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July 14, 2000     Cape Gazette
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July 14, 2000

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52 - CAPE GAZETYE, Friday, July 14 - July 20, 2000 BUSINESS & REAL ESTATE Conectiv has leased 16 portable generators Conectiv has leased 16 portable genera- tors for the summer months to further im- prove reliability on the Delmarva Peninsula during times of extreme conditions. Each portable generator can provide approxi- mately 1 megawatt of generation. The units will be placed on trailers at each of three substations throughout the peninsula. Units in Seaford can produce nearly 8 megawatts of electricity; those in Laurel approximately 2 megawatts; and units in Wattsville, VA. approximately 7 megawatts. Overall, the portable generators can pro- vide up to 17 megawatts of extra electricity to the peninsula. "We have brought in these portable gen- eration units as a 'belt and suspenders' ap- proach," said Jerry Elliott, Conectiv Power Delivery's director of transmission and dis- tribution planning. "We have committed $132 million this year to system improvements Conectiv- wide and about $30 million in accelerated upgrades on the peninsula," Elliott said. "But, as an added measure, we are placing this additional generation as well." Normally, electricity enters the transmis- sion system or "regional power pool" after generation. In the Mid-Atlantic region, the power pool is governed by a nonprofit cor- poration called the PJM Interconnection LLC, which divides the electricity among the individual distribution companies as it is needed. However, the electricity from these portable generators will feed into the distri- bution lines at the substation, which take the power directly to customers in the areas where the units are located. This means that the portable generators will help meet the specific demand on the Delmarva Peninsula during extreme condi- tions. It also benefits the regional power pool by easing its demand load during these peak periods. Karma Creations offers unique ornamentals in Rehoboth learned much about marketing. "Our artisans in Mexico have used our designs and made a se- lection of products we've found to be very well received in our An- napolis shop and at our holiday shop in the Columbia (MD) Mall," Glaeser said. "Most of our designs - whether of wrought iron, glass, clay or tiles - are composed with three parts, signifying body, mind and spirit," Glaeser said. "Some are design combinations of seven parts, as with many spiritual be- liefs. Balance is a key component of all our designs, and the combi- nation of all elements is geared to- ward achieving and giving posi- tive energy." Shoppers entering Karma Cre- ations will find a well-displayed arrangement of ornaments, vases, candleholders, bowls, mirrors, wine holders and pewter. Comple- menting the creations is a sensual ambiance subtly provided by fresh flowers, lighted candles and soft Flemenco or Gypsy instru- mentals. "Everything goes together pur- posely," said Glaeser. "Karma is all about the good you do coming back to you, and we feel dedicated to that concept not only in our lives, but in our business affairs," she said. "We've given a good bit of our profits from the Annapolis shop to civic and community groups, and we not only pay our 60 Mexican artisans well for their work, but we also give them year-end bonuses. What goes around, comes around." Sabrina Glaeser is very happy with the atmosphere of friendship and cooperation evident in down- town Rehoboth Beach. "It's such a nice resort, and it seemed so nat- ural for us to bring a bit of our bal- ance and harmony theme to the avenue," she explained. Continued on page 53 ! ! O Pleasant ambiance impresses shoppers By Jim Cresson Cape Region shoppers who want something nicely unusual to decorate their home, patio, deck or garden should visit Karma Cre- ations at 52 Rehoboth Avenue. Karma Creations founders and proprietors David and Sabrina Glaeser, of Annapolis, have brought a well balanced bit of Mexico to the Avenue with their unique line of handmade prod- ucts, designed by the Glaesers and wrought especially for them by cottage industry artisans in the outlying areas of Guadalajara. "We love Mexico and vacation there every winter, meeting with our artisans and developing new product lines," said Sabrina, who worked for 20 years with the Hats In The Belfry chain of stores and I Jim Cresson photos Sabrina Glaeser sits outside her Karma Creations shop at 52 Rehoboth Ave. and relates how she and husband, David, melded their designs and artisans' work into a product line. For example, the FLEX/FIXED loan program at Wells Fargo Home Mortgage has become more popular as interest rates have in- creased. First, working as a tem- porary buydown, the FLEX/FIXED loan offers home- buyers low interest rates - often below market for one, two or even three years. Interest rates are then locked for the remaining term of the loan. Second, and most impor- tantly, substantial value is derived from the fact that homebuyers are qualified on the introductory in- terest rate. This benefit translates into more purchasing power - homebuyers can afford more home with a larger loan amount. "While it may cost the home- buyer more money up front, they are not spending any more than what they will get back during the buydown period," Swiatek said. "The savings more than compen- sates the buydown amount, and, most important, the homebuyer is more likely to be able to afford the house they really want." The following example helps il- lustrate the cost savings associat- ed with the FLEX/FIXED loan program: Borrower A and B both purchase a home valued at $160,000. Borrower A selects a typical FLEX-FIXED option, a 1.5 -.5 buydown using a 3 percent or $4,800 downpayment to fi- nance the $155,200 mortgage. The FLEX/FIXED option lowers Borrower A's first year interest rate by 1 1/2 percent and the sec- ond year rate by 1/2 percent from the original interest rate of 8.375 percent, but requires $1,094.16 buydown fee. However, Borrower B opts for 30-year fixed-rate mortgage at 8.125 percent, also using a 3 percent downpayment. Based on this example, Borrower A would realize a savings after the first two years of $1,943.45, which more than covers the initial buydown cost. During the third year, however, Borrower B would realize a savings of $23.11 per FINANCIAL FOCUS Ed Swaitek month, which is an easy way to pay for the initial savings. "The FLEX/FIXED loan can re- ally be tailored to an individual's budget as a result of the product's ability to offer incremental buy- downs as low as 1/8 percent," Swiatek said. "As a result, there are more than 1,700 purchase plan options available." Certain types of homebuyers are best suited for these loans, in- cluding 1) first time homebuyers, 2) borrowers looking for a lower rate, 3) individuals who may be relocating, 4) borrowers who an- ticipate a future increase in in- come, 5) borrowers wishing to lower monthly payments as a re- sult of recent changes in family status and 6) new parents looking for a home who are experiencing a decrease in expendable income (e.g. daycare expenses). "The FLEX/FIXED is most ad- vantageous for the budget con- scious purchaser who can't afford a regular fixed-rate mortgage but wants to eliminate some of the risk associated with an ARM," Swiatek said. For more information about mortgage products and service, visit Wells Fargo Home Mortgage on the Internet at www.wellsfar- go.corn/mortgage/or call 800- 222-3408 for information on the Rehoboth Beach branch. Today's interest rates are still affordable, considering that over the last decade interest rates for a 30-year fixed rate mortgage have averaged 9.2 percent, according to the Mortgage Bankers Associa- tion. However, rising rates have caused many homebuyers to take a closer look at their financing op- tions. "Traditional products, such as fixed and adjustable-rate mort- gage (ARM) products are still very popular, but we're also see- ing a shift to some of the nontradi- tional products," said Ed Swiatek, branch manager for the Rehoboth Beach area of Wells Fargo Home Mortgage Inc., a leading origina- tor and servicer of home mort- gages. "Today, homebuyers are considering a mortgage option which combines the advantages of an ARM - low start rates, easier qualification - with the stability of a fixed-rate mortgage. They really offer homebuyers the best of both worlds." Unique mortgages help beat rising interest rates