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

JULY 2010

Facing Florida’s Future Oil fouls the Gulf, unemployment lingers, Amendment 4 threatens How should Realtors® respond?

Page 6

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Contents

Sarasota Realtor® Volume 7, Issue 7 JULY 2010

Sarasota Association of Realtors®, Inc.

Facing Florida’s Future

The last three years should be enough to convince anyone associated with the real estate industry that the more emphasis placed on education - the better!

10 Fall Elections Coming

As we slip into the sweltering summer months, we must become more educated on the upcoming proposed state constitutional amendments.

12 Tangible Property Tax

In these difficult economic times, it is critical that local governments are able to identify all legitimate sources of tax revenue, including tangible property taxes.

15 The Best Yet

May 2010 saw the highest number of sales in Sarasota

since December 2005, and prices remained stable.

Volume 7 • Issue 7 •JULY 2010

18 Commercial Turbulence

The commercial forecast is for continued turbulence in the short term as several issues buffet the economy.

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

Governmental Affairs Director Marc Mansfield

12- Property Appraiser

Production Coastal Printing, Inc.

14- Ethics in Action

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

15- Sales and Listing Statistics 18- Commercial Investment Division Visit SAR on Facebook at www.facebook.com/SarasotaRealtors

27- Broker Corner

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.

28- WCR News 30- Membership News

32- Calendar of Events/Education

JULY 2010

President Erick Shumway RE/MAX Alliance Group

Director of Professional Development Catherine McCaskill

10- Governmental Affairs

24- On the SAR Scene

2010 Officers

Director of MLS Information Systems Jesse Sunday

In every issue

20- Education Programs

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

Sarasota Realtor® Magazine

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Florida Welcome Home Week set July 11-17 Teachers. Firefighters. Military personnel. Nurses. Police officers. The list goes on and on: Many people who provide vital services that strengthen our communities can’t afford to own a home or live where they work. It’s a problem that harms everyone. Community leaders across Florida are recognizing the link between workforce housing and the positive economic and social health of their communities. The shortage of affordable housing close to work leads to longer commutes, traffic congestion, urban sprawl and limited services that degrade all residents’ quality of life. On the frontlines of the state’s housing market, Realtors® understand this lack

of housing opportunities threatens the vitality and future of Florida’s communities. Florida Realtors® and the Sarasota Association of Realtors® are spreading the word about the crucial need for “Homes for Hometown Heroes” during Florida Welcome Home Week, July 11-17. It’s the right message at the right time. As of July 1, the federal homebuyer tax credit no longer applies, (except for home purchases falling under special rules for members of the military, foreign service and intelligence community). During Florida Welcome Home Week, turn up the radio and listen for Florida Realtors®’ ads promoting “Homes for Hometown Heroes.” Airing

during traffic reports at peak drive times on radio stations across the state July 11-17, the spots not only showcase the need for workforce housing but also note how working with a Realtor® helps our Hometown Heroes realize their dreams of homeownership. The radio media campaign is made possible by a $100,000 grant from the National Association of Realtors®’ Ira Gribin Workforce Housing Grants, awarded to state Realtor® associations or their housing foundations to support workforce housing initiatives. For more, visit: www.floridarealtors.org/AboutFar/ WelcomeHomeWeek.cfm

Jon Thaxton to speak at SAR quarterly meeting July 16th The second 2010 SAR Quarterly Meeting has been set for Friday, July 16th with lunch at noon at Troyer’s Dutch Heritage Restaurant, 3713 Bahia Vista Street, Sarasota. The cost is $13.50 The main speaker will be Sarasota County Commissioner Jon Thaxton, who will update SAR members regarding the controversial Amendment 4 proposal coming up on the November 2010 election ballot. SAR has joined various local and statewide organizations opposed to the amendment. In addition to the main program, various awards will be handed out during the event. Several Realtor® Emeritus

designees will be honored and presented with special pins by SAR President Erick Shumway. The four SAR Scholarship award winners will be invited to the event. Each award is for $2,000, with two students chosen from the public (non-SAR related) and two from SAR member families. SAR will also recognize Florida Realtors® Honor Society award winners. Finally, the graduates of the SAR Leadership Program will be recognized. Registration for the event is now under way at www. sarasotarealtors.com.

Ellen Esses: SAR Affiliate of the Month for July 2010 The July 2010 Affiliate of the Month is Ellen L. Esses of National Cremation and Burial Society. Originally from New York City, Ellen relocated to Sarasota from Dillon, Colorado in 2000. Ellen’s lifetime career has been in sales and service. Ellen is a member of Sarasota Association of Realtors® and Women’s Council of Realtors®. Ellen works hard and loves what she does. Passionate, knowledgeable and committed to those she has the privilege to serve. As an Advanced Planning Specialist for National Cremation and Burial Society, www.sarasotarealtors.com

Ellen is enthusiastic about helping forward-thinking people plan and take care of this important aspect of their life journey. “As a proactive person I want to make sure that all my affairs are in order and that includes this one,” said Ellen. Ellen sincerely believes that planning ahead is the most thoughtful gift we can give our loved ones and relieve them of the burden at the time of need. To receive your free Personal Planning Guide, please contact Ellen directly at: 941-284-4152 or ellen.esses@sci-usa. com. Sarasota Realtor® Magazine

Ellen Esses JULY 2010

Cover Story 6

Facing Florida’s Future Local real estate professionals require focus on tomorrow Editor’s Note: In 2005, Florida was a state with fast-paced population growth, a booming construction industry, a burgeoning business economy, rapidly escalating home values, skyrocketing tourism, and a “sky is the limit” attitude. In the last five years, everything has changed.

The year 2010 is very different from the year 2005. A great deal has changed in the past five years in Florida, and more change and potential change is on the horizon, both good and bad. Reality has come crashing down in the form of the real estate crash, plummeting property values, spiking natiional, state and local unemployment, the construction industry recession, the BP oil crisis in the Gulf, the threat of Amendment 4 in the fall, the potential for a more active hurricane season, and much more. It seems to have become the perfect storm. With all the bad news, perhaps the most amazing good news has been the resilience of the Sarasota property market and local real estate practitioners. Even during these difficult times during the past year, the market has maintained its equilibrium, and even grown. In fact, during the past two months, sales have returned to near pre-boom levels, in the mid-700’s. In addition, the higher sales and lower inventory level has pushed the “months of inventory” figure down to 7.2 months for single family homes and 9.7 months for condos, very near the equilibrium point of 6 months (a balanced market between buyers and sellers). Median sale prices have stabilized, even with roughly 40 percent of sales categorized as “distressed” - short sales and foreclosures. In fact, if one looked at only normal, “arm’s length” sales, the median price for condominiums in May 2010 was $289,000, and for single family homes was $240,000. These figures far surpass the foreclosure (bank-owned) medians of $62,000 for condos and $89,000 for single family homes. Basically, while the overall market pricing has been impacted by the influx of distressed properties, the disparity between prices in 2005 and 2010 for nondistressed properties is not as drastic as it might appear at first glance. While most of the recent market news has been outstanding, the shape of the future may be in question. The federal homebuyer tax incentives have ended, and all the elements of the perfect storm remain. How local

JULY 2010

Realtors® and the industry in general face the next few months will be critical to maintaining the positive direction and energy displayed in the past year. The first positive step one can take is to make sure you are registered to vote this fall. Presenting a unified opposition to Amendment 4 is crucial for the real estate industry and the economic future of Sarasota and the entuire state. But remember - you can’t vote against the ill-conceived amendment if you are not registered! There is irony in the air regarding this proposed amendment, especially when one considers the lack of proper regulation and oversight of the oil industry when it comes to the BP rig catastrophe and deep sea oil drilling in general. Those who have crafted Amendment 4 say the citizens should vote on all changes to local and state comprehensive plans. They are in effect arguing for greater growth regulation standards. But the reality is that this move would constitute vast over-regulation, and effectively cause planning gridlock (see article on P. 13 for more details). Clearly, the end result should this amendment actually be adopted would be utter devastation of the Florida economy at a time when we can least afford such a misguided proposal. SAR has copies of the voter registration forms at the front desk, and on P. 8 in this issue. We strongly urge our members to register and vote on Nov. 2! Even if we help defeat Amendment 4, the next few months and years will be a time to focus on bringing Sarasota’s real estate market back to equilibrium. The next order of business (already in progress) will be to help lower the number of distressed properties in the market. While local real estate agents and brokers don’t control the bigger picture of unemployment and national economics, becoming better educated about the depth and breadth of the current distressed market will help agents sell off this inventory and eventually alleviate the situation.

Sarasota Realtor® Magazine

Continued on P. 31, See FUTURE

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Florida Voter registration Application to rEgIStEr, you muSt: • Be a citizen of the United States of America. (Box 2) • Be a Florida resident. (Box 8) • Be 18 years old. (You may pre-register if you are 17 or if you have a valid driver’s license before your 17th birthday.) (Box 5) • Not be adjudicated mentally incapacitated with respect to voting unless that right is restored. (Box 4) • Not be a convicted felon unless you have had your civil rights restored. (Box 3) • Provide your current and valid Florida driver’s license number or florida identification card number. If you do not have a current and valid florida driver’s license or florida identification card, you must provide the last four digits of your social security number. If you do not have a florida driver’s license number, florida identification card number or social security number, write “NONe” in the box. (Box 6) • Complete all information in the black boxes on the application. (Boxes 2, 3, 4, 5, 6, 7, 8, 16)

You can use this form to: • Register to vote in the State of Florida • Change name or address • Replace your defaced, lost or stolen Voter Information Card • Register with a political party or change party affiliation • Update your signature

register with any political party, place an “X” in the box preceding “NONE.” Florida is a closed primary election state. Therefore, to vote in a primary election for partisan candidates, you must be a registered voter in the party for which a primary is being held. Regardless of party affiliation, all registered voters can vote on issues and non-partisan candidates.

DeaDline information If this is a new registration application in Florida, the date the completed application is postmarked or hand delivered to a driver’s license office, a voter registration agency, an armed forces recruitment office, the Division of Elections, or the office of any supervisor of elections in the state will be your registration date. You must be registered for at least 29 days before you can vote in an election. If your application is complete and you are qualified as a voter, a voter information card will be mailed to you.

notice The office at which you register or your decision not to register, your SSN, your FL DL# and your FL ID card# will remain confidential and will be used only for voter registration purposes.

PartY affiliation (Box #12) If you wish to register with a major political party, place an “X” in the box next to the desired major party. If you wish to register with a minor political party, place an “X” in the box preceding “minor party” and then print the name of the desired minor party. For a list of all political parties registered in Florida, go to the Division of Elections’ web site: http://election.dos.state. fl.us/online/parties.shtml. If you do not wish to

note If the information on this application is not true, the applicant can be convicted of a felony of the third degree and fined up to $5,000 and/or imprisoned for up to five years. Questions Contact the office of your county supervisor of elections for additional information. Contact information is on the website for the Division of Elections: http://election.dos.state.fl.us/county/ index.shtml información en esPañol Sirvase llamar a la oficina del supervisor de elecciones de su condado si le interesa obtener este formulario en Español.

PLEASE ComPLEtE tHE APPLICAtIoN BELoW. PLEASE PrINt uSINg A BLACk BALLPoINt PEN. 1) black boxes must be completed on the application below for registration to be valid. 2) return this completed application to the office of your supervisor of elections. 3) If you are a first-time voter in this state applying by mail to register to vote and you have not been issued a fl dl#, fl Id#, or ssN, include a copy of your Id with the application (see special Identification requirements for additional information required). 4) mail with first-class stamp.

Florida Voter registration application

reQUired

rEVISED 1/08

Check boxes that apply:

Are you a citizen of the United States of America? Yes 

 I affirm I am not a convicted felon, or if I am, my rights relating to voting have been restored.

 I affirm I have not been adjudicated mentally incapacitated with respect to voting or, if I have, my right to vote has been restored.

OFFICIAL USE ONLY:

DS DE 39 1/08

No  (If NO, you cannot register to vote)

If yOu aNswered NO tO questION 2, Or If yOu are uNable tO affIrm the statemeNts IN bOxes 3 aNd 4, yOu are INelIgIble tO regIster tO vOte. dO NOt cOmplete thIs applIcatION.

Date of Birth (MM/DD/YYYY)

If you have a current and valid FL DL# or FL ID card#, you must provide the number in this box. If you do not have either, provide the last 4 digits of your SSN. If you have not been issued a FL DL#, FL ID card#, or SSN, write “NONE”:

7 8 9 10 11

reQUired

 New Registration  Address Change  Party Change  Name Change  Card Replacement  Signature Update

Last Name

Suffix (circle) Jr. Sr. II

NONE

III

First Name

Middle Name/Initial

Address Where You Live (Legal Residence) DO NOT GIVE P.O. BOX.

Apt/Lot/Unit

City

County of Legal Residence

State

Zip Code

Mailing Address If Different from Above

Apt/Lot/Unit

City

Country

State

Zip Code

Address Last Registered to Vote

Apt/Lot/Unit

City

County

State

Zip Code

Day Phone Number (optional)

Former Name if Making Name Change

 Democratic Party

 Republican Party

 minor party (print registered party name):

Party Affiliation (Check only one)

Race/Ethnicity (Check only one)

Sex

Are You:

Oath: I do solemnly swear (or affirm) that I will protect and defend the Constitution of the United States and the Constitution of the State of Florida, that I am qualified to register as an elector under the Constitution and laws of the State of Florida, and that all information provided in this application is true.

M F

 NONE

 American Indian/Alaskan Native  Asian/Pacific Islander  Black, not Hispanic  Hispanic  White, not Hispanic Do you need voting assistance at the polls?

 Yes  No

Are you interested in being a poll worker?

 Yes  No

State or Country of Birth

 Active Duty Military/Merchant Marine  Dependent of Active Duty Military/Merchant Marine  U.S. Citizen Currently Residing Outside the U.S. sIgNature: Sign or mark on line in box below. (Invalid without signature or mark of applicant)

Date:

Fannie and Freddie accepting HAFA short sales

Editor’s Note: This update is brought to you by the SAR Realtor®-Attorney Joint Committee. This month’s column is provided by Julie Horstkamp, Esq., of BerlinPatten, PLLC. Prior to June 1st, Fannie Mae and Freddie Mac backed loans were not eligible under the Making Home Affordable Program (“Non-GSE Program”). As of June 1st, Fannie Mae and Freddie Mac (collectively referred to as “GSE”) announced their participation in the HAFA (Home Affordable Foreclosure Alternative) program. Some of the highlights for the GSE mortgages under the HAFA program are as follows: • The deficiency will be waived with borrower being fully released from future liability for the debt; • Borrowers will not be required to contribute a cash contribution to satisfy any lien holders, or sign a promissory note; • Borrowers will receive a $3,000 incentive to assist with relocation cost; and • Foreclosure temporarily suspended. Similar to the Non-GSE Program, the following are some basic eligibility requirements for GSE mortgages under the HAFA program: • Servicers may participate now, however it will be mandatory as of Aug. 1, 2010 on first-lien mortgages; • Limited to single family 1-4 unit primary residences, including condominiums; • Primary occupancy must be verified, or a required relocation greater than 100 miles and the property cannot be abandoned, condemned, or vacant; • Borrowers must meet the basic HAMP criteria and either not qualify for a modification, does not complete the trial period successfully, is delinquent during the modification by

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missing two payments, or elects to do the short sale instead of a modification; • Borrowers must be more than 60 days delinquent and have cash reserves less than the greater of $5000 or three times their monthly payment; • Borrowers who are in foreclosure or who are in active Bankruptcy may be eligible; • Borrowers must be able to convey clear, marketable title. This program is good through Dece. 31, 2012. You can view the full Fannie Mae or Freddie Mac bulletin on our website at www.berlinpatten.com. We recommend you contact a real estate attorney for proper guidance if there are any questions.

Sarasota Realtor® Magazine

JULY 2010

Governmental Affairs 10

Summer is hot time to educate real estate community on fall election

By Marc Mansfield Governmental Affairs Director

Summer in the City

Hot town summer in the city Back of my neck getting dirty and gritty Been down isn’t it a pity Doesn’t seem to be a shadow in the city All around people looking half dead Walking on the sidewalk hotter than a match head - Lovin’ Spoonful -1966 Hard to believe that song was popular back in the 60s but that is a story for another time. It came to mind when I was sitting at my desk thinking about what I was going to write about for the July issue of Sarasota Realtor® Magazine. After all, it is summer in Sarasota and we expect hot temperatures, high humidity and muggy weather. It is the price we pay for the great weather we experience later in the year. So what does this have to do with governmental affairs and public policy? Not much, except July is indeed summer in the city and public policy and politics are not high on the list of priorities for most SAR members during this time of the year. After all, school is out, vacations are planned and why would anyone think about anything else? However, it just isn’t that simple anymore. While you are out enjoying the summer weather, local political candidates will be trying to win the primary election held on Aug. 24, 2010. Other candidates will vie for political office in the general election held on Nov. 2, 2010. And just to make it really interesting, on November 2, Florida’s registered voters will have the opportunity to head to the polls and cast their vote “for” or “against” nine (9) proposed constitutional amendments. SAR will provide information on all of the proposed constitutional amendments in later issues of our magazine. However, two of those nine constitutional amendments have particular importance to SAR and the Florida Realtors®. By now, most of you already know about Amendment 4, the so-called vote on everything amendment. SAR and the Florida Realtors® along with numerous other

JULY 2010

organizations are encouraging you to vote NO on this Amendment. If this amendment is approved by the voters, our economy would be dealt a fatal blow. Simply said: Amendment 4 will cost jobs, waste tax dollars and make it more expensive to live in Florida. Vote NO on Amendment 4. Amendment 3: The State Constitution generally limits the maximum annual increase in the assessed value of non-homestead property to 10 percent annually. This proposed amendment reduces the maximum annual increase in the assessed values of those properties to 5 percent annually. This amendment also requires the Legislature to provide an additional homestead exemption for persons who have not owned a primary residence during the preceding 8 years. Under the exemption, 25 percent of the just value of a first-time homestead, up to $100,000 will be exempt from property taxes. SAR and Florida Realtors® encourage you to vote YES on Amendment 3. It is going to be an extremely important year for Realtors® to become engaged and active in public and governmental affairs. Make sure you are registered to vote and please vote in the primary election on August 24th and the general election on November 2nd. So, go ahead and enjoy your summer and vacation, but be prepared for the business of governmental affairs and politics upon your return.

Important dates to remember: Primary Election Day: Aug. 24, 2010 – Last day to register to vote: July 26, 2010 General Election Day: Nov. 2, 2010 – Last day to register to vote: Oct. 4, 2010. PLEASE REGISTER TO VOTE!

Sarasota Realtor® Magazine

www.sarasotarealtors.com

SAR announces candidate endorsements

Sarasota Association of Realtors® Political Action Advisory Trustees recently interviewed candidates for County Commission and Sarasota School Board. Based upon those personal interviews SARPAAT recommended the following candidate endorsements which were approved by the SAR Board of Directors: Sarasota County Commission Dist. 4 – Republican Primary Nora Patterson (incumbent) Mark Smith challenger SAR provided no endorsement in this primary race.

School Board District 1 – Non Partisan Carol Todd (incumbent) Barry Woolf Dr. Joseph Neunder SAR endorses Dr. Joseph Neunder. Dr. Neunder is a local Chiropractic Physician who recently moved back to Sarasota with his family. His decision to return to the area was based on his belief that his son would receive the benefits and opportunities provided by the Sarasota public school system. He further believes that as a graduate of the Sarasota public

school system he can provide a different viewpoint and in his words “reinvigorate” the educational system so that it can continue the tradition of offering a quality education. SAR believes Dr. Neudner is the best candidate for School Board District 1. For more information please visit his website: www.drneudner.com School Board Dist. 4 – Non Partisan Shirley Brown (incumbent) Cathy Hodgson SAR provided no endorsement in this race. School Board Dist. 5 – Non Partisan –No incumbent Jane Goodwin Kathryn James SAR endorses Jane Goodwin. Jane recently served as the Chair of Citizens for Better Schools and worked tirelessly in support of the recent continuation of the school millage tax referendum. Jane began her professional career as a high school teacher, and has experience in the private sector specializing in information technology sales and marketing while working with K-12 and post secondary educators across the country. Jane also worked for the Sarasota Family YMCA and was the Executive Director of the Sarasota Home Builders Association. She has two grandchildren who attend Gulf Gate elementary school. SAR believes Jane Goodwin is the best candidate for School Board District 5.

BP oil disaster claims can cover rental losses

Florida Realtors® Vice President of Public Policy John Sebree recently spoke with a BP claims adjuster to gain clarity into the oil spill’s claims’ process. According to Sebree, “claims such as cancelled contracts on rental units are being approved for payment every day.” However, the adjuster admitted that one type of claim is stalled a bit: lost commissions on sales. According to BP, these claims are not being denied; however, they’re on hold right now as adjusters develop a way to handle commission losses in a consistent manner. The BP helpline is (800) 440-0858.

Property Appraiser

Invisible value of tangible personal property is difficult to identify, estimate

For more information, contact the Property Appraiser’s office at 941.861.8200.

By Bill Furst, GRI, CRS, CRB Sarasota County Property Appraiser

Identifying, listing and valuing taxable property in Sarasota County is the mission and mandate of the Property Appraiser’s office. In these critical Identifying, listing and valuing and Verizon represented Sarasota taxableeconomic times it’s imperative that every piece of taxable property is on property in Sarasota County County’s top two taxpayers. Their the tax roll. is the mission and mandate of the combined taxable property value, Property Appraiser’s office. In these real and tangible, accounted for 1.2 Real property is easy to identify – it’s the land, and all buildings, fixtures criticaland other improvements to the land. The invisible value is the value of economic times it’s imperative percent of Sarasota County’s entire that every piece of taxable property is taxable value. the tangible personal property that the occupants/owners of that real on theproperty use in their activities as business owners and landlords. tax roll. • In 2009 50 accounts made up Real property is easy to identify 47 percent of the 34,597 Tangible – it’s Think about it. Every piece of rental furnishings, every leasehold the land, and all buildings, Personal Property accounts. fixturesimprovement, every power line, electrical substation, cell phone tower, and other improvements • In 2009, as a result of the passage to thevending machine, billboard, commercial sign, fashion mannequin, clothes land. The invisible value is of Amendment 1, about 70 percent the value of the tangible personal of Tangible Personal Property hanger, stylist chair, blow‐dryer, shopping cart, time clock, ladder, saw, wheel barrow, lawn mower, leaf blower, office desk, conference table, file property that the occupants/owners filers, primarily small business of thatcabinet, movie projector, popcorn machine, bowling pin, table for two, real property use in their owners, benefited from the new professional range, ice maker, beer cooler, pressure washer, hydraulic lift, activities as business owners and $25,000 Tangible Personal Property alignment machine, freight scale, warehouse shelving, milking machine, landlords. exemption, and were waived from farm tractor, stapler, copier and pencil used as part of somebody’s Think about it. Every piece of paying personal property taxes. rental business or to generate income is taxable tangible personal property. furnishings, every leasehold Finding it all and valuing it all improvement, every power line, is a gargantuan task. That’s why In 2009 the taxable value of Tangible Personal Property electrical substation, cell phone all property owners in the State of tower, vendingaccounted for 3.7%, or $1.72 billion of Sarasota County’s total machine, billboard, Florida have a legal obligation to taxable value. commercial sign, fashion mannequin, report tangible personal property by  In 2009 the accounts of FPL and Verizon represented Sarasota clothes hanger, stylist chair, blow- filing an annual return, DR 405. County’s top two taxpayers. Their combined taxable property dryer, shopping cart, time clock, value, real and tangible, accounted for 1.2% of Sarasota County’s Anyone in possession of tangible ladder, saw, wheel barrow, lawn entire taxable value. personal property on January 1, who mower, leaf blower, office desk,  In 2009 50 accounts made up 47% of the 34,597 Tangible has a proprietorship, partnership, conference table, file cabinet, movie Personal Property accounts. corporation, is a self-employed agent projector, popcorn machine, bowling  In 2009, as a result of the passage of Amendment 1, about 70% pin, table for two, professional range, or contractor, or leases, lends or rents of Tangible Personal Property filers, primarily small business ice maker, beer cooler, pressure property, must file an annual return owners, benefited from the new $25,000 Tangible Personal washer, hydraulic lift, alignment unless a waiver has been granted. To Property exemption, and were waived from paying personal machine, freight scale, warehouse qualify for the $25,000 exemption, property taxes. shelving, milking machine, farm and a possible waiver, a return must tractor,Finding it all and valuing it all is a gargantuan task. That’s why all property stapler, copier and pencil be filed by the April 1 deadline. Business owners, self employed used asowners in the State of Florida have a legal obligation to report tangible part of somebody’s business people and landlords can help us or to personal property by filing an annual return, DR 405. generate income is taxable to determine and report the taxable tangible personal property. • InAnyone in possession of tangible personal property on January 1, who has 2009 the taxable value of value of all property in Sarasota a proprietorship, partnership, corporation, is a self‐employed agent or Tangible Personal Property accounted County by filing an annual return. for 3.7contractor, or leases, lends or rents property, must file an annual return percent, or $1.72 billion As you can see from the data, many will be exempt and be granted a unless a waiver has been granted. of Sarasota County’s total taxable To qualify for the $25,000 exemption, waiver. And, most importantly, the value. and a possible waiver, a return must be filed by the April 1 deadline. Sarasota County tax roll will be • In 2009 the accounts of FPL accurate and complete. Business owners, self employed people and landlords can help us to determine and report the taxable value of all property in Sarasota County by filing an annual return. As you can see from the data, many will be exempt and be granted a waiver. And, most importantly, the Sarasota JULY 2010 Sarasota Realtor® Magazine County tax roll will be accurate and complete.

Statutes Governing Tangible Personal Property §192.001(11)(d) F.S. Tangible Personal Property means all goods, chattels, and other articles of value. Inventory and household goods are expressly excluded from this definition. §192.032(2) F.S. All Tangible Personal Property physically present on January 1 of each year shall be assessed. §193.052(3) F.S. A return for Tangible Personal Property shall be filed in each county which is the situs of such property. §193.062(1) F.S. Annual Tangible Personal Property returns shall be filed by April first of each year. §196.183 F.S. Exemption for Tangible Personal Property.‐ Each Tangible Personal Property tax return is eligible for an exemption from ad valorem taxation of up to $25,000 of assessed value.

For more information on Tangible Personal Property taxes, exemptions, and to download a DR 405, go to www.SC‐PA.com . NEED A SPEAKER FOR YOUR MEETING? BILL FURST WILL COME AND TALK WITH YOUR GROUP AND ANSWER YOUR QUESTIONS. To set up an appointment call our office at 941.861.8200 or email us at PA@SC‐PA.com. www.sarasotarealtors.com

KNOW Amendment 4 opposed YOUR OPTIONS by a diverse coalition By Ryan Houck

With Amendment 4 scheduled to appear on the November ballot, debate surrounding this controversial “Vote on Everything” proposal seems to intensify daily. Instead of focusing on their amendment and discussing its merits, the special interests behind Amendment 4 continue to attack its opponents with fanciful rhetoric and imaginative half-truths designed to distract voters from the facts. However, as more Floridians educate themselves on the dangers of this amendment, opposition to the ill-advised proposal continues to grow. To date, more than 280 labor, civic, business, planning, and environmental groups oppose Amendment 4 (See Page 7). What are they saying? Amendment 4 will devastate Florida’s economy. By costing jobs and contributing to our state’s record unemployment, this ill-timed, misguided proposal has the capacity to crush what is left of Florida’s economic future. According to a study conducted by The Washington Economics Group, Amendment 4 would likely cost Florida 267,247 jobs and reduce economic output by $34 billion annually. Consequently, business groups such as the Florida Chamber of Commerce and the Florida Economic Development Council are opposed to this amendment. Mark Wilson, President of the Florida Chamber of Commerce, stated, “If you like the recession, you’ll love Amendment 4.” Amendment 4 will promote sprawl. Environmental groups, such as 1,000 Friends of Florida and the Florida Forestry Association, have expressed concern that Amendment 4 will actually serve to exacerbate the sprawling patterns of development it claims to remedy. They worry that, by making it more difficult to amend comprehensive plans, Amendment 4 will lock in place the poor planning decisions of the past, thereby making smart, wellcoordinated growth impossible. 1,000 Friends of Florida cites “piecemeal planning, and the possibility of ‘planning gridlock’,” as reasons for their opposition to the proposal. Amendment 4 is poor public policy. For this reason, the Florida American Planning Association opposes the amendment. In fact, their website refers to Amendment 4 as “a single, expensive, and unwieldy solution to a complex and important set of issues.” Under Amendment 4, Floridians would be forced to vote on hundreds, even thousands, of comprehensive plan amendments each year. According to the Department of Community Affairs Sunset Review, there were nearly 6,500 changes to local government comprehensive Continued on P. 31, See AMENDMENT 4

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Ethics in Action

Is exaggeration defensible? No!

In response to Realtor® A’s advertisement, “Guaranteed Savings! Don’t purchase without representation,” Mr. and Mrs. B signed an exclusive buyer representation contract with Realtor® A. After viewing several homes accompanied by Realtor® A, Mr. and Mrs. B decided to make an offer on 12345 Hickory. The seller did not accept the offer. The listing broker explained to Realtor® A that the sellers were well-situated, spent much of their time at their vacation home, and had determined not to accept anything other than the listed price. Realtor® A, in turn, explained that to Mr. and Mrs. B. In response to their questions, he indicated that there appeared to be little point in making anything other than a full price offer but that he would be happy to continue to show them other properties. Mr. and Mrs. B responded that they were not interested in other properties and had decided to make a full price offer on the Hickory Street residence. They did and their offer was accepted. Following closing, and after discussing their transaction with friends, they wrote a letter to the Board of Realtors® indicating that while they were pleased with the service provided by Realtor® A, they thought that his claim of “guaranteed savings” was an exaggeration. After obtaining and reviewing a copy of the Code of Ethics, they filed a formal complaint alleging that Article 1, as interpreted

by Standard of Practice 1-4, had been violated. At the hearing, Realtor® A defended his advertisement on the basis that as a buyer’s agent he was able to aggressively negotiate purchase agreements on behalf of his clients whereas the listing broker or subagents, with their loyalty to the seller, could not. He also indicated that, in many instances, his buyer clients paid less, often substantially less, than buyers dealing through listing brokers, subagents, or even through other buyer agents However, in response to questioning by Mr. B’s attorney, Realtor® A acknowledged that, while savings were not uncommon, they were not ensured in every instance, particularly in cases where the seller was determined to receive full price. “But I offered to show them other properties and, if we looked long enough, I am sure I could have found them a bargain,” offered Realtor® A in his defense. The Hearing Panel disagreed with Realtor® A’s reasoning, concluding that while savings might be possible, Realtor® A had been unable to demonstrate them in every instance and that this guarantee of savings was misleading. Consequently, his advertisement was in violation of Article 1. - Case #1-23: Claims of Guaranteed Savings (Adopted November, 1993 as Case #7-27. Revised April, 1994. Transferred to Article 1 November, 1994.)

Interboard arbitration is preferrable

Realtor® A cooperated in the sale of a commercial property with Realtor® B, the listing broker. Realtor® A is a member of the XYZ Board of Realtors®, and his office is located in the XYZ Board. Both the property and Realtor® B’s office are located within the jurisdiction of the ABC Board of Realtors® where Realtor® B is a member. A dispute arose between Realtors® A and B over the division of the commission. Realtor® A filed a request for arbitration with the Professional Standards Committee of his Board. The President of the Board, when advised of the contractual dispute, subsequent to the Grievance Committee finding the matter arbitrable and of a mandatory nature, notified the President of Realtor® B’s Board and requested interboard arbitration in accordance with Article 17 of the Code of Ethics. The 14

JULY 2010

arbitration request was brought before the Grievance Committee of Realtor® B’s Board which also determined that the dispute was arbitrable and of a mandatory nature. One week before being notified of his Grievance Committee’s decision, Realtor® B filed suit against Realtor® A. The Board of Directors of the ABC Board notified Realtor® B to appear and answer to a charge of violation of Article 17 when Realtor® B did not withdraw the suit subsequent to being informed that both Grievance Committees had found the issue arbitrable and mandatory. Realtor® B described his contractual dispute to the Directors and stated that he knew Realtor® A had requested arbitration because he had received a copy of the request. Realtor® B maintained that he had filed suit because Realtor® A was in another Sarasota Realtor® Magazine

Board’s jurisdiction and he did not think anything would come of the request since he, Realtor® B, was not a member of the XYZ Board. Realtor® B was advised that since both Grievance Committees had determined the matter was arbitrable and mandatory that interboard arbitration was being scheduled to hear the dispute. The Board of Directors concluded that his action in filing suit was not in itself in violation of Article 17 but advised Realtor® B that if he failed to withdraw from the suit and participate in the interboard arbitration, he could be found in violation of Article 17. - Case #17-2: Dispute Between Realtors® in Different Boards (Revised Case #14-6 May, 1988. Transferred to Article 17, November 1994. Revised November 1995) www.sarasotarealtors.com

Sarasota real estate market at highest level since 2005; prices remain stable

Property sales in May 2010 in the last May’s figure of $181,000, “The May 2010 statistics continued while the median sale price Sarasota market once again hit the highest total since 2005 and median to show that the Sarasota real estate for condos over the last 12 sale prices continued the steady pace months was $192,000. market is enjoying a steady recovery” observed in recent months. The pace of sales quickened SAR President Erick Shumway The 766 sales were the highest for for single family homes, with the year, topping the April 2010 the average days on market total of 757, and were the highest dropping to 168, from 195 total since December 2005, and days last May. For condos, 51.3 percent higher than the May the figure stood at 213 2009 total of 506 sales. days, slightly higher than last May’s figure of 203 Pending sales were once again days. strong, hitting 857, but were slower than April 2010. The March and The level of sales of April pending sales figures both distressed properties topped 1,000, and reflected a last (foreclosures and short minute rush to beat the federal sales) rose slightly in May homebuyer tax credit deadline. 2010 to 40 percent of the overall market, from 38 “The May 2010 statistics percent in April 2010. The continued to show that the Sarasota distressed market topped real estate market is enjoying a 48 percent in late 2009, so steady recovery,” said 2010 SAR the overall trend remains President Erick Shumway. “We saw downward – a good sign a slight dip in the pending sales, for a market returning to which will likely be reflected in the normal. sales numbers over the next 30 to 60 days. But median sale prices are The property inventory higher than last year at this time, level remained steady in and we remain optimistic.” May 2010 at 6,094, which Members of the Sarasota Association of Realtors® sold 539 is the lowest level since late summer of 2005. single family homes and 227 condos in May 2010, a huge The months of inventory for single family homes in May jump over May 2009, which saw only 375 single family 2010 dropped to 7.2 months, the number of months it would homes and 131 condos sold. take to sell all available homes at the current pace. The median sale price for a single family home was also This was a significant drop from May 2009 – 14.3 months trending higher at $169,000, up 8.4 percent from last May’s – and very near equilibrium. For condos, the figure fell to 9.7 figure of $155,000. For the last 12 months combined, the months, much lower than last May’s figure of 19.0 months. median sale price for single family homes was $165,000. For Once the market reaches the 6 month level it is considered to condos, the median price was $184,500, slightly higher than be in equilibrium between a buyers and sellers market.

Bill Trier 941.586.6372

bill@SRQhomewatch.com

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Sarasota Realtor® Magazine

JULY 2010

Sarasota MLSSM Statistics May 2010 Single Family Condo

Unit Sales 600 500 400 300 200 100 0 May‐09

Jun‐09

Jul‐09

Aug‐09

Sep‐09

Oct‐09

Nov‐09

Dec‐09

Jan‐10

Feb‐10

Mar‐10

Apr‐10 May‐10

Single Family Condo

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

Jul‐09

Aug‐09

Sep‐09

Oct.09 Nov. 09 Dec‐09

Jan‐10

Feb‐10

Mar‐10 Apr‐10 May‐10

Single Family

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months Inventory

Pending Reported

%Pending

# New Listings

# Off Market

This Month

3,883

539

13.9

168

$169,000

$165,000

7.2

626

16.1

711

214

This Month Last Year

5,380

375

7.0

195

$155,000

$205,000

14.3

719

13.4

694

412

3,891

529

13.6

175

$165,000

$163,800

7.3

816

21.0

920

224

2,387

‐

173

$163,000

‐

3,485

‐

4,474

‐

Oct 94.4 ‐

Nov 94.1 ‐

Dec 94.2 ‐

Last Month YTD

‐ Jan 93.0 94.4

2009 2010

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

Mar 92.5 95.2

Apr 92.4 94.8

May 93.2 95.2

Jun 93.8 ‐

Jul 93.2 ‐

Aug 93.6 ‐

Sept 94.2 ‐

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

JULY 2010

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Sarasota MLSSM Statistics May 2010 Single Family Condo

Inventory 6,000 5,000 4,000 3,000 2,000 1,000 0 May‐09 Jun‐09

Jul‐09

Aug‐09 Sep‐09

Oct‐09 Nov‐09 Dec‐09

Jan‐10

Feb‐10 Mar‐10 Apr‐10 May‐10

Single Family Condo

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

Jun‐09

Jul‐09

Aug‐09

Sep‐09

Oct‐09

Nov‐09

Dec‐09

Jan‐10

Feb‐10

Mar‐10

Apr‐10 May‐10

Condo

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months of Inventory

Pending Reported

%Pending

# New Listings

# Off Market

This Month This Month Last Year Last Month YTD

2,211

227

10.3

213

$184,500

$192,000

9.7

231

10.4

298

209

2,488

131

5.3

203

$181,000

$230,000

19.0

210

8.4

234

241

2,269

228

10.0

203

$193,175

$192,000

9.9

344

15.2

354

212

‐

971

‐

207

$180,000

‐

1,379

‐

1,754

‐

2009 2010

Jan 91.0 92.5

Nov 92.3 ‐

Dec 93.1 ‐

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

Mar 90.4 92.5

Apr 92.2 93.2

May 90.1 94.2

Jun 91.4 ‐

Jul 92.1 ‐

Aug 92.4 ‐

Sept 91.5 ‐

Oct 92.4 ‐

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

Sarasota Realtor® Magazine

JULY 2010

CID (Commercial Investment Division)

Commercial forecast: Turbulent

Threatening skies may eventually bring sun and rainbows

By Lee DeLieto, Jr. 2010 CID President

With this being July, I’m sure many of you are reading this issue from your relaxing vacation destination. Hopefully it is somewhere in a cooler climate and away from our brutal mid-summer humidity. Speaking of climate, I was asked the other day, as with many days, to report on the commercial climate. In a word: turbulent. It’s ironic; with this being the second full month of hurricane season. Excuse the pun, but it seems like a hard driving rain storm just passed and we’re left with the hot humid stickiness of stagnant air. Dad and I had lunch recently with Pete Skokos from Norton Hammersley, Lopez and Skokos. If you recall from a previous article, Pete is not only a local real estate attorney but also a member of the Superior Bank board. His duel expertise confirms my less-than-hot summer forecast for transaction activity. There is a lot of cash but no confidence to carry over to closings. On more than one occasion, I have been preached the perception of all things gloomy. As to the marine forecast, one buyer sends me constant reminders of the oil spill as it devastates the Gulf and its impeding doom on our local economy. This has forced me into the daily ritual of watching live streaming videos of deep sea mechanical aliens haphazardly attempting to cap the gushing well. As to the dense cloud cover, another prospect insisted the inevitable demise of the PIIGS (Portugal, Ireland, Italy, Greece and Spain) could crash down its thunderous bolts of lightning, thus shutting off all hopes of tourist trade to our white sand paradise. At the writing of this article, Hungary was also threatening to

Officers:

2010 CID Officers & Directors

President: Lee DeLieto, Jr., Michael Saunders & Company President-Elect: Anthony Homer, Lakewood Ranch Commercial Vice-President: Brad Lindberg, Hembree & Associates Past President: Jag Grewal, Ian-Black Secretary: Tim Mapp, Mapp Realty Treasurer: Linda Emery, Michael Saunders & Company 18

JULY 2010

run haphazardly into the storm without an umbrella. I suppose we will then call it PHIIGS. Although our economy seems to be impacted lately by dark skies elsewhere, I think it is probably best to focus our radar on the local disturbances. Unless you skipped right to my article (which I would be surprised if you did) you may have noticed the theme of this issue is geared toward voter registration as a lead in to a number of political storms starting to gain strength. It is not enough to simply register. You must also go to the polls and cast your vote. The SAR Public Policy Committee has been hard at work trying to fend off the cataclysmic implosion of our industry with our platform to defeat Amendment 4. Please refer back to Marc Mansfield’s article about Amendments 3 and 4 and Brad’s article to the right about tax abatement. Rising above these low lying storms, especially the defeat of Amendment 4, is tantamount to balmy conditions for our industry. As meteorologists to the Sarasota real estate market, we must see through the scattered thunderstorms and maintain a sense of sunny smiles and blue sky dreams of closing many deals even when the global environment continues to quake. If you have questions, comments or topics for discussion, please feel free to write me at LeeDeLietoJr@MichaelSaunders.com

Directors:

Sarah Olesen: Keller Williams Commercial- 1 year term - 2010) Dave Altwies: Exit Gulf Coast Realty (1 year term - 2010) Lori Conable: Osprey Real Estate (1 year term2010) Eric Massey: Michael Saunders (2 year term 2011) Mike Sporer: Interstate Commercial Brokers (2 year term - 2011) Diane Lee: Wagner Realty (3 year term - 2012)

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Less taxes, more jobs ... four words we all support By Brad Lindberg 2010 CID Vice President A job is something that all of us at some time in our lives has needed to look for, and we all hoped that it would work out for the best. It may not have been specifically your job, or your spouse’s job, but maybe a son or daughter, a nephew or niece. It may even have been a friend or colleague, but at some point in life, all of us has had the need for a JOB! Sarasota County is putting on the August ballot a referendum for an Economic Development Ad Valorem Tax Exemption. The exemptions would be granted by the Sarasota County Commission in its discretion to a qualifying new business and/or an expansion of an existing business for up to 100 percent of the county ad valorem tax levied on the qualifying property of said business for a period up to ten (10) years. Why is Sarasota County doing this? Answer: To bring more jobs to Sarasota. How does it work? Answer: It starts with a YES vote from you. Here is how the economic engine provides new jobs. New Business – (1) A business establishing ten (10) or more jobs to employ ten (10) or more full-time employees in the County which manufactures, processes, compounds, fabricates, or produces for sale items of tangible personal property at a fixed location and which comprises (1) An industrial or manufacturing plant; or (2) A business establishing twenty-five (25) or more jobs to employ twenty-five (25) or more full-time employees in the County, the sales factor for which, as defined in Sec. 38-235 (m), herein, is less than fifty (50%) percent inside the Metropolitan Statistical Area for each year the exemption is claimed; or (3) An office space in the County leased or owned and used by a corporation newly domiciled in the County; provided such office space houses fifty (50) or more full-time employees of such Corporation; provided that such business or office first begins operation on a site clearly separate

www.sarasotarealtors.com

from any other commercial or industrial operation owned by the same business; or (4) Any business located in an enterprise zone (pursuant to Section 290.0065, Florida Statutes) and creating new full-time jobs in accordance with the business disciplines identified above. Expansion of an Existing Business – (1) A business establishing ten (10) or more jobs to employ ten (10) or more fulltime employees in the County which manufactures, processes, compounds, fabricates, or produces for sale items of Tangible personal property at a fixed location and which comprises an industrial or manufacturing plant; or (2) A business establishing twenty-five (25) or more jobs to employ twenty five (25) or more full-time employees in the County, the sales factor for which, as defined in Sec. 38-235 (m), herein, is less than fifty (50%) percent inside the Metropolitan Statistical Area for each year the exemption is claimed; provided that such business increases operations on a site co-located with a commercial or industrial operation owned by the same business, resulting in a net increase in employment of not less than ten (10%) percent or an increase in productive output of not less than ten(10%) percent. How is this important to me? Answer: More jobs mean more houses, more cars, more appliances, more meals out etc. It affects every one of us. A vibrant economy means less taxes and a secure future for our children.

So remember, on August 24th, 2010 Vote YES for the Tax Abatement referendum.

CID plans program for July 20th This month’s CID program will be held in the SAR Main Auditorium on Tuesday, July 20th at 8:30 a.m., and all CID members are invited to attend. The program is currently under discussion, and could be devoted to the subject of Amendment 4, and ramifications on commercial real estate. Stay tuned to the CID email updates for details.

Sarasota Realtor® Magazine

JULY 2010

Education Programs

GRI Course 3 coming to Sarasota soon! The recent GRI 2 class gathers for a group shot prior to the final exam. SAR is hosting all three GRI course levels this year, with the final one beginning in late July.

Title: GRI Course 3 Dates: July 26-28, August 3-4, 8 a.m. to 5 p.m. (varies) Credits: 15 hours broker post-license credit, or 11 hours continuing education Cost: SAR Members by July 12th: $275 Non Members by July 12th: $300 After July 12th: Add $25 The three courses leading to the GRI designation in Florida can be taken in any order. No need to start with Course 1! GRI 3 concentrates on the specialty areas of real estate, including International, Property Management, Counseling, Negotiation, Common Ownership, Land, Broker Management, Exchanging, and Taxation Part 2.

About GRI The GRI designation indicates to buyers, sellers and other real estate industry professionals that you have made the commitment to provide a high level of professional service to your clients by securing a strong educational foundation. The GRI designation, Graduate Realtor® Institute, is the nation’s #1 real estate designation. It is earned through state associations whose courses of study meet the standards established by the National Association of Realtors®. The designation is available only to members of NAR. Internet-minded? The GRI designation can now be earned entirely online (but temporarily without CE credit). For details, go to www.fargri.com (but we would prefer to see you in class here at SAR!)

Lunch & Learn: Condo finances explored Title: Understanding Condo and Home Owner Association Finances Date: July 14, Noon to 1:30 p.m. Location: SAR Main Auditorium Cost: Free to SAR & SCBA Members; others, $10 Ever wonder if the reserves for an association are adequate? Ever had trouble explaining the financials to your customer? Come to this lunch and learn seminar and walk away with a better understanding of Association Financials. If the last seminar on condos had you “wanting

JULY 2010

more,” here is your chance to receive it. Bring your own lunch—beverage provided. Panelists include: William Sutton, CEO, Progressive Community Manager, Inc. Telese McKay, Attorney & Founder of the McKay Law Firm, P.A. Jay Clarkson, Principal at CS&L, CPAs The seminar is sponsored by the Realtor®-Attorney Joint Committee of SAR & SCBA

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Tax deferral strategies explained

Title: Tax Deferral Strategies Date: July 21, 9 a.m. to Noon Location: SAR Main Auditorium 3 hours CE Instructor: Attorney Claudia Kiernan Cost: $10 (SAR members) $20 (others) This updated course will detail the entire exchange process, start to finish, as well as covering some of the more complex applications of Chapter 1031.

The goal is to ensure exchanges are well received by the IRS and the entire process is fluid and complete for both the professional and their client. The presentation will be three hours in length and offers 3 hours of continuing education. Attorney Claudia Kiernan, Investment Property Exchange Services Inc., St. Augustine, FL, instructs. The seminar will cover: - The Role of 1031 Exchanges in the

Next Real Estate Wave - Short Sales and 1031 Exchange - Benefits and Reasons to Pursue a 1031 Exchange - How to 1031 Exchange Vacation Homes and Second Homes - Amendment to the Primary Residence - Exclusion and 1031 Exchange - Growing Your Business and Clients’ Wealth - Seller Financing and 1031 Exchange - Exchange and other issues.

Continuing Education offered at SAR: 14 Hours CE Title: 14-Hours Continuing Education for License Renewal Dates: Aug. 10-11 Location: SAR Main Auditorium Instructor: IFREC Real Estate School Cost: SAR Members $79; Non-members, $99 The Institute of Florida Real Estate Careers, headquartered in Orlando, Florida, will be the provider this year of 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 only Core Law, 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.

Two tech courses coming in September Title: Security and Risk Management on the Internet Date: Sept. 1, 9 a.m. to Noon Cost: $30 (SAR members); $40 (Others) 3 Hours CE Instructor: Chuck Bonamer Learn about security, Florida requirements, facsimile communications to DBPR, Cookies, Wireless Encryption, applications to protect principals/customer documents, account, escrow and anti-virus software, maintenance, State of Florida sites & much more!

Title: A Real Estate Agent’s Guide to Technology Date: Sept. 1, 1 to 5 p.m. Cost: $40 (SAR members); $50 (Others) 4 Hours CE Instructor: Chuck Bonamer Learn about web site effectiveness, branding, domain names, computer telephony, internet telephone, fax technology, e-mail, e-mail graphics, translation software, virtual reality, contact management, search engines and indexing programs, equipment, maintenance, more! Instructor Chuck Bonamer

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Sarasota Realtor® Magazine

JULY 2010

Realtors®: Beware of criminal Craigslist scams This is an important alert for SAR members. The Federal Bureau of Investigation has issued a consumer alert affecting real estate listings in a rental housing scam. Criminals are searching web sites that list homes for sale. They take the information in those ads - lock, stock and barrel - and post it, with their own e-mail address, in an ad on Craigslist (without Craigslist’s consent or knowledge) under the housing rentals category. The houses are almost always listed with below market rental rates. The listings may also be posted on other rental sites. Potential renters might then be asked to fill out credit applications asking for personal information like credit history, social security numbers, and work history. Criminals can use this information to commit identity fraud and steal money from their victims. Realtors® are encouraged to check to see if their listings are appearing on any of the following sites: • www.rentalhouses.com • www.rentals.com • http://sarasota.craigslist.org/apa/ (try searching by address or zip code) Agents may wish to consider signing up for Google Alerts (http://www.google.com/alerts) for each of their listings in order to get an e-mail anytime that address is posted on a Web site. SAR has sent a letter to agents who have contacted us about this issue, thanking them and noting that we have seen several cases of unauthorized listing display. We recommend the following approach.

Contact the website owners using every possible method (registered mail, email and telephone) to make it clear that you are the listing agent on the property appearing on their site. Explain that the display of your listing information on the site is not authorized and demand that it be removed immediately. After seven days, check the site to see if the listing has been removed. Follow up with the site owners again if it has not been removed. In other words, stay after them until it is removed. Keep a log of the paper trail, e-mails and phone calls that reflect your attempt to proactively get this situation resolved.” If you notice a scam, contact your local police or call the Federal Trade Commission’s toll free hot line at 1-800 F-T-C HELP. You can also visit the FBI’s Internet Fraud Website at http://www.fbi.gov/majcases/fraud/internetschemes.htm NAR has commented on it several times and this is the link they provided to file a complaint http://www.ic3.gov/ complaint/default.aspx.

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CONGRATULATIONS! Dedication and hard work pay off!! We congratulate our member who has successfully completed the National Association of Realtors® designation programs, Accredited Buyer Representative (ABR).

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ACCREDITED BUYER REPRESENTATIVE (ABR) Ricardo Ruiz del Vizo

Coffey & Company Realty

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

JULY 2010

Sarasota Realtor® Magazine

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MLXchange education on schedule

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 7, July 19, 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. 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 7, July 19, 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 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 www.sarasotarealtors.com

Regulations - Adding images, attachments, open house information, Supra Key and ShowingTime - Inventory watch - easiest way to modify the listings MLXchange Advanced July 15, 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 Design Web Pages, Capture Leads July 22, 9 a.m. to Noon One of the most crucial components in today’s real estate professional’s day-to-day business is capturing and handling leads along with time management. This course will teach you how to set up your personal agent and client web pages, contact management and scheduling features that go hand-in-hand with a successful real estate business.

iMapp - Interactive Tax and Mailing Labels July 26, 1:30 to 3:30 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. - MLXchange tax search, using map and field searches, printing mailing labels - iMapp tax search, viewing parcel, GIS, MLS listings, zoom levels, street, aerial and flood zones - Measuring tool, pan and save map - Creating, viewing and downloading mailing labels - Illustrate the link to the tax appraiser website - Viewing and modifying the criteria for Sarasota Realtor® Magazine

comparable properties - MLS and foreclosure searches Creating a Professional CMA July 26, 9 a.m. to Noon 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. - Creating a new seller or buyer CMA - Importing subject property from MLS or tax search and entering additional information about the subject property - Adding MLS and tax comparables - Adjustments, pricing, net sheet, selecting pages, and viewing report - Editing and removing reports - Emailing, saving, and printing CMA - Customizing a personal CMA and setting it as the default Maximizing Your MFR Productivity Toolbox July 27, 9 a.m. to Noon 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. Using MLXchange to Effectively Manage Time & Contacts July 27, 1:30 to 3:30 p.m. Time and contact management are more important than ever in today’s fast-faced real estate industry. This course will show you how to maximize the tools available in MLXchange along with other products that work hand-in-hand allowing you to become more productive in your real estate business. - Adding and managing Contacts - Creating mailing Labels - Modifying and creating Email templates - Scheduling Tasks and appointments - Activity Plans manager (to-do list) - Outlook synchronization - Communicating through client web page JULY 2010

On the SAR Scene

Make the scene at SAR events! Visit SAR on Facebook at www.facebook.com/SarasotaRealtors

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

Photography by Jesse Sunday

Kimberly Bailey of One World Realty of Southwest Florida won the Dell Netbook prize at the June 18th Realtor Rally. Congratulations!

Kathy Marlowe, Christine del Monte, Anne Weintraub and Gail Shane at the big District 13 Conference and Trade Show (Realtor Rally) on June 18th.

John Akin, Steve Bennion, Stella Giudicelli and Tom Zaharakis attend the May 25th SAR Affiliate Social at Geckoâ&#x20AC;&#x2122;s (Hillview).

JULY 2010

Sarasota RealtorÂŽ Magazine

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Jag Grewal and Joe Hembree, Jr. attend the June 22nd SAR Affiliate Social at Gecko’s (Hillview).

Karlie Bennett and Eric Peters attend the May 25th SAR Affiliate Social at Gecko’s (Hillview).

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Laura Benson and Shawn Drourr at the June 22nd SAR Affiliate Social at Gecko’s (Hillview).

Paula Cashi and Carla Rayman attend the June 18th Realtor Rally District 13 Conference and Trade Show at MAR.

Sarasota Realtor® Magazine

JULY 2010

MLS FAQ 26

Point2 Agent offers marketing advice Editor’s Note: Point2 Agent, a partner of SAR and the My Florida Regional MLS, pulls listing information directly from the MLS system for the purpose of syndication, eliminating manual listing entry at multiple web sites.

By Tanya Spilchak Point2 Agent Education Coordinator

Recently, there have been a number of conversations relating to website content and, while the member who asked the initial question received the specific assistance, there was inevitably advice that everyone can use for their own sites. One such piece of advice was related to focusing on providing neighborhood and listing information, rather than the site owner(s) and what he/she/they can do for their customers. Now, that might instantly beg the question: “Yes, but don’t customers look for someone who is friendly, helpful, and willing to focus on them?” The answer? Yes, they do. But keep in mind that online visitors who are searching for properties are, ultimately, looking for a place to live. Part of the process of procuring that place to live is to have someone who is friendly and helpful actually assist them in achieving that ultimate goal. Let’s consider an online search that we have all likely done: vehicles. In considering purchasing a newer vehicle, we likely went online to see some of the makes and models on the market, compare gas mileage, read consumer reviews, look into what is included as part of the standard package versus additional charges, so on and so forth. In going to a website, we were wanting information on a specific vehicle. Now, consider what your reaction would have been if you had gone to that website and the pages focused on a sales person you might see at the dealership. Would you have been annoyed, surprised, turned off? Or, to put it bluntly, would you have even cared who he or she was? Probably not, considering you were online looking for options, for pricing, and for general information to help with your decision on what vehicle might work for you. The key focus here: you, and a vehicle. Sales is definitely a people business, although the driving force of the sales industry is the products and the consumers needs/wants. The really successful sales people have identified this and capitalized on it. Think of the best sales person you have ever met when you were the consumer. What did they do to make you feel special, to determine the correct product JULY 2010

for you, to find you the best return on investment? What was their focus? Chances are it was you. Chances are you left feeling great about that purchase, great about what you would be able to do with it, great about possibly working with them again in the future, great about sharing your experiences with others and recommending that sales person to others. Their approach may have been in person, but the sales theory behind their interaction with you can be utilized for your website, despite the fact that you aren’t physically conversing with those online visitors. In customizing your site, all of the content comes from you and your commitment to working with sellers to list their properties and your commitment to working with buyers to find their new home. Your enthusiasm, passion, dedication, and integrity will form the basis of the words you choose, the focus you put on those visitors reading your site, and your commitment to them. Focusing on them on your website before they are clients means that you will continue to focus on them when they decide to work with you. That relationship, that trust, that commitment stems from you. Perhaps Oscar Wilde said it best: “Every portrait that is painted with feeling is a portrait of the artist, not of the sitter.” This quote conjures up thoughts of Leonardo da Vinci’s “Mona Lisa”. In viewing the painting, it is obviously a portrait of a lady. Delving into it further though, there are subtle resemblances to da Vinci himself. The focus was on her, but a part of himself is also included. The focus can be on your potential clients, but also about how you plan on working with them, providing assistance, and ensuring their satisfaction. Paint that story, that commitment, that plan in the content of your website, and it will be apparent that you, as the owner of the site and the real estate professional, are the artist who will make it all happen for them.

Sarasota Realtor® Magazine

www.sarasotarealtors.com

By G.M. Filisko Realtor® Magazine Online

Following the lead of retail banking chains, real estate brokers are opening shop in supermarkets and malls. Ranch dressing or ranch homes? Condiments or condos? At grocery stores around the country, shoppers are finding more than the usual selection of foods and household goods. Now they can also buy homes. Brokers are staking out space in supermarkets to increase their visibility and make their office more convenient for consumers. “It’s nice to have big office locations, but you’ve got to be where the people are,” says Gerald Murphy, broker at Keller Williams Gold Coast in Chicago, who opened an office in a Dominick’s grocery store in 2009. “Dominick’s customers are our clients.” Expect to see more variations on the office-in-retail theme. “Because of the recession, the brokerage model needs a complete overhaul,” says Sherry Chris, chief executive of Better Homes and Gardens Real Estate in Parsippany, N.J. “Many brokers are paying exorbitant rents on large spaces that are hardly even used by their sales associates. They’re starting to see that it makes sense to have a hub-and-spoke model, with a main office and satellites.” Small Space, Big Traffic Murphy’s 300-square-foot office in a Chicago supermarket houses two computers, a desk, and some counter space. It’s open from 10 a.m. to 7 p.m. Murphy estimates it costs about half of what he’d pay for a 2,000-square-foot space, and it comes with free parking—a big bonus in downtown Chicago. “It’s a nonthreatening environment where people can www.sarasotarealtors.com

come up and feel comfortable asking questions,” Murphy says. “We’re just trying to share information. A week hasn’t gone by that we haven’t got a listing or sale from the Dominick’s office.” In the Northeast, Jay Hummer, executive vice president of the 234-office RE/MAX of New England based in Natick, Mass., has signed an agreement to open outposts in 17 Stop & Shop Supermarket Co. locations in the next year. Each office will be 200 to 400 square feet and will be open about 50 hours per week. “These grocery stores have huge foot traffic,” Hummer says. Hummer also plans to use the space to recruit sales associates. “There might be a big sales team at another company that wants to branch out,” he says. “It’s a great recruiting tool.” Beyond Grocery Stores It’s not just grocery stores that are attracting micro real estate shops. Tricia Fox, head of the Tricia Fox

Sarasota Realtor® Magazine

Broker Corner

Office-in-retail: The Convenience Factor

Group at Keller Williams Gold Coast in Chicago, operated a kiosk at Shops at North Bridge—an upscale mall on Michigan Avenue— for about three months in 2009. She would have stayed longer had the rent not doubled. “With today’s impersonal computer-based marketing, it gave us the chance to have what I call a ‘continual open house,’” she says. Keith Nelson, CRB, designated broker at Better Homes and Gardens Real Estate Executive in Bellevue, Wash., is now paying about one-fifth the rent he used to pay on a 4,000-square-foot freestanding office. Now he operates a 1,200-square-foot space across the lobby from a restaurant in a mixeduse building near the city center. “The trend is moving toward convenience centers,” says Nelson. “People walk into the restaurant and see our door. Our visibility has increased, sales productivity is up, and the environment is positive. We’re engaged in the community.”

JULY 2010

Sarasota WCR wins excellence award

By Karen Grant 2010 WCR President

High energy and excitement was at the Women’s Council of Realtors® Mid-Year Conference in Washington D.C. Members from all over the country gathered to share information about business, attend great education sessions, and participate in networking opportunities. Approximately one hundred Florida members attended the event, where strategic forums and learning labs were among the sessions of development. Among the forums were: Leadership Development; Business Development; Member Network; and Outreach & Influence. These forums were informative and intra active with many of the members giving ideas and testimonials. There were learning labs which several of our Florida members participated as leaders, such as: “Putting More Spark Back in Your Chapter”; “Assessing Your Finances”; and “The Money Crunch”. The highlight of the conference was the Awards Banquet. Local chapters were recognized for their 2009 excellence in programs and business plans. Sarasota was among the chapters who brought home the Gold for Excellence. Our State of Florida received the 2009 Super Mega State Chapter of the Year Award for the entire country. Wells Fargo, a national sponsor, recognized several chapters for their superior programs that advanced the professional knowledge of Realtors®. Sarasota Chapter received a monetary award for Recruitment for 2010. We were #1 in the state and #2 in the nation for recruiting New Members. This was the result of installing fifty-five new chapter members. Thanks to all who participated in the Mid-Year Conference, a memorable event. The Sarasota Chapter had a New Member Orientation, honoring 55 new members. The executives at Morgan Keegan let us use their office facilities for the event. The offices were located at one Sarasota Towers. The night was perfect with gorgeous views, from the 9th floor overlooking the bay. The theme of the night was,” What is Women’s Council of Realtors®?” Our Mission, Vision Statement and Long-Term Goals were said by several of our members. Testimonials were given by Ann Ross, Sharyl Smith and Tina Darling. Committee chairmen were introduced: Marianne LeBar, Membership; Mary Conklin, Programs and Education; Debbie Bowis, Ways & Mean; Gail Shane and Melia Favorite, Fashion Show; Tina Darling, Website and Sonya Hamouda, Roster. Comments were made and break outs

sessions followed as new members departed and went to their interested committee chairs for further information. Thank you to all who participated in this event. A special thanks to Leslie Lauritano, Region Mortgage; Tina Darling, Innovative Agent Services; David Freed, Branch Manager at Morgan Keegan; and Nick DeVirgilis, Vice President at Morgan Keegan who helped make this a special evening for everyone. A special member of WCR, Erick Shumway, President of the Sarasota Association of Realtors®, spoke about the positive attitudes needed in today’s market place. Check our website, www.SarasotaWCR.com and find out more news about our upcoming events. Save the Date for our Fabulous Fashion Show at the Polo Grill on September 15th. The committees are busy planning for a spectacular event. We have a theme “Dazzle, Glamour, Dine, and Glitter” WCR 2010 Programs July 9, 11 a.m., Laurel Oak Country Club: “Goal Setting and a Successful Mindset” - Michelle Teyhe, Professional Life Coach Aug. 13, 11 a.m., University Park Country Club: “Legislation That Affects Florida Realtors®” - Ron Reagan, Speaker Pro-Tempore, FL House of Representatives Sept. 15, 11 a.m.- Fashion Show - Polo Grill; Theme “Dazzle, Glamour, Dine and Glitter” Oct. 8, 11 a.m. - “What’s Happening in Washington” Rep. Vern Buchanan (if available), The Field Club Nov. 12, 11 a.m. - “The Impact of the Ringling Museum”, University Park Country Club: Award Ceremony and Farewell Dec. 10, 11 a.m.: Installation of 2011 President and Board, Sarasota Yacht Club Sponsors Gold: University Park Lifestyles, Inc. Silver: Lakewood Ranch Communities, LLC Neal Communities Starr Title Insurance Services, Carrie Rummery Bronze: Regions Mortgage BB&T Oswald Trippe - Joe Sikora Silver Fox Pest Management MGA Insurance Group Southern Trust Financial Planning Intutive Interiors, Debra Bois

2010 Line Officers

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

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

mariannelebar@michaelsaunders.com

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

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

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

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

JULY 2010

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Prepare yourself to present opportunities to domestic and foreign buyers looking to invest in vacation or future retirement properties in your local market. Become a participant in the 4th Annual Sarasota International Real Estate Congress, set Sept. 22-23. What do you need to know in order to successfully close the transaction? Are your promotions attracting foreign buyers? Do you know how to bring investors

and international buyers in your market? Are you prepared to assist your U.S. buyers when they ask about finding properties abroad? Mark your calendar now for the 4th Annual Sarasota International Real Estate Congress on Sept. 22-23. Remember - the world is coming to Sarasota this fall, and you can take advantage of a major opportunity to expand your rea estate business!

Sarasota, Florida is best buy in the Western World! This was the headline in International Property Journal, an independent, authoritative source of news and information for agents, investors, and industry executives working in global property markets. The story, which appeared on June 17, 2010, cited a report published by Global Edge, ranking popular resort and second home locations around the world. IPJ reported that Sarasota was the cheapest western

holiday home destination, crediting that to the fact that the market has fallen over the past two years and the number of distressed properties available for sale to foreigners. The full report, issued by international real estate group Savills, included a list of best-value destinations in 35 countries around the globe. Copies of the articles can be found on SARâ&#x20AC;&#x2122;s web site under the Hot Topics section of the front page.

International Real Estate

Expand your market with International Congress

SAR completed the Certified International Property Specialist designation class in June, and 18 students took advantage of the opportunity to expand their real estate knowledge and know-how into the international arena. Congratulations to our newest CIPS designees!

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Sarasota RealtorÂŽ Magazine

JULY 2010

Membership News

The Association is pleased to welcome new members!

Designated Realtors速

Aborlleile, Josie: Josie Aborlleile, Lic. R.E Broker Atkinson, M Deeana: Coldwell Banker Res R E Bright, J. Barry: Sandals Realty of Sarasota Comito, Ronald: Ron Comito & Associates Inc. Donato, John: John Donato Real Estate Broker Greig, K. Roger: Sarasota Realty Associates Inc. Kearney, E. Kitt: Homes By Towne Realty Inc. Losey PA, H Michael: Platinum Home Sales Lythgoe Anna: Anna Lythgoe Lic. R.E. Broker Naldrett-Bilodeau, B. Pat: Ashton Lakes Realty Inc. Steward, Marie Joyce: Joyce Marie Steward R E Broker Stoltzfus, C. Ivan: Coastline Auction & Realty Inc.

New Members

Auen, Greg: Blakeley & Associates Realty Ayala, Rosa: Century 21 Advantage Bailey, Pamala: Town and Country Real Estate Barker, Louis: Michael Saunders & Company Bissat, Julie: Prudential Palms Realty Bowden, Benjamin: Kathy Marlowe & Assoc. Realty Byrd, Sharon: Casey Realty Corporation Chester, Vivian: Michael Saunders & Company Correll, Joseph: Keller Williams Realty Manatee Dunham, Nathan: RER International Eisnaugle, Tracy: Coldwell Banker Res R E Hyatt, Ronald: Keller Williams Lakewood Ranch Khleif, Albert: Wagner Realty Landay, David: RE/MAX Platinum Realty Lang, Gaylyn: Waterside Realty LLC Lauren, Shana: Coldwell Banker Res R E Lingle, Dennis: Sarasota Home Realty March, Carl: Prudential Palms Realty Markov, Andrey: Tarpon Coast Realty Inc. McDermott, Jeannie: Coldwell Banker Res R E Mitchel, Cary: Waterside Realty LLC Patterson, Jennifer: Florida 1 Realty Services LLC Pimlott, Steven: Horizon Realty International Reece, Martyn: University Park Lifestyles Inc. Siegel, Robert: Nextage Lighthouse Realty Soberano, Margaret: Sarasota Foreclosures.com Inc. St. Hilaire, Beverly: Michael Saunders & Company Teresa, Sandra: Prudential Palms Realty Van Vlaenderen, Randall: RE/MAX Alliance Group Wolk, Barry: Nextage Lighthouse Realty

Now With ...

Adair, Elaine: RE/MAX Alliance Group Allen, Sandra: Nextage Lighthouse Realty Andres, Roberta: Michael Saunders & Company Bailey, Steven: Prudential Palms Realty Baker, Pamela: Prudential Palms Realty Baylis, Chris: Prudential Lakewood Ranch Realty Besio, Peter: Prudential Lakewood Ranch Realty

JULY 2010

Cannon, Jenny: Michael Saunders & Company Chartier, Mike: Horizon Realty International Clark, Louise: Coldwell Banker Res R E Cumston, Shaun: Sterling Realty Cutmore, Ian: Prudential Lakewood Ranch Realty Cutmore, Julie: Prudential Lakewood Ranch Realty DeVittori, Ronald: Zupa & Associates Eichenberger, Whitney: Michael Saunders & Company Fellabaum, Pamela: Point Properties of Sarasota Figlow, Nicholas: RE/MAX Premier Services Gadah, Gaby: Charles Rutenberg Realty Inc Gesell, Ellen: Prudential Lakewood Ranch Realty Golden, Jo-Anne: Prudential Lakewood Ranch Realty Horan, Francis: Prudential Lakewood Ranch Realty Huartson, Thomas: Prudential Lakewood Ranch Realty Huartson, Toni: Prudential Lakewood Ranch Realty Icely, Shawn: SB Realty Inc. Jonsson, Paula: Coldwell Banker Res R E Keyser, Vikki: Keller Williams Lakewood Ranch King, Dennis: Prudential Lakewood Ranch Realty La Rue, Judith: Tarpon Coast Realty Inc. Lane, Erika: Wagner Realty LaRosa, Stacey: Prudential Lakewood Ranch Realty LaRosa, Millicent: Prudential Lakewood Ranch Realty Leavey, Patricia: Coldwell Banker Res R E Lyon, Patricia: Prudential Lakewood Ranch Realty Lyon, Randolph: Prudential Lakewood Ranch Realty Miller, Susan: Prudential Palms Realty Miller, Jennifer: Blakeley & Associates Realty Naylon, Douglas: Tarpon Coast Realty Inc. Oswald, Miranda: Coldwell Banker Res R E Parker, Gladys: Prudential Lakewood Ranch Realty Rackey, Sally: RE/MAX Platinum Realty Riozzi Fields, Joanne: Prudential Lakewood Ranch Realty Russell, Bernard: Sandals Realty of Sarasota Savinsky, Noreen: RE/MAX Alliance Group Sepe, Diana: Prudential Lakewood Ranch Realty Shidel, R. June: Prudential Palms Realty Smith, Lisa: Prudential Lakewood Ranch Realty Soda, Jim: Prudential Lakewood Ranch Realty Soda, Donna: Prudential Lakewood Ranch Realty Sola, Frances: Michael Saunders & Company Solorzano, Vanessa: Prudential Palms Realty Svenson, Inger: Manatee River Community Realty Taylor Barnhill, Susan: Sarasota Realty Associates Inc. Turrentine, Judith: Coldwell Banker Uihlein, Brendra: Prudential Lakewood Ranch Realty Velez, Emily: Dawn Cohen and Associates Walsh, Kevin: Platinum Home Sales Weaver, Karson: Prudential Palms Realty Williams, Barbara: Venice Real Estate Company Wood, Kirby: Prudential Lakewood Ranch Realty Yeager, Judy: Coldwell Banker Res R E Young, Kimberly: Prudential Lakewood Ranch Realty Zack, Emelie: Charles Rutenberg Realty Inc. Zoller, Kelly: Prudential Lakewood Ranch Realty

Sarasota Realtor速 Magazine

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New Affiliates

Bank of America, LLC

1605 Main Street Suite 103 Sarasota, FL 34236 Phone Number: 941-952-2888 Representative: Charles J Coury Specialty: When you choose Bank of America as your mortgage lender, you can rest assured that our attention to customer servcie will continue even after repayment peroid begins. Email: charles.j.coury@bankofamerica.com

Security 1 Lending

4304 Longchamp Drive Sarasota, FL 34235 Phone Number: 941-232-4417 Representative: James R. Wright Jr. Specialty: With over 37 years of expertise in the mortgage field, I am the Southwest Florida Loan Representative for

AMENDMENT 4 From Page 12

plans in fiscal year 2006-2007, and a 2003 Department of Community Affairs Program Summary reports 16,581 plan amendments in 1999. Amendment 4 will delay community improvements. The WEG study states that Amendment 4 would “force local and state governments to either raise taxes or cut services.” Ultimately, the study notes, “Public schools, public safety and local health care services would suffer from both the direct impact of Amendment 4 (delay construction until the next election) and the indirect impact of fewer tax revenues from which to fund needed operations and capital investments.” As Floridians struggle to make ends meet, the last thing our state

FUTURE

From Page 6 By becoming more educated on short sales and foreclosures and working closely with bank lenders to lower the number of distressed properties, several positive things will happen. First, neighborhoods will be improved by the elimination of vacant, often poorly maintained homes. Through sales to owner occupants, or to investors hoping to rent out the properties and achieve positive cash flow, as the market enjoys lower and lower levels of distressed properties, Sarasota will be revitalized and energized. Occupied homes mean higher spending at local shops, restaurants, etc. This in turn leads to improved employment, and the cycle perpetuates itself. Second, fewer distressed sales will bring the overall blended median sale prices to a higher level. This is positive for overall property values, which eventually means higher equity in homes for most residents. Higher home equity generally means higher net worth, improved credit availability, more www.sarasotarealtors.com

Security 1 Lending. Security 1 Lending offers a complete range of mortgage services including first-time home buyers, refinancing, reverse mortgage and more. I will take the time to address your specific home loan needs and help you determine your best financial solution. Give me a call today. Email: Thewrightlender@comcast.net

Urban Trust Bank, LLC

235 N. Orange Ave Suite 101 Sarasota, FL 34236 Phone Number: 941-504-0823 Representative: Linda McConnell Specialty: As an experienced and seasoned professional who has worked all phases of mortgage lending from processing to underwriting, my goal is to exceed your expectations by making your mortgage process simple and hassle free. Let me put my 28 years of lending expertise to work for you. Email: lmcconnell@urbantrustbank.com needs is a proposal which will delay the creation of muchneeded schools, hospitals, and fire stations. For this reason, the Florida School Boards Association opposes Amendment 4. Amendment 4 will hurt Florida’s working families. The Florida State Council of Machinists and Aerospace Workers, an AFL-CIO/CLC trade union, states “Amendment (4) poses a grave threat to Florida’s unique quality of life, the stability of its communities, and the prosperity of its families…” The coalition of opposition to Amendment 4 is virtually unprecedented in its diversity and scope because the threat of this proposal transcends traditional social and political boundaries. To learn more or to get involved, please visit www.florida2010.org, and remember, this November, VOTE NO on Amendment 4! spending, and a recoverying local economy. While there is obviously very little local Realtors® can do regarding the hurricane season, or the BP oil threat, SAR members can help educate the public on the need for preparedness on both fronts. Inform your clients on the basic storm preparations, and point them to vital online resources. Provide them with the history of Sarasota’s experience with hurricanes - we have been very fortunate as a community for many decades. Become a valuable friend and neighbor - more than just a real estate agent. It will pay off in more ways than you can imagine. As for the oil catastrophe, Sarasota has been fortunate up to this point, and hopefully will not see the most dire impacts now being experienced in other Gulf states and along the Florida panhandle. Keep your clients informed on this front by pointing them to the Florida Realtors® web page and important online information as the crisis unfolds. Remember - silence can lead to ignorance and misinformation, so be proactive.

Sarasota Realtor® Magazine

JULY 2010

Monday

Tuesday

Wednesday

Thursday

July 1

SAR Office Closed Independence Day

7:30 a.m. Toastmasters 9 a.m. MLXchange-Basic 1:30 p.m. Entering & Updating Listings

8 a.m. Power Marketing (SAR)

Noon Realtor/Attorney “Lunch & Learn” Understanding Condominium Finances 5:30 SYR Social House of Beers

8 a.m. Power Marketing (SAR) 9 a.m. MLXchange Advanced 1:30 p.m. Design Web Page

7:30 a.m. Toastmasters 9 a.m. Tax Deferral Strategies

8 a.m. Power Marketing (SAR) 10 a.m. Photographer

9 a.m. Creating a CMA 1:30 p.m.

9 a.m.Tools 1:30 p.m. Managing Time & Contacts 5 p.m. Affiliate Social Gecko’s on Hillview

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

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

8:30 a.m. GRI 3

iMAPP

8:30 a.m. CID General Membership

9 a.m. GRI 3

8 a.m. Power Marketing (SAR)

$150,

$100,

9 a.m. CID Commercial Marketplace

$50,

9 a.m. CID Commercial Marketplace

$500, $450, $400, $350, $300, $250,

$200, $150, $100, $50,

9 a.m. CID Commercial Marketplace-Off Site 11:30 a.m. Quarterly Memberhip Meeting-Troyer’s Dutch Heritage

9 a.m. CID Commercial Marketplace

9 a.m. CID Commercial Marketplace 1 p.m. Realtor DAY-Bowling Sarasota Lanes

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

My Florida Regional MLS Training

$300,

$200,

Friday

June 28

8 a.m. Power Marketing (University Park CC)

$350,

$250,

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

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

S ARASOTA A SSOCIATION OF R EALTORS E DUCATION /E VENTS C ALENDAR

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

JULY 2010

REO

Short Sale

Arm's Length

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

Condos Median Sale Price

REO

Short Sale

Arm's Length

$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2007‐1stQ 2007‐2ndQ 2007‐3rdQ 2007‐4thQ 2008‐1stQ 2008‐2ndQ 2008‐3rdQ 2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1

Source: Sarasota Association of Realtors®

The Xtra Pages - Digital Version Only

Single Family Median Sale Price

New Listings

Single Family Condo

1,200 1,000 800 600 400 200 0 May‐09

Jun‐09

Jul‐09

Aug‐09

Sep‐09

Oct‐09

Nov‐09

Dec‐09

Jan‐10

Feb‐10

Mar‐10

Apr‐10 May‐10

Jan‐10

Feb‐10 Mar‐10 Apr‐10 May‐10

Months of Inventory 25.0 20.0 15.0 10.0 5.0 0.0 May‐09 Jun‐09

Jul‐09

Aug‐09 Sep‐09

Oct‐09 Nov‐09 Dec‐09

9‐May

9‐Jun

9‐Jul

9‐Aug

9‐Sep

9‐Oct

9‐Nov

9‐Dec

Jan‐10

Feb‐10

Mar‐10

Apr‐10

May‐10

Single Family

14.3

10.0

9.0

10.3

9.8

9.3

9.4

8.1

11.5

10.6

7.2

7.3

7.2

Condo

19.0

16.1

16.9

20.5

15.1

15.0

14.6

12.3

14.7

15.4

11.8

9.9

9.7

Overall Sales Volume $200,000,000 $150,000,000 $100,000,000 $50,000,000 $0 May‐09 Jun‐09 May‐09

Jun‐09

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

Jul‐09

Aug‐09

Sep‐09

Oct‐09

Nov‐09

Dec‐09

Jan‐10

Feb‐10

Mar‐10

Apr‐10

May‐10

Single Family

$98,080,096 $124,493,410 $155,965,679 $93,852,581 $108,129,703 $106,634,831 $118,741,492 $138,311,391 $91,178,403

$90,615,651 $153,809,260 $154,066,294 $173,409,735

Condo

$39,960,762

$43,400,202

$52,908,252

$47,470,370

$37,933,125

$48,128,868

$46,426,400

$43,392,376

$56,455,335

$45,146,896

$67,589,008

$67,375,445

$65,727,253

Source: Sarasota Association of Realtors® MLS

Annual Sales ‐ 2000 to 2009 Single Family

Condo

Total

11267 10562 9697 8167 7,596 6533

7036

6,841

6,504

6739

6358

6042

5,603

5,183

4,940

4,626

4,353

4,349 3,193 2,184

2,096

5820

3,671

3,922

3,721

2,564

2,120

2,005

1,194

2000

2001

2002

2003

2004

2005

2006

2007

2008

1,556

2009

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

$342,000

$336,250

$301,225

$303,000

Condo

$320,000

$272,500 $226,000

$230,000

$225,000

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

$145,000

2000

2001

$191,000 $173,000

$191,000

2002

2003

$160,000

2004

2005

2006

2007

2008

2009

Days on Market 300 200 100 0 May‐09 Jun‐09

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

May‐09 Jun‐09

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

Single Family

195

196

208

179

174

186

179

194

169

174

178

175

168

Condo

203

224

225

230

208

250

236

202

207

206

203

213

Single Family Sales ‐ By Quarter

REO

Shorts

Arm's Length

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

Condo Sales ‐ By Quarter

REOs

Shorts

Arm's Length

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

Sarasota Association of Realtors® MLS