News: Current Articles

Posted October 07, 2007 20:38

The Palm Beach Zoo will celebrate its 12th annual “Boo at the Zoo”, one of South Florida’s most popular Halloween events.  The event has three components:  A unique overnight adventure called “Spooky Snooze,” a special day for very young children called “Baby Boo at the Zoo,” and two days of Halloween fun and “trick-or-treating” for kids of all ages.

“Boo at the Zoo” events are as follows: The special Halloween-themed overnight “Spooky Snooze” will be held on three weekends from Saturday evening at 6:30 p.m. through Sunday morning at 8:30 a.m. Dates are October 12 - 13, 19 - 20, and 26 - 27.

“Baby Boo at the Zoo” will be held on Friday, October 26, 2007 9 a.m. – 5 p.m.

“Boo at the Zoo” will take place from 9 a.m. to 5 p.m. on Saturday, October 27 and 9 a.m. to 4:30 p.m. on Sunday, October 28.

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Posted October 05, 2007 20:38

Martin County has put into action a Tourist Development Tax Rate Increase. This is relevant to residences that are rented for terms of 6 months or less. Please make note that the tax rate for Martin County has increased to 8 ½%  effective immediately. If you rent out a residence in Martin County for terms shorter than 6 months please make sure that you collect and report the correct amount.
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Posted October 03, 2007 17:33

First Order of Business

Last Call for NOLA
October 21-24 is the World Trade Centers Association General Assembly in New Orleans. This will be an excellent networking opportunity for businesses and promises to be a lot of fun, too. If you are interested in joining me, drop me a line or click here for more info.

ON THE ISSUE OF SECURITY
This month's newsletter focuses broadly on the topic of security. Security can mean many things, from financial security to national security, but it's a topic that's very much on the minds of those who notice the world growing smaller and smaller.

I'm honored this month to have a great many voices joining me in addressing topics of security, and hope that you will join in the discussion by adding your comments to the articles.

Tom Travis:

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Posted October 03, 2007 17:24

A California-based biotech developer announced this week plans to build space for the region's burgeoning life science cluster at Tradition. The tenants could include a research foundation that would complement Torrey Pines Institute for Molecular Studies. Mann Research Center LLC has entered into a contract with Core Communities to purchase 22 acres at the Florida Center for Innovation at Tradition.

The property is alongside the Torrey Pines headquarters under construction in western Port St. Lucie. Billionaire Alfred E. Mann founded Mann Research Center and the biotechnology research foundation that bears his name. The two organizations are not directly related. Local economic development leaders are recruiting Alfred E. Mann Foundation. If they succeed, the foundation would likely expand at Tradition, possibly within the research center. Mann Research and Core could close their deal later this year. While final site plans are being developed, the developer is expected to build a five- to six-building complex with a mixture of medical, research and development, office and retail space.

The site would be marketed to life science organizations and associated companies. Many biotech firms, particularly spin-off and ancillary companies, often do not need, nor can they afford, to own a building or campus.
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Posted October 01, 2007 20:01

Find something to do for all ages!

Palm Beach County has events going on all year long. There is always a concert series and festivals, guided tours and nature exhibits, or greenmarket to visit.

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Posted September 27, 2007 15:20

This video, created by the Florida Association of Realtors®, outlines and explains the reasons why a "Yes" vote in January is important to homeowners in Florida. Please take a few minutes to watch the video and we hope this will help you understand the issues better. To view the video, please follow this link or click the image to the right.

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Courtesy of The Florida Association of Realtors® - © 2007

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Posted September 18, 2007 15:26

Florida Association of Realtors and Gov. Crist launch group supporting property tax amendment Standing shoulder-to-shoulder with Gov. Charlie Crist, Florida Association of Realtors® (FAR) President Nancy Riley joined forces with other supporters Monday to launch a bi-partisan group, “Yes on 1 – Save our Homes NOW,” urging Floridians to vote for the largest tax cut in the state’s history on Jan. 29, 2008.

"Floridians have been suffering long enough, and the people of this great state now have the opportunity to lower their taxes by voting 'Yes on 1' on Jan. 29," said Gov. Crist.

FAR President Riley added, "Passage of this amendment is critical to the future of Florida. It will provide first-time homebuyers a large tax exemption. It will begin to equalize property taxes among neighbors, and it will allow the people who are the foundation of our neighborhoods - teachers, nurses, police officers and emergency first responders – to afford to live in the communities they serve."

The announcement came during a media conference Monday afternoon at the home of Veronica Greco, a Tampa resident who supports Amendment 1 and understands how important passage of the amendment is to Florida residents who need relief from high property taxes. Greco wants to sell her home of 15 years and downsize to a condo, but feels trapped due to the "lock-in" effects of the state's Save Our Homes amendment.

"This is an opportunity for homebuyers, future homebuyers and those like Mrs. Greco, who has this home for sale, but she's locked in because she can't find a buyer who can afford the taxes on this home," said State Sen. Mike Fasano, R-New Port Richey. Passage of the constitutional amendment will
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Posted September 16, 2007 22:45

The analysis is in, and it’s ponderous. A comprehensive study of Florida property tax laws – ordered by the Florida Legislature and conducted by a team of economists from the University of Florida and Florida State University – was released yesterday. Issued in three parts, the entire study has 689 pages and sometimes-challenging text. But it does study the state’s property tax problems from all angles. For example, the study finds that only 9.2 percent of Florida households would be better off keeping their Save Our Homes exemption if the proposed property tax amendment passes in January – but the authors also note that far more would opt to keep SOH under that scenario. To download the complete report or any one of the three parts, go to: Florida Legislature Economic & Demographic Research Property Tax Study.
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Posted September 09, 2007 00:21

First Order of Business

Seeing you in September
I'm obliged to start off this month's newsletter with a shameless plug in the hope that you'll join me for breakfast at the Governor's Club on Friday, September 7. I'll be discussing immigration reform as part of the Leadership Business Council's Speaker Series. Check the calendar for details. I hope to see you there.

This month's newsletter is loaded with great guest commentary, and promises to be one of the finest editions yet.

What to make of "MADE IN CHINA?"
Frequent contributor Tom Watkins is back with another excellent "China Syndrome" column (below) addressing the quality control issues that are making Americans think twice about their Elmo dolls and other goods coming from China.

Meanwhile, Customs and International Trade Attorney Peter Quinter of the firm Becker & Poliakoff offers a rather different perspective on the Chinese quality issue, reminding us that, as "citizens of the world," we all have much to consider as we move into an inevitably globalized future.

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Posted September 02, 2007 23:02

Armory Art Center's Summer Art Camp Exhibition: Come See What We Created
Through September 7, 2007
Gallery hours: Monday - Friday 10:00 a.m. - 4:00 p.m. and Saturday 10:00 a.m. - 2:00 p.m.
Armory Art Center
1700 Parker Ave; West Palm Beach, FL
The Armory Art Center's summer ART camp students have been working throughout the summer creating their own masterpieces. These emerging artists explored activities in the visual arts such as drawing, painting, mixed media, sculpture, ceramics and more. Admission: Free and open to the public. 561.832.1776

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Posted August 27, 2007 22:28

With positive economic conditions such as low mortgage interest rates and job growth continuing in Florida, statewide sales of existing single-family homes totaled 11,674 in July and were closer to activity in July 2001 and 2002 – before the housing boom years – than the July 2006 figures, when 15,378 homes sold for a 24 percent decrease in the year-to-year comparison, according to the Florida Association of Realtors® (FAR).

Florida’s median sales price for existing single-family homes last month was $237,500; a year ago, it was $250,400 for a 5 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In July 2002, the statewide median sales price for single-family homes was $141,700, for an increase of 67.6 percent over the five-year-period, according to FAR records.

In June 2007, the national median sales price for existing single-family homes was $230,300, up 0.1 percent from the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $594,260 in June; in Massachusetts, it was $364,000; in Maryland, it was $325,427; and in New York, it was $250,000.

NAR’s latest market outlook calls for existing home sales to gain momentum by the end of the year, with broader improvement in sales activity in 2008. “Existing-home sales should be relatively stable over the next few months, holding in a modest range, with some pent-up demand growing from buyers who’ve been on the sidelines,” says NAR Senior Economist Lawrence Yun. While noting that sales could be temporarily affected by recent mortgage industry disruptions, Yun added that the “fundamental momentum clearly suggests stabilizing price trends in many local markets.”

©2007 FLORIDA ASSOCIATION OF REALTORS

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Posted August 09, 2007 13:55

UF survey: Few Floridians think their house values will dip in five years

GAINESVILLE, Fla. – Aug. 9, 2007 – Floridians are optimistic about housing prices despite the gloom pervading much of the real estate industry, a new University of Florida survey finds.

Only 5 percent of 287 Florida homeowners said they think their house values will fall during the next five years, according to the survey, which was conducted in July by UF’s Bureau of Economic and Business Research.

Eighty-two percent expected the value of their houses to rise, and 13 percent said they would remain the same. The median respondent expected a gain of 18 percent, or a little more than 3 percent a year.

UF economists said they were not surprised by the results.


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Posted August 07, 2007 00:01

First Order of Business

Guests Aplenty for August
This month's newsletter features a slew of great guest writers, offering both information and insight for World Citizens such as yourself to ponder, reference, and enjoy.

Frequent contributor Tom Watkins offers a wake up call regarding Chinese Amway salesmen.(below)

Well-known immigration attorney Jeff Devore presents a million-dollar primer on investor visas.

And Port of Palm Beach Executive Director Lori Baer explains how the port it growing up and going inland.

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Posted August 06, 2007 08:45

The market is likely to stabilize in the months ahead, according to the NATIONAL ASSOCIATION OF REALTORS®' forward-looking indicator on pending home sales.

The Pending Home Sales Index, based on contracts signed in June, was 5 percent higher from the downwardly revised May index of 97.5, but is still 8.6 percent below June 2006 when it stood at 112. The 5 percent monthly gain is the largest in more than three years, since a 6.1 percent increase was recorded in March 2004.

Lawrence Yun, NAR senior economist, says it’s encouraging that the increase occurred in all four major regions of the United States. "However, it is too early to say if home sales have already passed bottom," he says. "Still, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up demand."

The index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed.

What Happened Regionally

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Posted July 27, 2007 21:45

56th Annual All Florida Juried Competition and Exhibition
6/13/2007 - 9/2/2007
Boca Raton Museum of Art
Mizner Park, 501 Plaza Real, Boca Raton, FL 33432
The Museum's All Florida exhibition annually showcases the best emerging Florida artists. As the state's oldest annual juried competition over the years, it has introduced the work of thousands of emerging Florida artists. Admission: Adults $8, Seniors 65/older $6, Students $4, Groups of 10 or more $4.00, Members, children 12 and under are free. 561.392.2500


Tigers of Wrath: Watercolors by Walton Ford
6/16/2007 - 8/26/2007
Norton Museum of Art

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Posted July 27, 2007 13:55

Hank Fishkind: Other economists wrong - housing on slow upswing

ORLANDO, Fla. - July 26, 2007 - Economist Hank Fishkind calls other economists' dire warnings and negative news about the housing market overblown, and says that, outside of Miami's condominium market, the state's housing markets hit bottom months ago and are now on a slow return to normalcy.

Fishkind, speaking Tuesday on his radio talk show, pointed to recent stories released by respected economists. Last Friday, for example, Bloomberg news published a story with an ominous headline - "Miami condo glut pushes Florida's economy to brink of recession." It quoted Moody's/Economy.com's Mark Zandi who predicted Miami condo price drops as much as 30 percent and a state recession perhaps by October.

"There is no doubt that the Miami condominium market is severely overbuilt, and that there will be sharp price drops and massive defaults," says Fishkind. "But, this is no surprise to anyone who has followed this market." But, he adds, "It is also important to note that Florida's housing markets, outside of Miami's condo market, have hit bottom months ago. The closing volume for new and for existing homes has stabilized."

Fishkind doesn't predict a huge upswing in closings, but "they are no longer declining. Therefore, we have already seen the worst for this cycle. There is no evidence of sharp price drops anywhere in the state, and there is no reason to expect any such drops outside of Miami condos. Population growth is holding up well as the state continues to attract large volumes of retirees and working families looking for jobs."


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Posted July 25, 2007 20:58

First Order of Business

The Big Easy
The World Trade Centers Association 2007 General Assembly will be held October 21-24 in New Orleans. As founder and Chairman of the World Trade Center Palm Beach, I am planning to attend along with a group of local business leaders. If you are interested in joining us, please contact me.

The World Trade Center New Orleans has done an amazing job in tracking the colossal rebuilding effort. A "Rebuilding Synopsis" details current activities in NOLA, painting a vivid picture of a city re-emerging from the disaster that nearly claimed it.

Guest Writer of the Month: Richard Lehman
Richard is a WTC Palm Beach member and a prominent international tax attorney with over 35 years experience. He has crafted a brilliant narrative outlining the opportunities and pitfalls of US taxes for foreign investors. Translated into French, Spanish, German, Italian, Arabic and Chinese, Richard's US Taxation website has generated thousands of international leads from over 100 countries in the past year. Visit the website or click here to download the 35-page narrative in PDF.

Florida is Missing the Boat

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Posted July 17, 2007 20:21

Phillips Point, the prestigious waterfront office towers on Flagler Drive, has sold for a record $200 million or $470 per square foot in one of the richest real estate deals in Palm Beach County history. The price represents a 45 percent increase over what the complex fetched just four years ago.

Even as Palm Beach County home values slump, prices of offices, warehouses and shopping centers soar, lending credence to what analysts claim is evidence of froth in the commercial real estate market. From Publix shopping centers to industrial land, investors have been throwing cash at Palm Beach County real estate. A Publix center in Greenacres sold earlier this year for $67 million, and 537 acres at the former Palm Beach Park of Commerce changed hands last month for $162 million. From Publix shopping centers to industrial land, investors have been throwing cash at Palm Beach County real estate. A Publix center in Greenacres sold earlier this year for $67 million, and 537 acres at the former Palm Beach Park of Commerce changed hands last month for $162 million. The 423,000-square-foot complex at 777 S.

Flagler Drive last sold in late 2003 for $138 million, when The Winter Organization and Heller Properties, both of New York, bought the property.

The $470 fetched by Phillips Point topped the $462-per-square-foot deal for the Grand Bank building on PGA Boulevard. Two office buildings on Royal Palm Way in Palm Beach this year sold for $600 per square foot, but $470 is the peak for properties west of the Intracoastal. With commercial properties showing strength the housing market can't be that far behind it.

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Posted July 17, 2007 10:29

When it comes to property tax reform, the Florida Association of Realtors® (FAR), the largest trade group in the state with 150,000 members, means business.

FAR has pledged up to $1 million to support passage of an amendment to reform Save Our Homes. The amendment, which goes before voters Jan. 29, 2008, would allow property owners to continue the 3 percent tax cap they currently enjoy as a result of the 1992 Save Our Homes amendment, or to choose a new "super-homestead" exemption. This option would take up to $195,000 off their home's taxable value - providing meaningful tax relief for thousands of families.

"Passage of this amendment is critical to the future of Florida," says FAR President Nancy Riley. "It will provide first-time homebuyers a large tax exemption. It will begin to equalize property taxes among neighbors. And it will allow the people who are the foundation of our neighborhoods - teachers, nurses, police officers and emergency first responders - to afford to live in the communities they serve.

"It's time to reform Save Our Homes," Riley continues. "We invite other groups to make an investment in Florida's future by supporting this amendment."

©2007 FLORIDA ASSOCIATION OF REALTORS®

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Posted July 10, 2007 20:54

Get ready: The Florida Department of Financial Services (FLDFS) has scheduled a number of hurricane expos around the state, and many are open to the public.

Topics vary for each meeting but focus on hurricane mitigation techniques to boost a home's defenses against a storm, including information about the state's My Safe Florida Home program and defensive moves such as storm shutters and fortified garage doors.

Currently scheduled expos and topics are listed below, but for more information or to see future events, visit the FLDFS Web site at: http://www.fldfs.com/Consumers/consumerOutReach/eventsbycategory.asp.

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