From Mortgage Insights to Market Trends: A Business Roundup

This week's show starts with a chat with Kate Rockett, Regional VP, Mortgage Banker for William Raveis Real Estate.  Then small business owner Lucy Dearborn tells us how she is coping with the uncertain economy at her store, Lucia Lighting in Lynn, MA.  Doug Banks, Executive Editor of the Boston Business Journal takes a look at some of the top business stories of the week. The summer market is open for business in the Seaport District..Emily Soukas, Assistant Director Community and Partnership in the Seaport has all the details and finally, we are joined by the Executive Director of the non-profit Plummer Youth Promise to hear about their new facility and the great work they are doing for youth in the state. 

Episode Transcript

Speaker 1 (00:00):
This is the New England Business Report with Joe Shortsleeve
and Kim Caragan, a weekly round up and discussion of
the top business news impacting our New England economy.

Speaker 2 (00:09):
Good morning, everybody, and welcome to the New England Business
Report on this Sunday morning. It is May the eighteenth.
I'm Kim Carrigan and Joe short Life has the week off,
so you just have me this week and let me
tell you we've got a good show planned. We missed Joe,
but it's still going to be a good show. I
want to start with the fact that this past week

(00:29):
the administration announced that there's sort of a ninety day
truce with China. When it comes to the tariffs. You'll
remember that the US had imposed one hundred and forty
five percent tariffs on China. We've knocked it down to
thirty percent for the next ninety days. Chinese were at
one hundred and twenty five percent tariffs against US and
now they're down to ten. So you know, there's negotiation

(00:53):
going on. So we're hoping that this can hold and
that this trade war will come to went. In meantime,
there was some really good news associated with inflation numbers
we did see some improvement despite all of the recent uncertainty.
So with those two facts, those are the backdrop of
a good portion of our show. Today. We're going to

(01:16):
be checking on the local real estate market, you know
here locally. We're going to try to find out if
these headlines have affected the market and affected lending. Regional
Vice president mortgage banker of William Ravis Mortgage, Kate Rockett
will be our guests today. I'm really anxious to talk
to her about the number of homes that are on
the market, where they're located, and what the medium price

(01:38):
might be. We're also going to talk to her about
how this first half of twenty twenty five compares to
the last couple of years. Then again with the backdrop
of economic uncertainty. I'll be joined by a small business owner,
Lucy Dearborn. Lucy owned Fluchia Lighting in Lynn, Massachusetts. She's
a business owner who relies on both the supply chain

(02:00):
and the viability of the construction industry and development community.
So we're going to hear if she's faring well, what
she's planning for the second half of the year, and
if she is concerned about the supply chain issues that
seem to be looming. Then, of course Doug Banks will
be our guest. He's the executive editor of the Boston
Business Journal. He's going to join me to talk about

(02:22):
some of the most important stories that we're in the
news this week. I don't know if you've heard, folks,
but the Michelin man is in town. Those are the
I don't know, I'm going to call them inspectors. I
don't know exactly what they are called. We'll ask Doug.
But they are making their way around restaurants. Course, restaurants
aren't sure that they're there, and they're looking for the

(02:43):
next big Michelin star. Restaurants talk about unnerving times for
restaurant owners and chefs, but they are here, and we'll
talk to him about what that means and maybe some
of the potential Michelin restaurants in the area that can
be looking for stars. We're also going to talk to
him about remote workers and the fact that they are

(03:05):
actually being lured by a restaurant in Boston to come
back with some discounts. That effort to get those remote
workers back in downtown Boston continues, and then defiant Harvard,
the latest move they now are going to be doing
some self funding when it comes to research all of this, after,

(03:28):
of course, the administration announced that they would be withholding
funding from Harvard. This tit for tat just keeps going
when it comes to Harvard. It's the story that just
keeps on given. And Doug's going to share some information
about that. A little bit later in the show, we
are going to be joined by the Community and Public

(03:49):
Relations director at the Seaport, that is Emily Sokus, and
she's going to join us to talk about the summer
market at the Seaport. It opened this past week. One
hundred and twenty vendors involved in the summer market. It
goes for a short period of time, there's a bit
of respite in midsummer, and then it picks up again
in the fall. It means a lot to these vendors,

(04:11):
it really doesn't, certainly it means a lot to the Seaport.
So she's going to talk to us about that. And
then finally, Nicole McLaughlin, the executive director of the Salem
based nonprofit Plumber Youth Promise, will be our guest. Nicole
will be joining us to talk about a new facility
that they've opened for young people in the area who
are looking for a place to call home and they're

(04:32):
looking for a family, whether it's reuniting with their own
family or possibly being adopted out to another family. It's
a great story and it's a great organization really serving
our community. So it's a good story to hear. And
that's coming up a little bit later right here on
the New England Business Report. But first this morning, you know,

(04:53):
many experts will tell you that the real estate market
is a real barometer of the economy, and of course
there's been a lot of been uncertainty in the economy
for the first half of twenty twenty five, and we
don't know what the second half is going to look like,
So what does that mean for those who are buying
and selling homes. I'm joined by Regional vice president mortgage

(05:15):
banker of William Raves Mortgage, Kate Rocket is with us
this morning, and Kate, it's great to have you.

Speaker 3 (05:21):
Great to have you here.

Speaker 2 (05:22):
I know that you have been in this industry for
a long time and obviously you have that birdseye view
on things. So let's get started with sort of a
general question, and that's from your point of view. How's
the business been this year as compared to maybe last
year or the last couple well.

Speaker 3 (05:39):
It's definitely been a little bit more uncertain. The last
couple of years have obviously been really tight as well
due to inflation and having a robust job market. That
put a lot of pressure on rates. For right now,
we are looking at the terriffs that are kind of
dictating where we're at right now.

Speaker 2 (05:58):
Sure, now you've said that, you know, bad news for
Wall Street is a pretty good news for the real
estate market. So give me an idea of what that means. Yeah,
what does that mean?

Speaker 3 (06:06):
So when you see a lot of job losses and
you see unemployment go up, that actually is good for
mortgage rates. Unfortunately, it's not good for the economy.

Speaker 2 (06:16):
So it's been a year of late. You guys have
seen a lot of movement.

Speaker 3 (06:20):
Yes, So when they first came out with a higher
tariff that was actually pretty it was okay for the
bond market, which helped rate. When the witment was over,
the terriffs were going over the overly high that hurt
both sides, stocks and bonds. And what I mean is

(06:41):
now that they put a pause on and we don't
know what's going to happen with the trade deals. While
it's good for the economy, that is not good for
the bonds because people are still going to invest in stocks.
So when stocks are typically doing well, they're not investing
in bonds, and that's more of a safety like going
to your investing in goals or into those commodities that

(07:05):
are safer.

Speaker 2 (07:06):
Sure, absolutely, let me get more specific. Now we've talked
about these general things. Let's get a little more specific.
You work in a number of communities here in the
Boston area, So tell us which communities that you spend
most of your time in and give us a sense
of maybe which ones are stronger. When it comes to sales.

Speaker 3 (07:25):
The suburbs are definitely still booming. You're seeing multiple offers.
Just was in an office yesterday where someone had eighteen
offers on a property.

Speaker 2 (07:33):
What really.

Speaker 3 (07:38):
It's about eight hundred thousand to a million dollar range.
That is really really flying off the shelf.

Speaker 4 (07:45):
So to seek.

Speaker 2 (07:46):
Wow. So is that a frequently a first time home buyer?

Speaker 3 (07:50):
Yes, So first home buyers are not they're not tainted
by the three percent rates. They're a new crop of buyers,
so they're not. They don't they've never really been in
the market when it was three percent. So there's buyers.
They're out there, and they're out there in force, and
they're definitely looking in the suburb more and that is
their key little first time home buyer for the I mean,

(08:13):
for the above average still home buyer.

Speaker 2 (08:16):
You work, you know, specifically with obviously with the loan
with mortgage lenders, and talk to me a little bit
about these first time home buyers. I know you said
that they're not tainted by three percent, but there's also
been more restrictions on who you're lending to. So how
are they doing when it comes to qualifying and getting

(08:40):
a loan.

Speaker 3 (08:41):
Their typical home buyer right now, for the first time
home buyer, they're very well prepared, their dual income and
they have a large down payment. There's still average home
buyer is putting five percent down, but there are a
lot of buyers out there that want to win the bid,
so they are putting more down and they are preparing.

(09:02):
Whether they saved or whether they lived at home and
saved and didn't pay rent, or they invested in stocks,
and they're using that time that money to get pye
the friends but purchased their first house.

Speaker 2 (09:17):
But The issue gate is is what's on the market?
Is there? You know, is there are there homes for sale?
I know when I were a driver on in my neighborhood,
I don't see.

Speaker 3 (09:28):
Very many they are propping up. So when the tariffs
were first announced, everything kind of went to a pause.
Buyers weren't there, people weren't putting houses on the market.
It was just a brief time, luckily, so we didn't
know what was going to happen. And now the buyers
are out there and the inventory is actually picking up
in each of my offices that I cover, because at

(09:50):
William Raves, we actually are so lucky and we unique.
I'm an in house loan officer and I have territories
that I cover in different offices, mortgage and insurance under
the same umbrella as real estate. So I see firsthand
what is going on in the real estate market on
a day to day basis. In each community and as

(10:11):
far as the city, you'll see a lot of condos
that are staying on the market for longer periods of time.

Speaker 2 (10:16):
Now that's interesting. Why is that the case, do you think?

Speaker 3 (10:20):
I think because a lot of the first time home
buyers are getting out of the city and they're going
into the suburbs, you know, Keith.

Speaker 2 (10:28):
For a long time, the issue was that empty nesters
were not getting rid of their homes because number one,
they had nowhere to go, and number two, they are
victims of that three percent and they didn't want to
sell houses and maybe, you know, go to a luxury
condo in the city that was going to cost them
more and they would have to have a mortgage. Is

(10:49):
that loosening up a bit? Are you seeing those empty
nesters finally giving up their homes so that these young
people can move into the suburbs.

Speaker 3 (10:57):
Yes, I am definitely seeing that. I am seeing that
they're just people have to move. You always have to
move in real estate is a safe investment, and there's reasons.
Your family size is growing, you need to downside, they're furious,
are your job changes to a different state. There are
always reasons to move. And now people are just they're

(11:21):
just getting used to the new mortgage rates, and they
are they rather have the move, They've rather have the
lifestyle that they're looking for.

Speaker 2 (11:28):
Yeah, getting used to the new mortgage rates. I love that.
Who knew we would have to get used to the
new mortgage rates?

Speaker 3 (11:37):
Really actually pretty normal. They're pretty average. You know, we're
not so spoiled by that right rate for a while.

Speaker 2 (11:47):
Maybe maybe the luckier ones are these young people coming
into the market because they have not been spoiled. I
love the fact that you said that, you know, those
of us who have been tainted by three percent. What
are you guys anticipating for the rest.

Speaker 5 (11:59):
Of the year.

Speaker 3 (12:00):
I don't know. It depends how everything shakes out. Inflation
reports are coming down, and you're not seeing the mortgage
rates react to that right now because we're still uncertain
on the tariffs and other economics. You know, there's always
going to be global economics that are affecting rates too,
so it's not just your inflation and your job market.

(12:22):
I do a lot of people do believe that the
second half of the year is going to be stronger.
But you know, if I wish I had.

Speaker 2 (12:29):
A crystal ball, yeah, don't we all? Isn't that so true?
My final question to you, would it behoove? You know
a lot of people think that when the Fed makes
a move that immediately is reflected in rates. That's not
necessarily the case. Looks like the Fed's going to hold time.

Speaker 3 (12:45):
Heret that up. That is definitely not the case. And
I get more phone calls. Well, if they fed one
down a half point, you went down to half a point,
not necessarily, and we don't move in that. We've moved
by what is going on in the market, right, So
it's looking at the future. So even we're always looking
at what's going to happen next, not we're not looking

(13:07):
backwards the showing a forecasts absolutely.

Speaker 2 (13:10):
Yeah, everything is sort of planting things in, if you will,
depending on what the future looks like. Yeah, I just
wanted to I wanted to state that because I do
think that you guys must constantly be getting those calls,
and so as the FED says it looks like it's
going to hold steady. People believe that the rates will
stay exactly where they are. That's not necessarily going to.

Speaker 6 (13:29):
Be the case.

Speaker 3 (13:30):
No, they're changing daily and hourly these days.

Speaker 2 (13:36):
Kate Rockett, thank you so much for being a part
of the show today. It was great to have you.

Speaker 3 (13:40):
Thank you, Kim, thank you for having me.

Speaker 2 (13:42):
You bet up next, how are small business owners coping
with these economic uncertainties. We're going to speak to one
of them right here on the New England Business Report.

Speaker 1 (13:58):
You are listening to the New England Business Report on
the Voice of Boston w RKO six eighty. Joe and
Kim will be right back.

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Speaker 2 (16:17):
Hi everybody, I'm Kim Kerrigan.

Speaker 10 (16:19):
And I'm Joe Shortsleeve. If you want to be part
of the New England Business Report, sponsorships are still available.

Speaker 2 (16:25):
You can email us at any Business Radio at gmail
dot com.

Speaker 10 (16:30):
That's any Business Radio all one word at gmail dot com,
and we'll get your business on the show too.

Speaker 2 (16:45):
Welcome back everybody to the New England Business Report on
this Sunday morning. I'm Kimcarrogan and of course Joe short
Sleeve has the week off. Just a quick reminder. Coming
up in our next half hour, we'll hear about the
new summer market that's now open at the Seaport. You
won't want to miss that. Love the seaport year round,
but boy, summertimes are great there. First, you know, the

(17:07):
last thing that a small business owner wants is economic uncertainty.
Unfortunately that has certainly been the case really for the
full first quarter and most of the second quarter of
twenty twenty five, and I'm not sure that the rest
of the year looks all that promising. So how as
a small business owner do you cope? Lucy Dearborn is

(17:28):
the owner of Lucia Lighting in Lynn, Massachusetts. It's a
high end lighting, furniture and accessory store and she's joining
us this morning. Lucy, great to have.

Speaker 5 (17:37):
You, Thanks for having me, appreciate it absolutely.

Speaker 2 (17:41):
You know, Lucy, the thing that's really interesting about your
business is really it's twofold. You deal directly with customers,
but you also have a big part of your business
that's dealing with contractors and designers. So talk to us
a little bit in this twenty twenty five climate. What
your business has been like on all of those fronts.

Speaker 5 (18:03):
Well, you know, it's been a great year so far.
We started off really strong. I think that people are
still in that stay home mode. I know people are
traveling again. I know people are vacationing again, which makes
me so happy. But I will tell you people are
still hunkered down in some cases home maybe not going

(18:24):
away for the whole summer. So they're building pools, they're
building outdoor kitchens, so in preparation for the summer. People
really start preparing for that in the late winter, early spring.
So that ends up being a really busy time for us.

Speaker 2 (18:40):
Good. That's terrific. Let's talk about supply chain issues. I
mean they are real, there's no two ways about that.
So how are they affecting your business? I know you
do a lot of business with American made you know,
designers and American made products, but I know some of
it comes from overseas it does, so.

Speaker 5 (19:00):
It really depends from where overseas it comes. So it's
from country to country. The tariffs are different, the supply
chain issues are different. We take a lot of items
that we sort of sell day in and day out.
In between February and March, we did a pretty big
stock up so that we could hold our prices for

(19:23):
our clients because a lot of times contractors and homeowners
have these set these budgets, right, and so then you
get into you know, the tariffs and the price hikes
and the supply chain issues, prices can really skyrocket. You're
talking at twenty or thirty percent different and your original.

Speaker 2 (19:41):
Quote absolutely right, So you know, right now we're in
this holding pattern when it comes to the tariffs, which
actually I think creates more uncertainty than if the tariffs
existed and then you would know how to cope. So
as you look into the second half of twenty twenty five,
how are you guys planning, what are you doing?

Speaker 5 (20:03):
Well, we're trying to We're trying to monitor it as
best we can. But I think one of the advantages,
and this probably doesn't even really answer your question, but
when you talk about say a twenty percent price hyke
on an imported product. You can imagine that really shortens
the delta between handmade American product and imported product. So

(20:29):
sometimes people will opt for even if it's a little
more expensive, they will opt for the American made, handmade
howp you know, blown glass or something, because they say, well,
for X a little bit more, I can get a
very very high quality, handmade American product. So we've really

(20:49):
just made it our business, you know, kind of from
the last time the tariffs were all impacted and we
had supply chain issues. We've really started to represent as
many American made as we can.

Speaker 2 (21:02):
Absolutely, So tell me, you know, has that changed the
course of your business though, because there are those designers,
there are those contractors who say, if it's not Italian made,
we're not interested.

Speaker 5 (21:17):
Absolutely, and so but I think that our clients are very,
very smart. They're aware of what's going on in the world,
you know, better than anyone. Our customers probably understand the
global economy, and so they're prepared for price hikes, they're
prepared for temporary uncertainty. But there are people that have

(21:39):
absolutely put additions on hold, kitchens on hold, because that
is they don't have the budget for a twenty or
thirty percent increase in their overall project. So I do
think you're going to see some people just charge forward
and keep going, and you're you're definitely going to see
some people, especially in the more mid market You're I
think you're going to think you're going to see a

(22:01):
slowedout for sure.

Speaker 2 (22:03):
So, Lucy, over the course of the years, and you've
had that beautiful store for a long time, tell me
about some of the biggest challenges as a small business
owner here in Massachusetts that you face.

Speaker 5 (22:14):
I think for us, actually, I think there's more pros
than cons. I think we have wonderful customers of you know,
Massachusetts is an educated, smart bunch of folks and homeowners
and contractors. The biggest challenge is for us, we opened
in five so we kind of enjoyed a few great

(22:36):
years and then rolled into that long, deep, hard recession.
But I think there's nothing like a nice, big chunk
of humble pie for breakfast every morning to make you
really appreciate the great clients that you do have and
the great partnerships that you do have. But the recession
for us is a really really though it was a
big learning curve. It taught us all so much much

(23:00):
about how to manage the business, how to manage stock levels,
and you know, really where to put our money. And
I think so that was an advantage even though it
was a disadvantage. And additionally, just making sure that we
are keeping our pipeline full, so we have to be
out there, you know, getting customers and keeping our great

(23:21):
customers and then you know, adding to that group a
little at a time, so people who are maybe a
little slow to come to us so long to stay.
We appreciate that. So we're constantly just working on awareness
and meeting people and educating people on the importance of
lighting and lighting design. Lighting has really become an integral

(23:43):
part of home design and for that we're grateful and led.
As you know, Kim changed every thing. So we've become
a little more integral in the design portion of homes
and additions and that's been amazing. So again I'm seeing
a lot of advantages here. The challenges I think are

(24:06):
just really a lot to keep up with the technology.
That's fun. We love that.

Speaker 1 (24:12):
Well.

Speaker 2 (24:12):
I think you're doing a great job, that is for sure.
She's Lucy Dearborn and the name of The store is
Lucia Lighting and you find it Inland, Massachusetts. We're so
glad that you could be a part of the show today.
Thanks Lucy very much.

Speaker 5 (24:24):
Thanks for having me.

Speaker 2 (24:25):
You bet coming up in our next half hour, the
summer market is up and running in the seaport. Who
participates and what does it mean to their bottom line?
We're going to find out right here on the New
England Business Report, Kim and Joe.

Speaker 1 (24:45):
We'll explore more business news that impacts our New England
economy when they return.

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Are you a brother or a sister of one a
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ready to hang up your tools after thirty five years
of working your tailoff? Congratulate relations. You worked hard to
build your retirement nest egg. But now what? Let me
help you break through the nonsense and financial speak so
we can get to the questions that are important to you.
As you know, nothing gets built without a set of plans,

(26:11):
and neither will you a financial future. My name is
Mike Marshall, President and CEO of Marshal Wealth Management and
creator of the Marshall Plan, a comprehensive, customized plan that
will help you answer important questions in all seven key areas.
You don't have to do it alone. There is no
cost or obligation. Call us at eight five seven three
four two ten thirty. That's eight five seven three four

(26:34):
two ten thirty. Well check us out online at Marshallwealth
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Speaker 9 (26:41):
Advisory services offered to capital analysts or Lincoln Investment Registered
Investment Advisors, Securities offered through Lincoln Investment Broker Dealer Member FINRA, SIPC,
Lincoln Investment dot Com, Marshall Wealth Management and the above
firms are independent and not affiliated.

Speaker 2 (26:55):
Hi everybody, I'm Kim Kerrigan.

Speaker 10 (26:57):
And I'm Joe Shortsley. If you want to be part
of the New England Business Report, sponsorships are still available.

Speaker 2 (27:03):
You can email us at Any Business Radio at gmail
dot com.

Speaker 10 (27:08):
That's Any Business Radio all one word at gmail dot
com and we'll get your business on the show too.

Speaker 2 (27:23):
Welcome back everybody to the New England Business Report on
this Sunday morning. I'm Kim Kerrigan Joe Shortsleeve with the
day off. At this time. We are typically joined by
a member of the team over there at the Boston
Business Journal, and today is no exception. The executive editor,
Doug Banks is with us this morning. Now publishes the

(27:45):
Five Things You Need to Know in Business every morning,
and he's joining us here to share some of the
highlights from this past week. That great to have you.

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the Michelan Guide, which is if anybody's ever watched The
Bear or if you've eaten any fine dining establishments in
other cities like say New York City or Chicago, you know,
the Michelin Star is a point of distinction for restaurant
tours and Boston Business Journal broke the news this past

(28:25):
week that Boston is now going to be part of
the Michelin Guide, which means Boston restaurants will now be
eligible for Michelin Stars. What people don't realize is that
you have to pay Michelin to have them come to
your city and include your restaurants. Atlanta paid three hundred
thousand dollars to be included. Texas a couple of years ago,

(28:46):
paid two point seven million dollars to have Michelin. We
don't know what meet Boston our tourism bureau paide to
have them come, but regardless, patrons go to these, you know,
high class dining establishments now have something to help guide them.
And for the restaurants, it's absolutely appointed distinction and something
that they can market. And so it's it's very exciting

(29:08):
for the dining scene in Boston.

Speaker 2 (29:10):
Oh it is. It's very exciting, and it's crazy sort
of how it works, Doug. So you know, they they
go in and you know, kind of unknown and start
to test the food and whatever, and then how long
will it be before restaurants, you know, will know if
they possibly get a star or two or five.

Speaker 12 (29:30):
It is shrouded in secrecy, so the inspectors that come
in are just you know, they they they come in unannounced,
they're anonymous, so restaurants don't know them any from any
other patrons. But then they do, you know, they get
notified afterwards that they've been, that they've been, they've been raided,
that they will be included if they are included, and
you get up to three stars. So one star is

(29:53):
you know, good job, two stars, hey worth a detour,
and you know three stars is except cuisine, you know,
definitely worth a special trip just to make it to
that restaurant. So that's the goal, is three stars, and
that's what the restaurants are will be hoping to accomplish
in the coming months.

Speaker 2 (30:11):
Yeah, it's it's hard for me to believe that this
is just finally happening. In Boston because quite frankly, you know,
the restaurant seen here is a good one. And I
have had the pleasure of eating in a few Michelin
restaurants in New York and in Italy and whatever, and
they're great. But I've eaten in equally as good restaurants
here in Boston, that is for sure, exactly.

Speaker 12 (30:33):
Yeah, it's about time. It's definitely something that people have
been talking about for a long time and and and
the word's been out for months that this was you know,
that this could be happening. So it's exciting to see that.

Speaker 2 (30:43):
Absolutely.

Speaker 3 (30:44):
Hey.

Speaker 2 (30:44):
Another headline that you were on this whole idea of restaurants.
Another headline that you were following there at the BBJ
this last week was the idea that remote workers are
maybe being I don't know, they're being lured back by
a restaurant to try to you know, and being rewarded
if they come in.

Speaker 3 (31:01):
Yeah.

Speaker 12 (31:01):
So interestingly, speaking of restaurants, Eli Feldman, who used to
work with Barbara Lynch and Gordon Ramsay among other notable chefs,
opened up a restaurant called shy Bird in Cambridge in
Kendall Square, Cambridge, on twenty nineteen, they just opened up.
They've opened up in South Boston and now Shybird has

(31:22):
opened up in Spenway. And what's the sort of their
mark of distinction is that they've created what's called the
work at shy Bird deal, where instead of you know,
restaurants will try to make money at lunch by catering
to offices well with fewer people in offices, shy Bird
is saying, what you know, if you're a remote worker,
come here and for seventeen ninety five, which is you

(31:44):
know what you'd pay for lunch anywhere, you can stay
all day and you get free coffee. You get coffee
all day, you get breakfast or lunch, and they'll even
provide you an extra monitor for your for your laptop
or adapters. So it's pretty cool. They're they're catering to
office workers who are remote instead of catering the offices

(32:05):
that where people seem to not be working as often.
So good for them. It's a really interesting program and
something that it's kind of unique for the in the
in the working world.

Speaker 2 (32:13):
About them, well, I got to tell you, you couldn't get
a day's work in in a in a place that
you rent for that amount and then on top of it,
you know, you can get some lunch and uh, it's
it's amazing what some of these establishments have had to
do to get workers back into the city.

Speaker 12 (32:30):
Yeah, it's it is, it's it's a pretty cool creative program.
They started it in Southeast so they have been doing it.
And and if you know, if people want to hang
out all day, they're totally fine with that, like, they
love it. So it's definitely unique in something that you're
seeing other cafes are.

Speaker 5 (32:46):
You know, there's a bit of a backlash.

Speaker 12 (32:47):
Other cafes are saying, hey, you've worked all day, you
only got a latte. You know, we're going to start
restricting you from times and sharp It's like, no, come
on over, we can. They've got it's a lot of space.
I mean, it's got a pretty good sized restaurant, so
they've got the So yeah, good.

Speaker 2 (33:00):
Loe, Yeah, I love it. He let's change gears just
a bit and talk about Harvard. I mean, this is
like the tit for tat thing going on between Harvard
and the administration. So now, in an effort to make
up for what they are losing from the administration, Harvard
is self funding some research I hear.

Speaker 12 (33:20):
Yeah, so as you again, you and your listeners have
been following this, you know, the back and forth. And
so Harvard now, knowing that they're going to be losing
or at least they don't have access to federal funds,
they had issued a seven hundred and fifty million dollar bond.
Last month, they instituted a hiring freeze. Now President Alan

(33:41):
Garber has said they're going to They've set aside two
hundred and fifty million dollars to support the research that
the government was funding. And of course the government funding
is well well beyond two hundred fifty million dollars, I mean,
it's closer to four hundred million. But Harvard is saying,
we're going to fund as much as we can out
of our endowment and operating funds as we can, you know,

(34:04):
just to keep people working, keep those benches, the lab
bench is going, and so so they don't have to
do layoffs. So again, Harvard has a lot of money.
They're putting their money where their mouth is and helping
their researchers to do the crazy you know, global saving health,
you know, help saving research that they do. I mean,

(34:24):
it's incredible. What's going on at places like Harvard and MIT,
and to see Harvard putting its own money there instead
of going to this government for it. You know, good
for Harvard. They're continuing to fight and you know, continuing
that independence that they're trying to trying to maintain.

Speaker 2 (34:39):
You know, Doug, you wonder, though, is this exactly what
the administration was after? Fund your own research? And in
the end, you know, will this obviously it will benefit
the world of research, will it benefit Harvard?

Speaker 12 (34:53):
That's a that's a great point you make. I think,
you know, I don't think that government was looking to
save money by not funding you know, research. I think
that that's what they're certainly they're doing. I think everybody
knows that this is more of a personal than data
between the White House and and the IVY leagues more generally,

(35:15):
you know, four hundred million dollars in funding is a
rounding error at the national budget level, like this is
not it's not money that they would notice. They're wasting
more than that in other places that we have we
just haven't heard about. So this is making headlines, you know,
for those reasons, not necessarily for you know, for saving money.
This isn't money that's being wasted is money that was

(35:36):
going to again life saving healthcare and life sciences, engineering,
all kinds of you know, really important programs, you know,
helping you know, poverty. Uh, it's just there's so many
different things that Harvard's research has been doing, and U
so I don't see necessarily that I think this is

(35:57):
again more personal between the White House at and who
knows if this will be you know, well, it takes
place long term, but you know, I we like to
think that eventually that government funding will probably come back
and things will go back to you know, a little
bit more of the.

Speaker 6 (36:13):
Way it was.

Speaker 2 (36:15):
All right, Doug Banks, he is the executive editor of
the Boston Business Journal. Some great stories and if you
missed some, folks, you can always check out Doug's five
things you need to Know in the world of business
each and every morning. All right, Doug again, thanks so much. Well,
speaking of headlines, this one caught my eye in the
Boston Business Journal, and I thought it was so interesting.

(36:37):
So if you're in the market for a golf course
and you're willing to turn it into housing, and you've
got an extra twenty million dollars on hand, then I've
got the deal for you. It was written up this
week that down in Plymouth, the Atlantic County Club is
being sold, and it's an understate law it can be

(37:00):
sold to the City of Plymouth and then they can
turn it into housing. Now, as I said, the price
tag is twenty million dollars. But the town is having
a fit because they're saying that the property has only
been assessed at under two point five million dollars. So
they want to fight this because they're saying that they

(37:21):
want this property, they need the housing, but they certainly
don't want to be gouged for it twenty million dollars. Now, this,
of course, is an area that has a number of
golf courses down there on the South Shore. They are
rich with golf courses, and this certainly wouldn't be the
first one that was turned into housing. The Atlantic Golf
Club was is the one that is being sold, but

(37:44):
there was one that was sold not so long ago
to the city and they turned that into housing. It's
worked out perfectly. This is in a rural part of Plymouth.
It's near the Born border, so it would be a
perfect spot one hundred and seventy seven acres for homes.
But again the city doesn't want to be gouged. They

(38:04):
want to pay the fair price so that they can
build houses there. So stay tuned, folks, We will keep
you updated on what happens to the golf course in Plymouth.
All right, who doesn't love beautiful summer days in the
city of Boston, and most specifically, who doesn't love beautiful
summer days in the Seaport. The restaurants, the activities, and now,

(38:28):
of course the fabulous summer market is open. Joining me
to talk a little bit more about it is Emily Sukus.
She's the assistant director of Community and Partnership in the Seaport.
Always great to have you on, Emily, and it's especially
good to have you on to talk about the summer Market.

Speaker 13 (38:45):
Thanks so much for having me, Kim.

Speaker 2 (38:47):
You bet so. It opened this past week. Talk to
us a little bit about what we can expect. I
know it's broken into really two parts over the course
of the summer.

Speaker 13 (38:56):
Yes, so, the Seaport Summer Market is zach for its
fourth seat in. We are open Saturdays and Sundays eleven
am to six pm for all the weekends in May
and June. We take a little break in July and
come back in August and September.

Speaker 2 (39:11):
That's fantastic. One hundred and twenty vendors. Did I read
that correctly.

Speaker 13 (39:15):
Yeah, Over the course of the thirteen weekends that the
market is operational, we'll feature over one hundred and twenty businesses.
So each weekend you can expect to find about eighty
businesses at the market. We have retailers, we have a
food and beverage area. There's something for everything everyone at
the market. Food, accessories, jewelry, home day, core, skincare, you

(39:36):
name it, we have it at the market.

Speaker 2 (39:38):
So talk a little bit emily about how these businesses
are chosen and what it means to them to be
a part of it.

Speaker 5 (39:45):
Yeah.

Speaker 13 (39:45):
So we have a really strong focus at the Seaport
Summer Market on featuring local businesses, specifically women owned and
minority owned businesses, so that we can elevate those smaller,
smaller mom and pop shops and give them a foothold
in the Seaport, which, as you mentioned, is the place
to be in the summertime. And so we take a

(40:05):
lot of time to curate the market so that there's
something for everyone, that the offerings appeal to as many
people as possible. And just feature the best of the
best in Boston and beyond.

Speaker 2 (40:16):
Do they do they vary from weekend to weekend or
is it the first half and the second half.

Speaker 13 (40:23):
No, the market change is every single weekend, so we
encourage folks to come back as many times as they're available,
so to try something new each time.

Speaker 2 (40:31):
Sure, does it cost those vendors to be there in
the market.

Speaker 13 (40:35):
Yeah, the vendors pay a standard boost fee like they
would at any other pop up market. But what's so
great about the Summer market is it's an amazing place
to test your business and to test your product. So
if you're a weekend warrior starting a new small business,
the commitment is really low because you're just there for
a weekend and you get to see how you do,

(40:55):
how you merchandise, how you can improve, and hopefully you
find success and come back for many more weekend.

Speaker 2 (41:01):
So, Emily, tell me how many individuals, how many customers
are they exposed to? Do you guys have numbers about
how many people come through.

Speaker 13 (41:10):
Yeah, we have thousands of visitors to the market each weekend,
and that's on top of the tens of thousands of
visitors coming through the seaport neighborhood. As you mentioned, Kim's
Support is the place to be on the weekends, especially
in the summertime. So it's a huge opportunity for all
these small businesses to be exposed to such a wide audience.

Speaker 2 (41:30):
Yeah, it certainly is. Do you have any numbers, emily
about how many of these businesses that you said, you know,
mom and pops or weekend warriors who maybe go on
to actually open up full on businesses as a result
of having been a part of the market.

Speaker 13 (41:44):
What's so great about this market is everyone finds success
in a different way. So you know, if this is
your part time gig on the weekends, you might find
success at the Seaport summer market, and then that means
you're able to take on a larger commitment, like the
holiday market at Snowport, which is a week long you know,
it's the market spans the week, typically fifty straight days

(42:05):
be run during the holiday season, and from there, maybe
you find success and you want to expand into a
brick and mortar. This really is something for everyone, and
success and growth is.

Speaker 5 (42:17):
So unique to those businesses.

Speaker 13 (42:19):
But I do love that pop up to permanent story,
and some folks will even expand into our retail incubation
homes called the Current.

Speaker 5 (42:28):
So we've had.

Speaker 13 (42:29):
Great, great success cultivating these businesses and helping them grow.
However they define that growth.

Speaker 2 (42:35):
Yeah, I mean, this is what I love about the
summer market. And you've just hit the nail on the
head because you can progress there in the Seaport by
being a part of the summer market and you know,
finding your success, which is really great. Why is a
small business Because you've just named all of them, but
you know the summer market, and then of course there's
Snowport and then you have the incubator there. Why are

(42:57):
small businesses so important to those of you who run
the Seaport.

Speaker 13 (43:02):
They're really the fabric of the community. To be able
to have a neighborhood represent the city of Boston at
large is crucial and critical to our mission here in
the Seaport. We have the privilege of building Boston's newest neighborhood,
and we want to make sure that reflects the diversity
and authenticity of the entire city. And so to have

(43:23):
small businesses alongside bigger box retailers just allows everyone to
benefit from the spot traffic in the neighborhood and to
meet new customers, and so we're really passionate and proud
to be able to put small businesses alongside bigger shops
so that everyone can find success.

Speaker 2 (43:40):
It's terrific. You know you mentioned it, but there are
we have that break in July. There's another market that
comes to the Seaport. It's the sixth season for the
Seaport Black Owned Business Market. Tell us about that.

Speaker 13 (43:52):
Yeah, so we partnered with Black Owned Boss. It's hard
to believe six years ago. That was one of the
first projects I did in the middle of a pandemic,
and so we were able to partner with Data Turner
at Black Owned Boss. That started as just a single
day market, and we found such immense success and desire
to shop all of these small black owned businesses. Now
we're in our sixth season. We've expanded so much we

(44:14):
had to move locations within the neighborhood. So this year
the Black Owned Boss Market will move to Harbor Way,
which is our gorgeous pedestrian promenade that now stretches from
the top of the Summer Street steps all the way
down to the Boston Harbor Front. And so the Black
Owned Boss Market takes place every third Sunday from twelve
to six pm. We open the season this weekend on Sunday,

(44:37):
May eighteenth.

Speaker 2 (44:38):
That is fantastic. And tell me what else is going
on in the Seaport as we go into these warm,
beautiful months in.

Speaker 13 (44:45):
Seaport spring and summer has sprung. Cisco Brewers, our annual
beer garden is back open at one hundred Seaport Boulevard.
We have some exciting new concepts popping up in our
other parking lots. Island Creek Oysters will be joining us
at the beginning of June.

Speaker 3 (44:59):
We have a new.

Speaker 13 (45:00):
Pickleball and peddel pop up coming called Ballers that'll open
later this summer. And of course all the amazing restaurants
and retailers who are coming to the neighborhood. We just
opened a Korean gastro pubs called no On. We have
other amazing retailers coming through and Camp Current might be
my favorite season so far of our retail incubation hub,

(45:23):
so nine local businesses to shop there, really leaning into
the nostalgia of summer camp, which you'll notice when you
shop the break green tiny homes right on Seaport Common.

Speaker 2 (45:35):
That's fantastic. Emily It's going to be a great summer
in the seaport, we can tell We thank you so
much for being a part of the New England Business
Report this morning. Still come in your way, folks. Every
child deserves a safe place to live and a family
to live with. We're going to speak with the executive
director of a nonprofit based in Salem that works to
make those dreams come true for youth.

Speaker 1 (46:00):
You are listening to the New England Business Report on
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That's any Business Radio all one word at gmail dot
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The New England Business Report on w RKO is brought
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Speaker 2 (49:01):
You know, through the years, Joe and I have been
fortunate enough to be involved with a number of nonprofits,
and I know that they're important to Joe, They're important
to me. We know that they are important to the
business community that we speak to here on this show.
So we like to feature some of these nonprofits from
time to time, and I am happy this morning to

(49:22):
be doing just that. Nicole McLaughlin is the executive director
of the Plumber Youth Promise. It's a nonprofit that's based
up in Salem, Massachusetts, and Nicole, it's great to have
you this morning. Good morning, good morning.

Speaker 4 (49:36):
Thanks for having me.

Speaker 2 (49:38):
Absolutely listen, let's get started by talking a little bit
about the background on Plumber, because I think a lot
of people don't know that this is a nonprofit that
has existed since the eighteen hundreds.

Speaker 4 (49:50):
That's right, We've been around for a long time. We
were founded in the mid eighteen hundreds through the quest
by a woman I'm named Caroline Plumber therefore the new
Plumber Plumber Youth Promise, and she wanted to start a
reform school at that time when that was really visionary
thinking in the mid eighteen hundreds. Of course, we're not
a reform school anymore. Things have evolved over time and

(50:14):
today we serve young people experiencing the foster care system.

Speaker 2 (50:19):
Yeah, so let's talk about the mission of this organization.
It really has evolved and changed from back in eighteen
fifty five when Caroline started it.

Speaker 4 (50:30):
That's right, that's right, And you know where we are
today is we really want to make sure that no
young person enters the foster care system, stays there, and
then ages out without a family that they can count on. Right,
because at the end of the day, we all know
that we need family throughout our lives, and foster cares

(50:51):
is by definition a temporary you know, a temporary solution.
All kids need a permanent family. So that is our
vision that every young person have a family unconditionally committed
to nurture, protect and guide them to successful adulthood.

Speaker 2 (51:06):
And Nicole, sometimes that family is actually their family, right,
You guys work really hard to bring families back together.

Speaker 4 (51:13):
Absolutely absolutely, and in fact, even in a circumstance where
a young person might not be able to return for
their family, we always want a connection back with that
family because it's that attachment, that early attachment is very
important to protect and nurture, and young people need to

(51:33):
know their families. But yes, ideally a young person would
be with their family of origin or with extended family
with kin. In the event that they're not able to be,
then we want to make sure there's a relationship existing
they are, you know, in whatever manner that can look like.
So a lot of our work is actually done to help,

(51:58):
particularly around teenagers who have been in the foster care
system for a long time, looking back at some of
those relationships and trying to heal them and strengthen them
so that they exist regardless of where a young person
might live.

Speaker 12 (52:12):
In the future.

Speaker 2 (52:14):
But if in fact a family can't be brought back
together for a living situation, then you guys absolutely are
helping with that foster care system making sure these kids
have places to go in homes to live in.

Speaker 4 (52:26):
Yes, absolutely, absolutely so. And we run a number of
different programs right so, our flagship program is right here
where Caroline Plummer you know where it was established in
the mid eighteen hundreds, and that's a group residents in Salem.
And then we also work with foster families throughout mostly

(52:46):
Essex and Middlesex County, and we have young people living
out in studio and one bedroom apartments also mostly Essex
and Middlesex County. They're between the ages of eighteen and
twenty two. In our foster families it can be birthtage
twenty two, and then in our group residents it's ages
thirteen to twenty two, so teens and young adults absolutely.

Speaker 2 (53:09):
Now I know you you serve about a three hundred
children in young adults, especially in the Essex and Suffolk
County areas. But how many do you have living in
And tell me a little bit about that residence home
because it's brand new, right.

Speaker 4 (53:23):
Well, so in the actual residence right now, we have
eighteen young people at a time, and we're actually building
a new building which will be open next month. Actually,
so we operate our group residents in the same building
that was built in the mid eighteen hundreds. It is dilapidated.
There's no privacy in this building. It's really there's no

(53:46):
climate control in this building. So we really needed a
new building. We've built a new building and we'll be
moving into it next month and that will accommodate twenty
two young people at any given time.

Speaker 2 (53:58):
The foster care system in this state, I know, is
it feels like it's constantly, you know, working to try
to catch up. Talk to us a little bit because
you work so intimately with it about the state of
the foster care system in Massachusetts.

Speaker 4 (54:13):
Well, you know, I think foster care, child welfare is
it's such an important function in our society right to
make sure that kids are safe, ideally safe within their families,
right and in Massachusetts, we put a great effort into
making sure that kids can be safe within their families

(54:35):
and then moving toward and Massachusetts has really prioritized this
in recent years, making sure that if a young person
does need to be removed from their family for some reason,
that the first stop, the first place you look is kids,
right because being with extended family people, you know, people
who are part of your culture once again, is always

(54:56):
going to be the best thing for kids. And I
think you know, Massachusetts is making great strides and working
in that direction.

Speaker 2 (55:03):
Mm hmm. But if that's not the place they can go,
then the Plumber Youth Promise is there.

Speaker 4 (55:10):
That's right, So that's that's exactly right, So that you know,
there would be first a search for kin or extended
family placement and if not, then then the Department of
Children and Families would look to other to nonprofit providers
like Plumber Youth Promise, right and and decide, you know, well,
this young person really needs group care versus this this

(55:34):
young person would really be best served within a foster family, sure, right,
And so then they would reach out to us and say,
do you have availability in your in your group care
or do you do any of your foster families have
the ability to take in somebody.

Speaker 2 (55:48):
Right now, Nicole McLoughlin is our guest. She's the executive
director of the Plumber Youth Promise. One final question from me, Nicole,
and that's what's your biggest wish right now for the agency?

Speaker 10 (56:02):
Oh?

Speaker 4 (56:03):
Well, can I have two?

Speaker 2 (56:05):
I sure you have to.

Speaker 4 (56:10):
One is we really could use more foster parents, right,
We do need more foster parents who are willing to
welcome young people in and really center the needs of
that young person and the family relationships and work with us.
So we need more foster parents. And we have to

(56:31):
just build this building and we will then renovate the
old building that we're in and we are still fundraising
for that.

Speaker 12 (56:39):
Right.

Speaker 5 (56:40):
Construction these days is.

Speaker 4 (56:42):
Not inexpensive, particularly in this environment, and I think we've
built a terrific a terrific new building that contributes to
our mission. But we could really use some financial support.

Speaker 2 (56:54):
All right, always in need of financial support, certainly understand that. Nicole.
Thank you so much for being a part of the
show this morning. Well that's going to do it for
this edition of the New England Business Report. I'm so
glad that you could join me. On this Sunday, let's
take a look at what's coming up next week. At
eight o'clock. Ryan short Sleeve will be joining us. He

(57:14):
of course this week announcing that he will be challenging
Mora Heally for the governor's position here in the state
of Massachusetts. So we'll be talking to Brian and we'll
talk about the business of sports. What does it cost
a sports fan in the Boston area to watch their
favorite teams on television. I think you're going to be
very surprised, because it's starting to get where if you're

(57:36):
not streaming, then you can't see some of your favorite teams.
So we'll share that information with you all. Coming up
next Sunday at eight am right here on the New
England Business Report on WRKO, The Voice of Boston AM
sixt eighty m