ELEVATE Magazine - RASM - June 2020 Issue

June 2020

Ready or Not? Hurricane Season Begins 6

How to Successfully Reopen for Business After the Ban is Lifted 12

Community Association Emergency Powers 14

RASM’s Federal Political Coordinator’s Continuing Advocacy Work 16

In with the new DELIVERY 4TH QUARTER 2020

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WATERFRONT HOMES & HOMESITES

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Ellenton EXIT 224

Palmetto

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Anna Maria Island

Condominiums

EXIT 220

MANATEE AVE.

1

The Lifestyle You Deserve

Bradenton CORTEZ RD.

2

2

3

EXIT 217

3 *

Lakewood R

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UNIVERSITY PKWY.

Longboat Key

4

FRUITVILLE RD.

5

EXIT 213

EXIT 210

5 8 Sarasota 6 9 7

Lido Key 6

BEE RIDGE RD.

EXIT 207

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CLARK RD.

EXIT 205

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7 *

Siesta Key 8

Register Remember to register yourself by completing the broker participation guideline to make sure you receive your commission check!

To see all of the properties, visit michaelsaunders.com/new-homes

9

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12 Osprey

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Casey Key

Nokomis

Get in touch

11 *

Venice

JAC A

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Contact us at 844.591.4333 or InWithTheNew@michaelsaunders.com

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MICHAELSAUNDERS.COM/NEW-HOMES | 844.591.4333 100 SOUTH WASHINGTON BOULEVARD | SARASOTA, FLORIDA

SANDHILL

LAKE

June 2020. ©Michael Saunders & Company, Licensed Real Estate Broker

*These communities are powered by Michael Saunders & Company.

Manasota Key

Contents JUNE 2020

6

COVER STORY

12

Property Management Council

14

Realtor® Attorney Joint Committee

16 17 22

Government Affairs

12

How to Successfully Reopen

June is finally here, and most businesses are preparing to reopen if they have not already. The most important element of a successful reopening is having a firm plan in place.

4 | ELEVATE [ JUNE 2020 ]

14

Community Associations

A little known change in the law from 2008 may be having a big impact on purchases and leasing of residential properties across Florida in response to concerns about COVID-19.

Commercial Real Estate Alliance

26

Young Professionals Network

27

Global Business Council

29

Neighborhood Spotlight

30 33

Calendar of Events

READY OR NOT? HURRICANE SEASON BEGINS

With our heads still spinning from the COVID-19 pandemic, it’s now time to prepare for the annual hurricane season. From uncertain times to cones of uncertainty, it can all feel a bit overwhelming. Afterall, we have been through a lot recently, and it might seem easier to simply dismiss the upcoming hurricane season as “no big deal.” However, as Floridians, we know all too well that ignoring mother nature is not a wise tactic. One bad storm in our area can have disastrous repercussions.

Market Analysis

34

Professional Development Membership News

16

Continuing Advocacy Work

Due to COVID-19, the NAR Legislative Meetings were canceled, but your Federal Political Coordinators are still working on behalf of the membership to make sure NAR’s 2020 legislative priorities are addressed.

CEO UPDATE

RASM South - 2320 Cattlemen Road Sarasota, Florida 34232 RASM North - (Temporary Location) 417 12th Street West, Suite 106 Bradenton, FL 34205 Phone: 941-952-3400 FAX: 941-952-3401 www.MyRASM.com

STAFF CONTRIBUTORS: Member Services Manager: Jessica Montague Director of Information Technology: Jesse Sunday Professional Development Manager: Denise Ricciotti Government Affairs Director: Maxwell Brandow Communications & Marketing Director: Gina White Magazine Editor: Beth Sunday Production: Coastal Printing, Inc.

Promise Made, Promise Kept By: Jeff Arakelian, RASM CEO

O

n January 1, 2015 the Sarasota Association of REALTORS® and the Manatee Association of REALTORS® merged to form the REALTOR® Association of Sarasota & Manatee (RASM) which consisted of two office buildings; one in Sarasota and one in Lakewood Ranch. During the merger discussions, a promise was made to maintain a physical location central to the concentration of members in Manatee County.

2020 ASSOCIATION OFFICERS: President: David Clapp, RE/MAX Alliance Group President-Elect: Adam Chicoine, RE/MAX Alliance Group Treasurer: Georgina Clamage, Michael Saunders & Company Secretary: Alex Krumm, NextHome Excellence Immediate Past President: Amy Worth, RE/MAX Platinum Realty Chief Executive Officer: Jeff Arakelian

MISSION STATEMENT: We are an innovative and relevant association that elevates the standards of professional excellence, and are critical to our members’ success, while providing value to our community.

SUBSCRIPTIONS: The annual dues of every member of the REALTOR® Association of Sarasota and Manatee, Inc., includes a one-year subscription to ELEVATE Magazine. Editorial ideas and manuscripts are welcome.

Byline articles and columns express the opinions of the writers and do not necessarily reflect the policies or sentiments of the REALTOR® Association of Sarasota and Manatee, Inc. All submitted copy is subject to editing. 2020 Copyright© by the REALTOR® Association of Sarasota and Manatee, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.

For information on advertising rates, artwork, and deadlines, contact Beth Sunday, Magazine Editor, at 941-952-3417 or email Beth@MyRASM.com.

“RASM North will be a full-service location with a store, offices, and a conference facility for meetings, classes, and events.”

In 2017, RASM sold the Lakewood Ranch building, and in 2018, the Association purchased land on 3rd Avenue West in downtown Bradenton with plans to build a new facility. But after several challenges were presented in the process to build on the property, it became clear to RASM leaders that an alternative and more costeffective plan would better serve the goals of the Association and its members.

So, last month RASM announced the acquisition of an existing building in Bradenton, ending the long search for an appropriate facility. RASM has purchased the Centerstate Bank building located at 2901 Manatee Ave. W, Bradenton. Ironically, this building was the former Manatee Association of REALTORS® facility prior to their relocating to Lakewood Ranch. So, we have come full circle.

After extensive renovations, the building will be a first-class, member service center and conference facility to conveniently serve the members in Manatee County. RASM North will be a full-service location with a store, meeting rooms, and a conference facility for meetings, classes, and events.

Working with our architect, plans for renovations have already begun. We are on a fast track to complete renovations by the end of this year or first quarter next year.

Promise kept. •

myRASM.com | 5

COVER STORY

Ready or Not? Hurricane Season Begins

W

ith our heads still spinning from the COVID-19 pandemic, it’s now time to prepare for the annual hurricane season. From uncertain times to cones of uncertainty, it can all feel a bit overwhelming.

Afterall, we have been through a lot recently, and it might seem easier to simply dismiss the upcoming hurricane season as “no big deal.”

However, as Floridians, we know all too well that ignoring mother nature is not a wise tactic. One bad storm in our area can have disastrous repercussions.

A Realtor’s® job and professional commitment is to remain prepared and aware of any situation that can potentially impact their customers, homeownership, and the real estate industry.

The 2020 Atlantic hurricane season will begin on Monday, June 1, and end on Monday, November 30, with storm threats typically peaking in August and September. Forecasters are predicting a very active 2020 hurricane season, with 18 named storms. But it’s important to keep in mind that a major storm can target any part of Florida at any time.1

HURRICANE KITS When was the last time you updated your hurricane kit? It probably hasn’t been the first thing on your mind but, now is the time to update your supplies.

Think of your supply kit in two ways. One, it’s important to create a kit of supplies you could take with you if forced to evacuate. And two, have a kit prepared that will be useful if you are able to stay

6 | ELEVATE [ JUNE 2020 ]

in your home but are affected by the storm, such as through a power loss. One common trend seen when hurricanes are approaching is a wide-spread panic. If you prepare a kit ahead of time, you can alleviate a lot of the potential stress of a very chaotic situation. We all know what it’s like to find empty store shelves these days. Now is the time to pick up the essentials that you or your customers will need before the rush begins.2

RECOMMENDED HURRICANE KIT ITEMS IF SHELTERING IN PLACE: Nonperishable food (enough to last at least 3 days) Water (enough to last at least 3 days) First-aid kit (include all prescription medications) Personal hygiene items and sanitation items Flashlights (have extra batteries) or candles Battery operated radio Extra charging bricks for cell phones Waterproof container with cash and important documents Manual can opener Lighter or matches Books, magazines, games for recreation Pet and baby supplies, if applicable Cooler and ice packs Have an evacuation plan and “go bag” ready

RECOMMENDED HURRICANE EVACUATION KIT: Clothes and personal hygiene items (enough to last at least 3 days) A full gas tank filled before the storm hits Extra cash All medications Important documentation Nonperishable snacks and water Extra charging bricks for cell phones Old fashioned paper map if no cell service Evacuation plan

EVACUATION READINESS PLAN Many of us think we know our way around town without too much concern. But what if all the major roadways, and even some of the lesser known back streets are closed, under water, or otherwise unavailable? How many alternate routes do you know? Panic and fear can set in quickly when forced to leave your home in an emergency situation. Be prepared by having several emergency routes mapped out ahead of time. Find out now if you live in a hurricane evacuation zone and be prepared to leave immediately if asked to evacuate. Plan for multiple options of where to go and where to stay if forced to leave your home. If you have pets, make sure you have their up-to-date paperwork, crates, food, etc. and plan for their needs as well.

If you do not live in a hurricane evacuation zone, you still need to be mindful of the possibility of evacuation. Plan for three to four options of where you could go in case of an emergency, including the homes of out-of-town family and friends, and hotels. Map out and know where the emergency storm shelters are located in your area, even if you have no intentions of going to one. If the situation becomes dire, you will need to know where to go with zero hesitation. The unpredictability of a hurricane means that anyone of us could be forced to leave our homes with short notice, so have a transportation plan in place now.3

HOME AND YARD ASSESSMENT Now is the time to take inventory of your home and assess your personal hurricane risk. First, take a hard look at your home and your neighborhood.

When was your home built? Do you need a new roof, storm shutters, or plywood? Walk around your home and look at your landscaping. Do you have trees that are too close to the house, or dying trees that should be removed? What about basic clutter that could be a projectile in a bad storm? We often have time to prepare for a major storm, but that is not always the case. Consider what actions you can take now before

the storm so that you will be ready. The National Hurricane Center website has some great tools for determining your home’s risk, including wind speeds for your home type and water hazards where you live. For more information, visit www.weather.gov/ wrn/2020-determine-your-risks.

According to the National Association of REALTORS® (NAR), hurricanes are responsible for eight out of the ten most expensive natural disasters to have hit the U.S. High winds and water can have devastating effects on your home and, at worst, rip the roof off your house.

A FEW ADDITIONAL TIPS ON PREPPING YOUR HOME INCLUDE: 1 | Add truss bracing to homes with gabled roofs,

which are more prone to hurricane wind damage.

2 | Install impact-resistant windows, doors, and garage doors. These can inhibit high winds that cause structural damage from entering your home. Of course, this requires a financial investment, but features like these can entitle homeowners to a discount on home insurance and increase the value of a home.

ORGANIZE IMPORTANT DOCUMENTS Keeping your important documents safe and secure is good practice in any situation. Examples of important documents include insurance policies, bank statements and account information, wills, driver’s licenses and passports, medical records, marriage licenses and divorce decrees, and any personal documents that cannot be replaced. Make certain that you have electronic copies of everything, securely [ Continued on page 8 ] myRASM.com | 7

COVER STORY CONTINUED backed up and saved. Keep original documents safe in a sealed plastic bag, ready to take with you in case of evacuation. In addition, make sure your insurance policies and personal documents are up to date. If you feel the need for additional coverage, now is the time to update your policies.4

SHARING RELIABLE INFORMATION Realtors® have a huge responsibility to their customers to provide only the best information. It’s a relationship of trust that should not be taken lightly.

Fear and emotions can get out of control during emergencies and we need to be especially cautious to only share information from reliable sources. Avoid sources that try to create hype or make predictions.

STAYING SAFE AFTER A HURRICANE With all the preparations and anxiety that lead up to a serious storm, there tends to be an overwhelming relief when it’s over. However, experts tell us that even after the storm has passed, it’s important to be on the alert for possible post-storm dangers. Keep yourself and your customers safe with these tips from the Centers for Disease Control and Prevention (CDC): STAY OUT OF FLOODWATER

Always follow warnings about flooded roads.

Don’t drive in flooded areas—cars can be easily

swept away or may stall in moving water.

Wash your hands with soap and water if you have been in floodwater. Floodwater can contain germs, dangerous chemicals, human and livestock waste, wild or stray animals, downed power lines, and other contaminants that can make you sick.

NEVER USE A WET ELECTRICAL DEVICE.

Turn off the power at the main breaker in your

house if you have devices that are still plugged in.

Wait for an electrician to check devices before using them.

PREVENT CARBON MONOXIDE POISONING.

Fuel-burning equipment creates carbon monoxide

(CO). This can include generators, pressure washers, charcoal grills, and camp stoves. You can’t smell or see carbon monoxide, but if it builds up in your home, it can cause sudden illness and death.

Additional guidelines include being careful near damaged buildings, clean up debris after the storm, drink safe water, and wash your hands regularly (we have certainly heard this advice before!). In addition, check in with your customers, neighbors, the elderly, and the disabled who may need additional assistance after the storm. Some of these tips might seem like second nature for the seasoned Floridian, but for our snowbirds or recent Florida transplants, hurricanes can be scary and overwhelming.5 8 | ELEVATE [ JUNE 2020 ]

CLIENT CARE AFTER THE STORM After a disaster strikes a community, real estate professionals often find themselves in the role of advisers in helping their current or former customers navigate the terrain of either repairing their home, selling it, or finding temporary corridors. Touch base with all your customers, so that you remain their local expert that they will always turn to. NAR provides a few additional guidelines that could help Realtors® when working with their clients after the storm:

Check in on your customers a soon as possible.

Focus first on their physical, mental and emotional well-being. Don’t talk about business, just be friendly and offer to help, if you can.

Once you can begin business again, review all contracts as most have provisions addressing damages that occur to the property prior to closing. Contracts contain provisions addressing what happens when one or both parties cannot perform for reasons beyond his or her control.

Typically, the provision holds that such nonperformance is not a default but rather a provision called “Force Majeure” or an “Acts of God” clause.

Review all Force Majeure stipulations with a qualified real estate attorney, as the policies have changed especially in light of the COVID-19 pandemic. Consult an attorney if there is any ambiguity as to interpretation of the purchase agreement, compliance with the purchase agreement given the change in conditions, a desire to amend the existing agreement, or a question about compliance with state law.

Advise your client to file a homeowner’s insurance claim if necessary or notify the carrier of any claims as soon as possible. Document and inventory all damages in writing, photos, and video, and keep records of everything spent on repairs and replacements.5 No matter where you live, we all must deal with acts of nature that could negatively affect our homes, businesses, and families. Floridians know that hurricane season goes with the territory and while it’s nothing to be fearful of, it should definitely be a season of preparation and awareness. Take the time now to prepare your homes, your business, and your customers. Update your contacts, your insurance, weather apps, and gather your supplies. You will never regret the extra steps you take now to make you better prepared to face an emergency later. •

SOURCES: 1 | www.nhc.noaa.gov/ 2 | www.floridarealtors.org/news-media/news-articles/2019/06/

essential-guide-hurricane-preparedness

3 | www.weather.gov/wrn/2020-determine-your-risk 4 | magazine.realtor/daily-news/2018/09/06/real-estate-community-

focuses-on-disaster-preparedness

5 | www.nar.realtor/transaction-guidance-after-natural-disaster

BUSINESS PARTNER SPOTLIGHT

Manatee Home Inspection By: Sharri Miller, Manatee Home Inspection Services LLC

S

harri Miller has previously worked in insurance CSR, new construction administration, warranty, sales, and general real estate. She is able to understand all sides of the transaction.

She joined Manatee Home Inspection Services, LLC, (MHIS) when she married Ken Miller in July 2010. Ken has been in the home inspection business since 1999. Sharri shadowed Ken on many home inspections, and was able to witness first-hand the knowledge that Ken brings to the table.

MHIS provides extremely detailed inspection reports, outlining what specifically was revealed during the inspection process, with basic no-nonsense descriptions. MHIS prides themselves on offering a thorough, non-threatening report, which is crucial for the customer to make an informed decision about the property.

MHIS is ready for COVID-19. They are strict with their sanitary process and are limiting the number of inspections each day. They have their own clean room for sanitation purposes and all items used are properly disinfected.

MHIS are just a phone call away, and they are ready to answer all your home inspection questions. Please visit their website at www.manateehomeinspection. com for more information, and to see their many services. Or call for a price quote today at 941-749-1152 MHIS believes in service before, during, and after the inspection. •

myRASM.com | 9

PROFESSIONAL STANDARDS

Acceptance of Compensation from Buyer and Seller By: National Association of REALTORS® Interpretations of the Code of Ethics Case #7-1 (Adopted Case #8-3 May, 1988. Transferred to Article 7 November, 1994. Revised May, 2017.)

B

uyer A engaged Realtor® B to locate a small commercial property. Buyer A explained his exact specifications, indicating that he did not wish to compromise. They agreed that if Realtor® B could locate such a property within Buyer A’s price range, he—the buyer—would pay a finder’s fee to Realtor® B. Two weeks later, Realtor® B called Buyer A to advise that Seller C had just listed a property with him that met all of Buyer A’s specifications except that the listed price was a bit higher than Buyer A wanted to pay. Buyer A inspected the property and liked it, but said he would adhere to his original price range.

Realtor® B called Buyer A three days later to say that Seller C had agreed to sell at Buyer A’s price. The sale was made and Realtor® B collected a commission from Seller C and a finder’s fee from Buyer A which was not disclosed to Seller C, Realtor® B’s client.

Several weeks later, Seller C learned about the finder’s fee that Realtor® B had collected from Buyer A and filed a complaint with the Association of Realtors® charging Realtor® B with unprofessional conduct.

The complaint specified that when Realtor® B had presented Buyer A’s offer at less than the listed price, he, the seller, was reluctant to accept it, but Realtor® B had convinced him that the offer was a fair one and not likely to be improved upon in the current market;

10 | ELEVATE [ JUNE 2020 ]

and that Realtor® B had dwelt at length on certain disadvantageous features of the property in an attempt to promote acceptance of the offer. The complaint charged that Realtor® B had actually been the agent of the buyer while holding himself out as the agent of the seller. Further, Seller C asserted that Realtor® B had never mentioned that he was representing the buyer or intended to be compensated by the buyer.

At the hearing, Realtor® B’s defense was that he had served both buyer and seller faithfully; that he had not accepted Seller C’s listing until after he had agreed to assist Buyer A in locating a property; and that in his judgment the listed price was excessive and the price actually paid was a fair price.

A Hearing Panel of the Association’s Professional Standards Committee, which heard the complaint, concluded that Realtor® B had acted in violation of Article 7 of the Code of Ethics. His efforts to represent the buyer and the seller at the same time, and the fact that he intended to be compensated by both parties, should have been fully disclosed to all parties in advance. • Published with the consent of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright NATIONAL ASSOCIATION OF REALTORS®-All Rights Reserved.

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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. One Particular Harbour and the One Particular Harbour logo are trademarks of Margaritaville Enterprises, LLC and are used under license. Minto and the Minto logo are trademarks of Minto Communities, LLC and/or its affiliates. 2020. CGC 1519880.

RASM NEWS YOU CAN USECOUNCIL PROPERTY MANAGEMENT

How to Successfully Reopen for Business After the Ban is Lifted By: Liz Berry, Associate Advisor, SVN | Commercial Advisory Group

J

une is finally here, and most businesses are preparing to reopen if they have not already. First and foremost, the most important element of a successful reopening is having a firm plan in place to cover everything from sanitation to marketing and preparation for another outbreak. Below is a breakdown of how to reopen your property management business correctly and the necessary steps to maintain a profitable introduction to the new manners for conducting good business.

SANITATION Above all else having a sanitation plan documented and well understood is most important. This is necessary and of key importance to prevent the further spread of any virus or disease. Guests need to be assured they are safe. In addition to making certain guests feel comfortable, businesses must guarantee their employees feel protected as well. Having as little face to face to contact is key. Many cities, towns, and states are proving a framework for this, but it would be

12 | ELEVATE [ JUNE 2020 ]

beneficial to take even further steps to ensure proper protocol is followed. If in doubt at all, always refer to the CDC guidelines for the most up-to-date and accurate information.

MARKETING Your marketing plan is the next most important element. Guests need to be made aware that your business has reopened, and they can return. They need to understand your safety measures and what protections are in place for their benefit. This can be successfully implemented online, through a local chamber of commerce, social media, and word of mouth. Another vital strategy is to contact all former guests and let them know your date for reopening.

This can be done via email, postcards mailed directly to them, phone calls, or all of the above. Marketing agencies are open and prepared to help your business, as well.

SECOND WAVE PREPARATION It is highly likely there could be another outbreak of the virus, and businesses must be prepared to properly handle it. If there is an additional up-tick of COVID-19 cases, it is highly likely an infected individual will have come in contact with your property. Having a 14 to 21 day mandatory quarantine for all employees and a disinfection clean-up company already identified should be part of this plan element.

Remaining diligent and committed to your sanitation plan will enable your company to remain proactive in the ongoing fight and minimize repercussions from a repeat surge. If ever in doubt, do not hesitate to contact a business attorney, they can review your plan and make recommendations from a legal standpoint since pandemics are unfamiliar to most.

Overall, having a plan that combines at least these three elements will ensure your business is ready and prepared for a triumphant comeback. •

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Commission will be paid on the base home, home site and home site premium. For completed inventory, commission will be paid on net contract price, exclusive of merchandising and furniture. Payment of Commissions: Commissions will be paid as follows: 1. In full at lot close (if a lot and home purchase) or 2. In full after home closing if an end close. ©2018 Neal Communities, Lakewood Ranch, Florida. All rights reserved. CBC1256375

Southwest Florida’s Most Experienced Home Builder For Over 40 Years

REALTOR® ATTORNEY JOINT COMMITTEE

Community Association Emergency Powers By: Douglas G. Christy, Attorney at Law, Becker & Poliakoff, P.A.

A

little known change in the law from 2008 may be having a big impact on purchases and leasing of residential properties across Florida in response to concerns about COVID-19 and Realtors® are quickly learning, if they haven’t already learned, how it may be impacting their business and clients.

STATE OF EMERGENCY STATUTES On July 1, 2008, Sections 718.1265, 719.128, and 720.316, Florida Statutes became effective and provided condominium, cooperative and homeowners’ associations (commonly referred to as community associations), respectively, with emergency powers that might not otherwise exist in normal times or circumstances. While these statutes were drafted in response to the damages and destruction that Florida and its planned residential communities encountered during the unusually-active hurricane seasons in 2004 and 2005, these statutes can also be applied at any time a State of Emergency is declared at the State level for affected areas. In fact, many community associations are actively relying on these statutes in response to concerns stemming from COVID-19 and, in doing so, may directly impact how owners in these communities are able to proceed with activities in relation to efforts to sell, buy or lease property in these communities.

EMERGENCY POWERS Specifically, the foregoing statutes provide community associations with powers that relate to the ways that the associations may operate internally, or how the property is overseen or managed by such associations may be restricted. Among the powers that may most directly impact the ability of owners’ efforts to transact properties in these communities is the power to determine that portions of the property in the community may be unavailable for entry or occupancy by owners, family members, tenants, guests, agents and invitees. The use of these emergency powers may impact planned transactions of property in these communities in any number of ways, including limiting the types of persons who may have access to the property or eliminating certain types of 14 | ELEVATE [ JUNE 2020 ]

uses of the property, such as leasing, in response to the damages faced by the community. It also should be noted that the emergency powers for community associations can extend to the “time reasonably necessary to protect the health, safety, and welfare of the association and the […] owners and their family members, tenants, guests, agents, or invitees, and to mitigate further damage and make emergency repairs” so that the need to account for the same does not necessarily end when the declared state of emergency ends.

STAYING MINDFUL Realtors® and their clients need to be mindful of any existing, or potential, use of emergency powers by a community association for any property that they wish to sell, buy, or lease, and should inquire with appropriate community associations about existing reliance on, and account for, these emergency powers in how they may impact plans to sell, buy or lease property. Realtors® and their clients should also consider working with an attorney to ensure that these emergency powers and how they are being, or may be, used are accounted for in any contracts or other written documentation related to their plans. • Douglas G. Christy is an attorney in the Sarasota and Tampa offices of Becker & Poliakoff, P.A. His practice focuses on the representation of residential and commercial property owners’ associations in transactional and litigation matters and he is a Board Certified Specialist in Condominium and Planned Development Law by The Florida Bar. This article is provided for general informational purposes and may not be considered to be legal advice.

This article is meant as a guide for educational purposes only. It is not intended to serve as legal advise and should not be used as a substitute for consultation with an attorney.

Soar

2020 RASM

CONFERENCE

&EXPO

SEPTEMBER 23 / 9AM - 3PM BRADENTON AREA CONVENTION CENTER*

What is Soar?

In keeping with our vision, this one-day event was designed to ensure that you - our members - are given the tools and resources to grow your business and excel in your profession.

What does this mean for you?

Soar will offer multiple tracts based on interests.

• Legal Topics • Market Trends • Marketing Tips • Technology Updates • BarCamp

A barcamp is a “user-generated conference.”

Anybody can deliver a session and attendees are strongly encouraged to participate.

Each tract will deliver an intensive educational experience that, at the end of the day, will be not only actionable but incredibly valuable.

NEW! RASM’s 2020 Annual Meeting will take place at Soar At the center of this event is the EXPO, with over 250 vendors expected, this will be a unique chance to connect and build the most important thing in any business - relationships.

Cost: $50 for the entire day For more information go to myrasm.com/soar *We are carefully monitoring our current situation and how it may impact future events like this.

Soar will be moved to a virtual platform if we are unable to host the conference in-person.

GOVERNMENT AFFAIRS

RASM’s Federal Political Coordinator’s Continuing Advocacy Work By: Max Brandow, RASM Government Affairs Director

T

ypically, June’s Government Affairs article would be a summary of RASM’s annual trip to Washington D.C. for the NAR Legislative Meetings and Conference. Due to COVID-19, this year’s meetings were canceled, but your Federal Political Coordinators (FPC’s) are still working on behalf of the membership to make sure NAR’s 2020 legislative priorities are addressed by our two Congressmen. Bill Furst and Barry Grooms are NAR’s Federal Political Coordinators for Congressmen Vern Buchanan and Greg Stuebe, respectively. In addition to economic relief related to COVID-19, below are some of the topics they have been advocating for.

FEDERAL LEGISLATIVE PRIORITIES: TAX BENEFITS FOR HOMEOWNERSHIP:

The tax reform of 2017 eliminated a handful of incentives for homeownership. These eliminations of homeownership tax incentives prevent many middleincome, minority and millennial households from realizing a direct tax benefit to owning a home.

ASSOCIATION HEALTH PLANS:

NAR supports reinstating the final 2018 regulation by the Department of Labor (DOL) to expand access to Association Health Plans (AHPs) and offer more affordable health insurance options for working owners, including real estate professionals. An AHP plan would be treated as a large employer plan under federal law, subject to different rules than plans in the individual and small group insurance markets that tend to be more costly and have fewer options.

FLOOD INSURANCE:

Congress must pass a long-term reauthorization of the National Flood Insurance Program (NFIP) and include meaningful reforms that open the door to private market flood insurance and modernize flood mapping and mitigation investments. Flood insurance is required for a mortgage in more than 20,000 communities nationwide. Without flood insurance,

16 | ELEVATE [ JUNE 2020 ]

property owners would have to rely on the Federal government for taxpayer-funded disaster relief after major floods. The program is set to expire on September 30, 2020.

SBA LOAN PROGRAMS:

Requesting continued funding/extension of Small Business Loan Programs and Pandemic Unemployment Assistance.

SECURE NOTARIZATION:

Cosponsor the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2020 (S. 3533, H.R. 6463, the SECURE Notarization Act).

This will allow our members to more effectively do business in a socially distanced world.

1031 LIKE-KIND EXCHANGE:

Since 1921, U.S. tax law has recognized that the exchange of one investment or business-use property for another of like-kind results in no change in the economic position of the taxpayer, and therefore should not result in the immediate imposition of income tax. Real estate investors and commercial real estate practitioners place a very high priority on retaining the current like-kind exchange rules. Some have suggested that the 1031 like-kind exchange is an unwarranted loophole and should be repealed. NAR is working with other interested stakeholders to oppose the repeal or limitation of the like-kind exchange provision and to educate Members of Congress and their staffs on the importance of this provision to the economy. • 1 | Source: National Association of REALTORS®, www.nar.realtor.

MARKET ANALYSIS

Local Housing Market Delayed

by Stay-at-Home Order in April By: Gina White, RASM Communications and Marketing Director

W

hen Governor Ron DeSantis signed a stay-at-home order for the month of April 2020, a pause in the housing market was expected. The new reports compiled by Florida REALTORS® and provided by the REALTOR® Association of Sarasota and Manatee show significant decreases in overall market activity when compared to April 2019. Sarasota and Manatee counties experienced declines in closed sales, pending sales and new listings, while median prices stay on the rise.

A total of 1,628 closed sales were reported in April 2020 for the two-county area, a 23.8 percent decrease from the same time last year. In Sarasota, single-family sales decreased by 20.3 percent to 632 sales and condo sales decreased by 29.3 percent to 314 sales. Manatee single-family homes decreased by 21.2 percent to 499 sales while condo sales decreased by 30.9 percent to 183 sales.

“For some, this pandemic caused a shift in their attention away from their real estate needs, yet it seems it was only for a short time, and nowhere near the extent we thought possible,” said David Clapp, 2020 President of the REALTOR® Association of Sarasota and Manatee. “The end of March to mid-April was the lowest period we experienced and ever since then we’ve been watching a consistent week-over-week increase in new pending sales, which is positive as we move forward.”

Median sales prices continue to increase year-overyear, even amid the coronavirus pandemic. Singlefamily home prices in Manatee County increased by 7.9 percent to $340,000. In Sarasota, single-family prices increased by 8 percent to $313,250. Condo prices increased by 7.9 percent to $212,000 in Manatee and decreased by 0.4 percent to $234,863 in Sarasota.

New listings, or the number of properties added to the market this month, decreased year-over-year.

Condo new listings decreased by 44.1 percent in Manatee and by 33.8 percent in Sarasota. For single-

family homes, new listings decreased by 30.4 percent in Manatee and by 34 percent in Sarasota.

The number of properties that went under contract in April 2020 decreased across the markets in both counties. For single-family homes, pending sales decreased by 39 percent in Sarasota and by 36.7 percent in Manatee. The condo market showed a 52 percent decrease in pending sales in Sarasota and a 53.3 percent decrease in Manatee.

“One thing that is for sure is that we still have an inventory problem,” added Clapp. “There is not enough inventory to meet the demand as the buyers continue to come back into the market, yet new listings are slower to come on the market than expected.”

Year-over-year, the combined inventory in the two counties decreased by 18.1 percent. Single-family home inventory decreased by 15.6 percent in Manatee and by 23.6 percent in Sarasota. Condo inventory fell by 4.7 percent in Manatee and by 19 percent in Sarasota.

The month’s supply of inventory reflects a sellers’ market in April. Sarasota condo inventory decreased by 25.8 percent to a 4.6-months’ supply and Manatee condos decreased by 6.4 percent to a 4.4-months’ supply. Sarasota single-family homes decreased by 30 percent to a 3.5-months’ supply and Manatee single-family homes fell to 3.3-months, a 17.5 percent decrease from last year.

“While there were fewer sales this month, of the sales that did occur, properties spent less time on the market,” said Clapp. “Single-family homes spent 40-45 percent less time on the market than the same time last year. This could also be low supply coupled with buyers who are eager to complete a sale in these current conditions.”

The median time to contract for single-family homes decreased by 45.8 percent in Manatee County and by 40 percent in Sarasota. For condos, the time from listing to contract went down by 34.5 percent in Sarasota and by 4.7 percent in Manatee.

Monthly reports are provided by Florida REALTORS® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics. •

myRASM.com | 17

Monthly Market Summary - April 2020 Single Family Homes Sarasota County April 2020

April 2019

Percent Change Year-over-Year

632

793

-20.3%

199

293

-32.1%

Median Sale Price

$313,250

$290,000

8.0%

Average Sale Price

$435,531

$417,774

4.3%

$275.3 Million

$331.3 Million

-16.9%

96.5%

94.4%

2.2%

Median Time to Contract

33 Days

55 Days

-40.0%

Median Time to Sale

77 Days

96 Days

-19.8%

New Pending Sales

544

892

-39.0%

New Listings

550

833

-34.0%

Pending Inventory

858

1,293

-33.6%

Inventory (Active Listings)

2,532

3,313

-23.6%

Months Supply of Inventory

3.5

5.0

-30.0%

Closed Sales Paid in Cash

Dollar Volume Med. Pct. of Orig. List Price Received

1,200

2016

2017

2018

2019

Closed Sales

1,000 800 600 400 200 0

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

Median Sale Price

$350K $300K $250K $200K $150K

$100K $50K $0K

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

4,000

Inventory

3,500 3,000 2,500 2,000 1,500 1,000 500 0

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

2016

2017

2018

2019

18 |byELEVATE [ JUNEwith 2020 Produced Florida REALTORSÂŽ data ]provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

Data released on Thursday, May 21, 2020. Next data release is Monday, June 22, 2020.

Monthly Market Summary - April 2020 Single Family Homes Manatee County April 2020

April 2019

Percent Change Year-over-Year

499

633

-21.2%

120

177

-32.2%

Median Sale Price

$340,000

$315,000

7.9%

Average Sale Price

$406,699

$390,612

4.1%

$202.9 Million

$247.3 Million

-17.9%

97.2%

96.0%

1.3%

Median Time to Contract

26 Days

48 Days

-45.8%

Median Time to Sale

73 Days

92 Days

-20.7%

New Pending Sales

440

695

-36.7%

New Listings

457

657

-30.4%

Pending Inventory

676

1,013

-33.3%

Inventory (Active Listings)

1,851

2,193

-15.6%

Months Supply of Inventory

3.3

4.0

-17.5%

Closed Sales Paid in Cash

Dollar Volume

Median Sale Price

Closed Sales

Med. Pct. of Orig. List Price Received

800 700 600 500 400 300 200 100 0 $400K $350K $300K $250K $200K $150K $100K $50K $0K

2016

2017

2018

2019

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

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

Inventory

3,000 2,500 2,000 1,500 1,000 500 0

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

2016

2017

2018

2019

myRASM.com | 19

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

Data released on Thursday, May 21, 2020. Next data release is Monday, June 22, 2020.

Monthly Market Summary - April 2020 Townhouses and Condos Sarasota County April 2020

April 2019

Percent Change Year-over-Year

314

444

-29.3%

151

260

-41.9%

Median Sale Price

$234,863

$235,700

-0.4%

Average Sale Price

$333,107

$349,550

-4.7%

$104.6 Million

$155.2 Million

-32.6%

95.1%

93.9%

1.3%

Median Time to Contract

38 Days

58 Days

-34.5%

Median Time to Sale

89 Days

107 Days

-16.8%

New Pending Sales

204

425

-52.0%

New Listings

282

426

-33.8%

Pending Inventory

459

686

-33.1%

Inventory (Active Listings)

1,633

2,016

-19.0%

Months Supply of Inventory

4.6

6.2

-25.8%

Closed Sales Paid in Cash

Dollar Volume Med. Pct. of Orig. List Price Received

600

2016

2017

2018

2019

Closed Sales

500 400 300 200 100 0

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

Median Sale Price

$300K $250K $200K $150K $100K $50K $0K

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

Inventory

2,500 2,000 1,500 1,000

500 0

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

2016

20 | ELEVATE [ JUNE 2020 ]

2017

2018

2019

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

Data released on Thursday, May 21, 2020. Next data release is Monday, June 22, 2020.

Monthly Market Summary - April 2020 Townhouses and Condos Manatee County April 2020

April 2019

Percent Change Year-over-Year

183

265

-30.9%

92

148

-37.8%

Median Sale Price

$212,000

$196,500

7.9%

Average Sale Price

$236,764

$236,127

0.3%

$43.3 Million

$62.6 Million

-30.8%

95.1%

94.8%

0.3%

Median Time to Contract

41 Days

43 Days

-4.7%

Median Time to Sale

89 Days

88 Days

1.1%

New Pending Sales

136

291

-53.3%

New Listings

162

290

-44.1%

Pending Inventory

219

391

-44.0%

Inventory (Active Listings)

1,001

1,050

-4.7%

Months Supply of Inventory

4.4

4.7

-6.4%

Closed Sales Paid in Cash

Dollar Volume Med. Pct. of Orig. List Price Received

350

2016

2017

2018

2019

Closed Sales

300 250 200 150 100 50 0

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

Median Sale Price

$250K $200K $150K $100K

$50K $0K

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

Inventory

1,200 1,000 800 600 400 200 0

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

2016

2017

2018

2019

myRASM.com | 21

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

Data released on Thursday, May 21, 2020. Next data release is Monday, June 22, 2020.

COMMERCIAL REAL ESTATE ALLIANCE

Post-COVID-19 Legal Practices By: Saralyn A. Dorrill, Attorney at Law, Shumaker, Loop & Kendrick, LLP

I

do not love change.

I may have been the last attorney at Shumaker (now, 260 plus attorneys) to own a smart phone. I still keep a month at-a-glance handwritten calendar.

COVID-19 has forced myself and my profession to rely even more heavily on technology, and in most ways, for the good of productivity, accessibility and service. The following are some practices that may survive and are visible on the horizon for the legal profession, post-COVID-19:

CLOSINGS AND SIGNINGS: Wires: Historically, most banks required inperson authorization of wires. Zoom or telephonic authorizations may continue to be more accepted as a convenience to bank customers.

Remote On-line/Mobile and Remote InkSigned Notarization: Many thought that the timing of the 2020 authorization of electronic notarization was fortuitous; however, remote online notarization requires certification, significant record keeping, technology savvy and is not accepted by most banks. In contrast, we have found that clients love the convenience of mobile notarization at a nominal cost, and therefore,

mobile notarization will likely become more commonplace, even for local closings. A hybrid of a virtual signing with a “wet” notary signature called Remote Ink-Signed Notarization may be available in the future as well.

Electronic Recording: Electronic recording (where the original document is uploaded electronically to the clerk of court’s office by an approved party and is oftentimes recorded immediately) has been extremely efficient.

Electronic Wills: Electronic will signing will become available beginning July 1, 2020.

VIRTUAL PROCEEDINGS: Courts: Some courts, such as Sarasota County, have been conducting all of their proceedings, including trials, virtually. Other courts have limited virtual or telephonic proceedings to hearings less than a certain time limit, e.g. five minutes or to hearings that are not evidentiary. To provide parties with the benefit of in-person crossexamination and to protect against off camera coaching during testimony, it may be problematic to require virtual evidentiary hearings and trials past COVID-19 concerns.

Land Use: Matters involving public participation, such as rezone hearings, will likely require the availability of virtual participation for our vulnerable populations which will concomitantly raise concerns about wireless accessibility, notice, oaths and procedures.

COVID-19 has privileged my profession with the opportunity to work through the outcomes of all of these changes and problem-solve with our clients to pragmatically implement these changes. Although I may not love change, I am optimistic that most of the long-term changes will be helpful, practical and productive for all of us, but I am still keeping my handwritten calender... •

22 | ELEVATE [ JUNE 2020 ]

Reach Further™ and go beyond.

Ground control to REALTOR® Rose.

Take your real estate career into orbit with RASM. Education + Networking + Advocacy Professionalism + Resources

RASM NEWS

RASM Purchases Bradenton Building and Begins New Plan for RASM North

R

ASM recently announced the purchase of the Centerstate Bank building located at 2901 Manatee Ave. W, Bradenton. The building will be used as a member service and conference center in Manatee County, in addition to the existing facility on Cattlemen Road in Sarasota.

“RASM is excited to announce the purchase of the property located at 2901 Manatee Ave W.,” said RASM President David Clapp. “With this additional facility, we can fulfill our promise to serve members in Manatee County with a full-service member service center in their market, complete with classrooms, conference rooms, and our REALTOR® Store. It is our goal to push through with the design and renovation phases in order to make that promise a reality much quicker than anticipated because ‘Together We Win.’” After the merger of the Manatee Association of REALTORS® and the Sarasota Association of REALTORS® in 2015, RASM’s leadership team began investigating opportunities for a new member facility in Manatee County.

In 2017, RASM sold their North building located in Lakewood Ranch and in 2018, the Association purchased land on 3rd Avenue West with plans to build a new facility.

But after several challenges were presented in the process to build on the property, it became clear that an alternative and more cost-effective plan would better serve the goals of the Association and its members.

Rather than build new, RASM will renovate the 7,500 sq ft. building at 2901 Manatee Ave. to provide a first-class North Member Service Center for members in Manatee County. The acquisition of the Centerstate Bank Building officially closed on May 6, 2020.

FAQ’S WHERE IS THE PURCHASED BUILDING LOCATED?

The Centerstate Bank building is located at 2901 Manatee Ave., W, Bradenton.

WHAT IS THE HISTORY OF THE CENTERSTATE BANK BUILDING?

Prior to 2007, the building was the main member facility of the Manatee Association of REALTORS® (MAR). Around that time, MAR relocated to Lakewood Ranch and sold the building to Centerstate Bank to be used as an operation center. The bank recently closed its operation center and was vacant at the time of RASM’s purchase.

WHY IS RASM PURCHASING THIS BUILDING?

To provide a first-class RASM North facility conveniently located to the largest concentration of RASM members in Manatee County. The facility will be a member service center with a REALTOR® Store and a state of the art conference facility for member education and events. RASM will continue to serve members in Sarasota at RASM South on Cattlemen Road.

WHAT HAPPENED TO THE PLANS TO BUILD NEW ON THE 3RD AVE. WEST LOT?

The 3rd Ave project was intended to be new construction on two assembled parcels of land. The project was complex due to a utility and pedestrian easement located in the center of the property and relocating the overhead power lines became unexpectedly complicated, caused significant delays, and costly, all while construction costs were rapidly rising. Our Executive Committee weighed the options and formed a Presidential Advisory Group (PAG) to investigate possible other properties during the delay.

Fortunately, this building came on the market just as the PAG was looking. It was then decided that buying and renovating an existing building would save on time and cost. The previously purchased land is currently for sale.

WHAT ARE OUR RENOVATION PLANS FOR THIS BUILDING?

We are expecting to do extensive renovations to the building interior and exterior by engaging an architect to help us to design the building to meet the needs of our members and staff. The building will have a fresh, new look when it’s completed.

WHEN IS THE BUILDING ESTIMATED TO BE READY FOR MEMBERS TO USE?

We are hopeful to start renovations in 2020 and have it ready for members sometime in 2021. • 24 | ELEVATE [ JUNE 2020 ]

THE HISTORY OF RASM NORTH

2015 JANUARY OCTOBER

Merger of Manatee and Sarasota Associations.

RASM acquires MAR building in Lakewood Ranch.

Facilities Task Force forms.

2017 SEPTEMBER

Approval from City of Bradenton to vacate a small portion of 8th St. at the lot on 3rd Ave. West.

OCTOBER

RASM sells Lakewood Ranch building with intent to build in downtown Bradenton.

OCTOBER

RASM moves into a temporary Member Service Center at 417 12th St. West, Bradenton.

2018 JANUARY

RASM purchases lot at 3rd Ave. West and 8th St. West.

2019 MARCH

Architects and construction companies draft plans for build.

APRIL

Delay from FPL to plan the relocation of overhead power lines to underground.

NOVEMBER

Presidential Advisory Group formed to investigate alternative solutions.

NOVEMBER

RASM submits an offer on 2901 Manatee Ave.

2020 MARCH MAY

RASM lists land on 3rd Ave West.

RASM officially closes on 2901 Manatee Ave.

YOUNG PROFESSIONALS NETWORK

Keep Focused and Stay Positive By: James Tassell, PLLC, Realtor®, Dwell Real Estate

S

o, who has received numerous webinar invites, videos, and articles about what you should and shouldn’t be doing throughout this unprecedented time? I’m sure I’m not the only one that feels a little inundated at times. I completely agree that we need to continue to adapt to the effects of COVID-19 on our market and industry. Though, I do feel it is important that we do not get completely lost in making endless changes to our own business.

Remember to focus on what has proven central to your business’s success in prior years and make adjustments where necessary.

TECHNOLOGY ADVANCES BUSINESS A large percentage of Realtors® would never have accommodated virtual showings, e-signings of contracts, connect with customers on a FaceTime or Skype call with their home inspector, or had remote closings before. These conveniences are all due to the advances and benefits that technology has offered us prior to COVID-19. This has allowed many of us to make a smoother transition into the contactless world of business. Therefore, we are continuing to serve our communities in a safe and efficient manner.

STAY FOCUSED AND POSITIVE A key element I have learned from many successful Realtors® is that real estate is about consistency and staying focused on your goals long term. I think this remains even more relevant at a time like this. We know we will overcome this, and even though certain aspects of the industry may change, people are still going to continue to want to live in our area for the endless benefits it provides.

Be positive and confident in the fact that you are selling a slice of paradise that will likely be even more appealing and desirable to out of town buyers. The warmer climate, world-class beaches, great boating water, metropolitan quality arts and culture, and often lower living costs haven’t changed.

I know we can all positively say we won’t take certain aspects of life for granted so quickly again.

Meeting friends for happy hour, playing and watching sports, and traveling, just to name a few.

Even though YPN made the tough decision to cancel this year’s Lip Sync Battle, know that we are

26 | ELEVATE [ JUNE 2020 ]

focused and positive that this will only make next year’s event that much more special and successful!

Remember, a smile is contagious even in these challenging times.

HOW IS OUR COMMITTEE ADJUSTING THEIR OWN BUSINESS STRATEGIES? “To help me with business, I’ve been buttoning up my CRM and reaching out to my past clients by phone and by mail. Not only has this helped me get reconnected with them and counsel them on today’s mortgage industry, but it has also helped them recommend my services to their friends and family,” Angela Vance, Gulfside Mortgage.

“During this pandemic, I have increased my lead generation time. My team and I get on a muted Zoom meeting together to lead generate and make calls.

This keeps us accountable in these uncharted waters,” Alexandria Twigg, Realtor®, Keller Williams on the Water.

“Throughout these stay-at-home orders, I have focused on hitting lead generation/prospecting goals while also keeping my database updated on the local market and how COVID-19 has affected us through weekly updates. I’ve implemented an improved daily schedule that can be transferred to “normal” work life, and have started additional education offered through NAR, FR and RASM to better serve my customers in the future. But through all of this, I think the biggest thing for me has been keeping customers optimistic about the future, and being there to help them plan their eventual home sale or purchase regardless of when that may be,” Derek Patti, Realtor®, NextHome Excellence.

“Quarantine has been a great opportunity to try out new marketing strategies as well as adapt to new showing techniques. It has been nice to see the community rally to support one another through this time. Having time to walk outside and just enjoy time with those around you has been such a blessing during all of this,” Hannah Veitkus, Realtor®, Wagner Realty. •

GLOBAL BUSINESS COUNCIL

Top 5 Tips When Listing With Foreign Nationals By: Jessica Gruener, Senior Accountant, Kerkering, Barberio & Co.

A

t some point in your career as a licensed Realtor®, you may find yourself working with a foreign national who is selling their home. There are several things that you should keep in mind and inform them of at the point of listing their property for sale. While I do not advise you trying to handle these items on their behalf, just mentioning these few things to them or connecting them with someone who can assist them can go a long way. Forewarning your foreign national clients of what is to come will not only allow you to set the pace for a successful closing but will also make you stand out as a knowledgeable professional.

WILL THE FIRPTA WITHHOLDING APPLY? I am sure many of you have heard of FIRPTA withholding or have had some experience with it in your career. Depending on the sales price, the required FIRPTA withholding amount could be a substantial amount of money that the seller will potentially not receive at closing. Quite often, foreign nationals have never even heard of FIRPTA withholding, and it is a shocking discovery for them. It will never hurt to have your customer seek out advice from their accountant who has experience in FIRPTA withholding on their possible withholding options and estimated tax liabilities.

DOES YOUR FOREIGN NATIONAL SELLER HAVE A U.S. TAX IDENTIFICATION NUMBER? This can be the most difficult part for foreign nationals. The process of getting a U.S. Individual Tax Identification Number (ITIN) requires a passport certification and an original signature on Form W-7.

Unlike all the technological advancements we use on a day-to-day basis, this process has not changed with technology. For a Canadian resident, the Canadian Passport Office provides the service of issuing certified passport copies. For United Kingdom residents, however, the passport office does not offer an IRS acceptable certified copy of their passports. There are a couple of options available for getting the certified copy of their passport, but the easiest option is for them to meet with a Certified Acceptance Agent (CAA) while they are in the U.S. If that is not possible, here are the additional options: 1 | They can get the certified copy of their passport from the U.S. Embassy. However, obtaining an appointment at the U.S. Embassy may be difficult or impossible for your customer depending on where they live. The IRS has a listing of all CAAs who are registered to do passport certifications. Your customer could look to see if there are CAAs in their area to handle their ITIN Application.

2 | The IRS allows a CAA to do the passport

certification via video conference. However, this option requires your client to send their original passport to the CAA for the video conference.

WHAT HAS THIS PROPERTY BEEN USED FOR? You should find out if your foreign national seller has been renting the property or just using it for personal use. Under U.S. law, foreign nationals are subject to 30 percent withholding on the gross rental income. Unless the foreign national makes the election to treat the property as effectively connected with the conduct of a U.S. trade or business, the 30 percent withholding is required to be remitted to the IRS each year the property is rented. If the election was made, a U.S. income tax return should have been filed each year to report the rental income and expenses.

DID ONE OF THE OWNERS PASS AWAY? This may seem like an unusual question to ask your foreign national seller, but it is one of the most important ones. Unlike U.S. tax residents, foreign nationals only receive an estate tax exemption of $60,000. If the fair market value of the property at the time of decedent’s death exceeded $60,000, an estate tax return was required to be filed within nine months after the decedent’s date of death. If the return was not filed, the IRS Estate Tax Closing Letter and Transfer Certificate would not have been issued clearing the asset of any potential estate tax liability. Not having these two IRS documents at the time of closing can potentially delay your foreign national seller from receiving their sales proceeds. If the estate tax return had not been previously filed, it is crucial to advise them to speak with a knowledgeable tax professional to have this return filed as soon as possible.

IS A U.S. INCOME TAX RETURN REQUIRED EVEN IF THERE IS A LOSS ON THE SALE? I have heard this question time and time again, and, without exception, the answer is yes, the foreign national seller is required under U.S. law to comply with these tax filings. Although your foreign national seller may be taking a loss on the sale of their property, they still are required to file a U.S. income tax return to report the sale and obtain a U.S. tax identification number. This is a federal requirement, and the only way for them to get refunded any FIRPTA withholding monies that may be due to them. • Jessica Gruener is a Senior Accountant at Kerkering, Barberio & Co., in the International Department. She assists clients with inbound international tax matters. Jessica serves as a committee member on the RASM Global Business Council.

This article is meant as a guide for educational purposes only. It is not intended to serve as tax advice and should not be used as a substitute for consultation with a tax professional.

myRASM.com | 27

RASM NEWS

Employee Anniversary

R

ASM happily recognizes the workplace anniversaries of our professional staff.

Cynthia Small, Member Services Coordinator, works in the temporary RASM North Member Service Center.

Her primary responsibilities include processing membership applications and office transfers, assistance with MLS questions and services such as listing transfers and reciprocal listings, sales and assistance with Supra keys and lockboxes, processing store sales, and helping RASM members with other membership services and questions.

Cynthia truly enjoys assisting RASM members and strives to be an asset to the membership and to the wonderful RASM staff.

Her hobbies include reading, raising orchids, cooking, thrifting, and traveling. She lives in Bradenton with her husband, Greg, and her dog, Chloe. •

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28 | ELEVATE [ JUNE 2020 ]

5 THINGS TO DO IF YOU’RE SELLING YOUR HOUSE DURING THE PANDEMIC

1

2 3 4 5

Sources: Forbes, USA Today

Clean a nd thoroug disinfect you rh hly and wo . Finish up an ome rk on y our hom y DIY jobs e’s curb appeal.

Resche dule an y in-pe ask you rson rR and sch ealtor ® to cre open houses, a edule a n online te a video tou r open h ouse.

Use tele co program nferencing an d e-sign s to ne gotiate contrac ing ts.

Be flex ible. Kn ow that dates c you ou accoun ld shift, so be r closing t for po tential sure to delays.

Don’t p anic. P eople h now to ave ho needs a use-hunt, and more time eve place to the sta call hom ryone y-a you’ll b t-home order e. When is lifted e ready . ,

941-556-8895 Sharonb@CoastalPrint.com

CoastalPrint.com 4391 Independence Court Sarasota, FL 34234

NEIGHBORHOOD SPOTLIGHT

Payne Park Village By: David Weekley Homes

P

oised in Downtown Sarasota’s up-and-coming 34237 zip code at the cusp of sprawling and scenic Payne Park, Central Living by David Weekley Homes is building a variety of homes in Payne Park Village.

Payne Park Village showcases resort-style amenities, inviting streetscapes, a desirable lowmaintenance lifestyle, and a collection of awardwinning floor plans. Payne Park Village features four distinctive product lines from a trusted builder that has been Building Dreams and Enhancing Lives for more than 40 years.

Villas offer stylish two-and three-story villa homes, Parkside presents two-story single-family homes, Garden features three-story single-family homes, and City spotlights three-story luxury townhomes, all innovatively designed to maximize living spaces.

Homes in the community range in size from 1,100 – 2,400+ square feet and are priced from the high $300s to high $500s.

Payne Park Village’s enticing amenity package boasts a “social hub” amenity center, pool, dog park, recreation areas, and pocket parks with direct access to proposed Legacy Trail extension – a 12.5-mile multiuse path system.

When venturing beyond the community, Payne Park hosts a variety of community events, worldclass tennis center, skate park, playground and more.

Payne Park Village is also conveniently located close to the area’s finest beaches, shopping and dining destinations, entertainment, and attractions.

With over 90,000 delighted customers and more than 800 awards for home design and customer satisfaction, we believe you and your clients will love working with David Weekley Homes. We offer a dedicated team including a Personal Builder and Design Consultant, homeowner portfolio to guide them through the building process, access to MyDWHome.com for status updates on their home’s progress, and an industry-leading, multi-level warranty with a designated Warranty Service Representative.

Payne Park Village homeowners will also enjoy their beautiful new energy-efficient home constructed utilizing the latest in energy-saving materials and techniques. •

myRASM.com | 29

JUNE 2020

CALENDAR OF EVENTS WEDNESDAY, JUNE 3 7:30 a.m.

Toastmasters

3:00 p.m.

Virtual Floor Plans and Digital Home Diaries

THURSDAY, JUNE 4 9:00 a.m.

WEDNESDAY, JUNE 17 7:30 a.m.

9:00 a.m.

CREA Marketplace

9:30 a.m.

Core Law iCE

Toastmasters

8:30 a.m.

9:00 a.m.

CREA Marketplace

1:00 p.m.

How to Build a Global Outbound Referral Business

8:30 a.m.

ePro Day 1 of 2

9:00 a.m.

Intro to Contracts

WEDNESDAY, JUNE 10

8:30 a.m.

ePro Day 2 of 2

9:00 a.m.

Social Media Bootcamp

WEDNESDAY, JUNE 24

3:00 p.m.

Virtual Real Estate from Lead Generation to Close

2:00 p.m.

YPN Panel: Legends & Rookies

4:00 p.m.

Pitch & Drink

4:00 p.m.

Pitch & Drink

FRIDAY, JUNE 12 9:00 a.m.

CREA Marketplace

For the most accurate and up-todate information, please continue to check the RASM calendar at: myrasm.com/calendar. Thank you for your understanding.

FRIDAY, JUNE 26 9:00 a.m.

CREA Marketplace

9:00 a.m.

Clarifying Service Animals

EVENT TIMES & LOCATIONS SUBJECT TO CHANGE During these challenging times, all calendar event times, dates, and locations are subject to change.

The events on this calendar are set to take place either virtually or inperson at a RASM location. We will continue to monitor this situation and the safe return of in-person classes and events.

MONDAY, JUNE 22

TUESDAY, JUNE 23 MONDAY, JUNE 8

At Home With Diversity Day 2 of 2

FRIDAY, JUNE 19

RAJC Seminar

FRIDAY, JUNE 5

THURSDAY, JULY 2

Advanced registration is requested. See the latest event calendar at: myrasm.com/ calendar

MONDAY, JUNE 15 9:00 a.m.

New Member Orientation

TUESDAY, JUNE 16 8:30 a.m.

CRB Class

9:00 a.m.

Mastering the Paperless Real Estate Transaction

11:30 a.m.

CREA Membership Meeting

MONDAY, JUNE 29 10:00 a.m. Introduction to International Real Estate

WEDNESDAY, JULY 1 8:30 a.m.

At Home With Diversity Day 1 of 2

Back to Basics with BOOST 4 CLASSES PER CYCLE | 4 CYCLES PER YEAR Running Your Business as a Business • Building Your CRM • The Art of Comps • Marketing Yourself & Open Houses

30 | ELEVATE [ JUNE 2020 ]

UPCOMING CLASSES UPCOMING CLASSES

NEW DESIGNATIONS & CERTIFICATIONS

Learn more at myrasm.com/calendar to register.

Accredited Buyer’s Representative (ABR®) Patricia A. Tan, Coldwell Banker Realty Eliezer Rivera, Keller Williams Classic Group At Home With Diversity (AHWD) Debi Reynolds, Florida SunCoast Real Estate Certified International Property Specialist (CIPS) Edward Francis Busch, Coldwell Banker Realty Rachel Elizabeth Harvey, Coldwell Banker Realty Luz Andrea, O’Brien, Michael Saunders & Co. Janice Sanburn, EXP Realty LLC Certified Residential Specialist (CRS) DuRynda Brusco, Michael Saunders & Company Linda L. Stowe, Michael Saunders & Company e-PRO® Sherry C. Adams, Coldwell Banker Realty Susan L. Dworsky PA, Berkshire Hathaway HomeServices Florida Realty William A. Garrison, RE/MAX Platinum Realty Melinda Sanchez, Florida SunCoast Real Estate Lorna Michelle Yankee, Fine Properties Military Relocation Professional Heather Renee Breeze, Better Homes and Gardens Real Estate Atchley Properties Christina Pitchford, Suncoast Homes & Dreams Inc. Resort & Second Home Property Specialist Skye Leber, EXP Realty LLC Seniors Real Estate Specialist® (SRES®) Carolyn A. Codella, Wagner Realty Kristen Marie Haines, Coldwell Banker Realty Short Sale & Foreclosure Resource Samira Easton, Premier Sothebys Intl Realty Kristen Marie Haines, Coldwell Banker Realty Polina Iakovleva, Preferred Shore C2EX Christine Claxton, Florida SunCoast Real Estate Sherry C. Adams, Coldwell Banker Realty Lorna Michelle Yankee, Fine Properties Rita E. Conway, Fine Properties •

CORE LAW - iCE Friday, June 5 9:30 a.m. – 12:30 p.m.

[ Webinar ]

This course covers updates to the law and reviews common legal issues. Core Law fulfills the 3 HR CE Requirement for license renewal. Members $10. 3 CE HRS.

NEW MEMBER ORIENTATION Monday, June 15

9:00 – noon

[ Webinar ]

The REALTOR® Focus program is REQUIRED training for all new members and must be completed within 90 days of joining RASM. Topics include: Membership Responsibilities; Membership Marks Usage; Fair Housing & Antitrust; MLS Rules & Regulations; COE training. Free .

MLS REQUIRED & ELECTIVE CLASSES In-person MLS training classes have been canceled at this time. Live webinars are available for required and elective classes. If you prefer to complete your required education by taking a self-paced online class, please visit learn. stellarmls.com.

Designation or Certification Courses [South Office ] 2320 Cattlemen Road, Sarasota, FL 34239

[ Goodwill Manasota ] 2705 51st Ave E, Bradenton, FL 34203

myRASM.com | 31

OWN YOUR PRESENT. EMPOWER YOUR FUTURE. You can lead the way. Commitment to Excellence empowers you to enhance and showcase your high level of professionalism. It gives you an advantage in an increasingly competitive market and shows consumers you’re committed to conducting business at the highest standard. Be committed to excellence.

Get started with this award winning program today at C2EX.realtor.

32 | ELEVATE [ JUNE 2020 ]

PROFESSIONAL DEVELOPMENT

Increase Your Professionalism Through Designations By: Denise Ricciotti, RASM Professional Development Manager

R

ASM encourages members to increase their professionalism, marketability, proficiency, and income through the pursuance of an officially endorsed NAR designation or certification. In addition to the many professional benefits and quality education NAR designations and certifications provide, many of these courses have been approved for continuing education credit.

Designations and certifications help the most dedicated Realtors® in the industry distinguish and brand themselves through specialized niche markets.

There’s no better time for real estate professionals to position themselves as industry experts. NAR announced the return of its ‘Right Tools, Right Now’ program, which makes numerous educational resources to build professional skills available to all members at reduced or no cost.

on top of home buying issues and trends, and exclusive resources to share with clients.

AT HOME WITH DIVERSITY (AHWD) CERTIFICATION

RESORT & SECOND-HOME PROPERTY SPECIALIST (RSPS) CERTIFICATION

The multicultural market is rapidly growing and changing. NAR’s At Home with Diversity (AHWD) certification will teach you how to incorporate topics of fair housing, diversity, and inclusion into your business plan. Give yourself a competitive edge by learning how to work effectively with all clientele.

CERTIFIED INTERNATIONAL PROPERTY SPECIALIST (CIPS) DESIGNATION

The Certified International Property Specialist (CIPS) designation prepares you to assist in all aspects of international business, from attracting foreign investors to your local community to serving as a multicultural client or helping local buyers invest abroad.

NAR’S E-PRO® CERTIFICATION COURSE

NAR’s e-PRO® certification program helps Realtors® master advanced digital marketing techniques. With the e-PRO® certification, Realtors® increase their ability to reach customers, expand their capabilities, and build trust by safeguarding client information.

ACCREDITED BUYER’S REPRESENTATIVE (ABR®) DESIGNATION

An Accredited Buyer’s Representative (ABR®) will gain a unique understanding of homebuyers’ needs and how to best serve them, specialized information to stay

MILITARY RELOCATION PROFESSIONAL (MRP) CERTIFICATION

NAR’s Military Relocation Professional (MRP) certification educates Realtors® about working with U.S. service members, veterans, and their families to find the housing solutions that best suit their needs and to take full advantage of available benefits and support.

NAR’S GREEN DESIGNATION

GREEN Designees learn real estate concepts, principles, practices, and benefits related to resourceefficient homes. Give yourself a market edge with the only green credential conferred by NAR. PRICING STRATEGY ADVISOR (PSA) CERTIFICATION

Enhance your skills in pricing properties, creating CMAs, working with appraisers, and guiding clients through the anxieties and misperceptions they often have about home values with NAR’s Pricing Strategy Advisor (PSA) certification.

Just about every market contains second-home properties, not just obvious resort areas. In addition to classic vacation homes, the second-home market also includes college housing and properties for investment purposes. The RSPS certification provides the specialized skills and knowledge required to maximize the business opportunities that the resort and secondhome market presents.

SHORT SALE & FORECLOSURE RESOURCES (SFR®) CERTIFICATION

NAR’s SFR® certification gives you a framework for understanding how to: direct distressed sellers to finance, tax, and legal professionals; qualify sellers for short sales; develop a short-sale package; negotiate with lenders; tap into buyer demand; safeguard your commission and more.

SENIORS REAL ESTATE SPECIALIST® (SRES®) DESIGNATION

The SRES® designation program trains Realtors® to profitably and ethically serve the real estate needs of home buyers and sellers ages 50+. Designated SRES® members gain access to valuable member benefits, useful resources, and networking opportunities across the U.S. and Canada to help grow their business. •

myRASM.com | 33

MEMBERSHIP NEWS

RASM Welcomes New Members By: Jessica Montague, Member Services Manager

NEW DESIGNATED REALTORS®

Nathaniel Berger, Anchor Down Property Management

NEW REALTORS®

Marielena Beard, Shirley International Realty Felicia Desatnik, Keller Williams Realty Gold Trina Colleen Maguire, BRG Suncoast James Sylvain, Bright Realty Mark Melvin Van Duren, Marcus & Company Realty Leona Von Haslingen, Century 21 Beggins Enterprises Lauren Wulff, Michael Saunders & Company

MEMBERS NOW WITH

Donna M. Arakel, Realty By Design LLC Amy Banach, Wagner Realty Victoria Beckham, Michael Saunders & Company Kimberly Bednash, Berkshire Hathaway HomeService Nathaniel Stephen Berger, Anchor Down Property Management Mauri Cheryl Blefeld, Dalton Wade Inc Neil Jay Blefeld, Dalton Wade Inc Booth, Kimberly Crichton - Platinum Real Estate Patti Mae Bosco, My Florida Broker Donna K. Boynton, Berkshire Hathaway HomeServices Florida Realty Julie A Brown, Tim Lester Internat’l Realty Misty Bures, Florida Realty Investments Jennifer Carver, Relax Realty Group Inc Carol Chartier, EXP Realty LLC Liza Diaz Santana, La Rosa Realty LLC Kathleen M. Dolan, Keller Williams On The Water Kelli Eggen, RE/MAX Tropical Sands Tracey L. Franklin, Charles Rutenberg Realty Inc James S. Gibson, Exit King Realty Heidi Haber, Century 21 Beggins Enterprises Matthew Thomas Hickey, Living Vogue LLC Hector Huertas, Coldwell Banker Realty Daniel Ivanov, Icon Premium Realty LLC Shannon Marie Keller, Keller Williams Island Life Re Cynthia E Knight, Coldwell Banker Realty Vincent Charles LaMaida, Icon Premium Realty LLC Jean Lejnar, Coldwell Banker Realty Lin Nah Lim, Exit King Realty Aida Marina Lopez, Preferred Shore Trina Colleen Maguire, BRG Suncoast 34 | ELEVATE [ JUNE 2020 ]

Candi Marie Malburg, Trend Realty Sandra F. Mazzarantani, Coldwell Banker Realty Mario Mazzucco, Atlantis Realty Group SWFL Michael L. Mitchell, Preferred Shore Raymond Nesci, EXP Realty LLC Sarah Jane Perry, Own SRQ LLC Joanna Petriccione, Keller Williams On The Water Carol Pollard, EXP Realty LLC Charles Popovic, List N Sell Realty LLC Christopher Rowden, Realty By Design LLC Maria D. Sasso, Coldwell Banker Realty Diane Elaine Semple, RoseBay International, Inc Roger Dare Slaalien JR, Bright Realty Holly Sylvester, Berkshire Hathaway HomeServices Florida Realty Teresa Tebib, EXP Realty LLC Anna Christine Teffenhart, Sunset Realty Audrey Lynne Townsend, RE/MAX Tropical Sands Vicky Traynor, LoKation Real Estate Melissa Velez, Florida SunCoast Real Estate Sean Daniel, Keller Williams Island Life Re Nadia Vizza, Orquera Florida Investments Alexander Webster, Michael Saunders & Company Rick Don Welch, EXP Realty LLC Joshua Wichers, Keller Williams Island Life Re John Wilcher, EXP Realty LLC Kelly Leigh Wilcher, EXP Realty LLC Ruth E. Wise, Preferred Shore Aida Ybarra, Horizon Realty International

NEW BUSINESS PARTNERS BLUE IMMERSIVE MEDIA 4254 Prairie View Dr N Sarasota, Florida 34232 Representative: Michelle Moulin Email: mmoulin@blueintl.com Blue Immersive Media was born in strategic performance marketing, recognizing the need to shift the way we approach the world. Today, experiences matter more than ever. •

THE MLS IN ACTION The multiple listing service (MLS) marketplace connects buyers and sellers of real estate in the U.S. through their respective agents. The MLS gives first-time, low-income and other buyers better access to the American dream of homeownership, while also exposing the greatest number of potential buyers to someone selling a home.

WHAT THE MLS DOES FOR YOU: Largest database of available homes Most up-to-date home status information Maximized visibility of homes for sale Accurate property information Facilitates cooperation between buyer and seller brokers Equal opportunity for all home buyers and sellers Easy to find the agent selling the home Level playing field between large and small brokerages

A WORLD WITHOUT THE MLS: No centralized source of available homes Outdated home status information Fewer homes for buyers to choose from on real estate websites Inaccurate property information Buyers/sellers would likely have to pay to list on websites Residents without access to brokerages would have fewer options Inconsistent broker information in listings across marketplace Markets become broker-controlled

REALTORS® are members of the National Association of REALTORS®

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

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3%

Second & Third Closings

3.5%

Fourth + Closing

4%

At KB Home, get 3% commission on your first closing.

For your second and third closings, earn 3.5%.

Four or more, 4%. When you close more, you’ll earn more.

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Broker Cooperation Welcome. ©2020 KB Home (KBH). Payment of up to 4% Broker Co-op requires Broker or agent to accompany and register buyer on first visit to community and comply with Broker Co-op Agreement. Commission offer is valid on each eligible sale of select new KB homes in the Tampa and Southwest Florida areas and on contracts for full list price only. For Broker to receive commission, buyer must sign purchase agreement between 1/1/20 and 12/31/20, and close escrow in time required under contract. Commission not transferable or exchangeable and cannot be combined with any other offers. Once client has closed escrow, Broker will receive commission by mail. Commission awarded only on non-contingent contracts. Cancelled sales are not eligible. Sales of model homes excluded. Broker must be legal U.S. resident and 18 or older, and an active, licensed real estate agent in Florida. Other exclusions, qualifications, restrictions and limitations may apply. Plans, pricing, financing, terms, availability and specifications subject to change/prior sale without notice and may vary by neighborhood, lot location and home series. Buyer responsible for all taxes, insurance and other fees. Sq. footage is approximate. HOA applies. Future development of planned amenities is subject to change and not guaranteed. Photo may display decorator items/furnishings not available for purchase and may not represent lowest-priced homes. Photo does not depict racial preference. See sales counselor for details. CGC047286 TAM-272602

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First Closing

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PHONE: (941) 952-3400 FAX: (941) 952-3401

www.MyRASM.com

EXPANDED REPORTS Sarasota and Manatee Counties

APRIL 2020 Reach Further With The Market.

For more detailed reports, visit myrasm.com/statistics

Monthly Distressed Market - April 2020 Single Family Homes Sarasota County

Closed Sales

April 2020

April 2019

Percent Change Year-over-Year

620

776

-20.1%

$315,000

$290,000

8.6%

11

14

-21.4%

$201,000

$198,500

1.3%

1

3

-66.7%

$293,000

$225,000

30.2%

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100% 98%

Closed Sales

96%

94% 92% 90% 88% 86% 84% 82%

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

$500K $450K

Median Sale Price

$400K $350K $300K

$250K $200K $150K $100K $50K $0K

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

2016

2017

2018

2019

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

Monthly Distressed Market - April 2020 Single Family Homes Manatee County

Closed Sales

April 2020

April 2019

Percent Change Year-over-Year

485

624

-22.3%

$345,000

$315,995

9.2%

11

6

83.3%

$200,002

$162,500

23.1%

3

3

0.0%

$192,000

$440,000

-56.4%

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100% 98%

Closed Sales

96% 94% 92% 90% 88% 86% 84% 82% 80%

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

$700K

Median Sale Price

$600K $500K $400K $300K $200K $100K $0K

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

2016

2017

2018

2019

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

Data released on Thursday, May 21, 2020. Next data release is Monday, June 22, 2020.

Monthly Distressed Market - April 2020 Townhouses and Condos Sarasota County

Closed Sales

April 2020

April 2019

Percent Change Year-over-Year

307

437

-29.7%

$236,000

$237,000

-0.4%

7

7

0.0%

$160,000

$110,000

45.5%

0

0

N/A

(No Sales)

(No Sales)

N/A

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100% 99%

Closed Sales

98% 97% 96% 95% 94% 93% 92% 91% 90%

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

$1200K

Median Sale Price

$1000K

$800K

$600K

$400K

$200K

$0K

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

2016

2017

2018

2019

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

Monthly Distressed Market - April 2020 Townhouses and Condos Manatee County

Closed Sales

April 2020

April 2019

Percent Change Year-over-Year

181

261

-30.7%

$215,000

$196,500

9.4%

2

4

-50.0%

$151,750

$230,750

-34.2%

0

0

N/A

(No Sales)

(No Sales)

N/A

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100%

98%

Closed Sales

96% 94% 92% 90%

88% 86% 84%

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

$1000K $900K

Median Sale Price

$800K $700K $600K

$500K $400K $300K $200K $100K $0K

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

2016

2017

2018

2019

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

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