WHY DO WE CELEBRATE LABOR DAY?

Monday is Labor Day.  We all know it’s the first Monday in September.  We all know it’s the “unofficial end of summer.”  We all know it’s a National Holiday.  But do we know why we celebrate Labor Day in the United States and Canada, and how it came about? 

Interestingly, there’s disagreement over how the holiday began. One version attributes the holiday to the Knights of Labor, the largest and one of the most important American labor organizations at the time. The Knights in New York City held a public parade featuring various labor organizations on September 5, 1882 — with the aid of the fledgling Central Labor Union (CLU) of New York. CLU Secretary Matthew Maguire proposed that a national Labor Day holiday be held on the first Monday of each September to mark this successful public demonstration.  In another version, Labor Day was proposed by Peter J. McGuire, a vice president of the American Federation of Labor, in spring, 1882, McGuire reportedly proposed a “general holiday for the laboring classes” to the CLU, which would begin with a street parade of organized labor solidarity and end with a picnic fundraiser for local unions.

Regardless of whose idea it was, the holiday had merit and Oregon became the first U.S. state to make it an official public holiday. Twenty-nine other states had joined by the time the federal government declared in a federal holiday in 1894.

Here’s the U.S. Department of Labor’s official tribute to U.S. workers on this Labor Day:

“The vital force of labor added materially to the highest standard of living and the greatest production the world has ever known, and has brought us closer to the realization of our traditional ideals of economic and political democracy. It is appropriate, therefore, that the nation pays tribute on Labor Day to the creator of so much of the nation’s strength, freedom, and leadership — the American worker.”

Like so many holidays we celebrate, we get involved in having fun and we may neglect to teach our children the significance of the holiday.  So, here are some tips from National Today, an organization dedicated to keeping track of holidays, their origin, and how they are celebrated:

            

            ·       Read up on the history of Labor Day

“Labor Day has a rich history that had a direct impact on the working conditions we experience today. So in between rounds of BBQ at your Labor Day celebration, take the time to discuss the U.S. labor movement and its contribution to our country's current work culture.”

• Buy an American-made product

“When you're doing your Labor Day shopping, take the time to read the labels. Consider buying products that say "Made in the USA" to show your support for American workers.”

• Watch a movie about labor unions

“Many of us get Labor Day off. What better way to relax than to watch a movie about the American labor movement? There are tons of union-themed movies to choose from. "Norma Rae" ring a bell? Unions also play a major role in the entertainment industry.”

Whatever your plans, enjoy the long weekend! And…if you want to shop for a home on the North Fork – we around and happy to help you!!!

Source: Google, National et al

HAPPY LABOR DAY!!!

NERVOUS ABOUT THE STOCK MARKET? TRY REAL ESTATE

Stocks certainly are a most glamorous asset class. It’s exciting to trade and have paper gains (or losses), you can watch every day.  But with the recent volatility of the stock market - the dramatic drops and recoveries due to circumstances beyond the average person’s control - it’s no wonder that stocks are no longer Americans’ favorite long-term investment, according to a nationwide Bankrate survey, taken this year.  The survey ranks Real Estate at the top!

After a housing crash in 2008, that left the economy hurting, many Americans again see real estate as their top pick today.  Some 31% of survey respondents named real estate as their favored investment for money that they wouldn’t need for 10 years or more.  It’s the best showing for real estate in the seven years that Bankrate has conducted the survey.

In 2018, stocks were the most popular investment.  But this year stocks ran a distant second, with 20% of respondents naming stocks their top pick for holding periods of more than a decade.

Cash investments, such as savings accounts and CDs, finished third at 19 %, while gold and other precious metals were fourth at 11% and bonds came in fifth at 7%.

As far as demographics, Millennials in total, scored the highest at 36%-   among all age groups in their preference for real estate as a long-term investment.  It’s no surprise that real estate still remains the most popular investment among all generations, from millennials to Generation X (31%), as well as baby boomers (30%) and the Silent Generation (23 %).

“Millennials are higher on real estate than any other age group; they have cooled a bit on cash, and still aren’t keen on the stock market when investing for more than 10 years,” says Greg McBride, CFA, Bankrate chief financial   analyst.  Home—or least, real estate—is where the heart is for Americans.

So, if you’re a bit jittery about the stock market for long term investing, call us at 631 765 5333, we’ll show you some real estate investment properties that are solid for the long term!

Source: RIS MEDIA, Survey: Real Estate Is Back as Americans’ Favorite Long-Term Investment, James Royal,  Bankrate.com, distributed by Tribune Content Agency, LLC, August, 2019.

STATE RENTAL REGULATIONS EXPANDED

On June 14, 2019, Governor Cuomo enacted sweeping legislation, Housing Stability and Tenant Protection Act of 2019, expanding certain rent provisions STATEWIDE.  “The Emergency Tenant Protection Act of 1974 was expanded as part of this sweeping legislation.  The legislation also strengthened the substantive rights of residential tenants against landlords while bolstering tenants’ procedural rights in the face of an eviction.”

Some of the most notable provisions include:

1.    If a tenant breaks a lease, the landlord must attempt to re-lease the property.

2.    Security deposits are limited to 1 month’s rent.

3.    Processing, review or acceptance application fees are prohibited.

4.    Background check fees are limited to lesser of actual cost or $20.

5.    Late payment fees are capped to lesser of $50 or 5% of monthly rent.

6.    Landlord must give tenant 30-90 days’ notice to (1) increase rent 5% or more or (2) intention not to renew the lease.

7.    Damages in eviction proceeding are no longer recoverable.

8.    Grounds for eviction can be rendered moot if tenant pays in full prior to hearing.

There are a number of additional provisions that address timing, of eviction proceedings, warrants, etc., that landlords should be aware of. If you have rental units, talk with your attorney and find out how the new law applies to you.

Source: NYSAR (New Your State Association of REALTORS, Inc.), 13 Things to Know: Expansion of Rent Regulation and Tenant Protection, prepared for NYSAR by Harris Beach, PLLC, Attorneys at Law.

FIGHTING EROSION ON YOUR PROPERTY

Southold Town is exposed to coastal erosion from both sides - the sound and the bay – due to climate change and storms that have become increasingly less predictable.  But we are also victims of our own actions - wake from water vessels along the shoreline; and our own inaction- failure to address erosion issues before it’s too late or too expensive to fix – like Hashamomuck Cove. “Erosion is difficult to address,” Scott Russell, our Town Supervisor, said in Newsday. “Every solution that we’ve read about or seen has been expensive and short-lasting.”*

            Regardless of the obstacles, we all have a stake in doing what we can to protect the shoreline. Waterfront property owners have an additional responsibility to do the best that they can to protect and prevent erosion on the waterfront property entrusted to them.  Solutions are out there. A possible practical solution that may be employed is creating natural shoreline protection. Cornell Cooperative Extension at Cedar Beach is nearly ready to open a Demonstration Center of various natural shoreline solutions for the benefit of the community.

            Want to know more?  Join me at our SoutholdVOICE Annual Meeting, Saturday, AUGUST 10, 2019, at 9 AM, where we will discuss how we as homeowners can do our part to fight erosion on our own waterfront properties. The meeting will be held at the American Legion Hall, 51655 Main Road, Southold.

As mentioned in last week’s column, we will also cover Health Department Septic Code changes and innovative systems to make our waterways and ground water cleaner.  In addition we will have a update on Dredging and Goldsmith’s Inlet.  Our panel will include:

Al Krupski - 1^st District, Suffolk County Legislator

Joyce Novak, PhD – Director, Peconic Estuary Program

Glenn Goldsmith – Southold Town Trustee

Justin Jobin – Suffolk Department of Health Services, 

Environmental Projects Coordinator

The session is open to all. It’s free…and so’s the coffee!  Hope to see you there – it’s important to you not just as a homeowner, but as a member of the community.

*Newsday, July 28, 2019, Shoring Up LI’s Beaches, pages A2-A4.

CODE CHANGES FOR HOME CESSPOOL & SEPTIC SYSTEMS

Did you know that effective July 1, 2019, Suffolk County has put in place new regulations that affect our home septic and cesspool systems?  These Sanitary Code changes are part of a broad, multi-pronged effort to combat nitrogen pollution of groundwater and local bays.

We all support the need to have clean water, and reduce nitrogen pollution from our septic and cesspool systems, and that changes are necessary.  It’s therefore most important, that we, homeowners, know what is happening, when and how it will affect our homes - today and in the future, and the potential cost involved.

Here are the highlights of the recent County Health Department announcement:

·       Cesspools, outlawed in new construction since 1973, will no longer be allowed as replacements for old cesspools.

·       Homeowners are not required to replace existing systems, but voluntary replacements must meet 1973 standards for new systems.

·       For the first time, replacement of existing cesspools or septic systems will require filing of registrations with the health department.

75% of Suffolk County does not have sewers. Approximately 360,000 homes have residential onsite sewage disposal systems - about 250,000 are cesspools, which discharge untreated waste, that can contaminate surface and groundwater and contribute to harmful algal blooms. The current changes that became effective July 1, do not require property owners to upgrade or replace functioning systems.  The new requirements will come into play when an existing system must be replaced. 

Homeowners may also voluntarily choose to upgrade their system to an “innovative alternative onsite wastewater treatment system (IA/OWTS) for which incentives are available from the county.

Want to know more?  Join us at the SoutholdVOICE *Annual Meeting, at 9:30 am, Saturday morning, August 10, 2019, at the American Legion Hall in Southold.  Our program will include an informative panel discussion with our County Legislator, Al Krupski and Health Department official, Joyce Novak, PHD who will fill us in on the County’s Septic Improvement Program, tell us how it will affect you as a homeowner, and answer your questions. Hope you will join us!

*SoutholdVOICE is a not-for profit, 501(c)(3) organization, whose mission is to provide a forum to promote awareness of issues affecting shoreline and marine resource, and proactively advocate balance between regulatory issues and property rights for the benefit of our community.

Source:  Suffolk Health Officials Outline Changes to Wasterwater Practices to Take Effect on July 1, 2019,” Suffolk County News, May 20, 2019, www.suffolkcountyny.org

CONTRACT NEGOTIATIONS – “WIN-WIN” IS ALWAYS A WIN!

Negotiations are a crucial part of all real estate transactions.  We negotiate far more often in our everyday lives than we realize.  We are negotiating all the time, for example, the time we go to lunch with a friend, the date when a report will be submitted to the boss, the price  of an item at a flea market, who will go first in a game, etc.  All examples of daily decisions involving another person or persons, requiring compromise – requiring give and take.

In a real estate transaction, negotiations are not only about the price. Although price is the entry ticket to the rest of the transaction, there are other terms and conditions that must be negotiated, for example, the timing of the sale – when it will close, the amount of down payment, the condition of the home - “as is” or including repairs that the buyer has requested.

Ideally the goal is to have a “win-win” situation in real estate transactions. While there are some people that view contract negotiations as a “win-lose” outcome, the truth is everyone will benefit by striving for a “win-win”.  Compromise is an important part of getting to a result that will satisfy both sides.  It’s important to identify terms that need to be negotiated from terms that are true “deal breakers.” But there are really, very few conditions in a standard contract that are serious enough to kill a deal.  Sometimes emotions are responsible for turning what should be negotiable terms into non-negotiable terms. 

Often communicating voice-to-voice is more effective in getting to a “win-win” transaction, than emails and texts. Some issues need to be discussed to understand the underlying motives of the parties. Knowing everyone’s key terms up front is important, because while something could be a non-issue on one side, it could be the very selling point that makes it a win for the other side.

Buyer and seller have to express and make known to their agent, what’s really important to them.  Conversely, buyer and seller have to avoid looking for a “win-lose,” when the issue is not important to them. From the beginning of the transaction, it has to be about the issues rather than the emotion.

One of the keys in negotiating is to recognize that each party will have his/her own perception coming into the negotiations, and that is his/her reality. It’s important to stay level-headed during negotiations. Though it may be an emotional experience for both buyer and seller, it’s critical not to let negative emotions take over and become a factor. In the end,  “win-win” comes about when a solution is acceptable to all the parties, and there is a sense of trust and fairplay.

BEFORE YOU PUT YOUR HOME ON THE MARKET…

Before you put your home on the market, here are 3 fundamentals that are critical to getting the best result:

 FUNDAMENTAL #1:  INITIAL PRICING – GETTING IT RIGHT

Whether it’s a buyer’s market or a seller’s market, right-pricing your home is the key to getting the best price and a timely closing.  Since over 90% of home buyers pre-shop on-line, it’s critical to zero-in on the right price range at the onset of the selling process.  Buy understanding your target market - your ideal buyer - you and your realtor will be better able to select the price range that works for your home.   The goal is to reach the largest audience possible for your home’s price range. The higher the price range, the smaller the audience; the lower the price range the wider the audience.

 FUNDAMENTAL # 2:  STAGING – EVERY HOME NEEDS SOME

Staging is critical to a timely sale. 81% of buyers stated that staging allowed them to visualize the property as their future home. Also, 68% of staged homes sold for 9% more than an un-staged neighbor’s home. Staging does not necessarily require a total redo of a house.  Certainly, repairs must be done, a thorough cleaning inside and outside is essential, decluttering, and  perhaps painting (neutralize strong colors).  We also introduce accessories and decorative items to create a scenario that will help the buyer envision themselves in the home and enjoying doing the things that they love to do!  

FUNDAMENTAL #3: POSITIONING – PUTTING YOUR BEST FOOT FORWARD

Similar to staging, when marketing a home, the focus should be on lifestyle.  This is even more significant here on the North Fork.  So many of our buyers are attracted to our community because of the natural beauty of the land and water that surrounds us.  Our North Fork is differentiated from the South Fork, by our laid-back, easy, lifestyle and all that we offer year-round but especially in the summer months.  Your home also has unique assets. Be sure to make a list of all the great aspects of your home and property, that may not be obvious.  What you love about your home, your likely buyer will also love!

We believe in and practice these fundamentals to marketing homes for sale. 

If you’re ready to sell, call us at 631 765 5333 and we will meet with you and you will see these fundamentals put into action for your home!

SOURCE REFERENCE: RISMedia, July 11, 2019