BY ALMOST 19% IN
COMPARISON TO LAST YEAR AT
THIS TIME, MEANING MORE
COMPETITION AMONG HOME BUYERS
FOR AVAILABLE PROPERTIES.
AREA REALTORS SAY HOMES ARE
SELLING QUICKLY WITH MULTIPLE
OFFERS BEING SUBMITTED AND
OWNERS IN SOME CASES ARE
SELLING FOR MORE THAN THEIR
ASKING PRICE.
WITH FAVORABLE INTEREST RATES
CONTINUING TO FUEL BUYER
INTEREST, REALTORS SAY THEY
BELIEVE THE MARKET MAY SUSTAIN
ITSELF FOR AT LEAST ANOTHER
SIX MONTHS.
TONIGHT, WE'LL BE JOINED BY
AREA REALTORS AND AN ECONOMICS
PROFESSOR TO DISCUSS TRENDS IN
THE MARKET AND TO TALK ABOUTTIPS FOR BUYERS AND SELLERS.
BUT FIRST, "NEED TO KNOW'S"
MATT CUMMINGS SPEAKS WITH A
LOCAL REALTOR WHO SAYS BUYERS
WILL HAVE TO LOOK VERY HARD TO
FIND A HOME.
>> OKAY.
JULIE, I'LL BE IN THE OFFICE
IN ABOUT 15 MINUTES AND I CAN
GIVE THAT OFFER TO YOU, IF
THEY HAVEN'T ALREADY.
THANKS.
OKAY.
THANKS, JULIE.
BYE-BYE.
THIS IS MARK.
CAN I HELP YOU?
>> Matt Cummings: MARK SIWIEC
IS A BUSY MAN.
AS A REALTOR WITH REMAX REALTY
GROUP, HE CURRENTLY HAS 25
HOME SALES PENDING AS PART OF
$6 MILLION IN BUSINESS HE'S
DONE SO FAR THIS YEAR.
>> THINGS HAVE BEEN INCREDIBLY
BUSY.THIS WEEKEND, TRADITIONAL
SPRING MARKET, THINGS HAVE
REALLY, REALLY KICKED IN.
IN THE PAST 24 TO 48 HOURS,
WE'RE WORKING ON FOUR
DIFFERENT OFFERS.
>> Matt Cummings: SIWIEC, LIKE
REALTORS ACROSS THE COUNTRY,
CHARACTERIZES IT AS A SELLER'S
MARKET.
FOR ROCHESTER, HE RATES OUR
MARKET THE BEST HE CAN
REMEMBER IN 20 YEARS.
>> ABSOLUTELY.
WE WERE THINKING OF PUTTING
THIS PROPERTY ON THE MARKET
THIS PAST FALL.
FOR SOME PERSONAL REASONS, THE
SELLERS DECIDED TO PUT OFF
LISTING THE PROPERTY AND
SELLING IT UNTIL THIS SPRING.
WE ACTUALLY ENDED UP PUTTING
THE PROPERTY ON THE MARKET FOR
$15,000 -- ACTUALLY $25,000
OVER WHAT WE WERE THINKING OF
LISTING IT FOR LAST FALL.THE REASON WE DECIDED TO DO
THAT WAS BECAUSE THE MARKET
CONDITIONS HAVE CHANGED SO
INCREDIBLY AND IT'S BECOME
SUCH A STRONG SELLER'S MARKET,
WE FELT AS THOUGH WE COULD
ACTUALLY LIST IT AT THAT PRICE
AND WE WERE HOPING TO GET
SEVERAL OFFERS.
SURE ENOUGH, AS IS THE CASE
WITH SO MANY PROPERTIES THESE
DAYS, WE LISTED $15,000 --
$25,000 HIGHER THAN WE WERE
THINKING LAST FALL AND GOT
MULTIPLE OFFERS.
WE HAD 55 DIFFERENT SETS OF
PEOPLE THROUGH THE PROPERTY
YESTERDAY.
WE ENDED UP GETTING 3 OR 4
OFFERS THIS MORNING, AND ENDED
UP SELLING $3,000 OVER ASKING
PRICE.
>> Matt Cummings: IN A
NUTSHELL, THE CURRENT LOCAL
REAL ESTATE MARKET CAN BE
DESCRIBED AS SUPPLY VERSUSDEMAND.
SIWIEC SAYS FEWER HOMES ARE
BEING PUT UP FOR SALE AND THE
INCREASING DEMAND FOR THEM IS
CREATING A CLIMATE OF QUICK
SALES AND SOMETIMES BIDDING
WARS.
>> BUYERS ARE REALLY AT A
LOSS.
I'VE GOT TOO MANY BUYERS OUT
THERE, VERY FEW SELLERS, AND
BUYERS ARE HAVING A VERY, VERY
DIFFICULT TIME, UPWARDS OF SIX
MONTHS, IN TERMS OF THEIR
SEARCH, AND THEY'RE REALLY
HAVING TO PUT OFF THEIR FIRST
PURCHASE FOR A VERY, VERY LONG
PERIOD OF TIME.
>> Matt Cummings: MARK, WE'RE
IN PITTSFORD NOW.
THERE'S ANOTHER HOME THAT
WE'RE LOOKING AT THAT YOU JUST
RECENTLY SOLD.
I WAS WONDERING FROM A BUYER'S
AND A SELLER'S PERSPECTIVE,
WHAT ARE THE BEST AND WORSTNEIGHBORHOODS GOING RIGHT NOW?
SO FROM A BUYER'S PERSPECTIVE,
WHAT WOULD BE THE BEST
NEIGHBORHOOD?
>> BOY, I'M NOT QUITE SURE IF
THERE ARE GOOD NEIGHBORHOODS
FOR BUYERS BECAUSE WHEREVER
YOU GO, SELLERS ARE
CONTROLLING THE MARKET.
IF YOU WANTED TO LIVE IN SOME
SECTIONS OF THE CITY, FOR
INSTANCE, THAT WOULD BE GREAT.
MOST OF THE CITY, HOWEVER --
IN THE CITY'S SOUTHEAST, THE
BROWNCROFT NEIGHBORHOOD, PAR
AVE., EAST AVE., THE COBBS
HILL AREA, PARTS OF THE
SOUTHWEST... VERY COMPETITIVE
FOR BUYERS AND THE SELLERS ARE
CONTROLLING THE MARKET THERE.
>> Matt Cummings: THE LOCAL
HOUSING MARKET HAS REMAINED
STRONG, DESPITE LAYOFFS FROM
KODAK, XEROX AND BAUSCH &
LOMB.
SIWIEC SAYS WHILE THE CURRENTUPSWING OF HOME BUYERS SEEMS
TO BE A MYSTERY, HE HAS HIS
OWN THEORIES AS TO WHAT'S
BEHIND THE CONTINUED SURGE.
>> IT DOES FLY IN THE FACE OF
LOGIC AND I'M NOT QUITE SURE,
BUT IF I WERE TO SPECULATE, I
WOULD SAY PART OF ALL THIS HAS
TO DO WITH POST-SEPTEMBER
11th.
I THINK PEOPLE ARE PLACING A
GREATER EMPHASIS ON HOME AND
PEOPLE ARE STAYING HOME, AND
THEY'RE REALLY ENJOYING THEIR
HOMES AND THEY'RE NOT WANTING
TO MOVE FROM THEIR HOMES.
ADDITIONALLY, I THINK THERE'S
A LOT OF INCENTIVE FOR BUYERS.
INTEREST RATES ARE
HISTORICALLY LOW, AND THE
FEDERAL GOVERNMENT HAS REALLY
DONE A LOT TO TRY AND GET
PEOPLE TO ENTER THE MARKET.
ON TOP OF ALL THAT, I THINK
THERE'S SOME LINGERING
UNCERTAINTY ABOUT THE ECONOMY,BOTH LOCALLY AND NATIONALLY.
SO IF YOU'VE GOT A PROPERTY
AND IF YOU OWN A HOME, I THINK
YOU'RE A LITTLE LESS RELUCTANT
TO MAKE A BIG FINANCIAL MOVE.
SO I THINK SEVERAL THINGS ARE
COMING TOGETHER.
(Music)
>> Elissa Marra: AND NOW TO
TALK ABOUT THE ISSUE, WE HAVE
A GROUP OF EXPERTS WITH US.
WE JUST HEARD MARK SIWIEC IN
THE PACKAGE TALK ABOUT THE
FACT THAT HE HAS SOME THEORIES
ABOUT WHAT'S BEHIND THIS.
WE KNOW THE LOW INTEREST RATES
ARE PARTIALLY BEHIND WHAT IS
FUELING THIS.
BUT TO ME YESTERDAY HE SAID
THIS IS REALLY BEYOND A
SELLER'S MARKET.
SO LET'S JUST START WITH BOB
MALONE FROM NOTHNAGLE REALITY.
IS IT BEYOND A SELLER'S
MARKET?
IS THIS NOTHING LIKE YOU HAVEEVER SEEN BEFORE?
>> IT'S PROBABLY THE BEST I
HAVE EVER SEEN.
WE'VE HAD TIMES LIKE THIS IN
THE EARLY -- EARLY TO MID-'80s
WHEN IT WAS THIS COMPETITIVE,
BUT IT HASN'T BEEN THIS WAY IN
A REAL LONG TIME.
>> Elissa Marra: SHEILA
WEINBERGER FROM COLDWELL
BANKER, ARE YOU HAVING THE
SAME EXPERIENCES?
>> ABSOLUTELY.
IT'S AN AMAZING MARKET FOR
BOTH BUYERS AND SELLERS.
>> Elissa Marra: WHY FOR
BUYERS?
BECAUSE OF THE INTEREST RATES
BASICALLY?
>> INTEREST RATES ARE VERY
GOOD.
THEY HAVE A DESIRE -- I THINK
MARK'S COMMENT ABOUT PEOPLE
WANTING TO STAY HOME AND BE
HOME WAS GOOD.
I THINK THE FACT THAT THESTOCK MARKET HAS TAKEN A BIT
OF A NOSE DIVE, THEY FEEL
COMFORTABLE ABOUT INVESTING
THEIR MONEY IN HOMES.
THEY ARE REALLY OUT THERE
LOOKING VERY QUICKLY.
>> Elissa Marra: MIKE RUFF IS
AN ASSOCIATE PROFESSOR OF
ECONOMICS FROM M.C.C.
BUT ISN'T THERE SOME FEAR
ABOUT THE ECONOMY THAT'S
FUELING THE LOW SUPPLY, DO
YOU THINK?
>> YES, YOU WOULD THINK WITH
THE REAL ESTATE MARKET BEING
SO ROBUST THAT THE ECONOMY
WOULD ALSO BE ROBUST.
BUT THAT'S NOT THE CASE.
WE REALLY HAVE A DICHOTOMY
HERE.
OUR ECONOMY IS JUST HOLDING
ITS OWN.
PERSONAL INCOME IS NOT
INCREASING; PEOPLE ARE NOT
RECEIVING LARGE RAISES AT
WORK.WE HAVE NOT SEEN A BIG
INCREASE IN POPULATION IN
ROCHESTER.
IT'S NOT FUELED BY AN INCREASE
IN POPULATION LIKE SOME OF THE
SOUTHERN STATES OR LAS VEGAS,
AND WE'RE LOSING MANUFACTURING
JOBS.
KODAK, XEROX AND BAUSCH & LOMB
ARE NOT LINING UP TO HIRE OUR
STUDENTS RIGHT NOW.
SO IT'S REALLY A DICHOTOMY.
THE ECONOMY IS JUST LIMPING
ALONG BUT THE REAL ESTATE
MARKET IS SO, SO STRONG RIGHT
NOW.
>> Elissa Marra: BUT SOME
REALTORS ARE TELLING US IT'S
SO, SO STRONG IF YOU'RE BUYING
A HOME THAT'S UP TO ABOUT
$200,000, THAT IN THAT PRICE
RANGE THE MARKET IS REALLY
HOT, BUT IF YOU'RE GETTING UP
ABOVE THAT, IT'S REALLY MORE
NORMAL AND LEVELING OFF.
IS THERE A DEMAND FOR MAYBEFIRST-TIME HOME BUYERS, BUT
PEOPLE WHO ARE MOVING INTO
THAT SECOND HOME ARE A LITTLE
NERVOUS AND SO THEY'RE NOT?
THEY'RE NOT MOVING AND THAT'S
WHY WE HAVE A LOW SUPPLY?
>> WELL, I THINK CLEARLY THE
FIRST-TIME HOME BUYER SEGMENT
IS PROBABLY THE MOST ROBUST,
AND THE MIDDLE -- AS MIKE
TALKED ABOUT THE ECONOMY, THE
MIDDLE PRICE RANGE ARE THE
PEOPLE THAT ARE PROBABLY
FEARING FOR THEIR JOBS OR WHO
HAVE BEEN DOWNSIZED OR MAYBE
AREN'T READY TO MAKE THAT MOVE
UP.
SO THAT'S PUTTING PRESSURE ON
THE SELECTION OF HOMES BECAUSE
A LOT OF THOSE PEOPLE THAT
MIGHT BE MOVING UP TO THE
HIGHER-PRICED RANGE ARE
STAYING PUT.
SO ALL FIRST-TIME BUYERS THAT
ARE COMING INTO THE MARKET, AS
WELL AS THE PEOPLE THAT MIGHTBE MOVING UP, ARE COMPETING
FOR THE SAME HOUSES.
>> Elissa Marra: SO ARE WE
GOING TO HAVE A GLUT OF LARGE,
MORE EXPENSIVE HOMES?
I THINK OF SOME OF THE
DEVELOPMENTS IN THE SUBURBS,
SOME OF THE ENORMOUS, VERY
EXPENSIVE HOMES, BETWEEN
$200,000 AND $400,000.
IS THERE GOING TO BE A GLUT OF
HOUSING AT THOSE BIGGER
PRICES?
>> I THINK THEY'RE STILL
SELLING.
MY EXPERIENCE IS THAT THE
HOUSES THAT ARE DESIRABLE, IN
AREAS THAT THEY'RE LOOKING
FOR, ARE STILL SELLING.
THEY MAY NOT BE SELLING IN
DAYS; THEY'RE SELLING IN MAYBE
A MONTH OR TWO.
BUT WE'RE NOT SEEING AN
INVENTORY THAT'S SITTING ON
THE MARKET VERY LONG.
>> Elissa Marra: MIKE, ITDOESN'T LOOK LIKE ANYTHING IS
GOING TO HAPPEN WITH INTEREST
RATES ANYTIME SOON WITH
CHAIRMAN GREENSPAN'S COMMENTS
YESTERDAY?
>> THAT'S RIGHT.
IT WAS ON THE FRONT PAGE OF
"U.S.A. TODAY" THAT ALAN
GREENSPAN HAS SAID THAT HE IS
GOING TO HOLD INTEREST RATES.
ON MAY 7th THEY MEET AND IT
LOOKS LIKE HE'S GOING TO HOLD
THEM AT LEAST UNTIL AUGUST.
I THINK THAT IS THE NUMBER ONE
FACTOR THAT IS FUELING THE
REAL ESTATE MARKET.
PEOPLE ARE WORRIED THAT MAYBE
IN THE FUTURE -- HE HAS
INTIMATED THAT HE WILL RAISE
INTEREST RATES, SO I DO
BELIEVE A LOT OF BUYERS ARE
SAYING TO THEIR SPOUSES, "HEY,
WE BETTER GET OUT AND GET A
HOUSE NOW BEFORE THE RATES--"
RIGHT NOW THE INTEREST RATES
ARE 7% FIXED, NO POINTS; 6.5%FOR A 15-YEAR MORTGAGE.
THAT'S HISTORICALLY VERY LOW,
AND I BELIEVE THAT'S THE
NUMBER ONE ECONOMIC FACTOR
THAT'S DRIVING THE REAL ESTATE
MARKET.
>> Elissa Marra: LET'S TALK
ABOUT SALES OF NEW HOMES
BECAUSE SALES OF NEW HOMES ARE
UP ALL ACROSS THE COUNTRY BUT
NOT AS MUCH IN THIS PART OF
THE COUNTRY.
IS THAT SO?
CAN WE TALK ABOUT THAT A
LITTLE BIT AND EXPLAIN IT?
>> I THINK PARTLY BECAUSE THE
INVENTORY OF EXISTING HOMES IS
LESS THAN IT TYPICALLY WOULD
BE AND YOU HAVE THIS STRONG
DEMAND THAT'S GIVING BUILDERS
THE OPPORTUNITY TO SAY, "MAYBE
THIS IS A GOOD TIME TO START
BUILDING SOME HOUSES."
>> Elissa Marra: BUT WILL THEY
BE ABLE TO SELL THEM, IF
PEOPLE AREN'T BUYING THEM?
>> IT WOULD APPEAR SO, AT
LEAST IN THE REAL NEAR FUTURE.
>> Elissa Marra: HOW DO WE
COMPARE TO THE REST OF THE
COUNTRY IN TERMS OF NEW HOME
SALES?
WHY ARE THOSE FIGURES
DIFFERENT, THAN THE APPARENT
-- THE APPARENT STRONG MARKET?
>> I WOULD SAY THAT IN OTHER
AREAS -- THE SOUTH AND LAS
VEGAS ARE WELL KNOWN FOR AN
AWFUL LOT OF PEOPLE LOVE THE
WEATHER, AND THEY ARE SEEING A
POPULATION INCREASE.
SO THEY ARE SEEING A LOT OF
YOUNG PEOPLE THAT ARE LOOKING
TO BUY NEW, AND THERE'S A LOT
OF NEW BUILDING GOING ON DOWN
SOUTH AND OUT WEST IN THE LAS
VEGAS AREA.
>> Elissa Marra: SO REALLY,
EVEN THOUGH WE SEE A STRONG
MARKET FOR HOMES AND EVEN
THOUGH YOU'RE VERY BUSY
SELLING HOMES AND PEOPLE AREANXIOUS TO BUY, THE BIGGER
PICTURE REVEALS THE SAME
THINGS THAT WE TALK ABOUT A
LOT, A FLAT POPULATION IN NEW
YORK STATE AND SOME OF THE
ECONOMIC PROBLEMS THAT STILL
EXIST.
WOULD YOU SAY THAT'S THE CASE?
AND WHAT ARE GOING TO BE
CHALLENGES?
IS THAT GOING TO CREEP INTO
THE REAL ESTATE MARKET AT SOME
POINT, WOULD YOU SAY?
>> I THINK PRICING IS GOING TO
BE VERY IMPORTANT.
I THINK, TOO, THAT THERE ARE
SOME PEOPLE WHO ARE TAKING
ADVANTAGE OF THE INTEREST
RATES.
THEIR BUYING POWER IS SO MUCH
GREATER.
SO THEY'RE SAYING, "IF I DON'T
DO IT NOW, I CAN'T DO IT AT
ALL," SO THEY ARE MOVING TO
THAT NEXT LEVEL BUT THEY'RE
NOT IN THE SAME NUMBERS, LIKEMIKE REFERRED TO, WITH THE
POPULATION GROWTH.
WE ARE GETTING VERY FEW PEOPLE
COMING INTO ROCHESTER.
WE HAVE SOME BUSINESSES THAT
ARE BRINGING PEOPLE IN, AND
THEY'RE BUYING NEW HOMES.
>> AND, ELISSA, ONE OTHER
THING: EVEN THOUGH THE
POPULATION GROWTH IS NOT
INCREASING, IF YOU LOOK AT THE
CENSUS DATA, THE NUMBER OF
BABY-BOOMERS' CHILDREN WHO
WILL BE COMING INTO THE MARKET
OVER THE NEXT TEN YEARS IS
VERY SIGNIFICANT, AND THAT
COULD HAVE AN IMPACT ON
CONTINUING TO KEEP THE MARKET
STRONG IF A LOT OF THOSE FOLKS
DECIDE TO STAY IN THIS AREA
RATHER THAN RELOCATE TO SOME
OF THE WARMER CLIMATES.
>> Elissa Marra: ALL RIGHT.
IT IS A BIT OF A DILEMMA FOR A
SELLER, THOUGH, BECAUSE YOU
CAN PROBABLY MAKE MONEY ONYOUR HOUSE RIGHT NOW IF YOU
HAVE EVERYTHING GOING FOR IT
AND IF YOU HAVE THE RIGHT
PRICE.
I KNOW THE PRICES ARE --
THEY'RE GETTING GOOD PRICES.
BUT THE DILEMMA IS WHERE WILL
YOU GO?
I MEAN, IS THAT A FACTOR IN
TERMS OF WHY PEOPLE ARE
STAYING, DO YOU THINK?
>> IT'S A HUGE FACTOR AND
PEOPLE WHO ARE MY AGE, FOR
EXAMPLE, WHO WOULD LIKE TO
DOWNSIZE, ARE LOOKING FOR
REALTORS, ARE LOOKING FOR
PATIO HOMES.
BUT THEY DON'T WANT TO GO INTO
A HUGE PRICE POINT AND I THINK
SOME OF THE BUILDERS WOULD
REALLY BE DOING A SERVICE TO
THESE PEOPLE BY BUILDING
THINGS IN A 200 PRICE POINT
AND UNDER.
AND THEN THOSE PEOPLE WHO HAVE
THE LARGE HOMES THAT WOULDLIKE TO MOVE ON WOULD MOVE OUT
AND ALLOW SOME OF THESE OTHER
PEOPLE TO MOVE IN.
IT'S KIND OF A -- AS MIKE USED
THE TERM -- DICHOTOMY BECAUSE
IT'S JUST A VICIOUS CIRCLE.
WE CAN'T FIND THEM HOMES.
>> Elissa Marra: AND IT SEEMS
LIKE A COUPLE OF YEARS AGO AT
THIS TIME WE WERE DOING A
STORY ABOUT HOME OWNERSHIP IN
THE CITY AND THE FACT THAT
CITY HOMES WEREN'T SELLING AS
WELL.
ARE YOU FINDING THAT NOW?
CLEARLY IT SEEMS THE
SUPPLY-AND-DEMAND ISSUE HAS
EVEN CITY HOMES GOING.
>> THAT'S TRUE.
I ANTICIPATED THAT QUESTION SO
I DID SOME QUICK RESEARCH AND
LOOKED AT JUST THE TENTH WARD,
WHICH IS THE AREA AROUND DEWEY
AND KODAK PARK, IN THAT AREA.
THERE'S CURRENTLY 129
SINGLE-FAMILY RESIDENCESAVAILABLE FOR SALE IN THAT
AREA.
LAST YEAR AT THIS TIME, THERE
WERE 275.
AND LOOKING BACK, THERE IS 309
SALES IN THAT AREA FROM NOW
UNTIL LAST MARCH, WHICH IS A
SIGNIFICANT NUMBER OF SALES.
>> Elissa Marra: ALL RIGHT.
ARE PEOPLE WHO ARE SELLING,
ARE THEY USING REALTORS OR ARE
THEY SELLING ON THEIR OWN?
>> WE HOPE THEY'RE USING
REALTORS!
(Laughter)
>> Elissa Marra: I KNOW THAT'S
WHAT YOU HOPE, BUT DO YOU FIND
THAT PEOPLE JUST FEEL THEY CAN
TAKE ADVANTAGE OF THE MARKET?
MAYBE THIS IS A QUESTION FOR
MIKE.
DO YOU FIND THAT PEOPLE --
>> I THINK SOME PEOPLE HAVE
SOME CONFIDENCE AND SOME
PEOPLE ARE TRYING IT ON THEIR
OWN, BUT IT'S SUCH A BIGDECISION AND IT'S USUALLY A
FAMILY'S NUMBER ONE FINANCIAL
DECISION THAT USUALLY FOR THE
MOST PART PEOPLE NEED A
PROFESSIONAL TO GIVE THEM SOME
ADVICE, TO WALK THEM THROUGH
THIS.
THERE'S SO MANY LEGAL
RAMIFICATIONS WITH THE
DISCLOSURE LAW, LEAD-BASED
PAINT, RADON.
THERE'S SO MANY LAND MINES
THAT MOST PEOPLE FEEL THEY
NEED TO HAVE TO HAVE A
PROFESSIONAL.
>> Elissa Marra: THERE'S A LOT
TO THINK ABOUT.
YOU HAVE ABOUT 30 SECONDS
LEFT.
IF YOU'RE A BUYER RIGHT NOW --
LET'S GIVE ADVICE TO THE BUYER
-- WHAT'S THE MOST SINGLE MOST
IMPORTANT THING YOU NEED TO DO
IF YOU'RE GOING TO BE
COMPETING WITH SO MANY PEOPLE
IN THE NEXT FEW MONTHS?
>> HAVE YOUR FINANCES IN ORDER
SO WHEN THAT RIGHT HOUSE
BECOMES AVAILABLE YOU CAN MAKE
A BID ON IT AND BE CONFIDENT
THAT YOU'RE GOING TO BE ABLE
TO CLOSE.
>> AND I THINK CHOOSE A REAL
ESTATE PROFESSIONAL BECAUSE WE
ARE REALLY UP ON WHAT'S
HAPPENING; WE'RE NETWORKING
WITH OTHER REALTORS; WE ARE
HEARING ABOUT PROPERTIES THAT
ARE GOING TO BE COMING UP, AND
WITH SUCH A LIMITED NUMBER OF
HOMES ON THE MARKET, A REALTOR
IS CERTAINLY --
>> Elissa Marra: HOW LONG DO
YOU THINK THIS TREND IS GOING
TO LAST?
MIKE, WHAT'S YOUR LAST WORD?
>> I HOPE IT'S GOOD FOR
ROCHESTER; I HOPE IT
CONTINUES, BUT THE ECONOMY
WORRIES ME A LITTLE BIT.
>> Elissa Marra: OKAY.
THANKS.THAT'S ALL THE TIME WE HAVE
FOR OUR DISCUSSION.
NOW, OF COURSE, YOU CAN GET
MORE INFORMATION ON OUR WEB
SITE AT wxxi.org/ntk.
AND WHILE YOU'RE THERE, YOU
CAN TAKE PART IN OUR WEEKLY
SURVEY QUESTION.
AND, OF COURSE, FOR
COMPREHENSIVE DAILY COVERAGE
OF STATE ISSUES AND NEWS, IT'S
NYcitizens.org.
NOW IT'S TIME FOR THIS WEEK'S
EDITION OF "THE BUSINESS
SECTION" WITH "THE
DEMOCRAT
AND CHRONICLE."
(Music)
>> Elissa Marra: AND WE NOW
ARE IN THE STUDIO WITH BEN
RAND, WHO IS A BUSINESS
REPORTER FOR THE "DEMOCRAT AND
CHRONICLE" FOR THIS WEEK'S
"BUSINESS SECTION."
BEN, YOU ARE GOING TO BE VERY
BUSY NEXT WEEK BECAUSE OF
FINANCIAL RESULTS COMING OUTFROM MANY OF THE MAJOR PLAYERS
IN ROCHESTER, YES?
>> Ben Rand: THAT'S RIGHT.
YES, MYSELF AND MY COLLEAGUES.
ALL THE MAJOR, MOST
RECOGNIZABLE COMPANIES --
KODAK, XEROX, B&L -- AND A
COUPLE OF THE SMALLER ONES --
R.G.S., HARRIS INTERACTIVE,
O.B. -- MAKING THEIR FINANCIAL
RESULTS KNOWN FOR THE FIRST
QUARTER, GIVING US A SENSE OF
HOW THE ECONOMY IS DOING
LOCALLY.
>> Elissa Marra: THAT WILL
REALLY GIVE US A PICTURE OF
THE LOCAL ECONOMY IN TOTAL.
>> Ben Rand: YES, ABSOLUTELY.
YOU KNOW, THE NATIONAL TRENDS
SHOW THAT MAYBE THINGS ARE
STARTING TO PICK UP, AND IF
THAT'S SO, THEN THE LOCAL
COMPANIES ARE LIKELY TO ALSO
SHOW SOME FAVORABLE SIGNS, AND
ACCORDING TO WHAT ANALYSTS ARE
SAYING, THEY ARE ALL GOING TOSHOW SOME IMPROVEMENTS.
>> Elissa Marra: LET'S START
AT LEAST WITH KODAK AND TALK A
LITTLE BIT ABOUT WHAT MIGHT
HAPPEN THERE.
THE FEELING IS THAT THEY MAY
SHOW IMPROVEMENTS, BUT THE
EXPECTATIONS ARE PRETTY LOW AT
THIS POINT.
>> Ben Rand: THAT'S RIGHT.
THEY'RE FORECASTING SOMETHING
AROUND 10 CENTS A SHARE, WHICH
IS WAY DOWN FROM THE LAST
COUPLE OF YEARS.
THINGS ARE LOOKING UP.
THERE WAS A RETAIL SURVEY.
RETAILERS ARE SAYING THEY'RE
PROCESSING MORE FILM, WHICH
MEANS IF PEOPLE ARE USING MORE
FILM, THEY'RE GOING TO BE
BUYING MORE FILM.
SOURCES ARE TELLING US THAT
THE FACTORIES ARE PRETTY BUSY.
SO THAT'S GOOD IN THE
SHORT-TERM.
THE LONG-TERM CHALLENGES STILLREMAIN, AND THAT'S PRIMARILY
CENTERED AROUND DIGITAL
PHOTOGRAPHY.
>> Elissa Marra: MORE AND MORE
PEOPLE ARE GOING TO DIGITAL,
CORRECT, WHICH MEANS LESS
FILM, I ASSUME?
>> Ben Rand: YEAH, ABSOLUTELY.
ABOUT 20% OF U.S. HOUSEHOLDS
NOW APPARENTLY OWN A DIGITAL
CAMERA, AND THE EVIDENCE IS
WHAT YOU WOULD GUESS: DIGITAL
COMES INTO A HOUSEHOLD AND
PEOPLE STOP BUYING THOSE
LITTLE YELLOW BOXES.
AND SO THERE ARE SOME
PROJECTIONS THAT FILM SALES,
CONSUMER FILM SALES IN
PARTICULAR IN THE U.S., WILL
PEAK IN THE NEXT YEAR OR TWO
AND HAVE ALREADY STARTED TO DO
SO IN JAPAN AND OTHER MARKETS.
>> Elissa Marra: SO THE KEY
IS, I ASSUME, MORE PRINTING?
IS THAT WHAT KODAK NEEDS TO
TRY TO GET PEOPLE TO DO, ANDCOMPANIES NEED TO TRY TO GET
PEOPLE TO DO?
>> Ben Rand: ABSOLUTELY.
DIGITAL PHOTOGRAPHERS, PEOPLE
WITH DIGITAL CAMERAS TAKE MORE
PICTURES, WHICH MAKES SENSE,
RIGHT, BECAUSE YOU DON'T HAVE
TO BUY FILM.
YET IT'S REALLY EASY WHEN YOU
CAPTURE AN IMAGE THAT YOU
DON'T LIKE TO HIT THAT LITTLE
BLACK "X" ON YOUR COMPUTER
SCREEN AND GET RID OF IT.
SO WHAT KODAK AND FUJI AND
OTHER PLAYERS IN THE BUSINESS
WANT PEOPLE TO DO IS PRINT
THEM OUT.
IF YOU PRINT THEM OUT MORE,
THERE'S MORE SALES OF FILM AND
CHEMISTRY AND THAT SORT OF
THING.
>> Elissa Marra: OKAY.
>> Ben Rand: RIGHT NOW IT
DOESN'T LOOK LIKE THEY'RE
PRINTING A LOT, BUT THAT MAY
BE JUST BECAUSE IT'S NOTPARTICULARLY EASY TO DO.
>> Elissa Marra: OKAY.
WHAT ABOUT OTHER FILM
PRODUCTS?
KODAK DID HAVE SOME DECLINES
IN OTHER KINDS OF THINGS,
RIGHT?
>> Ben Rand: YES, IN A RECENT
SECURITIES FILING THEY TALKED
ABOUT MEDICAL FILM, GRAPHIC
ARTS FILM, PROFESSIONAL FILM
ALL SHOWING PRETTY SIZABLE
DECLINES, WHICH IS NOT
NECESSARILY A GOOD THING FOR
THE LOCAL WORK FORCE BECAUSE
KODAK PARK IS A FILM
MANUFACTURING SITE.
THERE'S ABOUT 20,000 PEOPLE
WHO ARE WORKING OUT THERE.
TO BE FAIR, THERE ARE A LOT OF
PLANS IN THE WORKS TO TRY TO
CAPITALIZE ON DIFFERENT
REVENUE STREAMS ON DIGITAL.
IN PROFESSIONAL PHOTOGRAPHY,
FOR INSTANCE, THEY'RE WORKING
WITH WEDDING PHOTOGRAPHERS TO TRY TO LINK THEM UP WITH LABS
SO YOU CAN PUT THE PICTURES ON
LINE AND YOUR MOTHER OR
GRANDFATHER, FRIENDS CAN GO TO
THE WEB SITE AND ORDER
PICTURES, AND TODAY YOU DON'T
REALLY GET THAT CHANCE.
>> Elissa Marra: OKAY.
LET'S TALK QUICKLY ABOUT SOME
OF THE OTHER COMPANIES, WHAT'S
HAPPENING NEXT WEEK, AND WHAT
DO YOU SEE AS THE BIGGEST
MARKERS AND THINGS YOU'RE
GOING TO BE LOOKING FOR TO
PAINT THE PICTURE FOR US?
>> Ben Rand: WEDNESDAY, XEROX
WILL REPORT ITS RESULTS AND,
IN LINE WITH KODAK, IT WILL
PROBABLY SHOW SOME
IMPROVEMENTS, MAY BREAK EVEN.
THEY HAVE BEEN LOSING MONEY
THE LAST COUPLE OF QUARTERS.
REVENUES WILL STILL BE DOWN.
THEY HAVE SOME REAL
SUBSTANTIAL CHALLENGES.
JUST TODAY THEY LET INVESTORSKNOW A LITTLE BIT ABOUT SOME
OF THE RISKS IN RENEGOTIATING
SOME DEBT, WHICH IS DUE LATER
THIS YEAR.
AND IF THEY CAN'T GET THAT
RENEGOTIATION HANDLED, THERE
COULD BE SOME SERIOUS
CONSEQUENCES FOR THAT.
THEY'RE ALSO FACING A LOT OF
COMPETITION IN SORT OF THEIR
HIGHER-END MACHINES, MACHINES
THAT CRANK OUT 100 OR 150, 180
PAGES A MINUTE.
>> Elissa Marra: RIGHT.
>> Ben Rand: AND THE OTHER
COMPANY ON THURSDAY WILL BE
BAUSCH & LOMB, WHICH IS ALSO
SHOWING SOME IMPROVEMENTS.
THE THING TO WATCH THERE IS
THEY HAVE A NEW C.E.O. WHO MAY
VERY WELL SPEND THE REST OF
THE YEAR STILL FOCUSED ON
COST-CUTTING.
>> Elissa Marra: OKAY.
HOW WILL SOME OF THE SMALLER
COMPANIES THAT YOU MENTIONED EARLIER PLAY INTO ALL THIS?
>> Ben Rand: REALLY IMPORTANT.
THE MANUFACTURING BASE IN
ROCHESTER HAS BEEN SHRINKING
OVER A LONG PERIOD OF TIME,
AND OVER THE LAST COUPLE OF
YEARS, WE HAVE MADE UP THE
DIFFERENCE THROUGH
SERVICE-ORIENTED JOBS,
COMPANIES LIKE HARRIS
INTERACTIVE ONLINE POLLING,
SOME OF THE MORE
TELECOM-ORIENTED BUSINESSES.
THAT PROGRESS WAS STUNTED IN
THE LAST YEAR AND A HALF, AND
THAT'S THE -- THE RESULT HAS
BEEN VERY STARK.
IN JANUARY, STATISTICS SHOW WE
LOST 12,000 JOBS.
THOSE ARE PEOPLE.
WHERE DID THEY GO?
>> Elissa Marra: ALL RIGHT.
GOOD.
WE'LL BE LOOKING FOR YOUR
REPORTS ALL OF NEXT WEEK IN
THE "DEMOCRAT AND CHRONICLE."THANK YOU FOR BEING WITH
US IN
THE STUDIO.
THANKS SO MUCH.
NOW WE TAKE A LOOK AT A LOCAL
ARTISAN.
SHE IS NOT JUST AN ARTIST BUT
ALSO A PROFESSOR AT R.I.T. AS
WELL.
AMINTA ROMAGUERA-McNULTY SHOWS
US HER JEWELRY GETS MADE WITH
A SPECIAL TOUCH.
(Music)
>> I STARTED MANY YEARS AGO
WHEN I WAS DOING MY
UNDERGRADUATE STUDIES IN
PUERTO RICO, THE UNIVERSITY OF
PUERTO RICO, WHERE I'M FROM.
I WAS ACCEPTED IN AN EXCHANGE
PROGRAM WITH THE UNIVERSITY OF
MASSACHUSETTS IN AMHERST.
I FIRST LEARNED ABOUT THE
PROFESSION, WHAT IT TAKES TO
DESIGN AND FABRICATE PIECES OF
JEWELRY.
AT THE COMPLETION OF MY
DEGREE, I DECIDED TO LOOK INTOGRAD SCHOOL FOR JEWELRY.
AND THAT'S WHAT BROUGHT ME TO
ROCHESTER, R.I.T.
I CAME HERE IN 1986, APPLIED
FOR -- I ACTUALLY CAME DURING
THE SUMMER TO DO SUMMER
COURSES, LEARN MORE ABOUT THE
JEWELRY.
SO THAT WAS INTERESTING AND
KIND OF CAME WITH NO CERTAINTY
OF WHAT WAS GOING TO HAPPEN.
AND AFTER DOING A FIVE-WEEK
INTENSIVE JEWELRY COURSE, I
WAS ACCEPTED IN THE MASTERS
PROGRAM.
A LOT OF IT IS IN YOUR MIND AS
YOU'RE DRIVING OR YOU WAKE UP
IN THE MORNING AND YOU HAVE A
THOUGHT, AND THEN YOU WORK
WITH PAPER AND DRAWING.
I JUST START DOODLING AND
REPEATING THE SAME DESIGN
UNTIL "CLICK!"
AND THEN I FINALLY LIKE THAT
IDEA, AND THEN SOMETIMES I
WILL MAKE A PROTOTYPE OUT OF A CHEAPER METAL TO MAKE SURE
IT'S GOING TO WORK BEFORE I
WORK WITH THE .18-CARAT GOLD.
SOMETIMES OUT OF PAPER I'LL
MAKE A PROTOTYPE, AND THEN I
START WORKING ON THE REAL
THING.
What I'm going to do is solder
that into here to continue
with the earrings.
IT'S VERY REWARDING TO SEE THE
RESULT OF THE STUDENTS WHEN
THEY START AND THEY HAVE NO
IDEA OF HOW TO EVEN START WITH
A PIECE OF METAL, AND WHEN
THEY ARE DONE, FINISHING TWO
AND THREE PIECES IN TEN WEEKS.
THIS IS CHALLENGING.
SOMETIMES YOU WILL BE
PRESENTED WITH AN IDEA AND YOU
HAVE NO IDEA HOW TO GO ABOUT
IT.
SO IT CHALLENGES ME TO THINK
IN THOSE WAYS.
I HAVE TO HELP THEM COME UP
WITH THAT SOLUTION.I THINK IT'S LIKE ANYTHING.
YOU HAVE TO WORK HARD AT IT
AND BE DEDICATED.
THE CRAFT FIELD, I THINK,
THERE IS A LOT OF PEOPLE OUT
THERE.
THERE ARE SOME BEING VERY
SUCCESSFUL IN MAKING THEM AND
OTHER ONES WHO ARE NOT HAVING
SO MUCH LUCK AND YOU NEED
MONEY TO GET STARTED AND, YOU
KNOW, IT IS HARD, I GUESS.
I DON'T WANT TO SAY IT THAT
WAY.
IT'S NOT THAT HARD, BUT YOU
HAVE TO MAKE SURE THAT YOU
WANT TO WORK AT IT.
AND TRY.
YOU KNOW, DON'T GIVE UP, KEEP
TRYING AND WORKING HARD.
(Music)
>> Elissa Marra: AND FOR MORE
INFORMATION ON THIS STORY AND
THE REST OF THIS WEEK'S
EDITION OF "NEED TO KNOW," YOU
CAN LOG ON TO OUR WEB SITE wxxi.org/ntk.
THAT'S ALL FOR TONIGHT'S
PROGRAM.
WE'LL SEE YOU AGAIN NEXT WEEK.
(Music)