SARATOGA SPRINGS — Julie & Co. Realty announced Melissa Shufelt as the newest member of their brokerage. 

Prior to real estate, Shufelt worked in freight importing where she managed inside sales and day-to-day operations. She also has a background in marketing, which helps her to position homes for sale for success in the marketplace.

She has lifelong roots in the Greater Capital District. 

For more information visit www.juliecorealty.com.

SARATOGA SPRINGS — Morgan Stanley announced that Joseph K. Brady, a Financial Advisor in the firm’s Saratoga Springs office has completed the Firm’s Insurance Accreditation Program and now holds the Insurance Planning Director (IPD) designation. Recipients of the IPD designation have demonstrated a commitment to, and understanding of, holistic goals-based wealth management planning through the incorporation of insurance solutions into their practice as a foundational component of risk management. Financial Advisors and Private Wealth Advisors who have achieved the Insurance Planning Director designation can work with clients and provide a higher standard of care around how liability management can be incorporated into their comprehensive wealth plan. 

SARATOGA SPRINGS — Saratoga Hospital has promoted Jeffrey Casale to Associate Vice President of Support Services. He oversees engineering, construction and property management, public safety, emergency preparedness, environmental services, and food and nutritional services. Casale joined Saratoga Hospital in 1988, and most recently he was Director of Facility Operations. Under his leadership, Saratoga Hospital was the first hospital in the Capital Region to earn a Clean Facility certificate from the Association for the Healthcare Environment. Casale was also instrumental in reviving the Eastern New York Society for Healthcare Engineering and is currently the chapter president. 

GLENS FALLS — Saratoga National Bank and Trust Company announced that Leslie Barry has joined the bank as a Residential Mortgage Originator in Saratoga County and the Capital Region.

Based in the Saratoga Main Office, Barry will guide clients through the mortgage application process and help them achieve their financial goals and homeownership through residential financing. She has over 35 years of experience in banking and residential mortgage lending in the Capital Region.

Barry holds an Associates of Applied Science from Hudson Valley Community College. She grew up in the Capital Region and lives in Saratoga Springs.

SARATOGA SPRINGS — Need help with your tech? Saratoga Springs native Drew Sweeney has started his own business, DS HOMETECH, to assist with all your home technology-related needs. 

Sweeney was working from home as a finance consultant when the pandemic hit in 2020. With other financial consultants now also working from home and bidding for jobs online, his own consulting jobs were getting fewer and far between and he needed to find another source of income.

He was inspired to start DS HOMETECH after having to hang a TV in his own home. A Google search yielded few options for help, and he recognized that it was a service the area was lacking. With his own business, Sweeney can install and calibrate soundbars, install and hang TVs, design and install home theaters, upgrade WiFi – you name it. He is also knowledgeable on Smart Home systems. 

Despite majoring in Business Management and concentrating in Finance at UAlbany, a field he worked in for the past seven years, Sweeney has always had an interest in technology. 

“The world we live in today revolves around technology,” said Sweeney. “I was always the kid to take stuff apart and put it back together. It snowballed into a genuine interest in technology set-ups.” 

He does all the work himself, but has developed a network of general contractors and other professionals. Sweeney admits that technology in the home can be intimidating to most people. 

“I make it a point to simplify it as much as possible, and walk with clients through what they want and what I’m doing,” said Sweeney. “At the end of the day, I’m happy if the client has a smile on their face. I take pride in the work I do, and will spend extra time to make sure the work is above and beyond the client’s expectations.”

Need someone to install a Smart TV? Frustrated with your slow WiFi? Contact Drew Sweeney at 518-859-5613 or email dshometech@gmail.com. Visit his website www.dshometechny.com, or find him on Facebook at www.facebook.com/dshometech. 

SARATOGA SPRINGS —Dawn Oesch stands behind the glass counter of the Saratoga Candy Company store as much as she has since first opening the doors of her Washington Street shop in July 1998.   

Behind her, the colors of the rainbow swirl across lollipops and enticing candies. Newspaper clips dating back to the last century cling to the shelves.  “Oprah Winfrey magazine wrote about us,” she says. “We’ve been on MSN, and all the local channels. We talked about Christmas items on the Today show.” A dark chocolate salted nut roll beckons from beneath the countertop glass. 

The area on and around Broadway has witnessed large-scale architectural changes since its development in the 19th century. The present day is no different.  A current proposal calls for a six-story project in a 200,000 square foot mixed-use building that will include 90 residential units and 31 hotel rooms at 353 Broadway/ 19 & 23 Washington St. The Broadway/ Washington Street corner café that sites Starbucks is anticipated to stay. The Saratoga Candy Co. building is targeted for demolition to make way for the new development. 

Oesch has had three different landlords during her 23 years at 5 Washington St. Each has expressed interest in building a hotel on the site that houses the store. The current proposal is making its way through the city’s Land Use Boards.     

“They’re saying late fall,” Oesch says. “If I had my druthers, I’d stay in my spot forever. It might not be the prettiest to some people but to me it’s perfect. I’ve spent more time in this space than anyplace else, even my home. It’s a part of me.” 

The good news is her current landlord has expressed confidence that Saratoga Candy Co. can relocate right around the corner. “Right on Broadway, next to Starbucks, in a space just below Salt & Char.” The spot is semi-sublevel, “but when you look at the big giant windows, it comes right up to kids’ heads where they can look right in,” she explains. 

Rent has yet to be discussed, but she is hopeful. “I do know they are very conscientious of a hometown feel store,” says Oesch, reflecting on her business as she starts her 24th year.    

“It has changed so much. It’s adapted from something that I thought may be more fancy, to something that’s nostalgic. Finding everything you grew up with. Making it very kid-friendly, but also that thing you find that adults need.” One time-honored constant that has remained is her kettle. “The fudge kettle and I have been together since I was 16 and since I worked in a store in Lake Placid. It’s my baby,” she says, with a laugh. 

Oesch is grateful to the community for helping the store survive the three-month shutdown of the pandemic.

“If we didn’t have our locals, we would have had a very tough time during COVID. We were delivering all over God’s Green Earth, and dressed like bunnies having car hops in the parking lot,” says Oesch, recalling the fulfillment of product orders while masked and gloved in themed events that featured socially distanced dance moves.

As the fall beckons, so with it comes Saratoga Candy Co.’s busiest season. There are the local specialties, like Saratoga Taffy and chocolate horse medallions, and much in-demand holiday items, like the old-fashion yuletide-inspired Peppermint Pig. That busy season may also be the time of the shop’s relocation. There is a plan. 

“If we do move around the corner, I’m hoping I’ll be able to get every friend and family member together,” she says. “We can create a little candy train.” Right onto Broadway. 

Fresh out of college, I secured my first job as a personal banker for a national retail bank. A common complaint I heard in my first few months was that CD rates had started to fall below 5%. What we wouldn’t give for a risk-free 5% now, right? If we go further back in time, folks who were around in the 80s will tell of double-digit rates on both their CDs and their mortgages. Let’s examine the driving forces behind why rates are what they are.

The story starts with the Federal Reserve (“the Fed”), America’s central bank. They serve many functions but one of their most visible is setting the interest rate that banks charge each other for overnight loans, known as the Federal Funds Rate. This rate impacts a lot which is why it is so widely discussed. It is currently set to a range of 0.00-0.25%. Without getting into the inner workings, think of the rate as a dial for the economy. If the Fed believes that the economy needs a boost, it will set interest rates lower to make money flow more freely (as it did during the onset of the COVID-19 crisis in March 2020). They do the opposite when there is a risk of the economy “overheating” and inflation becoming a problem. It is a delicate balancing act as they try to keep the economy running on all cylinders while at the same time making sure inflation is in check. 

“Thanks for that,” you say, “but I asked about my six-month CD paying 0.45%.” Fair enough. As was previously mentioned, the Federal Funds Rate is the rate charged for overnight loans between banks and it provides a starting point for setting rates that carry longer times to maturity, like your six-month CD. Typically, the longer something is held, the more that the person lending that money will require in terms of payment. As a purchaser of a CD, you are effectively lending money to the bank and the rate they are willing to pay will be slightly higher than the Federal Funds Rate. As such, as long as the Fed Funds Rate stays pinned to the floor as it currently is, do not expect the interest rates on CDs, money markets, or savings accounts to meaningfully budge.

An unfortunate side effect of low rates is that those who need steady income (i.e., retirees) have seen the interest they can generate from these safe holdings dwindle to near nothing. However, it is all relative, and times of elevated rates on CDs are typically accompanied by either high current or expected inflation. A CD earning 6% per year while inflation is 7% is technically losing money overall. Let me conclude by saying that the percentage of your wealth to be held in these short-term instruments should be viewed through the lens of your personal financial picture. Hold too much and your risk becomes inflation. Hold too little and your risk becomes stock or bond market fluctuations. Much like the setting of those interest rates, it is a delicate balancing act. 

For more information, visit contwealth.com

David Rath, CFA is the Director of Portfolio Strategies at Continuum Wealth Advisors in Saratoga Springs.

SARATOGA SPRINGS — Julie Bonacio announced the launch of a second location for Julie & Co Realty to be located on Main St. in Schroon Lake. The new location will focus on residential resale properties, commercial, lake properties, condominiums, and secondary homes.

Julie & Co. Realty is a Saratoga Springs-based real estate brokerage. The company also announced the following agents have joined the brokerage: Brooke Clark, Gesile Bryant, Laura Clear-LaPoint, Ann-Marie O’Donnell, Cheryl L. Subra and John H. Tibbitts Jr, and Casey King. 

Specialists, who will be working out of the Schroon Lake office, are native to the North Country and experts in the real estate industry, the company said in a statement. 

For more information, visit JulieCoRealty.com. 

ALBANY — Uncommon Grounds, which first opened in 1992 in downtown Saratoga Springs and has since expanded that venue in size, will open a new location at Stuyvesant Plaza in late 2021. 

Slated as a 2,800 square-foot restaurant, the Stuyvesant Plaza venue will mark the fourth Capital Region location for the café and coffeehouse. Other locations include 1235 Western Avenue in Albany; 9 Clifton Country Road in Clifton Park; and 402 Broadway in Saratoga Springs. 

Approximately 30 full and part-time employees will be hired to staff the operation. For more information about Uncommon Grounds, visit UncommonGrounds.com. 

SARATOGA SPRINGS —Saratoga Hospital has appointed three new board members effective July 1: Margaret Smith Cassier of Airosmith Development, Kate Forer of Presbyterian-New England Congregational Church and Michael Trimarchi of CommerceHub.

Smith Cassier, of Greenfield Center, is founder, president and CEO of Airosmith Development, which provides turnkey site acquisition, project management and engineering services. Under her leadership, the company has been named to the Inc. 5000—Inc. Magazine’s 5,000 fastest growing private companies—and Albany Business Review’s Best Places to Work in 2017, 2018, 2019 and 2020. Smith Cassier is a member of Key4Women and the New York City and Saratoga Springs chapters of the Women Presidents’ Organization. She serves on the board of directors of Wellspring.

Forer, of Saratoga Springs, is senior pastor of Presbyterian-New England Congregational Church. She has earned honors for her social justice efforts, including the Excellence in Faith Formation Award from the New York State Council of Churches and recognition from Shelters of Saratoga for leadership in creating an inclusive community. Forer also was named a Woman of Distinction by the New York State Assembly. Her volunteer involvement includes serving on the leadership team of the Saratoga Collaborative to End Homelessness and the board of directors of Saratoga Regional YMCA.

Trimarchi, of Wilton, is a CPA and the chief financial officer for CommerceHub, a leading provider of cloud-based e-commerce fulfillment and marketing services. He has more than a decade of financial leadership experience with global companies in software and medical device industries. Trimarchi serves on the School of Business Advisory Council of the State University of New York at Albany. He also has co-chaired the American Heart Association’s Capital Region Heart Walk and Run and served on the board of directors of Junior Achievement of Northeastern New York.

Other Saratoga Hospital board of trustees members are: Raimundo C. Archibold Jr.; Angelo G. Calbone, Saratoga Hospital president and CEO; David J. Collins; Kari P. Cushing; Susan Law Dake; Dr. Steven M. Frisch; Michael H. Iacolucci; Frank L. Messa; Dr. Marianne A. Mustafa; Elizabeth Wood Pustolka; J. Thomas Roohan; Theresa M. Skaine, vice chairperson; N. Keith Stewart, treasurer; Michael J. Toohey, chairperson; and Heather M. Ward, secretary.