Anna Maria Island News - Real Estate

New deal for condo owners
Law offers relief from financial impacts of foreclosures
Herald Yribune | Editorial June 4, 2010
Fallout from the foreclosure crisis in Florida revealed that the deck was stacked in favor of lenders and against responsible condominium owners.

A wide-ranging bill approved by the state Legislature, and signed into law Tuesday by Gov. Charlie Crist, offers some relief to the many condo associations -- and their members -- struggling to overcome the financial impacts of unpaid maintenance fees.

Before passage of the new law -- referred to as the "Distressed Condominium Relief Act" -- lenders in possession of units in foreclosure were required to pay condo association fees for only six months.

In most instances, however the foreclosure process lasts longer than six months; in many cases, lenders have deliberately delayed foreclosure sales, betting that they can get higher prices if the market rebounds. Since the lenders' liability for fees -- which often cost hundreds of dollars monthly -- was capped at six months, the bankers had little incentive to sell quickly.

The legislation extends the lenders' liability to 12 months. That's an improvement, and could provide some relief to associations and members who either are paying more -- to cover the unpaid fees -- or delaying improvements to the condominium.

Unfortunately, there's a caveat to the modest change in the law: The lenders' total liability for fees remains capped -- as it was under the old law -- at an amount equal to 1 percent of the mortgage.

Another provision in the new law could help condo associations cope with foreclosures: Associations will be able to collect rent if tenants are renting the unit while it's in foreclosure.

It's not clear how much rental revenue would be available to associations, or how they could collect and use it.

As is often the case when the powerful financial industry vigorously defends its own interests, it will take time -- and probably court decisions -- to determine whether the legislation signed this week provides fair, real relief or just shuffles the same deck of stacked cards.

The time has come to leave the fence
By Louise Bolger | sun staff writer May 12, 2010
Have you noticed it? Have you noticed the quiet hum that has settled over Anna Maria Island during the past couple of months? At first I thought it was a soft wind or a flock of pelicans overhead or even the surf, but soon I understood. I realized that what I was hearing was not a force of nature but a force of humanity as every homeowner on the Island stopped holding their breath.

Anna Maria real estate is back with a vengeance, and if you don’t believe me take notice of Anna Maria Island real estate companies and brokers who are advertising in this publication their sold and under contract properties right alongside their available properties. Not only is this a good strategy on their part, they’re also providing great information to potential buyers especially those who may still be on the fence. And if you’re one of those buyers who are still on the fence, time to take the leap, if it’s not too late already.

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Robert E. Hunt Beautification Award
January 26, 2010
The Image Manatee Committee is proud to present the 20th Annual Robert E. Hunt Beautification Award to the Tortuga Inn Beach Resort. Tortuga Inn Beach Resort is a beach-to-bay luxury resort conveniently located on Anna Maria Island. In 2003, David Teitelbaum acquired the resort and over the next six years, totally repositioned, renovated, and refurbished the property. The resort includes six unique buildings of hotel rooms and suites nestled within lush landscaping and swaying palms. With its tropical charm, and scenic sunsets, Tortuga Inn truly embodies island vacationing. Whether it’s relaxing at the sparkling gulf-side sundeck and pool or fishing off the private dock overlooking Sarasota Bay and the Intercoastal, the property at Tortuga Inn Beach Resort is a friendly little paradise found right here in Manatee County.
According to Kimber Bereiter, Chair of the Image Manatee Committee, “The image of our community is often interpreted based on our visual environment and first impressions. Through their efforts of creative landscape design and maintenance and the use of native plant species to instill a tropical charm, Tortuga Inn makes a positive impact on community pride and economic growth.”

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Teitelbaum honored by peers
By Tom Vaught - Sun Staff Writer - November 11, 2009
David Teitelbaum is a busy man. He runs three resorts in Bradenton Beach, serves on the Manatee County Tourism Development Council and he's organizing an Island-wide effort to raise money to keep the trolleys free to riders. Rotary Club of Anna Maria Island President Judy Rup presented Tortuga Inn, Tradewinds Resort and SeaSide Resort owner David Teitelbaum with the Rotary’s businessperson of the year award at the Island Chamber of Commerce Installation Banquet on Monday, Nov. 9. .
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Wanna Buy a Condo in Paradise?
Business buzz - November 23, 2009
The combination of stingy banks and short sales has created some genuine opportunities for cash buyers, says David Teitelbaum, who manages several resort properties on Anna Maria Island and who is a real estate agent there as well. His flagship property, which gets good write-ups and is managing nearly an 80 percent a year occupancy rate, is Tortuga Inn Beach Resort.
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Trolley appears fare-free for another year
By Rick Catlin and Lisa Neff | Islander Reporters - July 8th, 2009
Manatee County administrator Ed Hunzeker agreed with Island mayors June 28 to keep the trolley fare-free, while at the same time endorsing a "Save Our Trolley" campaign proposed by Island businessman David Teitelbaum.
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County benefits from publicity
By Dale White -Published: Saturday, March 21, 2009
MANATEE COUNTY - The power of favorable publicity is giving motels and other tourist-related businesses on Anna Maria Island and the Manatee County half of Longboat Key a shot of financial adrenaline. Despite the ongoing recession, motel and hotel occupancy rates in Manatee County were only slightly down last month compared with February 2008, a drop from 71.3 percent to 70.3.
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