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April 2008

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Sarasota Realtor®

Volume 5, Issue 4 April 2008

Sarasota Association of Realtors®, Inc.

3590 South Tuttle Avenue Sarasota, Florida 34239 Phone: 941/923-2315 FAX: 941/923-0191

www.sarasotarealtors.com

2008 OfficersPresident

Helen Sosso Prudential Palms Realty

President-Elect William Geller

Suncoast International Realty

Secretary Michael Bruno

Coldwell Banker Residential Real Estate, Inc.

Treasurer Erick Shumway

RE/MAX Gulfstream Realty

Immediate Past President Joe Hembree

Hembree and Associates, Inc.

Chief Executive Officer Kathy Roberts

Mission StatementThe 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.

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.

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

Editorial Staff

Director of CommunicationsRay Porter

Director of Member ServicesDan Andrews

Director of MLS Information SystemsJesse Sunday

Director of Professional DevelopmentCatherine McCaskill

Governmental Affairs DirectorMarc Mansfield

ProductionSerbin Printing, Inc.

Sarasota Realtor® Advertising: For information on advertising rates and deadlines, contact Ray Porter at 941/328-1168 or [email protected].

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 welcomed. 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.

2008 Copyright© by the Sarasota Association of Realtors®, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.

6 Game TimeReal estate isn’t just about the long hours, paperwork, negotiations and closings. It can also be very fun, especially when SAR members take part in the annual Realtor® Day events. The first event is May 2 – golf and tennis at Stoneybrook!

8 Green Home Expo This month, on April 18, SAR’s Green Realtors® Alliance of Sarasota will host the first Green Home Expo, an event designed to promote ecology, sustainability, and energy efficiency.

10 Legislative Agenda The Florida Legislature began a new legislative year in March, and FAR is once again anxious to see several real estate industry initiatives addressed. Get the rundown on the “wish list” from Marc Mansfield.

19 Numbers ImproveSales improved by a whopping 28 percent in February in the local MLS, and pending sales registered the highest level in almost a year, signaling even brighter days ahead for the local real estate market.

25 Bargains Abound The SAR Realtor® Store is offering special monthly sales and bargains for our members who come in and cite this article, so you’d better read it!

In every issue10- Governmental Affairs12- Property Appraiser17- CID Update18- Sales & Listing Statistics20- Education Programs26- Rookie Corner29- WCR News30- Membership News32- Ethics in Action34- International Real Estate36- Calendar of Events

ON THE COVER: The SAR Realtor® Day Committee is busy at work planning several events throughout 2008, beginning with a day of golf and tennis at Stoneybrook Golf and Country Club. From left to right are: Denise Leider, Ronni Jenkins, Kim Jenkins, Larry Wright, Frank Leider and Maria Masucci.

DID YOU KNOW? In 1949 and 1950 respectively, the Patent and Trademark Office registrations for the term REALTOR® and the REALTOR® emblem were approved. Dictionary publishers began to list the definition of “REALTOR” as a member of the National Association in 1967.

SarasotaR E A LTOR ®M a g a z i n e

“The official monthly magazine of the Sarasota Association of Realtors®”

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4 April 2008 Sarasota Realtor Magazine www.sarasotarealtors.com

SAR seeks prospective new leadersIn a few months, SAR members will vote to elect the Officers and five new

Directors who will represent them in 2009, along with the carry-over Directors. One

of the goals in SAR’s 2008 Strategic Plan is to identify and train new leaders, and to

have that leadership reflect the diversity of the SAR membership. We are reaching

out to ask you to consider whether you, or someone you know, should be considered

for nomination to one of the elected positions.

We have seen significant changes the last few years, and the future promises

even more change. One of the most significant changes looming before us is the

regionalization of the MLS this summer. That means that we must adapt our

business model in order to continue to be a strong, viable organization and the Board

of Choice for our members.

A primary responsibility of a Director is to participate in the development

of policy and major decision-making at monthly Board meetings. Another key

responsibility is to participate in Association events and activities and be active

in a committee, task force, or work group. The commitment would be for a three-

year term beginning January 1, 2009.

We have posted information on our website to help guide you in this process. Visit

our web site at www.sarasotarealtors.com and look for Leadership Nominations

under Hot Topics on the front page of our web site.

If you wish to be considered as a candidate for the Board of Directors, please send

in the nomination form located on our web site. If you have any questions, please

contact Kathy Roberts, CEO at 328-1170. H

SAR members gain additional

benefitsThe Sarasota Association of

Realtors®’ Member Benefits Committee has established a relationship with Canada Med Services to obtain low priced, quality medications for our members. Canada Med Services works with discount mail order pharmacies to obtain these advantages for their members. All generic medications are manufactured in FDA (or its equivalent) approved facilities. The drugs are randomly tested by independent labs to ensure consistent quality and safety.

Call 1-877-917-3600 for more information, or visit www.sarasotarealtors.com and look under Hot Topics.

Another SAR member benefit - receive a 10 percent discount on NAR products every time you use SAR’s Promotional Code. Be sure to use the code SAR4 when purchasing NAR products at http://www.realtor.org/prodser.nsf/storehome/REALTORstore?OpenDocument.

View hundreds of products and publications direct from NAR. NAR’s product line includes best-selling books, brochures and videos created by NAR and hundreds of other items from leading industry experts. H

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www.sarasotarealtors.com Sarasota Realtor Magazine April 2008 5

Realtor® Days 2008: A celebration of professionalism

Cov

er

Sto

ry

iIt was on May 12, 1908, when 120 original members strode

into the YMCA Auditorium in Chicago, Illinois to participate in the

founding of the National Association of Real Estate Exchanges.

It would take another 66 years before the name finally evolved to the current National Association of Realtors®. But the ideal 100 years ago to “unite the real estate men of America for the purpose of effectively exerting a combined influence upon matters affecting real estate interests” has become ingrained in the culture of U.S. real estate, with the major exception that “real estate men” has for quite some time included hundreds of thousands of “women” as well.

While there is no national “Realtor® Day,” many local associations, including the Sarasota Association of Realtors®, do set aside one or more days during the year to gather for camaraderie, fellowship, networking and fun. These events serve to remind those who practice this time-honored profession of the value of cooperation, communication and interaction.

But perhaps more importantly, Realtor® Day serves as an opportunity to simply enjoy a fun-filled day with people of like mind and occupation, who have experienced many of the same ups and downs, trials and tribulations, laughter and sorrow that is the day to day experience of most in this industry.

At the state level, the Florida Association of Realtors® holds Great American Realtor® Days in Tallahassee every year, coinciding with the start of the Florida Legislature’s annual session. The event serves not only as an opportunity for real estate professionals to engage in dialogue with state lawmakers, but also as a celebration of the ideals that Realtors® believe in. Our state leaders have a deep understanding of the importance of the industry, and what it means to the daily lives of Florida citizens.

NAR and local associations routinely promote the benefits of homeownership, as owning a home benefits not only the owners themselves, but also

the community and society at large. Is there an ideal more deeply ingrained in American culture? Probably not. In 1900, fewer than half of U.S. households owned their own home. Today the number approaches 70 percent.

In addition, as the nation celebrates April as Fair Housing Month, NAR and its 1.3 million members reaffirm their commitment to America’s policy of fair housing and pledge to continue their work toward eliminating housing discrimination.

This year marks the 40th anniversary of the Fair Housing Act, which protects people from discrimination based on race, color, religion, gender, disability, familial status and national origin. By participating in Fair Housing Month, NAR aims to advance equal access to housing and remind Americans that fair housing is not an option: It’s the law.

Local Realtor® Day Events SlatedThe SAR Realtor Day® Committee has been hard

at work since the start of the year planning for this year’s Realtor® Day events.

This year, the first Realtor® Day event, a golf and tennis tournament, will be held on Friday, May 2 beginning with a 7 a.m. registration at Stoneybrook Golf & Country Club, located at 8801 Stoneybrook Blvd., just north of The Oaks development off U.S. 41. Registration forms are posted at www.sarasotarealtors.com under Hot Topics, and are also available at the SAR office, 3590 S. Tuttle Ave.

The four-person scramble will have a shotgun start at 8 a.m., and the club dress code calls for golf or walking shorts for men, with a golf shirt, and soft-spiked or tennis shoes (no denim jeans or shorts). Women can also wear golf skirts.

Editor’s Note: As the National Association of Realtors® celebrates a century in service of real estate professionals, local associations like the Sarasota Association of Realtors® continue to bring the entrepreneurial spirit of the industry’s inception to Realtors® at the grass roots level. Here, we offer an overview of the NAR, the origins of Realtor® Day, and an update on SAR event plans for 2008.


A Round Robin Tennis Tourney begins with 9:30 a.m. registration and play at 10 a.m., with tennis shirts and shorts (or skirts) required for all participants (no denim jeans or shorts). Lunch is served at 1 p.m. in the Grill Room. There will be cash sales of beer, soda and snacks.

Cost for golf and lunch is only $70; tennis and lunch only

$50; and lunch only $25. Reservations must be made by Friday, April 25th.

On Friday, July 25th, the Realtor® Day Bowling Event will be held at Sarasota Lanes, concluding the year’s festivities. Keep an eye on the Weekly Update and future magazines for more details. H

Realtor® Day Golf and Tennis, Friday, May 2,

Stoneybrook Golf & Country Club, 8801 Stoneybrook Blvd., Sarasota

Realtor® Day Bowling, Friday, July 25, Sarasota Lanes

2250 Fruitville Road, Sarasota


Don’t miss Green Home Expo on Friday, April 18th

rRealtors®, Affiliates and the public are invited to the first-ever Green Homes Expo, set for Friday, April 18th

at the Sarasota Association of Realtors®, hosted by SAR’s Green Realtors® Alliance of Sarasota.

The Expo is a complete sellout for exhibitor booth space, and is expected to draw large crowds to SAR. Offsite parking will be available at the Southgate Community Center down the road from the SAR complex, with free shuttle trolley service to SAR.

The primary sponsors of the event are: Green Realtors® Alliance of Sarasota; Splash Pools; Artistree Landscape Maintenance & Design; BB&T; EcoTechnologies; Dynan Construction Management Inc.; Home Front Homes; and Rampart Homes Inc.

A large contingent of exhibitor booths include:

A Natural Pest Control; Beautiful Ponds; Calcs-Plus; Countrywide Home Loans; Designer Direct; Eco-Smart; Executive Estate Management; Executive Title Company; Florida House Learning

Center; Florida Yards & Neighborhoods; Green World Home Cleaning LLC; Green Point Construction & Development; Macy’s Termite & Pest Control; NaturZone Pest Control; Positive Change Magazine/Efest; R.E. Kluck Builder LLC; Rain Drops Cisterns; Sarasota County Butterfly Club; Sarasota Green Marketplace, Inc.; SRQ County Water Planning & Regulatory; Sustainable Sarasota; Tubular Skylight, Inc.; and Wilderness Estates on Gamble Creek.

Informative presentations will be made every hour on the hour. See schedule at right

Visitors will be able to learn simple ways to reduce their carbon footprint – helping to limit the emission of dangerous greenhouse gases which are contributing to the alarming rise in the Earth’s temperature. H

International Council busy in April with FNAIM, SIMA

The major international overseas conferences of the year are coming up April 8-13 in Europe, and the SAR International Council is planning a tremendous Sarasota presence once again in Madrid, Spain, and Paris, France.

With the Euro at a historic high versus the dollar, and Florida median home prices slipping, suddenly Florida real estate investment becomes very attractive to an overseas investor. This is one reason the Sarasota Association of Realtors® has accepted the opportunity to again exhibit at the 2008 Salon

National de l’Immobilier on April 10-13, 2008 in Paris, France.

Many international practitioners will also take advantage of the SIMA show in Madrid, Spain set to begin April 8. And don’t forget the Sept. 10-12 Sarasota International Real Estate Congress at the Hyatt Sarasota on Sarasota Bay.

For more information on these events, please call Catherine McCaskill at 941-328-1167 or email her at [email protected]. H


2008 Florida Legislative session now under wayBy Marc Mansfield, Governmental Affairs Director

tThe 2008 Florida Legislative Session is under way and is scheduled to end on May 2, 2008.

While budget issues are sure to dominate the session, The Florida Association of Realtors®

has developed a set of priorities that they would like to see legislators consider that will

benefit Realtors® and the general public.

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Below is a summary of three areas considered important by FAR:

Property Tax Relief and Reform➢ The “highest and best use” appraisals

standard should be changed to force uniform enforcement throughout Florida and to have appraisers take into account permit and zoning allowances before using this standard.

➢ The Value Adjustment Board (VAB) appeal process should be changed in two important areas, both by statute. First, the presumption of correctness the appraiser enjoys should be changed to the “preponderance of evidence.” Secondly, the makeup of the VAB should be more representative of the taxpaying citizen.

➢ Though it will require passage of a Constitutional Amendment, more relief for first-time and recent homebuyers will provide relief where it is needed and strengthen the validity of Save Our Homes.

Insurance➢ FAR continues to support “My Safe Florida

Home”, the state’s windstorm inspection program which has proven effective in

lowering rates for many homeowners. As a result, FAR will advocate for additional mitigation funding in 2008.

➢ While three large carriers (Allstate, State Farm and Nationwide) steadily reduce their number of policy holders in the state, there are approximately 25 new insurance companies stepping up to the plate. In 2007, FAR supported an earmark of $250 million in a loan matching program to help attract new companies. FAR will advocate that this program continue in an effort to bring more private companies into the market.

Economic Stimulus/Workforce Housing➢ The Sadowski Affordable Housing Trust

Fund should be utilized for its intended purpose-to provide housing and a jumpstart to Florida’s sluggish economy. With over $500 million available to be allocated, the Legislature should invest in Florida’s housing infrastructure. The economic multiplier effect is enormous. For every $1 million put into the state Sadowski fund, more than $10 million in economic activity is generated and over 100 jobs are created. H

Supervisor of Elections • Sarasota County Terrace Building • 2001 Adams Lane, Sarasota • (941) 861-8600

Primary

General

August 26, 2008

November 4, 2008

July 28, 2008

October 6, 2008

Election Election Day Last day to register


The economic multiplier effect is enormous. For every $1 million put into the state Sadowski fund, more than $10 million in economic activity is generated and over 100 jobs are created.


Pro

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ppra

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Save Our Homes Portability: Reviewing the Basics

For more information, contact the Property Appraiser’s office at 941.861.8200 or visit www.sarasotaproperty.net

pPortability of the Save Our Homes benefit presents an opportunity for many Homestead

Exempt property owners to make moving more affordable by taking all or part of their

accumulated savings with them to a newly established homestead. There are several

important points to keep in mind.

By Jim Todora, MAI, CAE Sarasota County Property Appraiser

This new law is retroactive to Jan. 1, 2007. One important aspect requires the owner to reestablish a homestead within two years of relinquishing their prior homestead. However, the effective dates can be somewhat confusing. The start date is the last January 1st the owner received the Homestead Exemption. The end date is two years from that January 1st. For example, if the owner moved out of their homestead property on June 1, 2007, they must reestablish another homestead by Jan. 1, 2009. If they wait until June 1, 2009, two years from their move-out date, the benefit from their previous homestead cannot be ported and they will miss out on the savings.

Another feature deals with calculating the amount that can be ported. This amount, commonly referred to as a Cap, is calculated by subtracting the property’s Assessed Value from its Market Value in the year the homestead is being relinquished. Using the previous example the Cap would equal the Market Value carried on the 2007 assessment roll minus the Assessed Value from the 2007 assessment roll.

The next step is arriving at the Assessed Value on the new homestead. Using our same example let’s assume the owner establishes a new homestead on Dec. 1, 2007. Therefore, since on January 1, 2008 they would first qualify for the Homestead Exemption, it is the 2008 Assessed Value as reported on the TRIM Notice in August of 2008 that would be reduced by the amount ported from the prior homestead. When the owners establish this new homestead, the property values are not known. The owners must apply with the property Appraiser by March 1 of the year they seek the exemption. Since March 1 fell on a Saturday in 2008 the deadline was extended to March 3, 2008.

The maximum amount that can be ported is $500,000. If the owner is downsizing to a home of

lower market value the entire Cap cannot be ported although the same Assessed/Market Value ratio will be retained.

A fundamental example:

Assume the owners relinquished their homestead on June 1, 2007. Their property values from the 2007 assessment roll are as follows:

2007 Assessment RollMarket Value $475,000

Assessed Value - $285,000

Differential (Cap) $190,000

Therefore, the amount available to port is $190,000. Assume the owners establish a new homestead on Dec. 1, 2007 and make a timely exemption application for 2008. Further assume the 2008 Market Value on the assessment roll is $700,000 on the newly established homestead. The Assessed Value will be calculated as follows:

2008 Assessment RollMarket Value $700,000

Amount Ported - $190,000

Assessed Value $510,000

In summary the amount ported can not exceed $500,000 and if downsizing the entire Cap cannot be carried over although the Assessed Value/Market Value ratio can apply to the new homestead. The owners must make a timely application for Homestead Exemption and complete the transfer form to receive the portability benefit. Please contact us with any questions you might have regarding portability. You can also visit our website www.sarasotaproperty.net for further information, including the current Cap and Assessed/Market Value ratio on Homestead Exempt properties. H


Please contact us with any questions you might have regarding portability. You can also visit our website www.sarasotaproperty.net for further information.


Evaluate, be prepared when forming real estate teams

A: Smart question. The team concept has gained popularity in many brokerage offices. By working as a team, most sales associates are able to save time, money, and accomplish more than they would if they worked alone. However, this is not always the case.

Joining a team is similar to any other type of relationship-your team member becomes your work partner and is an extension of you. Like dating before marriage, evaluating your potential team members is crucial before signing on to join forces.

To consider whether a team is right for you, you should first evaluate your potential team members and consider important factors, such as:

(1) Do they have the ability to bring in business?

(2) Can they service my existing referral sources and clients?

(3) Will they split the cost of advertising and other office expenses?

(4) How will commissions be divided amongst team members?

(5) What happens if the team concept does not work out and we have to “break up”?

The best approach to developing a team is to have thorough discussions about the above topics with your potential team members before you take

the plunge. It is even better practice to have your agreement in writing and approved by your broker and a tax and corporate professional before any relationship is finalized. As part of this review, it is crucial that you check with the Division of Business and Professional Regulations, Division of Real Estate to get up to speed on how teams must operate and for specific rules on advertising regulations and receiving commissions.

You should also interview other teams in your office and outside of your office to see if they are successful, what makes them successful? And, you should also ask other teams what their daily difficulties are, if any.

Perhaps the most troubling aspect of teams is when they must break up because of disagreement amongst team members. Because team members are typically very good friends and sometimes relatives, it is best to devise a system whereby listings are appropriately divided, commissions for existing closings are determined, and how future business will be allocated. If you must break up, it’s best to have a plan in place. H

Lega

l Q

& A

qQ: I am considering joining a team with other sales associates in my office rather than working

alone? What should I consider?

Editor’s Note: This monthly column is produced by the Sarasota Association of Realtors® and the Sarasota County Bar Association Joint Committee as a service to our members.


MEETINGS 12:00 pm – 1:30 pmLocation: SAR Auditorium

Friday, April 11 - Working in an Aging Market

Friday, May 2 - REALTOR® DAY GOLF

Friday, June 13 - International Marketing; “Snatching the Euro and Loonie”

Friday, July 11 - NO MEETING

Friday, July 25 - REALTOR® DAY BOWLING

Friday, Aug. 15 - TBD

Friday, Sept. 12 - “2008 Economic Summit”

Friday, Oct. 10 - TBD

Friday, Nov. 14 - TBD

Friday, Dec. - NO MEETING

Method of registration and payment is to visit our website at www.sarasotarealtors.com, click on Education Registration, then Membership Meeting. Pay by Visa, MasterCard, American Express, or Debit Cards.

SOCIAL EVENTS – 5:30 pm

Wednesday, April 23 - The Table

Wednesday, May 21 - The Cork (The Bottle Shop)

Wednesday, June 25 - Bennigan’s

Wednesday, Aug. 27 - TBD

Wednesday, Sept. 24 - TBD

Wednesday, Oct. 22 - TBD

Wednesday, Nov. 26 - TBD

Wednesday, Dec. - Holiday Party

The social events are open to everyone, of all ages. No registration is required.

Evie’s Tavern: 1989 Ringling Boulevard, SarasotaHorse Feather: 1923 Ringling Boulevard, SarasotaThe Table: 1934 Hillview Street, Sarasota➢The Bottle Shop: 29 N. Boulevard of the Presidents (St. Armands Circle), SarasotaBennigan’s: 1277 S Tamiami Trl, Sarasota, FL

For future Social Event locations or for more information, please watch for emails, check the SR Magazine, or contact Teri Hartley at the Association at [email protected]. H

Sarasota Young Realtors® 2008 Schedule of Events

Media attacks on the real estate industry have historic precedent

According to Forsberg, “For decades they (the media) have practiced doom and gloom tactics and in some cases have actually caused real estate prices to decline short term. The good news however, is each and every short term decline has been temporary and has been followed by long term price appreciation.”

Forsberg noted that today, we are in the middle of “a window of opportunity to purchase attractive real estate at the best prices we may see in our lifetime and to receive ‘incentives’ on our purchases on top of it!” These incentives, offered by builders and developers, will not last any longer than they need to, because once the market begins showing signs of a rebound, incentives normally vanish.

Quoting from previous dire headlines, Forsberg advised, “Sit back and enjoy some of these dire media projections from yesteryear and allow them to mirror the wide variety of ‘fear factor’ type media comments that exist today:

“The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline.” - Time Magazine, 1947

tThe media’s attack on the real estate industry is nothing new, according to Terry Forsberg, a REALTOR® from Scottsdale, Arizona, who has done some research that was recently cited by NAR President Dick Gaylord.

Continued on page 34, See Media

present

the

SARASOTA YOUNG REALTORS

Virtual CaravanPitch your best listings and find the gems other agents have polished up for their pitches at our next monthly meeting. This addition to the Power Pitch session will be hosted by Cor Donovan. To include your listing, contact Teri Hartley at the Sarasota Association of Realtors.

April 11th, 12:00pm - 1:30pm @ the Sarasota Association of RealtorsRegister Online or RSVP at 923-2315

www.SarasotaYoungRealtors.com ~ [email protected]


Com

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n NAR says commercial market fundamentals steady

NAR Chief Economist Lawrence Yun said the commercial real estate market is holding essentially even. “We’re seeing no significant changes in vacancy rates or rent growth, so the fundamentals in commercial real estate still seem to be respectable,” he noted. “Under normal circumstances, near-full occupancy coupled with positive rent growth would be of strong interest to investors, but we’re not seeing that. The credit crunch has filtered into the commercial real estate market.”

Patricia Nooney of St. Louis, chair of the Realtors® Commercial Alliance Committee, said the investment cycle appears to be turning. “It looks like investors are taking a wait-and-see attitude,” she indicated. “Even with fairly stable fundamentals and capital available from institutional investors, it appears investor confidence has declined, and some private investors have had problems obtaining financing. Commercial real estate investment set a new record in 2007, but now that we’re in a period of economic uncertainty, transaction volume is likely to decline.”

Investment in commercial real estate in 2007 was $427.2 billion, up 39.2 percent from the previous record of $306.8 billion in 2006; that total does not include transactions valued at less than $5 million or investments in the hospitality sector, based on analysis of data from Real Capital Analytics. NAR projects the investment dollar volume this year could drop by 30 to 40 percent, comparable to 2006 levels.

The NAR forecast in four major commercial sectors analyzes quarterly data for various tracked metro areas. The sectors are the office, industrial, retail and multifamily markets. Torto Wheaton Research and Real Capital Analytics provided historic metro data.

Office marketThere is a lag factor in the current office market

to backfill space by tenants who moved into newly constructed space. At the same time, concerns about the overall economy are causing some tenants to put expansion or relocation plans on hold. These present a challenge to timely and cost-effectively lease space in older office buildings.

Since the level of new supply will be greater this year, office vacancies are expected to rise to 13.3 percent in the fourth quarter from 12.5 percent in the last quarter of 2007. Annual rent growth in the office sector is forecast at 3.5 percent in 2008, following an 8.0 percent gain last year.

Estimates for the first quarter show areas with the lowest office vacancies include New York City; Honolulu; Long Island, N.Y.; and San Francisco, all with vacancy rates of 9.4 percent or less.

Net absorption of office space in 57 markets tracked, which includes the leasing of new space coming on the market as well as space in existing properties, should total 38.5 million square feet in 2008, down from 57.3 million last year.

Office building transaction volume in 2007 totaled a record $211.0 billion, compared with $133.5 billion for 2006. Equity funds accounted for 40 percent of office investment last year. Foreign investors purchased a record $17.7 billion in office buildings last year.

Industrial marketIndustrial activity remains strong in port and

distribution hubs, with relative weakness around many manufacturing centers. International trade continues to play a pivotal role in industrial real estate.

Vacancy rates in the industrial sector will probably average 9.6 percent in the fourth quarter of 2008, up from 9.4 percent in the same period last year. Annual rent growth is projected at 3.3 percent by the fourth quarter, down from 3.6 percent at the end of 2007.

The areas with the lowest industrial vacancies include Los Angeles; San Francisco; Tucson, Ariz.; Salt Lake City; Orange County, Calif.; and Portland, Ore., all with vacancy rates of 6.1 percent or less. Los Angeles is expected to remain a landlord’s market for the next four to five years.

Net absorption of industrial space in 58 markets tracked is likely to total 134.7 million square feet in 2008, up from 120.2 million last year. Industrial transaction volume in 2007 was a record $46.0 billion, compared with $38.9 billion in 2006.

cCommercial real estate market fundamentals are fairly stable, although investment is waning

following a record year in 2007, according to the latest Commercial Real Estate Outlook of the

National Association of Realtors® (NAR).

Continued on page 24, See CID


2008 CID Programs and Events

Tuesday, April 15Offsite - Creekwood Commons (Debbie Herkert, Workforce/Business Retention Manager for the Manatee Economic Development Council)Sponsor: Interstate Commercial Brokers

Friday, May 16CID Fishing Trip (half-day)

Tuesday, May 20SAR – Senator Lisa Carlton, District 23Sponsor: Regions Bank

Tuesday, June 17SAR - Office Power Marketing SessionSponsor: Fleischman Garcia

Tuesday, July 15SAR - Sarasota Bayside (Quay Redevelopment)Sponsor: HKR USA

Tuesday, Aug. 19SAR - Industrial Power Marketing SessionSponsor: Abbey Realty

Tuesday, Sept. 18SAR - TBD

Thursday, Oct. 9CID Annual Golf Tournament at Legacy Golf Club

Tuesday, Oct. 21Offsite - Bay Village Sponsor: Bay Village

Tuesday, Nov. 18SAR - Retail Power Marketing SessionSponsor: EverBank

Tuesday, Dec. 2CID Annual Breakfast (No regular monthly meeting)Sponsor: Osprey Management

Continued on page 34, See CIX

Suncoast CIX now offers daily online training sessions

Catylist, the parent company which powers SuncoastCIX.com, last month initiated an online training module that provides basic to advanced training daily at 11 a.m. EST.

Just log in at SuncoastCIX.com, click on Help Desk, then click on Online Training.

Here’s How it WorksYou can attend free 60-minute Webinars from your

desktop or laptop computer. The sessions allow you to interact with live instructors and ask questions. It’s ideal for busy real estate professionals and company administrators.

The Webinars allow you to apply Catylist services to make more money. Beat the learning curve quickly and avoid reading user manuals. Collaborate with experienced instructors and peers from around the country. Here’s the class schedule:

Online Essentials: On Mondays at 11 a.m., the class is “Online Essentials.” Learn how to search properties, create reports and brochures, add and update listings, send broadcast emails, and set your account preferences.

CMail-Email Brochure Marketing: On Tuesdays at 11 a.m., the class is “CMail-Email Brochure Marketing.” Learn how to create HTML email brochures, add photos and links, craft your message to get attention, pick your target audience and track leads.

Advanced Searching: On Wednesdays at 11 a.m., the class is “Advanced Searching.” Learn all about advanced searches, comps searches, property alerts, lead prospecting and data exports.

Contact and Property Database: On Thursdays at 11 a.m., the class is “Contact and Property Database.” Download and install Catylist CRM. Learn how to relate properties and contacts, import Catylist listings, match buyers, sellers, tenants, and owners, and get an advanced features overview.

Power Marketing: On Fridays at 11 a.m., the class is “Power Marketing.” Learn how to build “The Killer Listing”, and learn about marketing channel partners, private listings and documents, traffic and leads, client


Sales DataFebruary 2008

Class Sales Average Sale Price Median Sale Price Sold Volume

Residential 294 $439,277 $285,000 $129,147,391Condo 129 $412,255 $230,500 $53,180,850

February 2007Class Sales Average Sale Price Median Sale Price Sold Volume


Listings DataFebruary 2008

Class New Average List Price Median List Price Volume Listed


February 2007Class New Average List Price Median List Price Volume Listed

Residential 1646 $615,219 $369,900 $1,012,650,705Condo 871 $461,566 $309,900 $402,024,085

Residential Sales Summary

2 – 3 4+ CONDO TOTAL PRICE BDRMS BDRMS BDRMS CO-OP UNITS

$99,999 & UNDER 10 3 0 5 18

$100,000-199,999 20 38 6 37 101

$200,000-299,999 21 39 8 29 97

$300,000-399,999 6 32 14 11 63

$400,000-499,999 3 9 10 14 36

$500,000-749,999 1 17 17 10 45

$750,000-999,999 1 6 7 12 26

$1,000,000-1,499,999 0 8 3 5 16

$1,500,000-1,999,999 0 2 5 3 10

$2,000,000-2,499,999 0 0 2 2 4

$2,500,000-2,999,999 0 0 2 1 3

$3,000,000-3,999,999 0 0 1 0 1

$4,000,000-4,999,999 0 1 2 0 3

$5,000,000-9,999,999 0 0 0 0 0

$10,000,000 & UP 0 0 0 0 0

**TOTALS 62 155 77 129 423

TOTAL DOLLAR VOLUME TOTAL DOLLAR VOLUME TOTAL HOME SALES SINGLE FAMILY CONDOMINIUM DOLLAR VALUE $129,147,391 $53,180,850 $182,328,241

Feb. 1 to Feb. 29, 2008SALES

SALES as ofFeb. 29 2008

These statistics were gathered from Sarasota Association of Realtors MLS on March 10, 2008. Note: Statistics are for the entire SAR MLS system. Figures include some listings in Manatee, Englewood, Venice and other areas.

Sales and Listings for February 2008

Residential Sales Summary Year to Date

2 – 3 4+ CONDO TOTAL PRICE BDRMS BDRMS BDRMS CO-OP UNITS

$99,999 & UNDER 18 7 0 12 37

$100,000-199,999 46 71 9 65 191

$200,000-299,999 34 69 13 46 162

$300,000-399,999 15 56 19 22 112

$400,000-499,999 3 23 14 27 67

$500,000-749,999 1 32 26 26 85

$750,000-999,999 2 9 13 18 42

$1,000,000-1,499,999 0 8 9 9 26

$1,500,000-1,999,999 0 4 6 7 17

$2,000,000-2,499,999 0 0 3 3 6

$2,500,000-2,999,999 0 0 5 2 7

$3,000,000-3,999,999 0 0 4 2 6

$4,000,000-4,999,999 0 1 3 0 4

$5,000,000-9,999,999 0 0 1 0 1

$10,000,000 & UP 0 0 0 0 0

**TOTALS 119 280 125 239 763

TOTAL DOLLAR VOLUME TOTAL DOLLAR VOLUME TOTAL HOME SALES SINGLE FAMILY CONDOMINIUM DOLLAR VALUE $229,328,005 $106,038,550 $335,366,555

Jan. 1 to Feb. 29, 2008SALES

SALES as ofFeb. 29 2008

850-

800-

750-

700-

650-

600-

550-

500-

450-

400-

350-

300-

250-

200-

150-

100-

50-

0-Feb. ‘06 Feb. ‘07 Feb. ‘08 Feb. ‘06 Feb. ‘07 Feb. ‘08

February 2008Average Sale Price/Units Sold /Days On Market

RESIDENTIAL DAYS ON MARKET

CONDOMINIUMAVE. SALE PRICE UNITS SOLD

$497,899

349

107

$482,257

309

159

$439,277

294

160

$412,255

219

129

$493,373

151131

$503,665

246

248


tSale Price

vs. List Price RatesPercentage of list price units sold for…

Single Family

2007 2008

January 90.96% 92.00%

February 89.90% 92.00%

March 93.10%

April 93.20%

May 92.30%

June 92.20%

July 93.30%

August 93.40%

September 92.40%

October 93.20%

November 90.70%

December 93.00%

Condominium

2007 2008

January 92.51% 91.00%

February 93.84% 91.00%

March 94.20%

April 97.10%

May 92.20%

June 94.40%

July 93.10%

August 91.50%

September 91.30%

October 92.40%

November 89.54%

December 91.00%

February property sales rebound by 28 percent in SarasotaPending sales also very high, a good indicator for stronger market ahead

The month of February 2008 saw a big jump in overall property sales in the local market, according to statistics pulled from the Sarasota MLS system. There were 423 property sales reported in the Sarasota MLS, compared to only 329 sales in January 2008. In addition, pending sales climbed to 654 in February, the highest level in nearly a year (March 2007 was the last month with higher pending sales at 706).

There were 294 single family homes sold by SAR members, along with 129 condominium units. While sales numbers were strong, the median sale price for homes and condos continued to fluctuate. Single family homes saw a small rise in the median sale price, from $265,000 in January 2008 up to $285,000 in February 2008 – a 7 percent increase. But condominiums saw a drop in the median sale price from $303,500 in January 2008 to only $230,500 in February 2008 – a 24 percent decline.

“We’ve been receiving strong anecdotal evidence from brokers that traffic has picked up significantly,” said Helen Sosso, 2008 SAR President. “The number of people attending open houses is growing week by week, and the number of sales contracts has obviously grown substantially. We hope what we’re seeing is the start of a strong growth cycle in the local market.”

One of the continuing bright spots in the February 2008 report was the strength in pending sales, which stood at 654 – the highest level in the past 11 months. In March 2007 pending sales were at 706. Pending sales have been edging upward since December 2007, when there were 374 pending sales.

Pending sales counts the number of signed contracts in a month, and is a leading indicator of sales activity. There is a direct correlation between pending sales and closed sales that are reported in the following month or two.

Inventory levels were also lower in February 2008, compared to February 2007. This year’s February numbers stood at 10,035 single family homes (compared to 10,391 in February 2007), and 5,588 condominiums (compared to 5,960 in February 2007). In January 2008, there were 9,976 single family homes and 5,610 condominiums on the market. In December 2007 the figures were 9,688 and 5,502, respectively.

The days on market, which translates to the average time it took to sell a property, was at 160 days for single family homes, slightly lower than the 162 days in February 2007, but higher than the 158 days in January 2008. Average days for condos was 219, a slight drop from the 223 days reported in February 2007, but higher than the 182 in January 2008.

An analysis of the days on market numbers appears to indicate that a higher number of properties that were on the market longer than 400 days actually sold in February. This tended to inflate the February statistic, but also seems to indicate buyers are beginning to chip away at even the “harder to sell” inventory.

Dr. Lawrence Yun, NAR’s chief economist, recently noted that several factors will continue to drive the local real estate market:

• U.S. and Foreign Baby Boomers: This massive group of people is just turning 60 and the more financially successful ones are on the verge of retirement. Over the next 20 years, a steady flow of wealthy retirees will be flowing into sunny warm weather destinations. Waterfront views will be particularly sought after and people will be willing to pay high premiums.

• Nouveau Rich: There is no one who likes to show off more than the people who lived through equality in

Continued on page 24, See Stats


Sun Mon Tue Wed Thu Fri Sat

31 GRI 2

1 GRI 2

2 MLS Basic; GRI 2

3 MLS Advanced

4 5

6 7 How to Make Green in 2008

8 GRI 2

9 GRI 2

10 11 12

13 14 Orientation & Code of Ethics

15 16 MLS Basic; Amendment 1 Tax Law Changes

17 MLS Advanced

18 Green Homes Expo

19

20 21 iMapp

22 23 Landlord/Tenant Seminar

24 25

26

27 28 29 30 MLS Basic

APRIL 2008

• MLXChange Training (Hands-On with Keith Thatcher):

• Basic—April 2, 16 and 30; free to members • Advanced—April 3 & 17; free to members

• Going Green 2008 with Dr. Ted Jones—April 7, 9-11, $10 members • Orientation & Code of Ethics, April 14, 9-12 & 1-4; free to members • Amendment 1 Tax Law Changes, April 16, 10 a.m. to Noon • Green Homes Expo, April 18, 12-5, free to members and the public • iMapp: April 21, 9:30-11; free to members; (Hands-On with Frank Coffey) • Landlord/Tenant Seminar, April 23, 9-3, $20 members, $30 others

Code of Ethics Reminder: All Realtors® (members of the National Association of Realtors®) will have to show proof of completion of the Code of Ethics during the time period Jan. 1, 2005 to Dec.31, 2008. In other words, 2008 is the renewal year. SAR members can register for the Code of Ethics held each month in conjunction with the new member orientation for no charge. CE online courses are available at www.sarasotarealtors.com for 3 and 4 hours of credit towards license re-newal. An online course is also available free of charge at www.realtor.org. You will need your NRDS number to register for the online course.

To register: go to www.sarasotarealtors.com, click on “Education ”

EDUCATION CALENDAR

Edu

cati

on

Pro

gram

s


The following courses will teach you how to use and benefit from technology programs you already have available to you through your SAR membership. The courses are taught in the comfort of our newly renovated, state-of-the-art SAR computer lab facility.

Work smarter in 2008 with these powerful and improved technology tools.

Basic MLXchange - Wednesdays (Hands-On)

• April 2, 16 & 30• 9 to 11:30 a.m. • MLS Member benefit—no extra charge• Instructor: Keith Thatcher• Registration required via “Education Registration”• www.sarasotarealtors.com

Advanced MLXchange - Thursdays (Hands-On)

• April 3, 17 & May 1• 9 to 11:30 a.m. • MLS Member benefit—no extra charge• Keith Thatcher, Instructor• Registration required via “Education Registration”• www.sarasotarealtors.com

Going Green 2008 – How to Make Green ($$$) in a Changing Market Place

Economic and Real Estate Outlook• Monday, April 7, 2008• 9 to 11 a.m.• Speaker: Dr. Ted C. Jones• SAR Members: $10; Others $20The Sarasota Association of Realtors®’ International Real

Estate Council and special sponsor Executive Title Insurance

Services, Inc. are pleased to offer a special presentation by Dr. Ted Jones, PhD., Sr. Vice President/Chief Economist, Stewart Title Guaranty Company. Dr. Jones will give his Economic and Real Estate Outlook an international and global twist—how to make money in a changing international marketplace. Commercial and residential agents should attend.

Ted C. Jones, Ph.D. is the Director of Investor Relations for Stewart Information Services Corporation (NYSE-STC) and also Senior Vice President-Chief Economist for Stewart Title Guaranty Company. He addresses the information needs of stockholders, conducts on-going research and supports economic and financial analysis for the company and its customers. Prior to joining Stewart he served as chief economist at Texas A&M University’s Real Estate Center, the nation’s largest publicly funded real estate research group. An internationally recognized real estate expert, Jones has completed appraisals and property analysis in New Zealand, Australia, Canada, Mexico, the United Kingdom and the United States. He serves as a member of Board of Directors and was Chairman in 2004 of the Houston Association of Realtors®, the second largest individual Realtor® organization in the country.

A light breakfast will be provided by Executive Title Insurance Services Inc. Questions? Call Cathleen Acosta at 941-350-5736.

Landlord/Tenant Law for the Residential Property Manager

• April 23, 2008• 9:00 a.m. to 3:00 p.m.• 3 Hours CE (“specialty”) Credit• Cost: $20 (NARPM & SAR members); $30 (others) -

includes lunch!• Instructor: Harry A. Heist, Esq.• Sponsored by the Sarasota-Bradenton Chapter of the

National Association of Residential Property Managers and the Sarasota Association of Realtors®

• Location: Sarasota Association of Realtors®, 3590 S. Tuttle Avenue, Sarasota, FL 34239

Join the Sarasota-Bradenton Chapter of NARPM for this annual Landlord/Tenant Law Seminar for property managers or those interested in becoming property managers.

What does this seminar cover?

From Application to Eviction and everything in between! New notices, new laws, new case law, new dangers, applications, inspections, deposit laws, tricks, abandonment, in depth notice studies, eviction avoidance tips, property management agreements, lease clauses, inspections, new Bankruptcy laws, FDCPA, FCRA, collections, screening,

Free technology training available in renovated computer lab


Education Programs

mold strategies, security deposit pitfalls, terminations, success through forms and notices, liability avoidance, vendors, pet issues, rent withholding, releases, checklists, occupancy, condos and HOAs, lease breaks, procedures, streamlining, stipulations, abandoned property, letters, corporate tenants, writ procedures, owner issues, documentation, hurricanes, renewals and more.

14 Key Strategies for Real Estate Success

• May 5-June 18, 2008

True or False: In 2007, some agents had their best year ever

Answer: True!

Learn how you too can climb the ladder to real estate success. This comprehensive, basic sales training course will be led by a select team of seasoned Sarasota real estate practitioners. This is a practical, hands-on course that will complement the more theoretical training received in license and post-license courses. The program is based on the time-tested “Real Estate Success Series” developed by the National Association of Realtors® and updated and customized for the Sarasota market by the Florida Association of Realtors®.

Mark your calendar now! Class will be held twice a week from 9:00 a.m. to noon at the Sarasota Association of Realtors®. Most classes are on Mondays and Wednesdays but there are exceptions. Complete instructor details will be forthcoming. No Continuing Education.

SAR Members: Save and sign up for the entire series of classes for $149, or pay as you go for $15 per class. Go online to www.sarasotarealtors.com and click on “education registration.”

Non-Members: $199 (entire course) or $20 per class. Pre-registration required. Non-member registration form can be downloaded from www.sarasotarealtors.com, click on the “education” tab.

Class Topics

• Communications• Prospecting and Lead Generation• Personal Marketing and Promotion• The Professional: Goal Setting, Time Management,

Successful Selling• Business Planning • Contracts, Sales and Listing • Property Inspection and CMAs • Listing Presentation• Marketing the Property and Servicing the Listing• Buyers: Qualifying, Selecting and Demonstrating

Property, Presenting Offers• The Order: Asking for Commitment and Overcoming

Objections

• Going from Contract to Close and E&O Liability Issues• Panel of Affiliate Service Experts• Panel of Top Producers

Secrets of Cross Cultural Sales• June 6, 2008• 9 a.m. to Noon• Instructor: Tony Macaluso• SAR Members: $20, Non-members: $30

Look who’s shopping for listings over the web! Find out how to work successfully with customers and clients from other cultures. Avoid embarrassment by learning: the importance of protocol in your business dealings; topics to avoid in conversation; respect for varying cultural practices; different views of negotiations and contracts; how to put together a global diversity team and more!

Tony received the national Association of Realtors®’ “International Advocate of the Year” award, among many others. Tony boasts such a distinguished list of honors, awards and teaching experiences—too many to list here—that you simply must go and see for yourself at www.tonymacaluso.com. The list of countries that he has represented the National Association of Realtors® in as a speaker is remarkable.

Sarasota Association of REALTORS® to Host Green Building University’s Certified Green Sales Professional™ Designation Course

The Sarasota Association of Realtors® will host the GBU Certified Green Sales Professional™ Designation at its headquarters at 3590 S. Tuttle Avenue, Sarasota, on July 7-9, 2008. The two and one half day course is designed to prepare real estate professionals to be successful in the new green market niche. Agents will become knowledgeable about new green construction as well as the renovation and retrofitting of existing green homes and buildings.

The course will help sales professionals:

• Differentiate themselves from the competition • Earn customer satisfaction and respect • Become the green resource for their customers • Increase market share• Earn a designation that consumers recognize

In addition to all of the benefits of designation, the first-year complete GBU Certified Green Sales Professional™ package includes:

• GBU Environmental Quality Advantage™• GBU Resource Efficiency Advantage™• GBU Sustainable Preventative Maintenance™• GBU Sales & Marketing Advantage™• GBU Certified Green Sales Professional™ Designation

Congratulations!22 April 2008 Sarasota Realtor Magazine www.sarasotarealtors.com

and Licensing• Listing on GBU with contact information including

website link

All this and more at the low cost to SAR members of $275. The cost to the public and non-members is $365. Course cost includes course materials and snacks. Contact Catherine McCaskill at 941/328-1167 for more information. To register, go to the SAR website at www.sarasotarealtors.com and download a registration form from either the “Hot Topics” section or the “Education Calendar.”

14-Hours CE, Core Law, Code of Ethics and More Online Now at SAR

Whether you are a commercial or residential practitioner, SAR now has a menu of online continuing education courses for you to choose from. Earn Code of Ethics credit while earning CE; take Core Law; do your 14-hour residential CE course; or increase your commercial real estate skills with 14 hours Fundamentals of Commercial Real Estate or 14 hours Group Ownership and Disposition Strategies. Other courses include 4 hours Fair Housing, 7 hours Property Description, 4 hours Eminent Domain, 4 hours Working with TICs (Tenant in Common Ownership Interests).

Bet you didn’t know: A licensee who takes the 3-hour Core Law course in each year of the renewal period shall be allowed a total of 6 hours toward the 14-hour requirement. In other words, if you take 3 hours of Core Law in different calendar years, you can count it twice!

Happy 100th Birthday NAR and the Code of Ethics!

The Code of Ethics is central to the Realtor® organization and adherence to the Code of Ethics distinguishes Realtors®

from mere real estate agents. Because of its importance, the National Association of Realtors® (NAR) has mandated, effective Jan. 1, 2005, that every four years all Realtors® must complete a 2 1/2 hour renewal course of instruction on the Realtor® Code of Ethics, as a condition of membership.

This is a mandatory requirement to remain a member of SAR, FAR and NAR. The course must be completed by Dec. 31, 2008. This training provides no continuing education credit, but does fulfill the NAR mandated requirement.

New: CE Code of Ethics courses available online at www.sarasotarealtors.com. If you would like to earn continuing education credit while taking your Code of Ethics, online is a great way to go. Three- and four-hour versions of the course are there for the choosing. Or, go directly to NAR’s website at www.realtor.org.

SAR offers the Code of Ethics training to members free of charge on the third Monday of each month in conjunction with the monthly New Member Orientation from 1 to 4 p.m. The instructors are Laura Benson, Kim Gilliland, and Rick Hughes. These offer no state continuing education credits.

If your last Code of Ethics was prior to Jan. 1, 2005, you will need to schedule your training now. Check your records carefully!

How to Register: Registration is handled through the SAR website at www.sarasotarealtors.com. Click on “Education Registration,” enter your user name and password, and then select “Education Services” from the menu of services. Click on the category “Code of Ethics” and select your date. When registering, make sure that you have completed the registration process. You will see a screen come up that says “Transaction Successful.”

Education Programs

Congratulations!CONGRATULATIONS!

Dedication and hard work pay off!! We congratulate our members who recently completed the requirements for the National Association of Realtors® designation

and certificate programs:

GRADUATE REALTOR INSTITUTE (GRI)Gabriele Charity, Charity & Weiss International Realty


Retail marketThe supply of new retail space is finally being held in

check, although secondary markets might be growing because new space often follows population growth. As secondary and tertiary market populations continue to grow, it will become necessary to track those markets in addition to monitoring older retail centers.

Vacancy rates in the retail sector are expected to decline to 8.8 percent in the fourth quarter from 9.2 percent in the fourth quarter of 2007. Average retail rent is forecast to grow by 1.4 percent in 2008, compared with a 3.2 percent rise in 2006.

Retail markets with the lowest vacancies include Orange County, Calif.; San Francisco; San Jose, Calif.; Washington, D.C.; Las Vegas; Honolulu; and Los Angeles, all with vacancy rates of 5.9 percent or less.

Net absorption of retail space in 53 tracked markets is forecast at 24.8 million square feet this year, up from 11.1 million in 2007. Retail transaction volume in 2007 totaled a record $71.6 billion, up from $46.9 billion in 2006. REITs accounted for a quarter of retail transaction volume last year.

Multifamily marketThe apartment rental market—multifamily housing—is

attracting risk-averse institutional investors. Of the record $98.6 billion spent in this sector last year, 40 percent of acquisitions were from institutional investors such as pension funds and life insurance companies. Private investors were equally active, accounting for another 40 percent of transactions.

Many potential first-time homebuyers continue to rent, placing downward pressure on vacancy rates and upward pressure on rents. The number of new multifamily units remains relatively high, due in part to the conversion of condo projects into rental buildings, notably in the Washington, D.C., area and South Florida.

Multifamily vacancy rates should average 4.8 percent in the fourth quarter, down from 5.1 percent in the fourth quarter of 2007. Average rent is seen to rise 5.3 percent in 2008, up from a 3.1 percent increase in 2007. Multifamily net absorption is estimated at 245,800 units in 59 tracked metro areas in 2008, up from 234,400 last year.

The current national vacancy rate is 4.7 percent, below the 5.0 percent level, which is considered landlord’s market. The areas with the lowest apartment vacancies include Northern New Jersey, San Jose, Miami, Salt Lake City and San Diego, all with vacancy rates of 2.9 percent or less. H

© 2008 FLORIDA ASSOCIATION OF REALTORS®

CID Continued from page 16

Current flood plain information may be obtained from the City of Sarasota Building, Zoning and Code Enforcement Department. They can provide the following information:

•CommunityNumber•PanelNumber•FIRMSuffix•DateoftheFIRM’sIndex•TheFIRMZone(e.g.“A,”“C,”“V,”etc.)•BaseFloodElevation(BFE)•CopiesofElevationCertificatesforthose

structures that have been required to provide them.

Federal law requires that a flood insurance policy be obtained as a condition of a federally backed mortgage or loan on properties in special flood hazard areas (SFHA). There is a 30-day waiting period before a flood insurance policy takes effect.

City of Sarasota officials are prepared to meet and discuss any flood plain related questions or problems you may encounter. You can reach the department by calling 954-4127 or by writing to: City of Sarasota, Attention: Zoning Division, P.O. Box 1058, Sarasota, FL 34230-1058. Also, visit www.sarasotagov.com for more information. H

City of Sarasota provides flood plain information

Stats Continued from page 19

income and consumption. Former communist countries like Russia and Kazakhstan are creating newly minted oil barons. Entrepreneurs are springing up en masse in Eastern European countries. A luxury Florida property is the ultimate conspicuous consumption.

• Improving Insurance: Sarasota is artificially being harmed because of high property insurance rates. After the unprecedented number of destructive hurricanes (those with category 3 and higher wind speeds) in 2004 and 2005, the insurers jacked up insurance rates. Yun foresees some retreat in regards to insurance rates in upcoming years because of windfall insurance company profits.

• Improvement in Property Tax: The very high property tax on second homes that is placed on non-residents of Florida has hurt this important housing segment. A good bet is that the populace will demand of legislators some measure to alleviate this tax, which appears to hurt non-residents, and has also harmed home values of primary homeowners in the state.

The current high inventory conditions may be that perfect window of opportunity for some astute homebuyers to take advantage, said Yun. H


Stop by our Realtor® Store, where SAR members can take advantage of great member benefits, including some incredible monthly specials!

This month, you’ll find bargain prices on corrugated directional signs, ShurLok key storage lockboxes, St. Joseph’s statues, and Card Caddies—all 15% off in April! NOTE: YOU MUST MENTION THIS AD TO RECEIVE DISCOUNTS!!

But learning about the Code and making its principles a part of your daily life in your new real estate career are essential to getting your career going on the right road to prosperity. The Code establishes time-honored and baseline principles that come from the collective experiences of Realtors® since the Code of Ethics was first established in 1913. Those principles can be loosely defined as:

• Duties to clients;

• Cooperation with other brokers;

• Truthfulness in statements and advertising; and

• Respect for exclusive relationships other Realtors® have with their clients.

These are the practical business principles embodied in the Code of Ethics. A new sales associate who understands and incorporates these principles in business will have a successful foundation for a long-term career in the real estate industry.

The Code and the Character of the Industry

“The Code is rich in different nuances of how it applies to all of us, no matter where we are in our careers,” says Bruce Aydt, ABR, CRB, senior vice president and general counsel for Prudential Alliance, Realtors®, in St. Louis and Realtor® Magazine’s ethics columnist. “What I tell new salespeople is this: They may not realize it now, but the Code of Ethics is the foundation of the Realtor® organization and has dramatically influenced the history of the real estate industry in this country.”

As an author and national educator, Aydt harnesses an almost evangelical zeal to espouse the practical and ethical benefits of the Code for the individual salesperson. He makes the point that without Article 3 of the Code, the salesperson’s most valuable tool—the MLS—wouldn’t exist. Why?

Article 3 establishes Realtors®’ obligation to cooperate with each other in the sale of property listings. Think of your experiences in the business. You come to your first closing with the expectation that you would be compensated by a competitor for your role in finding the buyer and bringing the sale to completion.

So what, you say? How many other industries can you think of that has as one of their founding principles that they compensate their competitors for cooperation? Imagine that you go to a Toyota dealership to shop for a car. You then tell the dealer you don’t like Toyotas after all; you prefer Hondas. Instead of trying to change your mind, the dealer gives you a Honda brochure and brings you over to a Honda dealership, where the Honda dealer compensates the Toyota dealer after you buy a Honda. Sound ludicrous? Yet that’s the way Realtors® do business every day of the week. It’s based on the obligation to cooperate with other brokers as required by Article 3.

The Code and the LawThe Code of Ethics is seen by many experts as

being the basis for many of the real estate license laws around the country. It is often at the leading edge of business principles that will eventually find their way into license law.

Aydt often finds students are surprised to hear that courts regularly cite the Code as the standard of care by which real estate practitioners will be held. “If there isn’t a clear, bright line in a statute or established by a case, you look to industry practice, and when a court looks to industry practice, very often it looks to the Code of Ethics.”

Where Rookies Make MistakesReal estate is an intensely competitive business.

Yet, the ethics of fairness and reciprocal cooperation enshrined in the Code have led to the development

Ro

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The Code of Ethics: Practical Principles for Business Success

fFor new Realtors®, the National Association of Realtors®’ Code of Ethics and Standards of

Practice often seems distant from the more immediate need to prospect for listings, match

buyers with properties, and close your first transactions. After all, the vast majority of real

estate practitioners receive compensation solely through commission. This produces a highly

competitive atmosphere. New salespeople have lots to learn, but only a finite amount of time

each day. Let’s face it, the Code doesn’t read like the latest thriller, either.

By Matt McDermott, Realtor® Magazine Online

Continued on page 32, See Rookie Corner


New rules regarding escrow deposits are now in effect. Rule 61J2-14.008 of the Florida Administrative Code now requires licensees who prepare or present an offer to indicate the name, address and telephone number of the attorney or title company that will serve as escrow agent. The FAR-9 contract includes the fields in lines 21 to 24. The discontinued SAR contract does not contain the revision.

The most recent versions of the FAR and FAR/BAR contract forms provide the space needed to write the necessary information. Within three business days after initial and subsequent deposits are due under the contract, the licensee’s broker must make written request to the escrow agent for written verification that the deposit has been made.

Within 10 business days after making the request for written verification from the escrow agent that the deposit has been made, the licensee’s broker must provide the seller’s broker, or the seller directly if the seller has no broker, with a copy of the written verification provided by the escrow agent or written notice that the licensee’s broker did not receive verification from the escrow agent. Please note that all communication must be in writing. Verbal communication with the escrow agent and the seller’s broker will not comply with the mandate of this rule, which became effective Dec. 6, 2007.

SAR has posted a three-part form on our web site for your use in complying with the new requirements. Visit www.sarasotarealtors.com and look for Escrow Form under Hot Topics.

Don’t accept checks with contingenciesOn another FREC issue, SAR has been advised that in no event

should an agent accept a check with any contingencies whatsoever, as this is deemed unenforceable in Florida. Prosecutions against licensees have occurred due to this action. Contingencies include both verbal or in writing.

Respond to FREC complaints, and get counselA reminder: If you are notified of a FREC complaint, you have

only 21 days in which to respond. If you do not this is considered an automatic default, and you will only be entitled to an informal hearing. SAR encourages its members to respond, and to seek legal counsel to ensure you are entitled to a formal hearing. This is particularly important in any claim of dishonest dealing, fraud, or misrepresentation, which makes up the majority of claims at FREC. Also, seek the advice of counsel if you are asked by FREC to waive your confidentiality, which might come up if you ask to receive an investigative report.

Accuracy checks can be helpfulThere have been some reports that many FREC records are

inaccurate, so we encourage our members to regularly check their records online at DBPR for accuracy.

Lease forms under revisionIf you do any residential leasing, remember that you must use

only the lease approved by the Florida Supreme Court. The Florida Supreme Court forms related to leases are now under revision, and the court is seeking comments. H

In Your CornerFREC: New escrow deposit rule now in place


Eth

ics

in A

ctio

n Leaky roof leads to Code of Ethics violations

rRealtor® A owned a home which he listed through his own brokerage firm. The property listing

was filed with the Multiple Listing Service of the Board. Realtor® B called Realtor® A and told

him of his interest in purchasing the home for himself. Realtor® A suggested a meeting to

discuss the matter. The two agreed upon terms and conditions and the property was sold by

Realtor® A to Realtor® B.

A few months later during hard rains, leakage of the roof occurred with resultant water damage to the interior ceilings and side walls. Realtor® B had a roofing contractor inspect the roof. The roofing contractor advised Realtor® B that the roof was defective and advised that only a new roof would prevent future water damage.

Realtor® B then contacted Realtor® A and requested that he pay for the new roof. Realtor® A refused, stating that Realtor® B had a full opportunity to look at it and inspect it. Realtor® B then charged Realtor® A with violation of Articles 1 and 2 of the Code of Ethics by not having disclosed that the roof had defects known to Realtor® A prior to the time the purchase agreement was executed.

At the subsequent hearing, Realtor® B outlined his complaint and told the Hearing Panel that at no time during the inspection of the property, or during the negotiations which followed, did Realtor® A disclose any defect in the roof. Realtor® B acknowledged that he had walked around the property and had looked at the roof. He had commented to Realtor® A that the roof looked reasonably good, and Realtor® A had made no comment. The roofing contractor, Realtor® B had employed after the leak occurred, told him that there was a basic defect in the way the shingles were laid in the cap of the roof and in the manner in which the metal flashing on the roof had been installed. It was the roofing contractor’s opinion that the home’s former

occupant could not have been unaware of the defective roof or the leakage that would occur during hard rains.

Realtor® A told the panel that he was participating only to prove that he was not subject to the Code of Ethics while acting as a principal as compared with his acts as an agent on behalf of others. He pointed out that he owned the property and was a principal, and that Realtor® B had purchased the property for himself as a principal. The panel concluded that the facts showed clearly that Realtor® A, the seller, did have knowledge that the roof was defective, and had not disclosed it to Realtor® B, the buyer. Even though a Realtor® is the owner of a property, when he undertakes to sell that property he accepts the same obligation to properly represent its condition to members of the public, including Realtors® who are purchasers in their own name, as he would have if he were acting as the agent of a seller.

The panel concluded that Realtor® A was in violation of Articles 1 and 2 of the Code. H

Case #2-12: Implied Membership in Institute, Society, or Council of National Association (Revised Case #9-19 May, 1988. Transferred to Article 2 November, 1994. Deleted November, 2001.)

Case #2-13: Realtor® Buying and Selling to One Another are Still Considered Realtors® (Revised Case #9-23 May, 1988. Transferred to Article 2 November, 1994. Cross-reference Case #1-20.)


WCR holds district forum, plans for 2008 events

bBy the time this article goes to print, the 13th District Chapter of the Women’s Council of

Realtors® will have held their annual District Forum on March 14. The forum was attended by

Women’s Council members from five chapters spanning Florida’s West Coast, Manatee County

to Englewood.

By Cari Faanes-Blakey, 2008 WCR President

Cari Faanes-Blakey President Capital Properties and Services Cell: 539-5117 [email protected]

Janice Litke President-Elect Prudential Palms Cell: 727-403-1814 [email protected]

Theresa Morrow Vice President of Membership 941-737-7676 phone [email protected]

Mary Conklin Treasurer RE/MAX Gulfstream 941 504-4292 cell [email protected]

Karen Grant Recording Secretary RE/MAX Tropical Sands 941-349-3460 [email protected]

Tracy Bierman Corresponding Secretary First American Title 941-228-1144 cell [email protected]

Line officers

The featured speaker was nationally known technology speaker, Amy Chorew, and the keynote speaker was WCR State President Rosemary Mahoney. She spoke on the theme for her presidency - “The Energy Bus”. If you have not read this wonderful book by Jon Gordon, please check out the website at http://www.jongordon.com/theenergybusbook.html You can order your copy of the book and sign up for John’s free energy tip of the week at the site.

Speaking of energy, every year one of our affiliates puts a huge amount of energy in to the annual Top Producer awards. Robin Fagin of Bank of America always does a great job of recognizing the top producing Realtors® in the local Women’s Council.

This year, our theme is “We’re Still in the Game”, with a card game motif. The members of the “Player’s Club” will be honored on Friday, April 18 at the Sarasota Yacht Club. It will be a breakfast meeting (networking starts at 8 AM) and the cost will be $15. If you were a member of Women’s Council in 2007, you may be eligible for an award. Contact Robin or me if you have any questions.

We are also putting a lot of energy into the joint meetings this year. On May 9, we will be honoring our Past Presidents at a joint meeting with the Manatee Chapter, and on June 20, we will be meeting local candidates at a joint meeting with SAR. I have heard that we may be joined by the Venice Chapter of Women’s Council as well, so please make those folks feel welcome.

As always, our major fundraiser will be the fashion show. Co-chairs Sharyl Smith (Bank of Commerce) and Theresa Morrow (Coldwell Banker) are hard at work to make that event a success. Ways and Means Chair Cathleen Acosta (Executive Title) has appointed Barbara Robinson (Integrity Title) chair of this summer’s fundraiser. She is working closely with local firefighters and other public servants to plan the Women’s Council’s First Annual Neighborhood Heroes Chili Cook Off. Plans are underway, so polish up your favorite chili recipe and get ready for a fun event.

Have a great month!


Mem

bers

hip

New

s Designated Realtors®Brill, Paula, Rent Me FloridaFord, Jim, Alliance Realty Associates LLCGladstone, Margaret, Infinity Estate Properties LLCJaquith, David, Jaquith GroupNguyen, Cathy, Grand Century RealtyShibles, Kathryn, Kathryn Shibles R E Broker

New MembersBerling, Timothy, TownCenter RealtyBowman, Myles, Prudential Palms RealtyBratcher, Tammy, Michael Saunders & CompanyBurket, Karen, Michael Saunders & CompanyCurrey, Tamara, Premier Properties of SW FLDeas, Rachel, Independent Brokers Realty Inc.DiPinto, Rene, Coldwell Banker Res R EDunbar, Michelle, Coldwell Banker Res R EFritz, Rose, Michael Saunders & CompanyFuerbeck, Erich, Engel & Volkers Sarasota RealtyHake, Daniel, Prudential Palms RealtyHenthorn Jr., Oak, Prudential Palms RealtyJessen, Nancy, Horizon RealtyKluge, David, Michael Saunders & CompanyKokorelis, Kara, Coldwell Banker Res R EKwasniewski, Renata, Lakewood Ranch Realty LLCLange, Janette, Michael Saunders & CompanyMarlar, Martha, SKY Sotheby’s Intl RealtyMcCann, Wendy, Robert W Young Lic R E BrokerNagelsen, Joanne, Crown Properties Group Inc.Prior Zoller, Kelly, Prudential Palms RealtyQuinn, Glenda, Peens Property Group Inc.Rotondo, Tony, Horizon RealtySeymour, Patricia, Property ConnectionsWard, Adrienne, WEICHERT Realtors On The KeyYoung, Bryan, Prudential Palms RealtyZuffa, Linda, WEICHERT Realtor On the Island

Now WithNOTE: RE/MAX Gulfstream and RE/MAX Property Group has formed RE/MAX Alliance Group, and all agents in either office are now with the new combined office.

Acha, Jose, Hunt Florida Real EstateAchiam, Kobbi, Keller Williams Lakewood RanchAli, Fuad, Keller Williams Lakewood RanchAmador, Margaret, Shells RealtyAndrews, Janet, Hunt Florida Real EstateAndruzzi, Karen, ERA Mount Vernon Realty Co. Inc.Andruzzi, Karen, Keller Williams Lakewood RanchAou Boudarga, Sara, Premier Properties of SW FLAppignani Waterman, Sandra, Hunt Florida Real EstateApplegate, Diane, Hunt Florida Real EstateArbuckle, Nancy, Nancy Arbuckle R E BrokerArreola, Judy, Hunt Florida Real EstateAshley, Nancy, Realty Executives SolutionsAttar, Neil Mark, Keller Williams Lakewood RanchBaker, Mindy, Keller Williams Lakewood RanchBaldwin, Bob, Hunt Florida Real EstateBarnes, Jerry, Hunt Florida Real EstateBaskind, Carmen, Hunt Florida Real EstateBazell, Kimberly, Rooks-Morris Real EstateBeck, Robert, Hook & Ladder Realty Inc.Beck, Barbara, Hook & Ladder Realty Inc.Behbahani, Mehasti, WEICHERT Realtors On The KeyBellanger, Matilda, Keller Williams Lakewood RanchBenner, Nikki, Hunt Florida Real EstateBentley PA, Annette, Coldwell Banker Res R EBiggar, Cynthia, Keller Williams Lakewood RanchBiggar, Helen, Keller Williams Lakewood RanchBiggar III, F McKay, Keller Williams Lakewood RanchBirnbaum, Nancy, Michael Saunders & CompanyBlefeld, Neil, Realty Executives SolutionsBlessing, Anna, Hunt Florida Real EstateBloomquist, Aida, Keller Williams Lakewood RanchBlumenthal, Marisa, Corneau & AssociatesBokish, James, Rooks-Morris Real EstateBrenes, A Elsie, Rooks-Morris Real EstateBritt, Clinton, Keller Williams Lakewood RanchBrown, Petrica, Keller Williams Lakewood RanchBrown, Joseph, Michael Saunders & Company

Brown, Sue, Michael Saunders & CompanyBuetergerds, Anja, Keller Williams Lakewood RanchBurke, Hal, Keller Williams Lakewood RanchBurshtyn, Lea, Keller Williams Lakewood RanchCalisch, Cynthia, Keller Williams Lakewood RanchCallahan, Mary Jo, Keller Williams Lakewood RanchCaller, Julie, Swilley & Associates RealtyCann, Joyce, Keller Williams Lakewood RanchCarper, Janice, Hunt Florida Real EstateCarr, Robert, Rooks-Morris Real EstateCarrera, Janis, Keller Williams Lakewood RanchCarrington, Kyle, Prudential Florida WCI RealtyCarver, Jennifer, SKY Sotheby’s Intl RealtyChampney, Melody, WEICHERT Realtor DowntownChapman, Chris, Allen Real Estate Services Inc.Chapman, Lucille, Hunt Florida Real EstateChristiano, Carla, Lakewood Ranch Realty LLCCitrin, Victor, Engel & Volkers Sarasota RltyClapper, Marsha, Hunt Florida Real EstateClements, Robert, Hunt Florida Real EstateCorbett, Barbara, Michael Saunders & CompanyCorbridge, Tracey Lynn, Keller Williams Lakewood RanchCosta, John, Century 21 AdvantageCristello, Jessie, Rooks-Morris Real EstateCristello, Thomas, Rooks-Morris Real EstateCristello, Tim, Rooks-Morris Real EstateCristello, Gail, Rooks-Morris Real EstateDel Valle, Mike, Hunt Florida Real EstateDellecave, Elizabeth, Keller Williams Lakewood RanchDimas, Thomas, Rooks-Morris Real EstateDurish, Jennifer, Rooks-Morris Real EstateDutoit, Steven, Keller Williams Lakewood RanchDyer, Selma, Capital Properties & ServicesDyer, Tom, Capital Properties & ServicesEwing, Keven, Prudential Florida WCI RealtyFife, Gerda, Keller Williams Lakewood RanchFitzpatrick, Marion, Engel & Volkers Sarasota RealtyFlanigan, Karen, Hunt Florida Real EstateFoley, Roxanne, WEICHERT Realtor DowntownFordham, Anne, Hunt Florida Real EstateFrapiccini, Ken, Keller Williams Lakewood RanchFritsch, Andy, Keller Williams Lakewood RanchFroschauer II, Charles, Keller Williams Lakewood RanchFrost PA, Jim, Capital Properties & ServicesFylstra, Mary Helen, Hunt Florida Real EstateGarrabrant, Thomas, Keller Williams Lakewood RanchGerletti, Lee, Keller Williams Lakewood RanchGerrity, Patricia, Keller Williams Lakewood RanchGraber, Joshua, Keller Williams Lakewood RanchGrady, Vicki, Rooks-Morris Real EstateGregory, Diane, Michael Saunders & CompanyGrimes, Lisa, Capital Properties & ServicesGrimley, Gail, Rooks-Morris Real EstateHampton, Eileen, Keller Williams Lakewood RanchHartwick, Roderick, Prudential Palms RealtyHeintz-Ventolo, Susan, Keller Williams Lakewood RanchHerschberger, Michael, Keller Williams Lakewood RanchHickernell, Warren, Prudential Palms RealtyHiggins, Daniel, Hunt Florida Real EstateHightower, Sharon, Jennette Properties Inc.Hirschman, James, Keller Williams Lakewood RanchHochman, Stanley, Hunt Florida Real EstateHorne, Joseph, Hunt Florida Real EstateHoward, Carla, Rooks-Morris Real EstateHughes, Helen, Hunt Florida Real EstateHunt, Christopher, Horizon RealtyHunt, Beverly, Keller Williams Lakewood RanchHunt, Nancy, Rooks-Morris Real EstateHutton, Timothy, Keller Williams Lakewood RanchInkrott, Paul, Rooks-Morris Real EstateJanko, Viktoriya, Keller Williams Lakewood RanchJohnstone, Jane, Kleiber DeVito Real Estate GroupJorgensen, Gregory, Hunt Florida Real EstateKekich, Leta, Keller Williams Lakewood RanchKepecz PA, Steven, Darling RealtyKerr, Cyndi, Sandals RealtyKiesewetter, Ken, Century 21 AdvantageKipta, Elizabeth, Rooks-Morris Real Estate

The Association is pleased to welcome new members!


Kirkpatrick, Yolanda, Cityscapes Int’l Realty GroupKlein, Sharon, Lakewood Ranch Realty LLCKoenig, Gertraude, Hunt Florida Real EstateKoenig Sr, Richard, Keller Williams Lakewood RanchKristjanson, Ivan, Peens Property Group Inc.Kurpiewski, Greta, Horizon RealtyLaFrance, Danette, Horizon RealtyLarus, Preston, Keller Williams Lakewood RanchLawrence, Jeffrey, Michael Seery & Associates Inc.Lawyer, Sandy, Rooks-Morris Real EstateLewis, Tina, WEICHERT Realtor DowntownLingrosso, Anthony, Hunt Florida Real EstateLuong, John, Keller Williams Lakewood RanchMacDonald, Kimberlie, Quest Properties Inc.Maher, Brian, Hunt Florida Real EstateMaher, Kathleen, Hunt Florida Real EstateMaleckas, Marilyn, Hunt Florida Real EstateManzano, Daniel, Keller Williams Lakewood RanchMast, James, Keller Williams Lakewood RanchMathews, Terry, Hunt Florida Real EstateMcAllister, John, Keller Williams Lakewood RanchMcCaffrey, Linda, Exit Realty Signature PropMcFadden, Merily, Coldwell Banker Res R EMcGreevy, John, Prudential Florida WCI RealtyMcLaughlin, David, Cityscapes Int’l Realty GroupMcMahon, Kimberly, Keller Williams Lakewood RanchMcManus, Jo Ann, Hunt Florida Real EstateMcNertney, Donald, Rooks-Morris Real EstateMesseroux, Jean, Steve Pfaff’s R E Services IncMezey, Tom, Hunt Florida Real EstateMiller, Richard, Keller Williams Lakewood RanchMills PA, Sherri, Keller Williams Lakewood RanchMilner, Kevin, Keller Williams Lakewood RanchMorea, Sharon, Keller Williams Lakewood RanchMorris, Sheryl, Hunt Florida Real EstateMulloy, Melissa, Keller Williams Lakewood RanchMurray, Dovie, Blakeley & Associates RealtyMurray, Tad, Keller Williams Lakewood RanchMyers, Althea, Hunt Florida Real EstateNeff, Donna, Keller Williams Lakewood RanchNiedospial, Kathleen, Keller Williams Lakewood RanchNorwick, Shari, Lakewood Ranch Realty LLCO’Konski, Kirk, Hunt Florida Real EstateOlesen, Sarah, Keller Williams Lakewood RanchOlivieri, William, Keller Williams Lakewood RanchOwen, David, Prudential Florida WCI RealtyOwen Pfaff, Nicolette, Blakeley & Associates RealtyOwsiega, Krzysztof, Coppola Realty GroupPaine, Larry, Rooks-Morris Real EstateParenti, Roger, Bravo Brokers IncParisi, Daryl, Cityscapes Int’l Realty GroupParquet, Christopher, Exit Realty Signature PropPaton, Nancye, Hunt Florida Real EstatePayne, Kimberly, Keller Williams Lakewood RanchPearson, Deborah, RE/MAX Alliance GroupPedraza, Jill, Cityscapes Int’l Realty GroupPekrul, Tanya, Hunt Florida Real EstatePetrahl, Donna, Keller Williams Lakewood RanchPhillips, Dan, Keller Williams Lakewood RanchPirot, Gerard, WEICHERT Realtor DowntownPlumb, Dick, Hunt Florida Real EstatePowell, Jud, Florida Budget Realty LLCPutrino, Curtis, WEICHERT Realtor DowntownRawson-Beck, Heather, OnCall Property Management LLCReed, Gabriel, Keller Williams Lakewood RanchReed, Patricia, Keller Williams Lakewood RanchRex, William, Abbey Realty LLCRichardson, Tricia, Rooks-Morris Real EstateRichardson, Dutch, Rooks-Morris Real EstateRoberts, Steven, Coldwell Banker Res R ERose, Barbara, Hunt Florida Real EstateRosenblatt, Trutz, Horizon RealtyRoss, Stan, Keller Williams Lakewood RanchRossnagle, Terre, Rooks-Morris Real EstateRuby, Randall, Keller Williams Lakewood RanchRue, Dianna, Keller Williams Lakewood RanchRunyon, Ann, Michael Saunders & CompanySabattini, Michele, Keller Williams Lakewood RanchSander, A Geoffrey, Blakeley & Associates RealtySas, John, Century 21 Advantage

Satterlee, Tami, Rooks-Morris Real EstateScafura, Robert, Keller Williams Lakewood RanchScheckner, Geri, WEICHERT Realtor DowntownSchubring, Michael, Legacy Realty of Sarasota IncScragg, Kevin, Keller Williams Lakewood RanchShort, Patricia, Keller Williams Lakewood RanchSibley, Gary, Cityscapes Int’l Realty GroupSilverman, Sis, Hunt Florida Real EstateSlater, Marina, Sunset RealtySmith, Nancy, Hunt Florida Real EstateSoller, Lynne, Keller Williams Lakewood RanchSolorzano, Vanessa, Prudential Florida WCI RealtySouders, John, Hunt Florida Real EstateStalnaker, Julie, Rooks-Morris Real EstateStarcher, Stafford, RE/MAX Alliance GroupStipp, Sherry, Keller Williams Lakewood RanchSullivan, Paul, Hunt Florida Real EstateSullivan, Matthew, Hunt Florida Real EstateSzenberg, Valerie, Blakeley & Associates RealtyTalkie, Kristina, Hunt Florida Real EstateTaylor, Pat, Hunt Florida Real EstateThrasher, Deborah, Wagner RealtyTouVelle, Katheryn, Rooks-Morris Real EstateTracy PA, Laura, Keller Williams Lakewood RanchTramontozzi, Cristian, Keller Williams Lakewood RanchVan Dame, Gigi, Keller Williams Lakewood RanchVelez Zapata, Emily, Candy Swick & CompanyViolett, Mary Jo, Michael Saunders & CompanyWallace, Michael, Hunt Florida Real EstateWardlaw, James, Hunt Florida Real EstateWarren, Martha, Hunt Florida Real EstateWaterman, Chip, Hunt Florida Real EstateWeisz, Joyce, Hunt Florida Real EstateWelch, Tondodda, Keller Williams Lakewood RanchWentzel, Thomas, Keller Williams Lakewood RanchWhite, Bob, Hunt Florida Real EstateWiles, Joyce, Keller Williams Lakewood RanchWolff, Peter, Hunt Florida Real EstateWood, Brian, Premier Properties of SW FLWoods, Jonathan, Keller Williams Lakewood RanchZachos, Lynn, Keller Williams Lakewood RanchZachos, David, Keller Williams Lakewood RanchZucchelli, E Jean, Hunt Florida Real Estate

New Affiliate MembersFerguson Enterprises 2451 17th Street Sarasota, FL 34234 941-951-0110 Representative: Eric M Wessel Specialty: Kitchen & Bath design center, Cabinetry, Countertops, Appliances, Plumbing and Lighting

G & W Cleaning & Debris Remove 7860 Holiday Drive Sarasota, FL 34231 Phone Number: 941-266-4449 Representative: Scott Garrett Specialty: Cleaning and Debris removal from Rental and Foreclosure Homes

Ruden McClosky 1515 Ringling Blvd Ste 700 Sarasota, FL 34236 Phone Number: 941-316-7622 Representative: Laura S Bauman, Esq. Specialty: A full-service law firm serving the legal needs of clients throughout Florida, the U.S., and internationally

Silver Fox Pest Mgmt Group 4617 East Lake City Sarasota, FL 34232 941-379-9000 Representative: Steve Bennion Specialty: Full Service Pest, Termite and Animal Control


of an orderly marketplace, represented most clearly in the MLS. There’s a give and take, and it is natural that mistakes are made. However, there are case studies for the Articles of the Code available online in the Code of Ethics and Arbitration Manual to help you relate the articles of the Code to your working life. Refer in particular to the Case Interpretations section.

Here are key Articles in the Code of Ethics that new practitioners should know. Some of the examples below include summaries and references to case studies. For a complete version of these case studies, click on the “Case Interpretations” link above.

Article 1 of the Code should be a key guideline in your daily approach to the business. It establishes that you should never put your interests ahead of your client’s. Article 1 also says to be honest with all parties in the transaction, not just your client but also the other real estate practitioner and his or her client.

Example A: Realtor® B is a sales associate with XYZ, Realtors®. To promote its own in-house listings, the brokerage offers bonuses to the company’s sales associates for each one of XYZ’s listings they sell. Realtor® B represents a buyer, Dr. Z, whose needs included a swimming pool for his wife’s rehabilitation. Realtor® B shows Dr. Z several houses in a subdivision, one of which, listed with XYZ Realtors®, has an outdoor swimming pool. Dr. Z purchases the home. Several months later, he lodges an ethics complaint against Realtor® B after learning that a house more suitable for his needs on the same block but not listed with XYZ Realtors®—it had an indoor swimming pool—had never been shown to him, even though it was similarly priced and better fit his needs. After a hearing, it is determined that Realtor® B had chosen not to show Dr. Z the other property because of the in-house bonus. This places him in violation of Article 1. He put his own interests (the bonus) ahead of his client’s. (Case #1-26)

Example B: Disclosing offers can be an area where new sales associates make errors in judgment. There are many types of mistakes made. One example Aydt uses frequently is the ethics of timeliness. “In today’s world, the basic standard should be to give your clients a phone call to let them know an offer is coming in as soon as you know you’ve got an offer coming in,” he says. “You’re not going to wait and see what else happens or take care of your errands and then think, ‘Oh well, it’s after 5 p.m., so I’ll call tomorrow.’” (Standard of Practice 1-6: Presenting offers as quickly as possible)

Article 2 requires full disclosure of all pertinent facts with regard to the property or transaction to the buyer and/or seller. New practitioners’ missteps with Article 2—disclosure—can most often be avoided by being mindful of the principle established for Article 1: Never put your interests ahead of your clients.

Example: What if your client asks you to conceal the

fact that the roof leaks? Article 2 says you have to avoid exaggeration, misrepresentation, and concealment of pertinent facts. Following Article 2, then, you have to disclose the leaky roof, and Article 1 says you’ve got to be honest with all parties. So what are you going to do? The ethical choice is to choose disclosure or reconsider your relationship with that client. You want to gain a reputation in your community as someone consumers and practitioners can trust. Plus, if you make the wrong decision, you may be paying for the repairs to that leaky roof. (Case #1-25)

Article 12 addresses truthfulness in statements and advertising. This is important for building trust—by both your fellow Realtors® and future clients. It also will keep you on the right side of the law.

Example: Here are two cases regarding a common prospecting tool: the neighborhood newsletter. In one case, Realtor® A created a neighborhood newsletter and under the title “Recently Sold” listed a number of transactions derived from MLS data (Case #12-12). Realtor® B also created a neighborhood newsletter and under the title “Recently Sold” listed a number of transactions drawn from MLS data (Case #12-13). They are both brought up before hearing panels of their local associations for not creating a “true picture” in their advertising, but to different ends. Realtor® A is found in violation of Article 12 and Realtor® B is not. Why? Realtor® B’s advertising was not misleading and even included a disclaimer stating that the list of sold properties came from MLS information, that the practitioner wasn’t claiming to have listed or sold every property identified. That made Realtor® B’s newsletter ethical, truthful, and not in violation of Article 12. Realtor® A’s newsletter appeared to mislead readers by claiming that he had listed and sold all of the properties in question.

Article 16 is about a Realtor®’s obligation to not interfere in exclusive relationships other Realtors® have with their clients. Don’t contact or negotiate with someone else’s client where an exclusive relationship already exists, unless you have authorization from the client’s representative. Also, don’t solicit someone else’s exclusive client; if the client approaches you to provide the same type of service, and you have not directly of indirectly initiated such discussions, you may discuss the terms upon which you could enter into a future agreement or even enter into an agreement effective upon expiration of the existing exclusive agreement.

Example: There are several standards under Article 16 that deal with information you get through the MLS. Don’t use information from MLS to solicit somebody else’s client. It’s not ethical to solicit another practitioner’s seller to become a buyer-client. The reasoning is that if a broker is required to share listing information through the MLS, others should not be able to take advantage of this information to solicit an exclusive client for other business purposes. H

Rookie Corner Continued from page 26


Internatio

nal Real E

stateHow to handle the sale of U.S. real estate with foreign decedent on title at time of death

tThe Internal Revenue Service has special, stringent rules for sales of U.S. real estate if a

foreign person was on the title to the property at the time of his or her death. Basically, clear

title cannot be conveyed nor can the heirs receive the sales proceeds until certain statutory

procedures are complied with.

Failure to adhere to these rules creates personal liability to anyone involved with the transaction that has receipt or control over the sale proceeds. This includes the buyer, the realtor taking the deposit on the contract, the title insurance company and the closing agent completing the sale and disbursing the funds.

These rules also apply where a surviving spouse is currently selling Florida real estate, which he or she jointly owned with a deceased foreign spouse at the time of that spouse’s death – even if the foreign spouse passed away several years before.

There is a common misconception by Florida attorneys that property jointly owned by husband and wife as tenants by the entirety automatically pass to the surviving spouse. While this may be true under Florida law, it does not relieve the federal tax lien on the property under the Internal Revenue Code.

The surviving spouse is now (even at this date many years later) still personally liable for the federal estate tax if it was not paid when due. The buyers, Realtors® and closing agent are also potentially liable (to the extent they have cash under their control even for a moment) for any unpaid estate tax (plus interest and penalties) as a “Statutory Executor” if a Transfer Certificate is not obtained from the Internal Revenue Service before closing the sale. This group is liable

as a Statutory Executor since they, at various times, control the funds.

Remember, a foreign decedent only receives a $60,000 exemption from the federal estate tax compared to a $2 million exemption for a U.S. decedent!

Assume that you have John and Mary Smith, Canadian citizens and residents. They purchased a Florida condominium on February 2, 1995 as tenants by the entirety. John passed away on June 16, 2005. A federal estate tax return was never filed. Though title passes to the surviving spouse under Florida law, the federal estate tax lien still exists and is not removed until a Transfer Certificate is issued, a federal estate tax return is filed, and the IRS issues a Closing Letter for the estate.

Let’s further assume that in July 2008 Mary plans to sell the condominium. You must obtain a Transfer Certificate before you can close the sale in July 2008. Failure to obtain the requisite certificates can result in you being held liable for any tax shortfall by the IRS.

- Copyright, 2008, Thomas C. Roberge & Company

All Rights Reserved

By Susan Inez Poskus, CPA, Thomas C. Roberge & Company, St. Petersburg and Sarasota

International Real estate

Internal Revenue Service Circular 230 Disclosure – You are hereby advised that any tax advice contained in this newsletter is not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or to support the marketing of any tax transactions or matters addressed herein.


CIX Continued from page 17

Media Continued from page 15

Advertisers IndexThe following businesses have placed advertising in

Sarasota Realtor Magazine. Please consider these companies when doing business.

Herald-Tribune Media Group ................................................ 27

Longboat Key Club ............................................................... 3

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Savannah Preserve .............................................................. 5

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NOW OFFERINGDIRECT MAIL SERVICES

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“Houses cost too much for the mass market. Today’s average price is around $8,000 - out of the reach for two-thirds of all buyers.” - Science Digest, 1948

“The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs about $28,000.” - Business Week, 1969

“You might well be suspicious of ‘common wisdom’ that tells you, ‘Don’t wait, buy now… continuing inflation will force home prices and rents higher and higher.’” - NEA Journal, 1970

“The median price of a home today is approaching $50,000… Housing experts predict price rises in the future won’t be that great.” - Nations Business, 1977

“The era of easy profits in real estate may be drawing to a close.” - Money Magazine, 1981

“The golden-age of risk-free run-ups in home prices is gone.” - Money Magazine, 1985

“Most economists agree…. [a home] will become little more than a roof and a tax deduction, certainly not the lucrative investment it was through much of the 1980’s.” - Money Magazine, 1986

“Financial planners agree that houses will continue to be a poor investment.” - Kiplinger’s Personal Financial Magazine, 1993

“A home is where the bad investment is.” - San Francisco Examiner, 1996

“Home prices experience historic drop.” - CNN Money.com, 2007

All of these previous negative predictions by the media proved to be short-lived. “At the time such predictions made it appeared real estate would never go up again in value - similar to the way it feels for many now. The good news is found in the few lines below. This time is no different than times past!” said Forsberg.

FACT: National real estate values have appreciated

• 88% since 1996• 340% since 1977• 685% since 1969• 2650% since 1948 H

communication, professional profiles, website integration, and solutions for company administrators.

The online training enhancement was one of many improvements made to the Suncoast CIX system in recent months, as Catylist is always gathering input from users and enhancing the system.

Richard Maxson, vice-president of Catylist, visited Sarasota in March to provide a personal introduction to many of these enhanced services during last month’s CID General Membership Meeting. At the meeting, Maxson also announced the launch of the new national listing website, CommercialIQ.com.

Based on client and user requests for a national site that generates more exposure for CIE members and has broader appeal to investors and developers, Catylist created a site to address those needs.

The new website reaches out to the national investor community to introduce a new resource for commercial information so Catylist can capture and pass leads on directly to CIE members.

CommercialiQ.com is now the third largest online commercial listing service. H


6% UPFRONT Advanced Commission through April 30, 2008!*

Finite Opportunitie

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Infini

tePo

ssibilitie

s18-hole Championship Golf Course, Golf Club, River Clubfeaturing dining, fitness center, aerobics studio, spa treatment rooms, lap pool, resort pool and tiki bar, Six-court Har-Tru® Tennis Center, 70-acre Nature Park offering elevated boardwalks, picnic gazebo andcanoe/kayak launch

New homes from the low $200s

Proposed Amenities: 149-slip Marina, Port & Court Club, River Club featuring dining, fitness & aerobics center, spa treatment

rooms and resort pool, Riverfront Nature Boardwalk and Canoe/Kayak Launch

New homes from the $250s

Contact Susannah Chase, broker liaison, at (941) 270-2019 for more information or to schedule your office presentation.

**6% commission is paid on homes that sell and close between January 14 and April 30, 2008. Commission is paid once monies are at risk and contingenciesare met. Commission is paid to applicable broker, not selling associate. All terms and agreements must comply with WCI broker policy. Pricing and availability

subject to change without notice. Void where prohibited by law. © 2008. WCI Communities, Inc. All rights reserved.QB-0000936

Ongoing MLXchange Training:

Classes are conducted every other week on the new

MLXchange system. Please visit www.sarasotarealtors.com and

click on Register for Classes under the Education tab for the

latest class dates and times.

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Mon. March 31, 2008 through Fri. May 9, 2008

MOnDAY TuESDAY WEDnESDAY ThuRSDAY FRiDAY

31 April 1 2 3 48:00 a.m. – 5:00 p.m. GRI 29:00 a.m. & 2:30 p.m. New Members

8:00 a.m. – 5:00 p.m. GRI 28:30 a.m. CID Board Meeting

7:30 a.m. – 9:00 a.m. WCR Toastmasters9:00 a.m. – 11:30 a.m. Basic MLXchange Hands On Training9:00 a.m. – 4:00 p.m. GRI 29:00 a.m. & 2:30 p.m. New Members

8:00 a.m. MLS Zone 29:00 a.m. – 11:30 a.m. Advanced MLXchange Hands On Training

9:00 a.m. New Members

7 8 9 10 119:00 a.m. – 11:00 a.m. Going Green 2008 International Economic Update9:00 a.m. & 2:30 p.m. New Members

9:00 a.m. – 4:00 p.m. GRI 2

9:00 a.m. – 4:00 p.m. GRI 29:00 a.m. & 2:30 p.m. New Members

8:00 a.m. MLS Zone 3

9:00 a.m. New Members 12:00 p.m. – 1:30 p.m. SYR Meeting Working in an Aging Market

14 15 16 17 189:00 a.m. – 4:00 p.m. New Member Orientation9:00 a.m. & 2:30 p.m. New Members1:00 p.m. – 4:00 p.m. Code of Ethics Training

8:00 a.m. CID General Membership Meeting, Creekwood Commons

7:30 a.m. – 9:00 a.m. WCR Toastmasters9:00 a.m. – 11:30 a.m. Basic MLXchange Hands On Training10:00 a.m. – 12:00 p.m. Understanding Amendment 1 Tax Law Changes9:00 a.m. & 2:30 p.m. New Members

8:00 a.m. MLS Zone 19:00 a.m. – 11:30 a.m. Advanced MLXchange Hands On Training10:00 a.m. – 2:00 p.m. Photographer

9:00 a.m. New Members12:00 p.m. – 5:00 p.m. Green Realtor Expo

21 22 23 24 259:00 a.m. & 2:30 p.m. New Members9:30 a.m. – 11:00 a.m. iMAPP Training

9:00 p.m. – 3:00 p.m. Landlord/Tenant Law CE Seminar9:00 a.m. & 2:30 p.m. New Members5:30 p.m. SYR Social, The Table



For more info on Educational Programs, please see pages 20-23

28 29 30 May 1 29:00 a.m. & 2:30 p.m. New Members

7:30 a.m. – 9:00 a.m. WCR Toastmasters9:00 a.m. – 11:30 a.m. Basic MLXchange Hands On Training9:00 a.m. & 2:30 p.m. New Members

8:00 a.m. MLS Zone 39:00 a.m. – 11:30 a.m. Advanced MLXchange Hands On Training

9:00 a.m. New MembersRealtor® Day Stoneybrook Golf & CC

5 6 7 8 99:00 a.m. & 2:30 p.m. New Members

8:30 a.m. CID Board Meeting

9:00 a.m. & 2:30 p.m. New Members



Game Time! - REALTOR® Association of Sarasota...

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Transcript of Game Time! - REALTOR® Association of Sarasota...