A Week In Business

Developer Selects Team
OCEAN CITY — Mark Fritschle of The Mark Fritschle Group – Condominium Realty, LTD has announced that Kevin Decker and the company have been selected by D. W. Burt, the developer of Eleven 11 Edgewater Condominium, to be the exclusive sales and marketing team.
D.W. Burt from Salisbury indicated the selection of Decker and the Fritschle Group was because of their experience and expertise in marketing new construction.
Sales models at the development will be staffed with an experienced team of real estate professionals who will be at the models from 10 a.m. to 4 p.m. daily to help the public and the real estate community as they visit the newly constructed waterfront, 16-unit, three-bedroom, 2 ½-bath condominium building located at 11th Street along Edgewater Avenue.

Apple Offers New Flu
Clinics For Businesses
FRUITLAND – Local businesses have the opportunity to provide convenience to their employees by scheduling an on-site flu shot clinic with Apple Discount Drugs.
Apple is prepared to bring flu shots to local businesses to help keep employees healthy and prevent them from getting sick and having to miss time on the job.
“We understand people are very busy between work, family and all the other curve balls life throws their way,” said Apple Discount Drugs President Jeff Sherr. “We want to make it easier for people to stay healthy. By offering flu shots to people while they are already at work, you are providing them with the convenience of not having to worry about scheduling time off to get their annual flu shot. It is our hope that more people will take advantage of this opportunity to stay healthy inside and outside of work.”
For more information on how to schedule a flu clinic at your place of business, call Dean at 410-729-7524 or email him at [email protected]. Apple will vaccinate anyone 18 years of age or older.

Mortgage Rate Rise’s
Impact On Market
BERLIN – Home sales are making a comeback. With existing home sales making the strongest showing since 2009, now is the time to act for home buyers and refinancers looking to cash in on what are still historically low rates. Many industry experts expect rates to continue to rise through the end of the year.
The average rate on a 30-year fixed loan has gone up over the last few weeks by 0.18%, according to a survey conducted by mortgage buyer Freddie Mac. The rate sits at its highest level since July 2011. The 30-year fixed previously hit a two-year high of 4.51 percent in July and has now increased by more than a full percentage point since May of this year. A year ago the 30-year fixed was trending at 3.68 percent.
“Nationally the real estate market has recovered to the level it was in 2010 when the $8,000 tax credit went into effect,” said Sheila Dodson, CAR Executive Director. “Housing inventory is at a 50-year low and when there is a shortage of inventory, the first reaction to this is a rise in mortgage rates. Right now we have what is called a home gap. Even though inventory is low, we are not seeing new homes being built because it has been a challenge for contractors to get credit from the banks and regulations have become more stringent. Some sellers have not returned to the market because of the concern about foreclosures bringing prices down which has also added to the shortage in inventory.”
First Home Mortgage Branch Sales Manager Ned Delaney reports the rate remains attractive to buyers.
“The fixed rate is still very good right now,” said Delaney. “When you consider the retired population now looking to buy second homes paid 17% on their first home, three (3), four (4) and five (5) percent is not bad at all.”
Sun Trust Mortgage, Inc. Branch Manager and Vice President Jamie Wetzelberger said, “The big climb took place late summer and has since leveled off a bit. As rates are expected to rise again as the market recovers, people should know they can still get in on a five-year fixed rate adjustable mortgage to get the lower rate to qualify to buy. After five years the rate is adjusted but at least they don’t have to put off buying because they can’t qualify under a higher rate.”
For example, the 30-year fixed previously mentioned sits at 4.51% and two months ago was at 3.6%. If a buyer needed the 3.6% rate to qualify to buy, they can still get that rate under a five-year fixed rate adjustable mortgage. Some experts say people are still skeptical about using adjustable-rate mortgages because they don’t want people in over their heads when the rate is adjusted.
“There are underwriting guidelines (index plus the margin) that prevent this from happening,” said Delaney. “So people will end up qualifying at a higher rate than what the actual rate is so they don’t find themselves not being able to afford their home in five years.”
Wetzelberger added, “You also have to consider how increased rates can benefit the homeowner. When the time comes, you have more interest to write off on your tax return.”

New Women-Owned
Business Fund Created
SALISBURY — A new Women-Owned Business Loan Fund has been launched by Maryland Capital Enterprises, Inc. making small business loans from $5,000 to $50,000 available to businesses owned by women on the Eastern Shore of Maryland and the Baltimore/Annapolis area.
Two prominent women in business have given their support to the Fund and volunteered to be honorary co-chairs of the Fund’s Advisory Committee.
They are Mitzi Perdue, author, artist, public speaker, philanthropist and widow of the late poultry magnate Frank Perdue, and Dr. Maya Rockeymoore Cummings, president and CEO of Global Policy Solutions and wife of U.S. Congressman Elijah Cummings (D-Maryland-7th).
“I want to thank MCE for recognizing that women as entrepreneurs face challenges that may be holding them back from reaching their full potential,” said Mitzi Perdue. “Whether it’s a home business in your garage or the next latest gadget that we all won’t be able to live without, this small loans are where it all begins.”
“I am so happy to be a part of this idea to provide access to capital for women who want to start their own businesses,” said Cummings. “We know that these obstacles to start up funds can often deter young female entrepreneurs. MCE is filling a real need here in creating this fund.”
MCE is a nonprofit micro-business finance and assistance agency formed in 1998 that provides loans, education, and assistance to small businesses on Maryland’s Eastern Shore and provides loans to small businesses in the Baltimore/Annapolis area.
For more information or to inquire about a small business loan, contact MCE at 410-546-1900 or email [email protected].

Façade Funds Available
OCEAN CITY — The Ocean City Development Corporation (OCDC) has been awarded façade funds from the Maryland Department of Housing & Community Development (DHCD) for exterior improvements and is accepting applications from downtown property owners and businesses.
These grant funds are targeted for buildings within the designated area that are located south of 15th Street between the Boardwalk and the bay as well as properties along the west side of Philadelphia Ave. and both sides of St. Louis Avenue south of 17th Street. Boardwalk buildings are also eligible. Commercial and residential buildings are eligible, as well as buildings with a mix of uses (such as first floor retail and upper floor residential), seasonal employee housing and single family houses. Condominium units of four or less units also are eligible. Buildings must be at least 25 years of age.
The OCDC Façade Improvement Program can provide a grant up to one-third of the costs of exterior renovation. The maximum grant amount available to an applicant is $5,000. Contact the OCDC office at 410-289-7739 for more information.