DECEMBER 2012
The Official Monthly Publication of the Sarasota Association of Realtors®
Annual Awards Issue
SAR Realtor® of the Year
William “Bill” Geller Humanitarian Award Ron Gordon Meritorious Service Award Roger Piro President’s Award
Michael Davenport Page 6
2013 Dues Invoices Are Now Available and Due Dec. 15th - See Page 11
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Contents
Sarasota Realtor® Magazine Volume 9, Issue 12 DECEMBER 2012
Sarasota Association of Realtors®, Inc. 3590 South Tuttle Avenue Sarasota, Florida 34239 Phone: 941/923-2315 FAX: 941/923-0191 www.sarasotarealtors.com www.facebook.com/SarasotaRealtors
6
Stars of SAR
Every year, SAR singles out four representatives of the
Association for special recognition and acknowledgement for their
exceptional service to the industry, Association and community.
10 Best Wishes!
Governmental Affairs Director Marc Mansfield looks ahead
to 2013 and gives his annual rundown of ways we can
all improve our performance in the coming year.
Volume 9 • Issue 12 •DECEMBER 2012
12 New Benefits The 2012 election is over, and Florida voters decided
to provide additional property tax benefits to veterans,
surviving spouses, and the state’s senior citizens.
15 Sales Surge
Property sales in October 2012 in the Sarasota market rose
by 24 percent over last year at this time, and median prices have
26 Who Are Buyers, Sellers?
The annual NAR survey for 2012 sorts out the various
details on the national real estate market and offers valuable
insights that could improve your bottom line.
10- Governmental Affairs 12- Property Appraiser 15- Sales and Listing Statistics Visit SAR on Facebook at www.facebook.com/SarasotaRealtors See a few of the photos this month on Page 24!
24- On the SAR Scene
Immediate Past President Michael Bruno Michael Saunders & Company
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. 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. Sarasota Realtor® is published monthly by the Sarasota Association of Realtors® Inc.
Editorial Staff Director of Membership and Administrative Services Dan Andrews Director of Information Technology Jesse Sunday Director of Professional Development Catherine McCaskill Governmental Affairs Director Marc Mansfield
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. 2012 Copyright© by the Sarasota Association of Realtors®, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.
30- Membership
DECEMBER 2012
Treasurer Peter Crowley RE/MAX Alliance Group
Sarasota Realtor® Advertising: For information on advertising rates and deadlines, contact Ray Porter at 941/328-1168 or ray@sarasotarealtors.com.
32- Calendar of Events/Education 4
Secretary Stafford Starcher RE/MAX Alliance Group
Production Coastal Printing, Inc.
In every issue
20- Education Programs
President-Elect Roger Piro Town & Country Realty
Director of Communications Ray Porter
remained at near the 2012 highs.
18- Commercial Investment Division
President Laura Benson Michael Saunders & Company
Chief Executive Officer Kathy Roberts
2012 SAR Officers
Sarasota Realtor® Magazine
www.sarasotarealtors.com
2012 Installation, Holiday Luncheon set SAR Officers and Directors for 2013 will be installed at the SAR 2012 Installation and Holiday Luncheon on Wednesday, Dec. 5th at Noon at Michael’s On East, 1212 East Ave. S., Sarasota. Doors open at 11:30 a.m. and the cost is $30. The annual SAR awards will also be presented (see Page 6).
SAR now seeking Lights in Bloom volunteers Get in the holiday spirit and volunteer to help out at the annual Lights in Bloom celebration on Saturday, Dec. 15th beginning at 6 p.m. at Selby Botanical Gardens. SAR’s Community Outreach Committee has once again partnered with Selby to help provide staffing for the big event. Guests will stroll through the Gardens and view life-size garden-themed holiday lights brought to you by Lights in Bloom originator Bob McComb, also known as Mr. Illuminator. There will be live holiday music and dance performances, grilled entrees, kids’ “Merry Meals” and much more. Please contact Commitee Chair Elaine Adair at ekadair@verizon.net if you would like to help - and get FREE ADMISSION!
Leigh Durst: SAR Affiliate of Month Leigh Durst has been named SAR Affiliate of the Month for December 2012. Leigh has been a mortgage lending professional for over 25 years. She was born and raised in Ohio and has resided in Sarasota for over 30 years. Leigh is a mortgage banker with Academy Mortgage Corporation, with expertise in conventional, jumbo, FHA/VA and foreign national loans. Associations that she is involved with include: Leigh Durst the Mortgage Bankers Association as a member, past officer and board member; Sarasota Association of Realtors®, affiliate member; National Reverse Mortgage Lenders Association; Guardian ad Litem program for the Twelfth Judicial Circuit Court; and various animal charities. Leigh can be reached at 941-313-1733, or by email at Leigh. Durst@academymortgage.com
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Cover Story
Stars of SAR
2012 awardees excelled above and beyond the call
William “Bill” Geller
Ron Gordon
A
Editor’s Note: Our SAR award winners will be recognized at the annual Installation and Holiday Luncheon set for Dec. 5th at 11:30 a.m. at Michael’s On East. Achieving excellence and success in any organization requires dynamic, energized members who buy in to the philosophy and strategy of the group. Here at the Sarasota Association of Realtors®, we are extremely fortunate to have hundreds of members who meet this challenge, year in and year out, and every December we select four outstanding examples from our ranks to honor their exceptional contributions. These four valuable leaders have truly made a positive difference in the lives of others. They were nominated by their peers for their unique and valuable contributions to SAR, and to the Sarasota community.
William “Bill” Geller, SAR 2012 Realtor® of the Year The Realtor® of the Year award is chosen based upon the SAR member’s lifetime contributions to SAR, Florida Realtors®, plus service to the community and business accomplishments. Activities during the past three years are given priority consideration. Bill Geller, an agent with RE/MAX Platinum Realty, was chosen as the 2012 Realtor® of the Year. Bill has been a resident of Sarasota since 1980 and a Realtor® for more than 20 years. He is a Certified International Property Specialist (CIPS) and holds a Transnational Referral Certification (TRC). Bill was President of the Sarasota Association of Realtors® in 2009. This year he chaired the Global
6
DECEMBER 2012
Roger Piro
Michael Davenport
Business Council. He has been a member of SARPAAT for the past three years, a member of the Public Policy and Grievance committees, and has served as board treasurer and as a member of the SAR executive committee for four years. Bill has also served on the Board of Directors of the Florida Association of Realtors®, and was a member of the International Operations Committee, International Forum Committee and Business Trends & Technology Forum and 2002 International Steering Committee Chair for SAR. Bill is past-president and board member of the Brazil-Tampa Bay Chamber of Commerce, served as a three-term president of the Siesta Key Association and is past-president of the Rotary Club of Sarasota, Sunset. He currently volunteers as an instructor of small business classes at the Women’s Resource Center, and is also involved with other local community organizations. Prior to his real estate experience, Bill held staff positions at the Greater Sarasota Chamber of Commerce including General Manager and Director of Membership. He brings management and organizational experience having worked with Fortune 500 companies and private ventures in Detroit and New York and North Carolina. Originally from Detroit, he earned a Bachelor’s degree from the University of Detroit and attended the Institute for Organization Management at the University of Georgia. An avid runner, Bill has participated in several marathons both in the U.S. and
Sarasota Realtor® Magazine
Continued on P. 8, See STARS
www.sarasotarealtors.com
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SAR December Issue.indd 1
11/7/2012 2:19:41 PM
STARS
From Page 6 in Europe and of course the Sarasota marathon for the past two years. Bill has also been a key contact for State Rep. Ray Pilon and prior to that a key contact for Rep. Keith Fitzgerald. With NAR, Bill served as a member of board of directors in 2009 and served on the CIPS Advisory Board for two years. Bill is currently president of the River Preserve Condo Association, has served on Board of Trustees for the Unitarian Universalist Church of Sarasota, and also served on the board of ALSO Out Youth, a local LGBT advocacy organization. Congratulations to Bill Geller - 2012 Realtor® of the Year!
Ron Gordon - SAR 2012 Humanitarian of the Year The Humanitarian of the Year award is given to an SAR Realtor® member for significant contributions as a volunteer for an organization(s) or project(s) in the community. This year’s award goes to Ron Gordon, an agent with Xena Vallone Realty. In 2005, Ron started his own annual golf tournament to benefit the Humane Society of Sarasota County. In the past eight years, the event has raised more than $60,000 and helped find homes for over 4,000 abandoned pets. Ron moved to Sarasota in 1997 and quickly became addicted to golf. He played in numerous charity golf tournaments benefitting many worthwhile causes, but he always had a special place in his heart for the helpless animals among us who are totally dependent on the generosity of people in order to survive. He approached the director of the Humane Society and told her what he had in mind, and that was the start a fantastic charitable event. Originally from Maryland, Ron served as a Navy Hospital Corpsman during the Vietnam War and received a bachelor’s degree in business from Florida State University. He spent 30 years in the retail food industry in Maryland before moving to Sarasota and getting into real estate. Congratulations to Ron Gordon - 2012 Humanitarian of the Year! Roger Piro - SAR 2012 Meritorious Service Award The Meritorious Service Award is given to a Realtor® whose service to SAR and his/her fellow members has been of such effectiveness and quality to deserve special recognition. This year’s award goes to Roger M. Piro, broker with Town and Country Real Estate. Roger has most recently guided SAR’s efforts to locate a suitable site and develop a new headquarters facility. The major endeavor is years in the making, and will finally 8
DECEMBER 2012
culminate in the spring of 2013 with the completion of the new flagship SAR headquarters. In addition to his leadership of the Facility Task Force, Roger is the SAR President-Elect, and will assume the President’s post in 2013. He is a past chair of the SAR Grievance Committee, and has also served on the Realtor®Attorney Joint Committee. In previous years he has served on the Membership Committee, the Professional Development Committee, and was chauir of the Professional Standards Committee in 2010 and 2011. He is currently on the SAR Executive Committee. Originally from Cleveland, Ohio, Roger moved to Sarasota in 1978. He became a licensed real estate agent in 1994 and immediately joined SAR and began his involvement in the organization. He was previously with Century 21 Advantage for 12 years. After being asked by his Broker, Roger agreed to step into a management position and managed the Bee Ridge Road office for several years. During this time, Roger was involved with educating and mentoring many agents, leading them to more productive careers. He started his own brokerage in 2003 Congratulations to Roger Piro - 2012 Meritorious Service Award winner!
Michael Davenport - SAR 2012 President’s Award Winner The President’s Award is a special honor bestowed by the current SAR President to an SAR Realtor® member who best embodies the Realtor® spirit and has contributed to and supported the President’s goals for the past year. This year, the award is presented to Michael Davenport, agent with King Realty Associates, and instructor with the Sarasota School of Real Estate. “Mike stepped up when called upon,” explained SAR President Laura Benson. “The Board had identified a need to establish a real estate school and through Mike’s help and enthusiasm, it has become a reality and is wonderfully successful.” Mike has instilled in the students an excitement about volunteering at the Association they join and many of his “graduates” are filling vital roles in SAR committees. This year, when SAR was in great need of a leader to step up and make the Tech Expo a reality, Mike again accepted the challenge. He established an enthusiastic committee of volunteers and put together a successful program. His commitment to the success of agents in our community is why Michael Davenport was honored with the President’s Award. Michael is a licensed real estate broker and a multilicensed instructor in Florida with a distinguished resume that includes over 40 years of sales and management experience. He has earned numerous educational credentials, and is a current SAR board member. He has served three years on the Professional Development Committee. Congratulations to Michael Davenport - 2012 President’s Award winner!
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Governmental Affairs 10
T
Best wishes for 2013!
By Marc Mansfield Governmental Affairs Director The election season is officially finished. No more political commercials, phone calls or visits to your door. We can all breathe a sigh of relief. The holiday season is fast approaching and our minds begin to wander just a little from work related issues and more toward the challenge of paying for all those gifts we will purchase in the upcoming weeks. Once we have that figured out (which generally means paying off the credit cards in January - ouch!) we then briefly review the past year and move forward planning for the upcoming new year. With thoughts of the new year rapidly approaching, here are my wishes for 2013: • City of Sarasota - 2013 is an election year for two current commissioners. One would hope the current commission could learn to work together for the betterment of the City. If 2012 was any indication that is a long shot. Please drop your ego at the door and begin working together-Sarasota deserves better. • Sarasota County - From procurement scandals to mowing issues, this has not been a good year for the county. From the public’s viewpoint it is hard to figure out why these problems seem to go on and on. Fix the problem(s) so the county can move on to more important issues. • New City/County Managers - There are new City Managers in Longboat Key, Sarasota and Venice. There is also a new County Administrator for Sarasota County. Best wishes for these professionals who all have very difficult jobs. • USA - We have just completed the most negative, divisive and completely too long campaign season. Now that we no longer have to posture, play to our base, or pander to special interest groups, how about working for good ole American citizens? Is that too much to ask? • Real Estate - 2012 was much better than the year before. Let’s hope that 2013 is even better. • 2013 State Legislature - Thank you so much for the 12 amendments to the constitution. What a brilliant move on your part to push off onto the voters something you should have done yourself. How about doing your job for a change in 2013? • SAR Members - Everyone has gone through an extremely difficult past three years. Congratulations for hanging in there and continuing to do your job under challenging circumstances. Best Wishes for 2013. • SAR Volunteers - We are blessed to have a cadre of excellent volunteers. We couldn’t do it without you. Thanks for your efforts in 2012, and please return in 2013!
DECEMBER 2012
Sarasota Realtor® Magazine
With thoughts of the new year rapidly approaching, here are Marc Mansfield’s wishes for 2013.
www.sarasotarealtors.com
IMPORTANT DUES INFORMATION – PLEASE READ CAREFULLY 2013 Dues Invoices Are Now Available and Due D e c . 15th For the Who, What, When, Where, and Why’s regarding mandatory electronic online dues payments, please visit the SAR website at www.sarasotarealtors.com and click on the MEMBERS tab near the top of the page, FAQ’s, Dues and Accounts.
When and Where are dues invoices sent? Individual dues invoices are available @ http://www.sarasotarealtors.com (under MY SAR ACCOUNT at top of the page), where they can be viewed, printed, and paid. In addition, an email was sent to all members notifying when the invoices were produced and available for payment.
What is included on this dues billing? Annual dues: Local, State, National, CID (if applicable), Global Business Council (if applicable) and voluntary RPAC.
Payment Methods: ELECTRONIC PAYMENTS ONLY! Two payment options: 1. Deduct directly from your checking account via: A. Debit card (MC,V) – the easiest way to have the payment deducted from your checking account. (please note that if your debit card is simply an ATM card without a MasterCard or Visa symbol it will not work). If you use a debit card with the MasterCard or Visa symbol, you will check “credit card” as payment type *(log‐in required). B. Electronic check – use same information as on your check. 2. Credit card (MasterCard, Visa, or American Express). Instructions for all payments Go to www.sarasotarealtors.com Click on MY SAR ACCOUNT at top of page and log in Under My Services, click on “Pay/View Bill Online” Follow the payment process to confirmation of a successful transaction Online charges will appear on your bank and credit card statements as “Realtor Association/MLS Chicago IL” To print a copy of your invoice, click on the invoice number OR Come to the SAR offices and use our computer in the library which is programmed to open directly into the log‐in screen and has easy instructions located at the workstation for your use. Once payments are made online, they are updated to your account within 72 hours. We encourage you to go online to check the status of your account.
Due Dates, Termination of Services, and Refund Policy Due: December 15, 2012; Past Due: January 15, 2013, 5:01 p.m. $50 late fee assessment on open balances as of January 15, 2013, 5:01 p.m. Members with open balances as of 5:01 p.m. on January 15, 2013 will be subject to suspension of all Realtor® services. Members with outstanding balances at 5:01 p.m. on February 15, 2013 will be terminated. Reinstatement will require payment in full of all amounts due at date of termination, plus a $150 SAR application fee to rejoin as a new member. For a member whose license is placed inactive prior to Jan. 1st and who has paid their invoice, the inactive member will receive a full refund of the payments made. For a member whose license is placed inactive on or after Jan. 1st and who has paid their invoice, all payments received are non‐refundable.
www.sarasotarealtors.com
Sarasota Realtor® Magazine
DECEMBER 2012
11
Property Appraiser
New Benefits for Veterans, Surviving Spouses, and Seniors
On November 6, 2012, a supermajority of Florida Voters adopted three of the 11 Constitutional Amendments on the ballot. And all three offer or enhance benefits to specific groups of permanent Florida residents who own real property in the state. Amendment 2: This amendment expands the homestead property tax discount of By Bill Furst, GRI, CRS, CRB disabled veterans over the age of 65 with combat related injuries, regardless of Sarasota County Property Appraiser where they were living when they entered the military. Up until now, this benefit On November 6, 2012, a supermajority of Florida voters adopted has only been available to veterans who were Florida residents at the time they three of the 11 Constitutional Amendments on the ballot. All three entered the military. The amount of the discount is tied to the percentage of the offer or enhance benefits to specific groups of permanent Florida veteran’s permanent, service connected disability that is combat related. This may residents who own real property in the state. not be the total amount of their disability rating. The applicant needs to present a Amendment 2: This amendment expands the homestead letter from the Department of Veterans Affairs stating the percentage of the property tax discount of disabled veterans over the age of 65 with veteran’s service‐connected disability, evidence that reasonably indentifies the combat related injuries, regardless of where they were living when disability as combat related, and a copy of the veteran’s honorable discharge. they entered the military. Up until now, this benefit has only been available to veterans who were Florida residents at the time they Amendment 9: This amendment expands the total exemption for ad valorem taxes entered the military. The amount of the discount is tied to the percentage of the veteran’s permanent, service connected disability previously available to the surviving spouse of service members who died from that is combat related. This may not be the total amount of their service connected causes while on active duty to the surviving spouses of first disability rating. The applicant needs to present a letter from responders who died in the line of duty. First responders are defined as: the Department of Veterans Affairs stating the percentage of the Law Enforcement Officers veteran’s service-connected Correctional Officers disability, evidence that reasonably indentifies the disability as combat related, and a copy of the Firefighters veteran’s honorable discharge. Emergency Medical Technicians Amendment 9: This amendment expands the total exemption Paramedics for ad valorem taxes previously available to the surviving spouse of Active duty for first responders is defined as: service members who died from service connected causes while on Engaging in law enforcement active duty to the surviving spouses of first responders who died in ofActivity relating to fire suppression and prevention the line duty. First responders are defined as: Responding to a hazardous material emergency • Law Enforcement Officers Performing rescue activity • Correctional Officers Providing emergency medical services • Firefighters Performing disaster relief activity Engaging in emergency response activity • Emergency Medical Technicians Engaging in a employer authorized training exercise related to • Paramedics any of the events enumerated. Active duty for first responders is defined as: • Engaging in law enforcement The benefits of this amendment apply to the surviving spouses of first responders whose death occurs before, on or after January 1, 2013. The exemption is not • Activity relating to fire suppression and prevention retroactive to prior tax years. • Responding to a hazardous material emergency • Performing rescue activity Amendment 11: This amendment creates a new level of Income Qualified Senior • Providing emergency medical services Exemption for persons 65 or older who have made their property their permanent residence for at least 25 years. The homestead property must have an assessed • Performing disaster relief activity value of less than $250,000 and the applicant must meet the annual income • Engaging in emergency response activity requirements as published in January by the Department of Revenue. This is a local • Engaging in an employer authorized training exercise related to option exemption. The County and the municipalities must pass ordinances if they any of the events enumerated. choose to implement this exemption. The benefits of this amendment apply to the surviving spouses of first responders whose death occurs before, on or after January 1, Our office is waiting on instruction, rules and revised forms from the Department 2013. The exemption is not retroactive to prior tax years. of Revenue for all three amendments. If you or someone you know may qualify for any of these new benefits contact our office. We will gather as much information Amendment 11: This amendment creates a new level of Income as we can from each applicant in anticipation of receiving guidelines and forms for Qualified Senior Exemption for persons 65 or older who have made their property their permanent residence for at least 25 the 2013 tax year.
New benefits for veterans, surviving spouses, and seniors
O
For more information, contact the Property Appraiser’s office at 941.861.8200. 12
Seniors, Surviving Spouse and Combat Injury Disability Amendments
Amendment 2 amends §196.082 F.S.: Language restricting the combat injury discount to veterans who were residents of the state at the time of entering military service has been deleted. The exemption is now available to all qualified veterans. For full text go to: http://laws.flrules.org/2011/r592 Amendment 9 amends §196.081 F.S.: The 100% exemption from ad valorem taxes for total and permanently disabled veterans and their surviving spouses is now extended to “surviving spouses of first responders who die in the line of duty”. The terms “line of duty” and “first responder” are defined. For full text go to: http://laws.flrules.org/2012/54 Amendment 11 amends §196.075 F.S.: The amount of the assessed value of the property for any person applying for the expanded exemption must be less than $250,000 and the applicant must meet the income requirements set by the Department of Revenue. For full text go to: http://laws.flrules.org/2012/57 NEED A SPEAKER ON THE CHANGES TO THE SURVIVING SPOUSE, SENIORS, AND COMBANT INJURY STATUTES? BILL FURST WILL MEET WITH YOUR GROUP AND ANSWER YOURQUESTIONS. Call our office at 941.861.8200 or email PA@Sc‐PA.com to set an appointment for more information on these new amendments and revised statutes.
years. The homestead property must have an assessed value of less than $250,000 and the applicant must meet the annual income requirements as published in January by the Department of Revenue. This is a local option exemption. The County and the municipalities must pass ordinances if they choose to implement this exemption. Our office is waiting on instruction, rules and revised forms from the Department of Revenue for all three amendments. If you or someone you know may qualify for any of these new benefits, please contact our office. We will gather as much information as we can from each applicant in anticipation of receiving guidelines and forms for the 2013 tax year.
DECEMBER 2012
Sarasota Realtor® Magazine
www.sarasotarealtors.com
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Put yourself in a better place™
Commission incentive available on contracts accepted by Centex between 1/01/12 and 12/31/12. In order for Realtor to eligible for 50% advance commissions, buyer must put down 10% (with the exception of FHA/VA and NOLA). NOLA/cash verification must be presented. Broker must sign the Advance Commission Request Form. Brokers are responsible for repaying all advance commissions for homes that do not close. This offer is subject to change or withdrawal without prior notice. Prices shown are estimated base prices, do not include lot premiums or options and are subject to change without notice. Community Association fees required. Additional terms, conditions and restrictions apply. Photographs are for illustrative purposes only and are not intended to be an actual representation of a specific community, neighborhood or any completed improvements being offered. Please see a sales associate for details. This material shall not constitute a valid offer in any state where prior registration is required or if void by law. ©2012 PulteGroup, Inc. All rights reserved. 11/5/12. CBC057850.
Low valuations causing contract glitches The real estate market is recovering but still faces hurdles, notably from tight mortgage credit, but problems with a sizeable share of real estate appraisals also are holding back home sales, according to survey findings by the National Association of Realtors®. Most appraisers are competent and provide good valuations that are compliant with the Uniform Standards of Professional Appraisal Practice. However, appraisals generally lag market conditions and some changes to the appraisal process have been causing problems in recent years, including the use of outof-area valuators without local expertise or full access to local data, inappropriate comparisons, and excessive lender demands. In addition, before the beginning of last year, some lenders’ loan processors edited valuations, cutting them by a certain percentage. Although 65 percent of Realtors® surveyed in September report no contract problems relating to home appraisals over the past three months,* 11 percent said a contract was cancelled because an appraised value came in below the price negotiated between the buyer and seller, 9 percent reported a contract was delayed, and 15 percent said a contract was renegotiated to a lower sales price as a result of a low valuation. These findings are notable given that homes in many areas are selling for less than replacement construction costs. Lawrence Yun, NAR chief economist, said there has been a steady level of appraisal issues for quite some time. “Though the real estate recovery is taking place, the combined issues of stringent mortgage lending requirements and appraisal frictions are hampering otherwise qualified buyers from purchasing a home in a timely fashion, and in some cases are preventing them from buying at all,” he said. Major problems reported by Realtors® include: • Some appraisers are using foreclosures, short sales and rundown properties as comparable homes, and are not making adjustments for market conditions or the condition of the property. • Appraised values that do not reflect market conditions such as rising prices, the presence of multi-bidding and low inventory. • Appraised values are very inconsistent and fluctuate widely. • Out-of-town appraisers, who are not familiar with the area or local market conditions, are being used. • Turn-around time by both appraisers and banks is slow, which delays closings. A large concern is that some appraisers working for an Appraisal Management Company are operating under strict and limited parameters due to bank lending criteria, which appears to be related to banking regulations or risk aversion on the part of the lender. Furthermore, unreasonable “put back” risks imposed by Fannie Mae and Freddie Mac could also cause banks to set unrealistic requirements for appraisers. There is a clear difference between the value of distressed property and non-distressed homes, and some appraisers do not currently distinguish between these types of properties when making comparisons for valuation purposes. NAR data shows that the typical foreclosure is sold for an average discount of 20
14
DECEMBER 2012
percent relative to traditional homes in good condition, while the typical short sale is discounted by 15 percent. Many of the inappropriate comparisons appear to be made by appraisers lacking local expertise, who generally live outside of the market where the appraised property is located – often without full access to local data from a multiple listing service. NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said some appraisal practices lack common sense. “Our long-standing policy is that all appraisals should be done by licensed or certified professionals with local expertise, which also is what Fannie Mae and Freddie Mac recommend, but clearly this isn’t practiced universally,” he said. NAR has long advocated for an independent appraisal process and enhanced education requirements that allow appraisers to produce the most accurate reports possible. However, appraisers have faced undue pressure – whether from a lender or an AMC – to complete appraisals using distressed sales as comps, to complete an appraisal in an unacceptably short time frame, and to complete a scope of work that is not justified by the fee being offered. These are major problems. In addition, some appraisers are required to provide as many as eight to 10 comparable sales, which almost guarantee the use of distressed properties as comps in many cases. Previously, three comparable homes were the norm for most appraisals. In many cases there simply aren’t enough apples-toapples comps to comply with the excessive demands by lenders, so discounted distressed homes are sometimes used in valuating traditional homes in good condition without appropriate adjustments. “In short, there has been an inconsistent appraisal process leading to disruptive delays for home buyers and sellers,” Veissi said. “All home valuations should be made without undue pressure from any source. Even so, buyers, sellers and agents are free to ask appraisers to consider additional data and to correct errors, or discuss unique aspects of the home, the neighborhood or properties used as comps.” The appraisal industry has made strides in adapting to market conditions, expanding education and making appropriate adjustments for distressed homes that are used as comps. It appears many of the remaining problems are tied to appraisals made through AMCs. Fortunately, the level of distressed sales is trending down – they accounted for about one-third of all sales in 2011, but have averaged roughly a quarter of sales in recent months. By 2013 NAR expects the distressed market share to decline to about 10 to 15 percent. As distressed inventory is cleared from the market over the next two years, it should help to correct ongoing problems. “In the meantime, buyers, sellers and real estate agents need to be aware that there are problems with some real estate appraisals, but also be aware of their rights to communicate with appraisers and lenders about errors or concerns with individual valuations,” Veissi said. “In some cases, a second appraisal may be justified.” - From the National Association of Realtors®
Sarasota Realtor® Magazine
www.sarasotarealtors.com
M
Sarasota market remains strong in October
M
Members of the Sarasota Association of Realtors® sold 719 properties in October 2012, a robust 24 percent increase over last October’s figure of 577 total sales. The sales total was also 10.9 percent higher than in September, when 648 properties changed hands. The category totals were 516 single family homes and 193 condos sold, compared to last October when only 412 single family and 165 condos were sold. Over the last several years, the local real estate market has witnessed sales lulls in September and October. But this year, the market has remained busy and healthy in the early fall, following a very active summer. Foot traffic at open houses has remained strong and multiple offers on available properties have become routine. The inventory – at the lowest levels in a decade – is partially responsible for this trend, along with the improving economy. “It appears from all signs that the Sarasota real estate market is in full recovery mode, and our members are remaining very busy helping clients buy and sell property,” reported SAR President Laura Benson. “This is probably the optimum time to list your home, if you’ve considered selling during the recent time period. The season is almost upon us, and our winter residents and visitors will begin to arrive soon.” The available inventory of homes on the market remained at near the decade low, rising slightly to 3,517 from last month’s 3,460 (which was the lowest recorded inventory since 1998). In October 2011, the inventory was at 4,525 properties for sale – more than 20 percent higher than the current total. Pending sales (which represent properties that went under contract during the month) increased in October 2012 to 954 from September’s total of 844. Last October there were only 772 pending sales reported. This year’s activity is 24 percent higher than last year at this time. Pending sales are a good indicator of future closings. “When I talk with agents, I sense a feeling of optimism and renewed energy,” said Benson. “We are now well past the low point of the market downturn, and while the future is never certain, the coming season appears to be headed in the right direction.” The median sale price for single family homes in October 2012 was at $176,000, up somewhat from the September 2012 figure of $169,950, while condo prices dropped to $160,000 from last month’s figure of $175,400. Last year at this time, median prices were at $149,838 for single family homes and $143,000 for condos. Prices are 17 percent higher for single family and 11.9 percent higher for condos. The median price for single family homes for the past 12 months was at $171,000, and for condos the figure stood at $170,000. Last year at this time, the 12-month rolling median prices were at $156,000 for single family homes and $161,000 for condos. The numbers continue to indicate a gradual upward price trend. www.sarasotarealtors.com
“When I talk with agents, I sense a feeling of optimism and renewed energy.” - SAR President Laura Benson
For the year-to-date median prices, encompassing the first 10 months of 2012, the picture was also improving $174,000 for single family and $177,500 for condos. Last year at this time, the figures were $155,000 for single family and $162,000 for condos (12.3 percent improvement for single family, and 9.5 percent better for condos). The months of inventory remained near 10-year lows. The October figures were 4.4 months of inventory for single family homes and 6.4 months for condos. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last October, there were 7.1 months of inventory for single family homes and 9.7 months of inventory for condos. At the worst point of our market in November 2008, there were 24 months of inventory for single family homes and 41.7 months for condos. Currently, only 519 properties for sale in the MLS are listed as short sales or foreclosures, down slightly from last month’s figure of 534 properties. This represents about 14.8 percent of available properties, down from last month’s figure of 15.4 percent and down from the start of the year when the figure represented 17 percent of the market.
Sarasota Realtor® Magazine
DECEMBER 2012
15
Sarasota MLSSM Statistics - October 2012 Single Family
Unit Sales
Condo
700 600 500 400 300 200 100 0 Oct‐11
Nov‐11
Dec‐11
Jan‐12
Feb‐12
Mar‐12
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Single Family
Median Sale Price
Condo
$250,000 $200,000 $150,000 $100,000 $50,000 $0 Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
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
2,277
516
22.7
158
$176,000
$171,000
4.4
714
31.4
826
114
This Month Last Year
2,924
412
14.1
190
$149,838
$156,000
7.1
585
20.0
701
186
2,205
500
22.7
158
$169,950
$170,000
4.4
634
28.8
659
145
‐
5,379
‐
167
$174,000
‐
‐
7,319
‐
6,624
‐
Oct 95.1 95.4
Nov 95.3 ‐
Dec 94.8 ‐
Last Month YTD
2011 2012
Jan 94.5 95.4
Single Family – Sale Price Vs. List Price % Rates Feb 94.1 94.2
Mar 94.7 94.6
Apr 94.1 94.7
May 94.2 95.1
Jun 94.3 95.2
Jul 94.1 94.2
Aug 94.5 95.3
Sept 95.2 95.2
Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of Nov. 10th, 2012, 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
DECEMBER 2012
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Sarasota MLSSM Statistics - October 2012 Single Family Condo
Inventory 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Oct‐11
Nov‐11 Dec‐11
Jan‐12
Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Sep‐12
Oct‐12
Single Family Condo
Pending Sales 900 800 700 600 500 400 300 200 100 0 Oct‐11
Nov‐11
Dec‐11
Jan‐12
Feb‐12
Mar‐12
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Condo This Month This Month Last Year Last Month YTD
2011 2012
#Active
#Sold
%Sold
Average DOM
Median Sale Prices
Median Last 12 Months
Months of Inventory
Pending Reported
%Pending
# New Listings
# Off Market
1,240
193
15.6
191
$160,000
$170,000
6.4
240
19.4
294
107
1,601
165
10.3
222
$143,000
$161,000
9.7
187
11.7
307
221
1,255
148
11.8
191
$175,400
$167,250
8.5
210
16.7
257
122
‐
2,154
‐
193
$177,500
‐
‐
2,638
‐
2,667
‐
Jan 93.4 93.1
Condo – Sale Price Vs. List Price % Rates Feb 91.2 93.5
Mar 92.2 94.2
Apr 93.4 94.3
May 94.5 93.8
Jun 94.2 93.8
Jul 92.5 94.6
Aug 93.1 94.1
Sept 92.8 94.2
Oct 93.2 94.4
Nov 93.6 ‐
Dec 92.7 ‐
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
DECEMBER 2012
17
Commercial Investment Division
Maybe our message wasn’t clear enough
W By Brad Lindberg CID President
We came up with an idea that would encourage growth and stimulate business. The mood in the community was favorable to the idea to make it happen. Then it failed. You have to ask yourself, “Where did we go wrong?” Amendment 4 was a great idea to spur the economy. It incentivized people to buy commercial properties. The biggest detriment to business is the unknown. Without Amendment 4, the maximum annual property tax increase continues to be 10% on commercial property. Within two or three years, the property tax increase could be costly enough to cost people their jobs. Whenever someone pokes holes in a program that helps people keep more of their money, one has to wonder what their agenda really is. We have given government a blank check and while we weren’t looking they spent us into trouble. When faced with a fear campaign, the public becomes weary and loses their sense of fiscal reality. When solving problems, there may be many solutions, but also many consequences. For instance, we can fix the leak in the boat to prevent it from sinking. If the hull is rotting and more holes open up, we can fill those as well, but we really didn’t fix the problem. The real problem is the wood is rotted and we needed to replace it with a new plank.
Yes….the word “plank” has many meanings, and in the political arena it means “what we stand for” or the ideology of our beliefs. If we believe we are right and the ultimate outcome will prove so, then we better have a better message to sell it. Right now we are losing our message to fear. I am sure that this issue will again surface, and hopefully not under the same coincidental Amendment 4 name. We need to be prepared to have a better message moving forward, know our demographics and be clear on the facts…..so that we don’t get “Lost in Translation”.
CID slates meetings for December 2012
CID General Membership Meeting Date: Tuesday, Dec. 18th, 8:30 a.m. Location: SAR Auditorium; Program: TBD CID Members Only CID Holiday Party Date: Thursday, Dec. 6, 6:30 p.m. Sarasota City Center, 1819 Main Street
Commercial Marketplace Sessions - Friday, Dec. 7th, 9 a.m. – SAR Auditorium - Friday, Dec. 14th, 9 a.m. – SAR Auditorium - Friday, Dec. 21st, 9 a.m. – Manatee Association of Realtors®, 10920 Technology Terrace, Lakewood Ranch, FL - Friday, Dec. 28th, 9 a.m. – SAR Auditorium
2012 CID Officers & Directors Directors:
Officers: President: Brad Lindberg, Sperry Van Ness President-Elect: Linda Emery, Sperry Van Ness Vice-President: Tim Mapp, Mapp Realty Secretary: Dave Roth, RE/MAX Alliance Treasurer: Lori Hellstrom, Osprey Real Estate Services Past President: Anthony Homer, Ian Black Real Estate 18
DECEMBER 2012
Susan Goldstein: Michael Saunders & Company (1 year 2012) Sarah Olesen: Michael Saunders & Company (1 year 2012) Tony Veldkamp: Sperry Van Ness (2 years - 2013) Bob Milhoan: Hembree & Assoc. (2 years - 2013) Peter Skokos: Norton Hammersley (3 years - 2014) Kevin Robbins - Harry Robbins Associates (3 years - 2014)
Sarasota Realtor® Magazine
www.sarasotarealtors.com
CID Charity Golf Tourney raises $7,000
Photos provided by Sarah Olesen, CID board member.
www.sarasotarealtors.com
Sarasota Realtor® Magazine
This year’s CID Charity Golf Tournament raised $7,000 for Manasota SOLVE, a local charity that was established in 1976. SOLVE has helped over 1,100 women find their way back into society through education and job placement while providing a safe and loving environment for them to bring their babies into the world. CID is proud to provide a contribution for this great organization that is committed to protecting our greatest asset - the future children of our community. More than 70 golfers turned out on Oct. 29th at the prestigious Founder’s Club course to enjoy a morning and afternoon of great golf and a delicious luncheon. The weather was perfect, and the event was yet another successful communityminded activity for the commercial arm of SAR and its members. Congratulations!
DECEMBER 2012
19
Education Programs
New format for GRI in 2013 Florida Realtors® has made changes to the GRI program for 2013. Instead of offering the program in three courses, they have broken up the program into 2-day modules— easier on your work schedule and your pocketbook! Each 2-day module will cost $130 and will have a onehour exam with 50 questions. Salesman’s and Broker’s post-license education will still be available. The first module of the GRI 100 series, GRI 101, will carry 14 hours of CE and includes Core Law. So, for the first time, SAR members can renew their license with a highquality 2-day program that also counts towards the GRI designation. SAR is pleased to announce the dates for the GRI 100 Series: Standards of Practice - Jan. 21 & 22, 2013 GRI 101- Topics: - Realtors®: Professionalism and the Law - Professional Standards Fair Housing and Diversity, Law 14 hours of continuing education and 15 hours of salesman’s post-license education Cost: $130
GRI 102 - Topics: - Starting Your Business - Contact to Contracts - Business Planning - Goal Setting
GRI 103 - Topics: - Maximize your Profitability - Finance - Negotiating - Counseling - Law 14 hours of continuing education and 15 hours of salesman’s post-license education Cost: $130 Register for all three modules for $349 (save $51).
Time running out for Code of Ethics training The Code of Ethics is central to the Realtor® organization – so essential, in fact, that the National Association of Realtors® (NAR) has mandated that all Realtors® complete a 2.5-hour training every four years as a condition of membership. The current 4-year cycle (ends THIS MONTH (Dec. 31, 2012). If you have not completed ethics training between Jan. 1, 2009 and Dec. 31, 2012, your Realtor® membership and related services, including MLS, will be suspended until you are in compliance. If you are not sure when you last took the Code of Ethics, please call Catherine McCaskill at 941-3281167. If you need to complete the Code of Ethics, you have four training options:
20
11 hours of continuing education and 15 hours of salesman’s post-license education Cost: $130
DECEMBER 2012
Live classroom instructor (SAR members free) at SAR on the following dates (registration required): - Wednesday, Dec. 19, 9 am-Noon or 1-4 pm (3 hours CE) NAR Online class (free) visit http:// www.realtor.org/code-of-ethics/training/ for-existing-members (short test required at end of course). NAR will notify SAR within ten days that you have completed the course. Online class with CE (3 hours $15; or 4 hours $20) through SAR’s website (Education tab). Visit the SAR web site - www.sarasotarealtors.com - to view the options and sign up. (short test required at end of course) DVD: A high-quality video with professional actors is available for brokers or office managers to check out from SAR to hold training in their office, certifying attendance of agents who attend the training. Please call 941-923-2315 if you have questions.
Sarasota Realtor® Magazine
www.sarasotarealtors.com
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866.495.6006 taylormorrison.com West Florida communities only. Limited time offer. Valid 10/1-12/31/12 (the “Term”). Incentive remains subject to change, extension or early termination in Seller’s discretion. Taylor Morrison’s $3,000 “Realtor Rewards” bonus paid at closing, and subject to full return without deduction to Seller, if transaction cancels or home does not close by 12/31/2012. Bonus varies by community. Community Association and other fees may be required. Prices, promotions, incentives, features, options, amenities, floor plans, elevations, designs, materials and dimensions are subject to change without notice. Square footage and dimensions are estimated and may vary in actual construction. Community improvements and recreational features and amenities described are based upon current development plans which are subject to change and which are under no obligation to be completed. Actual position of house on lot will be determined by the site plan and plot plan. Floor plans and elevations are artist’s conception and are not intended to show specific detailing. Floor plans are the property of Taylor Morrison, Inc. and its affiliates and are protected by U.S. copyright laws. Please see your Sales Associate and Cooperative Broker Agreement/Incentive Addendum for complete details and additional restrictions. This is not an offering in any state where prohibited or otherwise restricted by law.© October 2012 Taylor Morrison of Florida, Inc., FL GC#CBC1257822.
Learn tax strategies for real estate professionals Title: Tax Strategies for the Real Estate Professional Date: Jan. 21, 2013, 9 to 11 a.m. Cost: $10 (SAR members), $20 (others) Register online at www. sarasotarealtors.com Many of us assume our accountants take care of our taxes ... but forget that we are the ones giving them the numbers and records they are using to prepare our tax return. This seminar is guaranteed to identify between $2,500 and $27,500 in NEW deductions that can be used right away
to pocket thousands in tax savings. These deductions are based in tax LAW, but presented in simple English that all of us can easily understand. We do not bury you in legal jargon! • Stimulus Package Deductions – Learn about important vehicle deductions, plus new first year auto depreciation deduction updates. • Increase your income – How to use the tax side of your business to increase your spendable income. • Entertainment Strategies – Two remarkable entertainment deductions available to real estate professionals that
may surprise you. • Double Entertainment Deductions – How to safely transform 50% entertainment deductions into 100% deductions. At the end of the presentation, attendees may choose to purchase Bradford Company’s full educational program, Tax Strategies for the Self Employed. Those who choose to enroll are entitled to a professional group discount. Regardless, everyone present will walk away with thousands of dollars in new deductions.
Target the luxury home market with special training Title: Certified Luxury Home Marketing Specialist Dates: March 19-20, 2013 at 8:30 a.m. Instructor: Laurie Moore-Moore Cost: $550 Training for the Certified Luxury Home Marketing Specialist designation is designed to help sales professionals who currently work in the upper tier move to the next level, or to help those just beginning to target the luxury market jump-start their business. Learn what wealthy buyers and sellers say are the “real secrets” to capturing their business and delivering outstanding service. This intensive two-day CLHMS training is the first step in earning the coveted CLHMS designation. Upon completion of the training you will become a Membr of The Institute. Members of the Institute are part of an exclusing, international network of active luxury agents and enjoy a host of valuable benefits and discounts. Recognized as the mark of accomplishment in luxury markets around the world, the Certified Luxury Home Marketing Specialist (CLHMS) designation assures affluent buyers
and sellers that the agents who have earned it have the knowledge, experience, competence, and confidence they require. Attend this valuable training & discover how to: • Reach more affluent prospects • Increase your average price • List and sell more luxury homes • Deliver outstanding service to affluent buyers and sellers
CONGRATULATIONS!
Dedication and hard work pay off!! We congratulate our members who have successfully completed the Certified International Property Specialist (CIPS) designation! CERTIFIED INTERNATIONAL PROPERTY SPECIALIST (CIPS)
Jim Soda Maria E. Ioannides 22
Keller Williams Lakewood Ranch Atchley International Realty
DECEMBER 2012
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Last chance to improve MLS skills in 2012!
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! If you need to cancel, please call MFRMLS at 800.686.7451 (not SAR). Please note: No further classes will be available in December while MFR implements the 2013 Training schedule and updates course materials and training videos for the 2013 training year.
MLXchange Basic Dec. 3 , 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 - 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 the hotsheet configurations - Search Tax www.sarasotarealtors.com
- Creating a professional CMA - Personalize user contact information This class can be taken any time at www.MFRMLSUniversity.com MLS Compliance 101 Dec. 3, 1 to 2:30 p.m. Mandatory session for all new users. In this course you will learn about the My Florida Regional MLS Rules and Regulations, and the compliance procedures for accuracy of listing data, along with educational materials available on MFRMLSUniversity.com - Rules and Regulations - Profile Sheet Terms - iSmart Tool Also available by webinar beginning Dec. 18th at www. MFRMLSUniversity.com Adding/Modifying Listings in MLXchange Dec. 3, 3 to 4:30 p.m. Mandatory class if you will be entering/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. - Listing maintenance authorization forms - Explain the importance of accurate data - Rules and Regulations - Review the profile sheet Also available by webinar beginning Dec. 18th at www. MFRMLSUniversity.com
Sarasota Realtor® Magazine
iMapp - Interactive Tax and Mailing Labels Dec. 5, 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 Creating a Professional CMA (3 CE Credits!) Dec. 5, 1 to 4 p.m. This class is designed to teach you the skills needed to create a comprehensive CMA. You will learn how to import properties that are listed outside of the MLS, into your CMA along with valuable tips and techniques for creating a professional CMA. Have a safe and happy holiday season - MFRMLS
DECEMBER 2012
23
SAR New Headquarters
New Era of Progress for SAR!
The new SAR headquarters at the northwest corner of Cattlemen Road and Colonial Oaks Boulevard should be completed by the spring of 2013. This was the view in early November of the site of the new SAR headquarters at the northwest corner of Cattlemen Road and Colonial Oaks Boulevard.
Visit SAR on Facebook at www.facebook.com/SarasotaRealtors
Photos by Jesse Sunday
24
DECEMBER 2012
The interior construction began to take shape in November at the new SAR headquarters site as Halfacre Construction crews started work on the roof frame.
Sarasota Realtor速 Magazine
www.sarasotarealtors.com
Why is customer satisfaction dropping?
The new J.D. Power and Associates 2012 Home Buyer/ Seller Satisfaction Study suggests that customer satisfaction with real estate companies is falling among home buyers and sellers. In fact, the study—in its fifth year—suggests that home buyer satisfaction with real estate companies, in particular, is at its lowest level recorded. Seller satisfaction is also down this year, according to the study of more than 2,700 home buyers and sellers. The study measures customer satisfaction with the largest real estate companies, factoring in views of the salesperson, office, and service. So what’s gotten customers so unhappy lately? Some real estate companies may be taking the blame from sellers and buyers for the reality of the real estate market, in which qualifying for a loan is tougher, home values have fallen the last few years, and low inventories of for-sale homes are making the choices sometimes slim for buyers.
“Although home buyers and sellers are aware of continuing challenges in the real estate market, a key reason satisfaction is down is that customer expectations are not being met, either in terms of sellers having to compromise on their listing price, or for buyers who are compromising on the home’s condition and size,” says Christina Cooley, spokesperson at J.D. Power and Associates. “This is understandably frustrating all around. However, we also find that real estate companies that set themselves apart in terms of working closely with their customers and meeting their needs may play an important role in managing expectations, but more importantly, exceeding them.” Not surprisingly, the study found that sellers tend to be most satisfied with real estate companies that were able to get them the greatest proportion of the list price when selling. According to the study, sellers reported receiving 89 percent of their list price. - From REALTOR® Magazine
3590 S. Tuttle Avenue, Sarasota, FL 34239
Spring Schedule 2013 Broker Pre-License Course BK-2: February 19 - March 28, 2013 Class starts: February 19 at 5:00 p.m.
Sales Associate Pre-License Course SA-5: January 8 - February 7, 2013 Class starts January 8 at 5:00 p.m. Earlybird Tuition: $339 (includes manual, Florida Real Estate Principles, Practices and Law, 35th Edition) (register at least 7 days in advance of class to receive Earlybird price) Regular Tuition: $364 Tuesdays & Thursdays, 5 to 10 p.m. AND Saturdays, 8:30 a.m. to 1:30 p.m. End of Course Exam: On last day of course Each class limited to 20 students Instructor: Michael W. Davenport Location:
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Earlybird Tuition: $395 (includes manual, Florida Real Estate Brokers Guide, 4th Edition) register at least 7 days in advance of class to receive Earlybird price) Regular Tuition: $420 (SAR members: 10% discount) Tuesdays and Thursdays, 5 to 10 p.m. AND Saturdays, 8:30 a.m. to 1:30 p.m. Class limited to 15 students End of course Exam: On last day of course Instructor: Michael W. Davenport Location:
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Sarasota Realtor® Magazine
3590 South Tuttle Avenue Conference Room A Sarasota, FL 34239 DECEMBER 2012
25
NAR issues 2012 survey of buyer and sellers Dual income households comprise a greater portion of the housing market and are helping sales recover, according to the 2012 National Association of Realtors® Profile of Home Buyers and Sellers released in November. The annual buyer-seller survey evaluates the demographics, preferences, motivations, plans and experiences of recent homebuyers and sellers. The responses are heavily representative of owner-occupants and don’t include most investors.
Single versus married buyers
Sixty-five percent of today’s buyers are married couples, 16 percent are single women, 9 percent single men, 8 percent unmarried couples and 2 percent other. The percentage of single buyers was slightly higher in 2011. However, just two years ago, 58 percent of buyers were married, 20 percent were single women, 12 percent single men and 7 percent unmarried couples. The overall market share of single buyers declined 7 percentage points over the past two years. Before 2010, the market shares moved within a very narrow range – generally a percentage point or two. “We’ve known for some time that stringent mortgage credit standards have been holding back home sales, but these findings show single buyers have been hurt the most over the past two years,” says Paul Bishop, NAR vice president of research. “Total home sales would be 10 to 15 percent higher without these unnecessary headwinds. The continued growth in married couples as single buyers shrink demonstrates that households with dual incomes are more successful in obtaining a mortgage. However, given the historically favorable housing affordability
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26
DECEMBER 2012
conditions, most single-income buyers could also purchase a home and stay well within their means if lending requirements were more sensible.”
First-time buyers
First-time homebuyers edged up to a 39 percent market share in the past year from 37 percent in the 2011 study. Long-term survey averages show that four out of 10 buyers are typically firsttime buyers, who are critical to a housing recovery because they help existing homeowners sell and trade up. The study shows the median age of first-time buyers was 31 and the median income was $61,800. The typical first-time buyer purchased a 1,600 square-foot home costing $154,100, while the typical repeat buyer was 51 years old and earned $93,100. Repeat buyers purchased a median 2,100-square foot home costing $220,000.
Downpayments
The median downpayment for all homebuyers was 9 percent, ranging from 4 percent for first-time buyers to 13 percent for repeat buyers. “First-time buyers historically make small downpayments, but repeat buyers like to put down 20 percent if they can to avoid paying mortgage insurance,” Bishop said. “The general loss in home value since the peak of the housing boom means many repeat buyers in recent years had to make smaller downpayments. Fortunately, prices have turned up this year and are showing sustained increases, so we’re on the road to a recovery in home equity.” First-time buyers who financed their purchase used a variety of resources for the downpayment: 76 percent tapped into savings; 24 percent received a gift from a friend or relative, typically from their parents; and 6 percent received a loan from a relative or friend. Eleven percent tapped into a 401(k) fund, and 6 percent
Continued on P. 31, See SURVEY
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Above, Dr. John Tuccillo, Florida Realtors速 Chief Economist, with his wife, Jane Kirschner-Tuccillo, director of the Historical Society of Sarasota County, enjoy the Marina Jack II boat tour of the Sarasota waterways at the sixth annual Sarasota International Congress, held Nov. 4-6.
Phil Chmieleski, a panel moderator at the International Congress, is shown with Jeneane Simpson Varnold www.sarasotarealtors.com
Mr. and Mrs. Howard Johnson, Jr., representatives of the Jamaican Real Estate organization, attended the Congress.
Sarasota Realtor速 Magazine
DECEMBER 2012
Global Business Council
International Congress a big success
27
Sarasota Chapter of WCR concludes exciting year
2012 WCR Award Winners are (from left to right): Leslie Lauritano, Norm Mallard, Sherri Spanos, Amy Worth-Paul, Tina Darling, Peter Salefsky, Charlotte Hedge, Mary Hellhake, and Carrie Starr-Rummery. Not Pictured: Sandy Strom Congratulations to every member of the Sarasota The Sarasota Chapter of the Women’s Council of Chapter of the Women’s Council of Realtors® for Realtors® is very proud to announce the 2012 year their contributions, attendance, participation and the end award winners. We recognize our membership fun they brought to all our events. We highlight our all year long and all the efforts put forth by our Fashion Show because it is what we are best known business organization members. for. However, we are an intelligent, ambitious group We had amazing accomplishments all year that of men and women that have taken their profession cannot be summed up in one day or with one set to the highest level in education and networking of winners. Every member is a winner and helped abilities by becoming active members in our great us reach the highest goals and standards of the organization, now 56 years strong in Sarasota. National Women’s Council of Realtors®. We were Best wishes to all of the members of the Sarasota recognized with three National wins in retention and Association of Realtors® in 2013, and thank you for recruitment in 2012! your never-ending support of the Women’s Council The Florida State Chapter of Women’s Council of Realtors® recognized our Chapter as Sarasota Chapter of Realtors®. We have so much more to do in 2013, so Happy New Year to all and wishing you great of the Year and for Best Web site of the Year. We thank Tina Darling and her team at Innovative Agent health, wealth and prosperity! - Marianne LeBar, 2012 President, Sarasota Chapter of Women’s Services for creating our new web site in 2011! Council of Realtors®.
2012 Leadership Team
28
Marianne LeBar President Michael Saunders & Company Cell: 941-650-0337 mariannelebar@michaelsaunders.com
Peter Salefsky Vice-President Membership Michael Saunders & Company Cell: 941-724-5107 petersalefsky@michaelsaunders.com
Sherri Spanos Recording Secretary Lakewood Ranch Communities Phone: 941-907-6000 sherri.spanos@lakewoodranch.com
Mary Hellhake President-Elect Michael Saunders & Company Cell: 941-544-0763 maryhellhake@michaelsaunders.com
Carrie Starr Rummery Treasurer Starr Title Insurance Phone: 941-365-7827 carrie@starrtitle.net
Linda McConnell Corresponding Secretary FBC Mortgage LLC Phone: 941-504-0823 lmcconnel@fbchomeloans.com
DECEMBER 2012
Sarasota Realtor® Magazine
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Membership News
The Association is pleased to welcome new members! Designated Realtors®
Diaz, David: Carney Realty & Associates Inc DiPierro, Alfred: Global Network Realty & Assoc. Ferris, Tanya: Relax Realty Group Inc Smith, Bridget: Ally Real Estate Company Szkorupova, Monika: Florida & New York Real Estate
New Members
Alley, Peta: J Wood Realty Bietsch, Melissa: Coldwell Banker Bostic, Charing: Rossi & Company Inc. Carothers, Kirk: Coldwell Banker Res R E Carrig, William: Nextage Lighthouse Realty Cassanos, Andrew: Exit King Realty Choukour, Thana: Charles Rutenberg Realty Inc. Davis, Amber: Exit King Realty DeRamo, Tracy: Michael Saunders & Company Dolan, Kathleen: Keller Williams Lakewood Ranch Gennett, Bridget: Jennette Properties Inc. Griffith, Eric: Kathy Marlowe & Assoc. Realty Hall, Brenda: Jubilee Real Estate Corp. Hickok, Lorraine: Rossi & Company Inc. Hoegl, Max: Coldwell Banker Res R E Lacey, Dawn: Lacey Realty Inc. Lancaster, Beth: DWELL Real Estate Lawrence, Jeffrey: Michael Seery & Associates Inc. Mason, Larry: Sandals Realty of Sarasota Neill, Susan: Wagner Realty Nelson, Kerrie: Coldwell Banker Res R E Newman, Sally Anne: Michael Saunders & Company ONeil, David: RE/MAX Alliance Group Pereyra, Patricia: ROEM Realty LLC Prestamo, Ena: Horizon Realty International Roskamp, Joleen: Coldwell Banker Res R E Saltalamacchia, Susan: Key Solutions Real Estate Grp Searer, Julie: RealEstateAuctions.com Sheridan, Kimberly: ERA Waterside Realty Spelman, Christine: Coldwell Banker Stieg, Carol: Hook & Ladder Realty Inc. Taylor, Kelly: Keller Williams Lakewood Ranch Taylor, Misty: Sarasota Premier Properties Vespoli, Marilyn: Michael Saunders & Company Went, Daria: Florida Gulfside Properties Witts, Neil: Coldwell Banker Res R E Wolfenbarger, Tamara: Seaside Resort Rentals & Mgmt
Now With ...
Agsar, Eli: Horizon Realty International Arango, Michele: AUM Florida Real Estate LLC Baskind, Carmen: Premier Sotheby’s Intl. Realty Cannon, Benjamin: Realty Executives Solutions Chmieleski, Phillip: KGN Properties, LLC DiPierro, Donie: Global Network Realty & Assoc. Dipsiner, Steve: Atchley International Realty Ehlert, Julia: Keller Williams Lakewood Ranch Fingerle, Mary Ann: Florida Internet Realty LLC Foster, David: Wagner Realty Gardner, Alain: Keller Williams On The Water 30
DECEMBER 2012
Glasson, Rex: Villa & Company Inc Hofmann, Angela: Charity & Weiss Int’l Realty Hutton, Timothy: Opportunity Real Estate LLC Johnson, Kyra: Sarasota Real Estate Services Kayajian, Gail: Coldwell Banker Res R E Milner, Kevin: Premier Sotheby’s Intl. Realty Montalvo, Jessica: Stateside International Realty Nowak, Julia: Keller Williams Rlty Englewood ONeil, Eugene: Florida Gulfside Properties Pelletz, Marc: Relax Realty Group Inc Pruette, Robert: Sandals Realty of Sarasota Pruette, Gail: Sandals Realty of Sarasota Reilly, Maureen: Prudential Elite Realty Svcs Reutter, Thomas: Hook & Ladder Realty Inc Rivera, Rigo: Premier Sotheby’s Intl. Realty Rothschild, Irwin: Atchley International Realty Russo, Laurel: Premier Sotheby’s Intl. Realty Schuster, Suzanne: Realty Services Inc Smith, Charles: Keller Williams Lakewood Ranch Speca, Christy: Keller Williams Rlty Manatee Stoltzfus, C. Ivan: Keller Williams Lakewood Ranch Walker, Angela: Mangrove Realty Associates Warren, Martha: Premier Sotheby’s Intl. Realty
New Affiliates
First American Home Warranty
31790 US Hwy 19 N #244 Palm Harbor, FL 34684 Phone Number: 813-344-7525 Representative: Sarah Hasch Specialty: Founded in 1984, First American Home Buyers Protection is a leading provider of home warranties with the experience and strength of an industry leader. We offer homeowners protection against costly repairs or replacements on their home’s covered essential systems and appliances through service provided by a large network of prescreened contractors and qualified technicians. We will be here when you need us. Saving money while running a household is no small task. With the protection offered by a First American home warranty, you don’t have to worry about huge, unexpected repair or replacement bills when a covered system or appliance breaks. A home warranty is a one-year service contract that helps protect home owners against the cost of unexpected repairs or replacements of their home’s major covered systems and appliances that breakdown due to normal wear and tear. A First American Home Buyers Protection home warranty offers this coverage. A leader in the industry for over 25 years, First American offers a network of prescreened contractors and qualified technicians, who work in conjunction with our Service Department that’s available 24/7 to get your request for service started. Email: shasch@firstam.com
Sarasota Realtor® Magazine
www.sarasotarealtors.com
SURVEY From Page 26
sold stocks or bonds. Ninety-three percent of entry-level buyers chose a fixed-rate mortgage. Forty-six percent of first-time buyers financed with a lowdownpayment FHA mortgage, and 10 percent used the VA loan program with no downpayment requirements. Forty-two percent cut spending on luxury items to buy their first home, 35 percent cut spending on entertainment, and 27 percent cut spending on clothes. Seventy-eight percent of recent home buyers said their home is a good investment, and 46 percent believe it’s better than stocks; 92 percent were satisfied with the buying process.
Home searches
The typical buyer began their home search online and then contacted a real estate agent. Buyers who used an agent searched a median of 12 weeks and visited 10 homes, down from 12 homes in 2011. “The decline in the number of homes visited reflects a tighter inventory that became more pronounced during the second half of the survey period,” Bishop said. “It makes sense that buyers are seeing fewer homes in the current market.” Buyers use a wide variety of resources in searching for a home. Top results show 90 percent use the Internet, 87 percent use real estate agents, 53 percent yard signs, 45 percent attend open houses and 27 percent review print or newspaper ads. When buyers were asked where they first learned about the home they purchased, 42 percent said the Internet; 34 percent a real estate agent; 10 percent a yard sign or open house; 6 percent from a friend, neighbor or relative; 5 percent home builders; 2 percent directly from the seller; 1 percent a print or newspaper ad; and less than 1 percent from other sources. Ninety-one percent of homebuyers who used the Internet to search for a home purchased through a real estate agent, as did 71 percent of non-Internet users, who were more likely to purchase directly from a builder or from an owner they already knew in a private transaction. Local multiple listing service (MLS) websites were the most popular Internet resource used by 54 percent of buyers; followed by Realtor.com, 51 percent; real estate agent websites, 47 percent; real estate company sites, 39 percent; other websites with real estate listings, 27 percent; search engines, 19 percent; mobile or tablet apps, and for-sale-by-owner sites, 13 percent each; mobile or tablet websites, 12 percent; and mobile or tablet search engine, 11 percent; other categories were notably smaller. While sellers had been in their previous home for a median of nine years, first-time buyers plan to stay for 10 years and repeat buyers plan to hold their property for 15 years.
Choosing a home
The biggest factors influencing neighborhood choice were quality of the neighborhood, cited by 61 percent of buyers; convenience to jobs, 43 percent; overall affordability of homes, 39 percent; and convenience to family and friends, 35 percent. Other factors with relatively high responses include neighborhood design and convenience to shopping, 26 percent each; quality of the school district, 25 percent; convenience to schools, 22 percent; and convenience to entertainment or leisure activities, www.sarasotarealtors.com
19 percent. Commuting costs continue to factor strongly in decisions regarding location, with 75 percent of buyers saying transportation costs were important. Seventy-nine percent of respondents purchased a detached single-family home, 8 percent a condo, 6 percent a townhouse or rowhouse, and 7 percent some other kind of housing. The typical home had three bedrooms and two bathrooms. Fifty-one percent of homes purchased by all buyers were in a suburb or subdivision, 18 percent in a small town, 17 percent were in an urban area, 12 percent in a rural area and 3 percent in a resort or recreation area. The median distance from the previous residence was 11 miles.
Agent representation
Eighty-nine percent of respondents used real estate agents and brokers to purchase a home, 6 percent purchased directly from a builder and 5 percent directly from the previous owner; 59 percent of buyers working with real estate professionals had a buyer representative arrangement. Why buy a home? The biggest reason people buy a home is the simple desire to own a home of their own, cited by 30 percent of respondents, including 60 percent of first-time buyers. The next biggest reasons for buying were desire for a larger home, cited by 11 percent of respondents; a job-related move, 9 percent; a change in family situation, 8 percent; and the affordability of homes, 7 percent. Fifteen percent of respondents currently own two homes, and an additional 5 percent own three or more properties.
Sellers
The typical home seller was 53 years old and their income was $95,400. Sellers moved a median distance of 19 miles, and their home was on the market for 11 weeks. Forty-six percent moved to a larger home, 29 percent bought a comparably sized home and 25 percent downsized. Twelve percent of sellers do not plan to sell their previous home, and 6 percent said their home has not yet sold but they’re currently renting to others. The typical seller, who purchased a home nine years earlier, realized a median equity gain of $20,000, a 12 percent increase over the original purchase price, while sellers who were in their homes for 11 to 15 years saw a median gain of $54,000, or 31 percent.
Finding an agent
Sellers typically found a real estate agent through a referral by a friend, neighbor or relative, or used the agent in a previous transaction; 84 percent are likely to use the agent again or recommend to others. Like sellers, buyers most commonly choose an agent based on a referral, with trustworthiness and reputation being the most important factors; two out of three buyers interviewed only one agent. Eighty-nine percent of buyers are likely to use the same agent again or recommend to others. Of sellers working with real estate agents, the study found that 80 percent used full-service brokerage, in which agents provide a broad range of services and manage most of the aspects of selling a home. The full survey is available online at www.
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Sarasota Realtor® Magazine
DECEMBER 2012
31
E DUCATION & E VENTS C ALENDAR
Dec. 3
9 a.m. Basic MLXchange 1 p.m. Compliance 101 3 p.m. Adding and Modifying Listings
Tuesday 4
Wednesday 5
8:30 a.m. CID Board of Directors
7:30 a.m. Toastmasters 9 a.m. iMapp 11:30 a.m. SAR Installation and Holiday Party (Michael’s On East) 1 p.m. Creating a Professional CMA
Thursday 6
8 a.m. Power Marketing (University Park CC)
6:30 p.m. CID Holiday Party (Sarasota City Center, 819 Main St.)
Friday 7
9 a.m. CID Commercial Marketplace
10
11
12
13
14
17
18
19
20
21
24 SAR CLOSED for Christmas Holiday
25
26 7:30 a.m. Toastmasters
27
31
Jan. 1 SAR CLOSED for New Year’s Holiday
2
3
9 a.m. Orientation 1 p.m. Code of Ethics
12 p.m. FIRPTA Seminar
8 a.m. CID General Membership
SAR CLOSED for Christmas Holiday
7:30 a.m. Toastmasters 9 a.m. Code of Ethics 1 p.m. Code of Ethics
9 a.m. Code of Ethics 1 p.m. Code of Ethics
8 a.m. Power Marketing (SAR)
8 a.m. Power Marketing (SAR)
9 a.m. CID Commercial Marketplace
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9 a.m.
CID Commercial Marketplace (SAR)
8 a.m. Power Marketing (University Park CC)
4
9 a.m. CID Commercial Marketplace
Note: All events/classes are at SAR, except where noted
My Florida Regional MLS Training
The My Florida Regional MLS training classes are offered at no cost to MLS participants. All classes 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.’
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PRSRT STD U.S. POSTAGE PAID MANASOTA, FL PERMIT NO. 451
DECEMBER 2012
90
80
70
60
50
40
30
20
10
12 10 8 6 4 2 0 Oct‐11
Nov‐11
Dec‐11
Jan‐12
Feb‐12
Mar‐12
Apr‐12 May‐12
Jun‐12
Days on Market
Jul‐12 Aug‐12 Single Family
Sep‐12
Oct‐12
Condo
250 200 150 100 50 0 Oct‐11
Nov‐11
Dec‐11
Jan‐12
Feb‐12
Mar‐12
Apr‐12
May‐12
Jun‐12
Jul‐12
Sep‐12
Oct‐12
Single Family
Sales Volume
Condo
$200,000,000 $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12
New Listings
Aug‐12
Jul‐12 Aug‐12 Sep‐12 Oct‐12
Single Family Condo
900 800 700 600 500 400 300
Sarasota Association of Realtors® MLS
200 100 0 Oct‐11
Nov‐11
Dec‐11
Jan‐12
Feb‐12
Mar‐12
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
The Xtra Pages - Digital Version Only
Single Family Condo
Months of Inventory
Third Quarter 2012 Report Single Family Sales ‐ By Quarter
REO
Short
Market
1400 1200 1000 800 600 400 200 0 2010‐Q1
2010‐Q2*
2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
2012‐Q1
2012‐Q2
2012‐Q3
* Homebuyer Tax Credit In Effect
Condo Sales ‐ By Quarter
REO
Short
Market
700 600 500 400 300 200 100 0 2010‐Q1
2010‐Q2*
2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
2012‐Q1
2012‐Q2
REO
Short
Market
2012‐Q3
* Homebuyer Tax Credit In Effect
Single Family Median Sale Price $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2010‐Q1
2010‐Q2
2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
Condo Median Sale Price
2011‐Q4
REO
2012‐Q1
Short
2012‐Q2
2012‐Q3
Market
$300,000 $250,000
Source: Sarasota Association of Realtors®
$200,000 $150,000 $100,000 $50,000 $0 2010‐Q1
2010‐Q2
2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
2012‐Q1
2012‐Q2
2012‐Q3
Single Family Condo
REO Sales ‐ By Quarter 600 500 400 300 200 100 0 2010‐Q1
2010‐Q2*
2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
2012‐Q1
2012‐Q2
2012‐Q3
* Homebuyer Tax Credit In Effect Single Family
Short Sales ‐ By Quarter
Condo
400 350 300 250 200 150 100 50 0 2010‐Q1 2010‐Q2* 2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
2012‐Q1
2012‐Q2
2012‐Q3
* Homebuyer Tax Credit In Effect Single Family Condo
Market Sales ‐ By Quarter 1400 1200 1000 800 600 400 200 0 2010‐Q1 2010‐Q2* 2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
2012‐Q1
2012‐Q2
2012‐Q3
* Homebuyer Tax Credit In Effect
Source: Sarasota Association of Realtors®
Annual Sales ‐ 2000 to 2011 Single Family Single Family
Condo
Total
11267 10562 9697 8224
8167 7603
7,596 7036
6533
6,841
6 504 6,504
6739
6358
6042
5,603
5,183
4,940 4,353
4,349 3 671 3,671
3,193 2,184
2,096
5820
3 721 3,721
2,564 2,005
2001
2002
2003
2004
2005
5,938
4,626 3,922 ,
2,120
2006
2007
2,137
2,286
2010
2011
1,556
1,194
2000
5,466
2008
2009
Annual Median Sale Price ‐ 2000 to 2011 Single Family
Condo
$351,000
$342,000 $336,250
$272,500 $305,000
$226,000 $172,500
$303,000
$210,000 $163,000 $156,800
$230,000
$191,000
$142,000
$173,000
$132,300
2000
$301,225
$225,000
$191,000
$320,000
$160,000
$145,000
2001
2002
2003
2004
2005
2006
2007
2008
2009
$163,000
2010
$155,925
2011