November 2006 - Realtor Association of Sarasota and Manatee

Transcription

November 2006
Property Insurance Crisis
PIRC offers ideas for reform
Page 6
Economic storm is
brewing in the county
Page 10
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August 2006
Sarasota Realtor Magazine
«ÀViÃÊEÊ>Û>>LÌÞÊÃÕLiVÌÊÌÊV>}i®
www.sarasotarealtors.com
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ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE
Sarasota
Magazine
August 2006
REFERENCE TO THIS ADVERTISEMENT AND TO THE DOCUMENTS REQUIRED BY SECTION
718.503, Realtor
FLORIDA STATUTES,
TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.
3
Contents
Sarasota Realtor®
Sarasota
Volume 3, Issue 11
November 2006
R E A LTOR
M
A
G
A
Z
I
N
Sarasota Association
of Realtors®, Inc.
®
E
®
“The official monthly magazine of the Sarasota Association of Realtors ”
6
Risky Business
The Florida Legislature could tackle the thorny issue of rising property insurance
before the end of the year – an issue so vital to the real estate industry. What are
the solutions proposed by the Property Insurance Reform Committee?
10
Category Five?
If all of the issues currently swirling around the various governmental entities
in our community were to converge, we would find ourselves in the middle of
a perfect storm of a different sort – an economic storm.
16
CID Gives a Boost
The 2006 CID Golf and Tennis at The Ranch event made a big difference to
three local organizations – Mote Aquaculture Park; Construction Technology
Careers (CTC); and Crowley Museum and Nature Center.
30
HUD Contributes
Volume 3 • Issue 11 • November 2006
The federal Housing and Urban Development agency has given the state $1
million to fight housing discrimination.
4
37
Florida Still Popular
The state of Florida shows up in the Top 5 states people would pick to live in
both national and international polls – the only state to show up in both of
the top rankings.
In every issue
10- Governmental Affairs Update
14- Property Appraiser
16- CID Update
20- Sales & Listing Statistics
22- Education Programs
29- Rookie Corner
31- WCR News
32- Membership News
33- Ethics in Action
37- International Real Estate
40- Calendar of Events
DID YOU KNOW? “Unfair taxation is the most formidable foe of real estate,”
said Alexander Sacket Taylor, NAR’s second president, in 1910. Ensuring the
fair taxation of property owners and reserving the economic benefits of home
ownership have been among the primary lobbying goals of the National Association
of Realtors® throughout its history
November 2006
3590 South Tuttle Avenue
Sarasota, Florida 34239
Phone: 941/923-2315
FAX: 941/923-0191
2006 Officers
President
Felix Power
Coldwell Banker Residential R.E.
President-Elect
Joe Hembree
Hembree and Associates Inc.
Secretary
Kris Niehaus
Century 21 Advantage
Treasurer
Helen V. Sosso
Prudential Palms Realty
Immediate Past President
Judy Schomaker
RE/MAX Properties
Chief Executive Officer
Kathy Roberts
Mission Statement
The Sarasota Association of Realtors®, Inc., is
a professional trade association committed to
providing quality programs and services for its
members; enhancing the image of its members
in the community; upholding the Realtor®
Code of Ethics; planning for the future needs
of the organization; and to protecting private
property rights.
Sarasota Realtor® is published monthly by the
Sarasota Association of Realtors® Inc.
Editorial Staff
Director of Communications
Ray Porter
Director of Member Services
Dan Andrews
Director of MLS Information Systems
Jesse Sunday
Director of Professional Development
Catherine McCaskill
Production
Serbin Printing, Inc.
Sarasota Realtor® Advertising:
For information on advertising rates and
deadlines, contact Ray Porter at 941/3281168 or [email protected].
Subscriptions: The annual dues of every member
of the Sarasota Association of Realtors®, Inc.,
includes a one-year subscription to Sarasota
Realtor® magazine. A yearly subscription for
Sarasota Realtor® magazine is available to
non-members for $25, plus Florida sales tax.
Editorial ideas and manuscripts are welcomed.
Byline articles and columns express the
opinions of the writers and do not necessarily
reflect the policies or sentiments of the Sarasota
Association of Realtors®, Inc. All submitted
copy is subject to editing.
2006 Copyright© by the Sarasota Association
of Realtors®, Inc. All rights reserved.
Reproduction in whole or in part without
written permission is prohibited.
SAR announces picks
for Nov. 7 General Election
The Sarasota Association of Realtors® makes
the following candidate recommendations for
various Sarasota area public offices in the Tuesday,
Nov. 7, general election.
Recommendations were based on a membership
driven process of collecting and deliberating
over biographical and issue specific information
gathered about each candidate, followed by
face to face interviews conducted in July by a
panel of SAR members. Appropriate questions
were asked for each level of governmental office
being sought. These recommendations were
approved by the SAR Board of Directors at their
regular meeting held on Sept. 28.
New recommendations were made in offices
where our previously recommended candidate
did not prevail in their primary election
race in September. There are no School Board
recommendations for the November election, since
the winners in those races all received at least 50
percent plus 1 of the votes in the September primary,
and no second election was necessary in those non
partisan races.
The recommended candidates are:
• U.S. Congress, District 13
Vern Buchanan
• State Representative. District 69
Laura Benson
County Charter Review Board
• District 1 - Stefan Butz
• District 2 - Dan McLeroy, Jr.
• District 3 - Adam Miller
• District 4 - Charles Cooper
• District 5 - No Recommendation
Installation Banquet set for
Dec. 7 at Michael’s On East
This year, the Sarasota Association of
Realtors® will recognize the 2006 Realtor®
of the Year, 2006 Humanitarian of the Year,
2006 Meritorious Service Award winner, the
2006 President’s Award winner and CID award
winners, plus install the 2007 SAR Officers and
Directors on Thursday, Dec. 7 at the annual
SAR/CID Installation Banquet at Michael’s On
East restaurant.
Two board vacancies will soon be filled by the
SAR Nominating Committee and will be
announced at the banquet.
You can now register online for the big annual
event at www.sarasotarealtors.com. Sponsorships
are also available by calling SAR Events
Coordinator Teri Hartley at 941-923-2315, or by
filling out the form online and Faxing to 923-0191.
Musical entertainment will provided by The
Venturas, and a wonderful evening of great food
and camaraderie is promised for all.
Important Dues Announcement
In an effort to provide members with additional
time to plan for their December 15th dues, SAR will
be sending out invoices the first week in November,
instead of the usual first week in December. The
deadlines remain the same as before: Due December
15, past due January 15, 2007 at 5:01 p.m.
Again, all membership dues are required to be
paid on-line electronically, and will be available
November 8th by accessing our web site at www.
sarasotarealtors.com and entering the “Dues and
Account” portal.
November 2006
5
Cover Story
PILLARS OF REFORM
Property insurance crisis
demands immediate solutions
Editor’s Note: Several groups have banded together to form the Property Insurance Reform Coalition in order to seek
meaningful property insurance reform in Florida. The coalition includes the Florida Association of Realtors®, the Florida
Home Builders Association, the Florida Association of Insurance Agents, the Florida Bankers Association, the Mortgage
Bankers Association of Florida, and Florida Apartment Association. The Florida Legislature could tackle this issue which
is so vital to the real estate industry in a special session this month, or in December. This is the first in a 2-part series on
the PIRC report and recommendations (the full report is now posted on www.sarasotarealtors.com).
f
Florida’s escalating property insurance crisis demands an approach that
produces long-term solutions that fit broad market needs and address
he concerns of consumers, business, industry and government.
There are four key pillars to meaningful long-term 3. Incentives to Encourage Mitigation – The Florida
Building Code is one of the strongest construction
reform. They are:
codes in the nation, but there is room for improvement.
1. Modification and Expansion of Catastrophic Funding
Stronger compliance with the code will be realized
– We must recognize that some part of Florida’s
with more education and training. By establishing
catastrophic wind exposure is uninsurable by the
incentive programs and eliminating disincentives to
private market. This means the state must identify the
mitigation, existing homes can be fortified to withstand
uninsurable portion and find a fair and efficient method
hurricane strength winds, more lives will be saved,
to fund it. While the state’s catastrophe fund helps keep
and the financial impact from property damage will
premiums down and companies in Florida, it is no
be minimized. By taking steps to reduce and manage
longer adequately funded and capable of handling the
total exposure to hurricanes, Florida can help moderate
level of exposure we face going forward. Ways must be
damage claims and reduce insurance costs.
found to expand catastrophic funding and to enhance
4.
A
More Consistent Approach to Regulation – In order
the ability of the state to partner with private insurers.
to cultivate a viable insurance market, it is necessary to
It’s also important that Florida stop funding its
retain existing companies and bring more competition
wind exposure with postevent assessments levied only
on policyholders. We must
Florida’s escalating property insurance crisis demands
find a fair and equitable
an approach that produces long-term solutions that
way to build surplus,
applying minimum impact
fit broad market needs and address the concerns of
on “all” those who benefit
consumers, business, industry and government.
from available, affordable
property insurance.
2. Transform Citizens Property
Insurance Corporation – Citizens was established
into the state. However, Florida has a reputation for
as Florida’s insurer of last resort, but has grown to
having one of the country’s least friendly regulatory and
become the largest insurer in the state and the fourth
legal climates. It’s important to protect the public from
largest insurer in the nation. As common-sense market
unfair trade practices, but creating a more consistent
reforms for catastrophe funding are implemented,
approach to regulation will also give consumers the
Citizens will no longer be needed in its current form.
additional benefit flowing from increased competition.
Therefore, it must be restructured to avoid unnecessary
growth in the future and to eliminate expensive and Wind:
unnecessary bureaucracy. It should provide provisional Insuring, funding, and spreading
coverage only to those who need it and only for the
time and extent of that need. And, it should never the exposure
enable a financially capable individual to avoid the
PIRC recognizes that a portion of Florida’s catastrophic
responsibility of hardening their home or business wind exposure is uninsurable by the private market and
against hurricanes.
that it becomes the state’s obligation to first identify that
Continued on page 18
6
November 2006
November 2006
7
Pay close attention to
tax laws for foreign investors
Editor’s Note: This is the final part of a three-part series. This information was prepared by an IRS Task Force, with
input from Thomas C. Roberge of Thomas C. Roberge & Company, Certified Public Accountants, headquartered in
St. Petersburg, Florida, and Jonathan H. (Jason) Warner, a tax attorney, with offices in Miami, Florida.
j
Just because there has been withholding with regard to the
sale by the foreign seller, or the transaction was exempt from
withholding, does not mean the foreign seller is excused from
filing a U.S. income tax return and reporting any gain with
respect to the sale. The sale of a U.S. real property interest
by a foreign investor is a taxable event calling for the filing of
a U.S. federal income tax return for the year of the sale. The
amount of tax withheld may be credited against the seller’s
federal income tax liability, which will reduce the amount of
tax owed or may entitle the seller to a refund.
According to a recently released Treasury Regulation, Forms
8288, 8288-A and 8288-B must contain the foreign seller’s
U.S. taxpayer tax identification number (and the buyer’s tax
identification number as well). The seller’s tax identification
number also is required for reporting the transaction on
Form 1099-MISC, as the sale generally is not eligible for the
“no information” reporting exception for sale of a taxpayer’s
principal residence.
Nonresident aliens generally obtain an Individual Taxpayer
Identification Number (ITIN) for this purpose), but ITINs
are no longer issued unless the applicant is filing a U.S. federal
income tax return with the application or other specific
exceptions apply.
Under guidelines published by the IRS the application for
the ITIN (Form W-7) can be done at the time of closing
the transaction, with the Form W-7, proper supporting
documents, and the FIRPTA withholding documents (either
Form 8288-B, or Form 8288, 8288-A and the remittance
of the amount withheld) being filed with the IRS ITIN
Unit rather than filed directly with the IRS FIRPTA Unit.
The instructions for filing are on the current Form W-7, as
modified by the above ITIN Guidelines.
Transferor’s Tax Return Responsibility
Upon Selling Real Property Interest
The individual transferor of the U.S. real property interest
is required to file a Form 1040NR along with Schedule D,
and if required, Form 4797, Sale of Business Property, and/or
Form 6251, Alternative Minimum Tax, in order to meet its
tax obligation. If the transferor is a corporation, then a Form
1120F with appropriate schedules will have to be filed.
In order for a foreign individual or corporate transferor to
claim a credit against its tax liability for the amount of tax
8
November 2006
withheld by the purchaser under Code section 1445 or obtain
a refund of excess withholding, the transferor should attach to
its tax return the receipted copy of Form 8288-A that the IRS
returns to the transferor.
Under U.S. tax law, a taxpayer can depreciate the property;
there are different rates for residential and commercial
properties. This annual depreciation is deducted from income
as an expense on an income tax return. However, it will be
recaptured when the property is sold.
The reporting of real property interests either on Form
8288, Form 1040NR or Form 1120-F may trigger an IRS
inquiry regarding taxes for rental income in situations where
the nonresident has failed to submit timely tax returns relating
to the property.
U.S. Income Taxation of Foreign Persons
The U.S. federal income tax differentiates two principal
types of U.S. source income of foreign persons: business
income and investment income. If a foreign person conducts
a business in the United States, the net income is taxed at
the same graduated rates applicable to U.S. citizens and
residents. For example, if a foreign person is an operator of
U.S. commercial real estate, the foreign person is conducting
a business in the United States and must pay federal income
tax at graduated rates. The foreign person will file either a
Form 1120F (for foreign corporations) or a Form 1040NR
(for nonresident aliens).
If a foreign person receives investment income not connected
with a U.S. business, the gross amount is taxed through
withholding by the party paying the rent proceeds to the
owner at a flat rate of 30 percent (without any deductions)
unless a U.S. income tax treaty provides a lower rate or an
exemption and proper documentation if provided.
MORE TIME
AND FOR
FOR THE
GAME
EACH OTHER.
Members and Caddie on the 10th Hole
Formal Dining at Golf Hall
Verandah Dining Overlooking 18th Green at Golf Hall
Vista from the 8th tee
Community – Camaraderie – Tradition
This is it, the time you have been waiting for. Time for those cherished moments together.
The Founders Club provides the stunning backdrop for creating these special memories.
Savor life together in your exquisite new home by one of our six elite builders. Pursue your
passion for the game along the fairways of our signature Robert Trent Jones, Jr. golf course.
Indulge in the cozy pleasures of our gorgeous clubhouse, Golf Hall, where camaraderie is
shared during a relaxing massage, intimate fireside cocktails and romantic culinary experiences.
Now is your time. This is the place. Come join us.
Sales Gallery Open Monday - Saturday 9 a.m. - 5 p.m. Sunday Noon - 5 p.m.
To schedule your private appointment, please call 941.378.0900 or
toll free 866.508.0900. To learn more, visit www.thefoundersclub.com.
A great game is honoured.
New traditions begin.
275 Coveted Equity Golf Memberships - 262 Exquisite Residences
Sarasota’s Exclusive Golf Club Address
INVITATIONAL GOLF AND EQUITY SOCIAL MEMBERSHIPS NOW BEING ACCEPTED.
NO TEE TIMES. TRADITIONAL CADDIE PROGRAM. A SINGULAR GOLF EXPERIENCE.
HOME SITES FROM THE $300,000S. HOMES WITH HOME SITES FROM THE LOW $1 MILLIONS.
JOHN CANNON HOMES – LEE WETHERINGTON HOMES – PRUETT BUILDERS
TAYLOR WOODROW HOMES – THE FOUNDERS CLUB GOLF COTTAGES – TODD JOHNSTON HOMES
ANOTHER EXCEPTIONAL COMMUNITY BY U.S. ASSETS GROUP
Broker participation welcomed. Prices, plans, dimensions and specifications subject to change without notice. Void where prohibited by law.
THE
FOUNDERS
CLUB AND
SALES
GALLERY
3001 Founders Club Drive
Sarasota, FL 34240
August 2006
9
Governmental Affairs
For more
information,
contact Lee Brown
at 941.328.1159
or by e-mail at lee@
sarasotarealtors.com
10
An economic storm
is brewing this season
By Lee Brown, Governmental Affairs Director
t
The weather-related storm season may have been mild so far this year, but it
doesn’t take a meteorologist or even an economist to note that the same cannot
be said about the real estate market. But there is an even more ill wind blowing
our way. If all of the issues currently swirling around the various governmental
entities in our community were to converge, we would find ourselves in the middle
of a perfect storm of a different sort – an economic storm.
Last month in this column, I noted the
potential threat of a new recommendation to
impose dramatically increased impact fees on new
development. In that same article I also noted the
real possibility of further development restrictions
that might be imposed by Sarasota County on
future city annexed lands. This would happen if
the cities and the county should fail to negotiate
new land use agreements in the next couple of
months for those areas.
This could come on the heels of the current
skyrocketing insurance costs, development permit
fee increases, property tax increases, more land
being removed from future development under
an ever growing bank of environmentally sensitive
lands, proposed ballot amendments that would
force every land use decision to go to a vote of the
people, red tide scares - need I go on?
First, regarding impact fees, COBA has retained
the firm Development Planning & Financial
Group, Inc. (DPFG) to review the assumptions
and methodologies used by the county’s consultant,
Duncan Associates - the group that initially
developed the increased impact fee models. The
DPFG firm is an expert in this area, and it takes
an expert’s eye to identify the faulty assumptions
or missing items of information that lead to the
proposal for the outrageously high impact fee
recommendations – some increases as high as 300
percent or more.
By the time this article goes to print DPFG
will have completed their analysis and reported
back to COBA. This report will have outlined
solid arguments against such excessive impact fee
increases, and will be used to bring a more rational
level of debate on this issue.
At the same time, COBA will
also be requesting the help of a
respected economist to go beyond
the more technical aspects of
Given this scary forecast, we are left with two choices
impact fees and annexations,
—run and hide our heads in the sand; or try to take
and fully analyze what would
some pro-active steps to influence the future.
happen to the area’s economy if
all the negative forces mentioned
above came to be at the same
time. This person could then
Given this scary forecast, we are left with two
go before elected officials and the public at large
choices - run and hide our heads in the sand;
with a more accurate picture, or sticking with
or try to take some pro-active steps to influence
the weather analogy, a forecast of Sarasota’s future
the future. Your SAR leadership has taken the
under such a frightening scenario.
latter approach. As a founding member of the
Realtors® know that real estate is the economic
Coalition of Business Associations, SAR is
engine that drives Sarasota’s economy, but it
contributing leadership time, money and staff
appears others are either forgetting that fact or
resources to COBA in a joint effort with the other
not fully aware of the evidence that proves it.
members of the Coalition to take preventive action
SAR, working with our COBA allies, will keep
on these matters.
reminding the powers that be
November 2006
November 2006
11
New MLXchange system,
data-sharing alliance will enhance
Realtor® tools, cooperation
t
The year 2006 has seen dramatic improvements in the way members of the
Sarasota Association of Realtors® can access and utilize property listing data online.
The new MLXchange MLS system was
launched on Oct. 5, and will become the only
MLS system once the old system is turned off
on Dec. 5. The new state-of-the-art system has
garnered rave reviews during the numerous
training sessions which have been ongoing since
early October.
Members can now access the site by going to
http://sar.mlxchange.com/ Just sign on using
your current MLS ID and password.
More classes will be slated during the month
of November. After the initial training period,
ongoing weekly training classes will be available
at SAR, just as they are for the current system.
Keep watching the magazine and the Weekly
Update e-newsletter for class times and dates.
Keith Thatcher will continue to be the instructor
for the new system.
Online help screens will also be available as well
as AnswerLink phone support from 8:30 a.m. to
5:30 p.m., Monday through Friday. Suggestions
and comments are welcomed and can be emailed
to [email protected]. To learn
more about our new MLS system, please visit
our vendor’s web site at www.firstamericanmls.
com and click on MLXchange.
MLS Data Sharing Alliance
The long-awaited MLS data sharing alliance
also became a reality in mid-September when
eight real estate associations along the Gulf
Coast, including the Sarasota Association of
Realtors®, signed an agreement creating the
Florida Gulf Coast Alliance.
12
November 2006
The new alliance has been a dream of local
Realtors® for years, and will create a system
which will be a one-stop destination for
residential and commercial property listings
spanning the geographic region from Fort Myers
north to Sarasota.
The new alliance has been a dream
of local Realtors® for years, and will
create a system which will be a
one-stop destination for residential
and commercial property listings
spanning the geographic region from
Fort Myers north to Sarasota.
The system should be activated in the
first quarter of 2007, following the full
conversion to the new MLS system and complete
data uploads.
There will be cost savings, greater efficiency
and convenience, much improved cooperation
and cohesion, and an enormous overall benefit
to real estate practitioners up and down the
Gulf Coast. To date. the major obstacle to
such an alliance has been the fact that Realtor®
organizations use different MLS vendors. Now,
the data will be aggregated with MLS Alliance’s
software, eliminating the incompatibility.
More details will be released in the SAR Weekly
Update e-newsletter as the system comes online,
so keep your eyes open for the updates.
November 2006
13
Property Appraiser
For more
information,
contact the Property
Appraiser’s office
at 941.861.8200
or visit www.
sarasotaproperty.net
14
Property owners express
concerns over rising taxes
t
By Jim Todora, MAI, CAE Sarasota County Property Appraiser
This time of year, Sarasota County property owners are receiving their tax bills. Although
we at the Property Appraiser’s Office do not issue tax bills, we do prepare the tax roll and
provide it to the Tax Collector. This year we saw a larger than usual number of petitions
to the Value Adjustment Board. This happened not only in Sarasota County but throughout
many counties in Florida. However, this was not unexpected. Considering the factors that
intersected this year, the outcome was very predictable.
Our appraisal date was Jan. 1, 2006 and we
were coming off of what was probably the most
active year ever. Property values had increased at
a greater rate than ever before; we had a staggering
number of parcels sold over the past two years at
record breaking prices. Never had more building
permits been issued, adding billions of dollars in
new construction. Since January 1st we have seen
the market slow down to less than half its pace of
a year earlier and far less building permits. It is yet
to be seen what ultimately will happen to property
values for 2007. Newspapers have continuously
run stories about a declining real estate market.
Furthermore, we have seen a record increase in
property taxes levied.
A property owner gets a TRIM Notice in August
of 2006 and is not thinking about market conditions
on January 1st but rather is relating to the current
day and is thinking the market is depressed. Instead
of comparing property values from Jan. 1, 2005
to Jan. 1, 2006, a vision of what they have been
reading recently is in their minds.
The non-Homestead property owner was further
aggravated by their opinion of a gross inequity with
their homestead neighbors that had their assessed
value increases limited to 3 percent. Tax rates did not
decrease anywhere near the rate that property values
were rising and the result was a record increase in
property taxes levied. This had a twofold effect on
non-Homestead property owners. Not only did
they feel the effects of the rising market values, but
the burden was also shifting in their direction. The
result, as would be expected, is an increased number
of valuation appeals.
The table below shows the changes in countywide
taxable value over the past five years along with
the total ad valorem taxes levied by all of the
taxing districts.
Many of the people we have talked with were
actually attempting to appeal their taxes, not
their property value. Once the facts and the
process were explained, although not necessarily
happy, they understood their argument was not
with the property value. Nonetheless many are
going through the hearing process and letting their
feelings be known.
As mentioned in previous articles, the property
tax system in Florida is being carefully looked at
and changes are likely. One area that is getting
close attention is limiting the amount of increase a
levying body can impose from one year to the next.
This too, comes as no surprise.
Year
Taxable Value
Total Taxes Levied
Change
2002
$29,899,430,459
$479,522,864
—
2003
$34,114,003,308
$553,788,189
15%
2004
$38,776,492,488
$610,343,365
10%
2005
$46,452,669,918
$704,648,095
15%
2006
$58,915,964,438
$840,106,541
19%
November 2006
August 2006
15
Construction Technology Careers
accepts a $5,000 contribution from CID.
Shown here (left to right, back row ) are Jay Brady, Mark Goodson,
Janet Robinson, Steve Ross, Paul Stehle and Blythe McDonough;
(left to right, front row seated) Dennis Neal, Angie Grasberger
and Mary Helen Kress.
Mote Center for Aquaculture Research and Development
accepts a $5,000 CID contribution.
Shown here (left to right) are Janet Robinson, Steve Ross, Ray Porter,
Dr. Kevan Main (Mote), Michael Blaikie and Diane Lawson.
The CID Golf and Dinner at The Ranch
charitable event was held on a perfect fall day, and the 120-plus
participants enjoyed the weather and friendly competition.
Shown on the course are SAR 2006 President-Elect
Joe Hembree and Richard Ross.
Crowley Museum and Nature Center
representatives Susan Schram and Bill Cowdright accept a $5,000 check
from Steve Ross (far left) and Diane Lawson (second from right).
16
November 2006
t
The National Association of Realtors® recently expressed growing concern to a House
panel about the inappropriate expansion of banking powers being permitted by the Office
of the Comptroller of the Currency, an agency within the Department of the Treasury.
in which less than half of the rooms will be used for its
own business; and authorizing Union Bank of California
to own 70 percent of the equity interest in windmill
farms. NAR believes that those OCC actions represent
a marked departure from what is permitted by the
National Bank Act, which clearly prohibits the mixing
of banking and commerce.
“We remain concerned
about the OCC’s real estate
“We remain concerned about the OCC’s real estate decisions
decisions and strongly
believe that these rulings
and strongly believe that these rulings will inevitably lead
will inevitably lead to an
to an irreparable breach in the wall separating banking and
irreparable breach in the
commerce.” - NAR President, Thomas M. Stevens
wall separating banking and
commerce,” said Stevens.
“Without congressional
action, we foresee the
Thomas M. Stevens, in his testimony before the House
OCC stringing together authority with decisions that
Government Reform Subcommittee on Government
permit national banks to participate in negotiating
Management, Finance and Accountability.
sale transactions on behalf of real estate investors and
authorize national banks to engage in full service real
In December 2005, the OCC granted three national
estate brokerage free from controls and protections
banks the ability to enter into speculative real estate
established by state and local laws.”
development transactions. The rulings in question
include permitting PNC Bank to develop retail space,
NAR contends that the results of these decisions do
offices, a hotel and condos for resale; approving Bank
not serve consumers or businesses well and breach the
of America’s request to develop a Ritz-Carlton Hotel,
separation of banking and commerce.
NAR contends that the OCC’s rulings inappropriately
expand congressionally established bank authority, in
essence creating a new law, without public or congressional
participation. “The OCC’s actions set in motion a
process that could result in dramatically increased risk
to national banks and threaten the safety and soundness
of the nation’s banking system,” said NAR President,
UPCOMING CID PROGRAMS
Tuesday, Nov. 21, 8:30 A.M. – “Florida Commercial Investment Real Estate Forecast and Analysis”:
Presented by NAR Economist Dr. Lawrence Yun. Dr. Yun has been quoted on the real estate market and the
economy in the mass media, including the Wall Street Journal, the New York Times, and the Washington
Post. He also appears regularly on CNBC and Bloomberg TV.
Tuesday, Dec. 5, 8 A.M. – Annual CID Holiday Breakfast, The University Club. The program will be a
presentation by Florida Green Consultants, a local group that has strong experience on building concepts
and energy efficiency issues, including natural resource management. Speakers will include Shannon Staub,
Michael Carlson and Dr. Charles Kibert, the 2006 recipient of the University of Florida’s oldest faculty award,
the Teacher Scholar of the Year Award. Dr. Kibert is the Holland Professor and immediate past Director of
the M.E. Rinker Sr. School of Building Construction where he organized and teaches the world’s first and the
nation’s only graduate track in Sustainable Construction.
Thursday, Dec. 7, 6 P.M. – SAR/CID Annual Installation Banquet, Michael’s On East. The board members
and officers of the SAR and CID will be officially installed, followed by an evening of dining and dancing.
November 2006
Commercial Investment Division
NAR: Banks must not be
permitted to engage in
commercial real estate activities
17
uninsurable portion and then find a fair
and efficient method for funding it. Even
if, based on recent storm experience or
the need to attract new capital, more
funding is needed, the Florida Hurricane
Catastrophe Fund (FHCF) has proven to
be an efficient “approach” and it should,
therefore, be maintained, albeit with
specified revisions.
PIRC believes it’s imperative to stop
funding Florida’s “uninsurable” wind
exposure with post-event assessments
levied only on policyholders. It should use
a fair and equitable methodology to build
surplus while distributing any subsidy to
“all” those who benefit, even indirectly,
from available property insurance; in
other words all those who live in or visit
the state.
A lower attachment point for the FHCF
should be made available to all insurers at
their option and at rates near market
levels. However, the aggregate limit of the
CAT Fund should be based on a 100-year
probable maximum loss (PML) versus
the current PML, which is something
less than a 1-in-25 year storm. To lessen
sticker shock, the CAT Fund should
move to a minimum of a 1-in-50 year
event initially, and, ultimately, over time,
to the preferred 1-in-100 year event.
It is strongly recommended that all
obligations of the CAT Fund be met
with pre-event funding—that is, with
premiums paid by insurers, preferably,
or by funds complemented with other
contributions that reflect a wider
audience of contributors than the current
policyholder assessment mechanism.
The extent of the non-premium funding
should depend on the premiums paid to
the fund (plus investment income) and
the ability to pay a 1-in-100 year FHCF
Loss. Three primary sources of funds
should be considered for this purpose,
they are:
a. Premium Tax Revenue – Currently,
the state General Revenue Fund takes
in approximately $684 million in taxes
from insurance companies based on
the premiums they charge. All, or a
large portion of such, funds should be
directed to create a rapid cash build-up
in the CAT Fund or to complement
other sources such as CAT Fund
premiums or tax revenues as mentioned
18
November 2006
Continued from page 6
in the next two items.
b. “Windfall” Sales Tax – After the
2004/2005 storms, it was reported
that approximately $960 million in
unbudgeted sales tax revenue was
collected from repairs and materials
related to the storms. Instead of the
Legislature taking only $715 million
of that, take the entire “windfall” in
any storm year and allocate it to avoid
assessments in the future.
c. Sales Tax Revenue – Again, the
amount needed depends on the
premiums paid and the amount of
fund build up from other sources,
but a one penny sales tax would
generate nearly $3.5 billion in any one
year. In the absence of a major storm,
the CAT Fund could have substantial
reserves within a shortened time frame
and non-premium contributions could
be gradually reduced or eliminated
as appropriate.
Testament to the deepening nature of
the property crisis is the apparent lack
of available commercial wind coverage.
The PCJUA was created to handle
smaller risks and is doing so, but it
is difficult if not impossible to gauge
coverage in such a way as to not impact
the voluntary market. Citizens also
provides commercial wind-only coverage
in High Risk Areas, but on a different
basis than the PCJUA—providing an
underlying layer of up to $1 million vs.
only insuring properties valued up to $1
million like the PCJUA. PIRC believes
that strong consideration should be given
to expanding the CAT Fund to include
some layer of commercial wind coverage.
One of the primary benefits of having
a CAT Fund, particularly one that is
substantially funded to 1-in-100 year
event, is the promotional value of such to
out-of-state investors. This benefit is lost,
however, when funds in the CAT Fund are
subject to annual legislative reallocation.
Therefore, Florida’s Constitution should
be amended to limit the use of the
assets of the CAT Fund to the purposes
currently authorized by statute. Also, any
appropriation in excess of $10 million,
even if for mitigation or other authorized
purposes, should be in a separate, standalone bill and be approved by a supermajority of both the House and Senate.
PIRC also recommends that a
minimum two percent hurricane
deductible should be mandated on
all property policies for some initial
period and then, over a three-year period,
graduate to a five percent minimum
mandatory deductible. However,
beginning immediately, policyholders
should be permitted to accept, and carriers
allowed to offer, deductibles of “any”
higher amount at an actuarially sound and
appropriately discounted premium.
Finally, while not a specific
recommendation, it is not inappropriate
that research be conducted on the concept
of allowing carriers to exclude “hurricane”
losses and to have such picked up by the
state via some insurer-type mechanism.
This mechanism could offer hurricane
coverage in conjunction with private
carriers providing other perils, including
non-catastrophic wind. Under the
concept, private carriers would service
the entire policyholder, including
claims, receiving reimbursement for loss
adjustment and other expenses. Because
this approach requires very little state
infrastructure or need for servicing expense
or personnel, a formal feasibility study
should be conducted.
Mitigation:
Building codes,
construction, and
related incentives
The reduction of risk in Florida’s
building
environment
will
be
accomplished by focusing on the following
related outcomes:
1. Implementing the recommendations
regarding the Provisional Property
Facility in the previous section;
2. Increased compliance for new
construction with the Florida
Building Code;
3. Mitigation of existing buildings; and
4. Building back better after a disaster.
These recommendations should include
multi-family units.
How to Address
New Construction
Citizens:
Redesign of the
residual market
including Citizens’
structure and operations
Members of PIRC favor a
reconfiguration of the state insurer of last
resort so as to accomplish three primary
objectives, as follows:
1. Diminish size and growth potential
significantly through the elimination
of elements that caused Citizens to
endure and grow to its current level
of population;
2. Complement state mitigation efforts
by no longer providing unlimited
subsidized coverage to those who can
and should mitigate their homes, but
choose not to do so, and;
3. Provide insurance coverage for those
who need it, but only for the time and
extent of that need and always at prices
above approved rates of the voluntary
admitted market.
The hurricane seasons of 2004/2005
severely tested the strength and
effectiveness of Florida’s building code
requirements. From all reports, structures
built according to the 2001 code stood up
well during the storms. In fact, the Federal
Emergency Management Agency (FEMA)
credited Florida’s stringent building codes
with reducing property damage and saving
lives during Hurricane Charlie.
In 1992, Hurricane Andrew showed
Florida that many structures destroyed
were not built according to the building
codes that were in place. Since that time,
through the efforts of the construction
industry, building officials have become
licensed and continuing education
requirements have been imposed on all
licensees involved in construction in
Florida. Prior to Hurricane Andrew, there
were as many as 400 different municipal
building codes in Florida. To standardize
and strengthen the code, Florida now
operates under one statewide building
code—the Florida Building Code.
But Florida can do better.
The Governor’s Building Codes Study
Commission found that “to be effective,
a Building Codes System must not only
address the issues presented by too many
codes and inadequate and inconsistent
administration of those codes, but must
address the issues of weak and inadequate
compliance with those codes resulting
from a need for more education, training,
and discipline within all categories of
codes users and the codes system.”
While the last several years have proven
the success of the code, the focus of
Florida’s endeavors should remain on
the building code’s system. The system
of educating and training of the various
industries charged with code compliance
is imperative.
Fortunately, Florida established the
necessary institutions needed to increase
code compliance. Specifically, these
include:
1. The Florida Building Commission;
2. Various industry licensing boards; and
3. Industry coordination through Building
A Safer Florida, Inc.
One of the key elements of an effective
building code is the ongoing education of
the construction industry and its various
professions. Recognizing the need for an
industry-wide response to the education
needs, Florida’s construction-related
professional and trade associations formed
a not-for-profit corporation in 2001—
Building A Safer Florida, Inc. (BASF).
BASF consists of 21 member
organizations, representing all licensees
required to comply with the Florida Unified
Building Code. For the last three years,
BASF has contracted with the Department
of Community Affairs to provide education
on the code and dissemination of Florida
Building Commission information to the
construction industry. This outreach to
licensees and collaboration on needed
education to encourage compliance and
best practices for design and construction
under the Florida Building Code has been
extremely effective.
Unfortunately, these groups do not
always work towards the same goal.
The Legislature created the Building
Code Education and Outreach Council
to coordinate, develop, and maintain
education and outreach to ensure
administration and enforcement of the
Florida Building Code. The council
has been dysfunctional from an industry
stand point.
Specific recommendations to increase
compliance with the Florida Building
Code are as follows.
1. Develop legislation that will create
an ongoing mechanism for a wellestablished working relationship
November 2006
19
Sales and Listings for September 2006
Sales Data
Residential Sales Summary
September 1 to September 30, 2006
SALES
2–
BDRMS
PRICE
$99,999 & UNDER
3
BDRMS
4+
CONDO
BDRMS CO-OP
SALES as of
Sept. 30 2006
TOTAL
UNITS
September 2006
Class
Sales
Average Sale Price
Median Sale Price
Sold Volume
Residential
Condo
303
115
$425,487
$508,561
$320,000
$271,990
$128,922,861
$58,484,599
Class
Sales
Average Sale Price
Median Sale Price
Sold Volume
Residential
Condo
559
285
$514,300
$477,382
$350,000
$286,800
$287,493,875
$136,053,891
0
0
0
1
1
$100,000-199,999
14
15
0
25
54
$200,000-299,999
23
67
8
31
129
$300,000-399,999
12
40
18
15
79
$400,000-499,999
6
23
13
5
47
$500,000-749,999
4
17
14
16
51
$750,000-999,999
1
3
15
8
27
$1,000,000-1,499,999
0
4
6
5
15
$1,500,000-1,999,999
1
0
3
4
8
Class
$2,000,000-2,499,999
0
0
1
3
4
$2,500,000-2,999,999
0
0
0
1
1
$3,000,000-3,999,999
0
0
0
0
0
Residential 1391
Condo
644
$4,000,000-4,999,999
0
0
0
1
1
$5,000,000-9,999,999
0
0
1
0
1
$10,000,000 & UP
0
0
0
0
0
169
73
115
**TOTALS
61
TOTAL DOLLAR VOLUME
SINGLE FAMILY
$128,922,861
TOTAL DOLLAR VOLUME
CONDOMINIUM
$58,484,599
418
September 2005
Listings Data
September 2006
New
Average List Price
Median List Price
$606,972
$536,908
$387,000
$332,700
Volume Listed
$844,298,099
$345,768,763
September 2005
Class
New
Average List Price
Median List Price
Volume Listed
$582,091
$557,316
$399,900
$339,900
$806,197,165
$341,635,010
Residential 1385
Condo
613
Note: Statistics are for the entire SAR MLS system. Figures include some listings
in Manatee, Englewood, Venice and other areas.
TOTAL HOME SALES
DOLLAR VALUE
$187,407,460
Note: Statistics are for the entire SAR MLS system. Figures include some
listings in Manatee, Englewood, Venice and other areas.
September 2006
850-
Average Sale Price/Units Sold /Days On Market
800-
Residential Sales Summary
750-
Year to Date
700-
January 1 to September 30, 2006
PRICE
$99,999 & UNDER
2–
BDRMS
SALES
3
4+
CONDO
BDRMS BDRMS CO-OP
SALES as of
Sept. 31 2006
TOTAL
UNITS
650-
550-
20
2
0
9
31
$100,000-199,999
148
139
16
313
616
$200,000-299,999
246
636
78
452
1412
600-
500-
164
448
120
207
939
$400,000-499,999
88
270
131
96
585
$500,000-749,999
43
282
200
250
775
$750,000-999,999
13
98
111
158
380
350-
$1,000,000-1,499,999
6
52
56
67
181
300-
$1,500,000-1,999,999
6
17
22
42
87
400-
$2,000,000-2,499,999
1
13
14
21
49
250-
$2,500,000-2,999,999
1
5
14
16
36
200-
$3,000,000-3,999,999
2
5
7
9
23
$4,000,000-4,999,999
0
2
8
4
14
$5,000,000-9,999,999
0
3
11
0
14
$10,000,000 & UP
0
0
3
0
3
1972
791
1644
738
TOTAL DOLLAR VOLUME
SINGLE FAMILY
$1,743,328,398
TOTAL DOLLAR VOLUME
CONDOMINIUM
$834,716,988
5145
TOTAL HOME SALES
DOLLAR VALUE
$2,578,045,386
$514,300
$508,562
$477,382
450-
$300,000-399,999
**TOTALS
559
550
$425,488
$414,039
$349,995
303
285
258
150100-
89
500-
109
114
137
115
Sept. ‘04
Sept. ‘05
Sept. ‘06
125
110
Sept. ‘04
Sept. ‘05
Sept. ‘06
RESIDENTIAL
AVE. SALE PRICE
CONDOMINIUM
UNITS SOLD
DAYS ON MARKET
These statistics were gathered from Sarasota Association of Realtors MLS on Oct 9, 2006.
20
November 2006
Sarasota real estate market
mirrors nation’s orderly
home sales normalization
Sale Price
vs.
List
Price Rates
Percentage of list price units sold
for…
Single Family
January
February
March
April
May
June
July
August
September
October
November
December
2005
96.9%
97.5%
97.9%
97.8%
97.5%
97.6%
97.4%
97.6%
97.2%
97.0%
97.04%
96.77%
2006
95.90%
95.65%
94.22%
95.01%
94.21%
94.72%
93.62%
93.33%
93.45%
Condominium
January
February
March
April
May
June
July
August
September
October
November
December
2005
97.6%
97.7%
97.5%
97.5%
97.8%
97.3%
97.7%
97.3%
97.0%
96.3%
96.15%
97.54%
2006
96.02%
96.54%
95.94%
94.66%
94.82%
93.40%
93.29%
93.11%
92.53%
Home prices and sales figures in the
Sarasota market have stabilized after three
years of record appreciation and unusually
high transaction levels. Total sales have
returned to the more normal figures of 2002
and prior years.
Examining the real estate market from
2002 until the present day, as reflected in the
Sarasota MLS data, the dramatic run up in
both sales and prices experienced in 2003,
2004 and 2005 is quite evident. Total sales
boomed from a 2002 figure of 6,202 through
the first nine months of the year to 8,729
through the first nine months of 2004, and
then leveled off to 8,460 sales for the same
period in 2005.
The 2006 year-to-date figures through Sept.
30 show total sales at 5,158, a decline of 16.8
percent from 2002. But the 2002 market
showed a median price of only $182,000
for single family homes and condominiums
combined. Today’s median price is at
$328,000 – an appreciation of 80 percent in
four years.
This means that the total dollar volume of
sales has also risen substantially in the four
years since 2002 – from $1,782,583,000 in
2002 to $2,582,364,000 in 2006, through
Sept. 30 of both years. The figure indicates
buyers in the Sarasota market have spent 44.8
percent more on real estate this year than they
did in 2002 through the first nine months of
the year.
“While total unit sales are down, this is
still obviously a good market,” said Felix
Power, 2006 Sarasota Association of Realtors®
President. “The number of properties sold in
higher price ranges has buoyed the median
price in our market place, both for single
family homes and condominiums. Though
price reduced signs are evident in almost
every neighborhood, prices are adjusting to
the realities of the market which no longer
reflects the extraordinary price escalation of
the last three years.”
The year-to-date figures continue to reflect
normalization in sales and prices from the
high-activity years of 2003 and 2004. Overall,
single family sales from Jan 1, 2006 to
Sept. 30, 2006 were 3,510, down by nearly
37 percent from the 2005 total of 5,562.
Condominium sales also dropped in 2006 to
1,648, from the 2005 total of 2,898, a decline
of 43 percent.
However, the median sale price of a single
family home was identical for the two time
periods - $350,000 – and the median sale
h
price of a condominium was actually up to
$307,000, from the 2005 year-to-date figure
of $292,000. For both homes and condos, the
overall median price rose to $328,000 from
last year’s $321,000. Overall, the number of
sales dropped from 8,460 in 2005 to 5,158 in
2006, a decline of 39 percent.
So, while the number of sales has declined,
the median prices are holding steady in
the market when examining the year-to-year
statistics. There are many factors that are
contributing to this scenario.
A recent National Association of Realtors®
analysis of the Sarasota market indicates
the local job growth has been exceptionally
strong. The three-year job growth of 15.2
percent is nearly five times as fast as the
national pace. The local unemployment rate
of less than 4 percent implies full employment
in the region, and job growth has brought
additional potential homebuyers to the
market. Furthermore, a strong in-migration
pattern (many who are wealthy retirees) into
the region suggests that any price decline will
likely be short lived, the report noted.
“If history is a guide, the robust job gains
of 12,200 net new jobs in the past 12 months
will keep home prices from falling,” the
report indicated, and optimistically noted,
“Baby boomers are in their peak earning years
and have been active in purchasing second
homes, which many consider as their future
retirement homes. The baby boomer impact
will continue for another 10 to 15 years and
the southern markets generally tend to benefit
from migration into these regions.”
Go to www.sarasotarealtors.com for the
complete analysis in PDF format.
“Unlike previous housing slowdowns,
which have come on the heels of broader
economic weakness accompanied by job losses
and rising interest rates, today’s slowdown
comes amid an economy that continues to
chug along at a respectable pace,” wrote NAR
Chief Economist David Lereah in his October
2006 column in REALTOR® Magazine.
“Continuing solid spending by consumers
and businesses, steady government spending, a
recovering stock market, and strong corporate
profits are behind the steady growth.”
As stated last month, SAR doesn’t anticipate
2006 will wind up in the top three years on
record for sales. However, putting the year
into perspective and grading it within the
historical norms, 2006 will likely wind up
falling within the expected normal range of
home and condominium sales
November 2006
21
Education Programs
Education Around the World:
Focus on International
South Africa: A Country Overview,
Investment Opportunities &
Working with South African Buyers
•
•
•
•
Wednesday, Nov. 15, 2006
8:30 to 9 a.m.: International property pitch session
9 to 11 a.m.: Business meeting and presentation
Guest speakers: Colin Gorvett, PRO-PROP Property
Consultants, Cape Town, South Africa; Peter Frickel,
Keller Williams Platinum Realty, Sarasota; Philip
Smith, Michael Saunders & Co., Sarasota
• Panel Moderator: Carla Rayman, Cloud Nine
Realty, Sarasota
• Cost: SAR member benefit (no charge)
• Program:
The program will begin with a country overview,
including why people leave South Africa and migrate
to the U.S. and what difficulties South Africans
face during that process. Other topics of discussion
will include:
✦ How does a US agent market themselves to
South Africans?
✦ Would a South African client seek a Realtor of
South African origin?
✦ Why would South Africans want to invest in the
USA if they don’t wish to move here?
✦ Do governmental restrictions deter South
Africans from migration to the USA?
✦ What are the differences in real estate practice?
✦ What are the main cultural differences?
SAR members should register by logging on
to www.sarasotarealtors.com and clicking on the
“Education Registration” button. Non-members can
email [email protected].
Foreign Investment in Florida
Real Estate: Economic Forecast
and Analysis
• Nov. 21, 2006
• Two presentations:
• Commercial Investment Division: 8:45 a.m.
• International Council: 11 a.m.
NAR’s Lawrence Yun will be making two
presentations at the SAR complex. Dr. Yun is a
Managing Director and Senior Economist at the
National Association of Realtors®. He writes regular
columns on real estate market trends, creates NAR’s
forecasts, and participates in many economic
forecasting panels, including Blue Chip and Harvard
University Industrial Economist Council.
Dr. Yun has been quoted on the real estate market
22
November 2006
and the economy in the mass media, including
the Wall Street Journal, the New York Times, and
the Washington Post. He also appears regularly on
CNBC and Bloomberg TV. Dr. Yun received his
undergraduate degree from Purdue University and
earned his Ph.D. from the University of Maryland at
College Park.
Dr. Lawerence Yun
Florida Commercial Investment Real Estate
Forecast and Analysis: The first presentation will
take place at the monthly meeting of the Commercial
Investment Division. That meeting starts at 8:30
a.m. and Dr. Yun’s presentation will commence at
approximately 8:45 a.m. The presentation is a CID
member benefit and there is no additional charge.
Non-CID members are invited to attend to sample
the benefits of joining the Commercial Investment
Division (three visits to a CID meeting are allowed
before membership is required).
Florida International Real Estate Forecast and
Analysis: Following the CID presentation, which
will be geared towards the commercial practitioner,
Dr. Yun will switch gears and present a forecast for
the international real estate market in Florida. If you
have explored NAR’s website, www.realtor.org, and
checked out the international research available there,
including Florida-specific research, please note that
Dr. Yun is the economist who prepared and designed
that research. The presentation is a member benefit
of the Sarasota Association of Realtors and there is
no additional charge for SAR members to attend.
Non-members are invited and will be charged a $10
registration fee.
Preview of 2007 Programs
2007 Education Calendar
Sarasota Association of Realtors®
Subject to Change—For General Planning Purposes Only!
January 8
January 17-21
January 30 & 31
February 7
February 12
February 19-20, 26-28
March 7
March 12
March 13-14
April 4
April 9
April 16-18
April 25
New Member Orientation/
Code of Ethics
FAR Mid-Winter Business
Meetings, Orlando
14 Hours
Continuing Education
CE Program with Ed Oneto:
Working with Investors
CE Program with Ed Oneto:
Scams & Fraud
Code of Ethics
GRI Course 1
(45 hours Salesman’s
Post-License, 14 Hours CE)
CE Program with
Kim Dickey
Code of Ethics
CIPS: International Real
Estate for Local Markets
(Marcus Wally)
Contracts Comparison
Code of Ethics
CIPS: Asia, Americas, Europe
(Marcus Wally)
Harnessing the Power:
Skills Based
Performance Management
May 2
May 14
May 21-23, 29-30
June 5 & 6
June 11
June 12-13
July 9
July 16-18, 23-25
July 30-August 3
August 13
August 15
August 22-26
August 29-30
Real Estate Law Summit
(7 hours CE)
Code of Ethics
GRI 2
(11 hours CE, 30 hours
Broker Post-License)
Seniors Real Estate Specialist
(SRES)
Code of Ethics
CIPS: Investment and
Financial Analysis
for International RE
Code of Ethics
GRI Course 1
(45 hours Salesman’s
Post-License, 14 Hours CE)
CI 102
(Commercial Investment
Real Estate)
Code of Ethics
CE Program with
Kim Dickey
FAR Annual Convention and
Trade Show, Orlando
14 Hours
Continuing Education
Congratulations!
CONGRATULATIONS!
Dedication and hard work pay off!!
We congratulate our members who have recently completed the requirements for GRI
Graduate, Realtor® Institute (GRI)
Marina Cosgrove, Suncoast International Realty
Peggy Ann George, Coldwell Banker Residential Real Estate
Bjorn Harter, Century 21 Advantage
Maureen Horn, Prudential Palms Realty
November 2006
23
Those who say, “you can’t have it all...”
Haven’t been here yet.
Southwest Florida’s most exclusive,
one-of-a-kind island community
✓ Gated island estate homesites
❑
✓ Private docks with direct access to the Gulf of Mexico
❑
✓ Secluded harbors & natural wildlife preserve ★
❑
✓ Private golf club with tennis & spa / fitness center
❑
✓ Picturesque River Lodge with kayak & boating facilities
❑
✓ Located within 30 minutes to Sarasota, Tampa & St. Pete
❑
24
N o w ANovember
c c e p 2006
ting Reser vations
941.776.1729
H o m e s i t e s f r o m t h e $ 3 0 0 ’s
w w w . R i v e I s l ewww.sarasotarealtors.com
.com
Secluded Setting.
Social Scene.
Introducing The Grand Clubhouse. Unveiling the summer of 2006.
Vivante is a community rich in amenities, offering residents the ultimate Southwest Florida lifestyle.
Featuring a comprehensive fitness center, six Har-Tru tennis courts, and a resort-style pool & spa.
The Grand Clubhouse, now nearing completion, provides a meeting place for residents, card and billiard rooms.
Beautiful spaces, resort-style amenities, and waterfront vistas await you.
Select residences are still available in Bella Lago and Boca Lago.
Now presenting our newest neighborhood, Grand View.
Come see our model residence.
LUXURY RESIDENCES
Priced from the $400s to over $1 million.
VISIT OUR SALES CENTER
2950 West Marion Avenue, Punta Gorda, FL 33950
Tel: (941) 833- 8999 • Toll Free: 1-800 - 901- 0106
Broker participation welcomed. Oral representations cannot be relied upon as correctly stating the representations of the developer. For correct representations reference
should be made to the documents required by section 718.503, Florida Statutes, to be
furnished by a developer to a buyer or lessee. Not an offering where prohibited by state
law. Prices subject to change without notice. Photography in this ad may be stock photography used to depict the lifestyle to be achieved rather any that may exist.
www.vivante-fl.com
I-75 to Exit 164, West 6 miles to Punta Gorda Isles
From the partnership of
&
August 2006
25
Florida Association of Realtors®
presents $5,000 scholarships
to college-bound students
g
Going to classes this fall with more money to pay for tuition and books is making college life a
little easier for four recent Florida high school graduates, who have each won a $5,000 state
scholarship award from the Florida Association of Realtors® (FAR). The students’ winning
essays were written on the topic “How Does a Realtor Professional Benefit the Community?”
The state winners are Hannah Bunning of Navarre,
a 2006 graduate of Gulf Breeze High School; Ashlee
White of Milton, a 2006 graduate of Pace High
School; Joshua Rosenauer of Bradenton, a 2006
graduate of Lakewood Ranch High School; and
Alexandra Aldrich, formerly of Marathon and a
current Celebration resident, a 2006 graduate of
Marathon High School.
These students each had previously received a
district-level scholarship of $5,000 for their winning
essays in FAR’s 2005-2006 Scholarship/Essay
Contest for High School Seniors, resulting in a total
of $10,000 in scholarship money to help with their
future college expenses. There were 14 district winners.
FAR also recognized each student whose essay won
second place in their respective districts with a
$1,500 scholarship and, for the first time this year,
each student winning third place in their district
with a $500 scholarship, for a total of $116,000
in scholarship funding given to Florida students this
year. Rosenauer won the District 13 scholarship
award; Aldrich received the District 4 scholarship
award; and Bunning and White were named the District
9 scholarship co-winners.
2006 FAR President Mike Dooley announced
the scholarship winners and presented them with
their $5,000 grand prize awards during FAR’s 90th
annual Convention & Trade Expo, held at the Westin
Diplomat Resort & Spa in Hollywood, FL About 350
members of FAR’s Board of Directors honored the
students for their achievements.
The students’ families were also present to see
them receive their scholarship checks and hear them
read their winning essays to the appreciative Realtor®
audience. The winners and their families thanked Florida
Realtors® for establishing the scholarship/essay contest
and helping to make their college dreams a reality.
This year, all of FAR’s grand prize scholarship winners
are continuing their education at a Florida university
or college: Bunning is using the scholarship funding to
26
November 2006
attend the University of Florida where she plans to major
in telecommunications. Also attending UF is Rosenauer,
who is interested in the engineering school. Aldrich hopes
to earn a double-major in international business and
family business at Stetson University in DeLand, while
White currently is enrolled at Pensacola Junior College,
with future plans to study the conservation of natural
resources at the University of Florida’s Milton campus.
Joshua Rosenauer had this to say in his entry: “My
neighbors are also an extension of my home. One couple in
particular, has made a big difference in our neighborhood.
Mr. C lives down the street and is a Realtor®, with his
wife being his business partner. They have become the
model for me on how Realtors® can benefit a community
for they have enhanced my subdivision, and on a personal
level, helped my family. They have set the example
on what a good neighbor should be, by their friendly,
courteous, and considerate behavior.”
In her essay, Hannah Bunning wrote, “My family has
witnessed firsthand the overwhelming kindness that
Realtors® possess. The military landed us in a coastal
town, where our small community was battered by two
devastating hurricanes in the past two years. People were
so overwhelmed with despair that it was difficult to
move past the initial shock. Realtors® in our area were
the first people to get the ball rolling. They immediately
began finding homes for those who had lost everything.
Realtors® were also the first people to help raise money for
the people most affected by the storms in my community.
Their generosity was so astonishing because many of them
had lost their homes as well. However, they put their own
needs aside to help strengthen the community.”
Business executives, educators, media representatives,
Realtors® and community leaders from across Florida
volunteered their time and expertise to serve as judges for
both the district- and state-level essay competition. In the
sixth year for FAR’s scholarship program, more than 400
high school seniors from across the state sent in entries for
the essay contest.
August 2006
27
28
October 2006
HOW DO YOU FIND POTENTIAL CLIENTS
SEEKING TO SELL THEIR PROPERTY?
By Mark Nash, Realtor® Magazine
Prospect and Find a Client
Just listed/sold postcards, friends, family,
business associates, neighbors, market update
newsletters, print ads, Web sites, floor duty, or
public open houses are all good ways to find
selling clients.
Your First Contact With
Your Home Sale Client
You have spent a lot of time and expense to
receive the phone call or e-mail inviting you
to your potential home sale client’s property.
Most sellers want to discuss in person the need
to place their home on the market. In many
cases, the sellers might invite several real estate
professionals to interview them before selecting
a practitioner to list their property. Competition
is tough in most markets for listings of
properties by sellers. List price, commission
rates, marketing, and the real estate salesperson’s
experience and personality are all factors sellers
consider when choosing which real estate
salesperson to represent their property.
Give a Listing Presentation
In a competitive situation, you may need
to give a listing presentation to the potential
selling clients. These presentations should cover
your qualifications, the company you work
for, information about the local housing market,
how their home fits into that landscape, and
how you would market the property if you were
to get the listing. Check with your managing
broker to see if there is a standard company
presentation that you can tailor and use. Practice
the presentation before giving it to sellers to be
comfortable with everything you need to cover.
Depending on your technical comfort level, the
listing presentation can be done on your laptop
or it can be in printed handouts.
Sign a Listing Agreement
Congratulations on your first listing and client!
Your new real estate sales business is off to a great
start. The actual document for listing a home
varies by state and real estate company. Before
you go on a listing appointment, ask your mentor
or managing broker to review your company’s
listing agreement; required federal, state, and
local disclosures; and what makes a legal and
enforceable listing agreement in your state.
List the Property on the MLS
All MLSs have an approved format for the
required sequence and fields that need to be
inputted into the MLS system before a new
listing is active. Your company also may have
required procedures and documents that
you need to complete before you or the
administrative staff can start the input
procedure. Know your MLS’s rules on how long
you can have a signed exclusive right to sell
before you must input it into the MLS and how
quickly you have to note status changes, such as
“under contract.” The rules vary widely from one
MLS to another. Take a course with your local
MLS to be updated on its rules and policies.
Rookie Corner
Anatomy of a Sale:
Working With Sellers
Market Your New Listing
Once you’ve completed the listing agreement
and disclosures, your new listing is ready for
presentation on the market. Ask your mentor
what steps are typical in your market to get
your new listing into your company’s marketing
and what marketing you should consider on
your own. Typically there are many systems and
customs that affect how you market your listing.
Hold a Public Open House
When you are new to the real estate sales
business, public open houses are a great way to
meet new buyers and sellers. Be prepared with signin sheets, community information, neighborhood
comparables, other homes on public tour, and
yard signs where allowed. Remember to bring
required fair housing and disclosure documents.
Security also is important for you when you
are hosting a public open house. Ask another
November 2006
29
HUD gives Florida $1M
to fight housing discrimination
The U.S. Department of Housing
and Urban Development (HUD)
awarded $1,024,972 to Florida groups
that promote fair housing and fight
discrimination. Nationwide, HUD will
release $18.1 million in grants funded
through HUD’s Fair Housing Initiatives
Program to 102 groups in 85 cities to
fight discrimination and promote fair
housing initiatives.
“These grants will help us continue
our efforts to educate the public and the
housing industry about their rights and
responsibilities under the Fair Housing
Act,” said Kim Kendrick, HUD’s
Assistant Secretary for Fair Housing and
Equal Opportunity (FHEO). “People
should not be denied the opportunity
FIRPTA
HUD received applications from
268 groups seeking grants, a 7 percent
increase over fiscal year 2005. Out of
that group, 102 winners were chosen
based on a number of criteria, which
included the demonstration of results
and program evaluation.
FHEO and its partners in the
Fair Housing Assistance Program
investigate approximately 9,000 housing
discrimination complaints annually.
People who believe they are the victims
of housing discrimination should contact
HUD at (800) 669-9777. Additional
information is available at www.hud.
gov/fairhousing.
- FAR
The policy behind withholding on
investment income is that a foreign
person earning only investment income
in the United States typically does not
have enough U.S. contacts for the IRS
to collect tax due through the selfassessment process. Unlike the FIRPTA
requirements, a foreign person whose
entire U.S. tax liability for investment
income is satisfied by withholding is not
required to file a U.S. federal income
tax return, although the party paying
the income will have to file certain tax
information returns in connection with
the withholding, as discussed below.
Foreign Property
Owner’s Tax Return
Responsibility During
Ownership and Rental of
Real Property Interest
Before agreeing to manage U.S.
real property for a foreign taxpayer, a
Realtor® or rental agent should discuss
with the foreign client whether the
rental income will be taxed as investment
income through withholding, or on a net
income basis as “effectively connected
with a U.S. trade or business,” without
30
to live where they want because of how
they look, or the religion they practice,
or because they have a disability.”
Grants were awarded through two
initiatives:
• Private Enforcement Initiative grants
(PEI): HUD awarded $13.9 million
to assist groups in the investigation
and enforcement of alleged violations
of the Fair Housing Act and
substantially equivalent state and local
fair housing laws.
•Education and Outreach Initiative grants
(EOI): HUD awarded $4.2 million to
groups that educate the public and
housing providers about their rights
and obligations under federal state,
and local fair housing laws.
November 2006
withholding (although the owner may
have to file estimated tax returns).
Rental income from real property
located in the United States and the
gain from its sale will always be U.S.
source income subject to tax in the
United States regardless of the foreign
investor’s personal tax status and
regardless of whether the United States
has an income treaty with the foreign
investor’s home country.
The method by which rental income
will be taxed depends on whether or
not the foreign person who owns the
property is considered “engaged in the
U.S. trade or business.” Ownership of
real property is not considered a U.S.
trade or business if it consists of merely
passive activity such as a net lease in
which the lessee pays rent, as well as
all taxes, operating expenses, repairs,
and interest in principal on existing
mortgages and insurance in connection
with the property
Such passive rental income is subject
to a flat 30 percent withholding tax
(unless reduced by an applicable income
tax treaty) applied to the gross income
rather than the “net rent” received.
Thus, the real estate taxes, operating
expenses, ground rent, repairs, interest
and principal on any existing mortgages,
and insurance premiums paid by the
lessee on behalf of the foreign ownerlessor, must be included in gross income
subject to the 30 percent withholding
tax. The gross income and withheld
taxes must be reported on Form 1042S, Foreign Persons U.S. Source Income
Subject to Withholding to the IRS and
the payee by March 15 of the following
calendar year. The payor must also
submit Form 1042, Annual Withholding
Tax Return for U.S. Source Income of
Foreign Persons, by March 15.
If, on the other hand, the foreign
investor is engaged in a U.S. trade
or business such as the developing,
managing and operating a major
shopping center, the rental income will
not be subject to withholding and will
be taxed at ordinary progressive rates.
Expenses such as mortgage interest, real
property taxes, maintenance, repairs and
depreciation (accelerated cost recovery)
may then be deducted in determining
net taxable income.
The nonresident must make estimated
tax payments for the tax due on the net
Empowering women to achieve success
s
By Amy Worth
Standing still is not an option for anyone in the ever-changing world of real
estate. In this industry, we must be ready for success. Success in business
brings credibility, influence and greater opportunity. For women, especially,
wealth creation through business success also leads to long-term financial
security, greater independence and more quality-of-life choices.
The National Women’s Council of Realtors® has
approved a new Mission Statement: We are a network
of successful Realtors® empowering women to exercise
their potential for success.
Together we are moving the Women’s
Council of Realtors® forward by celebrating
women Realtors® and their potential to impact
our profession for the better. We believe that
participating in the Women’s Council of Realtors®
is the opportunity to contribute to change, and to
be changed, both personally and professionally.
It is an exciting time for the Women’s Council. It
is time to celebrate the successes that have been, that
are happening now, and that are on the way. Positive
change will come from the greater inclusion of
women’s perspectives in positions of influence in the
real estate industry and in the broader community.
I invite you to become part of this exciting
organization. Don’t miss out on what may be the
opportunity of a lifetime.
Get to know the Women’s Council
of Realtors® today!
2006 WCR OFFICERS
President
President-Elect
Vice-President of Membership
Treasurer
Recording Secretary
Corresponding Secretary
Amy Worth, RE/MAX Properties
Michelle Crabtree, Coldwell Banker
Janice Litke, Coldwell Banker
Cari Faanes, RE/MAX Properties
Kathryn Durno, Wells Fargo
Susan Robinson, Key Concierge
CONGRATULATIONS TO
THE 2007 OFFICERS-ELECT
President
Michelle Crabtree
President-Elect
Cari Faanes
Vice President
of Membership
Janice Litke
Treasurer
Recording Secretary
Corresponding Secretary
UPCOMING EDUCATIONAL
PROGRAMS & EVENTS
Nov. 17, 2006
Randeee Hoffmeier
Tony Robbins’ Protégé
Laurel Oak Golf & Country
Club 11:30am - 1:00pm
Dec. 8, 2006
Holiday Party & Awards
Installation of Officers
Michael’s on East
11:30am - 1:00pm
Tonna Gruber
Cathleen Acosta
Steve Bennion
941-928-5342
941-907-1033
941-366-8070
941-954-5454
941-954-5626
941-388-2611
*For reservations contact
Linda Witt at [email protected]
November 2006
31
Membership News
The Association is pleased to welcome these new members!
DESIGNATED REALTORS®
Berryman, Tamara, Tamara M Berryman LLC
Campbell, Kimberly, Hyperion Properties Inc
Gaar, Paulette, Wagner Realty
Gleeson, Kurt, Florida New Homes Realty Inc
Hill, Jeffrey, Vestor Realty LLC
Long, Stephen, Logan & Long, Inc
Milton, Daniel, Dan T Milton Commercial R E
Oswald, Miranda, Neal Communities Realty Inc
Parry, Lesley, Gulf Coast Premier Real Estate
Scheibner, Tom, Sarasota Independent Realty
Treharne, Thomas, Marathon Realty Group
Urban, Michael, Michael J Urban R E Broker
NEW MEMBERS
Barclay, James, Shirley International Realty
Brady, Barbara, Michael Saunders & Company
Brazelton, John, SKY Sotheby’s Intl Realty
DelMonte, Christine, Paradigm Properties
Derr, Ofelia, Horizon Realty
Garceau, Daniel, Aqua Realty Corporation
Giliberto, Noelle, RE/MAX 5 Star Real Estate
Grothmann, Cheryl, RE/MAX Gulfstream Realty
Gunn, Brenda, Horizon Realty
Haas, Stacy, Kingston Realty
Haddon, Valerie, Prudential Palms Realty
Hahn, Lisa, Exit Realty Signature Prop
Hastings, Margaret, Lakewood Ranch Realty LLC
Hickernell, Robert, Prudential Palms Realty
Johnston, JoAnn, Stringer Management Inc
Kayser, Bradley, RE/MAX Gulfstream Realty
Keller, Christopher, Yacht Harbor Realty
Kirk, Susan, RE/MAX Tropical Sands
Kistler, Richard, Capital Properties & Services
Knapp, Maria, Prudential Palms Realty
Kowalski, Anna, Horizon Realty
Lewis, Matthew, SKY Sotheby’s Intl Realty
Ley, Julie, Michael Saunders & Company
Mallinger, Jack, Pan-American International Rlt
Matusiak, Daniel, RE/MAX Gulfstream Realty
Messeroux, Jean, Steve Pfaff’s R E Services Inc
Mills, Gloria, Coldwell Banker Res R E Inc
Mynatt, Theresa, Seaside Resort Rentals & Mgmt
Parsloe, Steve, Horizon Realty
Pedraza, Jill, Prudential Palms Realty
Sandouk, Anthony, Peens Property Group Inc
Scheibner, Rebecca, Sarasota Independent Realty
Self, Misty, RoseBay Real Estate Inc
Serrano, Roseline, Keller Williams Lakewood Ranch
Severino, Stephen, WEICHERT Realtors On The Key
Shively, Darrell, Century 21 Sunbelt Realty Inc
Stutzman, Jason, Keller Williams Realty
Tench, Michael, Keller Williams Lakewood Ranch
Tran, Tan, Hanly and Associates Realty
Walker, Anne, Coldwell Banker Res R E Inc
Wanting, Walter, Keller Williams Lakewood Ranch
Wilson, William, Wedebrock Real Estate Co
Wright, Cynthia, Keller Williams Greater Manatee
NOW WITH
Abrams, Brian, Keller Williams Realty
Adams, Bonnie, Wagner Realty
Alba, Rae, Michael Saunders & Company
32
November 2006
Albert, Jacqueline, Horizon Realty
Allen, Sandra, Wagner Realty
Anson, Barbara, Wagner Realty
Baker, Leslie, Peens Property Group Inc
Barnas, Jennifer, Keller Williams Lakewood Ranch
Barnes, Retha, RE/MAX Properties
Barzell, Jessica, Sarasota Comm Management Inc
Beacham, Deborah, Premier Properties of SW FL
Benson, Laura, Prudential Palms Realty
Bernas, Mary, SKY Sotheby’s Intl Realty
Bhayat, Derrick, Coldwell Banker Res R E Inc
Biederman PA, Joseph, RE/MAX Gulfstream Realty
Bloomberg, Catherine, Prudential Palms Realty
Bowman, Robin, Prudential Palms Realty
Brennan, Francis, Capital Properties & Services
Bruggeman, Craig, Prudential Palms Realty
Burnham, Jo Ellen, Michael Saunders & Company
Campbell, Lori, Peens Property Group Inc
Carey, Lori, RoseBay Real Estate Inc
Cerreta, Craig, SKY Sotheby’s Intl Realty
Dallou, Harold, Coldwell Banker Res R E Inc
Danzig, Kimberly, Peens Property Group Inc
DiBello, Richard, Independent Brokers Realty Inc
Dipsiner, Steven, Bosshardt Realty Services Inc
Dixon, Gregory, Coldwell Banker Res R E Inc
Dolby, Nanette, Bay Realty of Sarasota Inc
Donovan PA, Corbett, Coldwell Banker Res R E Inc
Farmer, Tracy, Peens Property Group Inc
Faul, Matthew, Wagner Realty
Francis, Carolyn, Homes & Dreams Realty Inc
Fritsch, Andy, Keller Williams Platinum Rlty
Gabriel, Cherylann, Horizon Realty
Gugel, Leslie, McKenna & Associates Inc
Hannah, Tracie, Coldwell Banker Res R E Inc
Hastings, Stuart, Lakewood Ranch Realty LLC
Hedge, Thomas, Michael Saunders & Company
Higgins, Timothy, KB Homes
Iuliano, Gary, Prudential Palms Realty
Jaquith, Helen, RE/MAX Properties
Jones, Timothy, RE/MAX Premier Services
Joyce, Catherine, Horizon Realty
Kennelly, Brian, Lakewood Ranch Comm Realty LLC
King, Michael, Prudential Palms Realty
LaFlamme, Lissy, Wedebrock Real Estate Co
Lang, Lois, Southeast Capital Realty LLC
Lopez, Jose, RoseBay Real Estate Inc
Martinez, Edward, RE/MAX Properties
Mastro, Mary, Keller Williams Lakewood Ranch
Meriwether, Gila, Good Life Realty LLC
Meskil, Brian, Prudential Palms Realty
Morlock, Gabrielle, Shirley International Realty
Morris, Lisa, Rooks-Morris Real Estate
Olen, Betty, Prudential Palms Realty
Parker, Deanne, Lakewood Ranch Realty LLC
Parks, Douglas, Rooks-Morris Real Estate
Pepper, Cynthia, Horizon Realty
Perry, Psyche, Carefree Realty LLC
Peterson, Kent Glen, Coldwell Banker Res R E Inc
Pinney, M Victoria, RoseBay Real Estate Inc
Poziwilko, Thomas, Coldwell Banker Res R E Inc
Purmort, Jennifer, Michael Saunders & Company
Reason, Roger, Coldwell Banker Res R E Inc
Retzke, Susan, RE/MAX Properties
Reynolds, Greg, Prudential Palms Realty
Rhein-Kollar, Marilyn, Byrd Realty Inc
Riddick, Jody, Horizon Realty
Robertson, Faye, Prudential Palms Realty
Roman, Santa, Mapp Realty & Investment Co
Romano, Michele, Exit Creative Realty
Romley PA, Paul, Michael Saunders & Company
Ronk, James, Horizon Realty
Ronk, Nola, Horizon Realty
Rosenblatt, Trutz, Peens Property Group Inc
Russell, Bernard, RE/MAX Properties
Salmon, Carole, Michael Saunders & Company
Sattel PA, Eugene, Peens Property Group Inc
Schitea, Cristina, Prudential Palms Realty
Smith, Cynthia, Ken Brand Lic R E Broker
Staite, G Darlene, Keller Williams Rlty-Manatee
Stephan PA, Karin, Premier Properties of SW FL
Stewart, Joseph, Horizon Realty
Stutzman, Tanya, Prudential Palms Realty
Todoric, Sendi, U S Realty & Associates
Vorbeck, Cary, Good Life Realty LLC
Walcott, Deborah, Weichert Realtor On the Island
Watermann, Monica, Michael Saunders & Company
Zoll, Marianne, RE/MAX 5 Star Real Estate
NEW AFFILIATE MEMBERS
Comm Housing Trust of Sarasota
3430 Magic Oak Lane
Sarasota, FL 34232
941-379-5252
Representative: Monica Nazar
Specialty: Not for Profit Hoursing Organization
HomeTeam Inspection Service
PO Box 1821
Anna Maria, FL 34216
941-316-0557
Representative: Kip LaLosh
Specialty: Home Inspections
Hudson’s Furniture
8796 S Tamiami Trail
Sarasota, FL 34238
941-237-2740
Representative: Jeff Howell
Specialty: Furniture Store
Integrity Title Services Inc
5500 Bee Ridge Rd Ste 102
Sarasota, FL 34233
941-379-6730
Representative: Barbara Robinson
Specialty: Full Service Title Insurance and
Escrow Closing Company
Mortgage Associates of Sarasota
2063 Main Street Ste 100
Sarasota, FL 34237
941-323-0722
Representative: Peter Lyddy
Specialty: Licenced Correspondent Mortgage Lender
SLJ Interiors Inc
5539 Marquesas Circle
Sarasota, FL 34233
941-925-4220
Representative: Sybill Johnson
Specialty: Interior Decoration
DK Vogue
1549 State Street
Sarasota, FL 34236
941-955-2600
Representative: Chris Kauffman
Specialty: Retailer of Authentic Danish Furniture,
Lighting and Accessories
Stephens Furniture
7606 S Tamiami Trail
Sarasota, FL 34231
941-921-5663
Representative: Claude Pierre
Specialty: Full Retail Furniture Store Special Orders,
Condo Packages-Florida Lifestyle
Earth Mark Companies
302 N US Highway 41
Ruskin, FL 33570
813-645-9010
Representative: Adilia Linero
Specialty: Real Estate Developer
Sunbelt Title
3685 Bee Ridge Road
Sarasota, FL 34233
941-927-7000
Representative: Barbara Hermes
Specialty: Title Company Provides Title Insurance, Closing
Services for Residential, Commercial & New Construction
ForeclosuresDaily.com
12600 Belcher Road Ste 104A
Largo, FL 33773
727-430-1744
Representative: David Vanhoose
Specialty: Foreclosure Services
Hanenian Law Firm
64 Sarasota Center Blvd
Sarasota, FL 34240
941-952-9200
Representative: Keith M Hanenian
Specialty: All Real Estate Related Services Including,
Litigation & Commerial Transactions
The Founders Club
3001 Founders Club Drive
Sarasota, FL 34240
941-378-0900
Representative: Sharon Ross
Specialty: Private Golf Club
Timberwoods Vacation Villas
7964 Timberwood Circle
Sarasota, FL 34238
941-923-4966
Representative: Harriet H McCreary
Specialty: Rental Villas
November 2006
33
Ethics in Action
Code of Ethics,
Article 16, was violated
r
Realtor® A filed a written complaint against Realtor® B, alleging violation of Article 16 of the
Code of Ethics. It was referred to the Grievance Committee and after preliminary review,
the Grievance Committee referred it to the Executive Officer with instructions to arrange a
hearing before a Hearing Panel of the Professional Standards Committee. After following
required procedures, including timely notices to all parties, a Hearing Panel was convened.
Realtor® A stated to the Hearing Panel that he and
Realtor® B were both members of the Board MLS
and that, as an MLS Participant, he was required to
specify the amount of compensation he was offering
on listings filed with the MLS. However, Realtor®
B had ignored this information as published by the
MLS and had, on two separate occasions, brought
Realtor® A purchase agreements with copies of deposit
receipts that provided for a different amount of
subagency compensation to be payable to Realtor® B.
In following this practice, Realtor® B was, in effect,
presenting a demand for a subagency compensation
greater than that which Realtor® A, as the listing
broker, had specified in the information filed with the
Board’s Multiple Listing Service.
Realtor® A also complained that the language of the
deposit receipt was so phrased as to make presentation
of the offer conditioned upon Realtor® A’s agreement
34
November 2006
to pay a larger subagency commission than he had
offered through the MLS. Realtor® A said this practice
by Realtor® B created a dilemma for him as the listing
broker of either not submitting the offer to the client
or, alternatively, paying an amount of subagency
compensation greater than he had offered through
the MLS.
Realtor® B responded that he had a right to negotiate
with Realtor® A as to the subagency compensation he
would receive for his work, and the amount he had
put on the deposit receipt was the compensation for
which he was willing to work. Realtor® B said that
Realtor® A would have to make his own decision as to
whether he would present the offer or not.
The Hearing Panel’s decision noted that Realtor®
B was indeed entitled to negotiate with Realtor® A
concerning subagency compensation but that such
negotiation should be completed prior to the showing
of the property by Realtor® B. The decision indicated
that Realtor® B was entitled to show property listed
by Realtor® A on the basis of the subagency agreement
between them. If there was no agreement on the
essential terms and conditions of such subagency,
including compensation, there was no authority for
Realtor B to show the property or to procure an offer
to purchase.
The panel’s decision further advised that it was
improper for Realtor® B to follow a procedure of
inserting the amount of subagency compensation
to be paid by the listing broker on any document
provided to a buyer or a seller, because this is properly
a matter to be decided by the listing and cooperating
brokers at the time the offer of subagency is offered
and accepted; and that preconditioning an offer
to purchase on the listing broker’s acceptance of a
subagency commission greater than he had offered
was a practice inconsistent with respect for the agency
of the listing broker.
Realtor® B was found in violation of Article 16.
- Case #16-15: Cooperating Broker’s Compensation
Specified on Deposit Receipt (Revised Case #21-12 May,
1988. Transferred to Article 16 November, 1994 as Case
#16-6. Renumbered November, 2001.)
Rookie Corner
salesperson from your office to assist
you, bring your cell phone with
emergency numbers programmed
in, and be aware of your environment
at all times.
Hold a Brokers
Open House
Salespeople and brokers can have
hectic schedules. Most markets
have one day each week when new
listings are open for several hours
to all practitioners in the market.
A “broker open” day is a great way
for you to see many properties
that might be of interest to your
buyers or good comparables to a
listing. Most broker open houses
are listed in the MLS. Ask your
office administrator or managing
broker how your listing can be
added to the MLS brokers’ tour.
Receive a Contract
Offer on Your Listing
You may receive one or more offers
on your listing. Your mentor or
managing broker can advise you on
what the steps are in your state and
market for handling an offer. Talk with
your mentor or managing broker in
advance so that, when an offer comes
in, you’re aware of the steps you need
to take in your state and market.
This is particularly important in a
multiple-offer situation.
Negotiate the Offer
Most likely, the interested buyers
will make an offer that is on the low
end of a range they are willing to
pay, and your sellers may want to
counteroffer with a higher amount.
Work closely with your clients to
determine what the counteroffer
should be and how low they are
willing to go on the selling price.
If you receive multiple offers, be
sure to present all offers to your
clients promptly and in the order
they were submitted. Make buyers
and their representatives aware of
your procedure for handling multiple
offers, and keep everyone informed
at all stages of the process. The
price is not the only aspect of the
contract you should be negotiating
on behalf of your sellers. Be sure
to also negotiate other terms that
are important to your clients, such
as the earnest money, closing date,
and contingencies. When they’re
considering multiple offers, sellers
also should pay attention to which
buyers are pre-approved for the
mortgage amount and are, therefore,
less likely to have financing fall
through in the end.
Your Clients Accept
a Contract
Bringing an offer to acceptance
should be a rewarding experience
to you. Once your sellers accept
a contract offer, be sure that the
contract contains all the negotiated
terms. Have your sellers sign the final
contract from the buyers. Send a copy
to all parties, including the attorneys
for both sides of the transaction.
The Time Between
Contract and Closing
The first seven to 10 days after
acceptance are a busy period for all
parties to a contract. The potential
new purchasers should do a home
inspection. If issues arise out of
the inspection, you will need to
communicate these to your selling
clients or their legal representatives.
This process varies by state and
market; you need to ask your mentor
or managing broker what is required
in your state. The purchasers’
mortgage company most likely will
need to complete an appraisal on the
property. Your managing broker or
mentor can address what is customary
in your state and market on the
appraisal process for your listing.
This time can be busy or slow
depending on the contract dynamic.
Review your transaction file with
your mentor or managing broker
to make sure you are fulfilling your
role in the transaction. Clients don’t
like surprises. Make sure you keep a
list with timelines and deadlines and
who is responsible for meeting them.
If you feel that something is not
moving along as it should be, do not
assume that no news is good news.
Call the transaction participants
to be sure the transaction is being
completed according to the terms of
the contract. This follow-up is vital,
and it’s your responsibility. Check
with your mentor or managing broker
on the legal responsibilities you and
your clients have in this phase of the
transaction in your state.
The Closing
All the administrative work is
completed and the transaction is
going to closing or escrow, depending
on what is common in your market.
Have a discussion with your mentor
or managing broker before your
first closing or escrow to determine
what your role is in this final stage.
Congratulations!
Follow-Up After
the Closing
After closing, call, e-mail, or visit
your clients and thank them for
their business and offer additional
assistance. You can send, deliver, or
bring to closing a closing gift if you
like. Ask your mentor or managing
broker what is customary. Following
up with your closed clients on a
regular basis by phone, e-mail, or
mail is a good way to remind your
clients that you are available to them
or their referrals.
(Editor’s Note: Be sure you abide
by all the federal and state rules and
regulations that govern telemarketing
calls, e-mails, and faxes in your contacts
with past clients).
Source: Adapted from The Original
New Agent’s Guide: Starting &
Succeeding in Real Estate by Mark Nash
(South-Western Publishing, 2004)
November 2006
35
November is Realtors®
Designation Awareness Month
The Sarasota Association of Realtors®
and the National Association of Realtors®
(NAR) are pleased to announce the
arrival of Realtor® Designation Awareness
Month. NAR established November
as an important month in which to
encourage its members to Keep It in
the Family by starting, completing or
continuing an official NAR-endorsed
designation program through NAR or
one of its affiliates.
An industry that moves as fast as real
estate demands continuing education
throughout one’s career. Successful agents
must keep current on issues, evolving
technology, changing legalities, and many
other central components of the business.
NAR and its nine Institutes, Societies and
Councils offer twenty advanced education
designation and certification programs to
help members remain up-to-date in such
a dynamic environment. Although other
designations exist, only these twenty carry
an official NAR endorsement.
“Realtors® have access to advanced
education designation and certification
programs, tailored to virtually every
real estate specialty. Beyond building
skills, knowledge and productivity,
these prestigious programs enhance the
professional image of Realtors® and take
our members to the next level,” noted
Kathy Roberts, CEO of the SAR.
Realtors® who pursue professional
designations have a distinct competitive
edge as a result of their increased expertise
and marketability. An NAR 2005 Member
Survey shows that Realtors® without an
NAR designation earned a median of
$40,900, while those that indicated a
designation earned a median of $82,900.
The SAR and NAR strongly encourage
members to increase their professional
image, marketability, productivity,
and income through the pursuance of
a designation or certification program.
For a complete list of the official NAR
family of designations and certifications,
visit http://www.realtor.org/runivers.nsf/
pages/DesignationAwarenessMonth
Realogy fights bad press
about the housing market
By Blanche Evans, Realtor® Magazine Online
Taking out a full-page ad in USA
Today on Oct. 6, Realogy is sending a
strong message to the press, the public
and its franchisees - there’s a positive
story to tell about real estate. Interest
rates are low, inventories are favorable,
and now is a great time to buy a home.
According to Alex Perriello, president
and CEO of the Realogy Franchise
Group (ERA, Coldwell Banker,
Century 21, Sotheby’s, The Corcoran
Group), “We’re trying to motivate
buyers with the facts. Rates are good,
inventory is plentiful, and people are
buying homes.”
Despite pleas for reason by economists
such as Frank Nothaft, chief economist,
Freddie Mac, and David Lereah, chief
between consumers, licensees (BASF)
subject to the Florida Building Code,
and the Florida Building Commission
in order to make sure that:
a. The Florida Building Code actually
performs as intended;
b. Coordination between property
owners, the design and construction
industries, and all levels of government
exists at the best possible levels before
and after a disaster;
c. Critical steps to mitigate future
damages from storms and other
disasters are possible and ways to
achieve this are made available;
36
November 2006
d. Meaningful notices, information,
answers, and education are provided
to licensees required to comply
(architects, engineers, construction
contractors, landscape architects,
building officials, and interior
designers); and
e. Practical and useful information on
prudent and suitable methods of
design and construction are available
to all of Florida’s consumers.
The goal is to ensure that all Florida
licensees required to operate under the
Florida Building Code have a clear
and practical understanding of the
economist for the National Association
of Realtors®, that housing is not going
to crash on a national level, the financial
press has appeared to take delight in the
falling sales and prices of select areas,
and blowing them up to appear as if
those areas are the norm, including parts
of southern California, Florida, Nevada
and Michigan
requirements and obligations, and a
source for information, inquiries, and
assistance on matters relating to design
and construction in Florida.
A final word on code compliance: while
beyond the scope of these deliberations,
the issue of construction workforce
training is a major factor in achieving
increased code compliance. Additional
state resources should be focused on this
key industry need.
Next Month: Addressing Existing
Buildings, and Building Back Better
recommendations. Read the full report
online at www.sarasotarealtors.com
International
REAL ESTATE
w
By Thomas C. Roberge, CPA, Sarasota and St. Petersburg
When a buyer purchases U.S. real estate from a foreign person, 10 percent
of the gross purchase price must be withheld and paid to the U.S. tax authorities
as an estimated income tax payment on behalf of the foreign seller. It is not
relevant whether the buyer is a U.S. or foreign person for purposes of this rule.
For example, if you purchased U.S. real estate from
John and Mary Smith, who were citizens and residents
of Scotland, for $1 million, withholding of $100,000
would be required; $50,000 for John Smith and
$50,000 for Mary Smith.
But what would happen if one of the sellers was a
U.S. person and one of the sellers was a foreign person?
Withholding would be required on the one-half of the
purchase price allocable to the foreign seller.
For example, assume John and Mary Smith are selling
their U.S. real estate for $1 million. They are residents
of Hong Kong. John is a U.S. citizen and Mary is a
citizen of the United Kingdom. There would be no 10
percent withholding on John’s one-half of the gross sales
price since he is a U.S. person (even though he resides
in Hong Kong).
John would furnish a “non-foreign affidavit” at
closing to exempt his portion of the sales price from
the 10 percent FIRPTA withholding. Mary would
be subject to the 10 percent withholding on her
one-half. For FIRPTA reporting, the amount realized
would be $500,000 and the amount withheld would
be $50,000.
The 10 percent withholding could not be avoided
on Mary’s one-half by her transferring her one-half
interest to John right before the closing. The 10
percent withholding on Mary’s portion could also not
be avoided if she possessed a U.S. social security or tax
identification number, had been filing U.S. nonresident
income tax returns for many years, or if she was losing
money on the sale (although she may be able to file a
withholding certificate for relief in the last instance).
– Copyright, 2006,
Thomas C. Roberge & Company
All Rights Reserved
Florida popular as a place to live
nationally and internationally
A first-time public opinion survey asked the
question: Where do you want to live? Americans
picked Florida as their third favorite state, with North
Carolina first and Virginia second. Internationally,
Florida ranked No. 2, surpassed only by California.
The poll, created by government advisor Simon
Anholt and powered by global market intelligence
solutions provider GMI, found that American
panelists ranked North Carolina and Virginia as
the top two states where they would like to live,
International Real Estate
How do you handle
the 10 percent FIRPTA
withholding rule when one
seller is foreign and the other U.S.?
while neither state made it into the top five of the
global ranking.
Foreign panelists ranked the big-name states - Florida,
California and New York - in the top five, while hometurf panelists reserved the top five slots for some of the
smaller-name states, such as Colorado and the aforementioned North Carolina and Virginia. In fact, some
of the more obvious big names did not make the overall
domestic top five, and Florida was the only state to make
the top 5 on both rankings.
November 2006
37
FIRPTA
rental income, if any. The only way these expenses can be
deducted, however, is if an income tax return Form 1040NR
for nonresident alien individuals and Form 1120-F for foreign
corporations is timely filed by the foreign investor.
Foreign individuals and foreign corporations may elect to
have their passive rental income taxed as if it were effectively
connected with the U.S. trade and business. Once such an
election is made by attaching a declaration to a timely filed
income tax return, there is no obligation to withhold even
in a net-lease situation. Once made, the election may not be
revoked without the consent of the IRS.
Unless the foreign investor has properly informed the
property manager that the rental income is to be treated as
“effectively connected income” by submitting to the property
manager with a fully completed Internal Revenue Service
Forms W-8ECI, Certificate of Foreign Person’s Claim
for Exemption From Withholding on Income Effectively
Connected With the Conduct of a Trade or Business in the
United States, the property manager should withhold thirty
percent (30 percent) of the gross rental receipts so as to avoid
personal liability.
A fully completed Form W-8ECI must include a valid
U.S. tax identification number for the foreign landlord (in
other words, the rental agent must withhold and remit the 30
percent tax to the IRS until this requirement is satisfied). A
real property manager who collects rent on behalf of a foreign
owner of real property is considered a withholding agent
and is personally and primarily liable for any tax that must
be withheld. The liability of the withholding agent includes
amounts that should have been paid plus interest, penalties,
and where applicable, criminal sanctions. Property managers
who do not comply with these rules will be held liable (either
individually or through their company) for 30 percent of
gross rents, plus penalties and interest.
Also, property managers need to report annual rents
collected on behalf of foreign landlords on Forms
1042, Annual Withholding Tax Return for U.S. Source
Income of Foreign Persons, and 1042-S, Foreign Person’s
U.S. Source Income Subject to Withholding. These are
the equivalent of Forms 1096 and 1099-MISC but are f
or foreign owners.
To enforce the system of withholding, the Internal Revenue
Code defines a “withholding agent” to be any person in
whatever capacity (including lessees and managers of U.S.
real property) having the control, receipt, custody, disposal
or payment of income that is subject to withholding. Thus, a
real property manager who collects rent on behalf of a foreign
owner of real property is clearly considered a withholding
agent. A withholding agent is personally and primarily liable
for any tax that must be withheld.
The liability of the withholding agent includes amounts
that should have been paid plus interest, penalties and, where
applicable, criminal sanctions. The statute of limitations does
not start until a withholding return is filed by the withholding
agent. Once the return has been filed, the statute of limitations
begins to run at the later of two dates: the date of actual filing
of the correct return or April 15 of the calendar year in which
the return should have been filed. The withholding agent will
remain liable if he actually knows that the foreign owner’s
statements are false. The withholding agent’s duty of inquiry
seems to be a “reasonably prudent test,” measured by all facts
and circumstances.
A nonresident who fails to submit a timely filed income tax
return loses the ability to claim deductions against the rental
income, causing the gross rents to be subject to the 30 percent
tax. Generally, the nonresident will need to retroactively file
at least six years of delinquent income tax returns, or all prior
year tax returns, if they have held the rental property for less
than six years. However, the ability to elect to treat the rental
income as effectively connected with a U.S. trade or business
will be lost after 16 months from the original due date of the
return, and the remaining back years may be subject to tax
under the gross income method. Rental income from real
property located in the United States and the gain from its
sale will always be U.S. source income subject to tax in the
United States regardless of the foreign investor’s status and
regardless of whether the United States has an income treaty
with the foreign investor’s home country.
Advertisers Index
WORLD CLASS PRINTING AND PUBLISHING
Centex Homes ..............27
Orchid Beach Club...........3
Dakkak Insurance .........39
Riva Isle .......................24
The Forest ......................2
Serbin Printing, Inc. .......38
1500 N. Washington Blvd. • Sarasota, FL 34236
941.366.0755 • 800.282.6192 • fax 941.365.6327
The Founders Club ..........9
Stock Development .......15
www.serbinprinting.com
Opteum Financial ..........28
Vivante .........................25
Home of COLORLINE,
World Class Post Cards,
Business Cards and Brochures
for the Real Estate Industry
38
The following businesses have placed advertising in
Sarasota Realtor Magazine. Please consider these
companies when doing business.
November 2006
August 2006
39
Monday, Nov. 6, through Friday, Dec. 15, 2006
MONDAY
TUESDAY
6
9:00 a.m. & 2:30 p.m.
New Members
WEDNESDAY
7
8
8:30 a.m.
CID Board of Directors
9:00 a.m. & 2:30 p.m.
New Members
THURSDAY
9
8:00 a.m.
MLS Zone 3
FRIDAY
10
9:00 a.m.
New Members
SAR/CID
Installation Banquet
Thursday, Dec. 7th at 6 p.m.
at Michaels’s On East
Reserve Your Tables Now at
14
9:00 a.m. – 4:00 p.m.
New Member Orientation
9:00 a.m. & 2:30 p.m.
New Members
8:30 a.m. – 11:00 a.m.
Working with South
African Buyers
9:00 a.m. & 2:30 p.m.
New Members
10:00 a.m. – 2:00 p.m.
Photographer
20
9:00 a.m. & 2:30 p.m.
New Members
9:30 a.m. – 11:00 a.m.
iMAPP Training
21
8:30 a.m.
CID General
Membership Meeting
11:00 a.m. – 12:30 p.m.
Foreign Investment in
Florida Real Estate:
Economic Forecast
and Analysis
27
8:30 a.m. – 5:00 p.m.
GRI 3
9:00 a.m. & 2:30 p.m.
New Members
15
8:00 a.m.
MLS Zone 1
22
9:00 a.m. & 2:30 p.m.
New Members
28
9:00 a.m. – 5:00 p.m.
GRI 3
16
9:00 a.m.
New Members
23
THANKSGIVING
HOLIDAY
(SAR Offices Closed)
29
9:00 a.m. & 2:30 p.m.
New Members
17
24
THANKSGIVING
HOLIDAY
(SAR Offices Closed)
30
8:00 a.m.
MLS Zone 3
8:30 a.m.
Board of Directors
PRSRT STD
U.S. POSTAGE
PAID
MANASOTA, FL
PERMIT NO. 451
13
December 1
9:00 a.m.
New Members
For more information on Educational Programs, please see pages 24 - 26
11
9:00 a.m. – 4:00 p.m.
New Member Orientation
9:00 a.m. & 2:30 p.m.
New Members
5
8:00 a.m.
CID Annual
Holiday Breakfast
9:00 a.m. – 5:00 p.m.
GRI 3
6
8:00 a.m. – 3:00 p.m.
GRI 3
9:00 a.m. & 2:30 p.m.
New Members
12
8:30 a.m.
CID Board of Directors
7
8:00 a.m.
MLS Zone 1
6:00 p.m.
SAR/CID
Installation Banquet
(Michael’s On East)
13
9:00 a.m. & 2:30 p.m.
New Members
8
9:00 a.m.
New Members
9:00 a.m.
Executive Committee
11:30 a.m. – 1:00 p.m.
WCR Holiday Party
(Michael’s On East)
14
8:00 a.m.
MLS Zone 2
15
9:00 a.m.
New Members
Sarasota Association of Realtors®, Inc.
3590 S. Tuttle Ave.
Sarasota, FL 34239
4
8:00 a.m. – 4:00 p.m.
GRI 3
9:00 a.m. & 2:30 p.m.
New Members

November 2006 - Realtor Association of Sarasota and Manatee

Transcription

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