Author: Dan Krell

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Celebrity homes

Nothing grabs the public’s attention more than juicy celebrity gossip. So, it shouldn’t have surprised me when I received what seemed to be endless calls from Hollywood gossip reporters asking about Kate Gosselin’s move to Rockville, MD. At first, I thought the calls were from pranksters because I had no idea who Kate Gosselin was (I’m not a TV junkie, so I was unaware of her celebrity status); but when I was enlightened to her realty-TV fame, I was taken aback by the amount of attention and energy that was garnered just by a rumor. But that was in 2009.

Sure, I know you’re wondering “why would a celebrity be moving to Bethesda?” Well, the MD-DC-VA area attracts many celebrities. Of course there are the home grown celebs who have moved away, but the area attracts celebs of all kinds from around the world. Some celebs who live or have lived in the area are known for their on screen achievements, some are known for their writing ability, some are known for their contributions to their respective fields, some are royalty, and some are known just for their wealth.

Without question, the MD-DC-VA area attracts the political elite from around the world, not just because DC is the seat of government, but it is also perceived as a seat of world power. And don’t forget the many sports stars who choose to live locally as well; even though they don’t have to make their permanent homes locally, many do.

Even Donald Trump knows the attraction value of the area. A purchase of a Sterling, VA golf course on the Potomac River in 2009 was not the only recent local real estate purchase; his purchase of a Virginia vineyard made headlines earlier this year.

It’s only natural to be interested in how the rich and famous live, it taps into our human ambition and need for achievement; at some unconscious level, peeking into celeb lifestyles may also provide motivation or a vision of aspiration. But looking into the “window” of their home, so to speak, is a bit different than celebrity spotting around town with the paparazzi.

The interest in celeb homes and lifestyles has sparked such TV shows as MTV Cribs (mtv.com) and even Joan River’s show How’d You Get So Rich?(tvland.com). Looking inside a celeb’s home can give you a view of the elegant, trendy, or even cutting edge design. But most of all it allows a peek into a lifestyle that may seem familiar; many celeb homes are focused on family, on comfort, and around food (the kitchen).

Be warned- no matter how curious you are, don’t try to peek through the windows of a celebrity’s home (or anyone’s home for that matter) as you may wind up being detained by the police (or worse). If you’re interested in celebrities and their lifestyles, there is no loss for information in today’s saturated Media. Local TV shows and internet websites can not only give you the scoop on local celebs’ homes, some provide interior pictures and tours. Websites such as DC Curbed (dc.curbed.com) and The Real Estalker (realestalker.blogspot.com) have the latest info on celebs homes.

Today, the calls asking about celebrities moving into or out of town continue. But here’s a tip- don’t ask the real estate agent: a good agent knows the value of discretion for the sake of their famous client.

by Dan Krell
© 2011

This article is not intended to provide nor should it be relied upon for legal and financial advice.  Using this article without permission is a violation of copyright laws.

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The best laid plans of mice and men…

PlanMaryland (Plan.Maryland.gov) appears to be the next stage of smart growth planning in Maryland. When the first draft was announced earlier this year, you can imagine that some were thrilled and some, well, not so much.

Articles and blogs abound heaping praise, while some are expressing criticism and concerns about the role of government. Aaron Davis’ August 19th Washington Post Article (O’Malley, Md. counties begin battle over development plan) frames the debate and expresses the concerns of some that include “central planning” and mandates. While advocates of such a plan say “it’s about time,” critics are saying that the plan is moving “too quickly.”

Ultimately, the plan’s intention appears to be “… a collaborative process between the State and local governments to address critical issues of environmental and fiscal sustainability” while focusing on three main goals: 1) “Concentrate development and redevelopment in communities where there is existing and planned infrastructure”; 2) “Preserve and protect environmentally sensitive and rural lands and resources from the impacts of development”; and 3) “Ensure that a desirable quality of life in Maryland’s communities is sustainable.”

Regardless of what either side says about the plan’s intensions, or anticipates with its implementation; here’s what is stated in the most recent draft of PlanMaryland (which is available at Plan.Maryland.gov):

PlanMaryland intends to: improve the way in which state agencies and local governments work together to accomplish common goals and objectives for growth, development and preservation; help accommodate a projected 1 million additional residents, 500,000 new households and 600,000 new jobs by the year 2035 without sacrificing agricultural and natural resources; stimulate economic development and revitalization in towns, cities and other existing communities that have facilities to support growth; save 300,000+ acres of farmland and forest over the next 25 years; save Maryland an estimated $1.5 billion a year in infrastructure costs during the next 20 years through a smart-growth approach to land use; address the rapid pace of land consumption, which since 1970 has escalated at double the rate of housing growth and triple the rate of population increase.

PlanMaryland is not: a substitute for local comprehensive plans nor will it take away local planning and zoning authority; a top-down approach to force compliance with a statewide land-use plan; a silver bullet that will solve all problems (but is a strategic plan to address issues such as community disinvestment, sprawl development and inefficient use of existing resources); a “one size fits all” approach (PlanMaryland recognizes that different areas of the state have different characteristics, problems, issues and opportunities); a mandate to spend more (if PlanMaryland helps local governments implement their existing comprehensive plans, it will save money by avoiding expenditures for unnecessary infrastructure and other costs).

Robert Burns once said (in a Scottish poem) “The best laid plans of mice and men…go oft awry.” Before implementing a new “vision,” one might ask, “How has smart growth policies impacted growth and development during the last twenty years?” On the exterior, PlanMaryland appears well intentioned to protect environmentally sensitive areas and “ensure” quality of life. However, there’s more at stake than just a “centralized” vision of quality of life through smart growth.

The current revision of PlanMaryland is open for public comments until November 9th. So, if you have an opinion, here’s your chance voice it on the PlanMaryland website.

by Dan Krell
© 2011

This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws.

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You can be Green with little effort and cost

Being green has become mired in controversy and scandal. As “green jobs” are being touted to save our economy; the recent controversy surrounding the solar company, Solyndra, is making some people wonder if a green agenda is more than just making your home more energy efficient. Some might even argue “green” is becoming political and getting lost in the eco-debate.

However, after sifting through the rhetoric, being green is about conserving resources and saving you money; and it doesn’t have to cost you a small fortune either (like retro-fitting your home with “green technology” that might take years to break even on your investment). Being green is easy. The Federal Trade Commission (FTC.gov) provides a guide on conserving energy and saving money in your home entitled, “Saving Starts @ Home: The Inside Story on Conserving Energy”. The publication breaks down green activities to specific areas of the home.

The guide offers many money saving tips, including these for your appliances: if possible- move your refrigerator away from the stove, dishwasher and vents; check that refrigerator seals are tight; run the dishwasher when it is full (don’t overload); use pots that fit the burners of your stove and use lids on pots to allow for a lower cooking temperature; lower hot water heater thermostats to 120 degrees rather than the pre-set 140 degrees; clean lint from clothes dryer each load to make your dryer run more efficiently.

Lighting is another area where you can conserve energy. The guide points out that there is a wide variety of lighting which should be compared for your specific needs. Comparing lighting should be easy as bulb packaging is required to have information such as light output (how much light the bulb produces, measured in lumens.); energy usage (the total electrical power a bulb uses measured in watts.); voltage, if the bulb is not 120 volts; average life in hours (how long the bulb will last); and the number of bulbs in the package (if more than one).

Certainly, buying a new high efficiency HVAC system might show your ecological awareness; however the guide suggests that you can increase your existing HVAC system’s efficiency through regular maintenance by a licensed professional. Increased HVAC efficiency can be achieved by having a licensed professional seal leaky ducts and ensuring that airflow is distributed appropriately. Also, remember to replace filters as recommended. Additional ways to make your furnace more efficient include: checking caulking and weather-stripping in your home and repair if necessary; installing a programmable thermostat to control air temperature while you’re away from home; consider installing ceiling fans and/or a whole house fan to assist with air circulation; sealing holes around plumbing and heating pipes; and consider installing window coverings.

The guide cautions you about advertisements of energy saving products and services. Some ads are for gimmicks that don’t deliver what’s promised. Take your time to carefully assess claims; and don’t be pressured into making a decision from contractors or door to door salespeople. The guide states, “If you sign a contract in your home or somewhere other than a company’s permanent place of business, the FTC’s ‘Cooling-Off Rule’ gives you three business days to cancel.”

Ultimately, creating green habits can be easy and should not cost you much; green habits not only save resources, but can save you money too.

by Dan Krell
© 2011

This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws.

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A novel idea: Consumer friendly mortgage disclosure

Even before its official first day of operation (July 21st), the Consumer Financial Protection Bureau (CFPB: consumerfinance.gov) has been hard at work. The newly formed bureau (created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010) has been working toward their stated mission “…to make markets for consumer financial products and services work for Americans…”

What better way for the CFPB to begin its operations than to make an easy to understand mortgage disclosure? Back in May, the CFPB announced its creation of the “Know Before Your Owe” project, which has sought to consolidate mortgage disclosures as well as decrease the confusion of mortgage shopping. The “Know Before Your Owe” project will merge two lender disclosures: one required by the Real Estate Settlement Procedures Act (RESPA) and the second required by the Truth in Lending Act (TILA).

Devised as a protection for consumers from abusive and predatory lending practices, RESPA was enacted in 1974 as a “…consumer protection statute designed to help homebuyers be better shoppers in the home buying process…” As of July 21st, the CFPB has taken over administration and enforcement of RESPA, which was previously administered by the Department of Housing and Urban Development (HUD).

First enacted in 1968, TILA provides a framework for which lenders must inform consumers about the cost of their loan. TILA requires such disclosures as the Annual Percentage Rate (APR), finance charge, amount financed, and the total amount paid as scheduled. TILA is enforced by various government agencies, which now includes the CFPB.

RESPA and TILA require several disclosures to be provided to you within three days upon making your mortgage application, as well as not having changed prior to your closing of the transaction. Changes to these regulations and disclosures have often been made to keep up with the industry as well as to enhance consumer disclosure and education; the most recent round was after the financial crisis in 2008. Designed to be more efficient and accurate in providing information to consumers, the most recent changes to the Good Faith Estimate (GFE), along with the Truth in Lending Disclosure Statement, continue to be confusing for many people.

Many consumers were easily confused by past versions of the GFE and the Truth in Lending Disclosure Statement because it was difficult to compare mortgage costs between lenders; costs were not always labeled consistently. The new form seeks to standardize fee and cost disclosure such that making a comparison will be more like comparing two apples rather than an apple to an orange.

The combination of these two disclosures is not only an effort of the CFPB to increase transparency in the lending process, but it is also mandated by the “Dodd-Frank Act.” The “Know Before Your Owe” project began testing two versions of a new disclosure that would consolidate the combined five pages of overlapping information into one easy to follow form of two pages. The prototypes provide easy to follow information regarding the loan; and also include clear sections highlighting cautions, comparisons, lender fees and a loan summary.

Since testing began in May, the CPFB has been requesting feedback from consumers and professionals about the new disclosure. Although the finalized form is not expected to be in use until next year, you can view the prototypes as well as provide feedback on the CPFB website until September 19th.

by Dan Krell
© 2011

This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws.

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Hurricanes, earthquakes, and your home

When I wrote about disaster preparedness earlier this year, who knew we would experience an earthquake and a hurricane within a few months? Now that Hurricane Irene and the “surprise” earthquake are still fresh in our memories, disaster preparedness is a top conversation. However, protecting your home, possessions, and family from disasters and severe weather goes beyond just having a preparedness kit along with several days’ worth of food and water.

Consider that basic home owners’ insurance typically doesn’t cover damage from flood or earthquake; and unfortunately, many home owners don’t know the extent (or limitations) of their own home owners’ insurance coverage. Unless you live in a flood zone, where you’re lender would require you to carry the extra coverage, chances are that you don’t have flood insurance. Additionally, who thinks about earthquake insurance in the east coast? Actually, according to the Property Casualty Insurers Association of America (www.pciaa.net) about only 12% of Californians have earthquake insurance – so it is likely that you might not either.

Although regular home maintenance could possibly avoid a catastrophe caused by severe weather and water penetration; any disaster (whether it’s a natural occurrence, manmade, deity made, alien made, or whatever your beliefs are) has the potential for major devastation regardless of how much you prepare.

Have you looked up toward your roof lately? If your roof fails, high winds and heavy rain could not only lift and peel away shingles, but could allow water penetration into your home (which could affect other systems). Regular checks of the roof system, including shingles and flashing could prevent surprises when you’re relying on your home’s roof the most.

Additionally, don’t wait for wind or birds to clear the debris that has landed on your roof. Debris, such as tree branches, leaves, Frisbees, etc. have the potential to not only damage shingles and sheathing, but can also clog the gutters and downspouts. Instead of carrying water away from your home, clogged gutters and downspouts could force rains to cascade to the ground and pool around your home’s foundation. Additionally, a gutter that has pulled away from the roof can also allow rain to cascade off the roof and pool around the home’s foundation. To ensure proper function, gutters and downspouts should be checked and cleaned regularly.

If you have a basement, check if you have a sump pump. The sump pump is used to pump water away from your home’s foundation to prevent water penetration into your basement. Although sump pumps have an average life span of ten years, pumps can wear out much sooner. Regular testing makes sense to know if the pump is operational. Since power loss is often associated with severe weather events, you might consider a battery backup for your sump pump to ensure it can operate when you need it the most.

An additional source of water penetration could result from failing windows and siding. If the home’s windows are not sealed properly, strong winds and rain could force their way into the home. Additionally, siding that is not properly attached to your home can not only allow water to penetrate, but could separate from the home leaving wall systems unprotected.

Protect your home, possessions, and your family by conducting regular home maintenance, as well as regularly consulting with your insurance agent to ensure you’re properly covered.

by Dan Krell
© 2011

This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws.

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