REAL Exclusive Magazine

Leonard “Len” Garner
Construction and Development Management

By Lalaena Gonzalez-Figueroa

Photography by Chad Spencer

In the world of construction and development, opinions are as varied as they are abundant.  Regional trends tend to dominate the way business is handled, though there are always exceptions to the rule. Case in point: Len Garner, who incorporates a comprehensive approach to his projects, offering his clients a veritable “one-stop-shop” experience that’s not commonly found within the Florida market. Read More

July 2009 Exceptional Properties

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

Exceptional Properties Cover Feature:

Peter Laughlin, Signature Sotheby’s International Realty, 941.356.8428

Casa Elegante, 3731 Indian Beach Place, Sarasota, MLS #A3903856

Rarely found in Sarasota, a secluded 35,000+ square foot bay front lot, containing a palatial 14,000+ square foot estate residence. Casa Elegante delivers sweeping views from Anna Maria Island to downtown Sarasota. Containing one of the last navigable channels for some distance this could be your very own waterfront paradise. Oh, did we say Casa Elegante has its own beach as well? Come explore the special lifestyle contained within. Read More

REAL Magazine July 2009

Featuring: 4136 Roberts Point Road; Casa Fiorenza, South Florida Museum, Atchley International Realty, Leonard “Len” W. Garner.

Read More

Saks Fifth Avenue

The Fifth Avenue Club

Since opening in 1996, the Saks Fifth Avenue at the Westfield Southgate Mall has been the destination for fashion for the Sarasota community. The store boasts a superlative assortment of Ready to Wear collections Read More

IMPORTANT NOTICE

REAL Magazine Networking Event.

Casa Amalfi – Casey Key – Postponed.

DUE TO SCHEDULE CONFLICTS THIS
EVENT WILL BE RESCHEDULED FOR A FUTURE DATE.

Read More

The Homeowners Conference.

July 10-11, 2009
Tampa Marriott Waterside Hotel & Marina Read More

Design Lines – The Concession Golf Clubhouse

By Pamela Hughes

For this month’s column, I thought I’d write about a spectacular and very fun project that I have been working on with the famous fashion designer, Adrienne Vittadini.

Adrienne and I have spent almost two years designing the interior for The Concession Golf Clubhouse. The Concession Golf Club and Residences is being developed by Kevin Daves with an outstanding golf course designed by Jack Nicklaus and Tony Jacklin. The golf course was named “America’s Best New Private Golf Course” in 2006 by Golf Digest.

The Concession is named after the moment in 1969 when Jack Nicklaus conceded a two-foot putt to Tony Jacklin on the final hole of the 1969 Ryder Cup. This “concession” resulted in the only tie score in the history of the Ryder Cup competition. Jack and Tony have become life-long friends since that day. What a great story! Our clubhouse had to be equally amazing.

We began our design with the interior architecture – developing elements for the floors, walls and ceilings, and incorporating details from Palladian architecture and other classical styles. Our design concept has been to create very residential, refined and comfortable interior spaces to complement the breathtaking natural beauty of The Concession landscape.

The Concession Golf Clubhouse will enhance the awesome 18-hole course by providing an extensive Pro Shop and a professionally outfitted men’s locker room with sauna, steam room and card room. The locker room has a striking cypress trussed ceiling and handsome custom-fitted wood lockers. The shower and bathroom areas are richly appointed with mahogany millwork and marble countertops and floors.

The men’s locker room lounge has a clear cypress ceiling with pecky cypress beams and a wonderful clear cypress bar. The floors are a remarkable Brazilian cherry and are covered with custom designed colorful rugs woven in traditional patterns in the mountains of Turkey by generations of rug artisans. Many of the furnishings are leather sofas and chairs imported from England.

The women’s locker room and lounge is equally superb. Softly feminine peacock blues and gentle off-whites create a subtle Swedish design motif. The bath and vanity areas have exquisite cream colored Italian marble on the floors and the countertops, with lovely painted millwork. A private room is reserved for brides and other special event needs. The lounge and locker room areas are truly restful and beautiful spaces.

Extraordinary public spaces will include a comfortable and stylish living room with an extravagant antique Baccarat crystal chandelier as its focal point. A sophisticated and understated rug was woven in Thailand incorporating the azure blues, soft greens and cream tones of the various fabrics used in the room. The details of the Palladian interior architecture show well in this room with a 24 foot ceiling, carved stone fireplace made in England and simple but elegant painted millwork.

The living room transitions to a marvelous bar area with English brown oak paneling, bookcases and leather barstools. From the bar, the grill room opens to expansive views of The Concession’s course and the special events area with its fanciful gazebo. Rich off-white damask draperies, an imported Axminster carpet and sparkling crystal chandeliers create an understated and appealing background. World renowned restaurateur Sean Murphy of The Beach Bistro is charged with overseeing the club’s dining options which include casual fare as well as haute cuisine.

Walking down the golf corridor, the emphasis on golf is evident. Prominently displayed is a painting of Jack and Tony by portraitist Alison Hill, as well as Ryder Cup photos collected by Jack and Tony, golf prints by the English golf aficionado Harold Riley and Jack’s design drawings of the actual course.

As to art and accessories throughout the clubhouse, Adrienne and I met in Paris, both of us scouring the European markets for unique finds. In addition, we researched the Sarasota galleries and selected paintings and prints from various artists. One particular artist from Monhegan Island, Maine, the esteemed Ted Tihansky, an Edward Hopper protégé, will be painting on site, translating the foliage and natural environment of The Concession into large canvases to be used throughout the clubhouse.

With regard to the lighting, all interior and exterior decorative lighting fixtures were designed literally on the factory floor in Los Angeles by Adrienne, Kevin and I to achieve a unique and appropriate look for all areas. We researched antique fixtures and archives for styling and materials to complement the classical details inherent in the architecture.

The Concession Golf Clubhouse will officially open this fall. It is an exciting endeavor for golfers, diners and designers!

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. Pamels’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 Hughes may be reached at 941.922.4767 or visit www.hughesdes.com. 

Click here to view Pamela Hughes’ interior design at The Concession Golf Clubhouse

Photo: Adrienne Vittadini Left, Pamela Hughes Right

Why Are We Still Considered A “Declining Market”?

By C. J. Coury

Many of my Mortgage Loan Officers and REALTOR® acquaintances have asked me this question lately. The primary reason for their inquiry seems to be the fact that Fannie Mae and Freddie Mac eliminated this damaging and self-fulfilling moniker months ago. While that is true, the fact that these agencies no longer consider this classification a requirement in setting their loan to value ratios the problem persists.

The primary enforcers of the “declining market” designation are the Mortgage Insurance Companies. This is why the additional 5% down payment requirement only applies to loans that require PMI.

The other ramification of this stigma has to do more with the definition of a declining market than being branded as one. When appraisers compare a property in today’s market against one that sold last quarter they are required to make a time adjustment due to the change in market conditions. As long as that trend is downward, this will remain an issue. This is more problematic than the adjustment to the loan to value as it directly impacts that appraiser’s opinion of current market value.

Although we are all seeing a dramatic increase in interest and demand we will not see the “declining market” classification disappear until we have at least 1 quarter of stabilized pricing over the previous quarter. I would not be surprised to see it take 2 consecutive improving quarters to finally put this subject behind us.

In the mean time, please do all that you can to provide detailed comparable information to the bank appraiser when they contact you for the inspection appointment. Remember, the MLS only goes so far – there is no replacement for your expertise and intimate knowledge of your market and properties that have recently sold within it.

Take the time to prepare in advance of receiving the inspection call and you will discover that the impact of the “declining market” obstacle can be overcome in most cases.

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.

Choosing the Right Home Watch Service

By Susan Robinson

Home watch services are becoming more prevalent in our area and as realtors and brokers you are sometimes asked to recommend such a service. Here are some questions you and your buyers should consider when choosing a reputable home watch service:

• How long have they been in business? This is a business that is really based on trust and reputation. How long a firm has been in business will signal that they are known in the community, that they have figured out how to make a living at this business and therefore won’t pack it up a year from now.

• Ask what kinds of associations they belong too. Again, if they are involved in the community they are known and as importantly, they have had a chance to build a rolodex of competent vendors and suppliers, a critical element in success in this business.

• Are they bonded and insured? This is vital and doesn’t need much of an explanation. No one should go into someone else’s property unless bonded and insured.

• How many people on staff and who will be going into the property? Do they have back-ups in case of emergencies, how do they handle vacations and unexpected time away (i.e. a death in the family?).

• Are they expected to be the first person on the alarm? If yes, are they prepared to respond to alarms in the middle of the night? Who responds if they are out of town?

• Do they use marked cars? If they have signs on the cars that signal that they watch homes for people who are away? Signs on the sides of cars only help the business advertise that the homeowner is away.

• Do they visit the home on the same day at the same time? This too could be a problem for someone stalking a home.

• How have they dealt with crisis? Homeowners will want to ask: “Give me two examples of crisis you have come across and how have you handled it?

• References: Always get and check references. Also ask the company for an example of someone who has been unhappy and why.

• Background and credit checks: Since this is an unregulated business background checks should be performed on companies who don’t have a reputation in town or haven’t build a reference base. Or, companies who have serious credit issues could pose a risk. And, the company should prove to you that they have done background checks on the people entering the homes.

• Are they able to work here? Make sure they have appropriate work papers if they are not US citizens.

• How often do they communicate back to the homeowner and by what method?

• Are they incorporated in the State of Florida? In other words are they a “real” business?

• How do they handle your keys and who has access to them and where are they kept and how are they numbered?

• What are their expectations of sub contractors

Susan Robinson and her husband started Key Concierge nearly 6 years ago because they needed a reputable home watch service themselves when they were here just part-time and couldn’t find such a service. So, when they moved to Sarasota permanently they started the company. Key Concierge provides peace of mind to home owners all over Sarasota and Manatee including Lakewood Ranch, The Oaks, Casey key to Anna Maria Island, Palmer Ranch, Laurel Oaks, downtown, University Park, Mote Ranch. They are an award winning company and can be reached at 941-388-2611 or through their website: www.keyconcierge.com.

Recessionista” In The Kitchen – Part I

By Tracy Eisnaugle

Being eco-chic is a not so difficult, I gladly accepting my new role as a positive Recessionista and I’m determined to learn how to be thrifty with a smile. In a previous column we reviewed some simple ways to go green and conserve on our utility costs, once you start saving money and finding more efficient living practices it becomes an addiction. So I thought I would start a Recessionista series sharing some economical techniques not only to get you through these difficult times, but to keep with you along the way as we get back to basics and start taking pleasure in the small things.

During my constant analysis of our monthly expenses I was again taken aback by the amount two people consume in groceries. When gas prices skyrocketed so did the cost of groceries and although the price of gas has gently come down our food products have not followed suit. Our family situation is slightly unique because we are a family of two, but we eat three meals a day at home or on the run, one of the many benefits of being self-employed, but a benefit that can lead to over eating and over spending. I kept seeing these coupon women on the television discussing how they bought two-hundred dollars worth of groceries for seventeen dollars and believe me I tried, but these women must be living in another state because in our area there are no super saver cards or double coupon days. So I had to take another look at this situation and come up with an alternative solution.

Searching for the ideal role model of efficiency and the ability to stretch a dollar I found my muse, the school lunch lady, this domestic goddess holds the answers to my grocery debt dilemma. This budget pressed chef planned her menu based on reusing and recycling the most expensive part of the meal, the protein. Nothing went to waste in the school cafeteria; yesterday’s meatloaf becomes tomorrow’s sloppy joes, today’s cheeseburgers are Thursday’s nachos, a thrifty lady who gets an “A” for adaptability.

Being a list maker and a planner is essential in becoming a Recessionista; it all starts with the weekly meal plan. On Sundays I take part of the day and plan out our whole week’s worth of meals, I start with the coupon section of our local paper and the weekly sales circular. Then I create an outline of each evening’s meal, starting with the “on sale” protein because that is where you spend the most of your budget. If it is chicken then we have to create three meals from the same chicken, now we are not leftover fans in our home, so the key is changing the theme of the protein, think lunch lady. Roasted chicken with vegetables can then become Italian chicken parmesan with pasta and later turn into tasty chicken tacos. Buying the protein in bulk and cooking it three different ways is the key to saving money. A traditional pot roast on Sunday can turn into barbeque beef sandwiches on Wednesday and fiesta fajitas on Friday. Cooking the meat at once and dividing it in thirds after makes for quick changes during the week with just the addition of simple sauces and new side dishes

Just a little time on Sunday planning the menu and prepping for the week can save money, time and energy. For some simple ways to multi-purpose your proteins or questions and comments about the Recessionista tips above please feel free to contact me at TLEisnaugle@msn.com. Play with your menu and get creative, breakout that hairnet and those support hose and find your inner lunch lady.

Tracy L. Eisnaugle has practiced interior design in Sarasota since 1997 and is currently self employed providing design consultation services in the area. She is a graduate from Florida State University with a Bachelor of Science in Interior Design and continues her education by attending annual conferences. Her past experience includes, Design Center Manager for Lee Wetherington Homes, high-end residential design and model merchandising. Tracy may be reached at 941.232.3358 or by e-mail at TLEisnaugle@msn.com.

Go Global ….
Experience Island Living in the Bahamas

By Pat Tan

When Christopher Columbus first visited the Bahamas in 1492, he found Indians occupying islands surrounded by white and pink sands and crystal clear waters. Columbus was followed by a group of Puritans who landed in the Bahamas in 1648, and by Loyalists fleeing America after the War of Independence, many of whom brought their African slaves to the islands. Today, the Bahamas is a rich tapestry of African and European cultures living in harmony on those powder sands and enjoying all that the crystal clear waters have to offer.

Today’s Bahamas can be a bustling town with fine restaurants, casinos, stores and many commercial activities. It can also be a colorful island village from which to experience endless beaches and breathtaking sunsets, or a sportsman’s paradise of golf, bone fishing, and scuba diving. But these are just some of the faces of the Bahamas that draw investors to the shores of its 700 islands. A stable political environment and a government with a focus on investor friendly policies have made this island paradise a very desirable place to live and invest.

For someone looking for a new place to call home, what does the Bahamas have to offer? Apart from its obvious natural attractions, the Bahamas makes it easy for foreigners to permanently reside there. An overseas resident must purchase a property valued over $500,000 and make the necessary application for residence. They must be of “good character” and able to show that they have financial resources to support themselves. (Residency in the Bahamas rarely includes the right to work).

What about investors? What draws them to these beautiful islands? One of the Bahamas’ key attractions is its tax friendly environment for individuals, trusts and corporations – no taxes on capital gains, corporate earnings, personal income, inheritance or dividends. Non-Bahamians may purchase residential property of less than five acres on any single island in the Bahamas, except where the property constitutes over fifty per cent of the land area of a cay or involves ownership of an airport or marina. Foreign persons also enjoy a two year real property tax exemption when they acquire undeveloped land in the Bahamas for development purposes, as long as development takes place during those two years.

Real estate choices are as varied as the islands themselves. When making an investment decision, however, there are a few guidelines that investors would be wise to consider:

Location.  As always, a primary consideration when investing in real estate. Does the investor seek the commercial returns from a building or residence in one of the larger towns, or will he make more of a “lifestyle” purchase and enjoy the potentially higher appreciation of beach front, hilltop or waterfront property.

Infrastructure.  Some islands and areas are more developed than others. Access to electricity, water and telephone services should not be taken for granted!

Transportation.  It is important to understand the availability of flights and ferries, and how easily a property may be accessed.

Neighborhood.  Overseas investors tend to favor gated communities, but in some of the smaller islands they may be wise to explore alternatives.

Income Potential.  If rental income is the target, think about how the property will be marketed to renters. Who is the target market? Golfers, sport fishing enthusiasts, beach lovers, gamblers, business people – there is demand from all of these categories.

The experience of laid back island living, or the potential offered by real estate investment are just two of the many reasons people are drawn to these beautiful islands.

The International Division of Prudential Palms Realty in Sarasota represents a number of Bahamian developers and private sellers of real estate. Call Patricia Tan on 941-504-9232 for more details.

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.

Escrow Agreements At The Closing Table

By Steven R. Greenberg

Often overlooked at the real estate closing is the importance of a well-drafted escrow agreement for repairs. If the Seller has not completed the repairs pursuant to the Buyer’s notice of property defects or if an issue arises as part of the final walk-thru, the Buyer and Seller may agree to escrow funds with the closing agent for repairs to be completed after closing. Usually, the closing agent will throw together a very simple escrow agreement, or ask the REALTOR® to write an escrow agreement, which fails to deal with all issues regarding the escrow funds, including the following minimum requirements:

1. The escrow agreement should clearly identify the closing agent, i.e. who will be holding the escrow funds;

2. The names of the parties for whose benefit the funds are being held, i.e. the Buyer and Seller;

3. The amount of the escrow funds. This is a trap for the unwary. The Buyer’s agent should have the Buyer involved in the decision as to the amount to be held in escrow. If possible, the escrow funds should be based on the amount of a firm proposal, plus an amount equal to 25% to 50% for miscellaneous overrun costs while the work is being done;

4. The exact purpose of the escrow funds must be stated in the escrow agreement to ensure that the escrow funds will not be claimed by the Buyer for any repairs other than those which were contemplated by the parties. If a proposal for work is available, it is best to attach it to the escrow agreement so it will be clear as to the purpose of the escrow funds.

5. The time period for the holding of the escrow funds by the escrow agent should be set forth in the escrow agreement. Of course, this is tied to the time period for the repairs to be made;

6. It is easy to overlook the requirement of stating in the escrow agreement who will be responsible for having the repairs made, i.e. the Buyer or the Seller. However, this can be a real problem if the Buyer expects that the Seller is going to make the repairs or vice-versa, and the other party has a different understanding;

7. The procedure for the release of the escrow funds should be clearly set out in the escrow agreement. If the Seller is responsible for having the repairs made, the escrow agreement should require that the Buyer acknowledge in writing to the escrow agent the Buyer’s approval of the repairs that were made before the escrow funds are released by the escrow agent. Also, it is necessary to address the situation where the repairs are not completed properly. Finally, the escrow agreement should provide for the disposition of any excess funds after the repairs have been completed and paid for; and

8. The escrow agreement should provide for a dispute resolution procedure if the parties have a disagreement over the disposition of the escrow funds.

The REALTORS® in the transaction may also want to make sure the escrow agreement addresses the potential liability of the Seller for additional amounts that may be necessary to complete the repairs.  From the Seller’s perspective, the Seller would want the Seller’s liability to be limited to the amount of the escrow funds. On the other hand, the Buyer may want the Seller to pay any additional costs to complete the repairs. In circumstances of this type, I keep in mind my professor who use to say “where you stand depends on where you sit” and that certainly applies in the preparation of a well-drafted escrow agreement.

Steven R. Greenberg has practiced Real Estate law in Sarasota since 1986 and is a shareholder in the law firm of Icard, Merrill, Cullis, Timm, Furen & Ginsburg, P.A. He is board certified by the Florida Bar in real property law and frequently lectures on matters involving real estate transactions. Steven may be reached at (941) 365-6216 or by calling Linda Witt, Director of Marketing, directly at (941) 586-4412 or by email at REinfo@icardmerrill.com.

REAL Magazine June 2009

Featuring: 13232 Palmers Creek Terrace, United Way of Sarasota, Jennette Properties & Candy Swick.

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Interview with Kevin Daves

Developer of The Ritz-Carlton and The Concession Golf Club and Residences

By Ed Bertha

Kevin you brought two significant projects to Sarasota, The Ritz-Carlton and The Concession. Why Sarasota? Read More