Sarasota Realtor Magazine - February 2013 by REALTOR® Association of Sarasota and Manatee

FEBRUARY 2013

The Official Monthly Publication of the Sarasota Association of Realtors速

Unity of Purpose

2013 CID President Linda Emery Wants to Extend Reach and Influence of Organization Page 6

Sales In 2012 Were Fourth Best In History

Page 15

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Contents

Sarasota Realtor® Magazine Volume 10, Issue 2 FEBRUARY 2013

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

Onward, Upward

CID 2013 President Linda Emery is looking forward

2013 SAR Officers

to an exciting, historic year as the organization seeks

national accreditation from the NAR.

President Roger Piro Town & Country Realty

10 The 3.8 Percent Answers

Governmental Affairs Director Marc Mansfield explains

the new 3.8 percent on some real estate transactions, and

how it will (and won’t) impact your business.

Volume 10 • Issue 2 •FEBRUARY 2013

12 TPP - Made Easier Sarasota County Property Appraiser Bill Furst explains

how his office is making it easier this year

for Tangible Personal Property (TPP) taxpayers.

15 Fourth Best, Ever!

Property sales in December 2012 rose in the Sarasota market

and brought the total for the year to over 9,100 sales, making 2012 the fourth highest sales year in SAR history.

2013 is starting off as an exceptional year for the CID

as the new board institutes an additional Marketplace

session every month, and increases educational opportunities.

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

20- Education Programs 24- On the SAR Scene

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.

30- Membership

FEBRUARY 2013

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.

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.

32- Calendar of Events/Education 4

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.

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

10- Governmental Affairs

18- Commercial Investment Division

Immediate Past President Laura Benson Michael Saunders & Company

Production Coastal Printing, Inc.

In every issue 15- Sales and Listing Statistics

Treasurer Stafford Starcher RE/MAX Alliance Group

Director of Membership and Administrative Services Dan Andrews

18 Great Start

12- Property Appraiser

Secretary Xena Vallone Xena Vallone Realty

Chief Executive Officer Kathy Roberts

President-Elect Peter Crowley RE/MAX Alliance Group

Sarasota Realtor® Magazine

www.sarasotarealtors.com

SAR Celebrating 90th Anniversary

The year 2013 is shaping up as an exciting and historic time for the Sarasota Association of Realtors® and our members. This is the 90th anniversary of the founding of our association in 1923, and this spring we will move in to our new headquarters at 2320 Cattlemen Rd. SAR will hold the first quarterly meeting of 2013 on Friday, March 22 at noon at the Girl Scouts of Gulfcoast Florida building (4780 Cattlemen Road). The second quarterly meeting has been slated for Friday, June 14th in the new headquarters auditorium. The event should be a memorable one, and SAR is planning to commemorate it with some very special extras (watch your weekly emails for updates as they become available). The SAR Annual Meeting has been slated for Friday, Sept. 20th, also in the auditorium. During the meeting, the election of officers and directors for 2014 will be held. The year will culminate with the annual Installation and Holiday Luncheon on Wednesday, Dec. 11th at Michael’s On East. SAR thanks our dedicated members for making this organization your trusted resource for real estate professionals and the community!

Steve Wisenbaugh: SAR Affiliate of Month

Steve Wisenbaugh of Blue Lizard Home Inspections has been named SAR Affiliate of the Month for February 2013. Steve is a Certified Master Inspector®, the top designation awarded by the Master Inspector Certification Board to qualifying inspectors who have demonstrated the highest level of competency in the industry. Steve and his wife, Anne, run the business together, serving Sarasota and Manatee counties and surrounding Steve and Anne Wisenbaugh areas. The company includes free thermal imaging with every inspection and also offers indoor air quality testing, along with other services. An active affiliate member of SAR, Steve can be reached at (941) 468-1827 or by email at swisenbaugh@gmail.com. The company’s website is www.bluelizardhi.com

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Cover Story 6

Unity of Purpose

CID President Linda Emery Wants to Extend Influence Uniting the various commercial real estate practitioners in the region has been a goal of SAR’s Commercial Investment Division for many years. Incoming 2013 CID President Linda Emery hopes to help the organization take a major step toward acheiving that ultimate goal this year. “We are committed to achieving the remaining benchmarks required to be Accredited by the National Association of Realtors®,” Emery explained. “This goal was initiated under the leadership of 2012 CID President Brad Lindberg. Once accomplished, the benefits and services available to our members will greatly enhance the value of CID membership.” Emery has been working with Lindberg and other CID board members toward achieving this goal for several months. Once Accredited, the CID will gain many benefits, including: - An exclusive monthly e-newsletter providing a sneak preview of programs and resources to share with CID members - One-on-one consultations where NAR Commercial will help CID continue to meet and exceed benchmarks. In addition, NAR Commercial staff team members are available for on-going planning sessions to help implement new commercial benefits, enhance marketing and communications, and provide additional support and guidance. - Webinars each quarter for connecting with staff from other accredited organizations across the country. Network, share best practices, work through challenges, and get brief updates from NAR Commercial. - National Commercial Awards that exclusively highlight the accomplishments of CID awardwinning members. Winners are interviewed and receive recognition in the Fall issue of Commercial Connections, NAR Commercial’s publication, distributed to more than 75,000 commercial real estate professionals. Additional recognition is provided on REALTOR.org/Commercial and at the annual REALTORS® Conference and Expo. - Recognition by NAR on a national level as providing a high level of commercial services. Associations will be honored with a plaque at Midyear FEBRUARY 2013

or Annual and receive recognition on REALTOR. org. CID will also receive a special logo to use on marketing materials and/or its website to highlight and acknowledge the achievement. “With these additional advantages, and more, we hope to extend our reach to a regional level,” explained Emery. “This recruitment tool will be very valuable in attracting more commercial members. We want to unite the local commercial real estate industry under one umbrella organization, so we can exert an even greater beneficial influence on matters affecting our profession and related interests.” CID members have for many years been a leading voice on issues impacting the commercial real estate market. The group has been very active in public policy, and many CID members are also involved on committees and in community organizations involved in these issues. Governmental representatives have sought out CID members for input on a

Sarasota Realtor® Magazine

Continued on P. 8, See EMERY

www.sarasotarealtors.com

EMERY From Page 6

variety of important issues impacting the Sarasota community. By uniting in even greater numbers, and with the added NAR accreditation recognition, Emery hopes the CID will become an even more effective organization for achieving these goals and objectives. The second major goal for 2013 is to promote and stimulate commercial investment business among CID members. Linda Emery is shown in 2007 (in red shirt) at the CID Charity Golf Tournament, an annual “CID offers a event she has helped turn into an amazing success since 2005. property pitch session corporation. In 2005, Linda began a new full-time career every Friday, led by in commercial real estate. In only eight short years, she Erick Shumway, exactly for this purpose,” Emery explained. has advanced through the ranks of the CID, serving four “This has become increasingly successful and the number years on the board of directors before being recognized by of attendees continues to grow. The comment I hear most her peers and elected CID President. She was also named often from members that attend is that deals get done from Commercial Realtor® of the Year in 2010. these meetings. We’ve expanded our reach by having one session a month at the Manatee Association of Realtors Now a Broker-Associate with Sperry Van Ness, Emery, offices.” a 24-year resident of Sarasota, specializes in sales and leasing of office and retail properties. Her emphasis is In 2013, Emery said CID plans to enhance the monthly on the downtown Sarasota area, particularly on medical general membership meetings by including a pitch session properties. In addition to leasing and sales, her experience in which will provide members with five opportunities per commercial real estate includes construction management, month to promote their listings and exchange information establishing and managing office condominium association, with commercial professionals. and leasing/asset management of large real estate portfolios. The third objective is to provide CID members the Her involvement with CID began when she reached out opportunity to better serve the public through formal to 2005 CID President Steve Ross to offer assistance with and informal education in commercial real estate on a the annual CID Charity Golf Tournament. She began continuing basis. working with the tournament committee, eventually leading “Our strategic plan focuses heavily on providing enhanced the effort for several very successful tournaments that raised programs and educational opportunities to our members thousands of dollars for local charitable organizations. through use of signature speakers from the national and “That call to Steve was exactly the right call to make regional Realtor® associations, through local speakers on because relationships with CID members built from that topics relevant to our profession and community, and one call are now my most valued business asset,” said Emery. proactively monitoring and keeping our members aware of “I’ve watched my colleagues as the market presented us with upcoming educational opportunities throughout southwest new and complicated challenges – some that have been flat Florida,” said Emery. “In 2012, the Board reinstituted the out scary – and even in the toughest and most frustrating scholarship program for CID members. In this first year, we times, I’ve found that the our members are tenacious, were pleased to have two applicants for scholarships and we creative, adaptive and supportive to their colleagues, plan to heavily promote this program to our members again their clients, and their community. And they are always this year.” optimistic!” Linda’s diverse career path began as a real estate paralegal Emery noted, “I am truly honored to represent our and progressed to her position as Director of Public membership in the capacity of 2013 President. I have no Relations and Corporate Communication for a large doubt this board will accomplish its mission.” 8

FEBRUARY 2013

Sarasota Realtor® Magazine

www.sarasotarealtors.com

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Governmental Affairs

Top 10 Things You Need to Know About the 3.8 Percent Tax

There continues to be a tremendous amount of misinformation circulating on the Internet and email about the 3.8% tax that is part of health care reform. Shown below courtesy of the National Association of Realtors® are the most important takeaways for Realtors® when it comes to the 3.8% tax: 1. When you add up all of your income from every possible source and the total is less than $200,000 for an individual and less than $250,000 on a joint return, you will not be subject to this tax. 2. The 3.8% tax will never be collected as a transfer tax on real estate of any type, so you will never pay this tax at the time that you purchase a home or other investment property. 3. You will never pay this tax at settlement when you sell your home or investment property. Any capital gain you realize at settlement is just one component of that year’s gross income. 4. If you sell your principal residence, you will still receive the full benefit of the $250,000 (single tax return), $500,000 (married filing a joint return) exclusion on the sale of that home. If your capital gain is greater than these amounts, then you will include any gain above these amounts as income of your Form 1040 tax return. Even then, if your total income (including this taxable portion of gain on your residence) is less than the $200,000/$250,000 amounts you will not pay this tax. If your total income is more than these amounts, a formula will protect some portion of your investment. 5. The tax applies to other types of investment income, not just real estate. If your income is more than the $200,000/$250,000 amount, then the tax

formula will be applied to capital gains, interest income, dividend income and net rents (i.e., rents after expenses). 6. The tax goes into effect in 2013. If you have investment income in 2013, you won’t pay the 3.8% tax until you file your 2013 Form 1040 tax return in 2014. The 3.8% tax for any later year will be paid in the following calendar year when tax returns are filed. 7. In any particular year, if you have no income from capital gains, rents, interest or dividends, you’ll never pay this tax, even if you have millions of dollars of other types of income. 8. The formula that determines the amount of 3.8% tax due will always protect $200,000 ($250,000 on a joint return) of your income from any burden of the 3.8% tax. For example, if you are single and have a total income of $201,000 income, the 3.8% tax would never be imposed on more than $1,000. 9. It is true that investment income from rents on an investment property could be subject to the 3.8% tax. However, the only rental income that would be included in your gross income and therefore possibly subject to the tax is net rental income: gross rents minus expenses like depreciation, interest, property tax, maintenance and utilities. 10. The tax was enacted along with health care legislation in 2010. It was added to the package just hours before the final vote and without review. NAR strongly opposed the tax at the time and remains hopeful that it will not go into effect. The tax will certainly be debated during the upcoming tax reform debates in 2013.

LEARN MORE ABOUT GOVERNMENT AFFAIRS: WWW.REALTOR.ORG/GOVERNMENT_AFFAIRS ACCESS INFORMATION ON CURRENT INITIATIVES

FEBRUARY 2013

Sarasota Realtor® Magazine

www.sarasotarealtors.com

NAR summarizes new Qualified Mortgage Rule

The National Association of Realtors® has been actively involved in shaping the debate and structure of the Qualified Mortgage (QM) Rule issued by the Consumer Financial Protection Bureau (CFPB) created by the Dodd-Frank Reform Act. NAR achieved a significant victory in obtaining a safe harbor in the QM rule for loans underwritten to the automated standards of Fannie Mae/Freddie Mac, the Federal Housing Authority, Veterans Administration and Rural Housing Service (within their respective loan limits) for up to seven years. For Fannie and Freddie, the safe harbor is for seven years or whenever they leave conservatorship, whichever comes first. Additionally, loans outside of those backed by the government that do not have risky features and do not have a total debt to income (DTI) of greater than 43 percent will receive safe harbor protections. The 43 percent DTI cap basically means that if all your debt expenses (including total mortgage payment) do not exceed 43 percent of your gross income (before taxes are withheld) you will qualify for a QM. Other more risky loans that meet the other criteria but exceed 43 percent DTI will only receive rebuttable presumption protections. Highlighted below are some of the issues contained in the 804-page QM rule that were of particular concern to NAR. There are many more provisions that could affect the cost or access to credit. As the industry and public absorb the implications of various provisions additional issues may arise. Some elements of the rule will require additional commentary as well. The interaction of other rules to be issued in the coming weeks may affect the QM rule and its impact on the industry, consumers, or both. NAR will continue to work with CPFB, Congress, and industry partners to address issues such as the definition of fees and points that are critical to consumers, our industry, and the real estate market overall. The rule is scheduled to be effective January 10, 2014. www.sarasotarealtors.com

Key Elements in the QM Rule would allow greater flexibility for small

Fees and Points The rule requires numerous items to be considered in fees and points when determining for purposes of meeting the 3 percent cap. Most depend on circumstances too numerous to mention here. Two items jump out: 1. There will be circumstances when all or part of appraisal fees will be included; and 2. There will be times when private mortgage insurance will be included (but not FHA and other government guarantee or insurance fees). Double-counting of Loan Originator Compensation The CFPB has asked for more information. They recognize the harm of double-counting but apparently view the fees and points cap as a total compensation limit. In other words, they seem to want to count all revenues from both consumers and secondary market participants toward the 3 percent cap or find a way to account for all of this under the 3 percent cap at least with regard to the loan officer’s compensation. This could have serious potential to affect quality of service and access to credit depending on how it comes out because it will restrict how much and the manner in which loan officers and mortgage brokers can be compensated beyond loan officer compensation rules. It would also affect the bottom line on mortgage transactions. Seller Financing Seller financers will not be covered by the rule as long as they do five or fewer transactions in any given year. This is a NAR victory though seller financing may be implicated in other Dodd-Frank rules yet to be released. Balloon Loans in Rural Areas The rule allows for limited balloon payment loans to be made in rural areas. Small Community Lenders Another provision that would apply to rural areas, but could apply to others, Sarasota Realtor® Magazine

community lenders.

Smaller Loans In a partial victory, the CFPB upped the small loan threshold from the proposed $75,000 to $100,000 and established a tiered fees and points approach that raises the 3 percent as loans get smaller in size from $100,000. Title and Escrow for Taxes and Insurance Although the CFPB sympathized with NAR and other industry participants’ concerns regarding title charges, CFPB cited the statutory language in DoddFrank as the reason not to address this issue. CFPB failed to address the issue of escrow for taxes and insurance. This issue would be corrected by new legislation in the 113th Congress similar to HR 4323. Continued on P. 31, See RULE

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FEBRUARY 2013

Property Appraiser

We’re Making Life Easier for TPP Taxpayers

We’re making life easier for TPP taxpayers.

It’s that time of year when business owners focus their attention on the many and varied tax returns that must be completed, or requests for extensions filed, by April 1. In the State of Florida, that includes the annual Tangible Personal Property (TPP) DR‐ 405 tax return. By Bill Furst, GRI, CRS, CRB Sarasota County Property Appraiser For 2013, the Property Appraiser’s office is introducing a new and improved online It’s that time of year when business owners focus their attention on filing system for TPP returns. We’re confident that these upgrades will further our the many and varied tax returns that must be completed, or requests for extensions filed, by April 1. In the State of Florida, that includes annual goal of creating a Tangible Personal Property tax roll that is fair and equitable the annual Tangible Personal Property (TPP) DR-405 tax return. for all taxpayers. For 2013, the Property Appraiser’s office is introducing a new and In early January, existing TPP accounts were mailed a password and instructions that improved online filing system for TPP returns. We’re confident that will enable them to: these upgrades will further our annual goal of creating a Tangible Personal Property tax roll that is fair and equitable for all taxpayers.  Retrieve their return for the prior year In early January, existing TPP accounts were mailed a password and  instructions Update information relating to the business name, location, and mailing that will enable them to: address Retrieve their return for the prior year  •Upload an asset schedule in an Excel format (see our website for details) • Update information relating to the business name, location, and  Insert inventory control numbers and item descriptions for ease of mailing address identification in subsequent years • Upload an asset schedule in an Excel format (see our website for Inventory control numbers assigned by the taxpayer will allow both parties to identify details) any additions or dispositions of assets, or changes in value, each year. This includes • Insert inventory control numbers and item descriptions for ease of increases in value for upgrades that extend the useful life of an asset. If we aren’t identification in subsequent years notified of a disposition we treat the asset as taxable. If the taxpayer doesn’t provide Inventory control numbers assigned by the taxpayer will allow both an accurate value we’re required by law to assign one. parties to identify any additions or dispositions of assets, or changes in value, each year. This includes increases in value for upgrades that We believe these improvements to the TPP filing process will improve accuracy and extend the useful life of an asset. If we aren’t notified of a disposition clarify exactly what tangible personal property assets are being taxed. we treat the asset as taxable. If the taxpayer doesn’t provide an accurate value we’re required by law to assign one. The rules and methods governing the appraisal process, set by state and national We believe these improvements to the TPP filing process will bodies, are written for industry professionals and often not easy to understand. improve accuracy and clarify exactly what tangible personal property However, our office has a commitment to making our appraisal methods as assets are being taxed. transparent as we possibly can. Now, in addition to depreciation tables, all of our valuation tables are available online. The rules and methods governing the appraisal process, set by state and national bodies, are written for industry professionals and often not easy to understand. However, our office has a commitment Occasionally, a taxpayer needs to ask for an extension of the April 1 filing deadline. For to making our appraisal methods as transparent as we possibly can. existing accounts, extension requests must be received by close of business on March st Now, in addition to depreciation tables, all of our valuation tables are 31 to be considered. All extension requests must be filed by post mail or online via available online. our website. Extensions will not be granted if the request does not contain the taxpayer’s TPP account number. Account numbers are included in the January renewal Occasionally, a taxpayer needs to ask for an extension of the April mailing and are available on our website. 1 filing deadline. For existing accounts, extension requests must be received by close of business on March 31st to be considered. Businesses and individuals who have not filed a TPP return in the past may download a All extension requests must be filed by post mail or online via our DR‐405 return from our website to submit their initial, hard‐copy, return or call, email website. Extensions will not be granted if the request does not contain or visit our office for more information. New accounts may file an extension request the taxpayer’s TPP account number. Account numbers are included in by emailing RBrunk@SC‐PA.com and must include the business name, DBA (if the January renewal mailing and are available on our website. different), location address and Federal Employer ID number. Businesses and individuals who have not filed a TPP return in the past may download a DR-405 return from our website to submit their Keep in mind that the $25,000 ad valorem tax exemption on TPP assets is only initial, hard-copy, return or call, email or visit our office for more available to taxpayers who file their returns by April 1 or the extension date. information. New accounts may file an extension request by emailing RBrunk@SC-PA.com and must include the business name, DBA (if Just/Assessed values are posted on our website by mid‐July and published in the different), location address and Federal Employer ID number. Notice of Proposed Taxes, (TRIM Notice), mailed in mid‐August. After reviewing that Keep in mind that the $25,000 ad valorem tax exemption on TPP For more information, if a taxpayer finds they’ve made an error, they may file an amended assets is only available to taxpayers who file their returns by April 1 or information, return before the certification of the tax roll in early October. We cannot accept the extension date. contact the amended returns once the roll is certified.

Property Appraiser’s office at 941.861.8200. 12

Statutes pertaining to Tangible Personal Property Returns §192.001 F.S. Tangible Personal Property means all goods, chattels, and other articles of value. Inventory and household goods are expressly excluded from this definition. §192.032 F.S. All tangible Personal Property physically present on January 1 of each year shall be assessed. §193.052 F.S. A return for Tangible Personal Property shall be filed in each county which is the situs of such property. §193.061 F.S. Annual Tangible Personal Property returns shall be filed by April 1 of each year. §193.063 F.S. The property appraiser shall grant a 30 day extension for filing. The request for extension must be made prior to the April 1 filing deadline. §193.074 F.S. All returns shall be deemed confidential in the hands of the Property Appraiser. §195.027 F.S. Returns shall include a general identification and description of the property; the location of such property; the original cost of such property; the age of such property; the condition, including functional and economic depreciation or obsolescence; the taxpayer’s estimate of fair market value. §196.183 F.S. Each return is eligible for an exemption from ad valorem taxation of up to $25,000 of assessed value. This section does not apply in any year a taxpayer fails to timely file a return NEED A SPEAKER FOR YOUR MEETING? BILL FURST WILL COME AND TALK WITH YOUR GROUP AND ANSWER YOUR QUESTIONS. Call our office at 941.861.8200 or email PA@SC‐PA.com to set an appointment for BILL FURST to speak with your group.

Just/Assessed values are posted on our website by mid-July and published in the Notice of Proposed Taxes, (TRIM Notice), mailed in mid-August. After reviewing that information, if a taxpayer finds they’ve made an error, they may file an amended return before the certification of the tax roll in early October. We cannot accept amended returns once the roll is certified. FEBRUARY 2013

Sarasota Realtor® Magazine

www.sarasotarealtors.com

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Put yourself in a better place™

Prices shown are estimated base prices, do not include lot premiums or options and are subject to change without notice. Community Association fees required. Additional terms, conditions and restrictions apply. Photographs are for illustrative purposes only and are not intended to be an actual representation of a specific community, neighborhood or any completed improvements being offered. Please see a sales associate for details. This material shall not constitute a valid offer in any state where prior registration is required or if void by law. ©2012 PulteGroup, Inc. All rights reserved. 12/5/12. CBC057850.

Annual Sales ‐ 2000 to 2012 Single Family

Condo

Total

11267 10562 9697 8224

8167 7036

6533

9,179 7603

7,596 6,841

6,504

6358

5,603 4,940

4,349

4,353 3,193

2,184

2,096

3,671

3,721

2,564

2,005

6739 6042

5820 4,626

2001

2002

2003

2004

2005

2006

5,466

5,938

3,922

2,120 1,194

2000

5,183

6,570

2007

2008

1,556

2009

2,137

2,286

2010

2011

2,599

2012

Annual Median Sale Price ‐ 2000 to 2012 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Single Family $132,300 $172,500 $191,000 $226,000 $272,500 $351,000 $342,000 $303,000 $230,000 $160,000 $163,000 $155,925 $175,000 Condo

$142,000 $145,000 $173,000 $191,000 $225,000 $305,000 $301,225 $336,250 $320,000 $210,000 $163,000 $156,800 $175,000

FEBRUARY 2013

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Sales in 2012 were fourth highest in SAR history

Property sales for the year 2012 were the fourth highest in the 90-year history of the Sarasota Association of Realtors®, achieving 9,169 total sales. In 2003, sales in our market hit 9,697, followed by 11,267 in 2004 (the current all-time high) and 10,562 in 2005. The annual sales dropped to 6,358 in 2006 and bottomed out at 5,820 in 2008 before beginning the steady climb to the current level. SAR members sold 828 properties in December 2012, representing an 8.3 percent increase from November’s 764 sales and a huge 28 percent increase over last December’s figure of 644 total sales. The category totals in December were 606 single family homes and 222 condos sold, compared to last December when only 471 single family and 173 condos were sold. The available inventory remains near the lowest level in a decade. Other positive factors helping to propel the real estate market recovery include the low mortgage interest rates and improvement in the national and local economies. “The Sarasota housing market has clearly weathered the storm of the Great Recession,” said SAR President Roger Piro. “We are so fortunate to live in this area – a beautiful coastal community with every attractive amenity imaginable.” Looking forward, Piro noted the normal peak period of the buying season has yet to come. “Our market is enjoying an amazing resurgence, and the traditional busy season still has several months to go. Last year, our strongest sales months were in March, April and May,” said Piro. “We’re all hoping for a repeat performance in 2013, and agents are continuing to report steady, strong foot traffic at open houses and multiple offers on many properties.” The median sale prices for both single family homes and condos also rose for the full year 2012 to $175,000 in both property categories, another indicator of the ongoing real estate market recovery in Sarasota. In 2011, the full year median prices were at $155,925 for single family homes and $156,600 for condos, or roughly 13 percent lower. The median sale price for single family homes in December 2012 was at $189,500 – almost 9 percent higher than November’s figure of $174,450 and 18 percent higher than last December’s total of $160,000. Condo median sale prices were also up, hitting $182,500 in December. Last December condo prices were at $150,000 – 21.6 percent below the current level. The available inventory of homes on the market remained near the decade low, rising slightly to 3,657 from last month’s 3,543. The level is still 25 percent below December 2011, when the inventory was at 4,567 properties for sale. Pending sales (which represent properties that went under contract during the month) dropped in December 2012 to 782 from the November 2012 figure of 905. The total was

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“Our market is enjoying an amazing resurgence, and the traditional busy season still has several months to go.” - SAR President Roger Piro almost identical to last December, when there were 783 pending sales reported. The months of inventory remained near 10-year lows. The December figures were 3.9 months of inventory for single family homes and 5.9 months for condos. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last December, there were 6.3 months of inventory for single family homes and 9.2 months of inventory for condos. At the worst point of our market in November 2008, there were 24 months of inventory for single family homes and 41.7 months for condos. Currently, only 475 properties for sale in the MLS are listed as short sales or foreclosures, almost identical to last month’s figure. This represents about 12.9 percent of available properties, down from last month’s figure of 13.2 percent and down from the start of the year when the figure represented 17 percent of the market. Distressed sales represented 32 percent of the overall market in December 2012, down significantly from the 51 percent figure experienced in the fourth quarter of 2010. While still at historically high levels, the downward trend has been encouraging. In 2007, foreclosures and short sales had been virtually unheard of for many years in the Sarasota market. That’s when distressed sales began to skyrocket in the Sarasota market and across the nation, reaching epidemic rates in 2010, before improving markedly in the last 24 months. From 2007 to 2008, short sales and sales of foreclosed properties jumped markedly, from less than 1 percent in 2007 (only 47 total) to 18 percent (979) in 2008, while traditional market sales dropped by an equivalent 18 percent. This rise in distressed sales and decrease in market sales continued through 2009 and 2010. In 2011, the Sarasota real estate market began to see a reversal of this trend. Distressed sales dropped by 4.5 percent from 2010 to 2011, while market sales rose by 19 percent. From 2011 to 2012, this positive trend accelerated, with distressed sales dropping by 7 percent while normal market sales rose by 25 percent. If these trends continue, we should see improved health of the local real estate market in 2013 and beyond.

Sarasota Realtor® Magazine

FEBRUARY 2013

Sarasota MLSSM Statistics - December 2012 Single Family

Unit Sales

Condo

700 600 500 400 300 200 100 0 Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

Sep‐12

Oct‐12

Nov‐12

Dec‐12

Single Family

Median Sale Price

Condo

$250,000 $200,000 $150,000 $100,000 $50,000 $0 Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

Sep‐12

Oct‐12

Nov‐12

Dec‐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

2,353

606

25.8

152

$189,500

$175,000

3.9

527

22.4

596

108

This Month Last Year

2,974

471

15.8

192

$160,000

$155,925

6.3

504

16.9

593

162

2,266

556

24.5

158

$174,450

$172,500

4.1

653

28.8

727

126

‐

6,570

‐

165

$175,000

‐

8,499

‐

7,947

‐

Oct 95.1 95.4

Nov 95.3 95.6

Dec 94.8 95.3

Last Month YTD

2011 2012

Jan 94.5 95.4

Single Family – Sale Price Vs. List Price % Rates Feb 94.1 94.2

Mar 94.7 94.6

Apr 94.1 94.7

May 94.2 95.1

Jun 94.3 95.2

Jul 94.1 94.2

Aug 94.5 95.3

Sept 95.2 95.2

Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of Jan. 10th, 2013, 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

FEBRUARY 2013

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Sarasota MLSSM Statistics - December 2012 Single Family Condo

Inventory 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Dec‐11

Jan‐12

Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12

Jul‐12

Aug‐12

Sep‐12

Oct‐12

Nov‐12 Dec‐12

Oct‐12

Nov‐12

Single Family Condo

Pending Sales 900 800 700 600 500 400 300 200 100 0 Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

Sep‐12

Dec‐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

1,304

222

17.0

180

$182,500

$175,000

5.9

186

14.3

317

1,593

173

10.8

212

$150,000

$156,600

9.2

190

11.9

248

211

1,277

208

16.3

188

$160,000

$174,700

6.1

252

19.7

326

117

‐

2,599

‐

192

$175,000

‐

3,176

‐

3,300

‐

Jan 93.4 93.1

Condo – Sale Price Vs. List Price % Rates Feb 91.2 93.5

Mar 92.2 94.2

Apr 93.4 94.3

May 94.5 93.8

Jun 94.2 93.8

Jul 92.5 94.6

Aug 93.1 94.1

Sept 92.8 94.2

Oct 93.2 94.4

Nov 93.6 95.4

Dec 92.7 94.8

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

FEBRUARY 2013

Commercial Investment Division

CID off to great start in 2013

By Linda Emery CID President

As the 2013 President of CID, I am responsible for leading our aggressive strategic plan, which was adopted by the 2013 CID Board of Directors (See Page 6 for details, and my introduction). The first general meeting of 2013 fit our plan perfectly. Chris Jaensch provided great information on business and investment visas and the importance of commercial real estate to the foreign investor. His firm, Jaensch Immigration Law Firm, became an affiliate member of CID in January. Erick Shumway also conducted the first Marketplace session at the General Membership Meeting. We’ve set aside 15 minutes at the end of each monthly meeting for members to present Wants & Needs. Bring flyers to the February meeting and be ready to present your listings. February’s featured speaker will remind us that effective communication and positive public image

WANTED: Committee Members

Choose a Committee and email the Chair. Your input and experience will enhance the value of CID Membership. Committees Education – Susan Goldstein: SusanGoldstein@TheCommercialSpecialist.com Program – Lori Hellstrom: LHellstrom@Ospreyres.com MFCRE/Technology - Kevin Robbins: Kevin@Robbinscommercial.com Public Policy – Pete Skokos: PSkokos@nhlslaw.com Membership – Dave Roth: DavidRoth@remax.com Public Relations –Roberta Kolton: RobertaKolton@MichaelSaunders.com

CID Monthly Meeting Schedule Commercial Marketplace Sessions Increase visibility for your properties, learn of new opportunities, and exchange information with commercial professionals. Deals are made at these sessions. 1st, 2nd & 4th Fridays at the SAR Auditorium 3rd Friday at the MAR offices NEW In 2013! The monthly general meeting (3rd Tuesday) will now include a Marketplace session, giving members five opportunities each month to promote their listings.

Officers:

FEBRUARY 2013

Commercial Marketplace Sessions - Friday, Feb. 1, 9 a.m. – SAR Auditorium - Friday, Feb. 8th, 9 a.m. – SAR Auditorium - Friday, Feb. 15th, 9 a.m. – MAR, 10920 Technology Terrace, Lakewood Ranch, FL - Friday, Jan. Feb. 22nd, 9 a.m. – SAR Auditorium CID General Membership Meeting Date: Tuesday, Feb. 19th, 8:30 a.m. Location: SAR Auditorium; Program: Steve Shenbaum, Game On Media (Topic: Public Image) CID Members Only

2013 CID Officers & Directors

President: Linda Emery, Sperry Van Ness President-Elect: Lori Hellstrom, Osprey Real Estate Services Vice-President: Tim Mapp, Mapp Realty Secretary: Dave Roth, RE/MAX Alliance Treasurer: Tony Veldkamp: Sperry Van Ness Past President: Brad Lindberg, Sperry Van Ness 18

are essential, and he will provide ideas to improve those efforts. Steve Shenbaum is President/Founder of Game On Media, LLC, a leader in helping their clients improve communication and maintain a positive public image. Don’t forget - we’ll also have the Marketplace session! The CCIM course, Introduction to Commercial Investment Real Estate Analysis, is scheduled for March 5-6 at the Board auditorium. Register now for this valuable opportunity. I welcome suggestions, comments, etc. We’re ready for an amazing year at CID!

Directors: Rico Boeras: Preferred Commercial Inc.(1 year - 2013) Ron Struthers: Coldwell Banker Commercial NRT (1 year 2013) Peter Skokos: Norton Hammersley (2 years - 2014) Kevin Robbins - Harry Robbins Associates (2 years - 2014) Susan Goldstein: Michael Saunders & Company (3 years2015) Roberta Kolton: Michael Saunders & Company (3 years 2015)

Sarasota Realtor® Magazine

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How to double down on coming trouble By Meg White Realtor® Magazine

ar -

4) -

Banks may still have a lot of bad commercial loans on their books, but smart real estate professionals shouldn’t be shy about capitalizing on them. One in eight banks is in real danger. There’s a wave of foreclosures coming to the commercial sector. Oh, and that recovery everyone keeps talking about? It’s probably going to take a decade. These are among the troubling pieces of news Gary Ralston, CCIM, CPM, CRE, Coldwell Banker Commercial Saunders Ralston Dantzler Realty in Lakeland, Fla., impressed upon attendees at the 2012 Realtors® Conference & Expo in Orlando. But his main message was not one of doom and gloom. He was there to explain to commercial real estate practitioners how to take advantage of coming market swings. Ralston said that the reason for the potential wave of foreclosures is that banks are restructuring commercial loans without attacking the problem of overvalued properties, a practice he called “extend and pretend.” “A great deal of this problem has been pushed down the table,” he said. “Just hoping it’s going to get better isn’t going to fix anything.” Ralston said that a sizable chunk of these “pretend and extend” mortgages will be maturing between 2015 and 2017, at which point real estate agents can be in a good position to get involved. Ralston explained that real estate professionals who are in a position to be “able to organize capital and be able to buy the loan from the bank” have two options in acquiring foreclosed commercial buildings. In cases where the building management or owner is the one losing the money, they can foreclose on the property and own/operate the building themselves. Or, as a financial entity that is not under the same regulations as an insured depository institution, Ralston said the restructuring can be done in a more sustainable, profitable way than the bank could accomplish. Acquiring foreclosed properties also comes with physical

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risks. With no one to manage it, a foreclosed building can easily fall into disrepair, and the longer it remains so, the worse the problems get. “We don’t count foreclosure in days or months, we count it in years,” Ralston said. “It’s a little bit like [if you were to] take a long vacation and leave the kids in charge.” But that risk can also factor into your reward. Ralston said banks don’t want to manage property, so if you step in and offer to buy, you’re unlikely to run into much resistance. Ralston advised real estate professionals looking into taking advantage of this “lurking situation that is bubbling under the surface” to focus specifically in retail. With cash register-derived analytics, it’s easier to tell what kinds of revenue tenants will have and what kind of rent to charge them. He noted that retail is recovering more quickly than other commercial markets and that the overall economic recovery will be built by small businesses who fit well into retail locations, even if they aren’t classified as retail in the traditional sense. While Ralston says that “over the next few years there’s going to be a once-in-a-lifetime opportunity to acquire welllocated commercial real estate properties,” he doesn’t think real estate professionals need to rush into the market. “I also don’t think you need to be in a big hurry. It’s not like they’re going to run out tomorrow,” he said. “It’s going to be a granular business... a one-on-one battle with short swords.”

Sarasota Realtor® Magazine

FEBRUARY 2013

Education Programs 20

Where is the economy heading in 2013? Title: Economic Update Date: Feb. 27 Time: 9 to 10:30 a.m. Presenter: Dr. Ted Jones, Stewart Title Cost: FREE - SAR Members; Others, $10; Sponsor Stewart Title - Register at www.sarasotarealtors.com In real estate, staying on top of industry news is essential to your success. Whether you’re learning about the latest trends, home sale prices, title insurance or more, you need accurate information. Dr. Ted C. Jones, PhD, Senior Vice President/Chief

Economist for Stewart Title Guaranty Company and also Director of Investor Relations for Stewart Information Services Corporation (NYSE-STC), will present the latest reports on real estate, finance and the economy. You can use this information to your advantage when trying to stay in the know and pass it along to your customers and prospects.

Dr. Ted Jones

New course format for GRI in 2013

The GRI program covers all types of CE credit required for license renewal! Are you a new Sales Licensee? Take all three modules of the 100 Series and earn 45 Hours of Salesman’s Post-License Credit! Are you a new Broker Licensee? Take all four modules of the 200 and 300 Series and earn 60 Hours of Broker Post-License Credit! Do you need 14 Hours CE? Take GRI 101 or GRI 103 for 14 Hours Continuing Education Credit (no exam required if no GRI credit desired). For the first time, SAR is offering the GRI Course Series twice in one year! We are pleased to announce dates for GRI 200 Series: Essential Real Estate Techniques.

GRI 201: It’s All About You! April 22-23 Topics: - Tax - Personal Promotion - Sales & Marketing CE: 11 hours or 15 Hours Broker Post-License Cost: $130

Topics: - Appraisals - Property Management - Common Ownership - Exchanging CE: 11 Hours or 15 Hours Broker Post-License Cost: $130

GRI 202: Technology & Investments, April 29 & 30 Topics: - Taxes and the Real Estate Licensee - Technology - Tools and Resources, - Investments CE: 11 Hours or 15 Hours Broker Post-License Cost: $130 Register for both modules 201 & 202 and pay only $249 (save $11)

GRI 302: Thinking Outside the Box, June 11 & 12 Topics: - Land - Environment & Private Property Rights - International - Residential Construction - Environment CE: 11 Hours or 15 Hours Broker Post-License Cost: $130 Register for both modules 301 & 302 and pay only $249 (save $11)

We are also pleased to announce GRI 300 Series: Real Estate Specialties. GRI 301: It’s More Than Just Sales (other business specialties), June 3 & 4

Watch for more information about the repeat of the GRI 100 Series: Standards of Practice, coming back to SAR this August (at our brand new headquarters facility at 2320 Cattlemen Road).

FEBRUARY 2013

Sarasota Realtor® Magazine

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Choose the right COURSE with WCI Communities. Whether you enjoy a day teeing it up on the golf course or charting a course in your boat, WCI has a community to suit your needs. This masterpiece community features superb amenities, including an expertly sculpted 18-hole championship golf course and clubhouse, River Club with dining, fitness and tennis, a picturesque nature park and, of course, exquisite homes. Some may consider it a stroke of genius.

On the shores of the Manatee River in Bradenton, Tidewater Preserve is a private boating community with exceptional amenities including the The Lodge offering a fitness center, resort style pool, Port & Court Club tennis complex, marina and boat lift, canoe park, even a riverfront nature walk.

Carriage Homes from the $180s. Grand Villa, Classic Homes from the low $200s.

102 Pesaro Drive | North Venice, FL 34275 941-485-5063 | 800-WCI-4486 | venetianwci.com

4700 Tidewater Preserve Blvd. | Bradenton FL 34208 941-465-4001 | 888-924-3343 | tidewaterpreserve.com

Directions: From I-75 take Exit 195, 2 miles East

Directions: I-75, Exit 220, West on FL-64 towards Bradenton, 1.5 miles, turn Right onto 48th St. Ct. Welcome Center 1 mile on left.

reAlTOrS! WCI introduces the 2013

Gimme 3 Steps Commission Program The more sales you make the higher commission rate you can earn! On Any WCI New Home Sale Contracted January 1 – December 31, 2013.*

on fIrST sale!

on SeCOND sale!

on THree or more sales!

LOGO B/W - includes reversed out logo in all white

The Experience Is Everything.

*Contract must be fully deposited (under the terms of the agreement), and if applicable, out of rescission with all contingences met and all required deposits shall have been paid in full and cleared. Offer expires December 31, 2013. All commissions shall be paid at closing to the applicable broker provided all terms & conditions of the co-broker commission agreement have been met. The commission shall be calculated and paid in accordance with WCI’s Co-Broker Commission Program Agreement. Contact WCI Sales Director at Community Sales Center for specific closing requirements. Pictures shown may not be actual homes listed, but a representation of home designs available. Pricing and availability subject to change without notice. Void where prohibited. Offers are subject to change or cancellation without notice. All references to clubs and membership opportunities and other amenities are subject to fees, dues and availability. ©2013 WCI Communities, Inc. All rights reserved.

Tax strategies explained for real estate professionals Title: Tax Strategies for the Real Estate Professional Date: Feb. 21, 11 a.m. to 1 p.m. Cost: $10 (SAR members), $20 (others) Many of us assume our accountants take care of our taxes, but forget that WE are the ones giving them the numbers and records they are using to prepare our tax return. This seminar will help identify between $2,500 and $27,000 in NEW deductions that can be used right away to pocket thousands in tax savings. These deductions are based in tax LAW, but presented in simple English that all of us can easily understand. This seminar is presented by Maine Schafer of Bradford and Company, Inc., and excerpted from the Bradford and Company, Inc. Tax Strategies for the Self-Employed audio course (available to register for after the program). • Double Entertainment Deductions – How to safely transform 50% entertainment into 100% deductions.

• Audit-Proofing - Documentation tips that will save you time, all the time • Help Your Accountant – How you can help your accountant work more effectively on your behalf • Car Strategies - Six methods that produce thousands in deductions, plus NEW first year auto depreciation deduction UPDATES! • Actual Expenses vs. IRS Method Mileage – New $25,000 automobile deductions you don’t want to lose • IRS Audit - Reduce your chances – Red flags to avoid • Home Office Deduction –Why Real Estate Professionals may now safely qualify for this remarkable deduction and how it transforms personal commuting to deductible business miles • Medical Plan - Learn how a 105 Medical Plan can turn your family’s medical expenses into tax-favored business expenses

Gain knowledge to enter real estate upper tier Title: Certified Luxury Home Marketing Specialist Dates: March 19-20 at 8:30 a.m. Instructor: Laurie Moore-Moore Cost: $550 Training for the Certified Luxury Home Marketing Specialist (CLHMS) designation is designed to help sales professionals who currently work in the upper tier move to the next level, or to help those just beginning to target the luxury market jump-start their business. Attend this valuable training and discover how to: • Reach more affluent prospects Laurie Moore-Moore • Increase your average price • List and sell more luxury homes • Deliver outstanding service to affluent buyers and sellers Learn what wealthy buyers and sellers say are the “real secrets” to capturing their business and delivering outstanding service. This intensive two-day CLHMS training is the first step in earning the coveted CLHMS designation. Upon completion of the training you will become a Member of The Institute. Recognized as the mark of accomplishment in luxury markets around the world, the CLHMS designation assures affluent buyers and sellers that the agents who have earned it have the knowledge, experience, competence, and confidence they require. 22

FEBRUARY 2013

Members of the Institute are part of an exclusive, international network of active luxury agents and enjoy a host of valuable benefits and discounts.

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

Sarasota’s Premier Real Estate Printer 1730 Independence Blvd., Sarasota, FL 34234 (941) 351-1515 • (941) 351-8639 F • www.coastalprint.com sales@coastalprint.com

Sarasota Realtor® Magazine

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New year for My Florida Regional MLS Pre-registration is required for all MLXchange classes at www.mfrmls. com. All classes are hands-on in the SAR Technology Center (except for Entering and Updating). Registration is limited to 18. Please be sure that you will attend if you reserve a spot! If you need to cancel, please call MFRMLS at 800.686.7451 (not SAR). MLXchange Basic Feb. 5 or Feb. 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 for client’s criteria automatically through auto notification. Learn the quick way to find a listing or view your inventory with one click from the Home Page. MLS Compliance 101 Feb. 5 or Feb. 18, 1 to 2:30 p.m. Mandatory session for all new users. In this class you will learn about the My Florida Regional MLS Rules and Regulations and the compliance procedure for accuracy of Listing Data, along with additional educational materials available on MFRMLSUniversity.com Adding/Modifying Listings in MLXchange Feb. 5 or Feb. 18, 3 to 4:30 p.m. Mandatory class if you will be entering/updating your own listings. You will be taught how to input and modify listings, enter photos, and add attachments along with valuable tips and techniques.

Advanced Web Page Customization Feb. 11, 9 to 11 a.m. This class will cover the advanced features and customization of your Agent Web Page. Add unique content and hyperlinks, set up a re-direct for a custom URL and more. • Advanced options • Manage Web Pages - All • Site Rules • Client Web Page Options • Team Settings • Lead Capture – where do leads appear • Consumer view of AWP MLS Hotsheets Feb. 11, 11:30 to 12:30 a.m. This class will teach you how to utilize the Hotsheets in MLS, including setting up your Hotsheet gadget on the home page, creating days back and custom hotsheets and more. Transaction Desk Feb. 11, 1:30 to 4:30 p.m. TransactionDesk is a member benefit provided by My Florida Regional MLS. Transaction Desk is a transaction management program that allows you to operate in a “paperless” office. Integrated with contract management software, it easily allows you to manage your transaction from start to finish.

Creating a Professional CMA (3 CE Credits!) Feb. 26, 9 a.m. to Noon This class is designed to teach you the skills needed to create a comprehensive CMA. You will learn how to import properties that are listed outside of the MLS, into your CMA along with valuable tips and techniques for creating a professional CMA. Adding & Managing Contacts Feb. 26, 1 to 2 p.m. This class will teach you how to use the MLS as a Client Management system. We teach you how to add clients, edit and manage contact info, importing and exporting of contact information, how to synch with Outlook and much more. Auto Notification Searches/ Prospecting Feb. 26, 2:30 to 4 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 matching properties. We will also teach you how to manage those searches and communicate with your client through their Personalized Web Page.

Legal advice can avoid closing chaos

Title: Sail Smoothly Through Your Closings Date: Feb. 20, 9 to 10:30 a.m. Cost: FREE - SAR Members; $10 others Here’s what you need to know to make your closings the best EVER! Attorney Anne Weintraub will cover some basics such as: • Selection of closing dates and why it’s important • Direct contact with staff at the closing office • Direction as to commission splits and processing fees

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• Choosing local lenders and understanding the HUD/costs early • Taking care of repairs and the importance of signing off on the walk-through (or not) • Attorney over title company • Getting the survey ordered early and copying everyone on the commitment • Lien searches and closing open permits • Working with entities and those with authority

Sarasota Realtor® Magazine

FEBRUARY 2013

SAR New Headquarters

New SAR headquarters in sight Visit SAR on Facebook at www.facebook.com/SarasotaRealtors

Photos by Jesse Sunday, Halfacre This was the view in late December 2012 of the site of the new SAR headquarters at the northwest corner of Cattlemen Road and Colonial Oaks Boulevard.

This was the view in mid-January of the southern wall of the new SAR headquarters - the outer wall of the auditorium. The auditorium (interior below) can be divided into three separate sections to accomodate various class sizes.

The new SAR headquarters at the northwest corner of Cattlemen Road and Colonial Oaks Boulevard should be ready for the big move by the projected time of late April 2013. 24

FEBRUARY 2013

Sarasota Realtor速 Magazine

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ors

Top economists: Fla.’s housing market growing Florida’s residential real estate market will continue its upward trend into 2013, though the pace of recovery may be slower than the U.S. as a whole, according to leading U.S. economists speaking at the recent Florida Realtors® 2013 Real Estate and Economic Forecast Conference in Orlando. “Florida’s housing market is back, with great possibilities for the future – but those possibilities are only beginning to be realized,” said Dr. John Tuccillo, chief economist for Florida Realtors®. Along with Tuccillo, conference speakers included Doug Duncan, senior vice president and chief economist for Fannie Mae; Leslie Appleton-Young, vice president and chief economist for the California Association of Realtors (CAR); and Pat Reass, a state-certified residential real estate appraiser at Appraisal Group MidFlorida LLC in Winter Haven. Fannie Mae Chief Economist Doug Duncan said, “We believe the housing market is on firm footing. … Most of the improvement we’ve seen has come from the supply side of housing. Distressed properties are coming down from about 5 million to more like 3 million.” Mortgage rates should remain low, he added, while banks likely will continue to maintain high lending standards and a tight credit environment. “The trend has been established for the housing recovery, but robust growth awaits more jobs and a stronger economy,” Duncan said. “Three years into the recovery, the current economic expansion is the weakest since World War II. Just over half of the jobs lost in the Great Recession have been recovered.” The real estate market “bottomed out in late 2008,” Tuccillo said, according to Florida Realtors’ market data, data from the National Association of Realtors (NAR) and other market research sources. “Since the beginning of 2009, we’ve clearly seen a regrouping and a recovery underway,” he said. Median sales prices are consistently rising for both existing single-family homes and condo-townhome units across Florida. However, he noted the state’s active distressed property (foreclosures and short sales) market is putting pressure on prices, resulting in smaller gains and a slower rate than what is being seen in California and the U.S. as a whole. Other signs of Florida’s steadily improving residential market, according to Tuccillo: • Months’ supply of single-family homes is below 6 months • Latest data (October 2012) shows 44 percent of closed sales were paid in cash, signifying strong demand from investors • Foreign buyers make up 19 percent of closed sales in Florida (October 2012) • Traditional (non-distressed) sales now make up over 50 www.sarasotarealtors.com

percent of Florida’s closed sales • Closed sales include fewer REOs (real estate-owned) and more short sales • Shadow inventory has been declining since 2009, though it remains a key factor in the state’s housing market going forward since Florida is a judicial foreclosure state (meaning foreclosures go through a court process). Comparing Florida’s residential market to California’s and to the U.S. as a whole, CAR Chief Economist Leslie Appleton-Young agreed that the nationwide housing market is back. “The latest NAR data shows very strong closed sales and rising prices,” she said. “Low inventory is currently a challenge for the nation, for California and also for Florida in many areas. There’s just not enough property for sale, particularly with investors buying properties for cash (29 percent of the market in California; 25 percent of the U.S. market). For California, we’re calling 2012 the return of the traditional seller to the marketplace – in October 2012, 63.4 percent of our total sales were from equity or traditional sales.” In California, the current months’ supply of existing single-family homes is 3.1 months, Appleton-Young noted. While the state is still dealing with lender issues such as tight credit, problems are being resolved at a faster pace, she said, and home prices are rising as a result. Looking ahead to 2013, Appleton-Young said, “There is a tremendous amount of pent-up demand for housing. The number of new units is improving, but it’s still low and isn’t enough to meet pent-up demand. The housing recovery is gaining strength, but the long-term viability of the market and its recovery depends on jobs.” Where will Florida be in 2013? Assuming that the national fiscal problems are not resolved but are “postponed,” Tuccillo said he expects employment in the state to grow by 10 percent in 2013; residential sales to increase by 10 percent; prices (same sales index) to rise by 5 percent; commercial activity to revive; and inventory to grow as the market improves.

Sarasota Realtor® Magazine

FEBRUARY 2013

Realtor -Attorney Joint Committee ® 26

New IRS procedure impacts real estate By Jo Ann M. Koontz, Esq., CPA Realtor®-Attorney Joint Committee On Nov. 29, 2012, the Internal Revenue Service (IRS) announced final revised application procedures and requirements for Individual Taxpayer Identification Numbers (ITINs). ITINs are issued to foreign individuals who are not eligible to obtain a social security number, but have filing and/or payment obligations under the Internal Revenue Code. The revised application procedures (Revised Procedures) build on the interim procedures implemented earlier this year, with the goal of protecting the integrity of the ITIN application and refund process. Previously, an ITIN application (Form W-7) simply required a notarized copy of an applicant’s passport to be attached to the application to confirm his or her identity. The interim procedures, now permanently implemented by the Revised Procedures, require ITIN applicants to supply original documentation, such as passports, birth certificates, or certified copies of such originals from the issuing agency. For example, if an applicant was issued their passport in the United Kingdom, to properly submit an ITIN application, such applicant would be required to either surrender their original passport to the IRS or obtain written certification of a copy of the passport from the issuing office in the United Kingdom. In addition, to help the IRS ensure ITINs are being used for legitimate tax purposes, the Revised Procedures provide that new ITINs will now expire after five years. Following the implementation of the interim procedures earlier this year, IRS received comments from practitioners regarding the obvious difficulty that would arise for foreign individuals required to part with original documentation in their attempt to obtain an ITIN under the tightened procedure requirements. As a result, IRS is now providing alternative options to mailing in passports and other original documents to the ITIN centralized site when submitting an ITIN application. In lieu of surrendering original documentation with an ITIN application to the ITIN centralized site, applicants may file their applications and supply the requisite

FEBRUARY 2013

documentation to Certifying Acceptance Agents (CAAs), which are authorized to review original documents or copies certified by the document’s issuing agency, and certify the authenticity of such to IRS. In addition, applicants may visit certain IRS Taxpayer Assistance Centers (TACs), and the U.S. Tax Attachés in London, Paris, Beijing and Frankfurt, and CAAs located within the Low-Income Taxpayer Clinics and Volunteer Income Tax Assistance Centers which may assist with certain document certification and ITIN applications.

However, with respect to dependent children, ITIN applications must still be submitted with original documentation whether completed through a CAA or applicant directly. The Revised Procedures are NOW EFFECTIVE, as of January 1, 2013. Participating IRS TACs will be available to review and certify documentation in person for primary, secondary and dependent applicants later that month. The initial TACs will be available in areas where historical ITIN activity has been prevalent. Additional details regarding the TACs and participating IRS locations, and other rules will be made available in the near future on IRS’s website.

Sarasota Realtor® Magazine

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Editor’s Note: This year, SAR’s focus is on “Raising the Bar” and improving the professionalism of our members. We will be providing monthly educational columns to promote the importance of NAR’s Code of Ethics to our members. Article 12 of the Code of Ethics is often referred to as the “Truth in Advertising” article, because it pertains to being honest and truthful and presenting a true picture in advertising, marketing, and other representations. The National Association of Realtors® provides case interpretations to guide members in interpreting the Code of Ethics. Case #12-13, outlined below, pertains to sold properties, only. Promoting another broker’s active listing is prohibited unless you have the explicit permission of the listing broker. Provisions of the MLS rules pertaining to IDX limit the display of another broker’s listing to only the IDX website, and do not extend to other forms of print or electronic media.

Article 12 Realtors® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations. Realtors® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08) Case #12-13: Advertising Including Information Based on Other Brokers’ Transactions (Adopted November, 1994. Revised November, 1997.) Shortly after mailing his “Homeowners Neighborhood Newsletter” to local residents, a complaint was ﬁled against Realtor® B alleging he had engaged in deceptive advertising in violation of Article 12’s “true picture” mandate. The complaint was reviewed by the Grievance Committee which determined that a hearing should be held. Appropriate notices were sent and a hearing was convened. Realtor® A, the complainant, provided panel members with copies of Realtor® B’s “Homeowners Neighborhood Newsletter” noting that Realtor® B had compiled a list of 20 homes in an exclusive area of town, titling the list “Recently Sold.” Realtor® A, the listing broker for two of those properties, stated that he believed that readers could conclude that Realtor® B, in advertising this way, had constructively claimed to have listed and sold all of the properties on the list and that such claims violated Article 12. In his defense, Realtor® B acknowledged that his “Homeowners Neighborhood Newsletter” was, in fact,

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primarily an advertising vehicle and that it did not have a regular publication schedule. While it included news and information, including tips on how to make residential property more readily saleable and information regarding products and services offered by Realtor® B’s ﬁrm, its primary purpose was to generate business for Realtor® B’s ﬁrm. Realtor® B defended inclusion of the “Recently Sold” list, pointing out that all of the properties on the list were the subject of recent sales transactions; that the period of time during which the transactions had closed was clearly stated; that the fact that the information was taken from the local MLS compilation of historical data had been duly noted; that a footnote at the bottom of the page clearly indicated that the properties on the list had been listed and sold by various Participants in the MLS; and that such use was consistent with the local MLS rules and regulations. The Hearing Panel accepted Realtor® B’s defense, holding that reasonable readers would conclude that most newsletters were, in reality, promotional advertising pieces and, in any case, that Realtor® B’s newsletter had included some items of “news”. Moreover, they noted that if Realtor® B had simply listed the 20 transactions, titling them as “recently sold” and had done nothing more, then a reasonable reader might have concluded that he was claiming to have listed and sold those properties. However, since Realtor® B had included a footnote pointing out that the properties on the list had been listed and sold by various Participants in the MLS, the fact that Realtor® B had not included the names of each listing broker could not be construed as Realtor® B claiming to have been the listing broker in each instance or to have “sold” each of the properties.

Sarasota Realtor® Magazine

FEBRUARY 2013

Ethics In Action

Realtor® advertising ‘sold’ properties

Maximize Your Membership With WCR in 2013! By Mary Hellhake WCR President

The Women’s Council of Realtors®, Sarasota Chapter, is full of excitement for 2013 with our Business Resource Meeting Calendar. We have lined up dynamic speakers on a variety of topics that will expand your knowledge and maximize your membership. From meetings and educational sessions at the local level to our national training programs, acclaimed professional and personal development curricula are a big benefit of your

2013 WED JAN

16 FRI FEB

FRI MAR

FRI APR

FRI MAY

FRI JUN

membership. We are helping you develop new skills, discover new business opportunities and stay on the cutting edge of the profession. The key is to get involved. Not a member? It’s time – time to tap into the enormous wealth of professional opportunities and personal support that membership in the Women’s Council of Realtors® provides. Join today on line at www.wcr.org or ask any one of our line officers for an application. Come to our next Business Luncheon and see what you are missing!

Maximize Your Membership

Business Resource Meeting Calendar

Are You Ready for the Latin Boom? Guest Speaker: Saul Serna

University Park Country Club, 7671 The Park Boulevard., University Park, 34201

Emerging Technology for Realtors Guest Speaker: Barry Grooms

FRI JUL

12 FRI AUG

Michael’s On East, 1212 S. East Ave., Sarasota, 34239

The Cost of Green: Where Does the Money Go? Guest Speaker: Steve Ellis

University Park Country Club, 7671 The Park Boulevard., University Park, 34201

What’s in it for Me?

WED SEPT

FRI OCT

Guest Speaker: Brenda Ghibaudi The Oaks Club, 301 MacEwen Dr., Sarasota, 34238

District 6 & 13 Conference: Choose Your Course

FRI NOV

Joint Meeting with SAR

WED DEC

* Registration price and location to be determined

Sarasota Association of Realtors® at the new Cattlemen Road Facility

Sarasota Chapter

Embracing Change

Guest Speaker: Bernadette DiPino Bird Key Yacht Club, 301Bird Key Dr., Sarasota, 34236

Toastmasters: Where Leaders Are Made Guest Speaker: Butch Phelps, DTM

Michael’s On East, 1212 S. East Ave., Sarasota, 34239

Fashion Show The Polo Grill, 10670 Boardwalk Loop, Lakewood Ranch, 34202

* Ticket Price to be announced

How to Make Your Message Stick Guest Speaker: Doug Van Dyke

University Park Country Club, 7671 The Park Boulevard., University Park, 34201

FREC Update

Guest Speaker: Darla Furst Michael’s On East, 1212 S. East Ave., Sarasota, 34239

2014 President’s Installation

Bird Key Yacht Club, 301Bird Key Dr., Sarasota, 34236

EACH PROGRAM IS FROM 11:00AM - 1:15PM n COST FOR EACH EVENT INCLUDES LUNCH & PRESENTATION n COST: $25.00* TO REGISTER FOR ANY OF THESE EVENTS, PLEASE VISIT US WWW.SARASOTAWCR.COM

2013 Leadership Team

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

Peter Salefsky Membership Michael Saunders & Company Phone: 941-924-5107 petersalefsky@mihaelsaunders.com

Susan Phelps President-Elect Cristello and Company RE Cell: 941-726-2227 sarasotasuze@gmail.com

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

Catherine Lamphier Vice-President Membership Michael Saunders & Company Cell: 941-400-4219 catherinelamphier@michaelsaunders.com

Tim Calpin Recording Secretary BMO Harris Phone: 941-363-2237 tim.calpin@BMO.com

FEBRUARY 2013

Sarasota Realtor® Magazine

Kristin Triolo Corresponding Secretary Florida Homes eBroker Phone: 941-725-2486 kristintriolo@floridahomesebroker.com

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com

Tuesday-Saturday 10:30AM- 5:30PM Monday by Appointment 1540 Main Street Sarasota, FL 34236 941.366.0941 BlackBirdHomeGallery.com

Membership News

The Association is pleased to welcome new members!

Designated Realtors®

Gaev, Ilya: Gaev Corporation Lippert, Sally: Paradise Buyers Realty, INC Groom II, David: Sylvia A Groom Pelletier, Christopher: Christopher Pelletier Broker Triolo, Kristin: Florida Homes eBroker Wu, Xia: Home Realty & Management LLC Ellermets, Kent: SRT International Realty Wharton, Jeremy: Revolution Real Estate LLC

New Members

Butcher, Aaron: ERA Waterside Realty Carulli, Leonard: RE/MAX Alliance Group Church, Courtney: Michael Saunders & Company Danielson, Stephanie: Coldwell Banker Res R E Denton, Nancy: Exit King Realty Eshleman, Laurie: Atchley International Realty Flagg, Cristy: Keller Williams On The Water Giannone, Ibett: Coldwell Banker Res R E Kasmirski, James: RE/MAX Platinum Realty Lally, Joanne: Coldwell Banker Res R E McLoughlin, Robert: Sandals Realty of Sarasota Meszaros, Marta: Exit King Realty Moncelli, Mark: Sandals Realty of Sarasota Morano, Lisa: Kelly Gettel & Company PLLC Morris, Joshua: RE/MAX Alliance Group O’Neil, Suzanne: Coldwell Banker Res R E Paul, Robert: Sandals Realty of Sarasota Simolari, Janet: Keller Williams Lakewood Ranch Spencer, Daniel: Blakeley & Associates Realty Spencer, Michael: Harry Robbins Assoc. Inc. Stracuzzi, Ilene: Coldwell Banker Res R E

Now With ...

Abbotts, Scott: Exit King Realty Bozza, Alice: Sandals Realty of Sarasota Brooks, Laura: Allison James Estates & Homes Brulato, Gina: Keller Williams on the Water Collier, Wade: Michael Saunders & Company Collier, Vicki: Michael Saunders & Company Debbs, Gina: Revolution Real Estate LLC Dixon, Rhonda: Coldwell Banker Res R E Donath, Linda: Medway Realty Evans, Elizabeth: Keller Williams On The Water Ferguson-Brown, Rachael: J Wood Realty Freed, David: Atchley International Realty Grimley, Gail: RE/MAX Platinum Realty Horne, Jennifer: Premier Sotheby’s Intl. Realty 30

FEBRUARY 2013

Iacobelli, Christopher: Atchley International Realty Janaczek, Gary: Atchley International Realty Kleiber, Jon: Coldwell Banker Commercial NRT Laver, Sean: Medway Realty Lawrence, Jeffrey: Florida Bayside Realty Mizrahi, Keren: Exit King Realty Ottaviano, Joseph: Home Realty & Management LLC Robison, Deb: One Sarasota Realty Group Rogers, Shannon: Premier Sothebys Internat’l Sadwin, Howard: RE/MAX Alliance Group Smith, John: Coldwell Banker Res R E Soller, Lynne: Michael Saunders & Company Spencer, Therese: Blakeley & Associates Realty

New Affiliates Blue Heron Home Inspections

1208 Western Pine Circle Sarasota, FL 34240 Phone Number: 941-350-415 Representative: Joe Cockey Specialty: We are a family owned local Home Inspection Company, where we give our clients confidence in buying Properties/Homes. A home is the biggest investment most people will ever make. Blue Heron Home Inspections LLC has years of experience and continuous training to be able to inspect your home to give you a true understanding of the condition of the home you plan to buy or sell. Our motto: Expecting the unexpected…is what we do every day! Email: joe@blueheronhi.com

Florida Pipe-Lining Solutions

210 Field End Street Sarasota, FL 34240 Phone Number: 941-308-5325 Representative: Wes Knadle Specialty: Whether it’s problems with drains or potable water piping, Florida Pipe-Lining Solutions has the technology and experience to rehabilitate your cracked drains or leaking water lines by fixing them from the inside out. Florida Pipe-Lining Solutions solves commercial and residential plumbing leaks and is the proven re-piping alternative in the State of Florida. FPS provides proven cutting edge pipe restoration technologies for pinhole leaks, pipe corrosion, slab leaks, and lining cracked pipes. We are experts in restoring leaking copper, galvanized, or cracked cast iron pipes with plumbing solutions that work. Email: wknadle@fixmyleaks.com

Sarasota Realtor® Magazine

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SAR begins 2013 with new strategic plan In late 2012, the process began to shape the future direction of the Sarasota Association of Realtors® - an annual exercise that combines the talents, backgrounds, knowledge, opinions and foresight of SAR’s leadership team to craft a Strategic Plan for the coming year. The SAR Board of Directors, chairs and vicechairs of the various committees, and SAR staff members spent hours discussing the various elements of the plan, and putting together goals and objectives to address the five critical issues facing SAR in our 90th year. Many worthy ideas were brought forward, vetted and honed, and finally refined to create a road map for the various committees and task forces to follow through 2013-2015. This year, the final result focused on five “Critical SAR President Roger Piro will lead the organization through the Issues” - Professionalism, Education, SAR Value goals and strategies of the strategic plan. Proposition, Political Advocacy and Effective Communication. This year, the final result focused Professionalism: SAR wants its members to be on five “Critical Issues” recognized as true professionals and trusted advisors. This Professionalism, Education, SAR goal became the basis for this year’s theme of “Raising the Bar”. Brokers and managers will be engaged to help SAR Value Proposition, Political Advocacy raise the professionalism of all our members through a and Effective Communication. variety of programs to be identified and developed. Education: Part of raising the bar involves offering Effective Communications: Work on a consumerrelevant and timely training. Various committees will address facing website will be completed by March. SAR’s e-mail specific issues, but a special emphasis will be placed on communications will be evaluated and revised to provide providing more technology training and initiating property an effective communication strategy that is ready by 30 management programs to help members avoid pitfalls in this percent of members. Social media continues to play a role growing area. in communication, with a goal to reach 3,500 “Likes” on Value Proposition: Communicating the value members Facebook by year-end. derive from their SAR membership will involve efforts of a Quarterly updates will be produced for the Board by staff work group that will identify the programs, products and liaisons, and the plan will act as the guide for many of the services that SAR provides and their estimated dollar value. ongoing activities of the Association, its volunteers, and staff Political Advocacy: Continuing on the foundation members. The results should be obvious by the end of the built over the years, SAR will continue to inform members third quarter, and will be reported on in this magazine, as of issues and candidates, as well as increase awareness of well as in the 2013 SAR Annual Report. Realtor® issues among local government entities and staff. SAR President Roger Piro, as the leader of the Board, This effort relies on the investments members make in hopes this process, which has evolved over the past few RPAC, and this year, SAR hopes to exceed its dollar goal by years, will produce positive, creative, energized and involved 20 percent and increase the participation level to 25 percent committees, and achieve amazing results. of SAR members.

RULE

From Page 11 Underwriting Standards for some Jumbo Loans The biggest area of concern with regard to the underwriting standards for QM will be jumbo loans with DTI in www.sarasotarealtors.com

excess of 43 percent. Although loans with these characteristics represent a relatively small percentage of the market, the new QM rule could affect lending in some high cost areas. Another area of concern regards manually underwritten loans for all loan amount levels with DTI in excess of 43 percent may also

Sarasota Realtor® Magazine

suffer. Manual underwriting can be an effective tool for scenarios where the buyer has some defect that fails them in the automated system but has many compensating factors that indicate they are credit worthy. Manual underwriting was a common tool, especially in FHA loans, to help borrowers qualify.

FEBRUARY 2013

E DUCATION & E VENTS C ALENDAR Tuesday

Wednesday

Thursday

Friday

Jan. 28

Feb. 1

18 9 a.m. MLS Basic 1 p.m. Compliance 101 3 p.m. Adding & Modifying

20 7:30 a.m. Toastmasters 9 a.m. Closing Seminar

8 a.m. MLS Express (SAR) 5 p.m. Broker Pre-License Class

9 a.m. CID Commercial Marketplace

26 9 a.m. CMA (3 HRS CE) 1 p.m. Adding & Managing Contacts 2:30 p.m. Auto Notification Searches/Prospecting 5 p.m. Affiliate After Hours (w/GBC)-Gecko’s

March 1

8 a.m. GRI 102

8 a.m. GRI 102 5 p.m. Sales Associate Pre-License

8 a.m. GRI 103 9 a.m. iMapp 1 p.m. MLS Settings 3 p.m.

8 a.m. GRI 103 8:30 a.m. CID BOD 9 a.m. MLS Basic 1 p.m. Compliance 101 3 p.m. Adding & Modifying 5 p.m. Sales Associate Pre-License

9 a.m. Orientation 9 a.m. Advanced Web Page Customization 11:30 a.m. Hotsheets 1 p.m. Code of Ethics 1:30 p.m. Transaction Desk

SAR Closed for President’s Day

9 a.m. 14 Hour CE Program

9 a.m. CID General Membership Meeting 5 p.m. Broker Pre-License Class

9 a.m. Waterfront Issues Seminar

7:30 a.m. Toastmasters 9 a.m. Emerging Leaders

9 a.m. 14 Hour CE Program

8:30 a.m. SAR Board of Directors 9 a.m. Economic Update

8 a.m. MLS Express (SAR) 10 a.m. Photographer 5 p.m. Sales Associate Pre-License 8 a.m. MLS Express (University Park) 5 p.m. Sales Associate Pre-License

8 a.m. MLS Express (SAR)

9 a.m. CID Commercial Marketplace

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 “Register for Class” on the home page under the heading “Membership Director.”

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

Monday

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

FEBRUARY 2013

12 10 8 6 4 2 0 Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

Days on Market

Sep‐12 Oct‐12 Single Family

Nov‐12

Dec‐12

Condo

250 200 150 100 50 0 Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

Sep‐12

Oct‐12

Nov‐12

Dec‐12

Single Family

Sales Volume

Condo

$250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $0 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12

New Listings

Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Single Family Condo

900 800 700 600 500 400 300

Sarasota Association of Realtors® MLS

200 100 0 Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

Sep‐12

Oct‐12

Nov‐12

Dec‐12

The Xtra Pages - Digital Version Only

Single Family Condo

Months of Inventory

Fourth Quarter 2012 Report Single Family Sales ‐ By Quarter

REO

Short

Market

1400 1200 1000 800 600 400 200 0 2010‐Q2*

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

Condo Sales ‐ By Quarter

2012‐Q2

REO

2012‐Q3

Short

2012‐Q4

Market

700 600 500 400 300 200 100 0 2010‐Q2*

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

Single Family Median Sale Price

2012‐Q1

2012‐Q2

2012‐Q3

REO

Short

Market

2012‐Q4

$300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2010‐Q2

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

Condo Median Sale Price

2012‐Q1

REO

2012‐Q2

Short

2012‐Q3

2012‐Q4

Market

$300,000 $250,000

Source: Sarasota Association of Realtors®

$200,000 $150,000 $100,000 $50,000 $0 2010‐Q2

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

2012‐Q2

2012‐Q3

2012‐Q4

Single Family Condo

REO Sales ‐ By Quarter 600 500 400 300 200 100 0 2010‐Q2*

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

2012‐Q2

2012‐Q3

2012‐Q4

Single Family

Short Sales ‐ By Quarter

Condo

400 350 300 250 200 150 100 50 0 2010‐Q2* 2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

2012‐Q2

2012‐Q3

2012‐Q4

Single Family Condo

Market Sales ‐ By Quarter 1400 1200 1000 800 600 400 200 0 2010‐Q2* 2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

2012‐Q2

2012‐Q3

2012‐Q4

Source: Sarasota Association of Realtors®

Annual Sales ‐ 2000 to 2012 Single Family

Condo

Total

11267 10562 9697 8224

8167 7036

6533

9,179 7603

7,596 6,841

6,504

6358

5,603 4,940

4,349

4,353 3,193

2,184

2,096

3,671

3,721

2,564

2,005

6739 6042

5820 4,626

2001

2002

2003

2004

2005

2006

5,466

5,938

3,922

2,120 1,194

2000

5,183

6,570

2007

2008

1,556

2009

2,137

2,286

2010

2011

2,599

2012

Annual Median Sale Price ‐ 2000 to 2012 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Single Family $132,300 $172,500 $191,000 $226,000 $272,500 $351,000 $342,000 $303,000 $230,000 $160,000 $163,000 $155,925 $175,000 Condo

$142,000 $145,000 $173,000 $191,000 $225,000 $305,000 $301,225 $336,250 $320,000 $210,000 $163,000 $156,800 $175,000