Sarasota Realtor Magazine - October 2012

OCTOBER 2012

The Official Monthly Publication of the Sarasota Association of Realtors®

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Contents

Sarasota Realtor® Magazine Volume 9, Issue 10 OCTOBER 2012

Sarasota Association of Realtors®, Inc. 3590 South Tuttle Avenue Sarasota, Florida 34239 Phone: 941/923-2315 FAX: 941/923-0191 www.sarasotarealtors.com www.facebook.com/SarasotaRealtors

6

Paradise Found

Sarasota has become a popular destination for international

2012 SAR Officers

buyers. We examine the impact of this trend, and how it is

shaping local real estate for years to come.

President Laura Benson Michael Saunders & Company

10 Back Amendment 4!

Governmental Affairs Director Marc Mansfield explains SAR’s

strong support for Amendment 4, and why the real estate

community should back this important Constitutional amendment.

12 Senior Exemptions Sarasota County Property Appraiser Bill Furst explains

Income Qualified Senior Exemptions, and how they

impact many of our local residents.

Volume 9 • Issue 10 •OCTOBER 2012

Property sales in August 2012 in the Sarasota market rose

as the summer season remained a hot one for local real estate sales, and the inventory dropped to a new decade low.

18 Golf With A Purpose

CID President Brad Lindberg provides the scoop

on this year’s CID Charity Golf Tournament, and the

details on this year’s recipient - Manasota SOLVE.

10- Governmental Affairs 12- Property Appraiser 15- Sales and Listing Statistics Visit SAR on Facebook at www.facebook.com/SarasotaRealtors See a few of the photos this month on Page 24!

24- On the SAR Scene

Sarasota Realtor® is published monthly by the Sarasota Association of Realtors® Inc.

Editorial Staff Director of Communications Ray Porter Director of Membership and Administrative Services Dan Andrews Director of Information Technology Jesse Sunday Director of Professional Development Catherine McCaskill Governmental Affairs Director Marc Mansfield

Subscriptions: The annual dues of every member of the Sarasota Association of Realtors®, Inc., includes a one-year subscription to Sarasota Realtor ® magazine.

A yearly subscription for Sarasota Realtor ® magazine is available to non-members for $25, plus Florida sales tax.

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 Sarasota Association of Realtors®, Inc. All submitted copy is subject to editing.

2012 Copyright© by the Sarasota Association of Realtors®, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.

30- Membership

OCTOBER 2012

Mission Statement The mission of the Sarasota Association of ® Realtors is to advance members’ professionalism through delivery of education and resources while upholding the Realtors® Code of Ethics.

Sarasota Realtor® Advertising: For information on advertising rates and deadlines, contact Ray Porter at 941/328-1168 or ray@sarasotarealtors.com.

32- Calendar of Events/Education 4

Immediate Past President Michael Bruno Michael Saunders & Company

Production Coastal Printing, Inc.

In every issue

20- Education Programs

Treasurer Peter Crowley RE/MAX Alliance Group

We are committed to be the leading advocate of real estate in the communities we serve by protecting private property rights and expanding relationships with individuals and organizations both locally and worldwide.

15 August Was Hot!

18- Commercial Investment Division

Secretary Stafford Starcher RE/MAX Alliance Group

Chief Executive Officer Kathy Roberts

President-Elect Roger Piro Town & Country Realty

Sarasota Realtor® Magazine

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SAR Board elected

SAR Officers and Directors for the 2013 Board of Directors were elected at the SAR Annual Meeting on Friday, Sept. 14 at Der Dutchman Restaurant.

Officers: President: Roger Piro, Town & Country President-Elect: Peter Crowley, RE/MAX Alliance Group Treasurer: Stafford Starcher, RE/MAX Alliance Group Secretary: Xena Vallone, Xena Vallone Realty Directors to serve a 3-year term: Steve Bailey, Coldwell Banker Residential Marianne LeBar, Michael Saunders & Company Brad Lindberg, Sperry Van Ness Commercial Renee Marquiss, Xena Vallone Realty Christina Pitchford, Allen Real Estate Services Director to serve a 1-year term: David Clapp, RE/MAX Alliance Group 2012 President Laura Benson, Michael Saunders & Company, will continue on the Board as Immediate Past President. Directors whose terms continue in 2013 are: Michael Davenport, King Realty; Joe C. Hembree, Hembree & Associates; Debbie Judge, Michael Saunders & Company; Bob Milhoan, Hembree & Associates; Carla Rayman, Coldwell Banker Residential; Drayton Saunders, Michael Saunders & Company; Bob Stanley, Coldwell Banker Residential; Kristin Triolo, Atchley International; and Amy Worth-Paul, RE/MAX Platinum Realty.

Donna Evans: SAR Affiliate of Month Donna Evans of Goodwill IndustriesManasota has been named SAR Affiliate of the Month for October 2012.

Goodwill IndustriesManasota is located at 7501 15th Street East, Sarasota, FL 34243.

Their phone number is 941-355-2721 The local representative is Donna Evans, and the 100-year-old not-forprofit funds its free services through the sale of donated goods.

Goodwill IndustriesDonna Evans Manasota offers to the community a White Glove Service where trained professionals will come to your home or business to pack up and pick up entire estates FREE OF CHARGE. A donation receipt is provided. You can also visit their website at www.goodwillindustries.org

KNOW YOUR OPTIONS

Short Sales Foreclosure Defense

Real Estate Closings

Riddell Law Group R L G

Jefferson F. Riddell, Esq. Board Certified Real Estate Attorney

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3400 S. Tamiami Trail, Sarasota, Florida

Call 941-366-1300 For A FREE CONSULTATION The hiring of a lawyer is an important decision that should not be based solely upon advertisements.

Before you decide, ask us to send you free, written information about our qualifications and experience.

Cover Story

Paradise Found

Sarasota has become an international destination

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We live in a global marketplace. And while all real estate is local, not all property buyers are, especially here in Sarasota. A significant share of home purchases are made by people whose primary residence is outside of the U.S. According to the National Association of Realtors®, the top five countries of origin for foreign buyers of U.S. homes are Canada, The People’s Republic of China, including Hong Kong, Mexico, India, and the United Kingdom. These buyers often utilize the services of Realtors®- quite a few are members of SAR and of our Global Business Council.

The 2012 NAR Profile of International Home Buying Activity examined purchases of real estate in the United States by international clients for the 12-month period ending in March 2012. The study found: • Total sales volume to international clients was estimated at $82.5 billion in 2012, up from an estimated $66.4 billion for the 12 months ending March 2011 - a 24 percent jump.

• Twenty-seven percent of Realtors® reported having worked with international clients. Fifty-two percent of Realtors® had at least one international transaction in the past year.

• International buyers came from nearly all over the globe, but five countries cited earlier accounted for fifty-five percent of transactions.

• Fifty-one percent of the purchases were in four states: Florida, Arizona, California, and Texas.

Clearly, the global marketplace has arrived, particularly in the real estate industry. The NAR study shows that cultural affinity with the buyer appears to be very important in obtaining international clients.

A variety of sources indicate that knowledge of international customs, languages, and culture are important in facilitating sales on the buyer side of the market. Frequently a Realtor® will have language capabilities and personal ties to the country of the prospective purchaser.

These are just some of the reasons to increase your education regarding international business, and to join the Global Business Council for its valuable networking component.

What do you need to know in order to successfully close the transaction? Are your promotions attracting foreign buyers? Do you know how to bring investors and international buyers in your market? Are you

Congress, Showcase slated Nov. 4-6 The Global Business Council of the Sarasota Association of Realtors® is hosting the 6th Annual International Real Estate Congress and Sarasota Showcase on Nov. 4-6, 2012.

Several real estate organizations from other states and even foreign locales will be sending representatives to this year’s Congress. This will be the perfect opportunity to network and mingle with potential business contacts from around the globe, expanding your market view from local to global.

The Global Busineass Council offers this major event once each year, and the previous five events have been very well attended and enjoyed tremendous accolades from those who attended.

It could be well worth your time to register for this year’s Congress at www.sarasotarealtors.com. The cost is only $60 - a bargain for the amount of potential business you might garner from the event.

In addition to the event, to be held at the Lido Beach Resort (right on the Gulf of Mexico and beautiful Lido Beach), this year’s Congress will provide the opportunity to view properties for sale on Sarasota Bay while you enjoy a sunset dinner cruise on the luxury yacht Marina Jack II. The cruiise is sponsored by Moneycorp.

The major sponsor so far for this year’s event is:

Continued on P. 8, See PARADISE 6

OCTOBER 2012

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Congress Itinerary Here’s the current International Real Estate Congress and Sarasota Showcase itinerary: Nov. 4, 5-7 p.m.

Dinner Cruise/Opening Event, Marina Jacks Nov. 5, 8:15 a.m. to 9 a.m.

Congress Registration and Continental Breakfast Lido Beach Resort, Sarasota Nov. 5, 9 a.m. Keynote Speaker Dr.John Tuccillo, Lido Beach Resort Chief Economist, Florida Realtors®, former Chief Economist, National Association of Realtors® 10 a.m. The Story of Sarasota: Jane Kirschner, Sarasota History Alive, & Jon Thaxton, Sarasota County Commissioner 11 a.m. Panel: Sarasota Architectural Styles Moderator: Phil Chmieleski, Neal Homes Guy Peterson, Office for Architecture; Steve Ellis, My Green Buildings; David Nash, CEO, IME Group Inc. Nov. 5, 12-5 p.m.

Tour Longboat Key, Downtown Sarasota, Siesta Key (progressive lunch and refreshments) Board Buses at Lido Beach Resort for Home Tours Tour Longboat Key, Downtown, Siesta Key (Tour may include homes designed by panel architects) Nov. 6, 9 a.m. Panel: The Market From A Broker’s Perspective The Florida real estate market from

www.sarasotarealtors.com

a broker’s perspective – how the landscape has changed in last twelve months as far as sales associates, brokers and major realty corporations are concerned.

Moderator: Harold Bubil, Herald Tribune Real Estate Editor; Clark Toole, Coldwell Banker Real Estate, L.L.C.; Pat Neal, CEO, John Neal Homes; and Cammie Longnecker, Taylor Morrison West Florida 10 a.m. Panel: The Sarasota Lifestyle, Lido Beach Resort Sarasota’s small town ambience is enriched by its big-city abundance of Sarasota Realtor® Magazine

visual and performing arts, education institutions, and natural wonders.

Moderator: Laura Benson, Michael Saunders & Co., President, Sarasota Association of Realtors; Mary Ann Servian, Managing Director, Sarasota Ballet; Nicole Rissler, Director of Sports, Sarasota Sports Commission; Debra Sandberg, Florida Medical Retreat CEO 11 a.m. International Panel (TBD) Nov. 6, 12-5 p.m.

Tour Lakewood Ranch (largest ‘Green’ planned development in the U.S.)(lunch and closing reception)

OCTOBER 2012

7

Immobel offers Facebook app - free to SAR members!

As a member of a SAR, Immobel is one of your benefits of membership - translating your web site to 13 languages, to reach the international clients.

You can show your local MLS search / IDX right on your own website in each prospects’ preferred language. Impress Sellers with the Global Marketing you provide, and get the listings you want.

Immobel makes it easy for you to show your listings everywhere in the world, reaching more international buyers in their home countries as well as right in your home town.

Best of all, once you have set up Immobel, it will work for you 24/7 without you ever needing to touch it again!

Your Listings, along with the rest of your MLS listings are automatically updated daily by Immobel, with a direct feed from your MLS. Your prospects can receive daily listing alerts in their own preferred language, automatically and with your photo, branding and contact on every listing.

In addition to the 13-language web site, Immobel now offers, free of charge, an incredible Facebook app - a social marketing tool that will take your international marketingto the next level.

Did you know that in Facebook, more than 70% of all members prefer another language, not English? It’s true, Facebook is a truly global community.

The Immobel “My Listings” App for Facebook also shows your listings on your own Facebook page in 13 languages!

Do not miss out on the wonderful opportunity to show your listings to more than 90 percent of all Facebook users in their preferred languages.

Immobel has slated several webinars during October -

PARADISE From Page 6

prepared to assist your U.S. buyers when they ask about finding properties abroad?

Through the Global Business Council, you’ll quickly learn how to answer these and other questions with a resounding “Yes!” All of the evidence indicates now is the perfect time to get involved in the local Global Business Council. The mission of the GBC is to provide networking, marketing, education and technological opportunities to its members in order to enhance their success in conducting business in a global real estate market. To date, more than 90 members have signed up, and the SAR Global Business Council expects more than 100 members by the end of the year. GBC members must be

8

OCTOBER 2012

some designed to help you set up your web site, and others to help you with the Facebook app.

Register for an educational session on the following dates by visiting www.sarasotarealtors.com and looking for Immobel Webinars in the Events section on the front page.

Wed, Oct 3, 2012 3:00 PM - 4:30 PM EDT Thu, Oct 11, 2012 6:00 PM - 7:30 PM EDT Fri, Oct 19, 2012 9:30 AM - 11:00 AM EDT Thu, Oct 25, 2012 3:00 PM - 4:30 PM EDT Once registered you will receive an email confirming your registration with information you need to join the Webinar.

For the Facebook app, register for a session on the following dates by visiting www.sarasotarealtors.com and looking under Events for Immobel Facebook Webinars: Tue, Oct 9, 2012 3:00 PM - 4:00 PM EDT Mon, Oct 15, 2012 9:30 AM - 10:30 AM EDT Mon, Oct 22, 2012 6:00 PM - 7:00 PM EDT Post your listings to Facebook in any language, sending your listings around the world.

Tweet your listings, even post them to Linkedin.

So go ahead, check Global and International off your “To Do” list forever with great tools from Immobel!

You can even attend using your iPhone®, iPad®, Android™ phone or Android tablet.

Realtor® members or Affiliate members of SAR. At an annual membership fee of $25, this is very affordable.

Bill Geller is the current chair of the Council, and his vicechair is Wallace Erickson.

Aside from the annual International Congress, the group also promotes international trips during the year, and provides specialized course instruction for international real estate.

This year, the group sponsored an International 201 course in July, entitled “Finding International Clients - Hot Tips and Best Practices.” More than a dozen experienced international practitioners offered their best tips in a roundtable, collaborative format that was very well received.

Remember - it’s never too late to get into the international real estate realm.

Watch for details on the International 301 course coming Oct. 18! In 2012, international is definitely “In!”

Sarasota Realtor® Magazine

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Governmental Affairs 10

Vote YES on Amendment 4!

T

The Sarasota Association of Realtors® strongly urges our members to Vote YES on Amendment 4 on Nov. 6th!

Amendment 4 is a proposed amendment to the Florida Constitution that will be voted on in November 2012. Passed by the Florida Legislature and placed on the ballot, Amendment 4 includes the following provisions: - Provides an additional homestead exemption for first time Florida homebuyers, equal to 50 percent of the Just Value of a property up to the median Just Value of a homestead property in that county, which phases out over 5 years by reducing to 40 percent in year 2, 30 percent in year 3, 20 percent in year 4, and 0 percent in year 5; - Provides a reduction in the non-homestead maximum annual Assessed Value increase cap from the current 10 percent (on non-school levies) to a new level of 5 percent and an extension of non-homestead Assessed Value caps through the 2022 tax year (which also does not apply to school levies).

- Provides legislative authority to eliminate the Save Our Homes “Recapture Rule.”

Florida Tax Watch, a private, non-profit, nonpartisan research institute recently completed an independent fiscal and economic analysis of the amendment. Overall, the results indicated passage of Amendment 4 would create jobs, grow Florida’s Gross Domestic Product and increase the personal income of Floridians. Based upon the analysis

by Florida Tax Watch, passage of Amendment 4 would specifically: - Result in the creation of 19,483 private, nonfarm jobs over a 10 year period of analysis (20132022).

- Increase Florida GDP by approximately $1.1 billion during the same ten year period.

- Increase Personal Income by more than $5.3 billion during the same ten year period.

- Result in additional home sales of between 319,861 and 383,810 during the same ten year period.

The amendment will lower property taxes for new homebuyers, spur economic growth in the housing market and protect families, small business owners and homeowners from unexpected tax increases. Amendment 4 deserves your support on November 6th! (See the full amendment language on P. 11) OCTOBER 2012

Early Voting Locations Open Oct. 27th GENERAL ELECTION EARLY VOTING WILL BEGIN ON SATURDAY, OCT. 27TH AND END ON SATURDAY NOV. 3RD. ALL SITES ARE OPEN FROM 7:00 A.M. TO 7:00 PM DAILY. IMPORTANT: You must be registered to vote by Oct. 9th to be eligible to vote in the Nov. 6th, 2012 election.

SARASOTA SITES: Supervisor of Elections-Sarasota County Terrace Bldg., 2001 Adams Lane-941-861-8600 North County Library-2801 Newton Blvd-8611370 Fruitville Library-100 Coburn Road-861-2500 Gulf Gate Library-7112 Curtiss Ave-861-1230 NORTH PORT SITE: Supervisor of Elections-Biscayne Plaza-13640 Tamiami Trail-423-9540 VENICE SITE: Supervisor of Elections-R.L. Anderson Building Room 114-4000 Tamiami Trail S.-861-3760

Sarasota Realtor® Magazine

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PROPERTY TAX LIMITATIONS; PROPERTY VALUE DECLINE; REDUCTION FOR NONHOMESTEAD ASSESSMENT INCREASES; DELAY OF SCHEDULED REPEAL (1) This would amend Florida Constitution Article VII, Section 4 (Taxation; assessments) and Section 6 (Homestead exemptions). It also would amend Article XII, Section 27, and add Sections 32 and 33, relating to the Schedule for the amendments. (2) In certain circumstances, the law requires the assessed value of homestead and specified nonhomestead property to increase when the just value of the property decreases. Therefore, this amendment provides that the Legislature may, by general law, provide that the assessment of homestead and specified nonhomestead property may not increase if the just value of that property is less than the just value of the property on the preceding January 1, subject to any adjustment in the assessed value due to changes, additions, reductions, or improvements to such property which are assessed as provided for by general law. This amendment takes effect upon approval by the voters. If approved at a special election held on the date of the 2012 presidential preference primary, it shall operate retroactively to January 1, 2012, or, if approved at the 2012 general election, shall take effect January 1, 2013. (3) This amendment reduces from 10 percent to 5 percent the limitation on annual changes in assessments of nonhomestead real property. This amendment takes effect upon approval of the voters. If approved at a special election held on the date of the 2012 presidential preference primary, it shall operate retroactively to January 1, 2012, or, if approved at the 2012 general election, takes effect January 1, 2013. (4) This amendment also authorizes general law to provide, subject to conditions specified in such law, an additional homestead exemption to every person who establishes the right to receive the homestead exemption provided in the Florida Constitution within 1 year after purchasing the homestead property and who has not owned property in the previous 3 calendar years to which the Florida homestead exemption applied. The additional homestead exemption shall apply to all levies except school district levies. The additional exemption is an amount equal to 50 percent of the homestead property’s just value on January 1 of the year the homestead is established. The additional homestead exemption may not exceed an amount equal to the median just value of all homestead property within the county where the property at issue is located for the calendar year immediately preceding January 1 of the year the homestead is established. The additional exemption shall apply for the shorter of 5 years or the year of sale of the property. The amount of the additional exemption shall be reduced in each subsequent year by an amount equal to 20 percent of the amount of the additional exemption received in the year the homestead was established or by an amount equal to the difference between the just value of the property and the assessed value of the property determined under Article VII, Section 4(d), whichever is greater.

Not more than one such exemption shall be allowed per homestead property at one time. The additional exemption applies to property purchased on or after January 1, 2011, if approved by the voters at a special election held on the date of the 2012 presidential preference primary, or to property purchased on or after January 1, 2012, if approved by the voters at the 2012 general election. The additional exemption is not available in the sixth and subsequent years after it is first received. The amendment shall take effect upon approval by the voters. If approved at a special election held on the date of the 2012 presidential preference primary, it shall operate retroactively to January 1, 2012, or, if approved at the 2012 general election, takes effect January 1, 2013. (5) This amendment also delays until 2023, the repeal, currently scheduled to take effect in 2019, of constitutional amendments adopted in 2008 which limit annual assessment increases for specified nonhomestead real property. This amendment delays until 2022 the submission of an amendment proposing the abrogation of such repeal to the voters.

www.sarasotarealtors.com

Sarasota RealtorÂŽ Magazine

OCTOBER 2012

11

Property Appraiser

AGE HAS ITS PRIVILEGES

Every year the mailing of the TRIM Notices brings a flurry of calls to the Property Appraiser’s office. This year the hot topic was the Income Qualified Senior Exemption. In response to those inquiries, here’s the latest information on the Articles, Statutes and Rules benefits available to Sarasota County Seniors.

AGE HAS ITS PRIVILEGES Governing Senior Exemptions

By Bill Furst, GRI, CRS, CRB In 2011, 119,633 people over 65 made their home in Sarasota County. That’s Every year the mailing of the TRIM Notices brings a flurry of calls to the Property Senior Exemption: Sarasota County Property Appraiser Appraiser’s office. This year the hot topic was the Income Qualified Senior 31.4% of our population!* Because the Senior Exemption is a local option the Florida Constitution, Article VII, Every year the mailing of the TRIM Notices brings a flurry of calls to Exemption. In response to those inquiries, here’s the latest information on the benefits vary from place to place within the County. The table below the Property Appraiser’s office. This year the hot topic was the Income Articles, Statutes and Rules section 6(d)), approved benefits available to Sarasota County Seniors. demonstrates the tax savings benefit for 2011. Once the tax rates for 2012 are Qualified Senior Exemption. In response to those inquiries, here’s the Governing Senior Exemptions November 3, 1998

latest information on the benefits available to Sarasota County Seniors. finalized they will be published on our website, www.SC‐PA.com.

In 2011, 119,633 people over 65 made their home in Sarasota County. That’s In 2011, 119,633 people over 65 made their home in Sarasota Senior Exemption: §196.075 Florida Statutes, 31.4% of our population!* Because the Senior Exemption is a local option the County.

That’s 31.4% of our population!* Because the Senior COUNTY MUNICIPAL TAX SAVINGS Florida Constitution, Article VII, enacted July 1, 1999 LOCATION benefits vary from place to place within the County. The table below Exemption is a local option, the benefits vary from place to place within EXEMPTION EXEMPTION (2011) section 6(d)), approved implements A.VII s. 6(d), the County. The table below demonstrates the tax savings benefit for demonstrates the tax savings benefit for 2011. Once the tax rates for 2012 are November 3, 1998 Unincorporated County $5,000 ‐ $19.99 allowing an exemption up to 2011.

Once the tax rates for 2012 are finalized they will be published on finalized they will be published on our website, www.SC‐PA.com.

City of Sarasota $5,000 $25,000 $99.94 our website, www.SC-PA.com. $50,000 for qualified §196.075 Florida Statutes, City of Venice $5,000 ‐ $19.99 TAX SAVINGS applicants when adopted by a COUNTY MUNICIPAL enacted July 1, 1999 LOCATION Town of Longboat Key $5,000 $25,000 $65.66 county or municipality.

EXEMPTION EXEMPTION (2011) implements A.VII s. 6(d), City of North Port $5,000 ‐ $19.99 $19.99

Unincorporated County $5,000 ‐ allowing an exemption up to

Chapter 12D‐7.0143, Florida City of Sarasota $5,000 $25,000 $99.94 $50,000 for qualified The benefits offered to qualified seniors also vary from county to county. Charlotte Administrative Code, adopted City of Venice $5,000 ‐ $19.99 applicants when adopted by a County and its municipalities do not offer a Senior Exemption. Manatee County December 30, 1999: rules for Town of Longboat Key $5,000 $25,000 $65.66 county or municipality. offers a $25,000 exemption, with the towns of Anna Maria, Longboat Key, Holmes applying the exemption.

City of North Port $5,000 ‐ $19.99

Beach, and Bradenton Beach each offering a $25,000 exemption for their tax

Chapter 12D‐7.0143, Florida The benefits offered to qualified seniors also vary from county to levies. Desoto County has adopted the maximum $50,000 exemption amount on

The benefits offered to qualified seniors also vary from county to county. Charlotte Administrative Code, adopted county. Charlotte County and its municipalities do not offer a Senior county levies. The City of Arcadia has not adopted a Senior Exemption. §193.703 Florida Statutes, County and its municipalities do not offer a Senior Exemption. Manatee County December 30, 1999: rules for Exemption. Manatee County offers a $25,000 exemption, with the

offers a $25,000 exemption, with the towns of Anna Maria, Longboat Key, Holmes effective January 7, 2003 applying the exemption. towns of Anna Maria, Longboat Key, Holmes Beach, and Bradenton In order to qualify for the Senior Exemption the homestead owner must be 65 Beach, and Bradenton Beach each offering a $25,000 exemption for their tax implements A, VII s. 4(f) stating

Beach each offering a st$25,000 exemption for their tax levies. Desoto levies. Desoto County has adopted the maximum $50,000 exemption amount on years of age or older on January 1 County has adopted the of the year for which they are filing and the maximum $50,000 exemption amount on

qualification and application county levies. The City of Arcadia has not adopted a Senior Exemption. county levies. The City of Arcadia has not adopted a Senior Exemption. adjusted gross income of their household cannot exceed a limit set by the State of §193.703 Florida Statutes, requirements for the value In order to qualify for the Senior Exemption the homestead owner effective January 7, 2003 Florida every year. For 2012 the limit was $27,030. reduction when adopted by a In order to qualify for the Senior Exemption the homestead owner must be 65 must be 65 years of age or older on January 1st of the year for which

county. implements A, VII s. 4(f) stating st they are filing and the adjusted gross income of their household cannot of the year for which they are filing and the years of age or older on January 1 qualification and application For new applicants, a Sworn Statement of Adjusted Gross Income of Household and

exceed a limit set by the State of Florida every year. For 2012 the limit adjusted gross income of their household cannot exceed a limit set by the State of requirements for the value Return, form DR‐501SC, must be completed and returned to this office along with Chapter 12D‐8.0068 Florida was $27,030.

Florida every year. For 2012 the limit was $27,030. reduction when adopted by a documentation of household income. That can be a copy of the first page of the Administrative Code, adopted For new applicants, a Sworn Statement of Adjusted Gross Income

county. applicants IRS return or copies of their Social Security Benefits statement and January 26, 2004: rules for ofFor new applicants, a Sworn Statement of Adjusted Gross Income of Household and Household and Return, form DR-501SC, must be completed and

earnings statements from pensions, etc. if they are not required to file a federal applying the value reduction. returned to this office along with documentation of household income.

Return, form DR‐501SC, must be completed and returned to this office along with Chapter 12D‐8.0068 Florida income tax return.

That can be a copy of the first page of the applicant’s IRS return or

documentation of household income. That can be a copy of the first page of the Administrative Code, adopted copies of their Social Security Benefits statement and earnings statements

applicants IRS return or copies of their Social Security Benefits statement and January 26, 2004: rules for from pensions, etc. if they are not required to file a federal income tax In 2012, this office revamped the Senior Exemption renewal process with the

earnings statements from pensions, etc. if they are not required to file a federal applying the value reduction. return. introduction of an easier response system where a form is mailed to persons who

income tax return.

In 2012, this office revamped the Senior Exemption renewal process had the exemption in the prior year and continue to reside on the property. The NEED A SPEAKER FOR YOUR

with the introduction of an easier response system where a form is

form provides the current year’s income limit and requires the claimant to check a MEETING: In 2012, this office revamped the Senior Exemption renewal process with the

mailed to persons who had the exemption in the prior year and continue Renew or Cancel box based on their household adjusted gross income for the prior

tointroduction of an easier response system where a form is mailed to persons who reside on the property. The form provides the current year’s income

year and sign the form affirming that they meet the eligibility requirements.

BILL FURST WILL COME AND limit and requires the claimant to check a Renew or Cancel box based had the exemption in the prior year and continue to reside on the property. The NEED A SPEAKER FOR YOUR on their household adjusted gross income for the prior year and sign the

TALK WITH YOUR GROUP AND form provides the current year’s income limit and requires the claimant to check a MEETING: form affirming that they meet the eligibility requirements.

New applications and renewal notifications are mailed once the annual income ANSWER YOUR QUESTIONS Renew or Cancel box based on their household adjusted gross income for the prior

New applications and renewal notifications are mailed once the limit is published at the end of January. Both the Sworn Statement and the Senior year and sign the form affirming that they meet the eligibility requirements.

BILL FURST WILL COME AND annual income limit is published at the end of January. Both the Sworn Exemption Renewal form must be returned to this office by March 1. Proof of

To set up an appointment call TALK WITH YOUR GROUP AND Statement and the Senior Exemption Renewal form must be returned New applications and renewal notifications are mailed once the annual income ANSWER YOUR QUESTIONS our office at 941.861.8200 or For moreincome on new exemptions must be provided no later than June 1. tolimit is published at the end of January. Both the Sworn Statement and the Senior this office by March 1. Proof of income on new exemptions must be

information, email us at PA@SC‐PA.com provided no later than June 1.

Exemption Renewal form must be returned to this office by March 1. Proof of To set up an appointment call contact the If you or someone you know will qualify for this exemption for 2013 contact us If you or someone you know will qualify for this exemption for 2013, income on new exemptions must be provided no later than June 1.

Property right away to add their name to the new application mailing list. our office at 941.861.8200 or contact us right away to add their name to the new application mailing

Appraiser’s email us at PA@SC‐PA.com list. *http://elderaffairs.state.fl.us If you or someone you know will qualify for this exemption for 2013 contact us office at *http://elderaffairs.state.fl.us 941.861.8200. right away to add their name to the new application mailing list.

12

Senior Exemptions: Age has its privileges

E

*http://elderaffairs.state.fl.us

OCTOBER 2012

Sarasota Realtor® Magazine

www.sarasotarealtors.com

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Commission incentive available on contracts accepted by Centex between 1/01/12 and 12/31/12. In order for Realtor to eligible for 50% advance commissions, buyer must put down 10% (with the exception of FHA/VA and NOLA). NOLA/cash verification must be presented. Broker must sign the Advance Commission Request Form. Brokers are responsible for repaying all advance commissions for homes that do not close. This offer is subject to change or withdrawal without prior notice. Prices shown are estimated base prices, do not include lot premiums or options and are subject to change without notice. Community Association fees required. Additional terms, conditions and restrictions apply. Photographs are for illustrative purposes only and are not intended to be an actual representation of a specific community, neighborhood or any completed improvements being offered. Please see a sales associate for details. This material shall not constitute a valid offer in any state where prior registration is required or if void by law. ©2012 PulteGroup, Inc. All rights reserved. 7/2/12. CBC057850.

Realtor -Attorney Joint Committee ® 14

Tax Impacts of Short Sales: The Long and Short

By Jo Ann M. Koontz, Esq., CPA Realtor®-Attorney Joint Committee

Despite the growing number of property owners participating in a short sale, loan modification, deed in lieu or foreclosure, there is still quite a bit of confusion regarding the tax consequences for borrowers. Forgiveness of debt, in full or in part, is typically approved by short sale lenders and occasionally occurs following foreclosures. Debt forgiveness is certainly welcomed by most borrowers but unfortunately may result in harsh tax consequences.

If a lender chooses to release a borrower from some, or all, of an outstanding loan obligation, it is required to issue a Form 1099-C which reports the cancellation of debt. Although the borrower is not receiving cash, the IRS considers the extinguished debt obligation to be taxable income.

In order to understand the problem and the potential solutions, it is important to understand the reason that forgiven debt is treated as income. At the time the loan was made, the loan proceeds were not included in the taxable income of the borrower because there was an obligation to repay the loan. However, when the debt is forgiven, the obligation to repay the loan goes away, and taxable income is triggered. For example, if the borrower loan balance is $300,000, the lender receives $200,000 in proceeds from a short sale and forgives the remaining $100,000 shortfall, the IRS’ position is that the borrower has $100,000 of income that no tax has been paid on. IRS does not consider the fact that the loan proceeds were “spent” on the property, which has lost value. The result is phantom income, meaning that the borrower has not received cash from the sale proceeds with which to pay the tax. The amount of debt forgiven by lenders, particularly in short sales, can be substantial, and may result in unexpected taxable income and higher tax rates.

To provide some relief to struggling homeowners potentially facing crippling tax liability, Congress passed the Mortgage Debt Forgiveness Relief Act (the “Act”) in December of 2007. The Act offers relief to borrowers by excluding some or all of the forgiven debt from taxable income, subject to certain conditions. To be eligible, a borrower must establish that the debt forgiven was incurred to purchase, construct, or substantially improve the borrower’s principal residence, as defined in Internal Revenue Code Sections 121 and 163(h). A further limitation of the Act holds that the exemption only applies to the first $2 million of debt released. The Act has been extended several times, but is currently set to expire December 31, 2012. Congress has not yet indicated whether it will again be extended.

Borrowers often mistakenly believe that a Principal

OCTOBER 2012

Residence, as defined by the IRS, is synonymous with a homestead, as defined by Florida law. However, one should never assume that a designated homestead will qualify as a Principal Residence for IRS tax purposes.

A Florida homeowner has the ability to designate their newly purchased property as their homestead as soon as they begin to occupy the property as their main home, whereas property may only be considered a Principal Residence if the residence has been owned and occupied by the homeowner as their main home for at least two of the last five years immediately preceding the date the debt is forgiven. In the context of a short sale, the date the debt is released may or may not be the date of closing as, in some instances, the deficiency is negotiated after completion of the short sale.

As stated above, to qualify for relief provided by the Act the loan proceeds must have been used for the purchase, construction, or substantial improvement of the property. This requirement disqualifies debt, or any portion thereof, incurred and used for any other purposes, such as vacations, business investments, or to pay off credit cards or car loans. This is especially problematic where homeowners obtained home equity lines of credit (HELOC) or second mortgages which could be used for any purpose.

Cancellation of debt income, when exclusions do not apply, can cause other complications to the borrower’s tax return as well. Not only is additional taxable income a possibility, but the result may also be an adjustment in tax rate or bracket, which can phase the taxpayer out of certain deductions they are accustomed to taking.

Although one may traditionally fall into a lower tax bracket, cancellation of debt may substantially increase a borrower’s taxable income and their total income could be taxed at a higher tax rate. It is not uncommon to see as much as $150,000, or more, granted in debt

Sarasota Realtor® Magazine

Continued on P. 25, See SHORT SALES

www.sarasotarealtors.com

M

Sarasota market remains hot in August

M

Members of the Sarasota Association of Realtors® sold 819 properties in August 2012, up 36 percent from last August as the hot summer sales market in local real estate showed no signs of cooling off.

The breakdown was 587 single family homes and 232 condos sold, compared to last August, when only 445 single family and 156 condos sold (for a total of 601 closed sales).

The August sales reversed the July 2012 trend, when sales dropped to 699. July has been a slower sales month for the past few years, but the strong rebound in August was unexpected and welcomed by local Realtors®.

“The old adage says all real estate is local, and in Sarasota, we are experiencing a resurgent, vibrant, energized market – the best we’ve seen since the end of the boom years in 2006,” said SAR President Laura Benson. “SAR members have been reporting incredible sales numbers, and competition for available properties is high due to the very low inventory.

My advice to buyers would be to get off the fence – you might miss out on your dream home.”

The summer of 2012 has been a busy time for many local real estate agents, with multiple offers common on most properties for sale. Foot traffic has been reported as strong and steady at open houses, and there has been no lull in activity since the end of the traditional season after Easter.

The second quarter in 2012 was statistically the best in seven years, and the third quarter is trending higher as well.

Pending sales (which represent properties that went under contract during the month) also rose in August 2012 to 953, up from July’s figure of 919 and June’s total of 860. Last August, pending sales stood at 813, so this year’s activity was 16 percent higher. Pending sales are a good indicator of the future market sales totals, so September numbers would be expected to best last September when sales dropped to 570.

“We remain significantly ahead of the pace of sales in 2011,” said SAR President Laura Benson. “Sarasota is always a great place to buy real estate, in the best of times and the worst of times, so I’m confident in our future market.”

The median sale price for single family homes in August 2012 was down slightly from July 2012, dropping to $169,945 from $178,000 in the previous month. The median for the past 12 months was at $169,000 – holding steady from the July figure. For condos, prices dropped to a greater degree – down to $149,000 from $176,000 in July. Condo prices are usually more volatile month to month, which is generally attributed to the level of highend properties sold in any given month. August saw a lull in higher priced condo sales, and combined with an increase in sales of foreclosures and short sales in the category, the median price saw a 15 percent drop in August. However, the 12-month running median for condos was $163,950, exactly the same as last year at this time.

The available inventory of homes on the market once again dropped to yet another decade low of 3,504, which www.sarasotarealtors.com

“My advice to buyers would be to get off the fence - you might miss out on your dream home.”

- SAR President Laura Benson

was almost 4 percent below last month’s figure of 3,644.

Last year at this time, there were roughly 20 percent more available properties in the local market. Lack of inventory – notably in lower price ranges – is limiting buyer choices in an increasing number of markets around the country, according to the latest quarterly report by the National Association of Realtors® (NAR).

The months of inventory remained near 10-year lows.

The August figures were 3.8 months of inventory for single family homes, down from July’s 4.5 months; and 5.5 months for condos, down from July’s figure of 7.5 months. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last August, there were 6.3 months of inventory for single family homes and 10.2 months of inventory for condos. At the worst point of our market in November 2008, there were 24 months of inventory for single family homes and 41.7 months for condos.

Currently, only 570 properties for sale in the MLS are listed as short sales or foreclosures, down slightly from last month’s figure of 575 properties. This represents about 16.3 percent of available properties, slightly higher than last month’s figure of 15.8 percent, but down from January 2012 when the figure was 17 percent of the market.

Sarasota Realtor® Magazine

OCTOBER 2012

15

Sarasota MLSSM Statistics - August 2012 Single Family

Unit Sales

Condo

700 600 500 400 300 200 100 0 Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

Single Family

Median Sale Price

Condo

$250,000 $200,000 $150,000 $100,000 $50,000 $0 Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

Single Family

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months Inventory

Pending Reported

%Pending

# New Listings

# Off Market

This Month

2,221

587

26.4

163

$169,945

$169,000

3.8

725

32.6

649

155

This Month Last Year

2,817

445

15.8

180

$165,500

$157,000

6.3

618

21.9

669

186

2,329

523

22.5

167

$178,000

$168,500

4.5

703

30.2

683

146

‐

4,348

‐

170

$175,000

‐

‐

5,971

‐

5,139

‐

Oct 95.1 ‐

Nov 95.3 ‐

Dec 94.8 ‐

Last Month YTD

2011 2012

Jan 94.5 95.4

Single Family – Sale Price Vs. List Price % Rates Feb 94.1 94.2

Mar 94.7 94.6

Apr 94.1 94.7

May 94.2 95.1

Jun 94.3 95.2

Jul 94.1 94.2

Aug 94.5 95.3

Sept 95.2 ‐

Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of Sept. 10th, 2012, including some listings in Manatee, Englewood, Venice, and other areas. Single-family statistics are tabulated using property styles of single-family and villa. Condo statistics include condo, co-op, and townhouse.

Source: Sarasota Association of Realtors® 16

OCTOBER 2012

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Sarasota MLSSM Statistics - August 2012 Single Family Condo

Inventory 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Aug‐11

Sep‐11

Oct‐11

Nov‐11 Dec‐11

Jan‐12

Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12

Jul‐12

Aug‐12

Jul‐12

Aug‐12

Single Family Condo

Pending Sales 900 800 700 600 500 400 300 200 100 0 Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Condo

This Month This Month Last Year Last Month YTD

2011 2012

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months of Inventory

Pending Reported

%Pending

# New Listings

# Off Market

1,283

232

18.0

166

$149,000

$165,000

5.5

228

17.8

247

131

1,591

156

9.8

210

$165,000

$163,950

10.2

195

12.2

222

215

1,315

176

13.4

211

$176,000

$167,000

7.5

216

16.4

248

143

‐

1,807

‐

196

$178,800

‐

‐

2,188

‐

2,116

‐

Jan 93.4 93.1

Condo – Sale Price Vs. List Price % Rates Feb 91.2 93.5

Mar 92.2 94.2

Apr 93.4 94.3

May 94.5 93.8

Jun 94.2 93.8

Jul 92.5 94.6

Aug 93.1 94.1

Sept 92.8 ‐

Oct 93.2 ‐

Nov 93.6 ‐

Dec 92.7 ‐

Median sales price is the middle value, where half of the homes sold for more, and half sold for less. Listings sold were closed transactions during the month. Pending sales are sales where an offer has been accepted during the month, but the sale has not yet closed. Even though some pending sales never close, pending sales are an indicator of current buyer activity. DOM indicates the average number of days that sold properties were on the market before a contract was executed.

Sarasota Association of Realtors® MLS www.sarasotarealtors.com

Sarasota Realtor® Magazine

OCTOBER 2012

17

Commercial Investment Division

Teeing it up for SOLVE on Oct. 29th

O

By Brad Lindberg CID President

One of the most rewarding responsibilities of taking on the leadership of SAR’s Commercial Investment Division is the annual Golf Tournament CID holds each year to raise money for a community charity worthy of our help.

This year CID has chosen SOLVE Maternity Homes.

SOLVE Maternity Homes provides a comprehensive program for pregnant women of all ages who are alone and prepares them and their newborns for independent living, providing a vision of hope for the future through empowerment, education and training.

Many charities have national backing and get lots of contributions, but SOLVE is a local charity that was established in 1976 and has helped over 1,100 women find their way back into society through education and job placement while providing a safe and loving environment for them to bring their babies into the world. CID is proud to provide a contribution for this great heart felt organization that is committed to protecting our greatest asset…the future children of our community.

Many of these women are victims of incest, rape or have been shunned by their families and left to go through their pregnancies alone. They are individuals that seek the help from SOLVE with the desire to provide a better life for themselves and their babies.

They are committed to bettering themselves through education and new work skills to reincorporate themselves back into society.

The one thing we all can agree on is that we came into this world by no choice of our own. No matter

CID slates meetings for October 2012 CID General Membership Meeting Date: Tuesday, Oct. 16th, 8:30 a.m.

Location: SAR Auditorium; Program: TBD CID Members Only CID Charity Golf Tournament Date: Monday, Oct. 29th, 10 a.m.

Location: Founders Club, 9000 Fruitville Rd.

Officers:

OCTOBER 2012

Commercial Marketplace Sessions - Friday, Oct. 5th, 9 a.m. – SAR Auditorium - Friday, Oct. 12th, 9 a.m. – SAR Auditorium - Friday, Oct. 19th, 9 a.m. – Manatee Association of Realtors®, 10920 Technology Terrace, Lakewood Ranch, FL - Friday, Oct. 26th, 9 a.m. – SAR Auditorium

2012 CID Officers & Directors Directors:

President: Brad Lindberg, Sperry Van Ness President-Elect: Linda Emery, Sperry Van Ness Vice-President: Tim Mapp, Mapp Realty Secretary: Dave Roth, RE/MAX Alliance Treasurer: Lori Hellstrom, Osprey Real Estate Services Past President: Anthony Homer, Ian Black Real Estate 18

what the circumstance of our humble beginnings, we also can all agree that somewhere along the line there was someone who cared for us to get us where we are today. CID is honored to be one of those helpful hands.

On Oct. 29, 2012, we will hold the 2012 CID Golf Tournament at the prestigious Founders Club. This pristine golf venue situated among 100 year old oak trees is the perfect venue for the celebration of life.

Please join us for a day of fun and fellowship while feeling good about supporting a great cause.

For more details go to www.sarasotarealtors.com/ CIDgolftournament or call Marc Mansfield, CID Liaison at 941-328-1159. If you would like to be a sponsor, email Sara Olesen, Tournament Chairman at saraolesen@michaelsaunders.com.

Your support will be greatly appreciated.

Susan Goldstein: Michael Saunders & Company (1 year 2012) Sarah Olesen: Michael Saunders & Company (1 year 2012) Tony Veldkamp: Sperry Van Ness (2 years - 2013) Bob Milhoan: Hembree & Assoc. (2 years - 2013) Peter Skokos: Norton Hammersley (3 years - 2014) Kevin Robbins - Harry Robbins Associates (3 years - 2014)

Sarasota Realtor® Magazine

www.sarasotarealtors.com

‘Green’ still pays for Class A office buildings

By Mariwyn Evans Realtor® Magazine Editor’s Note: The new SAR headquarters is being built to LEED standards.

Even in a slow economy, giving your existing office building an environmentally focused retrofit could yield a rent premium, says Norm G. Miller, a professor at the BurnhamMoores Center for Real Estate at the University of San Diego and co-author of the paper The Economics of Green Retrofits.

How much will a green retrofit of an office building yield in additional revenue?

Our research looked at 374 Class A and Class B office buildings that held a LEED Existing Building: Operations and Maintenance certification from the U.S. Green Building Council.

We found that these EBOM-certified buildings averaged 7.1 percent higher rents than comparable buildings that weren’t certified. If the building also had an Energy Star rating from the U.S. Department of Energy, that rent premium rose to 10 percent.

Of course, there are differences in the rent premium depending on the market and the type of tenant. For example, larger public companies and financial firms are more likely to choose a green building. Federal offices are now required to choose green buildings.

New York and Boston have the biggest increases in rent after green retrofits, perhaps because they don’t have enough new LEED-certified office buildings relative to demand. Dallas-Ft. Worth and Washington, D.C., also saw significant premiums for green development. Cities like Cleveland, which were particularly hard-hit by the recession, saw the smallest rent differential, probably because tenants in these areas were more sensitive to rental price.

Has the economic slowdown reduced the rent premium tenants will pay?

We have seen a slight drop in the rent differential for green buildings since our original study in 2008. But I think the decline has less to do with the economy than with the tremendous growth in the number of LEED-certified and Energy Star buildings. In 2005, only 5 percent of office square footage was green. It was 12.5 percent in 2010, and I expect it will reach 15 percent by the end of 2012.

Why are tenants willing to pay more for green? www.sarasotarealtors.com

Operating expenses and thus pass-throughs are lower in most green buildings so tenants can afford to pay higher rents without increasing overall occupancy costs. In our survey, 59 percent of owners saw a drop in operating expenses after a retrofit. There is also the perception that workers are more productive in green buildings because of more natural light and better air quality.

Are green buildings becoming essential to attract tenants?

I can’t imagine that anyone would build a Class A office building today that wasn’t LEED-certified. And green construction and retrofits are also gaining traction in retail and industrial. The economic decision to do a green retrofit has also become easier because of the drop in the prices of many energy-efficient products. An LED light­bulb that cost $60 three years ago now costs half that.

With all these positives, why aren’t even more building owners and managers undertaking green retrofits?

In part, technology is changing so fast and the cost of many green products is falling so rapidly that owners and managers are hesitating because they think prices will fall even further.

But prices are beginning to stabilize now, so more owners may decide now is the time to get up to speed and go green.

Sarasota Realtor® Magazine

OCTOBER 2012

19

Education Programs 20

Work smarter to earn more with CRS 200

Title: CRS 200: Business Planning & Marketing Date: Oct. 30, 8 a.m.

Instructor: Gee Dunsten Cost: Earlybird $275 before Oct. 16; $300 after

Here’s your chance to take one of the prestigious CRS courses locally! The Business Planning & Marketing Course (CRS 200) from the Council of Residential Specialists will help you create a strong business that will withstand any market condition—while making a profit.

Upon the successful completion of this course, the student will be able to: • Develop a business plan to focus your business and start

Gee Dunsten

making educated financial decisions • Determine financial goals to create a budget and increase your profits to last through retirement • Create a marketing plan that works with your objectives to get your listings sold • Identify action plans to implement that will work for you to achieve long-term personal and professional goals CRS educators are leading professionals who bring practical experience to each course, cutting through the hype and offering you real-world solutions.

In CRS two-day courses you’ll meet other top agents for prime networking opportunities.

Have you completed Code of Ethics training?

The Code of Ethics is central to the Realtor® organization – so essential, in fact, that the National Association of Realtors® (NAR) has mandated that all Realtors® complete a 2.5-hour training every four years as a condition of membership. The current 4-year Cycle (Cycle 3) ends December 31, 2012.

If you have not completed ethics training between January 1, 2009 and December 31, 2012, your Realtor® membership and related services, including MLS, will be suspended until you are in compliance.

If you are not sure when you last took the Code of Ethics, please call Catherine McCaskill at 941-3281167.

If you need to complete the Code of Ethics, you have four training options: Live classroom instructor (SAR members free) at SAR on the following dates (registration required): - October 15, 9 am-Noon or 1-4 pm (3 hours CE) - November 12, 1-4 pm - November 19, 9 am-Noon or 1-4 pm (3 hours CE) - December 10, 1-4 pm - December 19, 9 am-Noon or 1-4 pm (3 hours CE) NAR Online class (free) visit http://www.realtor. org/code-of-ethics/training/for-existing-members (short test required at end of course). NAR will notify SAR within ten days that you have completed the course.

OCTOBER 2012

Online class with CE (3 hours $15; or 4 hours $20) through SAR’s website (Education tab). Visit the SAR web site - www.sarasotarealtors.com - to view the options and sign up. (short test required at end of course) DVD: A high-quality video with professional actors is available for brokers or office managers to check out from SAR to hold training in their office, certifying attendance of agents who attend the training.

Please call SAR at 941-923-2315 if you have questions.

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Gain knowledge to enter real estate upper tier Title: Certified Luxury Home Marketing Specialist Dates: March 19-20, 2013 at 8:30 a.m.

Instructor: Laurie Moore-Moore Cost: $495 Earlybird by Oct. 15, 2012; $550 after Training for the Certified Luxury Home Marketing Specialist designation is designed to help sales professionals who currently work in the upper tier move to the next level, or to help those just beginning to target the luxury market jump-start their business.

Learn what wealthy buyers and sellers say are the “real secrets” to capturing their business and delivering outstanding service. This intensive two-day CLHMS training is the first step in earning the coveted CLHMS designation. Upon completion of the training you will become a Membr of The Institute.

Members of the Institute are part of an exclusing, international network of active luxury agents and enjoy a host of valuable benefits and discounts.

Recognized as the mark of accomplishment in luxury markets around the world, the Certified Luxury Home Marketing Specialist (CLHMS) designation assures affluent buyers and sellers that the agents who have earned it have the knowledge, experience, competence, and confidence they require.

Attend this valuable training & discover how to: • Reach more affluent prospects Laurie Moore-Moore • Increase your average price • List and sell more luxury homes • Deliver outstanding service to affluent buyers and sellers

3590 S. Tuttle Avenue, Sarasota, FL

Spring Schedule 2013 Sales Associate Pre-License Course SA-5: January 10-February 9, 2013 Class starts January 10 at 5:00 p.m.

Broker Pre-License Course BK-2: February 9-March 16, 2013 Class starts: February 9 at 5:00 p.m.

Earlybird Tuition: $339 (includes manual, Florida Real Estate Principles, Practices and Law, 35th Edition) (register at least 10 days in advance of class to receive Earlybird price)

Earlybird Tuition: $395 (includes manual Florida Real Estate Brokers Guide, 4th Edition) register at least 7days in advance of class to receive Earlybird price)

Regular Tuition: $364

Regular Tuition: $420 (SAR members: 10% discount) Tuesdays and Thursdays, 5 to 10 p.m.

AND Saturdays, 8:30 a.m. to 1:30 p.m.

Class limited to 15 students

Tuesday & Thursday, 5 to 10 p.m.

AND Saturdays, 8:30 a.m. to 1:30 p.m.

End of Course Exam: On last day of course Instructor: Michael W. Davenport

End of course Exam: On last day of course Instructor: Michael W. Davenport

Location:

Location:

Each class limited to 20 students 3590 South Tuttle Avenue Conference Room A Sarasota, FL 34239 www.sarasotarealtors.com

3590 South Tuttle Avenue Conference Room A Sarasota, FL 34239

Sarasota Realtor® (PLEASE Magazine REGISTRATION FORM PRINT)

CIRCLE COURSE CODE:

SA-5

BK-2

OCTOBER 2012

21

SAR’s 2012 Leadership Program graduates were recognized at the anual meeting on Sept. 14th. They are (left to right): Joyce Steward; Alfredda Smith-Odato; Brian McGreevy; David Roth; Catherine Lamphier; Alex Krumm; Ellen Laura Esses; Steve Robinson; Tracey Bodmer; DuRynda Brusco; Ronnie Caron; and Linda Zuffa (not pictured - Beth Dilley). Congratulations!

Award-winning printing and customer service Specializing in pocket portfolios, die-cutting and foil-stamping done in-house FSC and SFI certified to help you go green

Sarasota’s Premier Real Estate Printer 1730 Independence Blvd., Sarasota, FL 34234 (941) 351-1515 • (941) 351-8639 F • www.coastalprint.com sales@coastalprint.com

22

OCTOBER 2012

Sarasota Realtor® Magazine

www.sarasotarealtors.com

My Florida Regional MLS offers new courses

Pre-registration is required for all MLXchange classes at www.mfrmls. com. All classes are hands-on in the SAR Technology Center (except for Entering and Updating). Registration is limited to 18. Please be sure that you will attend if you reserve a spot!

If you need to cancel, please call MFRMLS at 800.686.7451 (not SAR).

MLXchange Basic Oct. 1 or Oct. 15, 9 a.m. to Noon Mandatory session for all new users.

Learn the basic tools of MLXchange.

It does the work for you, emailing the listings that match your client’s criteria automatically through auto notification. Learn the quick way to find a listing or view your inventory with one click right from the home page or create a professional CMA in less time than it takes to drive to work.

- Review the home page features - Add a new client from the search - Searching and viewing listings, using the map, showing road, aerial, hybrid, and locator features - Adding additional search criteria - Viewing/printing/emailing reports, images, virtual tours, tax, map, driving directions and MLS listing history - Customizing the hotsheet configurations - Search Tax - Creating a professional CMA - Personalize user contact information MLS Compliance 101 Oct. 1 or Oct. 15, 1 to 2:30 p.m.

Mandatory session for all new users.

In this course you will learn about the My Florida Regional MLS Rules and Regulations, and the compliance www.sarasotarealtors.com

procedures for accuracy of listing data, along with educational materials available on MFRMLSUniversity.com - Rules and Regulations - Profile Sheet Terms - iSmart Tool Adding/Modifying Listings in MLXchange Oct. 1 or Oct. 15, 3 to 4:30 p.m.

Mandatory class if you will be entering/updating your own listings.

You will be taught how to input and modify listings, enter photos, and add attachments along with valuable tips and techniques.

- Listing maintenance authorization forms - Explain the importance of accurate data - Rules and Regulations - Review the profile sheet

Advanced Web Page Customization Oct. 9, 9 to 11 a.m.

This class will cover the advanced features and customization of your Agent Web Page.

Adding & Managing Contacts Oct. 9, 11:30 a.m. to 12:30 p.m.

This class will teach you how to use the MLS as a Client Management System. You will be taught how to add clients, edit and manage contact info, and much more.

Creating a Professional CMA Oct. 9, 1:30 to 4:30pm SAR (Sarasota) iMapp - Interactive Tax & Mailing Labels Oct. 22, 9 to 11:30 a.m.

Sarasota Realtor® Magazine

In this class you will learn how to use the tax search features of MLXchange, access iMapp’s interactive maps, tax data, comparables, auto-valuations, and easily create mailing labels for your favorite area.

- MLXchange tax search, using map and field searches, printing mailing labels - iMapp tax search, viewing parcel, GIS, MLS listings, zoom levels, street, aerial and flood zones - Measuring tool, pan and save map - Creating, viewing and downloading mailing labels - Illustrate the link to the tax appraiser website - Viewing and modifying the criteria for comparable properties - MLS and foreclosure searches Statistics Oct. 22, 1 to 2:20 p.m.

This class will teach you how to utilize marketplace statistics that are available through the MLS or member benefit products.

• Data Co-op • MLXchange stats • iMapp stats • Stats IQ • Market Conditions Agent Marketing Tools Oct. 22, 3 to 4:30 p.m.

This class will introduce you to Member Benefits that will provide you with valuable tools for your marketing.

• MyFloridaHomesMLS.com • Proxio • Kurio • DPR OCTOBER 2012

23

SAR New Headquarters

New Era of Progress for SAR! Visit SAR on Facebook at www.facebook.com/SarasotaRealtors

Photos by Jesse Sunday This was the view in late August of the site of the new SAR headquarters at the northwest corner of Cattlemen Road and Colonial Oaks Boulevard.

Vertical construction began in September at the new SAR headquarters site as Halfacre Construction crews started work on the actual building shell.

The new SAR headquarters at the northwest corner of Cattlemen Road and Colonial Oaks Boulevard should be completed by the early summer months of 2013.

24

OCTOBER 2012

Sarasota Realtor速 Magazine

www.sarasotarealtors.com

ors

SHORT SALES From Page 14

balance of a loan throughout a foreclosure action.

Borrowers also believe bankruptcy to be a potential solution to tax liability. This may be accurate depending upon when the borrower files bankruptcy. Income tax liability is not typically dischargeable and if the forgiveness of debt occurs prior to the bankruptcy filing, it will likely remain.

Tax consequences resulting from short sales, loan modifications, and foreclosures are fact specific and should always be evaluated by a professional. In many cases, tax planning can help a borrower legally avoid or minimize the tax consequences of their transaction. If the borrower proceeds without planning for the tax impact of the transaction, they are often unpleasantly surprised with the outcome.

Information provided by RAJC - Jo Ann M. Koontz, Esq., CPA, Koontz & Associates, PL, 1819 Main Street, Suite 215, Sarasota, FL 34236

forgiveness which could easily result in a higher tax rate for many borrowers.

The Internal Revenue Code also provides for an insolvency exclusion which exempts forgiven debt for a taxpayer, to the extent of their insolvency. Insolvency is the difference between the taxpayer’s outstanding liabilities and the fair market value of all assets held on the date of sale or debt forgiveness. To the extent that the taxpayer’s liabilities are greater than the value of the assets, that difference can be used to exclude cancellation of debt income from taxable income.

For example, assume the taxpayers liabilities, including the mortgage debt forgiven, total $500,000 and the fair market value of all the assets, including the property sold, total $400,000. The difference ($500,000-$400,000) of $100,000 is the extent of their insolvency. That means up to $100,000 of 1099-C income can be excluded from taxable income. Assets used in this calculation include creditor protected assets, such as retirement accounts. A borrower should never assume that they Wednesday, october 24, 2012 n 5-8 pm qualify for this exemption by virtue of the fact that there is negative equity in their The Affiliates of the THIRD ANNUAL home. To determine eligibility for the Sarasota Association insolvency exclusion, a detailed analysis of a taxpayer’s assets and liabilities would need of Realtors® will once to be performed. Unlike the exemption again host a magical provided by the Act, this exclusion is night of celebrating of the available for investors.

Lenders are required by law to report on Form 1099-C any release of debt greater than $600 and have no discretion to withhold such information. The resulting tax liability occurs upon the release of loan obligation, not upon the issuance of the 1099-C. Not only does the lender have a reporting obligation, but the borrower must also report this liability on their tax return for that year. Failure to do so can result in a 25% underreporting penalty and an increased audit period from three to six years.

Some borrowers believe that foreclosure may allow them to circumvent tax liability, but release of debt may occur following completion of a foreclosure. Again, the borrower has no ability to request the lender not issue the 1099-C, and if the lender chooses to release the debt following the foreclosure action, either on its own accord or in response to post-deficiency negotiations, the debt forgiven will likely be much larger and the incidental tax liability much greater due to the additional costs and fees that accumulate and grow the www.sarasotarealtors.com

A ChAnge of SeASon.

As always, SAR Realtor® members only are invited as our guests at no charge.

JoIn uS WeDneSDAY, oCtoBeR 24 at the SAR Auditorium from 5-8 pm for this special evening.

GALA la t Ga cation! s a L the nt lo It’s r prese ars u 5 ye with us at o 3 e t

bra ries es Cele f memo R mov e... r A o as S he futu t into

Dress: Business Casual

You Will Be Invited via e-Mail from SAR We hope to See You theRe! Sarasota Realtor® Magazine

OCTOBER 2012

25

Sensible lending standards urged by NAR New survey findings, combined with an analysis of historic credit scores and loan performance, show home sales could be notably higher by returning to reasonably safe and sound lending standards, which also would create new jobs, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said there would be enormous benefits to the U.S. economy if mortgage lending conditions return to normal. “Sensible lending standards would permit 500,000 to 700,000 additional home sales in the coming year,” he said. “The economic activity created through these additional home sales would add 250,000 to 350,000 jobs in related trades and services almost immediately, and without a cost impact.”

A monthly survey of Realtors® shows widespread concern over unreasonably tight credit conditions for residential mortgages. Respondents indicate that tight conditions are continuing, lenders are taking too long in approving applications, and that the information lenders require from borrowers is excessive. Some respondents expressed frustration that lenders appear to be focusing only on loans to individuals with the highest credit scores.

Even though profits in the financial industry have climbed back strongly to pre-recession levels, lending standards still remain unreasonably tight.

Yun said all it takes is a willingness to recognize that market conditions have turned in the wake of an over-correction in home prices, with all of the price measures now showing sustained gains. “There is an unnecessarily high level of risk aversion among mortgage lenders and regulators, although many are sitting on large volumes of cash which could go a long way toward speeding our economic recovery. A loosening of the overly restrictive lending standards is very much in order,” he said.

Respondents to the NAR survey report that 53 percent of loans in August went to borrowers with credit scores above 740. In comparison, only 41 percent of loans backed by Fannie Mae had FICO scores above 740 during the 2001 to 2004 time period, while 43 percent of Freddie Mac-backed

CONGRATULATIONS!

Dedication and hard work pay off!! We congratulate our members who have successfully completed the Graduate, Realtor® Institute (GRI)!

GRADUATE, REALTOR® INSTITUTE (GRI)

Stephen C. Rider Roberta Tengerdy Corbett Donovan Jennifer Putnam Samuel Erb Scott E. Johnson Kanoa Wegesend Deborah Codella 26

OCTOBER 2012

Florida Internet Realty, LLC Premier Sotheby’s Inter. Realty Atchley International Realty Michael Saunders & Company Harry Robbins Assoc. Inc. Caron Realty, Inc. RE/MAX Alliance Group Coldwell Banker Residential RE

Dr. Lawrence Yun loans were above 740.

In 2011, about 75 percent of total loans purchased by Fannie Mae and Freddie Mac, which are now a smaller market share, had credit scores of 740 or above.

There is a similar pattern for FHA loans. The Office of the Comptroller of the Currency has defined a prime loan as having a FICO score of 660 and above. However, the average FICO score for denied applications on FHA loans was 669 in May of this year, well above the 656 average for loans actually originated in 2001.

Loan performance over the past decade shows the 12-month default rate averaged just under 0.4 percent of mortgages in 2002 and 2003, which is considered normal. Twelve-month default rates peaked in 2007 at 3.0 percent for Fannie Mae loans and 2.5 percent for Freddie Mac loans, clearly showing the devastating impact of risky mortgages.

Yun said home buyers in recent years have been highly successful. Since 2009, the 12-month default rates have been abnormally low. Fannie Mae default rates have averaged 0.2 percent while Freddie Mac’s averaged 0.1 percent, which are notable given higher unemployment in the timeframe.

Under normal conditions, existing-home sales should be in the range of 5.0 to 5.5 million. “Sales this year are projected to rise 8 to 10 percent. Although welcoming, this still represents a sub-par performance of about 4.6 million sales,” Yun said. “These findings show we need to return to the sound underwriting standards that existed before the aberrations of the housing boom and bust cycle, and thoroughly re-examine current and impending regulatory rules that may cause excessively tight standards.”

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Generate ideas - Disney style!

By Erica Christoffer Realtor® Magazine

Editor’s Note: This year’s NAR Realtors® Conference & Expo is set for Nov. 9-12 in Orlando. Want to be more creative and innovative in your real estate business? Here’s a sneak peek behind the Disney magic from the Disney Institute’s Sharon Pleggenkuhle.

You’re presenting a session at the Realtors® Conference & Expo in November. What is the Disney Institute—and what’s the goal of your session?

Pleggenkuhle: The Disney Institute is the professional development arm of the Walt Disney Co. We put companies on a journey toward providing a better customer experience, also with the goal of producing stronger financial results.

We’ll take a look at some of Disney’s best practices and help companies develop a road map for success.

Give us a few ideas for sparking the imagination and getting ideas flowing.

Pleggenkuhle: Break out of the mind-set of “this is how we’ve always done it.” Look for ideas in unusual places.

You want to benchmark what companies in your industry are doing, but also take a look at what other industries are doing to create a great experience for their customers or employees. What are the organizations doing that you like to do business with? Why do you like the experience and how do you take those pieces and work them into your business?

Also, new employees tend to ask a lot of questions. Take advantage of that eagerness, and ask them for their ideas and how they would approach a task.

How do you foster a creative, collaborative work environment?

Pleggenkuhle: One of Disney’s core beliefs is everyone is creative and everyone has valuable information to share. As a broker, you need to set up an environment where people

feel safe to share ideas and where they know their ideas are valued—and you need a process for addressing those ideas.

It doesn’t matter whether you have 10 agents or 150 agents; there’s got to be communication to share best practices.

Make sure that the openness permeates at all levels. It’s important to share great ideas as well as failures and what you learned from them.

What can real estate practitioners learn from Disney’s customer service approach?

Pleggenkuhle: If I could give one piece of advice, it’s to understand your client needs and pay attention to every detail of the delivery. Go in-depth on every touch point and see how you’re doing at all levels—from your Web site to phone calls coming into your office to written communication. Think about each point of communication through the eyes of the client.

What are three takeaways attendees will gain from the Disney Institute session?

Pleggenkuhle: First, they’ll get a great understanding of the key components that make a collaborative culture flourish. Then we’re going to look at the nine-step “imaginarium” process that our Disney “imagineers” use to take an idea from inception to reality. Third, we’re going to look at how Disney uses a “continuous improvement” process when it comes to day-to-day innovation in our theme parks and resorts.

NAR Realtors® Conference & Expo coming up Nov. 9-12 There’s a lot of information packed into the Realtors® Conference & Expo preview in the September/October issue of Realtor® Magazine. The issue focuses on NAR’s annual conference on Nov. 9-12 in Orlando. Visit www.realtor.org and look for the Realtor Magazine link!

Mark Leader is a contributing author for the new book Concrete Jungle: Survival Secrets for the Real World, and will be explaining the creation and maintenance of social capital in Orlando this November.

Of course, there are a lot of people talking about relationship building in one’s neighborhood, both face to face and online. What Leader adds to the conversation is explaining how it works and why: Leader offers these ten principles: 1.Put relationships ahead of financial gain www.sarasotarealtors.com

2.Have a burning desire to be of service 3. Accept no favors from anyone without providing favors in return 4.Pick your battles: Never enter into disagreements with clients about trivial matters 5.Never flatter a customer for the purpose of gaining something 6.Never compliment friends and associates unless it’s genuine 7.Never give it away for free 8.Live out your social ideals every day 9.Constantly focus on speaking optimism and joy…

10.…and your enthusiasm will become contagious.

You should consider checking him out at the conference.

Sarasota Realtor® Magazine

OCTOBER 2012

27

WCR Fashion Show - Another Success!

The WCR Fashion Show on Sept. 19th was another enormous success!

Shown (L to R) are Mary Hellhake, Peter Salefsky, Michael Saunders, Marianne LeBar and Gloria Weed.

The WCR Fashion Show, held at the Polo Grill in Lakewood Ranch, was another complete sellout, and those who attended enjoyed a great meal and a terrific show, which benefited All Children’s Hospital Guild of Manatee.

2012 Leadership Team

28

Marianne LeBar President Michael Saunders & Company Cell: 941-650-0337 mariannelebar@michaelsaunders.com

Peter Salefsky Vice-President Membership Michael Saunders & Company Cell: 941-544-0763 maryhellhake@michaelsaunders.com

Sherri Spanos Recording Secretary Lakewood Ranch Communities Phone: 941-907-6000 sherri.spanos@lakewoodranch.com

Mary Hellhake President-Elect Michael Saunders & Company Cell: 941-544-0763 maryhellhake@michaelsaunders.com

Carrie Starr Rummery Treasurer Starr Title Insurance Phone: 941-365-7827 carrie@starrtitle.net

Linda McConnell Corresponding Secretary FBC Mortgage LLC Phone: 941-504-0823 lmcconnel@fbchomeloans.com

OCTOBER 2012

Sarasota RealtorÂŽ Magazine

www.sarasotarealtors.com

Tuesday-Saturday 10:30AM- 5:30PM Monday by Appointment 1540 Main Street Sarasota, FL 34236 941.366.0941 BlackBirdHomeGallery.com

Membership News

The Association is pleased to welcome new members!

Designated Realtors®

Cole, Darya: Red Square Realty LLC DeVries, Randall: All County Prop Mgmt Pros Hamilton, Raffilena: Good Life Realty LLC Hubschman, Michael: Ryntal Kayajian, Gail: Gail Kayajian R.E. Lic Broker Lippert, Sally: Paradise Buyers Realty, Inc. Rodgers, Lori: Lori Jean Rodgers R.E. Broker Webb, Vicki: Vicki Webb Realty

New Members

Allen, Janet: Atchley International Realty Consbruck, David: Coldwell Banker Res R E Dangerfield, Ashley: Exit King Realty Debbs, Gina: Eslinger Realty Inc. Dixon, Rhonda: Coldwell Banker Res R E Doyle, Jayde: Coldwell Banker Res R E Fazio, Jack: Coldwell Banker Res R E Fernandez, Kelly: Mangrove Realty Associates Gagliardo, Luke: Coldwell Banker Res R E Gauthier, Laurine: Century 21 Almar & Associates Giles, Shawn: Exit King Realty Gutierrez, Alberto: Shirley International Realty Haas, Keith: Prudential Elite Realty Svcs Hiss De Bruyne, Shirley: Michael Saunders & Co. Hughes, Jennifer: Neal Communities Realty Inc. King, Kathleen: Stringer Management Inc. McDonnell, Andrew: ERA Waterside Realty McIver, Chris: Palm Oasis Realty and Mgmt Inc. Moore, Stephen: Blakeley & Associates Realty Nolander, Nathalie: Key Realty Ottaviano, Joseph: Sandals Realty of Sarasota Perkins, Roland: Exit King Realty Phillips, Elizabeth: Michael Saunders & Company Rogers, Cynthia: Coldwell Banker Res R E Schnitzer, Pamela: Coldwell Banker Res R E Spence, Jonathan: Coldwell Banker Strouse, Alisha: ELITE Properties LLC Ward, Michael: Exit King Realty Wolcott, George: EXIT Creative Realty Woodard, Julia: Overseas Realty, Inc. Woods, Robert: James Buchanan Realty

Now With ...

Albritton, Cherial: Keller Williams on the Water Bajtala, Veronika: Michael Saunders & Company Bell, Regina: Horizon Realty International Brenner, James: Market America Realty & Invest Chartier, Mike: Sarasota Bay Real Estate P.A. Davidson, Theresa: Sandals Realty of Sarasota DeSarno, Cheri: Sarasota Bay Real Estate P.A. Donovan, Corbett: Atchley International Realty Farrell, William: Key Realty Farrington, Laticia: Shore to Shore R.E. Figlow, Nicholas: Wagner Realty Garrabrant, Thomas: EXIT Creative Realty Gesell, Ellen: Atchley International Realty Hameed, Melanie: Atchley International Realty Harrington, Terri: Sarasota Bay Real Estate P.A. Hayes, Ronald: Exit King Realty Kaplan, Kristina: Atchley International Realty Klauber, Mirta: Coldwell Banker Res R E Lopez, Jose: Rosebay International, Inc Marr, Danny: Premier Commercial Inc 30

OCTOBER 2012

Martinetto, Wanda: Keller Williams Lakewood Ranch Nason, Liz: Hunt Brothers Realty, Inc. Padula, Norman: Sarasota Bay Real Estate P.A. Plack, Penelope: Realty Executives Solutions Rappaport, Gregg: Hook & Ladder Realty Inc Robinson, Tonna: Premier Plus Realty Silvers, David: RER International Sultan, Yvonne: Atchley International Realty Suponcic, Bozena: RE/MAX Alliance Group Valenti, JoAnne: Prudential Florida Realty

New Affiliates

Advanced Insurance Underwriter 3701 S. Osprey Avenue Sarasota, FL 34239 Phone Number: 941-929-1538 Representative: Vicente Medina Specialty: What makes business owners all over Florida choose Advanced Insurance Underwriters year after year for their Florida Business & Personal Insurance needs?

It’s what gives us one of the highest client retention rates in the industry, and it’s the same reason they pick us for homeowners insurance, auto insurance and even disaster preparedness assistance. The answer’s simple: we’ve earned their trust. We know trust matters most when you’re looking for an agency to insure your most valued assets. Our Gold Standard approach to service guarantees this trust. It’s been the foundation of our South Florida insurance company’s success for nearly 50 years. We don’t settle for second best, and you shouldn’t either.

Email: vmedina@advancedins.com Benchmark Home Services, LLC 2372 Riverwood Pines Drive Sarasota, FL 34231 Phone Number: 941-893-9328 Representative: Ronald Schnitzer Specialty: “For Your Protection, Get a Home Inspection” Call Benchmark Home Services, LLC. A professional home inspection is your best tool when it comes to making the most of your home investment. Whether you are buying or selling, an objective, professional inspection will provide you with important information that you can use. If you’re buying, you want to know that the home you’re considering is safe and sound. You want to avoid unwelcome and costly surprises. If you’re selling your home, you will need to make full disclosure of any and all deficiencies. You’ll want to know what, if any, repairs to make so you can market your home most effectively. Whichever side of the “For Sale” sign you’re on, a quality home inspection is essential.

Our comprehensive home inspection includes visual evaluation of nearly 400 different items that affect the safety, condition and value of a home.

Email: schnitzer@mail.com Blue Lizard Home Inspections 8108 Glenbrooke Place Sarasota, FL 34243 Phone Number: 941-468-1827 Representative: Steve Wisenbaugh Specialty: We are a family-owned and operated Home Inspection business. We proudly serve our neighbors in Sarasota and Manatee counties and surrounding areas.

We conduct thorough, professional inspections – this

Sarasota Realtor® Magazine

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is our only business and our clients are our one concern.

Whether you’re buying or selling a home, you’ll want to hire an InterNACHI-Certified Professional Inspector. As a member of the International Association of Certified Home Inspectors, I represent the best-trained and most highly qualified inspectors in the business. InterNACHI is the world’s elite home inspector association because its membership requirements are the toughest in the industry.

Email: swisenbaugh@gmail.com DoveTail Wood Traditions 5912 13th Ave. E. Bradenton, FL 34208 Phone Number: 941-405-3494 Representative: Aaron Schanie Specialty: Joining Dreams with Designs…We create imaginative design solutions using high standards of detailing and craftsmanship, unique wood finishes, and innovative, installation techniques. Specializing in Kitchens, Libraries, Foyers, Family Rooms, Bars, Heirloom Furniture, Media Centers, Closets, Vanities, Cubhouse Interiors, and Restaurant Interors.

Email: Aaron@dovetailwt.com JENO Home Watch & Concierge 441 S. Shore Drive Osprey, FL 34229 Phone Number: 941-882-0820 Representative: Jennifer Mullineaux Specialty: JENCO Home Watch & Concierge was designed with you in mind. Our home monitoring expertise combined with 14 years in the hospitality industry & 27 years of residential & commercial construction experience give you the peace of mind knowing your property is in good hands.

Keep your insurance premiums low with regular checks from a reputable company. Most insurance companies offer discounts when your property is regularly monitored when you’re away.

We make sure that everything is taken care of so that there are no surprises when you return. We reduce the chances of major damage before it happens. Our mission is to give you peace of mind while you’re away & anticipate your needs before you arrive.

Email: jencodesigngroup@gmail.com Junk-King™ 2147 Porter Lake Dr. Unit F Sarasota, FL 34240 Phone Number: 941-554-8126 Representative: Michele Postell Specialty: What can Junk-King™ Sarasota do for you? Why spend your time doing a dirty, time-consuming job when you can spend that time with your family, enjoying a game or doing other tasks? With Junk-King™, our well-trained staff can do the work for you. There is no need for you to drag or carry out boxes to the porch, driveway or curb. You describe what you want removed and we do all the work. We provide all the loading and cleaning so you don’t have to. Junk-King™ is America’s fastest and Greenest Junk removal service. We take anything and everything, except (hazardous waste).

Email: michelepostell@junk-king.com KB Homes 9102 Southpark Ctr Loop #100 Orlando, FL 32819 Phone Number: 407-587-3593 Representative: Amada Parah Specialty: We want to build you the home you’ve always www.sarasotarealtors.com

dreamed of. The home that’s been coming together in your imagination for years. The backdrop of your future memories.

And we want to build it well, at a price you can afford. This is the idea that has driven our work since 1957, and the reason we set our standards high. During construction, we use dependable building materials and implement a building process that features a number of checkpoints and inspections.

And we offer an industry-leading 10-year limited warranty to give you peace of mind. KB currently building in Stoneybrook at Venice, Sterling Lake, Sheffield Glenn and Creekside.

Email: aparah@kbhome.com On1 Cycle 5573 Palmer Crossing Circle Sarasota, FL 34233 Phone Number: 941-922-5153 Representative: Reid Withrow Specialty: ON1 Cycle Studio is a refreshing outlook to indoor cycling where no membership is required and you pay for only the classes you take. We offer a wide array of classic and unique indoor cycling classes in an inspiring and spacious boutique studio. ON1 Cycle strives to create an atmosphere that brings about a total body experience that positively affects physical, psychological, spiritual and social health. We believe in the best riding experience possible and that’s why we use the Real Ryder bikes. So get ready to be transformed. Email: info@on1cycle. com PNC Mortgage 1549 Ringling Blvd Suite 417 Sarasota, FL 34236 Phone Number: 941-951-4442 Representative: John A Irons Specialty: Why Choose PNC Mortgage? Guaranteed On Time Closings - Close on-time with our money-backed PNC Mortgage Advantage® guarantee. Work with us on your terms.

- Whether you want to apply for a mortgage or need mortgage pre-approval, we’re available online, on the phone or face-toface in your neighborhood. Simplified Preapproval Services - Get pre-approved for one of our mortgage loans – and go house hunting with confidence knowing how much you can afford. We are with you every step of the way - even after you close the loan. Generally, we service our customers’ home mortgage loans rather than sell them.

Email: john.irons@pncmortgage.com Snapdragon Stage and Design 215 133rd Street E. Bradenton, FL 34212 Phone Number: 941-228-6363 Representative: Pamela Darbyshire Specialty: Home Staging and Redesign Services. Today, that important first impression starts not at the curb, but online, where over 90% of buyers begin their search for a new home.

If your home does not stand out with compelling web photos, few potential buyers will even make it to your front door.

Our Home Stagers and Interior Decorators work with you, using and adding to what you already own to create beautiful, welcoming exteriors, interiors and photos, which your Realtor can use to drive buyer traffic to your home. Our experienced, certified Home Stagers and Interior Decorators will use their creativity and expertise to reveal your homes highest potential to buyers, creating emotional connection points with universal appeal which assist shoppers in picturing themselves living “the good life”, and turning that For Sale sign into Sold!

Email: pam@snapdragonstage.com

Sarasota Realtor® Magazine

OCTOBER 2012

31

E DUCATION & E VENTS C ALENDAR Tuesday

Wednesday

Thursday

Friday

Oct. 1

2

3

4

5

8

9

10

11

12

15

16

17

18

19

22 9 a.m. iMapp 1 p.m. Statistics 3 p.m. Agent Marketing Tools

23

24

25

8 a.m.

Power Marketing (SAR)

9 a.m.

CID Commercial Marketplace

29

30 8 a.m.

CRS 200

31

Nov. 1

2

9 a.m. Basic MLXchange 1 p.m. Compliance 101 3 p.m. Adding and Modifying Listings

9 a.m.

New Member Orientation 1 p.m.

Code of Ethics

9 a.m. Basic MLXchange 9 a.m. Code of Ethics 1 p.m. Compliance 101 1 p.m. Code of Ethics 3 p.m. Adding and Modifying Listings

8 a.m.

CID Golf Tournament (Founders Club)

8 a.m.

CRB Class 8:30 a.m.

CID Board of Directors 5 p.m.

Sales Associate Pre-License

7:30 a.m.

Toastmasters 8:30 a.m.

CRB Class

9 a.m. OwnAmerica 8:30 a.m.

9 a.m. Adv. Web Page SAR Strategic Planning 11:30 a.m. Mng. Contacts 1:30 p.m. CMA 5 p.m.

Sales Associate Pre-License

8 a.m.

CID General Membership

7:30 a.m.

Toastmasters 8:30 a.m.

Board of Directors 12 p.m. RAJC Seminar: Common Title Defects

8:30 a.m.

Board of Directors 5 p.m. Changing of the Seasons Affiliate Event

8 a.m.

CRS 200

8 a.m.

Power Marketing (University Park CC) 5 p.m.

Sales Associate Pre-License

8 a.m.

Power Marketing (SAR) 1 p.m.

Point 2 Seminar 5 p.m.

Sales Associate Pre-License 8 a.m.

Power Marketing (SAR)

8 a.m.

Power Marketing (University Park CC)

9 a.m.

CID Commercial Marketplace

9 a.m.

CID Commercial Marketplace

9 a.m.

CID Commercial Marketplace (offsite)

26

9 a.m.

CID Commercial Marketplace

Note: All events/classes are at SAR, except where noted

My Florida Regional MLS Training

The My Florida Regional MLS training classes are offered at no cost to MLS participants. All classes are HANDS-ON in the SAR Tech Center. Please register for all MLS classes at the MFRMLS website: http://mfrmls.com.

Click on ‘Education and Training.’

Sarasota Association of Realtors®, Inc. 3590 S. Tuttle Ave. Sarasota, FL 34239

Monday

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

OCTOBER 2012

90

80

70

60

50

40

30

20

10

12.0 10.0 8.0 6.0 4.0 2.0 0.0 Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12 May‐12

Jun‐12

Jul‐12

Aug‐12

Single Family

Days on Market

Condo

300 250 200 150 100 50 0 Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Single Family

Sales Volume

Condo

$200,000,000 $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0

Aug‐11 Sep‐11 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12

New Listings

Aug‐12

Jul‐12 Aug‐12

Single Family Condo

900 800 700 600 500 400

Sarasota Association of Realtors® MLS

300 200 100 0 Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

The Xtra Pages - Digital Version Only

Single Family Condo

Months of Inventory

Second Quarter 2012 Report Single Family Sales ‐ By Quarter

REO

Short

Market

1400 1200 1000 800 600 400 200 0 2009‐Q4

2010‐Q1

2010‐Q2*

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

2012‐Q2

* Homebuyer Tax Credit In Effect

Condo Sales ‐ By Quarter

REO

Short

Market

700 600 500 400 300 200 100 0 2009‐Q4

2010‐Q1

2010‐Q2*

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

REO

Short

Market

2012‐Q2

* Homebuyer Tax Credit In Effect

Single Family Median Sale Price $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2009‐Q4

2010‐Q1

2010‐Q2

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

Condo Median Sale Price

2011‐Q3

REO

2011‐Q4

Short

2012‐Q1

2012‐Q2

Market

$300,000 $250,000

Source: Sarasota Association of Realtors®

$200,000 $150,000 $100,000 $50,000 $0 2009‐Q4

2010‐Q1

2010‐Q2

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

2012‐Q2

Single Family Condo

REO Sales ‐ By Quarter 600 500 400 300 200 100 0 2009‐Q4

2010‐Q1

2010‐Q2*

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

2012‐Q2

* Homebuyer Tax Credit In Effect Single Family

Short Sales ‐ By Quarter

Condo

400 350 300 250 200 150 100 50 0 2009‐Q4

2010‐Q1 2010‐Q2* 2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

2012‐Q2

* Homebuyer Tax Credit In Effect Single Family Condo

Market Sales ‐ By Quarter 1400 1200 1000 800 600 400 200 0 2009‐Q4

2010‐Q1 2010‐Q2* 2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

2011‐Q3

2011‐Q4

2012‐Q1

2012‐Q2

* Homebuyer Tax Credit In Effect

Source: Sarasota Association of Realtors®

Annual Sales ‐ 2000 to 2011 Single Family Single Family

Condo

Total

11267 10562 9697 8224

8167 7603

7,596 7036

6533

6,841

6 504 6,504

6739

6358

6042

5,603

5,183

4,940 4,353

4,349 3 671 3,671

3,193 2,184

2,096

5820

3 721 3,721

2,564 2,005

2001

2002

2003

2004

2005

5,938

4,626 3,922 ,

2,120

2006

2007

2,137

2,286

2010

2011

1,556

1,194

2000

5,466

2008

2009

Annual Median Sale Price ‐ 2000 to 2011 Single Family

Condo

$351,000

$342,000 $336,250

$272,500 $305,000

$226,000 $172,500

$303,000

$210,000 $163,000 $156,800

$230,000

$191,000

$142,000

$173,000

$132,300

2000

$301,225

$225,000

$191,000

$320,000

$160,000

$145,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

$163,000

2010

$155,925

2011