ELEVATE Magazine - RASM - July 2021 by REALTOR® Association of Sarasota and Manatee

July 2021

VOTE ACT INVEST Advocacy in Real Estate: Support Key Issues 6

Avoiding Online Rental Real Estate Scams 12

New Construction Contracts: What to Look for as a Buyer or Realtor® 14

Sale of U.S. Real Estate by Foreign National After Death of Joint Owner 25

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myRASM.com | 3

Contents JULY 2021

COVER STORY

ADVOCACY IN REAL ESTATE: SUPPORT KEY ISSUES

To be an advocate for something or someone means to speak out on their behalf. To be an advocate for the real estate industry, means to act on the best interest of your clients and the industry that you serve. Advocacy seeks to ensure that all people in society are able to have their voice heard on issues that are important to them. Community advocacy helps people feel more enabled to take control of their own lives. This approach equips people with the knowledge and skills to be their own best advocate. RASM, along with Florida REALTORS® and NAR, work for our members by advocating for local, state, and federal policy initiatives that are designed to strengthen the ability of Americans to own, buy, and sell real estate.

Avoiding Rental Scams

Rental property is in high demand, and it is driving rental prices up. People are searching for affordable rentals, which are becoming scarce. When looking online for housing, follow these simple steps to avoid being scammed. 4 | ELEVATE [ JULY 2021 ]

New Construction Contracts

The Florida housing market is at an all-time low for inventory, yet has the highest demand. With such little inventory of resale homes, new construction homes are selling just as fast, with some builders halting new construction.

Property Management Council

Realtor® Attorney Joint Committee

16 17 25

Government Affairs Market Analysis Global Business Council

Young Professionals Network

Neighborhood Spotlight

30 33

Calendar of Events

Professional Development Membership News

Sale of U.S. Real Estate

Many foreign nationals own U.S. real estate and hold title in their individual names. If title is held by husband and wife, it is typically held with right of survivorship. If one person on title dies, the other owner becomes the sole owner of the property by operation of law.

CEO UPDATE

RASM South - 2320 Cattlemen Road Sarasota, Florida 34232 RASM North - (Temporary Location) 417 12th Street West, Suite 106 Bradenton, FL 34205 Phone: 941-952-3400 FAX: 941-952-3401 www.MyRASM.com

STAFF CONTRIBUTORS: Member Services Manager: Jessica Montague Director of Information Technology: Jesse Sunday Professional Development Manager: Denise Ricciotti Government Affairs Director: Maxwell Brandow Communications & Marketing Director: Gina McCarthy Magazine Editor: Beth Sunday Production: Coastal Printing, Inc.

2021 ASSOCIATION OFFICERS: President: Alex Krumm, NextHome Excellence President-Elect: Tony Veldkamp, SVN ® Commercial Advisory Group Vice President: Brian Tresidder, Key Solutions Real Estate Group Treasurer: Michael Bruno, Michael Saunders & Company Immediate Past President: David Clapp, RE/MAX Alliance Group Chief Executive Officer: Jeff Arakelian

MISSION STATEMENT: We are an innovative and relevant association that elevates the standards of professional excellence, and are critical to our members’ success, while providing value to our community.

SUBSCRIPTIONS: The annual dues of every member of the REALTOR® Association of Sarasota and Manatee, Inc., includes a one-year subscription to ELEVATE Magazine. Editorial ideas and manuscripts are welcome. Byline articles and columns express the opinions of the writers and do not necessarily reflect the policies or sentiments of the REALTOR® Association of Sarasota and Manatee, Inc. All submitted copy is subject to editing. 2021 Copyright© by the REALTOR® Association of Sarasota and Manatee, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited. For information on advertising rates, artwork, and deadlines, contact Beth Sunday, Magazine Editor, at 941-952-3417 or email Beth@MyRASM.com.

RASM South is Fully Open with More to Come By: Jeff Arakelian, RASM CEO

ast month, we announced that RASM would fully reopen. While more and more members are gradually visiting the Association every day, it still feels somewhat like we are in a pandemic-operating-mode hangover. However, on an early June Monday morning as I turned into the RASM front driveway, and saw what had been an unfamiliar sight for the past year…our front parking lot was full of cars for an in-person GRI class! That’s when it hit me that WE ARE BACK! We are ramping up for a variety of in-person classes and events for the rest of the year. Our RASM committees and the Board of Directors are beginning to meet in-person again and we are steadily returning to our old normal.

“We are glad to be returning to normal operations and look forward to seeing and serving you soon.” On another note, we are pleased to report that the RASM North office building renovation is progressing well. Following a substantial demolition of the original structure, which was a product of two additions over 40 years, only a portion of the block walls remained. Now the rebuilding process has begun and over the next six months will result in a brand new facility with a Realtor® store, offices, meeting rooms, and a conference center. Coming soon! We are excited to introduce you to our new video studio and video member service program. This new service is expected to become available for members at the end of July. Detailed announcements about this service will be coming your way during the month. So, if want to use video in your personal marketing, our service can be a great option for you at highly competitive pricing. We are glad to be returning to normal operations and look forward to seeing and serving you soon. •

myRASM.com | 5

COVER STORY

VOTE ACT INVEST

Advocacy in Real Estate: Support Key Issues

o be an advocate for something or someone means to speak out on their behalf. To be an advocate for the real estate industry, means to act on the best interest of your clients and the industry that you serve. Advocacy seeks to ensure that all people in society are able to have their voice heard on issues that are important to them. Community advocacy helps people feel more enabled to take control of their own lives. This approach equips people with the knowledge and skills to be their own best advocate. RASM, along with Florida REALTORS® and NAR, works for our members by advocating for local, state, and federal policy initiatives that are designed to strengthen the ability of Americans to own, buy, and sell real estate. We also work diligently to provide our members with resources to foster and harness the efforts of the REALTOR® Party. However, our association and others across the country depend on its members to support these efforts – to stay informed and passionate about the issues that have an impact on our industry. To some degree, we all need to take on an advocacy role so that our collective voice is heard in the decision-making process.

6 | ELEVATE [ JULY 2021 ]

WHY ADVOCACY – WHY GET INVOLVED? Staying informed and educated on key issues is important on so many levels. Being a Realtor® advocate means having your voice heard on issues that are important to you – and staying informed on those issues is key. You can’t promote and protect your rights if you aren’t aware that they are in danger of being infringed. So do your homework. Pay close attention to the RASM Advocacy Update emails that you receive in your inbox every month. They include valuable information on proposed legislation that could impact your livelihood and your clients, such as affordable housing issues, private property rights, vacation rental rules, COVID regulations and so much more. In the same way, both Florida REALTORS® and NAR send regular email updates on legislation that Realtors® need to be mindful of. “Advocacy is one of the most important functions of a trade group like the REALTOR® Association,” said Max Brandow, RASM Government Affairs Director, “and one of the most important aspects of advocacy is just being there – showing your support. Members may not realize it, but there are a handful of wellorganized opposition groups that pack County and

City commission chambers lobbying your elected officials on policies that will negatively impact you and your client’s bottom line. I’m a firm believer that if a group of our size on the local, state, and national level mobilize with a consistent message, we can be successful on almost any policy issues that arise. When a Realtor® publicly advocates for issues that protect the profession and our industry, it makes a huge difference,” said Brandow. “Whether Realtors® realize it or not, we’re all involved in local government in some capacity,” said District Three Commissioner Kevin Van Ostenbridge, for Manatee County, Realtor® and RASM member. “Just being a member of RASM makes you part of a collective voice that speaks for the rights of our industry and our clients. Just recently, I was involved in a meeting where a new tax on real estate transactions was being debated. One of the board members spoke up and stated that ‘RASM would fight this move; RASM is a formidable opponent, and this legislation would never pass – find another industry to tax.’ I witnessed firsthand the strength in numbers that comes with being a member of the REALTOR® Association of Sarasota and Manatee.” In addition, pay attention to the candidates that are fighting for your vote. Realtors® have many roles but one of them is staying aware and keeping the public aware of private property and community issues. Advancing pro-real estate candidates and policies for building strong communities and a pro-business environment is a significant responsibility. Especially in this busy market, its easy to become complacent. “RASM Members can get involved by paying attention to what their local municipalities are doing. We have a large diverse membership, and the more eyes we have focusing on Realtor® issues, the stronger we are as a group. If members have a relationship with an elected official, they should consider signing up for our local key contact program. Being a key contact is a unique and important role for our group, as those contacts are on the front line of policy issues for Realtors®,” said Brandow. (To learn more about the Key Contact program, see page 16.)

THE REALTOR® PARTY AND RPAC RASM is always monitoring legislation that could impact our industry. The REALTOR® Party is a powerful alliance of Realtors® and REALTOR® Associations working to protect and promote homeownership. As the only advocacy group in America that fights exclusively for homeowners, real estate investment, strong communities and the free enterprise system, the REALTOR® Party is bipartisan, focused on the issues that matter to existing and future homeowners and the real estate industry. The REALTORS® Political Action Committee (RPAC) is a voluntary political action committee whose membership consists of Realtors® interested

in protecting the real estate industry and the dream of homeownership by participating in government affairs at the local, state, and federal levels. RPAC’s Major Investors are a passionate group of Realtors® whose investments shape the political future of the real estate industry. “RPAC is the lifeblood of advocacy efforts for REALTOR® Associations throughout the country,” said Brandow. “It’s what helps us support Realtor®friendly candidates and get important initiatives like Amendment 2 on the ballot and across the finish line. In addition, the RASM Government Affairs Department interfaces with all local government entities on behalf of RASM members. In coordination with staff, member committees play an intricate role in the development and implementation of all Government Affairs programs. Committees include the Public Policy Committee, REALTORS® Political Action Committee and Political Action Advisory Committee. “RASM has a long history of staying on top of key issues such as land use maps, short term rentals, affordable housing, school board matters – entrusting that we have quality schools, and defending private property rights. Their multi-faceted programs ensure that we have our eyes and ears on sensitive matters of interest in the real estate industry,” said Commissioner Van Ostenbridge.

THE ISSUES AFFORDABLE HOUSING What exactly do we mean by “affordable housing”? The federal government classifies housing as affordable when it consumes no more than 30 percent of a household’s total income. Basically, homeowners need to be able to pay for their month housing bills while still having enough money left over for other basic life necessities like food, transportation, etc. [ Continued on page 8 ] myRASM.com | 7

COVER STORY CONTINUED “RASM is constantly advocating for local policies that increase the housing supply,” said Brandow. “A major factor in price is due to the woefully inadequate supply levels in the area, with demand constantly high there won’t be affordable housing if we can’t get supply levels.” With the continual rise in property value, finding affordable housing is a real concern. Florida REALTORS® has launched a comprehensive education and advocacy effort centered on the need to allocate the maximum amount of funding available in the State and Local Government Housing Trust Funds for affordable housing projects. The effort is a result of recent legislative proposals that would permanently reduce the amount of funding available for affordable housing by more than 66%. House Bill 5401 and its Senate companion, Senate Proposed Bill 2512, would divert two-thirds of the funding available in the housing trust funds for use in environmental infrastructure projects, leaving only a third available for the state’s considerable affordable housing needs. On March 31, HB 5401 was heard in the House Appropriations Committee while SPB 2512 was heard in its first committee, the Senate Appropriations Committee. Several leaders for Florida REALTORS® and the real estate industry traveled to Tallahassee to speak out against these bills and testify to the critical need to preserve the maximum amount for Florida’s housing trust funds during committee hearings. After thousands of Realtors® reached out, the Legislature reduced the initial 66% cut of affordable housing funds to 50%. This is definitely a step in the right direction, but not enough to help address Florida’s growing housing crisis. Florida REALTORS® is currently working towards a 2022 ballot initiative for 100 percent Affordable Housing trust fund funding. “Although low interest rates are certainly helping with the affordability of homes as a balance to rising prices, we will always continue to face an increasingly low supply of affordable and attainable housing for first-time homebuyers, workforce buyers and especially Americans on very limited fixed incomes due to age or health limitations,” said Christina Pitchford, PA, Realtor®, and Broker & Owner with Suncoast Homes & Dreams. “Hopefully, we’ll continue to see an increase in creative housing solutions like multi-family living, tiny house villages, repurposed commercial buildings converted to studios and one bedroom apartments and more options that we’ve yet to imagine. Together, we can keep the homeownership dream a reality.” PRIVATE PROPERTY RIGHTS – RENTING

RASM will always advocate for private property rights, including the right to rent your own home. With the ease of the internet, homeowners can conveniently advertise their homes for rent. However, many local governments have enacted new ordinances designed to discourage property owners from renting their own property. 8 | ELEVATE [ JULY 2021 ]

RASM stands with Florida REALTORS® in protecting private property rights such as:

Being able to rent your home is a fundamental right of property owners. Restricting short-term rental ordinances, including local licensing requirements, mandatory inspections, and guest restrictions, which can infringe upon this fundamental property right in significant ways. Florida REALTORS® will also continue to support legislation that gives local governments the authority to pass ordinances related to residential properties as long as they apply to all residential properties.2

BUSINESS RENT TAX Currently, Florida is the only state to impose a sales tax on commercial rent. This tax has been seen as an obvious disadvantage for some companies looking to relocate to Florida, but it has provided significant income to the state. On April 19, 2021, Governor DeSantis signed into law a taxation package, Senate Bill 50. This new law covers several taxation issues, but one significant component lowers the business rent tax. This was a major priority for RASM and Florida REALTORS® this year and in previous years, and is a considerable win for Florida businesses. The bill is expected to raise about $1 billion by collecting taxes on all internet sales. While Florida buyers were already required to pay sales tax on these online purchases, it was rarely done. However, SB 50 makes sure online retailers collect and remit the required sales tax on purchases made by Floridians. Initially, the additional revenue will replenish Florida’s Unemployment Compensation Trust Fund, which was depleted by the record unemployment caused by the pandemic. Once that trust fund is replenished, the additional revenue will be used to reduce the business rent tax from 5.5% to 2%. Florida currently charges a 5.5% sales tax on businesses that rent commercial. Municipalities and local governments may levy taxes on top of the state sales tax rate, which means that some businesses are paying more than 8 percent in sales tax on their business rent.3 “Reducing this percentage creates an incentive for employers to open locations in our state and makes it easier for brick-and-mortar businesses to be successful economic drivers,” said Brandow. “The reduction to 2% is a major win for Realtors® and their clients in Florida.” •

SOURCES 1| 2| 3|

www.floridarealtors.org/advocacy/2021-legislative-priorities www.floridarealtors.org/news-media/news-articles/2021/03/ florida-realtors-launches-affordable-housing-advocacy-effort www.floridarealtors.org/news-media/news-articles/2021/04/ legislature-passes-gov-signs-biz-rent-tax-reduction

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PROFESSIONAL STANDARDS

Time at Which Modification to Cooperative Compensation is Communicated is a Determining Factor By: National Association of REALTORS® Interpretations of the Code of Ethics Agreement (Case 2-14. Revised Case #9-26 May, 1988. Transferred to Article 2 November, 1994. Cross-reference Case #3-7. Revised May, 2017.)

ealtor® A listed Seller X’s home and entered the listing into the MLS. The relevant MLS data field indicated the compensation Realtor® A was offering to the other Participants if they were successful in finding a buyer for Seller X’s home. During the next few weeks, Realtor® A authorized several Participants of the MLS, including Realtor® C, to show Seller X’s home to potential buyers. Although several showings were made, no offers to purchase were forthcoming. Realtor® A and Seller X, in discussing possible means of making the property more salable, agreed to reduce the listed price. Realtor® A also agreed to lower his commission. Realtor® A changed his compensation offer in the field in the MLS and then called the MLS Participants who had shown Seller X’s property to advise them that he was modifying his offer of compensation to cooperating brokers. Upon receiving the call, Realtor® C responded that he was working with Prospect Z who appeared to be very interested in purchasing the property and who would probably make an offer to purchase in the next day or two. Realtor® C indicated that he would expect to receive the compensation that had been published originally in the MLS and not the reduced amount now being offered to him, since he had already shown the property to Prospect Z and expected an offer to purchase would be made shortly. Realtor® A responded that since Prospect Z had not signed an offer to purchase and no offer had been

submitted the modified offer of compensation would be applicable. The following day, Realtor® C wrote an offer to purchase for Prospect Z. The offer was submitted to the Seller by Realtor® A and was accepted. At the closing, commissions were dispersed reflecting the modified offer communicated to Realtor® C by phone. Realtor® C refused to accept the check indicating that he felt Realtor® A’s actions were in violation of the Code of Ethics. Realtor® C filed a complaint with the Association’s Grievance Committee alleging violation of Articles 2 and 3 on the part of Realtor® A citing Standard of Practice 3-2 in support of the charge. During the hearing, Realtor® C stated that Realtor® A’s modification of the compensation constituted a misrepresentation through concealment of pertinent facts since he had not provided Realtor® C with specific written notification of the modification prior to the time Realtor® C began his efforts to interest the purchaser in the listed property. Realtor® A defended his actions by indicating that timely notice of the modification of compensation offered had been provided to Realtor® C by telephone prior to Realtor® C submitting a signed offer to purchase. Realtor® A also indicated that his modified offer of compensation had been noticed to all Participants, including Realtor® C, through the MLS in accordance with Standard of Practice 3-2 prior to the time that Realtor® C had submitted the signed offer to purchase. Realtor® A also commented that had Realtor® C submitted the signed offer to purchase prior to Realtor® A communicating the modified offer, then Realtor® A would have willingly paid the amount originally offered. Based on the evidence presented to it, the Hearing Panel concluded that Realtor® A had acted in accordance with the obligation expressed in Standard of Practice 3-2 based on changing the offer of cooperative compensation in the MLS alone, even without the courtesy phone calls, and there had been no concealment of a pertinent fact relating to the transaction, and consequently was not in violation of Articles 2 or 3. • Published with the consent of the NATIONAL ASSOCIATION OF REALTORS®. Copyright NATIONAL ASSOCIATION OF REALTORS®-All Rights Reserved.

10 | ELEVATE [ JULY 2021 ]

RASM NEWS YOU CAN USECOUNCIL PROPERTY MANAGEMENT

Avoiding Online Rental Real Estate Scams By: Ronda Banks, Media & Communications Manager, Broker Associate, Leasing Agent/ Property Manager / Realtor®, Jennette Properties

ental property is in high demand, and it is driving rental prices up. People are searching for affordable rentals, which are becoming scarce. Many are using the internet to begin their search, and that has led to a string of false real estate ads. When looking online for housing, follow these simple steps to avoid being scammed. 1 | If it sounds too good to be true... it is! If you see a gorgeous 4-bedroom, 3-bath, singlefamily home with a pool and water views for $900 a month, it is a scam. Single-family homes rent for thousands of dollars. We are seeing 2-bedroom, 2-bath condos generally starting around $1,300 a month. It is unlikely you will find a single-family home for that amount. Once you start your search, you will get a feel for what things are renting for. Stay away from those “too good to be true” ads. 2 | Verify who you are dealing with. Are you dealing with a real estate company, a property manager, or an individual owner? Real estate companies and property managers are regulated by the state. You can verify them by going to the Florida Department of Business and Professional Regulation. If they are the property owner, you can verify that by looking in the public records. If they tell you they represent the owner, they are a friend, or they are a neighbor, proceed with caution. 3 | Verify the property. If the ad gives you the address, you may want to do a quick drive-by. Make sure the property looks like the photos listed in the ad. If you see a “For Rent” sign or a “For Sale” sign with a different telephone number, call the number and verify the property is for rent. If the property is boarded up or dilapidated, keep driving! If the property is occupied, you should never disturb the people living there. A quick drive-by will do. 12 | ELEVATE [ JULY 2021 ]

4 | Schedule an appointment to see the

property. Set up a day and time with the representative to see the interior of the property. If you are denied access to the interior of the home for any reason, that is a red flag. If you are able to set up an appointment, be sure to take someone with you as a safety precaution. You should never meet a stranger alone. 5 | Scammers are getting very sophisticated. They will try to do anything to steal your money. Never send or wire money. You should always deal with someone face-to-face. If you find an ad that you feel is a scam, report it. Most websites have a process for reporting false ads. Real estate agents appreciate a call to give them a heads up if you find a listed property involved in a scam. As with any online ad, be sure to do a little research to make sure it is legitimate. •

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REALTOR® ATTORNEY JOINT COMMITTEE

New Construction Contracts: What to Look for as a Buyer or Realtor® By: Mallory Moretti, Esq., Berlin Patten Ebling

he Florida housing market is at an all-time low for inventory, yet has the highest demand. With such little inventory of resale homes, new construction homes are selling just as fast, with some builders halting new construction all together because supply cannot be matched with the current demand.

NEW CONSTRUCTION AGREEMENTS When a buyer wants to purchase a new construction home, the builder typically has their own standard contract for the buyer to sign. New construction agreements can be extremely complicated and very lengthy compared to the AS-IS or Standard Contract that most Realtors® and buyers are familiar with. It is important that the buyer thoroughly understands the builder contract prior to executing. The new construction agreements are typically one sided and offer very little protection to the buyer in the event that an issue arises. SOME QUESTIONS TO THINK ABOUT BEFORE ENTERING INTO A CONTRACT FOR NEW CONSTRUCTION ARE AS FOLLOWS:

1 | Change Orders: Is the process for making

changes to the project clear? Does the builder have the ability to make changes to materials, fixtures, or equipment without the buyer’s consent? What is the written process (and price) for any requested changes? 2 | Timelines: Does the contract provide a definitive timeline for the start and completion of work? Are there penalties if the builder misses the start date or completion date? 3 | Plans: Are the plans of the project adequately described in the contract, and does the buyer have any recourse if the developer fails to construct the project in accordance with the plans detailed in the contract? 4 | Deposits: How much does the contract require to be paid upfront to the builder? When are the deposits due? Are the deposits refundable? 14 | ELEVATE [ JULY 2021 ]

5 | Draw Schedule: Is the draw schedule

clear? Does it provide for payments that are proportional to the work being done? 6 | Inspections: Does the contract permit inspections of the work as a condition to each draw, and more importantly, as a condition to final payment? 7 | Punch List: Does the contract address what items would be considered minor items to be included on the punch list, and provide a timeframe for completion of the punch list? Is there any option for an escrow holdback of a portion of the final payment until all punch list items have been completed? 8 | Lien Waivers: Does the contract require lien waivers as a condition to each draw, and more importantly, as a condition to final payment? 9 | Financing Contingency: Does the contract provide a loan approval period or any financial contingencies for the buyer? 10 | Closing Date: How many days’ notice does the contract provide for notice to the buyer prior to setting the closing date? Because of the risks involved with purchasing a new construction home, it is strongly encouraged that any person considering a new construction home fully research the contractor and obtain legal representation to review and negotiate the contract. A qualified real estate attorney can work with a buyer to ensure that the contract protects the buyer’s best interests. • This article is meant for educational purposes only. It is not intended to serve as legal advice and should not be used as a substitute for consultation with an attorney.

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GOVERNMENT AFFAIRS

Join the New RASM Key Contact Program By: Max Brandow, RASM Government Affairs Director

he RASM Public Policy Committee is starting a local Key Contact program to build a strong on-going relationship with policy makers across the two counties. We are looking for Realtors® who can serve as the “voice for real estate” through a direct relationship with a local Commissioner. CRITICAL ADVOCACY TEAM

Key Contacts make up our most critical advocacy team, opening the door and leading the way, serving as the direct contact to their personally assigned Commissioner. Whether you have been a political junkie for many years, have a pre-existing relationship with an elected official, or are just entering the political realm, the personal relationship you develop and maintain with your Commissioner is crucial in advancing our agenda. PARTICIPANTS WILL:

Be a voice for real estate in the elected official’s district.

Develop an authentic and enduring relationship with your assigned Commissioner Communicate regularly with your assigned Commissioner through meetings, phone calls, events, etc. Share information and feedback with the RASM Government Affairs Department Stay up-to-date on key legislation with briefings from the RASM Government Affairs Department If you are interested in joining our new Key Contact program, visit myrasm.com/keycontact to submit your interest form. Once a few Key Contacts have been identified, a training will be scheduled to support all new Key Contacts.

16 | ELEVATE [ JULY 2021 ]

If you have any questions, reach out to me at max@ myrasm.com or call (941) 952-3410.

DON’T MISS RASM’S AMERICAN DREAM AUCTION On July 7-9, RASM is hosting a REALTOR® Party American Dream Auction to support RPAC. This auction is a simple, easy way to complete your RPAC investment (while getting something in return). Choose from 30–40 auction items like restaurant gift cards, airline gift cards, kitchen/home appliances, gift baskets, and more. Register at myrasm.com/ rpacauction.

RASM’S DARLA FURST MEETS WITH GOVERNOR DESANTIS FOR DISCUSSION ON REAL ESTATE AND HOME INSURANCE Governor DeSantis invited RASM Member Darla Furst, State Senators, and industry leaders to sit on a panel to discuss the real estate market and sign the recently passed insurance bill aimed at addressing insurance market woes in our state. Thank you, Darla, for being a great representative of Realtors® in our state! •

MARKET ANALYSIS

High Demand and Low Supply Fuels Rising Prices in SarasotaManatee By: Gina McCarthy, RASM Communications and Marketing Director

ecord-low inventory brings record-high prices in the Sarasota and Manatee housing market. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), May 2021 shows an increase in sales from the same time last year, with single-family homes closing within a median of just six days. Buyers should be prepared to move quickly to snag their dream home this summer. Realtors® in Sarasota and Manatee counties represented a total of 2,584 closed sales in May, an 84.7 percent increase from the same month last year, with 100 percent of properties closing at or above the original list price. In Manatee County, single-family sales increased by 66.1 percent to 739 sales, and condo sales increased by 112.7 percent to 319 sales. In Sarasota County, singlefamily sales increased by 75.3 percent to 985 sales, and condo sales increased by 123.6 percent to 541 sales. “The numbers continue to demonstrate that we’re in a historically strong seller’s market. However, the current sales growth won’t last forever. Owners waiting for top dollar may be disappointed when the number of properties available for sale eventually start to rise. With more options available, buyers will be less willing to meet a sellers’ terms,” said 2021 RASM President Alex Krumm, Broker Owner of NextHome Excellence. With increased buyer demand, it is more likely to see a rise in cash sales, especially when cash offers are typically the winning bid in multiple offer situations. Condo cash sales increased by 250 percent in Manatee County and by 152.8 percent in Sarasota. For singlefamily homes, cash sales increased by 168.9 percent in Manatee and by 154 percent in Sarasota. Prices are rising in the two-county area because supply remains limited. The Sarasota County median sales price for single-family homes reached a new record with a median price of $407,000 in May 2021, a 36.6 percent increase from last year. As for Manatee County, the median price for single-family homes was $400,000 in May, a year-over-year increase of

23.1 percent. In the condo market, Sarasota condos reported a median sales price of $312,500 and Manatee reported a median price of $243,595. “Regardless of the recent price surge, Florida real estate remains on par or less expensive than the markets from which people are moving–giving those buyers the flexibility to pay more for a home while remaining relatively inexpensive compared to their previous place of residence,” added Krumm. “The last ten years have proven–and decisively so–that real estate is one of the best investments in the world. Even buyers who bought at the highest point before the Great Recession have been made whole again, and in most cases are turning in a profit.” The inventory of all property types actively for sale in the two counties decreased by 74.6 percent, amounting to 4,755 fewer properties for sale than there were in May of 2020. Newly listed homes totaled between the two counties grew year-over-year by 27.1 percent for single-family homes and by 22.3 percent for condos. The month’s supply of inventory, or the estimated number of months it will take to deplete the current inventory, stayed below one month in May. The month’s supply for single-family homes decreased by 78.1 percent to 0.7 months in Sarasota and decreased by 80 percent to 0.6 months in Manatee. Condo inventory decreased by 84.4 percent to a 0.7-month supply in Sarasota and dropped by 86.4 percent to 0.6 months in Manatee County. Homes are selling quickly, as indicated by the median time from listing date to contract date. In the North Port-Sarasota-Bradenton MSA, the median time to contract was only six days for single-family homes, 29 days faster than this time last year. Condos went under contract in a median of 9 days, 34 days faster than the same month last year. The total number of pending sales across the two-county market increased year-over-year by 12.2 percent. For single-family homes, pending sales decreased by 0.7 percent in Manatee and increased by 8.3 percent in Sarasota. In the condo market, pending sales increased by 42.7 percent in Sarasota, and by 18.7 percent in Manatee. Monthly reports are provided by Florida REALTORS® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics. • myRASM.com | 17

Monthly Market Summary - May 2021 Single-Family Homes Sarasota County May 2021

May 2020

Percent Change Year-over-Year

985

562

75.3%

442

174

154.0%

Median Sale Price

$407,000

$297,995

36.6%

Average Sale Price

$593,764

$392,471

51.3%

$584.9 Million

$220.6 Million

165.2%

Med. Pct. of Orig. List Price Received

100.0%

96.0%

4.2%

Median Time to Contract

6 Days

32 Days

-81.3%

Median Time to Sale

50 Days

81 Days

-38.3%

New Pending Sales

930

859

8.3%

New Listings

947

761

24.4%

1,568

1,152

36.1%

Inventory (Active Listings)

620

2,253

-72.5%

Months Supply of Inventory

0.7

3.2

-78.1%

Closed Sales Paid in Cash

Dollar Volume

Pending Inventory

1,400

2017

2018

2019

2020

Closed Sales

1,200 1,000 800 600 400 200 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Median Sale Price

$500K $400K $300K $200K

$100K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

4,000

Inventory

3,500 3,000 2,500 2,000 1,500 1,000 500 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2017

2018

2019

2020

18 |byELEVATE [ JULY with 2021 Produced Florida REALTORS® data] provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, June 22, 2021. Next data release is Thursday, July 22, 2021.

Monthly Market Summary - May 2021 Single-Family Homes Manatee County May 2021

May 2020

Percent Change Year-over-Year

739

445

66.1%

242

168.9%

Median Sale Price

$400,000

$325,000

23.1%

Average Sale Price

$567,549

$409,038

38.8%

$419.4 Million

$182.0 Million

130.4%

Med. Pct. of Orig. List Price Received

100.0%

96.8%

3.3%

Median Time to Contract

6 Days

39 Days

-84.6%

Median Time to Sale

50 Days

84 Days

-40.5%

New Pending Sales

710

715

-0.7%

New Listings

787

603

30.5%

1,180

954

23.7%

Inventory (Active Listings)

462

1,635

-71.7%

Months Supply of Inventory

0.6

3.0

-80.0%

Closed Sales Paid in Cash

Dollar Volume

Pending Inventory

1,000

2017

2018

2019

2020

Closed Sales

800 600 400 200 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Median Sale Price

$500K $400K $300K $200K

$100K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Inventory

3,000 2,500 2,000 1,500 1,000 500 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2017

2018

2019

2020

myRASM.com | 19

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, June 22, 2021. Next data release is Thursday, July 22, 2021.

Monthly Market Summary - May 2021 Townhouses and Condos Sarasota County May 2021

May 2020

Percent Change Year-over-Year

541

242

123.6%

316

125

152.8%

Median Sale Price

$312,500

$241,750

29.3%

Average Sale Price

$582,924

$311,718

87.0%

$315.4 Million

$75.4 Million

318.1%

Med. Pct. of Orig. List Price Received

100.0%

95.2%

5.0%

Median Time to Contract

8 Days

43 Days

-81.4%

Median Time to Sale

56 Days

91 Days

-38.5%

New Pending Sales

518

363

42.7%

New Listings

437

317

37.9%

Pending Inventory

968

573

68.9%

Inventory (Active Listings)

324

1,519

-78.7%

Months Supply of Inventory

0.7

4.5

-84.4%

Closed Sales Paid in Cash

Closed Sales

Dollar Volume

800 700 600 500 400 300 200 100 0

2017

2018

2019

2020

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Median Sale Price

$350K $300K $250K $200K $150K

$100K $50K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Inventory

2,500 2,000 1,500 1,000

500 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2017

20 | ELEVATE [ JULY 2021 ]

2018

2019

2020

Monthly Market Summary - May 2021 Townhouses and Condos Manatee County May 2021

May 2020

Percent Change Year-over-Year

319

150

112.7%

196

250.0%

Median Sale Price

$243,595

$229,950

5.9%

Average Sale Price

$312,244

$261,466

19.4%

$99.6 Million

$39.2 Million

154.0%

Med. Pct. of Orig. List Price Received

100.0%

95.1%

5.2%

Median Time to Contract

9 Days

41 Days

-78.0%

Median Time to Sale

50 Days

96 Days

-47.9%

New Pending Sales

299

252

18.7%

New Listings

304

289

5.2%

Pending Inventory

444

311

42.8%

Inventory (Active Listings)

207

961

-78.5%

Months Supply of Inventory

0.6

4.4

-86.4%

Closed Sales Paid in Cash

Dollar Volume

600

2017

2018

2019

2020

Closed Sales

500 400 300 200 100 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Median Sale Price

$300K $250K $200K $150K $100K $50K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Inventory

1,200 1,000 800 600 400 200 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2017

2018

2019

2020

myRASM.com | 21

REALTORS

CARE

Celebrating the launch of the

RASM REALTORS®

C H A R I TA B L E FOUNDATION AUGUST 12 | 6 - 9 PM ART OVATION HOTEL RASM’s new 501(c)3 is a blank canvas, help us paint it at the inaugural fundraiser for the RASM REALTORS® Charitable Foundation. Get offline and in-person while giving back to the RASM REALTORS® Charitable Foundation. Enjoy a cocktail party event featuring a DJ, art installations, auctions, and more!

TICKETS $100 GENERAL ADMISSION

$125 VIP ADMISSION

WWW.MYRASM.COM/REALTORSCARE Questions? Contact Cassidy Miller • Cassidy@MyRASM.com

PHONE: (941) 952-3413 • FAX: (941) 952-3401 www.MyRASM.com • 2320 Cattlemen Road, Sarasota, FL 34232

RASM NEWS

RASM Awards Ten Scholarships to Local Students

he REALTOR® Association of Sarasota and Manatee (RASM) awarded 10 $2,000 scholarships to deserving students from the twocounty area. In the past, the Association awarded up to six scholarships, as selected by the RASM Scholarship Committee. This year, the committee awarded 10 scholarships, thanks to the formation of the RASM REALTORS® Charitable Foundation. The Scholarship Committee reviewed more than 51 applications and interviewed 17 candidates before determining the final ten. Five of the scholarships were awarded to applicants from the public at large and five were awarded to applicants who are immediate family members of RASM members in good standing with the Association. Scholarships support tuition, textbooks and other course-related fees.

THE 2021 RECIPIENTS ARE: Grace Metzler, daughter of RASM member Jennie Metzler from Coldwell Banker. Grace is currently enrolled at Florida State University and is studying Risk Management/Insurance. Brooke Anne McGreevy, daughter of Brian McGreevy, Realtor® at Sarasota Home Realty, recently graduated from Sarasota Military Academy and will study chemistry at Florida Southern College this fall. Jerson Lopez is the son of RASM member Alejandrina Lopez, Realtor® at La Rosa Realty. He graduated from Southeast High School and plans to attend University of Florida to study physics.

Tamara Clemann is the daughter of Barbara Clemann, Realtor® at Keller Williams on the Water. Tamara is currently enrolled at the University of Central Florida and is studying NeuroPsychology. Ildiko Vincent is the daughter of Ildiko Vincent, Realtor® at Mangrove Bay Realty. Ildiko plans to study Illustration at the Ringling College of Art & Design. Kasumi Wade recently graduated from Pine View High School and will attend Tufts University in the fall to study Chemical and Biological Engineering. Quinn DuBre graduated from Riverview High School. She plans to attend Worcester Polytechnic Institute to study Mechanical Engineering. Kassidy Saba is a recent graduate from Sarasota High School, and plans to study Political Science at Florida State University. Christina Harding is a recent graduate from Riverview High School, and plans to study Business Management at Florida State University. Miranda Clapp is a recent graduated from Sarasota Military Academy, and plans to study Film Production at the University of Central Florida. The REALTOR® Association of Sarasota and Manatee is proud to provide financial support to area students to sustain the future of Sarasota and Manatee counties. Since its founding in 2002, the RASM Scholarship Program has awarded over $202,000 to deserving students. For questions about RASM scholarships, please contact Gina McCarthy at gina@myrasm.com or (941) 952-3405. •

Grace Metzler

Brooke Anne McGreevy

Jerson Lopez

Tamara Clemann

Ildiko Vincent

Kasumi Wade

Quinn DuBre

Kassidy Saba

Christina Harding

Miranda Clapp

myRASM.com | 23

YOUNG PROFESSIONALS NETWORK

Younger Agent? Embrace it! By: Ariana Gillooly, Regional Account Manager, GIT Florida Title Services

vercoming stereotypes is an obstacle that most of us are forced to face at some point in our lives. A career in the real estate industry attracts professionals of all ages. Whether you are a younger agent, or a more seasoned Realtor®, we all encounter mixed reactions by clients based on our age.

EMBRACE YOUR YOUTH If you are a younger agent breaking into a real estate career, you have likely encountered comments regarding your age. Perhaps you have received some negative comments implying that your competency is somehow less than your more mature colleagues, regardless of actual experience. I like to encourage young new agents to overcome this stigma and focus on all the strong abilities they can bring to the table. Being young is a wonderful advantage, so embrace it. Being young makes you hungry to learn, eager to establish yourself, and ready to take on challenges. Try not to take any negative comments personally, and remember that your clients are about to entrust you with a very important, potentially life-changing financial transaction. Prove to them that although you are young, you don’t lack in enthusiasm, experience, (life and business), and most importantly, the ability to best serve their needs.

TECHNOLOGY MINDED No one can argue that technology has advanced by leaps and bounds over the past 20 years, and today’s young Realtor® has literally grown up with a solid understanding of how it all works. Being raised with technology makes a younger agent quick to pick up on changes and advancements seamlessly. Julia Clark with Couture Real Estate gives her perspective on these situations, “I get asked all the time how old I am and if I am ‘old enough’ to sell real estate. I realize now most people are genuinely curious about how younger agents are breaking into an industry where they are up against agents that have had decades of experience. The biggest advantage that younger agents have is typically we are more well-versed in technology and social media having grown up with it our whole lives. I have trained very 24 | ELEVATE [ JULY 2021 ]

seasoned agents on how to use e-sign programs, how to set up social media business pages, and introduced them to programs and systems that elevate their business. I have embraced being ‘young’ and will continue to use it to my advantage to better serve my clients,” said Clark.

ESTABLISH TRUST If you are a new agent, regardless of age, then you honestly might not have as much first-hand experience as a more seasoned agent. When marketing yourself, focus on the sales record of your brokerage. Take this time to learn and absorb as much as you can from trusted agents in your circle. Don’t be embarrassed to ask questions - that’s how we learn! Consider joining a real estate team to learn everything you can or even hire a coach. Most brokerages will help their young agents because they want you to succeed so make sure you are established where you feel supported.

MARKETING & COMMUNICATIONS Marketing and communications play a huge role in a successful career as a real estate agent. Create a professional website and social media presence. Keep it updated with relevant and useful information. Most importantly, stay in contact with your clients. Most 20-30 year olds have their phone glued to their hands at all times - so use it to keep on top of your clients’ needs. Regardless of experience or years in the business, just simply being available to answer questions (even if you have to do research to find the answer and get back to them later) will take you a long way.

EDUCATION A successful Realtor® will never stop learning. GIT Florida Title Services prides itself on offering an array of classes and seminars to assist real estate agents with their marketing campaigns. Everything from Facebook, Instagram, Canva, and more to help you get maximum exposure for your business. The use of these resources will help you to serve your clients quickly and easily. The real estate industry is constantly evolving, and the tools and technology our industry can utilize to help our business grow are also constantly evolving. Don’t be intimidated by others with more experience than you. We all start somewhere and if you focus on what you DO know you can always grow from there! •

GLOBAL BUSINESS COUNCIL

Sale of U.S. Real Estate by Foreign National After Death of Joint Owner By: Renea M. Glendinning, CPA, Shareholder, Kerkering, Barberio & Co.

any foreign nationals own U.S. real estate and hold title in their individual names. If title is held by husband and wife, it is typically held with right of survivorship. This means if one person on title dies, the other joint owner becomes the sole owner of the property by operation of law. Since the spouse is the survivor and automatically holds sole title to the property after the death of the joint owner, no probate proceedings are required. Under this scenario, nothing needs to be done from a legal standpoint. However, this is not the case with respect to U.S. estate tax reporting.

U.S. ESTATE TAX EXEMPTION The U.S. estate tax exemption for foreign nationals who are not domiciled in the U.S. is $60,000. This means that if the fair market value of the U.S. real estate owned by the deceased foreign national is valued at more than $60,000 at date of death, a U.S. estate tax filing is required. Even though the property is jointly owned, the full value of the property is subject to U.S. estate tax, unless the survivor can show evidence of furnishing separate consideration for the purchase of the property. Most properties today are valued at well in excess of the $60,000 threshold, so most foreign nationals who own U.S. real estate in their personal names will be required to file a U.S. estate tax return if they die while still owning the property. U.S. estate tax returns are required to be filed no later than nine months after date of death, at which time any estate tax due is payable. The filing of the return may be extended for a maximum of six months, but the extension of the filing of the return does not extend the time to pay the estate tax. Even though a U.S. estate tax return is required to be filed for the decedent, this does not necessarily mean that estate tax will be payable if the fair market value at date of death exceeds $60,000. The U.S. currently has estate tax treaties with 14 countries. In addition, the income tax treaty between the U.S. and Canada contains provisions dealing with the U.S. estate tax. The provisions of each treaty are varied, but a significant reduction or elimination of the U.S. estate tax could result from the proper application of the provisions of the treaties.

TAX COMPLICATIONS Many foreign nationals are unaware of the requirement to file a U.S. estate tax return when a joint owner dies. It is not uncommon for the surviving spouse to learn of this requirement only upon the sale of the U.S. real estate, which can be many years after the death of the spouse. If a previous foreign national joint owner is deceased and a U.S. estate tax return has not been filed with the IRS, complications can arise that can affect the closing. For example, unpaid U.S. estate tax could result in a federal estate tax lien against the property. In many cases, the closing is allowed to take place, but the entire amount or a portion of the proceeds could be held in escrow until such time as the IRS issues a closing letter with respect to the estate, stating that the estate tax, if any, has been paid. Currently, it is not unusual for the IRS to take in excess of one year after the filing of the U.S. estate tax return to issue the closing letter, even if no U.S. estate tax is due. This means that the proceeds of the sale could be held in escrow and not released to the seller until well beyond one year after closing. In many instances, this could result in a hardship to the seller. It is imperative that the U.S. estate tax return be filed as quickly after death as possible, so that these complications can be avoided when the property is sold. • About the Author Renea M. Glendinning, CPA, Shareholder, joined the firm in 1987 and has led the International Tax Department since 1996. She has authored articles regarding various international tax issues and frequently gives presentations on U.S. income and estate taxation of foreign nationals doing business in the U.S. If you should have questions, you may contact Renea at 941-3654617 or rglendinning@kbgrp.com.

myRASM.com | 25

RASM NEWS

RASM Recognizes Humanitarian in Quarter 2 Humanitarian of the Quarter for Q2: Holly Switow

ASM has established a Humanitarian Award to be bestowed quarterly, designed to recognize the Realtors® who are doing great things in our community. The RASM Community Outreach Committee has proudly recognized Holly Switow, Realtor® with Premier Sotheby’s International Realty, as the “Humanitarian of the Quarter” recipient for the second Quarter of 2021. In addition to being a busy and successful Realtor®, Holly has spent much of her free time over the past six years volunteering with Everyday Blessings, Inc. (EBI). She is also an active member of the EBI Board of Directors. EBI is a 501(c)3 nonprofit organization that provides full residential care for children from the Tampa to Sarasota area, ranging in age from newborn through 17 years old, who have been removed from their previous home due to issues of abuse, neglect, or abandonment. The organization provides the children with full-time, live-in caregivers, creating a “family” atmosphere of love and support.

HOW SHE STARTED Getting involved with EBI was a natural fit for Holly and tied in perfectly with her role as a Realtor®. “A close friend of mine was doing some volunteer work with Everyday Blessings and shared some of their needs with me,” said Holly. “Being a Realtor®, she knew that I have connections with a lot of people and businesses. One day, the center needed sofas, so I would ask around to see who could help. Then, she would ask about donations to take the kids to the movies or donate meals to help give the house mom a break. So many people in my office, and clients as well, felt called to help. I eventually brought my own boys to go visit and play with the children and make dinner together. These children have been through so much. It’s really heartbreaking to see what they’re going through, and they crave the same love and support that all children need.”

GOLF SCRAMBLE Holly also participates in EBI’s Annual Sarasota/ Manatee Area Golf Scramble, which raises support and awareness through sponsors and area businesses. Now in its ninth year, the popular event also raises much-needed funds through a raffle and auction of hundreds of goods and services, graciously donated by the community. “The Golf Scramble is a great event that draws attention every year, and we’re always looking for donations and volunteers,” said Holly. The organization’s Sarasota Springboard golf outing is coming up on October 25, 2021. It will be at the Legacy Golf and Country Club in Lakewood Ranch. 26 | ELEVATE [ JULY 2021 ]

HELP AT THE HOLIDAYS The holidays can be especially difficult for children in need, and Everyday Blessings goes above and beyond to make the holiday special. “They provide the kids a holiday experience through a Christmas Shop,” said Holly. “The children can pick out several presents that have been graciously donated, and it’s so much fun for them. We work hard to provide a really nice experience, and the kids can invite friends, or a parent or grandparent that might still be in their lives.”

EBI SPRINGBOARD SARASOTA Many children who live at EBI stay until they are 17 years old. At this point, EBI’s goal is to provide an independent living situation for their children who transition into young adults. EBI SpringBoard is an innovative program, designed to meet the needs of young adults aged 18-22 who are participating in the Extended Foster Care Program. This program provides quality, conveniently located, homes in Sarasota. In addition, young adults are provided with realworld life skills, training, tutoring, and mentoring to help them find careers and become self-sufficient members of society. Sadly, many times children who age out of foster care do not have the tools to support themselves. “The EBI Springboard program is a wonderful support to these kids to help them gain independence, and acclimate them to the real world. Like all the services EBI provides, I am so proud of this program and the kids who are shaped by it,” said Holly. Everyday Blessings and the EBI Springboard program are working diligently day and night to provide quality, loving homes for our community children who are living without families of their own – something that so much of us take for granted. These worthy programs are in need of our financial and volunteer support to continue doing their good work. For more information, visit www.everydayblessingsinc.org. RASM sincerely thanks Holly Switow, and all our members who volunteer and give to our community and make a difference in the lives of others. To nominate someone for the RASM Humanitarian Award, email outreach@myrasm.com. •

THE HIDDEN VALUE OF HOMEOWNERSHIP Homeowners are healthier and live longer. Owning a home reduces the likelihood of divorce. Homeowners are less likely to suffer from depression. City homeowners are less likely to be victims of crime.

advertising Children of homeowners often achieve a higher level of education.

Children of homeowners are likely to earn more over their lifetimes. Children of homeowners have significantly lower teen dropout and pregnancy rates. Homeowners are more likely to be involved in neighborhood groups. Homeowners have a better understanding of politics and are more likely to vote. Sources: National Association of Realtors®, Journal of Epidemiology and Community Health

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Owning a home doesn’t just help you build wealth. It also impacts your life and your children’s lives. Here are some of the specific benefits homeowners may enjoy over renters:

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NEIGHBORHOOD SPOTLIGHT

South Gate By: Pamela Mott, Realtor®, Property Manager Realty Services, Inc.

outh Gate, a deed-restricted community of 2,000 homes, is spread over 4 acres on both sides of Philippi Creek. The east and west borders are Beneva Road and Tamiami Trail. South Gate’s history dates back to the early settlers and originally was an orange grove, owned by Bertha Palmer. Some of the homes have the original plans. The community association was founded and incorporated as a not-forprofit voluntary association in 1956. Since many of the homes were built in the 1950s and 60s, they are often called “mid-century modern.” Community assets include a 5-acre property on the west side of Phillippi Creek, including a clubhouse designed by Victor Lundy and a community pool. Lundy led the Sarasota School of Architecture, and some of the homes include the school’s signature designs, like floor to ceiling windows, open plans, and clerestory windows.

Although some of the Lundy buildings in South Gate fell into disrepair, many have been restored or completely renovated. Who lives in South Gate today? Medical professionals enjoy South Gate due to its proximity to Sarasota Memorial Hospital. Retirees live here as well as young families. On the west side of the Creek, students attend Southside Elementary, an A-rated school. Some residents are even second-generation owners. Parents and their children often live nearby in South Gate. Only a short 5-mile drive to Sarasota’s Siesta Beach, South Gate is located near grocery stores, a fitness center, and many restaurants. Homes often sell quickly in South Gate, often times selling within 7 days after listing it on MLS. Not only do they sell quickly, but prices have escalated. For example, a home at Wisteria Place, built-in 1958, recently sold for $360,000. In 2018, the same house sold for only $205,000. •

myRASM.com | 29

JULY 2021

CALENDAR OF EVENTS THURSDAY, JULY 1

FRIDAY, JULY 16

10:00 a.m. PMC: Hurricane Preparedness: Your Essential Guide [ Hybrid ]

9:00 a.m.

FRIDAY, JULY 2 9:00 a.m.

RASM Closed

WEDNESDAY, JULY 7 10:00 a.m. Ask the Attorney: Permits [ Hybrid ]

THURSDAY, JULY 8 9:30 a.m. Business Partner Meeting [ South ] 1:00 p.m. Best Practices for Real Estate Professionals [ Online ]

FRIDAY, JULY 9 9:00 a.m.

CREA Marketplace [ South ]

MONDAY, JULY 12 1:00 p.m.

Core Law [ Online ]

TUESDAY, JULY 13 9:00 a.m.

RPR Commercial [ Online ]

9:00 a.m.

Code of Ethics [ Hybrid ]

1:00 p.m.

Firpta: International Tax For Foreign Investment in U.S. Real Estate [ Hybrid ]

CREA Marketplace [ South ]

MONDAY, JULY 19

MONDAY, AUGUST 2

9:00 a.m. New Member Orientation [ Hybrid ]

8:00 a.m. GRI 302 (Day 1 of 2) [ South ]

TUESDAY, JULY 20

TUESDAY, AUGUST 3

11:30 a.m. CREA Member Meeting [ South ]

8:00 a.m. GRI 302 (Day 2 of 2) [ South ]

2:00 p.m. Evictions, Tenant Removal and Eviction Avoidance Strategies [ Online ]

WEDNESDAY, AUGUST 4 8:30 a.m. YPN Coffee Talk [ South ]

WEDNESDAY, JULY 21

Business Building: Qualifying Buyers and Sellers [ Hybrid ]

THURSDAY, JULY 15

THURSDAY, JULY 22

FRIDAY, AUGUST 6 9:00 a.m.

CREA Marketplace [ South ]

6:00 p.m. YPN Anniversary Party [ Kona Grill ]

FRIDAY, JULY 23 9:00 a.m.

SATURDAY, JULY 24 9:00 a.m.

TUESDAY, AUGUST 10 9:00 a.m. Code of Ethics [ Hybrid ]

CREA Marketplace [ South ]

THURSDAY, AUGUST 12 1:00 p.m. Top Producer Panel[ Hybrid ]

Florida Waterway Clean-Up [ Longboat Key ]

FRIDAY, AUGUST 13 MONDAY, JULY 26

9:00 a.m.

CREA Marketplace [ South ]

8:00 a.m. GRI 301 (Day 1 of 2) [ South ] 1:00 p.m.

Preparing and Navigating the Listing Contract [ Online ]

8:00 a.m. GRI 301 (Day 2 of 2) [ South ]

WEDNESDAY, JULY 28 1:00 p.m. Intro to Contracts [ Hybrid ]

8:45 a.m.

YPN Trolley Tour: Downtown Condos (Sarasota) [ South ]

THURSDAY, JULY 29

1:00 p.m.

GBC: Go Global! Jumpstart Your International Business [ Hybrid ]

9:00 a.m. Resort and Second-Home Property Specialist [ Hybrid ]

30 | ELEVATE [ JULY 2021 ]

1:00 p.m. New Construction from the Inside Out [ Online ]

1:00 p.m. FHA VA Loan [ TBD ]

TUESDAY, JULY 27 WEDNESDAY, JULY 14 1:30 p.m.

9:00 a.m.

CREA Marketplace [ South ]

MONDAY, JULY 5 All Day

CREA Marketplace [ South ]

FRIDAY, JULY 30

MONDAY, AUGUST 16 8:00 a.m. GRI 101 (Day 1 of 2) [ South ]

TUESDAY, AUGUST 17 8:00 a.m. GRI 101 (Day 2 of 2) [ South ]

Advanced registration is requested. See the latest event calendar at: myrasm.com/ calendar

CALENDAR KEY [ South ] 2320 Cattlemen Road, Sarasota, FL 34232 [ Hybrid ] Take class online or at RASM South [ Online ] Class is only offered through webinar

UPCOMING CLASSES UPCOMING CLASSES

Learn more at myrasm.com/calendar to register.

GO GLOBAL! JUMP START YOUR INTERNATIONAL BUSINESS

Thursday, July 15

HURRICANE PREPAREDNESS: YOUR ESSENTIAL GUIDE Thursday, July 1

10:00 - 11:00 a.m.

[ Hybrid ]

Hurricanes can be life-threatening as well as cause serious hazards such as flooding, storm surge, high winds and tornadoes. Be prepared with these tips from our panelists on how to prepare your office and your properties before the storm and what steps to take after. Members Free.

ASK THE ATTORNEY: PERMITS Wednesday, July 7

10:00 - 11:00 a.m.

[ Hybrid ]

The Realtor® Attorney Joint Committee welcomes the Directors of Sarasota County, the City of Sarasota, and Manatee County’s Permitting Divisions as they walk us through the pitfalls of unpermitted work and open permits that often cause wrinkles, and even cancellations, in closing transactions. Members Free.

1:00 - 4:00 p.m.

[ Hybrid ]

A fast-paced and action-oriented class aimed at real estate agents around the world who want to build an international business – quickly! Full of tips and proven strategies that can be implemented with little or no capital outlay and will help both agents and brokers build their business through developing a global presence. GBC Members Free. Members $15. 3 CE HRS.

EVICTIONS, TENANT REMOVAL, AND EVICTION AVOIDANCE STRATEGIES Tuesday, July 20

2:00 - 4:00 p.m.

[ Online ]

Evictions are the necessary evil that a property manager will most likely face someday. Learn how to successfully evict the tenant, but more importantly the strategies and techniques that can be used to AVOID filing the eviction action. Members Free. 2 CE HRS.

GRI 301 CODE OF ETHICS Tuesday, July 13

Mon., July 26 - Tues., July 27 8:00 a.m. - 5:30 p.m. [ South ] 9:00 - noon

[ Hybrid ]

This class meets the NAR mandated requirement for completion of a Code of Ethics class and fulfills the FREC State requirement. Members $10. 3 CE HRS.

FIRPTA: INTERNATIONAL TAXATION FOR FOREIGN INVESTMENT IN U.S. REAL ESTATE Friday, July 13

1:00 - 2:00 p.m.

[ Hybrid ]

This session will discuss the FIRPTA withholding applicable to foreign sellers of U.S. real estate. Learn under what circumstances the withholding is required and how it can be minimized. It will also cover how foreign sellers can obtain refunds of the withholding. Members Free.

BUSINESS BUILDING: QUALIFYING BUYERS AND SELLERS Wednesday, July 14

1:30 - 3:30 p.m.

[ Hybrid ]

This course has a multi-use in the market place. The material is appropriate for floor time, open houses, prospecting calls, formal and informal presentations.

GRI 301 - It’s More Than Just Sales addresses the most challenging aspects of the real estate business. Learn 1031 Tax Deferred exchanges, Property Management, Appraisals and Common Ownership interests. Members $30. 8 CE HRS.

PREPARING AND NAVIGATING THE LISTING CONTRACT Monday July 26

1:00 - 5:00 p.m.

[Online ]

Listing Contracts are an important part of the real estate business. They communicate who is responsible to do what, give a time period for those items to be performed, and guarantee the listing broker to be paid for these services. Having all the ‘T’s crossed and the ‘I’s dotted can mean the difference of getting paid, and not getting paid. In this program you’ll become familiar with various types of listing contracts, the difference between them, and some options to guarantee compensation while making your way to the closing table. Members $20. 4 CE HRS.

Members $5.

[ Continued on page 32 ]

Designation or Certification Courses [South Office ] 2320 Cattlemen Road, Sarasota, FL 34239

[ Goodwill Manasota ] 2705 51st Ave E, Bradenton, FL 34203

myRASM.com | 31

UPCOMING CLASSES CONTINUED MLS REQUIRED CLASSES

INTRO TO CONTRACTS Wednesday, July 28

1:00 - 4:00 p.m.

[ Hybrid ]

A real estate contract is also known as a real estate purchase and sale agreement, and standardized documents that have been approved by Florida REALTORS® and the Florida Bar, are generally used. In this class students will be introduced to the basic elements of a real estate contract. Members Free.

9:00 a.m. - 5:00 p.m.

[ Hybrid ]

RSPS is recognized as an official NAR Certification, and allows buyers and sellers to have confidence in the ability of a REALTOR® who specializes in buying, selling or management of properties for investment, development, retirement, or second homes in a resort, recreational and/ or vacation destination, to assist them with their search. This class will appeal to Realtors® in resort and secondhome markets around the world who wish to distinguish themselves among their peers and among consumers. those who want to dedicate themselves to lifestyle real estate will benefit from earning this certification. Members $30. 7 CE HRS.

GRI 302 Mon., Aug 2 - Tues., Aug. 3 8:00 a.m. - 5:30 p.m.

[ South ]

In GRI 302, International Real Estate will introduce or expand the awareness of the many factors that must be taken into consideration when serving the real estate needs of international homebuyers or investors in the United States, Florida in particular. Members $30. 8 CE HRS.

COFFEE TALK: THE ART OF DEALING WITH “DIFFICULT” PEOPLE Wednesday, Aug 4

8:30 - 9:30 a.m.

[ South ]

With tight inventory and multiple offer situations more prevalent in the market right now, tensions can be high. Dealing with different personalities and differing opinions can be challenging, especially in real estate. Guest speaker: Shana Hamel, Realtor® with Key Solutions Real Estate Group and Life Coach/Owner with On-Course Solutions. Members Free.

32 | ELEVATE [ JULY 2021 ]

MLS BASIC Multiple Dates

RESORT AND SECOND-HOME PROPERTY SPECIALIST Thursday, July 29

In-person MLS training classes have been canceled at this time. Live webinars are available for required and elective classes. If you prefer to complete your required education by taking a self-paced online class, please visit learn. stellarmls.com.

9:00 a.m. – noon

[ Online ]

This required class teaches every new Stellar MLS subscriber the basics of how to use the Matrix MLS System to power their real estate business. Topics include navigating the system, setting up a property search, direct and auto emails, managing contacts, and personalizing the Matrix system.

MLS COMPLIANCE 101 Multiple Dates

1:00 – 2:15 p.m.

[ Online ]

A key purpose of the MLS is to provide real estate brokerages a mechanism to compensate each other for bringing buyers to each other’s listings. In order for this to work, it is critical that we share accurate data, and additionally, enter listings in a way to maintain the cooperative nature of the MLS. This required class for new subscribers reviews the MLS comprehensive rules and regulations to ensure that all users have access to the best data possible.

MLS ADDING & EDITING LISTINGS Multiple Dates

2:45 – 3:45 p.m.

[ Online ]

This class is mandatory for agents who will be adding and modifying listings in the MLS. We will walk through the process of gathering listing data, entering listings into the MLS systems, adding photos and attachments, and modifying listings. We will also share valuable tips and techniques in the listing entry process. •

PROFESSIONAL DEVELOPMENT

Always Keep Learning! By: Denise Ricciotti, RASM Professional Development Manager

hether you are a seasoned real estate agent, or just starting out, there is always something to learn! RASM has a variety of classes, informational sessions, and panels to help you gain essential skills, develop expertise, and continually grow. Keep an eye on the RASM Calendar for new online and in person learning opportunities updated daily.

REALTORS® NEWLY DESIGNATED & CERTIFIED Accredited Buyer’s Representative (ABR®) Heather Ballew, Exit King Realty Gloria Maria Elwell, EXP Realty LLC Susan Anderson Hill, KW Suncoast David Liberatore PLLC, Better Homes & Gardens Real Estate Atchley Properties Mary Murphy, Fine Properties

At Home with Diversity (AHWD) Michael James Holland, Berkshire Hathaway HomeServices Florida Realty Kelly Oakes, Berkshire Hathaway HomeServices Florida Realty Melinda G. Sanchez, Florida SunCoast Real Estate Tonjah Westerfield, Coldwell Banker Realty C2EX Abygael Carlin Brooks, Barrett Realty, Inc. e-PRO® Caroline Carhart Amory, Coldwell Banker Realty Josie Cline, Coldwell Banker Realty Gloria Maria Elwell, EXP Realty LLC Brenda L. Garland, Brittany Danielle Geiman, Keller Williams Realty Select Shelbi L. Loftin, Fine Properties Graduate, REALTOR® Institute (GRI) Arlene Anne Smith, Gulf Shores Realty Short Sale & Foreclosure Resource (SFR®) Gloria Maria Elwell, EXP Realty LLC Seniors Real Estate Specialist® (SRES®) Stephanie Ann Danielson, Acuity Property Group LLC •

REALTORS® who LEARN MORE are REALTORS® who EARN MORE

2021 DATES

EARN YOUR GRI 200 SERIES

Essential Real Estate Techniques

Your clients are more sophisticated than ever, requiring you to perform at a

June 7 & 8, June 21 & 22

higher level of professionalism. By earning the Graduate, REALTOR® Institute

300 SERIES

Designation (GRI), you will lead the pack with real-world knowledge about new technologies, laws and marketing techniques that positively affect your

July 26 & 27, Aug. 2 & 3

bottom line.

100 SERIES

RASM Members pay

Real Estate Specialties

ONLY $30 a class!

Standards of Practice

Aug. 16 & 17, Aug. 23 & 24, Aug. 30 & 31

WWW.MYRASM.COM/GRI myRASM.com | 33

MEMBERSHIP NEWS

RASM Welcomes New Members By: Jessica Montague, Member Services Manager

NEW DESIGNATED REALTORS®

Veronica Crego-Flores, Genstone Realty Jennifer L. Draper, Listed.com, Inc. Angela Florian, Salty Dreams Realty Inc. Hugo Antoine Gagliardi, Luxio Real Estate LLC John A. Gross, JGR Appraisals LLC Robert E. Jones, OfferPad Rosemarie Lunardelli, Ashore Realty LLC John Anthony Misiak, Jam Realty Group LLC Karla Marie Raguth, Karla Raguth, Appraiser Mercedes R. Saewitz, Compass Florida, LLC. Paul Alvin Sharff, Paul Alvin Sharff Jr Gregory Simony, Real Estate Perfection LLC Joshua David Smith, Home River Group Kevin Michael Sullivan, Lakeside Realty Windermere Inc. Marsha Wolak, Virtual Realty of Florida Joseph A. Zingales, Real Estate By

NEW REALTORS®

Jessica Megan Alopaeus, Coldwell Banker Realty Daniela Applegate, Adams Homes Realty, Inc Judith Athari, Berkshire Hathaway HomeServices Florida Realty Miriam Averbuch, Keller Williams On The Water Lance Bache, Florida Realty Investments Melissa Bakondy, Century 21 Schmidt Real Estate Thomas Bakondy, Century 21 Schmidt Real Estate Tammy Judith Barletto, Coldwell Banker Realty Stacey Anne Bauer, Keller Williams On The Water Craig Bishko, Kenyon Real Estate Appr & Inv Faith Fessenden Bishock, Horizon Realty International Dennis Charles Blazey, Premier Sothebys Intl Realty Beverly Lynn Brown, Coldwell Banker Realty Willie L. Brown, Horizon Realty International Joseph Cameron, Coldwell Banker Realty Laugene Canizares, Keller Williams Classic Group Stacy Lee Cannon, Michael Saunders & Company Scott Carpenter, Better Homes & Gardens Real Estate Atchley Properties Amy Kathryn Hernden Carrington, Michael Saunders & Company Justin John Carter, Sundae Homes Daniel Waldir Castrillon, SRQ International Realty LLC Donald L. Chamberlain, Preferred Shore William Cunningham, Keller Williams On The Water 34 | ELEVATE [ JULY 2021 ]

Jerome R. Dalton, Mapp Realty & Investment Co Anita Darvai, Coldwell Banker Realty Elisabeth Densley, Christopher Alan Realty, LLC Jason A. DeYoung, KW Suncoast Karen Anne Di Gloria, EXP Realty LLC Enrique Diaz, Coldwell Banker Realty Antonio DiFolco, ReeceNichols - Overland Park Ginalyn Powell Dizon, Premier Sothebys Intl Realty John Erik Engstrom, Coldwell Banker Realty Debra Falder, Keller Williams On The Water Monica Barton Fehlberg, Coastal Luxury Partners, Inc. Gina Ferlise, Coldwell Banker Realty Emily Fitzpatrick, Keller Williams On The Water Lisa Garcia, SRQ Premier Realty LLC Skyler Michael Gearin, Exit King Realty Brittany Danielle Geiman, Keller Williams Realty Select Cassidy Calman Gibson, Fathom Realty FL LLC Ronald Lee Golden, EXP Realty LLC Irina Grebinnik, Preferred Shore Alisha Green, Century 21 Beggins Enterprises Julie Guirguis, Premier Sothebys Intl Realty Noah Drew Hall, Coldwell Banker Realty Ansley Boyd Haskins, Boyd Realty Eric John Henderson, Oakleaf Property Management Lisa Jean Henning, Preferred Shore Nicholas Joseph Iannitti, EXP Realty LLC Alexey Ivanov, Dalton Wade Inc. Laurel James, Michael Saunders & Company Lisa Marie James, HomeSmart Michelle Sofia Jofre, Coldwell Banker Realty Sheila Joy Johnson, Premier Sothebys Intl Realty Katherine Anne Karr, Keller Williams Realty Select Nacari Jennifer Kearney, EXP Realty LLC Alexandra Lynne Kempton, Keller Williams On The Water Heang Karol Keo, New Door Real Estate LLC Michael A. Klancnik, Bright Realty Monika Krolivcova, Amtrade Realty International Deann Krufal, EXP Realty LLC Timothy LeVan, Horizon Realty of Anna Maria Marny Dawn Lewis, Berkshire Hathaway HomeServices Florida Realty Alejandrina Lopez, La Rosa Realty LLC Linda May Lucas, Keller Williams On The Water James Mancuso, Bright Realty Alan Mariotti, Robert Slack LLC Joseph Anthony Martin, Leslie Wells Realty, Inc.

MEMBERSHIP NEWS Peter Dean Mason, Hallmark Realty Judith E. Mitchell, Premier Sothebys Intl Realty Pamela German Modisett, Keller Williams Realty Select Lindsay Mouhot, Coldwell Banker Realty Pyper Shannon Murphy, EXP Realty LLC Kevin Khuong Nguyen, Jones & Co Realty Robert Nichols, Florida Southern Living Realty Mary Beth Norton, Inspired Properties Stephenie Odierno, KW Suncoast William Michael Olivieri, Florida VIP Realty Inc Ryan Olson, EXP Realty LLC Marcus Onaghinor, Keller Williams On The Water Dominik Waclaw Orloff, Keller Williams On The Water Matthew Otto, Harry Robbins Assoc Inc Christine J. Patneaude, Bright Realty Judyanne M. Pfarner, Bright Realty Anne Katrin Pfitzenreiter, Coldwell Banker Realty Darlene Adrienne Pilliard, Keller Williams Classic Group Svetlana Ponomarenko, Coldwell Banker Realty Tahj Malik Porter, Luxe Realty Amanda Leigh Powell, Preferred Shore Philip Pratley, Coldwell Banker Realty George Lloyd Raines III, Keller Williams Classic Group Angelica Ramos, Keller Williams Classic Group Gary C. Rayward, Exit Sunset Realty John Reyes, Authority Realty Inc Renette Marie Richard, RealtyOne Florida Oklys Teresa Rodriguez Pereira, Horizon Realty International Glen William Rostek, Keller Williams On The Water Loren Roye, Coldwell Banker Realty Richard Jay Rubin, Coldwell Banker Realty Brandi Ryan, TownCenter Realty Nathan Sabin, Exit King Realty Robyn Sadlo, Premier Sothebys Intl Realty Adriana Schneider, Realty Hub Katherine Schneider, Red Door Real Estate Group Inc. Rebecca Susan Simmons, Premier Sothebys Intl Realty Kelli Braswell Simpson, Exit King Realty Andrea Snipes-Booker, Veterans Realty Inc. Erik Ronald Sweetland, Exit King Realty Joshua Tackett, Keller Williams Classic Group Mark Tilley, Keller Williams Realty Select Brianna Tulp, Ian Black Real Estate LLC Judith Hazel Turrentine, EXP Realty LLC Maria I. Ulloa, Weichert Realtors® Hallmark Pro Pamela Vance, MVP Realty Associates, LLC Lori S. Vasquez, Charles Rutenberg Realty Inc David Verno, EXP Realty LLC Aleksa Vrugic, Exit King Realty Tony Wachira, Keller Williams On The Water Amy Ward, Michael Saunders & Company Ryein Weber, Keller Williams On The Water Christine Rose Wilkinson, Lacey Realty Inc Jessica S. Williams, Charles Rutenberg Realty Inc Michael Garcy Wooldridge, Keller Williams On The Water John Yates, DWELL Real Estate Cathleen Marie Young, Coldwell Banker Realty

NEW BUSINESS PARTNERS BELL BANK MORTGAGE 1990 Main Street, Suite 570 Sarasota, Florida 34236 Representative: Jake Kearney Email: jkearney@bell.bank As a Producing Area Manager for Bell Bank Mortgage, I have the experience and knowledge to guide you through the mortgage process from beginning to end. I help many diverse clients with their home financing needs - from first time home buyers to those buying a vacation home in another state

LIDO CONCIERGE & ESTATE SERVICES 380 N Cattlemen Road #7-306 Sarasota, Florida 34232 Representative: Marc Riney Email: marc.riney@lidoconciergesvcs.com Contact for all your handyman needs.

PUROCLEAN OF BRADENTON LLC 4654 East SR 64 #115 Bradenton, Florida 34208 Representative: Julia Jones Email: julia.jones@puroclean.com PuroClean of Bradenton provides full water damage remediation services. We know how important your home or business is, and dealing with water or storm damage can be a daunting task. So, our IICRC and NORMI Mold certified experts provide water damage remediation, fire damage restoration, mold remediation, and biohazard cleanup. We know that this is a stressful time for you, so we are here not just to clean up the problem but to treat you like family and help you through it.

YGRENE ENERGY FUND 3390 Mary Street Miami, Florida 33133 Representative: Edward Metzger Email: eddie.metzger@ygrene.com Ygrene started with a simple mission: improve the environment and strengthen communities by removing the barriers to financing energy efficiency home improvement projects. To get there, Ygrene Executive Chairman Dennis Hunter established a new system of financing that helped homeowners make improvements and reduce carbon emissions. Soon after, the Ygrene PACE (Property Assessed Clean Energy) program was born. •

myRASM.com | 35

2021 ANNUAL SPONSORS PLATINUM

SILVER

BRONZE Battaglia Law, PLLC Peace of Mind Home Inspections Bert Rodgers Schools

MEMBERSHIP NEWS

RASM Members Now With Nancy L. Ashley, EXP Realty LLC Jacqueline Avenia, La Rosa RTY Winter Garden LLC Jacob W. Benedict, Keller Williams Realty Select Katherine Blazer, Bright Realty Ruth Elva Bower, Fathom Realty FL LLC Demarco Jonathan Bryant, Align Real Estate LLC Victoria Mary Campbell, NextHome In The Sun Susan Cappiello, Amerivest Realty David Charron, Pam Charron Realty Cindy Christ, Fine Properties Christina Michael Clark, Keller Williams On The Water Timothy Patrick Corcoran, Fathom Realty FL LLC Sophie Florence May Daniels, Island Real Estate-Anna Maria Alexandra Dashner, Preferred Shore J. Bradley Davis Jr, Dalton Wade Inc Anabely De la torre, Coldwell Banker Realty Sonia Dillon, Century 21 Beggins Enterprises Michelle M. Dunham-Tozer, Premier Sotheby’s International Realty Yolanda Dwyer, Fine Properties Barbara A. Edwards, EXP Realty LLC Stephanie Edwards, Coldwell Banker Realty Michael Patrick Fenton, Boyd Realty Daina L. Filiatreau, Coldwell Banker Realty Emily Fitzpatrick, Keller Williams On The Water Shauna Fraccascia, Realtyone Real Estate Group LLC Daniel Freed, Bright Realty Hugo Antoine Gagliardi, Luxio Real Estate LLC Gregg A. Gillman, Rovithis Realty Michael Joseph Gioia, Sold Fast Realty Christine C. Glassburn, NextHome Excellence Michele Good, Showtime Realty Wendy Lynne Hamilton, Hunt Brothers Realty, Inc. Janie Michele Inverso, Century 21 Integra Realty Steve G. Johnston, EXP Realty LLC Julie A. Jordan, Frank D Lauber, Licensed Real Estate Broker Jason Kranz, NextHome In The Sun Vincent Charles LaMaida, Bright Realty Aaron M. Lineberger, Fine Properties Corina Liranzo, Coldwell Banker Realty Linda May Lucas, Keller Williams On The Water Frank Malickson, Selling The Sunshine Realty Peter Dean Mason, Hallmark Realty Christopher Meekins, Medway Realty Robert Melo, Preferred Shore Mabel Elizabeth Miller, Peppertree Bay Realty Inc Margo Shaffer Miller, Medway Realty Steven George Mularky, Lacey Realty Inc Brittney Ann Nichols, Salty Mermaid Real Estate LLC Kristi Owens, Preferred Shore

Miriam Pearson, Coldwell Banker Realty Kevin Price, Coldwell Banker Realty Wayne Ranieri, RE/MAX Alliance Group Crystal Reynolds, Bright Realty Eva Saab, Exit Sunset Realty Steven Sanchez, Bright Realty Teri Ann Sax, Medway Realty Stacey Marie Shinn, Lakewood Ranch Realty Deborah Sorrels, Empire Elite Realty LLC Richard Theodore Stannard, Realty Hub Sharon L. Stark, SRQ Premier Realty LLC Kelly M. Stegmann, Wagner Realty Bryson Stephens, Rovithis Realty Jenna Marie Tarifa, Align Real Estate LLC Banning Quinn Tibbetts, Keller Williams On The Water Kelly Ann Troxell, Red Door Real Estate Group Inc. Lucy Uecker, Coldwell Banker Realty Monica Verinder, Coldwell Banker Realty Raffaele Gennaro Villella, Luxe Realty Pamela Watts, Keller Williams On The Water Lorna Michelle Yankee, Fathom Realty FL LLC •

myRASM.com | 37

MORE SOLD.

PRSRT STD U.S. POSTAGE PAID MANASOTA, FL PERMIT NO. 451

More Inventory. More Listings. Get More Sales with RASM’s FREE Campaign Assets

FREE Advertising Banners

You may have clients sitting on the fence whether to keep their home or sell. The “Time to SELL” campaign is our solution to today’s low inventory. Get customizable advertising graphics to use on your website, social media, emails and listing presentations.

MYRASM.COM/CAMPAIGNMATERIALS

SELL SELL Reach Further.

REALTOR® Association of Sarasota and Manatee, Inc. 2320 Cattlemen Road Sarasota, FL 34232

The Time is RIGHT to

PHONE: (941) 952-3400 FAX: (941) 952-3401

www.MyRASM.com

EXPANDED REPORTS Sarasota and Manatee Counties

May 2021 Reach Further With The Market.

For more detailed reports, visit myrasm.com/statistics

Monthly Distressed Market - May 2021 Single-Family Homes Sarasota County

Closed Sales

May 2021

May 2020

Percent Change Year-over-Year

975

546

78.6%

$409,000

$300,000

36.3%

-66.7%

$250,000

$188,500

32.6%

400.0%

$341,800

$220,000

55.4%

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2017

2018

Traditional

2019

Foreclosure/REO

2020

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

$600K

Median Sale Price

$500K

$400K

$300K

$200K

$100K

$0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2017

2018

2019

2020

Monthly Distressed Market - May 2021 Single-Family Homes Manatee County

Closed Sales

May 2021

May 2020

Percent Change Year-over-Year

734

439

67.2%

$400,000

$327,010

22.3%

-16.7%

$243,000

$199,000

22.1%

N/A

(No Sales)

N/A

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2017

2018

Traditional

2019

Foreclosure/REO

2020

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

$700K

Median Sale Price

$600K $500K $400K $300K $200K $100K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2017

2018

2019

2020

Monthly Distressed Market - May 2021 Townhouses and Condos Sarasota County

Closed Sales

May 2021

May 2020

Percent Change Year-over-Year

539

235

129.4%

$314,990

$245,000

28.6%

-85.7%

$126,000

$177,000

-28.8%

N/A

$190,000

(No Sales)

N/A

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2017

2018

Traditional

2019

Foreclosure/REO

2020

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

$1200K

Median Sale Price

$1000K

$800K

$600K

$400K

$200K

$0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2017

2018

2019

2020

Monthly Distressed Market - May 2021 Townhouses and Condos Manatee County

Closed Sales

May 2021

May 2020

Percent Change Year-over-Year

317

148

114.2%

$247,000

$229,999

7.4%

0.0%

$171,000

$142,950

19.6%

N/A

(No Sales)

N/A

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2017

2018

Traditional

2019

Foreclosure/REO

2020

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

$1000K $900K

Median Sale Price

$800K $700K $600K

$500K $400K $300K $200K $100K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2017

2018

2019

2020

ELEVATE Magazine - RASM - July 2021

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Join the New RASM Key Contact Program

RASM Recognizes Humanitarian in Quarter 2 | July 2021 ELEVATE Magazine

RASM Awards Ten Scholarships to Local Students - ELEVATE Magazine - July 2021

Realtor® Attorney Joint Committee

Government Affairs

Young Professionals Network

Global Business Council