REAL ESTATE

THE SUN

Are historic low interest rates a good thing?

Ireally hate to use this much overused opening line from A Tale of Two Cities, but it works and I have no shame. “It was the best of times, it was the worst of times” perfectly describes the residential real estate mortgage market we find ourselves in as another by-product of the coronavirus pandemic.

It’s the best of times for individuals who have the ability to purchase homes since the rate for 30-year conventional home mortgages has fallen to the lowest point on record. In a year that already has massive “firsts” here’s another. About two weeks ago the average rate on a 30-year fixed rate mortgage fell to 2.98%, per Freddie Mac. Rates are at the lowest level in almost 50 years of record keeping. This was the third consecutive week and the seventh time this year that rates on these loans have fallen.

At the beginning of the year before the pandemic hit, the 30-year mortgage

Castles in the Sand

LOUISE BOLGER

was about 3.72%, an extremely good rate. Those of us who remember the early 1980s may remember a high of 18% residential home mortgage rates, an unthinkable number now. In addition, Jumbo loans, those typically larger than $510,400, are around 3.77% in most markets. However, lenders have placed more restrictions on these nongovernment-backed loans, considered to be risky compared to loans backed by Fannie Mae and Freddie Mac.

So why is this happening and why may it be considered “the worst of times?” Mortgage rates are influenced by the 10-year Treasury note since they

compete for the same type of investor interested in stability. Because we’re in a very volatile financial time, investors are looking to protect their assets by buying long-term Treasury bonds, narrowing the gap between bonds and mortgage rates. Therefore, mortgage rates dropping like a rock may not be as great as it sounds for the economic health of the country.

Again, if you have the capacity to purchase at this time, the mortgage rates are fabulous. However, you will still have a rocky road ahead because of the lack of available inventory and increasing asking prices. Although mortgage applications were up 17% in June from a year earlier, according to the Mortgage Bankers Association, prices have also accelerated nationally by 4.7% from last June; at the same time the number of homes on the market fell 27.4% per Realtor.com. Some of this can be offset by the lower mort

gage rates allowing buyers to qualify for a larger mortgage.

Overall, historically low interest rates may look like a good thing, but it can actually be an indicator that the real estate and financial markets are functioning at borderline crisis levels. Also, home purchasing is out of the question for many Americans who have lost their jobs and may not return for years. Even those who can afford to purchase may shy away from making a life-changing commitment during such unpredictable times.

In spite of everything I just said, Anna Maria Island is a specialized region and hopefully somewhat immune to big national swings. Real estate decisions always have to be viewed through the lens of the future, and unfortunately right now the immediate future is hard to predict. Best of times, worst of times, certainly difficult times. Stay safe.

Expanding The Center’s Mini Reef project

The Center’s leadership is looking to expand the reach and usage of its Mini Reef project with the installation of additional reefs by the Island cities and a grant for volunteer funding from Mote.

BY KRISTIN SWAIN

SUN STAFF WRITER | kswain@amisun.com

ANNA MARIA ISLAND – The Center of Anna Maria Island is moving forward with its Go Green campaign and the installation of Mini Reefs in area waters.

The Center’s Director of Development Jim McDaniel said that 143 of the Mini Reefs have been installed since the fall 2019 launch of the Go Green campaign.

McDaniel spoke to Holmes Beach commissioners during a July 21 work session to ask city leaders to consider sponsoring 20 reefs at a cost of $7,300. About $3,100 of that would be a donation to The Center with the remainder going to fund the creation of the reefs and installation by the father/son team of David Wolff and David Wolff Jr. at Ocean Habitats. It’s something that commissioners and Mayor Judy Titsworth said they’d consider if a funding source can be secured.

The city of Bradenton Beach installed 28 of the reefs in June and the Community Foundation of Sarasota funded 28 reefs, also in June, according to McDaniel.

The Mini Reefs are the creation of Wolff, something he said he came up with as a college project. Now the Mini Reefs are made primarily of long-lasting sustainable materials that can be safely installed in salt, brackish or fresh water underneath docks to provide a home for sea life to live and grow in. Once crustaceans and other sea life attach to the reef, they can filter thousands of gallons of water successfully each year. With the 143 reefs already installed,

McDaniel said that more than 1 billion gallons of water are filtered every year.

The Center’s leadership also has applied for a grant with Mote Marine Laboratory to help build a corps of volunteers to support research being done on red tide using the reefs, which have mapped locations. The “guardians,” as they’d be known, would be trained and responsible for gathering, analyzing and submitting data related to studying algae blooms and water quality for The Center’s partnership with Mote. He said that results from the grant application are expected in September.

Even without the grant, McDaniel said he’s been speaking with Suzi Fox of Anna Maria Turtle Watch and Shorebird Monitoring and Jennifer Hoffman of Keep Manatee Beautiful about the possibility of developing a group of “citizen scientists” without Mote’s involvement to study the reefs and their effect on red tide and other algae blooms in area waters.

KRISTIN SWAIN | SUN David Wolff Jr. of Ocean Habitats prepares a Mini Reef for installation under the dock at the Bridge Tender Inn in Bradenton Beach in December 2019.

THE SUN

FUN IN THE SUN

Across

1 Crossed the mob, in a way 5 Insignificant points 9 When repeated, Second British Invasion band 14 Second person of old? 15 "No problems here" 16 "... the __ of defeat": "Wide World of Sports" phrase 17 Steaming flow 18 Casual eatery 19 One spun by a juggler 20 Deity worshiped by backyard chefs? 23 July 4th show failure 24 Attach, in a way 25 NFL scores 28 Underground support 31 "ASAP!" 36 7-10 split, to a bowler? 39 Exploring toon 40 Conceals 41 Support for driving and kicking 42 Flying toys 43 Dumbo's flying aids 44 Distiller Walker's treatise about a whisky grain? 46 Home of the Senators 48 Ruckus 49 Double curve 50 Two-time U.S. Open champ 52 Played the first card 54 Hester Prynne's trademark milk-producing farm? 62 So it could be heard 63 Where I-90 and I-79 meet 64 Rock's Bon __ 66 Fire sign 67 With 68-Across, words before "easy" 68 See 67- or 69-Across 69 With 68-Across, studied 70 Army installation 71 Loch with a legend

Down

1 Baseball Cards: Abbr. 2 Melville captain 3 1960s-'80s Chevy 4 Bank employee 5 Words to a growler 6 Apple on a desk 7 Vegan staple 8 Sport with disks 9 Togged out 10 Not-cute fruit 11 Large chorus of cheers 12 Opposition prefix 13 Duma "Don't think so!" 21 Uses for warmth, as wood 22 Dainty drinks 25 Cops as a unit 26 Marvelous 27 Get around 29 Eye-related prefix 30 Layers

Answers to 07-22-20 Crossword Puzzle.

32 Father of Thor 33 French possessive 34 Low cards 35 Relief providers 37 To whom Rick says, "We'll always have Paris" 38 Orderly 42 Divided land 44 Put a stop to 45 Least spicy 47 Tidied the garden 51 A lot to pay 53 Tangy mustard 54 Filing tool 55 Dagwood neighbor 56 Saloon __ 57 Third of four canonical gospels 58 Thus 59 Fixes on the sly 60 Wander 61 Part of YSL 65 April 15 org., or, as a plural, a hint to four long puzzle answers

Special master supports variance requests

The variance requests will be presented to the city commission on Aug. 20.

BY JOE HENDRICKS

SUN CORRESPONDENT | jhendricks@amisun.com

BRADENTON BEACH – Special Master Lisa Gonzalez Moore recently issued an order granting several variance requests for the demolition of an existing single-story home and the construction of a raised twostory home at 401 Gulf Dr. S.

Moore issued her written ruling on June 25. The variance requests are subject to final city commission approval and a public hearing has been scheduled for Thursday, Aug. 20, during the city commission meeting that begins at noon.

The variance request application lists M.S. Glasgow and L.H Glasgow as the property owners – no first names given. The application lists a Bradenton address for the pair.

The property is approximately 2,474 square feet and is a nonconforming lot according to city’s land development code (LDC) because it is less than 5,000 square feet.

A memo that Calvin, Giordano & Associates Senior Planner Christine Fisher sent to Building Official Steve Gilbert notes the applicant submitted a series of site plans depicting the existing single story, 1,068 square foot dwelling built in 1930.

“The applicant states adherence to the required setbacks provided in Section 307.3.5 of the LDC would be in conflict with the 1,000 square feet minimum floor area for a one-family dwelling. The proposed dwelling is 1,370 square feet with 170 square feet of storage,” Fisher’s memo says.

JOE HENDRICKS | SUN The owners of this single-story home on Gulf Drive South want to replace it with a new twostory structure

According to Moore’s ruling, the applicants now seek variances to construct a raised two-story home with a total building footprint of 1,156 square feet utilizing the following variances: • An 11-foot variance from the 20-foot front yard setback; • An eight-foot variance from the 10-foot side yard setback; • A five-foot variance from the 15-foot street side yard setback; • A three-foot, five-inch variance from the 10-foot side yard setback; • A variance of 45.4% maximum lot coverage from the 35% maximum lot coverage; • A variance of 49.8% maximum lot coverage plus impervious surface coverage from the 40% maximum lot coverage plus impervious surface coverage.

“The special master orders and adjudges that the relief from the LDC Section 307.3.5 is hereby granted and the applicant may construct a two-story home as proposed in applicant’s application,” Moore stated in her ruling.

Moore’s ruling stipulates the grant of variance will not run with the land and shall be immediately and automatically revoked and terminated if the title to the property is transferred.

Moore’s ruling also stipulates, “The city shall have the right to seek further review of appropriateness of this conditional grant of variance and may make reasonable demands to otherwise preserve the setbacks, the maximum lot coverage and the maximum lot coverage plus impervious surface coverage.”

City receives annual audit report

The annual audit report reviews accounting practice compliance and provides a review of the 2018-19 fiscal year.

BY JOE HENDRICKS

SUN CORREPSONDENT | jhendricks@amisun.com

BRADENTON BEACH – City Clerk Terri Sanclemente and her staff recently earned praise from the city commission for another successful budget audit.

Conducted and prepared again by the CS&L accounting firm, the 2019 audit report serves as a review of compliance with accounting practices and regulations during the fiscal year that began on Oct. 1, 2018 and ended on Sept. 30, 2019.

“In our opinion, the city complied in all material respect with the compliance requirements,” said management letter contained in the report and addressed to the mayor and city commission.

Sanclemente presented the audit report to commissioners on June 18.

“Normally they come out and do a presentation. They don’t feel they have to do that. They said this year was exceptionally good. It was an excellent audit. Great job by my team and my office,” Sanclemente told the commission.

“Once again, congratulations to you and your team. You have gone above and beyond excellence,” Mayor John Chappie said.

Vice Mayor Jake Spooner agreed and said, “Thank you Terri, and thanks to all your staff. What a great team we have. It’s much appreciated.”

Since being appointed city clerk in mid-2015, Sanclemente and her staff have addressed and eliminated concerns raised in previous audit reports. Sanclemente’s administrative staff currently consists of City Treasurer Shayne Thompson, Deputy Clerk Christine Watson and Deputy Clerk Ruth Stief.

When asked later about the ongoing audit improvements, Thompson said, “I think it’s an evolution in teamwork.”

Sanclemente then said, “I would like to thank all the department heads and my staff for making sure we got the auditors everything they needed – and getting it to them on time. We are all trying to be as tight with the city’s money as we possibly can.”

AUDIT REPORT FINDINGS

The annual audit report provides an overview of the city’s gains, losses and year-end financial position as of Sept. 30.

JOE HENDRICKS | SUN City Treasurer Shayne Thompson and City Clerk Terri Sanclemente play key roles in managing the city of Bradenton Beach’s finances.

“The assets of the city exceeded its liabilities at the close of the most recent fiscal year by $10,062,477 (net position). Of this amount, $795,763 (unrestricted net position) may be used to meet the city’s ongoing obligations to citizens and creditors in accordance with the city’s fiscal policies,” the report says.

“As of the close of the current fiscal year, the city’s governmental funds reported a combined ending fund balance of $3,441,412, a decrease of $269,394 in comparison with the prior year. Of this total amount, $519,020, is available for spending at the city’s discretion (unassigned fund balance).”

The report notes a large portion of the city’s $6,779,512 net position reflects investments in the land, buildings, machinery and equipment used to provide services to citizens and says, “Consequently, these assets are not available for future spending.”

The audit report states $313,174 was committed for equipment replacement, $117,608 was restricted for stormwater improvements and other uses.

It also states $441,978 of the city’s net position was restricted for the Tingley Memorial Library. During the 2018-19 fiscal year, the library fund decreased by $31,196 - with $6,165 in revenues and $37,361 in expenses, including the librarian’s salary.

The audit report notes the city’s actual expenditures were $450,666 less than anticipated expenditures, but the general fund decreased by $413,282 during the 2018-19 fiscal year.

“The general fund decrease is largely due to increased attorney fees, additional salaries and related benefits and a transfer to the CRA Fund,” the report says.

The city is still trying to recover a portion of the $498,774 in attorney fees and legal costs incurred as of mid-June in association with the 2017 Sunshine Law lawsuit in which the city prevailed in 2019.

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

WELLS

855 N Shore Drive Ken Kavanaugh, Jr & Margo Love Story 941-799-1943 A4469943 $1,795,000

NORTH POINT HARBOUR

609 N Point Drive Hannah Hillyard 941-744-7358 A4455659 $1,190,000

VILLAS OF HOLMES BEACH

206 52nd Street 3 Kathy Harman 941-900-9828 A4464002 $989,000

CASANAS

401 39th Street Ken Kavanaugh, Jr & Margo Love Story 941-799-1943 A4457608 $929,500

BAY PALMS

528 74th Street Victoria Sperounes 941-960-3773 A4469255 $2,590,000

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

TIDY ISLAND

51 Tidy Island Boulevard Kathy Marshall 941-900-9777 A4469997 $539,000

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

During bird nesting season, March through August, please follow these tips: • Never touch a shorebird chick, even if it’s wandering outside a staked nesting area. • Teach kids not to chase birds – bird use designated walkways to the beach. • Keep pets away from bird nesting areas. • Keep the beach clean; food scraps

parents may abandon nests if they’re disturbed. • Don’t feed birds – it encourages them to fly at people aggressively and • If birds are screeching and flying at you, you’re too close. • Avoid posted bird nesting areas and is not good for their health. CCA donates material for reef

The Coastal Conservation Association plans to donate concrete for placement at Bridge Reef, a 40-acre artificial reef site in 35-38 feet of water 5 miles west of Bean Point.

The material should enhance the habitat for fish, crustaceans and other marine life and improve recreational fishing and diving opportunities.

The concrete is in addition to the deployment this summer by the CCA, the Building Conservation Trust and Yamaha Rightwaters of almost 200 tons of concrete donated by Port Manatee and Westra Construction at the site as a memorial to CCA member Sean Gucken, an angler, free diver and spearfisherman.

The site also features a 120-by-45 foot steel barge sunk on June 19, donated by Jim Logan of Coastal Marine Construction. attract predators such as raccoons and crows to the beach, and litter can entangle birds and other wildlife. • If you see people disturbing nesting birds, call the Florida Fish and Wildlife Conservation Commission’s Wildlife Alert hotline at 888-404-FWCC (3922).

TURTLE TIPS

During sea turtle season, May 1 – Oct. 31, please follow these tips: • Turn off lights visible from the beach and close blinds from sundown to sunrise; lights confuse nesting sea turtles and may cause them to go back to sea and drop their eggs in the water, where they won’t hatch. Light can also attract hatchlings away from the water. • Don’t use flashlights, lanterns or camera flashes on the beach at night. • Remove all objects from the sand from sundown to sunrise; they can deter sea turtles from nesting and disorient hatchlings. • Fill in the holes you dig in the sand before leaving the beach; they can trap nesting and hatching sea turtles, which cannot live long out of the water. • Don’t use wish lanterns or fireworks; they litter the beach and Gulf. • Do not trim trees and plants that

The annual West Manatee Fire Rescue open house celebration has been postponed this year due to COVID-19 concerns.

Chief Ben Rigney announced the postponement during a July 21 board meeting.

The event, which usually takes place in October or November to coincide with fire prevention week, draws hundreds of community members to WMFR’s Station One on 67th Street shield the beach from lights. • Never touch a sea turtle; it’s the law. If you see people disturbing turtles, call the Florida Fish and Wildlife Conservation Commission’s Wildlife Alert hotline at 888-404-FWCC (3922).

NESTING NEWS

Turtle nests laid: 322, up from 306 last week (Record: 544 in 2019) False crawls: 442, up from 423 last week Nests hatched: 29 Hatchlings hatched: 1,808 (Record: 35,788 in 2018)

MANATEE COUNTY | SUBMITTED

RED TIDE REPORT High Very low (respiratory irritation, shellfish harvesting (possible respiratory irritation) closures, fish kills, water discoloration) Background Medium (no effects) (probable respiratory irritation, shellfish harvesting closures, fish kills) None (no red tide present) Low (possible respiratory irritation, shellfish harvesting closures, fish kills)

A kid runs the obstacle course at the 2019 WMFR open house.

KRISTIN SWAIN | SUN

WMFR postpones open house celebration

Nest disorientations: 0 in Bradenton to have fun, meet local firefighters and first responders and learn how to better protect themselves in case of a house fire.

Rigney said he hopes the department will be able to host an event for the community in the spring. Commissioner David Bishop suggested the department come up with another community outreach opportunity or find a way to address a community need using the funds set aside for the open house.