Naples Area Board of Realtors Q2

NAPLES AREA BOARD OF REALTORS® MAGAZINE

Q2 2022

An Unprecedented

Market

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Antilles Antilles

is is conceived conceived as as an island resort set off by an island resort set off by its its own own richly richly landscaped landscaped walls of deep walls of deep green green foliage.

Its setting foliage. Its setting is is its its centerpiece.

All that centerpiece. All that its its name implies exotic, name implies - exotic, remote, remote, unlike unlike your your everyday is at the everyday - is at the heart heart of this community. of this community.

Antilles’ Antilles’ 54 54 acre acre site site is is removed from the whirl removed from the whirl that that surrounds surrounds a a world world class resort town class resort town like like Naples.

Naples.

Its Its handsome handsome and and gracefully proportioned gracefully proportioned buildings buildings are are architecturally architecturally detailed detailed to communicate to communicate classic classic West Indies Island West Indies Island style style refined by contemporary refined by contemporary artisan artisan level level attention attention to to detail. detail.

Antilles Antilles is is a a concept concept driven community driven community in in which every component which every component has has been been selected selected to to underscore the peace underscore the peace and and tropical tropical beauty beauty that that abounds here. abounds here.

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Phase 2 Sales Open Now

Coach Homes & Condos Starting in the $400’s

MODELS OPEN DAILY Monday - Saturday 10am-5pm Sunday 12-5pm

AntillesNaples.com 239.691.4455

155 Indies Drive East, Naples, FL 34114

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Be the first to own the last.

N O W A C C E P T I N G R E S E R VAT I O N S

©Copyright 2022, Gulf Bay Development LV, Inc. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE CONTRACT, AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. Prices and availability subject to change without notice. No Federal Agency has judged the merits or value, if any, of this property. Gulf Bay® Group of Companies. Creators of the Pelican Bay Skyline. Gulf Bay® Marketing Group, Inc. REALTORS®.

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E S TAT E S F R O M O V E R $ 5 M I L L I O N epiquepelicanbay.com | 239.598.9900 | 6885 Pelican Bay Boulevard

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CONTENTS

FEATURES 24

New Focus on Reporting Requirements The federal government is considering new regulations for reporting allcash real estate transactions. Local REALTORS® should be able to answer questions their customers may have.

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An Unprecedented Market Seismic increases in property values, a raft of all-cash transactions, scant inventory: Where is the market headed?

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New in Naples Despite many factors weighing down economic growth or quality of life elsewhere, Collier County is flush with new and upcoming projects worth crowing about to new residents and homebuyers.

DEPARTMENTS 10

Message from the President

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For Openers FHA loan limits increase. Federal and state programs designed to help veterans, first responders, and teachers buy homes. Top Producer CRM Mobile app.

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Get Smart What are the legal ramifications of backing out of a purchasing agreement? The upsides and downsides of working and showing homes virtually. Upgrades at NABOR®’s headquarters. The pros and cons of being on your own and joining a team. MLS changes and NABOR® insights.

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2022 officers and directors, social photos, and upcoming events.

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N A P L E S R E A LT O R

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NABORhood

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The Close Dining Scene: New eateries. Local Landmark: Naples Botanical Garden

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WENDY MORELL Recruiting Mgr. (239) 300-5979 Wendy@DFryeRealty.com

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MIKE HUGHES Vice President (239) 398-7572 MHughes@DFryeRealty.com

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O F F I C E S : 8950 Fontana Del Sol Way #100, Naples, FL 34109 | 3620 Tamiami Trail N., Naples, FL 34103 27399 Riverview Center Blvd. #101, Bonita Springs, FL 34134 | 719 Bald Eagle Drive, Marco Island, FL 34145

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In 2021, Downing-Frye agents sold an average of 6 properties each with an average sales price of $640,223.

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Smooth Sailing despite the Challenges

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NAPLES REALTOR

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NABOR® Officers 2022 President Ryan Bleggi President Elect Nick Bobzien Vice President/Secretary Christine Citrano Treasurer PJ Smith

NABOR® Directors 2022 Paula Angelopoulos Urbinati, Corey McCloskey, David Puskaric, Marcie Roggow, Stuart Tackett, Terrilyn VanGorder, Mary Waller

NABOR® COMMITTEES 2022 Budget & Finance Chair PJ Smith Budget & Finance – NABOR® Metrics Chair PJ Smith Commercial Chair Austin Howell V-Chair Cristin Madden Community Involvement Chair Gretchen Shelton V-Chair Nancy Bjork Diversity, Equity, & Inclusion Chair Paula Angelopoulos Urbinati Events for Networking Chair Shannon Livingston V-Chair Ben Boorom Expo Chair Jorge Velasquez V-Chair Julie Blanton Economic Summit Chair Brenda Fioretti V-Chair Gwen Davis-Gideon Global Business Chair BJ Cottrell V-Chair Brett Brown Governmental Issues Chair Maurice Cossairt V-Chair Tom Regan

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Governmental Issues Water Quality Chair Adam Vellano

Young Professionals Network Chair Henry Albarracin

Grievance Chair Larry Fleming

V-Chair Allisa Pipes

V-Chair Courtney Smith

Naples REALTOR® Magazine Editorial Board

Leadership Development Chair Ron Coburn V-Chair Mariana Birmingham Legal Resources Chair Jeff Jones V-Chair Sam Saad Media Relations Chair Ryan Bleggi

Chair Mary Waller Director of Marketing Marcia Albert Patricia Asencio Paula Angelopoulos Urbinati Chris Capon Gwen Davis-Gideon Ray Gonzalez Karen McKay Jeffries Paula King Elizabeth Grace Koplitz

NABOR® Staff

Membership Chair Sandra Schlaupitz

Chief Executive Officer Marty Manion

V-Chair Perry DeSiato

Administrative Assistants Ann Mazzei

Membership – Broker Involvement Chair Adam Vellano

Administrative Assistant to the Executive Committee Deborah Linville

NABOR® History Chair Ray Gonzalez NABOR® Magazine Chair Mary Waller

Jeanette O’Neill

Chief Administrative Officer Corie Chase Chief Financial Officer Carl Russell Director of Marketing Marcia Albert

MLS Chair Shaun Garry

Director of Membership Elizabeth Saggio

V-Chair BC Cloutier

Director of MLS Cindy Cornman

Professional Development Chair Adam Vellano

Director of Professional Development Services Michelle McKenna

V-Chair Rick Baranski

Manager of Events and Communication Specialist Melissa Bognaski

Professional Development – Instructor Advisory Council Chair Gwen Davis-Gideon Professional Standards Chair Rick Fioretti V-Chair Carrie Lademan

Membership Administrators Sherry Olson Zamira Collado MLS Compliance and Support Specialist Cheyenne Luckey MLS Support Specialist Allisson Gonzalez Network Technician Michael Bryant

RPAC Chair Brett Brown

REALTOR® Store Manager Taiana Londono

V-Chair Sara Brand

Receptionist Joan Welsher Vice President of Public Policy Danielle Brazil Hudson Videographer Wade Mastro

Q2 2022

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AT FI D D LE R ’ S CR E E K

COA STAL CO NTE M P O R ARY LUXU RY R E S I D E N CE S N E W S I N G L E FA M I LY H O M E S F R O M OV E R $ 1 . 5 M GulfBayHomes.com

239.241.2800

N E W COAC H H O M E S F R O M OV E R $ 1 M

Sales Center located at 8152 Fiddler’s Creek Parkway, Naples

Fiddler’s Creek offers the opportunity to enjoy amenities that go beyond the expected, from a magnificent lagoon-style pool to an award-winning golf course to an unforgettable white sugar-sand beach. And all of this mingles with a wide array of gorgeously designed new residences.

©Copyright 2022, GBH Oyster Harbor Dev., LLC and FC Dorado, LLC. All Rights Reserved. Fiddler’s Creek Realty, Inc. REALTORS®. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS REQUIRED

BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. Prices and availability subject to change without notice. All images, designs and features depicted herein are shown solely for illustrative purposes, and may differ in view, perspective or scale. Ownership of property within Fiddler’s Creek® does not entitle an owner to any right, title, interest, or otherwise to the use of the Tarpon Club or Golf Club facilities nor any other future club facility which may be established and does not grant any ownership or membership interests therein, but rather an opportunity to join, subject to club approval, the applicable regulations and the payment of deposits, assessments and fees.

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REDEFINING THE CLOSING EXPERIENCE Publisher Kaleigh Grover Editorial Director Daphne Nikolopoulos Editor Cathy Chestnut Creative Director Olga M. Gustine

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Art Directors Diana Ramírez, Jorge Marquez Web Editor Abigail Duff y

CONTRIBUTING WRITERS Robin DeMattia, Artis Henderson, Dick Hogan, Beth Luberecki

CONTRIBUTING PHOTOGRAPHERS John Eder, Wade Mastro

ADVERTISING Account Manager Liz Goodman, egoodman@palmbeachmedia.com Advertising Services Coordinator Jordan Biton Marketing Manager Christopher Link

PRODUCTION Production Director Selene M. Ceballo Production Manager Kayla Earle Digital Pre-Press Specialist George Davis Digital Production Coordinator Brendan Everson

Visit our website to learn how we are setting the standard for excellence.

5147 Castello Dr., Naples, FL | 239-449-4888 | www.fltitlegroup.com

Advertising Design Coordinators Anaely J. Perez Vargas, Jeffrey Rey

OPERATIONS Chief Operating Officer Todd Schmidt Office Manager Andrea Berumen

FOLLOW US ON SOCIAL MEDIA AND CHECK OUT OUR REVIEWS.

IT Manager Chris Thompson Marketing Manager Christopher Link Distribution Manager Judy Heflin Circulation Manager Marjorie Leiva Circulation Promotions Manager Marcus Alviar Circulation Assistant Elizabeth Gillespie Accounting Specialist Mary Beth Cook Accounts Receivable Specialist Ana Coronel Group Publisher Terry Duff y

SUBSCRIPTIONS 800-308-7346 In Memoriam Ronald J. Woods (1935-2013) HOUR MEDIA, LLC CEO Stefan Wanczyk President John Balardo PUBLISHERS OF Palm Beach Illustrated • Naples Illustrated • Fort Lauderdale Illustrated • Orlando Illustrated • Palm Beach Charity Register • Naples Charity Register • Florida Design • Florida Design Naples • Florida Design Miami • Florida Design Sourcebook • Palm Beach Relocation Guide • Southwest Florida Relocation Guide Fifth Avenue South • The Jewel of Palm Beach: The Mar-a-Lago Club • Traditions: The Breakers • Palm Beach 100 • Naples 100 • Art & Culture: Cultural Council for Palm Beach County • Pinnacle: Jupiter Medical Center Foundation • Waypoints: Naples Yacht Club • Naples on the Gulf: Greater Naples Chamber • Jupiter • Stuart • Aventura • Vero Beach Magazine • Community Foundation of Collier County Community Report Advances: Tampa General Hospital • Fisher Island Club Magazine • Naples REALTOR®: NABOR®

PROTECTING THE DREAM YOU MADE A REALITY Providing affordable options in today’s challenging market.

MyAgent@MikeHornInsurance.com | (239) 597-1694 Visit MikeHornInsurance.com today!

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Proud Partner

Naples Illustrated 3066 Tamiami Trail N., Suite 102, Naples, FL 34103 • 239-434-6966 • Fax 239435-0409 • Naples Illustrated is a registered trademark of Palm Beach Media Group North, LLC • Corporate Headquarters: P.O. Box 3344, Palm Beach, FL 33480 • naplesillustrated.com

Q2 2022

3/28/22 3:38 PM

There’s a lot that goes into our name.

Q As the leading developer and builder of luxury residences in Southwest Florida, the STOCK name has always been synonymous with exceptional craftsmanship and incomparable lifestyle. Now’s the time to introduce your clients to our award-winning style, craftsmanship and quality.

Q We’re proud to introduce One Naples by Stock Residences, a magnificent resort

community at Vanderbilt Beach.

Now accepting reservations.

Sales Gallery opening in May.

Q STOCK CUSTOM HOMES | STOCK LUXURY HOMES STOCK RESIDENCES | STOCK LUXURY APARTMENT LIVING

Q 2639 PROFESSIONAL CIRCLE | SUITE 101 NAPLES, FL 34119 | 239.592.7344

StockDevelopment.com FLStockDevelopment

StockDevelopment

BROKER PARTICIPATION WELCOMED. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS REFERENCE SHOULD BE MADE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. NOT AN OFFERING WHERE PROHIBITED BY STATE LAW. PRICES AND COMMISSIONS SUBJECT TO CHANGE WITHOUT NOTICE.

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MESSAGE FROM THE PRESIDENT

relax while we take care of your real estate closing

BETTER EVERY DAY Dear NABOR® Members,

With over 50 years of combined experience, Thompson Lewis has expertise you can trust.

We continue to operate in a very interesting market—one that we’ve never experienced previously.

We are seeing buyers from parts of the country that typically don’t relocate or purchase second homes in Florida. Listings are obviously gold right now, so don’t be afraid to think outside the box to get your next listing. The first question that you’ll receive is, “I’d love to sell my house, but where am I going to go?”

Spend some time thinking of creative solutions to that question.

One interesting metric that I noticed on our monthly market report was that we are only averaging a 28 percent feedback response rate through ShowingTime as a board. I think we can do a lot better in this area, and it will lead to greater professionalism in our industry and a better reputation with the public. As a listing agent, if you are not able to get feedback from a showing agent, even though it’s not your fault, it still looks bad for you and for REALTORS® in general. Let’s keep looking at little ways to make each other better every day.

In the coming months, we have a tremendous number of educational opportunities for you to increase your business and put more money in your pocket. Please review the emails you receive and check out the nabor.com calendar to take advantage of these almost daily opportunities. The MLS Tech conference on March 31 was a major event and the next big one is the REALTORS® Expo on May 31. And please don’t forget about the many MLS, contracts, and business development classes.

Lastly, please join us for the Annual Night of Honors on April 9 at the Hilton Naples to celebrate past president Corey McCloskey’s leadership in 2021 and all the volunteers who donated thousands of hours to make NABOR® one of the best REALTORS® organizations in the country.

Thank you all for the opportunity to serve.

All the best,

Thompson Lewis Law Firm 745 12th Avenue South Suite 105 Naples, FL 34102 239-316-3006 www.tllfirm.com

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Ryan Bleggi

NABOR® President

Q2 2022

3/25/22 9:48 PM

At Kalea Bay, the perfect day ends in “Y”

Deciding which day is the best day at Kalea Bay is quite simple. It’s any day that ends in “Y.” Mondays are made for workouts on our sky deck. Tuesdays are for tennis. On Wednesdays, watch the sun setting from your oversized Wednesdays lanai. Treat yourself on Thursdays with poolside service.

Friday night fun is always found at the Club and around the bar. Splash away your Saturdays atop 23 stories at our rooftop pool. Sunday morning mimosas taste best when sipped in your own space. Yes, every day is the best day at Kalea Bay.

Now selling Tower 400 | Tower 300 SOLD OUT Prices over $2 million 13910 Old Coast Road, Naples, FL 34110 KaleaBay.com | 239-793-0110

Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, make reference to this brochure and to the documents required by chapter 718.503, Florida statutes, to be furnished by a developer to a buyer or lessee.

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FOR OPENERS

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FHA Loan Limits Increase It’s sweet relief for hopeful homebuyers in this pricey market

BY DICK HOGAN

T

he federal government is giving Collier County residents struggling with today’s supercharged real estate market some much-needed help this year with a sharp increase in how much they can borrow under a popular loan program.

For 2022, the Federal Housing Administration (FHA) increased the upper limit in the county for a single-family home loan to $552,000 from 2021’s $450,800. “It was the largest increase that I’ve ever seen,” says William Dukes, senior mortgage loan officer of Naples-based Summit Mortgage Corp.

The FHA program adjusts its loan limits according to the housing market in each county in the country. In Lee County, for example, the limit increased to $420,680 from last year’s $331,760.

There are other federal homebuying programs, Dukes says, but with a minimum down payment of only 3.5 percent, the FHA loan is the easiest to qualify for.

He says the Collier County increase is particularly helpful because residents generally aren’t experiencing the level of income they need to compete with out-of-towners looking to pay cash for a vacation or retirement home.

“In 2011, you could get a 1,500-square-foot house on half an acre for about $275,000,” he says. “That same house now is $500,000.”

Local incomes haven’t increased enough for many hopeful homeowners to pay that inflated price. Someone making $20 an hour in 2011, for example, isn’t likely to have a nearly doubled salary today, Dukes says. On top of that, today’s inflation rate is taking a bite out of everyone’s wallets. “Maybe they’re

making $23 an hour now and it’s a whole lot harder to qualify for that single-family home that’s $500,000 or $550,000.”

The new limit still doesn’t guarantee that a qualified home buyer will succeed unless they have saved up for a larger down payment. “If they can’t find a house for less than $572,000, then they need to have more of their own money beyond 3.5 percent” for a down payment, Dukes says.

Anti-Flipping Rules

Even buyers who qualify for a loan under the new limits still aren’t home free. The FHA also has what’s known as an anti-flipping rule, which means that the mortgage lender “must hire an FHA appraiser that will look at the last three years of the home’s ownership,” according to the FHA guide for homebuyers.

The guide continues: “If the last recorded deed is less than 90 days away from the new purchase contract date, the FHA lender must decline the loan.”

Even after a buyer clears that hurdle, they may face more requirements. If the seller bought the home within the last 91 and 180 days, the buyer has to determine if the purchase price is 100 percent or more higher than what the seller paid.

Buyers are also required to answer the question: “Do you have a higher-priced loan and the home’s sales price is 20 percent more than the seller’s purchase price?” If the answer is “yes” to either question, the buyer must get a second appraisal.

Finally, the guide states that “the FHA lender can also request a second appraisal if the seller

owned the home for 91 to 365 days and the resale price is greater than 5 percent more than the home’s lowest sales price in the last year.”

Other loan programs, including conventional, U.S. Department of Agricultural, and Veterans Affairs loans, don’t have home-flipping rules. FHA rules also allow some exceptions to the anti-flipping rule; for example, an inherited home is not subject to this measure.

NAR Weighs In

National Association of REALTORS® President Leslie Rouda Smith wants to see the anti-flipping measure suspended until Dec. 31, 2025, for a number of reasons.

In a Dec. 15 letter to the FHA, she writes: “While intended to protect homebuyers from spurious price growth and hidden costs, the anti-flipping rule does not reflect the supply shortage that is driving price growth. This trend is expected to persist for several years.”

She goes on to say that “the prohibition on financing flipped properties narrows the already limited supply for first-time homebuyers who wish to use FHA financing.”

Her letter also notes that “iBuyers and other short-term investors have grown in importance in the market. These entities use their economies of scale and access to capital markets to buy, remodel, and sell homes in a short time frame. As the market share of buyers and other short-term investors grows, the FHA’s anti-flipping rule will further limit supply for first-time and underserved buyers as it prevents buyers in distress from selling off their inventory to FHA borrowers.”

N A P L E S A R E A B O A R D O F R E A LT O R S ®

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FOR OPENERS

HEROES MAKE GOOD NEIGHBORS State and federal programs help veterans, first responders, teachers, and medical personnel buy homes in this tough market

BY ARTIS HENDERSON

Veterans aren’t the only ones experiencing challenges in the current moment.

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rew Doolin spent 30 years in the military. He didn’t expect his final move to be the most challenging.

After retiring as a colonel from the Marine Corps, Doolin and his wife, Maribeth, decided to move from Northern Virginia to Southwest Florida last year. They imagined smooth sailing with their Veterans Affairs (VA) loan. “It’s a benefit we get as retirees,” Doolin explains. “We don’t have to put money down, rates are a little lower, and there are extra protections for the buyer.”

Yet what worked seamlessly in Virginia didn’t go as smoothly in the hot-hot-hot Naples-area market. “Sellers wanted conventional financing or cash,” Doolin says, “even though we had very high credit scores, no unsecured debt, and a substantial deposit.” The pair soon learned that buying a home for former service members isn’t always easy in this area.

Naples REALTOR® Joe Epifanio, who specializes in working with veterans, has been seeing this a lot. In this market it’s hard to get a VA or Federal Housing Administration (FHA) mortgage—or even a conventional mortgage—through. “When the market cools off, everybody will have a better shot,” he says. “But right now, cash is king.”

The Doolins’ story has a happy ending. They were able to find a home they loved, and they were able to get their VA mortgage approved. But they still haven’t forgotten the experience. “That was a burr in the saddle coming down here,” Doolin says.

Veterans aren’t the only ones experiencing challenges in the current moment. Other heroes, like first responders, health care workers, and teachers, are also feeling the pressures of a tight real estate market. In Collier County,

inventory remains low, prices remain high, and cash reigns supreme. For buyers in this situation, several groups stand ready to help.

Florida Hometown Hero Housing Program

Flsenate.gov During the 2022 Legislative Session, members from the Naples Area Board of REALTORS® (NABOR®) traveled to Tallahassee to advocate for the interests of REALTORS® and property owners. One of the key initiatives on their list: the Hometown Hero Housing Program. Presented as Senate Bill 788, the Hometown Hero Housing Program is aimed at frontline and emergency workers. If passed, the bill will create a new zero-interest, revolving loan program that provides funds for down payments and closing costs.

Legislation like this is essential across the state of Florida, where the median price of a single-family home has increased 18.3 percent since last year. In just five years, the median price for a single-family home has increased by 81.1 percent. This has greatly outpaced salary increases, especially for frontline and emergency workers. In Collier County, where real estate prices have skyrocketed in recent months, it’s especially important.

Salute Our Soldiers Military Loan Program

Floridahousing.org The Salute Our Soldiers Military Loan Program is administered by the Florida Housing Finance Corporation.

It is available in all 67 counties across Florida, including Collier County. The program is open to military service personnel and veterans. Salute Our Soldiers offers 30-year,

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fixed-rate first mortgage loans at a lower rate and with down payment assistance options.

Certain conditions apply. Borrowers must be purchasing a primary residence and meet income requirements. There are also purchase price limits. To qualify, the borrower must complete a homebuyer education course.

The Florida Housing Finance Corporation was created in 1980 by the Florida state legislature. Its goal is to ensure that Florida has homeownership opportunities available to a range of professions and incomes. The organization has provided $8.5 billion in first mortgage assistance since 2003 and more than $674 million in down payment assistance since 2004.

Soldier and Good Neighbor Next Door Housing Program

Teachernextdoor.us The Soldier Next Door Housing Program offers grants and down payment assistance to military veterans through the Housing and Urban Development (HUD) Good Neighbor Next Door Program. The program also helps teachers, police officers, firefighters, and EMTs buy homes through its Teacher Next Door, Officer Next Door, Firefighter Next Door, Nurse Next Door, and Public Servant Next Door programs. According to the program’s website, the Soldier Next Door Housing programs offers grants up to $8,000 and down payment assistance up to $10,681

for former and active-duty military families.

HUD’s Good Neighbor Next Door Program offers a special incentive to teachers, police officers, firefighters, and EMTs: the opportunity to buy a home for 50 percent off the list price.

These single-family homes are located in revitalization areas and are listed exclusively for sale through the Good Neighbor Next Door sales program. If more than one person puts an offer on a home, then the decision will be made by random lottery. The purchaser must live in the house for three years. The good neighbor buying the house must sign a second mortgage and note for the 50 percent discount. As long as they live in the house for 36 months, no interest or payments are required on the second note.

N A P L E S A R E A B O A R D O F R E A LT O R S ®

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ALL WE NEED ARE YOUR HIGHEST EXPECTATIONS.

FPO

13720 Pondview Cir | $7,495,000 Allow us to maximize exposure of your home with our enviable marketing resources and global affiliations.

The Unrivaled Leader in Real Estate JohnRWood.com | (877) 262-1300

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FOR OPENERS IN STORE FOR YOU

SALES ARE SIZZLING – MARKETING TOOLS

BY TAIANA LONDONO, NABOR ® STORE MANAGER

GREAT SOCIAL MEDIA MARKETING Testimonial Prop Key Signs

Take photos of your happy customers in front of their new home that you helped them find and share them on Instagram, Facebook, and other platforms to market yourself. They are excited and happy, so be sure to share how happy your customers are with their new nest. These photo prop signs are lightweight but incredibly durable!

NABOR Member Price: $14.99+tax ®

GET YOUR LISTINGS NOTICED Splash Signs and Sign Riders

Splash signs and riders will help draw attention to your properties. There are several ways you can display these to promote yourself: by attaching them to a sign, standalone with a standard sign stake, or for display in a window. Share your success with the neighborhood!

Splash Signs NABOR® Member Price: $4.95+tax Rider Signs NABOR® Member Price: $4.50+tax

N A P L E S A R E A B O A R D O F R E A LT O R S ®

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Discover the new look of luxury at Minto.

Award-winning homes and communities from Florida’s Premier Homebuilder.

Realtors earn

3%

*

Luxury waterfront living 5 minutes from downtown & the beaches

• Classic Old Florida Clubhouse

• Pickleball & Tennis Courts

• Resort-Style Pool & Lap Pool

• Kayak & Paddleboard Launches

• Event Lawn & Cabanas

• The Overlook Bar & Grill – Now Open!

• Fitness Center

• Tour Models Daily

Call to schedule a preview with one of our New Home Sales Professionals today!

Luxury Villas and Single-Family Homes from the $400s to over $1.5 million Coastal Cottages Coming Soon!

5445 Caribe Ave, Naples FL 34113

(239) 360-3109 MintoUSA.com No CDD Fees! | For location, hours of operation and further details about our award-winning communities, visit MintoUSA.com

*3% commission advancement will be paid out after all required deposits have cleared, all option selections completed, and mortgage commitment or proof of funds received. Realtor must bring in customer for customer to receive additional incentive. Please see a New Home Sales Professional for details. Commission advancement will be paid after all required deposits have cleared, all option selections completed, and mortgage commitment or proof of funds received. ©Minto Communities, LLC 2022. All rights reserved. Content may not be reproduced, copied, altered, distributed, stored or transferred in any form or by any means without express written permission. Artist’s renderings, dimensions, specifications, prices and features are approximate and subject to change without notice. Minto, the Minto logo, The Isles of Collier Preserve, and The Isles of Collier Preserve logo are trademarks of Minto Communities, LLC and/or its affiliates. CGC 1519880. 2022

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3/8/22 10:38 AM 3/9/22 4:28 PM

FOR OPENERS

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N A P L E S A R E A B O A R D O F R E A LT O R S ®

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Minutes from downtown – miles from the crowd Villa Homes

Comfort Casual

Urban Sanctuary starting in the $300’s

Jasper Flats is proud to offer one and two floor residences that

feature two and three bedroom floorplans built as twin villas, each with individual and attached garages. Well-appointed units that features premium construction specifications as concrete block construction, wind rated windows and doors and premium brick paver walk and driveways. Interior features include such equally impressive standards as Kohler fixtures, wood cabinetry with soft close hinging, Whirlpool kitchen and laundry appliances and quartz countertops. Using superior and value added structural components as building standards has set the community apart from other new construction developments in Naples, Florida.

JASPER FLATS 239.691.4455

5840 Whitaker Rd. Naples, FL 34112

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This one’s for you!

3/30/22 10:32 AM

FOR OPENERS

ON MESSAGE

“Recently, NABOR invited, via Zoom, FBI Special Agent Andrew Seleka, from the Tampa office, to talk about business email compromise (BEC for short). Agent Seleka told us that since 2015 there has been a rise in BEC crimes of 2,370 percent. Let that sink in for a minute: An over 2,000 percent increase. The No. 1 thing we can do to protect ourselves, our businesses, and our customers is to change our email address password to something strong every few months. This is definitely a pain to do, but worth it if it protects you and your business.”

-Corey R. McCloskey, Vice President, District 5, Florida Realtors® 2022; President, NABOR® 2021

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METRO HOME BUILDERS, INC. | 107 Weber Blvd. N., Naples, FL 34120

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(239) 348-3085 N A P L E S A R E A B O A R D O F R E A LT O R S ®

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Your golfing friends at Eagle Creek invite your clients to

Discover the Difference And tour our reimagined golf course and practice facilities, complete with new outdoor verandah.

Visit JoinEagleCreek.com or contact Membership Director Laura Pelletier at 239-793-0500 for more details.

Non-Resident Waitlist now commencing.

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LIVE DOWNTOWN |

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AT M E T R O P O L I TA N N A P L E S

THIS IS THE ONE

EVERYTHING IS POSSIBLE

LUXURY HIGH-RISE RESIDENCES FINE DINING BOUTIQUE SHOPS & OFFICES

R E S E R V E N O W F R O M $ 1. 9 M T O O V E R $ 6 M | S A L E S G A L L E RY: O P E N D A I LY | 3 6 5 F I F T H AV E N U E S O U T H , # 1 0 4 A

239.758.9500 | METROPOLITANNAPLES.COM ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. All artist’s renderings are proposed concepts shown only for marketing purposes and are based upon current development plans, which are subject to change by the developer, Aura at Metropolitan Naples, LLC, which reserves the right to make changes at its sole discretion, without prior notice or approval of the purchaser. This project has been filed in the state of Florida and no other state. This is not an offer to sell or solicitation of offers to buy the condominium units in states where such offer or solicitation cannot be made. This advertisement does not constitute an offer where prior registration or other qualification is required. Prices, availability, plans, features, dimensions, specifications, and amenities are subject to change at any time without notice. All Rights Reserved. Equal Housing Opportunity.

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NEW FOCUS ON REPORTING REQUIREMENTS Proposed federal rule is attempting to address all-cash real estate transactions

BY ROBIN F. DEMATTIA

T

he U.S. Department of the Treasury posted a notice in December seeking public comment about a potential expansion in the reporting of all-cash real estate transactions. It says the goal is to track and reduce money laundering.

Under existing law, title insurance companies in only 12 metropolitan areas must file reports about all-cash residential real estate transactions over $300,000.

These are: Boston; Chicago; Dallas-Fort Worth; Honolulu; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; and Seattle.

The expansion is part of a proposed “U.S. Strategy on Countering Corruption” that includes addressing regulatory gaps, enhancing anticorruption in diplomatic efforts, and protection for those who expose corruption. While REALTORS®

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PROPOSAL VERBIAGE Announcement issued on Dec. 8, 2021, for public comment through Feb. 7 in the Federal Register, the daily journal of the United State Government: Financial Crimes Enforcement Network (FinCEN), Treasury, is issuing this advance notice of proposed rulemaking (ANPRM) to solicit public comment on potential requirements under the Bank Secrecy Act (BSA) for certain persons involved in real estate transactions to collect, report, and retain information. The systemic money laundering vulnerabilities presented by the U.S. real estate sector, and consequently, the ability of illicit actors to launder criminal proceeds through the purchase of real estate, threatens U.S. national security and the integrity of the U.S. financial system. Accordingly, FinCEN intends to begin the rulemaking process to address such vulnerabilities. As a first step in this rulemaking process, FinCEN is issuing this ANPRM to seek initial public comment on questions that will assist FinCEN in the consideration and preparation of a proposed rule. Read the full language of the proposed reporting requirements law at the Federal Register.

would not be responsible for any paperwork, REALTORS® should be able to answer questions that their customers may have, especially due to the high volume of cash transactions in Collier County.

“I’ve been in the Naples market for more than 30 years and cash transactions have always been in the 45 to 60 percent range,” says Bill Coffey, managing broker with Amerivest Realty. “We’ve always been pretty much of a cash market more than most markets.”

Coffey says he is seeing a lot of cash deals now as people take their money out of the stock market.

“People are not sure how long (market growth) will last, so they’re putting money in a house and feel more protected,” he says.

Coffey emphasizes that REALTORS® don’t deal with actual money as part of transactions.

“Customers don’t come in with a stack of cash,” he says. “It’s usually wired funds.”

And he notes that even if REALTORS® write a contract that states “subject to mortgage,” they may not know whether a buyer actually obtains a mortgage or ultimately uses cash. “We’re not really aware until it closes and we’re out of the picture,” he says.

Premier Sotheby’s International Realty President/ CEO Budge Huskey notes that the $300,000 threshold for reporting cash transactions is less than the median price of homes in Naples. He adds that⎯at the upper end of the market⎯about 92 percent of transactions locally are cash. “Cash allows for a better negotiating position,” he asserts, because buyers sometimes take out a mortgage or pledged-asset loan anyway because they can achieve market gains higher than they will pay for a lending interest rate.

Like Coffey, Huskey acknowledges that money laundering happens, but he’s not concerned about the local market. “It’s not something we think of every day,” Huskey says. “It’s not part of our typical world. The reality is that you have to respect the fact that money laundering is occurring. It’s increasing but it tends to be concentrated in select markets and it’s generally above a certain price point.”

While he says the idea of an expanded regulation isn’t one he dismisses, Huskey says it isn’t incumbent upon REALTORS® to do the reporting.

Title companies say this extra step to fill out more paperwork at closing isn’t a burden, he says.

Impact of Cash

Huskey says the number of cash deals has increased in the past couple of years. “It’s simply a reflection of an increase in household worth and

the highly competitive market, which is requiring more people to put cash down rather than get a mortgage in order to compete in a multi-offer situation,” he says He says sellers are receiving multiple bids and one way to separate them is to consider who has a financial contingency.

“If somebody is putting down cash and depositing a significant amount, it’s a sign of a stronger buyer and a more secure transaction,” Huskey says.

The all-cash trend is one of the market forces that’s pushing prices up and pushing out first-time or low-income buyers, combined with individual investors and large companies buying hundreds of houses across the country. “With low inventory right now and far more demand than homes on the market, it’s inevitable that the cash buyers are going to win,” Huskey observes. “People who are just starting out, younger people who don’t have a sufficient down payment, they’re at a significant disadvantage.”

Current Disclosures

Maurice Cossairt, broker-owner of Edgewater Realty, says “everybody knows” that money laundering takes place in the United States. Of the proposed legislation, Cossairt cautions that “the last thing we need is external forces coming to bear on residential real estate that puts additional pressure on the market when we’ve got plenty of pressure on the market already.”

Cossairt also notes that “on the lender side, it’s pretty hard for foreign nationals to borrow money without full disclosure. I don’t know that there’s any additional legislation that needs to be done.”

He recalls that after the real estate crash and foreclosure crisis during 2008-2010, there was concern about people taking title through limited liability companies (LLC’s), trusts, or shell companies. But he says the Southwest Florida market has always had properties held by LLC’s, trusts, and other legal entities.

Ultimately, Cossairt, says it’s “problematic” to consider new regulations. “It’s adding a layer of complexity in an attempt to regulate an activity when 99.9 percent of it is legitimate. Trying to chase that small component can become very cumbersome to the rest of the people.”

He believes that title companies do a “stellar job” in tracking cash transactions and he’s “never had a transaction where any funny business was going on with money.”

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UNPRECEDENTED MARKET Where is it headed?

BY DICK HOGAN

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uyers, buyers everywhere but not a house to sell. Prices are soaring, cash offers are abundant, and the action is lightning-fast in a Naples real estate market with no precedent, industry veterans say.

A downside: New homebuilders, constrained by supply chain glitches and labor shortages, are slow to ramp up production.

That, in a nutshell, is today’s Naples real estate market: a complete reversal of normal conditions.

Don’t expect the old days to come back anytime soon, experts say—but REALTORS® are finding innovative ways to handle the new landscape.

“The existing inventory was depleted pretty thoroughly throughout 2021” in high-end markets across the state, says Naples-based Matt Lane, Florida senior vice president/general manager for William Raveis Real Estate.

As a result, he says, “There’s nothing in the bucket” although it’s difficult to tease out exactly how tight the market is.

“There are fewer listings coming onto MLS, although it’s hard to tell if that means fewer new listings overall,” Lane says. “As we know, many listings aren’t making it to MLS because they’re being sold right when they are signing a listing agreement.”

With few new listings coming on the market, he says, “There are a lot of pent-up buyers that sales associates can sell to, and I think that’s in my mind the biggest change in the market.”

The December 2021 numbers from the Naples Area Board of REALTORS® tell the tale: 1,042 inventory of homes, down 77 percent from 2020 1,038 pending home sales, down 32 percent $510,000 median closed price, up 26 percent 838 new listings, down 25 percent 1,074 closed sales, down 24 percent 27 average days on market, down 65 percent

Some REALTORS® are confronting the shortfall of new listings with a tactic known as “geographic farming” or geo-farming for short. For instance, various digital platforms offer paid subscriptions that a REALTOR® can use to find and quickly contact a potential buyer or seller.

That can be useful to diligent agents willing to pursue leads for long hours, says Spencer Haynes, vice president of business development at John R. Wood Properties in Naples.

“A lot of people do very, very well at that, but it takes a mental attitude to deal with the fact that they’re going to open up the fire hose,” he says.

A digital platform can provide the ability to contact leads, for example, but it’s important to separate the wheat from the chaff. The lead could be a good prospect, Haynes says, but it also “could be someone looking at pictures. It could be someone looking at 19 houses at the same time.”

The bottom line, he says, is that “response time is really the name of the game in real estate, because things come on the market and they go off the market, and it could be as quick as a couple hours.”

That means that when a new listing comes on the market, it’s important to contact the right customer quickly and say, “Hey, this just came up five minutes ago. Do you want to see it?”

But too many agents don’t make that call or make it quickly enough. “How many REALTORS®’ five minutes turn into three hours before they check their email,” Haynes says, “and the next thing you know the customer’s saying, ‘Wait a minute, this came on and came off and you didn’t even tell me?’”

Electronic lead generation isn’t the only way geo-tracking can be effective, Haynes says. For example, he says, getting to know a particular community has long been a successful tactic “and is now more so than ever because of the sheer breadth of property that’s available.”

A lot of John R. Wood agents live in or near the communities where they’re concentrating their efforts, Haynes says. “It’s always easier to sell a place you love than it is to sell one that you’re not emotionally invested in.”

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WHO’S COMING? Most people looking for a home in the Naples area aren’t local. The 2021 United Van Lines migration report shows Florida has the fourth highest proportion of inbound migration (62.3 percent compared to 37.7 percent outbound).

Of Florida’s inbound, 70.45 percent were 55 and older.

Retirement (38.77 percent) was the most common primary reason for moving here, followed by lifestyle (26.87 percent) and family (21.76 percent).

The state’s popularity appears to be growing: United’s 2020 migration report had Florida ranked ninth for inbound migration—sandwiched between No. 8 Alabama and No. 10 Arkansas.

TOP INBOUND STATES: South Dakota South Carolina West Virginia Florida TOP OUTBOUND STATES: Illinois New York Connecticut California Source: United Van Lines

Those statistics, however, don’t add up to a future collapse in prices, says Adam Vellano, sales manager at Compass Florida’s Naples office. “There’s plenty of equity in our market, the demand is through the roof, and there’s no inventory,” he says. “So, people say, ‘Oh, prices can’t continue to go up like this.”

But that’s not the case, Vellano warns: Today’s market shares characteristics with those prevailing before the last housing crash in 2008, but that’s not the end of the story. For one thing, he says, this time around there’s no problem with the excessive borrowing that drove up prices the last time around.

Now, Vellano says, “Most people are paying cash. If they’re getting financing, it’s usually with a very significant down payment. The banks are much tougher than they were, they’ve learned their lesson, and there’s just tremendous demand.”

In addition, he says, prices here are still cheap compared to those prevailing in the areas where most prospective buyers are living now, such as New York, Chicago, and California. “They’re used to paying a lot more,” Vellano says. “They come to our market and look at it and say, ‘That’s great, that’s not a lot.’”

WHAT’S AHEAD FOR INVENTORY? In the short term, Vellano says, “There’s truly no solution in sight. The builders will never be able to catch up at this point.” But homebuilding will again flourish here as labor shortages and supply line disruptions ease, he says.

Vellano expects new home construction— when it comes back—will pick up where it left off in the areas that already were on the rise before the pandemic shut them down, mainly in the town of Ave Maria on Collier County’s eastern edge and the area along Collier Boulevard and East Tamiami Trail, he says.

“Ten years ago, nobody wanted to be on the East Trail out toward Fiddlers Creek,” Vellano says. “Now you have Isles of Collier, Treviso Bay, Winding Cypress, Fiddlers Creek, Naples Reserve, Artesia.

That whole Tamiami Trail and Collier Boulevard area has been transformed.”

Longer term, look for scattered lots in communities throughout Southwest Florida to see more growth, says David Cobb, a Cape Coral-based real estate consultant.

“What is increasing is the velocity that’s taking place in “scattered lots” communities in places like Cape Coral, Lehigh Acres, and Golden Gate Estates, because of the availability of land,” Cobb says. “All those lots are already platted so you can pull a building permit on them right away.”

One trend that Cobb sees is that some big builders are putting up houses on scattered lots without a specific buyer committed to buy.

Builders are sometimes wary of putting an asking price on a house until it’s well under construction, he says. Subcontractors and suppliers “walk in the door every day with a price increase and there’s nothing the builder can do about it.”

CONDO SALES RISE Naples-area condominiums had some of 2021’s strongest statistics— selling briskly—but not because buyers preferred them to singlefamily homes.

From December 2020 to December 2021, the median closed sale price for condos increased 35 percent to $405,000 while the overall market rose 26.4 percent to $510,000. But condos aren’t likely to hold their advantage permanently, Lane says, because buyers often view them as a temporary solution until the single-family market loosens up. For many buyers impatient to get out of a high-tax, cold-weather state, he says, making the move to Florida is the main thing. “The new No. 1 priority is ‘Let’s just get down to Florida first.’”

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By Cathy Chestnut

NAPLES

in

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nyone can Google “things to do” in Naples or a specific topic that meets their lifestyle or interests: sports, restaurants, concerts, fishing and kayaking, kids’ activities. But that only scratches the surface. Despite the pandemic, inflation, and other factors that are weighing down economic growth or the quality of life elsewhere, Collier County is flush with new and upcoming projects. Step around the Google search and go behind the headlines for a quick synopsis of exciting projects and kudos worth crowing about⎯to new residents and your customers.

Robust amenities continue bolstering the quality of life in Collier County

Melanie Schmees wears two hats. She is the Greater Naples Chamber of Commerce director of business and economic research and has been leading the Collier County Economic Development Office since the former director left in December 2019.

In short, she says, the county’s economy is “growing organically” without promoting business expansion outside of the county or the state. New Collier County business applications increased by 20 percent from 2019 to 2020, the latest numbers available, she says. Calls from businesses looking to plant roots in Collier County have “increased tenfold” during the past two years. Since publishing an article asking people to share their remote-work experiences in Collier County two years ago, “people are still sharing their stories,” she says. They are looking to connect to REALTORS®, find out about schools, and expand their home with an office, she says. “These people are making a commitment to their remote work here in Collier,” she says.

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PHOTO BY JOHN EDER

Business & Economy

The first phase of Artis-Naples’ $150 million campus master plan included the Norris Garden, expanded event space, and The Baker Museum, which was completely remodeled after Hurricane Irma caused extensive damage.

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New outdoor sculptures are being erected at Baker Park, which has become an immensely popular destination since opening before the pandemic. Other parks are being upgraded and built to meet the high demand for recreation and sports.

expansions to The Baker Museum, courtyards, and Norris Garden completed just before the pandemic emerged. The pandemic hit the performing arts sector hard, but there’s more to come for art and music lovers on this campus.

Gulfshore Playhouse They’re drawn by sunshine, low taxes, a slower urban pace, less congested roads, safety, world-class dining, and a wealth of cultural amenities in town or two hours away in Tampa and Miami, she says. Working remotely “is not going away,” she says. “Some people said it was a fad, but you see larger companies working remotely and we’re still seeing a large population coming here.”

The county’s population is expected to grow in 2022 from 398,304 to 405,005, a 1.68 percent increase. Many brick-and-mortar employees in a range of sectors and industries⎯such as hospitality, manufacturing, retail, health care, and distribution⎯are luring in-person workers, too. Arthrex has committed to bringing more than 560 new jobs since expanding its North Naples headquarters campus with the 169room, education-centric Innovation Hotel and Arthrex One Conference Center.

North America’s leading distributor of shipping, packaging, and industrial supplies, Uline, is building a $96 million distribution center near the Paradise Coast Sports Complex east of Collier Boulevard. The 937,000-square-foot, regional distribution center began in July 2021 and is expected to be completed by early 2023. Schmees says they expect to begin hiring this year.

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Multi-use buildings are a big trend locally, featuring luxury retail and dining on the ground floors and residences above. The Residences at 5th and 5th and 850 Central sold out immediately. Others are on the horizon, including The Stella Naples, which is on the drawing boards for Ninth Street South. Schmees says “1,000 multi-family units are expected to be delivered this year” at places such as One Naples and the 15-story Aura at Metropolitan Naples, so “a lot of the growth we will see is in luxury restaurant and retail spaces,” she says.

Art & Culture

The Paradise Coast is a cultural haven brimming with vibrant communities of performing and visual artists, private galleries and working artists’ studios, history museums, award-winning art festivals, and established arts districts. Yet the area’s art scene continues to thrive and expand at a lightning-fast clip.

Here are some examples:

Artis-Naples

The world-class, 8.5-acre Artis-Naples campus is undergoing transformative changes through an ambitious, $150 million master plan with $26.5 million in renovations and

Gulfshore Playhouse, a professional theater, is building a new, $60 million cultural campus featuring the 40,000-squarefoot Baker Theatre and Education Center on a three-acre campus near the intersection of First Avenue South and Goodlette-Frank Road in downtown Naples. A three-story parking garage is also planned for the site, and this area is now being referred to as a new gateway to downtown Naples. Ground was broken on the project in December; construction is expected to begin in September with a completion targeted for 2023. (An AC Marriott is also going up at Goodlette-Frank Road and Tamiami Trail.)

The Naples Players/Sugden Community Theatre

Not too far away, The Naples Players has kicked off a $15 million capital campaign to renovate and expand the Sugden Community Theatre on Fifth Avenue South. The nonprofit community theater hit 60 percent of its fundraising goal when it announced its capital campaign in September 2021 thanks to the generosity of local arts angels. “You don’t look very far in Naples without seeing an example of generosity and shared vision,” says Bryce Alexander, executive artistic director. “People love Naples, and they continue to invest in our community.”

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The Factory workout pavilion is one of many amenities open at Paradise Coast Sports Complex, which is expected to be completed by late 2023.

* The future of two artistic Community Redevelopment Areas ⎯the Bayshore/ Gateway Triangle east of the Tamiami Trail and the Naples Design District⎯are being actively mapped out to promote quality of life and sustainable economic vitality for residents and businesses in these distinct districts. Goals for both include establishing community events and spaces so they become destinations. * Collier County government and tourism leaders, residents, and the creative community are shepherding The Arts & Culture Strategic Plan, approved by county commissioners in 2020 as a long-term collaborative project aims to elevate the county as an arts and cultural destination. * The Conservancy of Southwest Florida recently reopened the expanded and renovated Susan and William Dalton Discovery Center following a years-long, $5 million project that includes the new John & Carol Walter Discovery Wing.

Parks & Recreation

Collier County has 70 neighborhood, community, and regional parks but as more people move into the area, sports and recreation are in high demand for adults and youth alike. That’s why county officials are working diligently to create or enhance facilities. Here are some examples:

Paradise Coast Sports Complex

One of these gems is the $100 million, world-class Paradise Coast Sports Complex⎯ one of the largest in the nation⎯designed to fulfill the needs of local and out-of-town athletes, with plenty of amenities to please the non-sporty types. The 180-acre complex in East Naples will ultimately feature seven volleyball courts and 21 synthetic athletic fields: 10

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And There’s More…

Olympic fields for soccer, football, and lacrosse; six baseball diamonds; and five softball/youth baseball diamonds. Being built in four phases, construction is expected to be complete by late 2023. “It’s The Ritz-Carlton of sports venues,” says Paradise Coast Sports Complex Business Development Manager Jeff Walters.

Already in place are the 3,500-seat stadium with private suites and party decks, great lawn, amphitheater with a 32-foot-wide, double-sided Jumbotron, and The Cove Beer & Wine Bar. Community events⎯concerts, holiday, food, arts, and beer festivals, and drive-in movies⎯are already on tap. Local fitness buffs and sports enthusiasts enjoy the five multi-use athletic fields, mile-long lake trail with fitness bump-outs, the membership Factory fitness pavilion, and a volleyball court. The complex opened in July 2020.

Big Corkscrew Island Regional Park

In February, county officials announced that the $48 million of the first phase of this 150-acre park⎯the county’s largest⎯is almost complete. The $90 million Big Corkscrew Island Regional Park is located near the Collier Fairgrounds, 15 minutes from Ave Maria.

Now open: a state-of-the-art playground; great lawn; pickleball, tennis, and basketball courts; softball and multipurpose fields; walking paths; and two concession stands. Expected to be complete this spring: a community center,

aquatic facility, and fitness court. The county’s seven-year, one-cent sales surtax is providing $40 million toward this project.

East Naples Community Park

With 90 golf courses, Collier County has long been known as the “Golf Capital of the World,” but it might as well be known as the “Pickleball Capital of the World,” too. East Naples Community Park, which has hosted the U.S. Open Pickleball Championships since its 2016 inception, has undergone $23.8 million in renovation and expansion that includes 10 new pickleball courts (for a total of 64), electrical, water and wireless upgrades, a 3,500-seat stadium, 1,000-plus additional parking spots, and a new welcome center.

And There’s More…

* Though the 15-acre, waterfront Baker Park opened in October 2019, it feels as though it’s been part of the community forever. This popular park is across the street from the Naples Dog Park and connected to the Gordon River Greenway. * The Naples Pathways Coalition is developing the 70-mile Paradise Coast Trail, a paved, multi-use trail spanning across Collier County, connecting Naples to Bonita Springs, Collier Seminole State Park, Ave Maria, and other communities. A feasibility study is expected to be completed by early fall.

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Cold Feet, Hot Seat What are the legal ramifications when a seller changes their mind?

BY ARTIS HENDERSON

“People shouldn’t back out of deals without knowing what can go wrong,” says Naples attorney Bill Morris, of the Law Offices of William G. Morris

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t’s easy to imagine: A couple on the verge of retirement decides to sell their Naples vacation condo. Their kids are grown and have families of their own. They don’t take as many trips to Southwest Florida as they used to and are simply downsizing. In this hot market, they can make a sizable profit by selling their little piece of paradise. So, they list the condominium. A buyer falls in love with it and the sale is moving forward. At the last instant, however, the couple’s kids pipe up. “Mom and dad, what are you doing?” they ask. “We love that Naples condo. We spent so many happy vacations there. You can’t sell it.” Now the couple is thinking seriously about canceling the deal.

Imagine another scenario. This time, a couple is selling their house to buy another house. At the last minute, the house they’re buying falls through. Now they don’t want to sell their original house, but it’s already under contract.

Now consider a scenario that happens daily in this quick-paced market. A seller lists a home. A buyer agrees to the terms. The house goes under contract. But before the deal can close, the seller is offered an extra $50,000 by another buyer. Suddenly, they want to back out of the original contract.

In each of these cases, the seller has a case of seller’s remorse. It doesn’t happen often, but it does happen.

Especially in the current market, when property values go up daily. “Sellers do change their minds,” says attorney Bill Morris, of the Law Offices of William G. Morris. “They think they shouldn’t have sold or they sold too cheaply.”

If a seller decides to back out of a transaction, then trouble might lie ahead for all parties. A buyer has the right to sue the seller if the seller is able to perform the promises made in the contract but chooses not to in what’s called a “specific performance suit.” The court can force the seller to sell to the buyer, per the terms of the original contract. The court can also award damages to the buyer.

One of the biggest problems that will arise out of

this type of suit is a lis pendens. Lis pendens is Latin for “suit pending”-a notice of a pending legal action. The lis pendens serves as a formal written notice to the public that a lawsuit involving a claim on the property has been filed. The lis pendens becomes part of the property’s official chain of title. It will appear in a title search. It also means the house cannot be sold until the lis pendens is removed. This has the potential to scare away future buyers until it is resolved.

A lawsuit of this kind can tie up a property for a year or more, Morris says. That’s why he warns, “People shouldn’t back out of deals without knowing what can go wrong.”

Of course, buyers back out of deals more frequently than sellers. If a buyer backs out of a deal without good cause, then the seller’s only remedy is to take the earnest money, which typically is 1 to 3 percent of the purchase price. Many contracts also stipulate that the seller has the right not just to the actual deposit but to any other deposits the buyer was supposed to make. “That can be a rude awakening when someone puts down $1,000 and thinks that’s all they’re going to lose,” Morris says. According to many standard contracts, the buyer is on the hook for all intended deposits.

No matter the reason, what’s essential is that buyers and sellers who are considering breaking a contract should consult with a qualified team of real estate professionals before rushing into any decisions. This team should include both a REALTOR® and an attorney.

“Talking to an attorney should always be part of the mix,” Morris says. Often, people will hesitate before consulting a lawyer because they’re afraid of spending the extra money. But backing out of a real estate contract can potentially cost a hefty sum. Not to mention serious headaches. Better to start with an attorney, Morris says.

Otherwise, both buyers and sellers might be taking a path that is ultimately “penny-wise but pound-foolish.”

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THE UPSIDES—AND DOWNSIDES—OF DOING THINGS VIRTUALLY Yes, it’s possible to both show homes and work virtually. But is that always the best option?

BY BETH LUBERECKI

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echnology has provided REALTORS® with many tools that help make their jobs easier and more efficient. But tapping into technology can also come with drawbacks.

While the ability to handle certain tasks virtually definitely comes in handy, there’s still value in face-to-face interactions. Here we’ll take a look at the pros and cons of two situations: showing homes virtually versus in person and working in an office versus working virtually.

The Pros and Cons of Showing Homes Virtually

No matter how sophisticated technology may get, showing customers a home in person is often the better option.

In-person showings can help customers feel more certain about their decisions. “A buyer that is able to walk through [a home] has much more confidence than the buyer who is doing it virtually, I think,” says Adam Vellano, sales manager at Compass Florida’s Naples office. “When you drive into a community, you get a feeling. When you drive up to a house, you get a feeling. When you walk around a house, you get a feeling.”

Even an amazing virtual tour doesn’t quite give a potential buyer the same sense of how the home lives the way an inperson visit does. “When the consumer is in the home, the consumer can see the sunlight in the window or the outdoor area,” says Kathy Zorn, broker/president at Better Homes and Gardens Pristine. “Once they’re experiencing it, then they can feel the house. They have the ability to turn the doorknob 38

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or open a door or walk out onto the lanai. And I think sometimes the experience of doing that connects them.”

In-person showings can help REALTORS® understand how a customer really feels about a home. “People can say a lot with body language, and if you’re face-to-face, you can see their expression and see their emotions,” says Vellano.

“You can actually feel the energy.”

The ability to show homes virtually becomes an instrumental tool for REALTORS® in this fast-moving local market where buyers sometimes live outside the area. This method can work well for customers who have narrowed in on a particular community and have done some preliminary research, but just haven’t found an available property that works for them yet.

Zorn says that agents should try to create an experience when conducting a virtual tour. “Letting your personality come through to connect with the customer, as though you would have been doing one-on-one and in-person, seems to be much more effective rather than just doing a rehearsed thing,” she says. “Use words like, ‘Boy, it smells really clean in here.’ Something to connect and make the virtual experience more of a reality—I think a successful agent will accomplish that.”

It’s a good idea for REALTORS® to follow up with pictures of the home and a video recording that recreates what the customer saw during the virtual showing. “It just gives them an opportunity to slow everything down and really look through a good lens,” says Vellano.

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The Pros and Cons of Working Virtually

REALTORS® can handle many elements of their jobs from their homes, cars, or neighborhood coffee shop. That’s why John R. Wood Properties has set up its 19 local offices to support the fact that some 60 percent of its 650-plus agents have chosen virtual as their classification. Offices offer a range of semi-private and open working spaces where agents can plug in as needed.

“Nowadays, REALTORS® cover so much ground,” says Spencer E. Haynes, vice president of business development and broker at John R. Wood Properties. “We wish for them to be able to use any of our locations just like they would their home or any other office they may be assigned to.”

Forgoing a traditional office setup can be a good move for certain REALTORS®. “I think the experienced agent can work and be successful virtually,” says Zorn. “But you have to be disciplined.”

For someone who might get easily

OFFICE OPTIONS You’ve chosen to work virtually, but maybe your home setup isn’t quite giving you what you need. For REALTORS® in search of coworking space, an executive suite, or conference room access, here are some options in Collier County.

Collier Capital Club

239-325-1115 colliercapitalclub.com

Premier Executive Center 239-591-6600 premiercenter.net

Suite 200 by Naples Executive Suites 239-325-5000 naplesexecutivesuites.com

Venture X Naples

239-300-9601 venturex.com/locations/naples

distracted by household chores or an interesting conversation at the coffee shop, the structure of an office setting might be a better option. “I believe there are plenty of people who can do either,” says Vellano. “But I do feel there are certain people who need to get up and go to an office. It just makes them more productive.”

Less-experienced agents can often benefit from working in an office. “Being around other agents, you learn a lot more,” says Vellano. “You hear more stories; you’re more interactive. You pick up more information.”

In the end, it often comes down to things like personality and preferences when choosing between working virtually or in an office. “It is simply a matter of what is going to work best for the REALTOR® in their situation to help them focus on being the best they can be for their customer base,” says Haynes. “We’re not ones to try to dictate or judge what is going to work best for them; we prefer to give both options.”

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Welcome Home Experience the inviting, state-ofthe-art upgrades to the NABOR® headquarters

BY ROBIN F. DEMATTIA

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REALTORS® know all about curb appeal, and now the Naples Area Board of REALTORS® (NABOR®) building on Pine Ridge Road is providing a fresh welcome for members arriving for in-person classes and meetings.

The recent improvements are just part of several facilities updates in the past few years that benefit members. And all this work has kept Wes Kunkle, President 2013 and chair of the NABOR® Facilities Management Committee, far busier than he anticipated.

The most visible impact of the recent upgrades that members will notice was the recent parking lot project, which sounded innocuous going into it but, like many construction projects, became more complex the more it was—literally—dug into. In retrospect, it wasn’t a complete surprise, though, considering the lot is about 30 years old.

“We went into it to reseal and restripe, and it turned into a whole new parking lot,” Kunkel says.

“We found that the underground storage for drainage water had failed. We had to dig that up and put in a new drainage system. It was not an easy chore.”

This change to the scope of the project presented opportunities. Kunkel worked with a structural engineer who redesigned the flow of the front parking lot. Drivers now pull into and out of spaces at a 45-degree angle and traffic flows in one direction. Handicap spaces and crosswalks were added to meet ADA guidelines.

Medians and the front of the building were enhanced by landscaping that includes native plants that are maintenance-free, including gumbo limbo, a variety of buttonwood, wild coffee, and dune sunflowers. Because these are natives, they have adapted to the region’s climate and require less irrigation—an ecological and

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NABOR® classes are taught in the Naples Conference Center, which has received an upgraded audio and visual system.

PHOTOS BY WADE MASTRO

UPGRADE HIGHLIGHTS l New parking lot drainage system l

Resealed parking

l Redesigned parking lot flow l New handicap spaces and crosswalks l Landscaped and beautified parking lot l New air-conditioning system l Audio-visual updates in the Naples Conference Center l Energy-efficient lighting in the new front sign l

Roof replaced

“We went into it to reseal and restripe, and it turned into a whole new parking lot,” says Wes Kunkle, chair of the NABOR® Facilities Management Committee economical savings. Ornamental flowering trees such as the magnolia coco (or coconut magnolia) and Tabebuia beautify the property.

Two projects were funded from NABOR® reserves: The back parking lot was repaved and restriped and a new air-conditioning system, including air handlers and filters, was installed. It took several months, but Kunkel says units were failing and leaking, so it was a necessary update.

Kunkel calls these “maintenance projects that improve the building.” Some updates impact NABOR® members even if they don’t visit the building. NABOR® Chief Administrative Officer Corie Chase appreciates the 2021 audio-visual upgrades that included additional TV monitors, an upgraded sound system, better speakers in the ceiling, and brighter projectors. These improvements are vital for virtual meetings.

“This was an effort to open the NABOR® experience to all members, both in-person and

virtually, which allows NABOR® to better serve its members,” she says.

This is especially important for the Naples Conference Center section of the building, which is used not only for in-person member educational and training sessions and committee meetings but is also rented out to members and to the public.

The 15,290-square-foot building has had other updates throughout the years. For instance, the roof was replaced in 2014. When the front sign was damaged

by Hurricane Irma in 2017, energy-efficient LED lighting was incorporated into the new sign. Kunkel says he would like to see more energy-efficient lighting throughout the building and is starting to think about refreshing the interior paint colors in the next year or so.

“As the building ages,” Chase says, “it becomes necessary to replace certain items in an effort to keep the property and building updated and as safe as possible for our members, which is one of the many top priorities.”

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TEAMING UP VS. WORKING ALONE For REALTORS®, it’s important to understand the benefits and drawbacks to each approach

“What skills, knowledge, or traits do you have that are going to make this team even better?” asks Pat Pitocchi, assistant managing broker and director of corporate training at Downing-Frye Realty

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oin a team? Go it alone? These are two questions many REALTORS® have asked themselves at some point in their careers.

There are, of course, pros and cons to either approach. Some agents might start their careers with dreams of flying solo and reaping the benefits of that setup. That was Brenda Fioretti’s vision when she began her real estate career at age 18. “I wanted to be totally independent, be my own boss, and create my own schedule. I wanted to answer to as few people as possible,” says Fioretti, who’s currently an associate broker at Berkshire Hathaway HomeServices Florida Realty.

Going solo offers the potential for higher income possibilities, because money earned doesn’t have to be shared with a team. “The independent agent has the ability to negotiate their commission split with their brokerage firm and control their income,” says Fioretti. “The downside of being on a team is that translates into a lower commission. You’re going to make less money, because most agents contribute X amount of dollars from a transaction to a team.”

But working alone could cost agents more in other areas. “Being a single agent, you have to pay all your own expenses,” says Fioretti.

“All your marketing and database expenses— anything you spend comes directly out of your pocket.”

Going solo also means an agent doesn’t have any backup support for handling the many components of the job, from customer communications and lead generation to holding open houses and attending inspections. “You are wearing all the hats,” says Fioretti. “You are your marketing director; you are your tech person…You have a lot of parts to juggle and a lot of jobs on your plate.”

Being part of a team can alleviate some of that pressure. “You have delivery of equal services by many people,” says Pat Pitocchi, assistant managing broker and director of corporate training at Downing-Frye Realty.

“You can divide tasks and speak to your strengths. If you’re excellent at A, you do A for the team and someone else who is excellent at B does B. Building teams is done by building complementary skills rather than having everybody have the same skills.”

Pitocchi suggests that REALTORS® who are interested in joining a team should consider what a team setup could offer them and what they can bring to the team. “What

PHOTO BY WADE MASTRO

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skills, knowledge, or traits do you have that are going to make this team even better?” she says. “The value proposition that you bring to a team, I think, is important for you to think about beforehand.”

Both Pitocchi and Fioretti compare a real estate team to a marriage. “You have to have a lot of patience on a team,” says Fioretti.

To determine if a team is a good fit, Pitocchi suggests that the agent and team do a few deals together to assess whether everyone has a compatible approach to the business of real estate. “If you don’t know how people are

working, you don’t know whether their style matches yours,” she says.

Then, if all goes well, create a written agreement so that everyone is on the same page.

“The reason many teams are not successful is they do not have in writing a clear delineation of who does what,” says Pitocchi. “You might expect one thing, someone else might expect something different, and then it builds up.”

Joining a team can sometimes be a good option for newer agents just starting out in their careers and for highly experienced agents as they start to think about winding down a

bit. Experienced agents “may think about a team as they get toward the end of their career when they want to spend more time traveling or take more time off,” says Fioretti.

Some people have temperaments or personality traits that lead them to work better alone. “What I say to everyone is work alone until you know how you work,” says Pitocchi. “Because how can you talk with people about how you work until you know how you work? Then, make a decision. If you go it alone, you have to understand that real estate is a 24/7 occupation.”

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RPAC: BEHIND THE ISSUES A closer look at water quality, property insurance, and the business rent tax

BY CATHY CHESTNUT

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he REALTORS® Political Action Committee (RPAC) was established in 1969 to support and protect the interests of the real estate industry nationwide by promoting pro-REALTOR® political candidates and lobbying for or against proposed legislation, policies, or regulations.

Its activities are funded by voluntary fees paid

by REALTORS® across the nation.

Brett C. Brown, President 2009 and chair of the RPAC Committee, says that he and his NABOR® committee colleagues focus on statewide issues and candidates for city, county, and Florida and U.S. Senate and House seats representing Collier County’s district. NABOR® supports issues that are important to Florida Realtors®. A contingent of 15 NABOR® representatives visited Tallahassee during the 2022 Legislative Session (January-March) on Great American REALTOR® Days to meet with Florida Senator Kathleen Passidomo and Florida Representatives Lauren Melo and Bob Rommel. They rallied behind 2022 priorities selected by Florida Realtors®. Here’s a closer look at three of these issues: Water Quality and Environmental Funding: Gov. Ron DeSantis recommended $980 million in this year’s budget for Everglades and springs restoration, wastewater

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and resiliency programs, the Florida Forever Program, and efforts to combat the effects of harmful algae blooms. The memory of the 2018 red tide and blue-green algae crisis is still fresh for Collier County businessowners, waterfront homeowners, beachgoers, and REALTORS®.

This funding and the management of releases of nutrient-rich water from Lake Okeechobee into the Caloosahatchee estuary are key to preserving the area’s water quality, the main ingredient in a healthy, tourism-fueled economy, Brown says. The ongoing Everglades restoration project also needs to stay on track.

“The reality is that everybody who comes to Florida comes to the beach,” he says. “They might eventually find another pastime or favorite nature spot but that’s where they start.”

Poor water quality hits us in the pocketbook in many ways, including “future tourist dollars,” Brown says.

Rising Property Insurance Costs: Property insurance costs continue to rise at alarming levels in many parts of Florida due to several factors: hurricanes and natural catastrophes, rising reinsurance rates, and increasing litigation costs. “Costs are going through the ceiling,” Brown says. “I just had an email from a customer seeking to find another insurance company because theirs went up thousands of dollars this year.” Residents

“Costs are going through the ceiling,” says RPAC Committee Chair Brett C. Brown of property insurance costs in Florida

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sometimes accept higher deductibles to get an affordable policy—though the coverage won’t be enough to cover the loss of their home, he says. There are several factors involved in the increasing rates, he says. Litigation is driving up costs, too. According to some reports, in 2019, Florida accounted for 8.16 percent of homeowners insurance claims filed in the U.S., but the state accounts for 76.45 percent of the lawsuits filed in the U.S. against insurance providers. Citizens Property Insurance Corp., the “insurer of last resort,” ended 2021 with 759,305 policies. State leaders are seeking to minimize the number of Citizens policies and encourage consumers to get coverage in the private market. “If something happens, a major catastrophic storm, everyone has to pay

back the losses incurred by Citizens,” Brown explains. Natural disasters occur in every state: tornadoes, earthquakes, fires, landslides, and flooding. So there’s no reason insurance companies should penalize Florida, Brown says. He hopes “the focus solely on Florida” will fade away because “no matter where you look, there’s some type of disaster.”

Business Rent Tax: The state charges a sales tax on commercial leases. It used to be 7 percent but has dropped down to 5.5 percent due to lobbying efforts in 2021. The tax rate is expected to drop to 2 percent in the coming years. Brown says this tax was created as a revenue source for Florida’s budget because the state does not impose a state income tax.

However, this tax is an annual financial drain that may prohibit businesses from expanding, raising salaries, or improving benefits. Brown says businesses also pass this cost on to customers by calculating it into their fees or prices, which dig into the pockets of yearround residents. “The consumer pays for it one way or the other,” he says. The state has a new source of revenue—beginning last July, most retailers selling more than $100,000 a year online had to start collecting Florida’s 6 percent sales tax at the point of sale. “The state has a balanced budget, so it’s got to be replaced or they have to cut something that’s being done,” Brown says. “Taxing internet purchases is going to offset what’s left of the 5.5 percent. I think it’s very doable.”

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MLS New construction listings and new rules in 2022

BY CATHY CHESTNUT

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he Multiple Listing Service (MLS) is a REALTOR®’s most important tool.

Industry veterans know that it is modified and upgraded to keep up with changes in technology, the industry, and agents’ needs.

Here’s what you need to know about the most recent changes to the MLS, according to Naples Area Board of REALTORS® Director of MLS Cindy Cornman, including new local and National Association of REALTORS® (NAR®) policies that went into effect for 2022.

New Home Source Professional You may have already checked out this new product—a desperately needed feature in a market with historically low inventory—which was planned for rollout in late February. New Home Source Professional is a new national product within MLS that allows agents to search for new construction. No additional link or sign-in is necessary to search within it for new construction by pricing, community location and amenities, and square footage.

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COURTESY OF BARRON COLLIER COMPANIES

Cornman says it is “more user-friendly and more up-to-date with the inventory” than a similar one (Builder Update) that it replaced. New Home Source has developed strong relationships with major developers, she says, to ensure comprehensive inventory across the market. “This will be very fresh,” she says.

“Agents should check out the tool and get familiar with it to help clients looking for new construction.”

New Home Source Professional “will be very fresh,” says Cindy Cornman. Agents should “get familiar with it to help clients looking for new construction.”

Mandatory Photos for Listings One of the biggest changes for 2022 has been the mandate that agents include at least one property-specific photo for their listing in order for it to become active. Past guidelines allowed for a photo to be included within five days, but sometimes, it didn’t happen. “With technology being the way it is, a listing will live out there without a picture the rest of its life if it isn’t updated,” Cornman says, adding that’s it’s much simpler today to take a picture. “Everyone can get at least one photo…”

When there is no property photo “the consumer is not going to look at the property. They will flip right past it,” Cornman says. “Photos are what sell the properties,” she says. Photos also help to avoid confusion for a potential buyer.

Mandatory Showings in 48 Hours This change impacts all listing agents: Once a listing becomes active, it must be available for a showing within the first 48 hours. In this red-hot market, this new policy that went into effect in January “levels the playing field for everyone,” Cornman explains.

In the past, a home sale could be pending a week or two after being listed without a showing being held. This new NABOR® policy gives a wider number of potential buyers the opportunity to check the listing out and make an offer, and it also gives the property seller a better idea of the volume and types of offers coming in. This is an effort “to give everyone a fair chance,” Cornman says. More offers are also better for the agent.

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THREE NEW RULES FOR COMMISSION FEES

If You’re Making a Commission, Don’t Call Transaction “Free”

Brokers and agents cannot advertise that their services are free if they are being compensated by any source, such as a commission. Essentially, consumers need to understand that commission fees will be coming out of the sale of the property.

This seems obvious to anyone working in the industry, but it simply may not be clear to someone selling a home for the first time. And it’s an issue because NAR® saw the need to create this policy.

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Filtering Out Properties Based on Commission A broker or an agent cannot filter listings on their website based on commission; all properties need to be listed as they are presented for the consumer to make an informed decision.

If there are five properties in the same price range, some brokers or agents may have only listed three of them if they provided a higher commission, Cornman says. Maybe three properties had a 3 percent commission for the agent while the other two were at 2 percent.

Or 1 percent. Filtering by commission “might only show those properties with the higher commission to the buyer while leaving the others out,” Cornman says. “The REALTOR® should do what is best for their buyer. NAR® is trying to make everything transparent to the consumers so everyone is on the same page.”

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Displaying Buyer’s Commission

Brokers have had to make the decision this year whether to advertise the buyer’s commission on consumer websites. This practice wasn’t allowed before, but NAR® decided it can be helpful information for the consumer. “For the longest time, talking commission with your buyer was taboo. The seller always knew but buyers weren’t aware,” Cornman says. “For those who display it, it will open up a lot of questions. It’s going to be tricky, but they’re leaving it up to the broker. It’s such a hot market, it’s hard to know what impact it will have.”

Cornman is sure to have more information to share in the next issue of this magazine after attending NABOR®’s annual MLS Tech Conference on March 31.

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PROFESSIONAL STANDARDS Learn about revisions to the 2022 REALTOR® Code of Ethics and Standards of Practice

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BY CORIE CHASE, RCE, NABOR ® CHIEF ADMINISTRATIVE OFFICER

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he professional standard that sets REALTORS® apart from other real estate practitioners is their acceptance and adherence to the REALTOR® Code of Ethics.

The Code has been revised many times through the years to reflect current developments in professional real estate practices. Please continue reading to familiarize yourself with the 2022 revisions to the Code.

As you may recall, in November 2020, the Board of Directors (“BOD”) of the National Association of REALTORS® (“NAR”) approved a revision to Article 1, by expanding Standard of Practice 1-7, which took effect in January 2021. It requires, in part, that REALTORS®, upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide, as soon as practical, a written affirmation to the cooperating broker stating that the offer has been submitted to the seller/landlord, or a written notification that the seller/landlord has waived the obligation to have the offer presented.

In November 2021, the BOD of NAR approved another revision to Article 1, this time by expanding Standard of Practice 1-8, which took effect in January 2022. It requires, in part, that REALTORS®, upon the written request of a listing broker who submits a counteroffer to the buyer’s/tenant’s broker, the buyer’s/tenant’s broker shall provide, as soon as practical, a written affirmation

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to the listing broker stating that the counter-offer has been submitted to the buyers/tenants, or a written notification that the buyers/tenants have waived the obligation to have the counter-offer presented.

The above revisions to the REALTOR® Code were adopted in response to multiple complaints from REALTORS® across the country, complaining they have no way of knowing whether or not their offers, or counteroffers, were submitted to the seller/landlord or to buyers/ tenants (depending on the situation at hand) due to a lack of communication from the listing broker and/or the buyer’s/tenant’s broker, thus causing undue frustration to the customer and/or clients of the cooperating brokers and the listing brokers.

In November 2021, Article 12, Standard of Practice 12-1 was also revised as follows: REALTORS® must not represent that their brokerage services to a client or customer are free or available at no cost to their clients, unless the REALTOR® will receive no financial compensation from any source for those services. (Amended 1/22) For the full version of the 2022 Code of Ethics and Standards of Practice of the National Association of REALTORS®, please visit the Pro Standards tab on NABOR.com.

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CODE

VISION

ETHICS

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PROFESSIONAL

E TH I STANDARDS

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GET SMART

The NABOR Escalation Addendum ®

A tool for competitive offers

BY SAM J. SAAD III, ATTORNEY

T

he Purchase Price Escalation Addendum to the NABOR® Sales Contract (“Escalation Addendum”) is one of the new forms provided by NABOR® for its members’ use in this extreme seller’s market to make competitive offers.

The addendum adds a clause to the Sales Contract and provides that the initial submitted purchase price can increase by a stated increment, the Escalating Factor, over the best competitive Sales Contract price, some include a Maximum Purchase Price which is the maximum price the Buyer is willing to pay for the property.

The Escalation Addendum can be used when a Buyer is willing to pay more for a property than other higher offers. The benefit of using the Escalation Addendum is for the Buyer to induce a Seller to accept the offer while paying only slightly more than the best competing contract presented to the Seller, instead of making their maximum offer initially.

In a multiple offer situation, the Escalation Addendum comes into play when the highest competing offer exceeds the Buyer’s starting offer price. The Buyer’s offer is then increased by the Escalating Factor specified in the Escalation Addendum up to the stated Maximum Purchase Price. If that increased price becomes the highest price offer, the process ends with the Buyer’s increased offer.

If there are other Escalation Clauses in the competing contracts, the Escalating Factor over the next lowest Maximum Purchase Price.

In the NABOR® Addendum, the choice of a Maximum Purchase Price and Escalating

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Factor are important and can affect the outcome of the escalation process. If the maximum price is low relative to the initial contract price, the Buyer may be easily outbid.

If the Escalating Factor chosen is too big relative to the difference between the initial price and the maximum price, then the Buyer’s bid can quickly reach the maximum and allow other offers to “win” the bidding process.

Another aspect of the Escalation Clause to be considered by the Buyer is when the Buyer requires financing to complete the purchase. The escalation process may increase the risk of the Buyer’s appraisal not meeting the final escalated price. The NABOR® addendum addresses this issue by stating that the Buyer will bring cash to closing to cover the difference in the appraised value and the purchase price. (Note that the final purchase price is paid by wire.)

There are several pros and cons to the new NABOR® Purchase Price Escalation Addendum. The main reason to use the addendum is the automatic increase in price that stays below a Buyer’s top dollar purchase price while keeping the Buyer as the top bidder. Some feel the clause may also protect the Buyer from overpaying for a property by not offering the highest price the Buyer is willing to pay right away.

One con is that the Buyer is “playing their hand” if a maximum purchase is included.

The maximum purchase price tells the Seller the maximum the Buyer will pay for the property regardless of any other competing Contracts, opening the door for fraud from an unscrupulous Seller.

Buyers should be aware that some Sellers will not accept or deal with Escalation Clause offers. Perhaps the biggest reason is the clause can lead to litigation if the Buyer decides not to buy and claims the competing offer was a ruse.

In practice, brokers have found that the most reasonable choice is a low escalating factor amount since the escalation process can continue over several iterations based on other offers and competing escalation clauses. In reality, the amount of the escalating factor is

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the amount the winning Buyer is paying over the next best offer. So, choosing a moderate increment makes good sense so that the winning Buyer pays only a modest amount more than the next best offer Another consideration is that the Seller may have a hard time comparing offers.

Closing costs, mandatory repair clauses, a contract clause allowing a Buyer to terminate the contract and other provisions may not be identical in competing offers. For that reason,

some using Escalation Clauses provide that the offer will increase to net the Seller more than a competing offer. That means the Seller must calculate the net proceeds for each offer based on the Escalation Addendum included.

This can easily be done by contacting your favorite closing agent.

A REALTOR® considering use of an Escalation Clause with a Buyer should discuss all aspects of the process and make sure the Buyer understands the pros and cons of the

clause and decides on the use of an Escalation Clause of their own volition. Because Escalation Clauses are more complex than they appear at first blush, this could be one time where consultation with an experienced real estate attorney is priceless.

The information contained in this article is not intended as legal advice. For questions about specific circumstances, the reader should consult a qualified attorney.

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Conroy, Conroy & Durant, P.A.

Conroy, Conroy & Durant, P.A. (“CC&D”) is a boutique real estate law firm which has focused on real estate solutions for over 27 years. Founded by attorneys with deep roots in the community, CC&D has grown to help our clients navigate Naples’ increasingly competitive and sophisticated real estate market. Whether seeking representation in the purchase or sale of commercial or residential property, our team of lawyers has experience handling complex real estate transactions with integrity.

Reputable: CC&D has four attorneys who are board certified in real estate law by the Florida Bar. In addition, each partner has achieved an AV-rating by Martindale-Hubbell, demonstrating the highest level of professional excellence and ethics.

Reliable: Over the years we have not only developed procedures for the various types of real estate transactions, but also established relationships with local companies involved in real estate transactions, both of which allows us to provide our clients with reliable and prompt service.

Residential and Commercial Real Estate Real Estate Finance Construction Law Condominium Law Corporate Law Landlord Tenant Law

Accessible: Each real estate transaction has a legal team comprised of an attorney, paralegal, and legal assistant, which lends itself to an increased level of communication and availability.

The attorneys and staff at CC&D are proud of our commitment to excellence in real estate.

Focused Real Estate Solutions

Conroy, Conroy & Durant, P.a.

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2210 Vanderbilt Beach Rd., Suite 1201 Naples, FL 34109 (239) 649-5200 Fax: (239) 649-8140 naplespropertylaw.com

3/16/22 8:56 PM

NABORhood

2022 Officers and Directors

Nick Bobzien, President Elect “I want to continue to help make NABOR® better for all members and work to provide additional benefits to members including expanding educational opportunities. My goals are to keep NABOR® efficient, always strive for professionalism, listen to members, and serve as a catalyst to facilitate and support positive change.”

PJ Smith, Treasurer: “I will work to continue strong leadership and accountability of our finances and provide leadership that helps our members grow, while protecting their businesses.

Finally, I will continue to be passionate about actively supporting advocacy for water quality, homeownership, workforce housing, and private property rights.”

Ryan Bleggi, President 2022: ”I’m truly humbled to have the opportunity to serve the members of NABOR® and the real estate industry in 2022. If we can inspire the next generation of leaders and provide the education, tools, and professionalism to allow our members to significantly increase their earnings, I will consider this year to be a great success.”

Christine Citrano, Vice President/ Secretary: “My goals are to bring more value to members and their businesses, to educate members so that they can attain a level of professionalism that is of the highest standard, and to create an environment at the board that is diverse, equitable, and inclusive.”

N A P L E S A R E A B O A R D O F R E A LT O R S ®

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HALL OF FAME Platinum “R”

Golden “R”

Golden “R”

PRESIDENT’S CIRCLE

PRESIDENT’S CIRCLE

PRESIDENT’S CIRCLE

Brett Brown

Paula Angelopoulos Urbinati

Deborah Zalewski

Platinum “R”

Corey McCloskey

Platinum “R”

Golden “R”

Golden “R”

PRESIDENT’S CIRCLE

PRESIDENT’S CIRCLE

Ryan Bleggi

Christine Citrano

Phil Wood

Golden “R”

Crystal “R” PRESIDENT’S CIRCLE

Joanne Chando

Bill Poteet

CRYSTAL “R”

Nick Bobzien

Matt Goodwin

Mike Hughes

Marty Manion Dominic Pallini

Jim Pilon

P. J. Smith

Karin Thomas Terrilyn VanGorder

STERLING “R”

Ron Abboud

David Arter Claudine Auclair Rick Baranski

Nancy Haroian-Wry Jeff Jones

Scott Kish

Paul Bocka

Jayne Malinowski Lauren Melo

Sara Brand

Derek Carlson Maurice Cossairt Al DiNicola

Brenda Fioretti

Pat Pitocchi

David Puskaric Marcie Roggow Stuart Tackett Tahlia Urbinati

Rick Fioretti

Ray Gonzalez

Nikki Wood Debbie Zvibleman

The Naples Area Board of Realtors® would like to thank the dedicated professionals who work hard to promote and protect the American dream of homeownership.

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NABORhood Corey McCloskey, Director: “I am thrilled to see the continued efforts to get members back in the building for classes and events. NABOR® is truly a members-first organization and we should be proud of the ongoing effort to remain that way.”

Terrilyn VanGorder, Director: “I hope to make valuable contributions such as helping in the planning of events, working to improve efficiencies relative to scheduling meetings and events, developing and facilitating communication with our members, and making certain that allied and affiliate members are fully-aware of the benefits of their NABOR® membership.”

Stuart Tackett, Director: “My primary goal is to focus on our members’ wants and needs.

I wholeheartedly feel that NABOR® is an exceptional board but there are ways we can

improve member benefits. Education, MLS/ data research tools, policies, NABOR® online forms, and technology are areas we can strive to improve upon in 2022.”

David Puskaric, Director: “My goal for 2022 is to continue to do my part to advance a shared vision that puts a spotlight on education, professionalism, and inclusion while implementing lasting, innovative changes for the benefit of our members and their businesses.”

Paula Angelopoulos Urbinati, Director: “Taking the oath as director is a responsibility I cherish. My goals are to create an environment in which REALTORS® feel motivated to further their education and advance their careers, to give energy and traction to new ideas, to support members who wish to have a voice, and to help members feel that their participation, input, and feedback are highly valued.”

Mary Waller, Director: “My focus will be on providing quality resources to help build members’ business, always at their service, always with a smile.”

Marcie Roggow, Director: “NABOR® provides so many opportunities for our members: education, political advocacy, MLS/tools, social events, professional standards and, most of all, the ability to collaborate among our members to strengthen the mission statement of the association: “We are in the business of growing YOUR business.” The directors’ goal is to make sure that we are representing the members by providing the best services possible. It’s an honor to serve with these forward-thinking leaders to make sure that we meet those goals.”

N A P L E S A R E A B O A R D O F R E A LT O R S ®

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Committee Spotlight: Governmental Issues The Governmental Issues Committee represents members’ business interests primarily before local governmental bodies and agencies. They work with Florida Realtors® and where appropriate, the National Association of REALTORS®, to have members’ interests incorporated into state and legislative agendas.

They inform NABOR® membership of legislation and regulations affecting their ability to do business.

—Maurice Cossairt, Chair Left to Right: Tom Regan, Vice Chair; Doug Rankin; Mary Waller, Director; Bill Poteet, President 2012; Maurice Cossairt, Chair; Gerald Lefebvre; Debbie Zalewski; Brett Brown, President 2009; Natalie Sablina; Ted DeGroot; Randy Lichtman Those who were not there for the photo (some attended via Zoom): Jeannette Batten; Sara Brand; Anita Colletti; Heather Haynes; Spencer Haynes, President 2007; Elle Hunt; Jeff Jones, President 2019; David Joseph; Chuck Kansy; Yiota Kotokis; Bev Larson; Jim Pilon, President 2003; Marcia Roggow, Director; Scott Russo; Stuart Tackett; Janice Youlden

Committee Spotlight: Budget and Finance Committee

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The Budget and Finance Committee is responsible for ensuring that the financial affairs of NABOR® and MLS of Naples, Inc. are administered effectively and with fiscal integrity, that financial information flows efficiently to those who need it, and that the financial directives of the board of directors are implemented.

Befor

e

After

Left to right: Rick Baranski, President 2018; PJ Smith, Treasurer; Brett Brown, President 2009; Gwen DavisGideon; Paula Angelopoulos Urbinati, Director; Gregory Wetzel; Kristine Hanson; Nick Bobzien, President Elect; Izabela Wright; Jim Pilon, President 2003; Terrilyn VanGorder, Director Not Pictured: Shaun Garry; Robin Koneski; Dominic Pallini, President 2017; Douglas Rankin; John Walter

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Q2 2022

3/25/22 10:41 PM

RPAC Kickoff January 17 * Hilton Naples 1. Sara Brand; Ryan Bleggi, President; Nick Bobzien, President Elect 2. Congressman Byron Donalds; Paula Angelopoulos Urbinati, Director; Sherry Bryant; Melissa Cure 3. Haroldo Balsalobre; Carol Kairis; Brett Brown, President 2009

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We're Not Your Typical Title Company Our innovative approach, cutting edge technology, relaxed culture, and outstanding customer service set us apart.

Now Open in Naples, Florida (239) 734-2400 1421 Pine Ridge Road, Ste. 110 Naples, Florida 34109 VentureTitleServices.com

N A P L E S A R E A B O A R D O F R E A LT O R S ®

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The Future of Affordable Housing Symposium February 10 * Naples Conference Center 1. Women's Council of REALTORS® Naples, from left to right: Tina Murracco, President; Dana Perkins, Treasurer; Kelly Ferreri, President-Elect; Debbie Zalewski, State Liaison; Astrid Shover, First Vice President

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2. Michael Dalby, CEO, Greater Naples Chamber; Mary Waller, Director; Michael Puchalla, CEO, H.E.L.P.; Jacob Larow, Manager, Collier County Housing; Grant Development and Operations, Community and Human Services 3. Gwen Davis-Gideon, Nancy Bjork

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Q2 2022

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1,500 People Move to Florida Every Day Advertise in Naples REALTOR ® and put your business on the path to success.

Wine Down with RPAC Masquerade Party February 24 * Cooper’s Hawk Winery & Restaurant 1. Eddy Ramos, Rosa Madrid 2. Liam Barker, Gunilla Rubino

Contact Publisher Kaleigh Grover to find out more!

3. Henry Albarracin, Nancy Haroian-Wry, Nicole Anderson 4. Mia Hrescak, Antonio Barroso, Andronic Gostevskyh

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239-298-7507 N A P L E S A R E A B O A R D O F R E A LT O R S ®

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Leadership Academy “Pass the Torch”

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March 7 * Naples Area Board of REALTORS® 1. Eric Nagel; Jeff Jones, President 2019 2. Mary Waller, Director; Ron Coburn; Paula King; Juan Hernandez; Paula Angelopoulos Urbinati, Director; Olga Clemente 3. Jessica Bart, Rosa Madrid, Vicki Allen

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Save the Date: APRIL 9 Annual Night of Honors APRIL 21 Member Business Meeting APRIL 28 Karaoke Charity Challenge MAY 31 REALTOR® Expo at The RitzCarlton Golf Resort JUNE 25 Family Fun Day

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Q2 2022

3/25/22 10:43 PM

Rise & Shine: La Colmar Bakery & Bistro

THE CLOSE

The newly reopened La Colmar Bakery & Bistro, operated by the husband-and-wife team of Ana and Yannick Brendel, is a tasty way to start a busy day. Yannick—originally from the bakery’s namesake city in Alsace, France—is a third-generation baker trained by his father at an early age. Using the finest French flour, a reverse-osmosis water filtration system, and sustainably sourced butter, he turns out a daily array of breads, pastries, croissants, and cookies. The Brendels are evangelists of quality ingredients and healthy eating, but that doesn’t mean your hedonistic urges will go unfulfilled. Popular items include the Everything Croissantwich (with egg, cheese, and hickory-smoked bacon), almond cream croissants, and strawberry beignets. If you miss breakfast, there are plenty of lunch offerings, too, such as croque monsieur, niçoise salad, el Cubano medianoche, and homemade soup. Location: 80 Tamiami Trail North, Naples (lacolmar.com)

DINING SCENE

New Noshes Check out a few of Naples’ delightful bites Say Cheese: Twisted Cheesery If you’re an adult who wants to recreate an indulgent favorite from your youth, head over to the Twisted Cheesery in Naples. Award-winning chef Michael Voorhis and entrepreneur Calvin Joiner are two longtime friends who opened Twisted Sheep Pizza & Brew last year, where they achieved success by going far beyond the conventional. Their Twisted Cheesery operates in the same spirit. Odds are your mother never made you the Cuban Missile Crisis (shaved ham, pulled pork, gouda, and provolone), Italian Stallion (pepperoni, ham, and salami with mozzarella and chopped giardiniera), or Southern Cow (pimento cheese, chopped burger, candied bacon jam, and hot honey on a base of provolone and aged cheddar). “A good sandwich is a work of art and grilled cheese is our canvas,” says Voorhis. Location: 2795 Davis Boulevard, Naples (twistedcheesery.com)

Deliciously Entertaining: CMX CinéBistro Coastland Fine dining with a flick? That’s what you can expect at CMX CinéBistro, which opened in October at the Coastland Center.

On the menu: lobster tempura with chipotle-yuzu aioli and a sweet soy reduction, steamed mussels with pommes frites, seared halibut in a curried coconut broth, and a 14-ounce peppercorn-crusted New York strip steak. On six silver screens: The latest release shown with state-of-the-art laser projection and Dolby Atmos surround sound. Guests can order food at the Stone Bar or arrive 30 minutes before a screening to dine in their oversized leather recliner seats.

Customers are free to only watch a movie or come just for dinner (or happy hour) in the lounge. Location: 2000 Ninth Street North, Naples (cmxcinemas.com)

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THE CLOSE

LOCAL LANDMARK

NAPLES BOTANICAL GARDEN

N

orth Carolina environmental sculptor Patrick Dougherty, along with his son, Sam, and local volunteers, transformed 30,000 pounds of willow saplings into an immersive structure on the Kapnick Caribbean Garden lawn at Naples Botanical Garden. The large-scale piece was named Sea Change, 2021 after its completion in November and will be on display through 2023. Sea Change is comprised of four interconnected circles that undulate like waves folding on top of each other. “Dougherty’s site-specific design creates a feeling of grandeur and openness, allowing you to see in, out, and through it into the surrounding landscape,” the Garden states.

Dougherty calls his creations “Stickwork” sculptures. Garden admission is $25, adult; $10, ages 4–17; free, 3 and under. (naplesgarden.org)

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COURTESY OF NAPLES BOTANICAL GARDEN

Step into a willow world

Q2 2022

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The more you sell the more you earn!

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