LOCAL INFO • Market Updates • May 22, 2023

Out-of-Town Moves Didn’t End with Pandemic – April 2023

by Gina Larouche

Out-of-Town Moves Didn’t End with Pandemic

Number of buyers looking within their metro dropped 15.6% in 1Q, but the number looking elsewhere fell only 4.2%. Fla. has 5 of top 10 want-to-move-to metros.

SEATTLE – The pandemic-era trend of buyers relocating greater distances didn’t end with the pandemic. While Redfin says searches on its website were down overall in the first quarter (1Q) of 2023, the number searching for a home outside their current metro was down only 4.2% compared to a drop of 15.6% of buyers seeking something else near their current location.

During the pandemic, both of those numbers shot up – but the out-of-state mover numbers shot up more.

The reasons for long-distance relocations have changed a bit, though. Many out-of-state moves took place during the pandemic because workers were no longer tied to an office and commute. More recently, a drive for affordable housing has become more important. Relatively affordable places are some of the nation’s most popular destinations.

And of the top 10 move-to cities cited by Redfin for 1Q, five are in Florida.

Looking at the trend another way, house hunters moving to a new area make up a bigger piece of the homebuying pie than ever. A record one-quarter (25.1%) of Redfin.com home searchers looked to relocate to a new metro in the first quarter. That’s up from 22.8% a year earlier and around 18% before the pandemic.

Top 10 move-to U.S. metros, 1Q year-to-year

Popularity is determined by net inflow – how many more users looked to move into an area than leave.

Miami: Net inflow 8,600 – top origin city, New York City
Phoenix: Net inflow 7,600 – top origin city, Seattle
Las Vegas: Net inflow 6,600 – top origin city, Los Angeles
Tampa: Net inflow 6,000 – top origin city, New York City
Orlando: Net inflow 5,400 – top origin city, New York City
Sacramento: Net inflow 5,400 – top origin city, San Francisco
Cape Coral: Net inflow 4,900 – top origin city, Chicago
North Port-Sarasota: Net inflow 4,900 – top origin city, Chicago
Dallas: Net inflow 4,800 – top origin city, Los Angeles
Houston: Net inflow 4,300 – top origin city, New York City

Things have changed a bit for the top outbound cities, however. While the nation’s largest cities generally saw a population decline during the pandemic, a few are now seeing a better balance between incoming and outgoing residents. Immigration into major U.S. coastal cities like New York and Los Angeles, for example, has rebounded after dropping off drastically in 2020 and 2021.

In many cases, an uptick in international buyers has made up for some of the residents moving to less expensive destinations. The net inflow of immigrants more than doubled from 2021 to 2022 in the Bay Area, New York, Los Angeles, Washington, D.C. and Boston.

“Several years of declining immigration, compounded by Americans flowing out of big coastal cities during the pandemic, resulted in many major coastal cities losing population,” says Redfin Deputy Chief Economist Taylor Marr. “Last year’s immigration rebound was a boon for those cities, which take in most of the people who move to the U.S. from other countries. For the housing and rental markets, the recovery should add enough demand to at least partly make up for the existing residents who move further inland.”

Top 10 move-out U.S. metros, 1Q year-to-year

San Francisco: Net outflow 31,100 – top destination city, Sacramento
New York: Net outflow 23,400 – top destination city, Miami
Los Angeles: Net outflow 20,300 – top destination city, Las Vegas
Washington, D.C. : Net outflow 18,000 – top destination city, Miami
Boston: Net outflow 5,800 – top destination city, Miami
Seattle: Net outflow 4,700 – top destination city, Phoenix
Chicago: Net outflow 4,500 – top destination city, Cape Coral
Denver: Net outflow 4,200 – top destination city, Chicago
Hartford: Net outflow 3,200 – top destination city, Boston
Minneapolis: Net outflow 2,500 – top destination city, Chicago

Overall, Miami, Phoenix, Las Vegas, Tampa and Orlando were the most popular move-to destinations. Sun Belt locales are typically the most popular because they’re relatively affordable. The typical home in eight of the 10 most popular destinations is less expensive than in its top origin.

People are also moving to the Sun Belt from other countries, and immigration into seven of the 10 most popular migration destinations – Phoenix, Tampa, Orlando, Cape Coral, North Port-Sarasota, Dallas and Houston – more than doubled from 2021 to 2022. However, they still didn’t achieve the total numbers of immigrants as the nation’s big coastal metros.

LOCAL INFO • May 16, 2023

Florida insurance policyholders hit with 1% emergency ‘assessment’ fee – April 2023

by Gina Larouche

Florida insurance policyholders hit with 1% emergency ‘assessment’ fee

1% emergency ‘assessment’ to be collected to cover costs of claims

https://www.clickorlando.com/news/2023/04/17/florida-insurance-policyholders-hit-with-1-emergency-assessment-fee/

TALLAHASSEE, Fla. – State insurance regulators last week signed off on a plan that will lead to policyholders throughout Florida paying extra on their bills because of property-insurer insolvencies.

Insurance Commissioner Mike Yaworsky issued an order that approved a request by the Florida Insurance Guaranty Association to collect a 1 percent emergency “assessment” to cover costs of claims.

Insurers will collect the assessments from policyholders starting in October and send the money to the Florida Insurance Guaranty Association, according to the order.

The Florida Insurance Guaranty Association, or FIGA, is a non-profit agency created by the state to handle claims when insurers become insolvent. It has issued a series of assessments in recent years amid financial problems in the property-insurance industry. Seven property insurers have been deemed insolvent since early 2022.

FIGA’s board on March 31 approved seeking the emergency assessment after the insolvency of United Property & Casualty Insurance Co. That insolvency, which led to the appointment of a receiver for the company in February, is expected to lead to FIGA handling hundreds of millions of dollars in claims.

Under the plan approved last week by regulators, FIGA is borrowing $150 million in short-term financing to help pay claims. It then will issue up to $750 million in revenue bonds to pay off the short-term financing and to pay remaining claims. Money from the assessments will be used to pay off the bonds.

The FIGA website said the 1 percent assessment will continue until the “bonds have been paid in full.”

“The emergency assessment is necessary to secure funds for the payment of covered claims, to pay the reasonable costs to administer such claims, including claims resulting from insurance companies that have become insolvent or may become insolvent as a result of losses incurred due to hurricanes including but not limited to Hurricanes Irma, Michael and Ian, and to secure bonds issued to generate revenues to pay claims,” FIGA Executive Director Corey Neal wrote in an April 4 letter to Yaworsky.

Lisa Miller is the former Florida Deputy Insurance Commissioner and current CEO of Miller and Associates. She told News 6 that the funds generated from the fee are needed to pay claims for homeowners whose insurance companies have gone bankrupt. Miller added that the goal is to prevent any additional companies from shutting down.

“It signals that there are some large expenses coming up with large amounts of people that need their claims paid,” Miller said. “We can’t do anything about the weather. It’s sever storms, afternoon thunderstorms. The weather has really changed. We can’t change that.”

Miller said the Florida Insurance Guarantee Association will oversee the funds and assure that the money generated from the fees goes directly to pay for claims.

“Take a hard look at your insurance policy line-by-line and see if there is a way to adjust those costs,” Miller said. We as Floridians are going to be in this, probably going to get worse before it gets better. You’ve heard the governor say that, but their hope is over the next 18-20 months, we can bring these rates down.”

The assessment will come as property-insurance policyholders throughout the state face soaring premiums. Assessments will also be collected on a variety of types of other insurance policies, though they will not apply to auto insurance.

FIGA also collected a 0.7 percent assessment in 2022. It began collecting an additional 1.3 percent assessment on July 1, 2022, that is scheduled to end June 30, according to information on the agency’s website. In addition, policyholders are being hit this year with another 0.7 percent assessment that will end Dec. 31.

Private property insurers have dropped hundreds of thousands of policies and sought large increases during the past two years because of financial problems. Along with resulting in FIGA assessments, the problems in the industry have led to explosive growth at the state-backed Citizens Property Insurance Corp.

Many state leaders have long warned that If Citizens does not have enough money to pay claims, it could have to collect assessments on policyholders throughout the state. Citizens, which had 1.248 million policies as of April 7, did not need to turn to assessments after last year’s Hurricane Ian and Hurricane Nicole.

https://figafacts.com/frequently-asked-questions/

LOCAL INFO • Sellers • May 1, 2023

What’s ‘Special’ About Special Assessments? April 26, 2023 by Meredith Caruso

by Gina Larouche

What’s ‘Special’ About Special Assessments?

By Meredith Caruso

Special assessments appear in various places of the Florida Realtors/Florida Bar contract, but Paragraph 3(c) on the Condo Rider has confused more than a few members.

ORLANDO, Fla. – The contracts and riders/addenda Florida Realtors offers members mention “special assessments” in various places. However, one tends to cause the most confusion: Paragraph 3(c) of the Florida Realtors/Florida Bar Condominium Rider (Condo Rider). This article focuses on that paragraph and how it operates.

Paragraph 3 of the Condo Rider is entitled “Fees, Assessments, Prorations and Litigation” and broken down into four subsections. The third section, subsection (c) covers “Special Assessments and Prorations.” A special assessment, in short, is a stand-alone charge above and beyond expected debt obligations, like a regular monthly payment.

Let’s take a look at 3(c) to hopefully make it easier to follow and, therefore, to complete and understand.

Subsection 3(c)(i) reads as follows:

Click image to enlarge

What exactly is supposed to go here? This section is where sellers inform buyers about any special or other assessments of the association.

Any special or other assessments? No, just those levied by the association OR been an item on the agenda OR reported in the minutes of the association.

Wait, for how long? Within twelve (12) months prior to the effective date of the sales contract. Many of the time calculations in the sales contracts involve the effective date, and this is just another example of why the date is vital for understanding contract calculations.

It’s important to note that this section covers levied AND pending assessments. Levied, as used here, is in the past tense and means an assessment that the association has charged or imposed. Pending is defined as any special assessment that has been an item on the agenda OR reported in the minutes of the association in the previous twelve (12) months.

Practical tip: Before completing this section, sellers should verify their information directly with the association. While sellers may be aware of a levied assessment, they might not be up to date on a pending one, given that pending assessments are assessments on the agenda or reported in the minutes for the previous twelve (12) months. This is especially true for sellers who may not primarily occupy the property.

As you will see later, skipping this step – not personally verifying pending assessment with the association prior to completing this section – could come back to haunt the seller.

Let’s move on to subsection 3(c)(ii), which states:

Click image to enlarge

This section deals with levied or pending assessments that can be paid in installments. Many associations don’t require owners to pay an entire assessment amount upfront, but instead state that owners can pay the assessment in installments. Sellers should definitely check with the association to verify this information.

Once a seller has confirms that a levied or pending assessment may be paid in installments, this subsection clarifies who will pay the individual installments. While the seller pays any due before closing, the parties can choose who will pay installments due after closing by checking one of two boxes. The section may be left blank, but if it is, the buyer pays installments due after closing by default.

Note: If the box for Seller is checked, the seller pays the assessment in full prior to or at closing. Even if an assessment has an installment option, that option ends if the seller agrees to pay off any amounts due after closing. At this point, the seller stops using installments and pays off the full amount of the remaining debt obligation.

Subsection 3(c)(iii) says:

Click image to enlarge

Remember when I mentioned that a failure on the part of the seller to verify levied or pending assessments could come back to bite them? Well, here are the teeth.

To clarify, the seller’s failure to disclose levied or pending assessments existing as of the effective date results in the seller paying those undisclosed assessments in full at the time of closing. Sellers who filled out this paragraph off the top of their head – without doublechecking with the association – could end up with an extra unexpected cost. It’s important to tell your sellers to verify this information before they complete this document.

Practical tip: When taking any listing of property subject to an association, a prepared agent will let sellers know what information they need to get from the association. Give a copy of the applicable rider/addenda to sellers so they can review the questions and know what to ask. And start this process at the beginning, i.e. when taking the listing, not once sellers start getting offers.

Subsection 3(c)(iv) discusses what happens if a special or other assessment is imposed after the effective date and states:

Click image to enlarge

This language emphasizes that any special assessment that is imposed after the effective date of the sales contract, which was not pending as of the effective date, will be broken down between the parties, with the seller paying all amounts due before closing and the buyer paying all amounts due after.

Note: This section says the imposed special assessment here was not pending, i.e. been on the agenda or reported in the minutes of the association in the previous twelve (12) months prior to the effective date. Again, knowing the effective date of the sales contract is important here! If the special assessment being imposed after the effective date was pending, then it should have been disclosed in subsection 3(c)(i).

Subsection 3(c)(v) clarifies exactly when an assessment is considered levied per paragraph 3.

Click image to enlarge

This section spells out that an assessment is deemed levied by an association on the date when the assessment has been approved, per Florida law and the condo documents buyer is entitled to receive under paragraph 5. This definition helps both the seller and buyer determine if/when an assessment has been levied.

And the last subsection of paragraph 3, subsection 3(c)(vi), discusses association assets and liabilities, such as reserve accounts, and clarifies that those items shall not be prorated.

Click image to enlarge

Prorations of many items are covered in the main body of the contract in paragraph 18(K), so this section of the Condo Rider makes it clear that the above items are not to be prorated.

As you can see, paragraph 3(c) covers a lot of information! Wise sellers will gather this information at the onset of the listing so they can accurately complete this (and other) sections of the Condo Rider. As noted, failure to verify the sellers’ personal knowledge on any applicable assessments could result in unhappy sellers who are faced with paying an assessment in full at closing. So while taking the time to confirm information with the association could be time consuming, it may save sellers a headache at closing.

Meredith Caruso is Associate General Counsel for Florida Realtors
Note: Information deemed accurate on date of publication

Market Updates • April 26, 2023

International Real Estate Sales in Fla. = $15.3B (April 2023)

by Gina Larouche

International Real Estate Sales in Fla. = $15.3B

ORLANDO, Fla. — Florida remained the top destination of foreign buyers purchasing U.S. residential real estate in 2022, with 24% of all foreign buyers who bought residential property in the United States, according to the 2022 International Transactions in U.S. Residential Real Estate report from the National Association of Realtors® (NAR).

Florida Realtors®’ latest report, the 2022 Profile of International Residential Transactions in Florida, finds that international sales accounted for $15.3 billion, up 20% from $12.3 billion in 2021.

Florida’s foreign buyer residential purchases (non-commercial) between August 2021 and July 2022 rose 5% compared to the prior 12-month period, according to the report. The combination of higher sales and rising prices also resulted in the higher dollar volume as well.

A slight rebound in sales activity in 2022 marked progress as the world continued to recover from the pandemic. Exacerbated by the war in Ukraine, supply chain issues continued to drag on the global economy despite a stronger domestic recovery.

Florida remains a bargain compared to many other options for international buyers looking to purchase in the United States, but competition for property remains strong and offers few discounts. However, higher sale prices, inflation and lack of inventory continue to constrain the purchase power of buyers of any origin: 49% of the survey respondents cited cost and 38% cited property availability as reasons for not finalizing a deal in 2022.

Visitors to Florida from abroad – often a precursor to their long-term purchase decision – have been rebounding since travel restrictions evaporated in November 2021. In 2022, 92% of foreign buyers visited Florida before purchasing, up from 89% the year before and back to the historical trend.

South America and Canada continued to lead the pack of international visitors in 2022. These same groups also translate into buyers, with 45% of Florida’s foreign buyers coming from Latin America/Caribbean areas and 21% coming from Canada.

Despite a slight decline in the number of Canadians buying residential property in Florida, the value of what they buy is increasing, and it pushed them to the top spot with $1.7 billion in sales in 2022. By comparison, Brazilian buyers, the second largest group, purchased $486 million.

South Florida remains the preferred location for international business. While foreign buyers purchased property across the state, most foreign buyers were concentrated in six metropolitan areas:

Miami-Fort Lauderdale-West Palm Beach (53%)
Orlando-Kissimmee-Sanford (10%)
Tampa-St. Petersburg-Clearwater (8%)
North Point-Sarasota-Bradenton (6%)
Cape Coral-Fort Myers (6%)
Naples-Immokalee-Marco Island (3%)

Additional highlights:

Median sale price of a Florida home purchased by a foreign buyer: $462,000 in 2022 compared to $347,300 in 2021.
The median price among foreign buyers was 22% more than the median price of all properties sold in Florida between August 2021 and July 2022.
10% of foreign buyer sales sold for $1 million or more, compared to 6% in that price range in 2021.
Latin American and Caribbean buyers accounted for 45% of Florida’s foreign buyers, followed by Canadians (21%), Europeans (18%), then Asia and Oceania (7%) – 8% of respondents did not identify the regional origin of the foreign buyer.
Most foreign buyers in Florida – 69% – made an all-cash purchase, compared to 44% of U.S. foreign buyers.
72% purchased residential property for a vacation home or investment rental.
Slightly more than half of foreign buyers in Florida purchased detached or attached single-family homes (52%), lower than the 74% share among all U.S. foreign buyers.
43% of Florida’s foreign buyers purchased in a central city or urban area, up from 34% in 2021; nationally, 29% of all U.S. foreign buyers purchased property in a central city or urban area.
In 2022, 92% of foreign buyers in Florida visited the Sunshine State at least once before making a purchase; it was 89% in 2021.

Florida’s Realtors’ interaction with international clients

In 2022, 34% of Florida Realtors’ respondents worked with an international client – the same share as in 2021; nationally, the share of Realtors who worked with a foreign client was 17%, up from 15% last year.
27% of those who worked with an international client reported a decrease in their international business.
45% expect an increase in their international transactions in the next 12 months – down slightly (52%) from last year’s survey.
69% of Realtors reported no significant issues working with international clients.
Of the Realtors surveyed, nearly one-third (31%) were born in a country other than the U.S., and 40% were fluent in a language other than English.

The 2022 Profile of International Residential Transactions in Florida report presents information from Florida Realtors members regarding residential transactions with international clients closed during the 12-month period of August 2021 – July 2022. This annual report is conducted to assess international investment trends in Florida residential real estate, including sales volume, characteristics of foreign buyers, and challenges and opportunities inherent in cross-border transactions.

Source: Florida Realtors

Market Updates • April 21, 2023

March Market Stats 2023

by Gina Larouche

“Manatee County’s single-family home market has bucked the trend we’ve seen in recent months, showing the first year-over-year increase in sales since February 2022 and the first year-over-decrease in median prices since February of 2019. Meanwhile, single-family home sales for Sarasota and the condo markets for both counties have followed an opposite trajectory in March, albeit one similar to recent trends.” said Brian Tresidder, 2023 RASM President.

Continued below ……

CLICK HERE: Info courtesy of RASM

Sarasota-Manatee Home Sales Show Month-Over-Month Growth in March

gina@MyRASM.com

SARASOTA, Fla. (April 21, 2023) – The housing market in Sarasota and Manatee counties reported nearly 50 percent more sales in March than the month immediately prior, while single-family home sales in Manatee County increased year-over-year for the first time in 12 consecutive months. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), inventory continues to grow while home values hold steady.

Closed sales across the two-county region decreased year-over-year by 3.4 percent to 2,271 sales combined for both property types. There were more sales in March than in February (1,515 sales), with a 49.9 percent increase from last month.

For single-family homes, Manatee County closed sales increased year-over-year by 4.4 percent to 756 sales while Sarasota County sales decreased by 3.8 percent to 826 sales. Condo sales decreased by 7.7 percent to 275 sales in Manatee County and by 11.7 percent to 414 sales in Sarasota.

“Manatee County’s single-family home market has bucked the trend we’ve seen in recent months, showing the first year-over-year increase in sales since February 2022 and the first year-over-decrease in median prices since February of 2019,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “Meanwhile, single-family home sales for Sarasota and the condo markets for both counties have followed an opposite trajectory in March, albeit one similar to recent trends.”

Prices in the North Port-Sarasota-Bradenton MSA have increased this month when compared to March 2022. However, in Manatee County single-family homes decreased by 6.3 percent to $491,988. For Sarasota County, the median price for single-family homes increased by 8.3 percent to $528,013, the second-highest median price recorded in the county with the previous record being $537,500 in October 2022. As for condos, Manatee County prices increased by 10.1 percent to $353,000 while Sarasota prices increased by 14.4 percent to a median of $423,245.

“Across all markets in the North Port-Sarasota-Bradenton MSA, total home sales for both single-family homes and condos increased by 50 percent from February 2023,” added Tresidder. “With continued growth happening in Sarasota and Manatee, this data indicates the strength of Sarasota and Manatee’s

housing market this season. Home values are holding steady while our growing inventory provides more options to buyers.”

Pending sales, or the number of homes that went under contract this month, decreased across all markets except for Manatee County single-family homes. For single-family homes, pending sales increased year- over-year by 7.9 percent in Manatee County but decreased by 2.7 percent in Sarasota. Condo pending sales decreased by 5.8 percent in Manatee County and by 10.8 percent in Sarasota County. Despite the year-over-year declines in pending sales, this figure has grown steadily for all markets in the two-county region since the start of the year.

At the end of the month, there were 5,541 active listings in the North Port-Sarasota-Bradenton MSA, a 247.6 percent increase from the same time last year. When compared to last month, the total inventory for both property types increased by 5.7 percent.

The month’s supply of inventory continues to increase across the two counties. In Manatee County, condo supply increased by 428.6 percent to a 3.7-month supply and by 400 percent to a 3-month supply for single-family homes. In Sarasota County, there was a 3.3-month supply for condos and a 3.1-month supply for single-family homes, a year-over-year increase of 450 percent and 287.5 percent respectively.

The median number of days between listing date to contract date is up significantly in March. In Manatee County, single-family homes went under contract within a median of 46 days for single-family homes, a year-over-year increase of 820 percent, while condos sit at 23 days-to-contract which is an increase of 360 percent. In Sarasota, the median time to contract for single-family homes increased by 400 percent to 25 days, while condos increased by 260 percent to 18 days.

Market Updates • March 31, 2023

Citizens Insurance Seeks 14.2% Rate Hike – 3/29/2023

by Gina Larouche

By Kerry Smith

Increases vary by county and property, but only a few condo owners could see a discount. Some Panhandle and non-coastal counties may see the biggest increase.

TALLAHASSEE Fla. – Citizens Property Insurance Corp. leaders approved a proposal Wednesday that would raise average rates by 14.2% this year as they continue to push policies into the private insurance market. The Florida Office of Insurance Regulation must still approve the proposal for it to take effect.

Citizens is operated by Florida and the state’s “insurer of last resort.” It’s generally sold to property owners who cannot find affordable coverage elsewhere.

“For the economic well-being of the people of Florida, as well as for the good of Florida’s insurance market, Citizens must return to truly being that insurer of last resort for our state,” Citizens President and CEO Tim Cerio said to Citizens board members before they made the decision to increase rates, according to the News Service of Florida. “We must charge actuarially sound rates, and we must not be competitive with the private market.”

Citizens saw its policy count skyrocket from 569,868 on March 31, 2021, to 1,223,204 as of Friday, adding 13,000 policies in one week alone, as private insurers drop customers and increase rates due to financial troubles. Cerio said Citizens expects to top 1.5 million policies by the end of this year.

In December, the Florida Legislature passed legislation to help Florida’s insurance market, but “this isn’t a quick fix. It’s going to take time,” says Citizens Board of Governors Chairman Carlos Beruff.

Citizens prepared a 2023 rate kit, which provides members of the media with information about its 2023 rate filing, including county-by-county estimates for specific policy types and frequently asked questions.

High-profile takeaways from the proposed rate hikes

The only group of people likely to see their cost of Citizens decline is single-family homeowners who hold Multiperil HO6 policies, which mostly cover condominiums. Thirty-five Florida counties have at least one HO6 policyholder who should save money under the proposed change.
Counties in the coastal Panhandle and a few inland counties in South Florida will see some of the biggest increases.
Under Multiperil HO3 policies – generally single-family homes – two counties will see an average increase greater than 20%: Monroe and Taylor.
Under Wind-Only HW2 policies – also single-family homes – eight counties will see average increases greater than 20%, with Charlotte County the highest at an average 28.4%, followed by Gulf County (24.1%) and Lee County (23.3%).
Under Multiperil HO6 policies – generally condos or other limited-coverage-area units – three counties will see average increases over 20%, including Highlands (20.4%) and Martin (20.0%). Hendry County has only one HO6 policy, but that homeowner will see an increase of 46% if the proposed rate hike is approved.
The Wind-Only HW6 policies – also condo-type units – will see the greatest number of average increases over 20%. However, 37 counties don’t have any units using this type of coverage. Of the rest, almost all increases are greater than 20% except for Gulf (11.2%), Levy (18.4%), Miami-Dade (18.9%), Nassau (19.1%), Pasco (17.5%) and Santa Rosa (19.3%) counties.

Florida insurers rated by policy number on Dec. 31, 2022

Citizens Property Insurance Corp: 1,142,624
Universal Property & Casualty Insurance Co.: 606,129
State Farm Florida Insurance Co.: 589,380
American Bankers Insurance Company of Florida: 331,471
ASI Preferred Insurance Corp: 289,583
Castle Key Indemnity Co.: 287,111
American Integrity Insurance Company of Florida: 278,911
First Protective Insurance Co.: 239,517
Tower Hill Insurance Exchange: 201,509
Heritage Property & Casualty Insurance Co.: 169,425

Source: Florida Office of Insurance Regulation

LOCAL INFO • March 25, 2023

One Park Sarasota – setting the record straight … March 2023

by Gina Larouche

Setting the Record Straight: Here are the facts about One Park Sarasota

By One Park Sarasota
| 3:51 p.m. March 3, 2023

One Park Sarasota is an 18-story, 123-residence tower wrapped in glass that pays tribute to the local architecture and promises exquisite attention to detail and a serene, holistic residential experience. Designed by Sarasota-based firm Hoyt Architects and developed by Property Markets Group (PMG), One Park will be a first-in-class luxury development in downtown Sarasota. To date, 75 people who love the Sarasota community have already purchased and are excited for the project to break ground.

“The concept was to create an iconic tower, creating a gateway building that would connect the front yard of “The Bay” with the activity energy center of Quay Commons and the Waterfront District.” – Gary Hoyt AIA, Hoyt Architects

Setting The Record Straight On One Park Sarasota
Though referenced as the soon-to-be largest building downtown, One Park Sarasota will not overshadow its neighbors in The Quay Sarasota in height nor size once completed. The unique angle of the property with its glass-lined facade will be a stunning addition to the area, seamlessly blending with its surroundings both natural and built.

By Comparison:

One Park is 2 feet, 7 inches shorter than the new Ritz-Carlton Residences being proposed on Blocks 7 and 8 in the Quay.
The VUE and The Westin Sarasota is significantly larger than any other completed or proposed property in the Quay, measuring at 859,000 gross square feet with a linear frontage (along Tamiami Trail and Gulfstream Blvd.) of 719 feet. This is almost double the linear frontage of Bayso and One Park
One Park’s linear frontage is smaller than Bayso, measuring approximately 360 linear feet whereas Bayso is approximately 365 linear feet. Lennar’s linear frontage (North and South along Quay Commons) is much larger than One Park, measuring 435 feet in length.

Thoughtful Development Approach
Decisions regarding the size of the property were made meticulously and intentionally in order to increase the overall benefit to those who will call the city of Sarasota home, beyond the residents of One Park Sarasota itself. The developer had the opportunity to build 150 units on the site where One Park will be built. After internal discussions, thoughtful decisions about the size of One Park were made with future residents of One Park, neighbors in the Quay and the community in mind. The developer reduced the size of the building by 18% to total 123 units. Reducing the saleable square footage and number of units allowed the architect to substantially increase the distance from the building to the property line in order to maximize light and air for residents and neighboring buildings.

One Park Activates Community Connection
Outdoors on the ground level, One Park Sarasota will deliver a 76-foot wide, 22-foot high, beautifully designed, well-lit and safe breezeway above Quay Commons with access to The Quay and The Bay Park from the Boulevard of the Arts. This dynamic pedestrian walkway will not only bring safe, widened sidewalks and lush greenery to an otherwise vacant space, but will also activate the space for Sarasota locals and residents. While the City of Sarasota code does not require the project to have any retail space, the developers of One Park are planning more than 13,000 square feet of retail, dining, and outdoor cafe seating. Whether someone is looking to grab coffee or find respite during a particularly rainy or hot summer day, this activated space will benefit all who visit The Quay by offering a seamless way to commute to and from its array of shopping and dining venues.

Developing With The City in Mind
During the planning phase of the project, the developer had the opportunity to maximize two buildable lots on the future site of One Park Sarasota. Rather than constructing two larger towers and forgoing any retail component in the development, the developer has chosen to create one seamless property that will activate the pedestrian experience with shops, restaurants, and cafes for the community to enjoy, serving as a warm welcome for all to The Quay. The development team is making a commitment to Sarasota. A commitment to provide not only the most architecturally significant building in downtown Sarasota, high-quality construction, mindfully designed interiors, sweeping vistas and best-in-class amenities for residents, but a commitment to the community to provide exciting retail offerings including shopping, restaurants, a café and expansive sidewalks, all as part of a well-lit and safe atmosphere for the community to enjoy.

To learn more about One Park Sarasota, visit OneParkSarasota.com or call 941-232-7035 to schedule an appointment at the Sales Gallery.

Courtesy of: The OBSERVER Sarasota

LOCAL INFO • March 25, 2023

Bobby Jones restoration focus turns to short course

by Gina Larouche

Richard Mandell turns his creativity to a links-like par-3 companion to the Donald Ross design.

By Andrew Warfield
| 11:15 a.m. March 23, 2023

With sod installed around the greens, tee boxes visible from Fruitville Road and fairways sprigged on some of the back-nine holes along 17th Street, the Bobby Jones Golf Course is starting to look like a golf course again.

Now that fine-tuning is underway on the front nine in preparation for sprigging the tees, rest of the fairways, rough and all 18 greens in his restoration of the original 18 holes designed by famed golf course architect Donald Ross, architect Richard Mandell is turning his focus on the nine-hole “adjustable” par-3 course across Circus Boulevard from the golf club’s main entrance at Azinger Way.

Mandell, a Pinehurst, North Carolina-based course architect who specializes in Donald Ross restorations, is enthusiastic about the pitch-and-putt companion course. Heavy equipment is currently shaping the layout on the 25-acre city-owned property across Circus Boulevard from the primary facility.

The main course is Ross, with modifications for modern water management techniques that didn’t exist when it was built nearly 100 years ago. The short course, though, is all Mandell.

“The short course is 100% mine to do what I want with it,” Mandell said. “It strays from the original plans a bit here and there, and I’m working to formulate what its personality is going to be. The original plan had native waste areas and I wasn’t really sure how that would shake out until we got into it.”

The short course is described as adjustable because it is intended to offer flexibility in routing. Playing at 1,009 yards, the score card shows the longest hole at 173 yards and the shortest at 78, offering a variety of short-game shot selections. Among the changes from his original vision, Mandell has eliminated traditional bunkers. Instead, the course will be composed largely of native sand areas and grass, resembling a links-style course.

Unlike the Ross course, which was built atop an urban watershed, the short course site has a sandy foundation that offers effective natural drainage off the site. Mandell speaks about it like a kid in a pro shop.

“This is the first course I’ve been able to design from scratch that is pure sand, so it puts me in another realm where I can do different things,” Mandell said. “If you’re building a golf course, you want to build it on pure sand. All of your links courses are on sand, and so you can do more things because it naturally drains.”

There will be retention basins on the course, but otherwise golfers can expect more of a links golf experience on the short course — few if any forced carries with an emphasis on a strong ground game — which Mandell said will appeal to the spectrum of golf skills.

“I think this course is going to be a major attraction for all golfers, but I’ve got to make sure that it’s playable for seniors and juniors,” Mandell said. “It will be a great golf course for a low handicapper to have a lot of fun and still make it playable for junior golfers and senior golfers as well.”

The scorecard with all yardages for the restored Ross course at Bobby Jones Golf Complex. The back tees have been extended nearly 500 yards longer than the original Donald Ross layout.

Longer from the tips

The main attraction, though, will be the Ross course, designed in 1925 and named Municipal Golf Course and Recreation Grounds when it opened in 1926. It was dedicated in 1927 when Jones. The legendary golfer was already well known in the community as a sales executive for a real estate developer.

It is Mandell’s 12th Ross course restoration, which follows the original 18-hole design with necessary updates to facilitate drainage. Built on a floodplain, soil was removed from the 120 acres of what are now wetlands to elevate the golf course. The routing is the same and the greens follow the original Ross specs, but regular Bobby Jones golfers will likely notice some changes.

Among the differences from the original layout is the length, playing 6,715 yards from the back tees compared to the original Ross course at 6,230 yards. With a set of “Ross” tees, golfers may play the original length.

The greens follow the original Ross specs — Mandell found them in the Tufts Archives in Pinehurst — but regulars who played the original layout as part of an expansion that created a 36-hole complex will note some changes between the tees and greens.

“We raised all the playing areas above the 100-year floodplain,” Mandell said. “We have water features that were not part of the original Ross plan, but we had to have them to make sure the course drains properly. We’re not going to spend all this money and have it wet like it was before.”

Workers apply water to freshly sodded areas at Bobby Jones Golf Course.

The golf course restoration and wetlands creation was budgeted at $12.5 million, the entire project funded by a $20 million city bond and a $3 million in grant from the Southwest Florida Water Management District. Included in that total are accessory buildings such as two on-course restroom structures, a driving range building, the Gillespie Building at the short course and temporary clubhouse.

Final plans for the permanent clubhouse are still being developed. Currently, there is no time frame set for its construction.

“We have a couple of designs in hand and the plan is to present them to the City Commission, most likely sometime in April, and staff will be asking for direction on which design they want to pursue,” said John Kretzer, the city’s project manager.

Ross vision taking shape

Closed in 2020, prior to excavation the only reminder that remained of the golf course along Fruitville Road was a deteriorating sign as nature reclaimed the property. That sign is gone, and now visible from there are parts of holes 3 through 6.

“It is absolutely daunting, seeing the changes that have taken place there,” Kretzer said. “It’s nice to see Donald Ross’ vision take shape in front of us.”

Sprigging on the front nine will begin within a few weeks, according to Kretzer. The contractor is awaiting the arrival of the sprigs from a farm in Georgia, where the weather is not quite warm enough for growing and cutting sprigs.

Construction moved from the back nine forward to follow the flow of water, both above and below the surface.

Irrigation is running on several holes of the back 9 at Bobby Jones Golf Course as some fairways have been sprigged. — Irrigation is running on several holes of the back 9 at Bobby Jones Golf Course since some fairways have been sprigged.

“When you drive down 17th Street you can see that there’s a large water tank, which is the source of the irrigation for the golf course,” Kretzer said. “All of the infrastructure for the golf course originates from that point. It just made sense to start there and work forward. A lot of excavated soil was needed to build up the front side to a higher elevation to help alleviate some of the flooding problems that we used to have there.”

That flooding primarily came from overflows of Phillippi Creek Main B, flows from University Parkway through The Meadows, then beneath 17th Street, across a portion of the back nine and then along Circus Boulevard. That follows the drainage of the entire property from 17th Street to Fruitville Road.

Raising the golf course to create new wetlands serves the dual purpose of mitigating the flooding while naturally filtering the water flowing southward through the site.

“We’ve designed a system that will bring water onto the site during heavy rains,” Mandell said. “From there it will slowly flow through the wetlands where it will be naturally filtered, then it will be slowly released, which protects everybody downstream.”

AUTHOR. Andrew Warfield

Andrew Warfield is the Sarasota Observer city reporter. He is a four-decade veteran of print media. A Florida native, he has spent most of his career in the Carolinas as a writer and editor, nearly a decade as co-founder and editor of a community newspaper in Mecklenburg County, North Carolina.

LOCAL INFO • Market Updates • March 25, 2023

Downtown Sarasota multifamily projects move through review committee

by Gina Larouche

Four condo and apartment developments will bring nearly 300 new units in the city.

By Andrew Warfield
| 5:00 a.m. March 21, 2023

780 SRQ Condominiums will include 34 units, two of them priced as attainable.

Multiple projects adding to the housing stock in and around downtown Sarasota are making they way through the city’s Development Review Committee.

At its March 15 meeting, the DRC, comprising representatives of multiple city departments that regulate development, made suggestions and identified requirements for projects that would bring to the city 276 apartments and condos ranging from affordable to luxury.

The DRC collectively advises developers on regulatory specifics regarding projects in order for them to receive final sign-off. Some are approved administratively while others will go before the Planning Board and/or City Commission for final approval.

780 SRQ Condominiums

A resubmittal, the five-story, 34-unit building is planned for a 0.67-acre site on the north side of Fruitville Road between Central and Cocoanut avenues. The project will include ground-level parking with vehicle access from a public alley.

The parcel is located within the Rosemary Residential Overlay District and will include two attainable units, which with a bonus density will allow 34 units, eight more than the by-right 26. The remaining 32 units will be priced at market rate.

A rendering shows a second-floor fitness center overlooking a required 10% open urban green space, which by code will be open to the public during the day and locked overnight. The top floor shows extended ceiling heights in exterior and interior spaces.

With partial DRC sign-off, the project will not have to undergo another resubmittal. The DRC has final authority over the project.

Sarasota Veterans Housing

The Society of St. Vincent De Paul veterans' housing project will include 10 low-income apartments. — The Society of St. Vincent De Paul veterans housing project will include 10 low-income apartments.

A new submittal, the Society of St. Vincent De Paul of Pinellas County is proposing a 10-unit low-income apartment development to house veterans at 1529 25th St. in the Commercial Business Newtown zoning district. The two-story building on a 0.43-acre site will have five units on each of the two floors and an on-site laundry facility. With multiple matters remaining to address, the project will be required to resubmit.

Sarasota Station

A concept conceived in 2016, Sarasota Station, a 393-unit affordable housing development with at least 20% of units priced at or below 80% of the area median income is a resubmittal.

Proposed by Sarasota-based, affordable-housing developer One Stop Housing, the project recently was granted a three-year extension by the City Commission to pull its first building permit.

The first phase of Sarasota Station by One Stop Housing is planned for 201 units, at least 20% of them priced at or below the range for 80% of the area median income.

Planning is currently underway for the first phase of the project, which will include 201 residential units.

The site sits on 7.8 acres with an address of 2211 Fruitville Road, although it is located a block north of Fruitville Road. Currently on the site are a call center for Vengroff Williams Inc. and a diner, Bob’s Train, housed in a rail car. The rail car and restaurant will remain. The call center will eventually be demolished for the second phase of the development.

The resubmittal cleared up a handful of remaining issues and received partial sign-off by the DRC. All remaining issues will be handled individually with appropriate departments. The DRC has final approval authority over the project.

625 Golden Gate Point

A resubmittal, 625 Golden Gate Point is proposed as a 12-unit residential condominium building. The 0.5-acre site currently has two multifamily structures that will be demolished. The project does not include an attainable housing element.

The plan shows a nine-story building with parking on the first level. The developer held a community meeting with Golden Gate Point residents, and consultant Joel Freedman reported widespread support of the plan. That was confirmed by a letter from the Golden Gate Point Association and Development Review Senior Planner Tom Sacharski, who reported receiving multiple emails in support of the project.

Only minor issues remain and the project received partial sign-off and will not be subject to resubmission.

AUTHOR. Andrew Warfield

LOCAL INFO • March 1, 2023

Sarasota Insider … March 2023

by Gina Larouche

Sarasota Insider — A sampling of fun things to do and see around our beaches. Please enjoy this snapshot of happenings throughout the month.

MARK YOUR CALENDAR

March 12 | Daylight Saving Time

March 14 | National Pi Day

March 17 | St. Patrick’s Day

Every Sunday

Sarasota Polo Club

There is no way better to enjoy your Sundays than watching the classic game of polo. Join thousands of fans each week for exciting polo action, an opening parade, a live national anthem, theme weeks, halftime entertainment, food, drinks and traditional divot stomping.

VIEW EVENT

March 3

Garden to Plate Wine Dinner

Selby Gardens Downtown Sarasota campus is having a casually elegant outdoor Garden to Plate dining experience! Enjoy fine wines selected by Michael Klauber that complement a multi-course dinner personally designed by Phil Mancini.

VIEW EVENT

March 4

Southeastern Guide Dogs Walkathon

This free, family-friendly event includes a 3K walk and a Waggin’ Tails Festival with upbeat music, delicious food, a beer garden, a variety of vendors and an exciting raffle drawing. All proceeds go to efforts of training guide dogs.

VIEW EVENT

March 5

Taste of Punta Gorda and Beyond

The Rotary Club of Punta Gorda hosts its 15th annual Taste of Punta Gorda and Beyond at Laishley Park. This event features leading restaurants from Punta Gorda and nearby communities serving “tastes” of signature dishes.

VIEW EVENT

March 7-8

Crosley Estate Historical Open House

Come see the historic Powel Crosley Estate during their open house, open to the public! Powel Crosley was one of America’s best inventors, industrialists and entrepreneurs of his time. Throughout the open house, you will even see some of his radios and other memorabilia.

VIEW EVENT

March 11-12

Lakewood Ranch Fine Art Festival

Come discover an incredible outdoor gallery of original, handmade works by artisans from across America, only shown in Lakewood Ranch for these two days. Explore art created in painting, sculpting, jewelry, photography, glass, ceramics, fiber and wearable art, mixed media, woodworking, and much more.

VIEW EVENT

March 14-15

On Your Feet!

The inspiring true story about heart, heritage and two people who believed in their talent — and each other — to become an international sensation: Gloria and Emilio Estefan. Now their story is an all-new exhilarating original musical winning the hearts of critics and audiences alike. Don’t miss out on an amazing show!

VIEW EVENT

March 17

Fishermen’s Village St. Patrick’s Day Celebration

Fisherman’s Village is having authentic Irish music and dance throughout the day at Dry Beach and Center Court beginning at noon and continuing until 9 p.m. Featuring The Black Velvet Band, Drake Irish Dance, Punta Gorda Bagpipers, Irish musician Jeff Walton, Emily Ann and Kel Thompson. Special appearance by the Leprechaun.

VIEW EVENT

March 17

Main Street Live! Downtown Bradenton

This series is the public street block party in downtown Bradenton. All of Historic Main Street is closed for vendors, local food trucks line the streets and live music plays throughout the night. This month’s theme is St. Patrick’s Day, so enjoy a whole night of Irish celebrations!

VIEW EVENT

March 17

St. Patrick’s Day at Main Street

Come celebrate St. Patrick’s Day with McGrath’s Irish Ale House and Ed’s Tavern on Lakewood Ranch Main Street. There will be a lot of Irish food and beer, live music and games and entertainment for the kids. Do not miss this day packed full of Irish cheer!

VIEW EVENT

March 18

Veg Head Music & Wine Festival

The Veg Head Music & Wine Festival features veggie and vegan food trucks/vendors, live jam bands on stage all day, wine sampling from wineries across Central Florida and beyond and a spring indie market featuring 60-plus local artisans and more!

VIEW EVENT

March 25

My Hometown Fest 2023

The 8th annual biggest and best block party is back. Enjoy free samples of regional food favorites prepared by dozens of Sarasota-Manatee restaurants, plus free craft beer and spirit samples from local and regional breweries and great live music by Kettle of Fish, Mylon and The Divebombers.

VIEW EVENT

March 25

Exotic Car Show

Come out to experience the Exotic Car Show featuring over 100 exotic cars, including rare Ferraris, Lamborghinis, Bentleys, Lotus’, Rolls-Royces, McLarens and more. 100% of proceeds benefit “Flight to the North Pole”, a local charity for terminally ill children.

VIEW EVENT

March 28

Jay Leno

From The Tonight Show to stand-up comedy, it’s no wonder that Jay Leno is widely characterized as “the hardest working man in show business.” Leno is the recipient of many honors, including Emmy®, People’s Choice and TV Guide Awards, as well as a star on Hollywood’s Walk of Fame.

VIEW EVENT

LIVE Local Theatre

Asolo Repertory Theatre

The hilarious new play, “Chicken & Biscuits,” continues its run through April 13 and you can take a trip back to 1973 in the uproarious “Incident at Our Lady of Perpetual Help” beginning on March 15.

View Events

The Players Centre for Performing Arts

Taking the world by storm, “Godspell” is led by the international hit “Day by Day” and touches on the parables and wisdom that grapple with maybe the most important mystery of all. Running March 9-19.

View Events

Cirque des Voix 2023

March 10-12, The Circus Arts Conservatory is teaming up with Key Chorale to present an exhilaratingly unique show that combines the 100-plus voices of Key Chorale and the musical mastery of the 40-piece Cirque orchestra with professional circus artists.

View Events

Florida Studio

Theatre

The month of March continues on the Mainstage with the regional premiere of “Network” running through March 19. The Cabaret features, “A Place in the Sun: A Tribute to Stevie Wonder” through April 9.

View Events

Manatee Performing Arts Center

Stephen Sondheim’s game-changing musical “Company” runs March 2-12. Robert’s 35th birthday has arrived and his friends join him — but they constantly question him when he plans to get married.

View Events

Lemon Bay

Playhouse

Enjoy the comedy/mystery “Dinner at the Flemmings” March 8–April 2. Henry Flemming must figure out who is killing his guests before he and his wife have no friends left.

View Events

Sarasota Opera

House

Giacomo Puccini’s enduring tragedy “Madama Butterfly” runs through March 24 and Mozart’s “Don Giovanni” runs through March 25.

View Events

Westcoast Black Theatre Troupe

The inspirational musical “Dreamgirls” runs through April 9. This worldwide hit chronicles one fictional Motown group’s rise from obscurity to superstardom.

View Events

Urbanite Theatre

Beginning March 24, “Backwards Forwards Back” is an electric, vivid one-man drama that studies the power of healing and finding strength in vulnerability.

View Events

Local Farmers Markets

Farmers’ Market at Lakewood Ranch

Sarasota Farmers Market

Phillippi Farmhouse Market

Atlanta Braves Farmers Market

The Venice Farmers’ Market

Downtown Bradenton Public Market

Out-of-Town Moves Didn’t End with Pandemic – April 2023

Out-of-Town Moves Didn’t End with Pandemic

Top 10 move-to U.S. metros, 1Q year-to-year

Top 10 move-out U.S. metros, 1Q year-to-year

Florida insurance policyholders hit with 1% emergency ‘assessment’ fee – April 2023

Florida insurance policyholders hit with 1% emergency ‘assessment’ fee

1% emergency ‘assessment’ to be collected to cover costs of claims

What’s ‘Special’ About Special Assessments? April 26, 2023 by Meredith Caruso

What’s ‘Special’ About Special Assessments?

Subsection 3(c)(i) reads as follows:

Let’s move on to subsection 3(c)(ii), which states:

Subsection 3(c)(iii) says:

Subsection 3(c)(iv) discusses what happens if a special or other assessment is imposed after the effective date and states:

Subsection 3(c)(v) clarifies exactly when an assessment is considered levied per paragraph 3.

And the last subsection of paragraph 3, subsection 3(c)(vi), discusses association assets and liabilities, such as reserve accounts, and clarifies that those items shall not be prorated.

International Real Estate Sales in Fla. = $15.3B (April 2023)

International Real Estate Sales in Fla. = $15.3B

March Market Stats 2023

Citizens Insurance Seeks 14.2% Rate Hike – 3/29/2023

By Kerry Smith

High-profile takeaways from the proposed rate hikes

Florida insurers rated by policy number on Dec. 31, 2022

One Park Sarasota – setting the record straight … March 2023

Setting the Record Straight: Here are the facts about One Park Sarasota

Bobby Jones restoration focus turns to short course

Richard Mandell turns his creativity to a links-like par-3 companion to the Donald Ross design.

Longer from the tips

Ross vision taking shape

Downtown Sarasota multifamily projects move through review committee

Four condo and apartment developments will bring nearly 300 new units in the city.

780 SRQ Condominiums

Sarasota Veterans Housing

Sarasota Station

625 Golden Gate Point

Sarasota Insider … March 2023

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