May/June 2014 REALTOR® Report by Real Agent Rewards

Official Publication of the St. Louis Association of REALTORS速

速

St. Louis Association of

REALTORS速

The Voice for Real Estate in St. Louis7,000 members strong. May / June 2014

Volume 10 - Number 3

Grow Your Money Priority Pricing: Are you positioned to sell? By Pamela Ermen page 24

REALTOR® Report

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President’s Message It seems like spring has finally arrived. Flowers are blooming, tornado sirens are going off, my horse is shedding buckets of hair, and the buyers are searching for new homes. These are all sure signs that the growing season is upon us.

Beth Braznell, 2014 President

Here at your Association, we are seeing an increase in membership, the first in many years. Our 2013 fiscal year ended in the black after several years of red. The Commercial Division has seen a jump in the number and quality of services, and membership is growing. Our wonderful Affiliates are taking on new challenges and offering new and better services to the membership. What about you? Have you caught the urge to bloom, to become better, to grow? The Association can help. It is a CE renewal year, and the Professional Development department is offering several new, dynamic classes. Upcoming events are tailored to your needs and wants.

Do you like to throw parties? Are you creative and innovative? The RPAC Fundraising Committee would love your help with the 2014 RPAC Dinner Auction. Do you yearn to help those less fortunate? The Realtors Housing Assistance Fund (RHAF) is planning events to raise money to help the homeless. We’d love to have you be a part of that effort. If you want to broaden your understanding of our industry, applications are being accepted for committees for next year. Click here for a list of the committees, what they do, and how to apply. Spring is a time of renewal and of growth. This is an exciting time to be a REALTOR®. Involvement at your Association can broaden your experience, help your business blossom, and help you make contacts that will lead to more business. Check it out by visiting www. stlrealtors.com or by calling the Association at 314-576-0033. We’re here for you.

Contents 10-11 12-15 24

Legislative Report

SLAR Stats

Priority Pricing: Are you positioned to sell?

CEO Corner

It’s a Big, Big World

From Around the Industry

Law & Ethics 17 Welcome to the Neighborhood

18-19

2014 - CE Schedule

Calendar of Events

REALTOR® Store Special

REALTOR® Report

St. Louis Association of

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12777 Olive Blvd., St. Louis, MO 63141 (314) 576-0033 – main line (314) 275-7888 - education line (314) 576-7143 - fax www.stlrealtors.com

REALTORS®

2014 Board of Directors EXECUTIVE COMMITTEE Beth Braznell, President Janet Judd, President Elect Sandy Hancock, Vice President/Treasurer Mickey McNearney, Secretary

REALTOR® DIRECTORS: Marc Levinson, Member at Large Donna Zerega, Immediate Past President Doug Dolan, Commercial Division President Dawn Kennedy, CEO

Term Ends 2014

Term Ends 2015

Term Ends 2016

Bob Bax* Gail Brown Kimberly Cameron Jan Thomas

Tom Kennedy Mickey McNearney David Townsend Glenn Vatterott

Vivian McBride

Mike Carter Eric Friedman Tiffany Hamilton Pat Malloy Mike Travaglini

National Association of REALTORS® Directors:

REALTOR® ASSOCIATE DIRECTORS:

AFFILIATE DIRECTOR:

Beth Braznell (Board President) Janet Judd (Board President-Elect) Nate Johnson (Director)

Glenn Vatterott (Large Firm Representative) Bruce Aydt (Distinguished Service Award)

Jill Butler

Marc Levinson

Sharon Hutson

*Sandy Hancock (Bob Bax filling 2014 year)

St. Louis Association of REALTORS® Staff Chief Executive Officer Dawn M. Kennedy, CEO- MSPM, RCE, e-PRO, GREEN dkennedy@stlrealtors.com Direct Line: (314) 590-2319

Education Kim Russell, Executive Assistant krussell@stlrealtors.com (314) 576-0033 ext. 318

Monica Wilson, Assistant mwilson@stlrealtors.com Direct Line: (314) 275-7888

Membership & Finance

Legislative Maureen McDonnell, Director of Governmental and Public Affairs mmcdonnell@stlrealtors.com Direct Line: (314) 590-2307

Karen Dunn, Director of Professional Development kdunn@stlrealtors.com Direct Line: (314) 590- 2312

Martina Johnson, Public Affairs Fundraising Coordinator mjohnson@stlrealtors.com (314) 576-0033 ext. 309

Commercial Division Susan Wagner, Vice President, Professional Specialties & Standards swagner@stlrealtors.com Direct line: (314) 590-230 Tina Luehrmann, Commercial Specialist tinal@stlrealtors.com

Rick Capelli, Senior Vice President of Membership & Finance Tammy Williams, Membership Specialist rcapelli@stlrealtors.com Direct line: (314) 590-2313 twilliams@stlrealtors.com Judy Partsch, Membership Specialist / REALTOR® Shoppe Jessica Perez, Bookkeeper jpartsch@stlrealtors.com jperez@stlrealtors.com

Communications, Marketing & Public Relations Laura DeVries, Director of Communications and Marketing ldevries@stlrealtors.com Direct line: (314) 590-2301 Glenda Strong, Receptionist gstrong@stlrealtors.com

Mid-America Regional Information Systems (MARIS) 1714 Deer Tracks Trail Ste. 200, St. Louis, MO 63131

REALTOR® Shoppe Hours of Operation Monday - Friday 8:30 a.m. – 5:00 p.m. For advertising information, please contact Foley Publications at 1-800-628-6983 or visit www.foleypub.com To submit articles for consideration in the REALTOR® Report, email Editor-in-chief Dawn Kennedy at dkennedy@stlrealtors.com.

Lauren Smith, Marketing Coordinator lsmith@stlrealtors.com Becca Grober, Communications Coordinator bgrober@stlrealtors.com

(314) 984-9111

Paul Prince, President pprince@marisnet.com Denise Bielicke, Vice President of Operations dbielicke@marisnet.com Tracey Yost, Membership Manager tryost@marisnet.com Brad Whitrock, Support Specialist bwhitrock@marisnet.com Olivia Yarbrough, Marketing & Communications Specialist oyarbrough@marisnet.com David Price, Senior Vice President & Systems Manager dprice@marisnet.com

www.marisnet.com

Katie Otto, Vice President of Member Services kotto@marisnet.com Jason A. Darrough, Support Manager jdarroug@marisnet.com Carol Morrow, Accounting Coordinator cmorrow@marisnet.com MARIS Support, MLS Issues support@marisnet.com

REALTOR® Report

CEO Corner

By Dawn M. Kennedy, SLAR CEO

Things just continue to be exciting here at SLAR! Just like a tulip, the bulbs (as in light bulb ideas) that were planted in the fall are blooming this spring. I am thrilled to report that we rented our newly updated facility to the Creve Coeur Chamber of Commerce in mid-April, for the first time. The commercial app we created in the dead of winter has now bloomed into a MUST HAVE tool for the commercial REALTOR and has grown to include 7 financial calculators and conversion tools. In fact, we loved it so much several of its features are being incorporated in the new residential app we are building. After a year of building, our new online orientation, with separate platforms for the residential and commercial REALTOR® is in full swing, meeting very positive reviews! Dues collection has wrapped up and after much sowing and toiling from the committees to bring the best value proposition possible we are very pleased to report that SLAR membership is up. Our EEHC project was met with great success as we collaborated with local government, local organizations, REALTORS® and the public. I was recently contacted by NAR’s media department and our success will be featured in NAR’s success stories on the REALTOR® Action Center (link to RAC). Speaking of the action center, have you made your $15 RPAC investment yet this year? Remember, that your investment is an investment in YOUR future profits- GROW THEM with your investment today (Link to online payment)- think of it as fertilizing the ground for a great crop this year and next. The strategic planning committee met this quarter to work on the representation spoke of our new strategic plan. All I can say is that exciting and groundbreaking concepts are on the way under the progressive and thoughtful leadership of President Beth Braznell. Keep reading the REALTOR® to learn how SLAR’s strategic plan is coming alive in meaningful and productive ways. One of these concepts is the integration of MR’s Regional Advocacy Coordinators within our legislative programs. SLAR is fortunate to have the Eastern RAC, Jared Shapiro, officing here in the building. If you have not met Jared yet, make sure to introduce yourself at Trivia Night or the RPAC auction. Happy selling!

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Download the 2013 Annual Report

Download the Association’s latest Annual Report for a year in review. This report includes summaries from SLAR’s managerial staff and executive team.

Department Updates Include: »

Finance & Membership

Professional Development

Government & Public Affairs

Marketing & Communications

Commercial Division

NEW MEMBER BENEFITS! Flip through the Annual Report to learn about the new member benefits launched in 2013.

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REALTOR® Report

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It’s a BIG, BIG World The Inclusivity Advisory Group promotes Fair Housing practices and educates members on diversity issues of race, religion, disability and sexual orientation through programs that promote membership awareness and inclusion. While attending an AREAA conference in Las Vegas two years ago I was impressed by the number of successful agents that were working with large volumes of international clients across the country. Stories of all the money pouring into the various markets throughout the East and West Coast amazed me. I could not believe the cash that is spent on a regular basis on real estate in the United States as well as the number of people moving into the United States to pursue the ‘American Dream’ of homeownership. Once I started speaking with agents throughout the world, I quickly learned that the boarders between countries were virtually nonexistent now. I also quickly picked up on the opportunity to network with and refer business to other real estate agents around the world. I was surprised to learn how many Americans were purchasing outside the U.S. whether moving in retirement to lower the costs of living or purchasing second homes. I met agents from Dubai, China, Singapore, Belize, Australia, Mexico, France and so many other countries, all eager to work with me and allow me to refer clients to them – and I would get paid a referral fee. I began to question processes, procedures, protocols and more, including how to convert funds in order to purchase. I become excited about all the possibilities – WOW, I could help sell an island off the coast of Australia or a Villa on the French Riviera – it all sounded like FUN to me! I spoke to everyone I met and a consistent theme began to emerge

– all these REALTORS® had earned a NAR designation called CIPS (Certified International Property Specialist). I was intrigued, I had to find out more. I was completely unaware that NAR was part of this global educational opportunity. Unfortunately, at the time, it was not being offered in St. Louis. Later I attended the NAR Convention and continued to hear interesting things about the CIPS designation so I decided my next “mission” was to earn the CIPS designation. I found the five required classes being offered in Chicago, so off I went and it has been a whirlwind since. I have completed several certifications over the years but learned so much from these five classes. I learned about different cultures, their business expectations and beliefs, how real estate works in their country (if they can purchase land at all), what insults them, what shows respect, how money is exchanged, how agents in other countries are compensated, and how they work with one another. I learned about taxes and the implications in the U.S. and abroad when you purchase real estate in other countries (how are they taxed, are they double taxed, and more). Once I completed the designation I could hardly wait to start working with international clients – somehow they just seemed to find me. I was also listed on NAR’s site as having the designation, perhaps this helped. It has now been less than two years since receiving

By Kathy Golden- Broker , CIPS, CDPE, CRS, GRI the designation and I am happy to say I have worked with international clients from Australia, France, China, several countries in South America, Canada, several countries in the Middle East, and more. We offer training to our agents as well, that has helped them understand how to better work with clients from all over the world. As far as designations and training in the real estate industry, this single designation has taught me more than any other. I believe it has directly added to my business success. In the past year, we have seen a 9% increase, which equated to 33 more transactions and I believe it will more than double this year. The price points for international clients have been much higher, thus adding to the bottom line exponentially. Kudos to NAR for having this designation. It is clear that the need for such education will become even more important and necessary in the future as we see our local real estate market become more global.

Pressed for time but need to complete your CE requirements? Online courses are now available through SLAR. Need to take Continuing Education or Pre-Licensing courses at your convenience? This exclusive new member benefit, brought to you by SLAR, is now available on our website! •

Save Time: Complete courses from the comfort of your home or office.

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Reduced Costs: Purchase “choice packs” at a reduced rate! 12 hours for $74 vs. $100!

•

Flexibility: Take the course of your choice on any day or time that works for your schedule.

To reach the portal visit: www.stlrealtors.com → Professional Development Tab → Online Courses Questions? Please contact our Education Department at 314.590.2312 or education@stlrealtors.com.

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REALTOR® Report

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From around the industry…. Building Inspectors Are Busy…’Tis the season…not recovery ASHI inspector John Wessling reported at our April Industry Forum meeting that home inspectors had been busy but that it was primarily due to the spring selling season and not the result of a housing recovery.

Got gas? Wessling also reported that, even with the removal of the Laclede Gas inspection from the SLAR residential sale contract, Laclede is still performing most of the gas appliance inspections in the area. This is due to the fact that most of the insurance carriers won’t allow building inspectors to conduct gas safety inspections. To do an inspection properly, the furnace and gas lines have to be disassembled to some extent, thereby creating a potential liability for the inspector if there are issues afterward. Speaking of gas…radon is something that over the past few years most agents have become familiar with however, for many, the knowledge is somewhat limited. For this reason I raised the issue of radon at our last meeting and Wessling did a great job of shedding light on this subject. For starters, Wessling said that Canada is considering lowering the “acceptable” level of radon in a house below 4.0 and if they do that, it could influence what happens in the United States. Radon exists everywhere and, in fact, the nationwide average is 1.3 pCi/L indoors and 0.4 pCi/L outdoors. This is information that could put a buyers mind at ease when faced with a home that needs, or has had,

radon mitigation. I know I have had clients say they wanted to get the level down to “0” which, given the aforementioned data, would be unrealistic given that most likely the levels are higher than that in the front yard even. On the other hand, I’ve also heard agents make comments like “the level is 3.8 so it’s fine.” Saying “fine” is a mischaracterization of the situation. A level of 3.8 is below the current level of 4.0 where mitigation is recommended, however, given the health risks associated with radon as well as the fact that a 3.8 would still be almost 3 times the national average. Instead, I think just simply stating the facts that it is below the EPA recommended level for mitigation is the safer, and more accurate, statement to make. By the way, according to Wessling, 1 in 15 homes in the U.S. have radon levels above the 4.0 level.

Building codes more about energy today than safety… Senior industry forum member, Dave Forest representing the HBA, said that St. Louis County updates their building codes every six years so we should some updates come 2015. This led to a discussion about building codes in general and Forest pointed out some of the significant changes in building codes. This included the process over the years that have led to the cost to develop a lot in St. Louis doubling from a

by Dennis Norman St. Louis Industry Forum Chairman and Past SLAR President MORE, REALTORS® typical cost of $45 per front foot to about $92 per front foot. This change in the building permit process is due to a national building code rather than regional building codes, which have resulted in non-coastal areas, such as St. Louis, for example, being strapped with additional building costs to meet building reinforcement requirements that have been put in place to withstand hurricanes and tropical storms. Granted, we have some pretty wild storms here, but I haven’t noticed a hurricane lately. Forest also pointed out that while building codes began with a focus on the health and safety of the consumer, that of late the focus is primarily conservation and energy issues.

Delinquent borrowers may be judged… Ruth Battle, representing the MBA, told the forum members about HB2282, legislation that would make Missouri a judicial foreclosure state meaning that the system would change from a trustee handling the foreclosure process as it is today, to the process becoming a court proceeding and overseen by the courts. The MBA is opposed to this legislation as it would greatly increase the time it would take to complete the foreclosure process, which would ultimately lead to higher cost home loans in Missouri.

REALTOR® Report

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Legislative Report Affordable Care Act Regulations Recognize Agents as Non-Employees: Does a broker have to count agents as employees for the purposes of the ACA? Up until the National Association of REALTORS® called for clarification and a revision, it was unclear. Due to the work of NAR®, brokerage firms who contract with real estate agents will not trigger the requirement to provide healthcare or pay a tax should the size of their network reach 50 people. 2013 NAR President Gary Thomas noted in his comment letter that real estate agents are not considered employees by any other standard and the treatment of them as employees in this instance would be inconsistent and problematic. Read more here to understand the benefits of remaining an independent contractor as a REALTOR® associate.

REALTOR® Report

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by Maureen McDonnell, Director of Governmental and Public Affairs

March Urban Affairs Forum. CORTEX President and CEO Dennis Lower presented with Josh Parker of Wexford Science & Technology about biotechnology startups and job growth taking root in CORTEX’s midtown location. Steven Heitz of Pace Properties spoke about the process of wooing Ikea to the city area and how the announcement has spurred several other new residential and retail projects nearby. The forum featured its first ever live Twitter chat, allowing REALTOR® attendees to interact online using the hashtag #STLUrbanAffairs.

Tell Us What You Think! Help SLAR, MR, and NAR Advocate for You by Taking this Survey! You have an opportunity to help the St. Louis Association of REALTORS®, Missouri REALTORS®, and the National Association of REALTORS® to gauge the reach of our collective networks and enable us to effectively plan for future public policy discussions. By understanding our network of relationships with elected officials, we can build advocacy programs that help advance our positions on any number of issues that directly impact you. Let your voice be heard and strengthen the REALTOR® community by filing out a brief survey here.

March and April Urban Affairs Forums Highlight Rapid City Improvement A presentation on the future development of CORTEX Innovation Community and a neighboring site for the region’s first Ikea drew 70 REALTOR® attendees for the

April’s Urban Affairs Forum focused on the up and coming Forest Park Southeast and Botanical Heights neighborhoods. With a revitalized strip of restaurants and bars on Manchester known as the Grove, this area is seeing an influx of young professionals and families eager to take advantage of acclaimed neighborhood elementary schools and easy access to jobs at CORTEX, BJC, and Washington University. Enrique Flores from Washington University Medical Center Redevelopment Corporation spoke about the incentives that the university is giving to faculty to move into the area, and how the neighborhood has transformed from crumbling to cool in the last five years.

continued on page 11

Legislative Report

REALTOR® Report continued from page 10

SLAR’s monthly Urban Affairs Forums are usually held the first Thursday morning of the month, with the exception of a summer break in June and July. These free educational events focus on topics relevant to specific neighborhoods in St. Louis City, and are rapidly growing in popularity. To gain the inside scoop on upcoming forum topics, email Martina Johnson at mjohnson@stlrealtors.com to be added to the notification list.

Please Support RHAF’s 25th Anniversary Mission SLAR’s charitable nonprofit, the REALTORS® Housing Assistance Fund (RHAF), turned 25 years old this year. To commemorate this milestone, we are working to double our total monetary amount of grants this year from $25,000 to $50,000. RHAF is proud to announce that the charity has almost reached the halfway mark to this goal! Special thanks are in order to our capital campaign donors, MARIS and USA Mortgage. MARIS renewed an incredibly generous pledge of $10,000 towards the area homeless for the 4th year in a row. USA Mortgage is a new corporate donor to RHAF, giving $1,000 towards to those in need. The donations of continuing education class fees and registrations also put Investors Title and RE BarCamp over the $1,000 milestone as donors. Thank you to all who have made RHAF their charity of choice this spring. It’s not too late to donate to RHAF. Capital campaign donors who donate before June 1 will have their logos featured on our raffle ticket promotions as a 25th Anniversary Sponsor. Visit our website at www. stlouisrhaf.org or email Martina Johnson at mjohnson@stlrealtors.com for more information. Also, mark August 7th on your calendars for RHAF’s first ever Ladies Night Quarter Auction. This fun event will be a great way to give back while possibly winning some awesome gifts for as little as 25 cents.

Think you’re creative? Enter the Office Basket Competition at the RPAC Dinner Auction! Collaborate with your creative co-workers and participate in the first ever Office Basket Competition at the RPAC Dinner Auction. Baskets must adhere to the $75 price limit, and the basket that goes for the highest bid amount wins the grand trophy! What will your office do to win? Full contest details can be found here. While you’re on our website, register to attend the auction. Your ticket includes your meal, dessert, and an open bar for 4 hours! Don’t miss one of the best association events of the year. This year’s live auction will feature a lot of sports memorabilia and spectacular trips to Destin, FL; Gulf Shores, AL; and Zihuatanejo, Mexico. The event will also feature games with a grand prize, a photo booth, and a large timed and silent auction section. Sound like fun? Meet us at Orlando Gardens Banquet Hall to head back in time to the 1904 World’s Fair themed RPAC Dinner Auction.

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Local Association Misuse of REALTOR® Logo Mary Newill, the National Association of REALTORS®’ trademark administrator, is kept busy alerting members (and others) of their misuse of the association’s registered marks and logos. In the Fall issue of REALTOR® AE magazine, Newill spotted two misuses by a local association that all associations may want to take note of. A local association of REALTORS® runs a consumer-oriented Web site with its own unique name and branding. The REALTOR® block logo was displayed on that site in the lower left corner. The problem was that, according to Newill, it was not clear that this Web site was owned or operated by the local association. “Member boards are licensed to use the REALTOR® marks, including the REALTOR® logo in connection with their name. Therefore, it’s not appropriate to use the REALTOR® logo on the site without also using the association’s name in connection with the trademark.” This is important to note as more associations launch Web sites and online services that are aimed at consumers and may not have association branding. In addition, the association had created a video graphic on the site using the block R as a letter in the word “start,” as in, start your home search with a REALTOR®. Yet again, this turned out to be an inadvertent misuse of the block R logo because 1) the REALTOR® logo must always appear with the “REALTOR®” identiﬁer right below the block R and 2) it is never appropriate to use the block R as a substitute for an R in a word. The rules regarding proper format of the REALTOR® logo are available at realtor.org/ mmm. Also, Newill says she’s happy to review any use of the marks associations come up with. Contact her at mnewill@realtors.org . Reprinted with the permission of the National Association of REALTORS®. http://www.realtor.org/ publications/realtor-ae-magazine/winter-2014member-professionalism

REALTOR速 Report

SLAR Sold Stats

MARCH 2014

MARIS - NAR Report Sold Statistics

Residential Totals

Active,Contingent and Pending

Bedrooms

Price Class

2 or Less

4 or More

Total

Active

$29,999 and under $30,000 - $39,999 $40,000 - $49,999 $50,000 - $59,999 $60,000 - $69,999 $70,000 - $79,999 $80,000 - $89,999 $90,000 - $99,999 $100,000 - $119,999 $120,000 - $139,999 $140,000 - $159,999 $160,000 - $179,999 $180,000 - $199,999 $200,000 - $249,999 $250,000 - $299,999 $300,000 - $349,999 $350,000 - $399,999 $400,000 - $449,999 $450,000 - $499,999 $500,000 - $549,999 $550,000 - $599,999 $600,000 - $649,999 $650,000 - $699,999 $700,000 - $749,999 $750,000 - $799,999 $800,000 - $849,999 $850,000 - $899,999 $900,000 - $949,999 $950,000 - $999,999 $1,000,000 - $1,249,999 $1,250,000 - $1,499,999 $1,500,000 - $1,749,999 $1,750,000 - $1,999,999 $2,000,000 - $2,999,999 $3,000,000 or over

52 22 8 12 14 9 9 8 25 18 16 11 3 5 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

57 24 29 11 12 20 22 19 31 38 42 46 29 44 23 15 5 3 3 4 3 0 0 0 0 0 0 0 1 0 0 0 0 0 0

13 3 4 4 2 4 2 2 6 9 14 23 13 36 37 29 14 20 14 13 6 12 3 3 2 1 0 1 1 3 1 0 1 1 0

122 49 41 27 28 33 33 29 62 65 72 80 45 85 60 45 20 23 17 17 9 12 3 3 2 1 0 1 2 3 1 0 1 1 0

57 31 36 34 52 50 59 58 91 116 71 74 52 72 77 44 39 33 41 19 16 12 9 9 12 3 11 2 4 7 6 4 2 2 3

Count

214

481

297

992

1,208

Average Price

$80,983

$140,838

$322,685

$182,370

$243,645

Median Price

$66,000

$128,000

$263,000

$141,200

$148,900

Total Amount

$17,330,316

$67,743,212

$95,837,529

$180,911,057

$294,322,996

Contingent

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Pending

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Days on Market Statistics 1 - 30 Days:

366

Total Units Sold:

31 - 60 Days: 189

992

61 - 90 Days: 103 Avg Market Time:

91 - 120 Days: 90

121 - 180 Days: Avg Sold Price:

139

180 + Days: 105

$182,370

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REALTOR速 Report

SLAR Sold Stats

APRIL 2014

MARIS - NAR Report Sold Statistics

Residential Totals

Active,Contingent and Pending

Bedrooms

Price Class

2 or Less

4 or More

Total

Active

55 24 16 8 11 10 13 14 30 22 16 13 12 11 3 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

48 21 22 26 12 23 28 23 36 41 45 37 38 60 32 20 18 5 1 1 2 1 1 0 1 0 0 0 1 1 1 0 0 0

8 2 5 2 1 5 5 5 10 5 8 17 13 46 50 34 22 15 12 12 10 7 3 5 5 3 0 3 0 6 0 0 2 1

111 47 43 36 24 38 46 42 76 68 69 67 63 117 85 54 40 22 13 13 12 8 4 5 6 3 0 3 1 7 1 0 2 1

Count

260

545

322

1,127

1,401

Average Price

$91,741

$156,281

$338,426

$193,433

$268,673

Median Price

$84,000

$137,420

$281,952

$150,000

$159,900

Total Amount

$23,852,754

$85,172,919

$108,973,058

$217,998,731

$376,410,282

Contingent

75 33 46 35 49 45 59 51 111 124 84 89 58 105 84 58 56 43 20 18 21 18 14 8 15 7 11 3 5 14 19 8 7 7

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Pending

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Days on Market Statistics 1 - 30 Days:

472

Total Units Sold:

31 - 60 Days: 238

1,127

61 - 90 Days: 115 Avg Market Time:

91 - 120 Days: 81

121 - 180 Days: Avg Sold Price:

112

180 + Days: 109

$193,433

| 13 |

REALTOR速 Report

| 14 |

March 2014

MarketTrends Report: St. Louis City

Active Inventory as of Mar 31, 2014 = 1,206 Comparative Metrics by Status

Mar 2013

2014

Year to Date +/-

2013

2014

12 Months: Mar-Feb +/-

Last

+/-

Closed Sales

261

228

-12.6%

619

608

-1.8%

2,919

3,119

+6.9%

Pending Sales

299

253

-15.4%

744

681

-8.5%

2,988

3,045

+1.9%

Available Listings

1,765

1,617

-8.4%

2,596

2,607

+0.4%

6,830

6,766

-0.9%

Expired Listings

132

119

-9.8%

561

463

-17.5%

2,163

1,928

-10.9%

523

547

+4.6%

1,332

1,261

-5.3%

5,167

5,245

+1.5%

14.79

14.10

-4.6%

23.84

23.32

-2.2%

42.74

46.10

+7.9%

Available Listings vs. Expired Listings

7.48

7.36

-1.6%

21.61

17.76

-17.8%

31.67

28.50

-10.0%

+/-

2013

April 2014

New Listings Available Listings vs. Closed Sales

Active Inventory as of Apr 30, 2014 = 1,257 Comparative Metrics by Status

April 2013

2014

Year to Date 2014

12 Months: Apr-Mar +/-

Last

+/-

Closed Sales

289

258

-10.7%

908

869

-4.3%

3,001

3,115

+3.8%

Pending Sales

340

318

-6.5%

1,084

1,008

-7.0%

3,060

3,049

-0.4%

Available Listings

1,953

1,651

-15.5%

3,226

3,104

-3.8%

6,969

6,567

-5.8%

Expired Listings

150

-43.3%

685

549

-19.9%

2,132

1,885

-11.6%

New Listings

627

545

-13.1%

1,959

1,807

-7.8%

5,256

5,180

-1.4%

Available Listings vs. Closed Sales

14.80

15.63

+5.6%

28.15

28.00

-0.5%

43.06

47.43

+10.2%

Available Listings vs. Expired Listings

7.68

5.15

-33.0%

21.23

17.69

-16.7%

30.59

28.70

-6.2%

Data is inclusive of residential properties, condo/coop/villa, and new construction. All data provi

REALTOR速 Report

| 15 |

MarketTrends Report: St. Louis County

March 2014

Active Inventory as of Mar 31, 2014 = 3,718 Comparative Metrics by Status

Mar 2013

Year to Date

2014

+/-

2013

2014

12 Months: Mar-Feb +/-

Last

+/-

Closed Sales

1,114

901

-19.1%

2,801

2,279

-18.6%

13,153

13,535

+2.9%

Pending Sales

1,270

1,031

-18.8%

3,290

2,607

-20.8%

13,469

12,220

-1.8%

Available Listings

5,728

5,222

-8.8%

9,010

8,666

-3.8%

25,614

24,087

-6.0%

Expired Listings

475

355

-25.3%

1,771

1,308

-26.1%

7,130

5,329

-25.3%

New Listings

1,767

1,841

+4.2%

4,859

4,428

-8.9%

19,689

19,382

-1.6%

Available Listings vs. Closed Sales

19.45

17.25

-11.3%

31.09

26.30

-15.4%

51.35

56.19

+9.4%

Available Listings vs. Expired Listings

8.29

6.80

-18.0%

19.66

15.09

-23.2%

27.84

22.12

-20.5%

April 2014

Active Inventory as of Apr 30, 2014 = 4,006 Comparative Metrics by Status

April 2013

Year to Date

2014

+/-

2013

2014

12 Months: Apr-Mar +/-

Last

+/-

Closed Sales

1,211

1,027

-15.2%

4,012

3,321

-17.2%

13,340

13,489

+0.4%

Pending Sales

1,410

1,113

-21.1%

4,699

3,766

-19.9%

13,644

13,006

-4.7%

Available Listings

6,113

5,594

-8.5%

11,137

10,631

-4.5%

25,802

23,478

-9.0%

Expired Listings

417

355

-14.9%

2,133

1,667

-21.8%

6,991

5,317

-23.9%

New Listings

2,106

2,064

-2.0%

6,965

6,492

-6.8%

19,734

19,415

-1.6%

Available Listings vs. Closed Sales

19.81

18.36

-7.3%

36.02

31.24

-13.3%

52.05

57.45

+10.4%

Available Listings vs. Expired Listings

6.82

6.35

-7.0%

19.15

15.68

-18.1%

27.09

22.65

-16.4%

ided from Mid America Regional Information Systems. Powered by 10K Research and Marketing.

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Company NMLS 227262 Missouri Residential Mortgage Licensee 12140 Woodcrest Executive Drive • Suite 150 • Saint Louis, MO 63141

www.usa-mortgage.com

REALTOR® Report

| 17 |

Law & Ethics By Dawn M Kennedy, SLAR CEO

Follow the Money… Situation: A broker is aware of a dispute as to who has procuring cause between two co-broke companies. Is the listing broker to retain the co-broke commission until an agreement is reached between those companies, pay out the co-broke to whichever company wrote the offer, or make his/her own determination? Like so much in procuring cause scenarios, the answer is… it depends. According to NAR, “the contract between the listing broker and the cooperating broker is unilateral in nature. This simply means that the listing broker determines the terms and conditions of the offer to potential cooperating brokers (and this offer may vary as to different potential cooperating brokers or as to cooperating brokers in different categories). This type of contract differs from a bilateral contract also in that there is no contract formed between the listing broker and the potential cooperating brokers upon receipt of the listing broker’s offer . The contract is formed only when accepted by the cooperating broker, and acceptance occurs only through performance as the procuring cause of the successful transaction.” So if one reads the above quote from NAR carefully, what needs to be noted is this “the listing broker determines the terms and conditions of the offer to potential co-brokes and the co-broke cannot be determined UNTIL performance of procuring cause of a successful transaction” is established. So what does a listing broker do in the above scenario?

The listing broker has three choices, as confirmed by member policy at NAR: Keep the full commission and file an arbitration request with both potential co-brokes (this assumes the listing broker is aware that there is a dispute over commission prior to closing- and is also under NAR rules is NOT required to pay a filing fee), keep the full commission and wait for one of the co-brokes to file an arbitration request for commission, or choose one of the two claiming co-brokes on the closing statement/HUD-1 and then disburse in accordance with that statement at closing. If the listing broker opts to keep the commission until the dispute is resolved, he would direct at closing that the closing statement/ HUD-1 simply show the commission as payable to the listing broker and he may inform the disputing cooperating brokers of his intent to hold the commission until the issue is mediated or resolved through a hearing. Of course, SLAR offers mediation prior to hearings and a suitable compromise for all three brokers could be reached through this method.

A cooperating broker receiving commission where a known procuring cause claim exists should set aside the funds as the panel may award the commission to the disputing other cooperating broker. Again, mediation is the preferred resolution mechanism as split awards from a panel are discouraged by NAR and follow very stringent guidelines. Specifically, the panel must determine that the sale would not have taken place without the efforts of both cooperating brokers; the level of effort in this scenario is not considered, only that the sale could not have completed without the input of effort by both brokers. The level of effort, action, and an unbroken chain of events is considered in a full arbitration award.

Welcome to the Lafayette

Image Credit: LafayetteSquare.org

Image Credit: Lafayet

For Your Clients Who Desire W

hen it comes to buying in St. Louis, there are many neighborhoods for your clients to choose from, each with its own unique attractions. Knowing the ins and outs of each neighborhood will make you better equipped to pair your clients to the perfect neighborhood based on their wants and needs.

This neighborhood, most notable for its historic features and 30-acre park, appeals to your hip clientele seeking short commute times, the ability to walk to desired locations including nearby restaurants and specialty shops.

For this edition, we will focus on Lafayette Square, a historic neighborhood located in St. Louis City between Choteau Ave. and Highway 44.

What Might My Lafayette Square Client Look Like? According to REALTORS® Property Resource, a database you receive free access to as a member of SLAR and MARIS, the characteristics of the average Lafayette Square resident are as follows:

» 49% of residents hold a Bachelor’s Degree.

» The median household income is $65,152

» 43% of residents are between the ages of 35-54.

» 18% of residents work within the health care and social assistance industry.

» 86% of married couples do not have children.

e Neighborhood: e Square

tteSquare.org

Image Credit: LafayetteSquare.org

e an Urban, Yet Victorian Feel What Are The Historic Features in Lafayette Square Homes?

afayette Square was acknowledged as the first historic district within St. Louis City in 1972. The neighborhood has also been entered in the National Register of Historic Places.

Historic District Standards: Quick Facts » Wire fences, chain link fences, vinyl fences, wood fences, and concrete or stucco fences are all prohibited as street fences within the neighborhood.

You will notice that many of the homes in the area feature at least two full stories, dormer windows, arched doorways, bay windows, turrets, columned porches, and/or iron balconies. To help maintain the neighborhood’s beautiful historic features, all homes are required to adhere to Historic District Standards. Do you have a client interested in doing a new construction or rehab in Lafayette Square? View the list to the right for just a brief overview of some of the requirements listed in Lafayette Square’s Rehabilitation and New Construction Standards. Click here to access the full document.

Image Credit: LafayetteSquare.org

» Garages may not be larger than 576 sq. ft. (equal to a 24 ft. by 24 ft. two-car garage) and

By The Numbers

Number of New Listings in the Last 12 Months

$307,134

Average Sale Price for Residential* Properties in the Area

all doors must be parallel to, and face, the alley.

57%

Vehicular access shall only be from the alley. » Plastic gutters and downspouts are prohibited, all new gutters and downspouts must be copper, galvanized metal, or aluminum. » Roof cresting and/or existing chimneys must be retained. » Radio, television antennae, or satellite dishes may not be visible.

Of residents own their property.

15 Min.

Average commute time for more than 40% of residents. *Data does not include Condo, Coop, or Villa properties.

Places to Be in Lafayette Square List of Sources and Additional Resources MARIS www.marisnet.com REALTORS® Property Resource https://www.narrpr.com

St. Louis City Government https://stlouis-mo.gov Lafayette Square http://lafayettesquare.org

GardenWalk Massage Therapy

Ricardo’s Italian Cafe

Looking Glass Designs

Southtown Yoga

1128 South 18th St. — Services for relaxation, rejuvenation, pain relief, and emotional healing. 1917 Park Ave. — Local boutique offering customized gifts and handmade jewelry.

Park Avenue Coffee

1919 Park Ave. — Local coffee shop with 76 famous flavors of Gooey Butter Cake.

1931 Park Ave. — Local Italian restaurant perfect for date nights or family dinners. 1905 Park Ave. — Local yoga studio.

SqWires Restaurant & Annex

1415 South 18th St. — American cuisine from locally sourced ingredients.

REALTOR® Report

| 20 |

Education Schedule St. Louis Association of REALTORS 2014 Continuing Education Schedule 

REALTORS - 12 credit hours are required to renew your license in 2014, one course must be Core St. Louis Association REALTORS® Schedule and theof remaining courses2014 may beContinuing either ElectiveEducation or Core.

REALTORS® - 12 credit hours are required to renew your license in 2014, one course must be Core and the remaining BROKERS courses DEADLINE may be eitherFOR Elective or Core. IS JUNE 30, 2014 – SALES LICENSEES SEPTEMBER 30, 2014 DEADLINE FOREBROKERS IS JUNE 30, 2014 – SALES LICENSEES SEPTEMBER 30, 2014 = Elective CORE= Core CYCLE 4 = Fulfills NAR Ethics requirement E = Elective MAY 2014

CORE= Core

Cycle 4 = Fulfills NAR Ethics requirement

DAY

TIME

MAY 2

FRI

9a-12p

MAY 5

MON 1p-4p

THE MREC AND YOU: 20 EASY WAYS TO LOSE YOUR LICENSE

MAY 7

WED

MAY 7

WED 1p-4p

9a-12p

COURSE

THE CASE OF THE CODE OF ETHICS

CREDITS

INSTRUCTOR

3hrs Elective

Michele Sloan

3hrs CORE

Michele Sloan

CONTRACT TO CLOSING

3hrs Elective

Stacey Sanders

MISSOURI LAWS GOVERNING THE TRANSFER OF REAL PROPERTY

3hrs CORE

Jason Pashia

(Meets the NAR Cycle 4 Ethics Requirement)

MAY 9

FRI

9a-12p

STAGING SELLS

3hrs Elective

Liz Connolly

MAY 10

SAT

9a-12p

FUNDAMENTAL DISCIPLINES TO MANAGE AND REDUCE RISK

3hrs CORE

Vivian McBride

MAY 10

SAT

1p-4p

SURVEYING BASICS

3hrs Elective

Shelly Clark

MAY 12

MON

1p-4p

REAL ESTATE NEWS AND REVIEWS MOJO STYLE

3hrs Elective

Kim Daugherty

MAY 14

WED 9a-5p

MRP (Military Relocation Professional) CERTIFICATION

MAY 14

WED

6p-9p

UNDER THE MICROSCOPE…5 Key Issues that are Front and Center in Residential Real Estate

3hrs Elective

Jason Pashia

MAY 16

FRI

9a-12p

CREDIT SCORES AND REPORTING – WHAT MATTERS

3hrs Elective

Vinh Tran

6hrs Elective

Bryan Bergjans

MAY 19

MON 1p-4p

FAIR HOUSING

3hrs CORE

Beth Braznell

MAY 21

WED

CONTRACT TO CLOSING

3hrs Elective

Stacey Sanders

MAY 21

WED 6p-9p

THE MREC AND YOU: 20 EASY WAYS TO LOSE YOUR LICENSE

3hrs CORE

Michele Sloan

MAY 28

WED 9a-12p

THE CASE OF THE CODE OF ETHICS

3hrs Elective

Beth Braznell

MAY 28

WED

1p-4p

THE BASICS OF REAL ESTATE IRAs

3hrs Elective

Patrick Hagen

MAY 28

WED

6p-9p

SURVEYING BASICS

3hrs Elective

Shelly Clark

9a-12p

(Meets the NAR Cycle 4 Ethics Requirement)

DAY

TIME

JUNE 2

MON

1p-4p

JUNE 4

WED 9a-12p

COURSE

CREDITS

INSTRUCTOR

REFLECTIONS & TEACHABLE MOMENTS IN REAL ESTATE (the Inspector/Engineer’s Perspective)

3hrs Elective

Gerry Loesch

THE MREC AND YOU: 20 EASY WAYS TO

3hrs CORE

Michele Sloan

REALTOR® Report MAY 21

WED 6p-9p

THE MREC AND YOU: 20 EASY WAYS TO LOSE YOUR LICENSE

MAY 28

WED 9a-12p

THE CASE OF THE CODE OF ETHICS

3hrs CORE

Michele Sloan

3hrs Elective

Beth Braznell

Education Schedule

(Meets the NAR Cycle 4 Ethics Requirement)

| 21 |

St. Louis Association ofBASICS REALTORS® 2014 Education Schedule MAY 28 WED 1p-4p THE OF REAL ESTATE IRAs Continuing3hrs Elective Patrick Hagen REALTORS® - 12 credit hours are required to renew your license in 2014, one course must be Core and the remaining courses either Elective Core. MAY 28 may beWED 6p-9p or SURVEYING BASICS 3hrs Elective Shelly Clark DEADLINE FOR BROKERS IS JUNE 30, 2014 – SALES LICENSEES SEPTEMBER 30, 2014 E = Elective JUNE 2014

CORE= Core DAY

Cycle 4 = Fulfills NAR Ethics requirement

TIME

COURSE

CREDITS

INSTRUCTOR

JUNE 2

MON 1p-4p

REFLECTIONS & TEACHABLE MOMENTS IN REAL ESTATE (the Inspector/Engineer’s Perspective)

3hrs Elective

Gerry Loesch

JUNE 4

WED 9a-12p

THE MREC AND YOU: 20 EASY WAYS TO LOSE YOUR LICENSE

3hrs CORE

Michele Sloan

JUNE 4

WED 1p-4p

UNDER THE MICROSCOPE…5 Key Issues that are Front and Center in Residential Real Estate

3hrs Elective

Jason Pashia

JUNE 4

WED 6p-9p

CREDIT SCORES AND REPORTING – WHAT MATTERS

3hrs Elective

Vinh Tran

JUNE 9

MON 1p-4p

THE DODD-FRANK ACT – and its Impact on Homeownership

3hrs Elective

Michele Sloan

JUNE 13

FRI

SURVEYING BASICS

3hrs Elective

Shelly Clark

JUNE 18

WED 9a-12p

THE BASICS OF REAL ESTATE IRAs

3hrs Elective

Patrick Hagen

JUNE 18

WED 6p-9p

THE CASE OF THE CODE OF ETHICS

JUNE 20

FRI

9a-12p

FUNDAMENTAL DISCIPLINES TO MANAGE AND REDUCE RISK

JUNE 21

SAT

9a-12p

JUNE 21

SAT

1p-4p

JUNE 23

9a-12p

3hrs Elective

Michele Sloan

3hrs CORE

Vivian McBride

THE MREC AND YOU: 20 EASY WAYS TO LOSE YOUR LICENSE

3hrs CORE

Michele Sloan

CONTRACT RIDERS AND ADDENDUMS

3hrs Elective

Beth Braznell

MON 1p-4p

MISSOURI LAWS GOVERNING THE TRANSFER OF REAL PROPERTY

3hrs CORE

Jason Pashia

JUNE 25

WED 9a-12p

CREDIT SCORES AND REPORTING – WHAT MATTERS

3hrs Elective

Vinh Tran

JUNE 25

WED 1p-4p

STAGING SELLS

3hrs Elective

Liz Connolly

JUNE 25

WED 6p-9p

CONTRACT TO CLOSING

3hrs Elective

Stacey Sanders

(Meets the NAR Cycle 4 Ethics Requirement)

Military Relocation Professional Certification Course

Help current and former military service members take full advantage of military housing benefits and support. This certification focuses on educating real estate professionals about working with current and former military service members to find the housing solutions that best suit their needs and take full advantage of military benefits and support. Utilize our local military demographic statistics to formulate marketing strategies and determine your best service offerings for sellers and buyers. Learn how to provide the real estate services—at any stage in the service member’s military career—that meet the needs of this niche market and win future referrals. Hone your knowledge and skills for working with active duty military buyers and sellers, as well as veterans with the NAR's Military Relocation Professional Certification. The MRP Certification course will help you identify clients that qualify for VA housing benefits and enhance your sensitivity to issues specific to military families. As a certified MRP, you will become part of a nationwide directory network for referrals and resources that will increase your earning potential by working with military relocation clients. Gain confidence and pride in providing a much needed to service to the men, women, and families that have served our country.

Date:

May 14th, 2014

Time:

Registration - 8:30AM Class - 9:00AM-5:00PM 6 Hours of Elective CE

Place:

SLAR 12777 Olive Blvd. St. Louis, MO 63141

Cost:

$99 $25 of each registration will be donated toward homeless veterans

Instructor: Bryan Bergjans, MBA Commissioned Officer, Lieutenant U.S. Navy and Navy Reserve

REALTOR® Report

Staff Spotlight Martina Johnson Martina joined the SLAR team in May 2013. She serves as the Public Affairs Fundraising Coordinator in the Governmental Affairs Department. Martina’s main responsibilities include organizing all RPAC efforts and REALTORS® Housing Assistance Fund (RHAF) fundraisers and promotions. She also coordinates SLAR’s monthly Urban Affairs Forums. Contact Martina by phone at (314) 567-0033 ext. 309 or email at mjohnson@stlrealtors.com to register for the upcoming RPAC Dinner Auction scheduled on June 12th at Orlando Gardens in Maryland Heights. Martina graduated from Valparaiso University in Valparaiso, IN in May 2012. Her hobbies include trying new restaurants, shopping, and curling up with a good book.

Get Your Documents Notarized For Free Drop by the Association anytime during normal business hours to get your documents notarized free of charge!

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REALTOR速 Report

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REALTOR速 Report

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REALTOR速 Report

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REALTOR速 Report

Article reprinted with the permission of Pamela Ermen. Click here for original http://pubs.royle.com/publication/?i=195194

For informaion about advertising in this publication, please call or visit:

20+ Years of Real Estate Publishing Excellence!

303-758-7878 foleypub.com

| 27 |

REALTOR® Report

Live Market Data Available At Your Fingertips! Want Market Snapshot Reports available at the touch of a button? This new member benefit, brought to you by SLAR and MARIS, is now available on www.stlrealtors.com! Visit this page to view a live snapshot of the market or create a custom search by selecting a specific zip code, school district, county, or municipality at the top left side of the page.

Me NEW mb er B ene fit!

Build Custom Reports Active Listings • Expired Listings • Pending Sales • Closed Sales • Avg. List Price • And More!

SLAR OFFICES

Will be closed on Memorial Day - Monday, May 26th in honor of our fallen members of the United States armed forces and for our veterans and for those who currently serve to protect us.

| 28 30 |

REALTOR® Report

Calendar of Events

May May 1 – WCR Luncheon - SLAR

May 22 – YPN Home Design Show - SLAR

May 2 – First-Time Home Buyers Seminar

May 28 – Board of Directors Meeting

May 12-17 – NAR Midyear Meetings – Washington DC May 14 –Military Relocation Professional (MRP) Certification Course – SLAR May 21 – Executive Committee Meeting

June June 12 – WCR Luncheon - SLAR June 12 – RPAC Auction – Orlando Gardens, Maryland Heights June 18 – Past President’s Meeting – SLAR June 18 – Executive Committee Meeting June 19 & 20 – EEH Green Symposium

July July 10 – WCR Luncheon - SLAR July 16 – Executive Committee Meeting July 23 – Board of Directors Meeting

| 29 |

REALTOR® Report

Welcome New Members

DESIGNATED REALTOR® Mike Donovan Balke Brown Transwestern Cheryl A. Kunzler Kunzler Valuation & Consulting Irma Richardson Ahyialant Realty Inc.

DESIGNATED REALTOR® Previously REALTOR-ASSOCIATE® Michael Bridges Grand Realty James Curran Curran Realty

Ann C. Friend A.Friend Company Shirley Graves Graves & Associates Development Arlynn Sorrell Winchester Real Estate, LLC.

AFFILIATES Tony Bakalar Scott Credit Union Ben Bean Buyer’s Protection Group Robert Carter Jr. Home Spec Inspection Service, LLC.

Rebecca Coulter Working Spaces Patrick Hagan The Entrust Group William Heft Wells Fargo Home Mortgage Steven Hochthurn BPG/ABA Inspections & Consulting Zach Jennings Phoenix Credit Consultants Traci Kane Iberia Bank Mortgage Robert Mooney Admiral Group Inspections, LLC.

Michael D. Painter BPG/ABA Inspections & Consulting Dan Prescott BPG/ ABA Inspections & Consulting Martin Saladin Iberia Bank Mortgage Bryan Sanner BPG/ABA Inspections & Consulting

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