January’s REAL Magazine evening networking event was held at The Hedge Team’s “Bacheller-Brewer Model Home” on Hudson Bayou. The standing room only event at the William Thorning Little renovated, Murray Homes built, historic register designation estate featured keynote speakers, Sue Blue and Jane Kirschner-Tuccillo of the Sarasota County Historical Society. Read More
There is something about a historic car, boat or house that triggers the romantic in most of us…a 1956 Mercedes 300SL Gullwing, a 1933 J-Class America’s Cup yacht or an 1850’s restored row house. Yet, “old” does not necessarily mean “good”. There are many old cars out there that you wouldn’t want to own, many boats that should probably be put out of their misery and there are certainly many old houses that would be best taken down rather than renovated.
However, as with cars and yachts, certain houses that were designed and built by good professionals are worth saving due to their design or build quality offering an appeal and charm that merit preserving for future generations.
When John Ringling first brought attention to Sarasota in the 1920’s, many wealthy businessmen began to buy land and have their architects design them second homes in the area. Bay Shore Road, just south of the Ringling Museum, is testament to that with an eclectic assortment of styles, sizes and building techniques employed. Many of the homes have been lovingly restored over the years preserving the original designs and integrity whilst updating all the mechanicals allowing modern living.
New electrics, air conditioning and plumbing in conjunction with new tile work, cabinetry, appliances and audio visual enable these old houses to live like modern homes while keeping their traditional appearance. In many homes, owners wish to not only take the architecture back to its original glory, but to embellish the design further with additional trim, ceiling detail, landscape and exterior deck spaces.
Over the years, we have completed many historic renovations, both in London and more recently here in Sarasota. The Earle House, built in 1926, was one such house. Built by a wealthy industrialist, the home was relatively untouched until 2006, when we lovingly restored the structure to its original design using the actual blueprints that were utilized in its construction in the ‘20’s. In addition, we stripped back all of the flooring, discovering beautiful oak floors, replaced all of the electrics, windows, kitchen and bathrooms and researched architectural journals to ensure that all of the trim work was as originally designed.
Another special project that we worked on was the 1926 Bachelor-Brewer house on Lincoln Drive. Collaborating with William Thorning Little, the original structure was remodeled to modern standards and a new 2000 square foot wing was added. Today it is definitely more extensive than when it was first built, with the new wing offering additional bedrooms and living space, but importantly its heritage and style has been preserved and extended, befitting its elegant downtown waterfront setting.
If you are considering purchasing an older home that you feel could be of historic importance or would like to evaluate how to restore your current home to its former glory, we would be happy to meet with you to discuss how this can be achieved. But remember, old doesn’t necessarily mean historic….sometimes old just means old!
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. 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. If you are interested in buying, selling or building in this new economy, call Steve at 941-906-7000 or visit his websites at www.murrayhomesinc.com or www.murrayrealty.net or by email at steve@murrayhomesinc.com.
Copyright © 2010 REAL Magazine
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Not much is written about the Pre-Shot routine. It is a vital and often over looked component of the game that can ‘glue’ your swing changes into place and allow you to take them to the course. It is almost like an ‘autopilot’. You get your body used to the actions and rhythms of a solid Pre-Shot routine, so when the pressure comes on the first tee or it is a time that really counts, you can produce the goods. Many of the players I work with work hard on their routines. We even time them to make sure that they are similar. You do not need to go to that extreme, but you do need to get one and practice it! All players have one, watch it on TV next time. By definition it is all the things you do before hitting the ball, really. So it needs to include:
1. Standing behind the ball and planning the shot. Namely, getting the yardage, the wind, the line, the pin, the club, etc.
2. Once you have the information and plan, you can then stand behind the ball and have a practice swing. Try to get the feel of your swing thought out the impending shot.
3. The next part is crucial and often missed out. Visualization. Stand behind the ball and pause, trying to picture what type of shot you want to hit; the flight and shape of the ball.
4. Next walk into the shot and place the club behind the ball whilst looking at the hole, as I am doing here. That gets the club square. Set up around the club.
5. Now, one look, one waggle, one look, one waggle and then just trust your swing…………….
Simple. Work on that and it will provide the bubble you need to get you through pressure times but also will help you transfer your work from the range to the course. Train it and trust it as Bob Rotella would say!
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.
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In an effort to speed up the resale of foreclosed properties the FHA has announced that it will begin to insure loans on properties that were re-sold within 90-days of purchase by the seller.
This change will allow lenders to offer FHA financing to buyers who are attempting to purchase these quick re-sales between 2/1/10 and 1/31/11. While this will help a great number of buyers there are certain restrictions that will apply.
The primary intent of this easing is to allow investors to purchase, rehab and resell these properties to FHA qualified buyers as soon as possible. There are several restrictions placed on lenders including the following:
• Transactions must be arms-length
• Sale price should not exceed 120% of sellers acquisition cost
• Forward mortgage products only
Further details and conditions of this temporary policy are available on HUD’s website at http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf.
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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If there are taxes to be saved, a 1031 exchange should be considered as the exit strategy for any real estate that qualifies. Under the current rules the process is simple: Hire a qualified intermediary (QI) company and sign an exchange agreement, sell your relinquished property, escrow the proceeds with the QI company and reinvest in qualified replacement property within 180 days. Except for personal use properties, any real estate qualifies if it’s held for investment or productive use in a trade or business—including rental real estate of every kind. Tax deferred exchanges under Section 1031 of the Internal Revenue Code are referred to variously as 1031 exchange, tax deferred exchange, tax free exchange, Starker exchange and like-kind exchange, but they all mean the same thing.
Personal use properties are things you live in all or part of the time: your main, second home, vacation home, etc. Second and vacation homes were considered a 1031 exchange gray area by some commentators, but the issue was probably put to rest by a 2007 Tax Court case. The case held that second homes and vacation homes are not qualified for 1031 exchange even if you claim investment intent, i.e., “I would have rented when I went on vacation if I didn’t want to own an investment that I could make a profit on when I sold it.” However, the case involved a vacation home with absolutely no rental history, so ask your tax advisor about claiming 1031 exchange for the sale of a vacation home with at least some rental history.
Although your main home—sometimes called your primary residence—is not a candidate for 1031 exchange, you usually won’t care because there is better tax avoidance available for your main home. It’s called Section 121; it replaced the old Section 1034 “rollover” rule that allowed a once in a lifetime $125,000 exemption after you turned 55. Under Section 121, as long as you satisfy the “two out of the last five years” occupancy test, you can forget about paying any capital gains tax on the first $250,000 of gain on your main home sale if you are a single person, or the first $500,000 of gain for a married couple filing a joint return—and you could do this every two years for the rest of your life. In contrast to 1031 exchange which provides only tax deferral, the Section 121 exemption for your main home actually forgives the capital gains tax that would otherwise be due up to the $250,000/$500,000 capital gain limits. If your main home capital gain is more than $250,000/$500,000, you will pay the capital gains tax on the overage; and where your home was previously a rental, depreciation recapture tax is never forgiven. Depreciation recapture tax, if applicable, is due when you ultimately sell your home even though you claim the Section 121 exemption.
If the gain on your main home sale exceeds the $250,000/$500,000 Section 121 limit, it might be possible to convert your main home to a rental property and then sell it in a 1031 exchange. Here’s an example: I was referred an exchange in which the relinquished property was selling for $10 million; the seller had purchased the property several years earlier and had lived in it with his wife as his main home. If he sold it as his main home, he would pay capital gains tax on $4.5 million. Instead, he and his wife moved into one of their other houses and rented the $10 million property to a well healed tenant for a year. On their tax return, they reported the house as rental property; then sold the house in a 1031 exchange. They replaced their “rental house” with $10 million worth of income producing replacement property—they saved $675,000 in taxes. This couple is now earning income on their tax savings as well as the balance of the proceeds they received on sale of the house.
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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Despite some migrations northward, Florida still enjoys a reputation as THE place to retire. Retirees are drawn to the Florida lifestyle. The ability to lead an active, outdoor life year round, take advantage of our beaches and cultural attractions and of course enjoy the tax advantages we offer, are all key considerations when someone decides upon their retirement destination. However, if the retiree is not a U.S. citizen or green card holder, the decision to spend their later years in the sunshine state is not an easy one as far as immigration laws are concerned.
As I write, the United States does not offer a retirement visa to foreign nationals. U.S. immigration programs do not allow retirees, who have the financial ability to support themselves, to reside in this country full time, and in so doing contribute to our economic recovery.
There are limited options for foreign nationals to reside in the United States. Most require a significant investment of financial resources and time, and even then only allow for a limited stay, or have a requirement that the visa holder is actively engaged in a business activity. This is not a good fit for the retiree who may have significant financial resources, want to be here full time for leisure, and does not want to engage in any business activities.
As an international REALTOR®, I work with real estate buyers from all over the world. I am often asked about visa requirements and refer clients to a specialized immigration attorney. One of the attorneys I work with refers to the myriad of visa options available as “Alphabet Soup”. They start with A and go through to Z, but nowhere in that soup of almost 100 different visas will you find a retirement visa.
In the absence of a retirement visa, many foreign would-be retirees look to the EB-5 investor visa which is the closest fit to their needs. This visa requires a minimum investment of $500,000 or $1,000,000 in an enterprise that will create jobs for U.S. citizens. Generally speaking it will provide the investor with the right to reside in U.S.A. full time, but some retirees may not be willing or able to make this level of financial investment.
As a leading state for retirement, Florida would stand to gain tremendously from changes in immigration law to support a retirement visa. Historically, Florida has been one of the fastest growing states, and this population growth had underpinned our real estate market for many years. The things that draw people to our State have not changed, and a retirement visa would help us leverage those attractions to increase the number of people retiring here.
It is evident that Florida’s real estate market is a key contributor to our economy and financial health. In fact, Florida real estate sales and leasing account for around 17% of the State’s GSP (a measure of the total value of goods and services produced in a state), while this figure is only about 12% when you look at national statistics.
A retirement visa would be especially important for Florida because we have three times more than the national average of foreign real estate buyers. Those people buying second homes today are our retirees of tomorrow.
Here on the Gulf Coast we have traditionally seen people retiring from the Midwestern states, and more recently New York, New Jersey and the New England area. Many of our retirees also come from other countries, but their ability to enjoy Florida is severely restricted by current immigration laws which, generally speaking, may limit their residence here to six months in any one year. Changes to those laws, by establishing a retirement visa could be used to stimulate demand for real estate and revive our economy more quickly. A retirement visa would contribute new dollars to the county, state and national economies.
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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You Play Every Hole, Every Shot, At The Ritz-Carlton Members Club.
FORMAT “1 BEST BALL” TOURNAMENT – YOU REALLY GET TO PLAY THE RITZ-CARLTON COURSE!
April 12, 2010 event to benefit United Way’s REALTORS for Kids fund. Read More
My Visit To Artist Jack Dowd’s Gallery
Saturday, February 6th, 2010 at 11:45am a key rotated in the lock at 20 Lemon Avenue in Sarasota, Florida. Within minutes lights were on and music was playing. Jack and Jill Dowd had brought “Last Call” to life for me. Read More
REAL Magazine January 2010
Copyright © 2010 REAL Magazine
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January 2010 Exceptional Properties7817 Valderrama Way in Lakewood Ranch. This is a brand new Gibraltar model home that is furnished and located in Country Club East. This custom designed and decorated home comes with a 1 year lease back option and a Signature 2 year warranty. The estate home was built to the highest standards utilizing the finest craftsmanship and finishes. 7817 Valderrama Way in Country Club East is available fully furnished. Read More
With stunning beaches, exquisite waterfront vistas, spectacular golf communities and a thriving downtown area, Sarasota’s real estate market isn’t just about the sales of homes and condominiums; it’s about lifestyles. The region’s amenities, a long-kept local secret, are becoming more appealing to individuals throughout the United States and beyond, who seek to experience what residents frequently describe as “paradise.”
For nearly 20 years the Hedge Team has been representing the sales and purchases of homes throughout Sarasota and Manatee Counties. Read More
As one of the world’s premiere luxury real estate brokerages the Sotheby’s International Realty brand has become synonymous with exceptional properties worldwide. In Sarasota , Manatee and Charlotte counties, Signature Sotheby’s International Realty offers real estate professionals and their clients the opportunity to maximize their business, and to affiliate themselves with a leader in the industry. Read More
November’s REAL Magazine networking event was held at Deborah Beacham’s “Oasis by the Sea” on Casey Key. The standing room only event at the Guy Peterson designed, Michael Walker built, gulf front estate featured keynote speaker, John Tuccillo, former NAR chief economist. Read More
An internationally renowned luxury designer whose sumptuous interiors have been featured in the industry’s top publications, Pamela Hughes is proud to call Sarasota home.
Pamela, who maintains offices in McLean, Virginia in addition to her Sarasota location, first arrived in the area when she accepted an invitation to design The Ritz-Carlton, Sarasota. Read More
Our next to last step is the duration of the construction of our design. A lot of work has gone into all the preplanning, detailing and “fussing about” on the building design. Now it is time for the rubber to meet the road and take this 2 dimensional design to reality in 3D.
The first item of business is the contract between the client and the contractor. The final bids and timing are in place and the budget looks good to all parties. The selection of the type of contract is on an individual basis that suits the client best. The available types are the fixed or stipulated sum contract or the cost plus variety. There are individual options for each of these, but generally the stipulated sum calls for the contractor to be able to build the design, per drawings and specifications, for a lump sum cost and in a specific amount of time. The cost plus variety entails more of an active participation between the client and the contractor as the contractor will build the design for cost, plus a fee. Our clients are somewhat split on which one they prefer, and our firm is very satisfied with either. A contract is a legal and binding agreement; and I have said before, that a contract is only as good as the people behind it. We have been very satisfied with the outcome of the contracts we participate in but I truly believe that this has been a product of very good communication between all parties.
Now the contract is in place and contractor mobilization begins. The process now becomes an interaction with the client, contractor, architect and the many consultants who assist each other in coordinating all of the aspects of construction to insure that the design is built according to the plans and specifications. This includes review of all shop drawings prepared by the subcontractors and craftsmen, to further coordinate that they are interpreting the design correctly. This also begins the coordination of the trades during our periodic site inspections at all of the important and crucial times. Our firm is now reviewing the contractor’s payment requests and release of liens to ensure that the client is only paying for built portions of the work that are constructed correctly and in compliance with the plans and specifications. Our firm is really the “funnel”. All parties relay their information through us so that we can assure that the building process is moving forward as we want it to. This process follows the same regiment throughout the entire construction until it is entirely finished. Coordination with the contractor, landscape architect, engineers, lighting designers, interior designers and most importantly, the client, is of paramount importance at this time. Depending on the duration of the construction, this can sometimes be an arduous task in keeping consistency and reliability at the highest levels. This is where experience and foresight provides for an even and smooth process.
Have we had challenges? Sure have! There are so many details to attend to that it is inevitable that there will be some hiccups along the path, but a seasoned veteran will keep the project on an even keel. Ultimately the process continues until the project begins to take shape and the finished product is realized.
It has been a long road, but the finished building comes out exactly the way we visualized it. Our goal is that the finished building will have surpassed our client’s expectations. Another piece of one of a kind artwork . . . .Frozen music…………..
The last step in the process is when the building is ready for occupancy and the owner moves in. This is one of my favorite steps. To see the building function as it was intended to, and to see people interact within and around the building is my favorite charette. I have been in many of our finished projects and this is the time when even my expectations are exceeded. I always learn something more when this process takes place. I learn that unlike many aspects of our lives, how important and how dependent we are on a team approach to architecture and life in general. It is true that a building is the sum of the details as long as they are correctly put together.
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
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