Posts Tagged ‘Florida Realtors’
Florida sees increase in international buyers
A number of factors contributed to the decline in home sales nationally and in Florida specifically, but the growing importance of foreign homebuyers has offset some of the damage. Roughly two out of every three Realtors in the state had at least one international transaction within the past year. While U.S. buyers continue to struggle, foreign buyers generally see U.S. real estate as a desirable, profitable and secure investment. In addition, a weak U.S. dollar has made Florida real estate even more attractive recently. The National Association of Realtors®, in cooperation with Florida Realtors, conducted a survey of Florida members, asking them about their experience working with international clients. The survey was conducted in July-August 2010. A total of 936 responses were received. Report highlights • 65 percent of survey participants – members of Florida Realtors – worked with an international client in the past 12 months. One in five worked with two international clients, and 18 percent working with three or more. • Half of the respondents said that international clients accounted for 25 percent or less of their business; 15 percent reported that international homebuyers accounted for more than half of their business. • One in three said that international clients were an increasing share of their customers in the past two years, while just under half (48 percent) noted that their share of international clients stayed about the same. • Canada had the largest share of buyers, accounting for 36 percent of recent sales. Buyers from the United Kingdom accounted for 15 percent, and the rest of Western Europe accounted for an additional 14 percent. Latin America, defined for the purposes of the report to include Mexico, the Caribbean, Central America and South America, accounted for 16 percent. Other countries with a small but significant share of sales included Germany (5 percent), Venezuela (3 percent), Brazil (3 percent) and France (3 percent). • 11 percent of foreign buyers bought a new home, while the remaining 89 percent purchased a previously owned home. • 51 percent purchased a detached single-family home; 37 percent purchased a condo, 11 percent purchased a townhouse and 1 percent purchased some other type of home. • 38 percent purchased in a suburban area; 30 percent purchased property in a resort area; 25 percent purchased in a central city; and 7 percent purchased in a small town or rural area. • 15 percent of buyers plan to use their property less than one month per year; 21 percent expect to use it one to two months; and 34 percent three to six months. • 19 percent bought a home in the Orlando-Kissimmee area; 17 percent chose Miami-Ft. Lauderdale; 13 percent opted for Bradenton-Sarasota; and Tampa, Cape Coral-Fort Myers and Naples rounded out the top six with at least 5 percent of purchases. To read the complete report, which includes information on why buyers choose Florida as well as why they don’t, visit floridarealtors.org at: https://www.floridarealtors.org/Research/index.cfm
His and hers lists help market couple’s home
Compiling a Top 10 list of a home’s positive attributes – an activity commonly recommended by real estate agents to their clients before showing a property – is now being adopted as a marketing tactic. A husband and wife trying to sell their Florida home engaged in this exercise but came up with completely separate lists of selling points. Realizing that men and women have different perspectives, the couple and their realty agent decided to use both lists in a marketing effort. The property practitioner created a flier of the two lists – the man’s focusing on technical aspects such as hurricane panels and cable wiring and the woman’s zeroing in on aspects like the home’s vaulted ceilings and beautiful landscaping – and forwarded it to agents on the local multiple listing service. Other realty professionals quickly recognized the unique nature of the strategy and asked to use the approach themselves. Florida Realtors spokesperson Marla Martin called the technique “very creative.” Although she had not heard of anyone using it before, she said she was not surprised by the tactic. “During the boom years,” she explained, “you almost didn’t have to do anything because the homes were moving so fast. Now, our members report lots of creative things for sellers.” Other strategies include holding signs along roads to promote open houses, more aggressively using social media sites to advertise listings, and including cars and watercraft in home transactions. Source: Fort Myers News-Press
NAR: Bill could speed up short sales
Homeowners underwater on their mortgage may find relief through a bill strongly supported by the National Association of Realtors®. The bill, if passed by Congress and signed by President Obama, would force lenders to respond to a short sale request within 45 days. The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was filed yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). “The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth,” says NAR President Vicki Cox Golder. “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times. As the leading advocate for homeownership issues, NAR believes that quicker attention to the short sales process is vital to help homeowners … as well as the nation’s economy.” The number of potential short sale properties is rising across the country. According to NAR data, in the second quarter of 2010, four states have a significant share of properties with short-sale potential: Florida has 27 percent, Nevada 32 percent, California 28 percent, and Arizona 24 percent. “Unfortunately, homeowners who need to execute a short sale are severely hampered because lenders (loan servicers) are unable to decide whether to approve a short sale within a reasonable amount of time,” Golder said. “Potential homebuyers are walking away from purchasing short sale property because the lender has taken many months and still not responded to their request for an approval of a proposed short sale price. Many consumers have mentioned that the delay in short sale price approval exceeds 90 days, and in many cases never arrives.” Golder says she commends Reps. Andrews and Rooney for their efforts on the bill and urges Congress to pass the bill quickly. © 2010 Florida Realtors®
Almost 65,000 Floridians claim tax credit
A report by the Government Accountability Office finds that Florida ranked third in the number of first-time buyers who qualified for one of the three IRS tax credits, with 64,879 buyers making the claim. The study includes all three credits authorized by Congress. In dollars and cents, that means Florida residents received $455,565,365 offered under the Housing, Recovery and Assistance acts. Still, the amount pales compared to No. 1 ranked California that had almost 117,000 claims and over $814 million returned to residents. Texas, which ranked No. 2, saw almost 100,000 claims and over $680 million in federal money. Nationwide, Americans collected about $23.5 billion and submitted 3.32 million claims, which is about $1.5 billion higher than original estimates. Congress had passed three different versions of the credit to help stimulate the housing market. • The Housing Act version provided a refundable tax credit, equal to 10 percent of the purchase price of a home, up to a maximum of $7,500. Taxpayers must repay the credit. • The Recovery Act version provided a refundable tax credit equal to 10 percent of the purchase price up to a maximum of $8,000 with a waiver of the repayment provision. • The Assistance Act version extended the timeframe in which homebuyers could claim the credit to April 30, 2010, and included several modifications, such as allowing certain long-term homeowners purchasing new homes to claim a tax credit up to $6,500. According to the National Association of Realtors, the tax credit had a strong impact on home sales, and the last version’s expiration led to a significant drop in July home sale numbers. © 2010 Florida Realtors®
Florida Realtors donates $50K to US military
Florida Realtors collected $50,000 for U.S. active duty soldiers. The money will be used to buy phone cards, which troops will use to call loved ones from Afghanistan, Iraq, hospitals and other locations across the globe. “It’s a magnificent gesture to show our military how much Realtors value their dedication and service,” says Vernon Taylor, who, along with Suzanne Sherer, oversaw the fund-raising campaign. “However, it pales in comparison to the work our military men and women do every day.” Taylor is a Realtor with VET Realty in Lutz, Fla., and Sherer works with RE/MAX Realty Team in Cape Coral. Florida Realtors rolled out its “Show Our Troops We Care” program on May 25, 2010, and raised the $50,000 in under three months. While many Realtors and Floridians donated online through a dedicated website hosted by the USO, a number of major donations came from local associations within Florida. Taylor notes that three local associations led the way by committing large donations early in the program. They include: • The Orlando Regional Realtor Association • Greater Tampa Association of Realtors • Realtor Association of Greater Fort Myers and the Beach “I’m extremely proud of the dedication and patriotism displayed by Florida’s Realtor family,” says 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. “We’re in the business of putting people into homes – of helping everyday families realize the American Dream. Our troops are often far from that home, but we can help them spend a few precious minutes with their family.” The USO will now imprint new phone cards with the Florida Realtors logo and distribute them to U.S. troops fighting overseas and staying in hospitals. While the official program has ended, donations are still being accepted from anyone willing to help support our military men and women. For more information and to donate by credit card, visit floridarealtors.org at: http://www.floridarealtors.org/AboutFar/Support-our-Troops.cfm “I accepted a phone card donation recently from the Osceola County Association of Realtors, and we talked about our appreciation for the U.S. military,” says Taylor. “We couldn’t be doing what we’re doing without their sacrifice.” © 2010 Florida Realtors®
Florida Supreme Court: Amendment 3 off Nov. ballot
Amendment 3 is off the November ballot. The proposed constitutional change would have offered qualified homebuyers who had not owned a home in eight years a property tax reduction in their first year that progressively declined over time. If passed, the amendment would have also benefited commercial interests by reducing the cap on yearly taxable value increases of commercial and non-homestead properties to 5 percent, down from a 10 percent yearly cap now in place. The Tallahassee judge that removed Amendment 3 from the ballot did so because he found the wording misleading. To qualify for the property tax reduction, homebuyers had to make the purchase after Jan. 1, 2010, a fact not included in the wording voters would read in the ballot box. The judge feared some voters would approve the amendment erroneously, thinking that they would receive the new property tax break. By agreeing with the lower court decision, the Florida Supreme Court finalizes the removal. “We are, of course, disappointed that the courts removed Amendment 3 from the November ballot,” says John Sebree, Florida Realtors vice president of public policy. “However, we do see an opportunity in this. The Florida Legislature clearly favors a yearly cap on property taxes for commercial real estate, as well as a break for first-time homeowners.” Sebree says Florida Realtors will turn to lawmakers again in the 2011 session of the Florida Legislature, and believes there is a good chance of getting a stronger amendment on a future ballot. In addition, the Supreme Court struck down two other proposed amendments to the Florida Constitution, Amendment 7 and Amendment 9. Amendment 7 was an attempt to add additional standards to redistricting. Amendment 9 was the “health care freedom” amendment that would have banned a mandate that individuals purchase health insurance. The court allowed two redistricting amendments to remain on the ballot, Amendment 5 and Amendment 6.
RPAC candidates win in uncertain election
In a historic year for Florida politics, every state Cabinet post is up for election, and yesterday’s primary election sets up the main event. Also up for election in 2010 are one U.S. Senate seat, 25 U. S. House seats, 20 state Senate seats and 120 state House seats. Many of yesterday’s winners had support from the Realtors® Political Action Committee (RPAC). While many incumbents won their primary with little or no opposition, a tremendous number of seats were contentious. RPAC prides itself on grassroots input from local boards/associations, says John Rothell, Florida Realtors director of political operations. The process of choosing a candidate begins at the local level when leaders gather to screen potential candidates. Once the local Realtor board has recommended a candidate to RPAC trustees, other information is incorporated to determine association support, including available polling, campaign contributions, campaign organization and overall viability. “Local Realtor associations throughout Florida are respected as one of the state’s most professional and effective grassroots organizations, whose members have input into each and every legislative, congressional and cabinet election,” says Rothell. The following lists Realtor-supported candidates and their results. Candidates in bold were RPAC wins that also won their election: State Senate District 2, Republican Primary Greg Evers Rep. 31,839 (71.30%) Mike Hill Rep. 12,817 (28.70%) District 6, Democratic Primary Bill Montford Dem. 32,352 (55.26%) Curtis Richardson Dem. 26,198 (44.74%) District 8, Republican Primary Charles Perniciaro Rep. 19,843 (38.23%) John Thrasher Rep. 32,064 (61.77%) District 12, Republican Primary Kevin Ambler Rep. 14,530 (44.05%) Jim Norman Rep. 18,452 (55.95%) District 24, Republican Primary Thad Altman Rep. 30,739 (67.68%) Bart Carmichael Rep. 14,682 (32.32%) District 27, Republican Primary Lizbeth Benacquisto Rep. 12,132 (39.09%) Mike Lameyer Rep. 7,661 (24.69%) Sharon J. Merchant Rep. 11,240 (36.22%) District 35, Democratic Primary Kevin Burns Dem. 6,230 (34.98%) Gwen Margolis Dem. 11,582 (65.02%) District 38, Republican Primary Anitere Flores Rep. 19,438 (81.01%) David Nelson Rep. 4,557 (18.99%) State Representative District 1, Republican Primary Greg Brown Rep. 5,769 (29.05%) Doug Broxson Rep. 8,907 (44.86%) Ricky G. Perritt Rep. 842 (4.24%) Ferd Salomon Rep. 4,338 (21.85%) District 2, Republican Primary Clay Ingram Rep. 8,923 (61.33%) David Karasek Rep. 5,627 (38.67%) District 9, Republican Primary Kirk Headley-Perdue Rep. 7,819 (54.73%) Ann Yarko Rep. 6,468 (45.27%) District 16, Republican Primary Charles McBurney Rep. 8,772 (84.36%) Luis Melendez Rep. 1,626 (15.64%) District 20, Republican Primary Alan Kelso Rep. 5,426 (28.56%) William L. "Bill" Proctor Rep. 13,575 (71.44%) District 28, Republican Primary Dorothy L. Hukill Rep. 9,212 (68.82%) Teresa A Valdes Rep. 4,174 (31.18%) 13,386 total votes cast. District 31, Republican Primary Lori Halbert Rep. 7,179 (49.34%) John Tobia Rep. 7,370 (50.66%) District 33, Republican Primary Jason Brodeur Rep. 7,888 (51.43%) James D. DeCocq Rep. 1,730 (11.28%) Alice Sterling Rep. 5,719 (37.29%) District 43, Republican Primary Ron Schultz Rep. 15,306 (49.33%) Jimmie T. Smith Rep. 15,721 (50.67%) District 45, Republican Primary Fabian Calvo Rep. 2,921 (23.41%) Richard Corcoran Rep. 5,313 (42.59%) Kathryn E. Starkey Rep. 4,242 (34.00%) District 48, Republican Primary Marg Baker Rep. 2,664 (20.20%) Steven Mueller Rep. 3,110 (23.59%) Peter F. Nehr Rep. 7,412 (56.21%) District 55, Democratic Primary Darryl Ervin Rouson Dem. 7,236 (74.15%) April Danielle Sheffield Dem. 2,523 (25.85%) District 56, Republican Primary Rachel V. Burgin Rep. 5,975 (56.17%) Marc Johnson Rep. 4,662 (43.83%) District 57, Republican Primary Todd Marks Rep. 2,699 (26.31%) Dan Molloy Rep. 1,922 (18.74%) Dana Young Rep. 5,637 (54.95%) District 60, Republican Primary Shawn Harrison Rep. 5,105 (59.20%) Trey Stroud Rep. 3,519 (40.80%) District 61, Republican Primary Will Weatherford Rep. 13,113 (80.32%) Kevin Wright Rep. 3,212 (19.68%) District 66, Republican Primary Ben Albritton Rep. 9,026 (79.40%) Chevon Baccus Rep. 2,342 (20.60%) District 67, Republican Primary Jeremiah "JJ" Guccione Rep. 6,525 (28.34%) Robert K. McCann Rep. 4,297 (18.66%) Greg Steube Rep. 12,200 (52.99%) District 79, Republican Primary Thomas Chalifoux Jr. Rep. 2,094 (21.67%) Mike Horner Rep. 7,567 (78.33%) District 80, Republican Primary Art Argenio Rep. 5,785 (33.50%) Debbie Mayfield Rep. 8,896 (51.51%) Bradley Ward Rep. 2,588 (14.99%) District 83, Republican Primary Nancy Cardone Rep. 3,512 (28.99%) Francisco Rodriguez Rep. 1,199 (9.90%) Pat Rooney Rep. 7,405 (61.12%) District 86, Democratic Primary Lori Berman Dem. 10,485 (79.08%) Carole Penny Kaye Dem. 2,773 (20.92%) District 89, Democratic Primary Pete Brandenburg Dem. 1,751 (40.00%) Jeff Clemens Dem. 2,626 (60.00%) District 90, Democratic Primary Sheldon "Klassy" Klasfeld Dem. 2,065 (22.44%) Irving "Irv" Slosberg Dem. 7,137 (77.56%) District 91, Republican Primary David Maymon Rep. 4,689 (45.94%) George Moraitis Rep. 4,935 (48.35%) Yomin Postelnik Rep. 582 (5.70%) District 92, Democratic Primary Gwyndolen "Gwyn" Clarke-Reed Dem. 3,659 (55.25%) Justin Flippen Dem. 2,964 (44.75%) District 94, Democratic Primary John Labriola Dem. 915 (11.60%) Hazelle P. Rogers Dem. 6,970 (88.40%) District 112, Republican Primary Juan D'Arce Rep. 1,291 (19.19%) James Patrick Guerrero Rep. 1,001 (14.88%) Jeanette Nuñez Rep. 4,436 (65.93%) District 115, Republican Primary Carla Ascencio Savola Rep. 3,727 (39.92%) Jose Felix Diaz Rep. 5,610 (60.08%)
Florida’s existing condo sales rise in July
Sales of existing condominiums in Florida rose 11 percent in July, with a total of 5,557 condos sold statewide compared to 4,991 units sold in July 2009, according to the latest housing data released by Florida Realtors®. Eleven of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in July, according to Florida Realtors. The statewide existing condo median sales price last month was $87,200; in July 2009 it was $108,500 for a 20 percent decrease. The national median existing condo price was $181,300 in June, according to the National Association of Realtors® (NAR). Meanwhile, in the year-to-year comparison for existing home sales, a total of 13,589 single-family existing homes sold statewide last month compared to 15,762 homes sold in July 2009 for a decrease of 14 percent. Florida’s median existing-home sales price in July was $138,000; a year earlier, it was $147,600 for a decrease of 7 percent. The median is the midpoint; half the homes sold for more, half for less. “The homebuyer tax credit expiration added a double dip to what has already been a harrowing ride in the Florida housing market,” said Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “As we move past this second dip, which is evident in the July data, the continued recovery of the state’s housing market will be contingent upon the improvement of the fundamental underpinnings of the housing sector. “A healthy housing market depends upon a healthy Florida economy, and in particular, an improving labor market,” Snaith added. “Job growth and a declining unemployment rate will help sales continue to grow while at the same time reducing the number of foreclosures in Florida.” 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville, noted that the Gulf oil spill, along with uncertainty over its impact, has affected the state’s housing market. “Along with many local businesses in the Florida Panhandle and in other Gulf Coast states, real estate has experienced significant economic harm following the Deepwater Horizon drilling rig explosion and oil spill,” Davis said. “The announcement that a special allocation from the BP Oil Spill Fund is now available to help the claims of real estate professionals’ – Realtors and licensees – over loss of income or sales due to the Gulf oil spill is a positive action that will help bolster the state’s fragile economy recovery.” The national median sales price for existing single-family homes in June 2010 was $184,200, up 1.3 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $331,150 in June; in California, it was $311,950; in Maryland, it was $265,268; and in New York, it was $220,750. More jobs continue to be key to the housing sector’s recovery, according to NAR’s latest industry outlook. “There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve,” said NAR Chief Economist Lawrence Yun. The interest rate for a 30-year fixed-rate mortgage averaged 4.56 percent in July, down from the 5.22 percent averaged in July 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Buy Owner service is in liquidation
The Buy Owner broker-free real estate firm, known for its familiar “Thanks, Buy Owner” advertisements, has filed for liquidation as the housing market continues to struggle. The Deerfield Beach-based company will continue to operate with a reduced staff as a buyer is sought for its assets, which could include the purchase of the firm in its entirety, minus its debt. “The phones, as far as people interested in the service, remain very active, and we are signing up new clients everyday,” said Philip J. von Kahle, managing director for Michael Moecker & Associates, which is the assignee for Buy Owner. “There is still a very valuable core business here.” Buy Owner president and CEO Scott A. Eckert lives in Boca Raton. The company filed last month for an assignment for the benefit of creditors in Broward County, which is similar to a Chapter 7 federal bankruptcy but in state court. As assignee, the Fort Lauderdale-based Michael Moecker & Associates, is responsible for maximizing the assets of the company so creditors can get paid. Von Kahle said the combination of a down real estate market and a large Bank of America loan that recently required payment led to the liquidation filing. According to court documents, Buy Owner owes about $3.9 million to Bank of America, and $1.2 million in back pay to its executives, including Eckert. It has 33 shareholders. Buy Owner, founded in 1984, charges fees to sellers based on how much exposure they want on its website, and what features, such as custom fliers or talking yard signs, they choose. It is free to buyers. The company has franchises in Atlanta, Chicago, Dallas, Jacksonville, New Orleans, Orlando, Philadelphia and Tampa. “I don’t think the company could scale down quick enough because it got so big,” said von Kahle. “It appears to me the loan from Bank of America was the straw that broke the camel’s back.” A 2009 Florida Realtors report found about 10 percent of homes sold last year did so without the help of a Realtor. Leyza Blanco, an attorney with Miami-based GrayRobinson, P.A. who is representing Michael Moecker & Associates, said she has filed a motion to allow for liquidation of the business as a whole, rather than its parts. Because Buy Owner is a service-based company, that could maximize profits, Blanco said. “There’s not a lot of tangible assets that you can just take apart and sell,” she said. Creditors have until Nov. 23 to file claims against the company. Copyright © 2010 The Palm Beach Post, Fla. Distributed by McClatchy-Tribune Information Services.
Florida Supreme Court considers Amendment 3
The Florida Supreme Court heard arguments yesterday supporting, and also opposing, the ballot wording of a proposed amendment to the Florida Constitution, Amendment 3. Created by the Florida Legislature in 2009 to boost home sales, Amendment 3, if added to the constitution, would give homebuyers who have not owned a primary residency in the previous eight years an additional property tax break; it would also lower the yearly tax appraisal cap for rental property and commercial real estate from 10 percent to 5 percent. The point of dispute, however, is not over what the amendment would do; rather, it's about the wording voters would read in the ballot box and whether it adequately explains what would happen should it become effective. A lower court judge earlier removed Amendment 3 from the ballot, saying the wording misled voters. The key point of contention focused on the effective date of the property tax break – Jan. 1, 2010 – which is not mentioned in the amendment. The judge feared some voters would opt to approve it thinking, incorrectly, that they would get the tax break if it passed. Florida Realtors earlier filed an amicus brief supporting the amendment, prepared by attorneys Vicki Weber and David Powell of Hopping, Green, and Sams. While the Supreme Court justices did not issue a decision yesterday, few of the six justices present for oral arguments seemed inclined to place the amendment back onto the ballot. Trey Price, a Florida Realtors public policy representative, said lawyers advocating removal of Amendment 3 presented a strong case before the Supreme Court due to the omission of the effective date. A decision is expected by early September before the state prints absentee ballots. "If Amendment 3 does, in fact, not appear on the November ballot, Florida Realtors' State and Local Taxation Subcommittee is ready to discuss the next steps and plan for a better amendment for 2012," Price says. "Economists are telling us that commercial property assessments are unlikely to exceed 5 percent in the coming two years, so that is somewhat good news." © 2010 Florida Realtors®
