Sarasota Realtor Magazine - October 2010 by REALTOR® Association of Sarasota and Manatee

OCTOBER 2010

Page 6

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GROWING! 8

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CGC1513647 Home and community information, including pricing, included features, terms, availability and amenities are subject to change without notice or obligation. Pictures are for illustration purposes only and will vary from the homes as built. Please contact a sales representative for details. Locations are approximate and not to scale.

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Contents

Sarasota Realtor® Magazine Volume 7, Issue 10 OCTOBER 2010

Sarasota Association of Realtors®, Inc.

STOP AMENDMENT 4!

On November 2nd, Florida voters face a very important

decision regarding the future of our state’s economy and the

viability of our own real estate industry. Make the right choice!

10 Election Roundup

The Nov. 2 election is close at hand, and SAR’s Political Action Advisory Trustees have interviewed candidates and now make recommendations to our members.

12 Economic Development

The recently adopted tax exemptions to spur economic development require businesses to prove they can deliver much-needed jobs to the county.

Volume 7 • Issue 10 •OCTOBER 2010

2010 Officers President Erick Shumway RE/MAX Alliance Group President-Elect Michael Bruno Prudential Palms Realty Secretary Roger Piro Town & Country Realty Treasurer Laura Benson Michael Saunders & Company Immediate Past President William Geller RE/MAX Platinum Realty Chief Executive Officer Kathy Roberts Mission Statement The mission of the Sarasota Association of Realtors® is to advance members’ professionalism through delivery of education and resources while upholding the Realtors® Code of Ethics.

The August 2010 sales numbers have rtebounded to a healthy level,

We are committed to be the leading advocate of real estate in the communities we serve by protecting private property rights and expanding relationships with individuals and organizations both locally and worldwide.

following a July lull from the five-year sales peak in June 2010.

Sarasota Realtor® is published monthly by the Sarasota Association of Realtors® Inc.

15 Market Rebounds

3590 South Tuttle Avenue Sarasota, Florida 34239 Phone: 941/923-2315 FAX: 941/923-0191 www.sarasotarealtors.com

Editorial Staff

20 Tech Expo Coming

Get the details on a major Tech Expo coming to Sarasota on Nov. 12th, featuring world-class technology experts.

Production Coastal Printing, Inc.

12- Property Appraiser 15- Sales and Listing Statistics

Sarasota Realtor® Advertising: For information on advertising rates and deadlines, contact Ray Porter at 941/328-1168 or ray@sarasotarealtors.com.

18- Commercial Investment Division

27- Broker Corner

Visit SAR on Facebook at www.facebook.com/SarasotaRealtors See a few of the photos this month on Page 24!

28- WCR News 30- Membership News

Subscriptions: The annual dues of every member of the Sarasota Association of Realtors®, Inc., includes a one-year subscription to Sarasota Realtor® magazine. A yearly subscription for Sarasota Realtor® magazine is available to non-members for $25, plus Florida sales tax. 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 Sarasota Association of Realtors®, Inc. All submitted copy is subject to editing. 2010 Copyright© by the Sarasota Association of Realtors®, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.

32- Calendar of Events/Education

OCTOBER 2010

Director of MLS Information Systems Jesse Sunday

Governmental Affairs Director Marc Mansfield

10- Governmental Affairs

24- Photos: On the SAR Scene

Director of Member Services Dan Andrews

Director of Professional Development Catherine McCaskill

In every issue

20- Education Programs

Director of Communications Ray Porter

Sarasota Realtor® Magazine

www.sarasotarealtors.com

New SAR officers, board elected for 2011 The 2011 SAR Officers and Board of Directors were elected at the SAR Annual Meeting on Sept. 17th. 2011 officers will be: SAR President - Michael Bruno, Prudential Palms Realty; SAR President-Elect - Laura Benson, Michael Saunders & Company; SAR Treasurer - Roger Piro, Town and Country; SAR Secretary - Dave Swenson, EXIT Creative Realty; SAR Immediate PastPresident - Erick Shumway, RE/MAX Alliance. New threeyear directors will be: Peter Crowley, RE/MAX Alliance Group; Carla Rayman, Prudential Palms Realty; Drayton Saunders, Michael Saunders & Company; Mary Smedley,

Prudential Palms Realty; and Stafford Starcher, RE/MAX Alliance Group. New board members will join directors whose terms continue in 2011: Matt Cannon, Michael Saunders & Company; Paula Cashi, Prudential Palms; Adam Chicoine, Michael Saunders & Company; David Clapp, RE/MAX Alliance; Bryan Guentner, RE/MAX Platinum; Anthony Homer, Lakewood Ranch Commercial Realty; Ken Hoskinson, Jr., Hembree & Associates; Tim Mapp, Mapp Realty; Christina Pitchford, Allen Real Estate; and Mike Rosario, RoseBay Realty.

Charles Lowe: SAR Affiliate of the Month for October Charles Lowe is the SAR Affiliate of the Month for October 2010. Charles, who graduated from Keiser University with an Associate of Science in Computer Network Administration, began his employment with Accutech Restoration & Remodeling, Inc. in 2009. He currently serves as the Business Development Manager. His responsibilities include prospecting for new clients, introducing all marketing programs and brand marketing. He also develops strategies that will bring better value and service to the client base. Charles currently serves on the Public Relations and Marketing Committee and the Registration Committee for the Community Association Institute. A past member of Big Brothers and Big Sisters, he currently belongs to the Lakewood Ranch Business Alliance and has served with the Executive Network of Sarasota. Charles has also coached youth soccer for over 10 years. He has a wife, Laura, and two sons, Christopher (12) and James (6). Charles can be reached at: 941-378-0700, or email: clowe@accutechrestoration.com

Charles Lowe

Title-ist.

Representing Your Interests, From Concept To Close. When it comes to representing your interests in a real estate transaction, look to attorney Steven R. Greenberg. Steve is a Florida Bar Certified Real Estate Specialist with more than 25 years experience and handles hundreds of closings each year. Call us! A Firm Commitment To You.

Steven R. Greenberg

Board Certified Real Estate Attorney

2033 Main Street, Suite 500 Sarasota, FL 34237 Call: 941.365.6216

For Immediate Service: Linda Witt, Director of Marketing Call 941-586-4412

e-mail: REinfo@icardmerrill.com

Cover Story 6

Stop Amendment 4!

Amendment 4 supporters’ spin simply doesn’t match the facts

The Amendment 4 spin machine has been working a coastal management element; an intergovernmental overtime to manufacture as many half-truths and coordination element; a transportation element; an outright lies as possible before voters cast their ballots on airport master plan; a public buildings and related this measure Nov. 2, 2010. And while the Amendment facilities element; a recommended community design 4 campaign is entitled to its own opinion, it is not element; a general area redevelopment element; a safety entitled to its own facts. element; a historical and scenic preservation element; A recent statement by the Amendment 4 campaign an economic element ...” piled high the rhetoric but was noticeably devoid of And how about those editorial boards? In a response supporting facts, reasoning or evidence. As usual, to Amendment 4 author Lesley Blackner’s frequently the backers of this amendment are knowingly and misleading statements on this very topic, the editorial shamelessly promoting a series of falsehoods that have board (“The Real Amendment 4”) of the Palm Beach already been disproven by Florida’s Supreme Court and Post said of Ms. Blackner’s claim, “If true, it would be a Florida’s leading Editorial Boards. proper narrowing of her over-reaching amendment. But Among those claims, they say: “Amendment 4 wouldn’t require voter approval of all land use decisions.” In reality, the Florida Supreme Court does not agree with them. Florida’s leading editorial boards do not agree with them. And, as of September Campaign Messages 2009, their own website did not Fewer Jobs. Higher Taxes. Weaker Economy. agree with them! FEWER JOBS Let’s start with the court. The Passing Amendment 4 will cost Florida tens of thousands of jobs and hurt working Florida Supreme Court has families. We’re in the deepest recession in our lifetime and it’s no time to pass an already dispelled the myth that amendment that leading business groups call a “jobs killer.” Amendment 4 only requires votes on “certain” land use decisions. In WEAKER ECONOMY fact, while reviewing the ballot title During these difficult economic times, the last thing we need to do is pass and summary for Amendment 4, Amendment 4; experts say it will raise property taxes, hurt our sluggish economy, the court issued an opinion that and make it more expensive to live in Florida. amounted to a rejection of this very claim. In that opinion, the court HIGHER TAXES Amendment 4 will mean higher taxes in order to pay for more elections, more plainly indicates that Amendment litigation and more bureaucracy. Property taxes could hit record levels to cover the 4 would trigger votes not simply on soaring costs of Amendment 4. all land use items, but, in fact, on every change to a local government’s UNWORKABLE comprehensive plan. Amendment 4 is so extreme and so poorly written that it doesn’t provide Citing statute, the court points exceptions for vital community needs such as hospitals, police stations, fire trucks and new schools. out that Amendment 4 would lead to referenda on: AMENDMENT 4 HAS ALREADY FAILED “A capital improvement element; a St. Pete Beach has already passed a local version of Amendment 4; it’s been a future land-use plan element; a traffic disaster, costing local taxpayers nearly $1 million in legal fees. Amendment 4 will circulation element; a sanitary sewer, cost taxpayers millions, hurt working families, and devastate our economy. solid waste, drainage, potable water, Paid Political Advertisement—Paid for and sponsored by Citizens for Lower Taxes and a Stronger Economy, Inc., 610 South Blvd., and natural groundwater aquifer Tampa, Florida 33606. recharge element; a conservation element; a recreation and open space element; a housing element; OCTOBER 2010

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Passing families. amendm

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Amendm litigation soaring c

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it’s not true. At best, the issue is open to interpretation. At worst, Ms. Blackner is purposefully misleading the public.” Even last year’s Amendment 4 campaign website disagrees with this claim. As of September 22, 2009, the official Amendment 4 campaign site said that we will vote “only on comprehensive plan amendments approved by local governments.” The content from that site was saved to the website of the League of Women Voters. Later, Lesley Blackner - the author of Amendment 4 - changed her mind and said that we’ll only vote on comprehensive plan amendments that affect the land use element. And now, it seems that Amendment 4 has morphed yet again! According to their last statement, we would not even vote on “all land use decisions.” If the authors of Amendment 4 had written their measure properly in the first place, they would not need to redefine it every few months. Instead, their description of Amendment 4 has become a moving target. An idea so over-reaching and so fatally flawed does not belong in Florida’s constitution. In fact, we just don’t know if Amendment 4 will also lead to votes on zoning issues, too. A number of wellrespected attorneys have looked into the “fine print” of Amendment 4 and have concluded that it might lead to referenda on “garden variety zoning issues”. The following paragraphs explain the myths and truths of Amendment 4. THEY SAY: “But under Amendment 4, you will then get the opportunity to veto or approve your commission’s decision on the next regularly scheduled Election Day. It’s that simple.” IN REALITY: It’s anything but simple. Nowhere does Amendment 4 say we’ll only vote on regularly scheduled elections. Just take a look at the language of the amendment itself. The authors of Amendment 4 could have written that into their measure. But they did not. And now, they are asking Florida voters to buy into wishful thinking supported by wild speculation. In fact, communities across Florida will have an incentive to hold costly and uncertain special elections simply to remain in compliance with state growth management laws, or to keep up with vital community projects like schools, hospitals and police stations. But even if we accept their unfounded interpretation and assume that Amendment 4 will simply delay all projects until the next regularly scheduled election, the result for Florida’s working families and small businesses would be nothing short of catastrophic. If Amendment 4 delays referenda until the regularly scheduled election, then vital community projects like new schools, hospitals, and police stations would often be delayed until the next General Election. And while some large companies may still be able to finance the extreme delays and extraordinary uncertainty that accompanies Amendment 4, most small businesses cannot. The result will be a series of direct, indirect and induced impacts that will cost Florida’s economy billions. Under Amendment 4, it will be harder to build new schools. So existing schools will become even more overcrowded. It will be harder to build roads. So traffic will worsen. It will be harder to add police and fire services to areas that need it. So public safety needs may go unmet for years. These are just a few of the reasons that Amendment 4 is too broad, over-reaching and unworkable. An idea this fatally flawed does not belong in Florida’s constitution. Continued on P. 8, See AMENDMENT 4

KNOW YOUR OPTIONS Short Sales Foreclosures Bankruptcy

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FREE CONSULTATION Jefferson F. Riddell, Esq. (Board Certified Real Estate Attorney) Cynthia A. Riddell, Esq.

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Study: Amendment 4 would devastate economy A comprehensive economic report on Amendment 4 indicates that this measure, if passed, would mean fewer jobs and higher costs for all of Florida’s working families. “An estimated 267,247 high-wage jobs for Florida residents are at risk directly or indirectly from the potential adverse impacts associated with the passage of Amendment 4…” writes Professor Tony Villamil, Dean of the School of Business at St. Thomas University and lead economist for The Washington Economics Group (WEG), which conducted the study. Amendment 4 would impact “the whole economy of Florida,” says WEG. The study goes on to indicate that, under Amendment 4, “Florida’s economic dynamism is lost. [Amendment 4] would permanently impact the economic growth potential for Florida, causing a steady decline in the standard of living of all Florida residents. Further, permanently

impacting employment and growth within major industries and job-generating activities. Ultimately, Amendment 4 would “force local and state governments to either raise taxes or cut services. Public schools, public safety and local health care services would suffer from both the direct impact of Amendment 4 (delay construction until the next election) and the indirect impact of fewer tax revenues from which to fund needed operations and capital investments.” The study goes on to conclude that “Amendment 4’s passage will have potentially devastating consequences to Florida’s economy at a time when the economic situation at both the state and national levels is uncertain and at a time when attracting new businesses to Florida is essential for the future recovery and prosperity of the state and its residents.”

AMENDMENT 4

Amendment 4 campaign may not bother to check its facts, but facts are stubborn things. According to the Department of Community Affairs Sunset Review, there were nearly 6,500 changes to local comprehensive plans in fiscal year 20062007. Amendment 4 does not contain any limiting language and there are no exceptions for state-mandated amendments. The result: Thousands of minor, technical plan amendments would appear on the ballot individually. THEY SAY: “The crux of the matter is that there is already enough land approved for development in Florida’s local comprehensive plans to accommodate 80 to 100 million residents - about five times more people than we have living here now.” IN REALITY: That’s a great reason to oppose Amendment 4. Without changes to local comprehensive plans, the existing pattern of development remains one of sprawl. Amendment 4 makes it so difficult to change a comprehensive plan that many planning groups fear it may lock in place the bad decisions of the past. 1000 Friends of Florida--one of our state’s leading growth management groups--raised a number of concerns about Amendment 4, including the fear that it would “limit efforts to pass plan amendments intended to lessen sprawling patterns of development.” When comprehensive planning was adopted in the 1980s, some communities had the resources to create sophisticated plans. But some communities--usually smaller ones--did the best that they could with limited time and resources. The result: Many comprehensive plans simply formalized the existing land use patterns--namely, sprawl. By crippling the planning process, Amendment 4 may very well encourage bad development by limiting efforts to curb sprawl by improving our comprehensive plans.

From Page 6

THEY SAY: “If your local commission adopts, for instance, three local comprehensive land use plan changes in a year, then you’ll vote on three. If they adopt one, you’ll vote on one.” IN REALITY: Nice try, but no one is buying it. The Florida Supreme Court has already dispelled this convenient myth, too. In a 1984 decision (See Fine v. Firestone) that rejected the process of “logrolling,” the court clearly stated that amendments must adhere to “single subject” rules, meaning that multiple ballot issues (e.g. multiple comprehensive plan amendments) could not be rolled into a single, allencompassing ballot question. Moreover, in order to reduce the risk of litigation--which would already be high under Amendment 4--local governments will be inclined to break down plan amendments into their basic parts and vote on them piecemeal. That’s because interest groups on the losing end of an Amendment 4-style referendum are more likely to sue if their plan amendment is wrapped in with a series of unpopular proposals. Similarly, unpopular proposals rolled in with new schools, hospitals and police stations, could torpedo these vital community projects. THEY SAY: “On average, Florida commissions vote to approve three or four local comprehensive land use plan ordinances per year.” IN REALITY: Then why do we need Amendment 4? The Amendment 4 campaign is so fond of saying that comprehensive plan changes are “handed out like Halloween candy.” Now, they’re saying that local commissions only approve “three or four” plan amendments each year. The

OCTOBER 2010

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Table ES-4. Florida Jobs Endangered by the Passage of Amendment 4 to Florida’s Economy: Most Likely Scenario Industry Construction

Jobs Supported 101,307

Knowledge-Based Services

92,182

Retail Trade

33,811

Wholesale Trade & Transportation Services

12,801

Visitor Industry

9,979

Manufacturing

7,417

Government & Other

9,750

Total All Industries

267,247

Source: The Washington Economics Group, Inc.

Who’s really behind Amendment 4? Under both scenarios, Florida’s economic dynamism is lost. This would permanently

Higher taxes, fewerthe jobseconomic and impact growth potential for Florida, causing aJoseph steady Redner, decline owner in the of endless litigation at taxpayer the Mons Venus strip club in standard of for living of all Florida residents. Further, Tampa, permanently impacting expense - that’s the future is an ardent supporter Florida, if employment we leave it upand to growth within major industries and job-generating of Amendment 4. Mr. Redner activities. proponents of Amendment 4. has frequently been engaged in No other state in the country has legal battles with the Tampa City a proposal Additionally, Florida’s tax revenues would sharply slow asCouncil, a resultwhich of Amendment adopted as extreme has tried to place as Amendment 4. If passed, the restrictions on his nude clubs 4’s passage as fewer commercial and residential properties will be developed due to for “Vote on Everything” amendment 25 years. Under Amendment 4, increased costs and uncertainty associated with each comprehensive plan will requirethetaxpayer-funded strip clubs andland-use pornography outlets referenda forreferendum. any change to a local have an easier beating This would force local and state governments towould either raise taxestime or cut government’s comprehensive back citizen-supported land use Public schools, public safety and local health care services would plan - even services. minor or technical changes to restrict their suffer activities. revisions. Under Amendment from both the direct impact of Amendment 4 (delay construction until the next of Joyce Tarnow, founder 4, it would not be uncommon Floridians for a Sustainable the indirect impact of fewer tax revenues from which to fund needed for voters toelection) face 200 and or 300 Population, a fringe population individual land planning and itemscapital investments. operations control group, has given significant Blackner’s home newspaper, wrote that on a single ballot! amounts of money to the Amendment she could be “purposefully misleading Who could be in favor of such a the public” about the scope of her 4 campaign. Tarnow, who was arrested over-reaching, In essence, Amendment 4’s passage will havein 2007 potentially drastic, and ill-advised for violatingdevastating private property amendment. amendment?consequences to Florida’s economy at a time when rights front of a supermarket, the in economic situationsupports at Writer of Amendment 4, Ross Amendment 4 because she believes it Spearheading 4 Burnaman, boththe theAmendment state and national levelsis isa uncertain at a time when attracting new Tallahassee and special campaign is special interest lawyer, interest lawyer. After promising that will aid her population control efforts by curbingand growth. Tarnow is of no stranger businesses to Florida is essential for the future recovery prosperity the Lesley Blackner. Amendment 4 would “give the people to controversy, having gained notoriety residents. A wealthystate Palm and Beachits resident, she a say on growth,” Burnaman went on for her particularly cruel and appalling has already put nearly $1 million of to lead the legal effort in St. Pete Beach comments regarding immigration and her personal fortune into putting this to overturn an election that his side developing countries. In a NewTimes Furthermore, the significant adverse externalities that would result from the passage amendment on the ballot. She’s been lost. This endless string of litigation article, she is quoted as advising Haiti to accused of of “playing too loosely4 with has contributed to a the higher property Amendment and that would affect whole economy Florida, include “stew inofyour own juices”. Her the website the facts,” criticized for her “bizarre tax rate and wasted tax dollars in St. even said that there are “too many loss of jobs, loss of potential new businesses expanding to and locating in Florida and comments,” and called “hard to take Pete Beach. Burnaman and Blackner people in Florida” and had called for seriously” bythetheloss Editorial Board of and of high-wage high-skill jobs in sectors that may notpopulation be directly impacted co-founded the Amendment 4 Political a “U.S. policy” that would the Tampa Tribune. Even the Editorial Action Committee. “limit our numbers.” by Amendment 4. The externality impacts (non-quantified) that would be the result of Board of the Palm Beach Post, Ms.

Amendment 4 if passed, go beyond the quantification of the negative economic impacts of the industries most affected. These impacts are presented on the www.sarasotarealtors.com Sarasota Realtor® Magazine OCTOBER 2010 following page, utilizing a systemic approach. The Washington Economics Group, Inc.

Page 3

LWRC-

Governmental Affairs

Realtors® Must Vote in November General Election The General Election will be held on Tuesday November 2, 2010. The last day to register to vote is October 4, 2010. Absentee Ballot requests are now available and early voting locations are shown below. If you have not yet registered to vote please do so before the deadline. The General Election will be perhaps the most important vote for Realtors® in many years. While voting for candidates is always important, Realtors® must defeat Amendment 4. SAR has provided a tremendous amount of By Marc Mansfield years. While voting for candidates is always information on Amendment 4 and by now I hope you have educated your family, friends, clients and Governmental Affairs Director important, Realtors® this year must help defeat associates the damage 4 could poise to your business if approved November 2nd. The Generalabout Election will beAmendment held on Tuesday, Amendment 4 (see Pages 6,on 18). VOTE The NO ON 4! to vote is Nov.Please 2, 2010. lastAMENDMENT day to register SAR has provided a tremendous amount

Realtors® MUST vote on November 2nd!

October 4, 2010. of information on Amendment 4 and by Absentee Ballot requests are now available now we hope you have educated your family, SARASOTA COUNTY and early voting locations are shown below. If friends, clients and associates about the damage you have not yet registered to vote please do so Amendment 4 could poise to your business if before the deadline. approved on November 2nd. This General Election will be perhaps the Please VOTE NO ON AMENDMENT 4! most important vote for Realtors® in many

EARLY VOTING

NOV. 2, 2010 GENERAL ELECTION SARASOTA COUNTY EARLYand VOTINGLocations Dates, Hours NOV. 2, 2010 GENERAL ELECTION Dates, Hours and Locations

BeginsBegins Monday, Oct Monday, Oct 18, 18, 2010 2010 Ends Sunday, Oct Ends Sunday, Oct 31, 31, 2010 2010 Monday - Friday 8:30 am - 4:30 pm

Monday - Friday am 1:00 - 4:30 Saturdays 9:00 am - 1:00 pm8:30 Sundays pm -pm 5:00 pm Saturdays 9:00 am - 1:00 pm Sundays 1:00 pm - 5:00 pm Sarasota

Venice

Supervisor of Elections Supervisor of Elections Supervisor of Elections Sarasota County Biscayne Plaza R. L. Anderson Terrace Building 13640 Tamiami Trail Administration Building 2001 Adams Lane North Port Room 114 Sarasota (941) 423-9540 4000 Tamiami Trail S (941) 861-8600 Venice (941) 861-3760 Sarasota

Sarasota

North County Library 2801 Newtown Blvd Sarasota

Fruitville Library 100 Coburn Road Sarasota

Gulf Gate Library 7112 Curtiss Ave Sarasota

Additional Locations for 2010 are:

North Port

OCTOBER 2010

Sarasota Realtor® Magazine

www.sarasotarealtors.com

LWRC-114 OCT SAR LWR15_Layout 1 9/15/10 4:14 PM Page 1

LAKEWOOD RANCH SPOTLIGHT

LETTER FROM Rex Jensen, CEO & President, Schroeder-Manatee Ranch 2010 is a special year for Lakewood Ranch. As we celebrate the 15 year anniversary of the first home sold here, we look back on an amazing journey that has been truly predicated by the people who have chosen to call Lakewood Ranch home. We have 18 founding families who first purchased homes here back in 1995, and who still live on the ranch today. We invite you to join us on October 15 at the Sarasota Polo grounds in Lakewood Ranch as we celebrate our accomplishments, residents and businesses who have made us such so successful over the past 15 years and as we look forward to some exciting things we have planned for the future. There is so much still to come and we hope you will be part of this special anniversary!

Information Centers and Model Hours: Monday-Saturday 10 a.m.� 5:30 p.m. | Sunday Noon � 5 p.m.

www.lakewoodranch.com 941.907.6000

Become a fan today just go to: www.facebook.com/LakewoodRanch

You could be the lucky winner of a FREE 5 day cruise! See below for more details!

PARTY LIKE IT’S 1995!

Join us as Lakewood Ranch turns 15! Mark your calendars and plan to party with Lakewood Ranch at an unprecedented anniversary celebration at the Sarasota Polo Grounds on October 15. The Lakewood Ranch Business Alliance will kick off the day from 11am-2pm with their Car-BQ, and at 4pm the Fall Festival begins with hay rides, live music, games, prizes, pumpkin decorating, an outdoor movie and more. This event is FREE and open to the public. Food and Drinks will be available for purchase.

Use your Microsoft TAG reader to scan this TAG to enter the drawing that day to win a FREE 5 day cruise from Main Street Travel Agency or a Monogram wine cooler from GE!

MARKETING trends The residential and commercial markets continue to trend strong in Lakewood Ranch with new home sales and new businesses opening on Main Street. With close to 150 new home sales to date, Lakewood Ranch is leading the way in residential real estate with new Minto Communities’ new communities like Central Park opening, Keystone model is now open.

Shake your tailfeathers! Join the Anniversary Celebration Fall Festival! October 15th, 2010 at Sarasota Polo Club 11am - 2pm Car-BQ Hosted by Lakewood Ranch Business Alliance 4pm Fall Festival Begins! Hosted by Lakewood Ranch • Music by Billy Rice Band • Hay maze • Roping contest • History of the Ranch • Hay rides • Face painting • Bounce house • Charlie Brown movie • Mercedes corn hole • Pumpkin patch • SWAT team obstacle course • AND MORE

and plans for workforce housing and an age targeted community underway. Look for 10 new

Food and beer, wine, soft drinks and water will be available for purchase.

models to open this year, and 18 more in 2011! Models are open daily: 10 am-5:30 pm Mon.-Sat. and 12-5 pm Sun.

Bring: Blankets and chairs, please leave coolers at home.

Property Appraiser

Economic development tax exemptions available

ECONOMIC DEVELOPMENT TAX RELIEF OK’D By Bill Furst, GRI, CRS, CRB New or Expanded

Sarasota County Sarasota County and three municipalities set out a welcome mat Businesses must file Property Appraiser for certain businesses on August 24, 2010. Over 60% of the voters applications with Sarasota County and three who went to the polls in Sarasota County, the City of North Port, municipalities set out a welcome the County and/or the City of Sarasota, and the City of Venice approved the adoption mat for certain businesses on August Municipal agency of the Economic Development Ad Valorem Tax Exemption. 24, 2010. Over 60 percent of the voters responsible for this This exemption, permitted under Article VII, Section 3(c), of the who went to the polls in Sarasota process by March 1 Florida Constitution and §196.1995, Florida Statutes, was County, the City of North Port, of the year for which the City of Sarasota, and the City approved in 1980. Counties and Municipalities wanting to adopt of Venice approved the adoption the (tax) exemption this provision are required to hold a referendum. Once approved of the Economic Development Ad by the voters, it allows the governing boards of the County and is requested to take Valorem Tax Exemption. the Cities to grant ad valorem tax exemptions to qualifying new or effect. This exemption, permitted under existing businesses based on several criteria, including job Article VII, Section 3(c), of the creation. The exemption applies to improvements to the real Florida Constitution and §196.1995, estate (not to the land value) and to personal property. Florida Statutes, was approved in requested to take effect. 1980. After the exemption is granted to a business, it would remain in The Property Appraiser’s Office has Counties and Municipalities wanting to adopt this provision are a supporting role in the application effect for up to ten years. The exempted value would apply required to hold a referendum. Once process. For each application exclusively to the County and/or Municipal Operating millage. It approved by the voters, it allows the forwarded to us by the County or does not apply to County and Municipal Debt, Schools, and other governing boards of the County and City our office will report: Taxing Authorities. the Cities to grant ad valorem tax • The total revenue available to exemptions to qualifying new or the City or County for the current New or Expanded Businesses must file applications with the existing businesses based on several fiscal year. criteria, including job creation. County and/or Municipal agency responsible for this process by • Any revenue lost to the City The exemption applies to or the County from any previously March 1 of the year for which the exemption is requested to take improvements to the real estate (not granted Economic Development effect. The Property Appraiser’s Office has a supporting role in the to the land value) and to personal exemption. application process. For each application forwarded to us by the property. County or City our office will report: • An estimate of the revenue that After the exemption is granted to would be lost by the granting of an a business, it would remain in effect exemption to the new applicant. for upThe total revenue available to the City or County for the to ten years. The exempted • A determination as to whether current fiscal year. value would apply exclusively to the the property for which an exemption County and/or Municipal Operating  Any revenue lost to the City or the County from any is being requested is part of a new millage. It does not apply to County previously granted Economic Development exemption. and Debt, Schools, and business or an expansion of an  Municipal An estimate of the revenue that would be lost by the existing business. other Taxing Authorities. For more granting of an exemption to the new applicant. We look forward to working with New or Expanded Businesses must information,  A determination as to whether the property for which an Sarasota County, and the cities of file applications with the County contact the North Port, Sarasota and Venice in exemption is being requested is part of a new business or and/or Municipal agency responsible Property making the application and approval for thisan expansion of an existing business. process by March 1 of the Appraiser’s office process easy and convenient. at 941.861.8200. year for which the exemption is We look forward to working with Sarasota County, and the cities of North Port, Sarasota and Venice in making the application and 12 OCTOBER 2010 Sarasota Realtor® Magazine approval process easy and convenient.

Want more information on how to qualify and apply for the new Economic Development Ad Valorem Tax Exemption? Contact these County or City departments for details.

Sarasota County: Finance and Planning Department (941) 861‐7284

City of North Port: Economic Development (941) 429‐7001 City of Sarasota: Finance Department (941) 365‐2200 xt 4365

City of Venice: Finance Department (941) 485‐2626 NEED A SPEAKER FOR YOUR MEETING? BILL FURST WILL COME AND TALK WITH YOUR GROUP AND ANSWER YOUR QUESTIONS. To set up an appointment call our office at 941.861.8200 or email us at PA@SC‐PA.com

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Make A Difference Day slated Oct. 23rd

This year, the SAR Community Outreach Committee continues the spirit of giving by participating in the big Brush Up Sarasota painting event on Saturday, Oct. 23rd. The group expects to assemble more than 100 SAR members and their friends to paint five local homes. Sign up under Events on our web site. It’s all part of the big Make A Difference Day in Sarasota. The majority of the painting projects will be handled by members of the real estate community - agents, brokers and affiliate members of SAR. The project will be the fourth of the year for the committee, but not the last. In December, the group will stage another project with Habitat for Humanity (TBD). Make A Difference Day is America’s largest and most encompassing national day of helping others. Last year, in Sarasota County more than 50 different teams, representing over 1,000 volunteers, donated 3,400 hours to complete 50 different projects county-wide. The Friendship Volunteer Center is recruiting individuals, families, faith-based groups, corporations, business groups, neighborhood associations, and various clubs to form teams.

Young, old, individuals and groups, can achieve a volunteer project that helps others. Examples of past projects include beach and park clean-ups, clearing trails at various parks, food collections, fundraisers, entertaining seniors, painting rain barrels, or just general interior and/or exterior clean-up at your faith-based or nonprofit facility. Brush Up Sarasota teams paint houses in Sarasota County for seniors and other families in need. The homes selected meet the following criteria: must be owner occupied; must provide proof of ownership of property; owner must have a limited income; and owner must have a valid reason for needing assistance. Across the nation, Realtors® not only help make the dream of homeownership a reality, they also help build better communities. In small towns and large cities across the globe, Realtors® help shape and promote community values, giving their time and effort to noble causes. The initiatives offer amazing examples of how Realtors® and the NAR are working to strengthen community bonds.

The 411 on REOs - not always a safe bet

By Paul A. Blucher, Esq. Realtor-Attorney Joint Committee We all know that in today’s real estate market that there are many great deals and many of those deals come with some big pitfalls. One would think, however, that real estate owned (REO) property, which is property that has been foreclosed by the former owner’s lender, would be safe. We are learning now, that is not always the case. A foreclosure will resolve all of the title issues properly before the Court; however, that does not mean that all claims are “properly” before the Court or that all of the existing liens are known or identified for or by the Court. So we are finding that many REO properties still have liens on them and do not have clean titles. In order to purchase any property, the buyer must make sure that they receive clear and marketable title to the real estate. This means that before the closing someone, with the buyer’s interest in mind, has inspected the chain of title

OCTOBER 2010

In order to purchase any property, the buyer must make sure that they receive clear and marketable title to the real estate. to the property and made certain that the buyer is fully aware of what they are purchasing, and that what they are purchasing can be used for its intended purpose (residential or commercial use). Additionally, someone must ensure that any liens, mortgages, claims, easements, restrictions, etcetera, on the property are removed or known and acceptable to the purchaser. Also, it is important that the buyer insures the title with title insurance at closing to protect them from unforeseen title issues. If title is “marketable” then the buyer should have no problem selling the property to any other buyer in the future. Further, if there is any later discovered title defect, the buyer can rely upon the title insurance to enforce

Sarasota Realtor® Magazine

his title against anyone claiming against his ownership. Finally, the purchaser can be assured that his ownership of the property is true and correct. Those of you that are involved in REO transactions should be very familiar with the seller’s addendum to the purchase contract and be aware of the severe title problems that can occur for your buyer without proper protection. Did you know that even though the property being acquired was foreclosed, that your buyer’s title may not be “marketable”? Did you know that the title may only be insurable title? Did you know that at times, the seller may only be required to cure the defect in title at the seller’s “... sole and absolute discretion...”, and not necessarily to the buyer’s satisfaction? Think about the ramifications that could have on your liability as Realtors. Also remember that the “acknowledgment date” is the date from which the inspection period begins and not the “effective date” which we Continued on P. 29, See REOs

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August property sales exceed July; Sarasota real estate market healthy

The Sarasota real estate market “We saw a big jump in sales for rebounded in August 2010 after an expected slower July, following August, and prices held steady, the expiration of the federal $8,000 so this market still has legs and homebuyer incentive. Sales were up 8 the recovery appears to be a percent over July 2010, and up 14.3 percent over August 2009. healthy one.” - SAR President Erick Property sales in August 2010 stood Shumway at 567 total sales. This compared to 525 sales in July 2010 and 496 sales in August 2009. There were 408 single family home sales in August, with the median price at $154,500, almost identical to last month’s figure of $155,000. The median price was also $155,000 in August 2009, and has been steady throughout the last 12 months ($161,000), fluctuating between a high of $170,000 and a low of $150,000. Condos saw 159 sales in August, with the median price rising by 22 percent to $155,000 from last month’s figure of $127,000. For the last 12 months combined, the median sale price for condos was $169,900. Distressed condo sales have dragged the overall median price down substantially, with normal arm’s length sales garnering three-times as much as bank-owned properties, and twice as much as short sales on average. Pending sales also rose in August to 816, from last month’s figure of 653, for a 25 percent increase. The rise bodes well for the closings in the early fall months. “It was very encouraging to see that the market recovered nicely after a drop in sales from June to July,” said 2010 SAR President Erick Shumway. “After experiencing a five-year high in sales for the second quarter, everyone knew the loss of the homebuyer tax credit would have a negative impact. But we saw a big jump in sales for August, and prices held steady, so this market still has legs and the recovery appears to be a healthy one.” The level of sales of distressed properties (foreclosures

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Sarasota Realtor® Magazine

and short sales) dropped in August 2010 to 47 percent from last month’s figure of 48.7 percent of the overall market. Distressed market sales were at a high in late 2009, and have hovered in the range between 44 and 48 percent since that time. The property inventory level remained fairly consistent, remaining just over the 6,000 level in August 2010, which remains one of the lowest monthly levels since late summer of 2005. The months of inventory for single family homes in August 2010 dropped to 9.5 months from 10.4 months in July. The figure was 10.3 months in August 2009. This figure represents the number of months it would take to sell all available homes at the current pace. For condos, the figure dropped to 13.5 months from 14.4 months in July 2010. It was substantially lower than the August 2009 figure of 20.5 months. Once the market reaches the 6 month level it is considered to be in equilibrium between a buyers and sellers market.

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OCTOBER 2010

Sarasota MLSSM Statistics August 2010 Single Family Condo

Unit Sales 700 600 500 400 300 200 100 0 Aug‐09

Sep‐09

Oct‐09

Nov‐09

Dec‐09

Jan‐10

Feb‐10

Mar‐10

Apr‐10 May‐10

Jun‐10

Jul‐10

Aug‐10

Single Family Condo

Median Sale Price $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Aug‐09

Sep‐09

Oct.09 Nov. 09 Dec‐09

Jan‐10

Feb‐10

Mar‐10 Apr‐10 May‐10 Jun‐10

Jul‐10

Aug‐10

Single Family

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months Inventory

Pending Reported

%Pending

# New Listings

# Off Market

This Month

3,887

408

10.5

178

$154,500

$161,000

9.5

599

15.4

806

215

This Month Last Year

3,949

382

9.7

179

$155,000

$165,000

10.34

621

15.7

792

185

3,877

374

9.7

176

$155,000

$162,000

10.4

487

12.5

730

223

‐

3,633

‐

176

$162,500

‐

5,146

‐

6,888

‐

Nov 94.1 ‐

Dec 94.2 ‐

Last Month YTD

Jan 93.0 94.4

2009 2010

Single Family – Sale Price Vs. List Price % Rates Feb 93.1 92.8

Mar 92.5 95.2

Apr 92.4 94.8

May 93.2 95.2

Jun 93.8 95.3

Jul 93.2 94.7

Aug 93.6 95.2

Sept 94.2 ‐

Oct 94.4 ‐

Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of Sept. 10th, 2010, including some listings in Manatee, Englewood, Venice, and other areas. Single-family statistics are tabulated using property styles of single-family and villa. Condo statistics include condo, co-op, and townhouse. Source: Sarasota Association of Realtors® 16

OCTOBER 2010

Sarasota Realtor® Magazine

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Sarasota MLSSM Statistics August 2010 Single Family Condo

Inventory 5,000 4,000 3,000 2,000 1,000 0 Aug‐09 Sep‐09

Oct‐09 Nov‐09 Dec‐09

Jan‐10

Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10

Jul‐10

Aug‐10

Single Family Condo

Pending Sales 900 800 700 600 500 400 300 200 100 0 Aug‐09

Sep‐09

Oct‐09

Nov‐09

Dec‐09

Jan‐10

Feb‐10

Mar‐10

Apr‐10 May‐10

Jun‐10

Jul‐10

Aug‐10

Condo

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months of Inventory

Pending Reported

%Pending

# New Listings

# Off Market

2,152

159

7.4

193

$155,000

$169,900

13.5

217

10.1

254

169

2,343

114

4.9

230

$285,000

$200,000

20.5

209

8.9

203

257

2,177

151

6.9

203

$127,000

$175,000

14.4

166

7.6

261

189

‐

1,467

‐

204

$166,000

‐

1,980

‐

2,516

‐

Nov 92.3 ‐

Dec 93.1 ‐

This Month This Month Last Year Last Month YTD

2009 2010

Jan 91.0 92.5

Condo – Sale Price Vs. List Price % Rates Feb 90.2 92.4

Mar 90.4 92.5

Apr 92.2 93.2

May 90.1 94.2

Jun 91.4 93.7

Jul 92.1 94.2

Aug 92.4 93.5

Sept 91.5 ‐

Oct 92.4 ‐

Median sales price is the middle value, where half of the homes sold for more, and half sold for less. Listings sold were closed transactions during the month. Pending sales are sales where an offer has been accepted during the month, but the sale has not yet closed. Even though some pending sales never close, pending sales are an indicator of current buyer activity. DOM indicates the average number of days that sold properties were on the market before a contract was executed. Sarasota Association of Realtors® MLS www.sarasotarealtors.com

Sarasota Realtor® Magazine

OCTOBER 2010

CID (Commercial Investment Division) 18

CID says ‘No!’ to Amendment 4 By Lee DeLieto, Jr. CID President

Some things are just worth repeating. As the President of the Commercial Investment Division and the simultaneous Chair of the Public Policy Committee, my conversations can sometimes become morphed into one topic. This is not more evident than in the rearing of Amendment 4’s ugly head. Amendment 4, you ask? Maybe you recognize its clever Trojan nickname Hometown Democracy. About a year and a half ago, you may have been one of the many asked (bamboozled) to sign a petition to “Save our beaches and wetlands”. Come on, who wouldn’t sign such a petition? I love our beaches and wetlands. Unfortunately their heart-strings tug neglected to mention their true tactic - to shut down development and choke our economy. They simply didn’t want to have to explain the complicated and detrimental path that Amendment 4 would impose. Below is the exact verbiage that will be on the November ballot: REFERENDA REQUIRED FOR ADOPTION AND AMENDMENT OF LOCAL GOVERNMENT COMPREHENSIVE LAND USE PLANS “Establishes that before a local government may adopt a new comprehensive land use plan, or amend a comprehensive land use plan, the proposed plan or amendment shall be subject to vote of the electors of the local government by referendum, following preparation by the local planning agency, consideration by the governing body and notice. Provides definitions.” Tell me you didn’t need to read that three or four times! I’m in the business of marketing and selling commercial real estate and I still need an education. Imagine the number of laypeople reading this and then voting without regard to consequences. Let’s see if we can break this down. What is a Comprehensive Plan? Even though this will be a state wide referendum vote, I have pulled verbiage directly from the Sarasota County’s website www.scgov.net : A Comprehensive Plan is an official public document adopted by the Board of County Commissioners to guide decision making related to the physical development of the county. The plan provides the policy direction used in framing land use decisions and growth management initiatives. The plan is subject to an annual amendment cycle as well as the Evaluation and Appraisal Report requirement every seven years. The 11 chapters that comprise the Sarasota County Comprehensive Plan include data and maps on existing

OCTOBER 2010

conditions, analyses of those conditions, and banded on that information, goals objectives, and policies to guide future development and conservation activities. The Comprehensive Plan can be amended at a special time of year called the yearly amendment cycle. Amendments can be initiated by private citizens and the county. The Sarasota County Commission may approve an amendment after the State Department of Community Affairs considers the proposed change to be in compliance with state law. Keep in mind, the city and county each already have a Comprehensive Plan. It’s the amendment process that is now being challenged. On the county site, there is a list of active petitions for amendments to the county’s comp plan. That list extends four pages, many of which are simply language changes that simply involve a change in grammar. Again, read the ballot language. It’s calling for a vote for each and every individual amendment change to every local government’s comp plan. A process by which an appointed Planning Commission pours through pages upon pages of zoning information, architectural plans, landscape engineering plans, and the like. If passed, it then goes before the scrutiny of the respective county or city commissioners for approval. If professionals appointed or elected have difficulty resolving these amendments, even after months of research and discussion, how can we expect the typical voter to make a rational decision by simply checking ‘yes’ or ‘no’ in a ballot box? What’s the old saying? There is a tool for every task. I think that’s it. Have you ever tried to bang a nail into a wall using the flat side of a pair of pliers? Well yeah, but it sure would have been easier using a hammer. The right tool for the task. OK, now let’s take that same nail and bang it into the wall using a sledge hammer. Can you guess who will be holding the nail? The taxpayers. It is estimated that each amendment brought in from the public to be voted on could cost upwards of $400,000. With this massive increase in doing business, these costs are eventually passed on again to the consumers. For more answers to frequently asked questions or how you can get involved to oppose Amendment 4, go to www.Florida2010.org. Membership and assistance is also appreciated within the Public Policy Committee here at SAR. Floridians for Smarter Growth say NO to Amendment 4. If you have questions, comments, or topics for discussion, please feel free to write me at LeeDeLietoJr@ MichaelSaunders.com

Sarasota Realtor® Magazine

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CID charity golf tourney slated this month at TPC This year’s Commercial Investment Division Charity Golf Tournament will be held on Monday, Oct. 18th at 11:30 a.m. at the TPC Prestancia Stadium Course in Sarasota’s Prestancia community. The tournament will raise funds to benefit The First Tee of Sarasota/Manatee. The organization teaches The First Tee Nine Core Values™ providing the vehicle through which kids can accomplish their dreams, thrive socially, excel academically and athletically, and become productive members of society with integrity, strong family values and commitment to community. Several sponsorship levels are still available for the tournament. Diamond Sponsors ($5,000), Platinum Sponsors ($2,500), Beverage Sponsor ($1,500), Gold Sponsors ($1,000), Silver Sponsors ($500), Bronze Sponsors ($250) and Hole Sponsors ($100) are now being sought. CID is also looking for raffle prizes and goodie bag items to distribute to the golfers. Go to www. sarasotarealtors.com for more information under Events, plus the registration and sponsorship forms. You can sign up as a foursome, or individually and be placed into a foursome. Prizes will be awarded for various competions during the tournament.

Cost for the tournament is only $119, which includes a box lunch and the awards reception. Nongolfers may attend the reception for only $35. Sign-in begins at 11:30 a.m. and shotgun start is at 12:30 p.m. At 6 p.m., hors d’oeuvres are served and raffle prizes and awards are handed out. Contact Marc Mansfield at marc@sarasotarealtors.com for more, or visit www.sarasotarealtors.com. The annual CID golf tournament has raised tens of thousands of dollars for local organizations over the past decade, and is one of the perennial favorites of local Sarasota area business leaders. Be sure to register this year and participate in this very worthwhile and fun event!

2010 CID Officers & Directors Officers:

President: Lee DeLieto, Jr., Michael Saunders & Company President-Elect: Anthony Homer, Lakewood Ranch Commercial Vice-President: Brad Lindberg, Hembree & Associates Past President: Jag Grewal, Ian-Black Secretary: Tim Mapp, Mapp Realty Treasurer: Linda Emery, Michael Saunders & Co.

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Directors:

Sarah Olesen: Keller Williams Commercial- (1 year term - 2010) Pete Skokos: Norton, Hammersley, Lopez & Skokos (1 year term - 2010) Eric Massey: Michael Saunders (2 year term - 2011) Diane Lee: Wagner Realty (3 year term - 2012) Lori Hellstrom Conable: Osprey Real Estate (1 year term, - 2010)

Sarasota Realtor® Magazine

OCTOBER 2010

Education Programs

Resolve disputes with expert advice Title: Successful Negotiating Skills of Professional Dispute Resolution Experts - Lunch ‘n Learn Date: October 20, Noon to 1:30 p.m. Location: SAR Main Auditorium Free to SAR/SCBA members; $10 others Learn from experienced attorneys the successful techniques they have used to bring about win-win results outside of the real estate world. This seminar is another in the series of seminars presented by the RealtorAttorney Joint Committee of the Sarasota Association of Realtors and the Sarasota County Bar Association. Beverages and treats will be provided by HomeBanc. About the speakers: William G. Christopher, Esq. of the Maglio Christopher & Toale, PA Law Firm. In addition to an outstanding resume of certifications, he is certified by the Florida Supreme Court as a Circuit/Civil Mediator.

Major Tech Expo coming in November What: SAR Tech Expo When: November 12, 8:30 a.m. to 5:30 p.m. Where: Sarasota Alliance Church, 7221 Bee Ridge Road Cost: $20 Earlybird registration by 10/15; $30 after 10/15 and at door (Includes lunch and breaks) This is what you have been clamoring for! World-class speakers and technology gurus and suppliers all in one place at one time! All for one low Earlybird fee of $20! KEYNOTE ADDRESSES: Max Pigman / REALTOR.com “Going Mobile: “Doing Business Away From The Office” “Examine and Enhance Your Marketing Strategy” Marc Davison – President, 1000 Watt Consulting “20 Tools and Technologies that Save Time, Save Money and Make You Look Cool” * Drawings throughout the day and at Lunch BREAK OUT PRESENTATIONS – Suggested Topics (Some topics will be repeated several times) • You Too Can You Tube- Marketing You & Your Properties with Video

Gregory Hoffman, Esq., has been a member of the Bar Associations in the states of Florida, Missouri and Alaska for over 30 years and is a Florida Certified Civil Court and Federal Court Mediator and Arbirator. He is a commercial arbitrator for the American Arbitration Association where he has handled a variety of matters, including large complex cases. Keith DuBose, Esq., Matthews, Eastmoore, Hardy, Crauwels & Garcia, P.A., is a shareholder in the firm. Keith received his B.A. degree from Duke University in 1993 and was a member of the 1989 Duke football team that won the A.C.C. Championship. Lynette Mancuso, Esq., Burgess, Harrell, Mancuso, Olson & Colton, P.A., was admitted to the Florida Bar in 1984 and has over 23 years of experience primarily in family and real estate law. Lynette is also admitted to the United States District Court for the Middle District of Florida.

OCTOBER 2010

• Using Real Estate Software to Manage your Contacts • Using Social Media; Overview of Facebook, LinkedIn, Twitter ,etc • Smart Phone Technology What’s the Latest and Greatest? • Google Docs – How Can They Work For You? • Virtual Tour Technology – What Are the Options? • Using Listing Book to Maximize Your Customer Contact • How To’s on Using Equator for Short Sales • Use Technology Tools to Master the REO Market • Search Engine Optimization: Make Sure Your Website Gets Noticed • Blogging For Profit – The Do’s and Don’ts of Blogging • Setting Up Your International Web Site For exhibit opportunities, contact Catherine McCaskill at 931-328-1167 or visit www. sarasotarealtors.com.

Sarasota Realtor® Magazine

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2010-2011 SAR Emerging Leaders Program begins You can still register for the 2010-2011 SAR Emerging Leaders Program, which held its first class on Sept. 29th. Here are the dates of the remaining programs (completion of all three remaining programs is mandatory for graduation): Oct. 27 – The Role of SRQ Airport in the Area Economy - Participants learn about the roles that business, government, the arts and not-for-profit institutions play in making Sarasota County a great place to live and work; participants will be shown ongoing opportunities to make an impact in the community themselves by learning where and how to get

involved in current and ongoing issues. Nov. 17 - The Way of Tomorrow™ Presentation: Jerry Matthews, CAE. Amazing shifts are occurring. They impact all levels of society, business, and personal life. Enabled by technology and empowered by deep human desires, these shifts both create and destroy. A fundamental reversal of decades of business and personal foundations is rapidly evolving. This is more than a trend - more than a change – it is a new way of being. Areas leading these changes are: Society, Technology, Consumers, Communications, Continued on P. 22, See LEADERS

TOP 10 REASONS you should use Listingbook

1 Get a Virtual Assistant for Free There’s only one of you and sometimes it’s tough to stay organized and be resourceful. Introducing Listingbook, the online tool that helps you operate at peak efficiency while assisting you in optimizing your workflow. You will love having the time to serve more clients, better and faster than ever before. 2 Know What Your Customers are Thinking

Ever wish you knew what your client was thinking? With Listingbook, you can view your client’s activity and criteria (even when it changes). Save time and gas knowing who is ready to buy and exactly what to show them! 3 Take Back Control of The Web Listingbook helps you track client activity, new listings, price reductions, area competition, appointments, showing notes and client contact information. When you leverage the power of Listingbook, you save time and give all of your clients the information they demand. You never have to worry about your client being exposed to another agent’s information. With Listingbook, you are more important than ever in the real estate transaction. 4 Get a Realistic Asking Price When your sellers are given a Listingbook account, they are able to see homes just like theirs and what they are selling for. When they see the facts, they become more realistic on the value of their property, making your sale easier! 5 Targeted Marketing for Your Listings What if you could spend your marketing dollars to target only those buyers who are actively looking for a house and whose criteria matches your listing? With Listingbook promotions, your listing is brought to the attention of serious buyers who are in Listingbook and actively working with a real estate agent. It’s affordable. It’s targeted. It’s successful. www.sarasotarealtors.com

6 Generate More Leads When a potential buyer or seller signs up for an account on listingbook.com, a complimentary account is created and the lead is sent to you! Get leads when you promote yourself in the Agent Finder. With your Listingbook agent Web site, visitors can sign up for a complimentary account with you, providing you the ability to easily communicate with them. 7 Demonstrate Your Professionalism Listingbook gives you the tools you need to demonstrate your knowledge and experience. Easily create a professional Custom Flyer for your sellers or a comprehensive CyberCMA™ that can be printed or emailed and is kept up-to-date automatically! For your buyers, it’s a snap to create a showing package and offer robust community demographics. 8 Communicate Easily Keeping your clients informed has never been easier. Rely on Listingbook to deliver automated information to you and your clients that is always current and comprehensive, anytime. Integrated messaging allows you to easily communicate with your clients so you can send a message, property note, listing or even a complete CMA! 9 Sell More, Earn More With everything you need in one system, you gain the edge in today’s market that is needed to sell more and earn more. Effortlessly provide more clients with a valuable service while empowering them to participate in the process so they can make confident, smart decision all while you stay in control. 10 Create Client-for-Life Relationships Leads to Prospects to Clients to Homeowners. With Listingbook, you have the tools to easily provide outstanding service to many clients, every step of the way. Continue to receive referrals and return customers.

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OCTOBER 2010

LEADERS From Page 21

and Individuals. Massive, connected and simultaneous movements dramatically and permanently affect each of these areas and certainly professional services. “The Way of Tomorrow” is a presentation on a future that is literally exploding before us. Jerry reveals trends, concepts, and movements in understandable, clear language. And he suggests actions that organizations and individuals can take to become part of the future – or to understand it – and to be comfortable. Jerry Matthews, recognized nationally for interpreting future trends and concepts, is a consultant for organizations all over the U.S. Jan. 12, 2011 - The Making of a Leader Belton E. Jennings III, APR, RCE ,CAE, CIPS, President & CEO, Enjender LLC. The “Three-Way Agreement” (the NAR/FAR/SAR relationship); Robert’s Rules Made Easy; Exercises in Practical Problem Solving; What Members Expect from Leaders; Leading Effective Meetings; Your Job, My Job, Our Job; Your Pathway to Leadership; Antitrust and Conflict of Interest; “Been There, Done That” Wisdom for New Leaders.

Belton Jennings is a 35-year association executive and former CEO of the Orlando Regional Realtor® Association. He has held many leadership positions in his local community as well as in the state and national Realtor® organizations. Belton is widely recognized for his highly informative and always entertaining presentations. Optional Programs (earn extra credit) Feb. 23, 2011 - 9 to 11 a.m. - Value of Tourism, Networking and Community Service to Sarasota Realtors - Senior Staff, Sarasota Convention & Visitors Bureau March 30, 2011 - 9-10:30 a.m.--Economic Development 101 Want to learn about tools that can help your clients’ businesses succeed? Attend this important workshop hosted by the Economic Development Corporation of Sarasota County. Topics will include: local and state incentives, start-up resources, expansion and relocation services, rapid permitting, funding sources, examples of successful projects and much more. Bankers, engineers, attorneys, developers, accountants, wealth managers and other professionals serving business clients, as well as Realtors, will be invited. Questions? Call Catherine McCaskill at 3281167. For a complete application packet, go to www. sarasotarealtors.com and look under “Hot Topics.”

CONGRATULATIONS! Dedication and hard work pay off!! We congratulate our members who have successfully completed the National Association of Realtors® designation programs, Certified International Property Specialist (CIPS), Accredited Buyer Representative (ABR), Transnational Referral Certification (TRC), and Certified Residential Specialist (CRS).

CERTIFIED INTERNATIONAL PROPERTY SPECIALIST (CIPS) Michelle Crabtree Michael Saunders & Company Ingrid Kozak Coffey & Company Realty

Award-winning printing and customer service Specializing in pocket portfolios, die-cutting and foil-stamping done in-house FSC and SFI certified to help you go green

CERTIFIED RESIDENTIAL SPECIALIST (CRS) Deborah Beacham Michael Saunders & Company

ACCREDITED BUYER REPRESENTATIVE (ABR) George Iguartua Horizon Realty International Ingrid Kozak Coffey & Company Realty Nancy Nallin True Real Estate, Inc. Glenn D. Rausch Lakewood Ranch Realty

TRANSNATIONAL REFERRAL CERTIFICATION (TRC) Per Nordstrom Prudential Palms Realty

OCTOBER 2010

Sarasota’s Premier Real Estate Printer 1730 Independence Blvd., Sarasota, FL 34234 (941) 351-1515 • (941) 351-8639 F • www.coastalprint.com sales@coastalprint.com

Sarasota Realtor® Magazine

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Take it to the next level with MLXchange courses

Pre-registration is required for all MLXchange classes at www.mfrmls. com. All classes are hands-on in the SAR Technology Center (except for Entering and Updating). Registration is limited to 18. Please be sure that you will attend if you reserve a spot! MLXchange Basic Oct. 4, Oct. 18, 9 a.m. to Noon

Mandatory session for all new users.

Learn the basic tools of MLXchange. It does the work for you, emailing the listings that match your client’s criteria automatically through auto notification. Learn the quick way to find a listing or view your inventory with one click right from the home page or create a professional CMA in less time than it takes to drive to work. - Review the home page features - Add a new client from the search module, saving a search and setting prospecting notification features - Searching and viewing listings, using the map, showing road, aerial, hybrid, and locator features - Adding additional search criteria - Viewing/printing/emailing reports, images, virtual tours, tax, map, driving directions and MLS listing history - Customizing hotsheet configurations - Search Tax - Creating a professional CMA - Personalize user contact information

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Entering and Updating Listings in MLXchange Oct. 4, Oct. 18, 1:30 to 3:30 p.m. This class is mandatory if you will be entering and updating your own listings. You will be taught how to input and modify listings, enter photos, and add attachments along with valuable tips and techniques.

MLXchange Advanced Oct. 13, 1:30 to 4:30 p.m. Take MLXchange to the next level! In this session you will learn how to customize a search & display screens, personal website links and setup & save advanced searches. - Creating a custom template, adding fields, changing the display order - Foreclosure, fixer upper, and vacant listings with lockbox access - Customizing columns, adding/ removing fields, changing the column headers and changing the field sort order Design Web Pages, Capture Leads Oct. 13, 9 a.m. to Noon One of the most crucial components in today’s real estate professional’s day-to-day business is capturing and handling leads along with time management. This course will teach you how to set up your personal agent and client web pages, contact management and scheduling features that go hand-in-hand with a successful real estate business.

Sarasota Realtor® Magazine

iMapp - Interactive Tax and Mailing Labels Oct. 14, 9 a.m to Noon In this class you will learn how to use the tax search features of MLXchange, access iMapp’s interactive maps, tax data, comparables, auto-valuations, and easily create mailing labels for your favorite area. - MLXchange tax search, using map and field searches, printing mailing labels - iMapp tax search, viewing parcel, GIS, MLS listings, zoom levels, street, aerial and flood zones - Measuring tool, pan and save map - Creating, viewing and downloading mailing labels - Illustrate the link to the tax appraiser website - Viewing and modifying the criteria for comparable properties - MLS and foreclosure searches

Creating a Professional CMA Oct. 14, 1:30 to 3:30 p.m. One of the most crucial components in today’s real estate professional’s day-today business is capturing and handling leads along with time management. This course will teach you how to set up your personal agent and client web pages, contact management and scheduling features that go handin-hand with a successful real estate business. OCTOBER 2010

On the SAR Scene

Making the Scene at SAR, WCR events Visit SAR on Facebook at www.facebook.com/SarasotaRealtors

SAR members are active, energized and out in force in the community! You can find hundreds of photos from our regular events at www.facebook. com/SarasotaRealtors Please visit soon and tag your friends and business associates!

SAR President Erick Shumway was assisted by President-Elect Michael Bruno in placing a couple of large signs in opposition to Amendment 4. SAR adamantly opposes the amendment.

Ann Peterson (formetly Ann Runyon) and Peter Salefsky at the Sept. 17th SAR Annual Membership Meeting. The SAR Annual Meeting on Sept. 17th at Troyerâ&#x20AC;&#x2122;s Dutch Heritage was a success, and the new officers and board members for 2011 were unanimously elected.

Leslie Lauritano and WCR President Karen Grant at the Sept. 15th WCR Fashion Show. OCTOBER 2010

A voice vote approves the new SAR officers and board members for 2011.

Sarasota RealtorÂŽ Magazine

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*The brok Villages, a DiVosta H

3% commission plus

$2,500

Realtor® Bonus*

It’s everything your clients want, a resort-style community built with DiVosta quality. From September 1 to December 31, the following DiVosta communities are offering a $2,500 Realtor® bonus on select homesites. Visit us online at DiVosta.com

The Isles on Palmer Ranch

IslandWalk at the West Villages

Homes from the $170s

1907 Burgos Drive Sarasota, FL 34238 941-926-3933

13446 Attaviano Street Venice, FL 34293 941-408-8179

*The broker bonus is available only for purchase contracts accepted by DiVosta Homes between September 1, 2010 and December 31,2010 at The Isles on Palmer Ranch and IslandWalk at the West Villages, and is in addition to the standard DiVosta Homes broker commission. To be eligible for this bonus and for the standard broker commission, broker must register their client/ buyer as required by DiVosta Homes and sign DiVosta Homes’ standard registration agreement. The bonus and the standard commission will be paid following the buyer’s closing of the home purchase. Additional terms, conditions and restrictions apply. See a sales consultant for additional details. Prices shown are estimated base prices, do not include lot premiums or options and are subject to change without notice. Community Association fees required. The photograph depicts a model containing features or designs that may not be available on all homes. This offer is subject to change or withdrawal at any time without prior notice. This is not a solicitation to sell property. CGC1505166 ©DiVosta Homes. All rights reserved.

My short sale client filed bankruptcy: Now what? By Cynthia A. Riddell, Esq. SAR Affiliate

Many homeowners are watching their real estate values decline, yet their mortgage balance remains the same. The challenging real estate market coupled with unemployment has forced many homeowners to enter the short sale arena. What happens to the short sale when a bankruptcy petition is filed? Let’s assume the following facts. • Before the short sale contract and package is uploaded by the lender’s loss mitigation department, the homeowner files a Chapter 7 bankruptcy. • The listing agent becomes aware of this when they receive notice from the bankruptcy court as a creditor. But it doesn’t end there because the buyer’s agent is calling you, the listing agent is asking you why his client, the short sale buyer, has received notice of the short sale seller’s bankruptcy! The answer is that the seller-debtor has listed the short sale purchaser as a potential creditor as well. At this point you are surely asking yourself why a listing and selling Realtor are considered creditors. The answer is: listing agreements and the short sale purchase offers are considered executory contracts under bankruptcy law. Executory contracts along with leases can be rejected or assumed by a debtor in bankruptcy. Executory contracts are those that have not been fully performed due to a condition that has yet to occur; for example the seller’s lender’s agreement to release the mortgage lien and approve the short sale. Being listed as a creditor puts both the short sale buyer and the listing agent in an adversarial position with the debtor (seller). Accordingly, the buyer and the listing agent are prohibited by Section 362 of the Bankruptcy Code from contacting the debtor (seller) directly. Moreover, upon the filing of the bankruptcy petition, the real estate becomes property of the bankruptcy

OCTOBER 2010

estate if the debtor has not chosen to or cannot exempt the real property. In most cases, where the debtor (seller) has no equity, the election will not be made to exempt the property from the estate. Thus the Bankruptcy Trustee controls and holds the real estate by operation of law and any attempt by the debtor (seller) to dispose of the property is not possible unless the Bankruptcy Trustee files a Notice of Abandonment of the real estate or the debtor (seller’s) bankruptcy case administratively closes (the debtor’s discharge from the bankruptcy ALONE is not enough). Therefore, once the bankruptcy petition has been filed, the short sale is typically dead in the water until the bankruptcy case closes OR the mortgage lender obtains an order from the Bankruptcy Court for relief from the automatic stay so that it can pursue its legal remedies with respect to the property. Once that order is obtained, the mortgage lender is allowed to pursue the foreclosure of their security interest. The mortgage lender is barred however from pursuing any personal recourse against the debtor-seller under the promissory note obligation because the debtor has discharged their obligation under the note. Another fun fact is that under IRC section 108(a)(1)(A) there are no taxes on debts discharged in bankruptcy. So the debtor would not have to be concerned about the potential tax liability of the cancelled debt since the debt is considered to be discharged in bankruptcy. However, with a bit of patience on the part of Realtors® and buyers, a short sale IS possible after the Chapter 7 bankruptcy case closes, even if the lender does not choose to pursue an

Sarasota Realtor® Magazine

order from the Bankruptcy Court lifting the automatic stay to remove the property from the bankruptcy estate while the case is still pending. From the debtor (seller’s) perspective, the benefits of participating in a short sale after completion of their Chapter 7 bankruptcy case where the homeowner/ debtor has obtained a discharge and the case has been administratively closed by the bankruptcy court is that the homeowner can bypass the discussion about deficiency because the underlying debt has been discharged. Further, by obtaining an offer for short sale the debtor (seller) cuts off any liability for post petition debts that arise from mere ownership of the property, such as ongoing association assessments (which are not dischargeable after the bankruptcy filing) along with liability for personal injury on the property, code violations, or criminal acts that could occur on the property while the deed is still in the debtor’s name. This allows the debtor to get a true fresh start without waiting around and maintaining the real estate while the mortgage lender takes its time to finish the foreclosure. From the lender’s perspective, it can liquidate the property much more quickly and not have to go through the lengthy foreclosure process in state court.

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ByDirk Zeller Realtor® Magazine Online

The ways you can reach leads have increased considerably in the past decade. But the fundamentals of lead follow-up haven’t changed. As real estate sales continue to change and evolve due to advancements in technology, we have whole new areas of lead generation that didn’t exist a decade ago — or even a couple of years ago, for that matter. The rise of social networking has created a whole new portal of lead generation. This expansion of lead-gen opportunities has brought some new twists and turns to some of the same unresolved lead follow-up challenges. Let me share with you key rules for lead follow-up to improve your skills, conversion rates, and ultimately your income. Rule 1: Lead follow-up is an appointment-booking process. In lead follow-up, my goal is to book an appointment. I am not connecting with the prospect to touch base, make contact, convey information, update them about the market, bond with them, open up a dialogue, keep in front of them, get my name out there, or do anything besides schedule a meeting. Always focus on asking for the appointment. Always! As with asking for a date, what’s the worst thing they can say? “No.” Your office is the best place for the meeting, but if it can’t happen there for any reason, set it up at a neutral, public site such as Starbucks. Not everyone agrees with me on this point, but I believe I will have more control at my real estate office or a neutral site than I will at their home or at the property they’re interested in. Rule 2: Lead follow-up is also a disqualification process. The secondary purpose of lead follow-up is to disqualify leads - in essence, to get rid of leads so you no longer have to invest time in them. Invariably, whenever I work with a real estate pro and we start to go through their database of leads, I find that it’s full of junk. Let me be clear on this: I’m not talking about people who are past clients or in their sphere. I am talking about people who have hit your Web site, come to an open house, or been an ad call, sign call, or come from somewhere in the last few years as a buyer or seller. You’ve warehoused them and e-mailed them, called them, direct-mailed them, or “dripped” on them in some manner for a long time with the hope of converting them.

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We need to understand that in lead follow-up, a “no” is as good as a “yes”. We are looking for the “no.” We want to confirm that “no.” If we can confirm they aren’t interested, we need to invest our time, resources, and energy in a better prospect or in finding more and better prospects. Rule 3: If you don’t reach a prospect, vary your method of contact before you delete the lead. Today we have a greater variety of methods to reach a prospect than ever before. Just 20 years ago, there really were only two methods of contact: direct mail and landline telephone. Now, along with those two you have cell phones (voice and text), e-mail, social networks, and still others. I still prefer phone-to-phone communication because my sales skills are better with this medium. But if I can’t reach someone via the phone — and these days, it’s impossible with some people — I need to be able to use text, e-mail, or some other method effectively. Use at least one other means of communication before you toss the lead out as unreachable. They might just be unreachable by the one method you primarily use. Adaptability is critical in today’s marketplace as it relates to lead follow-up. Rule 4: A “no” is as good as a “yes.” The truth is there are only three possible responses that a prospect can express. Those responses are “yes,” “no,” and “maybe.” The killer time and energy waster is the “maybe.” We often beat ourselves up when we don’t convert a high enough percentage of maybes. I would rather get a “no” today than a “maybe.” In my studies, most low-grade maybes eventually turn into nos. People need to be able to say “no,” and then we can move on. A “no” is as good as a “yes” because the uncertainly in both cases is removed. When people think that you are willing to take “no” as an answer, they are willing to talk with you. Consumers fear being talked into buying something from a salesperson. They believe that all salespeople will use verbal judo to pin them to the mat. The best approach is to let the prospect know up front that it’s okay if they say “no.” You won’t be offended if that’s their answer. Your scripts must be designed to give them the ability to say “no” early in your conversation. This lowers resistance, enhances trust, and builds a bridge that enables them to convey their true objectives and goals. Only invest time with high-probability prospects. The

Sarasota Realtor® Magazine

Broker Corner

Fundamentals of lead follow-up the same

Continued on P. 31, See BROKER

OCTOBER 2010

WCR has big turnout at Florida Realtors® Convention

By Karen Grant 2010 WCR President

The Florida Realtors® Convention and Trade Expo was well represented by the Women’s Council of Realtors®. Educational sessions and networking occurred with many real estate professionals coming together for the events. These sessions provided training and business tools to further the knowledge, and techniques of those who attended. The opening session for Women’s Council, at the convention, was a presentation by our 2010 National President, Deborah Gilmore. Deborah elaborated on the Values, Vision and Mission of Women’s Council. She empowered us with her knowledge and success stories on succeeding and growing your business. State elections were held with the following members from our chapter elected: Amy Worth-Paul, State Vice President; Karen Grant, District Vice President; and Cindi Jackson, State Education Chairman. Hats off to the Co-Chairs Gail Shane and Melia Favorite for their outstanding orchestration of this year’s fashion show, “Dazzle, Glamour, Dine, & Glitter”. A special thanks to Gail’s and Melia’s team who gave of their time and talents for this fabulous show and our sponsors who generously donated funds towards the event. It was a sell-out! Committee Chairs: Carrie Starr Rummery; Leslie Lauritano; Linda McConnell; Maria Masucci; Marianne LeBar; Sharyl Smith; Tina Johns. Committee Members: Angela Sauro; Barbara Zdziarski; Cathleen Acosta; Charlotte Hedge; Cindi Migone; Debbie Bowis; Fred Smith-Odato; Gail Grimley; Karen Garliardi; Karen Grant; Karlie Bennett; Laura Rusk; Mary Mastro; Norm Mallard; Patty Sullivan; Sonia Hamouda; Steve Bennion; Tina Darling; Tom Mahoney. SPONSORS DIAMOND: Starr Title Insurance Agency; Ludwig— Walpole Insurance Agency RUBY: Neal Communities; Iberia Bank Mortgage; The Ritz Carlton Members Club; Lakewood Ranch Communities; Regions Mortgage; Tannenbaum Scro, Attorneys at Law; Herald-Tribune Media Group; Urban Trust Bank; N & M Cool Today/Patten’s Plumbing Today.

SAPPHIRE: Steven R. Greenberg, Esquire of Icard Merrill; Intuitive Interiors; Sabal Palm Bank; Sarasota Catering Company; Peace Of Mind Home Inspections; Berlin Patten, Attorneys at Law; North American Title; Eckerd College; Robb & Stucky; BB&T—Oswald Trippe and Company; MGA Insurance Group; Florida Institute for Age Management & Wellness; Riddell Law Group; Karen Grant, Women’s Council of Realtors® 2010 President. A portion of our proceeds was given to Forty Carrots Family Center. There are many exciting events ahead (see program calendar below). Don’t forget to sign up for these events either on our website: www.SarasotaWCR.com ;or e-mail MzWitt@aol.com. Any questions concerning the presentations can be directed to: MarianneLeBar@ michaelsaunders.com or 941-650-0337. Congratulations to our new members who recently joined WCR: Florence Conlan, Ludwig-Walpole; Gloria Weed, Broker, Michael Saunders & Company, Lakewood Ranch; and Marci McFarland, Michael Saunders & Company. WCR 2010 Programs Oct. 8, 11 a.m., The Field Club: “A Congressional Update” - Sally Tibbetts Oct, 19 - District Forum Nov. 12, 10:15 a.m. -University Park Country Club, “How to Increase Your Business Using the WCR Network”; 11 a.m., “The Impact of the Ringling Museum”, Award Ceremony and Farewell Dec. 10, 11 a.m., Sarasota Yacht Club: Installation of 2011 President and Board

Sponsors Gold: University Park Lifestyles, Inc. Silver: Lakewood Ranch Communities, LLC Neal Communities Starr Title Insurance Services, Carrie Rummery Bronze: Regions Mortgage BB&T Oswald Trippe - Joe Sikora Silver Fox Pest Management MGA Insurance Group Southern Trust Financial Planning Intuitive Interiors, Debra Bois

2010 Line Officers

Karen Grant President Michael Saunders & Company Cell: 941-504-4952 karengrant@michaelsaunders.com

Marianne LeBar Vice President of Membership Michael Saunders & Company Cell: 941-650-0337

mariannelebar@michaelsaunders.com

Leslie Lauritano Recording Secretary Regions Bank Cell: 941-504-1028 leslie.lauritano@regions.com

Cindi Jackson President-Elect Exit Realty Signature Properties Cell: 941-400-6091 cindi_title@yahoo.com

Sharyl Smith Treasurer Bank of Commerce Cell: 941-374-06302 ssmith@bankofcommercefl.com

Melia Favorite Corresponding Secretary Iberia Bank Mortgage Cell: 941-807-0303 melia.favorite@iberiabankmortgage.com

OCTOBER 2010

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•L a

•P P

•R F

•L

•E

MORTGAGES DESIGNED TO ACHIEVE YOUR DREAMS Let us develop the blueprint for making your clients’ dreams come true! • Local, in-house decision making, streamlining the approval process & ensuring on time closings • Portfolio jumbo mortgages & Foreign National Programs available Linda McConnell

• Robust traditional lending capabilities, ranging from FHA, Conventional, VA, USDA, Bond and more! • Low fixed rates & closing costs • Exemplary service from a dedicated Mortgage Banker

REOs

From Page 14 commonly use in standard real estate transactions. Finally, the addendum will typically change the time calculations that will impact various time lines of the transaction. It may not be consistent with the contract in terms of calendar days or business days for every event. We have examined title on these REO transactions on far too many occasions and found a problem. We have found defects in title that could be cured by the sellers but in many cases are not and may never be. We have found properties for sale that still have valid mortgages on the property that have construction liens still in place. Remember, a standard B II exception www.sarasotarealtors.com

on all title policies waives liability for defects of record. This means that if a diligent title examination had been made, the title defect would have been discovered and that the title insurance will not cover that claim. Who would be responsible for that claim? Anyone who was involved in the transaction stands liable to the buyer to satisfy that claim. That could be you! What if the title company, often employed by the bank or an agency of the foreclosing attorney, is no longer in business several years down the road when the title problem comes to light? The best practice is to always obtain your own title examination- including a review of the foreclosure file of the property before your buyer agrees to the contract and becomes obligated to proceed with the sale of the property or is in jeopardy of losing their deposit.

Sarasota Realtor® Magazine

VP/Mortgage Production Manager Sr. Loan Officer Urban Trust Bank Mortgage Division 235 N. Orange Ave. Suite 101 Sarasota, FL 34236 Office: (941) 893-4923 Cell: (941) 504-0823 Efax: (877) 338-1586 lmcconnell@urbantrustbank.com

An experienced real estate attorney can help you address these issues and make certain that the property that your buyer is purchasing is everything that you think they are. The next time you consider assisting with the purchase of an REO, take a good look at the contract addendum. Take a look at paragraphs 15 (defects in title), 14 (deed), 16 (representations and warranties), 17 (waivers), 19 (remedies for default) and 20 (indemnification). You will find that your buyer has extremely limited protections and that you must inform your buyer about their liabilities before you proceed. If you think that there may be a problem or if you just want to play it safe, then contact a real estate attorney to check the title and review the addendum with your buyer before you and your buyer get into trouble.

OCTOBER 2010

Membership News

The Association is pleased to welcome new members! Designated Realtors®

Collier, Cary: Collier & Assoc Real Estate Frudakis, Helene: Florida VIP Realty Inc. Lennox, Esther: LSI Properties Liszewski, Stacy: SRQ Bay Inc. Pittman, Shirley: Blue Coral Real Estate Group Walker, Lisa, Siefert: Walker Realty LLC

New Members

Billett, Nicholas: Ken Brand Lic R E Broker Carr, Maralyn: Signature Sothebys Internat’l Cunnison, Joan: Coldwell Banker Res R E Dworsky, Susan: Exit Realty Signature Prop Flannagan, Mark: Horizon Realty International Green, Jason: Signature Sothebys Internat’l Groom, Hunter: Florida Sun Realty Corp Harralson, Chloe: Keller Williams Lakewood Ranch Hartwick, Roderick: Xena Vallone Realty Inc. Lacey, Arlene: Lacey Realty Inc. Lauber, Frank: Andrews & Associates Realty Lee, Mark: Impulse Realty LLC Legenski, Bernard: Nextage Lighthouse Realty Linehan, John: David P Bouverat Inc. Lupinacci, J Cassie: Prudential Palms Realty Makowsky, Linda: Wagner Realty Matrejek, Michael: Platinum Home Sales Merila, Sylvia: Palm Oasis Realty and Mgmt Inc. Merrill, Tonya: Coldwell Banker Commercial NRT Plaia, Michael: Keller Williams Lakewood Ranch Postranetska, Viktoriya: Impulse Realty LLC Ranney, Christopher: Keller Williams Lakewood Ranch Richard, Renette: Ryntal Robinson, Amy: Coldwell Banker Res R E Selitto, Richard: Coldwell Banker Res R E Snelling, Jennifer: Coldwell Banker Res R E Somaroo, Muneram: Atchley International Realty Stewart, Jimmy: LWR Communities LLC Szenberg, Valerie: Blakeley & Associates Realty Tengerdy, Tom: Signature Sothebys Internat’l Wetzig, Christopher: Prudential Palms Realty

Now With ...

Aldea, Eugen: Ken Brand Lic R E Broker Angelo O’Mara, Deborah: Michael Saunders & Co. Bissett, Elizabeth: Wagner Realty Buxton, Betsey: Sandals Realty of Sarasota Cleland, Douglas: Prudential Lakewood Ranch Rlty Curiel, Javier: Cristello and Co Real Estate DeBonis, Mabell: Sandals Realty of Sarasota Del Viscio, Stephen: RE/MAX Premier Services Del Viscio, Judith: RE/MAX Premier Services DeZiel, Allan: Realty Express Dillon, Ellen: Venice Real Estate Company Feeney, James: Key Realty Fox, Susan: Michael Saunders & Company Fox, Ana: Key Realty Glasgow, Joe: Realty Executives Solutions Lasky, Rita: Prudential Lakewood Ranch Rlty Ledford, K Scott: Realty Services Inc Lorman, David: Neal Communities Realty Inc. McMichael, Karen: Charles Rutenberg Realty Inc. O’Dea, Maryline: Sandals Realty of Sarasota Pollock, Michael: RoseBay Real Estate Inc. Rapisardi, Nicholas: Realty Express 30

OCTOBER 2010

Razick, Shirley: Coldwell Banker Res R E Rivera, Rigo: Keller Williams Lakewood Ranch Schwartz, Karen: Realty Express Seress, Catherine: Coldwell Banker Res R E Sherman, Robert: Prudential Palms Realty Siciliano, Jennifer: Collier & Assoc Real Estate Slater, Marina: Keller Williams Lakewood Ranch Stewart, Lori: Coldwell Banker Res RE Stieg, Carol: Hook & Ladder Realty Inc. Unger, Joshua: Dawn Cohen and Associates Wasson, Gene: Mount Vernon Property Mgmt Inc. Weiler, Ruth: Horizon Realty International White, Barry: Sarasota Beach Rentals

New Affiliates

Anthony’s Cool-Heat-Electrical Post Office Box 14926 Bradenton, FL 34280 Phone Number: 941-749-5307 Representative: Linda Pelletier Specialty: Anthony’s Cooling-Heating-Electric has been in business since 1988, and we have the knowledge to help you with your heating, cooling, and electrical needs. We provide fast reliable services with exceptional customer service. All of our technicians are NATE certified, so you can rest assure that you are getting the highest quality of expertise available. We are consistently putting our technicians through new training to keep them up to date on the latest technology. Our business is family owned so you will receive that personal touch on your service that sets us apart. Email: LPelletier-Anthonys@verizon.net Blue Dasher Technologies 7440 SW 50th Terrace, #109 Miami, FL 33155 Phone Number: 786-363-4360 Representative: Michael B. Reidbord Specialty: Blue Dasher Technologies permits real estate professionals and their clients to experience a life-like vehicular tour of properties, neighborhoods and points of interest all from street-level. Buyers can now make strategic decisions by virtually visiting properties in advance without leaving home, then filter and select where they want to visit, thereby saving time and resources. Our spherical street-level imagery system enables exact address matching so properties can be pinpointed for prospects. Email: michael@bluedashertech.com Gaev Corporation 2050 Proctor Road Ste A Sarasota, FL 34231 Phone Number: 941-586-3947 Representative: Ilya N. Gaev Specialty: Investment Counseling. Email: Ilya@HSWllc.com Chem-Dry Intercoastal 1917 17th Street Sarasota, FL 34234 Phone Number: 941-359-3333 Representative: Bill Rogers

Sarasota Realtor® Magazine

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Specialty: Chem-Dry is the world’s leading carpet and upholstery cleaner. Chem-Dry uses the industry’s finest, most powerful equipment and proprietary cleaning solutions to ensure the best clean for your family. You can trust Chem-Dry to deliver quality and value. Whether it is Carpet Cleaning, Tile & Grout Cleaning, Urine & Odor Removal, Oriental Rug Cleaning or Wood Cleaning, Chem-Dry does it all. Email: wmKrogers@comcast.net London Bay Homes, Inc 9130 Galleria Court Ste 200 Naples, FL 34109 Phone Number: 239-449-1575 Representative: Terri Speach Specialty: When you think about choosing a builder today, one of the most important considerations is trust. At London Bay Homes, trust is an attribute that is deeply engrained in our company culture. For nearly two decades we have been satisfying our clients with exceptional design expertise, customer-friendly processes, consistent and timely communication, superior construction quality and dependable warranty service. These are some of the reasons that more than 90% of our clients will refer us to their friends. Email: terrispeach@londonbay.com The Window Pros of Florida 787 Commerce Drive E. Suite 18 Venice, FL 34292 Phone Number: 941-556-0007 Representative: Brian S. Carson Specialty: The Window Pros of Florida-(Advance Hurricane Protection), knows you have choices when making your replacement window & door decision. We will work diligently to see that your Window Pro experience exceeds your expectation. Anything less is unacceptable! Email: RKathyisA11@aol.com

BROKER From Page 27

most significant cost in a real estate professional’s business isn’t the broker, advertising, marketing, car, or anything else. It’s the opportunity costs of making an investment of time in the wrong person and not getting paid while you could have found and worked with someone else who would have generated a commission check. The opportunity cost is the largest cost of all in your business. Rule 5: Determine the value of the lead. It boils down to how much, how soon, and how much effort. How much effort contains two parts: how much to get them to the committed client level and how much to serve them to a high level of satisfaction, so they list or buy? A low-probability prospect is worse than no prospect at all. When we have low-probability prospects, we work them in hopes of them changing. When we have no prospects, we go out and search for new ones. When we seek, we will find. The part most people forget to do is seek. Don’t waste your resources on low-probability prospects.

www.sarasotarealtors.com

Send Out Cards 827 Autumncrest Drive Sarasota, FL 34232 Phone Number: 941-504-9014 Representative: Mary Ellen Motyl Specialty: The number #1 relationship marketing company offering a time & cost effective way to stay in touch with past, present & future buyers and sellers. A concept and service that is changing people’s lives. You can send a printed greeting card with your message in less than 60 Seconds. (1) Choose your card, (2) Write your message, (3) Click send. Send Out Cards prints it, stuffs it and mails it, all for less than a greeting card at the store. Email: memotyl@gmail.com Major-Minor Home Inspections 3507 Fairview Drive Sarasota, FL 34239 Phone Number: 941-925-7400 Representative: Russell J. Smith Specialty: Major-Minor Home Inspections is the premier home inspection company in the Sarasota area. Russell J. Smith has over 38 years in the Construction Industry with knowledge of a full line of Inspections. Email: RussSrq@yahoo.com Yesner & Boss, P.L. 1819 Main Street. Suite 215 Sarasota, FL 34236 Phone Number: 941-362-0050 Representative: Jo Ann M. Koontz Specialty: Law firm offering the full range of practice including personal injury, bankruptcies, litigation, business law, family law, wills, trusts & probate, residential and commercial real estate closings and foreclosure defense. Offices in Sarasota, St. Petersburg, Tampa and Brandon. Email: Joann@yesnerboss.com

We invest large amounts of time, money, energy, and emotion to work with our leads. Some leads require more of these resources to convert than others. The key is to know which ones are worth investing in. Rule 6: Determine if they need your services, not if they’re just “interested.” Do they have a demonstrated need? Is there a gap between what they want and where they are currently in their home? Are they seeking assistance? Is there a desire to change, or is it a want or wish? Do they have the ability to proceed? These kinds of questions usually relate to financial equity, down payment funds, credit score, or employment. Too often, we are trying to determine the interest of the prospect. Don’t be fooled into thinking their interest alone has value to you as a salesperson. By itself, the prospect’s level of interest is meaningless. The factors that matter most are: • Do they need your services? • Do they want them? • Can they afford to take action?

Sarasota Realtor® Magazine

OCTOBER 2010

E DUCATION & E VENTS C ALENDAR Tuesday

Wednesday

Thursday

Friday

Sept. 27

Sept. 28

Sept. 29

Sept. 30

Oct. 1

9:30 a.m. & 1:30 p.m. Listingbook Liftoff

9 a.m. MLX Basic 1:30 p.m. MLX Entering & Updating

9 a.m.– 4 p.m. New Member Orientation & Code of Ethics

9:30 a.m. & 1:30 p.m. Listingbook Liftoff 5 p.m. Affiliate SocialPolo Grill

9 a.m. Emerging Leaders Panel

7:30 a.m. Toastmasters 11:30 a.m. Affiliate Lunch n’ Learn ‘Work Smarter & Not Harder’

8 a.m. Power Marketing (SAR)

8 a.m. Power Marketing (University Park Country Club)

9 a.m. CID Commercial Marketplace

5 p.m. Realtor/Attorney Social Gecko’s on Hillview

9 a.m.

MLX Design Web Page 1:30 p.m. MLX Advanced 5:30 p.m. SYR Social Mattison's on Main Street

8 a.m. Power Marketing (SAR) 9 a.m. iMAPP 1:30 p.m. Creating a CMA

9 a.m. CID Commercial Marketplace-Off Site

9 a.m. MLXchange Basic 1:30 p.m. MLXchange Entering & Updating

5 p.m. Amendment 4-Phone Bank

8:30 a.m. CID General Membership 1 p.m. EZ Realty Seminar

5 p.m. Amendment 4-Phone Bank

7:30 a.m. 8 a.m. Toastmasters Power Marketing 12 p.m. (SAR) Realtor/Attorney Lunch & Learn -Negotiation 5 p.m. Amendment 4-Phone Bank

9 a.m. 8 a.m. Emerging Leaders ClassPower Marketing Role of SRQ Airport (SAR) 5 p.m. Amendment 4-Phone Bank

9 a.m. CID Commercial Marketplace

Note: All events/classes are at SAR, except where noted

My Florida Regional MLS Training

The classes E & U (Entering & Updating), Tools, Design Web Pages, MLX Intro, MLX Advanced, iMAPP, Custom Reports and CMA are all My Florida Regional MLS training classes offered at no cost to MLS participants. All classes (except E & U) are HANDS-ON in the SAR Tech Center. Please register for all MLS classes at the MFRMLS website: http://mfrmls.com. Click on Education and Training.

Sarasota Association of Realtors®, Inc. 3590 S. Tuttle Ave. Sarasota, FL 34239

Monday

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

OCTO BER 2010

REO

Short

Arm's Length

1200 1000 800 600 400 200 0 2007‐Q3 2007‐Q4 2008‐Q1 2008‐Q2 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2

Condo Sales ‐ By Quarter

REO

Short

Arm's Length

500 400 300 200 100 0 2007‐Q3 2007‐Q4 2008‐Q1 2008‐Q2 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2

Single Family Median Sale Price

REO

Short

Arm's Length

$350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2007‐2ndQ 2007‐3rdQ 2007‐4thQ 2008‐1stQ 2008‐2ndQ 2008‐3rdQ 2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1

Condos Median Sale Price

REO

Short

2010‐Q2

Arm's Length

$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0

Source: Sarasota Association of Realtors®

2007‐2ndQ 2007‐3rdQ 2007‐4thQ 2008‐1stQ 2008‐2ndQ 2008‐3rdQ 2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1

2010‐Q2

The Xtra Pages - Digital Version Only

Single Family Sales ‐ By Quarter

New Listings

Single Family Condo

1,200 1,000 800 600 400 200 0 Aug‐09

Sep‐09

Oct‐09

Nov‐09

Dec‐09

Jan‐10

Feb‐10 Mar‐10

Apr‐10 May‐10

Jun‐10

Jul‐10

Aug‐10

Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10

Jul‐10

Aug‐10 Aug‐10

Months of Inventory 25.0 20.0 15.0 10.0 5.0 0.0 Aug‐09 Sep‐09

Oct‐09 Nov‐09 Dec‐09

Jan‐10

9‐Aug

9‐Sep

9‐Oct

9‐Nov

9‐Dec

Jan‐10

Feb‐10

Mar‐10

Apr‐10

May‐10

Jun‐10

Jul‐10

Single Family

10.3

9.8

9.3

9.4

8.1

11.5

10.6

7.2

7.3

7.2

6.6

10.4

9.5

Condo

20.5

15.1

15.0

14.6

12.3

14.7

15.4

11.8

9.9

9.7

10.9

14.4

13.5

Overall Sales Volume $200,000,000 $150,000,000 $100,000,000 $50,000,000 $0 Aug‐09 Sep‐09 Oct‐09 Nov‐09 Dec‐09 Jan‐10 Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10 Aug‐09

Sep‐09

Oct‐09

Nov‐09

Dec‐09

Jan‐10

Feb‐10

Mar‐10

Apr‐10

May‐10

Jun‐10

Jul‐10 Aug‐10 Jul‐10

Aug‐10

Single Family

$93,852,581 $108,129,703 $106,634,831 $118,741,492 $138,311,391 $91,178,403

$90,615,651 $153,809,260 $154,066,294 $173,409,735 $155,762,590 $104,042,851 $100,950,633

Condo

$37,933,125

$43,400,202

$48,128,868

$46,426,400

$43,392,376

$56,455,335

$45,146,896

$67,589,008

$67,375,445

$65,727,253

$46,401,455

$34,172,704

$40,555,660

Source: Sarasota Association of Realtors® MLS

Annual Sales ‐ 2000 to 2009 Single Family

Condo

Total

11267 10562 9697 8167 7,596 6533

7036

6,841

6,504

6739

6358

6042

5,603

5,183

4,940

4,626

4,353

4,349 3,193 2,184

2,096

5820

3,671

3,922

3,721

2,564

2,120

2,005

1,194

2000

2001

2002

2003

2004

2005

2006

2007

2008

1,556

2009

Annual Median Sale Price ‐ 2000 to 2009 Single Family $351,000 $305,000

$342,000

$336,250

$301,225

$303,000

Condo

$320,000

$272,500 $226,000

$230,000

$225,000

$210,000 $172,500 $142,000 $132,300

$145,000

2000

2001

$191,000 $173,000

$191,000

2002

2003

$160,000

2004

2005

2006

2007

2008

2009

Days on Market 300 200 100 0 Aug‐09 Sep‐09 Oct‐09 Nov‐09 Dec‐09 Jan‐10 Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10

Jul‐10 Aug‐10

Aug‐09 Sep‐09 Oct‐09 Nov‐09 Dec‐09 Jan‐10 Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10

Jul‐10 Aug‐10

Single Family

179

174

186

179

194

169

174

178

175

168

173

176

178

Condo

230

208

250

236

202

207

206

203

213

203

200

193

REO Sales ‐ By Quarter

Single Family Condo

600 500 400 300 200 100 0 2007‐Q1 2007‐Q2 2007‐Q3 2007‐Q4 2008‐Q1 2008‐Q2 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2

Short Sales ‐ By Quarter 400 350 300 250 200 150 100 50 0

Single Family Condo

2007‐Q1 2007‐Q2 2007‐Q3 2007‐Q4 2008‐Q1 2008‐Q2 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2

Sarasota Association of Realtors® MLS