Sarasota Realtor Magazine: October 2007 – (PDF – 5.36MB)

Transcription

October 2007
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Page 6
Association works to defeat ‘Super Majority’ proposal
Page 10
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Contents
Sarasota
M
a
g
a
z
i
n
Sarasota Association
of Realtors®, Inc.
®
e
®
“The official monthly magazine of the Sarasota Association of Realtors ”
6
12
22
36
Volume 4 • Issue 10 • October 2007
Volume 4, Issue 10
October 2007
R E A LTOR
16
Sarasota Realtor®
Time2Buy
Several factors continue to highlight the fact that buyers should strongly consider
getting off the fence and purchasing a home in the Sarasota market – and with
the recent Fed action to lower a key interest rate, it will only get better!
Facts on Tax
Sarasota County Property Appraiser Jim Todora explains what the Florida
Legislature did regarding property tax relief, and what could be coming with
the Jan. 29 referendum.
Commercial Rising
Commercial real estate across the nation continues to be a bright spot in
the industry, and Dr. Lawrence Yun’s review of the numbers reveals the
commercial sector remains on a roll.
Sales Solid
The Sarasota real estate market has experienced only slightly lower sales
through the first eight months of 2007 than the market of a year ago, and
condominium prices are actually 13.8 percent higher this year than last.
Congress Makes Waves
The first-ever SAR International Congress attracted almost 200 participants,
and judging from the comments of those in attendance, the event was a
huge success.
2007 Officers
President
Joe Hembree
Hembree and Associates Inc.
President-Elect
Helen V. Sosso
Prudential Palms Realty
Secretary
Laura Benson
Prudential Palms Realty
Treasurer
William Geller PA
Suncoast International Realty
Immediate Past President
Felix Power
Coldwell Banker Residential Real Estate, Inc.
Chief Executive Officer
Kathy Roberts
Mission Statement
The mission of the Sarasota Association of
®
Realtors is to advance members’ professionalism
through delivery of education and resources while
upholding the Realtors® Code of Ethics.
We are committed to be the leading advocate
of real estate in the communities we serve by
protecting private property rights and expanding
relationships with individuals and organizations
both locally and worldwide.
Sarasota Realtor® is published monthly by the
Sarasota Association of Realtors® Inc.
Editorial Staff
Director of Communications
Ray Porter
In every issue
Director of Member Services
Dan Andrews
10- Governmental Affairs
12- Property Appraiser
14- MLS FAQ
16- CID Update
20- Sales & Listing Statistics
23- Education Programs
26- Affiliate Focus
28- Rookie Corner
30- WCR News
32- Membership News
34- Ethics in Action
37- International Real Estate
40- Calendar of Events
Director of MLS Information Systems
Jesse Sunday
Director of Professional Development
Catherine McCaskill
Governmental Affairs Director
Marc Mansfield
Production
Serbin Printing, Inc.
Sarasota Realtor® Advertising:
For information on advertising rates and deadlines,
contact Ray Porter at 941/328-1168 or ray@
sarasotarealtors.com.
Subscriptions: The annual dues of every member of
the Sarasota Association of Realtors®, Inc., includes
a one-year subscription to Sarasota Realtor ®
magazine. A yearly subscription for Sarasota
Realtor ® magazine is available to non-members for
$25, plus Florida sales tax.
DID YOU KNOW? The Florida Association of Realtors® (FAR) is the
largest trade association in Florida, serving nearly 150,000 members and
more than 17,000 member firms. Headquartered in Orlando, it has a staff
of 102. FAR also maintains an office in Tallahassee, with a staff of 10.
October 2007
3590 South Tuttle Avenue
Sarasota, Florida 34239
Phone: 941/923-2315
FAX: 941/923-0191
www.sarasotarealtors.com
Sarasota Realtor Magazine
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.
2008 SAR Board Officers and Directors elected
Editor’s Note: 2008 SAR President Helen Sosso and the new SAR Officers and Board were officially elected on Sept. 21 and will be installed at the Holiday
Banquet on Dec. 6.
Helen V. Sosso
2008 President
David Clapp
3-year Director
Bill Geller
2008 President-Elect
Erick Shumay
2008 Treasurer
Michelle Crabtree
3-year Director
Darla Furst
3-year Director
Carla Rayman
3-year Director
Dave Beachy
2-year Director
Christina Pitchford-Perez
1-year Director
Joe Hembree
Immediate Past President
Michael Bruno
2008 Secretary
Dave Swenson
3-year Director
These officers and directors join the following directors whose terms carry over:
Steven Bailey, Adam Chicoine, Janis Collier, David Groom II, Bryan Guentner, Judy Hockett, Roger Piro and Steve Ross.
October 2007
Cover Story
Imagine the Opportunity!
Sarasota real estate market showing resilience in down times
t
The future looks bright for Sarasota real estate!
Recent headlines have trended from depressing to dire when it comes to real estate forecasts,
with some reports even placing Sarasota at the epicenter of a housing meltdown. A few noted
economists have also predicted a significant downturn in prices still to come.
But on the other side of the coin are the obvious
realities of a local market in the process of returning
to normal and recovering, following a fourth quarter
2006 bottoming out of activity and prices. This
reality is reflected in statistics released by the Florida
Association of Realtors®, revealing the SarasotaBradenton MSA (Metropolitan Statistical Area)
leading the way in the state’s recovery and posting
heartening numbers compared to the other 19 MSAs
across the state.
In addition, more positive prognostications are
beginning to find favor in the media, as the subprime
mortgage problems begin to settle out, and the buyers
return to a market that appears more affordable,
stocked with quality properties, and filled with sellers
ready to negotiate.
To reinforce and demonstrate the strength of our
market, the Sarasota Association of Realtors® has
scheduled an Oct. 16 press conference, entitled
“Insider Insights: The Local Housing Market, 2008
and Beyond.” The event will feature a panel of
distinguished local experts in the fields of real estate,
home building, mortgages and property appraisal.
Presented at the event will be materials prepared by
the SAR Public Information Committee and the
Time2Buy Sarasota project team.
The event comes almost nine months to the
day following the Jan. 11, 2007 launch of
Time2Buy Sarasota, a multimedia educational and
informational campaign.
The media will be invited to attend and ask
questions following the panel presentation. In addition,
Time2Buy Sarasota campaign television commercials
will be screened for those in attendance, along with
a new campaign video highlighting the forecasts of
several local brokers for 2008 and beyond.
Other recent symposiums and news items have
continued to highlight positive reports, trends and
predictions concerning local real estate.
October 2007
The recent SAR International Congress was held
Sept. 13-15, the first event of its kind sponsored
by SAR’s International Council. Dr. Lawrence Yun,
senior economist of the NAR and keynote speaker,
said while real estate prices have taken a few steps
backward in recent months, the media is forgetting
prices went about 150 steps forward over the last few
years. He noted the current situation is not a price
“correction”, but only a minor adjustment.
Dr. Yun also said the price run up from 2003 to
2005 was not due to investors, but to speculators.
Investors typically run the numbers to see if an
investment makes sense from a return stand-point,
and invest to hold it for that return. Speculators
generally didn’t run the numbers, and never intended
to hold the property as an investment. They intended
to flip it quickly for a profit.
Thus, local home prices rose faster than income, and
the results are now being felt in the price adjustment.
Dr. Yun said that while new construction locally is
down, this is actually a positive, because it reduces
inventory, which will eventually help increase prices.
He cited the strength of the pound, which gives buyers
from the United Kingdom a 40 percent discount on
U.S. real estate. Florida is the top state (with 26
percent) profiting from international buyers.
Dr. Yun concluded that he expects 2008 to be better
year for local real estate than 2007, and we should
return to a healthy, vibrant market sometime in
2009-2011.
Negative popular perceptions about the housing
market are wrong, noted economist Hank Fishkind
said recently. He also believes the market reached
bottom a few months ago.
“The variance between the real economic data and
people’s perceptions was enormous,” Fishkind said.
“While home starts have dropped 36 percent from
their peak, starts have stabilized over the last six
months with no further erosion … the market has
bottomed out.” H
Dr. Lawrence Yun predicted the
Florida housing market will recover
from the current malaise, get stronger
in 2008 and will be booming again by
2010, once people again realize that
Florida’s assets are unique.
October 2007
Green Realtors® Alliance of Sarasota
holds first program
t
The fledgling Green Realtors Alliance of Sarasota held their first successful program on Sept. 19 at SAR,
with Steve Ellis of MyGreenBuildings presenting the features, advantages and benefits of “green building.”
Ellis used the details and techniques employed in the
rebuild and addition of an award-winning 1946 home at
1876 Goldenrod Street in Sarasota to demonstrate the
advantages of going “green.” The Alliance is a pioneering
organization among Realtors® - possibly the first such
organization in the state sanctioned by a real estate association.
The group hopes to push others to understand green building
concepts and sustainability, to appreciate the advantages
of green building, and to become aware of how the
environment directly impacts real estate.
The home’s interior also includes many “green” advantages,
which are spelled out on the web site,
www.mygreenbuildings.com
At the Ellis program, Realtors® were educated on how
to translate the value of a green-built sustainable home into
selling points when comparing a green home to standard
product.
Steve Ellis is the co-founder of MyGreenBuildings – a
company dedicated to building sustainable, architecturally
significant homes in Sarasota using the latest and greatest
technological advances in sustainable and efficient
building practices. H
The backyard and grounds of the rebuilt home on
Goldenrod Street demonstrate the low-cost landscaping
techniques that use less water and require less
natural resources to maintain.
Realtor® Day Tennis Tournament
slated Oct. 12
Are you ready for some tennis? The 2007 Realtor® Day
Tennis Tournament is set for Friday, Oct. 12, 2007 - the
third Realtor® Day event for the year! The tournament will
be held at University Park Country Club, 7671 The Park
Boulevard. The cost is $45 for tennis and lunch, or $25
for lunch and the social, which follows the tournament.
Major sponsors include: RE/MAX 5 Star, Oswald
Trippe & Company, CertaPro Painters, New Millennium
Mortgage Company, Washington Mutual, Coast Cadillac,
Peens Property Group, Voigt & Voigt, and Michael
Saunders & Company.
October 2007
Proceeds will benefit the Realtor® Scholarship Fund.
So far this year, the Realtor® Day Golf Tournament
and Realtor® Day Bowling events have raised more
than $10,000 toward the fund, which awards $8,000
in scholarships every year to four deserving students in
our community.
Visit the SAR web site for a registration form and more
information. The tournament will have a Southern Belle
theme, and costumes are encouraged.
A huge thank you goes to this year’s Realtor® Day
Committee and chair Denise Leider! H
NAR calls Sept. 18 ‘Good day for housing’
o
On the same day that the Federal Reserve cut the discount rate by half a percentage point, the U.S.
House of Representatives passed the Expanding American Homeownership Act of 2007, H.R. 1852.
The legislation offers home buyers a safer alternative to risky mortgage products and is expected to
help many homeowners at risk of facing foreclosure, and the combination of efforts could have a
positive impact on the housing market and consumer confidence.
“NAR appreciates the efforts of
House Financial Services Committee
Chairman Barney Frank, D-Mass.,
and Rep. Maxine Waters, D-Calif.,
for their leadership in protecting the
interests of America’s homeowners and
those who strive to own their own
home,” said National Association of
Realtors® President Pat V. Combs,
of Grand Rapids, Mich., and vice
president of Coldwell Banker-AJSSchmidt. “While some homeowners
are faced with mortgage payments
they can no longer afford as their
adjustable subprime loans reset, a
reformed FHA is positioned to offer
borrowers a safer mortgage alternative
and help bring stability to local markets
and local economies.”
“As the leading advocate for expanding
homeownership opportunities, NAR
has long supported FHA modernization
legislation that increases loan limits,
eliminates the statutory 3 percent
minimum cash down payment, and
gives FHA the flexibility to provide
risk-based pricing. NAR also supports
the continued availability of FHA loss
mitigation programs,” said Combs.
“We are pleased that this bill contains
all of these important enhancements.”
FHA’s loss mitigation program
includes mortgage modifications,
allowing borrowers to change the terms
of their mortgage so that they can afford
to stay in their home. The program also
offers “partial claim” programs in which
FHA lends the borrower money to
cure the loan default. This no-interest
loan is not due until the property is
sold or paid off.
“FHA can once again be a leader
in providing safe loan products and
preventing foreclosures by authorizing
lenders to help borrowers who are in
default. This will make a substantial
difference for many families who
may otherwise face foreclosure,”
Combs said.
Eliminating the 3 percent minimum
down payment will help many buyers
into homes, as will increasing FHAinsured mortgage loan limits, which
will help first-time home buyers,
minority buyers and others who cannot
qualify for conventional mortgages.
People who live in high-cost areas
will benefit as well, since low limits
currently preclude many of these buyers
from using FHA-insured mortgages.
“NAR believes that the amendment
offered by Chairman Frank, and Reps.
Gary Miller, R-Calif., and Dennis
Cardoza, D-Calif., truly represents
a meaningful increase in loan limits,
which will help strengthen and secure
the mortgage market and make
homeownership more attainable for
many. We applaud their effort,” Combs
said. “The universal and consistent
availability of FHA loan products has
made mortgage insurance accessible
to individuals regardless of their race,
ethnicity or social status during periods
of prosperity and economic depression,
allowing higher risk, yet creditworthy
borrowers to get prime financing,”
Combs said. “A strong and viable FHA
is important to a robust and vital
housing market. The House took the
right step today, and we hope that the
Senate will quickly follow suit.”
“Along with today’s FHA legislation,
we believe that the Federal Reserve
Board made the right move today in
lowering the interest rate,” said Combs.
“Making borrowing more affordable
will make money more available, and
this could go a long way in helping turn
around the sluggish housing market.”
- Source: NAR H
October 2007
Governmental Affairs
Minority Rule is terrible public policy
f
By Marc Mansfield, Governmental Affairs Director
From the time we first entered school, we were taught that one of the primary principles of our
government was “majority rule”. Individuals running for elected office were declared winners
by a majority of the voters, and they in turn were given the responsibility to govern for a
specified amount of time.
This system of majority rule has worked extremely well
for the past two hundred and thirty plus years, and is
envied around the world for its fairness and simplicity.
Unfortunately, this basic principle of majority rule is
under attack in the city of Sarasota and Sarasota County.
Both the Sarasota City Commission and Sarasota County
Commission have ballot questions that would require
a “Super Majority” of city or county commissioners to
approve future comprehensive land use changes.
In the city of Sarasota, this ballot question was initiated
by the city commission and in Sarasota County the
initiative was supported by local, state and national antigrowth activists.
So one might ask what is the big deal - isn’t a super
majority really majority rule?
The correct answer is “no” and the reason is very simple.
Currently, comprehensive plan or major land use changes
require a majority vote (three out of five city or county
commissioners) to move forward for approval. However,
the super majority would require four out of five elected
officials to approve future land use changes.
As a result, the so called “super majority” initiative will
Election
Election Day
Last day to register
Sarasota County Special
Referenda, City of Sarasota Special
and City of Venice General
November 6, 2007
October 9 , 2007
January 29, 2008
December 31, 2007
February 5, 2008
January 7, 2008
Town of Longboat Key General
& Special Districts
March 11, 2008
February 11, 2008
Primary
August 26, 2008
July 28, 2008
General
November 4, 2008
October 6, 2008
Presidential Preference Primary
Town of Longboat Key
Preliminary (if necessary)
EARLY VOTING
FOR THE
Special County Referenda
and Municipal Elections
Nov. 6, 2007
10
allow only two elected officials sitting on either the city or
county commission to control all land use changes. Two
out of five elected officials controlling the future of our
community is minority rule - not majority rule.
To make matters even worse, neither of these two
ballot questions has anything to do with past, current or
future growth in our community. More importantly, they
will not resolve any growth related challenges or provide
viable solutions to future growth. Rather than supporting
a much needed community-wide discussion on growth
where everyone is welcomed at the table and discussion is
open and honest, some in our community seem to favor
a thinly disguised power grab by political operatives and
opportunists seeking to circumvent traditional democratic
principles and impose their will on the residents of
Sarasota County.
The Sarasota Association of Realtors® Board of Directors
opposes approval for these ballot questions because
requiring a super majority vote for comprehensive plan
amendments establishes a rule by the minority rather than
the traditional rule by the majority. We urge you to vote
“No” on these minority rule ballot questions! H
October 2007
Begins
Monday, Oct. 22, 2007
Ends
Sunday, Nov. 4, 2007
Monday - Friday
8:30 am - 4:30 pm
Saturdays
9:00 am - 1:00 pm
Sundays
1:00 pm - 5:00 pm
Supervisor of Elections
Sarasota County
Terrace Building
2001 Adams Lane
Sarasota
(941) 861-8600
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Property Appraiser
For more
information,
contact the Property
Appraiser’s office
at 941.861.8200
or visit www.
sarasotaproperty.net
12
Property tax law changes:
What’s in, what’s proposed?
t
By Jim Todora, MAI, CAE
Sarasota County Property Appraiser
The Special Session of the Florida Legislature held this past June brought changes to the
property tax laws. However, the broader part of the special session is found in the proposed
changes for next year.
The only real change affecting this year is the property
to as a super homestead exemption. Homestead
property owners will be given the choice of
tax rollback. The new law required counties, cities and
retaining their current $25,000 exemption and
most special districts to roll their property tax levies back
Save Our Homes annual assessed value increase
to last year’s levy less up to 9 percent depending upon tax
limit of no more than 3 percent or opting for the
revenue growth since 2001. Exempted from the rollback
new exemption that has the following features:
were most voter approved levies and debt service. Schools
- 75 percent of first $200,000 of Market Value
taxes were excluded from this law. The tax rollback could
shall be exempt
be overridden by a vote of the governing body.
15
percent of next $300,000 of Market Value
The more significant action taken by the Legislature is
shall
be exempt
the proposed changes to the Florida Constitution. Any
Minimum
Exemption = $50,000
change to the constitution requires voter approval and
o
If
the
property
owner opts for the new exemption,
as a result of a recent change, a 60 percent majority is
the
choice
is
irrevocable. New Homestead
needed. The Legislature has bundled a series of issues
applicants
are
not
provided an option but offered
into a single yes or no vote; in other words - all or
the new super exemption only. The objective
nothing. Here are a few highlights:
of the new exemption is to phase out Save Our
• Tax Revenue Limitation
Homes. Since the new super exemption is based
o Cities, counties and special districts’ property tax
on Market Value rather than the limited Assessed
revenue increases shall be limited by the change
Value as Save Our Homes is, the taxable value will
in statewide personal per-capita income and new
rise or fall as the market changes. This could cause
construction
tax spikes from year to year.
o This does not limit increases in tax rates but rather
• If these changes are approved by 60 percent of the
tax levies
voters, the current homestead property owner will
o If the tax base decreases or grows at rates less than
have much to think about before making a choice
the change in personal per-capita income and the
regarding their exemption. Both the tax levies and
district levies the maximum revenue permitted
limits of the new exemption will be affected by the
under the new law, the tax rate will rise.
change in personal per capita income. Save Our
• Exemption for Tangible Personal Property
Homes is affected by the Consumer Price Index
o The first $25,000 of Tangible Personal Property
and the new super exemption is affected by market
Value will be exempted from each return
conditions. Here are some of the considerations a
- This will affect personal property tax on things
homestead property owner should look into:
such as furniture, fixtures and equipment used
o What is my Assessed Value Now?
in business and rental property.
o What will my Market Value be?
o How long until I wish to sell?
• Increased Homestead Exemption for Low Income
o How will Market Values Change until I sell?
Seniors
o How will the CPI change?
o The new law sets the exemption at no less than
o How will Personal Per Capita Income Change?
$100,000
o How will tax rates change?
• Creates classified use assessments for working
o How will my taxes change?
waterfront property and workforce and affordable
Editor’s Note: On Sept. 24, Circuit Judge for Leon County
rental housing.
ruled the Jan. 29 tax reform ballot summary is misleading
• Super Homestead Exemption
and threw it off the ballot. This can be appealed but more
o The proposed change that has received the most than likely it will be corrected by the Legislature at the
attention is the creation of what has been referred planned October special session. H
October 2007
The new law required counties, cities and most
special districts to roll their property tax levies
back to last year’s levy less up to 9 percent
depending upon tax revenue growth since 2001.
MLS FAQ
New IMAPP System launched
on Sarasota MLS
t
The stated goal at IMAPP is to provide the most up-to-date products and services to the
members of real estate associations, including the Sarasota Association of Realtors®.
Utilizing the ideas, suggestions and wishes of more
than 120,000 users, the IMAPP team has created what
they are terming the most feature rich tax roll mapping
product in the industry. Simply called IMAPP, the new
system combines the power of IRIS and iLinks into one
web-based link directly out of the SAR MLS system.
The new IMAPP system search capabilities includes
the following:
Accessing IMAPP
An IMAPP tax icon for each MLS record links
directly to an IMAPP tax/map for that property. Also,
an IMAPP button on the main MLS screen opens a
search screen that provides search criteria for Tax, MLS,
and Map area searches.
Search capabilities – Tax, MLS &
Map based search options
Search Tax
1. Opens an Extended Search Window with Board
desired default searches. Any/all fields of Tax
data are searchable.
2. Perform Search – Search the database by user
selected parameters
3. Clear Fields – Clears all Fields, Comparators,
and Values
4. Reset Form – Resets the search page to the
default settings
5. Search Results displayed are SAR defined. Each
search result contains links to detailed individual
tax records and maps. All sold tax record
properties displays an icon noting it has been
sold through the MLS.
Search MLS
1. Opens an Extended Search Window with Board
desired default searches. Any/all fields of MLS
data is searchable.
2. Perform Search – Search the database by user
selected parameters
3. Clear Fields – Clears all Fields, Comparators,
and Values
4. Reset Form – Resets the search page to the
default settings
5. Search Results that will be displayed are SAR
defined. Each search result contains links to
detailed individual tax records and maps.
Map Area Searches
Opens a window allowing user to define an area on
the map. Upon conclusion, the search page is displayed
allowing user to select search options (see above Search
Tax or Search MLS).
1. Define Map Search Area by selecting a city or
using a circle, square or polygon to define area.
2. Find an Area on the Map by entering Street
Name, City, Subdivision or Zip Code.
View Search Results
Tax record and MLS search results data displayed
with SAR defined fields
1. MLS Icons displayed on search results
2. Sort and deselect search results
3. Download and/or Create Mailing Labels for
desired search results
4. Refine and/or Save search results
5. Direct link to individual property tax record or
MLS record from search results
Property Tax Record Page
Property Information Features:
1. Property Sales History displayed with Realtor
Logo to indicate MLS Solds
2. Custom Links to county websites and/or images
of recorded documents where available
3. E-mail and Print buttons with option to deselect
report sections prior to sending
4. Direct Link to technical support e-mail address
5. One click Comparables (more details in
Comparables section below)
6. Census Demographics with various radius
options
Map Features:
1. Completely Interactive Map allowing you to
point and click on any property to view pop
up box of that property’s abbreviated details as
defined by the Board and an additional link to
full tax or MLS details
2. All MLS Status Icons flagged and layered on
Map with link to MLS Overview page
Continued on page 31, See MLS FAQ
14
October 2007
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The Official Club & Resort of the
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Commercial Investment Division
Commercial real estate continues
to boom across nation
m
Most commercial real estate markets are enjoying relatively low vacancy rates and healthy rent
growth from a fundamentally sound economy, according to the latest Commercial Real Estate
Outlook of the National Association of Realtors®.
“Commercial real estate responds to economic
growth and job creation, which have been fairly strong
over the past two years and have created the need
for additional commercial space,” said NAR Senior
Economist Lawrence Yun. “These fundamentals will
continue to support commercial real estate markets in
2008. There has not been much overbuilding in the
commercial sectors, and investors are more diverse.”
Commercial Sector Hits Record Highs
Yun noted pricing for some commercial real estate
has been at a record high, and capitalization rates
have been at historic lows. “Normalization of prices
may be occurring, but it isn’t clear what the definition
of normal might be in the current market given the
repricing of risk in the capital market,” he said. “In
short, the difference between the cash flow on a
typical property and its price is close to a maximum,
indicating prices may even out.”
A record $257 billion was invested in commercial
real estate in the first seven months of 2007, up from
$146.7 billion in same period in 2006 — that total
does not include transactions valued at less than $5
million, or of investments in the hospitality sector.
NAR Forecast
Cindy Chandler of Charlotte, N.C., chair of
the REALTORS® Commercial Alliance, said there
have been some problems recently regarding the
availability of capital.
“Overreaction to credit concerns in the financial
markets could limit the availability of capital needed
by private investors, but overall the situation does
not appear to have significantly impacted institutionalgrade commercial properties,” she said. “We’re
returning to the fundamentals and deal structuring
of the mid ‘90s, and may see some dampening in
investment activity, but there is a lot of momentum
in commercial real estate.
Chandler predicts the commercial sectors to hold
at a healthy level of activity in most of the nation.
“Although there could be some slowing as a result
of postponed transactions and delays in decision
making,” she said.
The following is NAR’s forecast for the four major
commercial sectors, based on analyses of quarterly
data for various tracked metro areas provided by Torto
Wheaton Research and Real Capital Analytics.
Office Market
The office sector is the most favored by investors,
with strong rent growth this year. The cost of steel
and other factors have helped minimize speculative
construction in most markets. The demand for space
is expected to remain strong into 2008, and areas
with strong job growth are benefiting the most. Older
vacated space is lagging on the market in some cities.
Here are some additional
projections for the office market:
Vacancy rate: expected to edge up to an average of
12.9 percent in the fourth quarter from 12.5 percent
in the fourth quarter of 2006, and then dip to 12.4
percent by the end of 2008. Projections for the third
quarter show areas with the lowest office vacancies
include New York City; Ventura County, Calif.;
Seattle; Los Angeles; Honolulu; and Long Island,
N.Y., all with vacancy rates of 9.4 percent or less.
Annual rent growth: forecast at 6.1 percent in 2007
and 3.1 percent next year, after rising 5.2 percent
in 2006.
Net absorption of office space: 53.8 million square
feet this year and 65.1 million in 2008, compared
with 78 million last year. This projection is based
on 57 markets and includes the leasing of new
space coming on the market as well as space in
existing properties.
Continued on page 35, See CID
16
October 2007
The CID Golf Committee, comprised of
(from left) Diane Lawson, Ken Hoskinson,
Linda Emery, Ken Hughes and Janet Robinson,
presented checks for $3,762 to each of the three
community organizations chosen to benefit from
the annual CID Golf & Dinner at The Ranch
event on Aug. 16. Here the group presents the
check to Dr. Kevan Main of the Mote Center for
Aquaculture Research and Development.
The CID Golf Committee presents the check
to Bill Cowdright of Crowley Museum and
Nature Center.
The CID Golf Committee presents the
check to Kristey N. Richardson, representing
Construction Technology Careers.
Lakewoood Ranch Golf and Country Club
once again hosted the charity CID Golf
Tournament, and the main sponsors were:
Verizon; Abbey Realty; Wagner Realty; Osprey
Real Estate Services; Hembree & Associates; and
Lakewood Ranch Commercial Realty.
UPCOMING CID PROGRAMS
A Continental Breakfast is served at the monthly CID General Membership meetings.
Non-members can attend up to three monthly meetings before membership is required.
Tuesday, Oct. 16, 8 a.m. CID General Membership
Meeting at the SAR, Main
Auditorium. Topic: City
Updates, Sarasota, Venice
and North Port; Sponsor:
Commercial Design Services
Tuesday, Nov. 20, 8 a.m. CID General Membership
Meeting at the SAR, Main
Auditorium. Topic: Power
Pitch Session, Year End
Wrap-Up; Sponsor: Atlas
Insurance
Thursday, Dec. 4, 8 a.m. CID Annual Holiday
Breakfast – Location: Lido
Beach Resort; Sponsor:
Hembree & Associates
October 2007
17
Volunteer for 2008 Committees/Task Forces
Now is the time to consider joining the leadership team by taking part in an Association committee or task force in 2008.
You’ll make new contacts, enhance your professional abilities and have the opportunity to make a difference from behind
the scenes.
Affiliate: Organize and support activities and events and provide input. An Affiliate or Auxiliary membership is required.
(Meets as needed)
Community Outreach: Evaluate, recommend and organize projects that benefit the community, enhance the image
of Realtors, and provide opportunities for networking and camaraderie. (Monthly)
Finance: Establish the rate of dues and fees and the annual budget to ensure a sound, fiscal operation. (Meets as needed)
Governmental Affairs: Involve members in the political process through education, information, and grassroots
involvement. (Meets as needed)
Green Realtors® Alliance of Sarasota: Develops education programs and resources to further the preservation
of our environment and natural resources as it pertains to real estate. (Monthly)
Grievance Committee: Review ethics complaints and arbitration requests to make preliminary evaluation to determine
if a formal Professional Standards Hearing is warranted. Annual training is required to serve on this committee. (Monthly)
International Council Steering Committee: Develops education programs, networking events and
resources to prepare Realtors® for specific cultural and economic issues that are an integral part of working with the many
buyers and sellers of foreign origin. (Monthly)
18
October 2007
Member Benefits: To review and analyze proposed programs, products, and services to evaluate the potential benefits
to membership and the Association. (Meets as needed)
Multiple Listing Service: Establish policies to ensure a secure, effective operation of the MLS Members. Must be
broker/owner. (Monthly)
Nominating Committee: Offer recommendations for SAR leadership positions (officers, directors, etc.) and select
annual award recipients. (Meets as needed)
Power Marketing: Plan and conduct weekly MLS Power Marketing sessions. (Meets as needed)
Professional Development: Provide input regarding education, sales training, leadership development, new
member orientation, and risk management. (Quarterly)
Professional Standards: Enforce the Code of Ethics by conducting hearings on charges of unethical conduct and
arbitrate contractual disputes, including entitlement to compensation in cooperative transactions. Annual training is required
and service on the Grievance Committee is a prerequisite. (Meets as needed)
Program: Plan quarterly membership meetings, networking events and fundraisers. (Quarterly)
Public Information: Assures that SAR is the single source of accurate, reliable information on our industry in the
Sarasota market. (Monthly)
Realtor/Attorney Joint Committee: Review and update forms as needed. Provide monthly Q & A for SAR
Magazine. Plan periodic legal programs for members. Duty to stay current with real estate laws and FREC changes. (Monthly)
Realtor Day: Plan and conduct annual golf, bowling and tennis tournaments for broad appeal to the membership as a
fundraising event. (Meets as needed)
RPAC (Realtor Political Action Committee): Conduct awareness campaigns, programs and activities to
raise funds to support candidates and real estate issues. (Meets as needed)
Sarasota Young Realtors®: The Sarasota Young Realtors® focuses on bringing together young professionals.
Meetings consist of meet and greet, power pitch sessions, and discussion and education on the state of the market, upcoming
opportunities, and strategies for success. (Monthly)
Scholarship: Solicit SAR scholarship applications, conduct applicant interviews and select recipients. (Meets as needed)
Other: Please indicate if you would be interested in being called upon from time to time to serve on a special task force that
may require you to study a program or project.
MAKE YOUR COMMITTEE CHOICES
Yes, I would like to serve on:
1st Choice: _ ______________________________________________
2nd Choice: _______________________________________________
3rd Choice: _______________________________________________
Print Name: __________________________________ Company: _________________________________________
Phone: ___________________________________________ Fax: _________________________________________
E-mail: ________________________________________________________________________________________
Return this form to SAR by October 15, 2007 or Fax to 921-2074
October 2007
19
Sales and Listings for August 2007
Residential Sales Summary
August 1 to August 31, 2007
SALES
2 –
3
BDRMS BDRMS
PRICE
$99,999 & UNDER
4+
CONDO
BDRMS CO-OP
Sales Data
SALES as of
Aug. 31 2007
TOTAL
UNITS
6
1
0
4
$100,000-199,999
23
23
2
42
90
$200,000-299,999
14
67
8
21
110
$300,000-399,999
11
33
10
15
69
$400,000-499,999
4
16
14
7
41
$500,000-749,999
5
18
8
14
45
$750,000-999,999
3
10
8
8
29
$1,000,000-1,499,999
0
5
4
6
15
$1,500,000-1,999,999
0
3
2
2
7
$2,000,000-2,499,999
0
2
1
3
6
$2,500,000-2,999,999
0
0
1
0
1
$3,000,000-3,999,999
1
1
2
0
4
$4,000,000-4,999,999
0
0
0
0
0
$5,000,000-9,999,999
0
0
1
0
1
$10,000,000 & Up
0
0
0
0
0
179
61
122
**TOTALS
67
TOTAL DOLLAR VOLUME
SINGLE FAMILY
$142,593,563
TOTAL DOLLAR VOLUME
CONDOMINIUM
$47,767,665
11
August 2007
Class
Sales
Average Sale Price
Median Sale Price
Sold Volume
$462,966
$391,538
$295,500
$242,450
$142,593,563
$47,767,665
Residential 308
Condo
122
August 2006
Class
Sales
Average Sale Price
Median Sale Price
Sold Volume
$439,784
$419,732
$330,000
$251,250
$164,479,386
$52,886,243
Residential 374
Condo
126
Listings Data
August 2007
Class
New
Average List Price
Median List Price
$530,529
$434,786
$339,900
$264,950
Residential 1404
Condo
622
Volume Listed
$744,862,533
$270,437,013
August 2006
Class
New
Average List Price
Median List Price
$556,812
$491,325
$385,000
$299,000
Residential 1586
Condo
712
429
Volume Listed
$883,104,358
$349,823,911
TOTAL HOME SALES
DOLLAR VALUE
$190,361,228
August 2007
Residential Sales Summary
850-
January 1 to August 31, 2007
750-
800-
Year to Date
SALES
2 –
3
BDRMS BDRMS
PRICE
$99,999 & UNDER
4+
CONDO
BDRMS CO-OP
SALES as of
Aug. 31 2007
TOTAL
UNITS
88
700650-
51
6
0
31
$100,000-199,999
188
187
14
331
720
$200,000-299,999
191
519
75
291
1076
$300,000-399,999
116
319
122
191
748
$400,000-499,999
51
163
99
206
519
500-
$500,000-749,999
39
160
135
249
583
$750,000-999,999
9
90
67
128
294
450-
$1,000,000-1,499,999
2
53
50
93
198
600-
16
25
40
77
$2,000,000-2,499,999
0
9
20
15
44
$2,500,000-2,999,999
1
8
15
12
36
$3,000,000-3,999,999
1
1
11
24
37
$4,000,000-4,999,999
1
2
5
4
12
$5,000,000-9,999,999
0
0
15
0
15
$10,000,000 & Up
0
0
0
0
0
150-
653
1533
653
1615
4454
100-
TOTAL DOLLAR VOLUME
CONDOMINIUM
$849,296,946
$526,127
$488,562
$439,784
400-
3
TOTAL DOLLAR VOLUME
SINGLE FAMILY
$1,346,934,980
596
550-
$1,500,000-1,999,999
**TOTALS
Average Sale Price/Units Sold /Days On Market
$462,966
$419,732
374
350-
308
300-
$391,538
311
250200-
TOTAL HOME SALES
DOLLAR VALUE
$2,196,231,926
500-
143
135
146
106
90
Aug. ‘05
Aug. ‘06
Aug. ‘07
Aug. ‘05
Residential
Ave. Sale Price
179
126
122
Aug. ‘06
Aug. ‘07
CondoMINIUM
Days On Market
UNITS SOLD
These statistics were gathered from Sarasota Association of Realtors MLS on September 19, 2007.
Note: Statistics are for the entire SAR MLS system. Figures include some listings in Manatee, Englewood, Venice and other areas.
20
October 2007
Sale Price
vs.
List Price Rates
Percentage of list price units sold for…
Single Family
2006
2007
January
95.90%
90.96%
February
95.65%
89.90%
March
94.22%
93.10%
April
95.01%
93.20%
May
94.21%
92.30%
June
94.72%
92.20%
July
93.62%
93.30%
August
93.33%
93.40%
September
93.45%
October
92.79%
November
92.06%
December
89.73%
Condominium
2006
2007
January
96.02%
92.51%
February
96.54%
93.84%
March
95.94%
94.20%
April
94.66%
97.10%
May
94.82%
92.20%
June
93.40%
94.40%
July
93.29%
93.10%
August
93.11%
91.50%
September
92.53%
October
89.79%
November
95.09%
December
91.08%
s
Sarasota market continues to
stabilize after boom years
Sales figures year-to-date for homes
and condominiums in the Sarasota
MLS are close to the market totals
experienced in 2006 – declining only
a modest 6 percent through the first
eight months of 2007 compared to the
same period in 2006.
In total, 4,460 closings were reported
through the end of August 2007,
compared to 4,747 closings through
August 2006. These numbers are
reminiscent of the market in 2000, when
a total of 4,051 closings were reported,
and 2001, when there were 4,732
closings through Aug. 31. However,
home and condominium prices have
increased dramatically during the past
seven years.
Pending sales remained above 450
for the month of August, indicating
the winter months will likely not see
the kind of drop in sales experienced
in the later months of 2006. Pending
sales climbed by 164 percent from
August 2006, when only 170 pendings
were reported. This provides a strong
indication that the market will not see
the stall in sales that occurred during
the end of 2006. The higher number
of pending sales will likely mean sales
activity will remain higher during the
next 30 to 60 days.
Condominium prices were up yearto-date, with the median sale price
through the end of August at
$365,000, compared to only $310,000
for the same period in 2006. This marks
a 17.7 percent increase. The median
price was only $292,925 for the first
eight months of 2005, often cited as a
period within the boom years.
The median sale price of a home was
$310,000 year-to-date through August
2007, compared to $350,000 for the
first eight months of 2006, for an 11.4
percent decline.
As for the Sarasota-Bradenton MSA,
only three other MSAs in the state
experienced better August 2007 to
August 2006 comparative numbers for
single family home sales, and only
three reported better numbers for
comparative condo sales.
“I am still convinced that we have
weathered this adjustment period in
sales volume and prices very well,
particularly compared to the rest of
the state,” said Joe Hembree, 2007
SAR President. “We continue to go
through a period of adjustment in the
Sarasota market, and there has been
some depreciation in both the number
of sales and the median price. But we
are emerging from the downturn faster
and stronger than other markets in the
state and nation, and I see no reason
to believe we will not continue to see
growing strength.”
With an eye toward the bigger
picture, and discounting the historically
abnormal years of 2003-2005, we have
seen a return to the normal market
experienced as recently as 2001 and
2002, Hembree noted.
Dr. Lawrence Yun, Senior Economist
with the National Association
of Realtors®, spoke at the SAR
International Congress event on Sept.
14. He predicted the Florida housing
market will recover from the current
malaise, get stronger in 2008 and
will be booming again by 2010, once
people again realize that Florida’s assets
are unique.
Home and condominium sales
declined in August 2007 to a total
of 430 sales, as local families began
to settle into the school year and
plan ahead for the holidays. However,
this figure is still 21.1 percent higher
than the low point in the recent local
market, reached in December 2006,
when only 355 sales closed.
Sales have escalated since then, and
have remained stronger throughout
2007. H
October 2007
21
Education Programs
OCTOBER 2007
EDUCATION CALENDAR
Sun
Mon
1 14 Keys
Personal
Marketing
Tue
2
Wed
Thu
Fri
Sat
3 MLX Basic
14 Keys
Goal Setting
4 MLX
Advanced
5
6
7
8 Orientation, 9
Code of Ethics
10 14 Keys
Business
Planning
11
12 SYR
Foreclosures
13
14
15 14 Keys
Contracts
iMAPP
E-PRO
16
17 MLX
Basic
SRES
18 MLX
Advanced
SRES
19 14 Keys
Property
Inspections
CMAs
20
21
22
CI 103
23
CI 103
24
CI 103
25
CI 103
26
CI 103
27
28
29 14 Keys:
Listing
Presentation
30
31 MLX Basic 1 MLX
14 Keys
Advanced
Marketing
2
3
14 Key Strategies for Real Estate Success: 9 a.m. to 12 p.m.; $10 each session
♦ Oct. 1: Personal Marketing; instructor, Denise Leider
♦ Oct. 3: Goal setting, Time Management, Successful Selling; instructor, Gary Benjamin
♦ Oct. 10: Business Planning; instructor, Dave Clapp
♦ Oct. 15: Contracts, Sales & Listing; instructor, Iva Fadley-Dane
♦ Oct. 29: Listing Presentation; instructor, Bob Stanley
♦ Oct. 31: Marketing the Property, Servicing the Listing; instructor, Nick Figlow
• MLXChange Training (Hands-On with Keith Thatcher): Basic—Oct. 3, 17 & 31;
Advanced—Oct. 4, 18 & Nov. 1, 9-11:30; free to members
• Oct. 8, 9-12 & 1-4: New Member Orientation & Code of Ethics: Mandatory training for all new SAR
members; Code of Ethics from 1-4 supplies NAR quadrennial ethics training
• Oct. 12, Sarasota Young Realtors, Foreclosures & REO; Noon-1:30, $5
• Oct. 15, 9:30-11: IMAPP (new version rollout with many new features)- Free!!
• Oct. 15, 1-2:30, e-PRO, free
• Oct. 17 & 18, 8:30-5: Seniors Real Estate Specialist Designation (SRES) $399
• Oct. 22-26, 8:30-5:30, CI 103, User Decision Analysis for Commercial Investment Real Estate,
call 800-621-7027 for pricing
To register: go to www.sarasotarealtors.com, click on “Education ”
22
October 2007
14 Key Strategies for Real Estate Success
Attention Commercial Real Estate Practitioners:
• Through Nov. 26, 2007
• Members: $10 each session (in advance)
• Non-members: $20 each session
(in advance)
This brand new training program started
on Sept. 24. But it’s not too late to come to David Clapp
each individual session that interests you.
Whether a newbie or a veteran agent, Infuse new energy into
your career with this practical, comprehensive real estate sales
training program.
This is a practical, hands-on course that will complement
the more theoretical training received in license and postlicense courses. Class will be held from 9:00 a.m. to noon
at the Sarasota Association of Realtors on the dates listed.
Pre-registration required for preparation of materials. Most
classes are on Mondays and Wednesdays, but not all, so
please take careful note of the dates. No CE.
Faculty: Successful brokers, agents and affiliates of the
Sarasota Association of Realtors selected by the Professional
Development Committee
Registration: SAR Members: Pay as you go for $10 per
class. Go online to www.sarasotarealtors.com and click on
“education registration.” Please register at least 3 days in
advance so we can prepare materials for you.
Non-Members: $20 per class. Pre-registration required.
Class will be held from 9:00 a.m. to Noon on the dates listed.
Non-member registration form can be downloaded from
www.sarasotarealtors.com, click on the “education” tab.
Personal Marketing – Denise Leider (Mon. Oct. 1)
Goal Setting, Time Management, Successful Selling –
Gary Benjamin (Wed. Oct. 3)
Business Planning – Dave Clapp (Wed. Oct. 10)
Contracts, Sales and Listing – Iva Fadley-Dane
(Mon. Oct. 15)
Property Inspection and CMAs – Dave Clapp (Fri. Oct. 19)
Listing Presentation – Bob Stanley (Mon. Oct. 29)
Marketing the Property /Servicing the Listing –
Nick Figlow (Wed. Oct. 31)
Qualifying, Selecting and Demonstrating Property, Presenting
Offers – Laura Benson (Mon. Nov. 5)
Asking for Commitment and Overcoming Objections –
Kim Gilliland (Wed. Nov. 7)
Going from Contract to Close and E&O Liability Issues –
Laura Benson (Wed. Nov. 14)
Panel of Affiliates: Home Inspector, Roof, Termite, Home
Warranties (Mon. Nov. 19)
Panel of Top Producers (Mon. Nov. 26)
The Florida CCIM Chapter presents CI 103 “User Decision
Analysis for CI Real Estate” Oct. 22-26, 2007. For more
information and to register, go to www.ccim.com.
Free Technology Training
The following courses will teach you how to use and benefit
from technology programs you already have available to you
through your Realtor membership with SAR, SAR MLS, and
the Florida Association of REALTORS
Work smarter in 2007 with these powerful and improved
technology tools.
iMapp
• 9:30 to 11 a.m.
• October 15
• Frank Coffey, Instructor
• MLS Member benefit—no extra charge
• Registration requested
• www.sarasotarealtors.com
Basic MLXchange – Wednesdays
(Hands-On)
• 9 to 11:30 a.m.
• October 3, 17, 31
• MLS Member benefit—no extra charge
• Keith Thatcher, Instructor
• Registration required via “Education Registration”
Advanced MLXchange – Thursdays
(Hands-On)
• 9 to 11:30 a.m.
• October 4, 18, and Nov. 2
• Keith Thatcher, Instructor
• Registration required via “Education Registration”
Florida Real Estate Law Summit:
Adapting new strategies
• Nov. 6, 2007
• Hyatt Sarasota
• 9 a.m. to 4:30 p.m.
• SAR & SCBA Members: $79
(includes continental breakfast and lunch)
• 7 hours “specialty” credit (please see note below)
Don’t miss the second annual Real Estate Law Summit.
This program has been developed by the RealtorAttorney Joint Committee of the Sarasota Association
of Realtors and the Sarasota County Bar Association.
October 2007
23
Education Programs
The seminar is also sponsored by The Florida Bar’s
Real Property, Probate and Trust law Section, and the
Sarasota-Bradenton Attorneys’ Real Estate Council.
Topics and speakers:
• Waterfront Issues – Sand in my toes and government
regulations up to my nose!
David Levin, Esq., Icard Merrill Cullis Timm Ginsberg,
Sarasota, FL
• Don’t Get Shorted on Short Sales – Challenges for
the agent and real estate attorney; making lemonade out
of lemons
Sylvia Golden-Norris, Esq., Sylvia Golden-Norris, P.A.,
Sarasota, FL
• Fraud and Forgery – If you’re not cheating, you’re not trying!
Doug Pollock, Esq., Information Data Systems,
Sanford, FL
• Foreclosures and Bankruptcy – Reality training in
today’s market
Herbert Donica, Esq., Donica Law Firm, Tampa, FL
• The Aliens Are Coming – the universal language of profit
in our “global village”
Renea Glendinning, CPA, Kerkering Barberio,
Sarasota, FL
• Legal Q & A Hit Parade: Real Estate Attorneys’ Most
Frequently Asked Questions (FAQS)
Panel of Board Certified Real Estate Attorneys from the
Sarasota-Bradenton Attorneys’ Real Estate Council
Real Estate Credits: You can’t use this course twice for
CE credits in the same license renewal period. For more
information, please call Catherine at 328-1167.
SAR members may register online at www.sarasotarealtors.
com. Others, please go to the education calendar at www.
sarasotarealtors.com, download the flyer (file) and complete
the registration information and fax it to SAR.
Contracts Seminars
International Real Estate
Transactions: Foreign Investor
Workshop
• Thursday, Nov. 8, 2007
• 8:30 a. m.: Sign-in/Continental breakfast
• 9 to 11 a.m.—Program
• Cost: $10 (SAR members)
• $20 (non-members)
Increase your income by learning the techniques that have
worked well for experienced agents – as well as learn how to
avoid the things that can backfire and blow up in your face!
The Southwest Florida real estate market has experienced
many challenges during the past few years. These challenges
24
October 2007
include huge increases in inventory, a decrease in sales
volume, the tightening of financing requirements by
lenders, and fluctuations in the value of the U.S. dollar in
the international currency markets.
In spite of these challenges one aspect remains constant:
we still have a never-ending supply of foreign buyers
and sellers. Dealing with domestic investors in this market
is challenging enough these days. Handling foreign
investors can even be more daunting and mysterious. The
time is appropriate now to evaluate and reflect on how
we, as real estate professionals, deal with our foreign buyers
and sellers.
This program will present four Realtors in the greater
Sarasota area who have extensive experience with foreign
investors. They will explain how they have handled
foreign buyers and sellers – the techniques that have
worked well for them as well as the things they have done
that have backfired and blown up in their face. The program
will provide an open forum where your participation
will be welcomed.
Panelists:
Lucienne Bajard, ERA Mount Vernon Realty
Felix Power, Coldwell Banker Residential R.E.
Klaus Lang, Michael Saunders & Company
Bill Geller, Suncoast International Realty
Thomas C. Roberge & Company will sponsor the
continental breakfast.
FAR-9 Contract Workshops
• Nov. 28, Dec. 3
• 9 a.m. to Noon
• Instructor: Sherye Edwards, Esq.
• Cost: $10 (members) $20 (non-members)
The SAR Board of Directors is phasing out the use of
the SAR Contract for Sale and Purchase. The SAR contract
will be retired from service at the end of 2007. That means
you need to get familiar with the FAR-9 and its addenda.
• FAR “As Is” Sale & Purchase Contract (ASIS-9)
• Residential Sale & Purchase Contract (FAR-9)
• Comprehensive Addendum to Sale & Purchase Contract
(FARA-9)
Sheryl Edwards, Esq. is a board certified real estate
attorney in Sarasota and heads her own law firm, The
Edwards Law Firm, PL. Seminar fee will cover the extensive
printing costs.
Mark Your Calendar for GRI in 2008!
GRI Course 1
• Jan. 28-30 and Feb. 4-6, 2008
• 45 hours salesmen’s post-license credit
• 14 hours continuing education credit
• NAR Code of Ethics Requirement for 2008
GRI Course 2
• March 31-April 2 & April 8-9, 2008
• 30 hours broker’s post-license credit
GRI Course 3
• July 21-12 & 29-30, 2008
• 30 hours broker’s post-license credit
Registration will soon open for the 2008 GRI program
in Sarasota. As soon as all the contracts are signed with the
instructors, we will open registration.
If you are a new salesperson, the GRI Course 1 will offer
the 45 hours of Post-License education you need during the
first salesperson license renewal cycle. By taking this course,
you can get a leg up on earning your GRI designation while
taking care of your 45-hour state licensure requirement.
For brokers and salespeople not in their first renewal
cycle, the course offers 14 hours of continuing education
(includes Core Law).
Another bonus: Counts towards the Code of Ethics
training required of all Realtor members by NAR by
December 31, 2008.
This GRI series is offered by FAR through its Florida
Realtor Institute. All the instructors have been carefully
screened for their knowledge of the subjects as well as
for their teaching techniques—they’re the best real estate
instructors in the country.
In a hurry? Don’t wait in line, go online! GRI Course I is
now available online through a special Florida Association
of Realtors website: www.fargri.com. Online convenience
places the course at your fingertips, whenever you want it,
and offers the same license renewal menu of credits that the
live version does. H
Congratulations!
CONGRATULATIONS!
Dedication and hard work pay off!! We congratulate our members who recently completed the requirements for the
National Association of Realtors®designation and certificate programs:
Graduate REALTOR® Institute (GRI)
Linda Barchard, Coldwell Banker Residential Real Estate
Daniel D. Jasmer, RE/MAX Excellence
Michel Bergier, Prudential Palms Realty
Matthew Lewis, SKY Sotheby’s International Realty
Judy Brinkley, SKY Sotheby’s International Realty
Marnie Matarese, RE/MAX Excellence
Kimberly Campbell, Hyperion Properties, Inc.
Joe McSpadden, Coldwell Banker Residential Real Estate
Susan Christy, Banshaf & Associates, Inc.
Janet Montgomery, Michael Saunders & Company
Glenn P. Davis, Prudential Palms Realty
Pamela M. Nadalini, Nadalini & Company, Inc.
Wendy S Davis, Prudential Palms Realty
Michael Parkinson, Michael Saunders & Company
Derek D. Dean, Hook & Ladder Realty
Alan M. Forrester, Michael Saunders & Company
Jean-Francois Pichevin, C21/Advantage
Sharyn D. Grens, Royal Palms Realty of SW Florida
Matthew W. Schulz, SKY Sotheby’s International Realty
Kirsten M. Heindel, RE/MAX Premier Services
Mickey Schweitzer, Coldwell Banker Residential Real Estate
Sandra Israelson, Michael Saunders & Company
Naomi Wells, Michael Saunders & Company
October 2007
25
Affiliate Focus
26
Promotional products can help
brand your business
By Mike Searcy, President, Island Specialties
t
There is no place like home, and for those in the real estate business promoting yourself is
a rather daunting task. How can you stand out among the thousands of other agents in the
Sarasota community?
The answer is a process called BRANDING,
the buzzword in all of the business world - not
just real estate. I am sure none of you have
advertising budgets the size of the auto makers,
drug companies, and beverage companies that
use the mass media to identify themselves.
The large real estate organizations, local and
national, do a wonderful job of branding their
companies. For a great local example, you only
have to look at firms like Michael Saunders &
Company or Coldwell Banker or Sky Sotheby’s.
All you have to do is watch the networks to
know the national firms. Each of these companies
has hundreds of local affiliates and agents under
their umbrella. The advertising done on the
firm’s behalf brings prospects to the firm and
brands the firm, not the individual agent.
Some of you wish to go beyond the local area
and attract out-of-town prospects and buyers
through Internet advertising and out-of-town
publications. Your task is to brand yourself and
there are many vehicles to do that, but we will
discuss one in particular.
Promotional products are the only advertising
media that repeat your message and identity
over and over again. Every time your client or
prospect uses that item your name is reinforced
and the true measure of all advertising is ROI,
return on investment.
Promotional products have extremely low cost
per impression because of their life expectancy and
utility. Think of a calendar on your refrigerator
with appointments for doctors, hair dressers,
kid’s sports activities and after school programs.
It becomes the family calendar that everyone
looks at every day.
October 2007
Again, cost per impression, fractions of a
cent. That picture frame magnet that holds
up pictures of the kids, or the family pet, or
a loved one, or that treasured vacation photo
- do you think people are going to take it down
and throw it away? No way - it is holding an
important photo.
The idea is to give your prospect or client
something useful. If it is not useful, or at least
interesting, you are basically throwing your
money away. Save that money and treat yourself
to a nice evening out. Another idea is to use
a simple business card holder and fill it with
valuable area contacts that you have a relationship
with - lawn care, pet care, hair stylist, pool care,
handyman, plumber, electrician, carpet cleaning;
the list goes on and on. This benefits everyone in
the cycle - the recipient (who does not have to
let their fingers do the walking), the businesses
included, and the Realtor® whose name and
contact information appears on the cover. Also,
the businesses that are included get their cards
distributed to new contacts. Who do you suppose
becomes their favorite Realtor®?
Farming tools like the ones above are only
one way to brand yourself. Every event in the
real estate cycle represents an opportunity - the
listing, the contract for sale, the closing, the house
warming, and very important, the referral. They
all are opportunities to BRAND yourself and to
show your appreciation for their business.
- Mike Searcy is President of Island Specialties, Inc.
His web sites are www.promosforrealtors.com and
www.islandspecialties.com. His business phone is
941-379-9790. H
The Sarasota Young Realtors® staged the group’s first major event – the 2007 Economic Summit – on Sept. 7 in the
SAR auditorium. The event attracted a large crowd of attendees and provided some interesting and stimulating discussions on
the current state of the local economy and the real estate market. The group plans an Oct. 12 session on “Foreclosures and REO”
followed by an Oct. 24 sunset cruise on LeBarge.
Sarasota Young Realtors® schedule events
MEETINGS Location: SAR Auditorium - 12:00 pm – 1:30 pm
Friday, Oct. 12
Combined program with
Realtor Day Tennis
Friday, Nov. 9
Short Sales
Method of registration and payment is to visit our website
at www.sarasotarealtors.com, go to Education, then Register
for Classes, then SYR Membership Meeting. Pay by Visa,
MasterCard, American Express, or Debit Cards.
SOCIAL EVENTS – 5:30 pm
Wednesday, Oct. 24 LeBarge Sunset Cruise –
Pre-registration required
Wednesday, Nov. 21 The Bottle Shop
Wednesday, Dec. 12 Christmas Social
S.K.O.B. – Siesta Key
The social events are open to everyone, of all ages. No
registration is required.
The Bottle Shop: 29 N. Boulevard of the Presidents
(St. Armands Circle), Sarasota
S.K.O.B.:
5238 Ocean Blvd., Siesta Key
(Siesta Key Oyster Bar)
For future Social Event locations or for more information, please watch for emails, check the website (www.sarasotarealtors.com),
or contact Teri Hartley at the Association at [email protected] or 328-1155. H
October 2007
27
Rookie Corner
28
Should you get additional training
and professional certifications?
a
Editor’s Note: In October, we stress the importance of gaining additional education and new designations as you progress in the real estate business.
After you have worked in real estate for about a year, you have a pretty good grasp of the work
and, hopefully, have a few transactions under your belt. As you begin to discover aspects of
the profession that you especially enjoy or markets that you really like, you may want to start
thinking about getting additional training and specialization to continue to improve and hone
your skills.
A good way to do that is to consider getting a
designation or certification that tells potential clients
that you are highly trained in a particular aspect of the
business. The National Association of Realtors®, and its
affiliated institutes, societies, and councils offer a number
of opportunities for you to receive additional training
and become designated in a particular specialty.
Following are a list of the designations you might
want to consider and where you can get additional
information:
• Accredited Buyer Representative (ABR).
Conferred by the Real Estate Buyer’s Agent
Council (REBAC), this designation is for real
estate professionals who focus on all aspects of
buyer representation. For more information,
contact REBAC at 1-800-648-6224 or visit the
REBAC Web site.
• Accredited Land Consultant (ALC). Conferred
by the REALTORS® Land Institute (RLI), the
ALC designation recognizes experts in land
brokerage transactions of five specialized types:
(1) farms and ranches; (2) undeveloped tracts
of land; (3) transitional and development land;
(4) subdivision and wholesaling of lots; and (5)
site selection and assemblage of land parcels. For
more information, call the RLI at 1-800-4415263 or visit the RLI Web site.
• Accredited Residential Manager® (ARM®).
Conferred by IREM, this designation recognizes
specialists in the management of residential
properties onsite. For more information, contact
IREM® customer service at 1-800-837-0706,
Ext. 4650, or visit the IREM Web site.
• Certified Commercial Investment Member®
(CCIM). Conferred by the CCIM Institute, this
designation recognizes experts in commercial
real estate brokerage, leasing, asset management
October 2007
•
•
•
•
•
valuation, and investment analysis. For more
information, call the CCIM Institute at 1-800621-7027 or visit the CCIM Web site.
Certified International Property Specialist
(CIPS). Conferred by NAR, this designation
recognizes real estate professionals who focus
specifically on the international market. Whether
traveling abroad or serving an immigrant niche in
local markets, CIPS designees are trained to serve
consumers in the unique aspects of international
real estate. For more information, e-mail NAR
International or visit the CIPS Education page.
Certified Property Manager® (CPM). Conferred
by the Institute of Real Estate Management
(IREM®), this designation recognizes practitioners
who are trained experts in property and asset
management, from residential to commercial
to industrial properties. For more information,
contact IREM® customer service at 1-800-8370706, Ext. 4650, or visit the IREM Web site.
Certified Residential Specialist (CRS). Conferred
by the Council of Residential Specialists, this
designation serves top-producing practitioners
across the country who complete advanced
training in listing and selling. CRS designees
benefit from nationwide referral opportunities,
and sales and marketing support. For more
information, contact CRS member services at 1800-462-8841 or visit the CRS Web site.
General Accredited Appraiser (GAA). Conferred
by NAR, this designation is awarded to general
appraisers whose education and experience exceed
state appraisal certification requirements. For
more information, call NAR at 1-800-874-6500,
ext 8393, or visit the NAR Appraisal page.
Graduate, REALTOR® Institute (GRI).
Conferred by NAR, this designation is for
residential real estate professionals who want to
attain additional training to further their knowledge
of real estate. For more information, contact your
state REALTOR® association for course dates and
locations. For contact information for your state
REALTOR® associations, click here. NAR maintains a
clearinghouse of information for individuals interested
in the GRI program. For more information, visit the
GRI database.
• Performance Management Network. Conferred
by the Women’s Council of REALTORS® (WCR),
this designation will replace the Leadership Training
Graduate (LTG) designation after 2005. It provides
curriculum training in effective negotiation, networking
to generate referrals, organizational performance
management, personal performance management, and
cultural awareness. For more information, call the
WCR Education Department at 1-800-245-8512 or
visit the WCR Web site.
• Residential Accredited Appraiser (RAA). Conferred
by NAR, this designation is awarded to appraisers
whose education and experience exceed state appraisal
certification requirements. For more information, call
NAR at 1-800-874-6500, ext 8393, or visit the NAR
Appraisal page.
• Society of Industrial and Office REALTORS®
(SIOR). Conferred by the Society of Industrial and
Office REALTORS®, this designation recognizes
practitioners who specialize in industrial and office
real estate brokerage. For more information, call
SIOR Membership at 202/737-8763 or visit the
SIOR Web site.
Additional designations also are offered for more experienced
real estate professionals or those in management. For a
complete list of designations offered by NAR, its affiliated
institutes, societies, and councils, click here.
In addition to designations, there also are a number of
certification programs you may be interested in. These include:
• At Home With Diversity Certification. NAR’s
ground-breaking professional education initiative is
designed to provide real estate professionals with
training and tools to expand their business as well as
homeownership opportunities for more Americans.
The program provides training in working with and
understanding a variety of cultures and cultural issues.
For more information on this course, please visit NAR’s
At Home With Diversity page, or e-mail Diversity.
• e-PRO. This training program is presented entirely
online to certify real estate salespeople and brokers as
Internet Professionals who have been trained to use
technology to do better business on the Internet. For
more information on the certification, visit the e-PRO
Web site. H
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!DVERTISE4ODAY
Sarasota Chapter WCR members
are state award winners
m
By Michelle Crabtree, WCR President
Members from the Sarasota Women’s Council of Realtors® recently attended the 91st Annual
FAR Convention & Trade Expo held in conjunction with the WCR State semi-annual meetings
and awards banquet.
There was a plethora of educational sessions and state
committee meetings that our members attended. The
highlight was the awards banquet, where we celebrated
our Chapter winners.
• Doris Edwards of American Dream Realty was
the recipient of the new “Business Women of the
Year” Award
• Ann Ross of RE/MAX Properties was the recipient
of the State “Founders Award”
• Amy Worth of RE/MAX Properties was the
recipient of “District Vice President of the Year”
Award
In addition, Amy was nominated and elected as one
of only five Governors for the state.
We are very proud of our special WCR Sarasota
Chapter members!
Watch for the new, enhanced national WCR web
site coming in October. Check out: www.WCR.
org There will be a contest for the first national
members that complete their new online profile
The Sarasota Chapter of WCR
recently installed the following new members:
Robin DiSabatino of Michael Saunders & Co.;
Kris Heindel of RE/MAX Premier Services; Laura
Cohen of Jennette Properties Inc.; Gail Shane of
Neal Communities; Patty Fulford of Freedom Bank;
Ally Spencer of Sarasota Costal Credit Union; and
Nancy Spinks and Holly Hatin of Rook Morris Real
Estate. The installation took place at the program
meeting held on Aug. 10 and featured an informative
presentation on Luxury Fractional Home Ownership
by Adam Eberle of Palatial Destinations. H
Thank you to everyone who supported our annual
extravaganza: “The Greatest Fashion Show on
Earth.” I’m certain that all who attended will agree, it
was fabulous event! Watch for photos and highlights
next month.
2007 WCR Officers
President
President-Elect
V.P. of Membership
Treasurer
Recording Secretary
Corresponding Secretary
30
October 2007
Michelle Crabtree, Coldwell Banker
Cari Faanes, Re/Max Properties
Janice Litke, Prudential Palms Realty
Mary Conklin, Re/Max Gulfstream
Cathleen Acosta, Executive Title
Steve Bennion, Al Harris Pest Control
941-724-4663
941-539-5117
727-403-1814
941-504-4292
941-921-3948
941-378-0000
MLS FAQ
From left are WCR state award winners Amy Worth,
Diane Spencer and Ann Ross.
Robin DiSabatino; Kris Heindel; Laura Cohen; Gail
Shane; Patty Fulford; Ally Spencer; Nancy Spinks; and
Holly Hatin, were all recently installed as new WCR
members.
UPCOMING EDUCATIONAL
PROGRAMS & Events
Oct. 12
Never Too Late to Learn to Relate
Jack Wolf, Motivational Speaker/author,
Lifelong Learning Partners
Laurel Oak Golf & Country Club
11:30 a.m. – 1 p.m.
Annual Chapter Awards
Nov. 2
PMN Course: The Business of Your
Business (8 hours of CE Credit)
Barbara Wolff, Certified National Instructor
Sarasota Association of Realtors
8:30 – 4:30
Nov. 9
Sarasota - Yesterday, Today & Tomorrow
Lou Ann Palmer,
City Commission of Sarasota
Sarasota Yacht Club
11:30 a.m. – 1 p.m.
1st Annual Desert Auction
Nov. 11-15WCR/NAR National Conference & Expo
The Venetian Resort Hotel Casino,
Las Vegas, NV
Dec. 6
Installation of 2008 Officers
Joint Event with Sarasota Association
of Realtors, Asolo Theater
Continued from page 14
3. Choose Large or Small Map
4. Map Zoom feature with lot dimensions viewable
5. Custom Map Layers to include Subdivisions, Aerial
Photography, Flood Zones, Topography and Street
Maps (layers dependant on availability of data)
6. Create Mailing Labels or Download Data from map
by selecting geographic area by polygon, circle or
square.
7. Measure an area on the Map
MLS Listed Property Page
Contains all the features of the Property Tax record page as
listed above and the following additional features:
1. Link directly to MLS Listing Overview page including
MLS photo
2. Click on MLS number in Overview page to link
directly back into the MLS System
3. Hybrid Tax/MLS Report
Comparable Properties Page:
One click comparables with a projected sales price of you
subject property:
1. Comparables include all sales – tax or MLS – with
Realtor Logo to differentiate MLS Sold properties
2. Option to Filter Comparables by selecting All Sales or
MLS Sales only
3. Ability to refine default comparison criteria – defaults
set by Board
4. Customize results of comparables by selecting/
deselecting returned properties
5. Sort Comparables
6. Download Comparables
7. Link to Comparable Property individual tax record
and/or MLS record
8. E-mail and Print this page options
9. Customize report sections to show prior to e-mail
or printing
10. Stats on Comparables listed by High, Low, Median
and Average
Mailing Label Features:
Choose Create Mailing Labels:
1. Customize the first line of the label with predefined
option or inputting your desired text
2. Remove Duplicate Labels by Unique Address or
Unique Parcel #
3. Create labels as PDF document
4. Download labels as CSV file
5. Justify Label text to the left or center
Download Data Feature:
1. Select data layout options
2. Customize downloadable data fields
3. Choose CSV or DBF file formats H
October 2007
31
Membership News
The Association is pleased to welcome new members!
Designated Realtors®
Block, Hilde, Engel & Voelkers Sarasota R.E.
Brock, Lynn, Brock Realty Inc.
Christiano, Laura, CLC Real Estate Corp.
McNally,William, Venture International Realty
Melendez, Sheryl, Sarasota Bay Luxury Properties
Suss, Kirsten, RKSUSS Real Estate Group
Toole, Clark, Coldwell Banker Res R E Inc.
Tuggle, James, James Tuggle Realty
New Members
Benante, Joanna, Michael Saunders & Company
Bevins, Donald, Sun Realty
Britton, Roselyn, Peens Property Group Inc.
Britton, Samuel, Peens Property Group Inc.
Collins, Julie, Murray Realty
DiGiovanni, Bruce, Coldwell Banker Res R E Inc.
Doty, Brittania,Century 21 Advantage
Finkelstein, David, WEICHERT Realtors On The Key
Finnegan, Sandra, SKY Sotheby’s Intl Realty
Goodis, Sheila, Prudential Palms Realty
Hall, Rexene, Casey Realty Corporation
Jenkins, Nancy, Morton Realty LLC
Joseph, Perry, Lakewood Ranch Realty LLC
LaRosa, Millicent, Prudential Palms Realty
Lawrence, Jeffrey, D’Agostino and Associates Inc.
Luque Jr, Samuel, Rooks-Morris Real Estate
Lyden, Kathleen, John Cannon Homes Inc.
Maltz, Harriet, Michael Saunders & Company
Meaney, Vincent, RE/MAX Gulfstream Realty
Moore, Gerald, Estates Realty Of Sarasota Inc.
Mott, Pamela, University Park Lifestyles Inc.
Polito, Cheryl, RE/MAX Platinum Realty
Pomatto, Geneva, WEICHERT Realtors On The Key
Rose, Elizabeth, Coldwell Banker Res R E Inc.
Saoud, Mike, Capital Properties & Services
Steinmetz, Richard, Exit Creative Realty
Winchester, Mimi, Abbey Management LLC
Wolbers, Paul, Coldwell Banker Res R E Inc.
Now With
Arones, Edith, Horizon Realty
Ask, Debra, Florida Home Team LLC
Baker, Leslie, Peens Property Group Inc.
Barsell, Gary, Coldwell Banker Res R E Inc.
Becher, Janet, Monte Davis Realty
Brown, Gary Lee, Michael Saunders & Company
Buchanan, Waltraud, Engel & Voelkers Sarasota R.E.
Burke, Richard, Coldwell Banker Res R E Inc.
Carey, Lori, Rosebay Properties, Inc.
Casey, Maryann, Michael Saunders & Company
Cavalieri, Stephen, Homes & Dreams Realty Inc.
Christiano, Carla, CLC Real Estate Corp
Dale, Gary, RE/MAX Premier Services
Dean, Paige, Avalar Real Estate of Sarasota
Dean, Derek, Hook & Ladder Realty Inc.
Flynn, P.A., Ronald, Coldwell Banker Res R E Inc.
Frapiccini, Ken, Keller Williams Realty Central
Funk, Troy, RE/MAX Properties
Gaffney, Diane, Engel & Voelkers Sarasota R.E.
Gast, Charles, Exit Realty Gulf Coast
Gores, Gleinys, Horizon Realty
Grenier, Eric, Coldwell Banker Commercial NRT
Hanan, Stacy, Michael Saunders & Company
Harris, Frank, Exit Creative Realty
Hellhake, Mary, SKY Sotheby’s Intl Realty
Hoffeditz, Marty, Coldwell Banker Res R E Inc.
Janaczek, Gary, RE/MAX Properties
Jaquith, David, RE/MAX Gulfstream Realty
32
October 2007
Jenkins, Julie, RE/MAX Premier Services
Jones, Timothy, RE/MAX Premier Services
Julien, Lisea, One Stop Realty of Sarasota
Koenig Jr, Richard, Keller Williams Realty Central
Langer, Sherwin, Charles Rutenberg Realty Inc.
LaRosa, Millicent, Prudential Palms Realty
Lewis, Rebekah, Hook & Ladder Realty Inc.
Lippert, Sally, Keller Williams Lakewood Ranch
Lippert, Rachel, Keller Williams Lakewood Ranch
Lorenc, Carolyn, Peens Property Group Inc.
McGuire, Shelley, Prudential Palms Realty
McKeever, Liza, Horizon Realty
Mobasser, Jaleh, Capital Properties & Services
Mollasis, Gus, RE/MAX Excellence
Murray, Wallace, SRQ Realty
Nowak, Kamila, Sarasota Beach Rentals
O’Konski, Kirk, ERA Mount Vernon Realty Co Inc.
Padula, Norman, Horizon Realty
Padula, Sandra, Horizon Realty
Palmeri, Carol, Royal Palms Realty of SW FL
Polen, David, McKenna & Associates Inc.
Robertson, Faye, Homes & Dreams Realty Inc.
Serbu, Marianna, Prudential Palms Realty
Simons, Leigh, London Bay Realty Inc.
Smith, John, Rooks-Morris Real Estate
Srur, Kristen, Michael Saunders & Company
Thomas, Robert, Horizon Realty
Williams, Karen, Horizon Realty
Wilson, Christine, Peens Property Group Inc.
Winkle, Holly, Peens Property Group Inc.
Woodroof, Charles, Michael Saunders & Company
New Affiliate Members
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Representative: Jenny Roberts
Specialty: Transaction/Virtual Assistant Services for Real Estate
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1103 79th Street NW
Bradenton, FL 34209
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Representative: Debbie Wagner
Specialty: Interior Decorating
Statistics Matter:
Why it pays to know your numbers
Keep your finger on the pulse of the market and serve buyers
and sellers by knowing your market statistics. Here’s how.
b
Bryan Halda starts every morning by reviewing the latest Multiple Listing Service (MLS) statistics for
his local markets in the Miami area. He looks for new listings, and carefully tracks closed and pending
sales and the average time it takes to sell a home or condominium.
“Having the numbers at my fingertips really gives me an
advantage in talking to buyers and sellers about the market,”
says Halda, senior partner with Gray & Associates in Miami.
That time spent gathering and analyzing the facts helped
Halda generate more than $14.5 million in residential
listings in the first three months of 2007.
Like many successful Florida real estate professionals,
Halda recognizes the importance of using market statistics
to grow his business. And national training experts agree
that the time invested in doing this homework can pay off
in a big way.
“While it’s always important to know the numbers, it’s
even more important when the market is going through a
transition,” says Laurie Moore-Moore, founder and CEO
of The Institute for Luxury Home Marketing in Dallas. “If
you’re truly going to be an expert and provide good advice to
buyers and sellers, you need to know what’s going on—and
the real evidence comes from the statistics.”
Moore-Moore says becoming a numbers expert begins
with obtaining and analyzing the latest MLS statistics. But
that’s just the start. It’s also essential to look at the historical
data in order to understand where the market has been—
and where it might be going.
“You want to sit down and think about what numbers
are most important to your business, such as pricing, sales,
inventory and days on market,” she says. Next, you should
go back to a benchmark date—perhaps one, two or three
years earlier—and get those historical statistics. Finally, look
at the same numbers for the last 90 days and for the most
recent month. That will give you the most recent snapshot
of your market.
“It’s all part of educating and informing the customer,”
says national training consultant Bill Barrett, president of
Bill Barrett Seminars in Orlando. “You must show them the
trends, and let them come to their own conclusions.”
Neighborhood Numbers
While sales statistics and pricing averages for a broad
MLS market area are always helpful, many Florida sales
professionals find they need more detailed information
on specific neighborhoods, pricing segments and types of
residential properties.
Annette Bohannon, broker-associate in Coldwell Banker’s
New Tampa office, tracks the MLS numbers on a variety of
levels: region, city, ZIP code, neighborhood and subdivision.
“We try to get a complete picture of what people are buying
and what’s going on the market,” she says.
After gathering the most current information, Bohannon
uses both her Top Producer and her Trendgraphics software
to convert those spreadsheet numbers into charts and graphs
that tell the story more clearly to buyers and sellers.
“Because every market area is different, it’s very helpful
to be able to show a potential seller how many closed
sales, pending sales and active listings there are in that
neighborhood,” says Bohannon. “When we bring that kind
of report to a listing appointment, it shows the seller that
we know the market—and gives them a good reason to list
with us. We’ve been using this system for several years, and
the sellers really love it.”
Another believer in the power of knowing the local
market statistics is Kim Case, an associate in John R. Wood’s
downtown Naples office. “Many clients tell me they read in
the national papers that homes in Naples are overpriced,”
she says. “But what those stories don’t say is that Collier
County consists of a myriad of different neighborhoods,
each offering different things to buyers.”
By having the local statistics available, Case can point
out those “micro-market” differences that matter to buyers
and sellers. In the Moorings submarket of Naples, for
example, there were five homes priced below $1 million
last fall and more than 50 homes priced below $1 million
as of mid-April. “If a buyer or seller asks about that
market, I have solid statistics to offer rather than just an
opinion,” she says.
But Case adds that there can be a risk in overloading a
client or customer with too many numbers. “You have to be
careful, because not everyone wants to know everything,”
she says. “You have to tailor the statistics to what will
Continued on page 38, See Statistics Matter
October 2007
33
Ethics in Action
34
Absentee Realtor® gets in trouble
on price, and ethics
c
Client A went from his hotel to Realtor® B’s office and advised that he formerly lived
in the community, and had kept his home as an income property after he moved
away. The house had been vacant for several months and he had decided to sell it.
He asked if Realtor® B could drive him to
look at it. As they inspected it, Client A stated
that he would be happy to get $80,000 for it.
Realtor® B listed it at that price and after a few
days it was sold to Buyer C.
Six months later, Client A was in town again.
Hoping to recover a box of old photographs
he had left in the attic, he called on Buyer C,
whom he had met at settlement. When he
arrived he found that Buyer D then lived in the
house. He expressed some surprise that Buyer
C had sold it so soon, and learned that Buyer
D paid $140,000 for it.
Astonished, Client A then made some
inquiries as to market values and learned that
he had grossly under priced his house when
listing it with Realtor® B. He went to the
Board of Realtors® office and filed a complaint
against Realtor® B charging him with unethical
conduct in not having advised him as to the
property’s fair market value.
At the hearing, Realtor® B’s defense was that
he had not been asked to put a price on the
house, but had accepted agency on the basis
of a price set by the client; that the client had
stated he “would be happy” to get $80,000 for
it; that he was glad to get a listing that would
move quickly in the market; that he had done
nothing unethical since he had not bought it
himself; and that while he had honestly pointed
out to the buyer that the house was a bargain,
he had made no effort to induce relatives or
business associates to buy it.
October 2007
On questioning, he conceded that after
looking at the house with Client A, he realized
the property was being listed at about half its
fair market value, but insisted that was his
client’s business; that different owners have
different reasons for selling and pricing their
property, but acknowledged that Client A had
not indicated that he needed a quick sale or
that he would make any price concession.
The Hearing Panel pointed out that brokers
have no hesitation in advising clients that
properties are overpriced when this is the case,
and they are obligated to be equally candid in
providing their best judgment to clients when
properties being offered for sale are obviously
underpriced.
The panel concluded that in view of the
wide discrepancy between the owner’s asking
price and the property’s market value, which
Realtor® B conceded was apparent to him,
it was Realtor® B’s obligation as an agent to
advise his client that the house was worth
considerably more, especially since it was
apparent that Client A had been away from the
community for years and was out of touch with
local values. The Hearing Panel found Realtor®
B in violation of Article 1.
- Case #1-15: Obligation to Advise Client on
Market Value (Originally Case #2-1. Revised and
transferred to Article 7 as Case #7-19 May 1988.
Transferred to Article 1 November 1994.) H
CID
Office building transaction volume in the first seven
months of 2007: $147 billion, a record for the period,
which is 53 percent higher than the same period in 2006.
Equity funds accounted for 43 percent of office building
purchases, followed by private investors at 21 percent.
Industrial Market
Although the main driver for the industrial market
continues to be the need for warehouse and distribution
space, particularly in ports and distribution hubs, the rebirth
of the technology sector is fueling demand for flex space. A
marked increase has occurred in markets such as San Jose,
Calif.; Portland, Ore.; Seattle; and Phoenix.
Much of the new industrial supply has been on a buildto-suit basis, and building obsolescence remains a factor for
distribution facilities. With tightening availability in many
primary markets, users are starting to show greater interest
in secondary markets. Here are some more forecasts for the
industrial market in the coming year:
Vacancy rates: likely to average 9.6 percent in the fourth
quarter and 9.4 percent by the end of 2008, compared
with 9.4 percent in the fourth quarter of 2006. The areas
with the lowest industrial vacancies include Los Angeles;
Albuquerque; Tucson; Orange County, Calif.; Portland,
Ore.; and San Francisco, all with vacancy rates of 5.4
percent or less.
Annual rent growth: expected to more than double to
3.9 percent by the end of this year, and is estimated at 3.7
percent in the fourth quarter of 2008 — up from a 1.4
percent annual rise at the end of last year.
Net absorption of industrial space: (based on 58 markets
tracked) will probably total 125 million square feet in
2007 and 165.6 million next year, down from 202.8 million
in 2006.
Industrial transaction volume in the first seven months of
2007: $26.8 billion, up 13 percent from the same period in
2006. Private investors accounted for 36 percent of industrial
purchases, followed by equity funds at 25 percent.
Retail Market
Recovery in the retail market has been held back by high
levels of new supply, but developers appear to have gotten
the message. The majority of new space on the market today
is in nonregional malls, but new available space should see
marked declines in 2008. Credit problems have not yet
impacted retail sales, but will be watched closely.
NAR also made the following predictions for the
retail market:
Vacancy rates: projected to rise to 9.3 percent in the fourth
quarter from 8.1 percent at the end of 2006; vacancies
are forecast at 8.9 percent by the end of next year. Retail
markets with the lowest vacancies include San Francisco;
Orange County, Calif.; San Jose, Calif.; Ventura County,
Calif.; Washington, D.C.; and Las Vegas, all with vacancy
rates of 5.1 percent or less.
Average retail rent: expected to rise 2.9 percent in 2007
and 1 percent next year, following a 3.9 percent increase
in 2006.
Net absorption of retail space: (based on 53 tracked
markets) 12.1 million square feet this year and 19 million
in 2008, up from 10.7 million last year.
Retail transaction volume in the first seven months of
2007: $37.4 billion, up from $22.3 billion in same period
in 2006. Private investors accounted for 35 percent of
transaction volume, followed by institutional investors at 22
percent and foreign investors, 18 percent.
Multifamily Market
The apartment rental market — multifamily housing
— anecdotally appears to be impacted by an influx of
single-family homes being offered for rent, cutting into the
demand for apartment rentals. In addition, condos are being
converted into rental units, particularly in markets such as
Washington, D.C., and several areas of Florida.
At the same time, potential first-time home buyers are
hesitant and staying in the rental market, supporting
multifamily fundamentals until the lure of homeownership
returns, the housing cycle changes, and more buyers enter
the housing market. Other projections for the multifamily
market include:
Vacancy rates: expected to average 5.9 percent in the
fourth quarter, the same as the fourth quarter of 2006, and
then ease to 5.6 percent by the end of next year. The areas
with the lowest apartment vacancies include Northern New
Jersey, Salt Lake City, Philadelphia, Pittsburgh, Los Angeles,
Minneapolis, and Nashville, all with vacancy rates of 2.7
percent or less.
Average rent: projected to increase 2.9 percent this year
and 3.8 percent in 2008, after a 4.1 percent rise last year.
Multifamily net absorption: expected to total 209,200
units in 59 tracked metro areas this year, down from
229,400 in 2006, but increase to 234,400 in 2008.
Multifamily transactions in the first seven months of
2007: $46.3 billion, compared with $41.5 billion in the
same period in 2006. Half of the purchases were by private
investors, while condo converters accounted for only three
percent of acquisitions.
— REALTOR® Magazine Online H
October 2007
35
Dr. Lawrence Yun, senior economist for NAR, speaks
at the first-ever SAR International Congress on Sept. 14
at the Lakewood Ranch Country Club.
Budge and Jill Huskey enjoyed the gala event at
Lakewood Ranch Country Club
From left are: Khalid Muneer, Carla Rayman and Pat Tan
Dr. Yun’s keynote address attracted a full house
at the SAR International Congress.
36
October 2007
t
By Thomas C. Roberge, CPA, Sarasota and St. Petersburg
International
Real Estate
This memorandum discusses the tax aspects of selling U.S. real estate by nonresident aliens
and foreign corporations. It also discusses a new development in handling “hardship sales”
by the IRS relative to the 10 percent FIRPTA withholding due to the current state of the U.S.
real estate market.
When a non-U.S. person sells U.S. real estate, the
U.S. tax authorities (“IRS”) require that 10 percent of
the gross sales price be withheld at closing and remitted
as an estimated tax payment on behalf of the foreign
seller. The 10 percent is merely a deposit against the
seller’s actual tax liability as shown on their income tax
return for the year of sale. Failure to comply with this
requirement can subject certain parties associated with
the transaction to assessment by the IRS for the 10
percent tax plus penalties and interest.
There are three general ways of dealing with the 10
percent withholding:
• Having the 10 percent withheld and file an income tax
return for a refund in the year following the sale.
• Apply for relief to the IRS from the 10 percent
withholding (commonly referred to as a “Withholding
Certificate”). The seller is still required to file an
income tax return.
• The buyer chooses to sign a statement avoiding the 10
percent withholding for certain residential property
with a sales price of $300,000 or less. The seller is
still required to file a U.S. income tax return and
pay any tax due, plus penalties for underpayment of
estimated taxes.
When the 10 percent is withheld, the IRS issues a
receipt to the non-U.S. seller and the seller may claim a
refund when he or she files an income tax return for the
year of sale. In this case the seller calculates the actual
gain and related tax liability and receives a refund if the
actual tax liability is less.
The problem with this procedure is that it can take
until the following year to obtain a refund. Also, because
of the IRS reorganization there have been numerous
instances when the payments have been incorrectly
applied by the IRS, resulting in additional delays
and additional costs to the foreign sellers in obtaining
their refunds.
A non-U.S. seller can apply for relief from the
10 percent withholding when the actual tax on the
profit from the sale is less than 10 percent of the gross
sales price. This procedure is commonly known as a
Withholding Certificate. The benefit to the seller in
applying for relief is that it can get part or all of the 10
percent to the seller in the shortest amount of time.
The application must be filed between the time the
sales contract is signed and the date of closing. If the
application is filed after the closing date (even by one
day), the entire 10 percent must be remitted to the IRS
and then the seller must wait until the following year to
file an income tax return for a refund.
When the application for relief is timely filed, the 10
percent is held in escrow by the closing agent until the
IRS processes the application and grants relief. At such
time part or all of the escrowed funds are remitted to
the seller. IRS instructions state that this normally takes
about 90 days for the application to be processed.
There has been a new development in issuing these
certificates due to the present real estate market. Because
of the depressed real estate market in the U.S. we have
encountered many situations this year which qualify
as “hardship sales”. A hardship sale is one where
there is a “short sale” or when the buyer has to bring
money to the closing table to meet the 10 percent
FIRPTA requirement.
The IRS has been responsive to our firm in processing
applications for relief in these situations. In most
instances we have been fortunate to have these hardship
cases processed on an expedited basis by the IRS within
only a few weeks, rather than three months. Special
procedures and processing are required to accommodate
these unfortunate situations. We have been able to deal
with these situations effectively because of our extensive
knowledge in this area and our positive working
relationship with the IRS.
Each year our firm processes numerous applications
for relief for non-U.S. sellers. The rules in this area are
specialized and unique and should be handled only by
someone experienced in dealing with international tax
matters before the IRS. Please feel free to contact us if
you would like to discuss the facts and determine the
potential benefits in your situation.
International Real Estate
Depressed real estate market
can result in ‘hardship sales’
Continued on next page, See International
October 2007
37
International
Statistics Matter
There is a misconceived idea that a buyer must sign a
“Statement of Intent to Reside” in this situation. This is not
true. The buyer has the sole discretion whether to rely on
this exception.
Withholding may not be required on a sale by a non-U.S.
seller of residential property in certain situations when the
sales price is $300,000 or less. The buyer can possibly elect
to sign a statement to waive the 10 percent withholding if
they meet certain conditions. This exception is only available
to an individual purchaser and is not available on a sale of
raw land even if the buyer is going to construct their principal
residence on it.
The buyer must meet a certain time-use test to qualify for
this exception. Failure to meet this test can subject the buyer
to a penalty of 10 percent of the gross purchase price plus
penalties and interest.
The problem with this exception is that most buyers do not
want to rely on it (and are not required to – it is elective on
their part). Even if they think they will satisfy the test, they
basically will forfeit their right to change their mind to rent
the property for a significant time during the first two years
following the purchase if they rely on this exception. Also,
most buyers will view this exception as a needless risk on their
part especially when, in their mind, they are paying a fair price
for the property.
Finally, the non-U.S. seller is still required to file a U.S.
income tax return for the year of the sale to report the
transaction and pay the correct amount of U.S. income tax.
Their tax liability is going to be the same in the end whether
or not there is withholding. The foreign seller also risks the
imposition of underpayment of estimated tax penalties when
the 10 percent is not withheld. Many foreign sellers who have
not had the 10 percent withheld because of this exception
have been unpleasantly surprised that they owe penalties in
addition to the capital gains tax when they file their U.S.
income tax return for the year of sale.
We have found that many non-U.S. sellers needlessly have
missed good opportunities to sell their U.S. real estate because
they have misunderstood this exception and have instructed
their realtor not to accept an offer unless the buyer signs
this exception. Our firm has a memorandum explaining this
exception in detail. Call us for a copy of it.
Conclusion
We offer our service in minimizing the U.S. income tax
consequences on the sale of Florida real estate. Our firm deals
exclusively in assisting foreign nationals with U.S. tax matters.
Please contact us at (727) 822-9393 or (941) 952-5848 for a
free initial consultation. H
- Copyright, 2006,
Thomas C. Roberge & Company,
All Rights Reserved
interest them or use the numbers to answer the questions
people think are important.”
To avoid overloading clients and customers with numbers,
Case doesn’t track the broad demographic, economic or school
system statistics, although she does include an overview of
Naples for out-of-town customers and keeps current with local
news. “For buyers who have children in school, for instance,
I give them the Internet site for Naples schools and let them
contact the principal or counselors directly and ask their own
questions,” she says.\
38
October 2007
Using Market Knowledge
For real estate professionals, understanding the market
numbers can open the door to speaking engagements and
new types of business. For instance, Moore-Moore tells how
one sales professional conducted a complete analysis of the
luxury market in her Sun Belt city and then called a builder
who had announced plans for a new subdivision. “After
she showed him the recent sales and pricing trends,” says
Moore-Moore, “the builder changed his strategy and began
constructing homes in a different section of town—and he
gave her all of his new-home listings.”
- Richard Westlund is a Miami-based freelance writer. H
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Advertisers Index
The following businesses have placed advertising in
Sarasota Realtor Magazine. Please consider
these companies when doing business.
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Herald-Tribune Media Group...29
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Monday, Oct. 1, through Friday, Nov. 9, 2007
Tuesday
1
9:00 a.m. – 12:00 p.m.
14 Keys:
Personal Marketing
9:00 a.m. & 2:30 p.m.
New Members
Wednesday
2
3
8:30 a.m.
CID Board of Directors
8
7:30 a.m. – 9:00 a.m.
WCR Toastmasters
9:00 a.m. – 11:30 a.m.
Basic MLXchange
Hands On Training
9:00 a.m. – 12:00 p.m.
14 Keys: Goal Setting &
Time Management
9:00 a.m. & 2:30 p.m.
New Members
9
9:00 a.m. – 4:00 p.m.
New Member Orientation
9:00 a.m. & 2:30 p.m.
New Members
1:00 p.m. – 4:00 p.m.
Quadrennial Code
of Ethics
9:00 a.m. – 12:00 p.m.
14 Keys: Contracts,
Sales and Listings
9:30 a.m. – 11:00 a.m.
iMAPP (New Version)
9:00 a.m. & 2:30 p.m.
New Members
1:00 p.m. – 2:30 p.m.
E-Pro Introduction
10
16
8:30 a.m. – 9:30 a.m.
CID General Membership
Meeting
22
8:00 a.m. – 5:00 p.m.
CI 103
9:00 a.m. & 2:30 p.m.
New Members
8:00 a.m.
MLS Zone 2
9:00 a.m. – 11:30 a.m.
Advanced MLXchange
Hands On Training
9:00 a.m. – 12:00 p.m.
14 Keys:
Business Planning
9:00 a.m. & 2:30 p.m.
New Members
15
Classes are conducted every
other week on the new
MLXchange system. Please visit
www.sarasotarealtors.com and
click on Register for Classes under
the Education tab for the
latest class dates and times.
12
9:00 a.m.
New Members
12:00 p.m. – 1:30 p.m.
SYR Meetings,
Foreclosures & REA
12:30 p.m.
Realtor Day Tennis
18
8:00 a.m.
MLS Zone 1
8:30 a.m. – 5:00 p.m.
SRES
9:00 a.m. – 11:30 a.m.
Advanced MLXchange
Hands On Training
10:00 a.m. – 2:00 p.m.
Photographer
24
8:30 a.m. – 5:00 p.m.
CI 103
9:00 a.m. & 2:30 p.m.
New Members
5:30 p.m.
SYR LaBarge
Sunset Cruise
5
9:00 a.m.
New Members
8:00 a.m.
MLS Zone 3
7:30 a.m. – 9:00 a.m.
WCR Toastmasters
8:30 a.m. – 5:00 p.m.
SRES
9:00 a.m. – 11:30 a.m.
Basic MLXchange
Hands On Training
9:00 a.m. & 2:30 p.m.
New Members
Friday
11
17
23
8:30 a.m. – 5:00 p.m.
CI 103
Thursday
4
19
9:00 a.m.
New Members
9:00 a.m. – 12:00 p.m.
14 Keys: Property
Inspections & CMA’s
25
8:00 a.m.
MLS Zone 2
8:30 a.m. – 5:00 p.m.
CI 103
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PERMIT NO. 451
Monday
Ongoing MLXchange
Training:
26
9:00 a.m.
New Members
8:30 a.m. – 5:00 p.m.
CI 103
For more information on Educational Programs, please see pages 22 - 25
30
9:00 a.m. – 12:00 p.m.
14 Keys:
Listing Presentations
9:00 a.m. & 2:30 p.m.
New Members
7:30 a.m. – 9:00 a.m.
WCR Toastmasters
9:00 a.m. – 11:30 a.m.
Basic MLXchange
Hands On Training
9:00 a.m. – 12:00 p.m.
14 Keys: Marketing &
Servicing the Listing
9:00 a.m. & 2:30 p.m.
New Members
5
9:00 a.m. – 12:00 p.m.
14 Keys: Qualifying,
Presenting Offers
9:00 a.m. & 2:30 p.m.
New Members
31
6
8:30 a.m.
CID Board of Directors
8:30 a.m. – 4:00 p.m.
Real Estate Law Summit
8:00 a.m.
MLS Zone 3
9:00 a.m. – 11:30 a.m.
Advanced MLXchange
Hands On Training
7
9:00 a.m. – 12:00 p.m.
14 Keys: The Order
9:00 a.m. & 2:30 p.m.
New Members
Nov. 1
2
9:00 a.m.
New Members
8
8:00 a.m.
MLS Zone 1
8:30 a.m. – 11:00 a.m.
Foreign Investor Workshop
9
9:00 a.m.
New Members
Sarasota Association of Realtors®, Inc.
3590 S. Tuttle Ave.
Sarasota, FL 34239
29

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