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Cape Gazette
Lewes, Delaware
Jim's Towing Service
April 4, 1997     Cape Gazette
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April 4, 1997
 

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40. CAPE GAZETTE, Fr/day, April 4- April 10, 1997 - Bus00NEss & REAL ESTATE Spring means big changes at. Rehoboth Outlets New directional flags, increased parking, new stores on the horizon By Jen Ellingsworth Chances are you've noticed some changes taking place at The Rehoboth Outlets in the past few weeks. Designed tO make the outlets more accessible and convenient, the changes include revamping the older sites and adding new directional signs and numbered flags to each of The Rehoboth Outlets' three locations. Rehoboth Outlets Marketing Manager Lana O'Hollaren said the new numbered flags located at the front of each of the outlets are intended to coordinate with Cape May-Lewes Ferry shuttle stops and used as a directional tool for shoppers. In addition, she said new directional signs and brochures - complete with maps and color-coded information about each store - are now fea- tured at each of the outlet loca- tions. "We've placed nine new direc- tional `signs at each site which indicate the lay of the land in order to get people between sites easily," said O'Hollaren. In addi- tion, she said one store per site will act as the host facility for fer- ry shuttles and other buses. "When the buses get there they can check in, get coupon books and be told where they can park," she said. O'Hollaren said that last year the outlets registered approx- imately 200 buses, but she believes the total number to be closer to 500. The outlet location designated by the number one, formerly the Rehoboth Outlet Center, opened in July 1995 and is the home of Ann Taylor, L.L. Bean, Reebok and Bass outlet stores. The loca- tion is also the site of a Rehoboth Beach-Dewey Beach Chamber of Commerce information center, and will be home to a new cos- metics store slated to carry Estee Lauder, Prescriptives, Lancome and Clinque products. Dramatic changes Some of the most noticeable changes are taking place at outlets numbered two and three, though. Jen EIIIngsworlh photo The Bass Shoe Factory building Ieeated in the Rehoboth Outlets has been razed to make way for additional parking. The store has relocated behind its original site, next to the Banis. teas store. Demolition of the building is part of a major overhaul taking place at all of the Rchoboth Outlets. The "'number two" outlet loca- tion is the former site of Ocean Outlets Bayside. The Bass Shoe Factory building is being removed to increase parking, to create more accessibility and to provide better visibility for the other stores locat- ed behind the building. The store, which has a satellite location at the "number one" out- Continued on page 42 How much house can you afford? How much house can you afford structured and the type of financ- to buy? Although financing your ing you obtain. Typically, conven- dream home may be costly, you tional lenders will require a 20 may be able to afford more than you think. Buying a home usually involves both a cash down payment and a mortgage for the balance of the purchase. Unless you know in advance the amount of down pay- ment and the mortgage you'll need, you really don't know how much house youcan afford Three elements are crucial to the pur- chase of a home - the down pay- ment, closing costs and qualifying for a mortgage. The following information is provided to you by the Sussex County Association of REAL- TORS to assist you in the home purchase process: Down payment: The amount of the down payment you'll need depends on how the transaction is percent down payment, although in some cases, loans with down payments of as little as 10 percent may be obtained. If a down pay- ment of less than 20 percent is REALTOR FOCUS made, the buyer will likely have to pay private mortgage insurance, which guarantees that the lender will be repaid in case of default. Single-family mortgages insured by the Federal Housing Administration (FHA) have more lenient down payment require- ments that most conventional loans. In most cases, FHA financ- ing requires down payments of less than five percent. Mortgages guaranteed by the Department of Veterans Affairs (DVA) require no down payment on loans up to $203,000. Closing costs: Closing costs, paid at settlement, vary consider- ably. However, the most common costs include the following: dis- count points (one point equals one percent of the loan amount), title insurance, escrow fees, attorney fees, termite report, recording fees, appraisal fees, document preparation fees, notary fees and a loan underwriting fee. Loan qualification: Determin- ing how large a mortgage for which you qualify is based mainly on the interest rate offered and your income. The higher the interest rate, the higher the monthly payment. And, the higher the monthly payment, the more income you will need to qualify for the mortgage. For con- ventional financing, lenders gen- erally limit the monthly payment to 28 percent of your gross month- ly income, although exceptions can be made depending on indi- vidual circumstances. A point to remember - the monthly payment probably will be calculated to include taxes and insurance, along with the principal and interest on the mortgage. Besides checking your income, the lender will require a credit report, as well as a statement con- firming your employment. Be pre- pared to show financial statements proving that you have the money to cover your down payment and closing costs. "Buying a home does require some financial resources. But, savvy buyers can make the maxi- mum use of their money to get what they want," Annett said. "When you know how much you can afford, you're in a better posi. tion to negotiate with sellers. If you take the time to work through your budget, you will find out what you can pay without stretch- ing yourself too thin or sacrificing important aspects of your lifestyle." Ron Annett is the president of the Sussex County Association of REALTORS. During the week of April 7-13, Rehoboth Outlets will join Outlet Malls across the nation and participate in National Outlet Shopping Week. National Outlet Shopping Week is the first joint effort among outlet center developers and manufacturers and is endorsed by the International Shopping Centers, the worldwide not-for-profit trade association of the shopping center industry. "We are excited to be participating in .this national effort to compel both outlet shop- pers and non-outlet shoppers to discover the outlet shopping experience of today," said Rehoboth Outlets marketing manager Lana O'Hollaren. "Rehoboth Outlets is a major shopping destination for brand-conscious shoppers due to the broad selection of upscale merchandise, everyday low prices, tax-free shopping and pleasant atmosphere. Through a variety of special events and activities, we hope to convince people that shopping at outlets is the smart and fun thing to do!" Twenty-seven developers, operating 210 outlet centers in 44 states and Canada, along with 93 retailers, representing over 2,000 stores, have agreed to participate in this national event. On Saturday and Sun- day, April 12 and 13, Rehoboth Outlets will host a sidewalk sale, contest giveaways and a national fund-raising effort to support Mothers Against Drunk Driving (MADD). National Outlet Shopping Week will cul- minate when shoppers are given the oppor- tunity to enter contests and win a variety of prizes, including a new Plymouth Neon, a 10-day cruise for two to the Galapagos Islands, and one of ten $I,000 shopping sprees at participating outlet centers nation- wide. Rehoboth Outlets to participate in National Outlet Shopping Week