Sarasota Realtor Magazine June 2010

JUNE 2010

Education is the Key Recent period of turbulent change has made real estate courses even more vital to agents Page 6

2 Days Only • June 12 & 13

RealtOR PReview night • June 11

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Contents

Sarasota Realtor® Volume 7, Issue 6 JUNE 2010

Sarasota Association of Realtors®, Inc.

6

Education is the Key!

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 Capital Conference

Washington, D.C. was the setting in mid-May when SAR members took an active role in advancing the real estate industry and public policy through our federal legislators.

12 Follow the Law

If you violate provisions of the Homestead Exemption statutes, you can count on being caught. Property Appraiser Bill Furst explains the new auditing procedures.

15 Market Rising

The April 2010 statistics exceeded the great March 2010 numbers,

with the best sales in the local market since December 2005.

Volume 7 • Issue 6 •JUNE 2010

26 Short Sales Help

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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. Director of Communications Ray Porter Director of Member Services Dan Andrews

Director of Professional Development Catherine McCaskill

10- Governmental Affairs

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

2010 Copyright© by the Sarasota Association of Realtors®, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.

32- Calendar of Events/Education

JUNE 2010

President Erick Shumway RE/MAX Alliance Group

Director of MLS Information Systems Jesse Sunday

In every issue

24- On the SAR Scene

2010 Officers

Editorial Staff

MFRMLS has started a Short Sales Assistance Desk to help members get the answers on Fannie Mae issues.

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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Nominating committee submits 2011 slate

The SAR Nominating Committee has submitted Officer and Director nominees for the 2011 Board of Directors. The committee, chaired by Helen Sosso, selected the following slate for the election to be held at the Annual Meeting on Friday, Sept. 17.

Officers: President-Elect - Laura Benson, Michael Saunders & Company Treasurer - Roger Piro, Town and Country Secretary - Dave Swenson, EXIT Creative Realty Directors to serve a 3-year term: Peter Crowley, RE/MAX Alliance; Carla Rayman, Prudential Palms; Drayton Saunders, Michael Saunders & Company; Mary Smedley, Prudential

Palms; Stafford Starcher, RE/MAX Alliance Members may submit additional nominations by petition signed by at least 20 SAR Realtor® members.

The petition must be filed with the Association by 5:00 p.m. on Thursday, July 15. According to the Bylaws, Director candidates must be a Realtor® member of SAR for at least two years immediately prior to election, and must have served on an SAR committee prior to election.

Information about the candidates will appear in the August issue of the magazine. If petitions are received for eligible candidates, the election will be held by ballot just prior to the Annual Meeting. Otherwise, the election will be held by voice vote at the Annual

Meeting in September.

Michael Bruno, Prudential Palms, who served as President-Elect in 2010, will automatically become President on January 1. 2010 President Erick Shumway, Re/Max Alliance Group, will continue on the Board as Immediate Past President. Directors whose terms continue in 2011 are: Matt Cannon, Michael Saunders & Company; Paula Cashi, Prudential Palms; Adam Chicoine, Michael Saunders & Company; David Clapp, Re/Max Alliance; Bryan Guentner, Re/Max Platinum; Anthony Homer, Lakewood Ranch Commercial Realty; Ken Hoskinson, Jr., Hembree & Associates; Tim Mapp, Mapp Realty; Christina Pitchford, Allen Real Estate; and Mike Rosario, RoseBay Realty.

Jon Thaxton to speak at second SAR quarterly meeting 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 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 other local and statewide organizations in opposition 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 Realtor® Honor Society award winners. Finally, the graduates of the SAR Leadership Program will be recognized.

Registration for the event will begin this month.

Dave Marvel: SAR Affiliate of the Month June 2010 The June 2010 Affiliate of the Month is Dave Marvel of Peace of Mind Home Inspections LLC. Dave relocated to Bradenton in 1989 after serving in the United States Marine Corps. He graduated with an Electrical Engineering degree and spent 10 years at Chris Craft Boats as the Plant Engineer and Environmental Manager.

He opened a remodeling company in 1995 and then Peace of Mind Home Inspections, LLC in 2003.

Dave’s memberships include: Sarasota Association Realtors®, Women’s Council Realtors®, National Association of Certified Home Inspectors (N.A.C.H.I) www.sarasotarealtors.com

Dave is also certified through the state of Florida and EPA as Lead Renovation, Repair and Painting.

Dave takes great pride in providing the highest of quality in his inspections, educating his clients about the home and its components in order for them to make an educated decision about their purchase. He believes honesty and customer service are two of the main core values of his company. He welcomes the customer to call him at anytime before or after the inspection for questions or advice.

Dave Marvel can be reached at Peace of Mind Home Inspections LLC, 941322-2379, or by email at dksjm_83@ msn.com Sarasota Realtor® Magazine

Dave Marvel JUNE 2010

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Cover Story 6

Lifetime Learning The real estate profession requires a focus on the future Editor’s Note: Obtainining a real estate license and hanging up a sign (or joining an existing brokerage) is only the beginning in an industry that has been at the forefront of the news for the past decade. It takes an almost daily effort to keep up with the latest information.

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In the fast-paced, ever-changing world of real estate, there is perhaps nothing more important than ongoing, consistent education. If the last four years have taught us anything, it is that simple lesson.

Who would have thought only five short years ago that short sales and foreclosures would represent nearly half of monthly sales in the Sarasota region? Who understood all of the complexities and complications involved in the bank-owned property arena then? Who was familiar with the negotiations and ramifications involved in selling a home with a value that had dropped below the original purchase price?

At SAR, education courses and seminars have been the key for our members to stay abreast of all the new information, programs, laws, regulations, contract nuances, Realtor® duties and obligations, rumors, tips, guidelines, and everything else associated with the real estate world.

SAR has been at the forefront of the rapidly evolving education terrain. Over the past few years, hundreds of our members have attended classes and seminars on short sales and foreclosures. The information has come from some of the best educators, both nationally and local, in the profession. There has been a consistent effort to seek out the best, most pertinent and useful materials and resources to help our members not only survive the difficult climate, but thrive during these tough times.

The real estate culture in Sarasota seems to value education very highly.

“Our current GRI enrollment is as high or higher than Associations twice our size,” noted SAR Director of Professional Development Catherine McCaskill.

“For example, Pinellas Suncoast (St. Petersburg) with 6,000 members just cancelled their GRI 2 course, and SAR already has 35 people scheduled in our GRI 2 that began on May 2.”

Catherine continued, “I have over 20 years in Realtor® education with various associations and in my opinion SAR members, compared to many other associations, are particularly well-educated.

JUNE 2010

“SAR also has the highest percentage of GRI designees in the state. And, it’s interesting to note, SAR also boasts a very high number of Certified International Property Specialists (CIPS) designees. We have over 30 CIPS designees – worldwide, there are less than 1,000, with only 700 in the entire U.S.” Over the last year, Realtors® have been serving on a variety of committees that quickly identify hot issues and schedule seminars to deal with those issues. For example, the Realtor®-Attorney Joint Committee has been very active presenting seminars dealing with short sale, foreclosure and bankruptcy issues.

This year, the Professional Development Committee has coordinated a number of technology seminars and is planning a world-class Tech Expo in October.

Education remains at the forefront of SAR communications efforts. Several pages in each monthly magazine (including this one) are devoted to education courses. The back page always contains the monthly calendar, which is filled with educational opportunities.

The SAR web site offers an entire education section, with additional links on the front page of the site and easy online registration for most classes and seminars.

Weekly email updates normally include links to the web site’s educational events as well, and the SAR TV videos usually contain education events, often presented in a humorous mode.

But there is nothing funny about the actual content of the educational forums and classes. In these difficult economic times, the classes are scheduled to provide specific help and guidance for our members. The educators are hand-picked and evaluated (or well known) by staff, and give our members the best advice and latest information on a variety of topics.

SAR begins promoting most classes several weeks in advance through our Constant Contact email system, the web site, email blasts and videos. Handouts are placed strategically throughout our facility, with details on the classes and seminars. We hope we reach all of our members in as many ways as possible. See P. 20-23 in every magazine for the Education section.

Sarasota Realtor® Magazine

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IN-PERSON LEARNING: Courses and Seminars at SAR are scheduled throughout the calendar year, with most held at the SAR Main Auditorium. Many are free of charge to our members, although some are fee-based, with nationally known instructors flying in to present the course materials.

AFFILIATE INTERFACE: In addition to the usual course curriculums offered at SAR, many of our Affiliate members offer specific programs, either at SAR or at their own sites, to help further the educational advancement of our members. These include attorneys, title agents, insurance experts, bankers, pest control specialists, home inspectors and a variety of other disciplines.

ONLINE LEARNING: Through the SAR web site, you can find links to web-based educational programs, presented by third-party vendors throughout the United States. Just visit www.sarasotarealtors.com and hover over the Education tab, then click Professional Training for a variety of informative web links. www.sarasotarealtors.com

Realtors® believe in industry’s future With the real estate market improving, three-quarters of Realtors® are very certain they will remain active in the market for two more years, according to the 2010 National Association of Realtors® Member Profile. Only 8 percent were uncertain about their future.

The study’s results are representative of the nation’s 1.1 million Realtors®, who account for 60 percent of the 1.85 million active real estate licensees in the U.S. The typical NAR member has 10 years of experience, and many have increased their training, web presence and use of social media over the past year. More than half use social networking sites, up from 35 percent in 2009.

Analysis of data from the Association of Real Estate License Law Officials shows the number of active real estate licensees in the U.S. fell 7.5 percent last year from 2.0 million in 2008. The number of licensees who are not Realtors® was 750,000 in 2009, down 14.8 percent from 880,000 in 2008.

At the same time, NAR membership fell only 0.7 percent.

NAR President Vicki Cox Golder said these comparisons mark a sharp contrast. “Realtors® are much more likely to remain active in the business than real estate agents or brokers who are not NAR members. Realtors® are helped by the support and benefits they receive from NAR, as well as their local and state Realtor® associations. Many members take advantage of down time to improve their skills and training to better serve future clients, but there also are intangible benefits that come from networking and membership in the nation’s largest trade association,” she said.

Twenty-two percent of respondents also offer commercial brokerage, 21 percent are in relocation, 18 percent residential property management, 15 percent counseling and 13 percent land development. Smaller percentages were also in commercial property management, residential appraisal, international, auction, and commercial appraisal.

Residential brokerage was cited as a secondary business for 11 percent of respondents who had other primary specialties.

Although home sales rose modestly in 2009, lower values hit the bottom line. The median income of Realtors® fell 3 percent to $35,700 last year, which followed a 14 percent decline in 2008. Members licensed as brokers earned a median of $49,100 in 2009, while sales agents earned $26,600.

The study can be ordered by calling 800-874-6500, or online at www.REALTOR.org/newresearch. The profile is free for NAR members but costs $125 for nonmembers. Source: NAR

Sarasota Realtor® Magazine

JUNE 2010

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SAR hosts Southeastern Guide Dogs program The Southeastern Guide Dogs organization and Paws for Patriots program took center stage at the April 29th SAR Power Marketing event. SAR members have given almost $1,500 to support the effort (including $500 from Sally Rackey of RE/ MAX Platinum Realty).

Paws for Patriots creates partnerships between visually impaired service personnel and guide dogs, facilitating life’s journey with mobility, independence and dignity.

Lieutenant Colonel Kathy Champion, who visited SAR to tell her story, began her military career as a Paramedic for the Army in Fort Sam Houston, TX, at the rank of Private First Class.

She went into the Reserves to have children and raise them, and pursue a civilian career alongside her military one. She became a Transportation Officer in 1985 and went back and forth from Active to Reserve for the next 27-1/2 years. She joined the Civil Affairs Branch in early 2000 to command and be a member of Special Forces.

As Commander of a Civil Affairs Unit in Iraq, Kathy and her team were responsible for rebuilding West Baghdad. After surviving seven explosions, harsh sandstorms, severe living conditions, and the loss of five soldiers, she returned home with signs of Post-traumatic Stress Disorder. Doctors discovered a chronic viral infection that had affected her optic nerve. Kathy lost her vision, entering a darkness of soul that matched her sight.

She has since regained her freedom and independence with the help of the Paws for Patriots program at Southeastern Guide Dogs.

To give to the program, simply visit their web site - www.guidedogs.org - and look for the Paws Peter Salefsky with Kathy Champion, Darren Rivera and Angel. for Patriots link.

Keep up with Gulf oil crisis

About a dozen SAR members showed on May 22nd for the second Habitat for Humanity project - part of the Community Outreach project schedule for 2010.

Congrats!

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JUNE 2010

SAR members can get the latest information on the Gulf of Mexico oil rig disaster, and the condition of our local beaches, by visiting www.sarasotarealtors.com and looking under Hot Topics for the link to the Mote Marine Laboratory information web site.

Mote Marine, in cooperation with a number of Florida state agencies, will announce any and all requirements for volunteers if the need arises to protect our fragile shoreline.

The Florida Realtors® web site is also posting information as it becomes available. As of late May, there had been no direct impacts on our local ecology from the massive spill.

Sarasota Realtor® Magazine

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Multiple contracts on short sales? Be careful

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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 Berlin-Patten, PLLC. In today’s marketplace, should Sellers enter into multiple contracts for the sale of the same property?

Multiple contracts present a myriad of problems for the Seller and everyone involved.

There is a major misconception that a contract signed by both a Buyer and a Seller that is contingent upon Seller’s Lender approving the sale of the property is not a “contract” until the Seller’s Lender approves the contract.

A contract that is signed by both parties and is contingent upon Seller’s Lender approving the contract is a contract that is binding upon both parties. The term “contract” should not be confused with an “offer”. Until Seller accepts an offer by signing, the document remains an offer and not a contract.

If Seller receives offers from two (2) different Buyers and signs both offers containing short sale contingency clauses, Seller has just potentially obligated himself to sell the same property to two (2) different Buyers. If Seller’s Lender approves both contracts, or approves the subsequent contract rather than the initial contract, Seller has just possibly subjected himself to potential damages. Consequently, Seller may find that his Realtor® and/or attorney, if applicable, should have explained the pitfalls of entering into multiple contracts for the same property.

In addressing multiple contracts with short sale transactions, you have to ask yourself a couple questions. First, whether the Seller may continue to market the property and enter into “back-up” contracts. Under Paragraph 5 of the Florida Association of Realtors Short Sale Addendum SSA-2, the Seller can continue to market the property and accept offers and submit those offers to Seller’s Lender. Consequently, unless this paragraph is crossed out or revised by the Contract terms,

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the Seller may enter into “back-up” contracts.

To avoid numerous contract pitfalls, the Seller should make sure that the contract is truly a “backup” contract, i.e.,it contains “back-up” contract language which can be accomplished by using Clause P(1) from Florida Realtors®’ Comprehensive Addendum FARA-10, being sure to complete the deadline on Line 7.

Second, in the event the contract allows the Seller to continue to market the property and enter into “back-up” contracts, when can the Seller submit the “back-up” contracts to the Lender for approval? Under Paragraph 5 of the SSA-2, Seller may submit other accepted offers to Seller’s Lender for approval. Consequently, neither the SSA-2 nor Clause P(1) prohibits the Seller from submitting the “back-up” contract to Seller’s Lender for approval. Likewise, the aforesaid documents do not address whether the initial Buyer can increase the purchase price to match the “back-up” contract in the event Seller’s Lender approves the “back-up” contract price.

In summary, Sellers should be careful in entering into multiple contracts for the sale of the same property and should contact a real estate attorney for proper guidance prior to signing the contract(s). Further, since most lenders do not want to look at multiple contracts, the Seller should refrain altogether from entering into multiple contracts. In fact, the Equator system used by Bank of America does not allow you to enter more than one contract for the same property.

We recommend you contact a real estate attorney for proper guidance if there are any questions.

Sarasota Realtor® Magazine

JUNE 2010

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Governmental Affairs 10

NAR Mid-Year meetings focus on national Realtor® issues

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By Marc Mansfield Governmental Affairs Director

SAR leadership, along with several thousand other Realtors®, descended upon Washington D.C. the week of May 14th to take an active role in advancing the real estate industry and public policy. NAR MidYear Legislative meetings provide an opportunity for Realtors® to meet with their U.S. Representatives and Senators and communicate on a personal level the issues critical to their business, communities and the consumers they represent.

SAR members took advantage of this opportunity by visiting with Congressman Vern Buchanan and Senators Bill Nelson and George LeMieux to discuss and present the following National Association of Realtors® (NAR) legislative priorities: Issue: Commercial Mortgage Market Liquidity Commercial Markets have a strong impact on our economy but face liquidity challenges. Despite providing more than 9 million jobs and generating billions of dollars in tax revenue, commercial real estate is still in the midst of a serious financial crisis. Many property owners are underwater and will face serious trouble refinancing the $1.4 trillion in commercial real estate loans that will mature by 2014.

Congressional Action Needed: The freeze in our nation’s credit markets has adversely affected commercial and investment real estate. Property owners seeking to refinance existing loans are finding access to credit limited. Restoration of the orderly functioning of commercial markets is essential. Congress should pass H.R. 3380/S. 2919 to increase the cap on credit union commercial lending (from the current 12.25% of total assets to 25% if total assets) and urge the Federal Reserve and Treasury to encourage banks to provide term extensions for performing properties. Currently, lenders do not offer term extensions because they are wary of regulatory oversight concerns.

Issue: Expand Affordable Property Insurance Affordable property insurance is not widely available.

Insurers have responded to recent natural disasters by raising premiums or declining to write policies in many parts of the United States. Because the standard homeowner’s policy does not cover flooding, windstorms or earthquakes most Americans rely on the National Flood Insurance Program (NFIP) or a state program for coverage for natural disasters. Without a

JUNE 2010

federal role, affordable property insurance would not be consistently available.

Congressional Action Needed: Today the federal government spends billions of taxpayer dollars on rebuilding underinsured properties in the aftermath of natural disasters. NAR urges Congress to adopt a more forward looking national policy that improves availability of affordable property insurance, including long-term reauthorization of the National Flood Insurance Program. Since September 2008, Congress has approved six short-term extensions and allowed NFIP to expire twice. Homebuyers and small business owners require certainty to make the long-term real estate investments that are critical to our nation’s economic recovery.

Issue: FHA Reform and FHA Loan Limits FHA is not a subprime lender, has strong underwriting criteria to protect American taxpayers and has never required a federal bailout. FHA borrowers are not subsidized and they pay both upfront and annual premiums. Now more than ever, the FHA has proven the key role it plays in the nation’s housing markets. In 2009 when many lenders had exited the market, FHA insured nearly 30 percent of the nation’s single family mortgage market and funded more than 50 percent of first-time buyers. FHA also serves those who need to refinance out of risky adjustable rate mortgages (ARMs) or subprime loans with high interest rates.

Many argue that the FHA loan limit increases help only higher cost areas, but this is not the case. Currently only 3 percent of FHA loans are above $362,750 and less than 2 percent are above $417,000. However, decreasing the current loan limits would reduce the availability of mortgages in 612 counties in 40 states, plus the District of Columbia. The reduction of loan limits could have a dramatic impact on liquidity and could halt the housing recovery.

Congressional Action Needed: Strengthen the FHA mortgage insurance program, make permanent the higher FHA loan limits and exercise caution before considering additional proposals that may have a profound adverse impact on FHA programs that serve such a critical role for our nation’s families. Pass H.R. 5072 to strengthen FHA while allowing for access to safe, affordable financing by responsible borrowers.

Issue: GSE Reform and GSE Loan Limits The GSEs remain critical to ensuring mortgage market liquidity. On September 7, 2008 the Federal

Sarasota Realtor® Magazine

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NAR Mid- Year Legislative meetings provide an opportunity for Realtors® to meet with their U.S. Representatives and Senators.

Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac into conservatorship. FHFA took this action “to help restore confidence in Fannie Mae and Freddie Mac, enhance their capacity to fulfill their housing mission and mitigate the systemic risk that has contributed directly to the instability of the current market.” At that point, it was expected that the debate on the future structure of Fannie Mae and Freddie Mac would begin in earnest. However, with Congress’s attention focused elsewhere, legislation is not expected until 2011 at the earliest. Despite the higher loan limits being extended through year-end 2010, their temporary nature continues to make lenders and investors wary of supporting them. Making the limits permanent at levels appropriate in all parts of the country will provide www.sarasotarealtors.com

homeowners and homebuyers with safe, affordable financing and help stabilize local housing markets.

Congressional Action Needed: Fannie Mae and Freddie Mac have helped to ensure a continual flow of capital to the mortgage market in all markets and in all economic conditions. Congress should enact legislation to restructure Fannie Mae and Freddie Mac (the GSEs) in a manner that provides the federal government with a continued role in the secondary market in order to ensure mortgage liquidity in all markets. Congress should also enact legislation (H.R. 2483) that makes permanent the higher GSE loan limit formula and caps in order to provide affordable financing for all borrowers in all markets.

Sarasota Realtor® Magazine

JUNE 2010

11

Property Appraiser

IF YOU ARE VIOLATING HOMESTEAD EXEMPTION LAWS YOU WILL BE CAUGHT! So BEWARE, penalties can be severe.

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

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If you’re violating Homestead Exemption laws, just know you will be caught!

By Bill Furst, GRI, CRS, CRB The Property Appraiser has added powerful fraud detection weapons to Sarasota County Property Appraiser the office’s investigations arsenal. Using these new tools we’re instituting Thea neighborhood and condominium homestead audit program, so WATCH Property Appraiser has • The databases of Property OUT fraudulent homesteaders! added powerful fraud detection Appraisers, Assessors, and Tax weapons to theThe Florida Highway Safety and Motor Vehicle Department is office’s investigations Collectors across the country to providing us with access to the Driver and Vehicle Express (DAVE) arsenal. Using these new tools determine who might be benefiting database. With this tool we are able to confirm driver’s license, we’re instituting a neighborhood from residency linked tax benefits in car registration status, residence addresses and any homestead and condominium homestead other states. exemption recipient who is holding an out‐of‐state license. audit program, so WATCH OUT • The databases of the Division of We’ve contracted with a private sector data provider for an in‐ fraudulenthomesteaders!

Business and Professional Regulation, depth investigation program allowing us to find other addresses, • The Florida Highway Safety the Department of Health and the licenses, where and when someone votes, telephone numbers, and Motor and any persons other than the homesteader who may be Vehicle Department Office of the Secretary of State to is providing us with access to the confirm primary addresses. residing on the property. This tool has already proved very Driver and Vehicle Express (DAVE) effective.

• The Clerk of the Court’s official, database. With this tool we are civil and criminal databases for The Sarasota County Utility Department has given us access to able to confirm driver’s license, addresses listed on recorded or filed their database. Using this tool we can find non‐owner account car registration status, residence documents such as lis pendens, holders and consumption patterns. We’re working on database addresses and any homestead access with North Port, Venice and the City of Sarasota. summonses, eviction proceedings, exemption recipient who is holding and subpoenas.

We have put to use the Department of Revenue list of duplicate an out-of-statesocial security numbers. Using this tool we identify people trying license.

• Returned mail, field inspections, to claim homestead on multiple properties across Florida.

• We’ve contracted with a private permitting and code enforcement. sector data provider for an in-depth The Property Appraiser’s office is This office will always depend on its most valuable weapon; information investigation program allowing us to committed to finding homestead from our taxpayers. We will also continue to use those tools proven to be find other addresses, licenses, where effective, such as: and when someone votes, telephone violators, removing the exemption for  numbers, andThe databases of Property Appraisers, Assessors, and Tax any persons other the current tax year, and recovering Collectors across the country to determine who might be than the homesteader who may be any previous years’ improperly benefiting from residency linked tax benefits in other states. residing on the property. This tool exempted taxes, plus interest and penalties. In 2009 this office: The databases of the Division of Business and Professional has already proved very effective.

Regulation, the Department of Health and the Office of the 1. Recovered over $290,000 in • The Sarasota County Utility Secretary of State to confirm primary addresses. back taxes, penalties and interest Department has given us access to  The Clerk of the Court’s official, civil and criminal databases for through the homestead lien process their database.addresses listed on recorded or filed documents such as lis Using this tool we can find non-owner account holders and pendens, summonses, eviction proceedings, and subpoenas.

2. Removed the homestead and consumption patterns. We’re  Returned mail, field inspections, permitting and code working on enforcement. database access with exemption from 2,967 parcels, North Port, Venice and the City of returning over $220,000,000 in taxable value and over $2,500,000 Sarasota.

The Property Appraiser’s office is committed to finding homestead • Weviolators, removing the exemption for the current tax year, and recovering have put to use the Department in taxes to the community.

Which is pretty good when you any previous years’ improperly exempted taxes, plus interest and of Revenue list of duplicate social think about it - but we believe there penalties. In 2009 this office security numbers. Using this tool are more fraudulent homesteaders 1. people recovered over $290,000 in back taxes, penalties and interest we identify trying to claim out there waiting to be caught. homestead onthrough the homestead lien process and multiple properties 2. removed the homestead exemption from 2,967 parcels, across Florida.

REPORT HOMESTEAD FRAUD! returning over $220,000,000 in taxable value and over If you suspect homestead fraud This office will always depend on its most valuable$2,500,000 in taxes to the community. weapon; information contact our office right away.

Which is pretty good when you think about it ‐ but we believe there are from our taxpayers. We will also By phone: 941.861.8200. By more fraudulent homesteaders out there waiting to be caught. continue to use those tools proven to fax: 941.861.8260. By email: ex@

be effective, such as: REPORT HOMESTEAD FRAUD! SC-PA.com If you suspect homestead fraud contact our office right away.

JUNEBy phone: 941.861.8200. By fax: 941.861.8260. By email: ex@SC‐PA.com.

2010 Sarasota Realtor® Magazine

Statutes Pertaining to Homestead Fraud

§196.011(9)(a) ..the owner of any property granted an exemption..shall notify the property appraiser whenever the use of the property or the status or condition of the owner changes… §196.012(13) Property rented for more than 6 months is presumed to be used for commercial purposes. §196.012(18) A person may have only one permanent residence at a time. §196.031(5) A person who is receiving or claiming the benefit of an ad valorem tax exemption or a tax credit in another state where permanent residency is required as a basis for the granting of the tax exemption or tax credit is not entitled to the homestead exemption. §196.061 The rental of an entire dwelling previously claimed to be a homestead for tax purposes shall constitute the abandonment of said dwelling as a homestead. §196.161(b) For any year or years within the prior ten years a person was not entitled to a homestead exemption..such property shall be subject to the taxes exempted, plus a penalty of 50 percent of the unpaid taxes for each year and 15 percent interest per annum.

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 YOUR OPTIONS Short Sales Foreclosures Bankruptcy

Realtor® Rally District 13 Conference slated June 18th Ladies and gentlemen, start your engines!

You can now register for the District 13 Conference and Trade Show - “Realtor® Rally”. Sponsorship opportunities for Affiliates are also still available.

This year’s annual event will be held at the Manatee Association of Realtors, 10920 Technology Terrace, Lakewood Ranch.

Participants include: - DeSoto County Board of Realtors® - Englewood Area Board of Realtors® - Manatee Association of Realtors® - Punta Gorda-Port Charlotte-North Port Association of Realtors® - Sarasota Association of Realtors® - Venice Area Board of Realtors® More than 300 Realtors® from the six associations are expected to attend. This is an annual gathering providing education and exhibits offering unparalleled access to those on the ground of the revved-up real estate market. Speakers will include Dave Jenks and John Alexandrov.

There are 22 exhibit sponsors to visit. Be right in the heart of the excitement as part of the pit crew! Registrations are $10 in advance. Visit www.sarasotarealtors.com and view the event under Events or Hot Topics for more details.

Call 941-366-1300 For A

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

Riddell Law Group R L G

3400 S. Tamiami Trail, Sarasota, Florida www.toomuchdebtsarasota.com The hiring of a lawyer is an important decision that should not be based solely upon advertisements.

Before you decide, ask us to send you free, written information about our qualifications and experience.

Ethics in Action 14

Short sales: Full disclosure is required

p

By Stacey Vernallis Realtor® Magazine Online Practitioners handling short sales face substantial risks if sellers conceal their financial instability.

Whether you’ve handled six or 60 short sales, your risk of liability is significant if you’re involved in a deal that goes sour.

But you can take measures to protect yourself by following two core principles: Know the sellers’ financial condition and disclose up front to potential buyers that the transaction will ultimately need to be approved by the lender.

While the importance of knowing the sellers’ financial condition may seem obvious, it’s not unusual for practitioners to find themselves dealing with clients who don’t fully disclose their financial instability.

Sometimes the listing agent doesn’t know there’s any problem at all until the closing officer says the sellers need to bring $12,000 to the table.

In such a situation, because the sellers never shared their financial situation, their agent wouldn’t have known when the buyers presented their offer to disclose that lender approval would be required. Nonetheless, this can lead to a claim of negligence or misrepresentation.

How to Protect Yourself Going forward, here’s what you can and should do to reduce the chance of surprises happening to you.

During your initial interview with the sellers, ask: “Is there anything, other than the condition of the house, that might affect your timeline for selling?” or “Have you netted out the mortgage, or the mortgage and taxes, from the listing price?” Document this conversation.

If you’re not getting a straight answer, then make your next statement a bold one: “If there are any financial constraints related to this proposed listing, it’s best to talk about them now.”

Once you decide to work with the short-sale sellers, take the conservative approach to listing the property: Complete the comment block in the MLS honestly by disclosing that lender approval is necessary. It may result in a slow sales trajectory, but you’ve done what you need to do.

Meanwhile, recommend that the sellers meet with an accountant or financial adviser to discuss the impact a short sale can have on their credit rating and whether debt forgiveness would have tax implications. Also, urge them to find out what short-term credit strategies are JUNE 2010

available.

Sellers also should be made aware that if an offer comes in and the short pay would be substantial, the lender may not agree to waive the sellers’ personal liability for the debt even though the property is resold. (On this issue, though, there’s an important caveat. If the lender is participating in the federal program for helping troubled borrowers—the Home Affordable Modification Program—lenders may be prohibited from going after sellers with a deficiency judgment later.)

Once you receive an offer from a buyer, make sure sellers are clear that they can’t accept the offer without disclosing that the acceptance is “conditioned on the lender’s approval of the sale price.”

Who Negotiates the Deal?

As you proceed with a transaction after a short-sale offer is submitted to the bank, do not contact the lender on the sellers’ behalf. If you do, you can be viewed as negotiating the loan and modifying contract rights and remedies. The risk here is that you can potentially expose your clients to personal liability if the lender is unwilling to walk away from sizeable debt. Plus, a disgruntled seller may sue you if the lender pursues a deficiency judgment, and you can assume this isn’t a claim your errors and omissions insurance will cover.

Instead of negotiating with the lender, respond to any offers using the necessary language that the acceptance is subject to the lender’s approval, and then secure written authorization from the sellers allowing the closing officer to begin direct dealings with the lender.

Short sales are making up a growing share of business today for real estate practitioners. As you build your expertise in this area, don’t forget about the legal liabilities you can face throughout the transaction.

Sarasota Realtor® Magazine

www.sarasotarealtors.com

p

April 2010 sales top March, continue resurgence in local real estate market

p

Property sales in April in the condos, the median price was “There was clearly a sense of Sarasota market hit the highest total urgency in April, reflected in higher $193,975, higher than last in almost five years, while pending April’s figure of $182,750. closed sales as well as contracts Both figures were slightly sales were the highest in four years, written, as buyers attempted to likely fueled by the expiration of lower than March 2010. For the homebuyer tax credit on April the last 12 months combined, purchase properties before the 30. Median sale prices continued the median sale price for single expiration of the homebuyer tax the steady pace reflected in recent family homes was $163,800, credits.” - SAR President Erick months. while the median sale price Shumway for condos was $192,000.

The 757 sales exceeded the March 2010 total of 753. It was the highest The level of distressed total since December 2005 and 50 property sales (foreclosures and percent higher than April 2009. short sales) dropped again in April 2010 to 38 percent of the Pending sales were once again strong, overall market, from 41 percent hitting 1,160 – better than March in March 2010. The downward 2010’s total of 1,060. It was the highest trend is a sign that the market is total in the past four years. returning to health after topping “There was clearly a sense of urgency 48 percent in late 2009. The in April, reflected in higher closed sales downward trend in the percentage as well as contracts written, as buyers of short sales and bank-owned attempted to purchase properties before foreclosure sales in the Sarasota the expiration of the homebuyer tax market, if it continues, would credits,” said 2010 SAR President Erick be a harbinger of a market in Shumway. “There is a lot of enthusiasm full recovery, and should bring and optimism among local real estate greater appreciation for the agents that the trend will sustain in the overall median sale prices. months to come.”

The property inventory level remained steady in April 2010 Members of the Sarasota Association of Realtors® sold 529 at 6,160, the lowest level since late summer of 2005. single family homes and 228 condos in April 2010, a huge The months of inventory for single family homes in April jump over April 2009, which saw only 367 single family homes and 138 condos sold. Pending sales, at 1,160, were 2010 was 7.3 months, the number of months it would take about 18 percent higher than last April, when only 981 were to sell all available homes at the current pace. This was a reported. This statistic is a strong indicator for the next two huge drop from April 2009 – 15.2 months – and very near or three months of sales, as pending sales reflect current buyer equilibrium. For condos, the figure was 9.9 months, much lower than last April’s figure of 19.1 months. Once the market activity. reaches the 6 month level it is considered to be in equilibrium The median sale price for a single family home was steady between a buyers and sellers market. at $165,000, up from last April’s figure of $160,000. For

Bill Trier 941.586.6372

bill@SRQhomewatch.com

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Sarasota Realtor® Magazine

JUNE 2010

15

Sarasota MLSSM Statistics April 2010 Single Family Condo

Unit Sales 600 500 400 300 200 100 0 Apr‐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

Single Family Condo

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

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

3,891

529

13.6

175

$165,000

$163,800

7.3

816

21.0

920

224

This Month Last Year

5,569

367

6.6

173

$160,000

$199,000

15.2

778

14.0

677

504

3,999

555

13.8

178

$170,000

$162,950

7.2

769

19.2

961

204

1,771

‐

175

$160,000

‐

‐

2,859

‐

3,763

‐

Oct 94.4 ‐

Nov 94.1 ‐

Dec 94.2 ‐

Last Month YTD

‐

2009 2010

Jan 93.0 94.4

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 ‐

Jun 93.8 ‐

Jul 93.2 ‐

Aug 93.6 ‐

Sept 94.2 ‐

compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of May 10th, 2010, Statistics were 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

JUNE 2010

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Sarasota MLSSM Statistics April 2010 Single Family Condo

Inventory 6,000 5,000 4,000 3,000 2,000 1,000 0 Apr‐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

Single Family Condo

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

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

2,269

228

10.0

203

$193,175

$192,000

9.9

344

15.2

354

212

2,714

128

4.7

186

$166,750

$256,000

21.2

175

6.4

345

269

2,343

198

8.5

206

$210,000

$190,000

11.8

291

12.4

388

197

‐

671

‐

206

$200,000

‐

‐

1148

‐

1,456

‐

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 ‐

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

JUNE 2010

17

CID (Commercial Investment Division) 18

We seem to have entered a ‘gray’ area Sales, leases and activity all up, but we aren’t in the black

p

By Lee DeLieto, Jr. 2010 CID President

Pendular Gray.

No, this is not the new color the SAR building has been painted. It is in fact the area in which our commercial real estate market seems to have gotten itself.

With true brisk increases in activity and hard absorption numbers reflective of an upturning market, you would think we are out of the woods. Well maybe …

Yes, the recession is over. Yes, there are offers and closings on land (yes, land). Yes, there are retail store fronts being leased. Yes, even retails sales are showing signs of increase. And yes, there is industrial flex space being filled again. Finally, we are seeing commission checks again! But what is it that is causing this rash of activity?

My inner child who has been eyeing that new motorcycle says, “Who cares! Be thankful and start spending again.” My girlfriend doesn’t let my inner child speak much.

I think we seem to be in that gray area in which the downturn of sales and leasing have finally stabilized and buyers and tenants realize that light they see is the sun shining warmly at the end of the tunnel.

Negotiations are tediously similar to the days when we were teetering at the top of the curve with sellers fighting tooth and nail to hold on to their perceived property values. And buyers, who saw the opportunistic writing on the wall, sat back and began their run of control.

I don’t see that controlling shift back in the hands of sellers for another year or two, which makes this newest phase that much more interesting. There is no rhyme or reason in some cases as to the closing terms.

As more leases are completed with the still dismal lease rates, another area of challenge which we still face is the disparities between these lease rates and the building value.

Why do you think a banker is more apt to lend to an owner-user over an investor? Let’s review.

In a recent conversation with an appraiser, he called me for comparable info on a building we have listed as it relates to his subject building he is tasked to value.

JUNE 2010

Although both of the buildings are fairly new and well located, neither will be able to acquire a lease rate higher than $12NNN in year one. Using the income approach, if you cap this rate to formulate a return for an investor, you will come up short. And I’m not talking a few inches short; I’m talking too short for the ride short (Please excuse the rollercoaster pun).

On the flip side, or should I say conversely, the sales approach brings the value up to a level more palatable for lenders. With the higher sale comparable value, the loan to value is increased, giving way to a successful closing.

Banks like the strength of these deals because they rely on the success of the owner and not the marginal return from the tenant(s). The owner-user is looking for an immediate return but it is in the form of ownership over tenancy and the potential for selling in a future upward market.

Stay tuned next year when I write about Hyperactive Black.

If you have questions, comments or topics for discussion, please feel free to write me at LeeDeLietoJr@MichaelSaunders.com

CID plans program for June 15th This month’s CID program will be held in the SAR Main Auditorium on Tuesday, June 15th 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

www.sarasotarealtors.com

Lessons learned from ‘Honky Tonk Freeway’

By Brad Lindberg CID Vice President

The opponents of growth have one thing in common they all are funded by the fear perpetuated by a small group of idealists. The very thing that all of life represents is the one thing they oppose - growth.

I have been a resident of Sarasota for most of the last 38 years. I started coming to Sarasota over 50 years ago. Let me tell you about the uncontrollable growth that has happened in those 50 years.

Fifty years ago, Cattleman Road was about as far as civilization reached out. Today, that expansion has exploded a little more than three miles farther east. That’s three miles in 50 years! At that rate we will merge with Arcadia in about five hundred years. I’m not sure that I can plan that far out.

In 1981, a movie was filmed here in Sarasota about a small town that was bypassed by the new freeway that dissected the town. The town folk thought they had bribed the politicians to have an exit to their little town so they could increase business.

Unfortunately, that didn’t happen as planned and the end result was the town of Ticlaw blew up the overpass to make their own exit. “Honky Tonk Freeway” was not a box office hit, and it will not go down in history as a Cult Classic. But it does teach us a lesson that growing business and creating jobs are foremost on everyone’s mind, even when art is imitating life.

In the early 90’s, the antigrowth groups started the hysteria. They got everybody so worked up that the Sarasota County Commission instituted a building moratorium.

That was an economic disaster. The housing industry dried up and many were forced into bankruptcy. Similar to today’s

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 www.sarasotarealtors.com

economic environment, but on a much smaller scale, lives were ruined. Growth was slowed, but not stymied.

Let me give you facts that may put all of our uncontrollable growth in perspective.

Over the last 10 years, according to the U.S. Census Bureau 2009, the population has increase in Sarasota by 13.4 percent. The State of Florida has increased 16.1 percent. The United States has only increased 9.4 percent. From the perspective of the anti-growth groups, Sarasota has grown 42 percent faster than the nation. So, for the sake of argumen, that is a point in the anti-growth column.

What they don’t tell you is what other states have grown in relation to rest of the country. Texas, for instance, has grown 18.8 percent, Georgia 20.1 percent, Arizona 28.6 percent and Nevada 32.3 percent. This makes Florida’s 16 percent growth look like we missed the Tostitos cruise.

There are several counties in Florida that made our local growth look like Sarasota had nothing to offer. Collier County grew 26.7 percent, Lee County 33.1 percent, and Pasco County 36.8 percent.

So, when the anti-growth groups raise their ugly heads, remind them that Sarasota is one of the most desirable places on the planet to live, With all we have to offer, our growth has not outpaced the growth of the U.S. GDP at 19.1 percent for the same period, nor exceeded population growth of far less attractive cities in Florida.

Tell them we want to embrace the growth as a compliment to why we are the destination of choice, so we don’t become the “Honky Tonk” town that the freeway to progress bypassed.

Directors:

Dave Altwies: Exit Gulf Coast Realty (1 year term 2010) Lori Conable: Osprey Real Estate (1 year term-2010) 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

JUNE 2010

19

Education Programs

Go Green with NAR Designation June 7-8

Title: NAR’s Green Designation - Core Course - June 7-8 Residential Elective - June 9 Instructor: Lynn A. Nilssen Time: 9 a.m. to 4 p.m.

Cost: Core Course $250 Residential Elective: $125 Save $50 and sign up for both at $325 to complete your designation Green homes that are good for the environment while saving home owners money are in demand, and Realtors® are responding by enhancing their multiple listing services to showcase green homes and green features.

In order to earn the NAR Green designation, the student must successfully complete the Core Course and one of three elective courses.

• Green Residential Real Estate • Green Commercial Real Estate • Green Property Management Students who complete the Core Course receive a oneyear membership in the NAR Green Resource Council.

SAR is offering the Residential elective in conjunction with the Core course so you can knock out your designation quickly.

After taking this course, you will be able to:

• Recognize the features that make a home or building green and resource efficient in construction or remodeling, use and operation • Inform customers and clients of the significance of LEED, Energy Star, and other rating systems • Discuss the cost-benefit of resource-efficient building and home systems, materials and land usage • Recognize, validate and respond to concerns and priorities of the green consumer, seller, buyer, tenant, builder, developer • Make the appropriate disclosures consistent with NAR Code of Ethics and state regulations • Describe the interrelationships of sustainable communities, Smart Growth, natural habitat conservation, New Urbanism and land planning.

Title: Reverse Mortgage Purchase Program Date: Wednesday, June 16, 9 a.m. to Noon Instructor: Michael Banner Cost: $10 (SAR Members); $20 (Others) Reverse mortgage--sounds crazy, doesn’t it? But, it works! With basic living expenses slowly increasing, mature Americans are often left wondering how they will supplement their current monthly income just to survive day-to-day.

Fortunately, the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Authority (FHA) created a program called the Home Equity Conversion Mortgage (HECM) or reverse mortgage.

The program was designed to allow mature Americans, age 62 years and older, to remain in their home and use their home as equity to provide them with the additional

income they need per month.

Upon completion of this course, a Realtor® will be able to: • Offer this unique product to homebuyers above the age of 62 • Separate the myths from the reality on this purchase product • Qualify senior borrowers for this loan • Know what types of properties qualify for this loan • Explain & understand the monetary investment required Michael L. Banner, Founder-C.E. Institute of America, LLP, is the instructor. Michael entered the mortgage industry in 1982 and has been involved in the education of mortgage, real estate & financial professionals for over 25 years.

Learn about reverse mortgage program

Mark Your Calendars: 2010 Designation Courses

GREEN CIPS Inst.

20

JUNE 2010

June 7-9, 2010 June 21-25, 2010

GRI 3

Sarasota Realtor® Magazine

July 26-28, 2010 Aug. 3-4, 2010

www.sarasotarealtors.com

Run a successful consumer-friendly web site Title: Run a Successful Consumer-Friendly Realty Website Date: Tuesday, June 22, 1 to 4 p.m.

Instructor: Craig Grant, EasyRealtySites Location: SAR Auditorium Cost: $10 (SAR Members); $20 (Others) Credits: 3 hrs. CE SAR partner EasyRealtySites will offer their popular 3 CE class on how to run a successful consumer friendly website.

Learn everything you need to know about how to have a successful website including: - How to plan, organize and run your website - Creating a good consumer user experience - Proper design and content - Offering services and generating leads

- Building traffic to your site - Free or paid promotion/advertising options - Excelling on search engines with your free listing - How to optimize your site yourself for free - How to re-register your site yourself for free - Building your reciprocal link network - Search engine pay per click (PPC) ads - Web rings, link networks, Google maps and more!

After this 3-hour class, a second presentation will be made from 4-5 p.m. intended for those who already have or are considering signing up for a site with EasyRealtySites. You may also register for both classes at www.sarasotarealtors. com. Come learn all the tricks to build and run your website yourself.

Two outstanding courses coming in July

Two outstanding programs with CE credit, for both agents and brokers, are coming to SAR on July 7th, with instructor Chuck Bonamer, CRB, GRI, ITI For Agents: “Branding with Search Engine Indexers and Optimizers” 3 Hours CE - 9 a.m. to Noon Cost: $30 (SAR Members) $40 (Others) The secret of the internet is exposed!

Learn about the indexers and optimizers and how they can help discover no need to pay someone else for the service.

Learn to be self-sufficient and more profitable!

For Brokers & Managers: “No-Nonsense Brokerage Management” 4 Hours CE - 1 to 5 p.m.

Cost: $60 (SAR Members) $70 (Others) This comprehensive course delves into marketing, management liability, standards of practice and an honorable exit strategy for the non-producer. A comprehensive office manual comes with the course that you can customize to meet your special needs—adds a very concrete value that will help you reduce your business risk.

Chuck Bonamer is an outstanding senior faculty member of the Florida Realtor Institute (GRI).

Chuck Bonamer

Expand your market with International Congress

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?

www.sarasotarealtors.com

Here are two things you can do: Mark your calendar now for the 4th Annual Sarasota International Real Estate Congress on Sept. 22-23, and then read all about the Certified International Specialist Designation (CIPS) on p.

29 in this issue.

You should take this opportunity while this exclusive designation is on sale and here locally!

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 Realtor® Magazine

JUNE 2010

21

GRI Course 3 coming to Sarasota soon!

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!

The topics for this class are: GRI 3 concentrates on the specialty areas of real estate, including: International; Property Management; Counseling; Negotiation; Common Ownership; Land; Broker Management; Exchanging; and Tax 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. For details, go to www.fargri.com (but we would prefer to see you in class here at SAR!)

CONGRATULATIONS! Dedication and hard work pay off!! We congratulate our members who have successfully completed the National Association of Realtors® designation and certificate programs, Graduate Realtor® Institute (GRI), Accredited Buyer Representative (ABR), Certified International Property Specialist (CIPS) and At Home With Diversity (AHWD).

GRADUATE REALTOR® INSTITUTE (GRI) Helena Nordstrom

Specializing in pocket portfolios, die-cutting and foil-stamping done in-house

Prudential Palms Realty

ACCREDITED BUYER REPRESENTATIVE (ABR) Linda D. Barchard F. McKay (Kym) Biggar Lisa Curt Michael Davenport Christine del Monte Linda Dooley Faye Doyle Curtis Tirey Xena Vallone

Award-winning printing and customer service

Coldwell Banker Res RE Allison James Estates & Homes Michael Saunders & Company King Mortgage & Realty Investments in Sarasota Laurel Oak Lifestyles Realty RE/MAX Alliance Group Valencia Realty Xena Vallone Realty

AT HOME WITH DIVERSITY (AHWD) Andrew G. Peterson RE/MAX Alliance Group E. Jean Zucchelli Sandals Realty of Sarasota

FSC and SFI certified to help you go green

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

CERTIFIED INTERNATIONAL PROPERTY SPECIALIST (CIPS) Helena Nordstrom Prudential Palms Realty 22

JUNE 2010

Sarasota Realtor® Magazine

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Get acquainted with MLXchange and profit!

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 June 1, June 14, 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 June 1, June 14, 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

www.sarasotarealtors.com

- Review the profile sheet - Entering a new listing, using tax auto pop, reviewing the fields that have specific entries in the Rules and Regulations - Adding images, attachments, open house information, Supra Key and ShowingTime - Inventory watch - easiest way to modify the listings MLXchange Advanced June 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 Creating a Professional CMA June 15, 1:30 to 3:30 p.m.

This class is designed to teach you the skills needed to create a comprehensive CMA. You will learn how to import properties that are listed outside of the MLS, into your CMA along with valuable tips and techniques for creating a professional CMA. - 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,

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selecting pages, and viewing report - Editing and removing reports - Emailing, saving, and printing CMA - Customizing a personal CMA and setting it as the default Design Web Pages, Capture Leads June 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 June 22, 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 comparable properties - MLS and foreclosure searches

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23

On the SAR Scene 24

Time to shine with 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!

Anthony Homer, Diane Lawson and Brian Kennelly at the May 5th Lakewood Ranch Business Alliance event.

Photography by Jesse Sunday

Wanda Smith and Mary Gamrot at the May 5th Lakewood Ranch Business Alliance event.

Michele Lersch and Brandon Kekich at the May 19th Sarasota Young Realtors速 Social.

Craig Cerreta and Lora Bedford at the May 5th Lakewood Ranch Business Alliance event.

Brett Zink and Dawn Fitzgerald at the May 5th Lakewood Ranch Business Alliance event.

JUNE 2010

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Mary Hellhake of Michael Saunders & Company and Christopher Schultz of First Federal Bank of Florida at the April 27th Affiliate Social.

Karen Gagliardi of law firm Berlin Patten LLC, with Jeannie McDermott at the May 19th Sarasota Young Realtors速 Social.

Brian and Pam McCrone of Premier Inspections, presenters at the Panel of Pros event at SAR on May 5th.

Syd Krawczyk and Sally Rose at the May 5th Lakewood Ranch Business Alliance event. www.sarasotarealtors.com

Sarah Lancaster, Ilya Gaev, Jessica Jeffers and Peter Walsworth at the May 19th Sarasota Young Realtors速 Social.

Sarasota Realtor速 Magazine

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MLS FAQ

Short Sale Assistance Desk available My Florida Regional MLS (MFRMLS) has announced participation in the Fannie Mae Short Sale Assistance Desk.

In 2009, Fannie Mae began using data provided

by MLS vendors to explore some of the challenges subscribers were facing in their short sale transactions.

Based on the lessons learned from this analysis, the new desk focuses on assisting in cases of non-responsiveness from servicers, or where the mortgage insurer or second lien holder has imposed a closing condition that is not possible for the borrower to meet.

The Assistance Desk includes: - An efficient web-based intake form; - A comprehensive list of criteria to qualify short sales issue eligibility; - Easy-to-follow guidelines to facilitate processing of submissions; and - A Borrower Authorization Form (BAF) to be signed by the homeowner giving you permission to share information related to the short sale with My Florida Regional MLS, Fannie Mae, and the servicer.

Only post-offer issues related to short sales on loans owned by Fannie Mae are eligible for the Assistance Desk. Please note that the Assistance Desk is not intended to replace the normal approval channels, and escalation through this channel does not guarantee a positive resolution on your short sale transaction.

In the months to come, MFR will continue to collect and analyze data from short sales transactions. By working together, MFR hopes the combined efforts and renewed commitment to further improve business practices will help refine short sale transactions.

To learn more about the Short Sale Assistance Desk,

including the criteria and process by which you can submit a case, please visit the following link and review the documentation and forms provided: http://shortsale.mfrmls.com/ All members are still encouraged to look at their short sale listings and make any necessary adjustments needed to comply with MFRMLS Rules and Regulations.

Short sale listings that have an offer pending, but are currently active with terminology related to Right of First Refusal, must be changed to pending status.

MFR appreciates your assistance in bringing all listings into compliance. The goal is to keep your database as clean and consistent as possible. If you need assistance in updating your listings, please contact the help desk team at 1-800-686-7451; select option 1 to connect with one of our Help Desk Technicians.

If you have questions regarding any MFRMLS Rules and Regulations, please contact the Administration Department at 1-800-686-7451 or locally at 407-2188607; select Option 3 to connect to the Administration and Membership Department.

MLS subscription dues must be paid by June 30th

For MFRMLS members who still need to make a payment, please be advised that payments received after June 30, 2010 are subject to suspension and a $50 reactivation fee. For your convenience, MFR has several ways for you to make a payment: 1. Web: through the Online Payment Center 2. Web: through Membership Director 3. By phone at: (407) 218-8607 or (800) 686-7451; Option 3 for the Administration Department* 4. In person at: 5032 Goddard Ave. Orlando, FL 32804 (Map) Administration Hours 8:30 AM–5:00 PM MFR accepts Electronic Checks, Visa, MasterCard, 26

JUNE 2010

American Express, and Discover. For more information, please visit http://mfrmls.com/pay» MFR has changed the annual billing cycle to begin one month earlier. Since members have already paid for June 2010, your invoice is for 11 months of MLS service (July 2010 – May 2011). Next year, in April 2011, you will be invoiced for 12 months of MLS service (for June 2011 – May 2012).

MLS Base Fee: $242 ($22/mo. x 11 months), plus your local SAR service center fee One-Time Security Assessment Fee: $15 MLS fees are non-refundable in full or pro-rata.

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e

By Michael Antoniak Realtor® Magazine Online

Equipment and services are getting more affordable, but it’s increasingly challenging to sift through the options. Here’s how to figure out what works best for your brokerage.

Staying current on the latest technology tools and trends can become a full-time job. Just knowing what to buy and how much to spend on hardware and gadgetry, Web sites, and online marketing is among the greatest challenges for brokers today.

Given the wide variety of brokerage business models, from sole practitioners working from home to large franchise operations, there is no one-size-fits-all solution for real estate. However, there are some important trends that affect almost every broker.

For starters, with more real estate professionals regularly working from a home office, it has become less important to outfit the brokerage with lots of elaborate equipment and more important to have a highly functional Web site and online tools that help sales practitioners become more productive.

A trend that benefits everyone is that tech budgets tend to go much further today than they did a few years ago because pricing for tech tools has become so competitive.

Technology has become much more affordable, says real estate tech expert John Mayfield, brokerowner of Mayfield Real Estate in Farmington, Mo. He recalls spending $12,000 in 2001 for an office phone and voicemail system that had fewer features than a free Google Voice account today.

Ten years ago, technology budgets were all hardware-driven and you could spend thousands every year

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just trying to keep up with what’s new, he says. Today, there’s been a shift to the marketing side and using Web technology to provide agents with the resources they need.

Create a Realistic Budget To identify what technology investments are needed and to prioritize those investments, it’s helpful to gather input from your sales associates, says Jonathan Nicholas, technology consultant and president of The Company CEO Inc., based in Chicago.

You want to have the tech tools that will attract the best to your company, but you don’t want to be at the bleeding edge, he says.

Typically, the start-up costs of outfitting a brokerage with core technology will far exceed the annual maintenance and upgrade costs for those tools. There’s that initial capital expense and then ongoing expenses in different categories that can all be considered technology, Nicholas says.

A typical annual technology budget includes Web site upgrades, marketing, and search engine optimization; office equipment and computer systems; lead capture and management tools; the company network and intranet; software services; and technical support.

There’s no stated norms in what a brokerage should be spending on technology, but 3 percent to 6 percent of gross commission income seems to be the range most allow for, Nicholas says.

For small brokers, that money isn’t going as far as for a large company, but no matter what your size, you should be planning what you’ll spend on technology as part of your budget. The good news is that as technologies improve, their costs also come down, he says.

Some of Nicholas’ broker clients provide essential technology as Sarasota Realtor® Magazine

a service to their sales teams.

Others charge monthly or annual technology fees as a price of affiliation. He thinks tech spending should be based on a companywide assessment of need, with generous input from sales associates about their requirements and an evaluation of what competitors are doing with technology.

You want to know what basic level of technology your competitors are providing to their agents and clients, and exceed that, he advises. Your investment in technology can be an important tool for setting your company apart from its competitors.

Build in Flexibility For a new brokerage, the initial outlay is always significant. The biggest challenge has been finding the right software to run the office, and that can be very expensive, notes David Sampson, broker for the recently opened EV Boston Realty Co. in Boston. “I want my agents to be very service oriented, and I have to provide them with all today’s basic tools in a networked environment.”

Taking Control Even if you’re not NRT, you may be able to get economies of scale. By harnessing the collective bargaining power of 120 sales associates at Keller Williams–Fox Valley Realty in St. Charles, Ill., Joelle Senter was able to negotiate some good deals that benefit everyone.

“Our agents were being constantly bombarded with pitches from technology vendors,” says Senter, managing broker and the regional technology advisor for Keller Williams’ mid-America region For all the careful planning and budgeting, counseling from you or an expert source can have biggest role in determining the real return on investment for any of today’s latest tools.

JUNE 2010

Broker Corner

New tech tools becoming more affordable

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Sarasota WCR tops state in membership drive

m

By Karen Grant 2010 WCR President

Membership Update: Fifty new members were initiated into the Sarasota chapter of the Women’s Council of Realtors®. Sarasota ranks #1 in Florida and #2 in the nation for the most new members during our WCR membership drive!

Congratulations to all our new members! An orientation and appreciation event has been scheduled in early June. For membership information, contact our Vice-President of Membership, Marianne LaBar. Women’s Council of Realtors® Sarasota and Manatee Chapters celebrated our Past Presidents at a luncheon held at Lakewood Ranch Country Club. A large attendance paid tribute to a distinguished group of women. Their vision and dedication has been an inspiration to others.

Past President Attending: Manatee: Kristen Cruz; Pat McClary; Sharone Martinelli; Marie Avery; Geri Kenyon; Barbara Edwards; Cindy Greco; Julie Gilstrap Royal; Debra Roth; Rose Schnoerr; Sandy Martin French.

Sarasota: Janice Litke; Amy Worth-Paul; Denise Leider; Doris Edwards; Judy Schomaker; Gail Cristelle; Linda Starcher; Marla Vignocchi; Sandra Strom; Ann Ross; Ann Moore; Mary Lewis; Juanita Bryan; and Norma Marten, founder of Sarasota Chapter in 1961.

Our keynote speaker was Florida State President Elect, Robin McKeever who spoke on “Celebrate Your Successes”.

She captivated the audience, touching on the topics of Creating a Positive Perspective; Controlling Your Focus; and Discovering the Invisible Road to Success.

Robin noted her mentors who had inspired her to “dream, and believe ... believe in yourself and your abilities to reach your personal desires, professional ambitions, and celebrate your successes.”

Special recognition went out to Meta Brooks, who with Pat Short began a tradition 17 years ago of paing honor to all past presidents. Meta, along with her husband, Howard Brooks, has been a staunch, dedicated supporter of WCR. SAVE THE DATE for our next event which will be a District Forum held on June 25th at the historic downtown Punta Gorda Conference Center. This will involve nine chapters which will pay tribute to our state president, Nan Harper. The Forum, a full day event, includes keynote

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speaker, President Nan Harper; breakfast; lunch and trade show. There will also be a credited three hour CE Credit Class entitled The Next Real Estate Wave.

Check out our website: www.SarasotaWCR.com and find out about our upcoming events. Also save the date, September 15th, for our fabulous Fashion Show at the Polo Grill. I hear it has something to do with diamonds.

Last year’s fashion show was sold out!

WCR 2010 Programs June 25 - District XIII & V Forum, President Nan Harper, Keynote Speaker, Punta Gorda Conference Center July 9, 11 a.m., Laurel Oak Country Club: Lynn McDonald - Topic TBA; Election of 2011 Officers 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 - Fashion Show - Polo Grill Oct. 8, 8:30 a.m., Bird Key Yacht Club: Program TBA Nov. 12, 11 a.m., University Park Country Club: Award Ceremony and Farewell Dec. 10: 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

JUNE 2010

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Title: CIPS Institute (Certified International Property Specialist) Dates: June 21-25 Location: SAR Main Auditorium Instructors- David Lauster, CIPS, David Wyant, CIPS Cost: SAR members $125 each, or $499 for the series (a $126 discount); $575 for non-SAR members (a $50 discount) This Institute will be one of the first to be offered after NAR compresses the courses for the designation from 7 days down to 5, effective June 2010.

The low price for the complete designation is possible because of NAR’s Right Tools, Right Now program which has been extended through 2010, and also because the program has been shortened by two days. Get your CIPS designation while the price is the lowest you’ll ever see!

The complete series of classes leading to the CIPS designation is $499 for SAR members, a $126 discount.

The complete series is $575 for non-SAR members, a $50 discount.

CIPS Institutes concentrate five of the required international CIPS courses into a 5-day format, allowing students to save travel costs and to complete the program quickly.

June 21: International Real Estate for Local Markets: Analysis of the international real estate business environment, government regulations and cultures. The practical aspects of international brokerage, networking, marketing and selling are discussed (Lauster) June 22: Investment & Financial Analysis for International Real Estate: Provides the tools needed to present investment information to international clients—in their currency and area. HP-10B calculator required. (Lauster) June 23: Europe & International Real Estate: Provides information on working with clients in Western and Central Europe. The European Union and its impact on international real estate are covered, along with economic and real estate trends, networking and

relationship building, plus marketing and selling practices (Lauster) June 24: Asia/Pacific and International Real Estate: Covers real estate practices in Asia and the Pacific with emphasis on cultural influences, economic trends and assessment of investment opportunities. A special chapter on working with the Japanese is included (Wyant) June 25: The Americas & International Real Estate: Practical information for professionals who work with Caribbean, North, Central and South American investors. Historical and cultural influences, regional relationships, and investment opportunities are covered along with a special focus on Mexico (Wyant) Special Pricing—Save and take the entire series!

- $125- International Real Estate for Local Markets - $125- Investment & Financial Analysis - $125- Europe & International Real Estate - $125- Asia/Pacific & International Real Estate - $125- The Americas & International Real Estate - $499- Entire Series (SAR Members only, $575 nonSAR members) leading to CIPS designation—June 21-25

International Real Estate

Earn CIPS designation this month

Mid-Year International Social set June 23rd The Mid-Year International Social has been slated for Wednesday, June 23rd from 5:30 to 7 p.m. at 7527 Greystone Street, Lakewood Ranch. Please join us for the FREE event, featuring hors d’oeuvres and wines from around the world.

Please RSVP to Catherine@sarasotarealtors.com before

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June 21. International Dress is optional but delightful!

The event is hosted by the Sarasota Association of Realtors® International Council and Neal Communities.

Take I-75 to Exit 213 East (University Parkway). Turn left on Lakewood Ranch Blvd., then right on Balmoral Woods Blvd., then right on Greystone Street.

Sarasota Realtor® Magazine

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Membership News

The Association is pleased to welcome new members!

Designated Realtors®

Bechtold, E. Richard: The Bechtold Group LLC Dieter, S Jeffrey: Jeffrey S. Dieter R E Broker Reynolds, . Greg: WM Greg Reynolds LLC Riddle, J. Michael: Provider Realty Walma, G Curtis: Venice Real Estate Company

New Members

Barshinger, Katherine: Midnight Cove Realty Inc. Bonaccorso, Grace: Coldwell Banker Res R E Clevenger, Jerry: RSVP Associates Inc. Dubbins, William: Coldwell Banker Res R E Edwards, Carol: Neal Communities Realty Inc. Endres, Sandra: Coldwell Banker Res R E Gallatin, Michael: RealtyOne Alliance Gruber, Tonna: RealtyOne Alliance Haddad, Andrew: Keller Williams Lakewood Ranch Hartmann, Steven: Coldwell Banker Res R E Head, Robert: RSVP Associates Inc. Holmes, Michael: Signature Sothebys Internat’l Laps, Melissa: Rossi & Company Inc. Mei, Barbara: Surfside Properties Nahrwold, Todd: Waterside Realty LLC Portman, James: Keller Williams Lakewood Ranch Redfoot, Kelly: Amtrade Realty International Ruiz, Robert: Horizon Realty International Schneider, Philip: Coldwell Banker Res R E Schweiger, Nicholas: Candy Swick & Company Simmons, Teresa: Coldwell Banker Res R E Stahl, Juergen: Charity & Weiss Int’l Realty Straka, Jason: Coldwell Banker Res R E Thompson, John: Coffey & Company Realty Tucker, Robert: Keller Williams Lakewood Ranch Ulysse, Jean Marc: Century 21 Advantage Vermeren, John: Keller Williams Lakewood Ranch Walker, Angela: Keller Williams Lakewood Ranch Zupa, Burton: Zupa & Associates

Now With ...

Allison, Janet: Sarasota Foreclosures.com Inc. Andres, Roberta: Horizon Realty International Appel, George: Prudential Palms Realty Bailey, Pamala: Town and Country Real Estate Beeler, Charles: Prudential Palms Realty Bright, Jennifer: Sandals Realty of Sarasota Cook, Michael: Wagner Realty Cunneen, Stacy: Realty Partners LLC Cunningham, Gerald: Wagner Realty Dahlin, Carol: Signature Sothebys Internat’l Fordham, Anne: Coldwell Banker Res R E Forrest, Sharon: Coldwell Banker Res R E Fox, Ana: Sarasota Foreclosures.com Inc. George, Rozalia: Sarasota Foreclosures.com Inc. Granston, Jeff: Michael Saunders & Company Heitmann, Karin: Venice Real Estate Company Heitmann, Jan: Venice Real Estate Company Houseworth, Kelly: Jeffrey S. Dieter R E Broker 30

JUNE 2010

Icely, Shawn: Coldwell Banker Res R E Jeltema, Alana: Atchley International Realty Jones, Timothy: Horizon Realty International Jones, B Darren: Andrews & Associates Realty Kedzierski, Dennis: York Real Estate Inc. Kepecz PA, Steven: Cityscapes Int’l Realty Grp Landis, Karen: Michael Saunders & Company Long, Francis: Florida Sun Realty Corp.

Love, Debbie: Keller Williams Rlty Manatee Lynn, Charlotte: Coldwell Banker Res R E Manning, Marlene: Cityscapes Int’l Realty Grp March, Carl: Prudential Palms Realty McIntosh, Tracey: Sarasota Home Realty Melendez, Julio: Sarasota Bay Luxury Properties Merila, Robert: Andrews & Associates Realty Noce, Susan: Sarasota Foreclosures.com Inc. Nowak, Kamila: Sarasota Beach Rentals Paquette, Bruce: Horizon Realty International Payne, Bonnie: Wagner Realty Pellegrino, Arleen: Century 21 Advantage Sorensen, Dorothy: Coldwell Banker Res R E Thompkins, Karen: Wagner Realty White, Barry: Horizon Realty International Wilkes, Kathy: Horizon Realty International Zaccagnino, Darcy: Michael Saunders & Company Zucchelli, E Jean: Sandals Realty of Sarasota

New Affiliates

Black Box Home Inventory Co. 4305 Long Champ Drive Sarasota, FL 34235 Phone Number:800-860-3319 Representative: Bill Black Specialty: Florida’s Premier Home Inventory Service Company offering video, digital photo and printed itemized home and business inventories.

A Black Box Home Inventory will provide you with a documented list of the contents of your home or business. If you should suffer a loss due to a natural disaster, a home/office fire or burglary, your inventory will serve as proof to your insurance company of the items that were lost or destroyed, allowing you to recover the maximum amount on your insurance claim. Also, if you should fall victim to a burglary A Home/Business Inventory gives the police a much greater chance of recovering your items and possibly locating the culprits. You might argue that you can perform the inventory yourself. Why should you hire Black Box Home Inventory Company to perform it for you? The Truth is… Most of you won’t do it! Not that you’re incapable of doing it, you simply don’t have the time or don’t make the time.

Maybe you’re not sure of what you should record, whatever the reason, you just don’t get around to it. You’re not alone. Millions of Americans have not taken the time to perform an inventory

Sarasota Realtor® Magazine

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in their homes. The sad and real fact is, when disaster strikes, most will be caught without it. That’s when the hard truth will sink in and they learn a painful and expensive lesson. The time to plan for a disaster is before it happens. Add a home/business inventory to your disaster plan and call Black Box today.

Email: customerservice@blackboxhomeinventory. com

Advanced Title/Escrow Services, LLC 3307 Clark Road. Ste 203 Sarasota, FL 34231 Phone Number: 941-929-0600 Representative: Kristen Hertel Specialty:We specialize in Residential, Construction, and short sale closings. Our services include purchases, refinancing & pre-foreclosures. Providing outstanding service is our goal while maintaining a high level of quality and reasonable pricing. We offer “after hours” and weekend closings for your convenience.

We offer the ability to sign with clients at our office or at their place of request (of course, within reason). We are available by phone even “after hours”. Our Entire Closing Program is all on-line, this will give automatic updates (emailed to the Realtor) whenever any new information is added or changed. We stand out above the rest because we tailor our services to fit your needs.

Email:kristenadvancedtitle@verizon.net Waterside Retirement Estates 4540 Bee Ridge Road Sarasota, FL 34233 Phone Number: 941-377-0102 Representative: Stacy McCanless Specialty: Senior Independent Living, Assisted Living: All Rental on a Residential-Resort Style Campus. Treat yourself to a lifestyle of catered elegance at Waterside Retirement Estates. When you visit our beautiful 18-acre estate, you’ll enjoy slipping into a garden oasis.

Under a canopy of magnificent old trees is a gorgeous walking trail surrounded by lush landscaping. Our apartments overlook a peaceful lake where wildlife can be observed swimming or you can catch the sun setting its vibrant colors at the end of the day. If you think our grounds are gorgeous, step inside our building and see the luxury and style of our inviting community. From our spacious great hall to our beautifully appointed dining room and atriums, Waterside is a site to behold. In addition to the beauty of our community, the lifestyle and services are second to none. We offer independent and assisted living as well as on-site home health care services provided by our professional and caring staff. For your flexibility, respite care, seasonal stays and companion suites are available. Leave the driving, cooking, cleaning and maintenance to us while you take a swim in our pool, exercise in our ForeverFit Fitness Center or enjoy lectures, crafts, concerts and social gatherings. The opportunities are endless. We have many floor plans to choose from, including a www.sarasotarealtors.com

studio, one- or two-bedroom garden apartment or a spacious, private villa. Enjoy the Waterside way of life and you’ll wonder why you didn’t move here sooner.

Call today for more information.

Email: smccanless@horizonbay.com

Baron Construction P.O. Box 20368 Sarasota, FL 34276 Phone Number:941-922-7445 Representative: Jaclyn Ohman Specialty: Baron Construction & Development is southwest Florida’s premier custom home builder, creating exquisite, hand-crafted homes in Sarasota, Siesta Key, Longboat and The Oaks, Sarasota’s most prestigious community. Baron homes are built for the world’s most discerning clientele, including leaders of industry and medicine from the U.S. and abroad.

When these clients are ready to build their Florida dream, Baron Construction partners with them to create one-of-a-kind homes. Baron homes are complex creations, ranging in size from comfortable retirement homes to grand estates and featuring a level of refinement and detail found only in the most exclusive American homes. If you’re seeking a master home builder that combines innovation, reputation, classic craftmanship, premium materials and healthy house building techniques, contact Baron Construction to schedule a consultation.

Email: jaclyn@baronconstruction.com

Iberia Bank Mortgage Company 1790 Main Street Sarasota, FL 34236 Phone Number: 941-504-0823 Representative: Linda McConnell Specialty: Exceptional People and Products: With the flexibility to offer outstanding options, we stand out above the competition. Consistently competitive rates and the experience of a seasoned professional team of lenders help us qualify more borrowers, close more loans and turn your dreams into reality. Why choose Iberia Bank Mortgage Company as your home lender?

Being a local lender does make a difference. Because we’re local, we can speed the loan approval process which can save you time and money. With on-site underwriting and in-house funding there are never any third party technicalities or problems to delay your home purchase. We’ve been meeting the needs of home buyers since 1887. Iberia Bank Mortgage Company is here to help you find the perfect home loan, or refinancing option. We’ll customize a loan that best fits your needs and your lifestyle. We take care of your home buying, and home building needs with a wide range of financing options. Our goal is to exceed your expectations. We offer the people, the experience and the networking capability to provide you with the financing you need, when you need it.

Email: linda.mcconnell@iberiabankmortgage.com

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

JUNE 2010 S ARASOTA A SSOCIATION OF R EALTORS ® E DUCATION /E VENTS C ALENDAR Tuesday

May 31 SAR Office Closed Memorial Day

June 1

7

8

9 a.m.

Green Designation Core Course

9 a.m.

GRI 2 9 a.m.

MLXchange - Basic 1:30 p.m.

MLXchange - Entering & Updating Listings

9 a.m.

Green Designation Core Course

Wednesday 2

7:30 a.m.

Toastmasters 9 a.m.

GRI 2

9

9 a.m.

Green DesignationResidential Elective

5:30 p.m.

SYR Social- Location TBA

Thursday 3

8 a.m.

Power Marketing (University Park CC)

10

8 a.m.

Power Marketing (SAR)

14

15

16

17

7:30 a.m.

Toastmasters 9 a.m.

Reverse Mortgage Seminar

8 a.m.

Power Marketing (SAR)

21

22

23

24

8:30 a.m.

CIPS-Europe

8 a.m.

Power Marketing (SAR) 8:30 a.m.

CIPS-Asia/Pacific

30

July 1

9 a.m.– 4 p.m.

New Member Orientation & Code of Ethics 9 a.m.

MLXchange - Basic 1:30 p.m.

MLXchange - Entering & Updating Listings

8:30 a.m.

CIPS-Local Markets

28

8:30 a.m.

CID General Membership 9 a.m.

MLXchange-Advanced 1:30 p.m.

Creating A CMA

8:30 a.m.

CIPS-Financial Concepts 9 a.m.

MLXchange - Design web Page 1:30 p.m.

MLXchange - iMAPP 5 p.m. Affiliate Social

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8 a.m.

Power Marketing (University Park CC)

$200,

Friday

$150,

4

$100,

9 a.m.

CID Commercial Marketplace

$50,

11

9 a.m.

CID Commercial Marketplace

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

18

9 a.m.

CID Commercial Marketplace 8:30 a.m.

District 13-Realtor® Rally (MAR)

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

25

9 a.m.

CID Commercial Marketplace (Off Site) CIPS-Americas

2

9 a.m.

CID Commercial Marketplace

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

My Florida Regional MLS Training

$300,

$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

Monday

$350,

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 Apr‐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

Months of Inventory 25.0 20.0 15.0 10.0 5.0 0.0 Mar‐09 Apr‐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 9‐Mar

9‐Apr

9‐May

9‐Jun

9‐Jul

9‐Aug

9‐Sep

9‐Oct

9‐Nov

9‐Dec

Jan‐10

Feb‐10

Mar‐10

Apr‐10

Single Family

17.1

15.2

14.3

10.0

9.0

10.3

9.8

9.3

9.4

8.1

11.5

10.6

7.2

7.3

Condo

21.2

19.1

19.0

16.1

16.9

20.5

15.1

15.0

14.6

12.3

14.7

15.4

11.8

9.9

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

Jul‐09

Aug‐09

Sep‐09

Oct‐09

Nov‐09

Dec‐09

Jan‐10

Feb‐10

Mar‐10

Apr‐10

Single Family $100,562,897 $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

Condo

$43,400,202

$42,750,598

$39,960,762

$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

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 Apr‐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

Apr‐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

Single Family

173

195

196

208

179

174

186

179

194

169

174

178

175

Condo

206

203

224

225

230

208

250

236

202

207

206

206

203

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