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Contents
Sarasota Realtor® Volume 6, Issue 7 JULY 2009
Sarasota Association of Realtors®, Inc. 3590 South Tuttle Avenue Sarasota, Florida 34239 Phone: 941/923-2315 FAX: 941/923-0191 www.sarasotarealtors.com
2009 Officers
6
Friends of Real Estate
It takes a team to complete a real estate transaction, and Realtors® depend upon many SAR Affiliate members to help make the process come to fruition.
10 Tax Credit Boost
The $8,000 first-time homebuyer tax credit is showing signs of leading the nation out of the real estate doldrums as we enter the second half of 2009.
Real estate professionals should help clients avoid property tax sticker shock by properly informing them on the property’s taxable value reset.
15 Good Numbers
Volume 6 • Issue 7 • JULY 2009
4
The May SAR sales statistics continue to point in the right direction in many categories, including overall sales (above 500), lower inventory and moderation of the median sales price.
18 Recovery Priorities
NAR officials bring leaders of the commercial sector together in hopes of easing the credit crisis in commercial real estate.
Secretary David Clapp RE/MAX Alliance Group Treasurer Michael Bruno Coldwell Banker Residential Real Estate, Inc. Immediate Past President Helen Sosso Prudential Palms Realty
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 Communications Ray Porter Director of Member Services Dan Andrews Director of MLS Information Systems Jesse Sunday Director of Professional Development Catherine McCaskill
In every issue
Governmental Affairs Director Marc Mansfield
10- Governmental Affairs 12- Property Appraiser 14- Ethics in Action 15- Sales and Listing Statistics 18- CID Update 20- Education Programs 23- Broker Corner 28- WCR News 30- Membership News 31- International Real Estate 32- Calendar of Education/Events
JULY 2009
President-Elect Erick Shumway RE/MAX Alliance Group
Chief Executive Officer Kathy Roberts
12 Avoid Sticker Shock
President William Geller Suncoast International Realty
Production Coastal Printing, Inc. Sarasota Realtor® Advertising: For information on advertising rates and deadlines, contact Ray Porter at 941/328-1168 or ray@sarasotarealtors.com. 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 welcomed. 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. 2009 Copyright© by the Sarasota Association of Realtors®, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Nominating Committee submits slate for 2010 The SAR Nominating Committee has submitted Officer and Director nominees for the 2010 Board of Directors. The committee, chaired by Judy Schomaker, selected the following slate for the election to be held at the SAR Annual Meeting on Wednesday, September 16.
Officers: President-Elect Treasurer Secretary
Michael Bruno, Prudential Palms Laura Benson, Prudential Palms Roger Piro, Town and Country
Directors to serve a 3-year term: Adam Chicoine, RE/MAX Alliance David Clapp, RE/MAX Alliance Bryan Guentner, RE/MAX Platinum Anthony Homer, Hembree & Associates Christina Pitchford, Allen Real Estate
Directors to serve a 2-year term (to fill a vacancy): Mike Rosario, Rose Bay Realty Biographical information about the candidates and photos will appear in the August issue of Sarasota Realtor® Magazine and will also be posted on www. sarasotarealtors.com (under Hot Topics).
Members may submit additional nominations by petition signed by at least 20 SAR Realtor® members. The petition must be filed with the Association by 5:00 p.m. on Tuesday, July 14. According to the Bylaws, Director candidates must be a Realtor® member of SAR for at least two years immediately prior to election, and must have served on an SAR committee prior to election. Erick Shumway, RE/MAX Alliance Group, who serves as President-Elect in 2009, will automatically become President on January 1. 2009 President Bill Geller, Suncoast International, will continue on the Board as Immediate Past President. Directors whose terms continue in 2010 are: Michelle Burke-Phillips, Coldwell Banker; Matt Cannon, Michael Saunders & Company; Paula Cashi, Prudential Palms; Michelle Crabtree, Michael Saunders & Company; Darla Furst, Michael Saunders & Company; Ken Hoskinson, Jr., Hembree & Associates; Tim Mapp, Mapp Realty; Carla Rayman, Prudential Palms; Dave Swenson, Exit Creative Realty. If petitions are received for eligible candidates, the election will be held by ballot just prior to the Annual Meeting. Otherwise, the election will be held by voice vote at the Annual Meeting.
Barbara Zdziarski Affiliate of Month Barbara Zdziarski, Realtor® Liaison with Lakewood Ranch Communities, is the July Affiliate of the Month. Barbara is a former kindergarten teacher (for 30 years) from the Town of Framingham, MA. She has lived in Lakewood Ranch for the past 10 years, joining LWR Communities in March 2008, and she says “Yes, it is paradise!”
Realtor® Day Bowling promises fun for all! Don’t miss Realtor® Day Bowling on Friday, July 17th at 1 p.m. at Sarasota Lanes! Register at www.sarasotarealtors.com. This year, the cost has been reduced to only $15 per bowler, which covers shoes and three games. The SAR Affiliate Committee will also be providing awards for best costumes, beer frames, and Lotto tickets for “Red Pin Strikes.” This year’s theme is “Retro/Disco” so get your polyster and bell bottoms ready!
www.sarasotarealtors.com
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Sarasota Realtor® Magazine
JULY 2009
5
Cover Story 6
Friends of Real Estate Affiliates are allies in the complicated transaction process
f
Friends are vital in life, and certainly help in business. In the real estate profession, friends are crucial, and can hold the key to your future business prospects. Friendly business partnerships can help make every real estate transaction more rewarding, and more profitable for your clients.
Affiliation builds familiarity and friendships, and thus plays an important role in achieving these crucial partnerships. That’s why affiliate membership in the Sarasota Association of Realtors® is so important to both Realtors® and those in fields related to the real estate industry. “Affiliate membership in SAR is a tool,” explains SAR Affiliate Committee Vice-Chair Tina Darling, president of Innovative Agent Services. “But once you have that tool, you need to use it.” Attending the weekly Power Marketing sessions, sponsoring educational forums and SAR events, introducing yourself to the real estate professionals – all of this is vital if you want to succeed in the long term. Just as the public should turn to a Realtor® to handle the intricacies of their real estate transactions, so should Realtors® turn to experts in the fields of mortgage finance, titles, real estate law, technology, marketing, staging, home inspection, appraisal, pest control, telecommunications and a wide array of other business disciplines to assist them in doing the best job possible for their clients. The real estate transaction process can be complicated, and guidance from a qualified professional always makes the job easier, more productive, and safer. But where can you meet the experts you need to make the process smoother? Of course, the Yellow Pages or the Internet come to mind – but isn’t a face-to-face meeting always a better way to judge a business person’s expertise, acumen and skills? That’s where affiliate membership in SAR comes in, and why it is so vitally important. The role of Affiliate members in the often complicated real estate transaction process cannot be overstated. The individual Realtor® is allied in the process by a wealth of other interlocking professionals, and by doing business together, they can all prosper. Affiliate Committee Chair Lisa Rotolo, president of Diamond Title of Sarasota, and her committee are working hard this year to improve communication
JULY 2009
with affiliate members regarding the various benefits offered by SAR. They hold monthly socials on the fourth Tuesday of every month from 5 to 7:30 p.m. at Esca Restaurant, 1888 Main Street (2nd Floor), across the street from Hollywood 20 Movie Theatre. SAR members are invited to come, relax and enjoy free appetizers, Happy Hour prices and specials, and lively conversation and camaraderie. The Affiliate Committee meets on the second Thursday of each month after the Power Marketing session, and is busy currently planning the Realtor Day Bowling event, set for Friday, July 17th at 1 p.m. at Sarasota Lanes. It’s a fun annual event, and helps to bring Realtors® and Affiliates together for a few hours of entertainment and informal networking. Affiliate members of SAR also benefit from a wide range of opportunities to promote their services and products to other SAR members. In addition to the Business Card Display in the hallway next to the SAR Main Auditorium, Affiliates enjoy discounted advertising in Sarasota Realtor® Magazine, a monthly publication mailed directly to all members of SAR. The magazine contains news and information that assists members in conducting their business more efficiently and effectively. It’s even posted digitally in a flipleaf format and emailed to all members. Affiliates can also gain additional exposure by sponsoring various special events at SAR, including: Quarterly Membership Meetings - normally held offsite, with information on timely topics for our members. MLS Marketing Sessions - held every Thursday morning at two locations – Knights of Columbus, 4880 Fruitville Road; and on the first Thursday of each month at the University Park Country Club, 7671 The Park Boulevard in University Park. Realtor® members can pitch listings, learn of wants and needs in the
Sarasota Realtor® Magazine
Continued on P. 26, See FRIENDS
www.sarasotarealtors.com
MLS FAQ
Mid-Florida Regional MLS is now My Florida Regional MLS
As of July 1st, the name of the Sarasota Association of Realtors®’ MLS service has been changed. “Mid-Florida Regional Multiple Listing Service” is now “My Florida Regional MLS.” With the recent expansion into Southwest Florida, which included adding SAR in August 2008, the MLS service has outgrown the old name—literally. The new name will better reflect the direction and will be consistent with the name of the new consumer website, MyFloridaHomesMLS.com. If you are an MLS subscriber, you’ve probably already started seeing changes to the logos, letterhead and even website.
Grid field removed Beginning Tuesday, July 7, 2009 the Grid field will be removed from MLXchange. The Grid field has always been a required field when entering listings. However, when searching by grid coordinates, inconsistencies are frequently found due to the lack of a single gridding system used by all boards and associations. If you have saved searches where the Grid field is part of the search, the search will need to be redefined 8
JULY 2009
using another field for the location of the properties. If a search is not updated with a new location parameter (map area, zip code, subdivision, etc.) the search will generate a large number of results and will no longer be accurate for your customers. This will affect both prospecting as well as normal searches. MFR suggests using the map to outline the area(s) desired as you update your saved search as well as create any new searches in the future.
Got Buyers? Set up custom link! MyFloridaHomesMLS.com was designed with keeping you, the agent, at the center of the transaction. With the special custom-link feature, your contact information is kept in front of your prospective buyers as they search the site for properties. To get your custom link, you must first set-up your agent webpage in MLXchange. The name used on your agent webpage will automatically become the latter-half of your custom link. Once you set-up your custom link, you can utilize it in all of your marketing efforts—your email signature, as a link on your webpage, in blog postings, on your Facebook page, in click-through ads and more!
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Quick Notes for Realtors®
Can buying cheap foreclosures make you rich?
According to Smart Money, speculators are buying up an uncounted but certainly significant percentage of homes for sale in cities where the meltdown hit hardest. Homes.com reports a 30- to 50-percent year-over-year increase in home searches in foreclosure-heavy states, including Florida, California and Michigan. In these states, helping long-distance investors find and close on properties has become a burgeoning real estate specialty. The investors run the gamut from international speculators seeking a house or two to venture capital firms that buy bundles of homes for 25 cents on the dollar — most in need of renovation and some with substantial tax liens. Will these investments lead to riches? Possibly, if housing prices go back up and if investors are able to fix up and rent the properties out while they wait to sell, experts say.
Check out new FAR forms
Two forms are available from FAR to assist Realtors® working with buyers and sellers of property potentially affected by Chinese drywall. The following forms can be found in the Forms Basic and TransactionDesk areas of floridarealtors.org. Still have legal questions? Please call FAR’s Legal Hotline at 407-438-1409. - Chinese/Defective Drywall Addendum to Contract (CDA1) This is a form to be used if a buyer desires to perform a Chinese/defective drywall inspection. The Addendum allows the buyer to cancel the contract if the inspection reveals the presence of Chinese/defective drywall and the cost to repair/ replace the defective drywall or damage resulting from the defective drywall exceeds a predetermined amount. - Seller’s Real Property Disclosure Statement (SRPD-4) FAR modified paragraph 5 of this form with language addressing Chinese/defective drywall issues. Sellers may use this form to disclose facts relating to the condition of the property and to disclose defects or facts that materially affect the value of the property but that are not readily observable by or known to the buyer.
HUD expands multilingual website
The U.S. Department of Housing and Urban Development (HUD) unveiled an enhanced website to promote equal access to housing programs. HUD’s expanded Limited English Proficiency (LEP) website features factsheets, housing brochures and other forms in Amharic, Arabic, Armenian, Cambodian, Chinese, Farsi, French, Korean, Portuguese, Spanish, Tagalog, and Vietnamese, in addition to English. “When buying or renting a home, obtaining important housing information should not depend on how well people speak English,” says John Trasvina, HUD’s Assistant Secretary for Fair Housing and Equal Opportunity. “This website greatly expands HUD’s ability to offer all families access to our programs and services.” www.sarasotarealtors.com
Hometown Democracy may threaten state real estate industry According to the Orlando Sentinel, constitutional referendums slated for Florida voters to consider next year will either kill development or ease developers’ tax burdens, legislators told a group of Orlando-area commercial real estate professionals in mid-June. The Sentinel reported that three Central Florida lawmakers advised the group to organize opposition to a ballot initiative that would require voter approval for changes to local governments’ comprehensive plans, giving voters power over land-use changes needed for development. Backed by Florida Hometown Democracy Inc., the measure has exceeded the 676,811 voter signatures needed to place it on the ballot in November 2010. In a legal victory for Florida Hometown Democracy, the Florida Supreme Court struck down a state law allowing voters to take back their signatures on proposed constitutional amendment petitions, the Associated Press reported in late June. By a 4-2 vote, the high court upheld a lower court ruling in favor of Hometown Democracy. “We anticipated that Hometown Democracy would get their signatures, so we have been planning as if the amendment is already on the ballot,” says John Sebree, vice president of public policy for the Florida Association of Realtors® (FAR). “When we explain to Realtors® and others how much this amendment would cost their local governments and property owners, they realize it is not what its authors claim it to be.” FAR is part of Floridians for Smarter Growth (http:// www.florida2010.org), a coalition of 130 business groups and local governments that supports a statewide campaign against the anti-growth amendment. - FAR
John Kiernan Phone
CERTIFIED GRADUATE REMODELER AGING-IN-PLACE SPECIALIST SELECTED TOP 50 IN AMERICA State Lic. # CBC040759
Sarasota Realtor® Magazine
4007 39th Street East, Bradenton, FL 34208
941 748-1219 Cell
941 726-2318 Fax
941 745-2558
www.kiernanremodeling.com
JULY 2009
9
Governmental Affairs 10
First Time Homebuyer Tax Credit offers important, welcome changes for 2009
i
By Marc Mansfield Governmental Affairs Director In 2008 Congress enacted a $7,500 tax credit (which required repayment) for first time homebuyers to purchase a home.
Its purpose was to encourage first time homebuyers to purchase a home and thereby decrease the supply of homes for sale in the United States. Congress recently increased the credit to $8,000 and made several other improvements to the original bill. The revised $8,000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009. Shown below courtesy of NAR is a summary of the important differences as compared to the original 2008 tax credit: What is the homebuyer tax incentive for 2009? The 2009 the tax incentive is increased to $8,000 and the repayment feature is eliminated for 2009 purchasers. In addition any home that is purchased for $80,000 or more qualifies for the full $8,000 tax credit. If the house cost less than $80,000, the credit will be 10% of the cost. Thus if an individual purchased a home for $65,000, the credit would be $6,500. As mentioned above, the credit is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. Who is eligible? Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase. How does the tax credit work? Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then once the total tax owed has been calculated tax credits are applied to reduce the total tax bill. So if a person has a total tax liability of $9,000 an $8,000 tax credit would wipe out all but $1,000 of the tax due. Is there an income restriction? YES. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing form 1040 as a Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a joint return may have income of no more than JULY 2009
$150,000. What is the definition of “principal residence?” Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50 percent). It is also defined as “owner-occupied housing.” The term includes single –family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Are there any restrictions on the location of the property? YES. The home must be located in the United States. Property located outside the U.S. is not eligible for the credit. Do 2008 purchasers still have to repay their tax credit? YES. The $7,500 credit in 2008 was more like an interest free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return. I know there is no repayment requirement for the $8,000 credit. Will I ever have to repay any of the credit back to the government? One situation does require a recapture payment back to the government. If you claim the credit but then sell the property within three years of the date of purchase, you are required to pay back the full amount of any credit including any refund you received from it. The same rule applies to the 2008 $7,500 credit. This provision is designed as an anti-flipping rule. There are also restrictions in the event of a death or divorce but for the most part as long as you keep the home for three full years you will not be required to repay the credit. Are homes under construction eligible for the credit? YES, as long as you actually occupy the home before December 1, 2009. For more information about the 2009 Tax Credit and the recently announced HUD rules that allow the 2009 Tax Credit to be used for select closing cost please visit the NAR website: www.Realtor.org
Sarasota Realtor® Magazine
www.sarasotarealtors.com
First-time buyers are benefiting from the tax credit of $8,000, and Congress is currently considering a proposal for next year that could expand the credit to $15,000 and cover all home buyers.
Property Appraiser For more information, contact the Property Appraiser’s office at 941.861.8200. 12
Protect your customers from property tax sticker shock
y
By Bill Furst, GRI, CRS, CIPS Sarasota County Property Appraiser
You’ve been there - congratulating the new homeowners at closing. And you’ve been there a year later when the frantic homeowners call. They just received a letter from their mortgage holder informing them that there is a shortfall in their escrows and their monthly payments are going up to cover both the current shortfall and the increased tax requirements for the following year. As a rule, the previous owner’s homestead exemption and Save Our Homes capped value will drop off on the year after the sale. The prior owner’s tax bill can give home buyers a false sense of the tax status of their new home. Typically most homeowners receive a homestead exemption on their permanent residence and pay ad valorem taxes. If the seller has owned and lived on the property for a few years their property may also have a large Save Our Homes capped value and the ad valorem tax difference for the new homeowner can be quite significant. The table below is for illustration purposes:
In this example, if the previous taxes were used to calculate escrows there would be a shortfall of $2,135 that would result in an increase in the escrows to cover the shortfall and the current year requirements. Although not quite as common as the homestead exemption, “Totally and Permanently Disabled” veterans and certain civilians do not pay ad-valorem taxes. Failure to properly account for these exemptions when calculating tax escrows can lead to a financial crisis for the new homeowners. A prospective homebuyer recently brought to us his closing papers believing the tax escrow was woefully underfunded. The buyer was correct, the tax escrow was miscalculated; the preparer did not take into account the previous owner was totally exempt from ad valorem taxes and the exemption would be removed after the sale. We suggested the buyer contact his closing agent to ensure that his tax pro-rations would
Previous Owners New Owners Market Value $250,000 $250,000 Assessed Value 80,000 250,000 Exemptions 50,000 50,000 Taxable Value $ 30,000 $200,000 Ad Valorem Taxes Annual $376/Monthly $31 Annual $2,511/Monthly $209 (Taxes are based on 2008 Millage Rate of 12.5588 for a non‐city parcel)
JULY 2009
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Whether the exemptions and Save Our Homes capped values are coming off or remaining for one more year, you and your customers can plan ahead to avoid property tax sticker shock.
not be based on the previous year’s taxes. The statutory seller’s disclosure for ad valorem taxes refers to the year subsequent to the sale, however, be aware that there are circumstances in which a property’s taxable value is reset in the same year as the sale. • The previous owner applies for homestead on a new home by March 1 of the year of the sale. • The previous owner voluntarily removes the homestead exemption from the property because he or she no longer qualifies as of January 1 of that year.
• The homesteaded owner died prior to January 1. • This office determines the property was not the owner’s permanent residence as of January 1. Because the current year’s values and exemptions are not published until the summer, we urge you and your customers to contact us to determine the exemption status of a particular property. Whether the exemptions and Save Our Homes capped values are coming off or remaining for one more year, you and your customers can plan ahead to avoid property tax sticker shock.
Ethics in Action 14
s
‘Absolute auction’ gets Realtor® in trouble Seller T, a widowed elementary school teacher in the Midwest, inherited a choice parcel of waterfront property on one of the Hawaiian islands from a distant relative.
Having limited financial resources, and her childrens’ college educations to pay for, she concluded that she would likely never have the means to build on or otherwise enjoy the property. Consequently, she decided to sell it and use the proceeds to pay tuition and fund her retirement. Seller T corresponded via the Internet with several real estate brokers, including Realtor® Q whose Web site prominently featured his real estate auction services. An exchange of email followed. Realtor® Q proposed an absolute auction as the best way of attracting qualified buyers and ensuring the highest possible price for Seller T. Seller T found the concept had certain appeal but she also had reservations. “How do I know the property will sell for a good price?” she emailed Realtor® Q. Realtor® Q responded “You have a choice piece of beachfront. They aren’t making any more of that, you know. It will easily bring at least a million five hundred thousand dollars.” Seller T acquiesced and Realtor® Q sent her the necessary contracts which Seller T executed and returned. Several days prior to the scheduled auction, Seller T decided to take her children to Hawaii on vacation. The trip would also afford her the chance to view the auction and see, firsthand, her future financial security being realized. On the morning of the auction only a handful of people were present. Seller T chatted with them and, in casual conversation, learned that the only two potential bidders felt the property would likely sell for far less than the $1,500,000 Realtor® Q had assured her it would bring. One potential buyer disclosed he planned to bid no more than $250,000. The other buyer wouldn’t disclose an exact limit but said he was expecting a “fire sale.” Seller T panicked. She rushed to Realtor® Q seeking reassurance that her property would sell for $1,500,000. Realtor® Q responded, “This is an auction. The high bidder gets the property.” Faced with this dire prospect, Seller T insisted that the auction be cancelled. Realtor® Q reluctantly agreed and advised the sparse audience that the seller had cancelled the auction. Within days, two ethics complaints were filed against Realtor® Q. Seller T’s complaint alleged that Realtor® Q had misled her by repeatedly assuring her—essentially
JULY 2009
guaranteeing her—that her property would sell for at least $1,500,000. By convincing her she would realize that price— and by not clearly explaining that if the auction had proceeded the high bidder—at whatever price—would take the property, Seller T claimed her interests had not been adequately protected, and she had been lied to. This, Seller T concluded, violated Article 1. The second complaint, from Buyer B, related to Realtor® Q’s pre-auction advertising. Realtor® Q’s ad specifically stated “Absolute Auction on July 1.” Nowhere in the ad did it mention that the auction could be cancelled or the property sold beforehand. “I came to bid at an auction,” wrote Buyer B, “and there was no auction nor any mention that it could be cancelled.” This advertising, Buyer B’s complaint concluded, violated Article 12’s “true picture” requirement. Both complaints were forwarded by the Grievance Committee for hearing. At the hearing, Realtor®Q defended his actions by noting that comparable sales supported his conclusion that Seller T’s property was worth $1,500,000. “That price was reasonable and realistic when we entered the auction contract, and it’s still reasonable today. I never used the word ‘guarantee;’ rather I told her the chances of getting a bid of $1,500,000 or more were very good.” “But everyone knows,” he added, “that anything can happen at an auction.” If Seller T was concerned about realizing a minimum net return from the sale, she could have asked that a reserve price be established. Turning to Buyer B’s claim of deceptive advertising, Realtor® Q argued that his ad had been clear and accurate. There was, he stated, an auction scheduled for July 1 and it was intended to be an absolute auction. “The fact that it was advertised as ‘absolute’ doesn’t mean the property can’t be sold beforehand—or that the seller can choose not to sell and cancel the auction. Ads can’t discuss every possibility. It might have rained that day. Should my ad have cautioned bidders to bring umbrellas?” he asked rhetorically. The Hearing Panel concluded that while Realtor® Q had not expressly guaranteed Seller T her property would sell for $1,500,000, his statements had led her
Sarasota Realtor® Magazine
Continued on P. 26, See AUCTION
www.sarasotarealtors.com
Home sales again top 500 in Sarasota market SAR statistics graphics, charts always appear on Pages 16-17
Overall home sales in the Sarasota real estate market exceeded 500 for the second time since June 2008, inventory levels dropped, and the median sale price for both single family and condominiums stabilized in May 2009. These statistics all point toward a normalization and moderation of the market following a more volatile period during the past two years. The overall sales level of 506 included 375 single family homes and 131 condominiums, nearly identical to the April 2009 numbers - 367 homes and 138 condos, respectively. Pending sales also remained at highly elevated levels, with 719 pending sales for single family homes and 210 pending sales of condominiums in May. The overall total of 929 was very near the 981 pending sales reported in April 2009. The trend for pending sales has been upward for several months, with 817 reported in March 2009, when the figure topped 800 for the first time in three years. The total of 917 was 34 percent higher than the 692 pending sales reported in May 2008. Pending sales have now exceeded the 500 level for the 17th consecutive month. The statistic is a strong indicator for the next two or three months of sales, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month. “We are all encouraged by the recent strength of the local real estate market, and we are hopeful that this upward trend will continue as we enter the traditionally slower summer season,” said 2009 SAR President Bill Geller. “We’ve had many reports of high activity at open houses, and we’re starting to see more multiple offers on homes. Of course, until we get through this period of elevated foreclosures and short sales, the median sales price will remain artificially low. But we can expect those figures to return to a more historic average, with moderate property appreciation once this inventory of distressed properties clears.” Geller noted the continuation of historically low interest rates, the first-time homebuyers’ tax credit of $8,000, and the influence of government programs designed to ease the deep
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national recession have all been factors in the local real estate market recovery. Those who meet eligibility requirements and purchase a home this year prior to Dec. 1, 2009 are eligible for a tax credit of up to $8,000, and unlike the 2008 tax credit, this one does not have to be repaid. Across the nation, this has led to a surge in first-time buyers, and Sarasota has mirrored the national trend. The median sale price for single family homes stood at $155,000 in May 2009, down slightly from the figure of $160,000 in April 2009. The median sales price for condominiums stood at $181,000 in May 2009, also slightly lower than last month’s figure of $182,750. While prices have leveled off, they are still much lower than May 2008, primarily due to the higher number of short sales and foreclosures, which have pulled down the median prices from last year’s level of $274,500 for single family and $367,250 for condominiums. The median price of all single family homes sold in the last 12 months was $205,000, compared to a median of $289,000 for the 12 months ending in May 2008. For condominiums sold in the last 12 months, the median sales price was $230,000, compared to last year’s figure of $385,000. * The health of the Sarasota real estate market in May 2009 continues to improve for both single family homes and condominiums as inventories continue to decline. The months of home supply on the market – the number of months it would theoretically take to sell all the current properties for sale – now stands at 14.3 months for single family homes and 19.0 months for condominiums. This compares to 15.2 months for single family in April 2009 and 22.9 months in May 2008; and 19.2 months for condos in April 2009, and 24.3 months for condos in May 2008. Any number above 6 months indicates a buyer’s market, while under 6 months is a seller’s market, and near or at 6 months would be a market in equilibrium, with an equal number of buyers and sellers. *A 12-month rolling median price is not as susceptible to the volatility that can occur within any particular month, which sometimes results in drastic statistical swings up or down from one month to the next.
Sarasota Realtor® Magazine
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Sarasota MLSSM Statistics May 2009 Single Family Condo
Unit Sales 450 400 350 300 250 200 150 100 50 0 May‐08
Jun‐08
Jul‐08
Aug‐08
Sep‐08
Oct‐08
Nov‐08
Dec‐08
Jan‐09
Feb‐09
Mar‐09
Apr‐09 May‐09
Single Family Condo
Median Sale Price $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 May‐08 Jun‐08
Jul‐08
Aug‐08
Sep‐08
Oct‐08
Nov‐08 Dec‐08
Jan‐09
Feb‐09
Mar‐09 Apr‐09 May‐09
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
5380
375
7.0
195
$155,000
$205,000
14.3
719
13.4
694
412
This Month Last Year
9530
417
4.4
164
$274,500
$289,000
22.9
527
5.5
1183
576
5569
367
6.6
173
$160,000
$199,000
15.2
778
14.0
677
504
1941
‐
170
$151,000
‐
‐
3966
‐
4240
‐
Oct 93.1 ‐
Nov 92.0 ‐
Dec 93.0 ‐
Last Month YTD
‐
2008 2009
Jan 92.0 93.0
Single Family – Sale Price Vs. List Price % Rates Feb 92.0 93.1
Mar 93.2 92.5
Apr 93.3 92.4
May 92.0 93.2
Jun 93.0 ‐
Jul 93.0 ‐
Aug 92.0 ‐
Sept 93.1 ‐
Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of June 10th, including some listings in Manatee, Englewood, Venice, and other areas. Single-family statistics are tabulated using property styles of single-family, half duplex, and manufactured. Condo statistics include condo, co-op, townhouse, and villa. Sarasota Association of Realtors® Source: 16
JULY 2009
Sarasota Realtor® Magazine
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Sarasota MLSSM Statistics May 2009 Single Family Condo
Inventory 12,000 10,000 8,000 6,000 4,000 2,000 0 May‐08 Jun‐08
Jul‐08
Aug‐08 Sep‐08
Oct‐08 Nov‐08 Dec‐08
Jan‐09
Feb‐09 Mar‐09 Apr‐09 May‐09
Single Family Condo
Pending Sales 900 800 700 600 500 400 300 200 100 0 May‐08
Jun‐08
Jul‐08
Aug‐08
Sep‐08
Oct‐08
Nov‐08
Dec‐08
Jan‐09
Feb‐09
Mar‐09
Apr‐09 May‐09
Condo
#Active
#Sold
%Sold
Average DOM
Median Sale Prices
Median Last 12 Months
Months of Inventory
Pending Reported
%Pending
# New Listings
# Off Market
2488
131
5.3
203
$181,000
$230,000
19.0
210
8.4
234
241
5112
210
4.1
214
$367,250
$385,000
24.3
165
3.2
503
265
2635
138
5.2
206
$182,750
$256,000
19.1
203
7.7
306
221
‐
575
‐
186
$185,500
‐
‐
894
‐
1726
‐
Nov 91.0 ‐
Dec 91.0 ‐
This Month This Month Last Year Last Month YTD
Condo – Sale Price Vs. List Price % Rates 2008 2009
Jan 91.0 91.0
Feb 91.1 90.2
Mar 91.0 90.4
Apr 91.0 92.2
May 92.0 90.1
Jun 92.0 ‐
Jul 93.0 ‐
Aug 90.0 ‐
Sept 90.0 ‐
Oct 91.0 ‐
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, while pending sales account for contracts executed by buyers and sellers during the month, that may not have closed yet. 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
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17
Commercial Investment Division 18
NAR developing recovery priorities Brought together by the National Association of Realtors® in late June, representatives from various commercial real estate and community organizations and associations agreed to work together in providing policymakers with a package of principles and policy priorities to guide them in their efforts to address the current crisis in the commercial real estate credit markets. “We are pleased that 18 organizations participated in this important commercial real estate industry meeting in order to identify commonalities and set priorities
to present to policy makers and regulators to stabilize, strengthen and grow this important sector,” said NAR President Charles McMillan, broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “The commercial real estate market represents a significant element of the nation’s economic infrastructure. Yet, over the last year the broader financial credit crisis has severely curtailed commercial real estate lending activity and brought securitization markets to a halt. Providing liquidity and facilitating Continued on P. 26, See COMMERCIAL
CID programs and events for 2009 Tuesday, July 21 Program: Industrial Development Alliance Sponsor: Wachovia Tuesday, Aug. 18 Program: Terry Turner, Sarasota City Commissioner, Discussion of City of Sarasota Budget Tuesday, Sept. 21 TBD
JULY 2009
Thursday, Oct. 8 CID Golf & Dinner at TPC Prestancia Nov. 17 TBD Tuesday, Dec. 8 CID Annual Holiday Breakfast Location: TDB
Sarasota Realtor® Magazine
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Commercial Investment Division Sarasota Association of REALTORS®
CID Golf Tourney at TPC Prestancia 4409 TPC Drive, Sarasota, FL
Thursday, Oct. 8, 2009 GOLF: Sign-in at 11:30 a.m.; Shotgun start at 12:30 p.m. BOX LUNCH INCLUDED Cash Bar Opens at 5 p.m.; Reception, Hors D’oeurves and Raffle at 6 p.m.
Registration deadline is Friday, Oct. 2, 2009 If writing check, please send the check and completed form below to: CID, Sarasota Association of Realtors®, 3590 S. Tuttle Ave., Sarasota, FL 34239 Name & phone number
Golf & Reception ($99)
(please print)
Golf ONLY ($75)
Reception ONLY($35)
Total
FOR ALL PRICES ABOVE, ADD $10 after Sept. 24, 2009 Make your own foursome for golf, or we will place you. Proceeds will benefit CTC and JOY. Enclosed is my check for $ Division (CID);
payable to the SAR Commercial Investment
Email: _________________ Company Name: Name on Credit Card: ____________________________________________________ Credit Card No. ____________________________Type of Card __________________ Exp. Date ______________ CSV _____
Education Programs
Ready to take Emerging Leadership training?
The application deadline for the 2009 SAR Emerging Leaders Program is coming up fast - Wednesday, July 15th! Discover the challenges and benefits of leadership in the Sarasota Association of Realtors®. Working collectively is the lifeblood of any real estate association. And all serious organizations know the importance of developing new leaders to infuse and refresh the collective leadership of the group. In this upcoming program, you will be exposed to the experience and vision of some of the most respected leaders in the country as well as in Sarasota. If selected to participate, there is no cost to you to enroll in the program. Travel to state and/or local Realtor® meetings may be required on your own dime.
This program will include four individual sections, and completion of three out of the four is mandatory. The overall program introduces participants to the breadth of our local association and its membership area, the scope and systems that operate the state and national organizations, participation in leadership training at the conventions, and skills training for volunteer leadership at SAR. Two additional programs are optional and attendance will earn extra points for the participant. Graduates should be prepared to become volunteers and committee chairs for SAR and prepare for future local Board leadership. We encourage you to complete and submit an application today. You can find a full description of the program, along with the program dates and other requirements, at www.sarasotarealtors.com.
Take your business to a higher level with GRI 3 course GRI 3: Real Estate Specialities Dates: July 27-29 & Aug. 4-5 Times: 8 a.m. to 5 p.m. (most days--times vary) CE Credit: 30 hours broker post-license/11 hours continuing education Cost: $275 (Realtors® by July 13) $300 (after July 13) The GRI designation is highly valued in Sarasota. Currently, 14 percent of all active SAR members have earned this designation—we believe this to be the highest GRI percentage of the 67 Realtor®
Associations in Florida. Why Do Buyers and Sellers Choose a REALTOR® With a Graduate Realtor Institute designation? Buying property is a complex and stressful task. In fact, it’s often the biggest single investment buyers will make in their lifetime. At the same time, real estate transactions have become increasingly complicated. New technology, laws, procedures and the increasing sophistication of buyers and sellers require real estate practitioners to perform at an ever-
increasing level of professionalism. When members of the public see the letters “GRI” after an agent’s name, they can count on receiving the knowledge and guidance they need to make the transaction go smoothly. In short, they can count on getting the best service available from a real estate professional. You can start to earn your designation by taking GRI 3, as you do not have to begin with Course 1. Why not commit to your advancement today? Register now at www.sarasotarealtors.com!
Mark your calendars for more education in 2009 Wednesday, July 22 The Veterans Administration will be here at SAR to give you a complete update on housing rules and regulations. Details will be posted on the SAR website and sent in the Weekly Update as soon as they become available. 20
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Sarasota Realtor® Magazine
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Time to sharpen your MLXchange skills!
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 July 6, 9 a.m. to Noon July 20, 9 a.m. to Noon 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. This is a mandatory session for all new users. - 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 Entering and Updating Listings in MLXchange July 6, 1:30 to 3:30 p.m. July 20, 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. - Listing maintenance authorization
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forms - Explain the importance of accurate data - Rules and Regulations - Review the profile sheet - Entering a new listing, using tax auto pop, reviewing the fields that have specific entries in the Rules and Regulations - Adding images, attachments, open house information, Supra Key and ShowingTime - Inventory watch - easiest way to
modify the listings
Design Web Pages, Capture Leads July 8, 9 a.m. to Noon 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 hand-in-hand with a successful real estate business. iMapp - Interactive Tax and Mailing Labels July 8, 1:30 to 4:30 p.m. 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. MongoFax, RatePlug, ShowingTime, and MLX Wireless July 9, 1:30 to 4:30 p.m. This class introduces the user to the often-overlooked plug-ins and features that are designed to save you time and money, as well as adding an extra level of service to your customer. Sarasota Realtor® Magazine
Creating Custom Reports July 9, 9 a.m. to Noon This course is designed to give you the ability to personalize your own reports within MLXchange. You will learn the necessary skills to create and customize reports that help you succeed in your business. - Report Manager: Add, modify and copy reports using Report Manager. - Designer Tool: How to download and log in - Copy, save and customize a report, adding or removing fields, changing font style and color. - Selecting multiple fields for customizing font, moving or deleting fields. - Adding photos, map, date, time or additional fields. MLXchange Advanced July 21, 9 a.m. to Noon 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 - Edit favorite reports, personalize home page resource link and setting defaults Creating a Professional CMA July 21, 1:30 to 4:30 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.
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21
Workshop provides ePro certification discount ePRO Workshop Dates: July 7 Times: 1 to 2:30 p.m. Instructor: Dave Lowery Location: SAR Auditorium Cost: Free to SAR Members Consumers are catching on to the value of an e-PRO certification! Join the dynamic group of Realtors® who are flourishing in the e-PRO community. This workshop offers tips and tricks for reaching customers online, but basically gives you a snapshot of the technology certification which is taken online. Attendance at the workshop gives you a $25 discount on the online course. Check out the designation which is being promoted on the #1 consumer real estate website, www. realtor.com! Registration is requested at http://ePROworkshop. InternetCrusade.com or call toll free 1-866-377-6627. Free! Memory Training Workshop Date: July 8 Time: 9 to 10 a.m. Instructor: Alan Mong, Freedom Personal Development Cost: Free to members, $10 non-members Your profession demands that you remember a wealth of knowledge. A simple slip of the mind can result in thousands of dollars in lost sales or credibility. Build your competitive advantage by learning how to train your memory! Both educational and entertaining! Free to SAR members. Preregistration required at www.sarasotarealtors.com. Find out how to remember: - Names and faces - Presentations (without notes)
- To-do lists - Numbers, dates and appointments - Information from books and conferences After the workshop, you will enjoy these benefits: - Less stress - Higher sales - A boost in confidence - Better time management - Increased referrals and repeat business 14-Hours Continuing Education for License Renewal Dates: Aug. 11 & 12 Times: 9 a.m. to Noon, 1 to 5 p.m. Instructor: IFREC Cost: SAR Members $79; Non-members, $99 The Institute of Florida Real Estate Careers, headquartered in Orlando, Florida, will provide the 14-hour license renewal course for SAR. Founded in 1983, the Institute of Florida Real Estate Careers, Inc. (IFREC) is recognized as the leader in Florida real estate education. This session provides the full 14-hours of continuing education needed for license renewal. The 14-hours CE includes 3 hours of Core Law. Or, you may opt to take Core Law only which consists of the first three hours of the 14 hours. SAR members, please go to www.sarasotarealtors.com to register for the live course. Non-members, go to the education tab at the top of the home page (www.sarasotarealtors.com) to download a registration form that can be completed and faxed to SAR.
CONGRATULATIONS!
Dedication and hard work pay off!! We congratulate our members who recently completed the requirements for these National Association of Realtors® designation and certificate programs. e-PRO CERTIFICATION (e-PRO) Tom Hedge, Jr. Signature Sotheby’s Realty Roberta Tengerdy Signature Sotheby’s Realty AT HOME WITH DIVERSITY (AHWD) Charing Bostic Keller Williams Lakewood Ranch Lee Mirman Investments of Sarasota Sheldon Paley Signature Sotheby’s Realty James Piro Piro & Associates Amy Stier Real/Estate.com
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JULY 2009
Sarasota Realtor® Magazine
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Gen X and Gen Y is your sales force of the future, so learn strategies for reaching out to them. The 20- and 30-somethings in your sales force are the future of your business, says Darrin Friedman, branch vice president of Coldwell Banker Residential Brokerage in Washington, D.C. But if you’re not part of the younger generation, it’s not always easy to connect with young people, who are sometimes labeled as “slackers” or the “MySpace generation.” Friedman advises brokerage managers to show young people that you value their distinctive skills. Understanding these cohorts comes naturally to Friedman, who, at 34, sits squarely in the Generation X camp. His recommendations:
1. Communicate in kind.
If they use Twitter, you use Twitter;
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if they text, you text. Not on Facebook? You should be. As a manager, you must adapt to the largest population of new practitioners in the style they prefer. Use their communication and networking methods to show your own open-mindedness.
2. Be quick to respond.
The days of getting back to someone “later” are over. The Generation X and Y salespeople want everything now. For them, it’s about immediate responsiveness—something that serves them well with today’s Websavvy consumers. The advent of the BlackBerry and iPhone makes this easy.
3. Recognize their individuality.
X and Y can be a loyal bunch if they feel appreciated for their unique strengths. Recognize their skills, whether in prospecting, marketing,
Sarasota Realtor® Magazine
Broker Corner
Five ways to recruit, retain Gen X, Gen Y
networking, or negotiating. Identify what they do best and regularly remind them, and a mutually beneficial loyalty will develop.
4. Keep your dealings short and to the point.
If you bore them, they’ll leave. So if your sales meetings take 90 minutes when they could take 35 minutes, shorten them. Show that you will stir their imagination with innovative business practices and help them grow professionally.
5. Seek them out on the Web.
Generation X and Y practitioners are out there, begging to be found in the digital world. Make the effort to spot them and engage them. Post comments on their blogs. Follow them on Twitter. Their online communication and marketing skills can be a boon to your business. Realtor® Magazine Online
JULY 2009
23
SAR awards scholarships to four students
Four $2,000 scholarships have been awarded to a group of outstanding students by the Sarasota Association of Realtors®. After receiving and reviewing 42 scholarship applications prior to the May 1 deadline, the SAR Scholarship Committee decided to interview 12 finalists. The interviews were held on two days in May, culminating in the selection of the four winners. Chosen to receive the two SARrelated scholarship awards were Matt Luong, a Sarasota High School graduate; and Michelle Kernan, a Riverview High School graduate entering her second year at the
University of Notre Dame. Matt, son of John Luong of Keller Williams Lakewood Ranch, will be entering the University of Florida at Gainesville in the fall, majoring in Medicine. Michelle, daughter of Christopher Kernan of Coldwell Banker, is majoring in Business at Notre Dame. For the two non-SAR related winners, the committee selected Verna Melnichuk, a North Port High School graduate; and Alexandra Vallarta, a graduate of Booker High School. Verna will be attending the University of South Florida, majoring in Biomedical Science, while Alexandra
wil be attending Middlebury College and majoring in International Law. Irene Jurnack, chair of this year’s committee, noted the selection process was extremely difficult this year as there were a large number of highly qualified, exceptional students represented. The committee had to weigh various factors in making their final decisions, including academic achievement, community involvement, financial need, letters of endorsment, the students’ written essay, the personal interviews and much more. Each year, SAR sets aside $8,000 for the four scholarships from fundraising proceeds.
SAR Realtor® Store offers items at a discount
Several real estate-related items will be discounted 10 percent in July through the SAR Realtor® Store, located at 3590 S. Tuttle Ave. BUT YOU MUST SAY YOU SAW THE NOTICE IN SARASOTA REALTOR® MAGAZINE! Current sale items include the new “Holy Cow! New Low Price” signs (see right), normally priced at $6.95; the Baqua Emergency Water Bags, normally $3 apiece; the Guest Registers, normally $12.75; and a plastic Info Box, normally $8.75. The store also offers a wide variety of other real estate-related items, including metal “For Sale” signs in various configurations. For more information, please contact Jackie Deemer at 923-2315 during normal business hours.
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Painting project set for July 18th at Volunteer Center site The next SAR Community Outreach Painting Project has been set for the morning of Saturday, July 18th at the Friendship Volunteer Center complex, 1750 17th Street, Sarasota, FL 34234. The project will be indoors in an air-conditioned set of offices which house a volunteer, not-for-profit organization within the complex. It is the same site as the May project, where more than 20 Realtors® and Affiliates showed up to paint. Sandy McCourtney, chair of the Community Outreach Committee, said she hopes for another large turnout for the July project. 24
JULY 2009
The big fall project, known as Make-A-Difference Day, is set for the weekend of Oct. 24th. The Community Outreach group will be painting six churches in Sarasota that Saturday, and hopes to involve several large brokerages in the area to supply the dozens of volunteers needed for the ambitious undertaking. The July project represents the third painting effort for 2009, and McCourtney said she has been pleased with the turnout and participation as the group points toward the big Oct. 24 finale. Stay tuned!
Sarasota Realtor® Magazine
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** Ba avail
Learn More... and take advantage of exclusive rates and plans!
Visit www.RealtorsCoreHealthInsurance.com TODAY!
According to surveys by the National Association of REALTORS® more than one in four REALTORS® lack medical insurance and many more are significantly underinsured. Ideally everyone would have major medical insurance but many do not qualify due to pre-existing conditions or simply cannot afford the high cost of coverage. While this issue continues to be debated in Washington (www.realtor.org/small_business_health_coverage.nsf), NAR is pleased to introduce REALTORS® Core Health Insurance (RCHI) – an affordable and guaranteed-acceptance limited medical insurance program designed exclusively for REALTORS® under 65. REALTORS® Core Health Insurance provides guaranteed-issue, affordable limited medical plans which are exclusively designed and priced specifically for NAR members... Simply put, it provides coverage for your everyday healthcare needs – helping to provide a safety net for people who do not have the luxury of being covered by a comprehensive health insurance plan.
• Guaranteed-acceptance**– No medical questions/exams required • Low cost – Plans start as low as $70.69 per month • Freedom to choose any provider • Next day coverage is available • Benefits include: doctor office visits, wellness visits, emergency room benefits, surgery benefits, a prescription discount card and more! ** Based on eligibility (age, member of NAR, and state availability)
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Sarasota Realtor® Magazine
JULY 2009
25
FRIENDS From Page 6
housing industry and network, while Affiliates can set up a table and promote their services and/or products. Various Educational Events and Courses Monthly Member Orientation Sessions CID Annual Golf Tournament – This year’s tournament is set for Oct. 8 at TPC Prestancia, and sponsorship opportunities are still available at various price ranges. December SAR Installation Banquet – The Banquet is an excellent time to relax and recall the year’s triumphs and
AUCTION From Page 14
to that conclusion and after realizing Seller T was under that impression, Realtor® Q had done nothing to disabuse her of that misperception. Moreover, Realtor® Q had taken no steps to explain the auction process to Seller T, including making her aware that at an absolute auction the high bidder—regardless of the bid— would take the property. Realtor® Q’s actions and statements had clearly not protected his client’s interests and,
COMMERCIAL From Page 18
lending is essential to restore confidence and stability to the industry as a whole,” McMillan said. “Neighborhoods are built around businesses, large retail centers, office buildings and small family-run shops. The health and vitality of commercial real estate supports a strong housing market, which in turn plays a key role in the national economy. We are all connected,” he said. Bob Toothaker, chair of NAR’s Realtor® Commercial Alliance and host of the meeting, said, “We face a liquidity crisis, the likes of which most of us have not seen in our lifetime. There is not one silver bullet to fix the huge problem, but we believe there are key steps that can be and should be taken to ensure the continued health and vitality of the commercial real estate industry. “NAR, large brokers and allied commercial real estate partners stand ready to work with Congress, regulators and the administration to confront this crisis. We are prepared to tell our stories and share our ideas and solutions,” Toothaker said. Toothaker emphasized the importance of a holistic approach to the current crisis in the commercial credit markets. “As a group we strongly support the development of programs and initiatives that will provide liquidity and facilitate lending in the commercial real estate finance markets. Today we all agreed to work together to educate policymakers and provide solutions that address these
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JULY 2009
struggles, and begin to forge alliances for the coming year. Painting Projects of Community Outreach Committee – The next painting project is set for Saturday, July 18th (see article on P. 24) There are also many Real Estate Specialty Divisions which Affiliates can join, furthering their business network: Women’s Council of Realtors® Commercial Investment Division (CID) International Real Estate Council (IREC) Green Realtors® Alliance of Sarasota (GRAS) Sarasota Young Realtors® (SYR) in the opinion of the Hearing Panel, violated Article 1. Turning to the ad, the Hearing Panel agreed with Realtor® Q’s position. There had been an absolute auction scheduled— as Realtor® Q had advertised—and there was no question but that Realtor® Q had no choice but to cancel the auction when he had been instructed to do so by his client. Consequently, the panel concluded Realtor® Q had not violated Article 12. - Case #12-18: Protecting Client’s Interest in Auction Advertised as “Absolute” (Adopted May 2005. Crossreferenced with Case #1-31.) priority issues, which will have the greatest impact on credit availability, liquidity and investor confidence. “We applaud efforts to improve programs, such as the expansion of the Term Asset-Backed Securities Loan Facility program and the new issue of Commercial Mortgage Backed Securities, as well as the creation of the Public Private Investment Program to promote new lending,” he said. NAR, along with many in today’s coalition meeting, believes the success of programs and initiatives aimed at restoring liquidity and stability to the markets is intrinsically tied to and must work in conjunction with supportive federal tax policies and accounting principles that support commercial real estate lending. According to NAR Chief Economist Lawrence Yun, commercial real estate is the hardest hit industry outside of the auto industry. “A recovery in commercial real estate always lags a general economic recovery, but with the right policy prescriptions we can recover more quickly,” said Yun. The 18 organizations include the Building Managers and Owners Association, CB Richard Ellis, CCIM Institute, Coldwell Banker Commercial, Colliers International, Commercial Mortgage Securities Association, Grubb & Ellis, Institute of Real Estate Management, International Council of Shopping Centers, Mortgage Bankers Association, NAI Global, NAIOP, the Commercial Real Estate Development Association, National Association of Real Estate Investment Trust, Realtors® Land Institute, Society of Industrial and Office Realtors®, TCN Worldwide, The Real Estate Roundtable, and Transwestern.
Sarasota Realtor® Magazine
www.sarasotarealtors.com
SAR Room Rentals Available Conference Room A
For Room Reservations please contact: Pat Englerth Room Rental Coordinator (941) 328-1153 pat@sarasotarealtors.com
The conference room is fully carpeted and perfect for board meetings, small seminars and workshops. The room seats 30. Seating arrangement is a U shaped setting. Room Dimensions: 24W x 30L x 11H Sq. Ft. 720 5 Electric Outlets White Board and Screen
Conference Room A Pricing
Weekly Daytime Rates 8 a.m. to 5 p.m.
- $40/hour Evenings after 5 p.m. - $50/hour After 5:00 pm an SAR attendant is required (with attendant fee). SAR members can call for more rental rate information
Tech Room
SAR has a Technology Room in our Education Building with eighteen terminals set up in classroom style.
• • • • • • • • • • • • • • •
- Half Day (up to 4 hours) $600 - Full Day (up to 8 hours) $1,200
Electric: 120v (20 AMP Circuits)12 Outlets Kitchen Approximately: 9’ x 8’ Limited Kitchen Facilities * Caterers must be approved by the Rental Coordinator
Weekly Daytime Rates 8 a.m. to 5 p.m. Half Day up to 4 hrs
$300
Full Day 4 hrs to 8 hrs
$400
Hourly Overtime Rate (Prior to 8 a.m./after 5 p.m.)
$100
Evening and Weekend Rates after 5 p.m.
Auditorium
Room Dimensions Approximately: 47’ x 80’
Stage 18’ L x 7’ W
Auditorium Pricing
Anniversaries Award Ceremonies Bridal Showers Celebrations Corporate Functions Employee Banquets Engagement Parties Fundraisers Holiday Parties Professional Lunches Receptions Recognitions Rehearsal Dinners Special Occasions Weddings
The Sarasota Association of Realtors®’ Auditorium is a spacious carpeted room designed to handle many special requirements. The room The basic classroom setup, which allows inis designed to be multi-functional, which will structors to use technology as part of their accommodate business meetings, seminars, teaching, is one in which there is a computer and a network connection. This allows instruc- receptions, dinners and parties. tors to perform demonstrations, present mate- 85 Parking spaces rial, illustrate how to use software, and show 150 Rectangular tables Web sites, etc. 150-200 Classroom style
Weekly Daytime Rates 8 a.m. to 5 p.m.
3 Double Doorways 6’W x 6’8”L
Sq. Ft. 3,760
Half Day up to 4 hrs
$400
Full Day 4 hrs to 8 hrs
$550
Overtime charge
$100
Items Available at No Charge 8’ x 18” Rectangular Tables 175 Chairs 18’ L x 7’W Stage Refrigerator/Freezer 35 lb. Ice Machine Lectern Items Available at an Extra Charge upon request
Available
After 5 p.m. an SAR attendant is required with a required attendant fee. All Charges Subject to 7% Sales Tax
Ceilings 11’ 4”
Sarasota Young Realtors® announce 2009 schedule The following is the current 2009 schedule of events for the Sarasota Young Realtors®, subject to change. Meetings begin at 4:00 P.M. at SAR on the following dates: Sept. 8, Oct. 13, Nov. 10 and Dec. 8. Socials begin at 5:30 P.M. (3rd Quarter at Cork & The Bottleshop, 29 N. Boulevard of the Arts -St. Armand’s Circle, Sarasota - on the following dates: July 15, Aug. 19, Sept. 16, Oct. 21, Nov. 18 and Dec. 16. Luncheons begin at Noon at SAR on the following dates: Sept. 25, Oct. 30 and Nov. (TBD)
www.sarasotarealtors.com
Sarasota Realtor® Magazine
JULY 2009
27
Women’s Council of Realtors® wins Gold Award for Chapter Excellence
u
By Janice Litke 2009 WCR President
UNBELIEVABLE is the best word to describe the recent Women’s Council of Realtors® Midyear Meeting in Washington, D.C.! Excitement filled the corridors as members from This year’s event, sponsored by Pulte Homes across the nation reconnected with longtime friends Gulf Coast Region, included champagne toasts to the and made new acquaintances. Referrals were being Local Chapter Presidents and the Women’s Council exchanged among members throughout the meetings, organization. Christy Stratton, a former Local Chapter and everyone who attended went home rejuvenated and President herself and now Gulf Coast Regional enthusiastic about the future. Marketing Director for Pulte, understands what it takes to make The most exciting highlight a local chapter viable and wants of the conference has always to work closely with chapters on been the Awards Banquet, where programming in the future. we recognize local chapters for excellence in their business plan No meeting is complete without and programming from the myriad educational offerings, previous year. This year was no and this year came through with exception. The Sarasota Chapter some outstanding programs. Not once again earned the Gold only could our members attend Award for Chapter Excellence. and interact in their choice of four Strategic Forums, but they also The award was accepted by gained industry knowledge and immediate Past-President, Cari2008 WCR President Cari Faanesexperience to help their businesses Faanes Blakey. Also included this Blakey accepts the Gold Award from and personal development. Check year was the exciting addition of Ann DeFries, 2008 WCR National out the “Faces of WCR” recruitment four $1,000 scholarship awards President video developed by the Member presented by our National Network Forum at www.WCR.org strategic partner Wells Fargo and continue to visit the website and given to the Chapters that offered top-notch often for updates. programming in 2008 to their members. This year, the “Inspire, Educate, Enable, Awards”, were presented by Thanks to the members who facilitated the Learning Wells Fargo Executive Vice President Susan Davis. Labs and to the national speakers who participated in A private reception was held in the presidential suite our General Sessions. Women’s Council is all about for local chapter presidents to have time to interact empowering our members to be entrepreneurs and with one another, as well as with the national leadership industry leaders, and all of this year’s programming brought each of us closer to realizing that mission. team.
2009 Line Officers
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Janice Litke President Prudential Palms Cell: 727-403-1814 JaniceLitke@hotmail.com
Cindi Jackson Vice President of Membership Exit Realty Signature Properties Phone: 941-907-7730 cindi_title@yahoo.com
Dave Swenson Recording Secretary EXIT Creative Realty Cell: 941-544-4366 daves@exitcreativerealty.com
Karen Grant President-Elect RE/MAX Tropical Sands 941-349-3460 karenlgrant@comcast.net
Mary Conklin Treasurer RE/MAX Alliance Group Cell: 941-504-4292 mcconklin@comcast.net
Mary Mastro Corresponding Secretary Keller Williams Lakewood Ranch Cell: 586-2402 marypmastro@gmail.com
JULY 2009
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Several of our members also participated in the legislative visits, which where coordinated by NAR. This is always a tremendous opportunity to get face to face with our legislators and discuss issues that are relevant to the REALTOR community, as well as private property ownership rights. I encourage you to get involved and respond whenever NAR has a Call to Action. It’s imperative to all our businesses! Our Nominating Committee has been busy recruiting, interviewing and selecting candidates for our 2010 Leadership Team. We are so pleased to have so many wonderful, talented candidates this year. After much discussion and deliberation we have decided on our 2010 slate of candidates: Karen Grant will automatically be the 2010 President, President-Elect, Cindi Jackson, Vice President of Membership, Marianne LeBar, Treasurer, Sharyl Smith, Recording Secretary, Leslie Lauritano, Corresponding Secretary, Melia Favorite. Elections will take place at our August Program’s meeting, August 14 at Mattison’s Forty-One. You won’t want to miss this very important meeting to cast your vote as well as hear special renowned speaker, Jack Wolf ’s presentation “It’s never too late to Learn to Relate”. Mark your calendar and be sure to attend. We welcome our newest members: Michelle Pendleton, Robb & Stucky Interiors Nancie Kalin, Coldwell Banker
THANK YOU TO OUR 2009 PROGRAM SPONSORS SILVER: Lakewood Ranch Communities, LLC and Neal Communities BRONZE: Alliance Appraisal Associates, Inc., Kelietza, Oswald Trippe-Joe Sikora, Regions Mortgage, Sarasota Costal Credit Union, and Silver Fox Pest Management.
www.sarasotarealtors.com
THANK YOU TO OUR STATE SPONSORS PLATINUM:HomeTeam Inspection Service, Magnolia Insurance, North American Title Company, Wells Fargo Home Mortgage GOLD: Bank of America, Stewart Title Guaranty, X-Caliber Title SILVER: Anderson Auctions, Attorneys’ Title Insurance Fund, Inc., Bright House Networks, Harper & Pinzino Island Realty, Hughes Exterminators, Paul Home, RE/ MAX Alliance Group
Programs Calendar 2009 July 10 - Program Meeting – Mary Wolf – Path to Success Aug. 14 - Jack Wolf – “It’s Never To Late To Learn To Relate” and Elections Aug. 18-23 - WCR/FAR Annual Conference – Orlando Sept. 11 - Annual Fashion Show Oct. 9 - District Forum Nov. 11 - Emily Sperling, Community Relations Manager, EDC Nov. 11-16 - WCR/NAR Annual Conference – San Diego Dec. 10 - Installation and Farewell - Bird Key Yacht Club
Sarasota Realtor® Magazine
JULY 2009
29
Membership News
The Association is pleased to welcome new members! Designated Realtors®
Brazelton, John, RealtyOne Alliance Bruce, David, David C. Bruce R.E. Broker Hager, William, Lee Wetherington Realty Manessis, Valentina, Lighthouse Realty LLC McLaughlin, Ruth, McLaughlin Group Properties
New Members
Altizer, Marta, Wagner Realty Anderson, Linda, Swilley & Associates Realty Dahlin, Carol, Signature Sothebys Internat’l Dyer, Thomas, Starling Realty Inc. Fitzsimmons, Patricia, Neal Communities Realty Inc. Forslund, Jonas, Coldwell Banker Res R E Glenn, Olga, Rossi & Company Inc. Good, G. Tom, ERA Haman, Roger, RE/MAX Alliance Group Hughes, Bradford, Peens Property Group Inc. Hunt, Charles, Hunt Real Estate ERA Jeltema, Alana, Atchley International Realty Leavey, Patricia, Coldwell Banker Res R E Polli, Jeannette, Prudential Palms Realty Provost, Robert, Prudential Palms Realty Steineman, Joy, Hunt Real Estate ERA Thompson, John, Hunt Real Estate ERA Tirey, Curtis, Joe Wright & Associates LLC VanArsdel, F Maitte, Prudential Palms Realty
Now With
Altizer, Marta, Wagner Realty Anderson, Linda, Swilley & Associates Realty Blumenthal, Marisa, Rosebay Real Estate Int’l LLC Boudarga, Sara, Hunt Real Estate ERA Breiner, Joan, Homes & Dreams Realty Inc. Bright, Barry, Michael Saunders & Company Cannon, Matthew, Michael Saunders & Company Charron, Pamela, Prudential Palms Realty Coleman, Deborah, RE/MAX Alliance Group Cristello, Gail, Cristello and Co Real Estate Dimas, Thomas, Cristello and Co Real Estate Dobner, Jon, Atchley International Realty Engels, France, Prudential Palms Realty Filipowski PA, Jerry, Wagner Realty Fitzsimmons, Patricia, Neal Communities Realty Inc. Foley, Roxanne, RE/MAX Alliance Group Frederick, Elaine, Florida 1 Realty Services LLC Gatti, Daniel, RE/MAX Excellence Gordon, Ronald, Xena Vallone Realty Inc. Greve, Mike, Hunt Real Estate ERA Hinkle, Vickie, Prudential Florida Realty Howse, Jennifer, A Paradise Realty Huber, Joyce, Coldwell Banker Res R E Hunter, Dean, Keller Williams Realty-Manatee Hunter Keyser, Vikki, Wagner Realty Igartua, George, Horizon Realty Jeltema, Alana, Atchley International Realty Jennings, David, Coldwell Banker Res R E Katanic, Amy, Prudential Palms Realty
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JULY 2009
Lamb, Tara, Michael Saunders & Company Leckie, Kimberly, Coldwell Banker Res R E Martinez, Edward, Joe Wright & Associates LLC Maslen, Sandra, York Real Estate Inc. May, Pamela, Hunt Real Estate ERA McAllister, John, Sandals Realty McCue, William, Coldwell Banker Res R E McFarland, Marci, Prudential Palms Realty Merila, Robert, Prudential Palms Realty Mirski, Magdalena, Prudential Palms Realty Pantyuxin, Alexander, Lighthouse Realty LLC Pickard, Tammie, Keller Williams Realty Pittman PA, Troy, Signature Sothebys International Power, Felix, Prudential Palms Realty Royer, Howard, Horizon Realty Shoultz, Cheryl, RE/MAX Alliance Group Sobczak, Iwona, Realty Executives Solutions Solorzano, Vanessa, Prudential Palms Realty Sulton, Carole, Wagner Realty Tannenbaum, Sharon, RE/MAX Platinum Realty TouVelle, Katheryn, Cristello and Co Real Estate Wooster, Stephen, Allen Real Estate Services Inc. Younker, Bruce, Wagner Realty
New Affiliates JP Morgan Chase-Home Lending
240 N.Washington Blvd, Ste 100 Sarasota, FL 34236 Phone Number: 941-313-1733 Representative: Leigh Durst Specialty: Mortgage: We can help you find a home mortgage or refinance solution that makes sense, and back it with the service you expect.
Lake Buena Vista Resort Village & Spa
15657 Apopka Vineland Rd. Orlando, FL 32821 Phone Number: 407-509-5668 Representative: Larry Cohen Specialty: Luxury Condo-Hotel Development. Lake Buena Vista Resort Village & Spa is a wholly owned Florida condo hotel development offering all the facilities and amenities of a first class, Orlando resort. Lake Buena Vista Resort Village offer all the benefits of hassle-free, real estate ownership. The Resort is superbly located one mile from Walt Disney theme parks, minutes from Universal Studios and SeaWorld, and only 10 minutes from the Orlando Convention Center and 20 minutes from the Orlando International Airport. Free transportation is provided to area theme parks
Voigt & Voigt, P.A.
2042 Bee Ridge Rd. Sarasota, FL 34239 Phone Number: 941-925-2324 Representative: Stephen F. Voigt Specialty: Real Estate Attorneys; Contract Preparation, Closings, Title Insurance.
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Sarasota Association of Realtors®, SAR International Real Estate Council
September 24 & 25, 2009 Hyatt Regency Sarasota 1000 Boulevard of the Arts Sarasota, FL 34236
SPONSORS - Lennar Homes—Silver - Neal Communities—Silver - Scarlatelli P.A.—Bronze - Kerkering Barberio—Bronze For more information, contact Catherine McCaskill: 941-328-1167 Catherine@sarasotarealtors.com
September 24
• •
Transnational Referral Certification (TRC) Networking—Happy Hour
•
Keynote Speaker: Dr. Lawrence Yun, NAR Chief Economist—”A Global, National and Local Look at The Economy”
September 25
Other topics, presented by a diverse group of authoritative international speakers, will include: • • • • • •
State of Real Estate in Florida Understanding the International Buyer’s Needs and Preferences Sustainability and Green Issues in International Real Estate Connecting With Top Countries Doing Business With the West Coast of Florida The Changing Face of Immigration Financial Considerations for Foreign Buyers
S ARASOTA A SSOCIATION OF R EALTORS ® E DUCATION /E VENTS C ALENDAR Monday
Tuesday
Wednesday
Thursday
Friday
1
2
3
7:30 a.m. Toastmasters
8 a.m. Power Marketing (University Park CC)
SAR Office Closed 4th of July Holiday
6
7
8
9 a.m. Memory Training Workshop 9 a.m. Design Web Page 1:30 p.m. iMAPP
9
8 a.m. Power Marketing (Knights of Columbus) 9 a.m. Creating Custom Reports 1:30 p.m. Tools
10
13
14
15
16 8 a.m. Power Marketing (Knights of Columbus)
17
9 a.m.– 4 p.m. New Member Orientation & Code of Ethics
20
8 a.m. CID Membership 1 p.m. E-Pro Workshop
7:30 a.m. Toastmasters
9 a.m. CID Commercial Marketplace
9 a.m. CID Commercial Marketplace (Offsite)
1 p.m. REALTOR Day Bowling
9 a.m. MLXchange Basic 1:30 p.m. MLXchange Entering & Updating
21
9 a.m MLXchange Advanced 1:30 p.m. Creating a CMA
22
23
24
27
28
29
30
31
8 a.m.-5 p.m. GRI 3
8 a.m.-5 p.m. GRI 3
9 a.m. VA Program
8 a.m.-5 p.m. GRI 3
8 a.m. 9 a.m. Power Marketing CID Commercial (Knights of Columbus) Marketplace
8 a.m. Power Marketing (Knights of Columbus)
Note: All events/classes are at SAR, except where noted
Mid-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 Mid-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 “Training,” then “Quick Class Registration” and follow prompts.
Sarasota Association of Realtors®, Inc. 3590 S. Tuttle Ave. Sarasota, FL 34239
9 a.m. MLXchange Basic 1:30 p.m. MLXchange Entering & Updating
PRSRT STD U.S. POSTAGE PAID MANASOTA, FL PERMIT NO. 451
JULY 2009