17 minute read
REAL ESTATE
THE SUN
COVID-19 hitting the credit market
Just when you need credit the most it’s becoming more elusive. Americans have always depended on the equity in their homes as a slush fund for an emergency or big-ticket items like tuitions and home repairs. But now, with millions of us out of work, tapping a home’s equity may not be an option.
A few weeks ago, we talked about maintaining a good credit score during these difficult times. As part of the stimulus package, credit cards, auto loans and mortgage loans can take a pause in payments to give consumers some time to get through the pandemic and back to work. The law says lenders that allow borrowers to defer payments can’t report this information to the credit-reporting companies, however, these delays are still having an impact on the credit market in general.
Bankers and lenders are having a difficult time determining who among loan applicants actually has good credit, assuming that not all of the information is being reported. Therefore, they are approving
Castles in the Sand
LOUISE BOLGER
fewer forms of consumer debt. In particular, home-equity lines of credit are being pulled back by lenders just at the time when Americans may be looking for emergency money.
Lenders are trying to protect themselves from the big losses they experienced during the 2008 financial crisis when the real estate market took a dramatic downturn. If you remember, that was when homeowners were using their home’s equity like an ATM machine, and when the crisis hit, the value of the home was underwater and many were foreclosed, leaving the banks and the American taxpayers holding the bag.
Helocs, basically a credit line, and home equity loans are becoming harder to come
by as lenders tighten up their application process because of job loss and the potential of home values falling. People who have lost their jobs may no longer qualify, in addition to the difficulty of performing appraisals during the pandemic. Lenders are also raising the credit scores they are willing to accept and/or decreasing the amount of money they’re willing to loan.
Even personal loans, which were always available with shorter repayment terms and higher interest rates, are tumbling. According to Equifax, there were an estimated 79,000 personal loans completed in midMay compared with 226,000 in mid-March. In addition, new auto loans and leases as well as new credit cards were all down substantially.
With the economy in total confusion, lenders can’t tell if a borrower who has opted to take a deferment of their loan is doing so because of lost income or if they’re simply taking advantage of relief options. Naturally, lenders are taking a very conservative approach to making loans, another
reason why consumers should not take a pause on any of their credit cards, auto loans and certainly not their mortgages if they can afford to pay during these times. This action could catch up with them down the road no matter what the federal government’s intention was.
Meanwhile, housing inventory all around the country is dropping, falling 19.7% at the end of April, and the shortage of available properties will surely increase. Of course, the result is home prices moving up - 4.7% at the end of April - since those who can afford to purchase even during these times are looking at historic low interest rates and are taking advantage.
Like many other national disasters we’ve faced, this too shall pass, but not without a lot of financial damage to business and individuals. When the lenders start getting in gear again, they’ll be looking for customers so hopefully homeowners can hang on until then. Stay safe.
Governor says bar restrictions will remain in place
Gov. Ron DeSantis has been invited to participate in a Reopen Bars virtual roundtable discussion taking place July 23.
BY JOE HENDRICKS
SUN CORRESPONDENT | jhendricks@amisun.com
BRADENTON – Gov. Ron DeSantis says he does not anticipate reopening bars without food licenses anytime soon.
During Saturday’s press conference at Blake Medical Center in Bradenton, The Sun asked DeSantis about the bar prohibitions recently imposed and later amended by Florida Department of Business and Professional Regulation Secretary Halsey Beshears.
“We set out a plan for some of the counties – not all of the counties, not south Florida – that they would be able to operate just like a restaurant with limited capacity seating. The problem was no one was following that. I get that’s not how they want to operate, but we were getting reports of having packed, partytype situations. That was not a part of the guidelines,” DeSantis said.
“I want them to be able to operate, but I also want them to do it consistent
with the Step-by-Step plan and we just weren’t able to get that done. So right now, we’re not making any changes. Status quo. As we get in a more stable situation, we’ll take a look at it,” DeSantis said.
DeSantis said he’s not blaming bars for the recent increase in COVID-19 cases.
“It’s definitely not their fault, but at the same time, we tried to do these guidelines. We consulted with physicians, we consulted with different people and we just felt that it’s not like flipping a switch, it’s gonna take some time. But that’s the plan, and if the plan wasn’t being followed there’s not a way we’re going to be able to do it,” DeSantis said before leaving the press conference.
On March 17, DeSantis issued an executive order that prohibited the on-site consumption of alcohol at establishments that generate more than 50% of their revenue from those types of sales. On June 5, DeSantis allowed bars to reopen at 50% capacity.
On June 26, Beshears closed many Florida bars for a second time when he issued DBPR Emergency Order 2020-09.
“During the month of June, the number of individuals testing positive for COVID-19 increased significantly in the State of Florida, especially among younger individuals. Some of these cases involving younger individuals are suspected to have originated from visits to bars, pubs or nightclubs who have disregarded the restrictions set forth in Phase 2 of the Safe.Smart.Step-by-Step plan for Florida’s recovery,” Beshears’ order says.
On July 1, Beshears amended his order in a manner that allowed some bars and fraternal organizations to reopen.
“Vendors licensed to sell alcoholic beverages for consumption on the premises, and also licensed to offer food service, may continue to operate as restaurants,” his amended order says.
DESANTIS INVITED TO REOPEN BARS FORUM
Fort Lauderdale attorney Jacob Weil will host a virtual Reopen Bars roundtable discussion on Thursday, July 23 at 2 p.m.
According to a press release issued last week, The Weil Law Group is representing hundreds of Florida bar owners who’ve been affected by the bar closure orders.
Darla Tingler, owner of the Anchor Inn in Holmes Beach, and Joe Harris, co-owner of Papa Joe’s Sports Bar and owner of Scalawags Pub in north Sarasota, are among
the Manatee County bar owners Weil has spoken with.
Attorney Jacob Weil has invited Gov. Ron DeSantis to participate in the Reopen Bars virtual roundtable on Thursday, July 23.
“Formal invitations have been sent to Gov. Ron DeSantis and Secretary of the Florida Department of Business and Professional Regulation Halsey Beshears. Other officials are also being invited,” the press release notes.
“This forum will be an opportunity for state and local government leaders to discuss with bar owners, operators, professionals and experts the effects of current policies, the concerns of the industry and safe, common-sense solutions to reopen Florida’s bar industry. This is not a hostile event, but rather an opportunity for those in charge to gain perspective from small business owners bearing the costs of the current policy in place,” the press release says.
The July 23 roundtable will be hosted online via Zoom and anyone may join the roundtable discussion by visiting www. reopenflbars.com and selecting the “Round Table” menu option at the top of the page. The roundtable will also be livestreamed via Facebook and YouTube.
BEACH BEAT
HOLMES BEACH 7/1, information, Waterline Marina Resort, 5325 Marina Drive. Police were called to the resort where there was
a bullet hole in a window. Police recovered the bullet but took no further action. 7/3, no driver’s license, motorcyclist, Manatee Avenue
Bridge. Police Chief Bill Tokajer stopped a motorcyclist who was travelling on the sidewalk to get around stopped traffic due to the drawbridge being up. The driver had no motorcycle endorsement and he was ticketed. 7/3, driving with a suspended driver’s license, 600 Manatee Ave. The license plate reader alerted police to the offender. He was ticketed, his license and plate were seized and his car was towed. 7/3, DUI, 8500, Gulf Drive. The officer stopped the driver for careless driving and no-ticed signs of impairment. He called for backup and had the driver perform a field so-briety test. The driver failed but didn’t agree with the results. He provided a breath sample and asked for his blood to be tested as well. 7/3, DUI, 200 84th St. After clearing the previous DUI, the officers saw a man driving a lawn tractor with no lights. As they followed him, he almost ran into them. When he stopped, they noticed a strong odor of alcohol. He was arrested. 7/4, alcohol code violation, the beaches at 37th Street. Two males were spotted con-suming alcohol and ticketed. 7/5, domestic violence, 2900 block of Avenue E. A male, female and two of her female friends came to the police station to report a fight between the male and female, who have been in a relationship for nine months. Nobody wanted to make a sworn state-ment so the officer gave the parties pamphlets on victims’ rights. 7/5, parking code violation, 100 50th St. An SUV was illegally parked in an emergency vehicle space. The officer ticketed the vehicle and called for a tow truck. 7/6, camping code violation, Seaside Laundromat, 5400 B Holmes Blvd. The officer on patrol noticed a male sleeping on a bench in front of the Laundromat. He said he lives in Anna Maria and he fell asleep waiting for his laundry to dry, but the officer remem-bered him from previous camping attempts and told him to move on after giving him a notice to appear before a judge.
LOCALLY KNOWN. GLOBALLY CONNECTED. SINCE 1976.
HOLMES BEACH
97 52nd Street Hannah Hillyard 941-744-7358 A4468151
$2,450,000
NORTH POINT HARBOUR
605 N Point Drive Hannah Hillyard 941-744-7358 A4469001 $1,869,000
COVE SOUND YACHT CLUB
12903 Yacht Club Place Gregory Zies & Kathy Valente 941-779-3081 A4455943 $1,200,000
NORTH POINT HARBOUR
609 N Point Drive Hannah Hillyard 941-744-7358 A4455659 $1,190,000
LUANA ISLES
301 Iris Street Kathy Harman 941-900-9828 A4469011
$1,150,000
VILLAS OF HOLMES BEACH
206 52nd Street 3 Kathy Harman 941-900-9828 A4464002 $989,000
BAY PALMS
528 74th Street Victoria Sperounes 941-960-3773 A4469255 $2,590,000
CASANAS
401 39th Street Ken Kavanaugh, Jr & Margo Love Story 941-799-1943 A4457608 $929,500
MAINSAIL BEACH INN
107 66th Street 12 Kristi Berger & Deborah Capobianco 941-730-3801 A4452254 $870,000
LONGBOAT KEY
735 Saint Judes Drive S Lynne Callahan 941-720-3278 A4468349 $729,000
MAINSAIL BEACH INN
101 66th Street 6 Kristi Berger & Deborah Capobianco 941-730-3801 A4452260 $595,000
MAINSAIL BEACH INN
103 66th Street 10 Kristi Berger & Deborah Capobianco 941-730-3801 A4452245 $567,125
BAILEY-DOBSON
701 Gulf Bay Road 1 & 2 Lynne Callahan 941-720-3278 A4470251
SUMMER SANDS
1007 Gulf Drive N 111 Laura Rulon 941-896-2757 A4469260 $499,000
NEW CONSTRUCTION
RIVERSIDE POINT
5477 56th Court E Tyler Hardy 941-201-8505 A4463283 $614,900
SCHOOL: Board questions reopening order
FROM PAGE 7
in September to reopen the schools to students.
“The order says August,” Saunders responded. “School has to begin in August unless the commissioner approves otherwise in the plan submitted. They’re talking in the traditional sense of opening up brick and mortar. Our school can be defined for 180 days of brick and mortar and/or eLearning to constitute the required number of hours of instruction we are required to deliver. We can begin instruction in a different context of delivery and still qualify if our plan is approved.”
Regarding the students, Saunders said, “For their mental health, for their academic health, we need to try to open the schools up and see how we can perform and then reassess.”
Board member Dr. Scott Hopes cautioned against implementing a plan that brings students back inside the schools in August.
“The way this pandemic is behaving we’re going be dealing with it until the end of the year at least. Our decisions are not going to get any easier whether we start before Labor Day or after Labor Day. Mr. Miner is correct. The decision is ours and we have that responsibility,” he said.
Hopes said the situation presents an opportunity for a public health campaign that stresses community cooperation to help contain the virus.
“We’ve got at least half of our student population whose parents say we want our kids back in school. That’s a motivator. We have the technology to access every family that has a child in our school district. If you want your children to start school on the 10th, we need you to do your part. We immediately move forward with a public health education campaign to reach these families and bombard them with a public health education campaign that will lead to us being able to implement our reopening plan,” he said.
Kennedy concurred and said the spread of the virus could be better contained if everyone was on the same page.
“But unfortunately, we’re not. We have another government entity in town (the Manatee County Commission) that is not willing to put a mandatory mask order in place. We all want the same thing. We just disagree on how to do it,” Kennedy said.
DESANTIS, GALVANO WEIGH IN
During Saturday’s press conference, The Sun asked Gov. DeSantis if he feels the school board is compelled to follow Corcoran’s emergency order.
“Obviously, the local counties are instrumental in this. The school boards need to be involved. It’s got to be a collaborative effort. I think the main thing is what’s in it for the kids? What harm is going to be done by continuing to keep them out of school? From a student perspective, the risk is low. There’s just not a lot of evidence that they’re doing a lot with community transmission. At the same time, if a parent doesn’t feel comfortable and they want to offer distance learning, I believe in school choice and this would be another one,” DeSantis said.
When asked a second time if the school board is compelled to follow the emergency order, DeSantis deferred to Galvano.
“The answer is yes,” Galvano said. “The DOE order cannot be ignored and it needs to be adhered to. Having said that, all the points the governor made about the choice and the decision making and the safeguards are encompassed in that order. It also includes a collaboration with the Department of Health, but school boards cannot ignore this. The order says five days availability, brick and mortar schools at full capacity.”
PARKING: Permit plan advances
FROM PAGE 1 a separate ordinance to raise the parking fine amount.
Chief Bill Tokajer said signs would be installed in the coming week at beach access points designating golf cart-only parking spaces. Under the permit program, golf carts also will be able to take advantage of the permit-only street parking, however things get a little complicated depending on what kind of golf cart is being used. A regular golf cart, one that doesn’t require a tag or registration with the Florida Department of Motor Vehicles, can be parked anywhere in the permit parking zone without a permit from the city. A low-speed vehicle, or LSV, a golf cart or other vehicle not a car or truck that does require a license plate and DMV registration, will be able to park in the permit only zone but will require a permit sticker issued by the city.
Though commissioners discussed making the permit parking 24 hours a day every day, after much discussion and input from Tokajer they opted to start out with permit parking from 9 a.m. to 5 p.m. daily, allowing public parking on the street in the residential area after 5 p.m. so that people can have a party or dinner guests without having to contact the police depart
ment first to get passes for guests to park on the street. For residents choosing to have guests during the permit parking- only hours where parking cannot be accommodated on their property, they will still need to contact the police department to get authorized parking passes for guests or ask for a bag to be placed over the permit only signs while their guests are present.
Tokajer did say it will be necessary for the city to purchase new signs for the permit parking area at a cost of about $2,400.
Commissioners agreed unanimously to put the permit parking to a six-month review to see how it works for the residents and what changes to the pro gram need to be made.
Commissioners next meet on July 21 for a meeting and work session to be held via Zoom.
