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Cortez Bridge design moving forward

Cortez Bridge design moving forward

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

CORTEZ – The Florida Department of Transportation (FDOT) recently issued a written announcement regarding its ongoing plans to replace the Cortez Bridge drawbridge with a 65-foot, high-level fixed span bridge.

On Oct. 10, FDOT’s announcement stated that on Sept. 18, its Office of Environmental Management granted Location and Design Concept Acceptance for the bridge replacement project.

When contacted by The Sun last week, FDOT spokesman Rick Brian explained by email what “Location and Design Concept Acceptance” actually means.

“Location Design and Acceptance means the final environmental or PD&E (Project, Design and Environment Study) document has been signed and accepted by the FDOT Office of Environmental Management and that the PD&E phase has concluded. The project is eligible to move to the next phase of development, which is the design phase,” Brian responded.

Brian was asked if FDOT has any plans to revisit or reconsider the Cortez Bridge replacement decision originally announced in 2018.

“The 65-foot fixed bridge preferred alternative was accepted by the Florida Office of Environmental Management and is considered final,” Brian responded.

“Design is now underway and right of way is funded in Fiscal Years 2021, 2024 and 2025. Construction is not currently funded in FDOT’s five-year work program,” the recent FDOT announcement said.

As for the next step in the bridge design process, Brian said, “Survey for project has been completed. The design team has begun working on the preliminary design plans following the announcement of the PD&E completion in October.”

Brian said the bridge simulation video used by local news organizations and shared on social media in the wake of the recent announcement is the original simulation FDOT posted at its YouTube channel in September 2017. He said that is the most recent simulation and additional simulations may be created during the design phase.

Brian said FDOT has not issued formal responses to the letter of objection recently received from the Holmes Beach city commission or the city resolution recently received from the Bradenton Beach city commission stating its continued opposition to the 65-foot, fixed-span bridge.

Brian was asked if federal funds, in addition to state funds, could be used to build the new bridge.

“The signed PD&E study allows for federal funds to be used for any future phase of the project, as needed,” he responded.

“Currently, construction is not yet funded on this project,” Brian added.

When fully funded, the bridge replacement project will one day extend from 123rd Street West in Cortez to S.R. 789/Gulf Drive in Bradenton Beach.

Brian was asked if the potential construction of a roundabout at the west end of Cortez Road would be included in the bridge design process.

“A roundabout at the intersection of Gulf Drive and Cortez Road is not included in the design plans for the Cortez Bridge project. Based on recent discussions with FDOT, the MPO (Metropolitan Planning Organization) and Bradenton Beach City Engineer Lynn Burnett, FDOT will look at including evaluation of a potential roundabout at that intersection in a future PD&E study that will also include other ‘complete streets’ improvements along S.R. 789,” Brian responded.

FDOT positions

The Oct. 10 announcement reiterates FDOT’s previously stated position that a 65-foot high-level fixed-bridge will improve traffic flow for vehicles and boats by eliminating congestion and delays caused by bridge openings.

It also notes the initial cost to construct a 65-foot, fixed-span bridge is approximately $23.8 million less than what it would cost to build a 35-foot mid-level drawbridge.

“The 65-foot high-level fixed-bridge will have improved operational reliability, especially in emergency situations and evacuation events, since there are no mechanical moving parts and electrical systems to malfunction, which could potentially close the bridge to traffic altogether. In addition, there is no chance of human error during the operation of a drawbridge,” the recent FDOT announcement states.

“The 65-foot high-level fixed-bridge alternative provides opportunities for greater community cohesion and walkability with a roadway, sidewalks, and public space under the new bridge at 127th Street West. The 65-foot fixed-bridge alternative is high enough to create an open space along the waterfront under the Cortez approach of the bridge. This could support a variety of public uses and amenities that can be implemented at the discretion of the local agencies,” the FDOT announcement states.

Critics of the 65-foot fixed-span bridge fear it will drastically alter the character of Cortez and Bradenton Beach. Concerns have also been expressed about the new bridge negatively impacting residential and commercial properties along that stretch of Cortez Road.

Related coverage

A wake up call on the proposed Cortez Bridge

FDOT chooses tall bridge for Cortez

 

Castles in the Sand

You found the perfect house; now what?

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

You may think it’s finally over – you found your dream home, your forever home or your long-dreamed-of beach house. But guess what, unless you have lots of cash in your checking account, you will have to apply for a mortgage.

There have been for many, many years two basic types of mortgages, the fixed-rate mortgage and the adjustable-rate mortgage or ARM. The fixed-rate mortgage is just that – your principal and interest payment are fixed for the life of the mortgage or until you sell the property and satisfy the mortgage balance. Fixed-rate mortgages give you a set amount of money every month to budget for and builds equity for a home that you feel will be a long-term purchase. Building equity will also give you the option of refinancing in the future if rates go down possibly resulting in a lower monthly mortgage payment.

Adjustable-rate mortgages are typically a fixed rate for a specific number of years, for example, 5 years, and then are adjusted annually either up or down. Generally, adjustable-rate mortgages start at a lower rate than a fixed rate, but you take the risk of monthly payments increasing substantially as the rates fluctuate after the fixed number of years has been reached.

Adjustable-rate loans could be a good choice if you’re planning on selling your home within a short period of time prior to when the fixed-rate term expires. However, this type of mortgage does not build much, if any, equity, a consideration in a real estate market that may be on the way down.

Whichever type of mortgage you choose, the amount of money you put down will influence the rate you are offered. A 20% or higher down payment will likely provide the best mortgage rates and the most options as well as substantially reducing the risk of the home not appraising.

Putting down between 5% and 19% will put you in the position of having to pay a higher interest rate and/or fees. In addition, lenders most likely will require private mortgage insurance (PMI). Private mortgage insurance is an insurance policy that allows you to make a lower down payment by insuring the lender against loss if you don’t make your mortgage payments. A lower down payment could be a good thing for buyers with little cash or if the home requires work and the cash to do it. PMI payments start going down after equity has built up in the home.

Finally, there are no-down-payment or small-down-payment loan programs which are more expensive but are an alternative. If you or someone in your family are trying to get into a home with little cash, they should research FHA loans or, if qualified, VA loans, both with low down payment options.

Two things you should try and avoid in-home financing are balloon payments and prepayment penalties. Balloon payments are a large payment required usually at the end of the loan repayment period with varying amounts based on the terms of the loan. Prepayment penalties are an amount required if you refinance, pay off your loan early or sell your home. And one nice little trick to help you pay off your mortgage sooner and build equity is to make extra payments during the course of the year.

Once you find the perfect mortgage and get through the mortgage qualifying maze, you’re ready to enjoy your perfect home; I hope for you, it’s the beach house.

More Castles in the Sand:

Is homeownership threatened?

Real estate market disruption

Fee-fi-fo-fum, do I smell a recovery?

Cortez Road roundabout proposed

Cortez Road roundabout proposed

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

BRADENTON BEACH – Florida Department of Transportation (FDOT) plans to build a roundabout at Cortez Road and Gulf Drive will remain on hold until officials decide where the span of the new Cortez Bridge will touch down.

On Wednesday, Oct. 2, City Engineer Lynn Burnett provided the Bradenton Beach Community Redevelopment Agency (CRA) with a project update. Burnett said FDOT typically uses a standard-sized footprint when designing a roundabout but has the capacity to design a smaller roundabout.

“They have the ability to do a smaller footprint that doesn’t meet their DOT design standards. Because of the unique nature of the barrier island, they are going to redo their PDE (Project Development and Environment study) based on that footprint and reassess what right of way needs would be involved,” Burnett said.

Burnett said FDOT officials originally considered fast-tracking the roundabout, but concerns arose about installing it at a cost of more than $1 million without knowing exactly where the touchdown span for the new Cortez Bridge will be when that bridge is built.

Burnett said FDOT officials decided it didn’t make sense to do a “throwaway roundabout” now when they could wait a couple of years to design a roundabout based on the known bridge dimensions.

“That was their recommendation, which I fully support. It doesn’t make sense to start a two-year construct project and wreak havoc on this Island just to turn around and do it again,” Burnett said.

Burnett said FDOT officials might look at minor operational improvements to help address safety and congestion concerns at that intersection in the meantime.

“I want the public to know there’s going to be a lot of input from our residents and visitors here,” CRA member and Mayor John Chappie said of the roundabout design process.

“I also have talked to our police chief with regards to a roundabout and he has some concerns. Our police department needs to be part of this conversation. They are fully aware of the issues that have come up in Clearwater,” Chappie said.

When it opened in 1999, the Clearwater Beach roundabout originally included an elevated fountain that was later removed because it obstructed drivers’ vision and contributed to accidents. Over the years, that roundabout has been modified to improve traffic flow and enhance pedestrian safety.

Current realities

Chappie acknowledged the realities of living on a popular barrier island.

“No matter what you design and put in there, there’s going to be times – mostly during season or holidays – when it’s not going to be able to handle the capacity. So, there’s always going to be backup. With their PDE, they’ll be able to determine through their data what design has less backup during the high peak times,” Chappie said.

CRA chair Ralph Cole shared similar sentiments.

“Everybody wants to fix a traffic problem – make it wider, make it bigger. We’ve only got a five-pound sack here, so we can only stick so many potatoes in it. Drive out to Lakewood Ranch at rush hour and you’re in six lanes of traffic sitting there at a five-minute stoplight. The more accessible you make it, the more people are going to come,” Cole said.

“You almost have to accept the fact that you live on a barrier island. Everybody wants to come to it. Get used to it. Plan your time of attack when you go into town. That’s just the way it is,” Cole said.

Burnett said those who participated in the recent FDOT discussion agreed that traffic congestion cannot be eliminated 100% of the time at that intersection.

“There will be those 20,000 people on this Island all trying to get off at the same time and you just have to be patient. However, if 80% of the time you can reduce the delays and the length of time it takes, you’re increasing everyone’s quality of life,” Burnett said.

Related coverage

ITPO members pledge support for smaller bridge

Island bridges, roundabouts on DOT radar

Castles in the Sand

Real estate market disruption

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

Is there an algorithm in your future? If you’re planning on buying or selling a house, get ready for the future of real estate.

In a world where technology has remade everything from your morning coffee to tracking your investments, the real estate market has remained very old school. Reams of paperwork are the norm and interaction with local real estate professionals is the custom in most markets around the country. It wasn’t that many years ago when local real estate associations opened up multiple listing access to consumers making practically everyone an informed expert. If the availability of multiple listing properties to everyone was a big step, wait until you see what’s coming down the road.

iBuyer computer platforms have been gradually immersing themselves in the real estate market, offering buyers and sellers practically on-the-spot gratification. An iBuyer is a company that uses technology to make an offer on your home instantly. iBuyers represent a dramatic shift in the way people are buying and selling homes, offering a simpler, more convenient alternative to traditional home sales. Just search iBuyers and you’ll be amazed at the hits you get.

Companies like Knock and Zillow are betting big time on the success of these platforms in a world where everyone is too busy to complete traditional real estate transactions. Knock, for example, helps customers buy a new home, usually an upgraded one, and then stages the old home and gets it on the market right away. There are, of course, fees for this service but for many professional couples, it’s worth it.

Zillow and others buy the property after an appraisal and the sellers move on without the hassle of selling. So far Zillow is moving along with its business plan, buying more than 1,500 homes in the second quarter of the year.

Then we have startups who are offering people with good income but not so good credit a way to get into a home. Divvy Homes buys homes then rents the homes to their clients so they can have a place to live, pay rent and build equity towards eventual ownership. This is an idea that has its roots in the real estate industry known as rent with an option to buy, which was a private contract between two parties. It worked for many buyers and sellers in the pre-tech world, especially for difficult-to-sell properties.

Now Divvy and others like Flyhomes are offering high tech plans to fill a need aimed at first-time buyers who are probably already renters. It’s not uncommon for first-time buyers to be faced with student loan debt and little or no savings while they’re getting their careers up and running.

Divvy’s plan is to charge monthly rent with about 20% of the monthly payment going toward equity to buy the property. The monthly rent is higher than what the going rate for a similar rental would be, but equity is being built. Naturally, Divvy makes most of their money from the rent paid.

Flyhomes offers a full-service brokerage, buys the homes for cash giving their clients an edge and then underwrites the potential mortgage. Naturally, there are fees attached to this as well as traditional real estate brokerage commissions.

Ask five different real estate agents what your home is worth and you’ll get five completely different answers. Ask an algorithm what your home is worth and you’ll at least get one answer which may or may not be correct. No matter how you feel about technology getting involved in real estate, we can all agree that it’s definitely a disruption.

More Castles in the Sand:

Fee-fi-fo-fum, do I smell a recovery?

Order out of chaos

Luxury ain’t what it used to be

Castles in the Sand

Fee-fi-fo-fum, do I smell a recovery?

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

Recovery, what recovery? That’s a word we left in our rearview mirror a long time ago. It’s true in Florida generally, and Anna Maria Island specifically has recovered nicely since the financial downturn. There are areas of the country that are still struggling, but August may have been the turn-around month.

According to the National Association of Realtors, August was the strongest month for sales of United States homes in nearly a year and a half. Sales of previously owned homes rose 1.3% in August with a median sale price of $278,200, up 4.7% from the previous August. Conversely, the availability of homes for sale fell in August further increasing prices. Add to this the average fixed-rate mortgage for a 30-year loan was 3.73% at the end of September.

Is this the beginning of the national real estate market starting to turn the corner? Real estate sales have been underperforming relative to jobs and the economy as a whole and economists are viewing the statistics for the past two months as a very good sign.

If you’re interested in how the national market compares to our local Manatee County market, keep reading.

Closed single-family homes were up 10.3% from last August and the median sale price continues to be strong at $317,000, 7.1% higher than last year. The average sale price for single-family homes was $408,738, up 4% from last year. The median time to contract is down by 4.5% to only 42 days and the month’s supply of available properties is 3.3 months.

Condos closed fewer properties down at 25.9%, however, the median sale price was higher at $205,000, up 7.9%. The average sale price was also up 13.1% to $251,339. The median time to contract was up 6.4% to 50 days and the month’s supply of condos is at 3.6 months.

Sales statistics are from the Realtor Association of Sarasota Manatee.

Our sales in both the numbers of properties sold and sale prices continue to perform well compared to the national statistics. Nationally, the median single-family sale price for August was $278,200 up 4.7% from last August, compared to Manatee County’s median of $317,000 up 7.1%.

Based on the above, it’s not a surprise that the southern region of the country ended August with an increase of 3.6% in sales, making it the largest annual growth in sales volume in the country. And this may be just the beginning, as more and more high-income residents of high taxed states are just beginning to feel the effects of the Tax Cuts and Jobs Act of 2017 and are taking refuge in the South.

There are 41 states that collect taxes on wages and salary, with California taking the highest percentage at 13.3%. The remaining nine states that are income tax-free are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. If you’re a part-time resident of one of these states and are considering full-time residency, check out the individual state’s qualifications to establish permanent residency. Both the state you’re leaving and the one you’re coming to have strict and varied residency rules.

It looks like there will be big changes for Florida and other low tax states right around the corner. Nevertheless, don’t get too comfortable with what you see in the rearview mirror when it comes to real estate markets. You never know when that truck will start gaining on you.

More Castles in the Sand:

Luxury ain’t what it used to be

The fun and not-so-fun of selling a home

The fun and not-so-fun of buying a home

ITPO members pledge support for smaller bridge

ITPO members pledge support for smaller bridge

Written by SUN contributor on . Posted in Anna Maria Island, Community News, Cortez.

BRADENTON BEACH – Some of the Island’s elected officials are not letting FDOT replace the aging Cortez Bridge with a 65-foot fixed-span bridge without a fight.

Manatee County Commissioner and long-time Anna Maria Island resident Carol Whitmore appeared before members of the Island Transportation Planning Organization at a Sept. 16 meeting to ask for support in taking a stand against the 65-foot bridge. Though Anna Maria Mayor Dan Murphy was absent from the meeting, Bradenton Beach Mayor John Chappie and Holmes Beach Mayor Judy Titsworth pledged their support in the fight against the fixed-span bridge on behalf of the ITPO. They also agreed to take the topic back to their respective city commissioners to discuss possible city support of the effort.

“I know it can be changed,” Whitmore said of the Florida Department of Transportation decision to replace the aging drawbridge with a 65-foot fixed-span alternative. She added that if the high bridge is built, she feels that it will decimate the character of the historic village of Cortez as well as that of Anna Maria Island.

Whitmore said that she supports the mid-level alternative offered by FDOT in previous presentations to the public – a 45-foot drawbridge that she said would be higher than the current bridge and allow more boat traffic to pass under it without raising the drawbridge as frequently and stopping the flow of vehicular traffic. She also said that because the bridge isn’t as high as the 65-foot alternative, she doesn’t feel that it would damage Cortez and Bradenton Beach like the large bridge would.

“It really isn’t out of our hands,” she said of the design alternatives for the bridge, adding that “no one objects that it needs to be replaced.”

The Cortez Bridge has undergone several repairs over the past few years to help keep it functional, despite the fact that the bridge has outlived its 50-year lifespan. FDOT has secured funding for a design phase, which hasn’t yet begun, and representatives have publicly stated that the fixed-span bridge is the preferred alternative of the three designs presented to the public. No funds have been secured to construct a replacement bridge or to replace the Anna Maria Island Bridge on Manatee Avenue which is also planned to be replaced with a 65-foot fixed-span bridge.

Whitmore said that when FDOT leaders decided to replace the bridge on Manatee Avenue with a high-span bridge it was agreed that there would not be a high-span bridge linking Cortez and Bradenton Beach. Now she said she expects FDOT leadership to honor that agreement. Chappie said that he too remembers that agreement and supports Whitmore’s efforts to fight for the mid-level drawbridge replacement option.

“The high bridge is going to destroy the ambiance of our two communities,” he said.

The Cortez Village Historical Society has long expressed opposition to the high-span bridge, concerned about historical buildings on both sides of Cortez Road being affected by the access roads of the proposed bridge.

“I know in my heart this will be good for the whole area,” Whitmore said of the mid-level bridge.

Whitmore asked for a letter of support from the ITPO as well as for each mayor to speak with their city’s lobbyist about pushing the issue at the state legislative level.

Despite Murphy’s absence, Chappie and Titsworth agreed to move forward with supporting her efforts and speaking with their city commissioners and lobbyists about supporting the mid-level bridge replacement option.

“You either stand for something or you stand for nothing,” Chappie said. “We need to stand in support of this.”

Related coverage

Island bridges, roundabouts on DOT radar

FDOT chooses tall bridge for Cortez

A wake up call on the proposed Cortez Bridge

Castles in the Sand

Order out of chaos

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

Writing has been compared to bringing order out of chaos, something I try to do weekly on this page, and one of the most chaotic aspects of real estate is the mortgage process, which may be getting even more confusing to the average home buyer.

As confusing as the typical mortgage process is, the relationship of Fannie Mae, Freddie Mac, FHA and Ginnie Mae – entities that are also known as government-sponsored enterprises (GSEs) – to the mortgage market continually contribute to the chaos.

Before we go on, a quick review: Over 50 years ago Congress chartered the government-sponsored enterprises to provide liquidity to housing finance. The GSEs securitized and guaranteed mortgages, freeing up private lenders to provide more loans, making mortgages more readily available to the average home buyer. This created the 30-year, fixed-rate mortgage, which has been the gold standard of housing finance for all these years.

It was a great system until it went off the rails with sub-prime mortgage products partly encouraged by Congress leading to the bursting of the housing bubble and financial collapse in 2008. The American taxpayer was on the hook for $190 billion dollars to keep Fannie and Freddie floating and they have been in government conservatorship since then.

Now the federal government wants to gradually shrink the GSEs and start returning them to private hands. One of the suggested ways is to require them to have additional capital and underwriting standards comparable to private lenders. Will this happen? Maybe, but even if the wheels start to spin in that direction, it will be a long painful process which could turn on a dime subject to the outcome of a national election.

In the meantime, there is a new type of unconventional mortgage that has turned up. It’s called asset-depletion loans or asset-dissipation loans. Basically, they are designed for people who don’t have conventional paychecks, particularly retirees. As long as the borrower’s ability to draw on their assets is not overestimated, the loans can be fine.

Fannie Mae and Freddie Mac do make these loans but only based on a borrower’s 401k assets. However, Fannie and Freddie have eased up on standards for this type of loan, asking for smaller down payments and allowing more debt for borrowers. Again, this creates more risk for the American taxpayers.

So, what else do the gatekeepers of the American housing market have up their sleeve? Well, there is something that many Florida residents will be very interested in. Within the past year, they rolled out a program that would treat manufactured homes the same as it does site-built properties.

This means that a previous market that was difficult to obtain mortgaging for will now operate as a conventional mortgage market. They have also designed mortgages for manufactured homes at lower interest rates than buyers of these properties were previously able to obtain, as well as allowing appraisers to compare manufactured homes to those built on-site when determining value.

This may be a great program for many buyers of manufacturers homes, but in Florida, as we all know, manufactured homes are the most vulnerable in storms. Again, call me crazy, but do we as taxpayers need to assume more mortgage risk?

Fannie Mae and Freddie Mac, as well as all other GSE programs, will go on for a long time before any real change is made. It’s almost impossible to take away something that’s been in effect for so long. All I can do is try to bring order out of the mortgage processing chaos.

More Castles in the Sand:

Luxury ain’t what it used to be

The fun and not-so-fun of selling a home

The fun and not-so-fun of buying a home

Castles in the Sand

Luxury ain’t what it used to be

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

Did you ever feel sorry for the really wealthy real estate owners? Well, we’re at a point in time when there might be just cause for feeling sorry for them because like all sellers, when your market is slow everyone deserves some sympathy.

Wealthy buyers are pulling back from some of the most expensive housing markets in the country. Toll Brothers Inc., the nation’s largest publicly traded luxury-home builder said that purchase agreements fell 3% from a year earlier, worse than the expected 1% predicted.

A large slice of this decline is concentrated in California where homes under contract had an average price of $1.74 million in the last quarter. Toll Brothers further indicated their orders in California tumbled 36% from a year earlier.

Some of this decline in the luxury market, in California at least, is the Chinese buyers that are pulling back from the market combined with the federal tax overall limiting deductions for property taxes and mortgage interest. However, what happens in California may stay in California since Palm Beach, Florida recently had a record sale of over $100 million.

In addition, low interest rates, wage growth and record low unemployment rates are moving first time buyers into the market, creating a demographic shift in the lower price ranges. The luxury market is adversely affected by an improving lower end market since all real estate markets are interconnected.

That said, let’s take a look at the three-month analysis of properties selling over $1 million on Anna Maria Island and in Cortez for May, June and July. Closed sales are compiled from the Manatee County Property Appraisers Office and available properties from realtor.com as of this writing.

Cortez did not close any $1 million or over properties during May, June and July. In the prior analysis, there were two sales.

The city of Anna Maria closed 13 properties at $1 million or over, ranging from $3,395,000 to $1,075,000. The last three-month analysis showed 14 properties closed in this price range.

Finally, the combined cities of Holmes Beach and Bradenton Beach closed 14 properties $1 million or over during May, June and July, ranging from $3,725,000 to $1,000,000. The last analysis showed 19 closings.

Currently on the market or pending in Cortez, there are six $1 million or over properties. For the last analysis, there were five.

The city of Anna Maria has 48 properties either available or in contract ranging from $5,500,000 to just above $1 million. Besides the highest listing, there are two over $4 million, five over $3 million, 12 over $2 million and the balance below $2 million. The last analysis had 60 properties listed.

Bradenton Beach and Holmes Beach currently have 69 properties either available or in contract ranging from $599,000 to $1,149,000. Three are over $5 million, three are over $4 million, two are over $3 million, 15 are over $2 million and the balance are under $2 million. The last analysis had 68 comparable properties.

If the luxury market is falling off generally around the country price-wise, Anna Maria Island is not listening, at least not yet.

These continue to be pretty impressive numbers for a small island and an even smaller fishing village. And as noted in this paper previously, Cortez is the second least affordable place to live in Florida, according to a study by UnitedSatesZipCodes.org. First place goes to Boca Grande. To be fair, the rankings are determined by calculating several factors and Cortez being a small area with many high-priced homes certainly contributes to this calculation.

See you again in three months. In the meantime, it’s okay to feel sorry for the very wealthy – the little darlings.

More Castles in the Sand:

The fun and not-so-fun of selling a home

The fun and not-so-fun of buying a home

The challenges of inheriting a house

Castles in the Sand

The fun and not-so-fun of selling a home

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

Last week we talked about the fun and not-so-much fun of buying a home. This week we’ll talk a little about selling your home, choosing the perfect realtor and not necessarily one you’re related to. But before we do that, let’s review the June and July Manatee County sales statistics as reported by the Realtor Association of Sarasota and Manatee.

In June, Manatee County closed 2.2% fewer homes than last year, not surprising for this time of year. In spite of that the median sale price, half above and half below, increased by 5% from last year to $315,000. The average sale price was $397,987, up 8.8%, and the month’s supply of properties is down to 3.6 months.

June’s condo sales increased for the number of sales by 6.1%, the median sale price was $210,000, up 14.3%, and the average sale price was $246,381, up 5.2%, all impressive numbers. The month’s supply of properties was 4.2%.

July single-family sales were down slightly by 1.8%, but the median sale price broke a record at $325,000 up 5% from last year. This is the highest median price since the housing crisis more than a decade ago and near historic levels. The average single-family home price was $391,049, up 2%, and the month’s supply of properties was down to 3.4%.

Condo sales were up by 8.7% with a median sale price of $191,000, down 4.1%. The average sale price for condos was $216,523, down 6.6% from last year and the month’s supply of properties was 3.7%.

Do these numbers give you incentive to find that perfect realtor and consider selling? Maybe, but remember statistics are only a snapshot in time and, although our sales and appreciation rates continue to go up every month, it could change in a heartbeat.

But just in case you’re ready to cash in, here are a few tips for choosing a realtor:

Although there are many questions you should ask a real estate professional before you turn over what may be your biggest asset to them, the two that are most important to me are how long have you been in residential real estate sales and what is your specific marketing plan?

Much of real estate experience is an on-the-job learning experience but choosing an agent who has accumulated a few designations or certifications shows a commitment to his/her profession. Certainly, you should ask if real estate sales are their full-time job. There are sales agents who get into the field thinking it’s a part-time job they can fit around their children’s school schedule. Trust me you don’t want this person.

As far as a marketing plan, the agent should be prepared to show you a written plan involving print advertising, open houses and digital participation. They may also include a pricing schedule suggesting a step-down pricing recommendation for 30, 60 or 90 days in the event offers are not coming in. As part of this plan, your agent should advise how frequently he/she will be in touch with you regarding showings and feedback.

It is also important for you to know how long homes in your area are taking to sell and the variation between the listing and final sales prices. I frequently note these statistics in my monthly updates for Manatee County because they are so important to the overall picture of the market.

Finally, giving your listing to a relative may look appealing since you already have a relationship and he/she may offer to reduce commission for you. However, it takes away the business aspect of the transaction and gets into the emotional aspect. My advice is don’t do it.

I’m looking forward to receiving the August Manatee County real estate numbers and hope you have a fun selling experience with a qualified broker.

More Castles in the Sand:

The fun and not-so-fun of buying a home

The challenges of inheriting a house

Uncovering a home’s defects

WMFR celebrates life with Phoenix Awards

WMFR celebrates life with Phoenix Awards

Written by SUN contributor on . Posted in Anna Maria Island, Community News, West Manatee Fire Rescue.

BRADENTON – Aug. 20 was a celebration of life at West Manatee Fire Rescue’s board meeting as district leaders handed out three sets of Phoenix Awards to first responders.

The district gives out Phoenix Awards to first responders with the district who respond to a medical call where the patient doesn’t have a heartbeat either on arrival or at any point during the call, the patient is revived and is eventually discharged from the hospital. In August, Battalion Chief Ryan Moore presented responders from three separate calls with Phoenix Awards.

“These are my favorite awards to give because they’re truly life-changing for the people we respond to,” Moore said.

The first call involved an April call to a Mangrove Point residence where a female patient was found unresponsive. The crew, Lt. Chad Brunner, firefighter John Balzer and firefighter Tyler McDonald, gave the patient CPR until an EMS crew arrived to take over patient care. The patient was able to be discharged from Blake Medical Center in Bradenton.

wmfr award
Firefighter Andrew Powers receives a Phoenix Award Aug. 20 from Battalion Chief Ryan Moore for his work to revive a drowning victim who survived and was discharged from the hospital. – Kristin Swain | Sun

The second call was in response to a drowning on June 3 on Gulf Drive in Holmes Beach. The responding crew included Lt. Darren Vollmer, firefighter Mike Petrosino, firefighter Jared Apple, firefighter/paramedic Adam Bagget and firefighter/paramedic Andrew Powers. Upon arrival, crew members saw bystanders giving CPR to an unresponsive male patient on the beach. Crew members took over CPR and advanced life support care. The patient recovered and was discharged from Blake.

The third call involved a male patient who went into cardiac arrest at O’Shucks Raw Bar and Grill in Cortez on June 4. Lt. Jay Johnson, Lt. Chad Brunner and firefighter Tyler McDonald responded to the call. Upon arrival, the first responders said it appeared the patient was having a seizure and wasn’t breathing well on his own. During the call, his heart stopped beating.

The patient, a resident of Anna Maria Island, Robert Philippi, was present at the Aug. 20 board meeting when the awards were given out. He said he was having dinner with his family when he had a heart attack.

“Obviously the night was a rollercoaster ride for everyone involved,” he said. “I’d never had a moment of ill health in my life, nor was I expecting a heart attack that night, but I was very fortunate in where I was that I had some expert bystanders around who helped with CPR until the team arrived. And from there I have very little recall, so everything I have is what people have told me that went on, but there’s no question that without the expert support and care that I received from the fire service, from the EMS crew that arrived there and actually from all the staff at Blake hospital because it required 10 resuscitations to get me stabilized over the course of about a five hour period. Unbelievably, I was discharged from the hospital two days later.”

“I’m just extraordinarily grateful to everyone involved,” Philippi said.

wmfr award 2
Firefighter Tyler McDonald receives the first of two Phoenix Awards Aug. 20. – Kristin Swain | Sun

Moore also read an excerpt from a letter written by McDonald praising the actions of Lt. Johnson.

“When Chief Sousa announced his goals to enhance the service of West Manatee Fire Rescue by providing advanced life support, we all knew this was going to be a challenge. Among other hurdles, one of the largest would be staffing our engines with paramedics rather than EMTs. Lt. Johnson was one of the first to offer his time and energy, go to school and be one of the missing pieces of the puzzle. As you know, Lt. Johnson completed paramedic school and has been a charge medic with us for nearly a year,” Moore read.

“On this particular cardiac arrest, I saw everything in a different way. Once the EKG monitor was attached to the patient, I watched a colleague who I’ve worked beside since the beginning of my career, read the squiggly lines on the monitor and immediately identify the abnormal rhythm that the patient’s heart was in and announce without hesitation that we needed to shock this patient. At this moment, this call seared an everlasting memory in my brain.

“As you know, with most cardiac arrests, even the ones that turn out to be saves, it’s only a hopeful ride to the hospital while the patient is still unconscious. This is the first time I have ever seen a cardiac arrest play out like a Hollywood movie where the patient jolts back to life and begins talking to us.”

“How unbelievably rewarding to see the dead come back to life,” Moore continued, reading from McDonald’s letter. “I’m extremely pleased to write this letter on the successful efforts that day and want to ensure that Lt. Johnson is recognized for the time and energy he has spent in order to use his skills as a paramedic and to have played a very large part in saving this man’s life.

“The advanced life support program that was started at West Manatee is an obvious success. I am proud to work with people like Lt. Johnson who always take initiative and have a passion and commitment to be the best they can be in this profession.”

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Counterfeit money being passed around

Counterfeit money being passed around

Written by Joe Hendricks on . Posted in Business, Restaurants | Bars, Retail.

MANATEE COUNTY – Several area businesses have been presented with counterfeit $50 and $100 bills in recent weeks.

On Friday, Aug. 23, a counterfeit $50 bill was taken as payment at the Pig Out BBQ and Southern Soul Food restaurant in Bradenton on Manatee Avenue.

Manager Nora Davis reported the counterfeit money to the Manatee County Sheriff’s Office and the following day she posted a photograph of the counterfeit bill on Facebook.

On Thursday, Aug. 22, counterfeit bills were presented for payment at Tide Tables and the Cortez Kitchen in Cortez.

Tide Tables’ bartender Staci Wilkinson said someone called in an inexpensive to-go order and when a man came in to pay for the food the employee on duty determined the money was counterfeit and refused to take it.

“We started messaging everybody at the other restaurants and they tried it again at the Cortez Kitchen,” Wilkinson said.

Counterfeit Cortez Kitchen
This counterfeit $50 bill was received at the Cortez Kitchen. – Submitted

Surveillance photos of the man who tried to pass the counterfeit bill were quickly posted at the Tide Tables’ Facebook page. That post also included photos of the white Chevy pickup truck the man left in, which is believed to have been driven by a female accomplice.

Less than an hour later, the same man entered the Cortez Kitchen to pick up a fudge sundae to go. He presented bartender/manager Ryan Young with a $50 bill. Aware of what happened earlier at Tide Tables, Young took the bill and stepped into the backroom to consult with someone else about the bill’s validity.

The suspect then decided to leave and Young managed to get the truck’s license plate number before it pulled out of the parking lot. The license plate number and the counterfeit bill were given to the Manatee County Sheriff’s Office. A photograph of the counterfeit bill was also posted on Facebook.

Two weeks ago, a counterfeit $100 bill was received at the FishHole miniature golf course in Bradenton Beach.

FishHole owner Jake Spooner later presented the Bradenton Beach Police Department with surveillance photographs of the man he believes presented the $100 bill to one of his employees. Spooner said the suspect shown on his surveillance camera appears to be a different person than the suspect shown on the Tide Tables’ surveillance camera.

Regarding the counterfeit bill his business received, Spooner said its looked to him like the counterfeiter bleached a $10 bill and then printed a $100 bill on the bleached paper.

“On the far-right side of the front of the bill you can see the watermark is Alexander Hamilton’s face, and the ribbon says U.S.A. 10,” Spooner said.

Castles in the Sand

The challenges of inheriting a house

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

No one wants to see a loved one pass away, but it’s inevitable that we all will have that experience and along with the grief comes the distribution of personal items and property. As emotional as sifting through your family’s papers and clothing is, the real challenge at this time of your life will be selling their property.

The important thing to be clarified before death is if there is a will or trust in place. Dying without a will causes the estate to default to the statutes of the state to determine who the legal heirs are. Needless to say, that will be a time-consuming and possibly costly process involving probate. Even a will needs to go through a probate process, however, living trusts will avoid probate. These are all legal issues which will need a legal opinion.

If there is a home to be sold and there is a legal will or trust, that responsibility will fall to the executor of the estate. The executor has the power to make all decisions but should certainly confer with all other beneficiaries to the sale of the house.

As in all property sales, decisions need to be made starting with a reasonable selling price. More than one estimate of value should be obtained from real estate professionals and a licensed appraiser should also be considered, especially if there are multiple heirs, to avoid any appearance of impropriety.

Whoever is handling the sale of the property should be prepared to spend some money before the home is sold. Property taxes, utility bills, lawn maintenance and unforeseen repairs all have to be considered prior to sale.

In addition, the property needs to be cleaned out of personal items and, based on the recommendation of a real estate professional, the furniture removed. There are companies that take care of this and any furniture not sold at an estate sale is removed by the estate person for a fee. However, the family will still need to decide which items will go into the sale, which will be passed along to other family members and which will get destroyed – not an easy process.

Then, of course, as in any property sale, decide whether renovations and/or cosmetic fixes should be made. Most professionals will tell you that this is not the time for major renovations. If necessary, cosmetic fixes would be a better choice. Cleaning, painting, yard and garage clean up is probably the most practical and least expensive way to go. Here again, the advice of a competent and experienced real estate professional is essential to understanding the local market.

Heirs who are in a tight financial position and need to sell quickly could consider one of the quick-sale companies as long as they are willing to take a discounted price. The heir’s tax consequences should also be considered before any money is spent and sale offers are considered, especially if the property has been in the deceased’s name for a long time.

Here in Florida it’s very common for parents to pass away and leave property in their estate to be sold by their heirs. This is a little more of a problem if the beneficiaries are out of state, but again because it’s common in Florida, there are several companies to assist heirs in the disposal of personal property and furniture.

Selling a family home is always emotional and more so on the heels of a loved one’s death. Ask for help during this time; it’s out there.

More Castles in the Sand:

Uncovering a home’s defects

How to determine the truth about home flooding

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lost pets fundraiser Gulf Drive Cafe

Pup & Cat Crawl helps lost pets

Written by Joe Hendricks on . Posted in Entertainment, Events.

ANNA MARIA ISLAND – Benefitting the Lost Pet Services Inc. organization that helps reunite lost pets with their owners, the inaugural Pup & Cat Crawl fundraiser on Friday, July 26 raised $2,050 after expenses.

Friday evening’s four-stop fundraiser began at the Seafood Shack. Seventy pre-ticketed participants then boarded two Siesta Key trolleys and made their way to the Sandbar restaurant in Anna Maria, the Gulf Drive Café in Bradenton Beach and the Swordfish Grill in Cortez.

Each stop featured pet-themed drink specials, raffle drawings and 50-50 drawings. Some of the drink specials featured Tito’s Vodka because Tito’s is known as a dog-friendly company. Tito’s and several local businesses donated raffle prizes and some of the participating restaurants also served special appetizers.

Lost Pet Services Inc. board member Debbie Capobianco organized the event, working with organization founder and president Patty Giarrusso. Capobianco is a Realtor for Michael Saunders & Company and works out of the firm’s Holmes Beach office.

“It was a great event. The bars we visited were very generous, and they donated prizes for us to give away in our raffles too. We had so many raffle prizes donated that it took us over an hour to give them all out,” Capobianco said on Saturday.

lost pets fundraiser
Bill Capobianco assisted with Friday’s fundraising efforts. – Debbie Capobianco | Submitted

“We also gave away our free microchips, as it is so important to have your dog or cat chipped in case they are ever lost,” Capobianco said.

Lost Pet Services Inc. provides location chips, name tags, missing pet flyers and helps spread the word about missing dogs and cats through its website and the Lost and Found Pets 941 Facebook group.

The organization also provides medical assistance for pets and assists in finding foster homes and/or new permanent homes for unclaimed pets.

“It’s a great organization. Patty started it all by herself, and I help with the fundraising,” Capobianco said, noting that Lost Pet Services Inc. has helped locate thousands of lost pets since it was founded in 2013.

You can report a missing pet, search for a missing pet, support the cause or learn more about Lost Pet Services Inc. at www.lostfoundpets941.com.

Castles in the Sand

Calming waters

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

It’s the end of July, and most of the country is hot, really hot. But if you live near the water as we do, it doesn’t seem so bad. Imagine living in a landlocked state and it’s 95 degrees day after day. Aside from keeping cool, living near the water has many other benefits, according to a book called “Blue Mind.”

Sitting on a beach has always been one of my favorite things to do and I have been fortunate enough my entire life to have quick access to wonderful beaches. It gives me a sense of well being and just staring at the water puts me in a mildly meditative state, a blue mind.

This is exactly what Wallace Nichols a marine biologist talks about in his book “Blue Mind.” He says that merely being close to a body of water, sea, river, ocean or lake can promote mental health and happiness. Further, water lowers stress and anxiety, lowers heart and breathing rate and improves creativity. Sometimes even dreaming or daydreaming about a beautiful beach and crystal water can calm down anxiety.

Nichols’s theory would explain the popularity of Anna Maria Island and the accompanying increase in real estate values. Coastal Living Magazine had a recent list of the happiest seaside towns in the country. Anna Maria came in fifth and the only picture the magazine used in their piece was one of Anna Maria’s iconic cottages on Pine Avenue.

Now it’s time to take a look at the June Manatee County sales statistics reported by the Realtor Association of Sarasota and Manatee:

Single-family homes closed 2.2% fewer properties, however, the median sale price was up 5% to $315,000 and the average sale price was $397,987, which is 8.8% higher than last June. The median percentage of original list price to the final sale price was 96%, about the same as last year. The median time to sell was 102 days this June. Last year it was 90 days and the month’s supply of properties is 3.6 months compared to 4.1 last June.

Condos closed 12.2% fewer properties this June compared to last. Like single-family homes, the median sale price for condos was also up by 3.9% to $199,000. The average sale price was also up 1.6% to $236,307. The median percentage of original list price to the final sale price was 95%, up 1.3 percent from last year. The median time to sell was 101 days this year compared to 111 days last year and the month’s supply of properties is 4.1 months, the same as last June.

With the exception of fewer closings, June’s numbers are all in the green for both single-family and condos. If you have a smaller supply of properties to sell, chances are you will have fewer closings – the good and bad of a great real estate market. In addition, the median percentage of listing to sale price is a good indicator of the health of the market. When you’re getting close to 100% of listing to sale, you know things are good.

This time of year, it’s not easy to find a state that is naturally cool, believe me, I’ve tried. It’s also not easy to find a place where people are not over-connected and over-stimulated, creating a red mind the opposite of a blue mind.

However, we have it right here on Anna Maria and the surrounding areas. Is it worth the extra money for a home on or near the water? Just ask anyone who has one. “Blue Mind,” a perfect name for a cottage on the beach.

More Castles in the Sand:

The condo dance

The suburbs and the millennials

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Castles in the Sand

The condo dance

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

Every dance has specific dance steps. Even though some dancers may look like they’re just winging it, they’re at least the ones that you keep looking at. Living in a condo requires learning a multiple of dance steps, so if you’re not good at condo dancing, you may need to rethink your purchase.

Condo living is great. It frees you of all the day to day maintenance issues that a house requires – exterior painting and pool cleaning are done, the lawn is mowed and roof repairs are a thing of the past. But all of these services come with a price in both money and control.

The first dance steps you need to learn are those in the condo maintenance fees or homeowner association fees dance. These fees are established in order to pay for all of the services and expenses the condo association is responsible for. Owners pay either a monthly or quarterly fee that goes into the association’s funds and is allocated to specific reserves.

As soon as you are in contract for a condo property, the condo fees are disclosed to you. You, in turn, need to disclose these fees to your lender if you are applying for a mortgage. Condo fees are calculated by lenders right along with principal, interest, taxes and insurance in order to qualify for financing.

Condos with high fees can kill a deal if the potential buyer does not qualify for a mortgage because of the fees. This can be a tricky calculation for condos that are new construction since it’s not uncommon for the developer to lowball common charges in order to sell units, which means that marginal buyers may not get their financing if the fees are adjusted upward prior to closing.

The second dance that has very complicated steps is the giving up control to the condo boards and management company dance. If you’re one of those people who needs to dot every “I” and question every rule, you may have a hard time learning this dance.

There’s a fair amount of freedom you give up to live in a condo. For instance, if you liked skinny dipping in your single-family home pool you better start buying a bunch of bathing suits or, if your neighbors on the other side of your common wall have their grandchildren over every Sunday to watch football, either you join the party or go out for the day. Condo living is nothing if not a compromise.

There is, however, a way to gain some control and that’s by volunteering to join the condo board. Based on how the condo documents are drawn up, condo board members have a lot of power. They can change rules, choose contractors to do jobs and move money around. There certainly are decisions the boards cannot make without a vote of the residents, so learning what decisions condo boards can and cannot make is important before going forward.

If you don’t join the board yourself, make sure you vote for board members that you feel are qualified and ethical. In addition, condo boards that have good management companies to advise and guide them are better run.

Successful condo living is a “live and let live” concept. Minor infractions of rules should be overlooked and flexibility will make your living experience rewarding. If you want a carefree lifestyle and the ability to lock your door and leave, like so many people in Florida do, condo living is a perfect fit. But first you need to learn the condo dance and how to dance like a pro.

More Castles in the Sand:

The suburbs and the millennials

Are you as smart as a private equity firm?

Real independence