ASSETS & ANSWERS STRICTLY BUSINESS

ASSET$& ANSWERS

by stephanie wallace WHAT ARE THE REPERCUSSIONS OF TODAY’S COMPETITIVE REAL ESTATE MARKET?

Tight inventory is forcing borrowers to remove common inspection and appraisal contingencies. It also means clients are seeking conventional financing with larger down payments and earnest money deposits. Today’s busy market pushes out the time period it takes to go under contract, requiring borrowers to be very aware of large deposits, bank balances and transfers, and employment changes so their approval is still valid 60 or 90 days after applying. We help clients be more competitive by offering mortgage pre-approval and a seller guarantee.

In the current competitive real estate market, both buyers and current homeowners need to be aware of and understand how recent increases in property sale prices will impact real estate tax bills going forward.

Current owners should understand that these increases in value, while generally a positive development, will ultimately lead to higher property taxes as these sales are comparable for future reassessments. These increases can make it difficult for older homeowners on a fixed income to maintain ownership of their property.

Buyers need to determine the current property tax assessment and how that number relates to the purchase price. This information is important both to determine if there is an opportunity to appeal the assessment and to understand the scope of a potential increase in taxes going forward.

Another important consideration for buyers relates to how real property taxes for 2021 will be prorated at closing. If the 2021 reassessment value is a significant increase from 2020, the standard real estate contract language will lead to a disadvantageous proration for the buyer. Buyers need to understand how this proration is calculated and consider negotiating that contract language so that they aren’t left with a surprise at year end when tax bills are due. —kyle cullen

SENIOR MORTGAGE BANKER FLAT BRANCH HOME LOANS

—steven weber

FOUNDING PARTNER PAR RESIDENTIAL

STRICTLY BUSINESS

by julia m. johnson

ENDANGERED WOLF CENTER LAUMEIER SCULPTURE PARK

The open-air museum and park announced changes to its board of directors. Travis Sheridan of Wexford Science & Technology is the attraction’s new board president, and attorney Stephanie Copp Martinez of The Estate Planner law firm is treasurer. Joining as board members are Amy Hauft of Washington University, former Laumeier director of learning and engagement Kelley McCarthy, and Carlos Zamora of Cartel Strategies.

Wildlife conservationist and media personality Stephanie Arne has

been named director of education for the center. She is the former host of Mutual of Omaha’s Wild Kingdom and serves as wildlife and conservation ambassador for the CuriosityStream education channel. She also is an advisory council member for the Alaska Sea Life Center.

ENERGIZER HOLDINGS INC. FONTBONNE UNIVERSITY

Stephanie Dane has been

named director of integrated marketing communications for the university. She is the former associate director of marketing and communications for the Gateway Region YMCA. Dane holds a master’s degree in media communications from Webster University.

CALERES ANHEUSER-BUSCH INBEV

The company announced key changes to its top leadership. Former U.S. chief sales officer Brendan Whitworth was named zone president for North America and chief executive officer of Anheuser-Busch. He succeeds Michael Doukeris, who recently accepted the role of global chief executive officer for AB InBev.

John Drabik has been

promoted to chief financial officer at the company, which is headquartered in Town and Country, effective Oct. 1. The company’s current CFO, Timothy Gorman, plans to retire. Drabik is a 20-year veteran of the battery company and currently serves as its chief accounting officer. Jennifer Olsen has

been named chief marketing officer for the footwear company. She is the former chief marketing officer for UNTUCKit and also served in executive roles for Yahoo! and StitchFix. She has a master’s degree in marketing and strategy from Northwestern University.

REDKEY REALTY LEADERS

The real estate agency named Debbie Hilke director of agent success for its Frontenac office. She will assist agents in meeting their goals and expanding their businesses and will help the executive team identify, hire and retain top agents.

CENTENE CORP.

The managed care provider announced Suzy DePrizio

as its new senior vice president and chief marketing officer. She comes to the role from Johnson & Johnson, where she led digital and ecommerce efforts for the company’s U.S. consumer health business. She holds an MBA from Duke University and served as a U.S. Navy officer for nine years.