Highland Beach Condos, Boca Raton Homes, Boca Raton Real Estate Advice and Opinions: January 2011

Under an immense amount of pressure, the city of Boca Raton narrowed down a list of companies to do the site plan for the 15 acre park along Ocean Blvd.   The applicants are Ibi Group, Curtis Group, Kimley Horn, Slattery & Associates, Calvin Giordano, and Bermello, Ajamil & Partners Inc.

City of Boca residents have been very vocal in their opinion to make sure that the Ocean Strand project is not used commercially as it was presented from a developer last year.  Many believe that a private beach club may be in the works, but hope that is only a rumor.

The City of Boca has assured residents that they want a site plan drawn up first before tending to any rezoning to park and recreation.  If it does become a public park as it is slated it will be one of the many nice features the city is doing.  Kudos to the City of Boca Raton for being proactive.

I have been against the whole zillow thing from the beginning, but with their huge presence in our marketplace I cannot ignore them anymore.  Many consumers use the zestimates as gospel.  We all know that they may be inaccurate, but perception is reallity and you know what we have to start looking at them.  How do you overcome the zestimate?

Many of us start the new year with great intentions, but never follow through. 

• We make our business plan.
• We talk about what are goals are.
• We read motivational books
• We rev up that positive energy

Then something happens. What happens?  Why did you lose your Mo Jo? 

Did you know they say January 17th every year is the most depressing day.  Do you know why?

• Its because consumers realize how hard it may be to achieve their goals and they also look at all the bills they just piled up from the holidays.
• The honeymoon ends and we come to terms of what 2011 and the new year may bring.

Did you know their is no perfect solution for hard work.  You must do the work.  You must have a plan and most importantly execute the plan.

Business plans to some may seem:

• Unnecessary
• too much work
• Not worth it

Those who believe they do not need a business plan are those same people doing the same thing over and over again and expecting a different result.  That is also the definition of insane.

You need a business plan and you need goals.  You just don't need a business plan or goals, but you have to stick with your plan throughout the year. 

So here is one of my favorite quotes.  it is by a person who during his coaching days I despised, but he is one amazing motivational speaker.  The Coach's name is Lou Holtz:

"If you are bored with life, you don't get up in the morning with a burning desire to do things.  You don't have enough goals" Lou Holtz

As of January 1st, 2011, Palm Beach County Sales tax went down to 6% because the .5 cent sales tax ended on December 31, 2010.  However, apparently not everyone knows this or they conveniently forget.  All of my leasing companies with copiers, marketing firms, and everything else it seems keeps charging me 6.5%.  On the surface it does not seem like a lot, but when you are paying out $5000 a month in copy expenses it adds up.  SO stop charging me,.

City Furniture invited 1000 guests to tour their newest superstore near I-95 in Boca Raton.  This particular City Furniture will be a 94,000 square foot "green" store using all the latest technology. 

The grand opening was on January 13th and included a tour of the latest modern and traditional styles of furniture they have to offer.  The store will have a huge economic impact on the City of Boca Raton by bringing jobs to the area as well as more people to the area.

From Sun Sentinel:

Does it count if I kissed a girl, and then she became a realtor? Over the years we have seen lots of husband & wife teams form.  Many of them very successful.  However, I have seen a little bit of an alarming trend.  Many of these husband & wife teams are forced out of the business or one of them is forced into a more stable salaried position.  What I do not understand is that although real estate agents get paid 100% on commission there are many ways to have a steady stream of income.

In order to ensure a steady stream of income we must first look at how we generate our business.

• Sphere of Influence:  These are the most qualified leads we receive.  They are referrals of people you know.  If you increase the number of people in your sphere of influence then you will increase your business.  This should be about 50% of your business.
• Cold Calling or Prospecting:  Do you make phone calls to FSBOS or Expireds every morning?  Are you Consistent with your Prospecting?  I rarely Cold Called, and do most of my prospecting in forums like these or internet based such as updating my blogs or my websites.  These leads however tend to be less qualified.  It becomes a numbers game.  The more of these leads the more business you will receive.  This should be about 15% of your business.
• Walk ins or Up Calls:  Many of us get very little of this becuase most of us do not work in an office setting.  Many of us work from home.  Although I still believe working in the office is better, many choose to work from home.  These are the least qualified leads.  Many are just looking kind of like the shopper who just says to the salesperson "I am just looking thank you"  except they run you around for 10 days showing all kinds of properties before telling you that they are not ready to buy.  This should be less then 5% of your business.
• Internet Leads:  These are increasing everyday, and if you plan it right and have a clear marketing message over the internet you will be surprised at how qualified these leads can become.  Many of these internet consumers do all the legwork for you before selecting an agent to work with.  If you are lucky enough to get quite a few of these leads they will lead to a steady income stream.

Those are my 4 ways of stabilizing your career, and beginning to have a steady stream of income.  I have made basically the same amount of money for the last 7 years besides 2005 in which i doubled my average, and last year where I was 50% higher then my average income for the last 7 years. 

I start by coming up with a business plan.  Not just a template business plan, but one that is specific to your market.  This requires hours of research, but will be amazingly beneficial in the long run.  You should take the amount of total transactions last year in your target or local market, and look at how many sides you had divide them, and you will get the percentage of market share you have.  You must then look at your total expenses, and add 10% just in case.  Now you have to set a goal of transaction I try and be very detailed.  I look at doing 2 transaction sides a month with an average commission of $8,000.  You must also spell out how you are going to increase your business.

• Are you going to spend more time prospecting and how will you prospect?
• Are you going to spend money for advertising, and where would those advertising dollars go?
• Are you going to be more efficient and manage your time?  How are you going to manage your time?
• What else are you going to do to increase your income?

Remember you are a business, and you should treat it as such.  Too many agents do not treat themselves seriously so why should their consumers?  Once you change your attitude, and mindframe you will find it easier to do more effective business. 

Get out there, and go kiss a realtor you might like it!!!

Saw this article, and it is further proof how our market is going to shape up in 5-10 years.  How the creditors will look at short sales compared to foreclosures.  There is no reason at all to go into foreclosure when a short sale for most is an option.

Bank can go after other assets in Florida if you default on mortgage

TALLAHASSEE, Fla. - Jan. 10, 2011 - Worried that your bank might go after your other assets if you're late on the mortgage or lose your home to foreclosure?

It can happen in Florida, especially if a bank sells your foreclosed house and doesn't recoup the full loan amount and if you're a big-dollar borrower.

With nearly half of all mortgages under water in South Florida, plenty of residents may wonder if their home lender can garnishee their wages or suddenly lock down their deposit accounts.

Rules on tapping assets vary by state and depend on the terms of specific loans and accounts.

Problems on typical home loans usually don't crop up before foreclosure. They tend to come after the bank sells the home and ends up short.

In Florida, banks can go to court for a "deficiency judgment" to collect the rest of the money owed on a mortgage after foreclosure, said Anthony di Marco, vice president of the Florida Bankers Association.

Banks can pursue other assets with that judgment. They can file a lien on your boat or car. But "they can't jump priority on a loan," so the lender for that boat or car has first dibs to collect, di Marco said.

Florida banks usually don't target other assets after foreclosure if they don't see much to tap. "Collecting on judgments is time-consuming and costly," said real estate attorney Shari Olefson, a partner at Fowler White Boggs in Fort Lauderdale and author of "Foreclosure Nation: Mortgaging the American Dream."

But banks pay more attention to borrowers with multimillion-dollar homes or businesses that default on big commercial properties. The lender can check if the customer has other accounts with the same bank. Depending on the terms of those savings or checking accounts, they may move to freeze, sweep, garnishee or otherwise tap those accounts to collect money owed, Olefson said.

There's another risk for smaller borrowers later. Banks may sell their deficiency judgments to a collection agency. The judgments are valid for up to 20 years. That leaves an agency focused on collections ample time to come after you for the balance still due, she said.

"That's why it's so important for people to deal with these mortgage problems upfront," Olefson said. "So if you have the chance to do a short-sale through the bank, or if you have the chance to negotiate with the bank and clear up the loan - rather than have this financial time-bomb ticking over your head for years - you'll be so much better off working with the bank."

And be sure to get any settlement reached with the bank in writing, mortgage specialists add.

No matter what, some types of assets are off the table when banks look to collect money due on homes.

Some federal payments cannot be garnisheed at any time to cover a mortgage. Those include Social Security checks, veterans benefits and some railroad retirement payments, among others, according to the American Bankers Association in Washington, D.C.

Some states don't let banks go after an individual's assets after a home is seized and sold, said Mark Tenhundfeld, the association's senior vice president of regulatory policy.

Even with a deficiency judgment, Florida law specifies 11 items that cannot be garnisheed to pay court orders in most cases, including unemployment benefits, disability checks and payments from Supplemental Security Income, a federal anti-poverty program.

Consumers in Florida have complained about what they see as improper garnishments by banks.

The Florida Office of Financial Regulation said concerns often center on Supplemental Security Income payments garnisheed to pay the mortgage loan.

But a consumer can reverse the practice by showing that the law exempts that income from garnishment or by going to court to resolve the issue, said Flora Beal, a spokeswoman for the regulators office.

Banks have sometimes garnisheed funds that are electronically deposited into a customer's account, not knowing that the money came from exempt sources, according to the Florida Bankers Association.

The borrower's recourse: Inform your bank that the money is exempt and seek to get it back, said the association's di Marco.

That's not always easy, according to South Florida building contractor James Clare III.

Clare said he fell off a roof during a job, was disabled and lost income. He ran late on mortgage payments and other bills. One day, he found that his bank would not allow him access to a disability award electronically deposited into his account at the same bank.

Clare engaged a lawyer, but he said it took weeks for the bank to give him access to the funds and then, only after he agreed to bring some payments up to date.

"I had no choice. It would have cost me more to go to court. My attorney said by the time I'd pay all the fees and all the bills over a year or two, the money's gone," said Clare. "It was the most frustrating time."

Copyright © 2011, Sun Sentinel, Fort Lauderdale, Fla., Doreen Hemlock. Distributed by McClatchy-Tribune Information Services.

Mizner Park in Boca Raton since being taken over by the city has done a series of upgrades.  The most recent one is to be completed by March.  It shall include repairs to the elevators, a complete paint job, stucco work, and lighting.  Mizner Park is the most famous landmark in Boca Raton, and I am glad to see that it is getting upgraded.

There is some more ramblings about the possibility of The Palm Beach Kennel Club opening a Poker room at the closed down Walmart on Palmetto Park Road and 441.  This may still only be a rumor, but I think it is a little scary to say the least.  It is surrounded my single family home residential neighborhoods.  I do not believe the streets around there would be able to hold the kind of traffic a poker room would bring.  Lets hope it is not true and just say no to poker in Boca Raton.