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Requested Delivery By: June 5, 2016

JUNE 2016 T H E O F F I C I A L P U B L I C AT I O N O F T H E G R E AT E R TA M PA A S S O C I AT I O N O F R E A LTO R S ®

PRESORTED STANDARD US POSTAGE PAID TAMPA, FL Permit No. 2397

JUNE 2016

IN THIS EDITION

GTAR wants YOU to serve on the next Board of Directors This is your opportunity to ensure GTAR's position towards success and growth in the future. The search now begins for ready, willing, and able REALTORS® to not only serve your association as the leaders and decision makers, but to help lay the groundwork for the future of our Association.

As GTAR Officers and Directors, we are asking you to to participate in guiding the direction of your profession on the local level at your association, in your business communities, locally and internationally. The GTAR Nominating Committee consists of two appointees from the Board of Directors and three general members elected annually at the June General Membership Meeting (held on June 2 this year).

The nominating committee will interview qualified candidates to service on the the 2017 Board of Directors, in the positions of officers or directors. Following personal interviews, the GTAR Nominating Committee will submit a recommended slate of candidates. Do you qualify as a candidate? General Qualifications: According to the GTAR’s bylaws, candidates for

RCF helps bridge the gap BY TINA HARRIS GTAR's Nominating Committee Chair

positions of Vice-President, Secretary, Treasurer, and Director must be active REALTORS®, in good standing with the local association at the time of application and at the time they take office. The candidates must also have served as a chairman of a committee of NOMINATIONS, Page 4

NAR Survey Shows More, Younger REALTORS® Entering the Industry The median age and years of experience of REALTORS® has decreased as new and younger professionals enter the industry, according to the 2016 National Association of REALTORS® Member Profile. The survey's results are representative of the nation's nearly 1.2 million REALTORS®; members of NAR account for about half of all active real estate licensees in the U.S. REALTORS® go beyond state licensing requirements by subscribing to NAR's Code of Ethics and standards of practice and committing to continuing education.

CODE OF ETHICS

• EDUCATION

pg.11

• AFFILIATES

Grow your audience

Building an engaged online audience isn't impossible, but it does take time. Page 4

Questions? We have answers

Can I use my nickname, instead of my legal name on my business card? Page 9

Affiliates Say Thanks!

The 14th Annual Affiliates Golf Tournament was a big success! Page 13

Sellers are asking for higher prices

It may be a seller's market, but try telling that to a lot of overly optimistic ones. Page 18

The typical member more people entered reported a median of 10 the real estate proyears of experience in real fession this estate, down from 12 years year than in in last year's report. REAL- past years, TORS®' median age also with 20 decreased from 57 in 2014 percent of to 53 in 2015, the lowest it m e m b e r s has been since 2008 when r e p o r t i n g the median age was 52. one year or less "The median age of of experience" said president REALTORS® is younger NAR than in the past because NAR Survey, Page 5 pg.6

The REALTORS® Care Foundation (RCF) has recently received grants from partners to increase the level of support provided. Page 2

Candid Camera May 2016. Pages 16-18

pg.12

• MLS STATISTICS

pg.14


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June 2016

Greater Tampa REALTOR® News

ABOUT GTAR

The Greater Tampa Association of REALTORS®, Inc. (GTAR) is the largest Tampa Bay-based professional association of real estate brokers and sales associates conducting business throughout the Bay. GTAR provides educational programs, ethical guidance and other services that enable licensed real estate professionals to help people buy and sell homes in the Greater Tampa area. For more information, please visit www.gtar.org

2016 OFFICERS

President Andy Joe Scaglione.....(813) 968-4996 President-Elect Joe Perez..........................(813) 264-7754 Vice President Mari Colgan..................... (813) 685-4936 Treasurer Sandra Streit...................(813) 343-8001 Secretary Norma Cohen................. (813) 992-5845 Immediate Past President Barbara Jordan...............(813) 962-0631 Chief Executive Officer Dennis MacDonald......... (813) 879-7010

2016 DIRECTORS

Diane Acken................... (813) 299-4758 Alma Alexander................(813) 727-1201 Ashley Christie................(813) 504-8812 Diana Englehart...............(813) 748-2165 Zoe Green...................... (813) 259-0000 Dan Hazy.......................... (813) 545-7372 Mary McCall....................(813) 294-4425 Jodi McKeithan.............. (813) 597-9670 Brad Monroe...................(813) 309-4488 Jack Rodriguez...............(813) 877-6388 Tom Scaglione............... (813) 310-8200 Francine Villa..................(813) 598-0844

REPRODUCTION

The Greater Tampa REALTOR® News is published monthly for members of GTAR in the interest of informing, promoting, and improving the real estate industry. With the exception of articles and materials from other publications reprinted in this newspaper, members and affiliate members of GTAR are hereby authorized to reproduce articles appearing in this newspaper, provided each such reproduction gives the following credit:

Reprinted from Greater Tampa REALTOR® News, Greater Tampa Association of REALTORS®.

THE REALTOR® MARK

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.

ADVERTISING INFORMATION

For advertising information/sales, contact Mike Utaegbulam, Director of Communications at news@GTAR.net Advertising products or services herein shall not be construed to be a promotion, approval, or endorsement of those products or services by GTAR. All advertising is subject to the approval of the GTAR Board of Directors/Chief Executive Officer.

DISCLAIMER

Articles contained in this publication express the opinion of the author and not necessarily the opinion of GTAR.

HEADQUARTER INFO

Greater Tampa Association of REALTORS® 2918 W. Kennedy Blvd. Tampa, FL 33609 (813) 879-7010

STAY CONNECTED Find GTAR on the following social media outlets to stay connected with the latest news and events.

facebook.com/TampaGTAR twitter.com/TampaGTAR linkedin.com/company/gtar

www.GTAR.org

REALTORS® CARE FOUNDATION

RCF Helps Bridge Gaps for First-Time Homebuyers

GTAR hopes to grow the REALTORS® Care Foundation (RCF) through meaningul community partnerships and local support The Greater Tampa Association of REALTORS® (GTAR), a trade organization representing more than 8,400 real estate professionals, provides housing assistance programs and educational opportunities for Hillsborough County residents through its REALTORS® Care Foundation (Foundation), continues to assist first-time homebuyers with down payment assistance grants of up to $5,000.

Photo provided by Grey Street Studios

“The Foundation’s presence in this community is very important—for both those who are benefiting from the program as well as those who are joining us to help support our mission,” said Jay Wazelle, a REALTOR® with Keller-Williams, whose recent client benefited from a grant from the Foundation. “It helps individuals who might not otherwise have that last portion of money available to them.” In recent months, the Tampa Bay Builders Association and Florida REALTORS® each provided grants in the amount of $10,000 to support The Foundation. “Such partnerships are crucial for our organization and ultimately allow us to collectively help more families establish their homes in this area,” Wazelle said. Wazelle’s most recent success story involved a client who is a disabled veteran. The Foundation provided financial assistance to help his client, who may not have otherwise qualified to receive a grant. The REALTORS® Care Foundation of GTAR, which was formed as a public charity in 2007, has financially helped 73 families since its inception—a total of $313,277. Nearly 99% of those families are still living in the same homes they purchased with the assistance of the Foundation.

“In government-secured programs such as FHA and VA loans, down payment assistance has to meet specific requirements in terms of its source. It can’t just come from anywhere, and such clients can come to the Foundation to see if they can qualify. And when they do, and we can help them, it’s a win-win situation.”

Ana Chirino, owner and real estate broker of Chirino Real Estate, recently helped a young immigrant family from Cuba purchase a home in Tampa. “My client established himself through his work for the past year, and received down payment assistance from the Foundation,” Chirino said. “His wife and daughter are currently in the interview process and will be joining him soon.” Chirino understands the importance of the Foundation providing comprehensive benefits to the entire community. On the buyers’ side, she said down payment -Jay Wazelle assistance frees up funds that they can put toward repairs and improvements. “In a situation where house prices are increasing, sellers willing to pay for closing costs is becoming a rare situation,” Chirino said. “The Foundation is allowing sellers to get more money for their listings too. It would be fantastic to see more REALTORS® contribute to such a great cause by simply checking the Foundation box during GTAR’s dues renewal period.” “We have a great opportunity to show the heart and soul of the REALTOR® organization by joining with other community leaders to forge an alliance that will make a difference,” Wazelle said. “As we look forward, we are looking to broaden the recipients from a demographic perspective by increasing diversity in the program.” As the Foundation expands its footprint throughout the Tampa Bay community, it is also poised to increase the amount of funds available to provide to qualified applicants. In an effort to achieve this expansion, the Foundation is looking for local business partners who would be interested in contributing to this important cause and share the recognition that comes with assisting families in need.

Visit RCF's Facebook page for more information at:

www.facebook.com/RealtorsCareFoundationOfGTAR


GTAR NEWS AD www.GTAR.org

Greater Tampa REALTOR® News

June 2016

REALTORS® attend the 2016 REALTOR® & Builder Expo to learn about the latest trends, incentives and services being offered to new home buyers by Builders and have lots of fun while doing it.

THURSDAY, JUNE 23, 2016 • 9:00AM - 1:00PM Florida State Fairgrounds • 4800 U.S. 301 • Tampa, FL (Use the MLK Blvd. Entrance)

Register online at www.gtar.org/rb-expo Cost: $10 (includes parking and refreshments)

PRESENTING SPONSORS

MEDIA SPONSOR

BAG SPONSOR

MAJOR SPONSORS

PARKING SPONSORS

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June 2016

Greater Tampa REALTOR® News

Nominations

www.GTAR.org

REASON NO. 7

From Page 1

the Association for one year, or served on a committee for a minimum of two years within the last five years. Treasurer: The office of Treasurer also requires nominees to have served as a member of the Finance Committee for at least one year within the last five years. President-elect candidates shall have served as an Officer or Director of the local association for at least one year within the past five years. Limits: No elected or appointed Director or Officer shall have served in the same capacity for more than two consecutive terms. The same person may not serve consecutive terms as President, nor may the same person serve consecutive terms as President-elect. Officers and Directors may not serve on the Board of Directors for more than three consecutive terms except the President, President- elect and Immediate Past President of the Association. What’s the next step to become a qualified candidate? Each candidate is required to sign a “Consent to Serve” form (available at www.GTAR.org/nominations), which includes biographical information. The candidate shall declare on the form what office is being sought and indicate whether or not there is

desire to be interviewed by the Nominating Committee. Interviews will be conducted by the Nominating Committee, who will then file their recommended slate of candidates with the President no later than July 14, 2016. How can I learn more about the candidates? Short biographies of the recommended candidates will be published in the August edition of the Greater Tampa REALTOR® News and posted on the GTAR website. The Nominating Committee shall announce its recommended slate of candidates for the Officer and Director positions at the August General Membership Meeting. All of the eligible candidates’ biographies will be published in the September edition of the Greater Tampa REALTOR® News. Elections will be conducted by electronic ballot in September. If you have any questions, please do not hesitate to contact me by e-mail at tinacharris@gmail.com, with the subject line ‘GTAR Nominating Questions.” As the 2014 President of the Greater Tampa Association of REALTORS®, I can promise you any opportunity you have to serve your association will help make you a better, well informed REALTOR®.

Learn more and get the Consent to Serve form online at

www.GTAR.org/nominations 2017 BOARD OF DIRECTORS

“All the technology you need: websites, mobile, video …” – Matt Fagioli: Speaker, and founder, Xplode Conferences

Florida Realtors Convention & Trade Expo ®

convention.floridarealtors.org

3 WAYS TO GROW YOUR AUDIENCE If you create it, will they come? These days, it's not that easy. In this hyper-connected internet economy, your online sphere is overwhelmed by messaging and limited by time, resulting in what Entrepreneur calls 'Content Fatigue.' As they point out, every single day on Facebook people could see potentially 1,500 pieces of content. So how can you cut through the noise and build a loyal following online? Building an engaged online audience isn't impossible, but it does take time. Entrepreneur recently shared a few tips that will set yourself apart from the rest.

1

Be ahead of the pack. It's important to keep up with new social platforms and be an early adopter at the ones where your talents will shine. After all, in a recent study, Harvard Business Review pointed out that people who adopted new technologies had a "first-mover advantage" over their competition, which resulted in better market position and revenue growth.

2

Your perspective is valuable. Don't copy what others are doing just because it's successful for them, it can come off as inauthentic and adds to your audience's content fatigue. "Saying the same things as everyone else, in the same style will only add to the noise, says Entrepreneur. "And you'll get lost in the endless sea of content published every day." When creating real estate content, choose topics where you can show off your expertise, interest, and personality.

3

Try different tactics and keep evolving. Nothing is set in stone on the internet, and your content's focus, design, and how you promote it should also evolve. The real estate industry also evolves, and many topics you covered three years ago aren't relevant anymore. Likewise, as more consumers use their smartphones and not desktop computers, your blog design or the length of your videos may need a revamp. Source: "6 Key Ingredients to Successfully Build an Online Audience," Entrepreneur, (May 18, 2016)


www.GTAR.org

$163,260

Current amount invested

$144,430

As of May 17, 2016 To contribute to Florida REALTORS® PAC, please visit

www.gtar.org/FLPAC Choose "Greater Tampa Assn" for the Contribution Board/Association field.

2016 RPAC MAJOR INVESTORS

Andy Joe Scaglione Platinum R

Connie Johnson Golden R President's Circle

Don Walden Jack Rodriguez Sterling R Continued Sterling R Continued

Barbara Jordan Crystal R Continued

Brad Monroe Sterling R Continued

Susanna Madden Mary McCall Sterling R Continued Sterling R Continued

Dennis MacDonald Sterling R

Greater Tampa REALTOR® News

NAR Survey From Page 1

Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. "NAR is excited to have young, fresh perspectives enter the industry, and we are proud to offer resources for our younger members to advance and grow, such as the Young Professionals Network and '30 Under 30' recognition." In last year's report, 41 percent of members were more than 60 years old, while only 2 percent were under age 30. This year, the percent of Realtors® over 60 years old dropped to 30 percent, and the number of those younger than 30 years rose to 5 percent. Thirteen percent of members who have two years or less experience are under 30 years of age. New members also tend to be more diverse than experienced members; eighty-nine percent of Realtors® with 16 or more years of experience are white, compared to only 78 percent of those with two years or less experience. The median gross income of Realtors® also fell last year, from $45,800 in 2014 to $39,200 in 2015; not surprising, given members' income typically corresponds with experience. Those with 16 years or more of experience reported a median gross income of $73,400, up from $68,800 in 2014, while members with two years or less of experience had a median gross income of $8,500, a decrease from $9,100 last year. For the third year in a row, Realtors® cited difficulty finding the right property, at 38 percent, as the most persistent challenge limiting potential buyers, beating out obtaining mortgage financing at 19 percent. "Limited inventory continues to restrict buyers in many markets across the country," said Lawrence Yun, NAR chief economist. "This is reflected in the number of transactions reported by members, which has remained the same at 11 transactions." However, while the number of transactions has remained the same, rising home prices in 2015 triggered the median brokerages sales volume to rise to $1.8 million from last year's $1.7 million. The typical Realtor® reported working 40 hours per week in 2015, in line with previous

years. Sixty-seven percent of members specialize in residential brokerage, down from 82 percent. The most popular secondary specialization is relocation, 17 percent, and residential property management, 16 percent. Twenty-six percent of all Realtors® made more than $100,000 last year, while 26 percent made less than $10,000. This year marks the first time members were asked about the use of drones in their business. While a majority of Realtors®, 56 percent, do not currently use drones, 18 percent indicated that they plan to in the future. Twelve percent reported that someone in their office uses drones, and

June 2016

5

at 16 percent. Only four percent of members indicate that real estate was their first career. The marital status of Realtors® remained mostly consistent with last year's survey; seventy percent of members are married, 15 percent are divorced, and 10 percent are single or never married. Also in line with last year's survey, 62 percent of all Realtors® are female. Among broker licensees, 56 percent are female, compared with sales agent licensees, where 66 percent are female. More than eight out of 10 Realtors® own their primary residence. However, that number increases with age; the homeownership rate for Realtors® 60 or older is more than 90 percent. Thirty-one percent of Realtors®

REALTORS®' median age also decreased from 57 in 2014 to 53 in 2015, the lowest it has been since 2008 when the median age was 52. 11 percent say that they hire a professional for their drone use. When it comes to technology 93 percent said that their firm has a web presence. When communicating with clients, members say that email, telephone, and text messaging are used most frequently. Seventy percent of members reported using social media, an increase from 65 percent last year. Other technology that members report regularly using includes electronic contact and forms software, contact management software, and e-document preparation programs. Thirty-eight percent of Realtors® reported receiving errors and omissions insurance for their firm making it the most commonly received benefit. Seventy percent of members were compensated under a percentage split-commission. Fifteen percent were compensated by a 100 percent commission, though that is more likely to apply to brokers, 21 percent, than agents, 11 percent. Many Realtors® have had careers in other fields before entering real estate. The most common first careers reported are in management, business or finance, or sales and retail, both

reported that they own residential property for investment, and 9 percent report owning at least one commercial property. Ninety-three percent of Realtors® have some post-secondary education, with 30 percent having completed a bachelor's degree and 12 percent having completed a graduate degree. Realtors® are also active in the political process with 94 percent reporting they are registered to vote, 89 percent voted in the last national election, and 77 percent reported that they voted in their local elections. The 2016 National Association of Realtors® Member Profile is based on a survey of 150,024 members, which generated 10,194 usable responses, representing an adjusted response rate of 6.8 percent. Survey responses were weighted to be representative of state-level NAR membership. Income and transaction data are for 2015 while other data represent member characteristics in early 2016. The study can be ordered by calling 800-874-6500, or online at www.realtor.org/prodser.nsf/Research. The profile is free for credentialed media and costs $14.95 for NAR members and $149.95 for nonmembers.

Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.


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Greater Tampa REALTOR® News

www.GTAR.org

CODE OF ETHICS

ARTICLE 8

The Code of Ethics is a detailed document that spells out the professional responsibilities that every REALTOR® has voluntarily agreed to abide by. REALTORS® shall keep in a special account in an appropriate financial institution, separated from their own funds, monies coming into their possession in trust for other persons, such as escrows, trust funds, clients’ monies, and other like items. Case Interpretation #8-1: Failure to Put Deposit in Separate Account (Revised Case #18-1 May, 1988. Transferred to Article 8 November, 1994. Revised November, 2001.)

REALTOR® A, a listing broker, obtained a signed offer to purchase, together with Buyer C’s check for $5,000 as an earnest money deposit. Buyer C’s offer was subject to the sale of his current residence. REALTOR® A presented the offer to Seller B who accepted it. REALTOR® A then inadvertently deposited the earnest money check in his personal checking account. Since Buyer C’s offer was contingent on the sale of his current home, Seller B’s house remained on the market. A week later, REALTOR® A received another offer to purchase Seller B’s house from another broker and presented it to the seller as a back-up offer. Buyer C was informed about this new offer and reluctantly concluded that he would be unable to waive the sale contingency or proceed with the purchase

of Seller B’s house. He then asked REALTOR® A for his $5,000 check back. REALTOR® A explained that he had mistakenly deposited Buyer C’s check in his personal bank account which had been attached since he received Buyer C’s offer, and he was temporarily unable to refund the deposit to Buyer C. Buyer C filed a complaint with the Board of REALTORS®, which was received by the Grievance Committee. The Grievance Committee concluded that the complaint warranted a hearing and referred it to the Professional Standards Committee. At hearing, REALTOR® A explained that his bank account had been unexpectedly attached following the loss of a civil suit which he was appealing; that his deposit of Buyer C’s check in his personal account was a simple error in handling deposit slips; that he was arranging for the prompt release of his account; and that everything would be straightened out in three or four days, which should not be of great inconvenience to Buyer C. It was the conclusion of the Hearing Panel that REALTOR® A was in violation of Article 8 of the Code of Ethics for having failed to put Buyer C’s earnest money deposit in a special account separate from his personal funds.

Case Interpretation #8-2: Request for Investigation Filed by Board With the State Real Estate Commission

(Originally Case #15-7. Revised and transferred to Article 18 as Case #18-4 May, 1988. Transferred to Article 8 November, 1994. Revised November, 2001.)

REALTOR® A listed Client B’s residential property and sold it to Buyer C, who made a substantial deposit subject only to Buyer C’s obtaining a mortgage on terms and conditions not exceeding a specified rate of interest within 60 days. REALTOR® A assisted Buyer C by introducing

him to officials of a lending institution, and after processing of his application for a mortgage, a written mortgage commitment was made by the lending institution which met the terms and conditions of the sales agreement. However, shortly after the mortgage commitment was received by Buyer C, REALTOR® A received a certified, return receipt requested letter from Buyer C, advising that Buyer C had changed his mind and would not go through with the sale. REALTOR® A discussed the matter by phone, but Buyer C said he would

rather forfeit his deposit and definitely would not complete the sale, even at the risk of the seller suing for specific performance. REALTOR® A then advised Client B of Buyer C’s refusal to go through with the sale and Client B told REALTOR® A that he did not wish to sue Buyer C, but would just accept a portion of the forfeited deposit as specified in the listing agreement between Client B and REALTOR® A. REALTOR® A then obtained a written release from the sale from Client B and Buyer C, and promised CODE, Page 13

PROMOTE YOUR BUSINESS! REALTORS® shall keep in a special account in an appropriate financial institution, separated from their own funds, monies coming into their possession in trust for other persons, such as escrows, trust funds, clients’ monies, and other like items.

Greater Tampa REALTOR® News, the official publication of GTAR, is produced twelve (12) times a year and distributed to more than 8,500 REALTORS® and affiliate business partners throughout the Tampa Bay area. Don’t miss this opportunity to market your company’s message to an engaged audience.

www.gtar.org/advertising


ATTENTION BROKERS! www.GTAR.org

Greater Tampa REALTOR® News

June 2016

7

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Single-Family Homes in Wesley Chapel/New Tampa from the $300’s to the $700’s Broker must accompany client during client’s initial visit to this community. Both the client and Broker must execute the Developer’s Registration Form on the initial visit. Broker must also execute the Developer’s Broker Participation Agreement. The Ridge at Wiregrass is being developed and sold by Pasco County Associates II, LLLP. *$2,500 paid upfront when all contingencies are met. Broker bonus commission subject to change without notice. See your sales associate for details. Equal Housing Opportunity. ©2016 9600-009 2-10-16


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June 2016

Greater Tampa REALTOR® News

www.GTAR.org

LIVING THE GOOD LIFE IS CLOSER THAN YOU THINK.

DISCOVER WATERGRASS ... JUST MINUTES FROM I-75 AND I-275 Where homes enjoy green views on spacious homesites. Private neighborhoods are nestled in nature with each neighborhood featuring its own park. The WaterGrass Club boasts a new fitness center, 5 shade structures, and a Jr Olympic pool and also includes a resort pool with splash pad. The little ones grow and flourish at the onsite school. Visit our beautifully decorated models from a variety of the area’s finest builders. WaterGrass conserves other green, too, with homes in every price range and a variety of quick move-in homes, you’re sure to find the home to fit your clients’ needs!

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www.GTAR.org

Q&A

Greater Tampa REALTOR® News

June 2016

WELCOME NEW MEMBERS Antar Abraham

Martha Glass

Ty Piercefield

Cecilia Acevedo

Tammie Grantham

Charles Pohlman

Robert Alfonso Jr

Leisha Griffin

Michael Prather

Candace Allaire

Juana Harper

Maria Quiroz Velarde

Alfred Allen Jr

Dennis Harris

Josephine Reese Johnson

QUESTION: My name is John Johnson but everyone calls me Johnny. May I use Johnny in my advertising? How about my business cards and sign?

Briana Almerico

Jimei He

Pamela Reyes

James Amos

Angela Hobson

Anthony Robinson

Alan Ardaman

Ili Hsieh

Annette Rodriguez

Eric Auciello

Steven Jackson

Jena Ruffolo

Michelle Ballis

Matthew Jordan

Melissa Rushing

ANSWER: Business cards and signs are considered advertising. The recommended way to use a nickname in advertising is to include it in quotation marks after your first name or first initial. For example: John “Johnny” Johnson or J. “Johnny” Johnson. And any time you use your first name or nickname in any advertising, you must also use your last name as it is registered with the Florida Real Estate Commission.

Roy Bastian

Capri Kim

Ross Simmons

Christine Batsell

Jack Knowles

Brantley Smith III PA

Sherri Bechtold

Christopher Lau

Jaclyn Soles

Bonet Berry

Geral Leath

Lisa Starling

Patricia Bly

William Leith

Katlan Sterling

Kristen Brandt

Alexis Lelekis

Tatiana Stevens

Kimberly Brenner Koepsell

Jonathan Longnecker

Denise Stines

Lori Brown

Stephanie Lopez

Nancy Suarez

Alane Burke

Veronica Lopez

Selyna Taddigs

Brooke Burns

Karina Loza

Karen Tew

Etleva Cara

Frankelly Martinez Santos

Laura Thompson

Janet Coberly

Thomas McAuliffe

Sherri Tobinski

Dominick Colla

Elena Mejias

Marilyn Torres

German Cordero

Sherlene Mendez Vaz

Nestor Torres Rivera

Kelly DeCarlucci

Laquan Mitchell

Brenda Strube

Madelyn Dombrow

Robert Mitchell II

Charles True

Tara Dorsey

Massiel Montas

Manuela Valdivieso

Mark Dunn

Maxibel Morillo

Wilson Vera

Theresa Evans

James Mourant

Jean Weber

Travis Fatico

Nancy Nichols

Christopher Wheat

Geoffrey Flournory

John Palmerson

Jairus Wilkerson

Anamaria Giraldo

Shivangiben Patel

Pamela Williams

Can I use my nickname, instead of my legal name on my business card?

The Florida Realtors Legal Hotline is a free benefit available to all members. Call: 407.438.1409. Hours are 9 a.m. - 4:45 p.m., Monday - Friday. The information and materials in this column are provided by Florida REALTORS® for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.

Special thanks to our May 13 and May 26, 2016 Orientation Sponsors

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Greater Tampa REALTOR® News

www.GTAR.org

CALENDAR JUNE 2016 WEDNESDAY, JUNE 1  EALTORS® Commercial Alliance Committee R 10:30AM - 12:00PM  he Deal Room/Commercial Pitch T 1:00PM - 2:30PM

G  TAR Board/Committee Meetings E  ducational Opportunities M  LS Computer Classes

THURSDAY, JUNE 9  ommunications Committee C 9:30AM - 11:00AM  roperty Managers Task Force P 10:00AM - 11:00AM  lorida REALTORS®: Meet the Candidates F ALL DAY

FRIDAY, JUNE 10 THURSDAY, JUNE 2  eneral Membership Meeting G 9:30AM - 11:30AM REALTOR®/Attorney Committee 1:00PM - 2:30PM

FRIDAY, JUNE 3  overnmental Affairs Committee G 9:30AM - 11:30AM  EALTORS® Political Actions Committee (RPAC) R 10:45AM - 12:15PM

 ew Member Orientation N 8:00AM - 1:00PM

MONDAY, JUNE 13  ppraisal Task Force A 10:00AM - 11:30AM  echnology Committee T 10:00AM - 12:00PM I nternational Council 3:00PM - 4:30PM

 ode of Ethics C 1:00PM - 4:00PM

WEDNESDAY, JUNE 8  ffordable Housing Committee (AHC) A 9:30AM - 11:00AM  ffiliates/Business Partner Meeting A 10:00AM - 11:30AM  air Housing Committee F 11:00AM - 12:30PM

Licensing/Renewal Class Special Events

WEDNESDAY, JUNE 15  egal Lounge L 9:30AM - 11:00AM

WEDNESDAY, JUNE 15  dvanced Matrix A 9:00AM - 12:00PM iMapp 1:00PM - 3:00PM

THURSDAY, JUNE 16  rievance Committee G 9:30AM - 1:00PM

FRIDAY, JUNE 17  rofessional Development Committee (PDC) P 10:00AM - 11:30AM

MONDAY, JUNE 20 TUESDAY, JUNE 14

TUESDAY, JUNE 7

Orientation

 LS Basic M 9:00AM - 12:00PM  oung Professionals Network Committee Y 10:00AM - 11:30AM  ompliance 101 C 1:00PM - 2:30PM  dding/Editing Listings A 3:00PM - 4:30PM  echnology User Group T 5:30PM - 7:30PM

 oard of Directors Meeting B 9:30AM - 1:00PM

TUESDAY, JUNE 21  LS Basic M 9:00AM - 12:00PM  HA 203(k) F 9:30AM - 12:30PM

WEDNESDAY, JUNE 29  EALTORS® Commercial Alliance Training R 10:30AM - 12:00PM

 inance Committee F 1:30PM - 3:00PM

The new GTAR website and upgraded Member Portal will launch on Tuesday, June 7. Stay tuned!

JULY 2016 FRIDAY, JULY 1  EALTORS® Political Actions Committee (RPAC) R 10:45AM - 12:15PM

WEDNESDAY, JULY 6  EALTORS® Commercial Alliance Committee R 10:30AM - 12:00PM  he Deal Room/Commercial Pitch T 1:00PM - 2:30PM

THURSDAY, JULY 7 REALTOR®/Attorney Committee 1:00PM - 2:30PM

FRIDAY, JULY 8  ew Member Orientation N 8:00AM - 1:00PM

MONDAY, JULY 11 I nternational Council 3:00PM - 4:30PM

TUESDAY, JULY 12  ode of Ethics C 9:30AM - 12:30PM  oung Professionals Network Committee Y 10:00AM - 11:30AM  echnology User Group T 5:30PM - 7:30PM

WEDNESDAY, JULY 13  ode of Ethics C 9:30AM - 12:30PM  ffordable Housing Committee (AHC) A 9:30AM - 11:00AM

WEDNESDAY, JULY 13  ffiliates/Business Partner Meeting A 10:00AM - 11:30AM

WEDNESDAY, JULY 13  air Housing Committee F 11:00AM - 12:30PM  inance Committee F 1:30PM - 3:00PM

THURSDAY, JULY 14  earching, Reports, and Contact Management S 9:00AM - 12:00PM  ommunications Committee C 9:30AM - 11:00AM  roperty Managers Task Force P 10:00AM - 11:00AM I ntro to Transaction Desk 1:00PM - 3:00PM

FRIDAY, JULY 15  egional Coalition Meeting R 10:30AM - 12:00PM  rofessional Development Committee (PDC) P 10:00AM - 11:30AM

MONDAY, JULY 18  oard of Directors Meeting B 9:30AM - 1:00PM

TUESDAY, JULY 19  ompliance 101 C 1:00PM - 3:30PM  dding/Editing Listings A 3:00PM - 4:30PM

www.GTAR.org

WEDNESDAY, JULY 20  egal Lounge L 9:30AM - 11:00AM GRI 9:00AM - 5:00PM

THURSDAY, JULY 21 GRI 8:30AM - 6:00PM  dvanced Matrix A 9:00AM - 12:00PM  rievance Committee G 9:30AM - 1:00PM

FRIDAY, JULY 22  ew Member Orientation N 8:00AM - 1:00PM

TUESDAY, JULY 26  LS Basic M 9:00AM - 12:00PM  ompliance 101 C 1:00PM - 2:30PM  dding/Editing Listings A 3:00PM - 4:30PM

WEDNESDAY, JULY 27  EALTORS® Commercial Alliance Training R 10:30AM - 12:00PM

THURSDAY, JULY 28 GRI 9:00AM - 5:00PM

FRIDAY, JULY 29 GRI 8:30AM - 6:00PM


www.GTAR.org

Greater Tampa REALTOR® News

June 2016

11

EDUCATIONAL OPPORTUNITIES GTRN DISPLAY

LEGAL LOUNGE

CREDIT SCORING 1-2-3

EARN

2 CE

CREDITS

FREE BENEFIT FOR MEMBERS

Increase your awareness about pending litigation and recent case law in which brokerages and property managers were involved, as well as obtain information on escrow disputes, procuring cause claims and short sales and foreclosures. Attorney Mercedes Gonzalez-Hale, P.A. will facilitate this question and answer session and provide various legal updates.

WEDNESDAY, JUNE 15, 2016 9:30 a.m. - 11:00 a.m.

GTAR CONFERENCE ROOM 203 GTRN DISPLAY

Good Credit or Bad Credit? In this course, you will learn tips geared toward assisting customers: • Helping your customer determine what type of debt is owed. • Explaining a credit score. • Describing ways to improve their credit and what steps to take.

WHEN:

JUNE 15, 2016

1:00 p.m. - 3:30 p.m. WHERE:

GTAR AUDITORIUM (2918 W. Kennedy Blvd.)

COST:

FREE for members

$10 for non-members

• Explain Credit Re-Scoring to a customer and how it may benefit them when applying for a mortgage. Course is state-approved for 2 hours of CE Credits (signing-in/out is required for credit).

Instructed by Sean Stephens of Metroplex Mortgage Services.

GTRN DISPLAY

The Bay Area Real Estate Council (BAREC) and Greater Tampa Association of REALTORS® (GTAR) proudly present

REAL ESTATE AND DRONES: It’s Not Just Sci-Fi Anymore!

COMMERICAL PITCH Have commercial listings to sell? Want to hear how the pros sell their commercial listings? Commercial Pitch is great way to “pitch” your commercial listings to other agents and match your sellers and buyers needs while building rapport and creating success.

WHEN:

JULY 6, 2016

Experience real drones in action!

Wednesday, June 22

1:00 p.m. - 3:30 p.m.

4:00 - 7:00PM • GTAR Auditorium

WHERE:

Join BAREC and GTAR for an exciting interactive program highlighting the evolving legal and practical complexities of the use of drones. Drones are becoming increasingly common in our community and are having an impact on how real estate is being marketed, monitored and evaluated. Come learn how drones could have an impact on you, your clients, and your legal practice.

GTAR 1ST FLOOR CONFERENCE ROOM (2918 W. Kennedy Blvd.)

COST:

FREE for members

Be sure to RSVP for a complimentary lunch, which starts at 12:30 p.m. For more information, contact Rebecca@GTAR.net.

GTAR Members - Please register online at www.gtar.org. Cost is $10 per member.

REGISTER ONLINE AT www.GTAR.org


12

June 2016

Greater Tampa REALTOR® News

www.GTAR.org

AFFILIATE BUSINESS PARTNERS

Affiliates Say Thanks!

We had a great time celebrating the 14th Annual GTAR Affiliates Golf Tournament. There were plenty of winners across the board, from the many Golf challenges to the raffle prizes. We would like to thank every golfer that came to play and support the REALTORS® Care Foundation. We saw many new faces and plenty of old friends. This event would not have been as wonderful without the work of our amazing Golf Committee Chair, Fred Procise. We're keeping our fingers crossed in hopes that you will also be our committee chair for next year's golf tournament!

We also want to thank this year's golf committee members: Bridget Jenkins Wilson (Cardinal Roofing), Kevin Maxfield (Suddath Relocation Systems), Marie Combs (Hillsborough Title), Lynn Buice (L&M Insurance Group Inc.), Robert Blobner (1-Inspector), Tracey Rose-Pines (Robert Stringer & Associates), Rick Freeman (Haskell Termite & Pest Control), Hope Schneider (Freeman’s Office Furniture), Debra Kampel (Wells Fargo Home Mortgage), Jerry Smith (A Snoop Inspection), Kimberly Martin (North American Title), and Steve Barker (RELTCO Inc).

Big shout out to the sponsors, who made this event possible: A Snoop Inspection, Advanced Insurance, All Insurance, Allstate Insurance, Alpha Omega Title, American Bancshares Mortgage, Cardinal Roofing, DavidWeekleyHomes. com, E Mortgage Management, Fairway Independent Mortgage, Flagship Title, Florida Building Inspection Group, Freedman's Office Furniture, Greenleaf Title, Grow Financial, Haskell Termite & Pest Control, Hillsborough Title, Homeside Financial, Hughes Exterminators, Longo Inspection, MIDFLORIDA Credit Union, Quick Quote

Mortgage, Robert Stringer & Associates, Suddath Relocation Services, Taylor Warner Kitchens, US Inspect, and VanDyk Mortgage. While we are on a roll with the thank you, let's also thank Mike Utaegbulam, GTAR's Communications/PR Director, for all the wonderful changes to help promote our Affiliate program. Did you check out the new weekly online newsletter? It’s full of good information, it’s what’s going on and where to be! Keep an eye on the Affiliate Connection emails for upcoming networking events. We are planning our Affiliate Expo and shooting

BY FRANCINE VILLA Affiliates Business Partners Chair for August, you don’t want to miss that event. And our “Party with a Purpose/ REALTOR® Meet Up” is bringing new locations and new give-aways this year! We Affiliate Business Partners work hard at GTAR to support the REALTORS® Care Foundation who is working hard to help first time homebuyers, what a great TEAM!

More updates are coming soon!

Getting to Know your Affiliate Business Partner Our June Affiliate Business Partner spotlight is Fred Procise with Pro-Motions+PLUS (ASI 198353) CELL: 813-361-4568 • OFFICE: 813-436-0823 2405 Arborwood Drive • Valrico, FL 33596. We have a background in Advertising going back over 40 years. We have specialized in the Promotional Product business exclusively since 1990. Promotional products are an important investment for your business. Why? Items like mugs, pens, t-shirts are memorable and provide a better cost per impression for advertisers than almost every major marketing effort like TV, magazines and the internet. “Let Everyone See Your Name” is our motto; to reach that goal we offer specialized service. This includes quality products and customer service. We have several thousand suppliers of promotional products on our website. Contact us at for a customized search, with no obligation to purchase. Send us your targeted market, quantity and budget and we will send you several suggested products. Our mission is to offer prompt response and help you create long lasting relationships with your clients through the power of promotional products.

Welcome to our Newest Affiliate Business Partners Jay Wazelle Landtec Surveying

Nareen Pryor Hybrid Construction, LLC

Scott Johnson Spouses Watching Houses

Susan Capitano-Hooker Homeside Financial

Lindsey Parks Fairway Independent Mortgage

April Davison Relevo LLC

PARTY with a

PURPOSE Come and network for a great cause!

Enjoy drinks and appetizers while networking with local REALTORS® in the Tampa Bay Area. This is a free event that is open to all real estate professionals, with all proceeds going to a our charity, the REALTORS® Care Foundation!

JUNE 16, 2016 4:30PM - 7:30PM

Blue Martini

2223 NW Shore Blvd B203, Tampa, FL 33607

Complimentary event for members and affiliate business partners.


www.GTAR.org

MY FLORIDA REGIONAL MLS CALENDAR

Greater Tampa REALTOR® News

Code From Page 6

MLS BASIC (3 HOURS) JUNE 14 • 9AM-12PM This class will teach both new and returning agents the basic functionality in Fusion including search, printing and emailing. You will also learn about additional resources and member benefits provided by My Florida Regional MLS, and more. This is a mandatory class for all new members to be completed within 60 days of joining. COMPLIANCE 101 (1.5 HOURS) JUNE 14 • 1PM-2:30PM A mandatory class for all new members to be completed within 60 days of joining. 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 & EDITING LISTINGS (1.5 HOURS) JUNE 14 • 3PM-4:30PM This class is mandatory if you will be adding and modifying listings in the MLS. Learn how to input and modify listings, enter photos, and add attachments along with valuable tips and techniques. Class is available through live webinars at MFRMLSUniversity.com or at any Association. ADVANCED MATRIX (2 HOURS) JUNE 15 • 9AM-12PM This class will teach you how to utilize marketplace statistics that are available through the MLS or through member benefit products. iMAPP (2 HOURS) JUNE 15 • 1PM-3PM This class provides a comprehensive overview of the iMapp tax system. iMapp offers a wide variety of information (including tax information, permits, characteristics, comps reports, market data, and neighborhood demographic information) on any property in the state. You can also run a search for properties based on a variety of fields from tax data, MLS data or foreclosure data. iMapp also generates mailing labels based on your search results.

to send Client B a check for the portion of the forfeited deposit due to Client B as specified in the listing agreement. However, REALTOR® A failed to send Client B a check and Client B filed a complaint with the Executive Officer of the Board alleging a violation of Article 8 of the Code of Ethics. At the hearing, Client B stated that he had no complaint about REALTOR® A’s services to him except

REALTOR® A’s failure to provide Client B with the portion of the forfeited deposit due him, and that after several telephone calls and letters, REALTOR® A had told Client B that he would provide the forfeited monies due Client B “just as soon as he could.” Client B said REALTOR® A told him he had some unexpected expenses and therefore Client B would have to wait until REALTOR® A obtained

June 2016

other funds which he expected to receive shortly. REALTOR® A admitted the facts as related and further admitted that he had not placed the deposit received from Buyer C into an escrow account, but had placed it in his general funds. He said that unexpected expenditures had caused a deficit balance in these funds, and he would pay Client B as soon as he could. The Hearing Panel concluded that REALTOR® A was in violation of Article 8 of the Code of Ethics and recommended that the decision, when final, be forwarded to the State Real Estate Commission as a possible violation of the public trust. The Board of Directors affirmed the decision of the Hearing Panel; ordered implementation of the recommended sanction; and requested that the President forward, with advice of Board legal counsel, the final decision to the State Real Estate Commission as a possible violation of the public trust.

SAVE THE DATE

105TH Annual Installation & Awards Banquet Celebrating the installation of

Joe Perez

and the 2017 Officers and Directors

Women’s Council of REALTORS®

Business Resource Meeting Guest Speaker

Pat Frank

Clerk of the Hillsborough County Circuit Court

December 1, 2016 4:30 p.m. – 7:30 p.m. Whiskey Joe’s 7720 W. Courtney Campbell Causeway

Find out what you need to know about how the Clerk’s office functions! Joint Meeting with the Florida CRS Chapter

Thursday, May 16, 2016 11:00 a.m. - 1:45 p.m.

Maggiano's Little Italy

203 Westshore Plaza • Tampa, FL 33609

Cost: $25. Register online at www.WCRTampa.com

Sunset Toast at 5:34 p.m.

13


14

June 2016

Greater Tampa REALTOR® News

www.GTAR.org

MLS STATISTICS

APRIL 2016

Monthly Market Detail - April March2016 2016 Single Family Homes Hillsborough County

Monthly Market Detail - April 2016 Single Family Homes Hillsborough County Month

Summary Statistics

April 2016

March 2016 February 2016 1,718 January 2016 406 December 2015 $207,545 November 2015 October 2015 $258,980 September 2015 $444.9 Million August 2015

Sales The number of Closed Sales during the monthClosed in which Paid in Cash buyers exclusively paid in cash Median Sale Price

Average SaletoPrice Economists' note : Cash Sales can be a useful indicator of the extent which investors are participating in the market. Why? Investors are Dollar Volume far more likely to have the funds to purchase a home available up front, July 2015 Medianother Percent of Original whereas the typical homebuyer requires a mortgage or some June 2015 96.8% List Price Received form of financing. There are, of course, many possible exceptions, so May 2015 this statistic should be interpreted with care. Median Time to ContractApril 2015 30 Days Median Time to Sale

2012

800

2013

200

2015 1,642

-4.3%

2,115

2,046

3.4%

Pending Inventory

2,565

2,775

-7.6%

Inventory (Active Listings)

5,119

5,423

-5.6%

Months Supply of Inventory

3.4

3.9

-12.8%

50% 1,500 40% 1,000 30% 20% 500 10%

29.8% 1,499 4,057 27.9% 1,646

$238,686

26.4% 1,783 1,397 27.7% 1,869 $170,000 28.6% 1,586 29.5% 1,639 $220,883 2015 2015Million $896.1

Median Percent of Original List Price Received

96.4%

95.4%

1.0%

Median Time to Contract

32 Days

45 Days

-28.9%

Median Time to Sale

77 Days

87 Days

-11.5%

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

Data released on Friday, Wednesday, May 20, April 2016. 20, 2016. Historical Historical data revised data revised on Friday, on Friday, February February 26, 2016. 26, 2016. Dollar Dollar Volume Volume revised revised on April on 15, April 2016. 15,2016. Next5,762 data Nextrelease data release is Wednesday, is 6,098 Friday, June May 22, 20, 2016.-5.5% Pending Inventory

Inventory (Active Listings)

13,033

14,386

-9.4%

Months Supply of Inventory

3.4

4.1

-17.1%

Closed Sales

Monthly Market Detail - April 2016 The number of sales transactions which closed during Townhouses the month and Condos Tampa-St. Petersburg-Clearwater MSA

Economists' note : Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. When comparing Closed Sales across markets of differentSummary sizes,Statistics we recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market Closed metrics) Salesare affected by seasonal cycles, so actual trends are more accurately Paid in Cash represented by year-over-year changes (i.e. comparing a month's sales to the amount of sales in the same month in the previous year), Medianrather Sale Price than changes from one month to the next.

Average Sale Price

2012

Percent Change Year-over-Year

April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015April 2016 September 2015 August 2015 1,629 July 2015 898 June 2015

4,212 4,156 3,287 2,710 3,900 3,056 3,765 April 2015 3,827 4,031 1,510 4,467 920 4,646

3.8% 4.2% 4.9% 7.4% 2.3% 0.3% Percent Change 4.3% Year-over-Year 11.3% 13.4% 7.9% 27.5% -2.4% 27.6%

May 2015 $131,000 April 2015 $176,524

4,041 $121,050 4,057 $169,592

12.7% 8.2% 19.8% 4.1%

2013

Dollar Volume

4,000

2014

$287.6 Million

2015 $256.1 Million

Median Percent of Original List Price Received

2,000

Median Time to Contract

34 Days

45 Days

-24.4%

Median Time to Sale

76 Days

85 Days

-10.6%

1,000 0

95.7%

94.1%

1.7%

1,688

1,724

-2.1%

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Friday, May 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Wednesday, June 22, 2016.

Pending Inventory

1,836

1,905

-3.6%

Inventory (Active Listings)

4,791

5,211

-8.1%

Months Supply of Inventory

3.6

4.3

-16.3%

Closed Sales

Percent Change Year-over-Year

1,629 1,417 1,120 952 1,370 1,159 1,220 April 2015 1,313 1,258 1,308 1,419 $214,450 1,486 1,450 294 1,510

7.9% -1.5% -1.8% 1.3% 8.8% 13.7% Percent Change -0.3% Year-over-Year 15.9% 18.5% 11.3% 14.6% 1.7% 22.1% 16.2% -41.5% 21.0%

Closed Sales

Month

Monthly Distressed Market - April 2016 The number of sales transactions which closed during Single Family Homes the month Hillsborough County

April 2016 March 2016 February 2016 January 2016 December 2015 Economists' note : Closed Sales are one of the simplest—yet most November 2015 important—indicators for the residential real estate market. When October 2015April 2016 comparing Closed Sales across markets of different sizes, we September 2015 recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market metrics)Closed are Sales August 2015 1,491 affected by seasonal cycles, so actual trends are more accurately Traditional July 2015 represented by year-over-year changes (i.e. comparing a month's Median sales Sale Price June 2015 $218,000 to the amount of sales in the same month in the previous year), rather May 2015 than changes from one month to the next. 172 Closed Sales April 2015 Foreclosure/REO 2012 2013 $141,086 Median2014 Sale Price

Closed Sales

2,000 1,500

Closed Sales

55

2015$120,363 87

-36.8%

Median Sale Price

$149,900

$145,000

3.4%

500

2012

2013

2014

2015

Traditional

Foreclosure/REO

Short Sale

Data released on Friday, May 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Wednesday, June 22, 2016.

90% 70% 60% 50% 40% 30%

26.6% 1,263 29.8% 1,295 27.9% 1,196 26.4% 991 27.7% 1,245 28.6% 1,115 1,273 2015 1,291 1,374 1,515 1,535 1,419 1,397

-8.0% -4.5% 2.5% 22.3% 15.6% -2.4% -1.1%

1,000 500

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Month

Monthly Market Detail - April 2016 The percentage of Closed Sales during the month Townhouses Condos which wereand Cash Sales Tampa-St. Petersburg-Clearwater MSA Economists' Cash Salesnote :

This statistic is simply another way of viewing Cash Sales. The remaining percentages of Closed Sales (i.e. those not

The of Closed Sales during in which paidnumber fully in cash) each month involved somethe sortmonth of financing, such as mortgages, owner/seller financing, assumed loans, etc. buyers exclusively paid in cash

Economists' note : Cash Sales can be a useful indicator of the extent to 2013Why? Investors are which investors are2012 participating in the market. 60% far more likely to have the funds to purchase a home available up front, 50% whereas the typical homebuyer requires a mortgage or some other 40% form of financing. There are, of course, many possible exceptions, so 30% this statistic should be interpreted with care. 20% 10% 0% 1,200

April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 Month 2015 October September 2015 April 2016 August 2015 March 2016 July 2015 February 2016 June 2015 January 2016 May 2015 December 2015 April 2015 November 2015 October 2015 2014 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

30.0% 31.2% 36.4% 36.6% 31.9% 36.5% 33.8% Cash Sales 33.7% 898 34.1% 819 33.9% 673 33.0% 544 35.1% 746 34.4% 701 692 2015 736 727 796 849 834 920

-12.8% -15.9% -15.3% -15.9% -13.3% -6.2% Percent Change -11.7% Year-over-Year -14.2% -2.4% -9.5% -5.2% -4.2% -9.7% -9.6% -12.5% -13.3% -1.8% -17.5% 14.7% -6.0% 2.4% 6.3% 8.4% 15.5% 6.6% 10.6%

J F M A M J2012 J A S O N D J F M A M J2013 J A S O N D J F M A M J2014 J A S O N D J F M A M J2015 J A S O N D J F M A

1,000

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

800Friday, May 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Wednesday, June 22, 2016. Data released on 600 400 200 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Cash Sales as a Percentage of Closed Sales

Month

Monthly Distressed Market - April 2016 The percentage of Closed Sales during the month Townhouses Condos which wereand Cash Sales Hillsborough County

April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015April 2016 Economists' note : This statistic is simply another way of viewing September 2015 Cash Sales. The remaining percentages of Closed Sales (i.e. those not Closed Sales August 2015 441 paid fully in cash) each month involved some sort of financing, such as Traditional July 2015 mortgages, owner/seller financing, assumed loans, etc. June 2015 $147,000 Median Sale Price May 2015 46 Closed Sales April 2015 Foreclosure/REO 2012 2013 2014 $85,000 Median Sale Price 100% 80%

Closed Sales

60%

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

55.1% 57.8% 60.1% 57.1% 54.5% 60.5% 56.7% April 2015 56.1% 356 55.6% 56.1% $148,875 57.1% 57.5% 101 60.9%

-9.5% -3.7% -8.1% -13.7% -9.8% 0.8% Percent Change -5.7% Year-over-Year -11.7% 23.9% -4.5% -5.4% -1.3% -5.5% -8.3% -54.5% -8.7%

2015 $68,575

24.0%

10

26

-61.5%

$69,000

$77,500

-11.0%

Short Sale Median Sale Price

40% 20% 0%

2012

2013

2014

2015

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Traditional

Foreclosure/REO

Short Sale

Produced by100% Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Friday, May 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Wednesday, June 22, 2016.

90% 80% 70% 60% 50% 40% 30% 20%

10%

10% 0%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

$250,000

$160,000 $140,000

$200,000

$120,000

ce

ce

-17.5% -14.6% -24.2% -22.3% -10.0% -17.9% Percent Change -22.1% Year-over-Year -18.2% -9.6% -4.8% -12.4% -2.1% -11.2% -13.2% -9.7% -14.2% -11.1% -21.0% -6.0%

J F M A M J2012 J A S O N D J F M A M J2013 J A S O N D J F M A M J2014 J A S O N D J F M A M J2015 J A S O N D J F M A

Cash Sales as a Percentage of Closed Sales

20% 0%

0%

0

Closed Sales

Closed Sales

80%

10%

Percent Change Year-over-Year

23.6% 25.2% 26.9% 29.2% 27.1% 27.1% Cash Sales 25.8%

Data released on Friday, May 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Wednesday, June 22, 2016.

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Produced by100% Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

20%

October 2015 2014September 2015 August 2015 July 2015 June 2015 May 2015 April 2015

Percent of Closed Sales Paid in Cash

Produced by1,500 Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

17.2%

Short Sale

1,000

Economists' note : Cash Sales can be a useful indicator of the extent to which investors are2012 participating in the market. 2013Why? Investors are far60% more likely to have the funds to purchase a home available up front, 50% whereas the typical homebuyer requires a mortgage or some other 40% of financing. There are, of course, many possible exceptions, so form 30% this statistic should be interpreted with care. 2,000

J F M A M J J A S O N D J F M A M J J A S O N DNew J FPending M A M J J A S O N D J 1,229 F M A M J J A 1,310 S O N D J F M -6.2% A Sales

New Listings

0

This statistic is simply another way of viewing Cash Sales. The remaining percentages of Closed Sales (i.e. those not

The of Closed Sales during in which paidnumber fully in cash) each month involved somethe sortmonth of financing, such as mortgages, owner/seller financing, assumed loans, etc. buyers exclusively paid in cash

12.3%

3,000

April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 Month 2015 October September April 2016 2015 August2016 2015 March July 20152016 February June 2015 January 2016 May 2015 2015 December April 2015 2015 November

Cash Salesnote : Economists'

Cash Sales

Closed Sales

5,000

Closed Sales

Month

2015

Month

Monthly Market Detail - April 2016 The percentage of Closed Sales during the month Single Family Homes which were Cash Sales Tampa-St. Petersburg-Clearwater MSA

Cash Sales

3.5%

-13.2% -12.0% -20.4% -18.7% -9.6% -19.2% -15.9% -11.0% 8.4% 20.3% 9.6% -2.2% -5.6%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Cash Sales as a Percentage of Closed Sales

12.2%

4,958

406 409 348 296 413 329 391 398 491 498 493 439 468

200

Pct. of Closed Sales Paid in Cash

5,134

2014

Percent Change Year-over-Year

400

Sales JJ FF MM AAMM J J J J A AS SO ON ND DJ JF M A M J J AJ SA OS NO DNNew JD FPending F M J AJ 3,907 SJ OA NS DO J N F DM J-5.5% AF M F M A M J MF AMM A J MJ JA JS AO SN OD NJ D3,692 J AF M JA M New Listings

2013

Cash Sales

600

0

-21.1% 19.5% 8.1%

$1.0 Billion

2012

800

-13.2% 22.9% -9.6% -14.2% 26.3% 11.8% -21.0% 14.2%

Dollar Volume 20142014

April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015

Economists' note : Cash Sales can be a useful indicator of the extent to which investors are participating in the market. Why? Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing. There are, of course, many possible exceptions, so this statistic should be interpreted with care.

Pct. of Closed Sales Paid in Cash

60% 2,000

August 20152015 September July 2015 August 2015 4,212 June2015 2015 July 1,263 May 2015 June 2015 April2015 May 2015 $190,000

-14.6% 4.8% -24.2% 3.0% -22.3% 5.3% -10.0% 5.0% -17.9% 0.4% -22.1% -1.6% Percent Change 7.8% -18.2% Year-over-Year -4.8% 8.9% 3.8% -2.1% 13.6%

April March2015 2015

Average Sale Price

2013 2013

Percent Change Year-over-Year

25.2% 1,718 26.9% 1,623 29.2% 1,296 27.1% 1,015 27.1% 1,522 25.8% 1,214 April 2015 26.6% 1,516

Month

Economists' note : Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. When comparing Closed Sales across markets of differentSummary sizes,Statistics we Economists' note : This statistic is simply another way of viewing recommend comparing the percent changes in sales rather than the Cash Sales. The remaining percentages of Closed Sales (i.e. those not Salesare number of sales. Closed Sales (and many other market Closed metrics) paid fully in cash) each month involved some sort of financing, such as affected by seasonal cycles, so actual trends are more Paid accurately in Cash mortgages, owner/seller financing, assumed loans, etc. represented by year-over-year changes (i.e. comparing a month's sales Medianrather Sale Price to the amount of sales in the same month in the previous year), than changes from one month to the next. 2012 2012

Percent of Closed Closed Sales Sales Paid in Cash

April March2016 2016 February March 2016 2016 January 2016 February 2016 December January 2016 2015 November 2015 December October 2015 November 2015 April 2016 September October 2015 2015

Month

The number of Closed Sales during the month in which buyers exclusively paid in cash

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

Monthly Market Detail - April 2016 The number percentage of sales of Closed transactions Sales during whichthe closed month during Single Family Homes which the month were Cash Sales Tampa-St. Petersburg-Clearwater MSA

Pct. Closed of Closed Sales Sales Paid in Cash

498 96.4% 493 439 41468 Days

1,571

Cash Sales as a Percentage of Closed Sales Closed Sales

0% 0

86465 Days

-12.0% 4.8% -20.4% -18.7% -13.2% -9.6% 6.4% -19.2% -15.9% 7.0% -11.0% 12.2% 8.4% 20.3% 0.4% 9.6% -2.2% -26.8% -5.6% -1.3% -10.5%

Cash Sales

Pct. of Closed Sales Paid in Cash

Cash Sales

400

0

2014

409 1,639 348 296 468 413 $195,000 329 391 $242,038 398 $396.7 Million 491

Percent Percent Change Change Year-over-Year Year-over-Year

New Listings

New Pending Sales

600

March 2015 77 Days

Cash Sales April 2015

Cash Sales

Cash Sales

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A


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Greater Tampa REALTORÂŽ News

June 2016

15

LOCAL TRENDS Even in seller's market, many Tampa Bay home sellers are asking too much It may be a seller's market, but try telling that to a lot of overly optimistic ones. BY SUSAN TAYLOR MARTIN, Tampa Bay Times Staff Despite a shortage of available properties in the Tampa Bay area, sellers are reducing prices on hundreds of homes even before the first offer comes in and the true haggling begins. "The buyer will pay what the house is worth, but they are not paying any more than the house is worth," says Vince Pennino, a veteran Coldwell Banker agent in Tampa. "That sounds simple and crazy, but there was a time when they would." In the past seven days alone, there have been price reductions on nearly 1,000 single-family bay area homes, according to the Multiple Listing Service. Many of those already had price drops and some are in especially hot markets like Tampa's Davis Islands and Seminole Heights and St. Petersburg's Old Northeast and Snell Isle. The problem is, many sellers assume that a hot market means they can get top dollar for their home. "You always think your house is better than all the other houses because you live there," says Ann Rogers, an agent with Northstar Realty in St. Petersburg. "It doesn't matter what the reality is." Last year, Rogers began noticing a significant number of price reductions as she searched on MLS for homes that were south of Pinellas County's Ulmerton Road and that were on the market for at least $500,000. "All of sudden in November, the price decreases started outweighing the new listings," she said. That perplexed her. At a time when the supply of homes was so tight, shouldn't demand have been keeping prices up? "So I thought, 'What's going on here?' " Rogers continued, "and it must be that real estate agents in pricing property must

have overshot the market and the market isn't going up as fast as we anticipated, and now we're getting a course correction." That trend continues today and isn't confined to more expensive homes in southern Pinellas County. Homes in all price ranges and all areas are seeing reductions. Seminole Heights, for example, remains highly popular with buyers for its neighborly feel, its

shops and restaurants and, most of all, its charming old bungalows. In the past seven days, 23 homes have sold or gone under contract and only 12 new ones have come on the market to replace them. Yet in the same period, prices were dropped on 17 houses — some by as much as 6 percent. Overall, Tampa Bay's real estate market is recovering well from the housing crash. In March, the

median price for a single-family home rose nearly 11 percent yearover-year to $187,000, continuing a steady upward trend in prices. None of the four counties in the metro area had more than a fourmonth supply of homes for sale. Still, in just the past seven days, prices have been cut on 436 single-family homes in Hillsborough, 321 in Pinellas, 200 in SELLERS, Page 18

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CANDID CAMERA AFFORDABLE HOUSING

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Pasco and 29 in Hernando. For Hillsborough and Pinellas, that's 11 percent of all active listings. And some of those houses that didn't have price decreases in the past week might have dropped in price earlier. "There's been a ton'' of reductions, said Pennino, the Tampa agent, adding that they generally are the

result of sellers overestimating their home's true worth. Places that haven't sold for the original price "were really priced too high — it's not that they were priced right and the market was softening," he said. "We've seen some very nice little gains, but I tell my clients the same thing: The way the market is now, if you

put a good, fair price on it — I don't mean give it away — it will sell, and if you don't, it won't sell." After 28 years in the business, Pennino says he can predict the ultimate selling price 99 percent of the time even if it's not the same price the seller would like. But he acknowledges that determining a "good, fair price" is harder in some areas than others. In Brandon, with a lot of newer homes and townhomes of similar styles, pricing

is relatively easy. In South Tampa, where many older homes have undergone extensive modifications, it can be a challenge. During the housing bubble, sellers asked — and often got — what in retrospect were ridiculously inflated prices for their homes. That "irrational exuberance," as former Federal Reserve Chairman Alan Green­span called it, has been held in check by tighter lending and appraisal standards. Among today's home

sellers, those who have previously bought and sold residential property tend to be more realistic in their asking prices, Rogers of Northstar says. Sellers who aren't realistic and end up cutting the price might find that their homes are going unsold much longer than they hoped. "Once you start decreasing the value of the house, it becomes tainted property," Rogers said. "People automatically say, 'What's wrong with it?'


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Greater Tampa REALTOR® News

June 2016

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View all available inventory at LennarTampa.com Photographs are solely for illustrative purposes and should never be relied upon. The specific elevations of a home and features in a home may vary from home to home and from one community to another. Please see your New Home Consultant and home purchase and sale agreement for actual features designated as an Everything’s Included® feature, additional information, disclosures, and disclaimers relating to your home and its features. We reserve the right to substitute features, equipment, material, appliances and brand names with items of equal or higher, in our sole opinion, value. Color and size variations may occur. Photographs may contain options which are not standard on all models. All maps are not to scale and are for relative location purposes only. Offer valid only in states where not prohibited by law. Copyright © 2015 Lennar Corporation. All rights reserved. Lennar, the Lennar logo, Everything’s Included Homes, the Everything’s Included logo, Knowology and the Knowology Logo are registered service marks or service marks of Lennar Corporation and/ or its subsidiaries. CGC1518166 (05/16)

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