More than just the unofficial end of summer, Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of our country. It is time that the country sets aside to pay tribute to the creator of so much of the nation’s strength, freedom, prosperity, and well-being – the American worker!

History of Labor Day

The first Labor Day was celebrated on Tues., September 5, 1882 in NYC. Its origins stem from the desire of the Central Labor Union to create a holiday for workers and was championed by Matthew Maguire who was secretary of Local 344-International Association of Machinists from Patterson, NJ. By 1894 31 states had adopted the holiday in honor of workers, and on June 28,  of that year Congress passed an act making the first Monday in September the legal holiday. It was originally intended that the day would be filled with a street parade to allow the public to appreciate the work of the trade and labor organizations. After the parade, a festival was to be held to amuse local workers and their families. One of the reasons for choosing to celebrate this on the first Monday in September was to add a holiday in the long gap between Independence Day and Thanksgiving.

 What do people do?

Labor Day is traditionally a day of rest. It often signals the last chance for many people to go on trips before the summer ends. It also marks the beginning of the school year and football season. Sometimes people organize fireworks displays, barbecues and public arts or sports events.

Traditionally, people did not wear white clothes, particularly shoes, after Labor day. However, this custom is slowly dying out, (unless you’ve met my mother!).  More and more people now wear white all year round, rather than just in the summer.

With the number of people involved in a single real estate transaction (real estate agents, attorneys, appraisers, inspectors, lenders, underwriters, etc.), buying a house can seem both overwhelming and complex—particularly if you don’t speak the ‘language’ of real estate.

To help you break the language barrier, here are some examples of basic real estate terms you’ll often heard when buying a home:

Mortgage – A mortgage is a home loan, which can be obtained after you contact a bank, credit union, or other type of lender. There are several different types of loans that can have different interest rates, terms, and down payments.

Amortization – This is the schedule to pay off a mortgage over an extended period of time, with payments made in monthly installments. Usually these payment plans extend over 15 or 20 years.

Credit Rating – Your “credibility” according to a numerical conversion helps lenders determine whether or not giving you a loan is a good risk. If you have a good credit rating according to one of the three credit reporting agencies (TransUnion, Equifax, and Experian), it is likely that you’ll be entitled to a lower interest rate on your loan.

Pre-Approval – If a thorough assessment of your financial situation is made, and the results are in your favor, you might be able to attain a pre-approval letter. This letter would give you in a firmer commitment of the loan amount that lenders are willing to extend to you, in turn helping your chance of buying your dream home.

Down Payment – The cash that is paid upfront on your home purchase, which differs from the payment of the rest of your purchase, which will be financed by your mortgage loan.

Binder or Earnest Money – The money that is included in an offer letter that proves how serious, or earnest, the home buyer is about the purchase.

Contingency– A condition included in the contract when a home is purchased that is meant to protect you, as the home buyer. There are several different types of contingencies, including secure home financing, a satisfactory inspection of the sale property, and the sale of the buyer’s current home.

 Title – legally valid claim to ownership of real property, evidenced by deed, certificate  of  title, or bill of sale. A lender will extend mortgage financing to a buyer only if the seller holds uncontested ownership of the property in question. Most states treat a mortgage as a lien against the title held by the lender, or mortgagee , but some states recognize a mortgage as a binding obligation of the borrower, or the mortgagor named in the title.

 Appraisal –written estimate of market value by a qualified appraiser. Appraised value is one of the key factors determining loan size in loans secured by real estate. The estimated value of real property is based on replacement cost, sales of comparable property, or expected future income from income producing property.

Escrow Account – funds that the lender collects monthly to pay the monthly mortgage insurance premiums, homeowners insurance policy premiums, and yearly property taxes.

Closing Costs – expenses involved in transferring real estate from a seller to a buyer, among them lawyer’s fees, survey charges, title searches and insurance, and fees to file deeds and mortgages.

Points –fees paid to induce lenders to make a mortgage loan. Each point equals 1% of the loan principal . Points have the effect of reducing the amount of money advanced by the lender, thereby increasing the effective interest rate.

Don’t let the language of real estate be intimidating….Contact me and I’ll be happy to translate.

Heading to college brings up many emotions, including excitement and a little trepidation–as we all remember from our own experiences. Having been through this twice with my own children, I know it is as much a transition for parents as it is for their child. While prepping for the big day may feel limited for parents to buying linens, clothes, and toiletries (and paying that tuition bill!), incorporating elements from home into your son or daughter’s dorm room can be very comforting to your college freshman in the face of all these changes.

Along with making new friends, adapting to classes, and entering a more independent lifestyle, your child will be facing a whole new set of opportunities,obstacles and people-especially their roommate. Incorporating some of the following creature comforts can give your college-bound student’s dorm a sense of home that defies distance.               

      PICTURES: What is better when you need a lift than a picture. I bought a frame that held a bunch of different pictures and filled it with photos of good times with friends, family, pets, and favorite vacations. Looking at these pictures will put a  smile on your child’s face when that little bit of homesickness creeps in.

FAVORITE BOOKS: The empty shelves in a college dorm can seem daunting. Yes, they will be filling them with required reading but a few favorites can give your child a sense of comfort.

SOMETHING SENTIMENTAL: Despite the fact that the last thing any dorm room needs is an influx of knick-knacks, bringing an item with sentimental value can be of huge value to your college freshman. A beautiful conch shell found after hours of searching a beach? Bring it. A coffee mug bought on vacation that makes your child smile? Bring it.  Meaningful items can definitely give a dorm room a more homey feel.

 BEDDING FROM HOME: Though you cannot provide the comfort of your student’s own bed, you can bring their pillow or a mattress topper for the rock-hard dorm bed. Every little bit helps!

FOOD: Obviously, it is impractical to send your child with a year’s worth of local perishables. However, when dropping off, visiting, or sending a care package to your college student it might be worth taking a trek to their favorite local market or food store. Specific and specially made snacks, trail mixes, or other food items can surely make your college kid happy, and remind them that no matter how great college is, there is no place like home.

Whether or not you’re a Yankees fan – or even a baseball fan – it’s hard to ignore Derek Jeter’s legacy.

The 40-year-old is playing his final season this year, his 20th with Major League Baseball. And Jeter, who played through one of baseball’s most scandal-wracked eras without one of his own, is definitely deserving of every hat-tip he receives in this moving clip.

Michael Jordan, Spike Lee, Phil Jackson, Carmelo Anthony and even Mr. Met make appearances in the video, put together by Jordan Brand. Jeter was the first Jordan Brand-endorsed player, and was handpicked by Michael Jordan himself in 1999.

Courtesy of People Magazine & Nike

Well, the time has come!  The highly anticipated restaurant from The Food Network Star, Chef Aaron Sanchez – Paloma- has opened their doors!

The restaurant, located at 15 Harbor Point Rd, fills the space previously occupied by popular pop-up Beer Garden at Harbor Point.  The 6,000 square foot glass building is set with two floors offering a panoramic view of the water.  There is an upstairs dining area, a downstairs main bar, and plenty of outdoor dining to enjoy those Harbor Point sunsets.  The menu includes a bone-in rib eye, fresh salsas and extensive raw bar.  Desserts include churros, traditional flan and Mexican coffee.  The bar scene is quite extensive as well.  The menu features handcrafted spirits from Latin America – tequila, mescal, pisco, cachaca and rum.

World of Beer, located at 18 Harbor Point Rd, kicked off it’s grand opening on June 29th!  The chain, which launched in 2007 (and operates 50+ taverns across the country) offers fifty taps and 500+ bottles.  They feature beers with flavor—lagers, Pilsners, stouts, IPAs and flavored beers from burgeoning small and regional breweries from the U.S. and around the world.  In addition to beer, World of Beer’s new locations will feature a “tavern fare” menu, craft spirits, an extensive wine program and live entertainment in addition to the beer.

Harbor Point also has two more restaurants on the horizon with Fortina and Bareburger slated to open soon.

Coming Soon for all you Beer Garden fans, The Beer Garden, previously located in Harbor Point is relocating to 290 Harbor Dr. in Shippan Landing.

Do you know when a real estate transaction is really done?  Until the deed is recorded anything can happen, and it’s not just the buyer’s side that can throw a wrench into the deal.

Just like in scouting, the motto of a real estate transaction is BE PREPARED! Here are a few of the biggest places where deals can get hung up — and how to avoid them.

Appraisal issues

Pricing is one of the most important steps in listing your home, just for this reason.  Every home sells twice, first to the buyer and then to the bank.  Homes not appraising at the contract value has been a problem since the housing crisis, and will likely continue for years to come. Even when there are multiple offers, a third-party appraiser, who is not part of the deal, may not agree with the selling price.

This becomes a tough issue if you have a property that hits a number that the comps may not support. Make sure the agent who is present at the appraisal is well armed with comps and information to support the selling price. Seeing a contract price and address on paper is one thing, but to know there were 100 people through the home in three days with six offers, provides color and context.

Inspection problems

It’s the call no one ever wants to get – the inspector found major problems with the home.

Unexpected inspection issues, particularly large ones, can cause scared buyers to walk away. For buyers who still want to move forward with the home, it means re-negotiating the purchase price or asking the seller for credits back. Another round of negotiations means the deal can go south quickly if both parties can’t work together.

When this happens, it’s helpful for all parties to put emotions aside and work together. If the buyer wants to buy, and the seller wants to sell, it means compromising. If this buyer walks, the next buyer could have the same problem. The best way to avoid deals going south due to inspections is to have the property inspected before going on the market. Iron out any issues that may arise and then price the property accordingly. Every seller should consider doing a pre-sales property inspection.  This is not a guarantee that a different inspector will not find different issues, but the major concerns should be covered.

Buyer’s remorse

The buyer gets excited about a property and makes an offer, only to second-guess themselves once the deal is put together.  Buyer’s remorse happens all the time in real estate.

Before you make an offer, or before the final round of counteroffers, ask yourself: Do I really love this home?  Does the price make sense? Do I love this home for this price? It’s better to walk away before you get too emotionally involved in the process.

For sellers – be careful. If your buyer doesn’t seem to be fully committed, stops responding or doesn’t appear to have their ducks in a row, it might be better to wait for another buyer than to tie up the listing and have to go “back on the market.”

There are rare issues that come up that are completely unexpected. A neighbor makes a random disclosure, or the inspector finds something nobody else knew about or that a previous inspector missed. Maybe there’s an odd lien on the title report or something happens to the buyer, unexpectedly. In these cases, keep an open mind and go to plan B. A good listing agent will never change the status of the listing to “pending” unless the deal is truly done.

Most deals hit a bump or two but nothing that can’t be dealt with.  Feel free to contact me and we can discuss any concerns you might have.

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

1. The government has set new guidelines that now demand that the bank provebeyond any doubt that you are indeed capable of affording the mortgage. During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again
2. The banks don’t want to be in the real estate business. Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation. The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate probably below 5%.

The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of <5%, they would probably bend over backwards to make the process much easier.

Bottom Line

Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.

Our Country’s humble beginnings:

When we think of July 4th we think of the birth of the United States of America, and the triumph that accompanied the Declaration of Independence. We think of the liberation of our people and the beginnings of our country as an independent nation. With all the celebrating that goes on nationwide, people often forget to reflect on  what really happened on July Fourth. Most of us will come to the same conclusion: we have no idea!

Did the Continental Congress declare independence on the Fourth of July? Nope, that happened on July 2, 1776.

Did the American Revolution start on the Fourth of July? Nope, that happened in April 1775.

Did Thomas Jefferson write the Declaration of Independence on the Fourth of July? Nope, that happened in June 1776.

So what did happen on the Fourth of July? The answer…not much.

So, what did happen?

On July 4, 1776 the Continental Congress approved the final draft of the Declaration of Independence, after several days of drafting and editing. This date was then included on the handwritten copy of the Declaration of Independence that was signed in August, as well as on the original copies that circulated the new nation. Naturally, people began to associate the Declaration of Independence with the Fourth of July.

Constitution Day celebrates the anniversary of the Constitution being signed, Independence Day merely celebrates the anniversary of the Declaration of Independence being approved. If we celebrated the day that the Declaration of Independence was signed, we’d celebrate Independence Day on August 2.

The birth of a national holiday.

The Declaration of Independence was not formally celebrated for the first 20 or so years after coming to fruition. In fact, by the time the 1790s rolled around, the Declaration had become a controversial issue in the new government. The Democratic-Republicans supported Thomas Jefferson and the Declaration of Independence but the Federalists felt that the Declaration contradicted their policies.

This all changed after the War of 1812 when the Federalist party broke down. Again, copies of the Declaration of Independence circulated, all with the date July 4, 1776 listed on top. The coincidental deaths of Thomas Jefferson and John Adams on July 4, 1826 may have also factored into the Fourth of July becoming an important day.

Fourth of July celebrations became more and more common in the following years. In 1870, almost a hundred years after the Declaration of Independence was written, Congress declared the Fourth of July to be a national holiday as part of legislation that officially recognized several national holidays, such as Christmas.

Today, Independence Day seems to be the perfect holiday. There’s sunshine, good food, and we get to be patriotic as we celebrate our country. So plan out your party menu, gather up the invitations, and figure out the best ways to show off your red, white, and blue pride.

Whether you’re throwing a barbecue or having a few friends over for some Fourth of July drinks, it’s easy to get your patriotic spirit in full swing.

Fireworks in the area:

Stamford:  July 3 – 9:00PM at Cummings Park; rain date: July 5

Norwalk:  July 3 – Dusk at Calf Pasture Beach; rain date: July 5

Rowayton:  July 4 – 9:15 PM at Bayley Beach; rain date: July 5

Darien:  July 5 – 9:00 PM at Darien High School; rain date: July 6

New Canaan:  July 4 –  5:00 – 10:00 pm at Waveny Park; rain date: July 5

Rye (NY):  July 4 – 9:30 pm at Playland Park; rain date: N/A

Greenwich: July 5 at dusk at Greenwich Point & Binney Park; rain date: July 6

Westport:  July 3 – 9:00pm at Compo Beach; rain date: July 7

Some Options to Consider:

Turn your Thermostat up. By keeping your home at 78 degrees vs. 70 degrees, you can cut air conditioning costs nearly in half. To save even more, try setting your thermostat a few degrees higher when expecting to be out of your home for an extended period of time. Programmable thermostats, which can be bought for a few hundred dollars, make this process easier by following a schedule based on your personal preferences, and can ultimately save you up to 20 percent of your electrical usage.

Use Ceiling Fans. If turning the thermostat up to 78 degrees sounds drastic, try using ceiling fans to lower the temperature of your house by three to five degrees.

Keep Windows and Drapes closed. Since sun streaming through windows accounts for about 50 percent of the heat that enters a house, closing windows and drapes are efficient ways to reduce the amount of money spent on cooling. With less heat coming in, there is less of a need for air conditioning to run.

Turn off the Lights. Most people do not realize that the average American spends 15 percent of his or her electric bills on the costs of lighting his or her houses. Lights give off heat and use electricity, so try turning lights off when you leave a room for a cooler home and a cheaper electricity bill.

Be creative when Cooking. To avoid heating up your home, try using your kitchen appliances less and barbecuing and outdoor eating more. To avoid the unwanted air conditioning costs that accompany the heat produced by ovens, switch your cooking style to outdoor grilling, or even use a slow cooker. Also, rather than thawing food in the microwave, take advantage of the summer heat, a method that does not generate electricity or cost you money.

Unplug, unplug, unplug. Many appliances consume power, even when not in use. Since many devices are not designed to save power when turned off yet plugged in, make sure to unplug gaming devices, hairdryers, toaster ovens, etc., when not in use. Another way to conserve energy is to stagger the timing of keeping devices or appliances plugged in, such as washing clothes and dishes at night, when the air conditioning is not using as much energy.

Perform routine maintenance on Air Filters. Replacing or cleaning your air filters monthly can save you as much as 10 percent on your electric bill by not restricting air flow, thus allowing your air unit to work more efficiently.

Get to know your Utilities’ “Time of Use Plans.” Understanding what plans your Utilities provide allows you to schedule high energy activities on off-peak hours. There are also payment plans that allow for budget billing to be spread out more evenly over the course of the year.

Though investments do have a cost, the following investment options have a relatively short payback time, which occurs when the savings on your electrical expenses surpass your initial investment cost.

Invest in Shade Screens. Though these screens can be pricey, possibly costing over $300 per window,  you
should keep in mind that 50 percent of the heat that enters your home comes in through your windows. Placing these screens on the windows on the Southside of your home, or those that are often in the sun, will repay your investment before you know it.

Plant Shade Trees. While some people choose to plant trees for their beauty, others plant trees for the monetary benefits these trees can provide. After shade-bearing trees reach maturity, they enable you to save up to $50 per year on electrical expenses, by blocking some of the heat from entering your home. Many utilities have programs that support the planting of these trees with minimal costs.

Replace that old Refrigerator or Freezer.  Replacing an old refrigerator or freezer with a new, more efficient one can decrease your electric bill by $40 a month. Some of these new appliances even show energy usage on the label, so you can calculate what your savings and payback period will be, prior to buying the fridge or freezer. Along the same lines, for those with swimming pools, investing in a more efficient pool pump can also save a similar amount of money per month.

Install weather stripping. Even when houses are well constructed, with cold and heat expansion and contraction, a house can start to create small gaps on windows and doors over time, where heat can enter. Either weather
stripping or caulking will solve this problem, two options that are attainable at low costs.

Give your Home an Energy Check-up. Almost all Utilities offer a home energy audit for a nominal charge, often around $100 per audit. Going through your home with an expert can be beneficial for seeking out energy inefficiencies and their solutions.

Switch to Fluorescent light bulbs. Last but not least, when a bulb burns out, investigate these more efficient florescent bulbs, which have a slightly higher cost but burn cooler and last longer.

Here is the Bottom Line.

Energy inefficiencies can result from a variety of factors, but luckily, many have easy fixes. By trying a few of these ideas, even if you save just $1 per day, imagine all you could do with that extra $365 per year. Try a few more of these simple ideas and who knows how much you can save.

Columbus Park is the place to be for some serious summer fun…great music & dancing – some really good times are on the horizon!

Jazz Up July

This outdoor summer jazz concert series spotlights live music from national and regional headliners. The event takes place on Wednesday nights at 6:30pm, July 9 through July 30.

This year’s series has been expanded to include several different genres of music (not just Jazz).

Alive @ Five

This year marks the return of Alive@Five vets Blues Traveler, who performed at the series in 2008, and Sugar Ray and Smash Mouth, who appeared the following year. The Beach Boys closed out the series in 2010, and it was awesome! New faces include KC and the Sunshine Band, Barenaked Ladies, Ed Kowalczyk of the band Live and Jake Miller.

The concerts start on July 10th and continue every Thursday until Aug. 14th at Columbus Park in Downtown Stamford.

Hope to see you there!