WASHINGTON – Feb. 28, 2011 – The National Association of Realtors®’ Realtor Magazine is now accepting nominee applications for its 2011 Good Neighbor Awards. The program – now in its 12th year – recognizes Realtors whose extraordinary commitment to community service has helped make their communities better places to live.
In November, five winners will be announced in Realtor Magazine and will be recognized at the 2011 Realtors Conference & Expo in Anaheim, Calif. Five winners will receive a $10,000 grant for their community cause, travel expenses to the convention, and extensive publicity to benefit their cause. In addition to the winners, five honorable mentions will receive $2,500 grants.
“Realtors play a significant role in our nation’s communities,” says NAR President Ron Phipps. “The Good Neighbor Awards highlights NAR members who spend time and energy to help others. They also remind us that Realtors not only help people purchase homes, but also they work to improve the quality of life in those homes.” Phipps was a Good Neighbor Award recipient in 2001 for his work with the Tomorrow Fund.
Eligible activities include any volunteer work that helps improve the quality of life in a community. Entry deadline is Friday, May 20, 2011. © 2011 Florida Realtors®
Realtor Magazine seeks Good Neighbor nominations
March 2nd, 2011Low appraisals hurt all homeowners values
March 1st, 2011Low appraisals are hampering home sales and driving values spiraling down. Ten percent of the nation’s Realtors said they had sales canceled because appraisals came in below the prices buyers agreed to pay, according to a January survey by the National Association of Realtors. Another 15 percent said contracts were renegotiated after appraisals came in too low. Sellers dropped prices or buyers put up more cash.A third of home builders said they had lost sales because of low appraisals, according to an August survey by the National Association of Home Builders. That was up from 26 percent in a 2009 survey. Lenders often require appraisals before approving a mortgage to ensure that the house’s value exceeds the loan.
Low appraisals were rarely an issue during the housing boom, when prices rose steadily. But the bust revealed how inflated appraisals had contributed to the housing bubble. Now appraisal and lending standards are both tighter. Lenders and appraisers say falling home prices, not flawed valuation practices, drive low appraisals. U.S. home prices are 30 percent off their 2006 peak, and many economists expect them to fall more. Foreclosures are a key factor. Market researcher RealtyTrac says foreclosed homes accounted for almost 26 percent of sales last year, fetching 28 percent less on average than non-foreclosed homes. In some markets, foreclosed homes are a greater share of sales. Appraisers may count those to determine values of non-distressed properties, and the appraisals may not reflect the superior condition of the latter.
Also, since 2009, new rules have aimed to lessen lenders’ ability to influence appraisers. That’s led to more lenders outsourcing appraisal selection to other firms. They may hire appraisers who aren’t as familiar with the neighborhoods of the houses they’re valuing. This is an untenable situation and it will not end soon..
BEA Statistics so you get the Official Number UN-Spun
February 25th, 2011| January 2009 | January 2011 | % chg | Source | |
| Avg. retail price/gallon gas in U.S. | $1.83 | $3.104 | 69.6% | 1 |
| Crude oil, European Brent (barrel) | $43.48 | $99.02 | 127.7% | 2 |
| Crude oil, West TX Inter. (barrel) | $38.74 | $91.38 | 135.9% | 2 |
| Gold: London (per troy oz.) | $853.25 | $1,369.50 | 60.5% | 2 |
| Corn, No.2 yellow, Central IL | $3.56 | $6.33 | 78.1% | 2 |
| Soybeans, No. 1 yellow, IL | $9.66 | $13.75 | 42.3% | 2 |
| Sugar, cane, raw, world, lb. fob | $13.37 | $35.39 | 164.7% | 2 |
| Unemployment rate, non-farm, overall | 7.6% | 9.4% | 23.7% | 3 |
| Unemployment rate, blacks | 12.6% | 15.8% | 25.4% | 3 |
| Number of unemployed | 11,616,000 | 14,485,000 | 24.7% | 3 |
| Number of fed. employees, ex. military (curr = 12/10 prelim) | 2,779,000 | 2,840,000 | 2.2% | 3 |
| Real median household income (2008 v 2009) | $50,112 | $49,777 | -0.7% | 4 |
| Number of food stamp recipients (curr = 10/10) | 31,983,716 | 43,200,878 | 35.1% | 5 |
| Number of unemployment benefit recipients (curr = 12/10) | 7,526,598 | 9,193,838 | 22.2% | 6 |
| Number of long-term unemployed | 2,600,000 | 6,400,000 | 146.2% | 3 |
| Poverty rate, individuals (2008 v 2009) | 13.2% | 14.3% | 8.3% | 4 |
| People in poverty in U.S. (2008 v 2009) | 39,800,000 | 43,600,000 | 9.5% | 4 |
| U.S. rank in Economic Freedom World Rankings | 5 | 9 | n/a | 10 |
| Present Situation Index (curr = 12/10) | 29.9 | 23.5 | -21.4% | 11 |
| Failed banks (curr = 2010 + 2011 to date) | 140 | 164 | 17.1% | 12 |
| U.S. dollar versus Japanese yen exchange rate | 89. | 82.03 | -8.6% | 2 |
| U.S. money supply, M1, in billions (curr = 12/10 prelim) | 1,575.1 | 1,865.7 | 18.4% | 13 |
| U.S. money supply, M2, in billions (curr = 12/10 prelim) | 8,310.9 | 8,852.3 | 6.5% | 13 |
| National debt, in trillions | $10.627 | $14.052 | 32.2% | 14 |
State Farm is questioned over rate hike request
February 25th, 2011TALLAHASSEE, Fla. – Feb. 16, 2011 – State Farm property policyholders in higher risk areas could see premium increases of 40 percent or more on their homes under a 27.9 percent average rate hike request. Insurance officials said Tuesday that the increase would shock many customers and place an increased burden on Citizen’s Property Insurance, the state-run insurer of last resort.
State Farm Florida Insurance, the state’s largest private insurer of property, told state regulators yesterday that non-hurricane losses – especially sinkhole claims – over the past few years force the company to double rates for rental customers and seek hefty hikes from homeowners in some inland counties. But the state’s insurance Consumer Advocate, Steven Alexander, said the request is bloated. He says that State Farm pays its agents far more than the national average for policies and skimps on discounts to property insurance customers who lost sinkhole coverage as part of a basic multi-peril package. Sinkhole coverage is now offered as an optional add-on.
Speaking during a public hearing on its latest rate increase request, State Farm representatives said sinkhole losses over the past couple of years have escalated dramatically and been the major driver of higher company losses rather than hurricanes, which have not hit land in Florida since Hurricane Wilma in 2005.
State Farm is requesting a 27.9 percent statewide increase in residential homeowners rates. Premiums for rental insurance, a relatively small percentage of the company’s portfolio, would increase 95.7 percent if the rate hike were approved.
Officials at the Florida Office of Insurance Regulation say they will likely have a ruling within the next two weeks.
Policyholders in some counties would see increases that are significantly higher. State Farm homeowners in Orange and Seminole counties for example, would see premiums jump more than 46 percent if regulators approve the request. However, customers in other locations would see rates fall, with policyholders in Manatee County paying 6.7 percent less and Panhandle customers seeing 20 percent reductions. Sarasota County policyholders would see a 2.5 percent increase, while rates in Charlotte County would rise 16.5 percent.
One likely offshoot of the rate hikes is that more policyholders will be transferred into Citizens Property Insurance Corp. the state-run pool that is now the largest single property insurer in Florida. State regulators Tuesday appeared skeptical when company staffers were unable to determine how many policyholders would leave State Farm if the rates were approved. They asked why the rates were not being phased in to cushion the blow.
State Farm could lower costs by not paying its agents so much for renewing policies. The company’s selling expenses are more than double the national average of $149 per policy. Alexander also estimated that the company is saving about $325 per policy by not offering comprehensive sinkhole coverage, yet it is offering discounts to customers of only about $150.
Company officials said they have not broken out the sinkhole component among a list of non-hurricane damages from which it has suffered losses, a lack of information that Alexander and other panel members said they would like to see before making up their minds on whether to approve the request.
Source: News Service of Florida, Michael Peltier
Maintenance of Community Common Areas Adds Value
February 2nd, 2011Wooded areas, meadows, streams, and ponds are features that add value to our community. We’re fortunate to have some of these features because they enhance property values, increase aesthetic appeal, improve our environmental quality, eliminate noise and wind, and reduce our energy bills. The responsibility to maintain our natural areas goes beyond the capabilities of our lawn care provider, so it’s up to us to properly maintain all our common ground—-landscaped and natural. That’s why the association pays attention to water resources and quality, wildlife habitats, and species diversity. We believe that proper maintenance and management will benefit the local ecosystems and save the association money. Remember, environmental stewardship begins at the community level.
Septic inspections unofficially on hold in Florida
January 13th, 2011Officially, an onerous septic tank inspection rule became official on Jan. 1, 2011, but the Florida Legislature passed a bill, SB 2-A, during last year’s special session in November delaying implementation for six months. The path of that bill became tricky, however. As a bill, it required the governor’s signature to become law, but then-Gov. Charlie Crist was generally expected to veto it. The Legislature did not submit the bill to the governor’s office until yesterday – the day incoming Gov. Rick Scott took office, apparently to avoid the potential veto, though Florida Senate spokesman David Bishop said only that the bill “was given to the governor in a timely manner.” It’s now up to Scott to approve or veto the bill, but his approval is generally expected. In the meantime, the Jan. 1 effective date of the septic tank inspections passed. Since the agency overseeing the inspections expected some kind of action by the governor however, it’s not being enforced pending action by Scott, who now has 15 days to make a decision. Once signed, SB 2-A delays implementation of the septic tank inspection rule to July 1. Once effective, it requires the state’s 2.6 million homeowners with septic tanks to get an inspection every five years at a potential cost of $500 each time. Some Florida lawmakers consider the six-month delay more than a way to postpone the inevitable. During the 2011 session of the Florida Legislature, some political leaders hope to repeal it and have already submitted a bill, SB 130, that would cancel the inspections altogether. © 2011 Florida Realtors®
State Farm in final phase of dropping homeowners insurance policies
January 12th, 2011TALLAHASSEE, Fla. – Jan. 7, 2011 – State Farm is in the process of notifying 125,000 Florida homeowners that their policies will be dropped, and should finish notifications in the next few weeks.
Rather than withdrawing completely from the Florida market, State Farm made an agreement in late 2009 with Insurance Commissioner Kevin McCarty to shed a limited number of policies and keep almost 700,000 policies. In return, the company was granted an average 15 percent rate increase.
Meanwhile, state-run Citizens Property Insurance has expanded dramatically, and insurance regulators have been hoping that small insurers based in the state would pick up the policies dropped by State Farm.
Source: St. Petersburg Times (FL) (01/04/11) Harrington, Jeff© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
CAI has Nat’l Service Directory for All
November 9th, 2010As you consider your needs for the upcoming year, don’t forget the best source of all—CAI’s enhanced National Service Directory. With more than 5,000 listings, this convenient online resource helps you find the right professional services for your homeowners association, condominium or cooperative. The CAI National Service Directory is designed to save you time and money by presenting a targeted product and service guide in one easy-to-navigate website.
The Features:
- Locate businesses alphabetically, by category or by custom search.
- Link directly to qualified vendors’ websites.
- Always available when you’re ready to search for suppliers.
Finding affordable suppliers for your next purchasing decision is fast, simple and easy. Visit the CAI National Service Directory today to take advantage of this free resource for association leaders, community managers and management companies.
Interim Managers have a more focused agenda
November 8th, 2010When the need arises for an interim management company the agenda is clear as it is likely the cause of the upheaval. When a transitional manager and / or consultant is engaged the rationale for change is in the forefront and clearly is the biggest priority.
Florida vetos may be on the way!
November 8th, 2010Florida’s incoming legislative leaders didn’t lose any time flexing some political muscle following this week’s elections, announcing plans yesterday to revive a number of bills vetoed by lame duck Gov. Charlie Crist. Included in the list: HB 545, a Realtor-supported measure to repeal an onerous disclosure for coastal property owners. Incoming Senate President Mike Haridopolos (R-Merritt Island) and House Speaker Dean Cannon (R-Winter Park) agreed to reconsider nine bills vetoed by the governor after the 2010 session. The override attempts are slated to occur in a brief special session leaders plan to call immediately following a Nov. 16 organizational session.
HB 545 by Rep. Pat Patterson (R-DeLand) would have repealed the windstorm mitigation disclosure – one of the last remnants of the My Safe Florida Home program that expired in 2009 due to lack of funding. Effective Jan. 1, 2011, sellers of homes located in wind-borne debris regions must provide buyers with the building’s hurricane resistance rating and three improvement plans, including costs. HB 545 passed both chambers unanimously during the 2010 session, but Gov. Crist vetoed it, saying it repealed a “good Florida law that provides homebuyers in wind-borne debris regions with a clear and easy to understand grade on the quality of a home’s hurricane-resistant protections.”
But many industry experts and a state commission question the integrity of a rating established by inspectors who are not registered with the state. Further, the inspection process has been widely criticized for “widespread, fraudulent and unethical behavior,” according to a study by the Florida Commission on Hurricane Loss Projection Methodology.
HB 981, which Gov. Crist vetoed earlier this year, will also be reconsidered during the special session. Under current law, agricultural land sold for three times its value is automatically presumed to no longer be used for “bona fide agricultural” purposes. That change forces the owner to prove a tax break should remain. HB 981 would have changed state law to protect those agricultural land tax breaks if the land is still used for farming purposes.
In his veto message, Crist said the bill could have subsidized real estate speculation at the expense of the taxpayer. The bill’s supporters argued it would help keep much-needed tax breaks for farmers pressured into selling their land for development.
Haridopolos and Cannon also plan to use the special session to delay the start of a septic tank evaluation program that has drawn angry opposition from mostly Panhandle property owners who fear future inspections and fees. The legislation, SB 550, requires that all septic tanks be inspected every five years. Lawmakers are expected to delay the program’s scheduled start from Jan. 1, 2011, to July 1, 2011. The extra six months will give them time to respond to recent complaints about the requirements, as well as to determine the most cost-efficient way to run the program.
The Florida Legislature has overridden a governor’s vetoes on only two occasions in the last 24 years, with the latest in 1997.