Rex Jensen was promoted to President of Schroeder-Manatee Ranch (SMR) in August 2002 and was chosen to become Chief Executive Officer in February 2005. In that capacity, Jensen oversees all the businesses of SMR, including agriculture, aggregate mining and real estate development on its 30,000-acre land holding in Manatee and Sarasota counties. Read More
What sets top performing real estate agents apart from their peers is they view the profession as more of a calling than a job. There is an art to the process of cultivating client relationships, developing an understanding of an individual’s unique wants and needs, and fulfilling those expectations. Barbara Najmy is one of those people. Read More
In a global economy, the ability to connect through language and culture is paramount to any business’ success. At Impulse Realty, broker/owner Maria Mesarosova has developed her firm to meet the needs of local real estate clientele, while cultivating an ever-growing global reach. Read More
REAL Private REALTOR Preview Of The Parade Of HomesOn February 18th Lakewood Ranch and REAL Magazine teamed up to host the first annual private REALTOR® preview of the Parade of Homes. Starting at the Polo Grill attendees picked up a map and either drove or rode the available motor coaches to view the stunning model homes. Read More
January 22nd the REAL Magazine networking group crossed the county line into Manatee County for a luncheon event in Hawks Harbor. The gathering was hosted by Debra Pitell of Michael Saunders and Company at her Savannah style custom home located at 7102 Hawks Harbor Circle. Read More
At CMSA our projects have always had about 30% of our workload in renovations. I love having the opportunity to bring back a neglected or worn out structure to it’s original pride and glory, or even beyond that. There is also the sustainable aspect of renovation that just seems to be the right thing to do these days. Our office’s LEED training has taught us that this is the reality today. All projects are not candidates, but many are good candidates. My family lives in a 1923 Dutch Colonial that we seem to be continually renovating in some fashion. It is the curse of an architect, especially when your wife is an interior decorator (Susan Hritz Interiors)! We have the “ double whammy”.
There are many different types of renovations, from Historical to whimsical, and it is always quickly evident whether the renovation was a success or not. Unfortunately they are not always successes. How many times have you looked at a building and could tell exactly where it had been renovated or added on to? This is very disturbing- especially to an architect with a trained eye. When I encounter one of these oddities it is particularly disturbing to me because I know that it could have been avoided. It is apparent that the “designer” of these misplaced structures did not understand the “Art of Renovation”.
Buildings – commercial, institutional, industrial, and especially residential all have “bones”. They can be very similar to a human as they can be big bones, small bones, good bones, bad bones, or irregular bones. Short of production homes or a “Walgreens” type structure, every building has it’s own individual characteristics that make it distinctive from other structures. Understanding those structural bones and working in concert with that structure is one facet of the “Art of Renovation”. I have seen and actually designed some renovations that have completely changed the makeup of the building to the point that you cannot recognize the former bones, and have created a totally new structure. I would compare this to a total face makeover – actually changing the identity of the building.
The part of renovation that I find so rewarding is being able to take a structure that has good bones, but has been neglected or is in disarray, and bring about it’s natural beauty and even improving it beyond it’s original glamour. At our firm, one of our unwritten laws in any renovation, is no matter how minor or how extensive , when the dust has settled, there can be no evidence that the building was renovated. It must always appear that the structure has just been “updated”. The neighbors will know as they have lived through the construction, but no one else will have a clue.
There are also many structural, mechanical and electrical considerations that play a very important role in a successful renovation. There are limitations as to where and how expansions and renovations can take place due to these disciplines. Being aware of those prior to pricing and the commencement of construction is critical to achieving that successful renovation.
The “Art” part of the successful renovation is the ability to visualize the finished design before any work has started and to know what the limitations are. There needs to be some redeeming value to the original “bones” and there also needs to be an end result that is architecturally pleasing. The entire program for the client must be detailed from start to finish. When all of these criteria are successfully addressed, then you have found “The Art of Renovation”.
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
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Unfortunately, many people would like to dump their properties even though they made substantial downpayments. Some use jingle mail (send the keys to the lender and walk away). There are consequences, however. Since the lender will still need to foreclose, the owner will still have a foreclosure on his record. Other than the temporary moratorium for primary residences, at least in Florida every foreclosing lender has the right to pursue a deficiency judgment, and more are doing so. Usually there is no defense to the deficiency claim. To defend, the owner would need to obtain an appraisal in an amount greater than the lender’s appraisal, and the owner would need to retain an attorney to appear with the owner at the motion for deficiency judgment hearing.
Despite the desire of some owners to walk, there may be “buyers” out there who are willing to “take over the payments.” But how should it be structured? Giving the buyer the deed will trigger the due on sale clause in the mortgage; likewise for an agreement for deed. Some “buy real estate with no money down” classes claim that trust arrangements between the owner and the buyer will solve the problem, but I’m not so sure.
Maybe you think I’m naïve to think that there are any “no money down” buyers who would be willing to take over the owner’s problems, but for the patient ones it may work. Say the owner placed an 80% $200,000 mortgage on the property and now the property is worth $180,000 instead of $250,000. For those who believe that Florida home prices will recover within the next several years, taking over the payments may work for them, especially if there is a fixed rate low interest mortgage on the property.
Worse case, the buyer holds the property for several years (and pays the mortgage and other carrying costs during that time) and then decides it’s not worth it. Since this scenario envisions no (or nominal) downpayment by the buyer, what does he have to lose? If the buyer walks later on, the owner will face the same foreclosure then that he faces now. If years pass and the owner moves on to another part of the country (or world), the lender may lose track of his whereabouts. If the foreclosure occurs later because the buyer loses patience, service of process may be by publication. Personal service is required in order to pursue a deficiency judgment.
So, how is it done so that the due on sale clause will not be triggered? I like the long term lease option approach. I did one recently where the owners from Germany wanted to return home and leave their bad real estate experience condo behind. An acquaintance who already owned a unit in the building agreed to help them out by “taking over the payments.” We prepared a 15 year lease option. At any time during the 15 years, the “buyer” could either sell the condo for more than the mortgage payoff, or refinance and pay off the mortgage. Mortgage payments over the years would reduce the balance, all to the buyer’s benefit. Of course, the buyer was given the right to sublease the property in case he wanted some rental income to subsidize the mortgage payments.
Other nuances had to be addressed such as condo association approval (although there may be a prohibition on short term leases, most associations to not restrict long term leases), deed in escrow, non-recourse to buyer, notifying the lender that checks would be coming directly from the “tenant” (he’s not a buyer until he exercises his option to purchase) to pay the mortgage, obtaining a renter’s insurance policy for the “buyer,” etc., but otherwise it seems to work. But please don’t try this at home; contact a competent professional to assist you because these arrangements can be complicated.
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
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During these turbulent times, we have seen market values of homes plummet as much as 75% of the listing price or previous sales price. One’s first impression is, “why don’t I insure to that value and save those premium dollars?” Don’t be tempted. Any good insurance agent will caution you against that course of action.
The term “replacement cost” means replacing like quality for like quality. The original workmanship and quality of materials will always be more difficult to replace at any time. Given that we have been fortunate so far with few named storms in the 2008 and 2009 Hurricane seasons, many people underestimate the value of having a higher value on their property coverage.
Because MGA Insurance Group writes property coverages in all 50 states, we have seen firsthand the effect of increased demand and impact on prices when a storm or catastrophic hits. Owners of homes scramble for new materials, contractors seize on the opportunity to maximize margins, and invariably, prices rise and the higher value on replacement costs can protect the homeowner who is insured to “Insurance Value.”
The moral to the story is simple. Engage a licensed and experienced property and casualty agent who has the knowledge and your best interest at heart.
Lou Marinaccio is the CEO of MGA Insurance Group located in the MGA Commerce Plaza at 9024 Town Center Parkway, Lakewood Ranch, FL 34202. Lou may be reached at 941-907-3828 or via email at lmarinaccio@mga-insurance.com. For more information on MGA Insurance visit www.mga-insurance.com.
Copyright © 2010 REAL Magazine
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It was about three years ago that I began to notice….there were less speculative phone calls from people asking about building new custom homes on the waterfront. At the time we were really busy, but in construction the long lead time means that if you are not getting the phone calls today, then you are not going to be busy in a year’s time. In addition, we began to get more calls for remodeling or renovating existing houses which is typically due to the fact that people are not moving, are not buying lots to build on and instead want to enhance their existing home. Remodeling is not an exact science and therefore costing a remodel on an older home can be fraught with pitfalls. There may be damage from termites in the past, rot due to water ingress and more significantly, older homes must be brought up to current construction codes thereby adding greatly to the expense.
However, over the last three months we have seen a renewed interest in people wanting to build new construction custom homes. This can be attributed to several reasons.
Firstly, the economic crash has generated a great buying opportunity for new investors and people wanting to move into the area. Less expensive lots and teardowns are being bought at up to a 50% discount from the high and these people want to build their dream homes.
Secondly, Sarasota, Florida, still remains a destination second home town for many retirees due to the cultural and geographical attributes of the area.
Most importantly, this is now the most economical time to build in living memory taking into consideration adjusted inflation. Labor costs have reduced up to 15% and material costs are 3% cheaper, meaning that in the last two years overall construction costs have reduced by approximately 18%. In addition, construction schedules have shortened allowing homes to be built much more quickly.
With the demand for new homes drastically decreased, the number of General Contractors and Subcontractors in the area has similarly decreased, leaving those contractors that run efficient businesses and offer quality, service and competitive pricing in this tougher market. As a Certified Building Contractor, we have been able to offer our clients the same quality for greatly reduced prices and we are able to deliver homes 30% quicker that when the marketplace was busy. All in all the market conditions for new construction at the moment are extremely favorable.
With analysts predicting a fairly flat 2010 followed by a steady 5% inflation thereafter, it appears that now is not only a good time to find a “bargain”, but it is also a great time to build!
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. For more information, please contact Steve Murray at 971-906-7000.
Copyright © 2010 REAL Magazine
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Although it is certainly more challenging to obtain a new mortgage loan in today’s market you simply must make the attempt if you have an interest rate above, at or near 6%. It is widely believed that rates will begin to rise this spring and could increase as much as 1% or more from today’s historic lows, eliminating the opportunity to realize the benefits of refinancing for many.
While it is true that many loans today are being scuttled by evaluations and qualifying documentation, it is also a fact that there are options available to overcome these obstacles. Although there are no attractive “no documentation” loans available on the secondary market any longer, there are some lenders with available space on their balance sheets to house “portfolio” loans that make sense to them.
Other possibilities include one of the government sponsored refinance programs that allow for a Loan to Value ratio of 105% to 125% as well as streamlined refinances.
The best place to begin your search for mortgage interest savings is by contacting your current lender to see what special options they may offer for their current customers. A lender who currently holds a mortgage may be more willing and able to make allowances for a new loan, provided the borrower’s position is improving, as this is in their best interest as well. Of course, if the new loan is to be sold on the secondary market their guidelines may be restricted by those of the purchasing agency.
If your current lender is unable to provide a new, more attractive, loan for you my next recommendation would be to locate a lender who will either not charge you any fees in advance of closing or will refund all up-front fees if they are unable to approve your loan application as requested. This will enable you to shop around to different lenders without fear of the enormous losses you would incur otherwise.
The bottom line is that it is in your best interest to make a concerted effort to locate a lender who will provide you with the monthly savings you could realize by refinancing your home loan. Even if you have made an unsuccessful attempt recently you may not have researched and exhausted all of the possibilities. Your monthly savings, when added to those of thousands of other borrower’s, could help make a significant impact on the current economic condition by creating spendable cash flow.
You should move quickly as time is not on your side – make the call today!
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
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Overseas purchasers of Florida real estate are attracted to our shores by many of the same things that draw people from the northern U.S.A. and Canada. Our reputation as the Sunshine State, beautiful beaches, availability of outdoor activities and water sports and relatively low cost of living have continued to entice retirees and buyers of second homes to invest in our real estate market. We have however, in the course of our international marketing activities over the last year, seen some significant changes in the profile of overseas buyers.
First, we are seeing an increase in the number of foreigners who wish to reside here on a more permanent basis. Citizens of many European countries perceive their standard of living has dropped. We encounter more people who look to U.S.A, and Florida in particular, as a destination for emigration. The emigration strategy for these people may take time, and usually involves a significant financial investment on their part. In addition to buying a home for their family, they often bring funds to start a new business, purchase an existing company or make an investment in a larger corporate entity that will support their visa application. Such investments have an impact on our commercial and residential real estate markets. They involve a significant financial commitment and may take several years to realize, but their impact on our local economy is substantial.
The second “new” kind of international buyer we are seeing in our market has been drawn here by the dramatic price decreases in residential real estate. These investors are buying residential properties to hold as rental investments. Our real estate market is such that we can now offer residential rental properties that will provide good cash flow, immediate return on investment and potential for capital appreciation in the future. These investors are drawn to lower priced properties with minimal holding costs that are attractive to tenants. They make quick decisions based on a property’s financial picture rather than the emotional considerations given to a personal home purchase. They usually pay cash, as funding a mortgage payment every month will diminish cash flow advantages.
The third group of buyers, are larger investment groups who find themselves with cash available to purchase distressed properties on a bigger sale. They are looking for completed or partially completed residential projects, condominium towers, multi-family housing and more recently have shown in interest in distressed commercial properties.
While the motivation of each of these groups is very different, they are drawn here for some of the same reasons:
• Florida’s outlook for long term population growth.
• Relative weakness of the U.S. Dollar on world currency markets.
• Signs that sectors of our property market have “bottomed” – stabilizing prices, increased volume of sales, reduced levels of inventory.
• Market transparency, making it easier for them to assess a potential purchase.
• Our reputation as a business and tax friendly state.
It will be interesting to see how these trends develop during the course of 2010 as we implement our marketing plan for real estate shows and seminars around the world.
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
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If you want to make some scores, then get your pitching sharper! Getting accurate from 80 yards and in, is a great way to lower your scores quickly and easily.
The set up for pitching is a blend of the chip set up and the full swing really. Stand wider than a chip, but not as wide as a full swing. Stand the same ratio from the ball too, not as close as a chip but not as far away as your full swing. Your feet should be slightly open to the target with the ball towards the middle of your stance and your weight leaning left a hint. This encourages a downward hit when you squeeze the front edge of the club against the turf during the hit.
A pitch is powered by a rotation of the body, with the arms hanging on for the ride and staying in sync. Many people who are poor at pitching get very ‘hands and armsy’. Try hitting some with a towel under your arms to get the feeling. The wrists gently blend in and allow the club to hinge on the way back and on the way through providing some power but also the all important angle of attack to get the ball airborne.
Once you have the technique, I like the idea of a clock system with the left arm. Turing the body gently and having an awareness of where the left arm is in relation to the ground hits the ball a certain distance. So the left arm at 8 o’clock hits it “X” distance, 9 o’clock hits it “Y” distance, etc.
Get that pitching sharper and watch those scores tumble!
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.
But Jonathan remains humble and states he is ‘just a small part of their success’. He enjoys teaching people of every standard equally. Having a state of the art academy at The Concession with an indoor video suite and putting studio he specializes in all areas of the game, making it a ‘one stop shop’. For more information visit www.golfjy.com or call 941.322.1465.
Copyright © 2010 REAL Magazine
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19110 Ganton Avenue in The Concession. This is a brand new Anchor Builders model home that is furnished and located in The Concession Golf Club and Residences. This custom designed and decorated home comes sits on a one acre homesite. Enjoy lake and preserve views from every major room. The estate home was built to the highest standards utilizing the finest craftsmanship and finishes. 19110 Ganton Avenue in The Concession is available fully furnished. Read More
Since founding U.S. Assets Group in 1993 Tom Brown and his partners have set a new standard in developing luxury communities in Sarasota. The oasis of laid-back charm that is the Orchid Beach Club on Lido Key; the 17-story Beau Ciel, with panoramic views of the Sarasota waterfront; en Provence on Longboat Key, overlooking the sapphire-blue Gulf of Mexico from a French Mediterranean villa and The Founders Club, a gated 700-acre community of 262 single-family estate homes surrounding an exclusive Robert Trent Jones, Jr.-designed golf course have all redefined lavish living on Florida’s Gulf Coast. Sitting on the verandah of The Founders Club’s Golf Hall overlooking the 18th fairway, I had the opportunity to engage this accomplished community builder. Read More
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