ELEVATE Magazine - RASM - May 2020 Issue by REALTOR® Association of Sarasota and Manatee

May 2020

Political Affairs in the Era of COVID-19 6

COVID-19 Affects Vacation Rentals 12

The Impact of COVID-19 on Existing and Future Contracts 14

RealtorÂ® Association Advocacy Efforts Amidst COVID-19 16

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Manasota Key

Contents MAY 2020

COVER STORY

Property Management Council

Realtor® Attorney Joint Committee

16 17 22

Government Affairs

COVID-19: Vacation Rentals

Life as we have known it has been on hold as we are at war with the coronavirus. Overnight, the trajectory of the entire rental and property management industry has changed with no facet being excluded. 4 | ELEVATE [ MAY 2020 ]

COVID-19 Impact on Contracts The RAJC is working expeditiously to create educational opportunities aimed at helping RASM members navigate the COVID-19 pandemic. Now more than ever it is important for Realtors® and attorneys to work together.

Commercial Real Estate Alliance

Global Business Council

Young Professionals Network

Neighborhood Spotlight

30 33

Calendar of Events

POLITICAL AFFAIRS IN THE ERA OF COVID-19

The infamous coronavirus (COVID-19) has hit the “pause button” on life as we used to know it. During the course of just a few weeks, Americans have had no choice but to shift our attention from the activities we love, and even our careers, to dealing with the impact of this virus on our lives and our families. “Social distancing” requirements have changed how we conduct business. We can’t travel, or meet in large groups, or hold an open house.

Market Analysis

Professional Development Membership News

COVID-19 Advocacy

As states throughout America go into quarantine, your Realtor® associations at each level of government are making sure you can continue making the dream of home and property ownership a reality for your clients.

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 White Magazine Editor: Beth Sunday Production: Coastal Printing, Inc.

2020 ASSOCIATION OFFICERS: President: David Clapp, RE/MAX Alliance Group President-Elect: Adam Chicoine, RE/MAX Alliance Group Treasurer: Georgina Clamage, Michael Saunders & Company Secretary: Alex Krumm, NextHome Excellence Immediate Past President: Amy Worth, RE/MAX Platinum Realty 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. 2020 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.

Still Here? By: Jeff Arakelian, RASM CEO

o one could have anticipated that we would be experiencing a global pandemic, and what that would mean for our economy, the real estate business, and our lives. As COVID-19 began to impact us, we reacted to the news and made the difficult decisions to limit operations and cancel or reschedule events and classes to keep members and staff safe. As we had the opportunity to become accustomed to our new normal, we began returning our Association to functioning, but in a new way. Although we have limited office hours from 9:00 a.m. to noon, Monday, Wednesday and Friday, we can still handle your lockbox service needs, and provide our store products. New Members can still apply for membership, and many can do so online through our website. All staff members are working remotely to handle member questions and concerns from 9:00 a.m. to 5:00 p.m., Monday through Friday. We have restarted our committees by meeting remotely using Google Meet for secure online meetings. Our committees are working diligently with staff to reprogram and reschedule events and classes. Our Government Affairs arm successfully ensured that real estate was designated an essential business. At all three levels, your Association has been at the forefront to include real estate and independent contractors in the programs under the CARES Act for payroll protection, unemployment compensation, SBA loans, and Economic Disaster and Injury loans. While our Government Affairs staff continue to monitor local, state, and federal actions, they are also providing invaluable information and interpretation of the CARES Act and government actions to inform you and protect your interests. Our communications staff has been on the frontlines of bringing you the essential news and information on the daily developments at the local, state and national levels. We will continue to monitor and deliver the latest information you need to navigate these unchartered waters. Our Professional Development department has been working to transition our educational programming to an online format. Webinars have been scheduled, and we are partnering with the Pinellas REALTOR® Organization to provide virtual NAR designation and certification courses at the royalty fee only for students. On behalf of our Officers, Directors, and staff, I sincerely hope that you will stay healthy and safe. RASM is here for you! • myRASM.com | 5

COVER STORY

Political Affairs in the Era of COVID-19

he infamous coronavirus (COVID-19) has hit the “pause button” on life as we used to know it. During the course of just a few weeks, Americans have had no choice but to shift our attention from the activities we love, and even our careers, to dealing with the impact of this virus on our lives and our families. “Social distancing” requirements have changed how we conduct business. We can’t travel, or meet in large groups, or hold an open house. But we are not down and out – not by a long shot. We are adapting and growing and pushing forward so we can be stronger on the other side. And now with the political season gearing up, we need to remain savvy and informed. We need to stay aware of key political issues that affect the real estate industry and be ready to make informed decisions for when we can finally hit the “play button” on regular life again.

WHAT IS THE REALTOR® PARTY? The Realtor® Party is the political watch dog of the real estate industry. It is a smart, informed group that works to support healthy legislation and investigates all the issues that could negatively affect our industry. It is a powerful alliance of likeminded Realtors® and REALTOR® Associations working to advance public policies and candidates that build strong communities, protect property interests, and promote a vibrant business environment. The Realtor® Party is bipartisan, working to protect and promote homeownership and focused on the issues that matter to existing and future homeowners and the real estate industry. Working together as a collective voice, the Realtor® Party along with the RASM Political 6 | ELEVATE [ MAY 2020 ]

Action Committee and Florida REALTORS® has promoted the election of pro-Realtor® candidates. The purpose is to elect candidates who understand and support our interests. The money to accomplish this comes from voluntary contributions made by members. These are not member dues; this is money given freely in recognition of how important campaign fundraising is to the political process. The RPAC funds doesn’t buy votes. RPAC enables Realtors® and Business Partners alike to support candidates that support the issues that are important to their profession and livelihood. “We lobby for legislation that is beneficial to the real estate community always with an eye towards preserving private property rights, but we often don’t know what those issues are until they are presented in legislative language,” said Max Brandow, RASM’s Government Affairs Director. “The Realtor® Party has to be very nimble, staying vigil and ready to act, because during regular circumstances, a law can be ready at any given time. Not every law is created equally. Sometimes the issues sound good at face value, but the law or ordinance can contain a trojan horse that will hurt the real estate industry and in turn, our livelihood. People want to move into an area that has good quality of life, and that’s what the Realtor® Party fights for.”

PROMOTING REALTOR®-FRIENDLY CANDIDATES The RASM Political Action Committee (PAC) is currently researching and monitoring all the candidates that have filed to run for local office. RASM

has an extensive process for screening and endorsing Realtor®-friendly candidates and we are still working hard to find the candidates that have the best platforms to support our goals. The Political Action Advisory Committee committee consists of sixteen members and a chair, with half of the members representing Sarasota and the other half Manatee, and with both residential and commercial Realtor® members on the committee. “Typically leading up to the election season we would be attending political forums in order to see if these candidates support Realtor® issues like private property rights, supporting smart growth, environmental health, quality of life, and a friendly commercial environment,” said Brandow. “Now, we are continuing this work remotely. We’re gathering all the pertinent information and providing it to our Realtor® Political Screening Committee so they can have as many data points as possible when they ultimately screen and endorse.” “During RASM’s screening process, we ask every candidate that is running to come screen with us, and they each receive the same set of questions, which mostly pertain to real estate and property rights. “We also ask general campaign questions, and try to gauge how serious they are, how organized they are and what their agenda looks like. This gives us a great idea for how viable a candidate will become.” “It’s important to mention,” added Brandow, “that there is no ‘rubber stamping’ when it comes to endorsing a candidate. We don’t automatically pick all republicans vs. democrats or vice versa. We focus solely on real estate. We don’t care if a candidate is republican, democrat or independent. If they are the best candidate, then that it is who we endorse and recommend.”

STAYING ESSENTIAL Especially in today’s world, we need to applaud our achievements. At the time of this article, the sale and purchase of real estate has been deemed an essential service. Our industry has been protected for a handful of reasons: real estate sales are more than just a “roof over your head,” they are a way to boost our slowing economy and the best bet for avoiding a possible recession. We have our state, national, and local association, along with our Realtor® leaders to thank. Housing sales and our economy go hand-in-hand. According to Florida REALTORS®, it’s not just because of the money that changes hands in a home sale, it’s also the ripple effect as the money generated works its way through the economy. According to an analysis in 2018 by NAR, every Florida home sale has a total estimated impact of $77,858 on the economy. Of that amount, $21,483 goes to the real estate industry, $39,783 to newhome construction and $4,243 to home purchase expenditures. In addition, that money generates an additional $12,348 as it gets re-spent throughout the economy. 1

FLORIDA REALTORS® AND RASM LEGISLATIVE VICTORIES Florida REALTORS® helped shape legislation to benefit the real estate industry. Some of the these legislative achievements include:

Prevented Onerous Signage Requirements in

Manatee County. RASM exempted REALTORS® out of a Manatee County sign ordinance, which would have required agents to pay sign fees, buy smaller signs, and pay fines if signs were up longer than 3 months. Full Funding of the Housing Trust Funds ($370 million). For the first time since 2006, lawmakers appropriated all funds available in the State and Local Government Housing Trust Funds for affordable housing programs. The full appropriation of $370 million includes $225 million for SHIP, which will result in an incredible increase in down payment assistance, $115 million for SAIL and $30 million to assist Panhandle residents whose properties were devastated by Hurricane Michael. $625 Million for Environmental Projects. The Legislature continues to allocate record levels of funding for projects that help address Florida’s environmental issues. This year’s funding of more than $625 million includes money for Everglades restoration, springs protection, red tide research and a monumental amount of funding for wastewater facility treatment upgrades. Increased Flexibility for Affordable Housing Projects. The Legislature approved a measure that gives local governments increased flexibility regarding where they can build affordable housing developments. Extending Property Tax Benefits. The Legislature passed a joint resolution for the November 2020 ballot that extends the portability of a homestead property tax benefit from two years to three years. [ Continued on page 8 ] myRASM.com | 7

COVER STORY CONTINUED The Legislature also passed several additional bills of interest to Realtors®. They include items such as fines for excessive wastewater dumping, additional remedies for nuisance properties, increased condo insurance coverage and protecting private property rights as communities manage their growth. Additionally, many bills of interest made it far into the legislative process and are expected to be revisited again next session. These bills include short-term rental regulation, further cuts to the Business Rent Tax, transfer fees charged by community associations, swimming pool safety and more.2 For a complete list, visit www.floridarealtors.org/legislative-session/2020legislative-final-report.

STAYING CONNECTED AND INVOLVED RASM is dedicated to advocating on local issues and engaging within the business community. But getting involved today is a bit different. Staying educated on current issues is most important. County sites are a great resource for local candidates, rallies, political committees, amendments, election calendars, poll information and more. Florida REALTORS® monitors and actively advocates for favorable legislation to the real estate industry. Members can rely upon our state Association to keep us abreast of hot topics and issues which may dramatically affect earning potential. When normalcy resumes, consider joining one of RASM’s political committees. It’s a great way to make your voice heard and to stay informed on key issues. The more informed we are with city and county happenings and current events, the more we can bring to the table. “Make sure you stay up-to-date with the Federal and State developments issued by the National Association of REALTORS® and Florida REALTORS®,” said Brandow. “Our state and national associations are staying on-top of key legislation and coronavirus updates that affect the way we do business. The best way to stay involved is by paying attention to what is happening locally and in your day to day business.

Many of the issues NAR and Florida REALTORS® advocate for were issues that members proposed. Now is not the time to become complacent. Now is the time to become an informed advocate for issues that protect the profession and our industry.”

VOTER REGISTRATION AND VOTE-BY-MAIL Being an advocate for the issues requires you to be ready to vote. Make certain that you are correctly registered to vote and that you know where your polling place is located. A lot can take place during the course of six months, and we certainly hope our nation will be back to a new normal by the time the primary and general presidential elections comes around. However, it’s not a bad idea to become familiar with the vote-by-mail process. Vote-by-mail refers to casting your vote on a ballot received by mail instead of going to the polls to vote. This option is available during early voting period up to Election Day. Unless otherwise specified, a request to receive a vote-by-mail ballot covers all elections through the end of the calendar year for the second ensuing regularly scheduled general election.3 Visit https:// dos.myflorida.com/elections/for-voters/voting/vote-bymail/ to request your vote-by-mail ballot or to find your county supervisors election website. “The coronavirus has certainly changed life for the time being,” said Brandow, “but we can’t allow it or anything else to interrupt our civic duty. Realtor® groups have one of the highest voting averages, and we need to keep that going. Make certain you are registered, and that you know the issues. The elections will still take place. The process may look different, but it will still take place. It’s imperative that we don’t become complacent during our down time. Know the facts, stay educated, and do your research so that we have the right Realtor®-friendly elected officials in place.” We are living in continually changing, historic times. What we do now will either be deemed right or wrong in time. But by doing our part to stay informed, educated and civically engaged will only help us when we emerge post-coronavirus. RASM’s Realtor® Party, along with Florida REALTORS® and NAR are here to help. We are here to help you stay abreast of what’s important, so that together we can support common sense legislation, promote smart growth, advocate for private property rights, and protect the real estate industry. To learn more about the RASM Realtor® Party, including the Major Investor Program, visit www. myrasm.com/majorinvestor •

SOURCES: 1 | www.floridarealtors.org/news-media/news-articles/2020/03/note-

local-leaders-real-estate-essential-service 2 | www.floridarealtors.org/legislative-session/2020-legislative-final-

report 3 | https://dos.myflorida.com/elections/for-voters/voting/vote-by-mail/

8 | ELEVATE [ MAY 2020 ]

BUSINESS PARTNER SPOTLIGHT

Blue Heron Home Staging By: Karen Norton, Founder of Blue Heron Home Staging

s an Occupied Consultation Specialist™, Karen Norton specializes in helping homeowners prepare their homes for the market by using the items they already have in place to create spaces that photograph beautifully. Home staging is a marketing tool designed to elevate property listings. Occupied home staging is the practice of staging a home starting with what is already in place in order to produce photos to market that property to the widest audience. Karen has completed four national home staging training programs. She has been a vacation rental real

estate investor for over 20 years, and a member of the RASM 2020 Business Partner Committee. Blue Heron Home Staging specializes in prelisting consultations and photo styling in Sarasota and Manatee County. Their goal is to optimize the return on your real estate investment. Blue Heron Home Staging will ensure that your property is fresh and inviting in a competitive real estate environment. They also make recommendations based on their client’s timeframe and budget, always with the goal of producing beautiful marketing photos. Whether you are a Realtor®, a homeowner, or a real estate investor, Blue Heron Home Stagings looks forward to partnering with you so that your property can be at its absolute best. For more information, email Karen Norton karen@ blueheronhomestaging.com, or visit the company website at www.blueheronhomestaging.com. •

myRASM.com | 9

PROFESSIONAL STANDARDS

Knowing or Reckless False Statements About Competitors By: National Association of REALTORS® Interpretations of the Code of Ethics Case #15-1 (Adopted Case #23-1 November, 1992. Transferred to Article 15 November, 1994. Revised May, 2017.)

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The Hearing Panel concluded that Realtor® Z’s comparison with other real estate professionals, while slightly inaccurate, was based on usually accurate and reliable information and had been made in good faith and while technically “misleading,” had not been “knowing” or “reckless”. Realtor® Z was found not to have violated Article 15. •

ealtor® A operated a residential brokerage firm in a highly competitive market area. He frequently used information from the MLS as the basis for comparative ads and to keep close track of his listing and sales activity as well as his competition. One day, while reviewing MLS data and comparing it to a competitor’s ad, Realtor® A noticed that Realtor® Z had used a diagram to demonstrate his market share, contrasting it with those of several other firms. The ad showed that Realtor® A had listed 10% of the properties in the MLS over the past three months. Realtor® A thought this was low. His analysis of MLS data showed his market share was 11%. Realtor® A filed an ethics complaint against Realtor® Z citing Article 15 of the Code of Ethics in that Realtor® Z’s “obviously understated market share claim” was a “misleading statement about other real estate professionals.” Realtor® A’s complaint was considered by the Grievance Committee which determined that an ethics hearing should be held. At the hearing, Realtor® Z testified he had always been truthful in his advertising and that all claims were based in fact. He produced an affidavit from the MLS administrator which indicated that a programming error had resulted in miscalculations and, after careful recomputation, Realtor® A’s market share over the past three months had been 10.9%. The administrator’s statement noted that this was the first time that information related to Realtor® A’s listings or sales had been misstated on the system. “I relied on information from the MLS. It’s always been accurate and I had no reason to even suspect it was wrong last month,” said Realtor® Z in his defense. The Hearing Panel agreed with Realtor® Z’s logic, noting that a Realtor® should be able to rely on generally accurate information from reliable sources. They reasoned that if, on the other hand, the MLS had shown Realtor® A having, for example, 1% of the market, then Realtor® Z’s reliance on the information would have been “reckless” because Realtor® A had generally had a 10–15% market share and a reasonable conclusion would have been that the information from the MLS was seriously flawed.

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RASM NEWS YOU CAN USECOUNCIL PROPERTY MANAGEMENT

COVID-19 Affects Vacation Rentals By: Liz Berry, Associate Advisor, SVN | Commercial Advisory Group

ife as we have known it has been on hold as we are at war with the coronavirus and it may never return to what we considered normal. Overnight, the trajectory of the entire rental and property management industry has changed with no facet being excluded. This is affecting all segments of short-term rentals, long-term rentals, vacation rentals, residential and commercial properties. The focus of property management and rentals has shifted from being extremely robust to survival mode like so many other industries worldwide. Globally, hospitality and tourism are experiencing almost total shutdown due to this fight against COVID-19. No one is immune from it and locally we are feeling the impact.

extensions, forgiveness or forbearance. Commercial buildings are being locked up and left vacant. Shortterm and vacation rentals are closed up and empty. Local rental agencies, Airbnb and VRBO are relaxing their cancellation policies due to the travel restrictions imposed locally to enable refunds or rebooking new dates at no charge. Guests are seeking refunds but many are rebooking and are continuing to make new future bookings for travel. Renters will still always need a place to stay or call home, residential long-term rental units and commercial properties are continuing to be shown and booked even though some tenants are currently struggling to pay their existing rent. Vacant commercial buildings and residential units still need property management even while they are unoccupied. The world may be on pause but demands still exist for the rental and property management segment of real estate.

VACATION RENTALS

VIRTUAL TECHNOLOGY IN REAL ESTATE

At the time of writing this, vacation rentals are frozen with no new bookings allowed until at least the middle of April, possibly longer. Pay cuts and layoffs are rampant due to almost an instant wipeout of the entire tourism industry. Monthly residential rental payments are not being made and many are seeking

12 | ELEVATE [ MAY 2020 ]

Real estate has been deemed an essential service and the show must go on; the anticipated adoption of new technology predicted to take place over the next ten years is happening right now at lightning speed. This new digital world has been instantly embraced by so many who otherwise would have been the last to adopt it. Virtual showings have become commonplace and online communications such as video conferencing has suddenly become the norm. If nothing else, the coronavirus will become known as the catalyst for acceptance of the new digitally connected online world that lies ahead while we wait for the bounce back of the American economy. Property management and rentals will persevere; enterprises will become accustomed to this new lifestyle; and all will adapt to the new digital changes taking place. Business as usual will be different than before but will come back stronger. New growth and new opportunity is there. Now is the time to adopt technological advances and tailor your business to operate in the new modern world that will emerge from this. â&#x20AC;˘

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REALTOR® ATTORNEY JOINT COMMITTEE

The Impact of COVID-19 on Existing and Future Contracts By: Erin Hope Christy, Attorney at Law, Shumaker, Loop & Kendrick

he Realtor® Attorney Joint Committee is working expeditiously to create educational opportunities aimed at helping RASM members navigate the COVID-19 pandemic. Now more than ever it is important for Realtors® and attorneys to work together to protect the interests of buyers and sellers, provide exemplary service, and live up to the professional standards our industry demands of us. Buyers and sellers are understandably nervous about what the future holds, but with careful consideration and thoughtful planning, we can guide them through the process and keep more deals on tract for a successful closing. In this article we shed some light on the general issues and approaches we have experienced up to this point as a result of COVID-19, and outline considerations you may need to take into account for current and future deals.

association.” This affords a buyer additional protections not otherwise contemplated in the contract. Listing agents should make sure a seller understands the terms added to the contract by virtue of executing this addendum and seek advice from legal counsel if a more specific contract amendment is needed for their circumstances.

DEALS ALREADY UNDER CONTRACT

FORCE MAJEURE

CORONAVIRUS (COVID-19) EXTENSION ADDENDUM TO CONTRACT

The Force Majeure clause is certainly getting its 15 seconds of fame these days! Many buyers and sellers are looking to the Force Majeure clause to determine its applicability to the COVID-19 pandemic and whether the pandemic is a Force Majeure event. It’s a multi-faceted provision, so let’s break this down. First, events qualifying as a Force Majeure under the “AS IS” contract are defined as an act of God, unusual transportation delays, wars or acts of terrorism. Epidemics and pandemics are not specifically included in this definition and, as a result, we are seeing many different interpretations being applied in an attempt to make a square peg fit into a round hole. The real answer is we don’t know if COVID-19 rises to the definition of a Force Majeure event and it will ultimately be decided by the courts once cases are brought forth. Even if COVID-19 was an event contemplated by the Force Majeure clause, that alone is not enough to trigger an extension under the contract. The event must cause the delivery of essential closing services to be disrupted, delayed, or prevented such that a party is unable to overcome it by use of reasonable diligent effort. With many closing services being

Florida REALTORS® responded quickly to the changing market and issued the Coronavirus (COVID-19) Extension Addendum to Contract. Unlike the FAR/BAR contracts, this addendum was not developed by the Florida Realtor®-Attorney Joint Committee; rather, it was a response to the immediate needs of Realtors® to provide extensions to keep their deals together. The form serves to put many, but not all, contractual timelines in one place, making it easier for Realtors® to respond to their customer’s request to extend an inspection deadline or closing date. However, the form also amends the financing contingency by allowing a buyer to cancel the contract and receive a refund of their deposit if their loan approval terms or conditions expire or if the lender refuses to fund the loan due to “COVID Restrictions.” COVID Restrictions are defined as “travel restrictions, self-imposed and/or governmental required isolations, potential closures of offices and institutions required to fund, close and record real estate transactions, and actions or inactions of a homeowners’ or condominium 14 | ELEVATE [ MAY 2020 ]

[ Continued on page 15 ]

deemed “essential” by Florida executive orders and accommodations being made daily to assist with electronic and other alternative closings, an extension under the Force Majeure clause may never be triggered. As you can see, this is a nuanced issue that may continue to develop as responses to COVID-19 evolve from the government and businesses engaged in closing services. If the Force Majeure clause is being asserted by a party to delay or cancel a closing, advise your customer to seek counsel to provide guidance and assistance. OTHER LEGAL DEFENSES FOR CANCELLATION

One legal doctrine we’ve seen discussed in response to a party’s inability to perform under the contract is “impossibility of performance.” This is a legal defense used by a party being sued for failing to perform under a contract. Impossibility of performance is most often used when it is objectively impossible for a party to perform under a contract. An example may be that, due to an issued emergency or executive order, closing services are unavailable and it is therefore impossible for certain required closing documents to be properly executed and delivered. In this example, it may be considered objectively impossible for title to be transferred and give rise to an “impossibility of performance” argument. This defense is only available if the knowledge of the facts making performance impossible was unavailable from the time the contracted was executed. Specific facts, including a party’s ability to avoid the impossibility, determine the outcome in each case. Keep in mind, courts grant this type of defense sparingly due to strong public policy in favor of enforcing contracts. CANCELLATION AND THE DEPOSIT

It is likely you have been asked by a buyer if they can cancel a contract due solely to COVID-19 concerns. If a buyer is beyond their inspection period in the “AS IS” contract, the simple answer is probably no. However, based on the caveats and considerations discussed above, a buyer may try to make a claim on the initial deposit at the same time the seller is trying to make a claim on the deposit due to the buyer’s default. Skipping the legalities of who is entitled to the deposit, a disputed deposit under the contract triggers the Dispute Resolution process outlined in Paragraph 16 of the “AS IS” contract. Ultimately, the Escrow Agent will not release the disputed funds to either party and the parties have 10 days to resolve the dispute. If the dispute is not resolved, the matter must be submitted to a certified mediator. If after mediation the dispute is still not resolved, the Escrow Agent may have to file an action referred to as an “interpleader” where the funds are deposited to the court system and a judge makes the final decision. Attorneys’ fees and court fees to see the process through interpleader can sometimes be higher than the deposit itself. If at all possible, try to resolve the deposit dispute before raising it to the

level of mediation and interpleader. Put the agreed upon terms in writing and have both parties sign the agreement. Of course, if the terms cannot be agreed upon, you can rely on the terms in the contract to resolve the issue and determine who will receive the deposit.

NEW DEALS IN THE TIME OF CORONAVIRUS Any new contract entered into should be drafted to account for the COVID-19 pandemic. The COVID-19 Addendum alone only takes into account challenges in securing financing due to specific matters related to COVID-19. For a greater level of protection, the parties should consider amending the definition of Force Majeure to include the COVID-19 pandemic and define exactly what delays may result from the Force Majeure, for example, delays due a party’s quarantine, hospitalization, or restriction on travel. By clearly outlining the potential delay, it allows the parties to pinpoint the start date from which to calculate the contract extension. There may be other items specific to your transaction you want outlined in the contract be sure to negotiate those terms between the parties in advance and include them in writing as part of the contract.

REALTOR® ATTORNEY JOINT COMMITTEE IS HERE TO HELP The effects of COVID-19 on real estate transactions are evolving daily as the industry faces new challenges and finds new solutions. We encourage you to reach out to trusted advisors with questions and seek legal counsel as you negotiate deals. RASM’s Realtor® Attorney Joint Committee is committed to providing educational opportunities to RASM members in a timely manner and we ask that you keep an eye on the calendar to take advantage of upcoming events. • Erin Hope Christy is a real estate attorney with law office of Shumaker, Loop & Kendrick. She represents clients in a wide range of transactional real estate matters and, as a native of Sarasota, enjoys helping families make Sarasota their home through the purchase of their first home, their vacation home, or their forever home. Erin serves as vice-chair of the Realtor® Attorney Joint Committee and is an executive council member of the Real Property, Probate, and Trust Law Section of the Florida Bar.

This article is meant as a guide for educational purposes only. It is not intended to serve as legal advise and should not be used as a substitute for consultation with an attorney.

myRASM.com | 15

GOVERNMENT AFFAIRS

Realtor® Association Advocacy Efforts Amidst COVID-19 By: Max Brandow, RASM Government Affairs Director

s states throughout America go into quarantine, your Realtor® associations at each level of government are making sure you can continue making the dream of home and property ownership a reality for your clients.

ADVOCACY DURING THE PANDEMIC: WHAT YOU NEED TO KNOW At the time of this writing, residential and commercial real estate services have been deemed essential in Florida. Florida REALTORS® made sure that our industry was able to stay working during these uncertain times. This is a credit to all our members throughout the years who have advocated and educated our state lawmakers on how important the real estate industry is to the larger economy. To find out the latest Florida COVID-19 news, head over to floridarealtors.org/coronavirus. In the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), independent contractors were included in not only unemployment assistance but also SBA loans like the Paycheck Protection Program.

16 | ELEVATE [ MAY 2020 ]

NAR RESOURCES

NAR has a multitude of resources for you to check out and to research the different tools and assistance programs that may be available to you. Head over to nar.realtor/coronavirus to see everything that is in the bill that may pertain to you. The CARES Act also has programs and assistance that may be helpful for your clients. Get familiar with these programs so you can be an even greater resource of information for your clients.

RASM UPDATE

RASM is still preparing for the election season. While COVID-19 has posed some unique challenges to screening and endorsing political candidates, we are still focused on making sure Realtor® champions get elected to public office. Your colleagues on the Political Action Advisory Committee are committed to making sure they do their due diligence. Due to the uncertainty of gathering in large groups, this year’s annual RPAC Casino Night has been postponed for the time being. The RPAC Committee is currently researching a way RASM can resume fund raising when the time is right, while supporting our locally owned businesses who have been hit hardest by the statewide business shutdowns. An RPAC auction consisting of only locally owned business items, services, gift cards, etc. is one of the ideas the Committee is workshopping. If you know a locally owned business that we could support through an auction like this, let us know! Email suggestions to max@myrasm.com. •

MARKET ANALYSIS

Residential Sales Rise While Market Slowdown Begins in March By: Gina White, RASM Communications and Marketing Director

he March housing market transitioned from a soaring spring season to a slowdown in activity when COVID-19 concerns began to rise midmonth. Most pending sales from the previous month became closed sales in March with an 8.3 percent rise in closed sales for both markets in Sarasota and Manatee. Fewer properties were added to the market in March, which was expected during the coronavirus pandemic. “March started strong with a lot of activity, as indicated by the rise in closed sales and dollar volume across the two counties,” said David Clapp, 2020 President of the Realtor® Association of Sarasota and Manatee. “Sales prices continue to go up across all markets, and most closings have stayed on schedule.” Closed sales in Sarasota and Manatee totaled 2,249 in March 2020, a 31.5 percent increase from the previous month, February of 2020. Year-over-year, Sarasota condo sales increased by 15.5 percent to 454 sales and singlefamily sales increased by 7.2 percent to 834 sales in Sarasota County. Manatee condo sales increased by 9.8 percent to 303 sales and single-family homes increased by 4.6 percent to 658 sales. Median prices continue to rise across the twocounty area. Single-family home prices increased by 2.4 percent to $319,500 in Manatee and increased by 10.5 percent to $315,000 in Sarasota. Condo prices increased by 5.7 percent to $215,000 in Manatee and increased by 7.5 percent to $245,000 in Sarasota. “The market has slowed in response to COVID-19 but has by no means come to a halt,” added Clapp. “New pending sales have decreased year-over-year, but they have not declined enough to cause concern. Since midMarch, new listings have decreased on a weekly basis, adding to the already low inventory we had prior to the coronavirus pandemic. And while these numbers are down, we fully expect this to change with more new listings coming onto the market as we come out of this pandemic.” For the condo market, new listings decreased by 5.2 percent in Manatee and by 1 percent in Sarasota. Singlefamily new listings decreased by 3.3 percent in Manatee and decreased by 11.4 percent in Sarasota.

As expected, pending sales experienced a decrease in both markets in both counties. Combined for Sarasota and Manatee, single-family pending sales decreased by 32.9 percent and condo pending sales decreased by 39.5 percent. Year-over-year, the combined inventory in both markets decreased by 16.8 percent. Single-family home inventory decreased by 14.1 percent in Manatee and by 22 percent in Sarasota. Condo inventory in Manatee decreased by 3.8 percent, while Sarasota decreased by 17.9 percent. The month’s supply of inventory also declined in response to shrinking inventory and a rise in sales this month. Sarasota condo inventory declined by 28.1 percent to a 4.6-months’ supply and Manatee condos decreased by 8.3 percent to a 4.4-months’ supply. Sarasota single-family homes decreased by 30.2 percent to a 3.7-months’ supply and Manatee fell by 19 percent to 3.4-months. “Buyers are still buying, and sellers are still selling. I want to encourage all customers who are actively transacting real estate to work with their Realtor® to conduct safe business practices by following all CDC guidelines,” said Clapp. “Today, Realtors® are using technology to conduct virtual showings. Most buyers are only visiting properties in-person to finalize their purchase decision and closings can be conducted remotely or with very minimal contact.” 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 - March 2020 Single Family Homes Sarasota County March 2020

March 2019

Percent Change Year-over-Year

834

778

7.2%

317

302

5.0%

Median Sale Price

$315,000

$285,000

10.5%

Average Sale Price

$414,374

$395,321

4.8%

$345.6 Million

$307.6 Million

12.4%

96.2%

95.4%

0.8%

Median Time to Contract

38 Days

51 Days

-25.5%

Median Time to Sale

81 Days

94 Days

-13.8%

New Pending Sales

626

927

-32.5%

New Listings

915

1,033

-11.4%

Pending Inventory

974

1,210

-19.5%

Inventory (Active Listings)

2,741

3,515

-22.0%

Months Supply of Inventory

3.7

5.3

-30.2%

Closed Sales Paid in Cash

Dollar Volume Med. Pct. of Orig. List Price Received

1,200

2016

2017

2018

2019

Closed Sales

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

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

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

2016

2017

2018

2019

18 |byELEVATE [ MAYwith 2020 Produced Florida REALTORSÂŽ 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, April 21, 2020. Next data release is Thursday, May 21, 2020.

Monthly Market Summary - March 2020 Single Family Homes Manatee County March 2020

March 2019

Percent Change Year-over-Year

658

629

4.6%

175

185

-5.4%

Median Sale Price

$319,500

$312,000

2.4%

Average Sale Price

$390,674

$392,616

-0.5%

$257.1 Million

$247.0 Million

4.1%

96.6%

95.6%

1.0%

Median Time to Contract

44 Days

58 Days

-24.1%

Median Time to Sale

92 Days

106 Days

-13.2%

New Pending Sales

492

739

-33.4%

New Listings

731

756

-3.3%

Pending Inventory

755

964

-21.7%

Inventory (Active Listings)

1,969

2,292

-14.1%

Months Supply of Inventory

3.4

4.2

-19.0%

Closed Sales Paid in Cash

Dollar Volume

Median Sale Price

Closed Sales

Med. Pct. of Orig. List Price Received

800 700 600 500 400 300 200 100 0 $400K $350K $300K $250K $200K $150K $100K $50K $0K

2016

2017

2018

2019

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

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

2016

2017

2018

2019

myRASM.com | 19

Produced by Florida REALTORSÂŽ 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, April 21, 2020. Next data release is Thursday, May 21, 2020.

Monthly Market Summary - March 2020 Townhouses and Condos Sarasota County March 2020

March 2019

Percent Change Year-over-Year

454

393

15.5%

263

254

3.5%

Median Sale Price

$245,000

$227,825

7.5%

Average Sale Price

$376,162

$324,695

15.9%

$170.8 Million

$127.6 Million

33.8%

95.6%

94.6%

1.1%

Median Time to Contract

48 Days

52 Days

-7.7%

Median Time to Sale

94 Days

90 Days

4.4%

New Pending Sales

270

482

-44.0%

New Listings

473

478

-1.0%

Pending Inventory

591

721

-18.0%

Inventory (Active Listings)

1,716

2,089

-17.9%

Months Supply of Inventory

4.6

6.4

-28.1%

Closed Sales Paid in Cash

Dollar Volume Med. Pct. of Orig. List Price Received

600

2016

2017

2018

2019

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

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

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

2016

20 | ELEVATE [ MAY 2020 ]

2017

2018

2019

Monthly Market Summary - March 2020 Townhouses and Condos Manatee County March 2020

March 2019

Percent Change Year-over-Year

303

276

9.8%

164

146

12.3%

Median Sale Price

$215,000

$203,450

5.7%

Average Sale Price

$251,136

$240,995

4.2%

$76.1 Million

$66.5 Million

14.4%

96.1%

95.9%

0.2%

Median Time to Contract

43 Days

38 Days

13.2%

Median Time to Sale

83 Days

74 Days

12.2%

New Pending Sales

208

308

-32.5%

New Listings

291

307

-5.2%

Pending Inventory

276

373

-26.0%

Inventory (Active Listings)

1,046

1,087

-3.8%

Months Supply of Inventory

4.4

4.8

-8.3%

Closed Sales Paid in Cash

Dollar Volume Med. Pct. of Orig. List Price Received

350

2016

2017

2018

2019

Closed Sales

300 250 200 150 100 50 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

Median Sale Price

$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

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

2016

2017

2018

2019

myRASM.com | 21

COMMERCIAL REAL ESTATE ALLIANCE

The CCIM Designation, is it For You? By: Tony Veldkamp, CCIM, SVN Commercial Advisory Group

f you look up any list of character traits of “highly successful people,” one that you will most likely always see listed is “never stop learning.” That is true in any sector of business, and especially true of the always changing commercial real estate profession. As commercial Realtors®, we have a duty to our clients to always be learning and honing our skills to provide them with the best service possible. One way to get additional education on your profession is by pursuing and earning a commercial real estate designation. Earning a commercial real estate designation means that you have not just passed the required education and exams of the State of Florida, you have not just paid your Realtor® dues and attended orientation, but that you are willing to go further and work hard to earn that “Master’s Degree” (some say “Doctorate”) in your profession to show your commitment to your clients and your industry. You are not only making yourself a better Realtor®, but you will have the pleasant side effect of building your business as well. Your choice for commercial real estate education tracts and designations include; ALC – Accredited Land Consultant, for those specializing in land transactions; SIOR – Society of Industrial and Office Realtors® for those specializing in office and industrial properties; and the CCIM designation – Certified Commercial Investment Member.

22 | ELEVATE [ MAY 2020 ]

Earning the CCIM designation shows your clients and peers that you have completed the rigorous course work required by the CCIM Institute, have completed the required minimum level of experience, and have recommendations from fellow CCIM’s in your marketplace that you adhere to and attempt to perform at a higher level of service. The CCIM education tract has four classes that focus on commercial real estate in regards to:

1 | Financial Analysis - skills needed to analyze a property as a commercial investment. 2 | Market Analysis - recognize the different investment factors of office, industrial, multifamily and retail properties. 3 | User Decision Analysis - help clients make leasing or purchasing decisions. 4 | Investment Analysis – optimize CRE investment returns and forecast investment performance. Earning the CCIM designation can give you a much greater understanding of why people invest in commercial real estate. It allows you to see opportunities in your marketplace and also help your clients make those lease, buy and sell decisions. Earning the designation can help you build your business as you stand out from other agents as a CRE professional who has achieved a higher level of education. Lastly, the various CCIM chapters that you can become a member of after earning the designation are great networking opportunities for referrals, doing deals, and continuing to learn from one another. Never stop learning. •

Reach Further™ and go beyond.

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RASM NEWS

RASM Scholarship Deadline Extended

o you have kids currently in college, or maybe one who is about to graduate high school? Every year, the Association awards scholarships to deserving students in the Sarasota and Manatee area. Members of RASM, their immediate family and members of the community who are continuing education or plan to continue education at a public or private university, college, community college or technical school are eligible to apply. Scholarships support tuition, textbooks and other course-related fees. They are awarded to applicants from the public at large and to applicants who are immediate family members of Association members or current RASM members. Scholarship awards are based solely on the merits of the selection criteria as set by the committee. The decision of the committee could reflect merit-based, need-based or even both.

APPLICATIONS ARE NOW DUE ON JUNE 1

2019 Scholarship recipients.

Scholarship Committee has extended the application deadline to June 1 (original deadline was April 3). For questions about RASM scholarships, visit www. myrasm.com/scholarships â&#x20AC;˘

With school closures and the many uncertainties during the coronavirus pandemic, the RASM

SCHOLARSHIPS 2020 SCHOLARSHIP APPLICATIONS OPEN

Weâ&#x20AC;&#x2122;re here for you and your students. Applications are now due on June 1, 2020.

24 | ELEVATE [ MAY 2020 ]

GLOBAL BUSINESS COUNCIL

In a Dynamic Globe, CIPS is Key for Greater Success By: Mousa Wakileh, Realtor®, Coldwell Banker Realty

hether you already have your Certified International Property Specialist (CIPS) designation, or you’re thinking about it, learning the best practices can empower your network and

smoothen your transactions!

WHAT IS THE CIPS DESIGNATION? The CIPS designation is for Realtors® from the United States and abroad, as well as association staff and volunteer leaders who wish to develop or grow their international real estate business. It will provide you with the knowledge, research, network, and tools to globalize your business.

globally. You need to have an understanding of the indicators that forecast potential changes that impact our “Hometown Global Market,” and better understand who are the buyers, sellers, and investors that change over time. Today’s Realtor® needs to possess a keen awareness of upcoming potential opportunities and how to prospect and market accordingly.

CIPS HIGHLIGHTS THE FOLLOWING:

CROSS-CULTURAL BUSINESS SKILLS

It starts by demonstrating and simplifying the global economy, understanding capital, influences on capital flow, and monitoring trends and indicators to better understand economic motives behind selling, buying and investing in real estate

CIPS continues to illustrate more cross-cultural business skills, understanding various cultures and how to demonstrate professionalism and better serve clients and customers. It includes great examples and general tactics on how decisions are made, and how to adapt through various negotiations processes as well as ideas and resources on important topics that are essential to conducting business successfully. Topics include financing, the importance of consulting with attorneys, and other answers to challenges that may arise. More resources and education are included in CIPS including how to network globally, using social media, and how to plan for more success. In addition, it includes information on education and resources about money concepts, tax matters, U.S. visas, value concepts, best practices, cultural influences and market dynamics about almost all regions of the world. The GBC is proud to offer CIPS training to RASM members each year. You can also get started with your CIPS at NAR’s Center for Realtor® Development. Visit myrasm.com/education to learn more. •

myRASM.com | 25

YOUNG PROFESSIONALS NETWORK

Navigating the New Norm By: Shana Desiderato, Realtor®, Broker Associate, Coldwell Banker Realty

think it’s safe to say that everyone is experiencing a whole new world and a new norm since the stay-athome order was put into place. We’re living through such a unique and fascinating time in history that has truly impacted, in one way or another, every single industry.

EVOLVING BUSINESS Navigating through this has been an exceptional experience as we all transition into this incredible new reality. Throughout this evolution, people and businesses are being challenged more than ever to stay connected and communicate virtually and provide value in a unique time of social distancing. Hopefully one day we will look back on this and appreciate what was learned and how we all grew in such an incredible time.

VIRTUAL SERVICES Providing digital services and being able to communicate effectively while social distancing is of great importance right now. The new norm requires individuals and companies to stay connected through video chats, social media, virtual events, virtual learning platforms, and so much more. Will this be the new status quo going forward? As a local Realtor®, I have been shifting my business plan to emphasize digital real estate services in order to stay connected with customers.

26 | ELEVATE [ MAY 2020 ]

As we transition and grow into a new virtual world, how are people and companies providing value to others without personal face time and direct interaction with one another? For my customers, I am able to provide a 100 percent digital service.

RAMP UP CUSTOMER SERVICE However, I recognize that especially in a digital time, the personal touch is more important now than ever. Yes, I love and understand the importance and convenience of providing digital services, but now is the time to step up my communication, direct phone calls, sharing a clear understanding of client needs, market intelligence, and discussing current and future goals with all of my customers. It’s also incredibly important to stay ahead of the curve and make sure everyone is aware of new digital procedures in place. Since I am no longer able to attend all inspections, appraisals, walk-throughs, and closings, I am making sure, now more than ever, that every possible question is being brought to the surface, and ensuring that customers are informed and comfortable throughout every stage of the sales process. This type of customer service for individuals and business is applicable across the board. All in all, we are living in and through a pivotal point in history. Navigating and evolving through this new world is an exciting and critical time for everyone. It’s almost as if we’ve hit a reset button and this is everyone’s opportunity to start fresh. Start fresh with new communication skills, new services provided, new values to bring to the table, new perspectives, new relationships – a whole new beginning. •

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RASM NEWS

Employee Anniversary

New Team Member

ASM happily recognizes the workplace anniversaries of our professional staff. Leanne Eros, Accounting Manager, celebrated her second anniversary with the Association in April. Leanne is responsible for the daily administering and reconciling of cash. She also reconciles RASM’s monthly banking accounts and investment accounts. In addition, she prepares monthly financials, recaps, charts, and distribution to the Finance Committee as well as additional reports to the CEO and Treasurer. Leanne serves as the Staff Liaison to the Finance Committee along with Liaison between the Association and all banking, investment, insurance, and 401k accounts. She also oversees the annual yearend closing, audit, and dues billing. Leanne is a dog lover, and enjoys spending time with her newest addition, Lily, a 10-month old West Highland White Terrier who loves to chase squirrels and geckos. •

ASM is happy to welcome our new team member, Denise Ricciotti, Professional Development Manager. Recently relocated from Wayne, N.J., Denise joins the Association after working four years as the Education and Event Director at The North Central Jersey Association of Realtors®. As the new RASM® Professional Development Manager, Denise will coordinate education and training to promote agent development, focusing on the topics Realtors® need to know in order to help their business thrive in an ever-changing industry. Denise has a Bachelor of Arts in Communications and Film from Iona College. She and her husband, Michael, have two daughters. She enjoys traveling, reading, relaxing on the beach and volunteering with local charities. Welcome to RASM, Denise! •

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941-556-8895 Sharonb@CoastalPrint.com

CoastalPrint.com 4391 Independence Court Sarasota, FL 34234

NEIGHBORHOOD SPOTLIGHT

The Lake Club By: Debbie Urban, Stock Development

ocated within the best-selling masterplanned community, Lakewood Ranch, The Lake Club is a Tuscan-inspired, fully gated village of luxury homes offering incomparable exclusivity, resort-style amenities, illustrious architecture, and breathtaking outdoor living spaces in distinctive enclaves. Estate homes by award-winning builders, such as Anchor Builders, Arthur Rutenberg Homes, John Cannon Homes, Lee Wetherington Homes, Stock Custom Homes, and Stock Signature Homes, reimagine classic architectural style in a contemporary light. A wide range of homes is available, starting from the $600s to more than $1.5M and offering residences with 2,400 to more than 3,900 under air square feet in select enclaves. Beyond the exceptional properties, homeowners in The Lake Club have access to an abundance of amenities at their fingertips. The regal 20,000-squarefoot Grande Clubhouse includes a full-time concierge,

impressive banquet hall, lounge, pristine yoga and steam room, multipurpose massage room, billiard and card room, and an expanded state-of-the-art fitness center. Central to the community’s exclusive enclaves, the park offers an outdoor exercise area, dog park, yoga lawn, children’s playground, fitness trail, and sports courts. Six tennis courts, four pickleball courts, and a Pro Shop are all newly opened in the state-of-the-art Tennis Center. A full-time activities director is available to create and oversee the array of culinary, wellness, enrichment, and signature events that are the hallmark of lifestyle in The Lake Club. Outside of The Lake Club, Lakewood Ranch features A-rated schools, a hospital, the Sarasota Polo Club, the 75-acre Premier Sports Campus, and the Sarasota International Cricket and Rugby Club. The Lakewood Ranch Golf and Country Club boasts three championship golf courses and tennis and athletic facilities. The Ranch also has its own Main Street with theaters, shopping, and dining. Within The Lake Club, unprecedented luxury living abounds, offering a lifestyle unlike any other. Learn more at TheLakeClubLWR.com. •

myRASM.com | 29

MAY 2020

CALENDAR OF EVENTS THURSDAY, APRIL 30 8:30 a.m.

MONDAY, MAY 11

Seniors Real Estate Specialist (Day 1) [ Webinar ]

8:30 a.m.

FRIDAY, MAY 1 8:30 a.m.

Seniors Real Estate Specialist (Day 2) [ Webinar ]

9:00 a.m.

CREA Marketplace [ Webinar ]

WEDNESDAY, MAY 20

Short Sales & Foreclosure (SFR® Certification) [ Webinar ]

8:30 a.m.

Position Your Team for Profit [ Webinar ]

9:00 a.m.

BOOST: Marketing Yourself & Open Houses [ Webinar ]

TUESDAY, MAY 12 8:30 a.m.

Accredited Buyer Representative (ABR) (Day 1) [ Webinar ]

THURSDAY, MAY 21 8:30 a.m.

WEDNESDAY, MAY 13 MONDAY, MAY 4 9:00 a.m.

Accredited Buyer Representative (ABR) (Day 2) [ Webinar ]

9:00 a.m.

BOOST: Building Your CRM [ Webinar ]

Intro to Contracts [ Webinar ]

TUESDAY, MAY 5 1:00 p.m.

8:30 a.m.

Cinco De Mayo Tech Camp [ Webinar ]

WEDNESDAY, MAY 6

9:00 a.m.

BOOST: Running Your Business as a Business [ Webinar ]

1:00 p.m.

Global, Future, Tech & Smart Homes [ Webinar ]

3:00 p.m.

Tech Tips & Tools to Thrive During (& After) the Pandemic [ Webinar ]

1:00 p.m.

If You Can’t List, You Can’t Last [ Webinar ]

2:00 p.m.

Virtual Trade Mission with Canada [ Webinar ]

CRB: Recruiting for Success [ Webinar ]

9:00 a.m.

CREA Marketplace [ Webinar ]

8:30 a.m.

9:00 a.m.

Market Strategy & Lead Generation (ABR Elective) [ Webinar ]

9:00 a.m.

BOOST: The Art of Comps [ Webinar ]

4:00 p.m.

Pitch & Drink [ Webinar ]

9:00 a.m.

Military Relocation Professional [ Webinar ]

11:30 a.m.

A Day in the Life of a Top Producer [ Webinar ]

CREA Marketplace [ Webinar ]

FRIDAY, MAY 29 MONDAY, MAY 18 8:30 a.m.

Team Leadership for Maximum Performance (C-RETS) [ Webinar ]

9:00 a.m.

New Member Orientation [ Webinar ]

9:00 a.m.

CREA Marketplace [ Webinar ]

9:00 a.m.

Are You Red Carpet Ready? A Guide to the Luxury Market [ Webinar ]

1:00 p.m.

Who are You Calling Old? Working in Today’s Senior Market [ Webinar ]

TUESDAY, MAY 19 8:30 a.m.

Real Estate Investing (ABR) [ Webinar ]

11:30 a.m. CREA Member Meeting: Top Pitfalls in CRE [ Webinar ]

30 | ELEVATE [ MAY 2020 ]

CRB: Show me the Money – Compensation Planning [ Webinar ]

THURSDAY, MAY 28 FRIDAY, MAY 15

FRIDAY, MAY 8 8:00 a.m.

8:30 a.m.

Relocation: The Next Move (ABR Elective) [ Webinar ]

10:00 a.m. YPN Virtual REBarCamp [ Webinar ]

CREA Marketplace [ Webinar ]

WEDNESDAY, MAY 27

THURSDAY, MAY 14

Run a Successful Website & SEO [ Webinar ]

THURSDAY, MAY 7

9:00 a.m.

Pitch & Drink [ Webinar ]

8:30 a.m.

9:00 a.m.

FRIDAY, MAY 22

10:00 a.m. Manage Your Transactions Easily [ Webinar ] 4:00 p.m.

CRB: Managing a MultiGenerational Business [ Webinar ]

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

UPCOMING CLASSES UPCOMING CLASSES Learn more at myrasm.com/calendar to register.

SENIORS REAL ESTATE SPECIALIST (SRES) Thurs, April 30 - Fri, May 1 8:30 a.m. – 5:00 p.m. [ Webinar ]

The two-day SRES® Designation program educates Realtors® on how to profitably and ethically serve the real estate needs of the fastest growing market in real estate, clients age 50+. By earning the SRES® designation, you gain access to valuable member benefits, useful resources, and networking opportunities across the U.S. and Canada to help you in your business. Members $30. 11 CE HRS.

TECH TIPS & TOOLS TO THRIVE DURING (& AFTER) THE PANDEMIC Wednesday, May 6

3:00 – 4:00 p.m.

[ Webinar ]

In this session, RETI CEO, tech expert Craig Grant will give you the help & tools you need to effectively work from home, stay in contact with customers, do remote showing and tours, and more! Members FREE.

IF YOU CAN’T LIST, YOU CAN’T LAST Thursday, May 7 1:00 – 4:00 p.m.

Monday, May 11 8:30 a.m. - 4:30 p.m.

CRB: RECRUITING FOR SUCCESS, CREATING A VIBRANT REAL ESTATE ORGANIZATION [ Webinar ]

This course was created to help brokers, owners, and managers understand how important recruiting is to be having a successful real estate office or company. This class is a CRB elective. Members $20. 8 CE HRS.

[ Webinar ]

The Short Sales and Foreclosure Resource (SFR®) certification is for REALTORS® who want to hone the skills that will allow them to help buyers and sellers of distressed properties. Members $15. 7 CE HRS.

ACCREDITED BUYER REPRESENTATIVE (ABR) Tues., May 12- Wed., May 13 8:30 a.m. – 5:00 p.m. [ Webinar ]

The goal of the 2-day ABR® Designation Course is to establish a foundation of training, skills, and resources to help real estate professionals succeed as a buyer’s representative. Members $30. 11 CE HRS.

MANAGE YOUR TRANSACTIONS EASILY Wednesday, May 13 10:00 – 11:00 a.m.

[ Webinar ]

Work with forms and files to create and execute a successful transaction. Members FREE.

CORPORATE RELOCATION: THE NEXT MOVE (ABR ELECTIVE) Thursday, May 14 8:30 a.m. – 5:00 p.m.

[ Webinar ]

No matter how much you prepare, practice and rehearse, one thing is certain: when you first try something new, you may experience failures. This course provides practical listing techniques to list more and list more easily. By following the suggestions in this course, you will accelerate yourself to a “Listing Specialist”! Members FREE. 3 CE HRS

Friday, May 8 8:30 – 11:00 a.m.

SHORT SALES AND FORECLOSURE RESOURCE (SFR®) CERTIFICATION COURSE

[ Webinar ]

Corporation Relocation: The Next Move provides students with knowledge of the corporate relocation landscape that can be applied to help them recognize and take advantage of business opportunities, as well as, create methods for developing a relocation real estate niche, deliver positive results for all transaction stakeholders, and gain valuable referrals. Members $10.

MARKETING STRATEGY & LEAD GENERATION (ABR ELECTIVE) Friday, May 15 8:30 a.m. – 5:00 p.m.

[ Webinar ]

This elective will help you understand and demonstrate your value to today’s buyer. Acquire the skills and resources to succeed as a buyer’s agent in a dynamic real estate market and help buyers find the right property at the right terms and price in both buyer’s and seller’s markets. Members $10.

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 TEAM LEADERSHIP FOR MAXIMUM PERFORMANCE (C-RETS ELECTIVE) Monday, May 18

8:30 a.m. – 5:00 p.m.

CRB: SHOW ME THE MONEY - COMPENSATION PLANNING [ Webinar ]

Today’s team leaders must be at the top of their game to keep up with the demands of running their business. Learn the in’s and out’s of what it takes. Members $25. 7 CE HRS.

TOP PITFALLS TO AVOID AS A COMMERCIAL REALTOR® Tuesday, May 19

11:30 a.m. – 1:30 p.m.

[ Webinar ]

Don Scarlett, Attorney with Ulrich, Scarlett, Wickman & Dean, and Reid McCullough with McCullough Legal Services will share top purchasing, leasing, property management and environmental pitfalls to avoid and best practices. CREA Members FREE.

REAL ESTATE INVESTING: BUILD WEALTH REPRESENTING INVESTORS AND BECOMING ONE YOURSELF (ABR ELECTIVE) Tuesday, May 19

8:30 a.m. - 5:00 p.m.

[ Webinar ]

Build Wealth Representing Investors and Becoming One Yourself covers the fundamentals of real estate investment that practitioners need to know to expand their business services. The one-day course looks at how practitioners can adapt core real estate skills and learn new skills to serve clients who want to invest in single family homes, condos, townhomes, and small multifamily properties. Members $10

POSITION YOUR TEAM FOR PROFIT (C-RETS ELECTIVE) Wednesday, May 20 8:30 a.m. – 5:00 p.m.

[ Webinar ]

In today’s environment, profitability for many real estate teams is razor-thin. A keen appreciation of the numbers behind the numbers will give you the edge you need. Members $25. 7 CE HRS.

CRB: MANAGING A MULTI-GENERATIONAL BUSINESS Thursday, May 21 8:30 a.m. – 4:30 p.m.

[ Webinar ]

For the first time in modern history, 4 generations - Traditionalists, Baby Boomers, Generation X, and Millennials — are working side by side and presenting new challenges for managers and their employees in the workplace. This Course will help you bridge the generational gaps, building awareness that will lead to better hires, happier employees, stronger teams, and a healthier office and/or company. Members $20. 7 CE HRS.

32 | ELEVATE [ MAY 2020 ]

Wednesday, May 27

8:30 a.m. – 4:30 p.m.

[ Webinar ]

Welcome to the new CRB Course about compensation! This course covers an integral part of any successful brokerage, which is coming up with a compensation plan. Members $20. 7 CE HRS.

MILITARY RELOCATION PROFESSIONAL (MRP) Thursday, May 28

9:00 a.m. – 4:30 p.m.

[ Webinar ]

The goal of the Military Relocation Professional Certification Core Course is to educate real estate professionals about working with current and former military service members to find the housing solutions that best suit their needs – as sellers or buyers – and take full advantage of military benefits and support. Members $15. 7 CE HRS.

MLS CLASSES All 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, visit learn.stellarmls.com.

Professional Development By: Denise Ricciotti, RASM Professional Development Manager

he COVID-19 pandemic has released unprecedented change all over the world. Particularly within the real estate industry. It’s being felt on many different levels, including cancellations of events and in-person classes at RASM. This could be a good time to focus on professional development, continuing education or developing a new expertise in real estate, such as becoming certified or earning a designation. There are plenty of online courses for real estate professionals to train and use their time productively for self-improvement and education. Keep an eye on the RASM calendar for new webinars and online learning opportunities. Here are some other online learning tools to consider:

NATIONAL ASSOCIATION OF REALTORS® (NAR) NAR offers a wide selection of real estate training options for members and association executives, including classroom and online courses, training towards earning designations and certifications, and webinars. As a member, you also have access to the world’s largest real estate library.

COMMITMENT TO EXCELLENCE NAR’s Commitment to Excellence program sets the standard for what it means to be a professional in real estate. The endorsement is earned through a self-directed, online program that enables real estate professionals to assess and build on their competency in each of the core areas. Get started at www.c2ex.realtor.

INTERACT CE Interact CE is the #1 recommended license renewal product that’s both fun and proven superior learning. Refine your skills and earn CE credit while playing the part of a real-estate professional put in real life situations. Interact CE uses games to engage and educate students in an experiential learning situation.

THE CE SHOP

The CE Shop provides online solutions for all your real estate educational needs, including Pre-Licensing, Post-Licensing and Continuing Education. Courses are offered on an innovative learning platform designed for the adult learner. Browse CE Shop for a catalog of courses available.

NEW DESIGNATIONS & CERTIFICATIONS: Accredited Buyer’s Representative (ABR®) Nicholas Paape, NextHome Excellence At Home With Diversity (AHWD) Connie Farmer, Florida SunCoast Real Estate Brian Woods, Team Realty and Investment Sol Graduate, REALTOR® Institute (GRI) Jeffrey Suhr, Fine Properties Certified Residential Specialist (CRS) Fred J., Gibson, RE/MAX Platinum Realty Michael Richard Hertel, Sun Realty Elizabeth Van Riper, Michael Saunders & Co Military Relocation Professional Nicola A. Irizarry, Blend Brokerage, INC Seniors Real Estate Specialist® (SRES®) Jessica Bow, RE/MAX Platinum Realty Michael Richard Hertel, Sun Realty Tania May, EXP Realty LLC Short Sale & Foreclosure Resource Jeanne Marie Siracuse, Keller Williams-Loudoun Gateway Resort & Second Home Property Specialist Brenda L. Garland, Select Properties LLC Deanna Marie Kennedy, Michael Saunders & Co. e-PRO® Mary Jane Dunlop, Limbo Co. Sarasota Assoc. Stormy Robin Sharp, Medway Realty C2EX Patricia L Baker, RE/MAX Alliance Group Laura M. Barshaw, Better Homes and Gardens Real Estate Atchley Properties Timothy Ray Birkey, Exit King Realty Venesia Blackwin, Exit King Realty Andrea L. Capek, Exit King Realty Connie Farmer, Florida SunCoast Real Estate Sharon R. Gould, Re/Max Alliance Group Michael James Holland, Berkshire Hathaway HomeServices Florida Realty Roseli Homem, Premier Sothebys Intl Realty Christi Jo Jensen, Keller Williams Realty Vestavi Linda Gayle Keenan, Wagner Realty Mary Ellen Northrup, Premier Sothebys Intl Realty Robert D. Paul, RE/MAX Platinum Realty Eliezer Rivera, Keller Williams Classic Group Kelly J Rosenberg, Coldwell Banker Realty Rita B Smith, Coldwell Banker Realty Gary Ross Wilkinson, Veterans Realty Inc. • myRASM.com | 33

MEMBERSHIP NEWS

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

NEW DESIGNATED REALTORS®

Margaret James Beshore, SRQ Properties Charles Mark Edgerton, Edgerton Realty & Dev. Kimberly M Jatich, Quartz Coast Realty Inc. Charles D. Medalie, Tamiami Realty Dana C. Preston, DC Preston Real Estate LLC Christopher Roger Simons, Cornerstone Realty of Sarasota LLC Anna Lee Williams, Showtime Realty

NEW REALTORS®

David Andrzejewski, Preferred Prop Of Sarasota Ashley Brooke Wise, Trend Realty

MEMBERS NOW WITH

Richard Mark Adkins, Keller Williams On The Water Linda A. Asher, All Brokers Realty, Inc. Heidi Lynn Banyas, Alliance Group Limited Margaret James Beshore, SRQ Properties John Michael Bowes, Coldwell Banker Realty Amie Nicole Brewer, Preferred Shore Min Jeong Chang, Premier Plus Realty Bernardita M. Chike, Preferred Shore Daniel Kenneth Corman, EXP Realty LLC Jeffrey Davis, Fine Properties Edward G. Delosh, BeachSalesMobi LLC Aysegul Demir, Coldwell Banker Realty Jorge Diaz, Veterans Realty Inc. Robert Scott Drake, Sterling Realty Katharina C. Eckert, Coldwell Banker Realty Robert A. Elario, EXP Realty LLC Esther Eti Farber, Coldwell Banker Realty Robert Edwin Ference, Coldwell Banker Realty Paul Franzetti, Exit Realty Magic City LLC Philip Lee Frommholz, White Sands Realty Group Kimberly Glogovsky, Ascendia Real Estate Susan A. Graybill, One World Realty of Sarasota Nancy P. Guerrero, Bright Realty Lindsay Gunter, Xcellence Realty Inc. Jennifer M. Hanson, Le Grande Realty Inc. Shaune Marie Harper Kimbler, Peace River Partners Debbie A. Henninger, Fine Properties Lilli Hofer, Robert Slack LLC Linda R. Holley, PalmerHouse Properties Polina Iakovleva, Preferred Shore Wendy Ivanov Cubek, Preferred Shore Kathy Marie Jade, New Door Real Estate LLC Kimberly M. Jatich, Quartz Coast Realty Inc Hayley M. Klearman, Horizon Realty of Anna Maria 34 | ELEVATE [ MAY 2020 ]

Veronica Kressel, Medway Realty Mark Labbato, Coldwell Banker Realty Frank Malickson, McConnell and Associates Candy Mallett, Edgerton Realty & Development Davida Leanne McDonald, Coldwell Banker Realty Wendy Lynn Miller, Florida Homes Realty & Mortgage Danielle Jean Morieko, Century 21 Beggins Enterprises Michael John O’Neil, Amerivest Realty Osborn, Stephen J. Sarabay Real Estate Inc Patterson, Michele Allen - HomeSmart Quirke, Stella, Amerivest Realty Stephanie A. Rundek Bronzino, Keller Williams On The Water Lisa A. Sebastian, Michael Saunders & Company Christopher Roger Simons, Cornerstone Realty of Sarasota LLC Angela D Stilwell, Allison James Estates & Homes Jessica Swain, Preferred Shore Stephanie N. Swanson, Preferred Shore Sara Vargas, Align Right Realty LLC Charles Patrick Warren, Coldwell Banker Realty Julie Gardner Warren, Coldwell Banker Realty Erich E. Weber, Weber & Associates Steven M. Whitfield, Lock & Key Realty

NEW BUSINESS PARTNERS SUNCOAST SKYVIEW, INC. 5904 Java Plum Lane Bradenton, Florida 34203 Representative: Rick Odato Email: rick@odato.com At Suncoast Skyview Photography, we offer quality services that meet your needs. We have experienced professionals who have relevant technical knowledge. We are aware that our customers demand high-quality work, and we strive to meet those standards.

TWYN ELECTRIC, LLC 4005 65th St E Bradenton, Florida 34208 Representative: Shan Wyngarden Email: shan@twynelectric.com At Twyn Electric, our top priority is our customer’s satisfaction. We strive to deliver quality workmanship at a reasonable rate. We hear the needs of our customers and provide service that exceeds expectations.

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REALTORS FIGHT FOR EQUALITY IN THE MARKET. Is your agent a REALTOR速? Look for the R.

REALTORS速 are members of the National Association of REALTORS速

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

It’s easy to grow your business with us. 888–KB–HOMES | kbhome.com

Second & Third Closings

3.5%

Fourth + Closing

At KB Home, get 3% commission on your first closing. For your second and third closings, earn 3.5%. Four or more, 4%. When you close more, you’ll earn more.

Avaunce in Bradenton • From the high $200s • 1,286–3,016 sq. ft., 3–6 bdrms., 2–3.5 baths • No CDD fees • Gated community with planned pool and cabana • Commuter friendly; just minutes from I-75, Hwy. 70 and Hwy. 64 14222 59th Cir. E., Bradenton, FL 34211 • 813-387-9682

Broker Cooperation Welcome. ©2020 KB Home (KBH). Payment of up to 4% Broker Co-op requires Broker or agent to accompany and register buyer on first visit to community and comply with Broker Co-op Agreement. Commission offer is valid on each eligible sale of select new KB homes in the Tampa and Southwest Florida areas and on contracts for full list price only. For Broker to receive commission, buyer must sign purchase agreement between 1/1/20 and 12/31/20, and close escrow in time required under contract. Commission not transferable or exchangeable and cannot be combined with any other offers. Once client has closed escrow, Broker will receive commission by mail. Commission awarded only on non-contingent contracts. Cancelled sales are not eligible. Sales of model homes excluded. Broker must be legal U.S. resident and 18 or older, and an active, licensed real estate agent in Florida. Other exclusions, qualifications, restrictions and limitations may apply. Plans, pricing, financing, terms, availability and specifications subject to change/prior sale without notice and may vary by neighborhood, lot location and home series. Buyer responsible for all taxes, insurance and other fees. Sq. footage is approximate. HOA applies. Future development of planned amenities is subject to change and not guaranteed. Photo may display decorator items/furnishings not available for purchase and may not represent lowest-priced homes. Photo does not depict racial preference. See sales counselor for details. CGC047286 TAM-272602

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

First Closing

Looking for bigger commissions?

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

www.MyRASM.com

EXPANDED REPORTS Sarasota and Manatee Counties

MARCH 2019 Reach Further With The Market.

For more detailed reports, visit myrasm.com/statistics

Monthly Distressed Market - March 2020 Single Family Homes Sarasota County

Closed Sales

March 2020

March 2019

Percent Change Year-over-Year

807

756

6.7%

$321,250

$288,950

11.2%

4.8%

$186,063

$176,000

5.7%

400.0%

$155,000

$130,000

19.2%

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

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100% 98%

Closed Sales

96%

94% 92% 90% 88% 86% 84% 82%

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

$500K $450K

Median Sale Price

$400K $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

2016

2017

2018

2019

Produced by Florida REALTORSÂŽ 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.

Monthly Distressed Market - March 2020 Single Family Homes Manatee County

Closed Sales

March 2020

March 2019

Percent Change Year-over-Year

649

612

6.0%

$320,000

$313,000

2.2%

-30.8%

$212,000

$229,000

-7.4%

-100.0%

(No Sales)

$256,220

N/A

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

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100% 98%

Closed Sales

96% 94% 92% 90% 88% 86% 84% 82% 80%

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

$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

2016

2017

2018

2019

Produced by Florida REALTORSÂŽ 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.

Monthly Distressed Market - March 2020 Townhouses and Condos Sarasota County

Closed Sales

March 2020

March 2019

Percent Change Year-over-Year

451

390

15.6%

$245,000

$227,663

7.6%

-33.3%

$458,120

$322,000

42.3%

N/A

$220,000

(No Sales)

N/A

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

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100% 99%

Closed Sales

98% 97% 96% 95% 94% 93% 92% 91% 90%

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

$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

2016

2017

2018

2019

Produced by Florida REALTORSÂŽ 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.

Monthly Distressed Market - March 2020 Townhouses and Condos Manatee County

Closed Sales

March 2020

March 2019

Percent Change Year-over-Year

299

272

9.9%

$216,000

$205,225

5.3%

-25.0%

$130,000

$70,475

84.5%

N/A

$80,000

(No Sales)

N/A

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

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100%

98%

Closed Sales

96% 94% 92% 90%

88% 86% 84%

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

$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

2016

2017

2018

2019

PLATINUM 2020 ANNUAL SPONSORS PLATINUM

SILVER

BRONZE Peace of Mind Home Inspections Ruoff Home Mortgage Housing Finance Authority Barnes Walker Title Bert Rodgers Schools

ELEVATE Magazine - RASM - May 2020 Issue

Articles inside

The Impact of COVID-19 on Existing and Future Contracts

Realtor® Attorney Joint Committee

Government Affairs

Global Business Council

Young Professionals Network

Neighborhood Spotlight

Professional Development

Commercial Real Estate Alliance

Property Management Council