Premier Introduces Online Marketing Initiative

NAPLES, FL., November 27, 2007 – Premier Properties of Southwest Florida, Inc., Realtors has announced a major upgrade to its online property marketing program, adding the New York Times, Wall Street Journal and Sarasota Herald Tribune to its distribution outlets.

“We recognize the power of the Internet in today’s real estate business,” comments Dick Borel, Director of Premier’s e-commerce Division. “And we believe these outlets to be extremely powerful at reaching prospective buyers for luxury real estate in Naples.”

As part of this program, all Premier listings are now available in the New York Times online real estate listings, as well as on its Great Homes & Destinations site. The #1 newspaper site in the United States, http://www.nytimes.com/ claims 1.3 million unique visitors for its real estate site, and 348,000 unique visitors, with a mean household income of $287,000 and a mean age of 45, for its Great Homes & Destinations site. Forty percent of this latter group plan to purchase real estate as an investment in the next 3 years.

Premier also is now affiliated with a second major upscale national newspaper, the Wall Street Journal, in its website, http://www.wsj.com/. As part of this new agreement, the site’s real estate listings section now includes all Premier listings, as does the Real Estate Partners site, of which Premier has become a member.

In Sarasota, where Premier recently established a full-service office, the company has become the exclusive sponsor of the Herald Tribune’s real estate section at http://www.hearldtribune.com/, as well as a banner advertiser. In addition, all Premier listings appear among the site’s listings.

The Premier e-commerce network incorporates 125 interconnected Top Tier websites, and offers preferred access to Premier real estate listings on http://www.naples.com/, http://www.bonitasprings.com/, and http://www.marcoisland.com/, as well as http://www.premier-properties.com/ and http://www.premiersarasota.com/ . Search engine optimization is performed on an ongoing basis, so these sites regularly appear among the first five recommended sites when key search words are entered.

“The reach of this network is extremely broad,” continues Borel. “In fact, nearly 20% of the visits to http://www.naples.com/ are from people outside the United States. We are confident that this comprehensive system of online marketing well serves both those who list property with Premier, and those looking for Southwest Florida luxury property.”

Premier Properties is the exclusive Southwest Florida affiliate of Christie’s Great Estates, with full service offices in the Village on Venetian Bay in Park Shore; on Broad Avenue South, Bayfront, and 5th Avenue South in Old Naples; The Premier Gallery at the Northern Trust Bank Building on Tamiami Trail North; at the Naples Grande Hotel; on Vanderbilt Beach Road in North Naples; The Esplanade Shoppes on Marco Island; the Promenade at Bonita Bay; and the Plaza at Five Points in Sarasota. The Premier Properties Commercial Division is located in Bonita Springs and the Developer Services Division and Rental Division are in the Quarles & Brady Building in Naples. Information is available by visiting http://www.premier-properties.com/. Premier Properties is a division of the Lutgert Companies.

October 2007 home sales up 14 percent over September

Nov. 28, 2007

*The following press release was sent to local media on Nov. 28 at 11 a.m.*

October 2007 home sales up 14 percent over September

Members of the Sarasota Association of Realtors® reported an increase of 14 percent in October 2007 sales compared to September 2007, when only 234 single family home sales and 104 condominium sales were reported. October sales of 264 homes and 120 condos indicate a market beginning to heat up after the normally slower September, and ahead of the usual return of tourists and seasonal residents in the early winter months.

In addition, the market continues to mirror 2006 sales figures. Combined sales of homes and condominiums in the Sarasota real estate market slid by a modest 3 percent in October 2007, compared to October 2006, and prices also dropped slightly for the same period. The statistics continue to indicate that the local market is fairing much better than the overall state of Florida, and has weathered the real estate downturn well.

Year to date, sales in the Sarasota market are off only 6 percent from the same period in 2006. The total sales dollar volume is also close to the 2006 figure - bolstered by a big jump in the median selling price of condominiums. The median sale price for condos has increased from $310,000 in 2006 up to $345,000 in 2007 through the first 10 months of the year. Single family home prices dropped by 11 percent during the same time period.

In total, 5,250 closings were reported through the end of October 2007, compared to 5,590 closings through October 2006. The total volume of sales for the first 10 months of 2006 was $2.56 billion, compared to $2.77 billion in 2006. These numbers represent a major increase from only six years ago. In 2001, the year-to-date sales volume through the end of October was only $2.05 billion - indicating a 35.1 percent increase in terms of overall real estate market dollars.

"As we have stated throughout this year, the numbers reflect that we are returning to normalcy, and the drop in prices coupled with the quality inventory represents a tremendous opportunity for buyers in our market" said Joe Hembree, 2007 SAR President. "While some areas of the state and nation have seen dramatic sales drops, we have been consistently performing better than most other regions in the state. Sarasota's resiliency and strong fundamentals in our market should propel us into 2008."

The Sarasota-Bradenton Metropolitan Service Area (MSA), which includes all of Sarasota and Manatee counties, also saw improving numbers in October 2007 relative to the entire state.

Condominium sales in the MSA were up 10 percent in October 2007 compared to October 2006, and prices were level, down less than 1 percent. This compares to the overall state drop of 20 percent, and a drop in prices of 8 percent. Sarasota figures were also up 11 percent month to month.

Residential sales dropped by 17 percent in the MSA, with prices sliding 5 percent. The Sarasota residential sales were down only 8 percent for the month, but this also compares favorably to the overall state, which saw a 29 percent drop in sales and an 8 percent price slide.

Many other factors are beginning to forecast a better 2008 for Florida.

Economist Hank Fishkind, president, Fishkind and Associates in Orlando, recently noted Florida's job market is fundamentally strong. "Outside of the construction industry, Florida is generating a significant number of new jobs, particularly in leisure and hospitality, healthcare, trade and education," said Fishkind in an FAR interview.

With a growing consumer market, an expanding talent pool, a supportive government and a strong asset base, Florida offers an attractive environment for business growth. The state had 12 cities named to Economy.com's Business Vitality Index - more than double the number of leading cities in any other state.

In addition, Forbes magazine named 11 Florida metro areas "best places for business and careers," based on criteria such as cost of doing business, job growth and educational attainment.

With such a vibrant job market, the stage is set for additional movement to the state, and many will likely relocate to the Sarasota area. Relocation brings home buyers, and buyers will see a market offering a wide assortment of quality, well-priced homes, experts agree.

Sarasota Association of REALTORS®

Constitutional panel may offer voters more property tax relief

TALLAHASSEE, Fla. (AP) – Nov, 2, 2007 – A state commission Thursday began batting around ideas for giving taxpayers more property tax relief than they’ll get even if voters approve a ballot proposal the Legislature passed three days earlier.Several members of the Taxation and Budget Reform Commission, which also has the power to offer voters proposed state constitutional amendments, said they were disappointed with the legislative plan. It’ll be on the Jan. 29 presidential primary ballot.The commission, which meets once every 20 years, cannot put items on the ballot, though, until the November 2008 general election.Commissioners said the legislative plan doesn’t cut taxes enough – particularly for businesses, snowbirds, landlords and recent or first-time home buyers – although lawmakers estimate it would save taxpayers $12.4 billion over five years.The discussion ranged from simply expanding the legislative plan to eliminating property tax collections for schools and replacing those dollars by repealing sales tax exemptions.“We now have to come together and say this is something that we are going to definitely address and it should be our No. 1 priority,” said Commissioner Nancy Riley, president of the Florida Association of Realtors.Duval County Tax Collector Mike Hogan said, “Folks are expecting us to do something.”The full commission didn’t discuss specific alternatives but several came up later during a meeting of the panel’s Planning and Budgetary Processes Committee chaired by former state Rep. Carlos Lacasa, a Miami lawyer.Lacasa said he favors a plan the House had passed before reluctantly accepting a take-it-or-leave-it compromise offered by the Senate.“The Legislature moved the ball in the right direction, but the ball can still be moved further,” Lacasa said.He thinks voters should pass the legislative proposal and then the commission could offer more tax savings in the fall.The Jan. 29 proposal would double the current $25,000 homestead exemption but only for primary homes valued at more than $50,000 – and except for school taxes. That provision is expected to save $240 a year for the average homeowner.The legislative amendment also would let homesteaders take at least part of their existing Save Our Homes benefits along when they move - known as “portability” - up to an assessed value of $500,000.Save Our Homes caps annual assessment increases at 3 percent. The legislative plan would establish a similar cap of 10 percent for businesses, second homes and rentals although increases rarely are that high.Lacasa said he favors a 5 percent cap on non-homestead assessments and a $1 million portability limit, both part of the House plan. He also advocates an additional exemption for first-time home buyers.Riley, of Clearwater, said expanding the portability limit to $1 million is her top priority, saying what that buys “is getting smaller and smaller.”Lake County Tax Collector Bob McKee said replacing local school taxes with new state money generated by repealing certain sales tax exemptions could cut property tax bills by up to 54 percent. Services and an array of goods including food and medicine are exempt from sales tax.“That’s serious money,” McKee said. “It’s not $240 a year ... That’s real tax relief.”The Legislature repealed exemptions for most services in 1987 but quickly restored them after protests mostly from businesses.Commissioner Martha Barnett, a Tallahassee lawyer and former American Bar Association president, was dismayed property taxes have overshadowed longer-range issues such as broadening the state’s tax base.Commissioner Chairman Allan Bense, a former Florida House speaker from Panama City, in an interview said it may be difficult to pass far-reaching property tax relief because it takes votes from at least 17 of the panel’s 25 regular members to put anything on the ballot.“I think maybe we could put some icing on the cake,” Bense said.
© 2007 The Associated Press, Bill Kaczor, Associated Press Writer.

Pineapple Square gets ball rolling downtown

Opening of first national retailer to be followed next week by kitchen store's debut
By TONI WHITT
toni.whitt@heraldtribune.com

SARASOTA -- Just in time for the holidays, two new retailers and a restaurant are set to open at Pineapple Square.Today's grand opening of tony clothier Brooks Brothers newest store marks the near-completion of the first phase of Pineapple Square and the renovation of the existing stores along Lemon Avenue. The 5,100-square-foot clothing store is at the southeast corner of Main Street and Lemon Avenue.Sur La Table, the Seattle-based kitchen store that competes with retailers like Williams Sonoma, is set to open next week. Hyde Park Prime Steakhouse plans to open next month.The development also has leased two other retail spaces on Main Street, outside Pineapple Square, said John Simon, chief executive and partner for Pineapple Square Properties.To Simon, today's grand opening is special because it brings the first national retailer into Pineapple Square."We're trying to bring new retail life to downtown, and we'll be a catalyst for a lot more," he said.Brooks Brothers is bringing one of five new concept stores to downtown Sarasota with its Brooks Brothers Country Club shop.The concept offers a limited selection of suits and shoes and an expanded line of more casual attire, that fits in more with the Sarasota lifestyle, said Michelle Haast, a district manager for the company. The store is airy and white, with hardwood floors and a casual feel.The other country club stores are in The Hamptons, N.Y., Newport, R.I., Tucson, Ariz., and Sandestin, in the Florida Panhandle.Haas said the company opened the Sarasota store because Sarasotans were already traveling to stores in Naples and Tampa, the two closest retail shops, and because the factory store at Prime Outlets at Ellenton does so well.Sur La Table is scheduled to open Nov. 14 on Lemon Avenue and State Street, across from Whole Foods. It will be the 66th store for the company and one of only three in Florida.The company, which sells high-end and handmade kitchen utensils, looks to put its stores in prosperous communities. It has a shop at Palm Beach Gardens mall and another opening this month in Pembroke Pines."Pineapple Square typifies what Sur La Table was looking for in Florida," said Jack Schwefel, the company's president. Schwefel said the company likes to open in downtown spots with a mix of retail and services.Construction workers were still painting, installing shelves and moving installations at the 4,500-square-foot store Monday.Hyde Park Prime Steakhouse, based in Ohio and frequently listed as one of the top steak restaurants in Zagat, is hoping for a December opening, Simon said. The restaurant, in the former Ovo Cafe space at Lemon and State, has not set a definite date because it wants to make sure it has a fully-trained staff before bringing in customers.Pastry Art, a local coffee shop and bakery, was Pineapple Square's first tenant. It has been open for nearly a year on Main and has been in Sarasota since 1997.Simon also is bringing a new wine bar to Main Street, just outside Pineapple Square. Tastings will open next door to Barnacle Bill's Seafood restaurant.Tastings is a regional wine bar that will carry more than 100 wines in stock, available by the taste, by the glass and by the bottle. Every bottle is sold at retail price and can be opened in the store, or taken home to enjoy.Simon also is leasing to Pagliacci, a gift shop and local retailer, which will open at 1429 Main St."Almost all of our retail space in Phase One is leased or occupied," Simon said.He said he is negotiating with six other retailers for space in the second phase of construction and hopes to announce some of the new retailers in January or February. Simon said he hopes to complete the entire Pineapple Square project in 2010.
Last modified: November 06. 2007 4:08AM

As Tax Cut Plan Goes to Voters, Panel Will Look at Others

As one tax-cut plan goes to voters, panel will look at others
By MICHAEL POLLICK
michael.pollick@heraldtribune.com

While the state's voters scratch their heads over the proposed property tax amendment now winging its way onto a Jan. 29 ballot, a powerful group called the Taxation and Budget Reform Commission is about to begin feverish consideration of even broader budget and tax proposals, one or more of which are likely to end up on November 2008 ballots.The 25-member state-appointed group, which can put an amendment directly onto the November ballot by a two-thirds vote, meets today, its first meeting since the Legislature passed its proposal.Does the Legislature's amendment obviate the need for the commission to look at tax reform?"Absolutely not," said John McKay, a Bradenton resident and a commission member."I've been saying for Lord-how-many-years, the structure is just held together with bailing wire and chewing gum," said McKay, a former president of the Florida Senate. "We cannot continue to keep depending on ad valorem taxes to fund the state because they are so unstable, and it is having a huge detrimental influence on businesses and on second-home property sales."He cites a document that is likely to become a centerpiece of the commission's attempts at budget and tax restructuring: "State of Florida Long-Range Financial Outlook Fiscal Year 2008-09 through 2010-11," which counts the Senate, the House and the Legislative Office of Economic and Demographic Research as co-authors.The upshot of the 95-page study is that the state has to cut $2.3 billion in spending before it even starts the next fiscal year, not counting the further negative impact of the proposed amendment.This is because government has relied too heavily on real estate-related taxes and fees. To some extent these are nonrecurring sources of revenue, being used to fund recurring expenses."In good times that is OK, because people buy a lot of houses, but in bad times it is not good, which is what we are in now," said McKay. "So you've got to find a second source of revenue."That only leads you to one thing, which is sales tax."Meanwhile, another commission member, Lee County Tax Appraiser Kenneth Wilkinson, is also working on a fresh property tax initiative of his own, commission spokeswoman Kathy Torian confirmed. Wilkinson is generally recognized as the father of the Save Our Homes amendment, and has been engaged in a lengthy quest to make accrued Save Our Homes benefits portable as homeowners downsize or upgrade from one Florida residence to another.The Legislature's amendment seeks to do that, but in a limited fashion.Someone who moves to a more expensive house would be able to carry forward up to $500,000 in Save Our Homes accrued benefits, which would go to reduce the taxable value on the new home. If the person downsizes, the exemption would be proportional to the savings on the old house.These proposals and others by commission members are already being vetted by lawyers and prepared for public display, Torian said."One could be completed as early as tomorrow," Torian said Wednesday.Open accessQuite of a bit of the process will be accessible to the public. Committee meetings considering the ideas will typically take place in airport meeting rooms.Torian said that at least a week before a committee takes up a given proposal or set of proposals, she will post the meeting site. There probably will be opportunities for public comment at most of the committee meetings, she said, but it is not guaranteed.Staff members will post detailed minutes of each committee meeting on the Web site. When the full commission starts debating proposals that have emerged from committee -- mostly in the first quarter of 2008 -- staff members will arrange for full transcripts on the Web.Commission chairman Allan Bense has set a soft deadline of Nov. 30 for members to submit their proposals either for a statute or for a constitutional amendment.The first of these proposals could show up as early as today on Bense's desk, said deputy staff director Torian."There could be 20 or 30 different proposal ideas out there right now," Torian said. "Everything will begin hot and heavy now."Within a few days, she expects to add a button marked "Member's Proposals" to the group's Web page, www.floridatbrc.org.Unlike a citizens' initiative, which would require 611,000 signatures by the beginning of February to get onto the November ballot as a proposed amendment, the commission simply needs to agree on a proposed amendment by a two-thirds vote, which means 17 out of 25 members.A simple majority, 13 out of the 25, can send a proposed bill to the Legislature for consideration starting in March.The commission met for the first time in 1990. An amendment adopted by voters in 1998 changed the panel's next appointment to 2007-08 and established that it will meet every 20 years after this.Tax reform dominatesOne commission member whose constituency is really hurting these days is Nancy Riley, president of the Florida Association of Realtors.She would not talk about specific proposals, but she indicated that what the Legislature has wrought for the Jan. 29 ballot is more of a start to tax reform than a finish."It certainly wasn't as much as I hoped for, but at least it was something," said Riley. "It will be a base, and from there we are hoping to expand into other areas."The commission is supposed to consider a broad range of budgetary and tax-related topics such the need for more roads, the state's education system, and so on. But tax reform has so far dominated the public hearings."They didn't talk about the structure of government, or did we need better roads," said Bill Levison, a snowbird who flew down from his home in Lexington, Mass., to attend the Fort Lauderdale hearing and speak his piece."They talked about whether government is getting too much revenue or not enough, whether we should have caps or not on revenues or spending, whether we should keep Save Our Homes or make it portable," he said.Levison founded a tax-cutting group called Broward Activists for Tax Equity that now has 80 members. Its plan, which he provided to the commission in a three-minute speech, focuses on limiting government revenues."Once you limit revenues, you've already prevented runaway taxation, so Save Our Homes wouldn't be necessary, so you could phase it out," Levison said. "We'd try to avoid some sticker shock by phasing it out gradually."
Last modified: November 01. 2007 4:42AM

FED CUTS RATES TO 4.5%

Fed cuts rates to 4.5%
Bernanke and Co. lower interest rates by a quarter of a point to keep the economy on track. But the central bank's inflation concerns signal another cut is unlikely.
By Paul R. La Monica, CNNMoney.com editor at large
October 31 2007: 4:22 PM EDT

NEW YORK (CNNMoney.com) -- The Federal Reserve lowered the target for a critical short-term interest rate by a quarter of a point Wednesday, citing continued concerns about weakness in the housing market.
But the Fed indicated that it is also worried about inflation, a sign that the central bank may be reluctant to cut rates again at its next meeting in December.
The Fed's commentary about inflation spooked the markets at first, and stocks gave up much of their earlier gains from the day. But stocks eventually recovered and moved on to close up for the day.
The widely-expected move comes on the heels of a half-point rate cut by the central bank in September and leaves the federal funds rate at 4.5 percent, its lowest level since January 2006.
Not all of the Fed's policy committee members voted in favor of a rate cut, however. Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, preferred no change to the federal funds rate. The Fed also lowered its largely symbolic discount rate by a quarter of a point to 5 percent. That decision was unanimous.
The federal funds rate, an overnight lending rate for banks, is important to the economy since it influences how much interest consumers pay on credit card debt, home equity lines of credit and auto loans. It also impacts how much it costs corporations to borrow money.
Weakness in the housing market and problems with subprime mortgages - loans made to those with less-than-perfect credit - have led to billions of dollars in writedowns at major financial institutions. For this reason, most investors believed the Fed would lower rates again in an attempt to limit the mortgage meltdown's spillover into the broader economy.
The Fed acknowledged the danger of the housing problems. "[T]he pace of economic expansion will likely slow in the near term, partly reflecting the intensification of the housing correction," the Fed said in its closely watched statement.
"Housing will continue to be a drag," said Thomas di Galoma, head of U.S. Treasury trading with Jefferies & Co.
"If the Fed sees weaker housing data, they probably will drop rates another quarter point later this year. In the back of everyone's mind, people are wondering how will banks and brokers come out of this. Those fears are not going away overnight," di Galoma added.
But the Fed also said that it felt Wednesday's action, combined with the rate cut in September, "should help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets."
There are questions as to whether the credit crisis really has had a major impact on the economy outside of housing. The government reported Wednesday that gross domestic product in the U.S. grew at a 3.9 percent clip in the third quarter, a higher rate of growth than expected.
And some market observers have expressed concerns that with oil prices rising above $90, inflation may still be a threat. So the Fed would be making a mistake by lowering interest rates further, some maintain.
With the dollar weakening against other global currencies, some fear that further rate cuts could fuel even more inflationary pressures.
"This is a hemlock situation. The rate cuts will be self-defeating," said Haag Sherman, co-founder and managing director of Salient Partners, an asset management division of investment bank Sanders Morris Harris Group. "The more you cut rates, the more dollar depreciation you will see and ultimately more pressure on commodity prices like oil and gold."
To that end, the Fed said in its statement that "recent increases in energy and commodity prices, among other factors, may put renewed upward pressure on inflation."
Quincy Krosby, chief investment strategist at the Hartford, said that she was not surprised to see the Fed talk more about inflation.
"I figured that if the Fed cut by a quarter of a point as the market expected, the statement would be more hawkish about inflation. The Fed had to balance their actions and words. You can't have oil at $94 and pretend it didn't happen," she said.
But she added that the Fed is not closing the door on further rate cuts. Rather, she thinks the central bank is trying to gain some control over the market and re-establish that it, and not Wall Street, will dictate what happens to interest rates in the future.
Some have criticized the Fed for responding to pressure from investors to cut rates and have argued that the rate cuts may be bailing out people who made poor decisions.
"In a market like this, you don't want to surprise investors. Nonetheless, this gives Bernanke more flexibility," Crosby said. "I do expect more rate cuts down the road as the housing market affects consumer spending and psychology. But this gives the Fed more flexibility and allows them to have some distance from the market."
The Fed's tough talk on inflation has started to quash hopes for another rate cut at the Fed's next meeting on Dec. 11.
Bond prices fell Wednesday after the Fed's announcement, lifting the yield on the benchmark U.S. 10-Year Treasury from 4.4 percent to 4.45 percent. Yields and prices move in opposite directions and long-term bond yields typically move higher when short-term rates are expected to rise.
Also, prior to this afternoon's rate cut, investors were pricing in a 64 percent chance that the Fed would lower rates by a quarter of a point in December, according to fed funds futures listed on the Chicago Board of Trade. After the meeting, chances of a December rate cut dipped to 44 percent.
"I think the message the Fed is sending is that the dollar has weakened far enough and that they may not be able to cut rates anymore," said Chip Hanlon, president of Delta Global Advisors, an investment management firm. "The signal is that the Fed will hold rates steady in December."