Nov. 21, 2014
Ocean City Today
Business
Page 33 REAL ESTATE REPORT
Call to Action efforts distributed among NAR group
KARA HALLISSEY/OCEAN CITY TODAY
The Fasano family, from left, Salvatore, Sal Sr. and Peter, pose for a photo at the front desk in their new La Quinta Inn and Suites on 32nd Street in Ocean City.
La Quinta Inn and Suites now open on 32nd Street
By Kara Hallissey Staff Writer (Nov.21, 2014) The Fasano family introduces its new hotel, the La Quinta Inn and Suites, to Ocean City on 32nd Street today, Nov. 21. Their official grand opening ceremony will take place at 3 p.m., as the Ocean City Chamber of Commerce and local officials welcome the business to the resort, with a ribbon-cutting ceremony taking place at 4 p.m. The new La Quinta replaces the Ocean Voyager, which occupied the 32nd Street space for more than 50 years and underwent renovations by the Fasanos in 2013. When the decision came to tear down Ocean Voyager, the Fasanos went shopping for franchises from economy class to upper tier choices before settling on the mid-range La Quinta. “The Ocean Voyager had seen its time and it was not cost effective to renovate,” owner Sal Fasano said. “Mom and pop places are unfortunately getting pushed out of the area with online reservations becoming popular. La Quinta is a good franchise to team up with, we are happy with the services they provide and the
KARA HALLISSEY/OCEAN CITY TODAY
Ocean City’s newest hotel, La Quinta Inn and Suites, on 32nd Street, will have its grand opening and ribbon-cutting celebration today, Friday Nov. 21.
finished product.” The guest rooms feature plush bedding with the choice of a king or two queens. Each room comes with a refrigerator, microwave, coffee maker, HD cable television, private balcony, hair dyer, iron and ironing board. There are 101 rooms in the nonsmoking hotel. The hotel’s 26 deluxe
rooms or suites have full kitchens and a living room seating area with a pullout sleep sofa. Check-in is 3 p.m. and checkout is noon. A complimentary continental breakfast, which includes toast, hard boiled eggs, cereal, muffins, fruit, coffee, juice, milk, pastries, bagels and the popular waffle station, is served See HOTEL Page 34
By Lauren Bunting Contributing Writer (Nov. 21, 2014) Two recent Call to Action efforts have been distributed among National Association of Realtor (NAR) members. They are the extension of the Mortgage Debt Forgiveness Tax Relief and also the extension of the Terrorism Risk Insurance Act (TRIA). The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences expired at the end of 2013. NAR called for Realtors to reach out to their state and federal representatives, as immediate action is needed by Congress. NAR’s message explained that distressed homeowners will have to pay tax on “phantom income” from forgiven debt. Also, many families have decided not to go through with short sales or seek workouts because of the uncertainty over the status of the waiver. This is not only unfair but harms families, neighborhoods and communities. Other statistics provided by NAR related to the need for an extension of the Mortgage Debt Forgiveness were: • Despite significant market recovery, more than 5 million are still “under water.” • Nearly 1 million households are seriously delinquent on their mortgages or in foreclosure. • Mortgage debt forgiveness tax relief is vital for these families. The second Call to Action topic is the Terrorism Risk Insurance Act (TRIA). NAR explained that following the terrorist attacks of Sept. 11, 2001, insurers backed out of the terrorism insurance market place prompting Congress to create a federal reinsurance risk-sharing program called TRIA in 2002. This act also mandated that insurers make terrorism coverage available along with its property and casualty lines. TRIA will expire at the end of 2014 unless Congress reauthorizes it once again. Because of the importance of terrorism insurance coverage to commercial real estate, NAR supports the continued availability and affordability of coverage made possible by the federal backstop program TRIA. Lauren Bunting is a licensed realtor with Bunting Realty, Inc. serving Worcester and Wicomico counties.