Sarasota Realtor Magazine - November 2011

NOVEMBER 2011

The Official Monthly Publication of the Sarasota Association of Realtors速

THE RIGHT

STUFF Page 6

2012 Dues Invoices Are Now Available and Due Dec. 15th - See Page 9

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ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. *Prices listed are base prices, do not include lot premiums or options, and are subject to change without notice. Community Association fees required. This material shall not constitute a valid offer in any state where prior registration is required or if void by law. Photographs are for illustrative purposes only and are not intended to be an actual representation of a specific community, neighborhood, or any completed improvements being offered. Please see a sales associate for details. CGC1505166 ©2011 Pulte Home Corporation. All rights reserved. 8/11

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Prices listed are base prices, do not include lot premiums or options, and are subject to change without notice. Community Association fees required. This material shall not constitute a valid offer in any state where prior registration is required or if void by law. Photographs are for illustrative purposes only and are not intended to be an actual representation of a specific community, neighborhood, or any completed improvements being offered. Please see a sales associate for details. CBC057850 ©2011 Centex Homes. All rights reserved. 8/11

Contents

Sarasota Realtor® Magazine Volume 8, Issue 11 NOVEMBER 2011

Sarasota Association of Realtors®, Inc. 3590 South Tuttle Avenue Sarasota, Florida 34239 Phone: 941/923-2315 FAX: 941/923-0191 www.sarasotarealtors.com www.facebook.com/SarasotaRealtors

6

The Right Stuff

November is NAR’s Designation Month - the perfect time

2011 SAR Officers

to focus on the major importance of educational training

that provides agents with designations and certifications.

President Michael Bruno Michael Saunders & Company

10 Participate

Community involvement and political participation have been

and continue to be a hallmarks of Realtors® across the United

States. Find out more from this month’s column.

Volume 8 • Issue 11 •NOVEMBER 2011

12 Is It Complete?

Sarasota County Property Appraiser Bill Furst explains

whether or not your property is “substantially complete”

and subject to property taxation.

15 Good Trend

The September 2011 sales statistics in the Sarasota market showed

sales higher than last year at this time, and a stable median sales

price for both single family and condos.

The CID is offering a great course on commercial real estate

for local agents at the end of November. At the end of the course,

you can walk away with a valuable designation.

In every issue 12- Property Appraiser 15- Sales and Listing Statistics 18- Commercial Investment Division 20- Education Programs 24- On the SAR Scene 29- Global Business Council 30- Membership 32- Calendar of Events/Education

4

NOVEMBER 2011

Secretary Dave Swenson EXIT Creative Realty Treasurer Roger Piro Town & Country Realty Immediate Past President Erick Shumway RE/MAX Alliance Group Chief Executive Officer Kathy Roberts Mission Statement The mission of the Sarasota Association of ® Realtors is to advance members’ professionalism through delivery of education and resources while upholding the Realtors® Code of Ethics.

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

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

Editorial Staff Director of Communications Ray Porter

18 CPC Training

10- Governmental Affairs

President-Elect Laura Benson Michael Saunders & Company

Director of Membership and Administrative Services Dan Andrews Director of Information Technology Jesse Sunday Director of Professional Development Catherine McCaskill Governmental Affairs Director Marc Mansfield Production Coastal Printing, Inc.

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

On The Cover:

Linda Starcher, William True and Tracy Seider understand the value of education in the real estate profession, and each of them have acquired numerous designations and certifications. They encourage SAR members to follow their examples - see Page 6.

Sarasota Realtor® Magazine

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

Subscriptions: The annual dues of every member of the Sarasota Association of Realtors®, Inc., includes a one-year subscription to Sarasota Realtor ® magazine.

A yearly subscription for Sarasota Realtor ® magazine is available to non-members for $25, plus Florida sales tax.

Editorial ideas and manuscripts are 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.

2011 Copyright© by the Sarasota Association of Realtors®, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.

www.sarasotarealtors.com

SAR slates Installation and Holiday Luncheon

The Sarasota Association of Realtors® will hold the Installation & Holiday Luncheon on Wednesday, Dec. 14th beginning at 11:30 a.m. at Michael’s on East, 1212 East Ave. S. (Midtown Plaza), Sarasota. The cost is $30 per person.

During the business portion of the luncheon, the new SAR Officers and Board of Directors for 2012 and the CID Officers and Directors will be installed. In addition, awards will be presented for Realtor® of the Year, Humanitarian of the Year, Meritorious Service and the President’s Award.

All SAR members are invited and encouraged to attend.

Please register online prior to Dec. 1st. The 2012 SAR Officers and Board of Directors are: SAR President - Laura Benson, Michael Saunders & Company; SAR President-Elect - Roger Piro, Town and Country; SAR Treasurer - Peter Crowley, RE/MAX Alliance Group; SAR Secretary - Stafford Starcher, RE/MAX Alliance Group; and SAR Immediate Past-President - Michael Bruno, Michael Saunders & Company.

New three-year directors: Michael Davenport, King Realty; Joe C. Hembree, Hembree & Associates; Debbie Judge, Michael Saunders & Company; Kristin Triolo, Atchley International Realty; and Amy Worth-Paul, RE/MAX Platinum Realty. New two-year directors: Bob Milhoan, Hembree & Associates; and Bob Stanley, Coldwell Banker.

The new board will join directors whose terms continue in 2012: Adam Chicoine, Michael Saunders & Company; David Clapp, RE/MAX Alliance; Bryan Guentner, RE/MAX Platinum; Anthony Homer, Lakewood Ranch Commercial Realty; Christina Pitchford, Allen Real Estate; Carla Rayman, Coldwell Banker; Drayton Saunders, Michael Saunders & Company; and Xena Vallone, Xena Vallone Realty.

Rob Barnard: SAR Affiliate of the Month for November 2011

The November 2011 Affiliate of the Month is Rob Barnard, general manager of Bee Ridge Lighting and Design.

Rob was born in Sarasota where he graduated from Sarasota High School. He then attended Eckerd College in St. Petersburg where he earned a degree in English.

Rob moved back to Sarasota in 2005, after having managed a large lighting and home accent store in North Carolina. Rob and his family Rob Barnard opened Bee Ridge Lighting and Design in July 2006.

Rob is a member of ALA (American Lighting Association), ASID ( American Society of Interior Designers) and SAR and is active with Habitat for Humanity.

Rob can be reached at 941-922-2626, or by email at rob@ beeridgelighting.com .

KNOW YOUR OPTIONS Short Sales Foreclosures Bankruptcy

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.rlglawfirm.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.

Cover Story 6

The Right Stuff

Expertise, credentials can give Realtors® the edge Editor’s Note: A real estate license can get you started in the industry, and ongoing education can give you the competitive edge. November is National Real Estate Designations Month, and we offer the article below to shed some light on this important topic.

l

“Lifelong Learning” is a two-word term defined in Harper Collins Dictionary as “the provision or use of both formal and informal learning opportunities throughout people’s lives in order to foster the continuous development and improvement of the knowledge and skills needed for employment and personal fulfillment.”

At the Sarasota Association of Realtors®, there are many walking, talking examples of this educational process. These real estate agents embody the terminology, taking concrete actions to gain additional expertise by attending designation and certification courses offered by SAR. The real estate profession places a major emphasis on the continuing education process, and there is a very good reason for this. Perhaps no other industry changes as rapidly as real estate. Particularly in the past 20 years, the evolution of the profession has been extraordinary, and agents have by necessity been required to train, retrain and retool in order to remain competitive.

Of course, technology has been at the forefront of the sweeping changes. But there have been other changes as well, led most recently by the historic housing crisis and the new reality of a much higher percentage of bank-owned and underwater properties, which require additional training for foreclosures and short sales.

The influx of the world market has also created new opportunities and new learning requirements for local agents.

Three examples of SAR members who have worked hard to stay ahead of the curve are featured on this month’s cover. They aren’t the only members of the association who have gone the extra mile to educate themselves, but they are certainly each strong examples.

Tracy Seider, William True and Linda Starcher have 75 years of real estate experience between them. Tracy (31 years), Linda (34 years) and William (10 years)

NOVEMBER 2011

all highly value the education and training they have received over the years. And they all highly recommend other agents take advantage of the affordable, and very valueable, education courses that lead to real estate certifications and designations.

“Over the years, education has kept me fresh and energized about my chosen profession,” explained Linda Starcher. “The designation courses I’ve taken have been very well prepared, and the instructors have been excellent. I’ve definitely learned a great deal, and my day-to-day business has profited from the education.”

Linda, who has acquired more than 10 NAR designations over the years, singled out the Certified Residential Specialist (CRS) designation as her most valued one.

“I received a lot of useful, hands-on training in that course that I still use routinely,” said Linda. “This is one of the courses that requires the agent to show production as a requisite to earn the designation.”

In fact, only 4 percent of agents nationwide have earned the CRS designation, awarded by the Council of Residential Specialists. It’s a highly coveted emblem of excellence, and one that sets the highly trained agents apart from the crowd.

While most NAR designations set the agents apart, ironically they also bring agents together, because of the important networking opportunities offered among agents.

“I often receive referrals from agents in other parts of the country because of my designations,” explained Tracy Seider. “And when my clients ask me for a referral in another region of the United States, I’ll usually look for other agents with the designations that I know can help my clients. I want them (my clients) to know that I am dedicated to their cause, and I want them to get the kind of service and expertise that I offer.”

The networks of agents who share designations is fraternal in many ways. Agents usually trust other agents who have been through the same rigorous training, and who can achieve the best results for their clients.

“The bottom line is that my business profits greatly from having these networks in place,” said Tracy. “And the educational resources available from the Sarasota

Sarasota Realtor® Magazine

www.sarasotarealtors.com

SAR: Your Regional Realtor® Designation Headquarters Transnational Referral Certification (TRC)- Nov. 2, 2011 The TRC designation prepares real estate professionals to make and receive compensated referrals using the Transnational Referral System developed

by ICREA (International Consortium of Real Estate Associations). Carlos Thurdekoos, CIPS, TRC, e-PRO is the instructor and the course will be held at SAR Nov. 2, 2012. Cost is $130 for all Realtors®.

Certified Professional Commercial Designation(CPC)- Nov. 30 - Dec. 1, 2011 (two days) Not an NAR designation. But a great course that goes over all the elements of commercial real estate practice! You will list, sell and lease more commercial real estate and make more money! Go to www.sarasotarealtors.com, click on the Education Calendar for more information. Cost is $299 for all Realtors®.

The Graduate, Realtor® Institute (GRI) Program Take all three programs at SAR in 2012 and earn your post-license credit (salesman’s 45-hour or broker’s 60-hour) or 14 hours of CE credit while earning your GRI designation. Course 1: Jan. 23-25 & Jan. 30-Feb. 1, 2012 (45 hours salesman’s post license and 14 hours CE); Course 2: April 23-25 & April 30-May 1, 2012 (30 hours broker post-license and 11 hours CE); Course 3: July 23-25, July 31-Aug. 1, 2012 (30 hours broker post-license and 11 hours CE). Same price for all Realtors®.

Luxury Home Marketing Specialist (CLHMS) 2/28-29/12 Recognized as the mark of accomplishment in luxury markets around the world, the Certified Luxury Home Marketing Specialist (CLHMS) designation assures affluent buyers and sellers that the agents who have earned it have the knowledge, experience, competence and confidence they require. At SAR Feb. 28-29, 2012. Cost is $550. Registration is handled at this website: www.luxuryhomemarketing.com/sarasota. Same price for all Realtors®.

Short Sales & Foreclosure Specialist (SFR) 3/21/12 National Speaker Terry Watson instructs this course! Learn how to direct distressed sellers to finance, tax and legal professionals; get training on both the buyer and seller side of short sale and foreclosure transactions; get free webinars that you can download anytime, anywhere; gain access to SFR logo and marketing materials. Cost: $139, all Realtors®.

Association of Realtors® are phenomenal. The classes are affordable, there are great instructors, and the atmosphere promotes continuing learning.”

William True noted that his most valuable designation is GRI (Graduate, Realtor Institute), a three-prong course that reviews all of the essentials of real estate - from basics to much more advanced. He added that GRI (which is

www.sarasotarealtors.com

available again in 2012 - see Page 21 for details) does not have a production requirement, unlike the CRS designation and some others that require an agent to make sales in the particular specialty before awarding of the designation.

“I highly recommend GRI to any agent who wants to

Sarasota Realtor® Magazine

Continued on P. 8, See DESIGNATIONS

NOVEMBER 2011

7

DESIGNATIONS From Page 7

improve their knowledge and skills, and improve their income,” said William.

“I still utilize most of the information I received from those courses on a day-to-day basis. I’ve noticed that the instructors really want to help you improve your business. They are in your corner - they want you to succeed.”

Tracy said she considers herself a “real estate geek,” a person who becomes immersed in the field of study She noted that anyone who has a similar interest, whether they have a college degree or haven’t finished high school, can benefit and profit from an education in the real estate field.

“I happened to be a straight A student, and loved school, but I’ve met many people over the years taking courses who didn’t like school when they were young,” explained Tracy. “But they did very well in their real estate courses, because the information they were receiving helped them achieve their career goals. It’s not about grades - it’s about gaining valuable knowledge you can put to work right away in your business.”

William agreed. “I took courses at NYU that I had no interest in, so for me they were boring and not helpful.

But in my designation courses, it was a completely different experience.”

The real estate profession remains a difficult place for agents not willing to invest the time and energy in education courses. With short sales and foreclosures continuing to represent a high percentage of the total market, the need for specialized education in those areas remains acute. For that reason, SAR continues to offer several courses and seminars each year that keep agents up to speed on the latest distressed property changes.

The international market continues to expand in Florida and in the Sarasota area. Courses that lead to the Certified International Property Specialist (CIPS) designation (see Page 25) are offered to help agents stay abreast of this ever-changing area of 8

NOVEMBER 2011

William True, Broker-Owner of True Real Estate Inc., proudly wears his designation pins to forums, classes, listing meetings and other real estate functions. real estate. The SAR Global Business Council helps promote this designation and other courses that attune our members to the broadening field of international real estate.

Aside from the courses offered at SAR, the association promotes other learning opportunities through on-line training. The monthly magazine devotes deveral pages to education, and our web site offers course registrations through the front page as well as the Professional Development section.

The strong emphasis on continuing, lifelong education is part of an ongoing effort at SAR to ensure our members have access to the best information and training from the most credible, knowledgable and professional instructors in the nation.

As Catherine McCaskill, SAR’s Sarasota Realtor® Magazine

Director of Professional Development, recently noted, “I have over 20 years experience in Realtor® education with various associations, and in my opinion, SAR members, compared to many other associations, are particularly well-educated.”

Certainly, Linda Starcher, Tracy Seider and William True, along with dozens of other SAR members with multiple designations would strongly agree.

“The bottom line is that my designations and education have made me successful,” said Tracy. “The results are closings, and a paycheck.”

For more on what’s ahead in 2012, watch for the SAR Weekly Update email, which emphasizes the upcoming courses, and read Pages 20-23 in each issue of the magazine. www.sarasotarealtors.com

IMPORTANT DUES INFORMATION – PLEASE READ CAREFULLY 2012 Dues Invoices Are Now Available and Due Dec. 15th For the Who, What, When, Where, and Why’s regarding mandatory electronic online dues payments, please visit the SAR website at www.sarasotarealtors.com and click on the MEMBERS tab near the top of the page, FAQ’s, Dues and Accounts.



When and Where are dues invoices sent?  Individual dues invoices will be available @ http://www.sarasotarealtors.com (under MY SAR ACCOUNT at top of the page) on November 1st, where they can be viewed, printed, and paid. In addition, an email will be sent to all members notifying when the invoices have been produced and are available for payment.



What will be included on this dues billing?  Annual dues: Local, State, National, CID (if applicable), Global Business Council (if applicable) and voluntary RPAC.



Payment Methods: ELECTRONIC PAYMENTS ONLY!  Two payment options: 1. Deduct directly from your checking account via: A. Debit card (MC,V) – the easiest way to have the payment deducted from your checking account. (please note that if your debit card is simply an atm card without a MasterCard or Visa symbol it will not work). If you use a debit card with the MC or V symbol, you will check “credit card” as payment type.

B. Electronic check – use same information as on your check.

2. Credit card (MasterCard, Visa, or American Express).  Instructions for all payments  Go to www.sarasotarealtors.com  Click on MY SAR ACCOUNT at top of page and log in  Under My Services, click on “Pay/View Bill Online”  Follow the payment process to confirmation of a successful transaction  Online charges will appear on your bank and credit card statements as “Realtor Association/MLS Chicago IL”  To print a copy of invoice, click on the invoice number

OR Come to the SAR offices and use our computer in the library which is programmed to open directly into the log‐in screen and has easy instructions located at the workstation for your use.  Once payments are made online, they are updated to your account within 72 hours. We encourage you to go online to check the status of your account.



Due Dates, Termination of Services, and Refund Policy  Due: December 15, 2011; Past Due: January 17, 2012, 5:01 p.m.  $50 late fee assessment on open balances a/o January 17, 2012, 5:01 p.m.  Members with open balances a/o 5:01 p.m. on January 17, 2012 will be subject to suspension of all Realtor® services.  Members with outstanding balances at 5:01 p.m. on February 15, 2012 will be terminated. Reinstatement will require payment in full of all amounts due at date of termination, plus a $150 SAR application fee to rejoin as a new member.  For a member whose license is placed inactive prior to Jan. 1st and who has paid their invoice, the inactive member will receive a full refund of the payments made.  For a member whose license is placed inactive on or after Jan. 1st and who has paid their invoice, all payments received are non‐refundable.

Governmental Affairs 10

Governmental Affairs:

Participation Required (and Necessary!)

g

By Marc Mansfield Governmental Affairs Director

Governmental Affairs means different things to different people. Some believe monitoring the activities of local, state and national elected officials is work better left to someone else. Others believe it isn’t important who is elected and what rules or regulations they support or oppose. And some people even believe it really makes no difference who is elected to office in today’s political environment.

Yet, there are people who subscribe to the belief that it is important for elected officials to be held accountable for the rules and regulations they impose upon organizations, associations, the business community or the community at large.

Some believe it is even more important that elected officials receive input and feedback on issues that impact the ability of an individual or business to compete in a fair and balanced market, and ultimately make a profit doing so.

Community involvement and political participation has been and continues to be a hallmark of Realtors® across the United States.

Whether it is in large metropolitan areas, the suburbs, or small cities, Realtors® have learned and heeded the important lesson of participation and advocacy.

When Realtors® don’t participate or advocate for their industry and allow someone else to do it for them, it can, and in many cases does, lead to rules or regulations that negatively impact the real estate industry and your pocketbook. Leaving it to someone else is simply not an option when it comes to your profession.

During the upcoming year there will be numerous opportunities for you to become involved in this process.

There will challenges as well as opportunities facing our members and the community at large.

I encourage you to get involved and participate in this important process.

How do I get involved you might ask?

- First, educate yourself about issues impacting the community - Read SAR press releases explaining how we arrived at our conclusions, and more importantly why we support or oppose a particular issue or candidate.

- Volunteer time and actively participate on a SAR committee.

- Make an effort to attend a city council, school board or county commission meeting.

NOVEMBER 2011

- Call an elected official and inform them of your views on a particular issue and actively support individuals who seek elected office.

- And, of course, take time to vote for the candidate(s) of your choice.

Being involved and participating does require giving up some of your valuable time to enhance or impact the direction and future of your community.

You have a choice. You can sit back and complain about rules and regulations that hinder your ability to make a living, and let someone else do this work. Or, you can become involved and actively participate in governmental and community activities.

Yes, we are all extremely busy, have many other things that require our attention, and really would prefer to leave it to someone else.

However, you have chosen to be a Realtor® and should understand it is your responsibility to advocate for your profession, and more importantly your pocketbook.

Leaving it to someone else is simply not an option.

So come on - get involved, educate yourself, participate and enjoy the rewards that come with bettering your community, your association, your chosen profession and more importantly yourself!

You are a Realtor® and you know your business better than anyone. Letting someone else advocate for your profession is simply not an option.

Sarasota Realtor® Magazine

www.sarasotarealtors.com

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Property Appraiser

When is a property ‘substantially complete’?

When is a property “Substantially Complete”?

Unlike many other states that assess partially built improvements, Florida does not tax improvements to real property that are not deemed “substantially complete” as of January 1.

u

By Bill Furst, GRI, CRS, CRB County But when is Sarasota an improvement substantially complete?

Property Appraiser

Unlike many improvements other states that assess partially built Land containing incomplete is assessed based on theimprovements, value of the Florida does not tax improvements to real property that are not land only. The need for interpretation arises when the land includes substantially deemed “substantially complete” as of January 1. complete improvements. In that case the property is assessed by adding the value But when is animprovement(s) improvement substantially complete? of the substantially complete to the value of the land.

Land containing incomplete improvements is assessed based on the of the land to only. needcan for be interpretation arises whenitthe Generally, ifvalue an improvement realThe property put to the use for which was includes substantially complete case the intended, it land is deemed substantially complete.

Bothimprovements. the Courts and In thethat Attorney property is assessed byopinions adding stating the value ofproperty the substantially General have issued decisions and that appraiserscomplete may improvement(s) to the value of the land. consider several factors in determining whether an improvement is substantially Generally, anwhich improvement to real property can be put to the use complete for the purposeiffor it was constructed. for which it was intended, it is deemed substantially complete. Both the Courts and the Attorney General have issued decisions and Fitness for occupancy is one factor. In the case of structures intended to be fully opinions stating that property appraisers may consider several factors finished buildings, fitness forwhether occupancy an importantiscriterion.

Issuance of a for in determining an isimprovement substantially complete certificate ofthe occupancy, andwhich completion required inspections, may be used to purpose for it wasofconstructed. determine whether the improvement is substantially complete. This does not Fitness for occupancy is one factor. In the case of structures mean that every last detail complete. intended to be must fully be finished buildings, fitness for occupancy is an important criterion. Issuance of a certificate of occupancy, and In the case of improvements intended as shell structures, be finished later by completion of required inspections, may be to used to determine tenants or purchasers according to theirisown plans and specifications, whether the improvement substantially complete. Thissubstantially does not meanthe that every last detail be complete. complete means shell is ready to be must customized by the tenant or purchaser.

The fact that not all units shell buildingintended are leased soldstructures, does not preclude In the case in ofthe improvements asor shell to be finding the building complete for the purpose for which it was finishedsubstantially later by tenants or purchasers according to their own plans intended. and specifications, substantially complete means the shell is ready to be customized by the tenant or purchaser. The fact that not all units inisthe shell building leased or sold does not preclude finding Marketability also a factor.

If theare improvement is completed to the extent that it the building substantially complete for the purpose for which it was could be leased or sold, it may be considered substantially complete. intended. is also aself-sufficient factor. If theunits improvement is completed Another factorMarketability is whether individual of the improvement are to the extent that it could be leased or sold, it may be considered substantially complete even though the entire improvement is not complete.

The substantially complete. courts have held that areas such as individual apartment units; lobby, parking, Another factor is whether individual self-sufficient of the dock, pool, and pier areas; elevators; roofs; and plumbing and HVACunits systems; can improvement are substantially complete even though the entire be considered self-sufficient units. If these units are substantially complete and improvement is not complete. The courts have held that areas such may be used for their intended purpose they may be assigned a taxable value even as individual apartment units; lobby, parking, dock, pool, and though the entire construction project otherwise incomplete.

The Courts pier areas; elevators; roofs;remains and plumbing and HVAC systems; can have recognized that such self-sufficient have a market value lower be considered self-sufficientunits units.would If these units are substantially than what itcomplete would be and in a fully may completed be used forproject. their intended purpose they may be assigned a taxable value even though the entire construction project remains otherwise incomplete.

The Courts recognized that such In addition to these factors, delays in construction within have the owner/developer’s self-sufficient would have that a market value lower isthan what it control would not precludeunits a determination the improvement substantially would be in a fully completed project. complete. However, if construction delays are the result of actions or events out of to these factors, delays in construction the control of In theaddition owner/developer the improvement might not be within subject the to an assessment.owner/developer’s control would not preclude a determination that the improvement is substantially complete. However, if construction delaysa are the result ofofactions or events out of the of the determination substantial completeness thecontrol property For moreIn order to reach owner/developer the improvement might not be subject to an appraiser’s office also performs on-site inspections, examines building department information, assessment. records and permits and conducts interviews with construction supervisors and contact the In order to reach a determination of substantial completion the Propertyowner/developers.. Since no one factor is determinative, we apply these various property appraiser’s office also performs on-site inspections, examines criteria, facts warrant, on a case by case basis.

Appraiser’s office as the building department records and permits and conducts interviews at 941.861.8200. with construction supervisors and owner/developers. Since no one factor is determinative, we apply these various criteria, as the facts warrant, on a case by case basis.

12

NOVEMBER 2011

Sarasota Realtor® Magazine

Statutes, rules and precedents governing a Substantially Complete determination.

Chapter 192.042, F.S. Date of Assessment: Real property shall be assessed at just value on January 1 of each year. Improvements or portions not substantially completed on January 1 shall have no value placed thereon.

“Substantially completed” shall mean that the improvement or some selfsufficient unit within it can be used for the purpose for which it was constructed.

Chapter 12D-8.001, Florida Administrative Code: Improvements or portions not substantially completed on January 1 shall have no value placed thereon.

Attorney General Advisory Legal Opinion AGO 93-46, July 9, 1993: Lists factors in addition to fitness for occupancy that may be considered as indicators of a building being substantially complete.

District Court of Appeals Cases: Metropolitan Dade County v. Colsky, 241 So.2d 440 (Fla 3d DCA 1970) City National Bank of Miami v. Blake, 257 So.2d 264 (Fla 3d DCA 1972) Manufacturers National Corporation v.

Blake, 287 So.2d 129 (Fla 3d DCA 1973) John W. Mikos v. Two M. Development Corporation, 546 So.2d 1110 (Fla 2d DCA, 1989)

NEED A SPEAKER FOR YOUR MEETING? BILL FURST WILL COME AND TALK WITH YOUR GROUP AND ANSWER YOUR QUESTIONS. WANT MORE INFORMATION ON NAVIGATING OUR WEBSITE? OUR GIS/IT DEPARTMENT IS AVAILABLE FOR DEMONSTRATIONS AND DISCUSSION. To make an appointment call our office at 941.861.8200 or email us at PA@SCPA.com. www.sarasotarealtors.com

V

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Shadow Inventory: Is it hype or reality?

What is it, where is it, and will it influence prices in SW Florida?

Part 2 of 2

By Michael J. Belle, Esq. Realtor®-Attorney Joint Committee Continuing in the second part of a two part series we look to move our focus from the national markets to the local and discuss foreclosures and the effects on any shadow inventory.

What is the status of foreclosures in SW Florida and does it affect the shadow inventory?

Clearly the area has suffered from the failed foreclosure process to recover properties wherein the owner is not paying on his or her mortgage. This is evident with the backlog of cases working themselves through the 12th Judicial Circuit.

Some of this delay is associated with failure of the lending institutions to properly document the loan process and some is associated with the now infamous procedure of securitizing real property loans. This process of securitizing loans via Real Estate Mortgage Investment Conduits (REMIC’s) has caused a major impact in the timeline associated with foreclosures in Florida.

The claims of fraudulent paper work and “robo” signers, i.e people who sign documents wherein they had no knowledge of the instrument, prevail throughout the foreclosure process in Sarasota. The failure of the financial institutions to diligently handle the loan process from origination to asset recovery has provided borrowers with the opportunity to contest foreclosures.

These “paperwork” issues create valid defenses that result in dismissals of the litigation.

14

NOVEMBER 2011

These procedural problems created by faulty foreclosure filings add to the perception of the unknown as it relates to the shadow inventory issue. As the backlog grows, so does the perception that this will translate into a large release of properties onto the market, affecting sales prices. For this to occur one must assume that the financial institutions will not be savvy enough to understand market conditions.

Most banks or lenders will release properties using a steady flow so as not to reduce sales prices or total recovery to the lender. The decision to release properties into the market place after a finalized foreclosure will also be affected by available government programs that resolve the foreclosure prior to judgment.

The Making Home Affordable Program introduced by President Obama in March 2009 is currently the program most often used by lenders. It has a four prong approach that includes provisions for refinancing, loan modification, second lien modification and foreclosure alternatives.

The Home Affordable Modification Program (HAMP) is the cornerstone of the plan. As borrowers have used the program to resolve foreclosures, it has had a positive effect on REO assets recovered by financial institutions and therefore on any definition of “shadow inventory.”

Notwithstanding the use of government programs to resolve foreclosures, Florida continues to lead the nation in defaults on real property loans. Florida is one of four states which continue to have the worst foreclosure problems.

It has been reported by CoreLogic that the current residential shadow inventory has been declining in recent months. Contrasting this improvement is CNBC which reports that “the foreclosure problem is unlikely to get any better with 4.5 million households either three payments late or in foreclosure proceedings.

The report, “U.S. Housing Crisis Sarasota Realtor® Magazine

Is Now Worse Than The Great Depression”, provided updated data on the first quarter of 2011 and showed an increase in the shadow inventory as defined by CNBC. Although some who define the term shadow inventory as only property which is actually owned by the bank but not listed for sale, this view fails to take into account the depth of the assets moving through the system towards the listing process.

It has been noted that the low number of bank-owned listings in the multiple listing service in Sarasota may not be such a large issue.

These low numbers do not take into account properties in foreclosure that have not proceeded to sale, nor does this view point take into account properties where borrowers are more than 90 days delinquent.

I would define bank-owned property as visible property listed and visible property unlisted. This visible inventory which can be quantified by court records as owned by a particular financial company contrasts with “invisible” or shadow inventory, which is inventory not ready for sale and requiring further action by the bank and inaction by the borrower before it will become an asset ready for sale by the lending institution.

The delays in the foreclosure process beg the question: Are banks not pushing properties to foreclosure sale to avoid adding properties to the total number of bank owned assets to keep down costs?

The number of foreclosure sale cancellations in the Sarasota market has risen dramatically. A casual review of the court dockets seems to indicate that the judiciary has made strides to reduce the practice by plaintiff ’s firms of cancelling sales repeatedly. It has been alleged by many condominium associations that the cancellations are based more upon the banks unwillingness to pay association fees Continued on P. 26, See SHADOW

www.sarasotarealtors.com

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Sarasota sales for September 2011 outpace last year

September 2011 property sales in the Sarasota real estate market were ahead of last September, with 570 this year compared to only 547 at the same time last year. This represents a small drop in transactions compared to August 2011, when 601 sales were recorded. But historically, the early fall is one of the slower sales seasons.

A recent article in Realtor® Magazine Daily News noted that of the top 15 U.S. cities showing signs of year-over-year increases in list prices, ten are in Florida, and the SarasotaBradenton area came in 6th, with list prices up 15.9 percent.

Listing price increases generally reflect optimism among sellers that a market is ready to head upwards.

The inventory of available properties for sale in Sarasota has been dropping for the past nine months, and was up only slightly in September to 4,430 after hitting a 10-year low of 4,408 the previous month.

The latest monthly figures in September showed a median price of $165,000 for single family homes, the same as August, and $140,000 for condos. The condo figure has been fluctuating for several months, hitting $185,000 in June, then dropping to $145,000 in July before climbing back up to $165,000 in August. These variations can be explained by the fact that certain months have seen the buying public focusing on smaller, bargain priced units, while other months have seen a higher concentration of luxury condo sales.

“In 2011, we’ve seen an acceleration of the market recovery, but we still have a distressed market that is weighing down on the median sales prices,” said SAR President Michael Bruno.

“Overall, we had distressed sales at 43 percent of the total, which was a little higher than in August, but is still far below

“When it cools off up north, the market usually heats up in Sarasota.”

- SAR President Michael Bruno the 51 percent total in November 2010, almost a year ago. So we’re hopeful that the worst is over for foreclosures and short sales.”

The months of inventory rose slightly to 6.7 months for single family homes, from last month’s figure of 6.3 months.

For condos, the months of inventory also rose to 11.1 months from 10.2 months in August. In September 2010, the figures were 9.9 months and 15.1 months, respectively. Both figures again remained far below the highs of 25.3 months for single family (in early 2009) and 41.7 months for condos (in late 2008). This statistic represents the time it would take to sell the existing inventory at the current month’s rate of sales.

The 6 month level is traditionally a point which represents equilibrium in the market between buyers and sellers.

In September 2011, pending sales were down slightly from last September – 723 to 744 – and also down from August, when there were 813 pending sales. Last month there were 547 single family homes and 176 condos that went under contract.

“The September market is normally a slower time of the year, so there were no real surprises this year,” said Bruno.

“The word of mouth among agents and brokers has been very positive, and I’m expecting a good season surge as we welcome back our winter residents and visitors. When it cools off up north, the market usually heats up in Sarasota.”

Third Quarter 2011 sees level distressed property trend SAR continues to publish a full quarterly report on distressed property sales, complete with several pages of additional charts, on our web site (www. sarasotarealtors. com) and in the digital version of the monthly magazine (also posted on the front page of our web site, with a link e-mailed to SAR members the week prior to the magazine printing date).

The bottom line about foreclosures and short sales in the Sarasota market remains the same as it has for several quarters - they aren’t going away any time soon, but their impact on the overall market health seems to have leveled off.

The percentage of distressed property sales in the Sarasota market rose slightly

www.sarasotarealtors.com

in the third quarter of 2011, to 38.8 percent of the total from 38.1 percent in the second quarter of 2011. After reaching a high of over 50 percent in the second quarter of 2010, quarterly tabulations of distressed property sales have decreased in the Sarasota area or remained steady.

The disparity in prices between foreclosures and arm’s length sales is still striking, as it has been for several quarters. There are still clearly two distinct local real estate markets - one for distressed properties, and the other for non-distressed properties.

For the third quarter, the median sale price for a single family home in foreclosure was $81,000. For a typical short sale, the price was $140,000. For

Sarasota Realtor® Magazine

the normal arm’s length sale, the price was $225,000.

For condos, the bank-owned properties went for a median price of $78,000 in the third quarter. The short sales brought $89,000, while the arm’s length transactions were at $215,000.

Distressed properties continue to represent both a negative and a positive in the current local market - a negative because they reflect the continuing difficult economic times for many families; a positive because they provide opportunities to purchase properties at lower initial cost.

Combined with the obvious benefits of living in Sarasota, the lower prices in the market act as a magnet for families moving to the area, as well as investors.

NOVEMBER 2011

15

Sarasota MLSSM Statistics - September 2011 Single Family Condo

Unit Sales 700 600 500 400 300 200 100 0 Sep‐10

Oct‐10

Nov‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11 May‐11

Jun‐11

Jul‐11

Aug‐11

Sep‐11

Single Family

Median Sale Price

Condo

$250,000 $200,000 $150,000 $100,000 $50,000 $0 Sep‐10

Oct‐10

Nov‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11 May‐11

Jun‐11

Jul‐11

Aug‐11

Sep‐11

Single Family

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months Inventory

Pending Reported

%Pending

# New Listings

# Off Market

This Month

2,869

430

14.9

168

$165,000

$157,500

6.7

547

19.0

640

176

This Month Last Year

4,007

404

9.9

179

$155,500

$164,000

9.9

553

13.8

824

230

2,817

445

15.8

180

$165,500

$157,000

6.3

618

21.9

647

186

‐

4,547

‐

180

$156,100

‐

‐

6,029

‐

5,945

‐

Oct 95.2 ‐

Nov 94.8 ‐

Dec 94.1 ‐

Last Month YTD

Jan 94.4 94.5

2010 2011

Single Family – Sale Price Vs. List Price % Rates Feb 92.8 94.1

Mar 95.2 94.7

Apr 94.8 94.1

May 95.2 94.2

Jun 95.3 94.3

Jul 94.7 94.1

Aug 95.2 94.5

Sept 94.6 95.2

Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of Oct. 10th, 2011, 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

NOVEMBER 2011

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Sarasota MLSSM Statistics - September 2011 Single Family Condo

Inventory 5,000 4,000 3,000 2,000 1,000 0 Sep‐10

Oct‐10 Nov‐10 Dec‐10

Jan‐11

Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11

Jul‐11

Aug‐11 Sep‐11

Single Family Condo

Pending Sales 1000 900 800 700 600 500 400 300 200 100 0 Sep‐10

Oct‐10

Nov‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11 May‐11

Jun‐11

Jul‐11

Aug‐11

Sep‐11

Condo

This Month This Month Last Year Last Month YTD

2010 2011

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months of Inventory

Pending Reported

%Pending

# New Listings

# Off Market

1,561

140

9.0

250

$140,000

$163,000

11.1

176

11.2

213

204

2,156

143

6.6

209

$150,450

$169,000

15.1

191

8.9

262

189

1,591

156

9.8

210

$165,000

$163,950

10.2

195

12.2

221

215

‐

1,768

‐

215

$165,000

‐

‐

2,004

‐

2,392

‐

Oct 94.3 ‐

Nov 94.5 ‐

Dec 92.9 ‐

Jan 92.5 93.4

Condo – Sale Price Vs. List Price % Rates Feb 92.4 91.2

Mar 92.5 92.2

Apr 93.2 93.4

May 94.2 94.5

Jun 93.7 94.2

Jul 94.2 92.5

Aug 93.5 93.1

Sept 93.2 92.8

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

NOVEMBER 2011

17

CID (Commercial Investment Division)

LWRC-2

CPC training slated Nov. 30 - Dec. 1 at SAR Title: Certified Professional Commercial Designation (CPC) Training Dates: Nov. 30 - Dec. 1, 8 a.m. to 5 p.m.

Where: SAR Main Auditorium Cost: $299 (seating is limited) Register: www.sarasotarealtors.com Join Dan Andrews (no, not Dan Andrews, SAR Membership Director) for a two-day education and training seminar on “How to Successfully List and Sell Commercial Real Estate.” At the culmination of this event, attendees will be awarded the Certified Professional Commercial (CPC) designation.

This event is sponsored by the Sarasota Association of Realtors® and is open to members and non-members in the Sarasota area.

Pricing for the event is $299.00 and seating is limited.

To register for the event, members of SAR should visit the member login page on the SAR website. Once logged in, click on the link for Education Courses.

Non-members please contact Director of Professional Development Catherine McCaskill via phone at 941328-1167 or by email (catherine@sarasotarealtors.com).

Real estate agents with professional designations have a distinct competitive advantage over their nondesignated peers because of increased expertise and marketability.

Based on 2010 survey data from the National Association of Realtors®, the median income of Realtors® with at least one designation was 43 percent more than the median income of those without a designation.

The CPC course is designed for: • Residential Agents interested in transitioning to Commercial • Beginning Commercial Practitioners • Experienced Commercial Practitioners wanting a good refresher and resource The CPC course provides you with the fundamental commercial real estate terminology and essential intellectual resources needed by new and transitioning residential agents.

This information will assist agents in working knowledgeably and professionally with commercial real estate brokers, agents, managers, sellers, buyers and leasing clients.

To make MORE MONEY, the CPC course shows you: • How to estimate value using recognized approaches and valuation techniques • How to create listing presentations to get sellable listings • How to use the Internet (social media) and traditional marketing media • How to properly evaluate property for buyers • How to conduct due diligence for buyers

CID slates meetings for November 2011 CID General Membership Meeting - Tuesday, Nov. 15th, 8:30 a.m. – SAR Auditorium Commercial Marketplace Sessions - Friday, Nov. 4th, 9 a.m. – SAR Auditorium

- Friday, Nov. 11th, 9 a.m. – SAR Auditorium - Friday, Nov. 18th, 9 a.m. – Manatee Association of Realtors®, 10920 Technology Terrace, Lakewood Ranch, FL No meeting Nov. 25th - Thanksgiving Holiday

2011 CID Officers & Directors Officers:

Directors:

President: Anthony Homer, LWR Commercial President-Elect: Brad Lindberg, Hembree & Associates Vice-President: Linda Emery, Michael Saunders & Co. Secretary: Diane Lee, Wagner Realty Treasurer: Tim Mapp, Mapp Realty Past President: Lee DeLieto, Jr., Michael Saunders & Co. 18

NOVEMBER 2011

Pete Skokos: Norton, Hammersley, Lopez & Skokos (1 year - 2011) David Roth: RE/MAX Alliance (2 years - 2012) Sarah Olesen: Michael Saunders & Company (2 years 2012) Bob Milhoan: Hembree & Assoc. (3 years - 2013) Lori Hellstrom: Osprey Management (3 years - 2013)

Sarasota Realtor® Magazine

www.sarasotarealtors.com

LWRC-225 SAR NOV TOH small pics_Layout 1 10/19/11 3:04 PM Page 1

The most anticipated home tour of the year

has finally arrived

Lakewood Ranch unveils 41 furnished models open for you to tour— with more than 17 award-winning builders to choose from.

As one of the nation’s most desirable master-planned communities, and with more than 165 homes currently under construction, Lakewood Ranch continues to be one of the most sought after communities in the country.

Discover the life that you have been waiting for. Feel free to tour at your leisure or let us take you on a FREE guided tour.

Call or visit one of our Information Centers for more information.

EXIT 220

LORRAINE RD.

64

BRADENTON 70

EXIT 217

INFORMATION CENTER

EXIT 213

UNIVERSITY PKWY.

75

PREMIER SPORTS CAMPUS

LAKE CLUB INFORMATION CENTER

INFORMATION CENTER

SARASOTA POLO CLUB

tour of homes november 4th - 20th

NEW MODELS ARE UNVEILED DURING TOUR AND WILL REMAIN OPEN AFTER TOUR

FRUITVILLE RD.

41

SARASOTA

University Information Center Directions:

Take I75 to University exit 213, head east just past Lake Osprey Drive; University Information Center on right.

941.907.6000 Tour daily! Information Centers & Model Hours: Monday � Saturday 10 a.m.� 5:30 p.m. | Sunday Noon � 5 p.m.

Homes with home sites from $140s to over $5 million Prices subject to change without notice.

Education Programs

International education on tap this month Title: Cultural Diversity Date: Nov. 2, 9 a.m. to Noon Where: SAR Auditorium Cost: $10 Instructor: Carlos ThurdeKoos, CIPS What do you know about Diversity?

Unfortunately, many of us think of this subject only in reference to AfricanAmericans and Hispanics without realizing Diversity includes ALL of us: Whites, Blacks, Hispanics, Asian, Africans, Middle Eastern, Hindus, etc., etc.

Also, the fact that Realtors® sometimes fail to understand “Globalization” is directly related to Diversity. If you think you are not impacted by Diversity and Globalization, think again!

Do you wish to learn about other cultures and ways to do business with the international market?

Don’t miss the opportunity to exchange ideas; to participate in an interactive role; to hear and be heard; to contribute. This seminar is only for those Realtors® willing to take part and interact with other attendees.

Title: Transnational Referral Certification (TRC) Date: Nov. 2, 1 to 4 p.m.

Where: SAR Auditorium Cost: $129 Instructor: Carlos ThurdeKoos, CIPS Increase your international business with this certification for brokers and agents interested in making and receiving referrals for foreign buyers and sellers.

This course and payment of the course fee of $129 is all you need to get certified.

Title: LEED for Homes, Myth vs Reality Date: Thursday, Nov. 17, 5.30 to 8 p.m.

Registration and hors d’oeuvres begin at 5.30 p.m.

Pre-register online at www.usgbc-fgc Where: SAR Auditorium Cost: $5 for members of SAR and Gulf Coast Chapter USGBC. $10 for General Public

Humanity reporting on the LEED Certified Shady Grove Townhome project in Dunedin.

• Josh Wynne, Aurora award-winning Sarasota builder reporting on his LEED Platinum Power Haus project in the Polo Club.

The discussion will attempt to address the conventional wisdom that LEED for Homes is “too complex,” “too costly,” and generally only for high-end projects where money is no object.

A LEED for Homes certification demonstrates that a home has been built to standards established by the US Green Building Council. These standards ensure that the home will deliver measurable benefits to the owner in several important areas, including: • Lower utility costs due to improved energy efficiency and lower water use.

• Lower maintenance costs due to increased durability of construction.

Why should you get certified?

• Distinguish yourself among over two million brokers and agents worldwide • Learn how to integrate international referrals into your business plan • Increase your income • Receive hands-on training in using the ICREA referral system and related services at WorldProperties.com • Market yourself worldwide as ‘TRC’ (Transnational Referral Certified).

‘LEED for Homes: Myth vs Reality’ course slated

On Thursday, Nov. 17, the Sarasota Association of Realtors®, the Green Realtors® Alliance and the Myakka River Branch of the US Green Building Council will sponsor an event to discuss “LEED for Homes: Myth vs Reality.” The event will be a panel discussion moderated by Harold Bubil of the Sarasota HeraldTribune. Panelists will include: • Doug Driscoll, local architect and LEED for Homes Green Rater for the LEED Platinum Palazzi al Mare luxury duplex project in Lido Shores.

• Ron Spoor, COO for Pinellas County Habitat for 20

NOVEMBER 2011

Sarasota Realtor® Magazine

www.sarasotarealtors.com

2012 GRI schedule for region released

Once again, SAR is the only association within 100 miles that is offering the GRI program in 2012—and we are offering all three courses so that the designation can be completed within one year.

Did you know that Realtors® who hold just one designation make on average twice as much as Realtors® who don’t and that only one in every three Realtors® holds any designation at all? In today’s competitive business environment you need more than just motivation and initiative to succeed-you need the advantage of the education you receive in the GRI program.

This GRI series is offered by the Florida Realtors® through its Florida Realtor® Institute. All the instructors have been carefully screened for their knowledge of the subjects as well as for their teaching techniques—they’re the best real estate teachers in the state.

GRI Course 1- This course satisfies 14 Hours CE for Brokers and Sales Associates; 45 Hours Salesman’s Post License Education; and NAR Code of Ethics Training Requirement

Date: Jan. 23-25 & Jan. 30-Feb 1, 2012 GRI Course 2- This course satisfies 11 Hours CE for Brokers and Sales Associates; 30 Hours Broker Post-License Date: April 23-25 & April 30-May 2, 2012 GRI Course 3- This course satisfies 11 Hours CE for Brokers and Sales Associates; 30 Hours Broker Post-License Date: July 23-25 & July 30-Aug. 1, 2012

Save money on your taxes with new deductions

Title: Tax Strategies for the Real Estate Professional Date: Dec. 14, 9 to 11 a.m.

Cost: SAR Members: $10; Others, $20 Instructor: Kelly Clark, Bradford & Co. Many of us assume our accountants take care of our taxes, but forget that we are the ones giving them the numbers and records they are using to prepare our tax return.

This seminar will help identify between $2,500 and $27,000 in new deductions that can be used right away to pocket thousands in tax savings. These deductions are based in tax law, but presented in simple English that all of us can easily understand—they will not bury you in legal jargon.

• Stimulus Package Deductions - Updates for 2011 • Increase your income – How to use the tax side of your business to increase your spendable income • Entertainment Strategies – 2 remarkable entertainment deductions available to real estate professionals that may surprise you • Double Entertainment Deductions – How to safely transform 50 percent entertainment deductions into 100 percent deductions

• Audit-Proofing - Documentation tips that will save you time, all the time • Help Your Accountant – How you can help your accountant work more effectively on your behalf • Car Strategies - Six methods that produce thousands in deductions, plus new first year auto depreciation deduction updates • Actual Expenses vs. IRS Method Mileage – New $25,000 automobile deductions you don’t want to lose • IRS Audit - Reduce your chances – Red flags to avoid • Home Office Deduction –Why Real Estate Professionals may now safely qualify for this remarkable deduction and how it transforms personal commuting to deductible business miles • Learn how a 105 Medical Plan can turn your family’s medical expenses into tax-favored business expenses This seminar is presented by Kelly Clark of Bradford and Company, Inc., and excerpted from the Bradford and Company, Inc. Tax Strategies for the Self-Employed audio course (which will be available for purchase after the program).

Waterfront property course coming in early 2012 Title: Waterfront Property Due Diligence Date: Jan. 11, 2012, 9 to 11 a.m.

Instructor: David M. Levin, Esq. Cost: SAR Members: $10; Others, $20 David Levin will present his annual waterfront property seminar at SAR on Jan. 11, 2012. If you list or sell waterfront property, you should attend this seminar. Here are some of the topics that David will cover: www.sarasotarealtors.com

• • • • • •

FEMA Compliance Coastal Construction Permitting Riparian Rights Dock permitting Beach Access Much more!

Sarasota Realtor® Magazine

NOVEMBER 2011

21

Certified Luxury Home Marketing course coming to SAR in 2012 Title: Certified Luxury Home Marketing Specialist Date: Feb. 28-29, 2012 Where: SAR Main Auditorium Cost: $550 SAR is pleased to announce that the Luxury Home Marketing Institute will be bringing its Certified Luxury Home Marketing Specialist training to SAR Feb. 28-29, 2012.

The registration fee includes:

• One year of Institute membership • FREE agent profile at www.LuxuryHomeMarketing.com • Free luxury agent profile-plus one free listing every 60 days—on the Wall Street Journal’s website (a $2,900 value) • Placing your listings on ProxioPro, with a free standard account and automatic translation into 16 languages.

To register for the course, or for more information, go to this website: www.LuxuryHomeMarketing.com/Sarasota.

You may also call 214-485-3000 to register.

Realtor®-Attorney Joint Committe needs input The Realtor® Attorney Joint Committee, a joint committee of the Sarasota County Bar Association and the Sarasota Association of Realtors®, would like your input for article topics as well as seminar topics for 2012.

Each month, the RAJC presents a noontime seminar on a timely topic. These informative educational events have proven very popular with our members.

CONGRATULATIONS!

In addition, attorneys write articles that are published in the Sarasota Realtor® magazine.

If you have an issue that you would like to see clarified, please email the incoming Chairman for 2012, Carolyn Barker Collins, at carolyn.collins@sothebysrealty.com.

The RAJC is also seeking lunch sponsors for the seminars which are held on the third Wednesday of each month. We encourage our Affiliate members to take advantage of this excellent opportunity.

Dedication and hard work pay off!! We congratulate our members who have successfully completed the Graduate Realtor® Institute (GRI), Certified Residential Specialist (CRS) designation, and the Resort and Second-Home Property Specialist (RSPS) designation!

GRADUATE, REALTOR INSTITUTE (GRI) Brian Bush Ellen Laura Esses

American Property Group of Sarasota Xena Vallone Realty, Inc.

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

CERTIFIED RESIDENTIAL SPECIALIST (CRS) Traute Winsor

Michael Saunders & Company

RESORT, SECOND HOME PROPERTY SPECIALIST (RSPS) Sheldon Paley

Signature Sotheby’s International

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

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NOVEMBER 2011

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Sharpen your MLXchange tools!

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

If you need to cancel, please call MFRMLS at 800.686.7451 (not SAR).

Creating A Professional CMA Nov. 2, 9 a.m. to Noon This class is designed to teach you the skills needed to create a comprehensive CMA. You will learn how to import properties that are listed outside of the MLS, into your CMA along with valuable tips and techniques for creating a professional CMA. - Create a new seller or buyer CMA - Importing subject property from MLS or tax search and entering additional information about the subject property - Adding MLS and tax comparables - Adjustments, pricing, net sheet, selecting pages, and viewing report - Edit and remove reports - Emailing, saving, and printing CMA - Customizing a personal CMA and setting it as the default

iMapp - Interactive Tax and Mailing Labels Nov. 2, 1:30 to 4:30 pm.

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 www.sarasotarealtors.com

MLXchange Basic Nov. 7 or Nov. 21, 9 a.m. to Noon Mandatory session for all new users.

Learn the basic tools of MLXchange.

It does the work for you, emailing the listings that match your client’s criteria automatically through auto notification.

Learn the quick way to find a listing or view your inventory with one click right from the home page or create a professional CMA in less time than it takes to drive to work.

- Review the home page features - Add a new client from the search module, saving a search and setting prospecting notification features - Searching and viewing listings, using the map, showing road, aerial, hybrid, and locator features - Adding additional search criteria - Viewing/printing/emailing reports, images, virtual tours, tax, map, driving directions and MLS listing history - Customizing hotsheet configurations - Search Tax - Creating a professional CMA - Personalize user contact information Entering and Updating Listings in MLXchange Nov. 7 or Nov. 21 1:30 to 3:30 p.m.

Mandatory class if you will be entering and updating your own listings.

You will be taught how to input and modify listings, enter photos, and add attachments along with valuable tips and techniques.

- Listing maintenance authorization forms - Explain the importance of accurate data - Rules and Regulations - Review the profile sheet - Entering a new listing, using tax auto pop, reviewing the fields that have specific entries in the Rules and Regulations - Adding images, attachments, open Sarasota Realtor® Magazine

house information, Supra Key and ShowingTime - Inventory watch-easiest way to modify the listing Design Web Pages, Capture Leads Nov. 8, 9 a.m. to Noon One of the most crucial components in today’s real estate professional’s day-today business is capturing and handling leads along with time management. This course will teach you how to set up your personal agent and client web pages, contact management and scheduling features that go hand-in-hand with a successful real estate business.

- Changing the site style, domain name, search engine tools and redirecting web sites - Designing the web page content, adding featured properties - Illustrating the property search - Lead capture shows in today’s summary and schedule - Reviewing schedule, adding/editing appointments, tasks, adding notes and reminders - Plans manager, copying and modifying the action plan - Emailing the client private webpage - Customizing email templates MLXchange Advanced Nov. 8, 1:30 to 4:30 p.m.

Take MLXchange to the next level!

In this session you will learn how to customize a search & display screens, personal website links and setup & save advanced searches.

- Creating a custom template, adding fields, changing the display order - Foreclosure, fixer upper, and vacant listings with lockbox access - Customizing columns, adding/ removing fields, changing the column headers and changing the field sort order - Editing favorite reports NOVEMBER 2011

23

On the SAR Scene

SAR members are active here, and in the community

Visit SAR on Facebook at www.facebook.com/SarasotaRealtors

Photos by Jackie Deemer and Jesse Sunday SAR Affiliates hosted their second annual Changing of the Seasons Gala for SAR Realtor速 members on Friday, Oct. 21. From left are Affiliates Cindi Shoe, Hylda Fenton, Tina Darling and Pam McCrone.

SAR President Michael Bruno put together a team of volunteers for the Oct. 22nd Brush Up Sarasota event, part of the Make A Difference Saturday. SAR teams painted two homes as part of the community-minded initiative to help beautify the Sarasota area.

The 2011 Coastal Cleanup effort was another major success, with Christina Pitchford, an SAR Director and Vice-Chair of the Green Realtors速 Alliance of Sarasota, organizing the SAR team.

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NOVEMBER 2011

Sarasota Realtor速 Magazine

Ramona Glanz and Andrew Vac, both of RE/ MAX Alliance Group, attend the September SAR Business After Hours Networking Event. www.sarasotarealtors.com

Title: CIPS Designation Dates: May 21-23 and May 29-30, 2012 Where: SAR Main Auditorium Instructors: David Wyant, CIPS, Carla Rayman, CIPS and Pat Tan, CIPS The Global Business Council is pleased to announce that it will host the complete Certified International Property Specialist designation course at SAR in May 2012.

Practitioners who want to stay competitive in many markets must be familiar with international real estate issues and practices.

A convergence of factors has greatly impacted the opportunity for international business for Realtors® in the U.S., including emerging property markets throughout Europe and Asia, immigration trends in the U.S., foreign investment, and the forthcoming development of a global Internet-based property information system.

CIPS designation courses provide international and multicultural real estate education to Realtors® and other professionals seeking training in international business issues, such as currency conversion, cultural awareness, and legal and tax requirements.

There are more than 2,000 CIPS designees, along with hundreds of candidates. Many others have elected to take one or more of the courses with no immediate intent to pursue the designation, but simply for the value of the education itself.

Approximately 70 percent of CIPS students are residential practitioners, and 30 percent are commercial. Students average more than 10 years in experience.

Course Delivery CIPS Institutes concentrate five of the required international CIPS courses into a 5-day format. SAR has elected to split the 5-day Institute into 3 days one week, and 2 days the second week so that students will not have a 5-day hole in their business.

May 21, 2012: Global Real Estate: 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 (Wyant) May 22, 2012: Global Real Estate: Financial Concepts: Provides the tools needed to present investment information to international clients—in their currency and area (Wyant) May 23, 2012: Asia/Pacific and International Real Estate: This 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 www.sarasotarealtors.com

included (Wyant) May 29, 2012: 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 (Rayman & Tan) May 30, 2012: Europe & International Real Estate: This 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 (Rayman & Tan) Cost: SPECIAL $126 DISCOUNT OFFER for SAR MEMBERS off the normal $625 price: The complete series of classes leading to the CIPS designation is $499 for SAR members.

SPECIAL $50 DISCOUNT OFFER for NONSAR MEMBERS: The complete series of classes leading to the CIPS designation is $575 for nonSAR members.

Sarasota Realtor® Magazine

NOVEMBER 2011

Global Business Council

Complete CIPS Designation in only 5 days!

25

NAR Annual Conference: Finding Your Path

By Katherine Tarbox Realtor® Magazine

“If you can dream it, you can do it.”

That’s the quote for which animation pioneer Walt Disney is best known, and it’s a fitting message for Realtors® as they head to Anaheim, Calif., Nov. 11–14, for the Realtors® Conference & Expo.

This year’s conference comes five years into a tough housing market, making it a good time to recall that some of the greatest achievements in business occurred during grave economic times, says Bill Taylor, cofounder of Fast Company, who will speak at the conference.

During the Great Depression, the company that would become United Technologies gave birth to the aviation industry. The year 1973 marked the start of the OPEC oil embargo—and the year FedEx launched its highly successful delivery business. In fact, many of the world’s largest corporations, including IBM, Proctor & Gamble, and GE, were started during periods of great financial uncertainty, Taylor says.

In Taylor’s estimation, 2011 is the time for reinvention. “If you don’t change your game, you won’t win the game,” he says.

Along with Taylor, conference attendees will hear from life coach Jack Canfield, cocreator of the “Chicken Soup for the Soul” series. Canfield will share his road map to success, which he

SHADOW From Page 14

than it is rooted in legal theory for a proper foreclosure process.

In conclusion, using whatever definition of shadow inventory you wish to use-one exists. Depending upon how you define it, the size of the shadow inventory will either grow

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NOVEMBER 2011

based on interviews with 75 influential leaders.

The Expo

Check out the products and services that will be vying for your business dollars at the Expo in Anaheim.

Download the exhibitor list PDF. And headlining the conference’s general session will be former Disney CEO Michael Eisner. Eisner took the company to new heights during his 20-year tenure—but, in his keynote speech, he’s also expected to talk about the dark days that led to his 2005 resignation and how he has changed course himself in the age of the Internet.

If you’re serious about finding a new path to success, the 2011 Realtors® Conference & Expo is a great place to start. With more than 100 educational sessions featuring the industry’s top speakers, the conference can help you build the business you’ve always dreamed of.

If you do make it to Anaheim, remember that the company that put that town on the map released its first full-length animated film, “Snow or shrink. Either way, the current foreclosure crisis is ongoing and will continue to funnel real estate assets to the market place via the local MLS service. The threat of any mass flooding of the market is, in my opinion, unrealistic. The fact that it will not be in the best interests of a financial institutions to do so and based upon the fact that unless a major improvement occurs to accelerate the

Sarasota Realtor® Magazine

White and the Seven Dwarfs,” in 1938. It was a year when the country’s economic recovery was facing serious setbacks, but for Walt Disney—who dared to dream big—it was a very good year.

Planning Your Trip

Registration. Full registration to the Realtors® Conference & Expo ($380 for NAR members) gives you access to all nonticketed conference programs, the Trade Expo, and the Nov. 13 Realtors® Celebrity Concert with Diana Ross.

You’ll also be able to download audio recordings of the education sessions to your laptop or iPod, courtesy of Bank of America.

Hotel. Conference hotels in Anaheim start at $89 a night. Complimentary shuttle service will be provided.

Air travel. Four airports service the area, making it easy to find affordable fares.

Your schedule. Use the online event planner at Realtor.org/conference to create a customized schedule with education sessions you want to attend.

Get the full details at: Realtor.org/conference completion of current foreclosures, the flow of properties will continue at a slow but steady rate. This coupled with a clear indication of involvement by the U.S. Federal government as it pertains to foreclosure prevention will stem any onslaught of a rush to judgment. While it is clear that a shadow inventory exists, its dooms day effect on the current market conditions does not seem imminent.

www.sarasotarealtors.com

By G.M. Filisko Realtor® Magazine Outsourcing work to countries like India and Pakistan is a common practice in the corporate world, though not talked about widely in real estate circles.

For some real estate brokers, sending web development projects and administrative work overseas is a realistic solution to cutting their operating costs at a time when such cuts are needed most.

Others say the financial benefits aren’t worth ­potentially receiving lowerquality work and the fact that your business spending is exiting the community. “You may save a few dollars, but it’s best to stay local,” says Patrick Parker, broker-owner at ­Patrick Parker Realty in Bradley Beach, N.J. Is overseas outsourcing right for you? Based on input from real estate trainers and brokers, it’s as much a personal decision as it is a financial one.

Money Talks, to an Extent Joe Adkins, broker with The Realty Factor in Altamonte Springs, Fla., is among the proponents.

Adkins first hired an overseas worker in October 2008 when he was looking to create a sophisticated company Web site that would allow his sales associates to review training materials, download forms, and enter data about their trans­actions for commission calculations.

“In America, that would have cost up to $30,000,” he says. Instead, he paid a company in India to do it for $1,100.

Since then, Adkins has outsourced administrative tasks to Indian workers for $3 to $4 per hour. He outsources some other Web site work to companies in the Ukraine for $10 to $15 per hour. When he has a project to assign, he looks to online resources such as Elance, oDesk, and Freelancer.com.

Keeping the ‘Core’ “If I could go overseas and get something better than I could get here, I’d buy it,” says Joe Manausa, broker at Century 21 First Realty in Tallahassee, Fla. “But it’s the death of the brokerage when you outsource a core competency.”

He considers marketing to be one of those core tasks. “Lead generation is all on the Internet today, and

www.sarasotarealtors.com

brokers lose money because they keep trying to pass that work off to someone else,” he says.

Carla Cross of Carla Cross Seminars Inc. in Issaquah, Wash., agrees there are limits to outsourcing. “You wouldn’t want to farm out anything that had to do with your company’s culture or that required significant judgment,” she says.

With today’s gloomy job market, Parker says he’s glad when he can give work to local vendors. Local business partnerships not only keep jobs at home, they can benefit your business in the form of referrals, he says.

Budget-focused Adkins isn’t swayed by such arguments. “I’m not willing to spend that much money to get referrals,” he says. “I could use that money on a Google AdWords campaign and get way more ­referrals.”

Adkins says many brokers are probably staying away because political commentators have portrayed outsourcing as bad for the country. “But when brokers say they’re keeping work in America, they don’t realize that some people they hire are probably outsourcing to India anyway,” he says.

Cross believes there’s a more important business issue at play: It’s about learning to delegate. Some brokers simply aren’t ready to assign tasks to someone else, whether it’s a foreign worker or someone down the street.

“You have to be very clear with instructions,” Adkins acknowledges. “Otherwise, you could pay for something you don’t want done.” Adkins’ solution is to record a video explaining the specific job details.

Cross says the most important thing for brokers to ask themselves is: Am I not delegating because I’d rather do it myself or because I don’t yet have systems in place to assign the work I want done?

“It’s a marvelous time for brokers to start thinking about that because there are a lot of options open to them,” she says. “I’m always asking, ‘Who else can you get to do that for you?’”

Sarasota Realtor® Magazine

NOVEMBER 2011

Broker Corner

Offshore outsourcing: Is it right for you?

27

Exercise your potential by joining WCR

By Cindi Jackson WCR President

“We are a network of successful Realtors® empowering women to exercise their potential as entrepreneurs and industry leaders.”

Now more than ever, membership in the Women’s Council of Realtors® is the way to stay out in front of a fast changing market, increasingly savvy customers and tough competition.

You have already proven you have stamina as a real estate professional if you are working your career today. Together we join top individuals in the profession for networking opportunities to take your business to a higher level than ever before.

As a WCR member you are part of a nationwide community of the industry’s most successful and motivated real estate professionals with a referral network of more than 13,000 members. Last year over 9,000 members referred business to another WCR member

with an average commission of $19,040.

The Women’s Council of Realtors® delivers an unmatched combination of professional training, through our Performance Management Network designation and personal support, both nationally and locally. You have opportunities to attend national meetings and networking conferences, to bring you realworld tools and information to grow your business.

As a WCR member locally, you can join committees and attend monthly educational business resource meetings that will expand your real estate horizon. The key is to get involved!

Shape your future and exercise your potential, by joining the Women’s Council of Realtors®.

For membership information contact, Mary Hellhake, V.P. of Membership, 941-544-0763 or email her at: maryhellhake@michaelsaunders. com.

Upcoming WCR Business Resource Meetings Friday, Nov. 4th - Business Planning, Caroline Griffith; Chapter Awards, Michael’s On East Thursday, Dec. 8th - Installation of 2012 Officers, Sarasota Yacht Club 11 a.m.-12 noon Business Networking 12 noon - 1 p.m. Business Resource Meeting - For Business Resource Meeting information contact Leslie Lauritano at leslie.lauritano@regions. com

2011 Line Officers Cindi Jackson President Exit Realty Signature Properties Cell: 941-735-0542 cindi_title@yahoo.com

Mary Hellhake Vice-President Membership Michael Saunders & Company Cell: 941-544-0763 maryhellhake@michaelsaunders.com

Carrie Starr Rummery Recording Secretary Starr Title Insurance Phone: 941-365-7827 carrie@starrtitle.net

Marianne LeBar President-Elect Michael Saunders & Company Cell: 941-650-0337

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

Mary Mastro Corresponding Secretary Keller Williams Lakewood Ranch Cell: 941-586-2402 marypmastro@kw.com

mariannelebar@michaelsaunders.com 28

NOVEMBER 2011

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Annual WCR Fashion Show another hit!

Membership News

The Association is pleased to welcome new members!

Designated Realtors®

Diamond, Michael: Diamond Oceanside Realty Inc. Miller, Christina: Sarasota Bay Real Estate P.A. Pelletier, Christopher: Christopher A Pelletier Broker Tanaka, Amy: Silver Palm Realty

New Members

Arias, Regina: Deborah Johnson Lic R E Broker Bodmer, Tracey: Exit King Realty Bushard, Barbara: Darling Realty Calderone, Anna: Michael Saunders & Company Churchill, Jordan: Sanderling Real Estate Corneau, Opal: Signature Sothebys Internat’l Cox, Rhonda: Exit King Realty Gredzinski, Sabine: Nextage Lighthouse Realty Guthrie, Carol: Michael Saunders & Company Hammond, Thomas: Tarpon Coast Realty Inc. Hein, Alice: Coldwell Banker Res R E Kolozs, Karen: Cristello and Co. Real Estate Kovalsky, Marian: Signature Sothebys Internat’l Lebo, Andrew: Mapp Realty & Investment Co. Malickson, Frank: Atchley International Realty McCown, Linda: Michael Saunders & Company Moore II, Louis: Moynihan Realty Group Inc. Mound, Ronald: Horizon Realty International Obringer, Francis: Coldwell Banker Res R E Petrucci, Jean: Sandals Realty of Sarasota Pruitt, Rosemary: Coldwell Banker Res R E Sacco, Joyce: Generous Property Sallitto, Sean: Keller Williams Lakewood Ranch Torres, Cheryl: RE/MAX Alliance Group Webb, Ernest: Coldwell Banker Res R E

Now With ...

Andres, Roberta: Beachside Resorts Inc. Arias, Regina: Deborah Johnson Lic R E Broker Bain, Brian: Exit King Realty Baylis, Chris: Michael Saunders & Company Bell, Joseph: Michael Saunders & Company Blumenthal, Marisa: One World Realty of SW FL Inc Bowman, Myles: Coldwell Banker Res R E Casey, Nancy: Coldwell Banker Res R E Cashi, Paula: Coldwell Banker Res R E Cashi, Tamara: Coldwell Banker Res R E Cashi-Haught, Lora: Coldwell Banker Res R E Chandler, Susan: Sandals Realty of Sarasota Cristea, Vera: Venice Real Estate Company Davis, Glenn: Coldwell Banker Res R E DeCastro, Julia: LWR Commercial Realty LLC Derosier, Victoria: Charlesworth Realty Durbin, Bruce: Coldwell Banker Res R E Eduardo, Peter: Florida Resorts Realty Elario, Robert: Coldwell Banker Res R E Engstrom, Frauke: Wagner Realty Flanders, Jennifer: Keller Williams Lakewood Ranch Forrest, Sharon: RE/MAX Platinum Realty Foster, David: Michael Saunders & Company Geiger, Karen: Coldwell Banker Res R E George, Rozalia: Coldwell Banker Res R E Gesell, Ellen: Coldwell Banker Res R E Gillies, Rosemary: Signature Sothebys Internat’l 30

NOVEMBER 2011

Gilliland, Patricia: Michael Saunders & Company Good, G. Tom: RE/MAX Alliance Group Graham, Donna: Exit King Realty Granston, Michael: Century 21 Dockside Rlty Assoc Haas-Goodwin: Stacy, Coldwell Banker Res R E Hagan, Pamela: Century 21 Dockside Rlty Assoc Hamilton, Fred: Prudential Lakewood Ranch Rlty Hammond, Bonnie: Coldwell Banker Res R E Harrison, Anne: Coldwell Banker Res R E Hebert, Deborah: Jeffrey S. Dieter R E Broker Hill, S Mark: AUM Florida Real Estate LLC Holmes, Michael: Atchley International Realty Hudson, Mary Beth: Signature Sothebys Internat’l Hudson, Greg: Signature Sothebys Internat’l Hunter, Roy: Sarasota Bay Real Estate P.A. Jones, Timothy: Beachside Resorts Inc. Jordan, Susan: Coldwell Banker Res R E Katanic, Amy: Sarasota Foreclosures.com Inc. Kiesewetter, Ken: Coldwell Banker Res R E Lagrange, Shirley: Coldwell Banker Res R E Lange, Alba: Wagner Realty Laver, Sean: Exit King Realty Litke, Janice: Coldwell Banker Res R E Maag, Donald: Coldwell Banker Res R E Mannion, Robert: Ryntal Martinetto, Wanda: Atchley International Realty Mast, Tammy: Michael Saunders & Company McClain, Tana: Rossi & Company Inc. McDonald, Michael: Coldwell Banker Res R E McDonald, Lynn: Coldwell Banker Res R E Michel, Diana: Michael Saunders & Company Mitchell, James: Coldwell Banker Res R E Mitchell, Kyle: Coldwell Banker Res R E Mulligan, Douglas: Coldwell Banker Res R E Murphy, Janice: Coldwell Banker Res R E Nadelson, Jay: Exit King Realty Oravec, Douglas: RE/MAX Alliance Group Paquette, Bruce: Beachside Resorts Inc. Pellegrino, Arleen: Cristello and Co Real Estate Penzotti, Gina: Coldwell Banker Res R E Pujol, Cher: Prudential Lakewood Ranch Rlty Ranck, Victoria: CareFree Realty Inc. Rappaport, Gregg: Exit King Realty Rayman, Carla: Coldwell Banker Res R E Rusignola, Annette: Coldwell Banker Res R E Scalera, Geoffrey: AUM Florida Real Estate LLC Slotnick, Stuart: Bosshardt Realty Services LLC Spiegel, Irvin: Wagner Realty Spiegel, Carol: Wagner Realty Stahlschmidt II, Robert: Coldwell Banker Res R E Taliaferro, Cindy: Coldwell Banker Res R E Tan, Patricia: Coldwell Banker Res R E Trigg, Carol: Coldwell Banker Res R E Trulson, Niels: Blakeley & Associates Realty Trulson, Marianne: Blakeley & Associates Realty Turner, Jesse: Exit King Realty Weeks, Stephen: Prudential Lakewood Ranch Rlty Weiss, Douglas: Beachside Resorts Inc. White, John: Beachside Resorts Inc. Williams, Daniel: Michael Saunders & Company

Sarasota Realtor® Magazine

www.sarasotarealtors.com

SAR welcomed a group of 26 new members at the New Member Orientation in October 2011. The association holds the monthly classes for the benefit of new and returning members, with SAR Board Secretary Dave Swenson handling most of the recent morning sessions.

New Affiliates

On-Time Pool Service, Inc.

5411 America Drive Sarasota, FL 34231 Phone Number: 941-224-0404 Representative: Kirk Bradley Specialty: An offer of superior pool care, week after week, year after year by On-Time Pool Service, Inc. We provide you with weekly pool care and maintenance all year long. Each week, we’ll check and balance the water chemistry, skim water surface and keep tiles clean, inspect and maintain all pool equipment, clean pool surface of all debris, monitor water level, empty skimmer and pump baskets, adjust and maintain timer clocks, keep your pool algae free, leave a personalized note of the pool’s condition, conduct all other actions needed to provide you healthy water. It is up to you to take the next step towards healthy water and great pool service – we can’t help unless you contact us. Call with any question or concern about your pool and we’ll do all we can to help.

Email: on-timepools@verizon.net

www.sarasotarealtors.com

Trade Mark Interiors, Inc.

1231 2nd Street Sarasota, FL 34236 Phone Number: 941-228-6574 Representative: Amy Schwake Specialty: Tracee Bomberger, one of Southwest Florida’s most prominent interior designers, specializes in helping high end Sarasota-area residents substantially enhance the value of their homes. Tracee, who has 15 years experience providing complete interior design services to owners of luxury homes nationwide, advises clients on how to gain and maintain the highest value of their residences. She is the area’s only design professional who offers hourlong Interior Value Assessments (IVA), using a 10-point checklist to advise clients on how to update and upgrade their interiors. She has acquired her home value expertise by way of her close association with Realtors®, and through her research prior to earning a real estate license.

Email: Amy@TradeMarkInteriorDesign.com

Sarasota Realtor® Magazine

NOVEMBER 2011

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

NOVEMBER 2011 E DUCATION & E VENTS C ALENDAR Tuesday

Oct. 31

Nov. 1

7

Wednesday

Thursday

Friday

2

3

4

8

9

10

11

14

15

16

7:30 a.m.

Toastmasters

8 a.m.

Power Marketing (SAR) 5:30 p.m.

GRAS/USGBC Panel

17

18

21

22

23

24

Thanksgiving SAR Closed

Thanksgiving SAR Closed

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29

30

Dec. 1

2

7:30 a.m.

Toastmasters 9 a.m.

CMA & Diversity Sem. 1 p.m.

TRC Cert.

1:30 p.m. iMapp

9 a.m.

Basic MLXchange 1:30 p.m.

Entering & Updating

9 a.m.

New Member Orientation 1 p.m.

Code of Ethics

9 a.m.

Basic MLXchange 1:30 p.m.

Entering & Updating

9 a.m.

Design Web Pages 1:30 p.m.

MLXchange Advanced

8:30 a.m.

CID General Membership

5 p.m.

Affiliate Networking (Gecko’s)

12 p.m.

Affiliate Smart Lunch

8:30 a.m.

Certified Professional Commercial (CPC) Designation

8 a.m.

Power Marketing (University Park CC) 12 p.m.

FR Global Webinar

8 a.m.

Power Marketing (SAR) 9 a.m.

MLX Advanced 1:30 p.m.

Design Web Page

8 a.m.

Power Marketing (University Park CC) 8:30 a.m.

CPC Designation

9 a.m.

CID Commercial Marketplace

9 a.m.

CID Commercial Marketplace

9 a.m.

CID Commercial Marketplace (offsite)

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9 a.m.

CID Commercial Marketplace

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

My Florida Regional MLS Training

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

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

Monday

18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 Sep‐10

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Days on Market 300

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$180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11

Jul‐11 Aug‐11 Sep‐11

Sarasota Association of Realtors® MLS

The Xtra Pages - Digital Version Only

Single Family Condo

Months of Inventory

Third Quarter 2011 Report Single Family Sales ‐ By Quarter

REO

Short

Arm's Length

1200 1000 800 600 400 200 0 2009‐Q1

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2010‐Q2

2010‐Q3

* Homebuyer Tax Credit In Effect

2010‐Q4

Condo Sales ‐ By Quarter

2011‐Q1

REO

2011‐Q2

Short

2011‐Q3

Arm's Length

600 500 400 300 200 100 0 2009‐Q1

2009‐Q2

2009‐Q3

2009‐Q4

2010‐Q1

2010‐Q2

2010‐Q3

* Homebuyer Tax Credit In Effect

Single Family Median Sale Price

2010‐Q4

REO

2011‐Q1

Short

2011‐Q2

2011‐Q3

Arm's Length

$300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2009‐1stQ

2009‐2ndQ

2009‐3rdQ

2009‐4thQ

2010‐Q1

2010‐Q2

2010‐Q3

Condo Median Sale Price

2010‐Q4

REO

2011‐Q1

Short

2011‐Q2

2011‐Q3

Arm's Length

$350,000 $300,000 $250,000 $200,000 $150,000

Source: Sarasota Association of Realtors®

$100,000 $50,000 $0 2009‐1stQ

2009‐2ndQ

2009‐3rdQ

2009‐4thQ

2010‐Q1

2010‐Q2

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

Single Family Condo

REO Sales ‐ By Quarter 600 500 400 300 200 100 0 2009‐Q1

2009‐Q2

2009‐Q3

2009‐Q4

2010‐Q1

2010‐Q2 2010‐Q3 2010‐Q4 * Homebuyer Tax Credit In Effect

2009‐Q3

2009‐Q4

2010‐Q1

2011‐Q3

Condo

400 350 300 250 200 150 100 50 0 2009‐Q2

2011‐Q2

Single Family

Short Sales ‐ By Quarter

2009‐Q1

2011‐Q1

2010‐Q2 2010‐Q3 2010‐Q4 * Homebuyer Tax Credit In Effect

Arm's Length Sales ‐ By Quarter

2011‐Q1

2011‐Q2

2011‐Q3

Single Family Condo

1200 1000 800 600 400 200 0 2009‐Q1

2009‐Q2

2009‐Q3

2009‐Q4

2010‐Q1

2010‐Q2

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

* Homebuyer Tax Credit In Effect

Source: Sarasota Association of Realtors®

Annual Sales ‐ 2000 to 2010 Single Family Single Family

Condo

Total

11267 10562 9697 8167 7603

7,596 7036

6533

6,841

6 504 6,504

6358

5,603

6739 6042

5,183

4,940 4,353

4,349 3,193 2,184

3 721 3,721

3 671 3,671

2,564

2,096

5820

2,005

4,626 3,922 ,

2,137

2,120 1,194

2000

2001

2002

2003

2004

2005

2006

5,466

2007

2008

1,556

2009

2010

Annual Median Sale Price ‐ 2000 to 2010 Condo

Single Family

$351,000

$342,000

$272,500 $305,000

$226,000 $172,500

$132,300

2000

$303,000

$210,000 $163,000

$230,000

$191,000

$142,000

$320,000

$301,225

$225,000

$191,000

$336,250

$173,000 $160,000

$145,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

$163,000

2010