June 2012 - Realtor Association of Sarasota and Manatee

Transcription

June 2012 - Realtor Association of Sarasota and Manatee
JUNE 2012
The Official Monthly Publication of the Sarasota Association of Realtors®
Dream
Rally
Realtors® gather by the thousands
in Washington, D.C. to protect
the American Dream
Page 6
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Contents
Sarasota Realtor® Magazine
Volume 9, Issue 6
JUNE 2012
Sarasota Association
of Realtors®, Inc.
3590 South Tuttle Avenue
Sarasota, Florida 34239
Phone: 941/923-2315
FAX: 941/923-0191
www.sarasotarealtors.com
www.facebook.com/SarasotaRealtors
6
Rally for Rights
Realtors® from across the United States, many from right here in
Sarasota, gathered in Washington. D.C. for a Rally
for Homeownership on May 17th.
10 Top RPAC Contributors
Governmental Affairs Director Marc Mansfield salutes SAR’s
top contributors to the Realtor® Political Action Committee fund,
a very important source of support for Realtor® rights.
12 Distressed Property Impacts
Sarasota County Property Appraiser Bill Furst explains
how short sales and foreclosures can impact local
property appraisals.
15 Sales Hit New High
Volume 9 • Issue 6 •JUNE 2012
The April 2012 sales in the Sarasota market hit
a brand new seven-year high, and the inventory dropped
to a new decade low - signs of a recovery.
18 Accounting Crisis
In every issue
12- Property Appraiser
15- Sales and Listing Statistics
18- Commercial Investment Division
Visit SAR on Facebook at
www.facebook.com/SarasotaRealtors
See a few of the photos this month on
Page 24!
29- Global Business Council
Treasurer
Peter Crowley
RE/MAX Alliance Group
Immediate Past President
Michael Bruno
Michael Saunders & Company
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
Director of Information Technology
Jesse Sunday
Director of Professional Development
Catherine McCaskill
Governmental Affairs Director
Marc Mansfield
Subscriptions: The annual dues of every member of
the Sarasota Association of Realtors®, Inc., includes a
one-year subscription to Sarasota Realtor ® magazine.
A yearly subscription for Sarasota Realtor ® magazine
is available to non-members for $25, plus Florida
sales tax.
Editorial ideas and manuscripts are welcome. Byline
articles and columns express the opinions of the
writers and do not necessarily reflect the policies or
sentiments of the Sarasota Association of Realtors®,
Inc. All submitted copy is subject to editing.
2012 Copyright© by the Sarasota Association of
Realtors®, Inc. All rights reserved. Reproduction
in whole or in part without written permission is
prohibited.
30- Membership
JUNE 2012
Secretary
Stafford Starcher
RE/MAX Alliance Group
Sarasota Realtor® Advertising: For information on
advertising rates and deadlines, contact Ray Porter
at 941/328-1168 or [email protected]
32- Calendar of Events/Education
4
President-Elect
Roger Piro
Town & Country Realty
Production
Coastal Printing, Inc.
10- Governmental Affairs
24- On the SAR Scene
President
Laura Benson
Michael Saunders & Company
Director of Membership
and Administrative Services
Dan Andrews
CID President Brad Lindberg explains a proposed change
in the way commercial transactions are handled that could
have very adverse consequences in the coming months.
20- Education Programs
2012 SAR Officers
Sarasota Realtor® Magazine
www.sarasotarealtors.com
SAR slates quarterly meeting
The Sarasota Association of Realtors® will hold the Quarterly
Membership Meeting on Friday, June 15th at Dutch Heritage
Restaurant, 3713 Bahia Vista Road. Lunch and Networking
is at 11:30 a.m., with the Call to Order at noon. Register at
www.sarasotarealtors.com. The cost is $13.50 per person.
Speaker for the event will be Margaret “Margy” Grant,
Florida Realtors® Vice President of Law and Policy/General
Counsel. As chief legal counsel, Margy oversees the law and
policy department which provides forms, a library and legal
hotline to more than 110,000 members.
The four $2,000 SAR Scholarship winners have also
been invited to attend, along with their families. This year’s
winners are: Public - Samantha Byrne, Venice High School
(attending University of Tampa); Jack Jeskey, Venice High
School (attending University of Central Florida); SAR-Related
- Vincent Tan, Pine View School (attending Florida State
University); and Gerard MacKinnon, Cardinal Mooney High
(attending the University of Florida).
Four SAR Realtor® Emeritus honorees will also be recognized
for 40 years in the profession: Ronnie Caron, Michael Nink,
Audrey Marten and Richard Lewis.
KNOW
YOUR OPTIONS
Short Sales
Foreclosures
Bankruptcy
District 13 Conference set June 22
Join hundreds of Realtors® from all over the Suncoast area
for the Florida Realtors® District 13 Conference & Trade Show
on June 22nd at the Charlotte Harbor Event and Conference
Center. This dynamic event will include more than 16 breakout
sessions, a large real estate tradeshow, technology demos, a
keynote speaker, and lunch, all for the amazingly low price of
$20.12! To register, visit www.sarasotarealtors.com and look
under Hot Topics!
Kathleen Strobel named
SAR Affiliate of Month for June
Kathleen Strobel of M & I
Bank in Lakewood Ranch has
been named SAR Affiliate of
the Month for June 2012.
Kathleen, a member of the
Global Business Council,
specializes in financing for
Canadians, condominiums,
primary and vacation/
second homes. She is also
a Lifetime Director for the
Home Builders Association of
Manatee-Sarasota, and a three
time winner of the Circle of
Excellence from the Sarasota
Mortgage Professionals.
Kathleen can be reached at
941-757-4501, or by email
at [email protected]
com or visit www.mibank.
com.
www.sarasotarealtors.com
Call 941-366-1300 For A
FREE CONSULTATION
Jefferson F. Riddell, Esq.
(Board Certified Real Estate Attorney)
Cynthia A. Riddell, Esq.
Riddell
Law Group
R L G
3400 S. Tamiami Trail, Sarasota, Florida
www.rlglawfirm.com
Kathleen Strobel
Sarasota Realtor® Magazine
The hiring of a lawyer is an important decision that should not be based solely upon advertisements.
Before you decide, ask us to send you free, written information about our qualifications and experience.
JUNE 2012
5
Cover Story
6
Rally Time!
Local Realtors® join homeownership rally in D.C.
R
Realtors® from Sarasota, Bradenton and Venice,
from across Florida and coast to coast in the United
States – estimated at 13,800 strong – gathered at the
Washington Monument in the nation’s capital on
May 17th to highlight the importance of housing
and homeownership to the nation’s economic
recovery.
The “Rally to Protect the American Dream”
took place during the National Association of
Realtors® (NAR) Midyear Legislative Meetings
and Trade Expo. Throughout the week, Realtors®
from Florida and other states met with legislators,
public policymakers and industry leaders to address
concerns and issues that affect homeowners, aspiring
homeowners and real estate investors everywhere.
“NAR meetings in Washington D.C. are always
exciting,” said SAR President Laura Benson, an
agent with Michael Saunders & Company. “There
is no denying that the impact of a few thousand
Realtors® working through issues and meeting with
Congressional representatives is huge!”
Benson continued, “This year’s Rally to Protect
the American Dream at the Washington Monument
was particularly poignant. Realtors® from around
the country gathered to make it very clear that we
will be the group our policy makers answer to if
homeownership should become out of reach for any
more American’s. I’ve always said that there is no one
who is more vested with a home seller or buyer - or
a business person starting or growing their business,
than a Realtor®. This past week we stepped up,
and stood up, for all Americans reaching for their
dream!”
“Florida’s housing market is improving, but we still
have a long way to go,” said 2012 Florida Realtors®
President Summer Greene, regional manager of
Better Homes and Gardens Real Estate Florida 1st
in Fort Lauderdale. “We must keep our members
of Congress laser-focused on housing initiatives to
ensure we do not lose traction in the housing market.
This is not the time to show complacency, but show
courage in areas of mortgage liquidity, availability of
flood insurance and tax relief.”
In the current economic and political climate,
Realtors® are working to ensure that people who
want to own a home or invest in real estate and can
responsibly afford to do so, will continue to have the
opportunity to do that. Toward that end, Realtors®
are advocating better access to affordable financing,
JUNE 2012
reform of the secondary mortgage market, improved
liquidity in residential and commercial lending,
and preservation of the tax benefits associated with
homeownership.
“Realtors® know that homeownership is an
investment in our collective futures, and we’re here
to protect the American Dream of homeownership,”
said 2012 NAR President Moe Veissi, broker-owner
of Veissi & Associates Inc. in Miami.
“Homeownership and investment in real estate
impact families, communities, small businesses and
the nation’s economy in a very meaningful way.
Today, we’re proud to be showing the country that
homeownership matters.”
Sen. Johnny Isakson (R-Ga.) and Rep. Steny Hoyer
(D-Md.) addressed the crowd of Realtors® at the
event.
“I commend the National Association of
Realtors® for keeping the issue of homeownership
at the forefront when we talk about our economic
recovery,” said Rep. Hoyer. “Stabilizing the housing
market remains a central issue for Democrats, who
understand we will not have robust economic growth
without a vibrant housing market, and that access to
homeownership remains a critical component of the
American Dream.”
Sen. Isakson said, “Homeownership always has
been, and remains to this day, a part of the American
dream. It is the biggest and most important
investment that the average American family makes,
and that’s why we should remain focused on the
value of the housing market and the important role
it plays in our country. It is my hope that this rally
encourages Congress and the president to move
forward with policies that are supportive of housing,
which is vital to job creation and the recovery of our
economy.”
Many Realtors® are asking the questions - why
did we have this rally? Are there specific bills or
legislation we are trying to pass or defeat? What is
the urgency?
Congress addresses a myriad of real estate issues
every year. What makes this year unique is that for
the first time ever the American dream, as we know
it, is under attack. It is time to remind Congress that
owning a home is an indispensable thread of the
Sarasota Realtor® Magazine
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Continued on P. 8, See RALLY
www.sarasotarealtors.com
CG
rep
SARa
HORTON HOT DEALS
5 CO-OP!
%
ADDISON MANOR - RUSKIN
Homesite 3701
Homesite 5103
Gardenia B - 4 bed, 2.5 bath, 2 car
Aster B - 3 bed, 2 bath, 2 car
PANTHER TRACE - RIVERVIEW
2199 sq. ft.
1965 sq. ft.+
+
$175,990
$159,990++
++
COVERED BRIDGE - ELLENTON
Homesite 75
Hibiscus B - 4 bed, 2.5 bath, 2 car
2498 sq. ft.
Marigold D - 3 bed, 2 bath, 2 car
1749 sq. ft.
Laurel B - 3 bed, 2 bath, 2 car
Juniper B - 4 bed, 2 bath, 2 car
$189,990
+
$151,990
1808 sq. ft.
1899 sq. ft.+
+
++
SOLD
$168,990++
Santa Barbara - 2 bed, 2 bath, 1 car
Santa Barbara - 2 bed, 2 bath, 1 car
Santa Cruz - 3 bed, 2.5 bath, 2 car
Catalina - 3 bed, 2.5 bath, 2 car
Santa Cruz - 3 bed, 2.5 bath, 2 car
1200 sq. ft.+
1200 sq. ft.+
1635 sq. ft.+
1481 sq. ft.+
1635 sq. ft.+
SOLD
$142,890++
SOLD
SOLD
$168,490++
LITTLE RIDGE - NEW PORT RICHEY
Homesite 82
Santa Barbara - 2 bed, 2 bath, 1 car
1200 sq. ft.+
$89,990++
1965 sq. ft.+
SOLD
1808 sq. ft.+
$255,990++
MIRA LAGO - RUSKIN
Homesite 580
Aster B - 3 bed, 2 bath, 2 car
OAK VISTAS - SARASOTA
Homesite 5
Laurel D - 3 bed, 2 bath, 2 car
OLD TAMPA ESTATES - PARRISH
Homesite 3
Sandpiper B - 3 bed, 2 bath, 3 car
2019 sq. ft.+
$205,490++
2752 sq. ft.+
$215,990++
2498 sq. ft.+
$211,990++
RYE WILDERNESS ESTATES - BRADENTON
Homesite 6202 Langford D - 4 bed, 2.5 bath, 3 car
KINGLET RIDGE AT FISHHAWK RANCH - LITHIA
Homesite 151
Homesite 161
Homesite 163
Homesite 362
Homesite 363
Juniper E - 4 bed, 2 bath, 2 car
RIVERPLACE - RIVERVIEW
++
GREENS AT HIDDEN CREEK - WESLEY CHAPEL
Homesite 7
Homesite 11
Homesite 2122
Homesite 0603 Hibiscus B - 4 bed, 2.5 bath, 2 car
+
CROSS CREEK AT SUMMERTREE - NEW PORT RICHEY
Homesite 44
*
2520 sq. ft.+
$300,990++
SCHOONER COVE - SOUTH TAMPA
Unit 299
Catalina - 3 bed, 2.5 bath, 2 car
1481 sq. ft.+
SOLD
SEVEN OAKS - WESLEY CHAPEL
Homesite 2767 Bridgeview C - 4 bed, 3 bath, 3 car
Homesite 3467 Gardenia C - 4 bed, 2.5 bath, 2 car
2150 sq. ft.+
2199 sq. ft.+
$253,990++
SOLD
SUGAR MILL LAKES - PALMETTO
Homesite 40
Bridgeview B - 4 bed, 3 bath, 3 car
Homesite 98
Hibiscus D - 4 bed, 2.5 bath, 2 car
2150 sq. ft.+
$185,990++
TERRA BELLA - LAND O’ LAKES
2498 sq. ft.+
SOLD
VILLAGES OF AVALON - SPRING HILL
Homesite 323
Homesite 1824
Gardenia B - 4 bed, 2.5 bath, 3 car
Wisteria A - 4 bed, 2 bath, 2 car
2199 sq. ft.+
2701 sq. ft.+
$174,140++
$195,555++
WHISPERING OAKS - BRANDON
Homesite 46
Sorrento - 3 bed, 2.5 bath, 1 car
1516 sq. ft.+
SOLD
WHISPERING WOODS - PLANT CITY
Homesite 63
Homesite 112
Wisteria B - 4 bed, 2 bath, 2 car
Juniper E - 4 bed, 2 bath, 2 car
2701 sq. ft.+
2752 sq. ft.+
$225,391++
$212,445++
HortonReadyNow.com • 866.475.3347
Voted America’s #1 Homebuilder for 9 Years in a Row!**
Awarded Builder Magazine’s 2010 “Builder of the Year”**
D.R. Horton Tampa/Sarasota
CGC1513647 *5% co-op earned and paid at closing and valid only on inventory homes listed on this ad that are sold by 4/1/12 and closed by 9/30/12. **As reported by Builder Magazine. +Square footage dimensions are approximate. Please contact a sales
representative for details. ©2011 DR Horton, Inc. All rights reserved. ++Home and community information, including pricing, included features, terms, availability and amenities are subject to change and prior sale at any time without notice or obligation.
SARad4.3.indd 1
4/3/2012 12:00:48 PM
RALLY
From Page 6
American fabric. Realtors® need
to protect home ownership in
America for today and tomorrow.
This is an election year, giving
Realtors® an excellent opportunity
to present our critical issues to
Congress before voters head to
the polls in November. This rally
serves to remind Congress, as they
address the issues listed below, that
Realtors® are demanding action.
As Realtors® we have an obligation
to protect, not only the millions
of current home owners, but the
future generations of Americans
who want to own a home or other real
property.
We held this rally to tell Congress,
first do no harm to real estate. A full
and lasting economic recovery will only
occur with a vibrant real estate sector
leading the way. We rallied to tell
Congress that Realtors® are not sitting
on the sidelines waiting for action.
Here is a list of the critical issues
Congress is currently facing as it relates
to your business:
TAXATION
An exploding federal debt has forced
tax reform into the limelight. In
December 2010, a deficit reduction
commission offered a variety of models
for both simplifying the tax code and
increasing the amount of revenue it
generates. The combination of the
deficit, the need to increase the US
credit limit (aka the debt ceiling) and
the fragile economy have lined up to
force a major political debate about the
relative mix of spending and revenue.
As a result, a variety of tax laws,
including those affected by commercial
and residential real estate, could be
reviewed with a focus on raising
revenue.
• Mortgage Interest Deduction:
NAR opposes any changes that would
limit or undermine current law. In
2011, NAR secured 183 bi-partisan
co-sponsors for HR 25 which
“expresses the sense of the Congress
that the current Federal income tax
deduction for interest paid on debt
secured by a first or second home
should not be further restricted.”
8
JUNE 2012
• Capital Gains - Exclusion on
Sale of Residence: NAR opposes
any changes that would reduce or
limit the capital gains exemption
($250,000/$500,000) on the sale of a
home.
• Property Tax Deduction: NAR
opposes any changes that would reduce
or eliminate current laws.
REAL ESTATE FINANCE
Coupled with a lack of available
and affordable mortgage financing,
delinquencies are surging and
foreclosure rates continue to rise.
Federal policymakers are weighing a
number of proposals aimed at creating
healthier housing and mortgage
markets.
• Government Sponsored Enterprises:
NAR is recommending that Fannie
Mae and Freddie Mac be converted
into government-chartered, nonshareholder owned authorities that
are subject to tighter regulations on
product, revenue generation and usage,
and retained portfolio practices in a
way that ensures they accomplish their
mission and protect the taxpayer.
• Credit Policies: NAR believes
the credit and lending communities
and federal regulators should reassess
the entire credit structure and look
for ways to increase the availability
of credit to qualified borrowers who
are good credit risks. Specifically,
NAR supports S. 170, “The Helping
Responsible Homeowners Act,”
the Administration’s proposal to
significantly reduce monthly mortgage
payments by streamlining the
refinancing process (HARP 2), and
Sarasota Realtor® Magazine
expansion of FHA’s 203(k) program.
• Short Sales: NAR continues to
push the lending industry to expedite
short sales and is working with
Congress to get legislation passed to
make the short sales process more
efficient.
PROPERTY INSURANCE
For the past several years, Congress
has been approving short-term
extensions of the National Flood
Insurance Program’s (NFIP) authority
to issue flood insurance policies while
they continue to debate long-term
fiscal reforms to the program. The
most recent extension was on Dec.
17, 2011, when Congress extended
it through May 31, 2012. NAR
urged Congress to use the additional
time to complete work on a 5-year
NFIP re-authorization bill to provide
certainty and avoid further disruption
to real estate markets.
APPRAISAL ISSUES
Over the last 18-36 months, a
host of rules, regulations, and laws
have been announced to further
protect appraiser independence. NAR
strongly supports the independence of
appraisers and the appraisal process.
Additionally, NAR opposes the use of
indemnification clauses by Appraisal
Management Companies (AMCs)
which places pressure on the appraiser,
compromises their independence, and
has a negative effect on the quality of
appraisal reports. NAR will also pursue
legislative and regulatory efforts to
require AMCs to retain competent and
qualified appraisers.
www.sarasotarealtors.com
Realtors® from across the United States, including many from Sarasota, gathered in Washington, D.C. on May 17th for
the big Rally for Homeownership. The event attracted more than 13,000 participants, and served as a vital message to
legislators to keep focused on the issues that impact, and potentially threaten, homeownership in our nation.
Below, can you spot any of your fellow SAR members in the photo? Check out the Rally FanCam at www.realtor.org !
www.sarasotarealtors.com
Sarasota Realtor® Magazine
JUNE 2012
9
Governmental Affairs
10
SAR Salutes $99 RPAC Investors for 2012
S
SAR asks members to
voluntarily support RPAC
by investing $99 or more
each year to help support
RPAC activities on local,
state and national levels.
SAR members shown
below invested $99 for
2012. Major Investors are
noted by an * next to their
names shown in red and
will be featured in another
article later this year.
On behalf of the SAR
Board of Directors, and
the RPAC Committee
we salute our $99 Club
Investors! For more
information on how you
can become an RPAC
$99 Club Investor please
contact Marc Mansfield at
[email protected]
Acheson, Murray J
Adair, Elaine
Adair, Robin G
Albert, Scott W
Aldrich, L. Chip
Allard PA, BibiAnn
Allen, Sania
Almengual, Anthony W
Amador, Margaret F
Anderson, Robert T
Appel, George K
Arreola, Judy
Arthur, Sam E
Babiarz, Michael A
Babiarz, Vicki N
Bain, Brian Roland
Barbosa, Paulo R
Baseman, Barbara S
Beacham, Deborah M
Beck PA, Maria T
* Benson, Laura A
Berger, Judie
Bergstrom, Joan M
Biter, Tina
Boakes PL, Anita
Boltax, Joan D
Bosela, Hajasoa
Bosshardt, Carol
Bridges, Michael J
Brink, Mark D
Brinkman, Deke
JUNE 2012
Brittain, Bill
Brooks, Christina
* Bruno PA, Michael W
Brunson, Laura
Bryant, Teresa L
Buchanan, Linda
Budnik, Carol P
Cacchiotti PA, Saint
Carroll, William
Carson, S Dudley
Casella, Robert M
Cashi, Paula J
Cashi-Haught, Lora L
Cassidy, Jennifer M
Cavanaugh, Richard A
Cerreta, Craig
Charity, Gabriele
Charlesworth, Amanda Le
Charron, Pamela J
Chicoine, Adam R
Chiodi, Sharon E
Clamage, Georgina
Clapp, David P
Clemmer, Holly
Cochrane, Michael
Coletti, Lorraine Olsso
Collier, Janis L
Collins, Anthony Lee
Conklin, Mary F
Conklin, Thomas W
Conrad, Jennifer
Corbino, Michael
Crabtree, Michelle
Cristello, Gail T
Crowley, Peter M
Cunningham, Sharon
Currey, Tamara
Currey, Todd A
Dabringhaus, Daniel E
D’Agostino, Margaret
Dahm, Dennis
Davenport, Michael W
Davila, Rocio
Day, Philip Roy
De Manio PA, Betsy
Dean, Paige E
Debicka, Dorota I
DeCastro, Julia
DeLieto Jr PA, Leon R
Derr, Terri
DeWitt, Ronnie K
Dickinson, Joan A
Donald, Penny Lynn
Doyle, Faye
Drake, Amy Bressler
Dutoit, Steven L
Eash, Joey A
Ellery, Marla Carol
Ellis, Whitney
Elmore, Donna
Emery, Linda
Emrick, Johanna S
Ennis, Jerome B
Esposito, Valerie Kay
Esses, Ellen Laura
Evans, Penny Arena
Falkenthal, Judy
Ferraro, Thomas M
Sarasota Realtor® Magazine
Fippinger, Tracy
Fischer, Diana T
Flanders, Jennifer P
Flannagan, Mark
Flynn, William Robert
Foster, Cindy J
Fraser, David S
Fulwider, Laura Chasey
* Furst, William
Furst, Darla A
Fust, Stacey Maloney
Gagg, Michael
Gahry, Barbara E
Gardner, Audria Liliana
Garrabrant, Susan
Gaudiano, John
Gaukhman, Yuliya
Geller PA, William A
Gesell-Hirschman,
Jamey
Geweye, Charles E
Goldstein, Susan
Gonzalez, Bernardo Javi
Good, Tom
Govic, Ann Marie
Grabo, Alfred
Grana, Jayci B
Grande, Jason P
Grant PA, Duneska
Grant, Karen
Gratton, Priscilla
Green, Judy A
Groom II, David C
Cont. on P. 14, See RPAC
www.sarasotarealtors.com
NESTING
Tuesday-Saturday 10:30AM- 5:30PM Monday by Appointment
1540 Main Street Sarasota, FL 34236 941.366.0941 BlackBirdHomeGallery.com
Property Appraiser
Qualifying Sales and Transfers: Foreclosures and Short Sales
There’s no doubt that foreclosures and short sales are having a significant
impact on the current real estate market. These typically less-than-market
transactions exert downward pressure on “retail” prices, especially for
residential property. In the marketplace this distortion affects buying and
selling decisions daily.
Foreclosures, short sales:
How are values impacted?
By Bill Furst, GRI, CRS, CRB
Many property
owners
trying to sell, as well as recent buyers, come to our
Sarasota
County
offices trying
to understand
why the market values we arrive at once a year on
Property
Appraiser
January 1 areThere’s
not reflective
of the
on-the-ground
theyhaving
are a
no doubt
thatactual
foreclosures
and shortreality
sales are
significant impact on the current real estate market. These typically
experiencing.
T
less-than-market transactions exert downward pressure on “retail”
prices,
especially
for residential
property.
the marketplace
this
The reasons
for those
perceived
discrepancies
can beInfound
in the Florida
distortion affects buying and selling decisions daily.
Statutes and Administrative Rules that govern what property appraisers can
property
ownerstransfers
trying tofor
sell,
as well as recent
buyers,
and can’t do Many
in qualifying
property
consideration
in determining
come to our offices trying to understand why the market values we
values for the
taxatroll.
arrive
once a year on January 1 are not reflective of the actual
on-the-ground reality they are experiencing.
The Department
Revenue
a specific
list of codescan
that
usedintothe
The of
reasons
for provides
those perceived
discrepancies
beare
found
categorize Florida
these transfers
ownership
of real Rules
property.
property
Statutes of
and
Administrative
that Each
govern
what property
appraiser must
reviewcan
all and
property
transfers
and qualify
or disqualify
appraisers
can’t do
in qualifying
property
transfersthem
for
consideration
in determining
valuesqualifying
for the taxsales
roll.is critically
based on the
merits of each
transfer. Properly
important in The
preparing
a fair, equitable
andprovides
accuratea tax
roll. list of codes that
Department
of Revenue
specific
are used to categorize these transfers of ownership of real property.
property by
appraiser
must
review all
transfers
and
Short salesEach
are reviewed
property
appraisers
on property
their individual
merits
qualify
or
disqualify
them
based
on
the
merits
of
each
transfer.
before making a qualification decision. Though short sales involve duress,
Properly
is critically
in preparing
a fair,
other factors
such asqualifying
a lender’ssales
desire
to get theimportant
best market
price, appearing
equitable and accurate tax roll.
in the Multiple Listing Service and being advertised to the open market may
Short
are reviewed
property
appraisers
on their individual
be considered
by asales
property
appraiserbyprior
to qualifying
or disqualifying
a
merits before making a qualification decision. Though short sales
short sale transfer.
involve duress, other factors such as a lender’s desire to get the best
market price, appearing in the Multiple Listing Service and being
Because foreclosures
dothe
notopen
involve
an arm’s-length
transaction,
advertised to
market
may be considered
by a the
property
appraiser
priorwill
to not
qualifying
disqualifying
short salesales.
transfer.
Department
of Revenue
accept or
such
transfers asaqualified
Deeds
in lieu of foreclosure
do not meet
theinvolve
requirements
for an arm’s-length
Because also
foreclosures
do not
an arm’s-length
transaction,
the Department of Revenue will not accept such transfers as
transaction.
qualified sales. Deeds in lieu of foreclosure also do not meet the
requirements
for an arm’s-length
transaction.
At sometime
after a foreclosure,
the lender will
offer the property for sale.
At some
time(REO)
aftersales
a foreclosure,
the lender
willcarefully
offer thebyproperty
These real estate
owned
must be analyzed
very
the
for
sale.
These
real
estate
owned
(REO)
sales
must
be
analyzed
property appraiser proving an arm’s length transaction, including determining
very carefully by the property appraiser proving an arm’s length
if the property was listed in the Multiple Listing Service at a list price in line
transaction, including determining if the property was listed in the
with local marketing
times and
conditions.
appraiser
also
Multiple Listing
Service
at a list The
priceproperty
in line with
local must
marketing
take the physical
condition
of theThe
property
intoappraiser
consideration
making
times and
conditions.
property
must when
also take
the a
qualification
determination
physical
conditionforofREO
the transfers.
property into consideration when making
a qualification determination for REO transfers.
As you can see,
manycan
factors
comefactors
into play
when
a property
appraiser
makes
As you
see, many
come
into
play when
a property
appraiserthe
makes
decisionsoraffecting
the qualification
or
decisions affecting
qualification
disqualification
of transfers.
disqualification
of transfers.
ourhave
office
reviews
Periodically,
our office reviews
sales ofPeriodically,
properties that
sold
twice,sales
with
of
properties
that
have
sold
twice,
with
the
first
sale
being
a
shortthe first sale being a short-sale or a sale out of foreclosure and the second sale
sale or a sale out of foreclosure and the second sale being an arm’sbeing an arm’s-length
transaction.
Currently,
the median
between
length transaction.
Currently,
the median
timetime
between
such such
first
first and second
sales
is
approximately
7
months
and
the
median
change
in
and second sales is approximately 7 months and the median change
For more price is an increase
of
about
44%.
In
some
instances,
where
the
property
in
in price is an increase of about 44%. In some instances, whereisthe
information,
property
is inwill
poor
condition,
will
as needed
poor condition,
buyers
invest
funds asbuyers
needed
to invest
returnfunds
the property
to to
a
contact the
return the
to a outlay
saleableappears
condition.
general,
this outlay
saleable condition.
In property
general, this
to beIneasily
covered
by the
Property
appears to be easily covered by the price increase of 44%.
Appraiser’sprice increase of 44%.
If you want more information or have questions about this vital
office at
part
of information
the preparation
of the
annual tax
rollthis
andvital
howpart
it relates
If you want more
or have
questions
about
of theto
941.861.8200.
market
value
please
give
us
a
call
or
come
in.
preparation of the annual tax roll and how it relates to market value please
12
give us a call or come in.
JUNE 2012
Sarasota Realtor® Magazine
Florida Statutes and Rules
Pertaining to Qualified Sales.
193.011(1): Factors to consider
in deriving just valuation. (1)
The present cash value of the
property, which is the amount
a willing purchaser would pay
a willing seller, exclusive of
reasonable fees and costs of
purchase, in cash or the
immediate equivalent thereof
in a transaction at arms
length.
195.096(2)(c): Review of
assessment rolls. When the
Department of Revenue
reviews a county’s assessment
roll it is required to rely on
statistical data for which there
are adequate arms-length
transactions or “market sales”.
195.0995(1): Use of sales
transaction data; qualification,
review. For each sales
transaction disqualified by a
property appraiser, the
property appraiser shall
document the reason for the
disqualification of the sale.
Florida Administrative Rule
12D-8.011(m)(3): This rule lists
many criteria that may result
in a disqualified transfer,
including deeds to or from
banks, loans, or mortgage
companies or deeds executed
by Clerks of the Court or
trustees in bankruptcy.
NEED A SPEAKER FOR YOUR
MEETING? BILL FURST WILL
MEET WITH YOUR GROUP
AND ANSWER YOUR
QUESTIONS.
Call our office at 941.861.8200 or
email us at [email protected] to set
an appointment.
www.sarasotarealtors.com
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RPAC
From Page 10
Grossman, Deborah J
Gruber PA, Tonna M
Guentner, Bryan L
Guilfoyle, Dayna K
Hackett, Barbara J
Hagan, Pamela J
Hart, Kathleen R
Hayden, Marni K
Hayes, Stephen A
Hayes, Teresa Lee
Healey, Terri
Hebda, Bernice
Heers, Ryan
Heidersberger, Virginia
Hembree, Joe R
Hendrix, Jacquelyn
Hering PA, Debbie
Hering, Daniel J
Heritage, Ellen R
Hernandez, Maria C
Hill, Suzanne H
Hirschman, James E
Hogan, Chip
Holbrook, Rita M
Hollingsworth, Ryan E
Holmes, Pamela Anne
Horn, Maureen
Horne, Jennifer A
Hudson LLC, Greg
Huff, Janet D
Hurst, Diana R
Ingorvaia, Angelo
Jiganti PA, Ann F
Johns, Jill P
Johns, Larry R
Johnson, Aida I
Johnson, Nora
Johnston, Karen Lynn
Jones, Robin
Judge, Deborah
Jurnack PA, Irene
Kayajian, Gail A
Kellogg, Jami Noe
Kennelly, Brian J
Kerzner, Judi
Kiesewetter, Ken
Kijner PA, Daniel
Kim, Jaclyn Jung
King, John R
Klanot, Michael
Kolozs, Karen Sue
Konstantinou, Tak
Kotaska LLC, Dennis G
Kovacs, Laszlo Z
Koy, Lynne B
Kozak, Ingrid D
Krumm, Stephanie L
Kvasny, Vladimira
Lamb, Tara
14
JUNE 2012
Lange, Alba I
Lange, Janette Tatum
LaRosa, Millicent J
Lasky, Harold
Lattuga, Deborah Z
Leicht, Sara
Lekic, Slavisa C
Levin, Sue A
LeVine, Pamela A
Lewis, Richard A
Liberman, Marlene
Lichterman, Brian
Light, Donald Frank
Liljeberg, Stacy S
Lindberg, Bradford W
Ling, Jeffry D
Long, Kyle Francis
Lonsdale, Kristy K
Lupia, Timothy M
Lupson, Jayne S
Lyke Brown PA, Connie G
Lynn, Charlotte
Lystad, Henry C
Mahoney, Mary
Mann, S Victoria
Manning, Marlene Helen
Mapp, Timothy
March, Carl R
Marlar, Martha W
Marra, Massimiliano
Marten, Audrey L
Maslen, Sandra T
Masopust, Rudolf
Mast, Tammy R
Matteoli PA, Susan R
McClain, Tana M
McElyea, Candice
McKay, Kelly
McLaughlin, Dick
McLaughlin, Marcia L
McLeroy Jr, Dan H
McNally, Shirley A
Meacock, Helen L
Mei, Barbara A
Meister, James W
Meskil, Brian
Messeroux, Jean Oscar
Monroe, Bradford P
Moore PA, Mary Shannon
Moore, Nancy H
Morris, Judith L
Morton, Peter M
Moscone, Kathryn
Moulton, Michael
Mudgett, Pat
Munn, Milan John
Murphy, Jay
Najmy, Barbara
Nelson, Deborah
Nelson, James
Nguyen, Tuan Kim
Obringer, Francis
Padgett, Don M
Page, Daniel J
Page, Linda A.
Paige, Babette
Palmeri, Charles J
Paquette, Bruce William
Parker, Gladys D
Peitz, Ricky Joeseph
Pelisek, James E
Phillips, Nancy E
Phipps, Brian E
Piro, James J
Piro, Roger M
Pitchford PA, Christina
Pittman, Shirley Ann
Podolak, Andrew T
Portman, James
Power, Felix
Price, Christopher J
Pruitt, Rosemary L
Rackey PA, Sally O
Rayman, Carla
Reece, Martyn C
Rees, Jane E
Reilly, M. Helen
Reutter, Thomas
Ridgeway, R Glen
Riley, Bill L
* Roberts, Kathy
Robinson, Janet K
Rogers, Ronna L
Romano, John
Rosen, Caterina
Ross, Ann T
Ross, Richard E
Rudek, Tina
Russell, Drew
Sachs, Kathleen Hart
Salefsky, Peter E
Saunders, Michael
Schatz, Peter S
Schatz, Richard T
Schemmel, Joel V
Schmitt, Mary Alice
* Schomaker, Judy
Schwartz, Karen J
Seider, Tracy G
Selvog, Kristen
Sensebe, Gisselle I
Seropian, Lois A
Sharp III, Lemuel
Sheller, Greg
Shore, Kent H
Shumway, Erick
Silverman, Joshua H
Skapyak, Jody L
Smith, Annette
Smith, Kathleen A
Smith, Morris
Smith, Tara A
Soda, Donna
Soda, Jim
Soller, Lynne
Sommers, Kristy Yvonne
Sarasota Realtor® Magazine
Souza Jr, Tony Gracia
Spencer, Carolyn M
St Pierre, Frank
Stanoch, Annette
Starcher PA, Linda I
Starcher, Stafford L
Starling, Fred M
Stavola, Laura E
Stoltzfus, Fannie Carol
Stultz, Victoria L
Swartz PA, Linda C
Swenson, David E
Taber, Betsie
Tallman, Jay A
Tan, Patricia A
Thomas PA, Debra A
Thompson, Linda R
Thompson, Martha J
Tidwell, Ida Kay
Tillis Jr PA, Frank W
* Toole, Clark
Travnicek, Ivo
Trefry, Janet
Tresidder, Brian L
Trevino, Kathleen S
Trigg, Carol
Triolo, Kristin K
Tway, Gene
Uccello, Abraham
Ucci, Kathleen E
Uihlein, Brendra B
Vac, Andrew
Vallone, Xena A
Varbel, Barry James
Vitale, Jim
Viteri PA, Fernando
Volpe, Crystal S
von Waldner, Michael
Wagner, Tom
Wajszczak, Iwona
Walker, Angela
Wallace, Leland M
Walters, Monty G
Ward-Paramore, Adrienne
Waters PA, Tom
Waters, Gloria
Watkins, Samuel
Webber, Heidi
Weigel, Blair
Weiss, J Ruediger
Wentzel, Thomas C
White, David G
Widmann, Sandra L
Williams, Daniel R
Wise, Carl A
Witte, David P
Wood, Brian S
Wright PA, Judy D
Yawitz, Michael
Zucchelli, E Jean
www.sarasotarealtors.com
T
April real estate market hits NEW seven-year high
T
There seems to be no stopping the Sarasota real estate
market! April 2012 saw yet another seven-year high for
monthly sales, hitting 886 total closed transactions. The
figure topped last month’s 831 sales by 6.6 percent. It was
the highest number of sales since August 2005, and when
there were 908 total sales.
The breakdown was 589 single family home sales and 297
condo sales. Last April, the totals were 546 homes
and 226 condos for a total of 759 overall sales, so
the jump was about 17 percent year-to-year.
In addition, pending sales (which represent
properties that went under contract during the
month) remained very high at 1,068, the third
straight month that topped 1,000, and a major
indicator of the future direction of the market.
Last year’s spring surge didn’t slow down until
July, and the numbers seem to indicate there
remains strength in the current market dynamics.
“We’ve had an incredible string of positive
numbers in the Sarasota real estate market, and
we hope for a consistently strong market going
forward,” said SAR President Laura Benson.
“I’m hopeful that this will be the case, because
we seem to be leading the nation into the real
estate market recovery. The national economy
continues to improve, employment numbers are
better, and we’re in the perfect marketplace in
Sarasota.”
In addition to the amazingly high level of
sales, the median sale price for both categories
remained at the highest levels of the year in April. The
median sale price for condos was $191,750, almost identical
to the March figure of $192,000, a level not seen since May
2011. Single family was at $175,000, just above last month’s
figure of $174,900, and a level not reached since June 2011.
Single family home prices remain at a level 21.4 percent
higher than the low of the market reached 13 months ago,
while condo prices are almost 30 percent higher than the
low point.
The reason for the price resurgence is likely tied to the
lower number of distressed property sales. The total number
of distressed sales, foreclosures and short sales, fell to only 31
percent, down slightly from last month’s 32 percent figure –
a new three-year low.
Currently, only 621 properties for sale in the MLS are
short sales or foreclosures, down from last month’s figure
of 701 properties. This represents about 14 percent of
available properties, down from last month’s 15 percent
figure. In February 2012, the number was 740 (16 percent
of the market), and in January 2012 it was 812 (17 percent
of the market). If this percentage continues to trend lower,
we could begin to see median sales price increases going
forward.
The available inventory of homes on the market dropped
www.sarasotarealtors.com
“I would call this the perfect
opportunity – a market in strong
recovery, prices still very low compared
to the price surge of 2003-2005, and
interest rates at record lows.”
- SAR President Laura Benson
to a new decade low of 4,283, even lower than the previous
low of 4,408 seen in August 2011. The combination of
high sales and low inventory has also dropped the months
of inventory to near decade lows. The market now reflects
a figure of 4.7 months of inventory for single family
homes and 5.1 months inventory for condos. Months of
inventory represents the time it would take to deplete the
current inventory at the current sales rate. Lower inventory
and higher sales normally result in greater competition for
available properties, which tends to push prices up.
“The decline in the available inventory has been
remarkable, and competition for homes and condos
generally creates upward price pressure,” said Benson.
“Buyers and potential buyers should understand that the
current market scenario is clear – if you wait, you will miss
out. We’re at a decade low for inventory, the mortgage
interest rates are at the lowest level since the 1950s, and
Sarasota remains the nation’s perfect place to relocate.”
Benson continued, “Every number indicates that we are
seeing the virtual opposite of a perfect storm in local real
estate. I would call this the perfect opportunity – a market
in strong recovery, prices still very low compared to the price
surge of 2003-2005, and interest rates at record lows. And
SAR Realtor® members are certainly ready to help buyers
and sellers achieve their dreams.”
Sarasota Realtor® Magazine
JUNE 2012
15
Sarasota MLSSM Statistics - April 2012
Single Family
Unit Sales
Condo
700
600
500
400
300
200
100
0
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
Single Family
Median Sale Price
Condo
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
Single Family
#Active
#Sold
%Sold
Average
DOM
Median
Sale Prices
Median Last
12 Months
Months
Inventory
Pending
Reported
%Pending
# New
Listings
# Off
Market
This
Month
2,758
589
21.4
175
$175,000
$165,000
4.7
748
27.1
662
134
This
Month
Last Year
3,321
533
16.0
169
$155,430
$158,000
6.2
687
20.7
512
166
2,887
596
20.6
175
$174,900
$161,000
4.8
822
28.5
788
144
-
2,007
-
172
$169,900
-
-
3,086
-
3,080
-
Nov
95.3
-
Dec
94.8
-
Last
Month
YTD
2011
2012
Jan
94.5
95.4
Feb
94.1
94.2
Single Family – Sale Price Vs. List Price % Rates
Mar
94.7
94.6
Apr
94.1
94.7
May
94.2
-
Jun
94.3
-
Jul
94.1
-
Aug
94.5
-
Sept
95.2
-
Oct
95.1
-
Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of May 10th, 2012,
including some listings in Manatee, Englewood, Venice, and other areas. Single-family statistics are tabulated using property styles of
single-family and villa. Condo statistics include condo, co-op, and townhouse.
Source: Sarasota Association of Realtors®
16
JUNE 2012
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Sarasota MLSSM Statistics - April 2012
Single Family
Condo
Inventory
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Apr-11 May-11 Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11 Dec-11
Jan-12
Feb-12 Mar-12 Apr-12
Single Family
Condo
Pending Sales
900
800
700
600
500
400
300
200
100
0
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
Condo
This
Month
This
Month
Last Year
Last
Month
YTD
2011
2012
#Active
#Sold
%Sold
Average
DOM
Median Sale
Prices
Median Last
12 Months
Months of
Inventory
Pending
Reported
%Pending
# New
Listings
# Off
Market
1,525
297
19.5
192
$191,750
$165,000
5.1
320
21.0
313
145
1,937
226
11.7
230
$185,500
$160,000
8.6
272
14.0
224
197
1,576
235
14.9
187
$192,000
$162,500
6.7
369
23.4
372
145
-
868
-
198
$180,000
-
-
1,266
-
1,362
-
Oct
93.2
-
Nov
93.6
-
Dec
92.7
-
Jan
93.4
93.1
Feb
91.2
93.5
Mar
92.2
94.2
Condo – Sale Price Vs. List Price % Rates
Apr
93.4
94.3
May
94.5
-
Jun
94.2
-
Jul
92.5
-
Aug
93.1
-
Sept
92.8
-
Median sales price is the middle value, where half of the homes sold for more, and half sold for less. Listings sold were closed
transactions during the month. Pending sales are sales where an offer has been accepted during the month, but the sale has not yet
closed. Even though some pending sales never close, pending sales are an indicator of current buyer activity. DOM indicates the average
number of days that sold properties were on the market before a contract was executed.
Sarasota Association of Realtors® MLS
www.sarasotarealtors.com
Sarasota Realtor® Magazine
JUNE 2012
17
Commercial Investment Division
Commercial real estate faces accounting crisis
J
By Brad Lindberg
CID President
Just when you thought it was safe to go back
into the water, another threat is looming that could
adversely impact commercial property. The threat is an
accounting change that on the surface has some global
benefits for standardizing the way businesses are valued.
If there were no repercussions to the change, it would
go virtually unnoticed.
To understand the premise behind the change, we
first must understand the definition of the terms.
“Capital” is something we own. “Operating” is
something we use.
When we Capitalize equipment, we show it on
the balance sheet as an asset. If we financed the
equipment, we then show the unpaid balance as a
liability. The difference in the amount paid and the
unpaid is the “Equity” position of the asset. This is
pretty simple accounting and is referred to as GAP
(General Accounting Principles).
When we use services, supplies, or pay our
employees, we account those payments as “Operating
Expenses” and we deduct that from the revenue to get
our NOI (Net Operating Income). Building Leases
generally fall into the category of “Operating Leases”.
The FASB ( Financial Accounting Standards Board)
and the IASB (International Accounting Standards
Board) are proposing to change long term Commercial
Leases from “Operating Leases” to “Capital Leases”
This move in practice would move an estimated $1.1
Trillion to the balance sheets of companies, saddling
them with new capitalized debt. This debt would
create a total imbalance in company valuations and
Cont. on P. 19, See CRISIS
CID slates meetings for June 2012
CID General Membership Meeting
Date: Tuesday, June 19th, 8:30 a.m.
Location: – Off-Site meeting to be held at M &
I Bank located at 240 S. Pineapple -3rd Floor.
Meeting sponsored by Ian Black Real Estate
Program: TBD
CID Members Only
Officers:
JUNE 2012
Commercial Marketplace Sessions
- Friday, June 1st, 9 a.m. – SAR Auditorium
- Friday, June 8th, 9 a.m. – SAR Auditorium
- Friday, June 15th, 9 a.m. – Manatee
Association of Realtors®, 10920 Technology
Terrace, Lakewood Ranch, FL
- Friday, June 22nd, 9 a.m. – SAR Auditorium
- Friday, June 29th, 9 a.m. - Off-site
2012 CID Officers & Directors
Directors:
President: Brad Lindberg, Sperry Van Ness
President-Elect: Linda Emery, Sperry Van Ness
Vice-President: Tim Mapp, Mapp Realty
Secretary: Dave Roth, RE/MAX Alliance
Treasurer: Lori Hellstrom, Osprey Real Estate Services
Past President: Anthony Homer, Ian Black Real Estate
18
their ability to raise funds as just one example.
The effect on the Commercial Investment market
would adversely affect the way Credit Tenants would
negotiate their leases. No longer would it be beneficial
to negotiate a long term lease, as the term of the lease
and all of the leasehold improvements would have to
be treated as an asset with the associated debt of the
liability of the term of the lease.
This would limit their ability to acquire funding for
expansions creating a ripple effect.
The ripple effect would impact the Landlords as well.
They would no longer have the benefit of long term
leases and be subject to market fluctuations that could
easily devalue the property.
The investment community would be leery to buy
into credit tenant leased properties because of the
uncertainty of the commitment for long term growth.
In a recent letter from U.S. Representatives John
Campbell and Brad Sherman to their colleagues in
Congress written on April 16, 2012, they are asking
their fellow Congressional Membership to consider the
following impact on the economy:
“Under the proposal, U.S. companies that lease
office, industrial, and retail space would be required
to capitalize the costs of that lease - just as if they
purchased the property - instead of recognizing the
true costs of the lease transaction. It is estimated that
under current terms, businesses would be required
to capitalize over $1.1 trillion in leased real estate
assets onto their balance sheets. For businesses leasing
space, especially small businesses, this will change
Susan Goldstein: Michael Saunders & Company (1 year 2012)
Sarah Olesen: Michael Saunders & Company (1 year 2012)
Tony Veldkamp: Sperry Van Ness (2 years - 2013)
Bob Milhoan: Hembree & Assoc. (2 years - 2013)
Peter Skokos: Norton Hammersley (3 years - 2014)
Kevin Robbins - Harry Robbins Associates (3 years - 2014)
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Lack of capital hinders commercial
National Association of Realtors® Chief
Economist Lawrence Yun presented a
modest and hopeful outlook for the
commercial real estate market during
the Economic Issues and Commercial
Business Trends Forum at the Realtor®
Midyear Legislative Meetings & Trade
Expo in Washington, D.C.
“The commercial market has
displayed modest growth lately,” said
Yun. “Commercial real estate is the basis
for much of the growth in the American
economy, however challenges continue
to exist. Despite this there are hopeful
signs that the market might be slowly
recovering due to recent job creation
and an increase in consumer spending,
among other indicators.”
Yun provided an economic overview
during which he identified a number of
areas that showed signs of improvement.
Consumer spending has increased
slightly, while personal incomes have
risen. People also are now able to save
money, proving that the savings rate had
rebounded. Jobs are also accelerating
and the stock market has shown a strong
recovery.
“Consumer confidence has yet to
return to normal and America still
needs to create more jobs,” said Yun.
“However, there are signs that show a
positive overall financial improvement
within the country.”
One major challenge that continues
to plague the commercial market is
lack of available credit. While there are
notable improvements in capital for
large commercial transactions, valued
at $2.5 million or higher, there remain
significant challenges for small business.
According to NAR’s annual
Commercial Real Estate 2012 Lending
Survey, a majority of Realtors® are
typically involved in less than $2 million
transactions and are usually all cash –
both of which make it difficult to obtain
commercial lending. Yun pointed out
that this is holding back the recovery
potential in the commercial market,
as well as hindering overall economic
recovery.
“Since the economic crisis, smaller
lenders have been shut out while larger
lenders do a majority of the business,”
said Yun. “Realtors® have reported
that they typically obtain commercial
mortgages from smaller banks. They
find it frustrating that the larger banks
are gaining market share at the expense
of smaller sized lenders, which is
hampering lending to small businesses.”
All major commercial real estate
sectors are seeing improvement, but
multifamily housing continues to be
the healthiest with falling vacancy rates
and rising rents. Families who were
foreclosed upon and young people who
cannot obtain a mortgage are choosing
to rent, and Yun predicts this trend will
continue. Based on the demand and
lack of new construction on apartment
buildings Yun estimates rents will
increase by about four percent next year.
CRISIS
From Page 18
these leases into a major liability. As a
result, many businesses will shorten lease
terms to minimize the impact. This will
create instability in future rental costs and
uncertainty about availability of space, as
frequent renewals will be required. For
commercial real estate property owners and
investors, the impact will be even greater.
Among other things, this proposal may
jeopardize income property fundamentals,
loan structures, property valuations, financing
covenants, and the underlying economics of
commercial real estate - all during the worst
real estate crisis since the Great Depression.”
The spiraling effect of this simple
accounting rule could decimate the
Commercial Real Estate market as we
know it today. Efforts are in place to fight
this change and as an Association we are
challenged to help NAR to work with
Congress to influence the FASB/IASB to not
implement this rule, especially in this fragile
recovery.
Our responsibility as an Association is to
unify our power as a voice to influence those
individuals who are “accountable” to the
electorate and to the economy to insure that
we have a full economic recovery and avert a
meltdown of commercial property values.
www.sarasotarealtors.com
Sarasota Realtor® Magazine
JUNE 2012
19
Education Programs
Pat Zaby explains how to go on automatic
efforts through direct mail and
Title: Turn it on Automatic: Serving
social networking.
Repeat and Referral Customers
Date: June 12, 9 a.m. to Noon
• Services every homeowner
Instructor: Pat Zaby
wants
Cost: SAR and other Realtors®: $39
• Branding to meet your
Florida CRS Chapter Members:
customers’
needs
$29
• Resources for social media
Register at www.sarasotarealtors.
updates
com
Get a taste of what the CRS
• Telling your story so people
designation can teach you!
will listen
The Council of Residential Specialists
• Increase top of mind
(CRS) is offering a hot new course.
awareness
Repeat and referral customers account
• Build your presence with
for the majority of transactions, and
Facebook and Twitter
relationships influence agent selection.
Pat Zaby is a national speaker
Maintaining top of mind awareness is
and has presented at every
the determining factor that results in
Pat Zaby
National Association of Realtors®
you getting the call when your contacts
convention since 1979 as well as
or their friends are buying or selling. This session will
help you develop a system for leveraging your creative numerous franchise and state conventions.
Gain valuable insights on distressed sales
Title: Short Sales &
Foreclosure Specialist (SFR) Course
Date: Aug. 22, 8:30 a.m. to 5 p.m.
Location: SAR Auditorium
Cost: $99 SAR Members; $119 Non-Members;
Instructor: Terry Watson
Designed for real estate professionals at all experience
levels, the NAR Short Sales and Foreclosure Resource
Certification, or SFR for short, gives you a framework
for understanding how to:
• Direct distressed sellers to finance, tax and legal
professionals
• Training on both the buyer and seller side of short
sale and foreclosure transactions
• Free webinars that you can download anytime,
anywhere
• Access to SFR logo and marketing materials
• Differentiation as an SFR at www.realtor.com and
www.realtor.org.
Becoming SFR Certified
The path to pursuing the SFR certification is
straightforward:
1. Be a member in good standing of the National
Association of Realtors®
2. Complete a qualifying core course (this one or CRS
111)
20
JUNE 2012
3. Complete three 1-hour webinars (free at www.
realtor.SFR.org)
4. Download application from www.realtorSFR.org
5. Submit application with $175 application fee to
[email protected]
Find more information at www.realtorSFR.org.
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Realtors®: Get a technology booster shot
Title: Technology Booster Shot with Jack Lindberg
Date: June 27, 9 a.m. to Noon
Cost: $20 (in advance); $30 (at the door/space available)
Spend a morning with Jack Lindberg while he covers three
topics that will help you cope with new technology overload.
He will spend an hour each on the topics outlined below:
1) Risk Reduction Online
Currently one of the hottest subjects in technology, Jack
explores the many places online where a licensee can get in
trouble. He shows how a skilled hacker can decipher your
Social Security number from basic information commonly
left “open” on Facebook... and how to prevent it. He discusses
situations where agency can become an issue with simple
conversations through social media or even email. He shares
crucial mistakes made with website content that can cost
licensees their livelihood. With the many ways to be “intruded
upon” through the Internet, it is important to understand the
pitfalls to protect yourself, your license and your clients!
2) Social Media Overview
In this course, Jack covers a bit of history, comparing other
forms of communications to the Internet to show how vastly
superior the Internet is and demonstrating why the industry
needs to embrace it. He also shares proprietary research and
his extensive knowledge of both the real estate industry and
technology to get his points across effectively.
3) Video for Real Estate
YouTube is a great site that has seen exponential growth, but
it has its pro’s and con’s. In fact, many people use TOO much
video. Jack teaches the balance and where the success lies. He
also shows alternatives to the “video listing” that have proven
to generate more interest than any single listing. In addition,
students will learn about the “YouTube for Real Estate” and
how to take advantage of this new tool.
SAR School of Real Estate offers courses
New careers in real estate are now being nurtured at the
Sarasota Association of Realtors® School of Real Estate
(SARSRE).
Classes are held nights and weekends in Conference
Room A in the SAR Education Building. Permit holder and
instructor for the SAR School of Real Estate is Michael W.
Davenport.
He is multi-licensed in Florida and has a distinguished
resume that includes over 40 years of sales and management
experience.
2012 Course Schedule
30 Hours Broker Post-License
GRI Course 3: Real Estate Specialties
July 23-25 and July 31-August 1
Tuition: On or before July 9: $265 (includes manual and
materials)
After July 9: $290
Course dates: Monday, Tuesday, Wednesday—July 23-25,
AND Tuesday, Wednesday July 31-August 1, 9-4 each day
End of Course Exam: Wednesday,(Course also carries 11
hours continuing education credit for license renewal for
www.sarasotarealtors.com
sales associates and brokers)
Instructors: Jorge Cantero, Lou Ludwig, Pat Reass
Course provider: Florida Realtors® School of Real Estate
14-Hours Continuing Education for License Renewal
August 7-8, 2012
Cost: SAR Members $79; Non-members, $99
SAR members, please go to www.sarasotarealtors.com to
register for the 14-hour CE course or Core Law. Nonmembers, go to the Education tab at the top of the home
page (www.sarasotarealtors.com) to download a registration
form that can be completed and faxed to SAR.
Instructor: Michael W. Davenport
Sales Associate Pre-License
Sept. 6 - Oct. 13 2012
Tuition: $364 (includes manual and materials)
Class limited to 20 students
Tuesday & Thursday Evenings 5:00-10:00 p.m. AND
Saturdays 8:30-1:30
End of Course Exam: Oct. 13, 10-1
Instructor: Michael W. Davenport
Sarasota Realtor® Magazine
JUNE 2012
21
Learn how to maximize your income property
Title: Income Property Analysis
Dates: Sept. 25-26
Instructor: F.W. “Chip” Myers III
Cost: SAR Members: $175
Non-SAR Members: $200
11 Hours FL CE Credit
8:30-5:00 p.m.
This course uses a unique approach to
evaluating the viability of the various
conventional measurements of value, yield,
and return in investment real estate.
• Price Per Square Foot/Unit
• Gross Rent Multiplier
• Capitalization Rate
• Cash on Cash
• Equity Rate of Return
• Internal Rate of Return
Sales leadership course
scheduled in October
Mark your education calendars for an
October education extra at the Sarasota
Association of Realtors®!
Oct. 2-3, 2012: CRB: Sales
Leadership That Drives Performance
Steve David will be teaching this
timely course for brokers and managers.
Today’s managers must deal with a
myriad of leadership challenges, such as
Steve David
recruiting, managing turnover, training
and mentoring; in addition to running a
successful and profitable business.
Steve has been part of the GRI faculty for over 22 years.
Mark your calendar now!
• Financial Management Rate
of Return
The 105-page workbook
contains chapters on cost
recovery, passive loss, capital
gain tax computation, at risk
limitations, compounding and
discounting, net present value,
discounted cash flow analysis,
and risk /market analysis.
While a financial calculator is
highly recommended, it is not
absolutely necessary to participate
effectively in this course. The
recommended calculator is any
HP, preferably the HP10BII.
Who should attend: appraisers, property managers,
residential agents interested in pursuing a commercial career,
investors and principals pursuing their own real estate
investment activity. The course also provides a refresher for
seasoned commercial agents and is a great prep course for the
CCIM CI-101 course.
The instructor has presented this course over 750 times in
the last 14 years for over 14,000 students.
Award-winning printing
and customer service
Specializing in pocket portfolios,
die-cutting and foil-stamping
done in-house
FSC and SFI certified
to help you go green
CONGRATULATIONS!
Dedication and hard work pay off!! We congratulate our members
who have successfully completed the Certified International
Property Specialist (CIPS) designation, Resort & Second
Home Property Specialist (RSPS) designation, and Certified
Luxury Home Marketing Specialist (CLHMS) certification!
RESORT & SECOND HOME PROPERTY SPECIALIST (RSPS)
Jessika Arman
Karen Grant
Michael Saunders & Company
Michael Saunders & Company
CERTIFIED INTERNATIONAL PROPERTY SPECIALIST (CIPS)
Sheldon Paley
Premier Sotheby’s Int. Realty
Sarasota’s Premier Real Estate Printer
1730 Independence Blvd., Sarasota, FL 34234
(941) 351-1515 • (941) 351-8639 F • www.coastalprint.com
[email protected]
CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHMS)
Ronnie Caron
22
JUNE 2012
Caron Realty, Inc.
Sarasota Realtor® Magazine
www.sarasotarealtors.com
My Florida Regional MLS offers new courses
Pre-registration is required for
all MLXchange classes at www.
mfrmls.com. All classes are handson in the SAR Technology Center
(except for Entering and Updating).
Registration is limited to 18.
Please be sure that you will attend
if you reserve a spot! If you need
to cancel, please call MFRMLS at
800.686.7451 (not SAR).
MLXchange Basic
June 4 or June 18, 9 a.m. to Noon
Mandatory session for all new users.
Learn the basic tools of MLXchange.
It does the work for you, emailing
the listings that match your client’s
criteria automatically through auto
notification. Learn the quick way to
find a listing or view your inventory
with one click right from the home
page or create a professional CMA in
less time than it takes to drive to work.
- Review the home page features
- Add a new client from the search
- Searching and viewing listings, using
the map, showing road, aerial, hybrid,
and locator features
- Adding additional search criteria
- Viewing/printing/emailing reports,
images, virtual tours, tax, map, driving
directions and MLS listing history
- Customizing the hotsheet
configurations
- Search Tax
- Creating a professional CMA
- Personalize user contact information
NEW! Compliance 101
June 4 or June 18, 1 to 2:30 p.m.
Mandatory session for all new users.
In this course you will learn about
the My Florida Regional MLS Rules
and Regulations, and the compliance
procedures for accuracy of listing
data, along with educational materials
available on MFRMLSUniversity.com
- Rules and Regulations
- Profile Sheet Terms
- iSmart Tool
Adding and Modifying Listings
in MLXchange
June 4 or June 18, 3 to 4:30 p.m.
Mandatory class if you will be
entering and updating your own
listings.
You will be taught how to input and
www.sarasotarealtors.com
modify listings, enter photos, and add
attachments along with valuable tips
and techniques.
- Listing maintenance authorization
forms
- Explain the importance of accurate
data
- Rules and Regulations
- Review the profile sheet
iMapp - Interactive Tax
and Mailing Labels
June 12, 9 a.m. to Noon
In this class you will learn how to use
the tax search features of MLXchange,
access iMapp’s interactive maps, tax
data, comparables, auto-valuations,
and easily create mailing labels for your
favorite area.
- MLXchange tax search, using map
and field searches, printing mailing
labels
- iMapp tax search, viewing parcel,
GIS, MLS listings, zoom levels, street,
aerial and flood zones
- Measuring tool, pan and save map
- Creating, viewing and downloading
mailing labels
- Illustrate the link to the tax appraiser
website
- Viewing and modifying the criteria
for comparable properties
- MLS and foreclosure searches
NEW! MLS System Settings &
Defaults
June 12, 1 to 2:30 p.m.
This class will teach you how to set up
system settings in the MLS, including
how to save reports as favorites, setting
up your email defaults, search defaults
and much more.
- Favorite reports
- Email templates
- System defaults
- Personal links on home page
- Stationary
Sarasota Realtor® Magazine
NEW! Auto-Notification Searches/
Prospecting
June 12, 3 to 4:30 p.m.
This class will teach you how to create
custom searches for your prospects and
set up those searches to automatically
notify your clients of newly matches
properties. You will also be taught
how to manage the searches and
communicate with your client through
their Personalized Web Page.
Basic Agent Web Page Set-Up
(prerequisite for Advanced Web Page
Customization)
June 27, 9 to 9:45 a.m.
This class will teach you the basics
of setting up your Agent Web Page
in MLS. This will allow you to email
listings to your clients via the Agent
Web Page.
- Site Builder
- Agent Website Configuration
- Changing Style
- Domain Names
- Site Branding
NEW! Listing Tools
June 27, 10:15 to 11:45 a.m.
This class will introduce you to
Member Benefits that will provide you
with valuable tools for your listings in
MLS.
- RealBiz 360 - Virtual Tours
- ShowingTime
- Data- Coop
- RE Technology
CMA (CE Credit)
June 27, 1 to 4 p.m.
This class is designed to teach you the
skills needed to
create a comprehensive CMA. You will
learn how to import properties that are
listed outside of the MLS, into your
CMA along with valuable tips and
techniques for creating a professional
CMA.
JUNE 2012
23
On the SAR Scene
Making the SAR Scene in 2012!
From left, S. Vahid
Hosseini, Peter Salefsky
and David Wyant are
seen at the SAR Affiliates
Business After Hours event
at Gecko’s on May 22nd.
Visit SAR on Facebook at
www.facebook.com/SarasotaRealtors
Photos by
Jesse Sunday
At left, Mary Hellhake and Joann Koontz; and above, Oliver
McConnell and Anne Weintraub at the April 24th Business
After Hours event at Gecko’s.
24
JUNE 2012
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Title: International Marketing With Immobel
Date: June 6, 2 to 4 p.m.; Networking to follow
Cost: FREE to Global Business Council Members;
$10 others
Meet Janet Choynowski, CEO of Immobel, when
she visits SAR to personally update our members on
the lastest and greatest from Immobel—one of SAR’s
many member benefits which is provided at no extra
cost.
Part 1 will examine global marketing via the web,
how to make your website “global friendly” and how to
turn your website into a true lead generating machine!
Part 2 will look at global networking and marketing
using social media: how to use Facebook, Twitter,
Linkedin, Immobel and Real-Buzz to attract both
clients and referrals, develop leads, nurture existing
clients and leverage your entire network of contacts to
work harder for you than ever!
Ready to really Go Global? These two marketing and
networking modules will take your efforts to the next
level.
Mexicans moving north in fewer numbers
Though it’s seldom been in the headlines, the number
of Mexicans moving to the United States has declined
dramatically in the last five years. The U.S. job market
has shrunk while the Mexican economy has been
growing, generating jobs for Mexico’s citizens, many
new businesses, a solid middle class and a very wealthy
business community.
That said, numerous Mexican citizens are still seeking
U.S. residency, opportunity, or a safe place to raise
their children. Some prospered from Mexico’s booming
economy, but feel they must move north while Mexico
addresses crime issues.
NAFTA and investment visas have given Mexican
nationals with the means a way to invest and live in the
United States. With our market in a slump, it’s a great
time for them to buy U.S. real estate.
Though much of the activity is now taking place
around the border, there are also pockets of investment
activity in other parts of the country. If violence escalates
in Mexico, more investors will be looking to the U.S. as
a safe haven. Learn where and what Mexican investors
are looking for, and how you may be able to tap the
opportunity. Join the SAR Global Business Council!
There are segments of the Mexican population where
immigration to the U.S. is increasing: entrepreneurs,
investors and the middle class. In fact, the trend has
been labeled the “Mexodus” in a recent study by four
U.S. and Mexican universities. Somewhat under the
www.sarasotarealtors.com
radar for most of the American public, a sizable number
of Mexican investors and business owners have been
moving north to make significant investments in U.S.
property and business startups, generating jobs for
Americans along the way.
In 2011, Mexicans (including Mexican-born residents
here) purchased $5.74 billion in U.S. real estate. That
represents 7 percent of properties sold to international
buyers, and it makes Mexico the third largest investor
after Canada and China. Mexican-born buyers are a
significant force in the U.S. economy.
Since the start of President Calderon’s war on drug
cartels, the issue of seguridad (security) has become
one factor compelling Mexicans northward. Wealthy
Mexicans have become targets for extortion and kidnap
by drug cartel operatives. Fearing for their safety, some
are moving their families to the United States. Middleclass business owners, tired of paying “street taxes,” are
selling their businesses to buy or open similar enterprises
on the U.S. side of the border.
Mexicans have also been attracted to the U.S. market
by the same factors that interest other foreign nationals—
the plunge in our property prices, the weakness of the
dollar, and the relative stability of the U.S. financial
markets.
Global Business Council
Gain global reach with Immobel system
Keep up with the trend by speaking with a GBC
member today!
Sarasota Realtor® Magazine
JUNE 2012
25
New SAR headquarters site gains county approval
Editor’s Note: Read the July 2012 issue of Sarasota
Realtor® Magazine for all the details on this exciting
breaking news concerning the future home of SAR!
The finish line is in sight for the construction of a
new, state-of-the-art facility for members of the Sarasota
Association of Realtors®, complete with adequate parking for
classes and events, a centralized, easily accessed location, and
modern, “green” construction standards.
After retiring the debt on SAR’s present facility in 2001,
the Board of Directors, on the advice of our CPA, began
designating excess revenue each year for a new building.
There has been discussion periodically over the last 11 years
about a new building, primarily due to the inadequate onsite
parking and lack of room for expansion. Several times, a
committee or task force was formed, and each time, for a
variety of reasons, the task was put on hold.
Fast forward to 2011. The SAR Board thoroughly
re-examined the issue, and a potential site was selected on
Cattlemen Road, at the northwest corner of Colonial Oaks
Boulevard.
While most of the parcel is zoned OPI (Office, Professional,
Institutional), a small segment is zoned RSF3 (residential),
which requires a special exception in order to construct
parking to serve the OPI piece. After months of delay, the
Board of County Commissioners unanimously approved the
special exception on May 9th.
Closing on the property is expected this month, with
Halfacre Construction to begin construction soon thereafter.
If all goes as planned, move-in will be in about a year. SAR
will remain in the current facility during construction.
Because of the foresight of SAR leaders, and a favorable
negotiation with the property owner, SAR will own the new
headquarters facility debt-free, as we do with the current
facility. The artist’s rendering and other information about
the new facility will be published in the July issue. Watch
your Inbox for our scheduled ground-breaking ceremony
Have you completed Code of Ethics training yet?
The Code of Ethics is central to the Realtor® organization,
and adherence to the Code of Ethics distinguishes Realtors®
from mere real estate agents. Because of its importance, the
National Association of Realtors® (NAR) has mandated that
every four years all Realtors® must complete a two and onehalf hour renewal course of instruction on the Realtor® Code
of Ethics as a condition of membership.
Every Realtor® must complete the NAR Code of Ethics
Training Requirement by Dec. 31, 2012. Realtors® who do
not meet the requirement will have their Realtor® status
SUSPENDED on Jan. 1, 2013. This is a nationwide
requirement!
Follow these easy steps to ensure you meet the requirements
and maintain your membership as a Realtor®.
STEP ONE: Determine if you need the training
If you have successfully completed one of the following
since Jan. 1, 2009 then you have satisfied the Members Code
of Ethics training requirements:
• A Code of Ethics refresher class (online or in the
classroom)
• The Professional Standards class in the GRI 1 track
• The Code of Ethics New Member Orientation Program
To determine if need to take the training, or to verify that
your record accurately reflects a course you have already
taken, please log into your membership account at http://
www.sarasotarealtors.com/. Then click on your “Education
History”. Your record should show a “Code of Ethics” (or
COE followed by the year). Look for a date after Jan. 1,
2009.
26
JUNE 2012
If you have fulfilled the requirement by taking an approved
course through another association or company and it does
not appear on your record, please fax the documentation to
Education Department at 941.923.0191 so that your record
can be updated.
If you have recently taken the NAR online course, please
allow up to two weeks for your status to show as “Completed.”
STEP TWO: Fulfilling the Ethics requirement
If you have determined that you need to take the Code of
Ethics refresher class, you can:
• Take NAR’s free online Ethics class. Just visit www.realtor.
org and go to the Education tab. From there, click Code of
Ethics Training on the left. Please note: No CE credit hours
are available when taking the course via NAR’s online course.
• Take an online course through SAR’s website and earn
continuing education credit as well as the Ethics requirement
for a fee. Go to http://www.sarasotarealtors.com/, click on
the “Education” tab, and then choose “Online Education.”
• Take a free refresher in the classroom at SAR (part of the
New Member Orientation). Class is from 1 to 4 p.m. Check
the SAR education calendar and register for one of the listed
dates. The dates for the remainder of 2012 are: June 11,
July 9, August 13, September 10, October 8, November 12,
December 10 These classes are held from 1 to 4 p.m. Please
note: No CE credit hours are available when taking the course
in the classroom at SAR and registration is required.
• Offices can pick up a 2½ hour DVD from SAR to present
a course in their office, and the broker can then certify a list
of agents who have completed the course DVD copies are
limited. Pick up the DVD and sign it out at SAR’s front desk.
Sarasota Realtor® Magazine
www.sarasotarealtors.com
By G.M. Filisko
Realtor® Magazine
Fights with—and between—your sales associates over
compensation can devastate your company. Here’s how
to resolve them.
Paul Caillaud has seen the corrosive effect an internal
commission dispute can have on a company, and he’s
glad he watched it from afar.
“All I can say is that it’s a bad thing,” says the general
counsel at the 85-salesperson RE/MAX Preferred in
Fort Lauderdale, Fla. Caillaud’s intent is always to
resolve conflicts between brokers and salespeople in the
hope of avoiding litigation. “In one case, a salesperson
left [another brokerage], and everybody in the office
knew what was going on. We got phone calls from that
company’s associates wanting to affiliate with us, which
was wonderful for us but crappy for the broker who
created the situation.”
What caused the dispute? To close a transaction—
after having cleared it orally with his broker—a listing
agent told his clients that his company would reduce its
commission by half a percent. At the closing, however,
the broker balked.
The broker got his way, taking the $400 in dispute
out of the listing agent’s share of the commission.
Caillaud became aware of the dispute because one of
his company’s salespeople represented the buyers in the
deal.
The broker eventually relented, but the damage
had already been done. “For $400,” Caillaud says,
“the broker risked that sales associate leaving and the
polluting commentary of that salesperson as he went
out the door.”
Commission disputes between sales associates at your
company can cause similar harm if you don’t have a
process for skillfully resolving them. Here’s how to do
just that for both types of disputes.
Spell Out the Rules
Last-minute agreements, such as the one Caillaud
described, can lead to trouble. So can sudden departures
in which salespeople mistakenly believe they can take
a client with them in the middle of a transaction, says
Alex Wang, a principal and broker-associate at Sereno
Group in Palo Alto, Calif.
There are two keys to avoiding fights with sales
associates over money. First, detail your company’s
rules in your office policy manual. “We have a 40-page
manual that we have sales associates sign annually,”
says Pamela Cirkiel, ABR, CIPS, broker-owner of M.E.
“Gene” Johnson, Realtors®, in Round Rock, Texas. “We
have a section on commission disputes that basically
says, while there will occasionally be misunderstandings,
they will be handled promptly by the parties involved.
www.sarasotarealtors.com
If they can’t be resolved by the parties, we’ll use our
local board’s arbitration services. We have a really good
dispute resolution program at the Austin Board of
Realtors®.”
Indeed, every state and local association is required to
offer dispute resolution services, including mediation
and arbitration, to their Realtor® members.
Cirkiel’s manual also has provisions about the
importance of a positive attitude, honesty, and integrity.
“I think that helps me avoid these kinds of disputes,”
she says. “When people are happy where they work and
don’t feel threatened, there are fewer disputes.”
Second, put into writing last-minute side agreements
that deviate from your overall commission agreement
with sales associates.
“Be clear in your conversations, and then put those
conversations in writing,” suggests Wang. “Just shoot
it in an e-mail saying, ‘This is my understanding of
the agreement.’ It’s easy to fix these problems in the
beginning. Later on it’s tougher.”
Referees for Salespeople
More common than commission disputes between
brokers and salespeople are internal squabbles between
sales associates.
Caillaud has seen disagreements occur when two
salespeople have different understandings about the
nature of a referral: The associate who receives the lead
expects to pay a referral fee of a particular amount,
while the other associate is looking at the transaction
as more of a co-op sale, with the salesperson’s portion
divided differently.
To resolve such disputes, Caillaud’s company creates
a mediation panel. “We set up the equivalent of a
traditional board of Realtors® mediation,” he explains.
Associates can also disagree over procuring cause.
Cirkiel has seen that twice in the past six years with
the same salesperson, a person Cirkiel respects. “She’s
a very hard worker and in the office a lot,” Cirkiel
says. “She feels if she greets people at the door, they’re
her clients. So if they come back and sign a buyer
representation agreement with someone else, she’s
upset.”
The best way to avoid procuring cause disputes? Train
sales associates to ask buyers if they’re working with
another salesperson and to sell the benefit of signing a
buyer agency agreement. That approach, however, isn’t
always foolproof. “The second time there was a dispute,
the client actually signed two buyer representation
agreements,” Cirkiel says. “Both associates told me
they asked the client, ‘Are you working with another
salesperson?’ and ‘Have you signed a buyer agency
agreement with another salesperson?’ And I believed
them.”
Sarasota Realtor® Magazine
JUNE 2012
Broker Corner
Commission clashes can cause difficulty
27
Feng Shui offers fresh approach to real estate
By Marianne LeBar
WCR President
We have all heard about the principals of Feng Shui,
but how do we apply them to our day to day business
practice?
Steve Kodad, the author of “Feng Shui for the Real
Estate Agent”, presented “The Feng Shui Cure” to the
Women’s Council of Realtors® at our May Business
Resource Meeting at Polo Grill. He showed us how to
apply complicated systems into layman terms.
We all know how important curb appeal is, however
there is more than meets the eye. Beautiful curb appeal
attacts a buyer to a home, but curb appeal does not
mean all things green. Round potted plants, pops of
color, reds and yellows intrigue a buyer enough for
them to make the call with a desire to see more. A red
or yellow entry door will also attract a buyer, a massive
wood double entry door is attractive too as long as it is
balanced with other elements.
2012
WeD
JaN
WCR Program
Meeting Dates
18
FrI
FeB
Ringling Museum of Art
FrI
Mar
9
FrI
apr
Location: University Park Country Club
Speaker: Ringling Museum of Art
Technology Presentation
Location: University Park Country Club
Speaker: Steve Richman
13
FrI
MaY
Past President’s Luncheon
FrI
JUN
15
Maximize Your
Membership.
FrI
JUL
Location: Polo Grill, Lakewood Ranch
Joint Event with Manatee WCR
RPAC Presentation
13
Location: Sarasota Yacht Club
Speaker: Helen Moore & Jack Graecen
WeD
aUG
Sarasota Historical Presentation
15
WeD
Sept
19
FREC Presentation
Location: University Park Country Club
Speakers: Darla Furst & Juanita Watkins
11
SaraSota Chapter
Finding the UP in the Downturn
Location: University Park Country Club
Speaker: Fawn Germer
10
The foyer entry is very important, if you have a
covered exterior entry be sure that brass is polished,
keep the entry free of spider webs and mud daubers.
Imagine your client observing their surroundings while
waiting for you to open the front door. What are
they observing? Traffic noise or the pleasant sound of
running water from a fountain.
One of the most basic principals we learned was
that once inside a well lit home, the buyers eye should
move to the left or right; he suggests the warmth
of a beautiful piece of artwork that is eye catching
before the buyer becomes distracted with the walls of
glass; windows or doors straight ahead, much like our
standard Florida floor plan. After all Feng Shui is a
universal practice all cultures are aware of it, the western
culture does not emphasize the practice of Feng Shui
as much as others.
For more information about his topic visit www.
thefengshuicure.com
FrI
oCt
Location: Sarasota Yacht Club
Speaker: Sarasota Historical Society
Fashion Show
Location: Polo Grill
Lakewood Ranch
Business Development
12
Location: Michael’s On East
Topic: Designation Speak CRS
WeD
NoV
Insurance
Joint Meeting with SAR
Location: Troyer’s Dutch Heritage
Speaker: TBD
14
FrI
DeC
14
Location: Michael’s On East
Speaker: Ron Regan
Incoming President’s Installation
Location: Sarasota Yacht Club
REGISTER FOR ANY OF THESE EVENTS by e-mailing Linda Witt at [email protected]
2012 Leadership Team
28
Marianne LeBar
President
Michael Saunders & Company
Cell: 941-650-0337
[email protected]
Peter Salefsky
Vice-President Membership
Michael Saunders & Company
Cell: 941-544-0763
[email protected]
Sherri Spanos
Recording Secretary
Lakewood Ranch Communities
Phone: 941-907-6000
[email protected]
Mary Hellhake
President-Elect
Michael Saunders & Company
Cell: 941-544-0763
[email protected]
Carrie Starr Rummery
Treasurer
Starr Title Insurance
Phone: 941-365-7827
[email protected]
Linda McConnell
Corresponding Secretary
FBC Mortgage LLC
Phone: 941-504-0823
[email protected]
JUNE 2012
Sarasota Realtor® Magazine
www.sarasotarealtors.com
www.sarasotarealtors.com
title to the buyer at closing.
This is because, in order for a title company to issue
marketable title to the buyer of an REO property, it is
typically necessary for the seller of the REO property to
provide certain affidavits or undertake certain curative
actions prior to closing. However, if the contract states
that the seller is merely obligated to convey insurable
title, and not marketable title, to the buyer, then the
seller may not be required to provide the affidavits,
or undertake any curative actions, as long as the title
company will agree to issue a final title policy to the
buyer at the time of closing.
With regard to the purchase of a foreclosure property in
the state of Florida, the successful bidder at a foreclosure
sale obtains title by a Certificate of Title issued by the
clerk of court. This instrument may convey insurable
title, but does not necessarily convey marketable title,
and will be subject to any and all rights, claims and
interests that were not resolved by the foreclosure action.
In light of the above, and other complex issues that
can be encountered when closing REO transactions, it is
important to consider having an experienced real estate
professional review the sales contract, and perform the
title search and closing, to ensure that your clients receive
the highest quality of title at the time of closing.
Sarasota Realtor® Magazine
®
By Michael P. Infanti,Esq.
Norton, Hammersley, Lopez & Skokos, P.A.
In today’s market, some bank-owned and foreclosure
properties (REO) can offer great reward to courageous
buyers, but can also be fraught with potential title issues
for the unwary. This article will briefly distinguish some
of the differences between “marketable” and “insurable”
title, and how those differences might affect an REO
purchase.
As a general rule, all marketable title is insurable.
However, not all insurable title is marketable.
“Marketable” title is generally defined as title which is free
from encumbrances and any reasonable doubt as to its
validity, such that it would be acceptable to a reasonable
person. Conversely, “insurable” title is a lesser quality of
title, and is merely title that a reasonably prudent title
insurance company would be willing to insure at normal
market rates. Therefore, the principal difference between
“insurable” title and “marketable” title is the fact that,
for marketable title, it must be acceptable to a reasonable
person, whereas insurable title does not.
Insurability is the title company’s willingness to insure
title. Because the insurer typically accepts a degree of
business risk when it issues title insurance, insurability
is a broader and more flexible standard than marketable
title.
Specifically, under Florida law, a title
company is permitted to issue insurable title
despite certain alleged defects or other issues if
the title insurer can adequately access the risk
and make a determination that the potential
for loss is remote, negligible or minor.
For example, if a title company discovers
that a ten-year old deed from a prior owner was
not properly executed, the title company will
typically require that the deed be re-executed,
or that other curative actions take place, so
that the title company can provide marketable
title to the buyer at the time of closing.
However, if the title company is merely
issuing insurable title, and not marketable
title, then it may not require that any curative
action be taken if the title insurer can
adequately access the risk and can ultimately
determine that the potential for loss is remote,
negligible or minor, even if such defect would
not be acceptable to a reasonable person.
Although it is a matter that can be negotiated
between a buyer and seller, most sales contracts
state that the seller shall provide marketable
title to the buyer at the time of closing.
However, in many cases, the seller of an REO
property will only agree to convey insurable
Realtor -Attorney Joint Committee
Marketable vs. Insurable Title in REO Transactions
JUNE 2012
29
Membership News
30
The Association is pleased to welcome new members!
Designated Realtors®
Atchley, Alan: Atchley International Realty
Campbell, Lori: Allegiant Real Estate Group
Grashof, John: Grashof Appraisals Inc.
Hanly, Patricia: Hanly & Associates Realty
Martell, Kira: Kira Martell R.E. Broker
Sanchez, Ada: Malone Property Group LLC
Westerfield, Divina: Divina Westerfield R.E. Broker
Zunica, Carolyn: Carolyn Zunica Cert. Appraiser
New Members
Albritton, Cherial: Exit King Realty
Arango, Michele: Dunham Calabrese Realty Inc.
Asendorf, J Richard: Peens Property Group Inc.
Boucher, Gina: Coldwell Banker Res RE
Boyajian, Sandra: J Wood Realty
Brasgalla, Rose: Rosebay International, Inc.
Carnio, Tatiana: Keller Williams On The Water
Cavanaugh, Charlene: RE/MAX Tropical Sands
Coay, Jessica: Keller Williams Lakewood Ranch
Davis, Samira: Key Solutions Real Estate Group
Donath, Linda: Coldwell Banker Res RE
Drews, Elisa: Coldwell Banker Res RE
Feidieker, Detlev: Realty Executives Solutions
French, Jill: Coldwell Banker Res R E
Frudakis, George: Florida VIP Realty Inc.
Gambardella, Kelli Jo: Key Realty
Gundersen, Claudia: Exit King Realty
Hagman, Helmer: Wagner Realty
Harrington, Terri: Exit King Realty
Hofmann, Angela: Roberts Realty Inc.
Kuyper, Donald: Coldwell Banker Res R E
Lagler, Scott: Jennette Properties Inc.
Lechien, James: Bosshardt Realty Services LLC
McCollum, Linda: Atchley International Realty
Merrill, Dawn: Sandals Realty of Sarasota
Miller, Julia: Hook & Ladder Realty Inc.
Morgan, Daniel: Sandals Realty of Sarasota
Nichols, Adrian: Michael Saunders & Company
Pelletier, Joseph: Florida Realty Specialists LLC
Prost, Rachelle: Keller Williams On The Water
Schab, James: Keller Williams On The Water
Schreiber, Marni: ERA Waterside Realty
Setzer, Nary: J Wood Realty
Shank, James: Keller Williams Lakewood Ranch
Shanley, Michael: Sarasota Trust& Estate Property
Sproehnle, Patricia: Exit King Realty
Trautweiler, Linda: Atchley International Realty
Underdahl, Rod: Premier Sothebys Internat’l
Urfer, Sherri: Parisi Sam J Lic R E Broker
Vattamattam, George: Coldwell Banker Res R E
White, Scott: Sandals Realty of Sarasota
White, Kathleen: Collier & Assoc Real Estate
Wilcher, John: Market America Realty & Invest
JUNE 2012
Now With ...
Anderson, Bradley: Florida Internet Realty LLC
Ansilio, Sandi: Premier Sothebys Internat’l
Arango, Michele: Dunham Calabrese Realty Inc
Arbuckle, Nancy: Michael Saunders & Company
Asendorf, J Richard: Peens Property Group Inc
Brown, Lisa: Market America Realty & Invest
Casella, Robert: Keller Williams Rlty Manatee
Chakos, Anne: Premier Sotheby’s Intl. Realty
Dipsiner, Steve: Sandals Realty of Sarasota
Ditchfield, Nathanael: Eslinger Realty Inc.
Ebury, Jane: Murray Realty
Elistratova, Nikki: Quality Int’l Real Estate
Engel, Mia: Neal Communities Realty Inc.
Hanly, Thomas: Hanly & Associates Realty
Hardy, John: Hook & Ladder Realty Inc.
Harrington, Linda: Coldwell Banker Res R E
Harris, Frank: Keller Williams Rlty Manatee
Homer, Anthony: Ian Black Real Estate LLC
Hutton, Timothy: Realty Partners LLC
Jakusovas, Veronica: Coldwell Banker Res R E
Johnson, Kyra: Meadows Real Estate Services
Kropp, Keith: J Wood Realty
Kukie, Wade: Exit Realty Signature Group
Lawson, Diane: Sperry Van Ness Commercial
Leider, Denise: Sarasota Management & Leasing
Lightcap, Susan: Mount Vernon Property Mgmt
Lord, Diana: Premier Sotheby’s Intl. Realty
MacInnes, Karen: Buyer’s Broker of SW Florida
Markov, Andrey: Divina Westerfield R.E. Broker
Masseo, Therese: London Bay Realty Inc.
McEleavy, June: Michael Saunders & Company
McNally, Jennifer: Horizon Realty International
Nason, Liz: DWELL Real Estate
Noce, Susan: Key Realty
Noce, Ronald: Key Realty
Orjuela, Jaime: SRQ International Realty LLC
Padula, Sandra: Allison James Estates & Homes
Purmort, Lyn: Sandals Realty of Sarasota
Putrino, Regin: Key Solutions Real Estate Group
Putrino, Curtis: Key Solutions Real Estate Group
Rogers, Wayne: J Wood Realty
Rothschild, Irwin: Sandals Realty of Sarasota
Schott, Marilyn: Keller Williams Lakewood Ranch
Selvog, Kristen: Atchley International Realty
Shakura, Lidiya: Quality Int’l Real Estate
Slater, Marina: Key Realty
Smith, Bridget: Sarasota Realty Associates Inc.
Sokolov, Sergei: Michael Saunders & Company
Tebo, Patti: Keller Williams Lakewood Ranch
Thompson, Martha: EXIT Creative Realty
Velez, Emily: Sarasota Premier Properties
Wolf, Kimberly: Dawn Cohen and Associates
Sarasota Realtor® Magazine
www.sarasotarealtors.com
Congratulations to our 32 new SAR members who joined us in May 2012!
New Affiliates
Humana
7650 Eagle Creek Drive
Sarasota, FL 34243
Phone Number: 941-400-0109
Representative: Philip Smith
Specialty: Whether you want basic coverage or more
benefits, we have the plan you’re looking for - and the
top-notch service you expect. Are you looking to purchase
a plan for yourself, without the help of an employer? If so,
let me explore the affordable personal health plan options
offered by Humana and get you a quote. Humana
Services all your insurance needs, including: Individual
Major Medical, Dental, Vision, Life Insurance, Term Life,
Fixed Annuities and Long Term Care.
Email: [email protected]
Openview Publishing LLC
1335 Hidden Harbor Way
Sarasota, FL 34242
Phone Number: 941-735-8829
Representative: Cynthia Horton
Specialty: Experts in iPhone and iPad Apps for Real
Estate, Property Investment, Finance, Retirement…
etc. Our products are available in the iTunes App store
and cover a wide range of applications. Just search for
“Openview” in Itunes. We offer a wide selection of quality
products at a small price. If you are a Real Estate Agent ,
a student , Business Owner, or Investor you will love our
apps. They are simple to use , come with examples and
www.sarasotarealtors.com
there is no start time required before you can use them.
We have thousands of users and they all say the same
thing “I really got my money’s worth with this purchase.”
Many of our apps have free components, it cost you
nothing to download them to begin. Try it , you will
like it. OpenView has developed a wholes suite of real
estate products. Each product contains many real estate
functions. There is no doubt that one of our apps will fit
your real estate needs. Most of the apps contain over 20
functions.
Email: [email protected]
Sam Rodgers Properties
20065 Galleria Blvd
Venice, FL 34293
Phone Number: 941-737-4127
Representative: Mark S Davis
Specialty: Sam Rodgers Properties a new home builder
and developer is continuing a 17 year association with
Arthur Rutenberg Homes as franchisee for Manatee and
Sarasota counties. Their company has built thousands
of homes in Manatee, Sarasota, Polk, Pasco and Lake
Counties during its forty-two year history. Being a
family team, they know the importance of meeting
and exceeding the expectations of each and every
home purchaser. You can count on their stability, and
management expertise to make your dreams come true
with your new Arthur Rutenberg Home.
Email: [email protected]
Email: [email protected]
Sarasota Realtor® Magazine
JUNE 2012
31
E DUCATION & E VENTS
C ALENDAR
Tuesday
Wednesday
Thursday
Friday
May 28
29
30
31
June 1
4
5
6
7
8
11
12
13
14
15
18
19
20
21
22
25
26
27
28
29
8:30 a.m. CIPS Institute
9 a.m.
Basic MLXchange
11:30 a.m.
Tech User Group
1-2:30 p.m. Compliance 101
3-4:30 p.m. Adding and
Modifying Listings
9 a.m.
New Member Orientation
1 p.m.
Code of Ethics
9 a.m. Basic MLXchange
1-2:30 p.m. Compliance 101
3-4:30 p.m. Adding and
Modifying Listings
8:30 a.m.
CID Board
of Directors
5 p.m.
Sales Associate Pre-License
9 a.m. CRS Class
9 a.m. iMapp
1 p.m. MLS System Settings &
Defaults
3 p.m. Auto-Notification
Searches/Prospecting
5 p.m.
Sales Associate Pre-License
8 a.m. CID General
Membership (offsite)
5 p.m.
Sales Associate Pre-License
9 a.m. Property Management 5 p.m. Affiliate After
Seminar
Hours Networking
(Gecko’s)
8:30 a.m.
CIPS Institute
9 a.m. CMA
1 p.m. Basic Agent Web Page
Set-Up
2:30 p.m. Advanced Web
Page Customization
7:30 a.m.
Toastmasters
9 a.m.
Emerging Leaders
5 p.m.
Sales Associate Pre-License
8:30 a.m.
Leadership Committee
7:30 a.m.
Toastmasters
12 p.m.
RAJC Seminar—Condo Update
9 a.m. Basic Agent Web Page
Set-up
10:15 a.m. Listing Tools
1 p.m. CMA
8 a.m.
Power Marketing
(SAR)
8 a.m.
Power Marketing
(University Park CC)
9 a.m.
Emerging Leaders
5 p.m.
Sales Associate Pre-License
8 a.m.
Power Marketing (SAR)
8 a.m.
Power Marketing
(SAR)
5 p.m.
Sales Associate Pre-License
8 a.m.
Power Marketing
(SAR)
9 a.m.
CID Commercial
Marketplace
9 a.m.
CID Commercial
Marketplace
9 a.m.
CID Commercial
Marketplace
11:30 a.m. Quarterly
Membership Luncheon
(Dutch Heritage)
9 a.m.
CID Commercial
Marketplace
9 a.m.
CID Commercial
Marketplace (offsite)
Note: All events/classes are at SAR, except where noted
My Florida Regional MLS Training
The My Florida Regional MLS training classes are offered at no cost to MLS participants. All classes are HANDS-ON
in the SAR Tech Center. Please register for all MLS classes at the MFRMLS website: http://mfrmls.com. Click
on Education and Training.
Sarasota Association of Realtors®, Inc.
3590 S. Tuttle Ave.
Sarasota, FL 34239
Monday
PRSRT STD
U.S. POSTAGE
PAID
MANASOTA, FL
PERMIT NO. 451
JUNE 2012
12
10
8
6
4
2
0
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Days on Market
300
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
Single Family
Condo
250
200
150
100
50
0
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Feb-12
Mar-12
Apr-12
Single Family
Sales Volume
Condo
$200,000,000
$180,000,000
$160,000,000
$140,000,000
$120,000,000
$100,000,000
$80,000,000
$60,000,000
$40,000,000
$20,000,000
$0
Apr-11 May-11 Jun-11
Jan-12
Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12
New Listings
Single Family
Condo
900
800
700
600
500
400
300
Sarasota Association of Realtors® MLS
200
100
0
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
The Xtra Pages - Digital Version Only
Single Family
Condo
Months of Inventory
First Quarter 2012 Report
Single Family Sales ‐ By Quarter
REO
Short
Market
1200
1000
800
600
400
200
0
2009‐Q3
2009‐Q4
2010‐Q1
2010‐Q2*
2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
2012‐Q1
* Homebuyer Tax Credit In Effect
Condo Sales ‐ By Quarter
REO
Short
Market
600
500
400
300
200
100
0
2009‐Q3
2009‐Q4
2010‐Q1
2010‐Q2*
2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
REO
Short
Market
2012‐Q1
* Homebuyer Tax Credit In Effect
Single Family Median Sale Price
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
2009‐Q3
2009‐Q4
2010‐Q1
2010‐Q2
2010‐Q3
2010‐Q4
2011‐Q1
Condo Median Sale Price
2011‐Q2
REO
2011‐Q3
Short
2011‐Q4
2012‐Q1
Market
$350,000
$300,000
$250,000
Source: Sarasota Association of Realtors®
$200,000
$150,000
$100,000
$50,000
$0
2009‐Q3
2009‐Q4
2010‐Q1
2010‐Q2
2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
2012‐Q1
Single Family
Condo
REO Sales - By Quarter
600
500
400
300
200
100
0
2009-Q3
2009-Q4
2010-Q1
2010-Q2*
2010-Q3
2010-Q4
2011-Q1
2011-Q2
2011-Q3
2011-Q4
2012-Q1
* Homebuyer Tax Credit In Effect
Single Family
Short Sales ‐ By Quarter
Condo
400
350
300
250
200
150
100
50
0
2009‐Q3
2009‐Q4
2010‐Q1 2010‐Q2* 2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
2012‐Q1
* Homebuyer Tax Credit In Effect
Single Family
Condo
Market Sales ‐ By Quarter
1200
1000
800
600
400
200
0
2009‐Q3
2009‐Q4
2010‐Q1 2010‐Q2* 2010‐Q3
2010‐Q4
2011‐Q1
2011‐Q2
2011‐Q3
2011‐Q4
2012‐Q1
* Homebuyer Tax Credit In Effect
Source: Sarasota Association of Realtors®
Annual Sales ‐ 2000 to 2011
Single Family
Single Family
Condo
Total
11267
10562
9697
8224
8167
7603
7,596
7036
6533
6,841
6 504
6,504
6739
6358
6042
5,603
5,183
4,940
4,353
4,349
3 671
3,671
3,193
2,184
2,096
5820
3 721
3,721
2,564
2,005
2001
2002
2003
2004
2005
5,938
4,626
3,922
,
2,120
2006
2007
2,137
2,286
2010
2011
1,556
1,194
2000
5,466
2008
2009
Annual Median Sale Price ‐ 2000 to 2011 Single Family
Condo
$351,000
$342,000 $336,250
$272,500
$305,000
$226,000
$172,500
$303,000
$210,000
$163,000
$156,800
$230,000
$191,000
$142,000
$173,000
$132,300
2000
$301,225
$225,000
$191,000
$320,000
$160,000
$145,000
2001
2002
2003
2004
2005
2006
2007
2008
2009
$163,000
2010
$155,925
2011