HOME & CONDO SALES PREDICTED TO MAKE STRIDES

More and more positive mentions of home sales are being seen in the media.

NAR projects that sales will have a gradual upturn becoming more pronounced by the end of 2007. FAR reports that statewide sales of existing single-family homes in Florida totaled 12,607 in May, which is more in line with May 2002 activity, prior to the housing boom years, than May 2006 with 19,072 homes – a 34% decrease in the year-to-year comparison.

The MSA (Metropolitan Statistical Area) reported that the Boca-West Palm area had 741 homes sold last month compared to 982 a year ago, producing a 25% decrease. Median price was $387,800 whereas in May 2006 it ws $391,000 resulting ina 1% decrease. 613 existing condos changed hands last month, up 11% from the 552 condos sold the previous year. Existing condo medial sales price in May was $217,400; a year ago it was $218,900, for a 1% decrease.

Among the state’s larger markets, the West Palm Beach-Boca Raton Metropolitan Statistical Area (MSA) reported 741 existing homes sold last month compared to 982 homes sold a year ago for a 25 percent decrease. The market's median sales price for homes was $387,800; it was $391,000 in May 2006 for a 1 percent decrease. A total of 613 existing condos changed hands in the MSA last month, up 11 percent from the 552 condos sold the previous year. The existing condo median sales price in May was $217,400; a year ago, it was $218,900 for a 1 percent decrease.

BRINY BREEZES PROJECT HITS A BUMP IN THE ROAD

Last January, Briny Breezes residents voted to sell the 43-acre park to Ocean Land, Inc. for $510-MM. The Treasure Coast Regional Planning council, which covers Indian River, Martin, St. Lucie and Palm Beach Counties is, for the first time, reviewing an entire town and the Department of Community Affairs is reviewing the town’s rewritten comprehensive plan. A digital model was prepared of what a development of the maximium density, 40-60 units per acre, would look like.

With no independent city council, the developer is in charge. Ocean Land has been urged by the council’s staff to be more specific in its plans and to show they were compatible with surrounding development. Ocean Land plans about 900 condo and time-share units and a 349-room hotel in several towers rising above state road A1A.

Ocean Ridge and Gulf Stream, neighboring towns, have opposed plans and mentioned that Boynton Beach could annex the resort, and that the developer could help ensure that enough affordable housing is available there for resort workers.

Hurricane worries for a high-rise have been mentioned for a building so densely populated on a barrier island. Environmental groups have spoken against the project. There is concern that the number of units it would take to reach a standard return on the investment was alarming at best. Cost of insurance could be a problem. Water, sewage and traffic are concerns. Storm evacuation could be a problem.

The DCA will return the plan to Briny Breezes by the end of the month with comments for changes and final approval, and then will further review the plan.

ISRAEL BONDS INVESTMENT BILL SIGNED BY GOV CHRIST

A bill authorizing county and local governments throughout the state to invest surplus funds in bonds backed by the full faith and credit of the State of Israel has been adopted by the Florida State Legislature, starting July 1st, and was signed by Governor Charlie Christ on June 8th at a ceremony at Temple Beth El in Boca Raton.

Those authorized to invest are state agencies, municipal fire and police pension funds and local governments.

Gov. Christ recently returned from a trip to Israel that focused on bilateral trade between Israel and the State of Florida.

The first Israel bond was sold in 1951 and close to $25-billion in investment capital has been secured for the development of every aspect of Israel’s economy including agriculture, commerce and industry, and to absorb Jews from the former Soviet Union, Ethiopia and elsewhere.

More than $100-million of Israel Bonds are purchased every year within the State of Florida by individuals, corporations, pension plans, universities, hospitals, foundations, unions, banks and insurance companies.

“PROTECTING FLORIDA’S INVESTMENTS ACT” SIGNED

Florida has now become the first state in the US to link its public investments with the actions of “rogue” nations.

The new law allows Florida to divest some of its $150-BB fund and other public investments from firms that refuse to stop doing business with or otherwise support Iran and Sudan. Genocide and the development of nuclear weapons by Iran, the “world’s leading state sponsor of terror,” will not be sponsored by Florida, said Senator Ted Deutch (D-Boca Raton) and he praised Florida Governor Charlie Christ, just back from a trip to Israel, for signing the bill.

Deutch says he is working with other states to accomplish a similar program, and Governor Christ has sent letters to Governors of 49 other states encouraging them to follow suit. Deutch said the use of the law would require three steps: Identify firms with ties described by the law, Engage those firms “in a dialogue that causes them to understand what they are doing, and Ask that those ties be severed. If they are not severed, those stocks will be divested from the pension funds holdings.

This bill was signed by Governor Christ at Temple Beth El in Boca Raton.

TAX CUTS ARE IN.....

Dear Property Tax Reform Supporter:

I am excited to announce that an agreement has been reached between the House and the Senate on the tax cut levels for historic relief and reform package that will save Florida taxpayers $31.6 billion over the next five years. This is, by far, the largest tax cut in Florida’s history.

I cannot be more proud of the excellent work of our negotiating team and the valuable input from our respective legislative chambers. Together, we are bringing forth a thoughtful and comprehensive plan that will give every property owner – homestead, non-homestead residential, and commercial/industrial – a tax cut this year. We are confident that when this plan is implemented, Floridians will finally have a more equitable tax system that will yield property tax bills that they can afford to pay.

The details of the plan are provided below. Thank you for continued involvement in this very important issue. Please e-mail us at info@nomorepropertytax.com for more information.

Sincerely,

Marco Rubio

Speaker, Florida House of Representatives

$15.6 billion in Immediate Tax Relief and Reform (Statutory Changes)

• Beginning this year, every category of property taxpayer will benefit from the cut and the cap that the statute imposes.
• All cities and counties will be required to cut taxes in the upcoming 2007-2008 fiscal year to the 2006-2007 revenue levels. These local governments will then be required to make an additional cut of 3%, 5%, 7% or 9%. The level of cuts will be determined by a formula that analyzes their taxing performance over the past 5 years, measured against a statewide average.
• Special taxing districts and fiscally limited cities and counties will be required to cut taxes to the 2006-2007 revenue levels and make an additional cut of 3%.
• A cap on future property tax revenues (based on the rate of personal income growth and new construction) will be imposed to ensure that government cannot grow faster than personal income.
• Local governments may override the cut and the cap. The method for the override will vary based on the magnitude of the local government’s action (escalating from a supermajority vote of the local governing body, to a unanimous vote of the local governing body, to a referendum).

$16 billion in Further Tax Relief and Reform (Constitutional Amendment)

• The estimated average savings for a homestead property (combining statutory and constitutional changes) will be $1,300 in 2008-2009. This average savings represents a 44% reduction.
• “Save our Homes” is replaced with a new “super exemption”. An estimated 73% of homesteaded properties will receive a greater benefit under this new exemption.
• The new “super exemption” will be as follows:
• Level 1: Homestead Property will receive an exemption of 75% of the first $200,000 in value of the home. The minimum exemption is $50,000 per homestead.
• Level 2: In addition to Level 1, homestead property will obtain another 15% exemption for the next $300,000 in value.
• We will grandfather the tax savings and assessment cap for the minority of property owners who have greater benefits under the current “Save our Homes” plan.
• We will preserve all existing constitutional exemptions based on special circumstances, including those now provided to disabled veterans, low income seniors and agricultural lands.
• Because the tax base for all taxing authorities will decline under the constitutional amendment, the fiscal analyses reflects a reduction in school funding. We intend to hold schools harmless from these cuts.

Other Constitutional Changes

There has been agreement to address remaining issues such as additional relief to low income elderly taxpayers, offering incentives for affordable housing and providing tax reform for “working waterfronts” and small businesses. Small businesses will receive a $25,000 tangible personal property tax (TPP) exemption resulting in a total exemption for $1 million of the 1.3 million businesses who must pay this tax. Furthermore, those who receive a total exemption on their TPP will never have to file the burdensome paperwork associated with the tax again.

BRINY BREEZES

BRINY BREEZES

The developer’s plan for 60 units per acre in Briny Breezes is being contested by locals. Hottest issue is the density level. It was pointed out by Ocean Ridge Mayor Ken Kaleel that this complex will be built on “a fragile piece of land,”. The developer offered $514-MM for the 43 acres that includes 600’ of the Atlantic Ocean frontage. Right now there are 12 units per acre with the trailers on the land, and Boca Raton, as an example, has maximum density of 20 units per acre. Some of the issues mentioned include overburdening roads, stretching scarce natural resources, and insurance increases from overbuilding on vulnerable barrier islands. Figures were mentioned that there were 488 existing trailers, and plans are to build 1500 units, either condos, timeshares or hotel rooms. The developer describes that portion of A1A as an arterial road, but the FDOT classifies it as a collector road, which is subject to higher standards. The county is concerned about a bigger need for sufficient drinking and firewater as well as traffic concerns and environmental issues. The developer’s preliminary proposal is being reviewed and expected to be finished June 29^th, when further debate no doubt will begin. For comments on the proposal you can email Robert Dennis, Regional Planning Administrator at bob.dennis@dca.state.fl.us.

CORNELL MUSEUM’s 13th ALL-FLORIDA JURIED FINE ART EXHIBITION OPENS

The Cornell Museum of Art & History at Old School Square Cultural Arts Center is holding this event June 14 through Sept 8. Competition closed in March, open to all Florida artists. There were more than 200 entries. There will be 70 works by 59 artists displayed including watercolors, oils, acrylis, graphites, dollage, pen and ink, mixed media, stone, wood, digital and traditional photography.

On June 21 from 5:30 pm to 8 pm $2500 in cash prizes will be awarded at an awards reception. Prizes will include Best of Show, three Awards of Excellence, Special Recognition Awards and Merit Awards.. No cost to Old School Square members and exhibiting artists, $6 for others.

Museum’s summer hours are Tuesday-Saturday, 10:30 am – 4:30 pm. $6 general admission, $4 students and seniors, children 13 and under are free. For more information call 561-243-7922.

FLORIDA’S HERITAGE TO BE SHOWN IN ART SHOW & THEATRE AT SUGAR SANDS PARK

Willow Theatre presents “The Life of Ivy Stranahan: A florida Pioneer, Saturday June 23^rd at 2 pm. Reknowned historical Chautauqa portrayal artist tells tales of old Florida, with Mrs. Stranahan trekking through knee-deep mud, championing the Seminole Indians cause and becoming Ft. Lauderdale’s first teacher, a portrait of achievement and courage. Tickets are $12. Purchase at box office (561-347-3948).

The Boca Historical Society exhibits will include”Herstory: Boca Raton’s Pioneer Women.”

Sugar Sands Park Community Center and the Willow Theatre are located at 300 S. Military Trail, B oca Raton (561-347-3900 or www.sugar-sandpark.org).