When I first moved to Florida in the mid 90's I was on guard to deal with the humidity and heat I was warned about by other previous visitors to Florida. To my surprise, the high humidity and temps were not much different than I had experienced back in the Midwest.
I always thought a person's body makes some sort of internal adjustment to the weather. To my surprise this is not true. According to medical sources there is no thinning of the blood. No internal thermostat. Nothing changes physically.
You will find we have an average high temp at about 93F. during August for instance. Humidity will be high. So what changes go on to help cope with the warm weather?
For one thing I found setting the AC up to 76-78 after being here awhile. Most of the restaurants keep the temp at 72 or so. These settings are just too cold for me after I had been here awhile. So the good news is it is my experience we stay inside a little more during the day and dress accordingly.
Like so many baby boomers, it is so beautiful here the rest of the year most people will take a little heat for those winter days of freezing temperatures.
Wednesday, July 03, 2013
Monday, July 01, 2013
Happy Birthday Canada!
Canada's birthday on July 1st. Now known as Canada Day, it is celebrating the uniting of 3 colonies to form a country within the British Empire. It is often celebrated with family picnics, barbecues, national games such as baseball and field hockey and fireworks.
Canada Day is observed on July 1st regardless of the day it falls on except for a Sunday in which case it is observed the following day.
Canadian Baby Boomers will arrive in Florida usually after October 15th.
Canada Day is observed on July 1st regardless of the day it falls on except for a Sunday in which case it is observed the following day.
Canadian Baby Boomers will arrive in Florida usually after October 15th.
Monday, January 08, 2007
Information for the 50+ Crowd...
Don't call them seniors. Baby boomers, who reveled in the culture of youth a quarter-century ago, aren't about to be their parents' retirees. "Baby boomers think they never will get old," said Myril Axelrod, president of Marketing Directions Associates in New York. "This self-image will have a lot to do with their future housing choices." "Aging boomers are not considering retirement housing. Instead, they call it next-stage housing," said Axelrod, who spoke at a recent senior housing symposium in Chicago. more...
Thursday, November 16, 2006
Sarasota Redefines Active Adult Communities
When you think about retirement housing in Florida does a cookie-cutter, high-rise condo come to mind? Well, think again. The Sarasota real estate landscape looks much different than you might expect in terms of retirement communities.
In fact, Sarasota homes designed for retirees come in all shapes and sizes and they suit a variety of tastes and preferences. Sarasota real estate developers have been particularly creative when it comes to active adult communities. The design of Sarasota homes built for these buyers has definitely kept pace with the changing and increasing demands of a new generation. more...
In fact, Sarasota homes designed for retirees come in all shapes and sizes and they suit a variety of tastes and preferences. Sarasota real estate developers have been particularly creative when it comes to active adult communities. The design of Sarasota homes built for these buyers has definitely kept pace with the changing and increasing demands of a new generation. more...
Sarasota Sunshine and Sunsets
Sarasota is probably best known for its wonderful climate and glorious beaches. Both make the city a great place to live, a fact that is not lost on baby boomers making their move to Sarasota homes. Their attraction to Sarasota real estate is certainly understandable. Among the reasons: spectacular sunrises and sunsets over pristine beaches, year-round warmth, and abundant sunshine. more...
Friday, November 03, 2006
Home Sales Ease
September Homes Sales Ease, Inventory Tightens – New Construction off 10%
According to the National Association of Realtors, the Sarasota real estate market has begun to stabilize this year. Sales on Sarasota homes have eased a bit, and on top of that, there are actually less homes on the market.
Each region of the country has seen a different degree of decline in home sales -- with the exception of the South, which had an ever so slight increase in sales. All kinds of real estate -- single-family homes, townhomes, condominiums, and co-ops -- have had decreased sales, meaning there's been an overall fall of 1.9 percent in sales in just the last month and in the last year, there's been a steep dip of 14.2 percent! 6.18 million units, in total, were sold this year.
But this decrease in sales is not something to panic about. First of all, it's really only an indicator that the Sarasota real estate market (and market in general) is stabilizing, which means more home buyers are bound to come out of the woodwork and start participating in the market.
And, even so, the reason there has been a downward slant in sales is because in 2005, the sales were outrageously high -- there was a boom in homeownership. This was probably a result of the aging baby boomers who were buying homes left and right (and still are, but perhaps to a lesser extent this year, as they're mostly all sheltered by now). But it's becoming more common every year for these baby boomers, which consist of a huge portion of the home buyer population, to buy a second home. This could mean that the market sees an upward trend or at least settles at a comfortable pace as these home buyers start anchoring themselves in other cities and states.
So, as someone interested in Sarasota real estate or Sarasota homes, you're probably wondering what all of this means to you. The good news is that the South is one of the stronger markets. Sarasota, the cultural center of Florida, will always attract home buyers and with the increase in second-home ownership, this is truer today than it's been in a long time! Sarasota real estate, like the market in general, is not in bad shape at all (though it has seen a decline in sales like many other cities). It still happens to be in the only region that saw an increase in home sales this past year and that bodes well for it.
New homes are not being constructed as much as they were before (about 10% less). But this is inevitable. After every boom, there is some sort of crash, and luckily things seem pretty stable. As well, real estate doesn't have limitless possibility. The United States population has finally reached 300 million, and someday there simply won't be enough room for everybody. But right now there is still plenty of potential in the market and Sarasota, especially, offers great potential for profit for those interested in Sarasota real estate.
A stable real estate industry, while not as a wildly lucrative as it was a year ago, is not a bad thing. The conditions for profitable investment in real estate are typically stability and only mild inflation. It's nice to have a boom like in 2005, but that leads to unpredictability and inflation. The more orderly the industry is, the better, as people can buy and sell homes with a more carefree reliance on the economic indicators that change every day.
So what lies in the future? As the market has stabilized, it will probably begin to pick up again, perhaps in the next few months even.
Sales declined, inevitably, but as folks respond to the comfortable position the market is now in, sales will probably at least even out or increase in the next months and years. This will likely be more of a result of a balance between home buying and selling, rather than new construction however. In fact, in South Florida particularly (Sarasota), home construction has declined. This is mostly because of the torrential weather the state has faced during the past few years, most recently due to Hurricane Wilma.
Speaking of Hurricane Wilma, one major factor that can always threaten to throw the market on its side, is changing weather patterns. Following the detestation of Hurricane Katrina, the real estate industry, including Sarasota, in coastal regions is a bit on the insecure side. So keep on your toes if you want to keep tabs on the Sarasota real estate market!
According to the National Association of Realtors, the Sarasota real estate market has begun to stabilize this year. Sales on Sarasota homes have eased a bit, and on top of that, there are actually less homes on the market.
Each region of the country has seen a different degree of decline in home sales -- with the exception of the South, which had an ever so slight increase in sales. All kinds of real estate -- single-family homes, townhomes, condominiums, and co-ops -- have had decreased sales, meaning there's been an overall fall of 1.9 percent in sales in just the last month and in the last year, there's been a steep dip of 14.2 percent! 6.18 million units, in total, were sold this year.
But this decrease in sales is not something to panic about. First of all, it's really only an indicator that the Sarasota real estate market (and market in general) is stabilizing, which means more home buyers are bound to come out of the woodwork and start participating in the market.
And, even so, the reason there has been a downward slant in sales is because in 2005, the sales were outrageously high -- there was a boom in homeownership. This was probably a result of the aging baby boomers who were buying homes left and right (and still are, but perhaps to a lesser extent this year, as they're mostly all sheltered by now). But it's becoming more common every year for these baby boomers, which consist of a huge portion of the home buyer population, to buy a second home. This could mean that the market sees an upward trend or at least settles at a comfortable pace as these home buyers start anchoring themselves in other cities and states.
So, as someone interested in Sarasota real estate or Sarasota homes, you're probably wondering what all of this means to you. The good news is that the South is one of the stronger markets. Sarasota, the cultural center of Florida, will always attract home buyers and with the increase in second-home ownership, this is truer today than it's been in a long time! Sarasota real estate, like the market in general, is not in bad shape at all (though it has seen a decline in sales like many other cities). It still happens to be in the only region that saw an increase in home sales this past year and that bodes well for it.
New homes are not being constructed as much as they were before (about 10% less). But this is inevitable. After every boom, there is some sort of crash, and luckily things seem pretty stable. As well, real estate doesn't have limitless possibility. The United States population has finally reached 300 million, and someday there simply won't be enough room for everybody. But right now there is still plenty of potential in the market and Sarasota, especially, offers great potential for profit for those interested in Sarasota real estate.
A stable real estate industry, while not as a wildly lucrative as it was a year ago, is not a bad thing. The conditions for profitable investment in real estate are typically stability and only mild inflation. It's nice to have a boom like in 2005, but that leads to unpredictability and inflation. The more orderly the industry is, the better, as people can buy and sell homes with a more carefree reliance on the economic indicators that change every day.
So what lies in the future? As the market has stabilized, it will probably begin to pick up again, perhaps in the next few months even.
Sales declined, inevitably, but as folks respond to the comfortable position the market is now in, sales will probably at least even out or increase in the next months and years. This will likely be more of a result of a balance between home buying and selling, rather than new construction however. In fact, in South Florida particularly (Sarasota), home construction has declined. This is mostly because of the torrential weather the state has faced during the past few years, most recently due to Hurricane Wilma.
Speaking of Hurricane Wilma, one major factor that can always threaten to throw the market on its side, is changing weather patterns. Following the detestation of Hurricane Katrina, the real estate industry, including Sarasota, in coastal regions is a bit on the insecure side. So keep on your toes if you want to keep tabs on the Sarasota real estate market!
Saturday, October 28, 2006
Hiring a Home Inspector
Hiring a home inspector is a must when purchasing Sarasota real estate or any real estate. There are several good inspectors in the area. A good Realtor will supply his client with at least 5 names to call. Of course there is always the Yellow Pages too.
Choose wisely. Here is some information on hiring a Sarasota home inspector...
Choose wisely. Here is some information on hiring a Sarasota home inspector...
Hiring a Home Inspector
Hiring a home inspector is a must when purchasing Sarasota real estate or any real estate. There are several good inspectors in the area. A good Realtor will supply his client with at least 5 names to call. Of course there always the Yellow Pages too.
Choose wisely. Here is some information on hiring a Sarasota home inspector...
Choose wisely. Here is some information on hiring a Sarasota home inspector...
Wednesday, October 04, 2006
Lakewood Ranch - More New Homes
As Sarasota county "sits and studies" things, Manatee County plans to once again expand its tax base.
Schroeder-Manatee Ranch is looking past the current soft housing market and proposing two massive developments that could bring more than 8,000 new homes to Lakewood Ranch.
Both developments are slated for open pastoral northeast of the intersection of Lakewood Ranch Boulevard and State Road 70, near the stalled hockey arena project.
The 8,100 new homes would add to the roughly 6,000 already built in Lakewood Ranch, and were part of the Ranch's original master plan that extends over 30 years and could lead to development of 7,000 acres.
Schroeder-Manatee Ranch is looking past the current soft housing market and proposing two massive developments that could bring more than 8,000 new homes to Lakewood Ranch.
Both developments are slated for open pastoral northeast of the intersection of Lakewood Ranch Boulevard and State Road 70, near the stalled hockey arena project.
The 8,100 new homes would add to the roughly 6,000 already built in Lakewood Ranch, and were part of the Ranch's original master plan that extends over 30 years and could lead to development of 7,000 acres.
Monday, October 02, 2006
New Home Sales in Sarasota
NEW HOME SALES
Sales of new homes posted the biggest increase in five months in August, raising hopes that the steep slide in the housing industry may be leveling off. Sales of new single-family homes increased by 4.1 percent -- far better than the 3 percent decline economists had expected.
Sales of new homes posted the biggest increase in five months in August, raising hopes that the steep slide in the housing industry may be leveling off. Sales of new single-family homes increased by 4.1 percent -- far better than the 3 percent decline economists had expected.
Thursday, September 14, 2006
This morning I read the following in the paper...County commissioners on Tuesday OK'd a controversial $3.1 million purchase of land on the Myakka River, arguing that multimillion-dollar homes would be built on the pristine site if it isn't protected. There wasn't a single mention, though, of what has made the purchase controversial during the past two months -- that Tamara Ley, wife of County Administrator Jim Ley, is the real estate agent on the deal.Commissioners felt that issue was resolved last month when Tamara Ley promised to either donate her $45,000 commission to charity or not take a commission on the deal, said Commissioner Jon Thaxton.
The deal has also been criticized because the owner, Myakka Properties, bought the property 19 months ago for $650,000 and the price has since nearly quintupled.The land had been targeted for acquisition by the county's environmentally sensitive lands program since 2000. But the county's agent, The Nature Conservancy, had failed to close a deal at a time when the land was much cheaper.What the heck is going on? In these days of soaring insurance rates and soaring utility increases, why in the world would we spend 3 million dollars on land that potentially could generate more income to the county? Who in their lifetime or their children's lifetime will every even see this land let alone use it?
I bet if this purchase was financed by raising the local sales tax - it would never happen. In fact, thinking about it, that is exactly what should be done. Cut the real estate taxes so people are not taxed out of their homes and raise the sales tax. Then we'll see how the anti-growth geniuses manage a budget. Now they spend money like it is their own...
The deal has also been criticized because the owner, Myakka Properties, bought the property 19 months ago for $650,000 and the price has since nearly quintupled.The land had been targeted for acquisition by the county's environmentally sensitive lands program since 2000. But the county's agent, The Nature Conservancy, had failed to close a deal at a time when the land was much cheaper.What the heck is going on? In these days of soaring insurance rates and soaring utility increases, why in the world would we spend 3 million dollars on land that potentially could generate more income to the county? Who in their lifetime or their children's lifetime will every even see this land let alone use it?
I bet if this purchase was financed by raising the local sales tax - it would never happen. In fact, thinking about it, that is exactly what should be done. Cut the real estate taxes so people are not taxed out of their homes and raise the sales tax. Then we'll see how the anti-growth geniuses manage a budget. Now they spend money like it is their own...
Sunday, August 13, 2006
Thursday, August 03, 2006
Mortgage Rates Fall Again - more to come?
Mortgage rates declined for the second straight week on signs that the economy is growing at a slower pace than expected, Freddie Mac reported Thursday.
The average rate on 30-year fixed-rate loans fell to 6.63 percent for the week ending August 2 from 6.72 percent the week before.
A year ago, the 30-year mortgage rate averaged 5.82 percent.
"Second quarter Gross Domestic Product [GDP] came in weaker than the market had expected. This means inflation is less of a threat, and that translates into lower mortgage rates," Frank Nothaft, Freddie Mac vice president and chief economist said in a prepared statement.
"Although lower rates are a welcome sight, we still feel that the 30-year fixed-rate mortgage rate will drift up and down somewhat over the next few months, but will average less than seven percent for the year," Nothaft added.
The average rate on 30-year fixed-rate loans fell to 6.63 percent for the week ending August 2 from 6.72 percent the week before.
A year ago, the 30-year mortgage rate averaged 5.82 percent.
"Second quarter Gross Domestic Product [GDP] came in weaker than the market had expected. This means inflation is less of a threat, and that translates into lower mortgage rates," Frank Nothaft, Freddie Mac vice president and chief economist said in a prepared statement.
"Although lower rates are a welcome sight, we still feel that the 30-year fixed-rate mortgage rate will drift up and down somewhat over the next few months, but will average less than seven percent for the year," Nothaft added.
Wednesday, August 02, 2006
Pending Contracts rise
Pending home sales, a leading indicator for the housing sector, have risen for the last two months, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, based on contracts signed in June, increased 0.4 percent to a reading of 113.9 from an upwardly revised level of 113.5 in June, but is 9.6 percent below June 2005.
The index is based on pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed, but the sale usually is finalized within one or two months of signing.An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined, and was the first of five consecutive record years for existing-home sales.
Market Strives for BalanceDavid Lereah, NAR’s chief economist, says the small rise in the index is good news, indicating that the trend is stabilizing. “Once again, we have various housing indicators moving in different directions, which itself is an indicator of a market in transition,” he says. “The housing market is striving for balance – a process that will take several months. "
A quieting in the movement of indicators should restore confidence to home buyers who’ve been on the sidelines, waiting for the right time to get into the market, and now is the best time we’ve seen since the 1990s in terms of housing choices and flexible terms.”
Regional Fluctuations:
Regionally, pending home sales in the South rose 2.5 percent in June to 130.7 but was 4.8 percent below June 2005.
The index in the Midwest increased 1.9 percent to 103.3 in June but was 11.9 percent below a year ago.
The index in the West was unchanged, holding at 110.1 in June, and was 14.2 percent lower than June 2005. In the Northeast, the index dropped 6.3 percent in June to 99.4 and was 11.6 percent below a year ago.
The Pending Home Sales Index, based on contracts signed in June, increased 0.4 percent to a reading of 113.9 from an upwardly revised level of 113.5 in June, but is 9.6 percent below June 2005.
The index is based on pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed, but the sale usually is finalized within one or two months of signing.An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined, and was the first of five consecutive record years for existing-home sales.
Market Strives for BalanceDavid Lereah, NAR’s chief economist, says the small rise in the index is good news, indicating that the trend is stabilizing. “Once again, we have various housing indicators moving in different directions, which itself is an indicator of a market in transition,” he says. “The housing market is striving for balance – a process that will take several months. "
A quieting in the movement of indicators should restore confidence to home buyers who’ve been on the sidelines, waiting for the right time to get into the market, and now is the best time we’ve seen since the 1990s in terms of housing choices and flexible terms.”
Regional Fluctuations:
Regionally, pending home sales in the South rose 2.5 percent in June to 130.7 but was 4.8 percent below June 2005.
The index in the Midwest increased 1.9 percent to 103.3 in June but was 11.9 percent below a year ago.
The index in the West was unchanged, holding at 110.1 in June, and was 14.2 percent lower than June 2005. In the Northeast, the index dropped 6.3 percent in June to 99.4 and was 11.6 percent below a year ago.
Monday, July 24, 2006
RESPA protects the consumer again!
RESPA protects consumers by outlawing kickbacks and referral fees that increase settlement costs in a real estate sale, but it can take many forms and sometimes enter gray areas. Last week, the Department of Housing and Urban Development (HUD) reached a $1.6 million agreement with CitiMortgage Inc. and two homebuilders, saying the company used a captive title reinsurance company to violate RESPA rules.
The agreements included a $650,000 settlement with CitiMortgage Inc., and its captive title reinsurance company Chesapeake Reinsurance; a $675,000 settlement with M.D.C. Holdings, Inc., certain of its Richmond American Homes homebuilding subsidiaries and AHT Reinsurance; and, a $305,000 settlement with WL Homes, which does business as John Laing Homes, a California and Colorado builder.
Captive title reinsurance is a practice whereby a title insurance company transfers a portion of the risk and title premium to a company owned by the builder, lender or real estate broker referring the title business. In HUD's view, illegal RESPA kickbacks may occur in these arrangements if the money paid to the developer-owned title company exceeds a reasonable amount necessary to shield against the accompanying risk of the corresponding insurance policy. HUD says there is "particular concern" when these arrangements involve an entity that is in a position to refer business to the primary title insurer.
"There is almost never any legitimate need or business purpose for title reinsurance on a single-family residence," says HUD Assistant Secretary for Housing Brian D. Montgomery. "HUD will continue to work with the states to investigate captive arrangements to make certain that they aren't created for the purpose of obscuring referral fees."
The companies cooperated with HUD in reaching settlements. In addition to the settlement payments, the companies agreed not to enter into any new captive title arrangements and to cease writing new captive title reinsurance business.
These are the first settlements in the nation involving the recipients of payments made by title companies to captive companies for reinsurance. The settlements come in the wake of recent settlements states have obtained from title insurance companies who paid significant portions of the premiums they received to such captive companies.
The Real Estate Settlement Procedures Act was enacted in 1974 to provide consumers advance disclosures of settlement charges and to curtail excessive fees in the home buying process. Section 8 of RESPA prohibits a person from giving or accepting anything of value in exchange for the referral of settlement service business.
The agreements included a $650,000 settlement with CitiMortgage Inc., and its captive title reinsurance company Chesapeake Reinsurance; a $675,000 settlement with M.D.C. Holdings, Inc., certain of its Richmond American Homes homebuilding subsidiaries and AHT Reinsurance; and, a $305,000 settlement with WL Homes, which does business as John Laing Homes, a California and Colorado builder.
Captive title reinsurance is a practice whereby a title insurance company transfers a portion of the risk and title premium to a company owned by the builder, lender or real estate broker referring the title business. In HUD's view, illegal RESPA kickbacks may occur in these arrangements if the money paid to the developer-owned title company exceeds a reasonable amount necessary to shield against the accompanying risk of the corresponding insurance policy. HUD says there is "particular concern" when these arrangements involve an entity that is in a position to refer business to the primary title insurer.
"There is almost never any legitimate need or business purpose for title reinsurance on a single-family residence," says HUD Assistant Secretary for Housing Brian D. Montgomery. "HUD will continue to work with the states to investigate captive arrangements to make certain that they aren't created for the purpose of obscuring referral fees."
The companies cooperated with HUD in reaching settlements. In addition to the settlement payments, the companies agreed not to enter into any new captive title arrangements and to cease writing new captive title reinsurance business.
These are the first settlements in the nation involving the recipients of payments made by title companies to captive companies for reinsurance. The settlements come in the wake of recent settlements states have obtained from title insurance companies who paid significant portions of the premiums they received to such captive companies.
The Real Estate Settlement Procedures Act was enacted in 1974 to provide consumers advance disclosures of settlement charges and to curtail excessive fees in the home buying process. Section 8 of RESPA prohibits a person from giving or accepting anything of value in exchange for the referral of settlement service business.
Saturday, June 17, 2006
Manasota Realty Opens in Lakewood Ranch
After 10 years with Re/Max, I recently opened a new brokerage, Manasota Realty, in part to service the Lakewood Ranch and surrounding neighborhoods. Since I personally own a house here and having built 7 others, all in Lakewood Ranch, I feel I am able to expertly promote the area on behalf of both sellers and buyers.
I was one of the first owners in Greenbrook. I still feel this is a very unique neighborhood which has expanded across Lorraine Road. I drove through the Greenbrook neighborhoods yesterday and the beauty of the area never ceases to amaze me. The pride of ownership is very evident. Properties are carefully maintained.
I also noted that every school servicing this community is an A rated school including Lakewood Ranch high school. That really says something about the family focus here. Anyone choosing a home in this area should feel very confident they have made an excellent choice.
I was one of the first owners in Greenbrook. I still feel this is a very unique neighborhood which has expanded across Lorraine Road. I drove through the Greenbrook neighborhoods yesterday and the beauty of the area never ceases to amaze me. The pride of ownership is very evident. Properties are carefully maintained.
I also noted that every school servicing this community is an A rated school including Lakewood Ranch high school. That really says something about the family focus here. Anyone choosing a home in this area should feel very confident they have made an excellent choice.
Sunday, June 11, 2006
Lakewood Ranch 6 month Real Estate Prices
I have updated my website for the current Lakewood Ranch real estate prices. The statistics are for the previous 6 months. It is very apparent that real estate Sellers are becoming more realistic with their asking prices. This reflects the current market trend which is normal, solid growth and appreciation. For a time, Sellers have been pricing their property to an unrealistic level. It is a great time to be a Buyer. The market definitely favors you...
Lakewood Ranch Prices
Lakewood Ranch Prices
Wednesday, May 31, 2006
Lakewood Ranch Continues to Expand
When exploring Sarasota Real Estate, the ever-expanding Lakewood Ranch is a 'must see' for Buyers looking to find the perfect Sarasota Planned Community. Lakewood Ranch has something for everyone. From condominiums on the water to estate sized single family homes; from gated communities to golf course settings; maintenance free living, you will not want to pass up seeing this most beautiful development.
There are two main divisions inside the Ranch- 'The Country Club' neighborhoods which are larger lots, are more expensive and located behind security gates. It has recently expanded to the East of Lorraine road. The non-country club neiighborhoods enjopy most of the same ammenities as found in the Country Club. There are condos in both sections as well as single family homes.
By the year 2020, State road 70 is expected to be in the center of Lakewood Ranch.
There are two main divisions inside the Ranch- 'The Country Club' neighborhoods which are larger lots, are more expensive and located behind security gates. It has recently expanded to the East of Lorraine road. The non-country club neiighborhoods enjopy most of the same ammenities as found in the Country Club. There are condos in both sections as well as single family homes.
By the year 2020, State road 70 is expected to be in the center of Lakewood Ranch.
Wednesday, May 17, 2006
Lakewood Ranch Plans a "Downtown"
The Bradenton Herald reported that the next step in Lakewood Ranch's rapid transformation from farmland to a burgeoning city is a downtown.
After 11 years of building Lakewood Ranch on the strength of suburban single-family homes, Schroeder-Manatee Ranch Inc. now plans something different - a high-density expansion with thousands of multifamily units, millions of square feet of commercial and office space, and hundreds of hotel rooms.
The company recently submitted plans for the project, called Lakewood Centre, to local and regional planners for review.
"It will be designed to serve as a true town center for the Lakewood Ranch community as well as other surrounding communities," said Todd Pokrywa, SMR's vice president of planning.
That center will sit on 695 acres bordered by State Road 70, Lakewood Ranch Boulevard, a future eastward extension of Malachite Drive and Pope Road. On it, SMR plans 3,675 homes, 1.77 million square feet of commercial space, 1.56 million square feet of office space and 300 hotel rooms, all wrapped around an uncompleted hockey arena that is not part of the company's fifth development of regional impact (DRI).
Of those homes, 3,239 are slated to be multifamily units and just 436 as single-family homes. Pokrywa said an unknown number of those multifamily units could be designated as work-force housing, now defined by Manatee County as homes priced between $160,000 and $192,000.
That's a departure for Lakewood Ranch, which has acquired an upscale image based on its development history of more-expensive single-family homes, gated neighborhoods and a corporate park with high-paying white-collar jobs.
"It is different from the other DRIs, but it fits in with where we are in community development," said Sondra Guffey, spokeswoman for LWR Communities LLC, Lakewood Ranch's developer and a SMR subsidiary. "The community has reached a maturation level where there's a need for this type of (multifamily) housing."
SMR hasn't yet determined what kind of housing the multifamily units will be, but it could be a mix of townhomes, apartments and/or condominiums, some possibly located over retail space, Guffey said.
It's also possible that some of the residential buildings will be taller than what's currently in Lakewood Ranch, she said. The tallest buildings now are three-story condominium buildings over ground-level parking.
The potential for work-force housing in the area excited Suzie Dobbs, the county's affordable/work-force housing coordinator. She said she has "strongly encouraged" SMR in the past to incorporate affordable and work-force housing as it develops more of its vast land holdings.
"We would love to get a start out there," Dobbs said, adding she has not yet spoken with SMR about Lakewood Centre.
There now is no officially designated work-force or affordable housing, defined as homes priced below $160,000, in the fast-growing area south of the Manatee River and east of Interstate 75, she said. The only affordable housing east of the interstate is Tuscany Lakes, a 348-unit complex on Mendoza Road in Ellenton.
SMR plans to develop Lakewood Centre in three phases through 2019:
• First phase: 900 multifamily units, 300 hotel rooms, 458,000 square feet of office and 460,000 square feet of retail through the year 2011.
• Second phase: 1,800 multifamily units, 200 single-family homes, 542,000 square feet of retail, and 458,000 square feet of office between 2011 and 2014.
• Third phase: 539 multifamily units, 236 single-family homes, 772,000 square feet of retail, and 647,000 square feet of office between 2014 and 2019.
The company is seeking Tampa Bay Regional Planning Council approval only for the first phase, said John Meyer, the council's DRI coordinator. Approval of the latter phases will depend on further traffic, environmental and other studies, he said.
Meyer estimated it could take 12 to 18 months for the project's first phase to get approval.
Lakewood Centre is the fifth portion of SMR's 31,000 acres in Manatee and Sarasota counties to be slated for development.
The company previously won approval to develop three portions, totaling nearly 9,400 acres, into more than 9,800 homes, 5.28 million square feet of office space, 1.63 million square feet of commercial/retail space and 4.7 million square feet of industrial space. Those approvals also included 215 hotel rooms and 150 hospital beds.
Plans for another 4,446 homes, 200,000 square feet of retail space and 105,000 square feet of office space on 1,500 acres immediately east and north of Lakewood Centre are being reviewed by county, regional and state planners.
After 11 years of building Lakewood Ranch on the strength of suburban single-family homes, Schroeder-Manatee Ranch Inc. now plans something different - a high-density expansion with thousands of multifamily units, millions of square feet of commercial and office space, and hundreds of hotel rooms.
The company recently submitted plans for the project, called Lakewood Centre, to local and regional planners for review.
"It will be designed to serve as a true town center for the Lakewood Ranch community as well as other surrounding communities," said Todd Pokrywa, SMR's vice president of planning.
That center will sit on 695 acres bordered by State Road 70, Lakewood Ranch Boulevard, a future eastward extension of Malachite Drive and Pope Road. On it, SMR plans 3,675 homes, 1.77 million square feet of commercial space, 1.56 million square feet of office space and 300 hotel rooms, all wrapped around an uncompleted hockey arena that is not part of the company's fifth development of regional impact (DRI).
Of those homes, 3,239 are slated to be multifamily units and just 436 as single-family homes. Pokrywa said an unknown number of those multifamily units could be designated as work-force housing, now defined by Manatee County as homes priced between $160,000 and $192,000.
That's a departure for Lakewood Ranch, which has acquired an upscale image based on its development history of more-expensive single-family homes, gated neighborhoods and a corporate park with high-paying white-collar jobs.
"It is different from the other DRIs, but it fits in with where we are in community development," said Sondra Guffey, spokeswoman for LWR Communities LLC, Lakewood Ranch's developer and a SMR subsidiary. "The community has reached a maturation level where there's a need for this type of (multifamily) housing."
SMR hasn't yet determined what kind of housing the multifamily units will be, but it could be a mix of townhomes, apartments and/or condominiums, some possibly located over retail space, Guffey said.
It's also possible that some of the residential buildings will be taller than what's currently in Lakewood Ranch, she said. The tallest buildings now are three-story condominium buildings over ground-level parking.
The potential for work-force housing in the area excited Suzie Dobbs, the county's affordable/work-force housing coordinator. She said she has "strongly encouraged" SMR in the past to incorporate affordable and work-force housing as it develops more of its vast land holdings.
"We would love to get a start out there," Dobbs said, adding she has not yet spoken with SMR about Lakewood Centre.
There now is no officially designated work-force or affordable housing, defined as homes priced below $160,000, in the fast-growing area south of the Manatee River and east of Interstate 75, she said. The only affordable housing east of the interstate is Tuscany Lakes, a 348-unit complex on Mendoza Road in Ellenton.
SMR plans to develop Lakewood Centre in three phases through 2019:
• First phase: 900 multifamily units, 300 hotel rooms, 458,000 square feet of office and 460,000 square feet of retail through the year 2011.
• Second phase: 1,800 multifamily units, 200 single-family homes, 542,000 square feet of retail, and 458,000 square feet of office between 2011 and 2014.
• Third phase: 539 multifamily units, 236 single-family homes, 772,000 square feet of retail, and 647,000 square feet of office between 2014 and 2019.
The company is seeking Tampa Bay Regional Planning Council approval only for the first phase, said John Meyer, the council's DRI coordinator. Approval of the latter phases will depend on further traffic, environmental and other studies, he said.
Meyer estimated it could take 12 to 18 months for the project's first phase to get approval.
Lakewood Centre is the fifth portion of SMR's 31,000 acres in Manatee and Sarasota counties to be slated for development.
The company previously won approval to develop three portions, totaling nearly 9,400 acres, into more than 9,800 homes, 5.28 million square feet of office space, 1.63 million square feet of commercial/retail space and 4.7 million square feet of industrial space. Those approvals also included 215 hotel rooms and 150 hospital beds.
Plans for another 4,446 homes, 200,000 square feet of retail space and 105,000 square feet of office space on 1,500 acres immediately east and north of Lakewood Centre are being reviewed by county, regional and state planners.
Saturday, May 06, 2006
Florida Sales Tax
A Message From Secretary Simone Marstiller
Fellow Floridians,
Governor Jeb Bush recently signed legislation authorizing Florida’s second annual sales tax holiday for hurricane preparedness. This is an important component of Governor Bush’s comprehensive plan to instill a “culture of preparedness” in Florida. The sales tax holiday begins on Saturday, May 21, to coincide with National Hurricane Preparedness Week, and ends on June 1, the first day of the 2006 Hurricane Season. It is important for all Floridians have a family disaster plan in place BEFORE a disaster threatens. So, I encourage you to prepare as soon as possible. I also urge all Florida business owners to take appropriate measures, including developing a disaster plan, to protect your businesses and business records, and to lay out how you will get your business up and running following a hurricane or other devastating event. Your plan should also include a process to account for employees after an event. For more information on creating a family disaster plan and for a list of tax exempt items, please visit http://www.floridadisaster.org/.
Fellow Floridians,
Governor Jeb Bush recently signed legislation authorizing Florida’s second annual sales tax holiday for hurricane preparedness. This is an important component of Governor Bush’s comprehensive plan to instill a “culture of preparedness” in Florida. The sales tax holiday begins on Saturday, May 21, to coincide with National Hurricane Preparedness Week, and ends on June 1, the first day of the 2006 Hurricane Season. It is important for all Floridians have a family disaster plan in place BEFORE a disaster threatens. So, I encourage you to prepare as soon as possible. I also urge all Florida business owners to take appropriate measures, including developing a disaster plan, to protect your businesses and business records, and to lay out how you will get your business up and running following a hurricane or other devastating event. Your plan should also include a process to account for employees after an event. For more information on creating a family disaster plan and for a list of tax exempt items, please visit http://www.floridadisaster.org/.
Thursday, April 20, 2006
Florida leads nation in population gain
With the "fed" giving off signs rising interest rates may be over and the recent news that Florida leads the nation in population gains, I think demand for real estate in Sarasota will continue to grow. Yesterday a new 400 acre development in Venice was basically approved - a sign our builders feel the same. Lakewood ranch has continued a nice steady growth as well.
Read more about the Florida population growth ... here
Read more about the Florida population growth ... here
Monday, March 27, 2006
Triple Crown of Polo in Lakewood Ranch
What does polo have to do with Lakewood Ranch real estate? Well, it is just another example of the vast array of activities available to the great Sarasota area. All of these amenities make our community more attractive and hence, bring more buyers to our area. The 4,000+ spectators attending yesterday's first leg of the triple crown of polo attest to the fact there is widespread local interest in this sport. I don't think NASCAR needs to worry about a drop in ratings but ESPN2 did record the event for a later viewing.
Triple Crown of Polo
Triple Crown of Polo
Monday, March 13, 2006
Contingency clauses make a comeback
Sellers should consider a contingency clause in exchange for getting a good price for their home. In a market where there is a competing inventory of homes, sellers may want to agree to the the contingency that the Buyer first sells their home. I would also recommend retaining the right to sell to another, giving the original purchaser the right of first refusal. Read more here... Contingency clauses make a comeback
Thursday, March 09, 2006
Bowling alley plan rolls on
Area amenities are a prime consideration when choosing a new home. Lakewood Ranch is loaded with them. And, they are about to get some more as plans for a new bowling entertainment center were recently announced. The new center will feature 40 bowling lanes plus billiards and of course food. Read more about it here ... More
Saturday, March 04, 2006
Relative Value Index - RVI
If you are considering purchasing property in Lakewood Ranch, lets us help you evaluate the asking price of the property. It is a free service for our clients ... more Relative Value Index - RVI
Thursday, February 23, 2006
Real Estate Classes Down
It was reported today that enrollment for real estate classes is down. Anyone who has been reading along knows I have been saying all along there are too many agents in the market. How can you have too many agents? Well too many agents equates to "drastic tactics" - such as over-pricing a property just to get the listing. I think we'll be seeing a drop-off in established agents as well more... Less new agents
Wednesday, February 15, 2006
Sarasota Homes
Morrison Homes is beginning to open sales for their new community in Palmetto. These are the first of many new developments planned for the area. I was hoping to see these new listings priced between $250,000 and $300,000. However, the lowest priced model is priced at just over $300,000. ...Sarasota Homes
Wednesday, February 08, 2006
Lakewood Ranch Directory
Check out my Lakewood Ranch directory for news and information about the Ranch. I have included some of the basic highlights regarding Lakewood Ranch. more...Lakewood Ranch Directory
Saturday, February 04, 2006
Manatee County School Choice Registration
Registration for the Manatee County school choice program is going on right now. 'Open Enrollment Choice" runs from January 30th through February 17th
During the General Application Period parents may select up to four schools and rank them in order of preference. The application must be returned to the Parent Information Center, either in person or by mail. Completing an application does not guarantee assignment to the choice school. Students not completing an application are assigned to their designated attendance boundary area as determined by their legal guardians address.
School choice is not available to Juniors or Seniors. For more information..
Saturday, January 21, 2006
Manatee County Services
Here is a table of services provided by Manatee County Government. When you review the list, the left column of the table has the link to the relevant page, while the right side of the table has a brief description of the service. more...Manatee County Services
Wednesday, January 11, 2006
Real estate funds- a smart holding
Investors continue to diversify their portfolios with real estate funds. more...Real estate funds
Sunday, January 01, 2006
All agree: Housing boom not waning
The number of homes proposed in 2005 - the most Manatee has seen in a single year in at least a decade - indicates developers remain bullish on Manatee. more...Housing boom
Wednesday, December 28, 2005
Bradenton Herald | 12/28/2005 | IMG adding to its game plan
IMG Academies of Bradenton Florida is expanding its programs in training world-class athletes to a new venture: corporate training. more...IMG adding to its game plan
Friday, December 23, 2005
Affordable housing can fuel local and regional economies "
Affordable housing can fuel local and regional economies more...Affordable Housing:
Sunday, December 18, 2005
Palatial place: Indoor-outdoor living, kitchen most impressive
Majestic, old-world elegance meets modern amenities in Peregrine Homes' newest model. more...Palatial place
Friday, December 16, 2005
Citizens Property Insurance OKs rate hike
Citizens Property Insurance Corp. has approved a statewide rate hike of 44 percent for homeowners in high-risk areas. more...
Citizens Property Insurance OKs rate hike
Citizens Property Insurance OKs rate hike
Wednesday, December 14, 2005
Risky mortgages could be harder to get
Qualifying for a low-payment, high-risk mortgage is getting harder.
Federal regulators plan to issue a notice this month that could make lenders more hesitant to offer "non-traditional" mortgages -- such as interest-only loans and option adjustable-rate mortgages -- to people with weak credit or finances. more...Risky mortgages
Federal regulators plan to issue a notice this month that could make lenders more hesitant to offer "non-traditional" mortgages -- such as interest-only loans and option adjustable-rate mortgages -- to people with weak credit or finances. more...Risky mortgages
Tuesday, December 06, 2005
Home Improvement Directory
For your reference, here is a site you may find useful regarding home improvements. more ...Home Improvement Directory
Friday, December 02, 2005
National Home Values Rise 12%
As a matter of information and despite the media naysayers, the average U.S. home price rose 12 percent for the period ending Sept. 30Home Values
Wednesday, November 30, 2005
Tuesday, November 22, 2005
Lakewood Ranch is a Buyers' Market
Lakewood Ranch real estate has become a buyers market. The number of listings have substantially increased. Prices have not dropped but we see the effect of the increased inventory as flattening the price levels. ...Buyers market
Saturday, November 12, 2005
Effect of "As-Is" Clauses on Brokers and Sellers
When purchasing a property, the effects of any "as-is" clauses can be big problems. If the contract contains these clauses in my opinion it should be reviewed by an attorney. ...more Effect of "As-Is" Clauses on Brokers and Sellers
Friday, November 11, 2005
REALTOR� Magazine - Daily News
REALTOR� Magazine - Daily News: "
Fla.: Ruling Sides With Builders on Impact Fees
(November 7, 2005) -- Homebuilders in Florida won a legal victory in October when a circuit court judge ruled against Osceola County�s new $9,708 per unit impact fee. The fee applies to single-family homes, multifamily units, and mobile homes. The judge ruled that the fee overstated the impact new school users (generated by new construction) would have and reduced the fee to $7,608 per unit.
The ruling came on the heels of a September hearing on a motion for rehearing and reconsideration filed by the Florida Home Builders Association and the Home Builders Association of Metro Orlando. Edie Ousley, FHBA�s public affairs director, says the group is pleased with the judge�s ruling but is still concerned about a statewide trend toward higher impact fees.
�We had contended for quite some time that it was unfair to in essence charge twice for one fee,� Ousley says. �The judge�s ruling on a motion filed for reconsideration by the FHBA and the HBA of Metro Orlando also will require that the Osceola County officials credit homebuilders $2,100 for fees already paid.� The court will rule on how refunds will be handled on Nov. 17.
Ousley says the revised $7,608 figure for each new home built in Osceola County is still a high price to pay for new development. Because such fees are passed through to homebuyers, schoolteachers, firefighters, police officers, and others could have a hard time finding affordable housing as a result of the increased costs, she says.
�By Bridget McCrea for REALTOR� Magazine Onlin"
Fla.: Ruling Sides With Builders on Impact Fees
(November 7, 2005) -- Homebuilders in Florida won a legal victory in October when a circuit court judge ruled against Osceola County�s new $9,708 per unit impact fee. The fee applies to single-family homes, multifamily units, and mobile homes. The judge ruled that the fee overstated the impact new school users (generated by new construction) would have and reduced the fee to $7,608 per unit.
The ruling came on the heels of a September hearing on a motion for rehearing and reconsideration filed by the Florida Home Builders Association and the Home Builders Association of Metro Orlando. Edie Ousley, FHBA�s public affairs director, says the group is pleased with the judge�s ruling but is still concerned about a statewide trend toward higher impact fees.
�We had contended for quite some time that it was unfair to in essence charge twice for one fee,� Ousley says. �The judge�s ruling on a motion filed for reconsideration by the FHBA and the HBA of Metro Orlando also will require that the Osceola County officials credit homebuilders $2,100 for fees already paid.� The court will rule on how refunds will be handled on Nov. 17.
Ousley says the revised $7,608 figure for each new home built in Osceola County is still a high price to pay for new development. Because such fees are passed through to homebuyers, schoolteachers, firefighters, police officers, and others could have a hard time finding affordable housing as a result of the increased costs, she says.
�By Bridget McCrea for REALTOR� Magazine Onlin"
Law of Fixtures
If you are about to purchase a property become familiar with the "Law of Fixtures". When purchasing your home what you see is not always what you will get. more... Law of Fixtures
Thursday, November 10, 2005
Affordable Housing Impact
Further debunking myths about high-density housing, a new study reveals a certain type of affordable housing has little if any negative impact on surrounding home values. To the contrary, under some conditions, affordable housing can give general home values a boost. more...
Realty Times - Real Estate News and Advice
Realty Times - Real Estate News and Advice
Monday, November 07, 2005
What is an appraisal
An appraisal is a dispassionate, third-party estimate of the value of a piece of property. It can either give you peace of mind by affirming your offering price or it can put the kibosh on a transaction entirely.Sarasota Real Estate, Sarasota Florida Real Estate, Siesta Key, Bradenton, Sarasota new homes, Sarasota house, Lakewood Ranch Real Estate, Lakewood Ranch, Sarasota County Real Estate, Sarasota Florida, Sarasota, Florida, Gary Brey
Buying a New Home
If you are purchasing a new home in Sarasota chance are you will be purchasing new construction. As a Buyers Agent I act solely on the Buyer's behalf. It is important to understand the on-site development sales people represent the Builder only.
The following is an article from BankRate.com which offers some great advise when purchasing new construction. Buying a New Home
The following is an article from BankRate.com which offers some great advise when purchasing new construction. Buying a New Home
Sunday, November 06, 2005
Florida State Parks
There are several state parks in the vicinity of Lakewood Ranch. (Always something to do) For more information ...
Florida State Parks
Florida State Parks
Manatee Players win top honors
The Manatee Players, Bradenton's highly acclaimed community actors troop, is at it again. more...
Manatee Players win top honors
Manatee Players win top honors
Saturday, November 05, 2005
Jazz at the Ranch
Jazz at the Ranch
When: 2:00pm - 5:00pm
Where: Sarasota Polo club
Jazz at the Ranch
On November 6, 2005 the Jazz Club of Sarasota and Lakewood Ranch have teamed up to bring you a Sunday afternoon of jazz at the Sarasota Polo Club. Tampa Bay�s Les Sabler will take the stage at 2 PM, getting you relaxed and ready for the fabulous Spyro Gyra. Tickets are available at Town Hall, Sarasota Herald Tribune, The Jazz Club of Sarasota or online at tickets.lakewoodranch.com"
When: 2:00pm - 5:00pm
Where: Sarasota Polo club
Jazz at the Ranch
On November 6, 2005 the Jazz Club of Sarasota and Lakewood Ranch have teamed up to bring you a Sunday afternoon of jazz at the Sarasota Polo Club. Tampa Bay�s Les Sabler will take the stage at 2 PM, getting you relaxed and ready for the fabulous Spyro Gyra. Tickets are available at Town Hall, Sarasota Herald Tribune, The Jazz Club of Sarasota or online at tickets.lakewoodranch.com"
Wednesday, November 02, 2005
Lakewood Ranch Dream Home Search
You can locate all properties for sale in Lakewood Ranch here ...
Find properties for Sale in Lakewood Ranch
Find properties for Sale in Lakewood Ranch
Welcome to Lakewood Ranch
Lakewood Ranch is Florida's premier planned community. In the early 1900s, John Schroeder of Milwaukee, Wisconsin, began to assemble the land known today as the Schroeder-Manatee Ranch (SMR). An owner of furniture, turpentine, milling and lumber businesses, Schroeder selected this land for its abundant natural resources and beauty.
In 1922, the Uihlein family, founders of Schlitz Brewing Company, acquired the land and continued to expand the agricultural operations, which are still active today. Cattle ranching, vegetable and citrus farming, timber, turf and shell mining are but a few of these businesses.
In 1994, after 19 years of planning and approvals, real estate development was added into the mix with the introduction of Lakewood Ranch. The historic presence and careful dedication to the land is a natural comfort for prospective homebuyers. The strength of a great American family, combined with a history of successful land management and a strong financial plan using Community Development Districts make Lakewood Ranch a sound investment and a great place to live. With each new homebuyer, the rich sense of family and place continues to make connections at Lakewood Ranch
In 1922, the Uihlein family, founders of Schlitz Brewing Company, acquired the land and continued to expand the agricultural operations, which are still active today. Cattle ranching, vegetable and citrus farming, timber, turf and shell mining are but a few of these businesses.
In 1994, after 19 years of planning and approvals, real estate development was added into the mix with the introduction of Lakewood Ranch. The historic presence and careful dedication to the land is a natural comfort for prospective homebuyers. The strength of a great American family, combined with a history of successful land management and a strong financial plan using Community Development Districts make Lakewood Ranch a sound investment and a great place to live. With each new homebuyer, the rich sense of family and place continues to make connections at Lakewood Ranch
Sarasota Voted Great Place to Re-Invent Your Life!
The 15 Best Places to Reinvent Your Life
Baby boomers are redefining retirement-and leading the move to a new generation of dream towns
By Grace Lichtenstein, Elaine Robbins, and Michael Dupuis
Once again, baby boomers are breaking the rules. This influential group has bumped traditional retirement off its list of priorities. While "their parents were off fleeing to Leisure Worlds," says historian William Strauss, boomers are contemplating what to do in the next stage-and where.
A recent AARP study estimated that 70 percent of those 45 and older plan to continue working in their "retirement" years, and a Roper Starch Worldwide survey found that the number may be as high as 80 percent. Financial stability isn't the only reason; the Roper study notes that pure enjoyment of work (35 percent of those questioned) or just a desire to try something new (5 percent) will also keep people on the job.
The choices boomers make-in everything from jobs to zip codes-will alter the country's future physical and financial landscape in substantial ways. "Fully situated in middle-age, boomers have become a serious economic as well as social force with which to be reckoned," says William H. Frey, a University of Michigan demographer and a leading researcher of age-migration trends. "And, as usual, all eyes are on them." Already, it's possible to discern certain trends.
Among those ages 45 to 54, only 4.7 percent-fewer than one out of 20-move across county lines each year, while even fewer move across state lines, according to Frey. So it's likely that the largest portion of this demographic will stay put. Why? Boomers "see their homes as legacies," explains Strauss. And since they tend to get along with their kids, they have no plans to get away from them.
How We Picked the Cities
Our research team looked at 10 criteria reflecting the needs, interests, and tastes of Americans age 50 and older. Not all of the towns excel in every category, but each ranked high in several, and many scored high in most. You'll see some surprises here-we made a genuine attempt to spotlight sleepers-vibrant towns and cities that may not have occurred to you.
Availability of jobs, since many in this group will work beyond age 65.
Affordable housing-many cities have costs on par with or below the national median price of $161,600.
Culture and entertainment (from museums and opera to shopping and sports events).
Access to outdoor recreation, from skiing and biking to walking and hiking.
Safety-personal and property safety, and a generally secure feeling.
Colleges or universities (for continuing education and a multigenerational vibe).
Sense of community (often places with a vital and walkable downtown).
Proximity to comprehensive, well-regarded health care facilities.
Good public high schools, since many boomers still have teens at home.
Ease of getting around (public transportation, traffic, access to an airport).
For those who will move, sometimes the pull of the familiar is key. Many will move to be near family. One of the differences between baby boomers and the older "silent generation," says Strauss, is that this younger group is not rebelling against family ties. In fact, remaining close to loved ones is a priority. College towns, too, offer a familiar feel. The experience for those who "were in college from the middle 1960s into the early '70s," says Strauss, "was something that set the whole generation on a life-cycle trajectory. College communities were the closest thing boomers had to the beaches of Normandy."
In addition to the community aspect, universities generate jobs and lend a youthful vibe. And they often come with arts centers, medical facilities, and sophisticated restaurants.
Another trend: choosing a new locale first-opting for one with appealing cultural and recreational lifestyles-and only afterward looking for ways to earn a living there. Strauss calls this the "aesthetic choice." Some who make this jump wind up telecommuting, starting a small business, or working part-time.
This is particularly true of the region Frey calls "the New West." Colorado, Washington, Idaho, Wyoming, and other states have recently lured long-time Californians (others are coming along, too) who loved the Golden State lifestyle but became fed up with high taxes and crowds. Flush from cashing out their equity in houses whose value mushroomed, these California migrants are transplanting themselves to attractive neighborhoods in nearby states.
Also a popular choice: purchasing vacation homes with a view to spending more time there in the future. Again, the New West-particularly Colorado-is seeing much of this activity. Other hot spots? West Virginia, Tennessee, and Arkansas-all quieter, less crowded destinations that come with lower prices.
Since "boomers and middle age are now synonymous," says Frey, "the whole country will become more middle-aged-but some places more than others." Where might those places be? We've compiled a list of 15 highly livable towns by looking at a range of criteria-from affordability to community life to job growth. Ultimately, of course, choices are as varied as the people making them. But this is a good place to start dreaming.
SARASOTA, FL
Sarasota, a small, civilized city on Florida's Gulf Coast, has it all-35 miles of beaches, a temperate climate, golf courses and tennis courts aplenty, and good boating in the Gulf and Sarasota Bay. Fine dining has rendered the early-bird special an endangered species-you'll have no trouble finding first-rate food at places like Pattigeorge's on Longboat Key or late-night burgers at Patrick's downtown. The local economy is robust (unemployment is a mere 2.8 percent), and there is a mix of jobs in tourism, the financial and health fields, and information technology.
But, apart from the sun, what residents love most is the range of cultural opportunities. What other small Florida city has an opera, a symphony, a film society, a theater scene (from Broadway classics like Porgy and Bess to a cabaret where you can dine while watching original productions), lots of art galleries-and The Ringling Museum of Art (with paintings by Rubens as well as circus props). "If you can't find something to do around here," says Regina Kelley, a local teacher, "you'd better check your pulse."
Baby boomers are redefining retirement-and leading the move to a new generation of dream towns
By Grace Lichtenstein, Elaine Robbins, and Michael Dupuis
Once again, baby boomers are breaking the rules. This influential group has bumped traditional retirement off its list of priorities. While "their parents were off fleeing to Leisure Worlds," says historian William Strauss, boomers are contemplating what to do in the next stage-and where.
A recent AARP study estimated that 70 percent of those 45 and older plan to continue working in their "retirement" years, and a Roper Starch Worldwide survey found that the number may be as high as 80 percent. Financial stability isn't the only reason; the Roper study notes that pure enjoyment of work (35 percent of those questioned) or just a desire to try something new (5 percent) will also keep people on the job.
The choices boomers make-in everything from jobs to zip codes-will alter the country's future physical and financial landscape in substantial ways. "Fully situated in middle-age, boomers have become a serious economic as well as social force with which to be reckoned," says William H. Frey, a University of Michigan demographer and a leading researcher of age-migration trends. "And, as usual, all eyes are on them." Already, it's possible to discern certain trends.
Among those ages 45 to 54, only 4.7 percent-fewer than one out of 20-move across county lines each year, while even fewer move across state lines, according to Frey. So it's likely that the largest portion of this demographic will stay put. Why? Boomers "see their homes as legacies," explains Strauss. And since they tend to get along with their kids, they have no plans to get away from them.
How We Picked the Cities
Our research team looked at 10 criteria reflecting the needs, interests, and tastes of Americans age 50 and older. Not all of the towns excel in every category, but each ranked high in several, and many scored high in most. You'll see some surprises here-we made a genuine attempt to spotlight sleepers-vibrant towns and cities that may not have occurred to you.
Availability of jobs, since many in this group will work beyond age 65.
Affordable housing-many cities have costs on par with or below the national median price of $161,600.
Culture and entertainment (from museums and opera to shopping and sports events).
Access to outdoor recreation, from skiing and biking to walking and hiking.
Safety-personal and property safety, and a generally secure feeling.
Colleges or universities (for continuing education and a multigenerational vibe).
Sense of community (often places with a vital and walkable downtown).
Proximity to comprehensive, well-regarded health care facilities.
Good public high schools, since many boomers still have teens at home.
Ease of getting around (public transportation, traffic, access to an airport).
For those who will move, sometimes the pull of the familiar is key. Many will move to be near family. One of the differences between baby boomers and the older "silent generation," says Strauss, is that this younger group is not rebelling against family ties. In fact, remaining close to loved ones is a priority. College towns, too, offer a familiar feel. The experience for those who "were in college from the middle 1960s into the early '70s," says Strauss, "was something that set the whole generation on a life-cycle trajectory. College communities were the closest thing boomers had to the beaches of Normandy."
In addition to the community aspect, universities generate jobs and lend a youthful vibe. And they often come with arts centers, medical facilities, and sophisticated restaurants.
Another trend: choosing a new locale first-opting for one with appealing cultural and recreational lifestyles-and only afterward looking for ways to earn a living there. Strauss calls this the "aesthetic choice." Some who make this jump wind up telecommuting, starting a small business, or working part-time.
This is particularly true of the region Frey calls "the New West." Colorado, Washington, Idaho, Wyoming, and other states have recently lured long-time Californians (others are coming along, too) who loved the Golden State lifestyle but became fed up with high taxes and crowds. Flush from cashing out their equity in houses whose value mushroomed, these California migrants are transplanting themselves to attractive neighborhoods in nearby states.
Also a popular choice: purchasing vacation homes with a view to spending more time there in the future. Again, the New West-particularly Colorado-is seeing much of this activity. Other hot spots? West Virginia, Tennessee, and Arkansas-all quieter, less crowded destinations that come with lower prices.
Since "boomers and middle age are now synonymous," says Frey, "the whole country will become more middle-aged-but some places more than others." Where might those places be? We've compiled a list of 15 highly livable towns by looking at a range of criteria-from affordability to community life to job growth. Ultimately, of course, choices are as varied as the people making them. But this is a good place to start dreaming.
SARASOTA, FL
Sarasota, a small, civilized city on Florida's Gulf Coast, has it all-35 miles of beaches, a temperate climate, golf courses and tennis courts aplenty, and good boating in the Gulf and Sarasota Bay. Fine dining has rendered the early-bird special an endangered species-you'll have no trouble finding first-rate food at places like Pattigeorge's on Longboat Key or late-night burgers at Patrick's downtown. The local economy is robust (unemployment is a mere 2.8 percent), and there is a mix of jobs in tourism, the financial and health fields, and information technology.
But, apart from the sun, what residents love most is the range of cultural opportunities. What other small Florida city has an opera, a symphony, a film society, a theater scene (from Broadway classics like Porgy and Bess to a cabaret where you can dine while watching original productions), lots of art galleries-and The Ringling Museum of Art (with paintings by Rubens as well as circus props). "If you can't find something to do around here," says Regina Kelley, a local teacher, "you'd better check your pulse."
Tuesday, November 01, 2005
Experts Agree-No Sarasota Real Estate "Bubble!"
Home Price Analysis for Sarasota-Bradenton-Venice
By the Research Division of the National Association of REAL TORS@
Executive Summary
With home prices rising strongly in most parts of the country, there has been widespread media coverage on the possibility of a housing market bust. A thorough analysis of the Sarasota-Bradenton- Venice metro market, as detailed below, reveals that there is very little danger of this.
In fact, the local housing market is in excellent shape with a
potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run.
Because prices have risen faster than income, the ratio of price-to-income is currently above the historical norm. This measure is frequently cited to imply that there is a housing market bubble.
But this ratio is a misleading measure in assessing bubble
prospects.
A more relevant measure is the mortgage servicing cost relative to income.
This ratio is at a very manageable level. It implies no widespread financial
overstretching to purchase a home in the region. Furthermore, the nationwide supply of homes on the market relative to home sales is very lean, suggesting similarly tight market conditions in the local area.
Price Activity
The current price of $367,800 is 80% above the national average.
The median home price rose 23% in 2004 and 92% in the past three years.
Home price growth has been weak throughout the 1990s.
So part of the recent
increase is attributable to the "catch-up" effect.
Affordability
Because the prices have risen faster than income in recent years, the ratio of price-to-
income has been rising strongly. This measure is frequently cited to imply that there
is a housing market bubble.
Mortgage rates declining to 45-year lows have been a major force in boosting home
prices in recent years. Lower rates allow homebuyers obtain a larger loan without
necessarily increasing monthly mortgage payments.
A more relevant measure for assessing the risk of a home price bubble is the median
mortgage servicing cost relative to the median income. This ratio is currently above
the local historical average, but well below the worrisome levels of the early 1980s.
It implies no widespread financial overstretching to purchase a home in the region
Furthermore, the newly arriving retirees may not get reflected in the income data
since they are not working, but they could have substantial wealth holdings.
Local Sarasota Fundamentals
The job market has been exceptionally strong. There have been 41,000 payroll job
additions in the past five years. Many new job holders seek their own housing units.
The region added in the past five years an estimated 56,000 new housing units of
which about 42,000 were single-family units.
The ratio of five-year job gains to five-year new home construction shows the
"hangover" impact of the housing shortage, or housing surplus.
In our case, the localmarket is at a neutral level as the ratio is right near one. With recent job gains
and the expected continued economic expansion, the jobs-to-new home ratio could further
increase. In addition, as mentioned earlier, the newly arriving retirees will not show
up in the jobs data, though they will need housing.
Other Factors
There is no good data on ARMS or interest-only loan composition for the local
market. But, there have been some reporting in the media of a higher use of these
loans in recent years compared to the past. If true, some homeowners will feel the
pinch of higher rates over time.
The baby boomers are in their peak earning years and have been active in purchasing
second homes, which many consider as their future retirement homes. The baby
boomer impact will continue for another 10 to 15 years.
The region is a prime retirement destination. The local market will benefit from
second-home purchases by U.S. baby boomers as well by wealthy foreigners.
Stress Test
Price declines in the local market are unlikely according to our stress test.
The local housing market will experience a price decline of 5% only under
extreme unlikely scenarios.
For example, mortgage rates rising to 9% in
combination with 33,000 job losses could lead to a price decline. Other scenarios
that could lead to a price decline of 5% are shown below.
Such scenarios are highly unlikely. Most credible forecasts predict the region will
create at least 12,000 jobs over the next 24 months and mortgage rates will hover
around 7% by the end of 2006, which bodes well for future price gains.
Even in the unlikely event of prices declining by 5%, most homeowners will maintain
sizable equity build-up in their homes.
Housing equity will most likely continue to accumulate to local homeowners. The
equity gains under three price growth scenarios are presented below.
One scenario assumes a historical conservative price appreciation of 1.5% above consumer price
index inflation.
With most credible inflation forecasts pegged at 2.5%, home prices
can expect to rise by 4% per year under normal circumstances. The two other
scenarios assume slightly below (1.5%) and slightly above (6.5%) the normal rate of
appreciation.
The local market is more likely to appreciate at an above-normal rate because of the
on-going wealthy baby boomer searching for retirement destinations.
Additional Discussion Points
Home price declines are very rare. In fact, the national median home price has not
declined since the Great Depression of the 1930s. Stock market collapses, the OPEC
oil crunch, economic recessions, and even wars have not negatively impacted national
home prices since the 1930s.
There have been few times when local prices declined. In nearly all these cases, the
price declines were accompanied by sharp prolonged job losses. It is difficult to
foresee a price decline in ajob creating economy.
Homes trade far less frequently than financial assets (about one home sale every 7 to
10 years for most homeowners). There are also larger transaction costs associated
with selling a home due to the lengthy careful examination demanded by home
buyers and sellers. Therefore, home prices are not prone to fluctuations as in the
stock market.
There are neither panic sells nor margin calls associated with homes.
Many non-quantifiable factors could be important for this metro market in
determining home prices.
Access to cultural life, the quality of museums, nearby
local and national parks, water views, exclusive neighborhoods, weather, the
international airport, city vibrancy, restaurants, and a host of other non-quantifiable
factors could have an important influence on the overall pricing.
There are immense tax benefits to owning a home. These tax considerations were not
considered in the analysis. For example, the 1998 law permitting primary owner
occupants to trade down without having tax consequences.
Also most home sales results in no capital gains tax. In addition, long-term capital gains tax rates were reduced in 2003, thereby providing higher return for home investors. These positive
benefits, if accounted for in the analysis, would have shown an even stronger case for
housing fundamentals in supporting home prices.
Price Activity
The current price of $367,800 is 80% above the national average.
The median home price rose 23% in 2004 and 92% in the past three years.
Home price growth has been weak throughout the 1990s.
So part of the recent
increase is attributable to the "catch-up" effect.
Affordability
Because the prices have risen faster than income in recent years, the ratio of price-to-
income has been rising strongly. This measure is frequently cited to imply that there
is a housing market bubble.
Mortgage rates declining to 45-year lows have been a major force in boosting home
prices in recent years. Lower rates allow homebuyers obtain a larger loan without
necessarily increasing monthly mortgage payments.
A more relevant measure for assessing the risk of a home price bubble is the median
mortgage servicing cost relative to the median income. This ratio is currently above
the local historical average, but well below the worrisome levels of the early 1980s.
It implies no widespread financial overstretching to purchase a home in the region
Furthermore, the newly arriving retirees may not get reflected in the income data
since they are not working, but they could have substantial wealth holdings.
Local Sarasota Fundamentals
The job market has been exceptionally strong. There have been 41,000 payroll job
additions in the past five years. Many new job holders seek their own housing units.
The region added in the past five years an estimated 56,000 new housing units of
which about 42,000 were single-family units.
The ratio of five-year job gains to five-year new home construction shows the
"hangover" impact of the housing shortage, or housing surplus.
In our case, the localmarket is at a neutral level as the ratio is right near one. With recent job gains
and the expected continued economic expansion, the jobs-to-new home ratio could further
increase. In addition, as mentioned earlier, the newly arriving retirees will not show
up in the jobs data, though they will need housing.
Other Factors
There is no good data on ARMS or interest-only loan composition for the local
market. But, there have been some reporting in the media of a higher use of these
loans in recent years compared to the past. If true, some homeowners will feel the
pinch of higher rates over time.
The baby boomers are in their peak earning years and have been active in purchasing
second homes, which many consider as their future retirement homes. The baby
boomer impact will continue for another 10 to 15 years.
The region is a prime retirement destination. The local market will benefit from
second-home purchases by U.S. baby boomers as well by wealthy foreigners.
Stress Test
Price declines in the local market are unlikely according to our stress test.
The local housing market will experience a price decline of 5% only under
extreme unlikely scenarios.
For example, mortgage rates rising to 9% in
combination with 33,000 job losses could lead to a price decline. Other scenarios
that could lead to a price decline of 5% are shown below.
Such scenarios are highly unlikely. Most credible forecasts predict the region will
create at least 12,000 jobs over the next 24 months and mortgage rates will hover
around 7% by the end of 2006, which bodes well for future price gains.
Even in the unlikely event of prices declining by 5%, most homeowners will maintain
sizable equity build-up in their homes.
Housing equity will most likely continue to accumulate to local homeowners. The
equity gains under three price growth scenarios are presented below.
One scenario assumes a historical conservative price appreciation of 1.5% above consumer price
index inflation.
With most credible inflation forecasts pegged at 2.5%, home prices
can expect to rise by 4% per year under normal circumstances. The two other
scenarios assume slightly below (1.5%) and slightly above (6.5%) the normal rate of
appreciation.
The local market is more likely to appreciate at an above-normal rate because of the
on-going wealthy baby boomer searching for retirement destinations.
Additional Discussion Points
Home price declines are very rare. In fact, the national median home price has not
declined since the Great Depression of the 1930s. Stock market collapses, the OPEC
oil crunch, economic recessions, and even wars have not negatively impacted national
home prices since the 1930s.
There have been few times when local prices declined. In nearly all these cases, the
price declines were accompanied by sharp prolonged job losses. It is difficult to
foresee a price decline in ajob creating economy.
Homes trade far less frequently than financial assets (about one home sale every 7 to
10 years for most homeowners). There are also larger transaction costs associated
with selling a home due to the lengthy careful examination demanded by home
buyers and sellers. Therefore, home prices are not prone to fluctuations as in the
stock market.
There are neither panic sells nor margin calls associated with homes.
Many non-quantifiable factors could be important for this metro market in
determining home prices.
Access to cultural life, the quality of museums, nearby
local and national parks, water views, exclusive neighborhoods, weather, the
international airport, city vibrancy, restaurants, and a host of other non-quantifiable
factors could have an important influence on the overall pricing.
There are immense tax benefits to owning a home. These tax considerations were not
considered in the analysis. For example, the 1998 law permitting primary owner
occupants to trade down without having tax consequences.
Also most home sales results in no capital gains tax. In addition, long-term capital gains tax rates were
reduced in 2003, thereby providing higher return for home investors. These positive
benefits, if accounted for in the analysis, would have shown an even stronger case for
housing fundamentals in supporting home prices.
By the Research Division of the National Association of REAL TORS@
Executive Summary
With home prices rising strongly in most parts of the country, there has been widespread media coverage on the possibility of a housing market bust. A thorough analysis of the Sarasota-Bradenton- Venice metro market, as detailed below, reveals that there is very little danger of this.
In fact, the local housing market is in excellent shape with a
potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run.
Because prices have risen faster than income, the ratio of price-to-income is currently above the historical norm. This measure is frequently cited to imply that there is a housing market bubble.
But this ratio is a misleading measure in assessing bubble
prospects.
A more relevant measure is the mortgage servicing cost relative to income.
This ratio is at a very manageable level. It implies no widespread financial
overstretching to purchase a home in the region. Furthermore, the nationwide supply of homes on the market relative to home sales is very lean, suggesting similarly tight market conditions in the local area.
Price Activity
The current price of $367,800 is 80% above the national average.
The median home price rose 23% in 2004 and 92% in the past three years.
Home price growth has been weak throughout the 1990s.
So part of the recent
increase is attributable to the "catch-up" effect.
Affordability
Because the prices have risen faster than income in recent years, the ratio of price-to-
income has been rising strongly. This measure is frequently cited to imply that there
is a housing market bubble.
Mortgage rates declining to 45-year lows have been a major force in boosting home
prices in recent years. Lower rates allow homebuyers obtain a larger loan without
necessarily increasing monthly mortgage payments.
A more relevant measure for assessing the risk of a home price bubble is the median
mortgage servicing cost relative to the median income. This ratio is currently above
the local historical average, but well below the worrisome levels of the early 1980s.
It implies no widespread financial overstretching to purchase a home in the region
Furthermore, the newly arriving retirees may not get reflected in the income data
since they are not working, but they could have substantial wealth holdings.
Local Sarasota Fundamentals
The job market has been exceptionally strong. There have been 41,000 payroll job
additions in the past five years. Many new job holders seek their own housing units.
The region added in the past five years an estimated 56,000 new housing units of
which about 42,000 were single-family units.
The ratio of five-year job gains to five-year new home construction shows the
"hangover" impact of the housing shortage, or housing surplus.
In our case, the localmarket is at a neutral level as the ratio is right near one. With recent job gains
and the expected continued economic expansion, the jobs-to-new home ratio could further
increase. In addition, as mentioned earlier, the newly arriving retirees will not show
up in the jobs data, though they will need housing.
Other Factors
There is no good data on ARMS or interest-only loan composition for the local
market. But, there have been some reporting in the media of a higher use of these
loans in recent years compared to the past. If true, some homeowners will feel the
pinch of higher rates over time.
The baby boomers are in their peak earning years and have been active in purchasing
second homes, which many consider as their future retirement homes. The baby
boomer impact will continue for another 10 to 15 years.
The region is a prime retirement destination. The local market will benefit from
second-home purchases by U.S. baby boomers as well by wealthy foreigners.
Stress Test
Price declines in the local market are unlikely according to our stress test.
The local housing market will experience a price decline of 5% only under
extreme unlikely scenarios.
For example, mortgage rates rising to 9% in
combination with 33,000 job losses could lead to a price decline. Other scenarios
that could lead to a price decline of 5% are shown below.
Such scenarios are highly unlikely. Most credible forecasts predict the region will
create at least 12,000 jobs over the next 24 months and mortgage rates will hover
around 7% by the end of 2006, which bodes well for future price gains.
Even in the unlikely event of prices declining by 5%, most homeowners will maintain
sizable equity build-up in their homes.
Housing equity will most likely continue to accumulate to local homeowners. The
equity gains under three price growth scenarios are presented below.
One scenario assumes a historical conservative price appreciation of 1.5% above consumer price
index inflation.
With most credible inflation forecasts pegged at 2.5%, home prices
can expect to rise by 4% per year under normal circumstances. The two other
scenarios assume slightly below (1.5%) and slightly above (6.5%) the normal rate of
appreciation.
The local market is more likely to appreciate at an above-normal rate because of the
on-going wealthy baby boomer searching for retirement destinations.
Additional Discussion Points
Home price declines are very rare. In fact, the national median home price has not
declined since the Great Depression of the 1930s. Stock market collapses, the OPEC
oil crunch, economic recessions, and even wars have not negatively impacted national
home prices since the 1930s.
There have been few times when local prices declined. In nearly all these cases, the
price declines were accompanied by sharp prolonged job losses. It is difficult to
foresee a price decline in ajob creating economy.
Homes trade far less frequently than financial assets (about one home sale every 7 to
10 years for most homeowners). There are also larger transaction costs associated
with selling a home due to the lengthy careful examination demanded by home
buyers and sellers. Therefore, home prices are not prone to fluctuations as in the
stock market.
There are neither panic sells nor margin calls associated with homes.
Many non-quantifiable factors could be important for this metro market in
determining home prices.
Access to cultural life, the quality of museums, nearby
local and national parks, water views, exclusive neighborhoods, weather, the
international airport, city vibrancy, restaurants, and a host of other non-quantifiable
factors could have an important influence on the overall pricing.
There are immense tax benefits to owning a home. These tax considerations were not
considered in the analysis. For example, the 1998 law permitting primary owner
occupants to trade down without having tax consequences.
Also most home sales results in no capital gains tax. In addition, long-term capital gains tax rates were reduced in 2003, thereby providing higher return for home investors. These positive
benefits, if accounted for in the analysis, would have shown an even stronger case for
housing fundamentals in supporting home prices.
Price Activity
The current price of $367,800 is 80% above the national average.
The median home price rose 23% in 2004 and 92% in the past three years.
Home price growth has been weak throughout the 1990s.
So part of the recent
increase is attributable to the "catch-up" effect.
Affordability
Because the prices have risen faster than income in recent years, the ratio of price-to-
income has been rising strongly. This measure is frequently cited to imply that there
is a housing market bubble.
Mortgage rates declining to 45-year lows have been a major force in boosting home
prices in recent years. Lower rates allow homebuyers obtain a larger loan without
necessarily increasing monthly mortgage payments.
A more relevant measure for assessing the risk of a home price bubble is the median
mortgage servicing cost relative to the median income. This ratio is currently above
the local historical average, but well below the worrisome levels of the early 1980s.
It implies no widespread financial overstretching to purchase a home in the region
Furthermore, the newly arriving retirees may not get reflected in the income data
since they are not working, but they could have substantial wealth holdings.
Local Sarasota Fundamentals
The job market has been exceptionally strong. There have been 41,000 payroll job
additions in the past five years. Many new job holders seek their own housing units.
The region added in the past five years an estimated 56,000 new housing units of
which about 42,000 were single-family units.
The ratio of five-year job gains to five-year new home construction shows the
"hangover" impact of the housing shortage, or housing surplus.
In our case, the localmarket is at a neutral level as the ratio is right near one. With recent job gains
and the expected continued economic expansion, the jobs-to-new home ratio could further
increase. In addition, as mentioned earlier, the newly arriving retirees will not show
up in the jobs data, though they will need housing.
Other Factors
There is no good data on ARMS or interest-only loan composition for the local
market. But, there have been some reporting in the media of a higher use of these
loans in recent years compared to the past. If true, some homeowners will feel the
pinch of higher rates over time.
The baby boomers are in their peak earning years and have been active in purchasing
second homes, which many consider as their future retirement homes. The baby
boomer impact will continue for another 10 to 15 years.
The region is a prime retirement destination. The local market will benefit from
second-home purchases by U.S. baby boomers as well by wealthy foreigners.
Stress Test
Price declines in the local market are unlikely according to our stress test.
The local housing market will experience a price decline of 5% only under
extreme unlikely scenarios.
For example, mortgage rates rising to 9% in
combination with 33,000 job losses could lead to a price decline. Other scenarios
that could lead to a price decline of 5% are shown below.
Such scenarios are highly unlikely. Most credible forecasts predict the region will
create at least 12,000 jobs over the next 24 months and mortgage rates will hover
around 7% by the end of 2006, which bodes well for future price gains.
Even in the unlikely event of prices declining by 5%, most homeowners will maintain
sizable equity build-up in their homes.
Housing equity will most likely continue to accumulate to local homeowners. The
equity gains under three price growth scenarios are presented below.
One scenario assumes a historical conservative price appreciation of 1.5% above consumer price
index inflation.
With most credible inflation forecasts pegged at 2.5%, home prices
can expect to rise by 4% per year under normal circumstances. The two other
scenarios assume slightly below (1.5%) and slightly above (6.5%) the normal rate of
appreciation.
The local market is more likely to appreciate at an above-normal rate because of the
on-going wealthy baby boomer searching for retirement destinations.
Additional Discussion Points
Home price declines are very rare. In fact, the national median home price has not
declined since the Great Depression of the 1930s. Stock market collapses, the OPEC
oil crunch, economic recessions, and even wars have not negatively impacted national
home prices since the 1930s.
There have been few times when local prices declined. In nearly all these cases, the
price declines were accompanied by sharp prolonged job losses. It is difficult to
foresee a price decline in ajob creating economy.
Homes trade far less frequently than financial assets (about one home sale every 7 to
10 years for most homeowners). There are also larger transaction costs associated
with selling a home due to the lengthy careful examination demanded by home
buyers and sellers. Therefore, home prices are not prone to fluctuations as in the
stock market.
There are neither panic sells nor margin calls associated with homes.
Many non-quantifiable factors could be important for this metro market in
determining home prices.
Access to cultural life, the quality of museums, nearby
local and national parks, water views, exclusive neighborhoods, weather, the
international airport, city vibrancy, restaurants, and a host of other non-quantifiable
factors could have an important influence on the overall pricing.
There are immense tax benefits to owning a home. These tax considerations were not
considered in the analysis. For example, the 1998 law permitting primary owner
occupants to trade down without having tax consequences.
Also most home sales results in no capital gains tax. In addition, long-term capital gains tax rates were
reduced in 2003, thereby providing higher return for home investors. These positive
benefits, if accounted for in the analysis, would have shown an even stronger case for
housing fundamentals in supporting home prices.
Understanding a "Housing Bubble"
HOUSING BUBBLE PROSPECTS Q&As
What is a housing bubble?
As broadly interpreted, a housing bubble refers to an unsustainable gain in home prices. The premise is that a
price bubble is at risk of "popping," resulting in a loss of equity.
Has there ever been a national housing price bubble?
No, not since good recordkeeping began in 1968. There was a national decline in the 1930s during the Great
Depression; however, home prices were not a prime concern in that era. The greatest issues were essentials such
as food, clothing, employment and shelter of any kind. Declining home prices were a natural result of a general
economic collapse caused by the stock market crash in 1929.
What is the "normal" rate of home price growth over time?
Since 1968, the national median existing-home price has increased an average of 6.4 percent per year.
However, that includes a period of high inflation. A better frame of reference is in relation to the overall rate of
inflation. Home prices typically have increased 1.5 percentage points faster than the rate of inflation, as
measured by the Consumer Price Index.
What are the biggest factors that drive home prices?
In simple terms, it gets down to supply and demand. The inventory of homes available for sale has been
historically low since 2001, which is why home prices have been rising at above normal rates.
In a balanced market between home buyers and sellers, there typically is a six-month supply of homes on the
market. Over the last four years, the supply has hovered around 4.5 months. By contrast, in the recessionary
period of 1990-1991, there was in excess of a 9-month supply.
What conditions are necessary for home prices to soften or decline?
Generally, two conditions are necessary for price softness in a given area: an oversupply of homes available for
sale, and adverse economic conditions -generally a weak local job market. Sometimes these conditions occur
against a backdrop of overall economic weakness, recession or high interest rates.
Where and when have home prices declined in the past? What were the general market conditions?
Most metropolitan areas, especially in the Midwest and South, have not experienced price declines in the era of
modem recordkeeping. Iii the period from the mid-1980s though the early 1990s, many metros in the Northeast
and on the West coast saw localized declines. Typically, this occurred in large population centers with very
little capacity for growth. When housing shortages developed during a period of high demand, prices grew at
sharp double-digit rates -often over 20 percent per year -for several consecutive years.
After local economic conditions declined in those areas, home sales stalled and the inventory of unsold homes
rose, which eventually led to price softness or decline.
How long have home prices declined in the past?
Although there are exceptions to any general fmding, most metro areas that experienced price declines were
relatively short lived (several years). Most homeowners who went through such downturns --but stayed in their
home for a normal period of homeownership --still netted healthy gains when they sold. People view
homeownership as a long-tenn investment as opposed to the kind of quick-in, quick out investment that Wall
Street is fond of. Unlike stocks, homeowners don't panic sell simply because a home down the street sold for
less. Home prices tend to be sticky on the downside --usually a single digit decline in any given year following a
sustained period of double digit gains. Very few people buy at the top of a market and then sell in a short
timeframe. After several years, home prices level and return to normal appreciation patterns.
Should we be concerned that home prices are rising faster than family income?
No. There are three components to housing affordability: home prices, income, and financing costs -the latter
are historically low.
During the last four-and-a-halfyears of record home sales, there has been a shortage of homes available for sale.
As a result, home prices during this period have risen faster than family income. However, in much of the
1980s and 1990s, the reverse was true -incomes rose faster than home prices.
On a national basis, according to the Housing Affordability Index published by the National Association of
Realtors@, a median income family who purchases a median-priced existing home is spending a little over 20
percent of gross income for the mortgage principal and interest payment. In the early 1990s, a typical mortgage
payment was in the low 20s as a percent of income, and in the early 1980s it was as high as 36 percent. Overall
housing affordability remains favorable in historic terms.
What are the prospects of a housing bubble?
There is virtually no risk of a national housing price bubble, based on the fundamental demand for housing and
predictable economic factors. It is possible for local bubbles to surface under the right circumstances, but that
also is unlikely in the current environment. There are tight supplies of homes available for sale in most of the
country, and labor markets have been improving. In other words, the two conditions necessary for price softness
do not exist in most of the country.
The strong underlying demand for homes results from the simple fact that the population is growing faster than
the supply of homes. In addition, it is highly unlikely that the cost of construction will decline. In fact, .
construction material shortages are expected to continue and the cost of building and development is trending
up.
Baby boomers remain in their peak earning years. Echo boomers -the children of the baby boom generation -
are just entering the period of life in which people typically buy their first home. The echo boom is the second
largest generation in U.S. history. Considering the median age ofa first-time buyer is 32, echo-boomers will be
a big factor over the next decade. In addition, immigration has been strong for many years. Census data shows
that immigrants eventually achieve homeownership rates higher than do native born Americans -this also will
be a strong factor in housing demand in the future. Also, minority ownership rates have been trending up.
All this means the demand for housing is historically high and is one of the reasons 2005 will be the fifth
consecutive year of record home sales. Even in an economic downturn, the demand remains. If conditions
become unfavorable, home buying may be postponed, but a general price decline remains highly unlikely.
What is likely to happen with home prices?
The forecast is for mortgage interest rates to rise slowly over the next year, which will have a minor breaking
effect on home sales. The good news is that will help inventory levels to recover and allow the market to come
into a closer balance between buyers and sellers.
In other words, a general slowing in the rate of price growth can be expected, but in many areas inventory
shortages will persist and home prices are likely to continue to rise above historic norms.
What is a housing bubble?
As broadly interpreted, a housing bubble refers to an unsustainable gain in home prices. The premise is that a
price bubble is at risk of "popping," resulting in a loss of equity.
Has there ever been a national housing price bubble?
No, not since good recordkeeping began in 1968. There was a national decline in the 1930s during the Great
Depression; however, home prices were not a prime concern in that era. The greatest issues were essentials such
as food, clothing, employment and shelter of any kind. Declining home prices were a natural result of a general
economic collapse caused by the stock market crash in 1929.
What is the "normal" rate of home price growth over time?
Since 1968, the national median existing-home price has increased an average of 6.4 percent per year.
However, that includes a period of high inflation. A better frame of reference is in relation to the overall rate of
inflation. Home prices typically have increased 1.5 percentage points faster than the rate of inflation, as
measured by the Consumer Price Index.
What are the biggest factors that drive home prices?
In simple terms, it gets down to supply and demand. The inventory of homes available for sale has been
historically low since 2001, which is why home prices have been rising at above normal rates.
In a balanced market between home buyers and sellers, there typically is a six-month supply of homes on the
market. Over the last four years, the supply has hovered around 4.5 months. By contrast, in the recessionary
period of 1990-1991, there was in excess of a 9-month supply.
What conditions are necessary for home prices to soften or decline?
Generally, two conditions are necessary for price softness in a given area: an oversupply of homes available for
sale, and adverse economic conditions -generally a weak local job market. Sometimes these conditions occur
against a backdrop of overall economic weakness, recession or high interest rates.
Where and when have home prices declined in the past? What were the general market conditions?
Most metropolitan areas, especially in the Midwest and South, have not experienced price declines in the era of
modem recordkeeping. Iii the period from the mid-1980s though the early 1990s, many metros in the Northeast
and on the West coast saw localized declines. Typically, this occurred in large population centers with very
little capacity for growth. When housing shortages developed during a period of high demand, prices grew at
sharp double-digit rates -often over 20 percent per year -for several consecutive years.
After local economic conditions declined in those areas, home sales stalled and the inventory of unsold homes
rose, which eventually led to price softness or decline.
How long have home prices declined in the past?
Although there are exceptions to any general fmding, most metro areas that experienced price declines were
relatively short lived (several years). Most homeowners who went through such downturns --but stayed in their
home for a normal period of homeownership --still netted healthy gains when they sold. People view
homeownership as a long-tenn investment as opposed to the kind of quick-in, quick out investment that Wall
Street is fond of. Unlike stocks, homeowners don't panic sell simply because a home down the street sold for
less. Home prices tend to be sticky on the downside --usually a single digit decline in any given year following a
sustained period of double digit gains. Very few people buy at the top of a market and then sell in a short
timeframe. After several years, home prices level and return to normal appreciation patterns.
Should we be concerned that home prices are rising faster than family income?
No. There are three components to housing affordability: home prices, income, and financing costs -the latter
are historically low.
During the last four-and-a-halfyears of record home sales, there has been a shortage of homes available for sale.
As a result, home prices during this period have risen faster than family income. However, in much of the
1980s and 1990s, the reverse was true -incomes rose faster than home prices.
On a national basis, according to the Housing Affordability Index published by the National Association of
Realtors@, a median income family who purchases a median-priced existing home is spending a little over 20
percent of gross income for the mortgage principal and interest payment. In the early 1990s, a typical mortgage
payment was in the low 20s as a percent of income, and in the early 1980s it was as high as 36 percent. Overall
housing affordability remains favorable in historic terms.
What are the prospects of a housing bubble?
There is virtually no risk of a national housing price bubble, based on the fundamental demand for housing and
predictable economic factors. It is possible for local bubbles to surface under the right circumstances, but that
also is unlikely in the current environment. There are tight supplies of homes available for sale in most of the
country, and labor markets have been improving. In other words, the two conditions necessary for price softness
do not exist in most of the country.
The strong underlying demand for homes results from the simple fact that the population is growing faster than
the supply of homes. In addition, it is highly unlikely that the cost of construction will decline. In fact, .
construction material shortages are expected to continue and the cost of building and development is trending
up.
Baby boomers remain in their peak earning years. Echo boomers -the children of the baby boom generation -
are just entering the period of life in which people typically buy their first home. The echo boom is the second
largest generation in U.S. history. Considering the median age ofa first-time buyer is 32, echo-boomers will be
a big factor over the next decade. In addition, immigration has been strong for many years. Census data shows
that immigrants eventually achieve homeownership rates higher than do native born Americans -this also will
be a strong factor in housing demand in the future. Also, minority ownership rates have been trending up.
All this means the demand for housing is historically high and is one of the reasons 2005 will be the fifth
consecutive year of record home sales. Even in an economic downturn, the demand remains. If conditions
become unfavorable, home buying may be postponed, but a general price decline remains highly unlikely.
What is likely to happen with home prices?
The forecast is for mortgage interest rates to rise slowly over the next year, which will have a minor breaking
effect on home sales. The good news is that will help inventory levels to recover and allow the market to come
into a closer balance between buyers and sellers.
In other words, a general slowing in the rate of price growth can be expected, but in many areas inventory
shortages will persist and home prices are likely to continue to rise above historic norms.
Monday, October 31, 2005
Public Image of Realtors® Reaches All -Time High
CHICAGO (October 20, 2005) –Public opinion of the nation’s Realtors® has reached an all-time high for the third straight year according to an annual tracking survey conducted to measure the effectiveness of the eighth season of the National Association of Realtors®’ multimillion-dollar Public Awareness Campaign.
The survey’s composite image score of 19 beliefs, opinions and attitudes about Realtors® rose from 56 percent in 2004 to 59 percent—up 11 points since 2002. The survey also found that the likelihood of real estate consumers to use a Realtor over a real estate licensee who is not a Realtor® rose 4 points to 64 percent this year.
Some of the consumer beliefs and opinions that improved most over the past 12 months are: “Realtors® bring the latest technology to buying and selling a home” (up 6 points to 63 percent); “Realtors® have the expertise to help sellers price their home fairly” (up 4 points to 64 percent); “Realtors® earn their commission” (up 6 points to 50 percent) and “Realtors® advocate private property rights of homeowners” (up 12 points to 54 percent).
“Public support for Realtors® and the value Realtors® bring to the real estate transaction is higher than it has ever been. Consumer attitudes towards Realtors have been improving steadily for the past few years due to many factors, especially the effectiveness of the Public Awareness Campaign,” said NAR President Al Mansell of Salt Lake City.
Total awareness of NAR’s television and radio advertisements reached the highest level in the history of the campaign. Awareness rose 2 points to 73 percent—reaching nearly three out of four real estate consumers in America. In 2005, 55 percent of consumers recalled seeing or hearing at least one of the NAR advertising executions, an increase of 2 points over 2004. Awareness of the call to action introduced last year, “Ask your agent if they’re a Realtor®, a member of the National Association of Realtors®,” increased from 32 percent to 39 percent.
Beliefs about Realtors® that improved the most this year were: that they have the best network of sources to help buyers and sellers (79 percent up 6 points over year ago); that they are best qualified to promote the sale of a home (73 percent, up 12 points); that they are professional (70 percent, up 13 points); that they conduct business with ethics and integrity (69 percent, up 11 points); and that they get the job done properly (68 percent, up 10 points).
Buyers who purchased a home in the past 12 months reported a jump from 39 percent to 56 percent in agents identifying themselves as Realtors®, while sellers reported an even more dramatic 23 percentage point gain, from 41 percent to 64 percent.
Realtor® support for the advertising campaign continues at levels similar to those last year, according to a survey of NAR members conducted in concert with the consumer survey. Ninety-eight percent of all NAR members favor the ad program, 94 percent would like to see more advertising, and 78 percent rate the advertising effectiveness as excellent/very good (up four points). Sixty-seven percent of members, a significant 10 point gain over last year, cite NAR’s advertising as an important reason for joining the association.
The National Association of Realtors® Public Awareness Campaign kicked off its eighth season last February and it will end next week. New ads this season featured people talking about their real estate experiences and touting the benefits of working with a Realtor®. The ads encourage consumers to contact a Realtor® first when it comes time to buy or sell a home or lease a commercial space.
The $25 million advertising campaign featured four new television commercials this year and four new radio spots, as well as new customizable print ads, posters and Web banners for state and local associations to use. Commercials included NAR’s first-ever Spanish-language television ad. The new spot, which closely resembles the English-language version, featured Hispanic Americans sharing their hopes, dreams and stories about trying to achieve the American dream of homeownership.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries.
The survey’s composite image score of 19 beliefs, opinions and attitudes about Realtors® rose from 56 percent in 2004 to 59 percent—up 11 points since 2002. The survey also found that the likelihood of real estate consumers to use a Realtor over a real estate licensee who is not a Realtor® rose 4 points to 64 percent this year.
Some of the consumer beliefs and opinions that improved most over the past 12 months are: “Realtors® bring the latest technology to buying and selling a home” (up 6 points to 63 percent); “Realtors® have the expertise to help sellers price their home fairly” (up 4 points to 64 percent); “Realtors® earn their commission” (up 6 points to 50 percent) and “Realtors® advocate private property rights of homeowners” (up 12 points to 54 percent).
“Public support for Realtors® and the value Realtors® bring to the real estate transaction is higher than it has ever been. Consumer attitudes towards Realtors have been improving steadily for the past few years due to many factors, especially the effectiveness of the Public Awareness Campaign,” said NAR President Al Mansell of Salt Lake City.
Total awareness of NAR’s television and radio advertisements reached the highest level in the history of the campaign. Awareness rose 2 points to 73 percent—reaching nearly three out of four real estate consumers in America. In 2005, 55 percent of consumers recalled seeing or hearing at least one of the NAR advertising executions, an increase of 2 points over 2004. Awareness of the call to action introduced last year, “Ask your agent if they’re a Realtor®, a member of the National Association of Realtors®,” increased from 32 percent to 39 percent.
Beliefs about Realtors® that improved the most this year were: that they have the best network of sources to help buyers and sellers (79 percent up 6 points over year ago); that they are best qualified to promote the sale of a home (73 percent, up 12 points); that they are professional (70 percent, up 13 points); that they conduct business with ethics and integrity (69 percent, up 11 points); and that they get the job done properly (68 percent, up 10 points).
Buyers who purchased a home in the past 12 months reported a jump from 39 percent to 56 percent in agents identifying themselves as Realtors®, while sellers reported an even more dramatic 23 percentage point gain, from 41 percent to 64 percent.
Realtor® support for the advertising campaign continues at levels similar to those last year, according to a survey of NAR members conducted in concert with the consumer survey. Ninety-eight percent of all NAR members favor the ad program, 94 percent would like to see more advertising, and 78 percent rate the advertising effectiveness as excellent/very good (up four points). Sixty-seven percent of members, a significant 10 point gain over last year, cite NAR’s advertising as an important reason for joining the association.
The National Association of Realtors® Public Awareness Campaign kicked off its eighth season last February and it will end next week. New ads this season featured people talking about their real estate experiences and touting the benefits of working with a Realtor®. The ads encourage consumers to contact a Realtor® first when it comes time to buy or sell a home or lease a commercial space.
The $25 million advertising campaign featured four new television commercials this year and four new radio spots, as well as new customizable print ads, posters and Web banners for state and local associations to use. Commercials included NAR’s first-ever Spanish-language television ad. The new spot, which closely resembles the English-language version, featured Hispanic Americans sharing their hopes, dreams and stories about trying to achieve the American dream of homeownership.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries.
National Parks in Florida
If you plan to visit Lakewood Ranch Florida, here is the list of national parks located in Florida:
Big Cypress National Preserve
Ochopee, FL National Preserve
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Biscayne National Park
Miami, Key Biscayne & Homestead, FL National Park
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Canaveral National Seashore
Titusville and New Smyrna Beach, FL National Seashore
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Castillo De San Marcos National Monument
St. Augustine, FL National Monument
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De Soto National Memorial
Bradenton, FL National Memorial
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Dry Tortugas National Park
Key West, FL National Park
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Everglades National Park
Miami, Naples, and Homestead, FL National Park
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Fort Caroline National Memorial
the Timucuan Preserve; Jacksonville, FL National Memorial
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Fort Matanzas National Monument
St. Augustine, FL National Monument
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Gulf Islands National Seashore
Gulf Breeze, Florida and Ocean Springs, Mississippi , FL,MS National Seashore
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Timucuan Ecological & Historic Preserve
Jacksonville, FL Ecological & Historic Preserve
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ParkNet U.S. Department of the Interior FOIA Privacy Disclaimer FirstGov
Big Cypress National Preserve
Ochopee, FL National Preserve
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Biscayne National Park
Miami, Key Biscayne & Homestead, FL National Park
--------------------------------------------------------------------------------
Canaveral National Seashore
Titusville and New Smyrna Beach, FL National Seashore
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Castillo De San Marcos National Monument
St. Augustine, FL National Monument
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De Soto National Memorial
Bradenton, FL National Memorial
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Dry Tortugas National Park
Key West, FL National Park
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Everglades National Park
Miami, Naples, and Homestead, FL National Park
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Fort Caroline National Memorial
the Timucuan Preserve; Jacksonville, FL National Memorial
--------------------------------------------------------------------------------
Fort Matanzas National Monument
St. Augustine, FL National Monument
--------------------------------------------------------------------------------
Gulf Islands National Seashore
Gulf Breeze, Florida and Ocean Springs, Mississippi , FL,MS National Seashore
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Timucuan Ecological & Historic Preserve
Jacksonville, FL Ecological & Historic Preserve
--------------------------------------------------------------------------------
ParkNet U.S. Department of the Interior FOIA Privacy Disclaimer FirstGov
Thursday, October 27, 2005
Sarasota Reading Festival
Sarasota Reading Festival
The Sarasota Reading Festival is an annual free community event promoting literacy and
celebrating the pleasures of reading. The Festival is one of our area’s special events that truly offers something for everyone! There are dozens of events, including readings and discussions by award-winning authors, book signings, food booths, inventive crafts, and children’s activities.
The Festival is held each year in downtown Sarasota, and attracted over 18,000 people in 2004.
The Festival is produced by Friends of the Selby Public Library, Inc., and New College Library Association, Inc. Presenting Sponsor is the Sarasota Herald-Tribune.
The 2005 Sarasota Reading Festival will be held Saturday, November 5, in downtown Sarasota.
Up-to-the-minute Festival information may be found at the Festival Web site, www.sarasotareadingfestival.com, or by calling 941.906.1733.
Begins: 11/05/2005 09:30 AM
Ends: 11/05/2005 05:00 PM
The Sarasota Reading Festival is an annual free community event promoting literacy and
celebrating the pleasures of reading. The Festival is one of our area’s special events that truly offers something for everyone! There are dozens of events, including readings and discussions by award-winning authors, book signings, food booths, inventive crafts, and children’s activities.
The Festival is held each year in downtown Sarasota, and attracted over 18,000 people in 2004.
The Festival is produced by Friends of the Selby Public Library, Inc., and New College Library Association, Inc. Presenting Sponsor is the Sarasota Herald-Tribune.
The 2005 Sarasota Reading Festival will be held Saturday, November 5, in downtown Sarasota.
Up-to-the-minute Festival information may be found at the Festival Web site, www.sarasotareadingfestival.com, or by calling 941.906.1733.
Begins: 11/05/2005 09:30 AM
Ends: 11/05/2005 05:00 PM
Wednesday, October 26, 2005
County, city to sell a lot of lots
Article published Oct 26, 2005
County, city to sell a lot of lots
Seized North Port properties to be sold for affordable housing
By Doug Sword
SARASOTA COUNTY -- North Port and Sarasota County will jump into the real estate market in a big way next week, hoping to make $50 million to $70 million that the county can use for affordable housing.
The county has already committed much of its windfall, expected to top $20 million, to affordable housing initiatives. While North Port hasn't yet dedicated its windfall, one commissioner said the city needs to use the money to pay for road projects.
While officials already had the money spent, a Web site is scheduled to launch Monday to whet the public's appetite for 2,100 North Port properties seized between 1998 and 2003 after the owners didn't pay their property taxes.
If the average parcel sells for $25,000, that would bring $51.2 million to the city and county after expenses.
The two governments hired Fisher Auction Co. of Pompano Beach on Tuesday to conduct the auction with bidding, some via the Internet, starting in early January and ending Feb. 11.
General Development Corp. originally sold the 2,100 lots beginning in the 1950s. After decades of little appreciation in value, the owners, mainly Midwesterners, stopped paying property taxes by the early 1990s, said David Bullock, deputy county administrator. At the time, a typical tax bill was only $20 or $30 a year, he said.
It's taken a decade to get control of the properties and for North Port and Sarasota County to settle a lawsuit over ownership. The two governments went to mediation and North Port will get 55 percent of the profit from the massive property sale, while Sarasota County gets 45 percent.
An initial estimate puts the estimated profits from the sale at about $50 million.
"I'd say that's conservative," said North Port Commissioner Barbara Gross. The city hasn't decided how to spend the money, but Gross would like to see much of it spent on improving roads.
The county will spend its share on affordable housing initiatives and infill development, which could include extending utilities to parcels in urban and suburban areas that development has skipped over.
The 21,000 properties, scattered throughout North Port, have been unwanted for years. During the 1990s, they were all put up for public auction because of unpaid back taxes. But there were no bidders.
Officials say that won't be the case this time around. The properties were appraised at $11 million two years ago. North Port's population has risen by 55 percent over the last four years so the two governments expect that appraisals could easily quadruple.
Based on recent sale prices, the average bid price during the auction could be $35,000, said Larry Arnold, general manager of business operations for the county's public works department.
County, city to sell a lot of lots
Seized North Port properties to be sold for affordable housing
By Doug Sword
SARASOTA COUNTY -- North Port and Sarasota County will jump into the real estate market in a big way next week, hoping to make $50 million to $70 million that the county can use for affordable housing.
The county has already committed much of its windfall, expected to top $20 million, to affordable housing initiatives. While North Port hasn't yet dedicated its windfall, one commissioner said the city needs to use the money to pay for road projects.
While officials already had the money spent, a Web site is scheduled to launch Monday to whet the public's appetite for 2,100 North Port properties seized between 1998 and 2003 after the owners didn't pay their property taxes.
If the average parcel sells for $25,000, that would bring $51.2 million to the city and county after expenses.
The two governments hired Fisher Auction Co. of Pompano Beach on Tuesday to conduct the auction with bidding, some via the Internet, starting in early January and ending Feb. 11.
General Development Corp. originally sold the 2,100 lots beginning in the 1950s. After decades of little appreciation in value, the owners, mainly Midwesterners, stopped paying property taxes by the early 1990s, said David Bullock, deputy county administrator. At the time, a typical tax bill was only $20 or $30 a year, he said.
It's taken a decade to get control of the properties and for North Port and Sarasota County to settle a lawsuit over ownership. The two governments went to mediation and North Port will get 55 percent of the profit from the massive property sale, while Sarasota County gets 45 percent.
An initial estimate puts the estimated profits from the sale at about $50 million.
"I'd say that's conservative," said North Port Commissioner Barbara Gross. The city hasn't decided how to spend the money, but Gross would like to see much of it spent on improving roads.
The county will spend its share on affordable housing initiatives and infill development, which could include extending utilities to parcels in urban and suburban areas that development has skipped over.
The 21,000 properties, scattered throughout North Port, have been unwanted for years. During the 1990s, they were all put up for public auction because of unpaid back taxes. But there were no bidders.
Officials say that won't be the case this time around. The properties were appraised at $11 million two years ago. North Port's population has risen by 55 percent over the last four years so the two governments expect that appraisals could easily quadruple.
Based on recent sale prices, the average bid price during the auction could be $35,000, said Larry Arnold, general manager of business operations for the county's public works department.
Four questions to ask yourself before you jump on the home buying bandwagon
Should I buy a house?
Four questions to ask yourself before you jump on the home buying bandwagon.
April 4, 2005: 8:54 AM EDT
By Sarah Max, CNN/Money senior writer
Salem, Ore. (CNN/Money) –A month ago my friend caught me off guard when she asked the seemingly simple question: "Should I buy a house?"
After seeing all of our friends – even the single and unsettled – jump on the buying bandwagon, this free-spirited friend was starting to think that she too should commit to a mortgage.
"Am I going to kick myself a year from now for not doing it?" she asked.
"Do you even know where in the world you'll be a year from now?" I came back, thinking of recent conversations about out-of-state job opportunities and international fellowships.
Still, I wasn't about to take responsibility for this kind of decision.
So I did what any good friend would do: I asked a few leading questions and waited for her to come to her senses.
Why do you want to buy a house?
It used to be that buyers wanted to find a place to live, with the additional benefit of making some money over the long run. Increasingly, buyers say they want to find a place to invest, with the additional benefit of having somewhere to live in the short term.
Yet, even cheerleaders of the housing market warn that double-digit price gains aren't realistic. David Lereah, chief economist of the National Association of Realtors and author of the new book "Are You Missing the Real Estate Boom?" says he expects healthy price appreciation through the next decade. But his idea of healthy is 4 percent to 6 percent a year.
Even in strong markets, you may not break even if you sell too soon.
Let's say my friend buys a $200,000 house and sells it a year later for 10 percent more than she paid, which a pretty nice return by historical standards. After she pays a real estate agent, accounts for her closing costs and pays capital gains taxes, she'll walk away with less than $4,000 -- which is what I'm guessing she would spend sprucing up the house.
If the house appreciates only 5 percent, she'll lose money on the deal.
True, my friend could hold the house and rent it out. Of course, if she's not sure she's ready for the responsibilities of owning a house, she's definitely not ready to be a landlord.
At least she won't throw away money renting, right? Actually, most of her mortgage payment will go toward interest during her first year, and what little she puts toward principal will be eaten up by property taxes, insurance and other costs of owning.
A reasonable timeframe is three to five years, said Linda Marcelli, managing director of Merrill Lynch in Tampa Bay, Fla. "If you do happen to buy a house at the top of a market, you need to have flexibility to wait for prices to come back," she said.
Can you afford it?
Given that you can buy a house with no down payment, roll your closing costs into your mortgage and opt for an interest-only loan, this question might sound outdated.
But buying a house still takes money even if you manage to keep your mortgage payments low and save on closing costs. Between the time you pay for a home inspection and make your hundredth trip to Home Depot -- and I'm speaking from experience -- you could spend thousands of dollars in incidental expenses.
"We always advise people to have a cash reserve of four to six months of expenses in the bank," said Marcelli. "But if you're buying a house you should have even more."
What is the cost of renting?
Nationally, the gap between the cost of renting and the cost of owning is now the widest it's been in a decade, according to Gleb Nechayev, senior economist for Torto Wheaton Research. In most markets, he said, the price of owning has gone up while the cost of renting has remained flat or declined.
If you're weighing the pros and cons of buying, you might find it useful to take the pulse of the local rental market for a couple of reasons.
First of all, you might learn that you can actually save more money renting over the course of a year or two than you would on an appreciating home. My friend thinks she could rent a small two-bedroom house for about $700 a month in her market.
Her mortgage, property taxes and insurance on a similar house would likely ring in at close to $1,300 a month. At that rate her house would need to appreciate more than 10 percent in a year (assuming she sells with an agent) for her to walk away with more than she saved renting.
Second, the relationship between rent prices and the cost of owning is one way to gauge the health of a real estate market.
"There is an underlying relationship between home price and rents in close analogy to the stock market's [price-to-earnings ratio]," said Nechayev. If the cost of owning is significantly higher than renting similar property, the housing market may be overvalued relative to its economic fundamentals.
Are you ready to commit?
You should weigh the pros and cons of owning, take a close look at what you can afford and research your local market. But, at the end of the day the answer to the question "Should I buy a house" isn't going to show up on a spreadsheet or be revealed by a survey of friends and family.
"Emotionally, I'm not ready to commit," my friend told me a few weeks after she first came to me with her dilemma. "I feel like I should listen to that."
"A house is a huge commitment," I added, thinking how instead of touring Europe this summer I'll be landscaping my overgrown yard and pulling up tile in an out-of-date bathroom. "You'll know when the time is right."
As the saying goes: You want to own the house. You don't want the house to own you.
Four questions to ask yourself before you jump on the home buying bandwagon.
April 4, 2005: 8:54 AM EDT
By Sarah Max, CNN/Money senior writer
Salem, Ore. (CNN/Money) –A month ago my friend caught me off guard when she asked the seemingly simple question: "Should I buy a house?"
After seeing all of our friends – even the single and unsettled – jump on the buying bandwagon, this free-spirited friend was starting to think that she too should commit to a mortgage.
"Am I going to kick myself a year from now for not doing it?" she asked.
"Do you even know where in the world you'll be a year from now?" I came back, thinking of recent conversations about out-of-state job opportunities and international fellowships.
Still, I wasn't about to take responsibility for this kind of decision.
So I did what any good friend would do: I asked a few leading questions and waited for her to come to her senses.
Why do you want to buy a house?
It used to be that buyers wanted to find a place to live, with the additional benefit of making some money over the long run. Increasingly, buyers say they want to find a place to invest, with the additional benefit of having somewhere to live in the short term.
Yet, even cheerleaders of the housing market warn that double-digit price gains aren't realistic. David Lereah, chief economist of the National Association of Realtors and author of the new book "Are You Missing the Real Estate Boom?" says he expects healthy price appreciation through the next decade. But his idea of healthy is 4 percent to 6 percent a year.
Even in strong markets, you may not break even if you sell too soon.
Let's say my friend buys a $200,000 house and sells it a year later for 10 percent more than she paid, which a pretty nice return by historical standards. After she pays a real estate agent, accounts for her closing costs and pays capital gains taxes, she'll walk away with less than $4,000 -- which is what I'm guessing she would spend sprucing up the house.
If the house appreciates only 5 percent, she'll lose money on the deal.
True, my friend could hold the house and rent it out. Of course, if she's not sure she's ready for the responsibilities of owning a house, she's definitely not ready to be a landlord.
At least she won't throw away money renting, right? Actually, most of her mortgage payment will go toward interest during her first year, and what little she puts toward principal will be eaten up by property taxes, insurance and other costs of owning.
A reasonable timeframe is three to five years, said Linda Marcelli, managing director of Merrill Lynch in Tampa Bay, Fla. "If you do happen to buy a house at the top of a market, you need to have flexibility to wait for prices to come back," she said.
Can you afford it?
Given that you can buy a house with no down payment, roll your closing costs into your mortgage and opt for an interest-only loan, this question might sound outdated.
But buying a house still takes money even if you manage to keep your mortgage payments low and save on closing costs. Between the time you pay for a home inspection and make your hundredth trip to Home Depot -- and I'm speaking from experience -- you could spend thousands of dollars in incidental expenses.
"We always advise people to have a cash reserve of four to six months of expenses in the bank," said Marcelli. "But if you're buying a house you should have even more."
What is the cost of renting?
Nationally, the gap between the cost of renting and the cost of owning is now the widest it's been in a decade, according to Gleb Nechayev, senior economist for Torto Wheaton Research. In most markets, he said, the price of owning has gone up while the cost of renting has remained flat or declined.
If you're weighing the pros and cons of buying, you might find it useful to take the pulse of the local rental market for a couple of reasons.
First of all, you might learn that you can actually save more money renting over the course of a year or two than you would on an appreciating home. My friend thinks she could rent a small two-bedroom house for about $700 a month in her market.
Her mortgage, property taxes and insurance on a similar house would likely ring in at close to $1,300 a month. At that rate her house would need to appreciate more than 10 percent in a year (assuming she sells with an agent) for her to walk away with more than she saved renting.
Second, the relationship between rent prices and the cost of owning is one way to gauge the health of a real estate market.
"There is an underlying relationship between home price and rents in close analogy to the stock market's [price-to-earnings ratio]," said Nechayev. If the cost of owning is significantly higher than renting similar property, the housing market may be overvalued relative to its economic fundamentals.
Are you ready to commit?
You should weigh the pros and cons of owning, take a close look at what you can afford and research your local market. But, at the end of the day the answer to the question "Should I buy a house" isn't going to show up on a spreadsheet or be revealed by a survey of friends and family.
"Emotionally, I'm not ready to commit," my friend told me a few weeks after she first came to me with her dilemma. "I feel like I should listen to that."
"A house is a huge commitment," I added, thinking how instead of touring Europe this summer I'll be landscaping my overgrown yard and pulling up tile in an out-of-date bathroom. "You'll know when the time is right."
As the saying goes: You want to own the house. You don't want the house to own you.
Wednesday, October 12, 2005
Sarasota #4 in the Nation
DANA SANCHEZ
Herald Staff Writer
MANATEE - We're on the map in more ways than one.
Manatee County's recent astronomical property appreciation rate - 41 percent this year - brought national attention to the area. Now the growing Sarasota-Bradenton Metropolitan Statistical Area is drawing attention for other reasons: showing up on quality-of-life indexes on an almost daily basis.
Like Entrepreneur Magazine's Top 50 Places for Entrepreneurs (Sarasota-Bradenton was No. 47) and Colin Powell's Alliance For Youth 100 Best Communities for Young People (We showed up on the unranked list). We're also No. 8 on a list of 100 top renter-friendly midsize towns by ApartmentRatings. com.
On Tuesday, the area landed the No. 4 spot on a list of the 10 hottest major metropolitan markets for jobs by American City Business Journals.
Sarasota-Bradenton is the top Florida market for jobs and is bettered by only Las Vegas, Phoenix and Washington, D.C., according to a report at www.bizjournals. com.
The study compared unemployment rates (3.5 percent for Sarasota-Bradenton in June, down from 4.4 percent last year), non-farm employment, jobs added and the percentage change.
This area's work force grew by 16,500 jobs from June 2004 to June 2005, the study found. That's a 5.6 percent increase.
Quality of life and a growing population are getting the area onto lists, said Nancy Engel, executive director of the Manatee Chamber's Economic Development Council.
"When your metropolitan statistical area grows, that kicks in more things being recognized," Engel said.
The population for the Sarasota-Bradenton Metropolitan Statistical Area is 639,438, according to the U.S. Census Bureau's 2004 American community survey.
Some list-makers consider that a large city like Entrepreneur.com, which ranked the hottest large, mid-size and small cities for entrepreneurs.
Sarasota-Bradenton ranked 47th on its list of top 50 large cities to start and grow a business. Phoenix ranked No. 1 followed by Charlotte and Raleigh-Durham, N.C., and Las Vegas.
Phenomenal demand for real estate has helped Sarasota-Bradenton rank high in quality-of-life indexes, said Jim Parrish, a business analyst at the University of South Florida's Small Business Development Center in Tampa.
"When people move to an area to achieve quality of life, they need things," Parrish said. "Any business oriented towards consumers is going to do very well." That includes restaurants, retail establishments, financial services and banking, he said.
Here's a list we didn't show up on: Forbes' 2005 list of most expensive ZIP codes. Heading that list was the Atherton, Calif., ZIP code 94027, with a median home price of $2,496,553. Miami Beach's 33109 ZIP code was the most expensive Florida ZIP to make the list, with a median home price of $1,505,655.
This compares with Sarasota-Bradenton with a median home price of $347,400 in August, up 34 percent from $258,700 last year, according to the Florida Association of Realtors.
Here's an informal sampling of other lists ranking Sarasota-Bradenton:
• The area ranked No. 161 for risk from diesel soot out of 359 metropolitan statistical areas, according to a February study by the Clean Air Task Force using data from the Environmental Protection Agency.
• The Milken Institute, a nonprofit economic think tank ranked Sarasota-Bradenton sixth in a list of top performing cities in November.
• Sarasota ranked third in a list of top 10 Best American Art Towns, a guide to galleries, museums, festivals, lodging and dining, according to the Economic Development Corp. of Sarasota County.
• Sarasota was named sixth on a list of best markets for the creation of start-up businesses, according to a study by SalesGenie.com.
Herald Staff Writer
MANATEE - We're on the map in more ways than one.
Manatee County's recent astronomical property appreciation rate - 41 percent this year - brought national attention to the area. Now the growing Sarasota-Bradenton Metropolitan Statistical Area is drawing attention for other reasons: showing up on quality-of-life indexes on an almost daily basis.
Like Entrepreneur Magazine's Top 50 Places for Entrepreneurs (Sarasota-Bradenton was No. 47) and Colin Powell's Alliance For Youth 100 Best Communities for Young People (We showed up on the unranked list). We're also No. 8 on a list of 100 top renter-friendly midsize towns by ApartmentRatings. com.
On Tuesday, the area landed the No. 4 spot on a list of the 10 hottest major metropolitan markets for jobs by American City Business Journals.
Sarasota-Bradenton is the top Florida market for jobs and is bettered by only Las Vegas, Phoenix and Washington, D.C., according to a report at www.bizjournals. com.
The study compared unemployment rates (3.5 percent for Sarasota-Bradenton in June, down from 4.4 percent last year), non-farm employment, jobs added and the percentage change.
This area's work force grew by 16,500 jobs from June 2004 to June 2005, the study found. That's a 5.6 percent increase.
Quality of life and a growing population are getting the area onto lists, said Nancy Engel, executive director of the Manatee Chamber's Economic Development Council.
"When your metropolitan statistical area grows, that kicks in more things being recognized," Engel said.
The population for the Sarasota-Bradenton Metropolitan Statistical Area is 639,438, according to the U.S. Census Bureau's 2004 American community survey.
Some list-makers consider that a large city like Entrepreneur.com, which ranked the hottest large, mid-size and small cities for entrepreneurs.
Sarasota-Bradenton ranked 47th on its list of top 50 large cities to start and grow a business. Phoenix ranked No. 1 followed by Charlotte and Raleigh-Durham, N.C., and Las Vegas.
Phenomenal demand for real estate has helped Sarasota-Bradenton rank high in quality-of-life indexes, said Jim Parrish, a business analyst at the University of South Florida's Small Business Development Center in Tampa.
"When people move to an area to achieve quality of life, they need things," Parrish said. "Any business oriented towards consumers is going to do very well." That includes restaurants, retail establishments, financial services and banking, he said.
Here's a list we didn't show up on: Forbes' 2005 list of most expensive ZIP codes. Heading that list was the Atherton, Calif., ZIP code 94027, with a median home price of $2,496,553. Miami Beach's 33109 ZIP code was the most expensive Florida ZIP to make the list, with a median home price of $1,505,655.
This compares with Sarasota-Bradenton with a median home price of $347,400 in August, up 34 percent from $258,700 last year, according to the Florida Association of Realtors.
Here's an informal sampling of other lists ranking Sarasota-Bradenton:
• The area ranked No. 161 for risk from diesel soot out of 359 metropolitan statistical areas, according to a February study by the Clean Air Task Force using data from the Environmental Protection Agency.
• The Milken Institute, a nonprofit economic think tank ranked Sarasota-Bradenton sixth in a list of top performing cities in November.
• Sarasota ranked third in a list of top 10 Best American Art Towns, a guide to galleries, museums, festivals, lodging and dining, according to the Economic Development Corp. of Sarasota County.
• Sarasota was named sixth on a list of best markets for the creation of start-up businesses, according to a study by SalesGenie.com.
Thursday, September 29, 2005
Lakewood Ranch gets first assisted-living facility
REBECCA BLUE
Bradenton Herald Staff Writer
LAKEWOOD RANCH - Over the past few years, family members frequently encouraged Mary Lee O'Neil and her husband, Joseph, to enter an assisted-living facility.
But leaving behind a six-bedroom ranch house in Lincroft, N.J., just wasn't something this 90-something-year-old couple wanted to do.
"We were afraid we'd have regrets about leaving behind our home of 32 years. We had wonderful neighbors and friends," Mary Lee O'Neil said.
When their nieces, both Lakewood Ranch residents, found out an assisted-living facility was coming to their neighborhood, they saw an opportunity.
The opportunity coincided with New Jersey's frigid 2004 winter season, which caused the O'Neils to change their thinking.
"We had to have our driveway plowed seven times. That did it. That was our last winter," Mary Lee O'Neil said.
The O'Neils moved into their 604-square-foot "Osprey" apartment at The Windsor of Lakewood Ranch on Sept. 14. In the two weeks they've resided at the new facility, they've quickly made themselves at home.
Joseph O'Neil is particularly fond of the relaxing atmosphere.
"I'm looking forward to the lack of chores," he said.
So far, the Windsor, 8220 Natures Way, is at one-third of its 86-room capacity. A good chunk of its residents are similar to the O'Neils. They have adult-aged children living in Lakewood Ranch, according to Jason Rosenberg, residence director.
"It's convenient and allows the family to be closer," Rosenberg said.
The average age of The Windsor's residents is 82. The facility allows its residents to come and go as they please. Transportation is provided but some of the residents still drive, according to Rosenberg.
The Windsor's owners, Pete Russell, Cathy Layton and Tim and Gail Buchanan, are all local residents and have been in the business for more about 15 years. They also own The Windsor of Bradenton and The Windsor Oaks, also located in Bradenton.
When they envisioned the Lakewood Ranch facility, they wanted to maintain a homey feeling, Russell said.
Two stories tall, the facility is surrounded by a wildlife nature preserve, complete with a lake on its west side.
The Windsor offers eight one-bedroom floor plans, ranging from 360 to 604 square feet and costing from $2,325 to $3,200 a month. The base service plan also includes a life-enrichment plan with several activities; weekly housekeeping, personal laundry and linen services; three meals a day; all utilities, except phone services; and 24-hour staff availability.
Residents can add on tailored services such as medication management, specialized diets and assistance with bathing, grooming and other personal-care needs. Companion service is also available to perform errands, escort residents to facility events or outside activities, and for additional housekeeping services.
The Windsor also offers a dining room with a view of the preserve; a living room with a 55-inch screen television complete with surround sound; media and game rooms; a library; a screened lanai and courtyard; a personal care suite for health and wellness evaluations and service; a therapeutic spa; and a beauty salon.
Rebecca Blue, Herald reporter, can be reached at rblue@HeraldToday.com or at 708-7919.
--------------------------------------------------------------------------------
© 2005 Bradenton Herald and wire service sources. All Rights Reserved.
http://www.bradenton.com
Bradenton Herald Staff Writer
LAKEWOOD RANCH - Over the past few years, family members frequently encouraged Mary Lee O'Neil and her husband, Joseph, to enter an assisted-living facility.
But leaving behind a six-bedroom ranch house in Lincroft, N.J., just wasn't something this 90-something-year-old couple wanted to do.
"We were afraid we'd have regrets about leaving behind our home of 32 years. We had wonderful neighbors and friends," Mary Lee O'Neil said.
When their nieces, both Lakewood Ranch residents, found out an assisted-living facility was coming to their neighborhood, they saw an opportunity.
The opportunity coincided with New Jersey's frigid 2004 winter season, which caused the O'Neils to change their thinking.
"We had to have our driveway plowed seven times. That did it. That was our last winter," Mary Lee O'Neil said.
The O'Neils moved into their 604-square-foot "Osprey" apartment at The Windsor of Lakewood Ranch on Sept. 14. In the two weeks they've resided at the new facility, they've quickly made themselves at home.
Joseph O'Neil is particularly fond of the relaxing atmosphere.
"I'm looking forward to the lack of chores," he said.
So far, the Windsor, 8220 Natures Way, is at one-third of its 86-room capacity. A good chunk of its residents are similar to the O'Neils. They have adult-aged children living in Lakewood Ranch, according to Jason Rosenberg, residence director.
"It's convenient and allows the family to be closer," Rosenberg said.
The average age of The Windsor's residents is 82. The facility allows its residents to come and go as they please. Transportation is provided but some of the residents still drive, according to Rosenberg.
The Windsor's owners, Pete Russell, Cathy Layton and Tim and Gail Buchanan, are all local residents and have been in the business for more about 15 years. They also own The Windsor of Bradenton and The Windsor Oaks, also located in Bradenton.
When they envisioned the Lakewood Ranch facility, they wanted to maintain a homey feeling, Russell said.
Two stories tall, the facility is surrounded by a wildlife nature preserve, complete with a lake on its west side.
The Windsor offers eight one-bedroom floor plans, ranging from 360 to 604 square feet and costing from $2,325 to $3,200 a month. The base service plan also includes a life-enrichment plan with several activities; weekly housekeeping, personal laundry and linen services; three meals a day; all utilities, except phone services; and 24-hour staff availability.
Residents can add on tailored services such as medication management, specialized diets and assistance with bathing, grooming and other personal-care needs. Companion service is also available to perform errands, escort residents to facility events or outside activities, and for additional housekeeping services.
The Windsor also offers a dining room with a view of the preserve; a living room with a 55-inch screen television complete with surround sound; media and game rooms; a library; a screened lanai and courtyard; a personal care suite for health and wellness evaluations and service; a therapeutic spa; and a beauty salon.
Rebecca Blue, Herald reporter, can be reached at rblue@HeraldToday.com or at 708-7919.
--------------------------------------------------------------------------------
© 2005 Bradenton Herald and wire service sources. All Rights Reserved.
http://www.bradenton.com
Wednesday, September 28, 2005
Burnt Store Road getting 1,800 homes
By John Heys
Sarasota Herald Tribune
CHARLOTTE COUNTY -- Lennar Communities plans to build a golf course community of 1,800 homes off Burnt Store Road in Charlotte County.
The community, dubbed Tern Bay, will feature a mix of single-family homes and condominiums on 1,700 acres south of Punta Gorda and north of the Lee County line, Lennar announced Tuesday.
A 27-hole Chip Powell-designed golf course, with a clubhouse, restaurant and fitness center, also is planned.
US Home and Lennar will build homes in the community. Prices haven't been set, but Lennar says it expects them to be "competitive for the area."
The project developer, Tern Bay Development Co., committed in January to widen nearly two miles of Burnt Store Road in return for impact-fee credits from the county worth about $5.6 million. The two-lane road will be widened to four lanes.
Lennar has built more than 25,000 homes in Charlotte, DeSoto, Manatee and Sarasota counties.
On Monday, the Miami-based company reported better than expected third-quarter earnings. Net earnings for the quarter were $337.3 million, or $2.06 per share, compared with $225 million, or $1.36 per share, in 2004.
That beat several Wall Street estimates.
Sarasota Herald Tribune
CHARLOTTE COUNTY -- Lennar Communities plans to build a golf course community of 1,800 homes off Burnt Store Road in Charlotte County.
The community, dubbed Tern Bay, will feature a mix of single-family homes and condominiums on 1,700 acres south of Punta Gorda and north of the Lee County line, Lennar announced Tuesday.
A 27-hole Chip Powell-designed golf course, with a clubhouse, restaurant and fitness center, also is planned.
US Home and Lennar will build homes in the community. Prices haven't been set, but Lennar says it expects them to be "competitive for the area."
The project developer, Tern Bay Development Co., committed in January to widen nearly two miles of Burnt Store Road in return for impact-fee credits from the county worth about $5.6 million. The two-lane road will be widened to four lanes.
Lennar has built more than 25,000 homes in Charlotte, DeSoto, Manatee and Sarasota counties.
On Monday, the Miami-based company reported better than expected third-quarter earnings. Net earnings for the quarter were $337.3 million, or $2.06 per share, compared with $225 million, or $1.36 per share, in 2004.
That beat several Wall Street estimates.
Tuesday, September 27, 2005
New Flood Insurance Program Starts Oct. 1st
New Flood Insurance Program Starts Oct. 1st
Coverage under the nation's flood insurance program will change as October 1st, a long-planned event not directly related to Hurricanes Katrina and Rita, but one that will substantially impact those most likely to be flooded in the future.
Until this point the National Flood Insurance Program (NFIP) has provided three basic levels of coverage:
Owner-occupants could obtain as much as $250,000 for property damage plus $100,000 for lost contents.
Tenants could insure personal property for as much as $100,000.
Investors could get coverage of up to $500,000 per property, a figure which includes both damage to the structure as well as contents.
Depending on where you lived, maximum residential coverage for the structure and contents ranged from $703 to $1,822 per year. Less coverage was also available with lower annual premiums.
The problem with the program's long-term approach is that while coverage was fairly equivalent, claims were not. For instance, one study done by the National Wildlife Federation found that 5,629 homes had 19,979 flood insurance claims.
These homes had a gross value of $307.5 million -- but because of repeated claims owners obtained flood insurance payments worth $416.3 million. That's right -- insurance coverage was more than $100 million greater than actual property values.
The problem of repetitive losses structures is huge. Essentially the current insurance system encourages folks to build again and again in the same way and in the same spot where they have previously been inundated.
"About 1 percent of the 4.4 million properties currently insured by the program are considered to be repetitive loss properties," says the General Accounting Office. However, this magical 1 percent produces about 38 percent of all program claim costs, $4.6 billion since 1978.
In other words, a lot of people overpay for flood insurance to assure the coverage of those most likely to be inundated. Seen the other way, those most likely to be flooded are paying less than they should.
As of October 1st, however, program rules will change. Under the Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004 -- legislation signed into law in June 2004 -- owners with flood insurance will get a chance to upgrade risky properties. If they don't, insurance premiums will soar.
Under the new rules:
A "severe repetitive loss property" is defined as a structure with one to four units with four or more separate flood insurance payments exceeding $5,000 each or a total of more than $20,000 in claims. A property with two claims which together exceed the value of the property is also defined as a "severe repetitive loss property."
Grants will be available for elevating risky properties, relocating them to higher ground, demolishing properties prone to flooding, flood-proofing risky properties and buying them outright.
Owners of flood-prone properties can decline such offers and have a right to appeal "repetitive loss" designations.
Premuims will increase 150 percent above current flood insurance rates for those who refuse to mitigate.
If a damage claim to a property exceeds $1,500 and the property owner has refused mitigation, the insurance premium will again increase 150 percent.
The plain purpose of the new flood insurance standards is to target those properties most likely to produce claims -- and to force owners to either improve what they own or to pay more for flood coverage.
That seems both logical and fair.
The new flood insurance rules are surely a better approach than the old standard if only because they target the properties most in need of mitigation. That said, there are several issues to consider:
First, it's difficult to imagine that many beach-front structures -- no matter how elevated or flood-protected -- can be defended in the face of Katrina, Rita and storms of similar size and power. It may be that we are entering a new era of hurricane activity, one that will cause even further changes in the construction and insurance of beach-front property.
Second, beach-front structural improvements without wetland and barrier island re-development are useless. Unless we get serious about coastline ecology, it's easy to see where taxpayer money will be washed out to sea.
Third, what about those impacted by Katrina and Rita? Will homes destroyed by these hurricanes be instantly defined as "severe repetitive loss" properties? If yes, one can assume that virtually all Gulf Coast owners will accept mitigation or buy-out offers.
For more articles by Peter G. Miller, please press here.
--------------------------------------------------------------------------------
Written by Peter G. Miller
--------------------------------------------------------------------------------
Copyright © 2005 Realty Times. All Rights Reserved.
Coverage under the nation's flood insurance program will change as October 1st, a long-planned event not directly related to Hurricanes Katrina and Rita, but one that will substantially impact those most likely to be flooded in the future.
Until this point the National Flood Insurance Program (NFIP) has provided three basic levels of coverage:
Owner-occupants could obtain as much as $250,000 for property damage plus $100,000 for lost contents.
Tenants could insure personal property for as much as $100,000.
Investors could get coverage of up to $500,000 per property, a figure which includes both damage to the structure as well as contents.
Depending on where you lived, maximum residential coverage for the structure and contents ranged from $703 to $1,822 per year. Less coverage was also available with lower annual premiums.
The problem with the program's long-term approach is that while coverage was fairly equivalent, claims were not. For instance, one study done by the National Wildlife Federation found that 5,629 homes had 19,979 flood insurance claims.
These homes had a gross value of $307.5 million -- but because of repeated claims owners obtained flood insurance payments worth $416.3 million. That's right -- insurance coverage was more than $100 million greater than actual property values.
The problem of repetitive losses structures is huge. Essentially the current insurance system encourages folks to build again and again in the same way and in the same spot where they have previously been inundated.
"About 1 percent of the 4.4 million properties currently insured by the program are considered to be repetitive loss properties," says the General Accounting Office. However, this magical 1 percent produces about 38 percent of all program claim costs, $4.6 billion since 1978.
In other words, a lot of people overpay for flood insurance to assure the coverage of those most likely to be inundated. Seen the other way, those most likely to be flooded are paying less than they should.
As of October 1st, however, program rules will change. Under the Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004 -- legislation signed into law in June 2004 -- owners with flood insurance will get a chance to upgrade risky properties. If they don't, insurance premiums will soar.
Under the new rules:
A "severe repetitive loss property" is defined as a structure with one to four units with four or more separate flood insurance payments exceeding $5,000 each or a total of more than $20,000 in claims. A property with two claims which together exceed the value of the property is also defined as a "severe repetitive loss property."
Grants will be available for elevating risky properties, relocating them to higher ground, demolishing properties prone to flooding, flood-proofing risky properties and buying them outright.
Owners of flood-prone properties can decline such offers and have a right to appeal "repetitive loss" designations.
Premuims will increase 150 percent above current flood insurance rates for those who refuse to mitigate.
If a damage claim to a property exceeds $1,500 and the property owner has refused mitigation, the insurance premium will again increase 150 percent.
The plain purpose of the new flood insurance standards is to target those properties most likely to produce claims -- and to force owners to either improve what they own or to pay more for flood coverage.
That seems both logical and fair.
The new flood insurance rules are surely a better approach than the old standard if only because they target the properties most in need of mitigation. That said, there are several issues to consider:
First, it's difficult to imagine that many beach-front structures -- no matter how elevated or flood-protected -- can be defended in the face of Katrina, Rita and storms of similar size and power. It may be that we are entering a new era of hurricane activity, one that will cause even further changes in the construction and insurance of beach-front property.
Second, beach-front structural improvements without wetland and barrier island re-development are useless. Unless we get serious about coastline ecology, it's easy to see where taxpayer money will be washed out to sea.
Third, what about those impacted by Katrina and Rita? Will homes destroyed by these hurricanes be instantly defined as "severe repetitive loss" properties? If yes, one can assume that virtually all Gulf Coast owners will accept mitigation or buy-out offers.
For more articles by Peter G. Miller, please press here.
--------------------------------------------------------------------------------
Written by Peter G. Miller
--------------------------------------------------------------------------------
Copyright © 2005 Realty Times. All Rights Reserved.
Tuesday, September 20, 2005
Prepare for the Manatee of tomorrow, CEO says
MATT GRISWOLD
Herald Staff Writer
LAKEWOOD RANCH - Manatee County continues to change, but Rex Jensen's message does not: Growth is coming, like it or not. So plan and prepare - or suffer the consequences.
It's not the first time that Jensen, president and chief executive of Lakewood Ranch developer Schroeder-Manatee Ranch Inc., has given his "Nature of Planned Growth" talk and it won't be the last. But with each passing month, as out-of-town residents continue their influx into Manatee County, the weight of Jensen's words get heavier and heavier.
"Regulation hasn't stopped, or even controlled, growth," Jensen said. "We need a shift of thinking from trying to manage growth to trying to plan for it."
About 75 people were on hand Wednesday for the Manatee Chamber of Commerce-sponsored presentation.
It's poor planning, he said, that is responsible for all of the people who oppose new growth.
"I don't blame people for not liking growth," he said. "It's linear, environmentally negative and unattractive. It consumes infrastructure without providing any."
His company's master-planned development - Lakewood Ranch - is a good laboratory, he said, to study growth planning and how it can be dealt with efficiently and effectively.
Jensen identified insufficient roads and county policy on residential density requirements as the two biggest problems facing the area.
"The roads we have today won't support the population of tomorrow," he said.
Jensen pointed to the State Road 70 widening project which he says should have been done 10-15 years ago.
County Commissioner Donna Hayes was on hand for Jensen's talk and, like Jensen, believes that transportation is one of the most important issues facing Manatee County.
"There's no doubt about it. We missed the boat on transportation," Hayes told The Herald. "We haven't been able to keep up with it."
She said a new east-west connector, like extending 44th Avenue all the way out to Lakewood Ranch, will help ease congestion on heavily traveled arteries like S.R. 70 and State Road 64.
Hayes is also a proponent of developing a new transit system to include buses and trolleys that people would use to get to and from work each day.
The commissioner also said the county is going to have to make some concessions with developers regarding density if there's any hope of developing housing that is truly affordable to the average worker - something that is imperative if Manatee County is to continue to attract new employers.
Jensen said it's critical to start working on these problems now. Problems can't continue to worsen without economic and quality-of-life ramifications, he said.
"Look at the places we draw people from - New York, New Jersey, Michigan, Ohio. How long will it take for this place to get worse than another place? We can't let it get that far."
Matt Griswold, Herald business reporter, can be reached at 708-7908, or at mgriswold@HeraldToday.com.
Herald Staff Writer
LAKEWOOD RANCH - Manatee County continues to change, but Rex Jensen's message does not: Growth is coming, like it or not. So plan and prepare - or suffer the consequences.
It's not the first time that Jensen, president and chief executive of Lakewood Ranch developer Schroeder-Manatee Ranch Inc., has given his "Nature of Planned Growth" talk and it won't be the last. But with each passing month, as out-of-town residents continue their influx into Manatee County, the weight of Jensen's words get heavier and heavier.
"Regulation hasn't stopped, or even controlled, growth," Jensen said. "We need a shift of thinking from trying to manage growth to trying to plan for it."
About 75 people were on hand Wednesday for the Manatee Chamber of Commerce-sponsored presentation.
It's poor planning, he said, that is responsible for all of the people who oppose new growth.
"I don't blame people for not liking growth," he said. "It's linear, environmentally negative and unattractive. It consumes infrastructure without providing any."
His company's master-planned development - Lakewood Ranch - is a good laboratory, he said, to study growth planning and how it can be dealt with efficiently and effectively.
Jensen identified insufficient roads and county policy on residential density requirements as the two biggest problems facing the area.
"The roads we have today won't support the population of tomorrow," he said.
Jensen pointed to the State Road 70 widening project which he says should have been done 10-15 years ago.
County Commissioner Donna Hayes was on hand for Jensen's talk and, like Jensen, believes that transportation is one of the most important issues facing Manatee County.
"There's no doubt about it. We missed the boat on transportation," Hayes told The Herald. "We haven't been able to keep up with it."
She said a new east-west connector, like extending 44th Avenue all the way out to Lakewood Ranch, will help ease congestion on heavily traveled arteries like S.R. 70 and State Road 64.
Hayes is also a proponent of developing a new transit system to include buses and trolleys that people would use to get to and from work each day.
The commissioner also said the county is going to have to make some concessions with developers regarding density if there's any hope of developing housing that is truly affordable to the average worker - something that is imperative if Manatee County is to continue to attract new employers.
Jensen said it's critical to start working on these problems now. Problems can't continue to worsen without economic and quality-of-life ramifications, he said.
"Look at the places we draw people from - New York, New Jersey, Michigan, Ohio. How long will it take for this place to get worse than another place? We can't let it get that far."
Matt Griswold, Herald business reporter, can be reached at 708-7908, or at mgriswold@HeraldToday.com.
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