News: Current Articles
Citizen's Commercial Insurance
Florida's small-time commercial landlords and many of the
small-business owners who rent space from them have been hit with the
same fast-rising insurance premiums that have been shocking homeowners
since a series of hurricanes raked the state in 2004-05. Earlier this
year, lawmakers handed the problem to Citizens Property Insurance
Corp., the state-backed insurer of last resort, whose commercial
coverage until now has been limited to high-risk coastal areas. As a
result, Citizens will offer windstorm coverage to commercial-property
owners statewide starting June 1 - the official start of the 2007
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New 9-hole Ibis Course
New 9 hole Ibis course now open at Pelican Preserve at Ibis. With the exciting addition of the new nine-hole course Ibis there are not twenty-seven holes of championship golf available for play at Pelican Preserve.
Abounding water, sand and grass hollow hazards are perfectly complemented by generous landing areas and the gentle contours of the Chip-Powell designed course. You'll appreciate the challenges and rewards of all twenty-seven holes, with striking fairways that weave through the spectacular 1,100-acre community.
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Special Tax Session Called
Special session on property tax formally called on May 10, 2007
House and Senate leaders Wednesday formally called a special session on property tax relief for June 12-22 and appointed a joint committee to draft proposed legislation in the interim. Senate President Ken Pruitt, R-Port St. Lucie, and House Speaker Marco Rubio, R-West Miami, had announced plans for the special session last week after the chambers were unable to sort out their differences on the issue with only two days left in the 60-day regular 2007 session. It ended last Friday. The joint committee is scheduled to meet May 21 to review and discuss options and June 4 to present proposed legislation.
Lawmakers are trying to find a solution to soaring tax bills resulting mainly from rising property values. They also are looking at inequities in the system that have resulted in some taxpayers getting bills many times higher than neighbors with similar properties. Pruitt and Rubio called the special session to deal exclusively with property taxes, and they have been adamant that lawmakers should focus only on that issue.
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Eminent Domain Lawsuit
Two legal advocacy groups that sued the city last year over its use of eminent domain will withdraw their lawsuits on May 9th, and declare victory for local businesses and homeowners.
The Pacific Legal Foundation and the Institute for Justice represent Riviera Beach business and home owners who sued after the city council entered into an agreement with its master developer, Viking Inlet Harbor Properties, to use eminent domain.
In the deal a year ago today, the council agreed to take private property on behalf of Viking as part of its $2.4 billion waterfront redevelopment. Viking had plans to turn 400 acres of mostly blight along the Intracoastal Waterway into shops, restaurants, a hotel, marina, aquarium and condos.
The council's deal with Viking was an attempt to continue using eminent domain even though then-Gov. Jeb Bush was about to sign Florida's new eminent domain law, which outlawed the practice of governments taking private land and giving it to developers for the purpose of economic development. The Pacific Legal Foundation's managing attorney said it was withdrawing the lawsuit because her clients feel secure that the city will not try to use eminent domain in violation of the law.
Crist Speaks on Tax Reform
Gov. Charlie Crist said Monday that the Legislature should resolve property tax issues, not leave them to a constitutional panel that is taking a broader look at Florida's taxation and budget systems. Crist and lawmakers have promised to cut soaring property taxes and make them fairer in response to taxpayer protests, but they were unable to get that done during the Legislature's regular 60-day session, which ended last Friday.
The governor, though, said he hoped the Taxation and Budget Reform Commission, which is meeting this year and next, would have "as little as possible" to do on those issues. The Legislature will try again during a June 12-22 special session called by House Speaker Marco Rubio, R-West Miami, and Senate President Ken Pruitt, R-Port St. Lucie. The Florida Constitution requires the commission to be formed this year and again every 20 years thereafter.
It has the power to put proposed constitutional amendments on the ballot but also can make recommendations to the governor and Legislature. Its next meeting is May 18 in Tallahassee. Crist said he met with or called about 50 legislators over the weekend to discuss property taxes. He said he told them "We need to get this done." Crist also has consulted with former Gov. Reubin Askew, who advised him not to worry that lawmakers failed to resolve it during the regular session because they could either get it done in special session or leave it to the constitutional commission.
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News from Florida Association of Realtors®
The Florida Senate President and House Speaker announced today that there would be a special session between June 5-15 (exact dates not yet set within that time frame) to enact property tax reform legislation. Senate President Ken Pruitt (R-Port St. Lucie) said that while the House and Sen-ate conferees have come a long way toward compromise, they feel that they just cannot come to terms in the final three days of session with the necessary reform for Florida’s property owners.
While I am disappointed the Legislature didn’t finalize the property tax reform plan during the regular session, the 30 days they will be home before the June special session allows us even more time to make our voices heard. Your legislator will be home for the next four weeks and it is your turn to be the great grassroots lobbyist that I know you can be. Keep the pressure on through our Call to Action system located in the Legislative Center at http://floridarealtors.org.
It is my hope that a special legislative session devoted entirely to this issue will be able to deliver even more comprehensive tax reform than what could be negotiated in the waning hours of the regular session. The Legislature will be able to roll back rates immediately and, if we remain strong, we will get our special election this year for portability and other constitutional issues that must be ratified by the voters.
Property Tax Update - May 2nd, 2007
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Crist signs bill giving hurricane prep tax break
Gov. Charlie Crist on Monday signed a bill into law making certain hurricane and severe weather preparedness items tax-exempt from June 1 - the first day of hurricane season - through June 12.
"The smart thing to do is just be ready for it, go out and make the kind of purchases that make you more safe and your family more safe, and so I appreciate the sponsors' hard work and the common sense nature of this kind of legislation," Crist said. "It is just the right thing to do."
Citizens have a civic duty to prepare for storms by stocking up on supplies and developing emergency plans, said Craig Fugate, director of the state Division of Emergency Management. Help with such planning is available on the agency's Web site, http://www.FloridaDisaster.org.
Martingale Estates State Road 714 Stuart, FL
Located near Florida’s Treasure Coast, Martingale Estates offers a limited amount of five- to seven-acre lots, each providing an escape to rejuvenate and unbridle your spirit.
The community’s prime location, just east of Interstate-95 and south of State Route 714 in Stuart, provides an oasis from urban sprawl yet exceptional convenience and accessibility to dining, shopping and outdoor activities. The private community is perfect for the equestrian, someone seeking an idyllic setting on a ranch-style property. Martin Memorial Medical Center, a national award-winning hospital, is close at hand, along with a school system rated “excellent” by the state of Florida. Take pleasure in the amenities of the nearby Treasure Coast. Hutchinson Island beaches and the St. Lucie and Indian River intracoastal waterways are minutes away. Take advantage of Stuart’s excellent year-round weather and enjoy offshore fishing or diving in the Gulf Stream’s coral reefs. Explore historic downtown Stuart or enjoy shopping and restaurants along the banks of the St. Lucie River, all just minutes from your doorstep. Martingale Estates boasts some of the most desirable land in Martin County. Contact us at info@Oneworldrealty.com for current prices and availability.
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Crist Still Pushing for Tax Cuts
Gov. Charlie Crist told a crowd of more than 500 angry homeowners this Tuesday (4-24-2007) that he will not back down until Florida lawmakers reduce property taxes dramatically. Crist showed little sympathy for city and county government officials who worry that lowering property taxes will mean a reduction in services. "How much money do they need?" Crist shouted while striding across a stage at Palm Beach Community College's Eissey campus.
Crist said local governments have reaped a fortune from rising property assessments and are more interested in paying for bigger government than helping people who need tax relief. This is a cry that many of us have heard before as working real estate professionals. The County Commissioners have refused to address an adjustment in our taxes after the valuations soared with the new appraised of homes. Someone in the crowd complained loudly that the Palm Beach County Commission has $2.3 billion in reserves and set-asides, Crist acted shocked. "County government ain't a bank," Crist said. "It's your money, and they ought to give it back to you." Crist and Lt. Gov. Jeff Kottkamp, who was in Punta Gorda, are having a series of town hall meetings around the state to stir support for lowering property taxes.
Florida lawmakers, who have less than two weeks left in their 60-day session, have explored a variety of ideas but the House and Senate remain far apart. Some in the crowd wanted more than just promises of lower taxes and property insurance. Several kept asking: "When?" "Enough is enough. We got the message," Crist said repeatedly, adding that he expects lawmakers to get the job done by the time the session ends next week. "We want to drop property taxes, and we want to drop them like a rock." Sounds as though we should consider doing the same with some of our commissioners!
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Palm Beach County April Events
For details on these and many other events, please visit the Palm Beach County Visitors Bureau event calendar.
- Escape from Torry Island 4/21/2007 Belle Glade
- Easter Egg Hunt and Easter Egg Roll
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Insurance Oversight
The Florida Department of Financial Services' (FDFS) Division of Agent and Agency Services, Bureau of Investigation, investigates property insurance violations by Florida insurance agents, as well as health, life, auto, workers' compensation, bail bond and title insurance.
"Consumers trust insurance agents to ensure they receive adequate coverage and the services they pay for," says Florida Chief Financial Officer Alex Sink. "We will aggressively pursue any agent who takes advantage of a customer, especially as so many Floridians are struggling to keep up with rising premiums."
Sink yesterday announced the arrest of Christopher Millsaps, 45, of Orlando, who targeted several larger commercial business clients in Orange and Seminole counties. Millsaps told them they owed additional insurance premiums and to remit the payments directly to him, though he then deposited the money into his personal account. With the assistance of Millsaps' agency employer, the FDFS confirmed necessary coverage to all of his victims.
Florida household numbers up, despite hurricanes
"At this point we haven't seen any real drop in growth from the hurricanes - the sky hasn't fallen," says Scott Cody, a demographer at UF's Bureau of Economic and Business Research, who prepared the report with Stan Smith, an economics professor and the bureau's director.
Florida was struck by four hurricanes in 2004 and two in 2005.
The number of housing units in Florida occupied by permanent residents increased by 952,938 in 2000 to an estimated 7,291,013 on April 1, Cody said.
The 2006 household estimates were based on 2000 census data and changes in electric customer and building permit information since 2000. Households are defined as housing units occupied by permanent residents and do not include those for seasonal residents.
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New Florida Insurance Adjustment Document
The Florida Office of Insurance Regulation announced it has added a new page to its website that allows Floridians to view adjustments to their premiums based on recent insurer filings. The rate changes are required by the new property insurance reform law. The web page will allow consumers to view the amount of the new rate cuts and is available at http://www.floir.com/PresumedFactor/Report1.pdf* (external pdf). Legislation passed during the recent Special Session of the Florida Legislature required the Office to calculate the Presumed Factors to estimate cost savings for consumers living in various regions of the state.
It is important for the public to understand these are average savings. The discounts in region 1, which contains zip codes from North Florida and the Panhandle, could average 10.2 percent of the total policy premium. The discounts could increase to an average of 52.8 percent of the total policy premium in region 25, which contains zip codes from Miami-Dade. When the insurer's filing is approved, policyholders can work with their agent to determine the exact savings based on their particular circumstances.
Also know that some insurers have not yet filed or have filings in process. Policyholders who do not see their insurance company on the webpage should not be concerned, as the webpage will be updated as additional information becomes available. All insurers are required to submit a second "reconciliation" filing by September 30, 2007 when all reinsurance arrangements have been finalized. If insurance companies have underestimated the potential savings, they will be required to provide an additional discount following this "true-up" filing.
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Market Shows Signs of a Rebound
Statewide existing-home median sales prices remained stable at $242,100 in the fourth quarter. A year ago, it was $245,600, a slight 1 percent decrease.
In 2001, the fourth-quarter statewide median sales price was $128,400, which reflects an increase of 88.5 percent over the five-year period.
The statewide median sales price for condos decreased 3 percent to $205,200 for the three-month period; a year ago, it was $212,100.
The study, which interviews 318 experts, including lawyers, financial advisers, title insurers, and real estate professionals, concluded that fundamentally the Florida market is strong.
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Officials approve stronger Citizens plan
State officials approved a new business plan for Citizens Property Insurance, allowing the state-run insurer to be more competitive with private insurers and offer some savings to policyholders. The plan, required by the new insurance law passed in January, calls for Citizens to offer a complete policy covering windstorm damage as well as fire, theft and liability in the state's designated windpool area.
Bruce Douglas, chairman of Citizens' board of governors, told the Cabinet that 900,000 policyholders, out of its total 1.3 million, already have multiperil coverage with the company. "This plan is a natural extension of what Citizens already does," said Douglas. It would make Citizens more efficient because it would have to service just one policy. Also, the company estimates that policyholders who opt to buy a single, complete policy from Citizens will see a 10 percent reduction in rates. Mixed policies out of its 400,000 windstorm-only policies, some 118,000 homeowners
have their fire and theft coverage with a private insurer. The remainder already have all their coverage with Citizens, but in two separate policies.
The insurer is hoping those 118,000 opt for Citizens' single policy. But Douglas said the company realizes these homeowners might have multiline discounts with their current private carrier, such as for autos and home. That discount could be greater than the savings Citizens is offering. Douglas also noted that with expansion Citizens can "compete with the voluntary market."
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Refunds for Citizen's Customers
Refund checks will be in the mail starting today for some customers of state-backed Citizens Property Insurance Corp., Florida’s largest home insurance company.
If you’re a customer with a single-family house who already paid for the rate increase that took effect Jan. 1, you’ll get money back soon. How much you’ll get depends on where you live, but refunds will be higher for homeowners in Citizens’ high-risk area, which includes neighborhoods east of Interstate 95 in Broward County and neighborhoods east of I-95 or Alternate A1A in Palm Beach County.
Customers in Citizens’ high-risk area will see their premiums go down an average of 25.3 percent in Broward County and an average of 22 percent in Palm Beach County, according to a rate adjustment filing Citizens made Friday with the state Office of Insurance Regulation.
Historical Home Information
From time to time our clients ask us questions which we feel would benefit a large number of people. When these types of questions arise we post them here on our web site for everyone to view.
Q. We are looking at a historical home in Palm Beach County how do we know if all the renovation have been done correctly throughout the years?
A. With the aging housing stock in certain areas of Palm Beach County, coupled with the renaissance of older neighborhoods, situations in which a home with unpermitted remodeling is sold to an unsuspecting buyer are becoming more frequent. Many times the seller is unaware that the work they did needed a permit, or it was done by a previous owner. In some cases, the buyer does not find out about the problem until several years after purchase, but the unanticipated expense and hassle this situation causes can turn a dream home into a nightmare.
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Real Property Disclosure
From time to time our clients ask us questions which we feel would benefit a large number of people. When these types of questions arise we post them here on our web site for everyone to view.
Q. Does Florida law require that a seller of a property provide a buyer with a written property disclosure?
A. A seller is not required under present Florida law to provide a buyer with a written real property disclosure.
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March 2007 Palm Beach County Events
West Palm Beach Women's Show: March 16 - 18, 2007 at the Palm Beach County Convention Center. Celebrity Cooking Stage, High Fashion runway show. 3 days of fitness tips, culinary delights, fashions, fragrances, and celebrity speakers.
Batter Up! Spring Training baseball at Roger Dean Stadium. Full month of baseball daily with the World Series Champions: The St. Louis Cardinals and the 2003 World Series Champions - The Florida Marlins.
Pet Parade Contest on Worth Avenue: - Gucci Courtyard - March 10, 2007. Prizes and surprises, starts at 9:30 a.m. Pets walk the runway in their designer fashions.
World-Class high-goal polo at the International Polo Club in Wellington. The C.V. Whitney Cup finals are played through March 11th, and the USPA Gold Cup competition is March 18 - April 1st. Public facilities include a state-of the art stadium with seven polo fields, as well as viewing stands, elevated box seating and tail gate party's on weekends for family fun.
Augustus Saint-Gaudens: American Sculptor of the Gilded Age
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