Dave DeMattei and Patrick Wade, retail veterans for home and fashion giants including J. Crew, Coach, West Elm, Williams-Sonoma, Gap, Banana Republic and Lucky Brand, have opened their first home decor and accessories boutique, Mood Indigo, in La Jolla.
The Bird Rock store offers furniture, art, lighting, accessories, books, candles, tableware and gifts.
Mood Indigocarries brands and artisans including Casa Lopez Paris, Juliska, Tensira textiles, Monets Doggett pottery and more. Vintage art also is offered, along with vintage furniture and accessories.
DeMattei and Wade lived in New York City and throughout California before settling in La Jolla last year.
DeMattei answered questions from the La Jolla Light to provide more information about Mood Indigo.
Q. When did the business start? What is its mission?
A. We signed our lease in June 2023 and opened Sept. 21. We have always wanted to have our own shop. We have been doing retail for many years for large businesses. … I have always been involved in the financial/operations side and Patrick has always been involved in the creative.
Our mission was threefold. One was to have a creative project that we could do together in retirement. Secondly, fulfill our lifelong vision of having our own business. And lastly, since we live two blocks away, was to invest in our neighborhood.
Q. What services do you offer?
A. The store offers a curated product assortment for the home. We are all about adding the finishing layers that make a house your home. We offer lighting, textiles (pillows and throws), unique art, tabletop and decor. Mood Indigo includes new items as well as vintage pieces that we have been collecting over the years. We offer friendly, knowledgeable service, free complementary design advice on your home, as well as design services.
Q. What makes you and/or your company unique compared with similar businesses?
A. We are a locally owned and operated business with nationally recognized experience. With our knowledge, we believe we offer a special understanding for the customer, whether it be a neighbor, tourist or designer.
Q. What’s new with the business that you want everyone to know about?
A. We proudly offer new and vintage products that we are well-curated, so it makes it easy to shop. We have a unique point of view that complements the casual coastal lifestyle.
Q. What are the advantages of living and working in La Jolla?
A. Since we live two blocks away, we can walk to work! But seriously, the beautiful environment, the friendly neighborhood, the wonderful weather and the casualness of the community are all advantages of being in La Jolla.
Mood Indigo is at 5670 La Jolla Blvd. Hours are noon to 5 p.m. Wednesdays through Sundays. To learn more, visit moodindigolajolla.com and follow on Instagram @mood.indigo.lajolla.
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A 2,855-square-foot unit is up for grabs in one of only a few condominiums located on the prime stretch of Central Park West.
And it has a coveted perk that’s hard to find in the middle of a bustling city: Park views from nearly every window!
The corner unit is located directly across the street from Central Park, between 88th Street and 89th Street on the Upper West Side, surrounded by lush greenery that can make you forget you’re in the very heart of one of the world’s busiest cities.
The condo unit is in the 279 Central Park West building, a 24-story, full-service condo designed by acclaimed architect and designer Costas Kondylis.
If the name sounds familiar, that’s because the prolific architect helped shape the New York skyline, designing over 85 buildings, many of them for former U.S. President Donald Trump. Specializing in luxury buildings and residential skyscrapers, Constantine “Costas” Kondylis was President Trump’s go-to designer, before passing away in 2018.
The 3 bedroom, 3.5 bathroom duplex home — listed for $7,750,000 with Harriet Kaufman of Coldwell Banker Warburg — offers kitchen and entertaining areas on the lower level and private bedrooms on the upper level.
The 279 Central Park West condo welcomes guests and residents with a charming foyer with a powder room, before leading them into an expansive 35-foot living and dining area, adorned with oversized bay windows that open up to panoramic Central Park views.
The oversized kitchen features top-of-the-line appliances, plenty of storage and counter space, and a large eat-in area with a south-facing window.
An elegant staircase then leads to the upper level, where we find the condo’s 3 bedrooms (all featuring en-suite baths) and a home office.
Future owners of the 279 Central Park West condo will get to enjoy the building’s many amenities, which include a gym, indoor/ outdoor playroom, bike room, and private storage.
But the biggest draw is by far the building’s stellar location and proximity to Central Park and all the best New York City has to offer.
And if extra bragging points are needed, a Rockefeller also lived in the building.
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There’s something almost whimsical about former sacred spaces being converted into residential homes.
Weaving together history, spirituality, and contemporary living, churches-turned-homes preserve the cultural heritage embedded within their walls but also redefine the concept of home in a deeply unique and symbolic way.
And that’s the case of a covered synagogue in the East Village, which is now one of the most unique and architecturally distinct homes in all of New York City. The historic East Village synagogue was converted into a sun-drenched townhouse nearly two decades ago — and it’s a sight to be seen.
The former synagogue was once known as the 8th Street Shul and served the Lower East Side’s Jewish community.
The building managed to survive two fires in the past century, but unresolved ownership issues left it unattended for years.
That was until 2005 when the building was sold to a real estate developer that revamped the property and turned it into an upscale private residence.
It’s now a breathtaking four-story home with impeccable interiors, dramatic 22′ ceilings, and walls of exposed brick and wood, specially designed for displaying artwork. And we’re here to take you on a quick tour.
With a dramatic living area — featuring 22′ cathedral ceilings, floor-to-ceiling walls of restored brick (east) and Wenge wood paneling (west), as well as a Cantilever balcony with a built-in projector for showcasing art — the former synagogue has been re-imagined as a space for art lovers, which only doubles down on the space being an art piece in itself.
The luxury home has 4 bedrooms, 2.5 bathrooms, and 3 wonderful outdoor terraces.
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Brought to the finest modern standards, the former synagogue features an expansive chef’s kitchen with Italian granite counters, a 20′ island, floor-to-ceiling custom-built Wenge cabinets, upscale appliances that cover every possible need, and some nice bonuses (like a built-in temperature/humidity-controlled wine cooler).
There’s also a separate elegant dining area with a restored 19th-century backlit Star of David.
On the 3rd level, the converted synagogue has a gorgeous library with custom-built floor-to-ceiling wood bookshelves, an Italian marble fireplace, and a wet sink/wet bar.
The 4th story has a fairly unique floor-to-ceiling glass hallway and secluded master bedroom, fitted with a custom-built working fireplace, huge walk-in closet, and opulent master bath packed with everything from an oversized Jacuzzi tub to walk-in shower with steam unit, rain shower, waterfall and separate hand-held shower.
To top that off, there’s also a hot tub that fits 8 people out on the master terrace.
Fun fact: The former synagogue even had a brief stint in a movie (though it’s worth noting that this was prior to its transformation), as the building was featured in Darren Aronofsky’s 1998 psychological thriller Pi.
Would you like to live in a converted church or synagogue?
*Editor’s note: This article has been updated for timeliness and accuracy. It was first published on June 25, 2020, as a news piece covering the property, which had just resurfaced on the market as a $30k rental.
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The Independent Budget Office of New York City released its preliminary budget analysis for 2009 today, revealing that last year was one of the worst on Wall Street as the mortgages crisis ate into firms’ profits.
“Problems in the U.S. housing market have spilled over into financial services—the industry that drives New York City’s economy,” the report said.
“With financial institutions expected to ultimately write-off several hundred billions of dollars of assets, they have sharply reined in lending and other activities. After near-record profits of $20.9 billion in 2006, IBO projects that the final tally of Wall Street profits in 2007 will be $3.2 billion, their lowest level since 1994.”
The report noted that this year isn’t expected to be much better, with projected profits of just $6.6 billion, followed by $12.2 billion in 2009.
The IBO forecasts a loss of $0.9 billion for the first quarter of 2008, but then expects positive quarterly profits for the remainder of the year.
“Mirroring this weakness, employment in the city’s financial services industry will fall by 12,600 jobs (2.7 percent) in 2008 and another 7,600 jobs (1.7 percent) in 2009.”
“As the financial sector’s woes spread through the rest of the local economy, IBO projects that employment growth will stall this year and next.”
According to the report, a “brief recession” is underway and expected to continue during the first half of 2008, followed by moderate growth in the second half, with New York City likely to be hit harder because of its reliance on the financial sector.
“The effects on employment growth and personal income will be deeper and longer lasting here in the city than in the nation as a whole.”
The IBO said tax revenues in NYC are expected to fall this year and next, the first time since the Sept. 11 attacks, but should rise in 2010 when the U.S. economy begins to rebound.
See the complete list of banks, mortgage lenders, and other financial institutions affected by the ongoing mortgage crisis.
A conventional home mortgage loan – one backed by private lenders instead of a government agency – is the most common type of financing used by home buyers. Conventional home loans offer several advantages and disadvantages that are important to understand.
Take the time to learn why many home sellers prefer buyers with conventional mortgage loans, the eligibility requirements, and what to consider if you have a different kind of mortgage loan or face rejection obtaining conventional financing.
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What is a conventional home loan and how does it work?
A conventional mortgage loan is a type of home loan that is guaranteed by private lenders such as banks, mortgage companies, and credit unions. It is not backed by any government agency like the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), or US Department of Agriculture (USDA), which guarantee non-conventional financing like FHA loans, VA loans, and USDA loans, respectively.
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Conventional loans follow guidelines set by Fannie Mae and Freddie Mac, federally-backed entities formed by the US Congress. These entities play a pivotal role in bolstering stability, liquidity (consistent access to funds on reasonable terms), and affordability to the mortgage market and the numerous lenders that offer home financing.
Freddie Mac and Fannie Mae facilitate this by purchasing mortgage loans from lenders. They either retain these loans in their portfolios or package the mortgages into mortgage-backed securities that are up for sale.
As with any type of home loan, lenders of conventional mortgage loans provide funds to qualified borrowers to purchase a property. In exchange, borrowers agree to repay the funds with a fixed-rate or adjustable-rate interest attached over a set term, such as 30 or 15 years.
“Because conventional loans are not supported by the government, lenders who offer them want to make sure you can bear the financial cost of paying back your loan, in addition to your other debts. So they impose certain qualification restrictions for conventional mortgage loans,” says Rinal Patel, a real estate investor and founder of Webuyphillyhome.com.
What are the pros and cons of a conventional mortgage loan?
Understanding these pros and cons of conventional loans will empower you to make informed decisions when securing home financing. So, let’s explore the merits and limitations of conventional mortgages to help you navigate this significant aspect of home buying.
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Conventional loans pros:
A higher loan limit than many government-backed mortgages
A remarkable degree of flexibility in their terms. Repayment periods can range from 10, 15, 20, 25, and 30 years. Some lenders even allow you to pick a customized loan term, such as 8 years.
Conventional loans are available with either fixed or adjustable interest rates. Note that adjustable rates remain fixed, but only for a period of time early in the term — typically the first 3, 5, or 7 years. During this initial fixed-rate phase, homeowners benefit from lower interest rates, potentially saving thousands.
Unlike government loans that can charge an upfront insurance fee ranging from 1% to 4% of your loan amount, conventional loans do not impose an initial mortgage insurance fee, regardless of whether or not you make a down payment of less than 20%. However, If you put down less than 20%, you will need to pay monthly mortgage insurance premiums.
A wider variety of lenders offer conventional loans, making it relatively easier to find lenders offering these loans compared to government-backed alternatives.
Virtually any borrower and home location is eligible for a conventional loan (if you meet the lender’s requirements). On the other hand, to get a VA loan, you must be an active military member, veteran, or surviving spouse, and USDA loans limit the locations where you can purchase a home.
Sellers are typically more willing to accept an offer from a buyer preapproved for a conventional loan.
Conventional loans cons:
You may pay a higher fixed interest rate, especially if you have a lower credit score.
Lenders typically uphold stricter eligibility criteria and may require a higher minimum credit score than those offering government loans.
While some conventional loans can be secured with as little as 3% down, some lenders may require you to make a down payment of at least 20%. Government-backed loans, on the other hand, allow you to secure them with as little as zero down to 3.5%.
You’ll typically need to pay monthly mortgage insurance premiums with a conventional loan if you put down less than 20%. It’s important to note that there are ways to work around this and opt for single premium or split premium MI. In these cases, the MI can be paid for upfront by the buyer, seller or lender. It can even be financed into the loan amount in some cases. USDA and VA loans do not have a monthly mortgage insurance requirement.
Closing costs could be higher for a conventional loan than a government-backed loan.
Who qualifies for a conventional loan?
To be eligible for a conventional mortgage loan, you have to meet particular criteria that demonstrate your financial readiness.
“While credit score requirements may vary, a minimum credit score of around 620 is generally preferred. Aiming for a higher score can bring you better interest rates and terms,” explains Alex Shekhtman, CEO and founder of LBC Mortgage.
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Conventional loan lenders also look closely at your debt-to-income ratio (DTI), which measures how much of your income goes toward debt payments. You may not qualify for a conventional loan if your DTI is over 50%.
Additionally, conventional loan requirements vary across lenders. You may have the option to put down as little as 3%, but if you make a down payment of less than 20%, you will need to pay for private mortgage insurance
“Loan-to-value ratio (LTV) is a factor that lenders evaluate. A lower LTV ratio indicates less risk and showcases your financial stability – strengthening your chances of securing a conventional loan,” adds Shekhtman, who notes that the max LTV allowed for a conventional loan is 97% (which means you will need to put down at least 3%).
Why home sellers prefer conventional loans
There are several reasons why home sellers typically prefer to work with buyers who have conventional mortgage loan financing lined up over other types of financing.
“By offering greater flexibility in fewer restrictions, conventional loans can make the home sale process smoother and more efficient while also providing a sense of financial stability and responsibility on the part of the buyer,” says Adie Kriegstein, a licensed real estate salesperson for Compass Real Estate in New York City.
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Reason #2? “Conventional loans often require higher down payments. A seller can view this as a sign of financial responsibility, which can give them greater confidence in the sale,” Kriegstein continues.
Consider that FHA, VA, and USDA loans may come with more stringent requirements and restrictions, which could make the seller concerned that the deal may not close as expected.
“For example, FHA loans require mortgage insurance premiums, which can increase the overall cost alone,” says Kriegstein. “VA loans may have specific rules around the condition of the property, which can limit the pool of potential buyers or it and USDA loans may only be available for properties in certain rural areas.”
Erica Davis, brand manager for Guild Mortgage in Myrtle Beach, South Carolina, agrees that conventional loans help put sellers at ease.
“When sellers put their home up for sale, they want to ensure that the deal will close quickly and without any unnecessary stress. With a conventional mortgage loan, the process is often more predictable. And conventional loans often come with more flexibility in terms of negotiating prices and contingencies,” says Davis.
Tips for non-conventional loan borrowers
If you can’t qualify for a conventional loan, you can always pursue government financing in the form of an FHA loan, VA loan, or USDA loan, provided you meet the specific eligibility criteria for each loan program.
Truth is, buyers with non-conventional loans can still find sellers who are willing to complete a home transaction with them – even though it may take longer, according to Patel.
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“If you have non-conventional financing, you can improve your chances of convincing a seller to work with you if you make a more serious offer on the house, one that shows that you are ready and intently interested in purchasing the property,” she suggests.
Additionally, “you should work to improve your credit score and save for a larger down payment if possible,” advises Kriegstein.
To improve your odds of getting a seller to accept your offer when a non-conventional loan is involved, “consult closely with a mortgage professional who can help you navigate the financing process,” Shekhtman recommends.
The bottom line
Assuming you qualify for a conventional mortgage loan, you’ll stand a better chance of choosing from a wider variety of homes for sale in various locations and convincing a seller to accept your offer.
But don’t despair if you’re not immediately eligible for conventional financing. Partner with a trusted lending expert who can guide you through the process and recommend alternative loan options tailored to your needs.
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Stubbornly elevated mortgage rates created more affordability pressures for homebuyers in October, according to ICE Mortgage Technology’s November Mortgage Monitor report.
In October, the monthly payment needed to purchase a median-priced home exceeded the $2,500 threshold for the first time ever. It now takes 40.6% of the median household income to afford monthly mortgage payments, making housing the least affordable it’s been since 1984.
“For all but a single day, interest rates spent the entire month of October above 7.5%, topping out at 7.80% on Oct. 25,” ICE Vice President of Enterprise Research Andy Walden said in a statement. “Mortgage rates haven’t been that high in 23 years, which continues to hammer affordability.”
However, the lack of housing inventory is also another driver of the high home prices.
With a one-two punch of higher mortgage rates and fewer homes on the market, consumer demand fell in October. The number of purchase mortgage applications declined 47% below pre-pandemic levels for the week of Oct. 26.
Meanwhile, the refinance market remained almost “non-existent,” with the exception of equity-driven, cash-out refinance transactions, ICE reported.
“In fact, the refinance market in general is but a shadow of what it once was,” Walden said. “There are pockets of cash-out lending occurring among a particular set of borrowers, but even that has been a niche market.”
Rising home prices are boosting home equity
The good news is that U.S. mortgage holders are sitting on some $16.4 trillion of home equity, out of which $10.6 trillion is considered “tappable equity.”
“Unfortunately, with borrower retention at a 17-year low, lenders are losing customers seeking to tap equity via cash-outs,” Walden said. “What’s notable is that they are losing this business not due to their rate offerings, but rather an inability to identify and market to those borrowers likely to transact in today’s market.”
Overall, the coastal areas, primarily in California and Florida, remain the least affordable. New York City, Nashville, Las Vegas, Seattle and Salt Lake City round out the list of the most expensive markets.
In 75% of the U.S. markets studied, borrowers need to earn 10 percentage points more than the local market’s income to afford the median-priced home.
Inside: Are you unsure about how much to tip your valet? This guide will help you understand valet parking tips and the dollar amount for tipping at hotels and restaurants.
Navigating the ins and outs of tipping etiquette can be daunting, particularly when it comes to highly personalized services such as valet at five-star hotels.
You certainly want to show appreciation and respect for the quality service they provide, while inherently being cognizant of not going over the top. From the length of your stay to the level of service rendered, the cost of parking, and even the locale, several factors can sway this figure.
Parking can be a hassle, and that’s where valets step in. They’ve got your back, navigating tight spaces and dodging traffic to park your vehicle. But what do you owe them in return for their hard work and risk?
Honestly, this is a similar question of wondering how much to give for high school graduation.
This guide dissects the intricacies surrounding valet tipping, helping you confidently reward exceptional services without breaking any unwritten societal norms.
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How much should you be tipping your valet?
The rule of thumb for tipping valets is $3 to $5 when dropping off and picking up your vehicle.
This is your baseline, but don’t hesitate to scale up if your driver impresses you with their service. If you’re staying at a place just for a night, a tip of $5 to $10 is seen as appropriate. For multiple nights, you may tip more generously on your first and last night.
Always remember, that your generosity reflects the level of service you’ve received.
The average tipping amount will vary in areas like New York City, Boston, Chicago, anywhere in California, or even Aspen, Colorado as these areas demand a higher tip.
What is proper etiquette for tipping valet?
Proper etiquette for tipping valet is about communication, patience, and gratitude. Ease into the drop-off zone without creating chaos, let your valet know about any special needs or quirks about your car, and stay patient. Afterward, express your thanks with a tip.
Yes, that means you need to have cash on hand.
It’s no crime to ask your valet what’s common for a tip if you’re not sure. This opens up a dialogue and they’ll understand you’re considering their efforts. Whether you tip before or after is wholly your call, but keep in mind that a tip at the start might earn you that extra mile of service.
Be generous, but fair. If you’re pulling up in a more luxurious car, consider a higher tip. The value of your vehicle is a good indicator of your tipping ability.
That said, only tip if you want to and think the service merits it. If your experience was less than satisfactory, bring it up to management instead of slipping a bill. Not tipping isn’t rudeness on your part if the service didn’t meet your standards. But if it did, good etiquette is acknowledging that quality service with a tip.
Valet Parking 101
Valet parking is an efficient service often offered in high-end restaurants and accommodations, providing a hassle-free parking experience, especially in areas that are limited in parking space.
The basics to avail of these services is to drive into the drop-off zone and hand over your vehicle to the attendant, ensuring you’ve removed any personal items and communicated any particularities about the car.
Valet parking etiquette isn’t complex. However, if you are well prepared, it makes the experience more delightful.
Be Alert at Drop-off. Drive with care into the drop-off zone and follow any directions from the valet. Don’t be in a hurry!
Prepare Your Vehicle. Have your car ready for valet parking by removing all personal and valuable items before arrival.
Communicate. Brief the valet about your vehicle’s quirks and intricacies, like touchy brakes or an alarm system.
Show Patience. Give the valet time to park, retrieve, and return your vehicle. They could be overwhelmed with multiple tasks during peak hours, so don’t rush them.
Show Gratitude. Beyond tipping your valet, express your gratitude verbally. A simple ‘please’ and ‘thank you’ can make their day.
Keep the Ticket Safe. You don’t want to hold up the process because you misplaced the claim ticket.
Respect the Flow. Respect the orderliness at the vehicle drop-off zone. The valets have an efficient system for quick drop-offs and pick-ups.
Prep for the Evening. Make sure you have everything you need for your event or stay. The valet can retrieve items from your car, but it’s best to avoid extra trips.
Remember, these simple considerations can greatly affect the smoothness of your valet experience.
An important note – if the driver who retrieves your car is not the same one you gave it to, you might want to tip both.
To Tip or Not To Tip? The Valet Parking Conundrum
With tip-flation out of control in the United States, you may be wondering if tipping your valid is worth it.
Sometimes, tipping can get situational. Let’s consider times when you might tweak the ‘usual’ amounts.
If you’re arriving during peak hours or on a busy weekend, tip more generously. Your valet is juggling a higher volume of cars and more stress, so your tip is a recognition of that hard work. On the other hand, slower hours might warrant a more modest tip.
Your vehicle type should also influence your tip. Driving a luxury or high-end car? That’s a premium charge for your valet, too. Running a more modest set of wheels doesn’t demand the same generosity.
Did your valet go above and beyond? Offering assistance with bags, driving directions or just a friendly demeanor might earn them a little extra.
Forget something in your car? Ask your valet to bring it back, but remember to compensate for their time. If you’re accessing your vehicle multiple times in a single day, consider an additional tip for the added service.
And finally, if you want to ensure your car gets a prime spot, or preferential service, tipping more upfront can help.
All in all, pay attention to how much to tip a valet given the situation. Tip when you feel the service warrants it and remember, it’s not just about the money – the thought counts too!
Should service quality affect your tip?
Absolutely! Service quality is a big factor in how much to tip a valet. Just like you might adjust a restaurant tip based on service quality, you should do the same with valet parking.
For example, if the valet is unfriendly, rude, or handles your vehicle poorly, they shouldn’t expect a hefty tip. At its core, the tip signifies gratitude for good service. Do keep in mind that errors happen, though. If a mishap occurs, such as a delay or a minor mistake, consider informing the manager rather than taking it out on the tip.
Conversely, if your valet provides outstanding service, they should be rewarded appropriately. So, if they treat your vehicle with care, offer assistance with luggage, close your trunk, or provide useful information about the locale, you might want to tip more.
Remember: Adjusting your tip based on the quality of service is not being stingy or overly generous; it’s fair compensation for service rendered.
Do you tip valet before or after?
Tipping before or after for valet service is rather circumstantial and both have their merits.
Tipping upfront might ensure your valet goes the extra mile for you.
Whereas, tipping at the end allows you to assess the service quality first.
The choice is entirely up to your discretion and how you feel about the service!
The misconception is you can get away with not tipping at all.
How much do you tip a valet at a hotel?
The standard courtesy tip for a hotel valet hovers around $5 per car. But hold on, as these aren’t hard-set.
Staying the night? Then consider a tip of $5 to $10; more if it’s for multiple nights.
Meanwhile, high-end hotels usually see higher tip values. A $5 to $10 tip per vehicle is considered suitable given the upscale services rendered.
Remember, the situation might vary depending on a gazillion factors like the destination, hotel class, length of stay, and level of service received. So equip yourself with a tipping strategy best suited for your specific scenario.
When they retrieve your car after your meal, how much should the valet parking tip be?
The baseline remains the same, you’re looking at a minimum of $3 to $5 per car.
But say the meal was special, the night was beautiful, or maybe you’re just in a good mood. Feel free to upgrade a little more to that tip. After all, it’s a token of appreciation for the valet who’s been managing your car while you dined in comfort.
In contrast, suppose their service was not up to your expectations. Maybe they made you wait too long or were discourteous. You then have a valid reason to tip less.
What if you don’t have enough cash?
If you are like me and find yourself without enough cash, there are still a few options to consider.
Ask if their valet services allow tipping through a credit or debit card or even Venmo, although cash is generally preferred.
Give a larger dollar bill when you are leaving the restaurant or checking out of the hotel.
When trying to determine how much cash should I have in my wallet, remember what you may need for tipping your valet.
Regardless, it’s always a good idea to keep some cash on hand for gratuities, to avoid inconvenience or potential embarrassment.
Hospitality Valet Expert Speaks
Jorge, a seasoned valet from the Grand Hyatt Vail, shared some fascinating insights into his job.
Despite the physical demands, Jorge takes pride in delivering exceptional service, swiftly handling numerous vehicles, and making guests’ transitions as smooth as possible. He underlined that gratuity is a crucial appreciation of this labor-intensive service.
Much like the data-driven research suggests, Jorge finds that guests who tip considerably when dropping their car off often get retrieval of faster service.
Also, he noted that tips are shared each day among the valets. This was to ensure there wasn’t favoritism and that all guests received the same service.
Why tip valets?
Valets offer a luxury service. They work hard to save you the hassle of parking, allow you to directly access your venue of choice, and take care of your vehicle in the process.
Valets are also part of the service industry, which means their income often depends heavily on the tips they receive. They brave the elements, handle the stress of navigating unaccustomed vehicles through tight spots, and often do so with a smile on their faces.
Not to mention, they’re on their feet for entire shifts, often dealing with demanding clientele and long working hours. By tipping your valet, you show appreciation for their hard work and encourage them to keep up the high level of service.
Why not show your gratitude with a few extra bucks? It’s a small price to pay for convenience and quality service. So, the next time you pull up to the drop-off zone, remember, your valet deserves that tip.
What do valets expect?
Valets, like other service industry professionals, expect respect and decent compensation for their hard work. This not only includes a fair hourly wage but also tips for the service they provide.
Valets typically expect a tip of around $3 to $5 per vehicle, although this can vary based on location, type of establishment, and how busy it is. In upscale areas, tips can range from $5 to $10 per car.
Additionally, valets appreciate when customers are understanding and patient, especially during peak hours. They also value clear communication about any special requirements or characteristics of your vehicle.
What’s considered a “good” tip?
A “good” tip for a valet typically starts at $5 per vehicle. This is generally considered the norm at most establishments.
However, a “good” tip can depend on several factors, like the establishment and service quality. At high-end hotels or restaurants, or in more upscale locations, a “good” tip might start around $10 or even $15.
With that in mind, treat your personable, hard-working valets to a good tip when they provide a great service. After all, a good tip results in good karma!
FAQs
Yes, you should still tip even if the valet service is complimentary. The valet is parking your car, often in the tight valet lot. Their service saves you time and stress, and that’s worth a tip.
Remember, many valets earn a small hourly base pay and rely heavily on tips. Their pay may not correlate with the price you pay or don’t pay, for the service.
A $20 tip for valet is usually seen as generous. It’s well above the typical range of $3 to $5. However, if you feel the service was exceptional, you have a high-end vehicle, or if the valet went above and beyond, such a tip could be appropriate.
Tipping valets at 5-star hotels usually follow a higher standard. Considering the upscale locale and high level of service, a good starting point is around $5 to $10 per vehicle. So, yes, $20 is a good tip for valet.
Furthermore, if the service exceeded your expectations, or if the valet provided additional help like carrying your baggage, a tip on the more generous side might be appropriate
Now, How Much to Tip Valet Driver?
In the United States, tipping is very much a part of our culture and how many people make their living.
Tipping valet can seem intricate, but it’s straightforward once you know the ground rules: anticipate, be kind, respect the service, and tip accordingly. It all comes down to recognition of the efforts your valet puts in to make your experience easier and classier.
The takeaways are the general tip range ($3 to $5).
However, you need to base your tip on the type of establishment, time of day, and quality of service. Be aware of the situation and tip accordingly. But, above all, remember to appreciate good service and acknowledge it accordingly.
Now, be careful, you need to know how much cash can you fly with.
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You may have thought that mortgage lenders were raking it in, what with the record low mortgage rates currently on offer.
But 2011 was actually the slowest 365 days in mortgage lending since the year 2000, according to figures released by Inside Mortgage Finance.
The company noted that residential home loan origination volume totaled an estimated $1.35 trillion last year, which was down a hefty 17.2 percent from 2010.
The company attributed the weakness to a soft second quarter, when just $280 billion in new mortgages were extended to homeowners.
That was actually the weakest quarter since the end of 2008, when you know what hit the fan.
Around that time, interest rates on the popular 30-year fixed were close to 5%, which is more than a point above where they stand now.
Couldn’t Keep Up With Demand
Interestingly enough, many mortgage lenders have complained about having too much business in recent years, so it’s unclear if they actually wanted more volume.
It wasn’t long ago that Chase supposedly inflated its refinance rates to temper demand, partially because of reduced staff and more manpower directed toward things like loan modifications.
And back in 2009, Wells Fargo complained about the quality of the loan applications it was underwriting, hinting that it may have been hurting them more than it was helping.
Wells Fargo Top Mortgage Lender in Fourth Quarter 2011
Still, the San Francisco-based bank has retained its position as the top mortgage lender in the nation. The company originated $120 billion in mortgages during the final quarter of 2011.
Their market share increased from 27 percent in the third quarter to 30 percent in the fourth quarter. Wow.
They were followed (distantly) by JP Morgan Chase, which brought in a paltry $42 billion.
Coming in third was Citibank with $23 billion in mortgage loan volume. The New York City-based bank pushed ahead of Bank of America, which fell to fourth on $22.4 billion in loan volume.
Bank of America Mortgage Market Share Lower With Countrywide
Yes, you read that right.
Somewhat amazingly, Bank of America’s share of the mortgage market has actually fallen since it scooped up former mortgage lending giant Countrywide Financial.
BofA’s share of the mortgage market has dwindled to roughly six percent, which is less than the 7.8 percent share held back in 2007, before the Countrywide acquisition.
They gave Wells Fargo a run for their money in 2010, but soon after eliminated both their wholesale and correspondent businesses, with the latter providing about half of production.
Now the bank is left with a more focused retail arm, which makes mortgages in-house for its banking customers.
In the long run it’ll probably serve them better given how badly they’ve fared thus far. And they’ve got enough to worry about, what with all those foreclosures…
Delaware may be one of the nation’s smaller states, but it certainly packs a punch in character and opportunity. From its strategic location on the East Coast and tax-friendly policies, to its vibrant communities and natural beauty, there is much to appreciate about life in the First State. However, like any location, living in Delaware has its share of drawbacks. In this Redfin article, we will look at what it’s like to call this state home, exploring the unique pros and cons of living in Delaware. So whether you’re looking for homes for sale in Wilmington, apartments in Dover, or just want to learn more about the area, join us as we embark on a journey through the First State.
Pros of living in Delaware
1. No sales tax and other great tax benefits
One of the standout advantages of living in Delaware is the absence of a state sales tax. This unique feature sets Delaware apart from many other states in the U.S. Residents of the “First State” can enjoy tax-free shopping, making their dollars stretch further and saving significantly on everyday purchases, big-ticket items, and even luxury goods. Additionally, the state does not tax Social Security income, and no inheritance or estate tax exists. These favorable tax policies contribute to a lower overall tax burden for individuals and families, offering an attractive financial incentive for those who appreciate keeping more of their hard-earned income.
2. Proximity to major East Coast cities
Delaware’s prime location on the East Coast offers a significant advantage to its residents. Positioned between the bustling urban centers of New York City and Washington, D.C., Delaware provides quick and convenient access to these metropolitan hubs’ cultural, economic, and professional opportunities. The state’s well-connected transportation infrastructure, including I-95 and Amtrak, makes commuting or weekend getaways a breeze. This geographic advantage allows Delawareans to enjoy the benefits of living in a more relaxed and affordable environment, while still having the vast array of amenities and services of major cities just a short journey away.
3. Beautiful coastal areas
The state boasts a stunning stretch of coastline along the Atlantic Ocean, featuring pristine beaches such as Rehoboth, Bethany, and Dewey Beach, each with a unique character. These coastal havens offer opportunities for sunbathing, swimming, water sports, and scenic walks along the boardwalks. Additionally, Delaware’s coastal areas are home to picturesque fishing villages like Bowers and charming beach towns, each exuding a sense of nostalgia and offering delectable seafood dining options.
4. Historic charm and cultural heritage
As one of the original 13 colonies, the state boasts a rich legacy celebrated through numerous historic sites and museums. Delaware enchants residents with its rich tapestry of history, ranging from the charming colonial-era buildings in New Castle to Dover’s pivotal role in early American history. Its charming historic districts and landmarks provide a living connection to the past, while cultural festivals, arts communities, and educational institutions help foster a dynamic appreciation for heritage.
5. Sense of community
Delaware’s residents often praise the state’s strong sense of community, fostered by numerous small towns and close-knit neighborhoods. Communities frequently unite for local events, festivals, and volunteering, reinforcing neighborly bonds and nurturing a supportive, inclusive atmosphere. The state’s modest size maintains this sense of connection even in larger cities, ensuring a network of support and meaningful relationships. This pervasive sense of belonging significantly enriches residents’ quality of life, adding to Delaware’s charm and making it an inviting place to live.
Cons of living in Delaware
1. High cost of living in certain areas
While Delaware offers diverse, appealing features, including its tax benefits and coastal beauty, it’s not without drawbacks, particularly concerning the cost of living in specific areas. Sussex County, famed for its scenic coastal communities, experiences a cost of living approximately 3% higher than the national average, driven in part by the elevated demand for housing in these picturesque towns. The state’s median sale price, at $341,500, is lower than the national median of $412,001. However, the median sale price in Lewes soars to $596,000, underscoring the considerable discrepancy in real estate costs. This higher cost of living in select areas can pose financial challenges for residents, affecting housing affordability and everyday expenses but there are many affordable places to explore.
2. Limited public transportation options
One notable drawback of living in Delaware is the limited public transportation options, particularly in some less urbanized areas. While the state’s metropolitan regions offer some public transit services, like Dover, which has a transit score of 28, the coverage and frequency of these systems can be limited. This leaves residents in more rural or suburban areas reliant on personal vehicles for commuting and daily transportation. This lack of extensive public transport can lead to increased traffic congestion, higher commuting costs, and limited accessibility for those who do not own a car.
3. Extreme weather fluctuations
Delaware’s weather patterns are characterized by extreme fluctuations, which can be a considerable con for residents. The state experiences all four seasons, but their transitions can be abrupt and unpredictable. Winters can bring heavy snowfall and cold temperatures, while summers can deliver sweltering heat and high humidity. Although often pleasant, the spring and fall seasons can also be marked by sudden weather changes, including severe thunderstorms and even hurricanes in some years. These rapid shifts can challenge planning outdoor activities and dressing for the day.
4. Coastal flooding and hurricane risks
With a significant portion of the state’s population concentrated along the Atlantic coast, Delawareans are more exposed to the potential consequences of coastal flooding and hurricanes. During hurricane season, the state faces the risk of severe storms and rising sea levels, which can lead to flooding, property damage, and displacement of residents. While the state has implemented measures and emergency response plans, including potential evacuation protocols, the recurrent threat of hurricanes can be a cause for concern, impacting both homeowners and the overall quality of life.
5. Smaller job market
The number of job openings and career advancement prospects can be more limited than larger metropolitan areas. The state’s compact size also means that commuters often look beyond Delaware’s borders for job options, adding to the complexity of the employment landscape. Consequently, career growth and industry diversity can be challenging, making it more difficult for professionals in certain fields to find their desired positions within the state.
Pros and cons of living in Delaware: Bottom line
Ultimately, the decision to call Delaware home depends on individual priorities and preferences. For some, the state’s serene coastal beauty and tax benefits may outweigh the disadvantages. For others, the challenges may weigh more heavily. Ultimately, living in Delaware balances the pros and cons to create a unique and fulfilling lifestyle in the “First State.”
Fresh on the Hamptons market is this timeless luxury estate listed for a not-so-humble $7.75 million.
With classic charm, contemporary amenities, and private access to Southampton’s exclusive Cooper Beach, the lucky new homeowner will go from always dreaming to actually living out the ultimate coastal lifestyle.
Whoever snatches the lavish property in this star-studded Southampton community will not only boast a beautiful home but a lengthy roster of elite neighbors, including Beyoncé and Jay-Z, Jennifer Lopez, Gwenyth Paltrow, Ralph Lauren, and Bon Jovi.
The affluent community regularly attracts A-listers thanks to its exclusivity among lush landscaping and world-class beaches — a welcome break from the bustle of nearby New York City.
But the Hamptons house’s current owner has his own claim to fame.
The estate’s current owner, Anthony Bonomo, co-owned the 143rd Kentucky Derby’s award-winning horse, “Always Dreaming”, back in 2017 along with his longtime pal Vincent Viola.
The two grew up together in 1960s Brooklyn, ‘always dreaming’ of one day winning the highest-attended Thoroughbred stakes race in North America. The ambitious pair finally achieved their equine dreams thanks to their champion colt, who also won 1st place in the Florida Derby that same year.
Related: 17 Celebrities with Swanky Summer Homes in the Hamptons
Now, Bonomo’s Hamptons house is up for grabs for equestrian enthusiasts and beach lovers alike.
Bonomo first purchased the 23 Heady Creek Lane home back in 2014 for just $4.4 million, still high but paling in comparison to its current price tag. But one look at the stately property and you’ll quickly realize its worth.
Featuring quintessential Hamptons charm adorned with all the modern luxury updates you could ask for, it merits as much recognition as its current owner’s all-star racehorse.
Pass through a posh cobblestone driveway and you’ll be greeted by a traditional stately Southampton pad, complete with 6 bedrooms and 8 bathrooms on a sprawling half-acre of land.
Inside, an imposing great room featuring high vaulted ceilings with crown molding, an opulent chandelier, and elegant hardwood floors hint at the opulence featured throughout the rest of the house.
The living area beckons with a spacious floor plan that extends to the luxurious chef’s kitchen boasting a marble-glossed island and cutting-edge appliances.
The Southampton house’s bedrooms each have their distinct ‘personality’, some boasting charming moody decor.
Descending to the lower level, you’ll find dual entertainment spaces, a full bed and bath ideal for overnight guests, a walk-in wine cellar, and a home gym.
The home flawlessly mixes timeless style, like cozy statement fireplaces, with state-of-the-art additions like a Sonos sound system across the property.
Inviting indoor-outdoor-style glass doors seamlessly flow into the expansive backyard, which features a covered lounge area, barbecue pit, and heated pool with a waterfall spa- all perfect for throwing a memorable 4th of July bash.
A separate pool house with its own kitchen and bathroom offers added convenience and comfort while lounging outdoors.
Kieran Rodgers, Nicholas Campasano, and Ricardo Pena of The Agency RE serve as listing agents for the $7.75 million Hamptons home.
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