PROPERTY SHARING: YOURS, MINE AND OURS

Many times property ends up having some form of shared ownership. Sometimes it is simply in the form of joint tenants or tenants in common, but sometimes more complex forms are involved such as life estates, ownership through entities or even by agreement (such as a co-habitation agreement).

Over the years, statutes and common law have often resulted in certain rules for dealing with common co-ownership and sharing issues. But those rules may not be the best for a particular situation, and may not address all issues that needed to be resolved.

As a result, various agreements between parties are created to deal with what is mine, what is yours and what is ours to document the respective bundle of property rights that each party may have.

Here are some important issues that should be defined between co-owners of property, no matter the style or form of the shared ownership:

Define the type of sharing or ownership. Is it a partnership, a current co-ownership or sharing, or a split ownership where perhaps one party is entitled to future rights but not current ownership rights.

Responsibility for capital contributions. When funds are needed for the property, does each party have an obligation to contribute equally or in different percentages, and what happens when one party refuses to make their contribution.

Maintenance and improvements. If a repair is needed, a yard needs to be mowed, something needs to be repainted, who is responsible for paying for and coordinating such work? And what happens if that is not done?

Transferring the ownership interest. Does a co-owner have the right to sell or transfer his or her ownership interest? Must that be offered to the other co-owner? And what happens at the death of a co-owner? Is that ownership interest transferred by a survivorship right, or is it conveyed through probate?

Rights of occupancy and use. Do the sharing parties have equal rights of occupancy and use and how is that coordinated? In situations where one party is entitled to sole occupancy, a written agreement should make it clear the extent to which they are also obligated to pay all expenses of the property. If there is going to be shared use, sometimes formulas and priorities are developed to determine the rights of the parties to use at various times of the year.

Authority to make decisions. Is one of the co-owners in “control” of the property and entitled to make sole decisions? Are there certain situations where all parties have a voice in decision-making?

Participation in revenue. If the revenue is not going to be split in accordance with the ownership interests, how are those rights defined? Is one of the owners entitled to a larger distribution or a fee for management?

Rights and authority to convey the property. Must a property interest be offered to a party before it can be sold? Must a co-owner approve of a sale or transfer by another co-owner? A situation that always creates difficulty is when there are parties that have some form of co-ownership right (for example, the right to inherit homestead), and their approval and consent may be required by a title underwriter before marketable title can be conveyed.

While some of these issues are addressed to some extent by presumptions imposed in the law, a written agreement which defines the rights of co-owners and/or sharers must be entered into so that there are no misunderstandings or disputes between them. It is important that an experienced real estate attorney be consulted to document the complete agreement and understanding between all of the parties that may have an interest.

Sincerely,
Berlin Patten Ebling, PLLC
Article Authored by Christopher Caswell, Esq., ccaswell@berlinpatten.com

This communication is not intended to establish an attorney client relationship, and to the extent anything contained herein could be construed as legal advice or guidance, you are strongly encouraged to consult with your own attorney before relying upon any information contained herein.

All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

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Business Development Coordinator

mryan@berlinpatten.com

OCTOBER 2, 2019
Study: Florida No. 1 in Welcoming New Residents

Lendingtree.com: In 2016, new residents brought $30.2 billion into Fla., with about 72% of that increased income coming from new residents age 55 and over.

NEW YORK – Using IRS data from 2016, LendingTree found Florida the most popular place to move. New residents that year bought in a combined adjusted gross income of $30.2 billion.

According to the study, the age 55 and up demographic accounted for about 72% of incoming adjusted gross income to the state. In a look at household income, people who earned more than $100,000 annually accounted for 85% of the state’s income growth in 2016.

“We are seeing first-hand the highest percentage of affluent buyers go to Florida. Several factors have come together between lifestyle, great value (and) quality of living combined with the boost from tax reform,” says Shahab Karmely, CEO of New York-based KAR Properties, who has developed two ultra-luxury condo projects in Miami. “Buyers have huge purchasing power and pay fewer taxes for the rest of their lives, so they think, why not move there?”

“I’m seeing more people moving here from California,” says Noam Ziv of the ELAD Group, developer of the luxury ALINA Residences in Boca Raton. “It’s definitely become an emerging market for us. Since the taxes are extremely high there, Florida is perfect if you like the casual beach lifestyle.”

Ziv says the “schools in Boca are top-rated. You can actually move your family here and work remotely from your company headquarters in New York, which we are also seeing more of.”

“Over the last few months, we have noticed a significant increase in buyers from the Northeast and Midwest,” says Jay Parker, CEO of Douglas Elliman Florida. “While historically, many purchases in South Florida were vacation homes or investment properties, now more than ever we are seeing buyers relocate to become full-time South Florida residents. Similarly, many of the buyers are relocating their businesses as part of the relocation.”

“A year or two ago, New York buyers were coming here to avoid state income tax,” says Chuck Luciano, principal and founding agent of Compass Boca Raton. “Now we see them coming for the truly good value they get when they trade New York for South Florida.”

Source: Forbes (09/30/19) Paris, Ellen

https://www2.floridarealtors.org/news-media/news-articles/2019/10/study-florida-no-1-welcoming-new-residents

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What’s it like to live in Sarasota, FL?

https://realestate.usnews.com/places/florida/sarasota
Profile written by: Vanessa Caceres.

Warm temperatures year-round, award-winning beaches and a thriving arts and cultural scene have made Sarasota a go-to place for retirees and families, not to mention a handful of celebrities (including Stephen King and Rosie O’Donnell). This southwest Florida region, which is about an hour from Tampa and two hours from Orlando, continues to attract new residents with great restaurants and plenty of shopping options.

Living in Sarasota has elements of what many consider paradise, mixed with some hints of reality. As the population grows, the area struggles to keep up with infrastructure needs. Traffic congestion is becoming more common. Those who live, work or visit downtown Sarasota will see their share of construction cranes as the region copes with an influx of residents and a record-breaking number of tourists.

However, as the Sarasota community flourishes, so does its economy. Sarasota offers a sizeable job market for those working in health care, small business and tourism. 
 
** U.S. News analyzed 125 metro areas in the United States to find the best places to live based on quality of life and the job market in each metro area, as well as the value of living there and people’s desire to live there.

Sarasota, Florida is ranked:

#18 in Best Places to Live

#3 in Best Places to Retire
7.0Overall
SCORECARD
Best Places to Live
Desirability
7.4
Value
5.7
Job Market
6.4
Quality of Life
7.4
Net Migration
10.0

What’s the cost of living in Sarasota, FL?
Sarasota is relatively affordable compared to larger Florida regions like Miami, though young families are finding it increasingly harder to buy a home at a reasonable cost. The continuing influx of wealthy residents has affected the cost of housing, as there has been more of a focus on upscale living. Sarasota offers a lower value than similarly sized metro areas when you compare housing costs to median household income.Housing Costs 2016-06
Sarasota
$237,260
USA
$226,500
Housing Costs Over Time

Life Served to Perfection

source: https://www.theresidencessarasota.com/press/life-served-to-perfection/?referer=MSC%20Email%20Database
For generations, an incomparable array of world-class culture and beaches has made Sarasota the crown jewel of Florida’s Gulf Coast. At the pinnacle of this sophisticated seaside mecca comes the new Ritz-Carlton Residences, Sarasota.

These 73 Grand Tower Residences, priced from $2.4 million, are nestled within a pristine locale right beside the highly anticipated Quay Sarasota on the last premier waterfront site in downtown Sarasota. Residents will enjoy panoramic views of Sarasota Bay along with unparalleled private amenities, endless resort pleasures, and legendary Ritz-Carlton service.

With project development led by The Kolter Group LLC, the all new residential tower raises expectations as a heralded new standard for modern Ritz-Carlton luxury. Distinctive architecture and exquisite finishes are reflective of the highest quality, and this premier seascape location fits flawlessly with the fresh modern attitude of the evolutionary hospitality brand. Poised to become “The Best of Everything” on the west coast of Florida, the new Ritz-Carlton Residences, Sarasota offers the leading edge of effortless convenience and unparalleled pleasures—today’s quintessential address for a life without limits. A majestically landscaped private drive leads residents to a 24-hour valet at the elevated porte-cochère or directly into a secured parking garage with reserved spaces and individual lockable climate-controlled storage units.

“This new tower offers a combination of world-class residential and resort amenities, legendary services, spectacular views, and walkable shopping, dining and recreation not found anywhere else in Florida.”
– Bob Vail, President of Kolter Urban LLC

The moment residents enter the stunning Grand Lobby, with its soaring 14-foot ceilings and adjacent Grand Salon, they will be welcomed into an environment of water vistas and seaside sophistication unmatched on Sarasota’s dazzling downtown Bayfront. Within this private realm, a Residences-dedicated staff and concierge are poised to curate every need in unsurpassed Ritz-Carlton style, from an early morning spa ritual to the finely detailed catering of an intimate evening celebration. Wishes are seamlessly granted and each day is shaped into an indelible experience. The endless array of impeccable personal services includes housekeeping, dry cleaning, car washing and detailing, plant care maintenance, pet care assistance, mail-packing and shipping, travel and vacation itineraries, grocery shop-ping, a personal chef, in-residence catering, and so much more.

AMENITY-RICH LIFESTYLE

Brimming with daily amenities for wellness, recreation and relaxation, residents can choose to be social or serene at the resort-style pool and 70-foot lap pool rimmed with lush tropical foliage. The landscaped oasis features an indoor-outdoor staffed bar and immersive entertainment areas. Inside, residents will find luxurious amenity spaces, which include cozy lounge seating, a custom fireplace, and a demonstration kitchen for catered gatherings and culinary events. The News & Sports café features a daily coffee and beverage station and comfortable seating to catch up on world news or enjoy the game on large-screen TVs. With multiple on-site meeting rooms and a private dog park with pet-washing station, the creators of this all-inclusive private world seem to have thought of everything.

And the irresistible attractions don’t stop there. The exclusive Ritz-Carlton Club membership avails residents of privileges at the day spa and salon, the Ritz-Carlton Golf Club’s* Tom-Fazio-designed championship golf course, Ritz-Carlton Beach Club on Lido Key, and access to a covered walkway for short strolls to the hotel’s renowned Jack Dusty restaurant featuring refined coastal cuisine and handcrafted cocktails.

INSIDE THE RESIDENCES

Designed by award-winning SB Architects, this all-new 18-story residential tower presents the sought-after next generation of modern living. Offering a generous selection of finishes, each of the 73 grand condominiums is fully appointed with ultimate style and energy-efficient features. “The Ritz-Carlton is the epitome of contemporary architectural design, embodying this unique waterfront setting by seamlessly blending clean lines, natural sunlight and a serene aquamarine seascape,” says Stefano Falbo, Vice President, SB Architects.

Designed to engage all the senses, these flow-through floor plans range from 3,100–6,200 square feet with soaring 11- to 12-foot ceilings. Sweeping floor-to-ceiling windows provide dynamic views, while top-of-the-line technology provides ultra-high speed connectivity for easy living. Private elevators open directly into the foyer of every dwelling, each of which sets the stage for the way people live today, complete with expansive great rooms, gracious living areas, and intimate, spa-like master suites. Exquisite details include premium flooring, quartz or natural stone countertops and gourmet kitchens with European cabinetry and large islands for dining or entertaining. Spacious terraces invite owners to celebrate open-air living year-round, with panoramic vistas spanning from east to west to soak in downtown city views, Sarasota Bay, and the Gulf of Mexico and beyond.

OUTSIDE YOUR DOOR

An exciting new energy is beginning to transform into what will be Quay Sarasota and the newly envisioned Bayfront. “There’s never been a better time to enjoy the downtown waterfront lifestyle,” Vail notes. “With the planned expansion of The Bay, it’s destined to be a hub of Sarasota art, culture and historical legacies, as well as serving as a recreational area where families and friends can meet up and celebrate the natural beauty that surrounds them.” This cosmopolitan waterfront address will offer abundant boating opportunities. Quay Sarasota has grand plans for expansion of the existing marina, with available wet slips and dry storage for large boats and yachts.

In addition to the park, plans include the Quay Commons, featuring exciting new destinations for fine and casual dining, boutique shopping, festive public events and water-inspired activities. Just steps beyond, the revitalized Bayfront comes alive with innovative public spaces and vibrant performing arts venues. Currently home to the Van Wezel Performing Arts Hall and Sarasota Garden Club, The Bay will soon include expansive piers, gardens, a kayak launch, an outdoor concert venue, and more.

Visit Florida reports record 126.1 million visitors to state in 2018

Source: Marco Santana Contact Reporter Orlando Sentinel
 
Florida drew 126.1 million out-of-state visitors in 2018, setting a tourism record for the eighth consecutive year, Visit Florida said Wednesday.

Overall, the total was a 6.2 percent jump over the previous record set in 2017, the state tourism marketing agency said. 
Orlando’s tourism agency, Visit Orlando, had a big year in 2017, when it set a record for the city with 72 million visitors. The organization will announce its 2018 visitor numbers in May.

Visit Florida President and CEO Dana Young said the flood of new tourists could be credited at least in part to a targeted publicity push by her organization. 
“Visit Florida and the tourism industry have achieved unprecedented success,’’ Young said.

Despite overall growth, overseas visitors to Florida dropped by 1 percent to 10.8 million. The falloff was led by a 6 percent drop in tourists from Great Britain to 1.5 million.

Canadian tourism was up from 3 percent to 3,447,000. The number of visitors from Brazil, meanwhile, grew 8 percent to 1,110,000.

Domestically, the greatest percentage of visitors to Florida came from Georgia (9.6 percent), New York (8.5 percent) and Texas (5.5 percent).

The number of visitors grew as Disney World, Universal Studios and SeaWorld all competed to open more attractions in 2018.

And it won’t stop there. In late 2019, Disney is expected to debut Star Wars Land, which tourism experts are predicting will attract even more massive crowds.

Over the past two years, Visit Florida has been recovering from a volatile period during which its budget requests came under fire from the state Legislature.

Former Gov. Rick Scott in late 2017 had requested $100 million for the organization. Instead, lawmakers approved $76 million.

Earlier this month, Gov. Ron DeSantis requested that same $76 million for Visit Florida in his first budget proposal. The legislative session starts March 5.

100 Best Places to Retire in the USA

To identify the best places to retire, U.S. News analyzed data for the 100 largest metropolitan areas in the USA to assess how well they meet Americans’ retirement needs and expectations. Top criteria include the happiness of local residents, housing affordability, tax rates and healthcare quality.

Source: Conde Nast Magazine

Condé Nast Traveler readers cast hundreds of thousands of votes for the best cities in the U.S. in the 2018 Readers’ Choice Awards survey—in fact, we got so much feedback, we had to divide our list in two. Here we honor the country’s smaller cities, with populations under one million, and its major hubs, with populations over one million. Is your favorite on the list? Counting down…

and at # 5 ………

5. Sarasota, FL
Sarasota is booming, and our readers are noticing. Not only is the Gulf Coast-side city home to attractions like the Sarasota Opera and Ringling Circus Museum; it’s also ushering in exciting new hotels that are far from generic beach resorts. Book a room at the elegant Ritz-Carlton, Sarasota, which got upgraded pools this year, or the Art Ovation Hotel, where you should spend at least one afternoon (if not a few) by the rooftop pool overlooking Sarasota Bay. As for the rest of your days, we suggest exploring Sarasota’s ever-growing food scene: We still stand by the aromatic mushroom bisque at Indigenous, the cinnamon roll pancakes at Station 400, and the savory crepes at C’est La Vie. With meals like these, it’s easy to see why so many people decide to spend their golden years in Sarasota.

source: Conde Nast Magazine

Fla. has more Chinese buyers seeking non-luxury homes

ORLANDO, Fla. – Jan. 10, 2019 – Chinese homebuyers have been the top foreign buyers of residential housing in the U.S. for six consecutive years, and they’re now expanding their footprint beyond luxury markets to lower-priced tiers as well, the National Association of Realtors® (NAR) reports.

Chinese buyers in the U.S. have long had an appetite for million-dollar properties that they’re willing to pay for in cash. But recently, middle-class buyers from China are looking to snatch up lower-priced homes. They’re also more often turning to mortgages to finance their purchases.

“The Chinese people still see the United States as a safe harbor where they can take their assets and park their money, not only for their money but also for the future of their children,” Michi Olson, a real estate professional in San Francisco, told CNBC.

The median price of a home sold to a Chinese buyer fell from slightly under $530,000 in 2017 to $439,000 in 2018, according to NAR data. The top places Chinese buyers are targeting in the U.S. for their real estate purchases: California, Texas, Georgia and Florida.

While the West Coast has been a traditional hot spot for Chinese buyers, more are expanding their horizons toward the East Coast and Florida.

Florida’s influx of Chinese buyers hit 6 percent of all international purchases in 2014 and then dropped to 3 or 4 percent for the next three years, according to the 2018 Profile of International Residential Real Estate Activity in Florida. In 2018, however, the number of Chinese buyers in Florida rose to 5 percent of all foreign homebuyers.

While half of all Chinese buyers purchase in one of three South Florida counties, Asia/Oceania buyers make up 15 percent or more of all international purchases in four Florida metro areas, according to the 2018 report: Jacksonville (39 percent), Orlando-Kissimmee-Sanford (15 percent), Palm Bay-Melbourne-Titusville (15 percent) and Port St. Lucie (15 percent.)

Top Florida destinations of Chinese buyers

Miami-Fort Lauderdale-W Palm Beach: 50%
Orlando-Kissimmee-Sanford: 14%
Tampa-St. Petersburg-Clearwater: 8%
North Port-Sarasota-Bradenton: 4%
Jacksonville: 4%
Gainesville: 4%
Naples-Immokalee-Marco Island: 3%
Cape Coral-Fort Myers: 3%
Port St. Lucie: 3%
Deltona-Daytona Beach-Ormond Beach: 3%
Palm Bay-Melbourne-Titusville: 3%
Homosassa Springs: 1%
Punta Gorda: 1%
“The Chinese are basically politically agnostic,” Olson says. “What I mean by that is even though there is a great tension between the U.S. government and Chinese, the Chinese citizen seems to be able to separate the political turmoil with the sound real estate investment.”

Source: “Chinese Buyers Expand Their Reach in the U.S. Housing Market as the Middle Class Gets in on the Act,” CNBC (Jan. 8, 2019)

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