REAL Exclusive Magazine

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REAL Magazine April 2010

Featuring: Carl Abbott, The Salvation Army, Excalibur Title Services, Southeastern Guide Dogs and more.

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Kathy and John Akin’s Excalibur Title

Over 30 Years in the Industry

By Lalaena Gonzalez Figueroa

Photography by Chad Spencer

For over three decades, Kathy Akin has served as an integral component of area real estate transactions throughout the Gulf Coast region. A licensed title agent with the State of Florida, she provides her clientele with consistent, customer-oriented care that has earned her a growing base of repeat and referral clients. In May 2007 Kathy and her husband John, a marketing and sales professional, capitalized on their vast title experience and launched their own company, Excalibur Title Services, Inc. The firm is thriving, a testament to the impeccable service that has become the Akins’ signature. Read More

REAL Magazine Luncheon Event On Bird Key.

Steve Murray of Murray Homes and Bev Murray of Murray Realty hosted a REAL luncheon networking event. The mid day affair took place at Murray Homes’ beautiful new bay front estate at 667 Mourning Dove Drive on Bird Key. Read More

REAL Magazine Evening Event in Venice.

A REAL Magazine evening networking event was held at Stephen Lingley’s Venetian Shores condominium complex at 704 Granada Avenue in Venice, Florida. It was REAL’s first Venice event and a huge success. Read More

Design Lines – Window Dressing

By Pamela Hughes

We’ve talked about many elements of interior design in previous columns, and we have a few more to go! One very important component of a great space is windows. They are in every room, they control light and air, and they give us an opportunity to add decoration, so this column is dedicated to them.

First, let’s talk about the reasons why we treat windows. There is obviously the decorative element: draperies and fabrics add a softness to a room and an opportunity to coordinate other elements and fabrics in a decor.

But there are practical reasons as well. One is solar control. Draperies can be closed to darken a room, blocking out light and the damaging, fading rays of the sun. In addition, closing the draperies assists in reducing heat gain into a room and thereby lessening the need for air conditioning.

Many of our friends and clients are here for the season and then travel or return to their other places for weeks or months at a time. In order to help protect furnishings and artwork it is important to keep the rooms as dark as possible when you are not in residence. Only ceramic tile and most stone floorings are impervious to the bleaching rays of the sun. Wood floors, carpets, furniture and almost all fabrics suffer from even indirect sunlight in a bright room. Silk fabrics are particularly susceptible to sun exposure and are famous for sun-rot; silk curtains must be protected with durable lining to preserve them.

Secondly, there is the measure of privacy that certain fabrics and treatments can provide. Opaque fabrics add quite a bit of privacy, of course, but you have to be wary of sheers. They provide a wonderful tempering of the light and some privacy, but only on the brighter side of the window. For instance, if you are on a sunny street, looking at or into a window with sheers, the fabric blocks your vision into the room, but someone in the room can see fairly well to the outside.

However, at night the condition is reversed. When a room is bright and it is night, someone outside the room can see fairly clearly into the room, while someone in the room can only see the surface of the sheer. So be aware of the fallacy of privacy when using sheer draperies.

Sheers do assist at night however in the reduction of expanses of glass turning into unattractive black mirrors. If you have a view to the bay or downtown, there are the lights and reflections to provide even a nighttime view. But if you are facing onto a golf course or the Gulf, you have only a black window. Sheers are a fine answer to providing a decorative and pleasant treatment of nighttime windows.

And then there is the issue of providing a darkened room for better sleeping. One of the ways of providing this is to install “blackout lining” on the draperies. This is quite common and is quite effective in darkening a room. But there will still be light leaks at the bottom, since the fabric hangs loose, and the sides need to be tightly sealed at the edges of to prevent these light leaks.

One of the tools we have to assist with room darkening are solar shades. These are roller shades and may be either manually or electronically controlled. With our large projects and houses with many rooms and windows, it is desirable to have a motorized system installed so that when one departs for a period of time, or returns from an absence, the house can be closed or opened with the touch of a single button.

These systems are both remarkable and complicated – but provide the possibility of almost infinite controls that can answer some challenging requests. Different times of day require differing positions of open or shaded windows, which vary as the sun moves around a house. They can provide automatic controls which are based on the time of day and the exposure of the house. They take some thought to plan and design, but in the end, provide a wonderfully responsive and controlled interior environment.

Back to the shades themselves. It is possible to have shades that are room darkening or ones that are woven or perforated to allow some or very little vision to the outside. They come in a variety of tones to blend with any decor. They are not as decorative as sheers, but often can provide a more tailored look to suit contemporary interiors and can work in combination with decorative draperies.

Other elements in our palette are venetian blinds. This technology is over 200 years old – it was prevalent in Europe and America even during our revolution! And in the right places, we still think blinds look impressive and fresh. They are also adept at being easily controllable, can allow breezes to pass through the semi-open vanes and still allow a certain degree of privacy. They come in many colors and finishes to blend with many design schemes. 

Another solar device is the plantation shutter – well named for its use in the tropics. These interior shutters provide a substantial look for interiors. Their scale, and the size of the blades, provides a strong element to a window treatment. They can be moveable or fixed, and we often use them in places where a more permanent effect is desired, and sometimes to screen an unwanted view. They are very useful as window treatments in powder rooms and other places where privacy is an issue.

Windows are always an opportunity to add design to a room, and if properly planned, are extremely functional.

Pamela Hughes, the founder and owner of Hughes Design Associates, is well known nationally and internationally. Hughes Design Associates is one of the premier interior design firms known throughout North America for specializing in prestigious custom interiors. In Sarasota, Pamela has completed many exceptional projects including The Ritz-Carlton, The Members’ Beach Club, The Tower Residences, and Plaza at Five Points. Her portfolio also includes some of the most luxurious and distinctive residences in Sarasota. Pamela’s work has been published in the best interior design magazines such as Architectural Digest and Veranda, as well as numerous other publications. Also, Home and Garden Television (HGTV) featured her in the program, “Public Places, Private Spaces”, showcasing her work on the Four Seasons Hotel, Philadelphia, and a luxurious private home in Chicago. In addition to their work in Sarasota, Pamela and her firm design projects throughout the US, Canada, the Bahamas and the Caribbean.  Pamela may be reached at 941.922.4767 or visit www.hughesdes.com.

Copyright © 2010 REAL Magazine

Links to this article are encouraged

Seller Financing

By Jeff Riddell

It’s hard to get a mortgage these days. So, what’s a seller (and maybe the seller’s real estate agent) to do? Seller financing (sometimes called owner financing) may do the trick. Florida recognizes several approaches, each with its pros and cons.

First there is the traditional seller carry-back mortgage. The buyer and seller sign a purchase agreement that not only describes the purchase price, but also the seller financing covering a portion of the purchase price. Seller financing could, of course, cover the entire purchase price, but that usually isn’t prudent—sellers want buyers to have some skin in the game. The approach to seller financing may vary depending upon whether or not the seller already has a mortgage on the property.

Once the purchase agreement spells out the terms of the financing, the mortgage documents must be produced for the closing. These documents consist of a note (promissory note) and mortgage, and an amortization schedule if the loan is not interest only. Interest only is pretty self explanatory: interest is paid (usually on a monthly basis, but not necessarily), the principal amount stays constant during the term of the mortgage (unless there are partial prepayments), and on the loan maturity date, the principal balance is paid back to the seller. The mortgage is recorded in the public records following the deed from seller to buyer so that it is clear that the seller has sold the property to buyer, and that buyer owes seller a portion of the purchase price payable according to the terms of the note and mortgage. Homestead exemption is available to buyers who otherwise qualify.
 
Agreement for deed (sometimes called contract for deed) is another approach. Instead of the promissory note and mortgage, the buyer and seller enter into an agreement that says the seller has sold the property to the buyer, but that the buyer still owes part of the purchase price to seller. In states up north, these are sometimes referred to as land contracts. Although mortgages are almost always recorded, agreements for deed are often not recorded. If they are recorded, it is necessary to pay both deed documentary stamp tax on the sale price and both mortgage doc stamps and intangible tax on the balance owed. Some people think that an agreement for deed (especially an unrecorded agreement for deed) does not trigger a due on sale clause in seller’s underlying mortgage, but that’s not true (subject to the lender finding out about it of course). If the buyer fails to make the payments required under the agreement for deed, the seller must foreclose the agreement for deed just like a mortgage, unless the agreement is not recorded and the buyer just walks away, or if recorded, the buyer gives seller a quit claim deed. If the buyer pays off the agreement for deed as required, the seller then delivers the deed to the buyer. Homestead tax savings are not available to the buyer unless the agreement for deed is recorded.

The next approach is lease option or lease purchase. Although both the seller carry-back mortgage and recorded agreement for deed allow the buyer to claim normal home owner tax benefits, these two approaches postpone use of those benefits because the buyer is only a tenant until he closes and receives the deed from the seller. My last article touched on the lease option/lease purchase approach. Although tax benefits (including homestead exemption) are not available to the buyer, this approach may still be attractive to the buyer because he can tie up the home he wishes to purchase, postpone the actual purchase and live in it in the meantime. These do not trigger a due on sale clause in seller’s underlying mortgage.

There are many other nuances to all of these seller financing approaches which I don’t have room to cover here. Title companies cannot prepare these documents (other than maybe a simple note and mortgage) so you need a real estate attorney; but for the right situations these approaches can result in a sale where the buyer is unable to obtain his own financing, at least for now. An excellent payment history on any of these can help the buyer get the bank mortgage he needs to close out the seller financing.  

Jefferson F. Riddell is a Florida Board Certified Real Estate Attorney with thirty-five years of experience assisting people with a variety of residential and commercial real estate matters. U.S. 1031 Exchange Services, Inc is a 1031 exchange qualified intermediary (QI) and a member of the Federation of Exchange Accommodators (FEA). As President of U.S. 1031 Exchange Services Jeff has been facilitating 1031 exchanges for more than twenty years. Jeff has been awarded the Certified Exchange Specialist (CES) certification. Jeff may be reached at 941-366-1300 or via email at jeff@us1031.com. www.us1031.com.

Copyright © 2010 REAL Magazine

Links to this article are encouraged

Out With The Old, In With The New

By Steve Murray

For as long as I have been building in Sarasota, stretching back to 1995, architectural trends have been fairly staid and proponents of “evolution” rather than “revolution”. The “Spanish-Med” style that has adorned so many of our new subdivisions and neighborhoods has finally been laid to rest. Almost. There are still some models and new construction homes that display the applied foam trim, earthy colors and Corinthian columns that is the hallmark of that style of architecture. But there is a new movement in Sarasota being facilitated by our local architects and being driven by our new buyers and residents. Contemporary Architecture.

Now before you say “I hate those lifeless square white boxes with uncomfortable sofas”, let me explain what this new style incorporates. It includes not only the pure contemporary genre, some good examples being found on Lido Key, Harbor Acres and Siesta Key, but it also includes new offshoots including “Coastal Contemporary” of which the new Sarasota Yacht Club is a great example.

These designs are clean and simple, yet include traditional roof systems, window and doors and interior layouts and are bridging the gap between ultra modern and customary island style architecture. These styles are a welcome addition to our waterfront lots and add a new alternative to the homes that our local architects are currently designing.

I believe that in part, the reason why this style change is evolving is due to the increase in foreign money coming in to Sarasota. Europeans, Canadians and South Americans are buying our “cheap lots” and influencing the style of architecture on those lots. In addition, these foreign buyers are requesting that these new homes be designed as new “Green” homes.

Being English, I can identify with this new trend as I see old farmhouses, country homes or London apartments installing modern kitchens, exciting stylish bathrooms and advanced low voltage lighting. The combination of German engineering, Italian styling and British innovation produces a host of new products and styles that are finding their way across the Atlantic with these new buyers who are requesting that they have them included in their Long Boat Key and Bird Key homes. This is great news for the market, for the industry and ultimately for Sarasota. We were getting bogged down with tired, out-dated architecture that is not inspiring to the new generation of buyers in this economic environment. What we are seeing now is exciting and important as we continue to compete with towns such as Naples and West Palm Beach for new residents and clients. Over the next few years, we must establish our community as being vibrant, modern and able to change with the times in an effort to remain competitive and desirable…and that very much includes our architectural designs and construction techniques.

Steve Murray is the founder and owner of Murray Homes a residential construction company specializing in building custom waterfront homes on the Keys of Sarasota. He also owns Murray Realty with his wife Bev. Murray Realty is a full service real estate company offering customers a first class experience in finding, evaluating or selling houses and lots, primarily on the waterfront. Murray Homes is a Certified Building Contractor #CBC1250846

Copyright © 2010 REAL Magazine

Links to this article are encouraged

What Is The True Value Of Exceptional Design?

By Clifford Scholz

In our quest to perfect the art and skill of exceptional architecture, we cannot help but contemplate its “true” value. Value as defined both in any quality piece of art and also value as in true capitalistic and financial terms. It is apparent that marginal architecture does little to improve or even reduce the monetary value of a property as compared to exceptional skillful architecture vastly enhancing the monetary value of the same property. The same is true to the enhancement of the artistic quality of a property.

This quest is on-going for our firm, as we believe that we really do “learn something new everyday”. We also believe that in order to maximize our skills, we need to spend a great deal of time in research and design for each project. We believe, as do our clients, that these services are needed in order to completely understand what you are getting prior to the start of construction, as well as making sure that these items are completely coordinated in the building’s preliminary design, throughout the construction documents, and during the building process. These complete design services can be illustrated by our firm’s typical scope of work as shown below.

• Complete and custom preliminary design drawings for your building, including front and rear renderings. This work should be provided by the lead architect, and the lead architect is the point person for the project throughout the entire process. Residentially, your home would never be repeated by our firm as they are one of a kind.

• A study model is then built giving the client a total 3D view of the “finished” design.

• After the design drawings, and prior to the construction drawings, preliminary cost estimates are calculated in conjunction with the builder. As I have mentioned in the past, I am a “retired” general contractor, and have found this process very helpful in establishing a “real” cost for the work prior to starting the construction drawings.

• Complete construction documents are produced with full specifications customized for your specific building. Our firm does not believe in “boiler plate” specifications.

• Complete structural drawings from a registered structural engineer. These drawings are fully integrated by our project managers with all other disciplines, including fully detailed electrical, lighting control, switchgear and lighting design drawings, completed by CMSA. We also include fully detailed and integrated mechanical (HVAC) design and drawings. CMSA is certified as agents for the Florida Green Building Coalition, and we can rate and certify your building to be a “green” building in accordance with FGBC and/or “Energy Star” requirements. Our entire designers and production staff is LEED certified (Leadership in Energy and Environmental Design).

• To further detail, we also complete full listings and specifications for all lighting, plumbing and mechanical fixtures, along with interior elevations detailing all molding, paneling, and trim design for the interior of the home.

So what is the “true” value of exceptional design in architecture? It is not totally definable but we do know:

• It is measurable in monetary terms by way of real estate sales.
• It is evident but un-measurable as to how it enhances the inhabitants of the structure.
• It is a process that involves a lot of talent and time.
• It is a resulting value that enhances our lives.

As founder of CMSA, Cliff has over 35 years of experience in architecture and construction. His sense of design and clear-cut goals has created a reputation for quality and excellence for his firm. As lead architect, he is responsible for the design of projects consisting of custom residential developments, office structures, commercial renovations, golf clubs and high-rise condominium buildings. He takes a proactive role in every project as the client contact, and directs his team of highly skilled professionals to keep every endeavor in balance.  Cliff received his Bachelor of Science in Architecture from Lawrence Institute of Technology in Southfield, Michigan, and a Bachelor of Architecture from the University of Miami in Coral Gables, Florida. Cliff is also a Licensed General Contractor in the State of Florida and certified as a LEED AP. Cliff may be reached at 941-923-2400 or via email at cscholz@cmsa1.com.

Copyright © 2010 REAL Magazine
 
Links to this article are encouraged

Go Global – Go Fractional

By Patricia Tan

There is a growing trend in the international real estate market towards fractional ownership. The global recession undoubtedly influenced this growth, by causing many people to stop and consider their financial position and formulate new strategies for fiscal management and wealth preservation. In recent years there had been a tendency for those who could afford it, to buy not just a second home, but a third or fourth home around the world, to meet their lifestyle needs. It would not be unusual for someone to have a loft in New York to enjoy city life, a ski lodge, a beach retreat and a golf haven for instance, using each of these residences for only a short period in each year.

In today’s world of financial prudence, owning several homes may not be the best strategy, and that is where fractional ownership can help.

What is fractional ownership? As the phrase implies, it means owning a fraction or share of something. For the purposes of this article we are talking about real estate, but this form of ownership is also being applied to exotic cars, works of art, airplanes and other “big ticket” items. Fractional ownership is a means of owning and enjoying something collectively, to minimize and spread costs and possible risks of ownership.

The downturn in global real estate markets also accelerated the rate at which fractional ownership properties became available, as developers saw the fractional approach as a way to move homes that would otherwise have remained unsold.

Fractional ownership should not be confused with timeshare. There are some significant advantages of fractional ownership when the two are compared.

Timeshare does not offer actual ownership of the property only the right to a period of usage. Fractional ownership is deeded, and can be sold, gifted or passed on to heirs.

Fractional ownership can be established to meet the needs of a group of people buying a particular property, with each party buying similar or differing fractions of the property, and it is usually easier to control and manage as there are fewer people involved.

Reselling a timeshare can be challenging and the resale price is often much lower than the original purchase price, whereas fractional ownership property values will behave in much the same way as general real estate values.

We do have fractional ownership properties for sale here on the Gulf Coast of Florida. These range from a single family waterfront home on Longboat Key, to the Hyatt Siesta Key Beach which also provides membership to the Hyatt Vacation Club, allowing owners to choose to vacation in another resort if they desire. Outside our local area, there are branded fractional properties in most major U.S. cities and resort areas.

Fractional ownership has also grown tremendously in Central America and the Caribbean, where we represent a range of properties from fractional condos and single family homes in Panama to world class beach resorts in Costa Rica and Barbados.

Fractional ownership is an investment in real estate. It allows the consumer to experience various locations and life styles, while minimizing their capital investment and operating expenses.

Patricia Tan was born in England, and moved to Sarasota in 1997. Her career afforded her the opportunity to live and work in many countries around the world, including Australia, Hong Kong, Singapore, Malaysia, Indonesia, Germany, France, Belgium, Netherlands and the United Kingdom. She spent five years as a Director of an American real estate franchise in England in 1990s. Patricia has served as Chairperson of Sarasota Association of REALTORS®’ International Council, and serves on Florida Association of REALTORS®’ International Operations Committee. She currently works as International Sales Director for Prudential Palms Realty. Patricia may be reached at 941-487-5107 or patriciatan@prudentialpalmsrealty.com.

Copyright © 2010 REAL Magazine

Links to this article are encouraged

Improved Short Sale Process

By C. J. Coury

The Short Sale phenomenon that has been escalating over the past few years has reached the point where some drastic changes are needed.

Today’s most prominent process model for these transactions requires that an offer to purchase be presented to the servicing lender prior to any action being taken to obtain investor approval of the reduction in their pay-off. This, coupled with servicers being woefully understaffed, has had an enormously negative impact on all parties involved in the transaction and has, in fact, contributed to a reduction in the median sale price of homes.

The good news is that the process is beginning to change is a very positive way. Many lenders are now initiating the process with their under-water customers who can no longer afford to keep their home. By thoroughly vetting the homeowner in advance they are able to eliminate the need for the buyer and agents to remain on hold during this time consuming process so that the home can be marketed and closed on quickly once a qualified offer is presented. This will place the short sale property in a similar situation to a move-in condition REO thereby eliminating the negative impacts that are currently inherent with these transactions.

In addition to lenders redesigning their own processes for initiating short sales there is a new government sponsored initiative taking effect on April 5, 2010 – Home Affordable Foreclosure Alternatives (HAFA). In addition to the up-front initiation of the process as mentioned earlier, this initiative includes many components that will help to move short sale purchases through more quickly. These features include but are not limited to:

• Cash incentive to servicer for implementing the process
• Guaranteed recovery amount to subordinate lien holders
• Relocation funds and assistance to displaced homeowners
• No deficiency judgment or promissory note for investor short fall

Please begin encouraging your customers to contact their lenders to discuss the possibility of a pre-approved short sale prior to listing the property. If available to them it will ensure a smooth and timely closing absent of the angst and aggravation now associated with traditional short sale transactions.

C. J. Coury is a Senior Vice President with Bank of America and oversees their residential mortgage division serving Sarasota, Manatee and Charlotte Counties. Prior to joining Bank of America in 1995, C. J. was President of Mortgage Brokers of America in Birmingham, MI for 7 years. He has been an active mortgage finance professional since 1983. C. J. may be reached at (941) 952-2888 or by email at charles.j.coury@bankofamerica.com.

Copyright © 2010 REAL Magazine

Links to this article are encouraged

Training Kids

By Jonathan Yarwood

At the Jonathan Yarwood Golf Academy we train lots of kids. Did you know, there are certain windows that kids can learn ‘form’ and certain windows that they cannot!? It depends on age, gender, growth spurts and relative maturity. You can have two eight year olds who are completely different mentally and physically from a developmental perspective. It is important that these two types are coached differently. At my academy, the focus is fun with the younger kids. Why is golf always number 10 on every kids list? Why do kids take it up and then drop it? Because of two things, 1. It is hard to learn to propel the ball, 2. the traditional way of learning golf is boring, outdated and does not work. We need to jazz it up a bit!

We spend time on different sports on the tee in my young kids golf schools. They have fun whilst still improving their golf. Most great athletes played many sports growing up, kids nowadays focus too early. So we may play a little tee ball to learn ‘Linear’ striking, soccer kicks to learn about the transition and energy transfer, hitting with a hockey stick to learn “in plane striking’, throwing a ball for ballistics etc. You get the picture. It is fun, interesting, stimulating and when we hit with golf clubs, they can actually do it! Last thing is to make sure the clubs are ultra light, with very small grips. I see so many kids with clubs that are too heavy and grips that are too thick. As a result they start off on the wrong foot and get poor habits early. Golf is a game for life and something that can bring lasting memories to all concerned along with great family moments. Enjoy it. Our schools run on a Wednesday and Saturday afternoons. Sign up on 941 373 6769.

Jonathan Yarwood was originally from the United Kingdom, but relocated to the United States in 1996. After a few years as one of David Leadbetter’s senior teachers, Jonathan branched out on his own and has enjoyed an extensive career with a track record that speaks for itself: He has coached, 2 US Amateur Champions including this years champion Ben An, 2 US Girls Champions and 1 US Open Champion in Michael Campbell in 2005. That is 5 USGA champs in 10 years, which is a record in itself. Add to that the four number one juniors, 3 AJGA players of the year, a collegiate number one, a male and female nationally ranked number one as well as a winner on every major professional tour, you have a record to rival the best. Jonathan was voted a Top 20 teacher under 40 years old by Golf Digest in 2006, after 5 straight years of being in the best teacher in state rankings for Florida.

Copyright © 2010 REAL Magazine

Links to this article are encouraged

Show Home Event To Benefit Southeastern Guide Dogs

Hosts:

Westwater Construction

Chris and Lynn McNamee

From May 16-23 Westwater Consruction in conjunction with homeowners Chris and Lynn McNamee will host a show home event benefiting Southeastern Guide Dogs. Read More

April 1, 2010, Last Call For Last Call Event Photography

The Joke Was On You If You Missed This Event!

April Fool’s day was just made for The Last Call for Last Call gallery event. REAL Magazine has hosted many spectacular events but by far this event has generated the most excitement and feedback. Thanks Jack and Jill Dowd for attending and making the gathering that much more memorable. Read More

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REAL Magazine March 2010

Featuring: 7116 Ashland Glen, ViaVio, Manatee Glens, Barbara Najmy, Impulse Realty, Southeastern Guide Dogs and more.

Read More

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Exceptional Properties March 2010

Fine Homes and Luxury Estates for Sale Over $1,000,000

Exceptional Properties Cover Feature:

Deborah Beacham, Michael Saunders and Company, 941.376.2688

Oasis by the Sea, 612 North Casey Key Road, Nokomis, Casey Key, Sarasota, Florida

Gulf of Mexico gulf front Oasis by the Sea located at 612 North Casey Key Road, Casey Key, Florida. This property is a Guy Peterson designed award winning waterfront estate home on one of Sarasota’s most private, secluded and desireable locations, Casey Key. The home was built by master builder Michael Walker. The modern estate is of museum quality and elegance featuring 4 bedrooms, 4.5 baths, a home theater, dedicated work out room and is situated on 1.3 acres of direct gulf front access. Casey Key, 8 miles of pristine beach with no traffic lights. Own a magnificient piece of art in architecture. Read More