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Tag: Bradenton Beach

Castles in the Sand

Timing is everything

Written by Louise Bolger on . Posted in Business, Castles in the Sand.

In life, sometimes it’s just luck that makes the life-changing decisions we make look genius. In real estate, the importance of the old adage, “location, location, location” is only surpassed by timing – and you can’t plan timing.

The summer of 2020 started the pandemic buying spree and combined with interest rates dropping to 3% it was all-out insanity. Nationally, the median number of days on the market in 2019 pre-pandemic was 30 to 40. In 2020 that number started to drop into the 20s and into the teens in 2021-22.

Florida in general has experienced a longer number of days to get properties into contract. Specifically, Manatee County, as of the last set of statistics released by the Realtor Association of Sarasota and Manatee, reports that single-family homes took 28 days to get into contract as opposed to 5 days last year. Most of this is a reflection of the low inventory available, slightly higher than last year but still historically low.

Buyers who were lucky enough to buy when mortgage rates were low and homes were still available will benefit from that decision for decades, affecting every other aspect of their life choices. Those buyers who missed the market blame themselves for taking their eye off the ball and not acting faster or not taking a risk. Some of this may be true, but frankly, no one during those years really knew what was going to happen. The entire population of the country was frozen in place both literally and figuratively, making decision-making difficult, especially for first-time and marginal buyers.

Similarly, the run-up to the financial crisis and the bursting of the housing bubble in 2008 was unpredictable. Buyers and investors were buying anything and everything for overinflated prices. When the bubble exploded, the value of their properties declined so much it took a decade for some of it to come back.

An economics professor at the University of Georgia presented this hypothetical I recently read. A buyer who purchased a house in June of 2020 for $300,000 – about the median for homes at the time – with a 20% down payment and a 3% mortgage rate would pay about $89,000 in interest over the first 15 years of a 30-year loan. By comparison, someone who bought at the same price in June of 2022 with a 6% mortgage rate would pay about $190,000 in interest over 15 years. Two years made an enormous difference.

But this is now and even if you feel you didn’t act three years ago, you can act now. Economists have always believed that homeownership is an important generator of wealth. They focus on moving forward, especially for young first-time buyers who have years ahead of them to create wealth. Americans have more faith in real estate that in any other investment. A recent Gallup survey indicated that 34% of Americans rated real estate the best long-term investment, down from 41% in 2021 and 45% in 2022.

The lesson here is that buying a home is a more important decision than when you buy that home. You have to be in it to win it, you have to be in it to create a family home, and you have to be in it to create the biggest generator of wealth this country has ever consistently had. Timing is important, but action is long-term.

Castles in the Sand

It can’t hurt to ask

Written by Louise Bolger on . Posted in Business, Castles in the Sand.

In certain parts of the world, the marketplace is designed for negotiation. Don’t ever offer full price and don’t ever accept the first negotiation are two commonly employed strategies. It’s a culture that was pretty common in this country in generations past. Now it’s rare to purchase a car, an appliance or bike for your child and not pay the asking price.

Even purchasing a home during the past several years has almost lost the art of negotiation with values going crazy and offers being accepted at or well over full price. With the market stabilizing, buyers and sellers are starting to negotiate offers again, but there are other areas in the process of home buying where savings can be achieved. It never hurts to ask.

So, as a buyer or seller, you negotiated the accepted price of a home, but don’t think you’re done. I bet there are a few things you never thought of. They say a good negotiation is when both parties to the transaction come away thinking they left something on the table. Every property comes with stuff. It may be stuff that the buyer wants and the seller can’t take with them, making this a good starting place for negotiations.

Furniture is always negotiable even if the seller was planning on taking it. Furniture is expensive to move and, unless there are some valuable pieces, it may not make sense to hire a mover or shipper to relocate it. This is the time when the buyer can evaluate whether the furnishings have value and negotiate an offer to purchase. Not having to furnish a home can mean really big savings. Many homes in Florida come “turnkey” furnished and this can be a financial asset, especially for a second home purchase.

Everyone reading this lives on or near the water. What floats on the water? Boats. If the seller owns a boat and is moving to Colorado, it’s possible to take it off their hands, especially if the buyer was planning on buying one. This is a win-win for all parties. It’s the same with cars. Shipping a car that might be a few years old may not be cost-effective for a seller and buyers may be looking for another vehicle for their second home or their upcoming teenager’s driver’s license.

There are other ways to reduce expenses when purchasing a property, including negotiating with moving companies that are starting to see a reduction in activity. Try three different moving companies and see what the spread is. Moving companies also have other services like packing and unpacking which, if you ask, you can sometimes get a nice upgrade for not much more money.

As we know, mortgage rates have been fluctuating. Don’t be shy about negotiating origination fees, underwriting and loan application fees. Even the rate can be negotiated, just make sure the lender isn’t adding fees in the form of points to a negotiated interest rate. According to Freddie Mac, between 2010 and 2021, borrowers who applied with two different lenders reduced their mortgage rate by an average of 0.10%.

Sellers generally pay the broker commission on the sale of a property. Remember that realtor commissions are not regulated and can be negotiated as well. That said, I generally don’t like sellers negotiating realtor commissions since I think it can hurt the marketability of the property.

Good negotiating is an art. If you develop the skill to think creatively, you’ll be surprised how much money you can save. My mother grew up in the never pay full-price generation. Sometimes this was embarrassing, but most of the time she was right.

Permit parking only in effect

Permit parking only in effect

Written by Leslie Lake on . Posted in Bradenton Beach, Community News, Featured.

BRADENTON BEACH – As crews work their way down Gulf Drive South to complete the South Bradenton Beach Gravity System Relocation Project, temporary permit parking is now in effect to accommodate residents and visitors impacted by the project.

The first of the adjacent side roads to be closed during the project is 11th Street South. Residents and guests of homes on that street will be required to park with permits on the west side of Gulf Drive South for at least the next four months.

“There are approximately 70 residential properties on 11th Street South,” Manatee County Public Works Department Strategic Manager Ogden Clark said. “Nobody will be able to drive down the road. The reason we started with 11th Street is that there are the most residences on that road.”

The sewer project will replace and relocate a portion of the gravity collection system in South Bradenton Beach that now lies on private properties to new locations within the public right of way.

Clark said the 2.5-year-long project, which was contracted in January, is slightly ahead of schedule, but that could change during the summer rainy season.

“We had originally anticipated starting on 11th Street in July, so we’re slightly ahead of that,” Clark said. “But as we start to get heavy rains, the dewatering aspect becomes more involved and will take more time.”

Currently, the reserved permit parking section is located slightly north of Eighth Street South and goes south to midway between 10th Street South and 11th Street South.

Free golf cart shuttle service will be available to those living on closed roads. The phone number to call for service is 941-269-6699.

A security guard will be checking parking permits.

Part of the designated permit-only parking area includes public parking formerly for the use of those visiting the beach. “Permit parking only” signs will be placed in the area and citations may be issued to those parking in the designated area without permits.

Beach parking will be open just north of Fifth Street South to midway between Sixth and Seventh Streets. Additional beach parking will be in the area of 13th Street South. A construction material storage zone is located between Sixth and Seventh Streets and ends at the beginning of Eighth Street. The construction work zone is located midway between 10th and 11th Streets and ends between 12th and 13th Streets.

At its May 23 meeting, the Manatee County Board of Commissioners adopted Resolution R-23-087, authorizing permit-only parking in designated parking spaces along Gulf Drive (Sixth Street South and 13th Street South) in Bradenton Beach for the project.

“The Acting County Administrator or his designee shall issue temporary parking permits for those impacted by the project construction and disseminate same to the appropriate individuals as needed and in accordance with this resolution and in the following chronological order: 1. 11th Street 2. 12th Street 3. 13th Street 4. 10th Street 5. Ninth Street 6. Eighth Street 7. Seventh Street 8. Sixth Street. Only one street at a time will be under construction and only those impacted by that particular street will be issued permits to park in the designated permit-only parking area during construction on that street.”

“The County shall temporarily change certain areas of parking along the west side of Gulf Drive South between Fifth Street and 13th Street from free parking to permit-only parking from the effective date of Resolution R-23-087 until Jan. 1, 2025,” according to Manatee County.

A copy of the resolution was mailed to the current mailing address on file with the Manatee County Property Appraiser for all properties eligible to receive a temporary parking permit.

High speed pursuit on Bridge Street ends in arrest

High speed pursuit on Bridge Street ends in arrest

Written by Jason Schaffer on . Posted in Bradenton Beach, Community News.

BRADENTON BEACH – According to witnesses, at least one of whom took video, a man later identified as Kevin Rodriguez, 48, of Bradenton left a trail of destruction on Bridge Street that began shortly after he was asked to leave the Drift In bar on May 27.

A Bradenton Beach police report said the incident began shortly after 11 p.m. when Rodriguez insisted on leaving the bar and driving after staff refused to serve him alcohol due to his inebriated state. Bar staff members convinced him to surrender his keys and agree not to drive. The tactic did not produce the intended results.

Bar management called a tow truck to remove Rodriguez’s truck from the parking lot, at which time Rodriguez pulled a second set of keys out of his pocket and got into his truck. The tow truck driver attempted to block Rodriguez from leaving the parking lot, but he rapidly accelerated, throwing gravel over nearby people and vehicles. He also struck a parked car, doing extensive damage to that vehicle’s front end.

Bradenton Beach Police Officer Devon Straight was pulling onto Bridge Street from Gulf Drive just as Rodriguez was speeding west on the street towards the Gulf Drive traffic circle. Several people in the roadway ran to Straight’s patrol vehicle stating that the driver of the truck was drunk and had just caused an accident.

“I turned around to keep sight of the vehicle while other officers responded to the Drift In,” Straight said in his report. “I observed the pickup truck northbound on Gulf Drive traveling at a dangerously high rate of speed, passing vehicles and running cars off the road as they tried to avoid being hit. There were also many pedestrians in the area due to it being a holiday weekend. The truck then turned eastbound over the Cortez Bridge and began driving on the wrong side of the road to pass traffic.”

After crossing the bridge, Straight attempted a traffic stop with his lights and siren, but he said the truck just sped up, eventually pulling away from the patrol car. In his report, Straight said that due to the highly intoxicated state of the driver, he stopped the pursuit believing his reckless driving would continue and the chase was becoming too dangerous to the public.

A Manatee County Sheriff’s Office helicopter took over the chase about two minutes after Straight called off his pursuit, following the truck until it eventually crashed into a driveway at 1704 57th Ave. W. in Bradenton.

Rodriguez was arrested for DUI, felony fleeing/eluding, hit-and-run and reckless driving. As of press time for The Sun, Rodriguez remains in the Manatee County Jail.

FDOT plans Gulf Drive corridor study

FDOT plans Gulf Drive corridor study

Written by Joe Hendricks on . Posted in Anna Maria, Community News.

ANNA MARIA ISLAND – The city commission will decide whether the Anna Maria-owned portion of Gulf Drive will be included in a $1.5 million Island-wide Gulf Drive corridor study.

The commission is expected to make its decision on Thursday, May 25.

Florida Department of Transportation (FDOT) Engineer/Design Manager Craig Fox presented the proposed study during the May 8 Island Transportation Planning Organization (ITPO) meeting held at Anna Maria City Hall.

FDOT will fund the Gulf Drive corridor study, which is expected to begin in November and take a maximum of two years to complete. Fox said the study area will extend along the entire portion of Gulf Drive/State Road 789 in Bradenton Beach, from the Longboat Pass Bridge to the Bradenton Beach/Holmes Beach border.

In Holmes Beach, the study will continue along East Bay Drive to the Manatee Avenue intersection. The study area continues from the Manatee Avenue/Gulf Drive intersection and along Gulf Drive through Holmes Beach to the Gulf Drive/Palm Drive intersection. The study then continues along Gulf Drive to the Holmes Beach/Anna Maria border. The study area in Holmes Beach will not include Marina Drive or the portion of Gulf Drive between Walgreens and the West Coast Surf Shop. The Anna Maria commission is to decide if the study continues along Gulf Drive to Pine Avenue.

Sarasota-Manatee Metropolitan Planning Organization (MPO) Executive Director David Hutchinson said the cities of Bradenton Beach and Holmes Beach requested the study and FDOT decided to include the Anna Maria portion of Gulf Drive as well.

Fox said the cities can use the study results to pursue state and federal funds to implement the potential street and right-of-way improvements identified in the study.

Anna Maria Mayor Dan Murphy reminded Cox that the city, not the state, owns the portion of Gulf Drive located in Anna Maria and has owned it since the state turned over ownership and maintenance of that road in the early 1970s. Murphy said the city has already studied and improved the city’s portion of the road.

Murphy asked Cox if the city can opt out of the study. Cox said the city can.

Bradenton Beach Mayor John Chappie said the goal is to come up with a consistent design that meets FDOT’s basic complete street standards which include sidewalks, multi-use trails, crosswalks and more.

“This complete streets study is clearly about safety and mobility, and having this information so funding can hopefully follow to move forward and do something,” Chappie said.

Holmes Beach Commissioner Dan Diggins asked why Marina Drive is not included in the study area. He was told safety and drainage improvements have already been made there.

Commission briefed

During the May 15 city commission meeting, Murphy briefed the commissioners about the proposed study. He said he received the latest version of FDOT’s 46-page scope of services document the previous evening and would send it to them. Murphy asked the commissioners to review the proposed study for further discussion and decision-making on Thursday, May 25.

The FDOT document is titled “Project Development and Environment (PD&E) Studies Barrier Island Complete Streets Improvements.” It lists two main project objectives – implementing recommendations made in the previously completed Barrier Island Traffic Study and reducing flooding along the Gulf Drive/SR 789 corridor.

Murphy told the commission he’s not a big fan of these types of studies and he’s seen three or four studies done on the Island in the past that have not yet resulted in any significant follow-up action.

In 2014-15, the three Island cities and Manatee County partnered on a $125,000 Island-wide Urban Land Institute study which to date has not produced any significant study-related actions.

Murphy referenced the Sarasota-Manatee Barrier Island Traffic Study initiated in 2016 and completed in 2020 that recommends extending the Manatee Avenue right turn lane near the Manatee Avenue/Gulf Drive intersection, which has not happened yet.

According to the traffic study-related phase 2 report dated 2018 and posted at the MPO website, FDOT plans to include the Manatee Avenue right turn lane extension as part of the future Anna Maria Bridge replacement project that currently has no announced start date.

When contacted after he reviewed the FDOT plans, Murphy said, “It’s up to our city commission to decide if the city wants this to go forward. I have thought all along that it was odd for FDOT to come into a city and do a study without first at least discussing what is being studied and why. I am comfortable that we now have it under control and the commission will make that decision Thursday night.”

Castles in the Sand

Too good to give up

Written by Louise Bolger on . Posted in Business, Castles in the Sand.

According to Lawrence Yen, whom I quote frequently, “It’s a unique market condition.”

Coming from the chief economist for the National Association of Realtors, this is saying something considering all of the other unique markets we’ve lived through. This particular unique market is the continuation of a lack of inventory even though sales are down in most areas of the country including many parts of Florida, as well as ours.

The problem is that a large portion of homeowners in the country don’t want to sell. This group may actually want to sell and move on to a larger family home or retire to a smaller home, but they feel they are locked into very low-rate mortgages. The “golden handcuffs” homeowners find themselves locked into are keeping the supply of homes for sale unusually low.

The lack of properties is not the first time this has happened. The sub-prime mortgage crisis slowed things down, as did COVID-19 when buyers rushed to snap up larger homes when remote work and school necessitated more family space.

So, what happens when supplies go down or at least don’t go significantly up? Supply and demand kicks in and prices go up. A healthy housing market is traditionally described as having four to six months’ supply of homes. Right now, Manatee County is at 2.7 months for single-family homes.

However, builders are getting a boost from the lack of resales and are starting to build again now that the supply chain is improving. And home improvement contractors are also benefiting since those homeowners who are staying put are expanding and remodeling.

According to the mortgage data firm Black Knight, as of March 31, nearly two-thirds of primary mortgages had an interest rate below 4%. In addition, about 73% of primary mortgages have fixed rates for 30 years; these mortgages are “golden” and something homeowners won’t easily give up. Current mortgage rates are approximately in the mid-6% range and have fortunately been steady for a while.

The April sales statistics for Manatee County were released at the end of last week so it’s time to report what the Realtor Association of Sarasota and Manatee published.

Single-family homes in Manatee County hit a record median sale price of $570,000, 10.7% more than in April last year. This surpasses the previous record for median home prices, meaning so far, our local market continues to be strong relative to the country as a whole. Here’s the rest of the story.

Single-family homes closed with 4.3% fewer properties from April of last year. The median sales price was $570,000, up 10.7% from last April, and the average sale price was $735,779, up 0.9%. The median time to contract was 28 days versus five days last year. New pending sales were up 30.2% and the month’s supply of properties was 2.7 months.

Condos closed 15.8% fewer properties from April of last year. The median sales price was $380,795, up 8.8%, and the average sale price was $452,160, up 12.9%. The median time to contract was 27 days versus five days last year. New pending sales were up 4% and the month’s supply of properties was 3.5 months.

One of the advantageous side effects of this unique market is the fact that in spite of inflation and job layoffs, the housing market and housing prices may stay strong nationally. Not great news for marginal buyers or first-time buyers, but buyers with equity from a previous home and income to cover the additional mortgage rates will keep things afloat.

Unique can be a good or a bad thing; either way, we’re still struggling with a lack of inventory.

CRA discusses decorative trash bins

Written by Leslie Lake on . Posted in Bradenton Beach, Community News.

BRADENTON BEACH – A proposed plan to beautify trash can bins along Bridge Street may include a decorative representation of the landmark clocktower on the city pier.

At a May 3 Bradenton Beach Community Redevelopment Agency (CRA) meeting, City Attorney Ricinda Perry said, “We’ve had this discussion a number of times. It’s become cumbersome and expensive to say the very least. The quotes I’ve been getting have been over $500 per trash can and they’re nothing special, they’re very basic.”

Perry then said she met someone who has a small business on the Island that uses marine-grade steel to create decorative art.

“I took the graphic (of the clocktower) that we tried to do the bike racks on and I sent it to her and asked to give me an idea of what it’s going to look like and she made me one,” Perry said.

Perry displayed the 12-inch metal cut-out of the proposed decorative enhancement to the trash bins.

“This will be $80 apiece. So, I thought you could take the white trash can and put something like this on there,” she said. “We have a black and white theme; you could even get them powder-coated black. I think it would really dress it up.”

Board member David Bell expressed approval of the design.

“It’s really clean…that’s awesome,” Bell said.

To avoid theft of the cut-outs, board member Jake Spooner suggested screwing them into the trash cans and gluing them.

“I could see people wanting to take those as a souvenir to go home with,” Spooner said.

Mayor John Chappie said since the bins are painted each year, they would have to be screwed in but said Public Works Director Tom Woodard could figure something out for security.

“Where would we install trash cans, and how many?” Perry asked the board.

“I would suggest we work with Tom and the merchants,” Chappie said.

The currently-used wooden trash bin containers are constructed and maintained by Public Works.

“We will be asking for funding to pay for the trash cans and get the decorative touch on it,” Perry said.

“How many do you want? How big do you want them? Where do you want them to go? Do you want the backs open or closed?” Woodard asked the board.

Chappie said he would work with Woodard as to location and materials.

“I want to make it less work for our guys and make it cleaner and easier for them to handle,” Chappie said.

Prior to voting on approval, the cost was discussed.

“Price of wood is going up,” Woodard said. “I’m guessing $500 or maybe less for one. It’s a guess.”

“I’m just saying $10,000 to stay with a number,” Chappie said. “It could change with more understanding of the overall budget. $7,000? $5,000? We have to start someplace. If we run out of money, we’ll come back.”

City Treasurer Shayne Thompson said,” The funds we’re using is the cost we’re saving in undergrounding. So, the finish line for that dictates all the other little pet projects.”

“We have $10,000 in that overage for the undergrounding,” Perry said. “We can afford these trash cans.”

Cole suggested a motion to start with $10,000 for trash cans and bike racks. The motion passed unanimously.

Pines Trailer Park purchase offer accepted

Pines Trailer Park purchase offer accepted

Written by Joe Hendricks on . Posted in Bradenton Beach, Community News, Featured.

BRADENTON BEACH – A May 8 letter Largo-based attorney David Luczak sent to the Pines Trailer Park Homeowners Association board members addresses the sale of the waterfront mobile home park. The accepted purchase offer appears to give the Pines Trailer Park’s permanent and seasonal residents at least five years to remain in their mobile homes and make their future plans.

The pending sale follows the Pines Trailer Park residents’ unsuccessful efforts to form a co-op and raise enough money to purchase the mobile home park owned by Richard and William Jackson’s Jackson Partnership LLLP.

Pines Trailer Park purchase offer accepted
Some of the mobile homes in the Pines Trailer Park have direct waterfront views. – Joe Hendricks | Sun

Luczak’s letter begins by saying, “As you know, this office represents the owners and management of the Pines Trailer Park. In accordance with the provisions of Florida Statutes 723.071(2), we hereby notify you that we have received a bona fide offer to purchase Pines Trailer Park. We intend to consider and accept this offer. The terms are as follows:

  • Purchase Price: $16.25 million, which includes all park-owned mobile homes, recreational vehicles, equipment, materials, vehicles, buildings, etc.
  • Initial deposit: $1 million non-refundable deposit within three days of the execution and delivery of the purchase and sale agreement.
  • Due diligence: The due diligence period shall run for 15 days from the date of the execution of the purchase and sale agreement.
  • Additional deposit: At the end of the due diligence period, the buyer shall deposit an additional $1 million. At that time, the entire $2 million deposit shall be non-refundable.
  • Closing: Forty-five days from the successful completion of the due diligence period this transaction shall close unless extended by agreement of the buyer and seller,” according to Luczak’s letter.”

Luczak’s letter does not identify the person or entity purchasing the park.

The final term of the offer appears to allow the current Pines residents and mobile homeowners five to seven more years to remain in the park:

  • “Seller financing: Seller to hold a purchase money mortgage on the subject property in the amount of $8.125 million at 4.5% interest payable with interest-only payments for five years and no right of pre-payment. Buyer may not seek a land use change during the period of the mortgage financing. Seller may agree to a two-year extension on financing with interest-only monthly payments and the same terms as the original five-year mortgage,” according to Luczak’s letter.
Pines Trailer Park purchase offer accepted
Several residents’ meetings were held inside the Pines clubhouse. – Joe Hendricks | Sun

While attempting to raise the money needed to buy the park, the Pines residents and homeowners participated in several community meetings that were held in the Pines clubhouse building. The printed minutes for the April 18 meeting address the rezoning that would be required in order to redevelop the Pines property as something other than a mobile home park.

“The new purchaser of the park will have to get the property rezoned in order to change the land use from a resident park to something else. It is hard to guess how long that process would take,” according to the April 18 meeting minutes.

Rezoning the Pines’ property from its current M-1 Mobile Home Park District zoning designation would require the approval of the Bradenton Beach City Commission after the proposed rezoning is first reviewed by city staff and the city’s planning and zoning board.

Related coverage

 

Pines purchase efforts fall short

CRA approves contract for holiday decorations

Written by Leslie Lake on . Posted in Bradenton Beach, Community News.

BRADENTON BEACH – The city’s Community Redevelopment Agency (CRA) approved a $46,976 contract for this year’s holiday decorations.

Bradenton Beach is in the third year of its five-year contract with Sarasota-based Trimmers Holiday Décor.

“With a 15% discount the price is still the same,” Bradenton Beach Mayor John Chappie said at the May 3 CRA meeting.

There are no significant changes to the contract, he said. The discount comes in at $8,290.

“I would recommend we go ahead and sign the agreement again,” Chappie said. “It’s a wonderful thing for our community. It’s really set Bradenton Beach apart from a lot of communities.”

Chappie made a motion to sign the document for Trimmers holiday décor for decorations for Christmas on Bridge Street and authorize Chairman Ralph Cole to sign.  The motion was approved unanimously.

During public comment, Joe Cuervo, former owner of the Drift Inn on Bridge Street, said he would donate $1,000 toward the holiday decorating cost.

“Last year, before I sold, I committed $1,000 for the Christmas decorations,” Cuervo said, adding that he had been in the hospital last year. “I have a check written for $1,000 for last year and I just need to know who to make the check out to.”

The holiday decorations will include in part: A 32-foot lighted and decorated tree on Bridge Street; trunk wrapping of white lights on multiple trees throughout the city; lit garland and bows on light poles, the clock tower, and Bridge Street Pier sign; snow bursts on roof peaks and round-about; and snowfall tubes.

Bradenton Beach’s paid parking efforts continue

Bradenton Beach’s paid parking efforts continue

Written by Joe Hendricks on . Posted in Bradenton Beach, Community News.

BRADENTON BEACH – The city is moving forward with its plan to implement a paid parking program as the Community Redevelopment Agency (CRA) plans to issue an RFP seeking bids from interested paid parking program equipment providers and operators.

On May 3, CRA members directed City Attorney Ricinda Perry to draft the paid parking RFP based in part on input previously provided by Mayor John Chappie, Public Works Director Tom Woodard, Police Chief John Cosby and the city commission.

Bradenton Beach’s paid parking efforts continue
The city-owned portion of the parking lot behind the BridgeWalk resort will be included in the paid parking RFP. – Joe Hendricks | Sun

Paid parking is expected to include the city-owned portion of the public parking lot off First Street North (behind the BridgeWalk resort), the public parking spaces near the cell tower, the police department headquarters and Lou Barolo park and the city hall parking lot after regular city business hours.

Paid parking is not expected to include the city-owned parking spaces alongside Bridge Street, the privately owned parking spaces along Bridge Street or the city-owned parking spaces near the Bradenton Beach Historic Pier.

Bradenton Beach’s paid parking efforts continue
The city-owned parking spaces along Bridge Street are not expected to be included in the RFP. – Joe Hendricks | Sun

CRA member Jake Spooner expressed his concern that not including the Bridge Street parking spaces in the initial paid parking program would result in Bridge Street-area employees monopolizing the remaining free parking spaces. As he’s done during past discussions, Spooner said paid parking in the city-owned Bridge Street parking would result in more of those parking spaces being available for customers who visit the Bridge Street businesses.

In response, Cosby expressed support for not including the Bridge Street spaces in the initial RFP. He encouraged the CRA members to pursue the other parking locations first and then evaluate the success of those locations before potentially including Bridge Street in the paid parking program.

During past discussions, Cosby expressed support for paid parking in part because it would create a new and additional revenue source for the city, with those revenues generated primarily by tourists and visitors rather than the city’s remaining permanent residents and taxpayers.

Bradenton Beach’s paid parking efforts continue

The Chiles Hospitality group has a privately owned paid parking lot in Bradenton Beach, near the BeachHouse restaurant.- Joe Hendricks | SunEasy Parking Group owner Joshua LaRose provides the CRA-funded Old Town Tram Parking shuttles. He also already provides paid parking equipment and oversight for the Chiles Hospitality group’s privately-owned paid public parking lot near the BeachHouse restaurant in Bradenton Beach, and Chiles Hospitality’s privately-owned paid public parking lot near the Sandbar restaurant in Anna Maria. Both of those paid parking lots are open to the public, including beachgoers, and are not restricted to restaurant patrons.

Castles in the Sand

Packing up the wealth

Written by Louise Bolger on . Posted in Business, Castles in the Sand.

Pity the poor governors of some of the large metropolitan areas in the Northeast, West and Mid-west. Specifically, New York and Illinois, where their mostly wealthy and upper-middle-class residents are packing their bags and their money and heading to other states where they think they will be more appreciated.

The IRS’s adjusted gross income statistics show a startling pattern of migration within the United States; two of the most astounding states are Illinois and New York. The IRS data shows a net 105,000 people left Illinois in 2021, costing the state approximately $10.9 billion in adjusted gross income. That’s up from $8.5 billion in 2020 and $6 billion in 2019. New York’s income loss increased to $24.5 billion in 2021 from $19.5 billion in 2020, and $9 billion in 2019. In addition, California lost $29.1 billion in 2021, more than triple what it did in 2019.

By comparison, the lowest tax states kept adding income even during the COVID-19 pandemic. Florida, a state with zero income tax, gained $39.2 billion, up from $23.7 billion in 2020, and $17.1 billion in 2019. The states that contributed the most to Florida’s billion-dollar bonuses were New York, Illinois, New Jersey and California. Florida certainly isn’t alone – many other low-tax states like Texas, Arizona and Nevada have also benefited from this wealth migration. In addition, Florida and other low-tax states led the country in job growth. Florida’s employment grew 4.5% over the past year and Illinois’ gain was 2.2%.

As great as Florida’s wealth gain is, we have dropped out of the Emerging Housing Markets Index compiled by Realtor.com. Although Florida regions have typically been in the top 10, in some of our smaller and growing areas they are not within the top 10 on this most recent index. This is the good and the bad of being a very popular state. Everything becomes more expensive and housing costs, as we all know, are not nearly as affordable in Florida as they once were.

The first quarter index indicates that buyers demand affordable homes and most of these are in the small Midwest cities. The top-ranking area is Lafayette, Indiana and the 10th ranking is the Manchester-Nashua, New Hampshire region. The index ranks the 300 biggest metro areas in the United States. In addition to housing market indicators, the index incorporates economic and lifestyle data. Real estate taxes, unemployment, wages, commute time and small business loans are all factored in.

Finally, I would be remiss not to point out that as of May 1, Fannie Mae and Freddie Mac, the quasi-government agency that controls and insures most of the residential mortgage financing in the country, has changed some of the agency’s mortgage pricing.

The new rules add fees for many borrowers with high credit ratings and large down payments and use them to reduce the cost of borrowing for those with lesser credit ratings and smaller down payments. There is a formula that factors in the borrower’s credit rating and the down payment, but the spirit of the change is to support lower-income homebuyers who, in the opinion of the Federal Housing Finance Agency that regulates Fannie Mae and Freddie Mac, have the “financial capacity to sustain a mortgage.” Congress is naturally taking a look at this new fee schedule and comparing it to the subprime debacle prior to the 2006-07 financial meltdown.

Next time one of the high-tax states evacuees move in next door, greet them and their bags of money. Florida has indisputably changed from when my parents moved here in the 70s and I’m pretty sure they would think it’s a good thing. My father always said Florida has the best roads in the country. He should see the traffic now.

Castles in the Sand

One country, two housing markets

Written by Louise Bolger on . Posted in Business, Castles in the Sand.

The trend has been obvious for a while, east coast versus west coast with COVID-19 accelerating the movement. In fact, the March sales statistics are still showing that home prices are declining the most in the western part of the country.

Since the 1990s, the western part of the country, particularly California and Washington, enjoyed a steady run up of growth because of the technology industry. Now the areas most closely associated with the tech industry have the fastest falling home prices.

The eastern part of the country is still attracting companies, adding jobs and keeping the real estate market thriving. Florida in general, including Orlando, Miami, Tampa and other southern markets, is in the lead. However, even northern east coast areas like Connecticut are attracting families who have decided cities may not be the place to raise a family.

According to Black Knight, a research strategy company, this geographical diversity is very unusual and possibly unprecedented. Housing analysts say they have never seen anything quite like this where the division between east and west is so stark.

The National Association of Realtors reports that home sales fell across the country in March. Existing home sales decreased 2.4% in March from the prior month and 22% from a year earlier. Manatee County’s single-family properties had a 4.4% increase in sales in March compared to the previous year, the first year-over-year increase in sales since February of last year.

The market’s slowdown is starting to affect prices, which have fallen on an annual basis for two consecutive months for the first time in 11 years nationally. The national median existing home price in March was down 0.9% to $375,700. Manatee County’s median single-family home prices were also down by 6.3% to $491,988.

There is no doubt that Manatee County as a whole may be more valuable than the national market, but we are also experiencing longer times to sell and a downturn in values. However, the number of pending properties has gone up in Manatee by 7.9% compared to our surrounding areas. And the month’s supply of inventory continues to increase for both condos and single-family homes by triple digits.

The national housing market is still battling the increase in rising mortgage rates, high home prices and low inventory. In addition, a cooling economy with high inflation and the prospect of recession in the next year is keeping some buyers on the sidelines. Home prices are rising or at least stabilizing in regions where jobs are being added and housing is relatively affordable with the more expensive areas of the country adjusting to lower prices.

I recently read a United States Census Bureau report on Manatee County that will make everyone understand all the traffic we’ve all been complaining about and all the irritating construction. Manatee County has increased its population by 29,420 during the past three years, not including 2023. Since 2010, the population has increased by 106,292 and, as of the end of 2022, is 429,125, over 100,000 people in 12 years. Why do I think this is just the beginning?

Is it possible that we’ve hit the bottom and the only way now is up? Maybe, we can certainly strive for that. It is certain that the market is not as competitive as it was last year and even though inventory is still historically low, it is steadily increasing.

Pines purchase efforts fall short

Pines purchase efforts fall short

Written by Joe Hendricks on . Posted in Bradenton Beach, Community News, Featured.

BRADENTON BEACH – The residents of the Pines Trailer Park have fallen short in their efforts to purchase the 86-unit waterfront mobile home park property.

In late January, Pines residents were informed that the Jackson family wanted to sell the park. In accordance with state law, the Pines residents were given the first right of refusal and the first chance to collectively purchase the 2.78-acre property for $16 million. Several residents’ meetings took place in the ensuing months and during that time, the Jacksons’ asking price increased by $250,000 to $16.25 million.

The most recent residents’ meeting took place on April 18. During that meeting, it was disclosed that the residents’ efforts to raise $10 million of the $16.25 million needed to purchase the property had fallen short.

Pines purchase efforts fall short
The waterfront Pines Trailer Park property has riparian rights that allow for boat docks. – Joe Hendricks | Sun

It is not yet known who will purchase the Pines property or what will happen to the seasonal and full-time residents of the 86 mobile homes located in the mobile home park.

The park residents and others involved in the potential purchase of the Pines property had been reluctant to address the media while the efforts to purchase the park remained ongoing.

Later in the week, The Sun obtained the written minutes of the April 18 residents’ meeting.

Meeting minutes

According to the minutes, an attorney informed the park residents that no lenders were interested in loaning the residents’ proposed co-op the money needed to purchase the property.

Also according to the minutes, potential lenders don’t believe the Pines property is worth $16 million, partly due to the property’s coastal location and exposure to potential storm damage. High interest rates were mentioned as another contributing factor.

“We have collected $2 million in cash. $4 million more has been promised, with some full shares and some shares to be financed for a total of $6 million. We are over $4 million short of the needed funding. We are not in a position to sign the contract on April 21 unless a miracle occurs in the next three days. The Jacksons will not (self) finance more than $6 million. We need $10 million in cash and/or a loan from outside. We did not get enough investors. Less than half of the residents committed to purchasing a share. All homeowners who made payments will be reimbursed,” according to the minutes.

“When the park is sold, each resident will get a letter. If the buyer pays less than $16.25 million for the park, we have 10 days to match that offer,” the minutes note.

“The broker selling our park property on the open market has indicated that two groups are interested in the purchase and would plan to keep it as a park. We have no proof of this. At this point, it is our best-case scenario,” according to the minutes, which note that rent increases would be expected.

According to the minutes, “The new purchaser of the park will have to get the property rezoned in order to change the land use from a resident park to something else. It is hard to guess how long that process would take. If the new owner would decide to sell the park after their purchase, we would get the first right of refusal.”

The minutes note that mobile homeowners can still sell their homes if they want. The minutes note residents must continue to pay rent and follow the current park rules.

Additional insight

Ellen Scott is a longtime resident of the Pines. During the resident meetings, her son, Bernie Slicker, provided the Zoom teleconferencing capabilities that allowed residents and mobile homeowners to participate in the meetings from afar.

Slicker said the park residents were not given any timetable as to when a sale might take place or what might happen to the existing residents after that.

An alternative use of the property would result in many of the park’s full-time and seasonal residents moving off Anna Maria Island.

“With a private investor, my mom would likely have to be gone within six months to a year. We’re already looking for a place for her,” Slicker said.

Slicker noted many of the existing mobile homes could not be relocated and would face likely demolition if the Pines property is used for something other than a mobile home park.

“They’re all on wheels, but you can’t move them. In six months, they could just bulldoze everything down,” Slicker said.

Slicker said some mobile homeowners are understandably sad because they stand to potentially lose a lot of the money they invested in their homes.

Slicker said no specific names were mentioned regarding any developers, individuals or investors who may be interested in purchasing the Pines property and redeveloping it.

Castles in the Sand

Contingency clauses

Written by Louise Bolger on . Posted in Business, Castles in the Sand.

The word “contingent” is defined as “subject to chance,” something that no one wants to hear in a real estate transaction. However, every contract to purchase real estate is likely to have contingency clauses. It’s up to both the buyer and seller to understand what the chance you are taking is and either assume the risk or don’t sign the contract.

Contingent clauses are commonly attached to an offer to purchase real estate and are included in the real estate contract. Essentially, a contingency clause gives parties to the contract the right to back out of the contract under certain circumstances that must be negotiated between the buyer and seller.

Virtually anything can be written into a real estate contract as a contingency, from the replacement of a roof to including the owner’s boat in the sale, but the most common items are as follows:

  • Financing Contingency: A financing contingency or a mortgage contingency gives the buyer time to apply for and obtain financing for the purchase of the property. This protects the buyer, who can back out from the contract and reclaim their earnest money in the event they are unable to secure financing from a legitimate lender. Keep in mind that in today’s real estate culture, most sellers will want to see a mortgage preapproval from a buyer before they enter into a transaction with them.
  • Appraisal Contingency: Contracts that include a financing contingency will also contain an appraisal contingency. If an appraisal by an independent appraiser comes in under the agreed-upon purchase price, the contract can be canceled or the price and/or terms can be renegotiated.
  • Home Sale Contingency: This gives the buyer a specified amount of time to sell and settle their existing home in order to finance the new one. Again, this protects the buyer but puts the seller at a disadvantage since their property is basically off the market. This was done all the time in the good old days of real estate when most buyers and sellers had more patience, and the real estate market was not as competitive.
  • Inspection Contingency: This allows the buyer to have the home inspected within a specified time period, typically five to seven days. It also protects the buyer, who can cancel the contract or negotiate repairs based on the findings of a professional home inspector. There is also a required termite inspection from a qualified termite inspector in order to obtain financing.

These are the standard contingencies, but I recently read about an innovative contingency regarding the buyer’s job status that’s happening with the job market in turmoil, especially in the tech sector. It’s known as the employment contingency, stating that if the buyer is laid off from their job before closing, they can back out of the deal. There could be a 30-day or more time frame for the buyer to find another job that will still qualify them for a mortgage, but either way it’s a dicey position for a seller to be in. Nevertheless, with the real estate market getting softer, buyers feel more confident asking for contingencies compared to a year ago.

The process of purchasing real estate is fraught with chance; the chance you may not find the right home, the chance that your offer will not be accepted, the chance the home will not pass inspection and the chance that your financials may not allow you to purchase the property. Think of contingency clauses to your contract as just one more chance you have to take in a lifetime of chances.

City attorney: No reserved spaces for water taxi

City attorney: No reserved spaces for water taxi

Written by Joe Hendricks on . Posted in Bradenton Beach, Community News, Featured, Manatee County.

BRADENTON BEACH – City Attorney Ricinda Perry told commissioners last week that they cannot promise to designate a reserved space for the proposed water taxi on the floating day dock next to the Bradenton Beach Pier.

Manatee County’s long-planned water taxi service includes proposed stops in downtown Bradenton, the City Pier in Anna Maria, the Bradenton Beach Pier and the county-owned South Coquina Boat Ramp in Bradenton Beach. The county has not yet announced an anticipated start date for its initial Friday, Saturday and Sunday water taxi operations.

Perry said she made a few changes to a proposed interlocal agreement recently received from the county. One significant change notes that the water taxi operations must comply with the state-issued sovereign submerged land lease for the existing floating dock and the nine additional perpendicular finger piers that will be connected to the south side of the floating dock later this month, or soon thereafter.

Bradenton Beach Commission reviews water taxi agreement
Perpendicular finger piers will soon be attached to the existing floating dock. – City of Bradenton Beach | Submitted

Perry noted the submerged land lease requires the free public dockage offered at the floating day dock to be provided on a first-come, first-served basis. She said the city can’t provide the county with a reserved water taxi landing area.

“There’s really nothing the city can do to give an exclusive spot to Manatee County or any entity on the floating dock. It’s got to stay first-come, first-served,” she said.

City commissioners unanimously approved the draft version of the city’s proposed interlocal agreement presented by Perry on April 6 establishing the city’s requests and requirements pertaining to the use of the pier area as a water taxi stop. The agreement addresses any improvements the county or its contracted water taxi operator, Clearwater Ferry, wish to make to the pier area.

According to the proposed agreement, “The county shall only be responsible for the costs of creating ADA (Americans with Disabilities Act) -compliant dockage at the pier for water taxi use. Subsequent maintenance of the pier shall remain the responsibility of the city.”

The city of Anna Maria’s proposed interlocal agreement with the county calls for the county or its contractor to cover the cost of any ongoing maintenance and repairs associated with any water taxi-related improvements or enhancements made to the Anna Maria City Pier.

Mayor John Chappie and Commissioner Jake Spooner said covering the ongoing maintenance costs would be Bradenton Beach’s contribution to the county’s water taxi service. Chappie also said he’s more comfortable with the city’s Public Works Department overseeing any maintenance or repairs needed on the pier or floating dock.

At this point, it’s not known what, if any, improvements the county might request. One potential safety improvement discussed was the installation of safety railings on the floating dock. The floating day dock doesn’t currently feature safety railings running along the length of the dock, but there are railings along the ramp area that leads from the floating dock to the elevated pier.

City Commissioner Jan Vosburgh said she’s shocked that the floating dock doesn’t have safety railings.

Spooner noted it would be difficult to access the floating dock by boat if railings existed along the southern edge of the dock that boaters tie up to. He also questioned the logic of installing railings on the backside of the floating dock, which is not accessible by boat.

Chappie said he doesn’t see the need for safety railings on the floating dock, but if the county installs them, the city will maintain them.

Perry told commission members they didn’t need to worry too much at this point about the specific improvements the county might want to make.

The proposed Bradenton Beach agreement notes, “The county agrees to provide a detailed plan in advance to the Bradenton Beach City Commission for approval showing the proposed landing area on the pier and any ADA-related modifications or improvements required.”

The commission-approved interlocal agreement is to be returned to the county for further review, which could result in additional revisions requested by the county.

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City commission revises water taxi agreement