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A Sandestin town hall meeting is scheduled for 2:00 p.m. January 10th at the Linkside Conference Center’s Grand Ballroom.  Only  Sandestin  Resort owners may attend, according to Sandy Matteson who serves as executive director of the Sandestin Owners Association (SOA).  Northwest Florida Daily News seems to have taken offense at the fact that news media is not invited to the event.

According the SOA website, Sandestin CEO  Tom Becnel will present his ideas to the homeowners.  Ideas with regard to opening a “small entertainment-based gaming facility” just west of the Marriott Courtyard on Highway 98.

This may all be moot as Florida Senate president Don Gaetz has stated in no uncertain terms that he does not support the bill in the Florida Legislature that would create a State Gaming Commission.  The bill is structured in such a manner so as to possibly/eventually  license up to five gambling casinos in Florida but again, passage seems unlikely.

The foreclosing lender will often pay up to a point, but we have seen many cases in which the back HOA fees exceed $50,000. We are working on one now with a $65,000 HOA lien on it!

Yes. Maybe. Our elected Mensas in the U.S.  Senate, in an effort to aid and assist an ailing real estate industry (ha!),  voted to increase mortgage fees on newly originated Fannie Mae, Freddie Mac and FHA loans. This increase will equate to $180 per year on a $200,000 mortgage, and will last for the life of the loan.  This new tax is said to be necessary to extend the much publicized “payroll tax cut” for an additional two months.  Okay, then what? And besides, who ever said that intelligent life exists in Washington?

Congress may very well choose to reject this latest Senate proposal, in which case the payroll tax cut may be allowed to expire. If so, expect a cut in your take-home pay come January 1st.

Florida businesses posted record gross sales of nearly $80 billion for the month of September, the most recent month for which figures are available. This increase represents the first such monthly record since the “Great Recession” began.  While increases were noted through most urban areas of the state, conspicuously lagging was SW Florida. According to the Herald Tribune, Sarasota and Manatee Counties reported some of their worst performances since June 2011 and February 2010 respectively.

Northwest Florida counties posted large gains in bed tax receipts for October. Okaloosa, Santa Rosa and Walton counties reported collection increases  of 14.7, 10.9 and 42.7  percent respectively.  According to the Okaloosa County Tourist Development Council,  Okaloosa had the best October ever. Bed taxes for Okaloosa County are primarily generated through hotel and condo short term rentals in Destin and Okaloosa Island.

Not all sales numbers are gloomy in the Sunshine State …  According to state officials last week,  The Florida Lottery is expecting a record year in sales, to the tune of $4.26 billion!  After many years of consistent growth,  Florida Lottery sales declined as the economy faltered in 2009.  

So what is behind the surge in ticket sales? Some say it is a sign that the economy is recovering. Others contend that consumers are simply feeling more desperate. One thing is certain … With retailer-giant Wal-Mart jumping on the Florida Lottery bandwagon, Lottery officials must be giddy. 

You would be hard-pressed to find a convenience store in Florida that does not sell Lottery tickets today. Supermarket chains in Destin, Ft. Walton Beach and South Walton like Winn-Dixie and Publix have long been on board, and most independents have jumped into the fray as well. The sale of a winning ticket can mean huge rewards for the vendors. In fiscal year 2008-09 Florida retailers earning a staggering $220 million in Lottery sales commissions.

The Lottery is not likely to go away any time soon. With states around the nation scrambling for dollars, shortfalls abound. Florida Lottery officials claim that the Lottery generates a whopping $1 billion per year toward education and college scholarships. That equates to 5% of Florida’s $20 billion annual education budget.

According to PMI, their Chapter 11 bankruptcy filing is in response to the seizure of two of its subsidiaries by their primary regulator in Arizona last month. The subsidiaries include PMI Mortgage Insurance Co. and PMI Insurance Co., who make up a significant share of the private mortgage insurance market in the U.S.

According to PMI, they now wish to “raise additional capital from new investors in order to allow a third subsidiary, PMI Mortgage Assurance Company, to serve as a platform to write new mortgage insurance nationwide”.

The Arizona Department of Insurance said that PMI will be making claim payments “at 50 percent”. Presumably, that means that the unpaid balance of the claim will become part of the bankruptcy creditor claims. It is interesting that none of PMI’s subsidiaries themselves filed bankruptcy, only the parent company. While PMI states that they will continue to operate in the ordinary course of business, as a debtor-in-possession, their operations will be under the scrutiny of a Federal Bankruptcy Court.

Sitting on approximately $735 million in unsecured notes that are now due and payable, it is yet unclear as to how PMI’s move will impact the many lenders around the nation who are presently seeking claims reimbursements. Also in question is how this may impact the many tens of thousands of short sales that PMI has insured. If bankruptcy court approval will now be required for claims authorization, the short sale process nationwide and along the Emerald Coast as well could be dealt yet another unwanted setback. Time will tell.

Yes, it is possible, if you qualify. In fact, we were selected to participate in a pilot program designed to assist distressed homeowners in the area. Many of our short sale sellers are receiving what is referred to as “relocation assistance” dollars at closing. We have assisted sellers who have received amounts of from $2,000 all the way up to $20,000 and even $35,000 at closing. 

For information on short sales, bank foreclosures and general real estate topics, please visit www.FloridaBrokers.com or email us at smith@realtor.com

State Senators Don Gaetz and Greg Evers, joined by Reps. Brad Drake, Matt Gaetz and Doug Broxon addressed approximately 50 constituents at NW Florida State College in Niceville on Thursday night to field comments and concerns with regard to the proposed beach re-nourishment project on Okaloosa Island.  At the end of the day, the group voted to oppose the project.

Opponents of course believe that the sand to be used to shore up Okaloosa Island beaches will be too dark and will diminish the quality and desirability of the beach. Proponents believe the $12 million re-nourishment project is necessary to prevent future encroachment and erosion along the 2.8 mile stretch.

In September, an administrative judge agreed with the opponents and  recommended that DEP reject the beach re-nourishment project on the basis that the sand would be “too dark, have too many shells and have too high a carbonate content”.  The Okaloosa County Commission has supported the project all along. In fact, they recently filed a response in opposition to the judge’s decision. That is, until this week, when Okaloosa Commissioner Bill Roberts said the issue  should be dropped “because it has become too divisive”. An answer from DEP was otherwise expected by Dec. 29th. 

With Roberts about-face on the issue, for better or worse, the beach restoration project on Okaloosa Island is effectively dead. A public hearing will be held on January 17th to officially pull the plug. How this may affect future re-nourishment projects in the area is anyone’s guess.

The Florida Supreme Court will be hearing an appeal on whether or not the Legislature can approve slot machine operations anywhere in the state.  An appellate court decision said that the Legislature can approve them, but the legislation is being opposed by moral grounders, competing business interests and some rather influential corporations such as Walt Disney World. Among other claims, opposition expresses the fear that casinos may tarnish Florida’s family-friendly image.

If the ruling survives the Florida Supreme Court challenge, lawmakers may  begin permitting casino resorts literally anywhere in the state. Some Bills have already been filed for next year’s legislative session, which will begin January 10, 2012.  The Bills could serve to license three casino resorts in South Florida.

There does not seem to be much of a push to establish further gambling in NW Florida. (We already have the Ebro Greyhound Park and Gambling Room near Panama City.) Although, Ft. Walton Beach was quite the gambling mecca during the 40’s. The area was gaining so much unwanted attention over the illegally operated casinos that the Florida governor actually removed the Okaloosa County Sheriff from office and appointed someone to crack down on these activities. Some of the old timers had joked that Ft. Walton Beach at the time had more neon than any other city east of the Mississippi River.

Also at odds with city residents was the limited discount that would have resulted. Waste Management stood to receive a large increase in both revenues and profit. Revenues because the city would bill out each and every residence.  100% of all homes and condos within the city limits would be assessed. Profit because Waste Management would no longer have to bill out 5,000+ invoices and quarterly stickers for the individual cans. Additionally, Waste Management would no longer have any billing delinquency issues such as they have now.  

What is next for garbage collection in the World’s Luckiest Fishing Village? I would suggest that if garbage collection is our biggest challenge next year, 2012 should be a very good year!