Housing data points to Romney victory in Fla

If the housing market is any sign, GOP presidential hopeful Mitt Romney will win in Florida today -- maybe the biggest swing state of the contest.

Swing state housing analysis conducted by RealtyTrac this week gives Romney the nod over President Barack Obama with real estate voters in Florida.

Romney would win the majority of swing states (5-3) and their electoral votes (58-37), but Obama would still secure enough to squeak out a victory in the overall electoral vote count, 274-264, according to the RealtyTrac survey.

Hopefully we will know the true outcome by tonight.

The presidential data was based on a recent Swing State Housing Scorecard by RealtyTrac that analyzed key housing market data like average home prices, unemployment, foreclosure inventory, foreclosure starts and percent of distressed sales.

Florida’s housing market is worse off compared to four years ago based on four of those metrics — falling average home prices, rising unemployment, increasing foreclosure inventory, and growing foreclosure sales — while only foreclosure starts have improved since Obama’s big win in 2008.

Wisconsin, Colorado, Iowa and New Hampshire also favor Romney in the housing study. Nevada, Virginia and Ohio go to Obama.

Please don’t forget to vote today, and stay tuned to Bradenton.com for all of the results!

Also, follow me on Twitter @JoshSalman

What the housing market looked like last election

A majority of the talk in political arenas has, and will continue, to focus on the U.S. economy until a president is elected in November.

It has been the focus of TV ads, debates and even new reports trying to sort out if the economic picture is brighter now than when President Barack Obama rode the wave of change into office four years ago.

A new study released by RealtyTrac shows the housing picture in Manatee and Sarasota counties has mostly improved, with home prices the slowest measure to rebound. While the job market also has shown signs of life this year, it has not yet restored to the rates of 2008.

Foreclosure inventory in Manatee has slimmed from the 4,587 in 2008 to 4,362 today. In Sarasota, the tally has shrunk from 6,838 to 5,660, according to RealtyTrac.

A drop in new foreclosure starts and continued demand for middle-class housing has fueled the trend, shrinking supply of all housing types in the area.

Manatee had 4,508 new foreclosure starts in 2008 and only 1,593 today. In Sarasota, the 6,349 new foreclosures four years ago has evaporated to 2,738.

Although those indicators show signs of progress, prices have been slow to respond.

The average sales prices in Manatee in 2008 was $319,201 compared to $216,527 today. In Sarasota, the $274,335 average also continues to run higher than the latest reported figure of $199,310, according to RealtyTrac.

Unemployment, which often drives trends in the housing market, has improved slowly of late. But it has yet to catch the pace of 2008.

Since 2008, the jobless rate in Manatee has risen overall from 8.7 percent to 9.7 percent. The same was true for Sarasota, where the rates climbed from 8.4 percent to 9 percent even during that time.

The share of sales that were distressed (foreclosures and short sales) fell in Manatee from 15 percent in 2008 to 13.5 percent now. Sarasota's dropped from 20 percent to 15 percent.

The housing health check looked at the measures for all 919 US counties with the information available.

“The U.S. housing market has shown strong signs of life in recent months, but many local markets continue to struggle with high levels of negative equity as the result of home prices that are well off their peaks. In addition, persistently high unemployment rates are hobbling a robust real estate recovery in most areas,” said Daren Blomquist, vice president at RealtyTrac. “While the worst of the foreclosure problem is in the rear view mirror for a narrow majority of counties, others are still working through rising levels of foreclosure activity, inventory and distressed sales as they continue to clear the wreckage left behind by a bursting housing bubble.”

For the latest business updates, follow me on Twitter @JoshSalman

Lakewood Ranch sees housing surge

As I reported in my story Thursday, existing home sales in Manatee and Sarasota counties have climbed through summer, increasing prices and shrinking inventory.

The trend is evident in Lakewood Ranch, where strong housing numbers also have carried over to new home construction, the region's employment backbone.

There have been 397 new homes sales in Lakewood Ranch through Aug. 31, a 48 percent surge over last year’s pace, when a total of 391 closed during the entire year, according to Schroeder Manatee Ranch, the community’s developer.

So far this year, buyers have closed on 251 resales in the massive master planned community. That means 61 percent of all 2012 sales have been new homes, a number you would be hard pressed to find anywhere else in Florida.

SMR has 27 builder retail contracts in The Lake Club this year. There are now 214 homes under various stages of construction.

Typically, new homes in Lakewood Ranch are priced about 10 percent above resales, but as the number of foreclosures continues to fall, prices of existing homes are regaining value.

That’s pushed resale prices in the community just 2 percent below new for a comparable property, a trend largely fanned by a lack of resale inventory and contributing to the construction demand.

During the downturn, there were more than 600 existing homes listed on the market in Lakewood Ranch; now there are 115.

About 36 percent of the resales this year have been all cash deals, according to SMR.

For the latest business updates, follow me on Twitter @JoshSalman.

Home building activity on the rise in Manatee

If you read the Bradenton Herald today, you hopefully caught my housing story on how recently thinning inventory of existing single-family homes has impacted the market. If not, catch up here.

As supply slides, bidding wars are erupting on foreclosures. Other desirable properties also are beginning to attract multiple offers, sometimes more than even a seller’s first asking price, records show.

The trend should ultimately increase values across the board –  giving underwater homeowners who have been stuck in an unfit property since the crash with a renewed opportunity to sell.

It also will boost interest in new home construction, which already has unfolded in many measures.

There were 137 new residential building permits pulled in Manatee County in August. While that’s down some from the 154 in July, it remains ahead of last year’s tally by one-third, according to the county.

So far this year, developers have pulled 1,041 new residential building permits in Manatee, a 24 percent jump from the 840 during the same time in 2011.

Much of the progress has come in Lakewood Ranch, which remains a hot spot for buyers seeking new.

For example, Taylor Morrison on Tuesday announced construction of a new model home in one of Lakewood Ranch’s newest communities, Haddington in Country Club East. The neighborhood includes 76 home sites, with houses ranging in size from 2,000 to 4,000 square feet.

For the latest business updates, follow me on Twitter @JoshSalman

Busy week at Bradenton Herald

This is a very busy week in the Bradenton Herald newsroom.

Just 45 minutes north, about 50,000 out-of-state visitors are convening in downtown Tampa for the Republican National Convention. We have several reporters covering all of the action live. For updates, check Bradenton.com frequently.

The event is expected to generate a huge economic boon for Manatee County -- filling up hotels rooms, tables at restaurants and other area attractions.

At the same time, we still have reporters covering any fallout from Tropical Storm Isaac, which turned out to mostly miss our area. Surfers are enjoying the rough waters, and the tourist who are still here are not afraid to make their way to the beaches. So far, no major damage has been reported in Manatee.

The good news: Piney Point, a former phosphate facility near Port Manatee, escaped the storm without any toxic runoff. This is one of the few positive developments to occur at the site since a liner tear in the gypsum stacks last year sent 170 million gallons of toxic water into Bishop Harbor on Tampa Bay.

You can read all about Piney Point here.

The bad news: The storm will increase gas prices in Manatee by as much as 20 cents a gallon in one week as refineries along the Gulf states halt production to protect themselves against potential damage.

For the latest business updates, follow me on Twitter @JoshSalman

Neal Communities off to strong year

If the sales by Neal Communities are any indication, 2012 is shaping up to be a good year for home builders.

The prominent Manatee County developer continued its speedy pace of new home sales in July, spurred by strong buyer interest in the Central Park neighborhood of Lakewood Ranch and Woodbrook, Neal’s newest community in south Manatee County, the company said.

The 22 sales between those two communities accounted for slightly more than half of Neal’s total of 44 in July and helped push year-to-date sales up to 325, almost 36 percent above the first seven months of 2011.

Also this month, Neal sold four homes in the East Manatee community of River’s Reach, five sales in Belleisle in Lakewood Ranch Country Club East, and four in Lakewood Ranch Country Club. Forest Creek added four sales and Sawgrass chipped in with two purchases.

The recent sales activity has come even after Neal increased its new home prices four times in several different communities within the last 60 days.

“Summer is normally the slow season,” Pat Neal, president of Neal Communities (pictured), said in a statement. “Despite some price increases, our team continues to please buyers with our offerings. This month’s performance nearly matches our year to date monthly average of 46 sales. We’re very pleased and are looking forward to a strong second half with the introduction of new inventory in existing communities as well as community unveilings.”

Market conditions now bode well for new homebuilders seeking to increase supply.

Existing homes for sale in the region have held below the six-month inventory threshold for most of the year, which traditionally signals a shift to a sellers’ market.

The Sarasota Association of Realtors reported that the inventory of homes for sale dropped to 4.1 months supply in June, a new 10-year low.

And Neal is striking while the iron is hot.

Neal’s newest community in Venice, Grand Palm, is set to open in early fall. The recently purchased Boca Royale Golf & Country Club near Englewood also will open in 2013.

For the latest business updates, follow me on Twitter @JoshSalman

Foreclosures show mixed bag

Foreclosures are on the rise again in some of the nation's largest metro areas, including Bradenton-Sarasota.

The region had 5,702 properties with a foreclosure filing during the first six months of the year, a modest 2 percent jump from the second half of 2011 and 20 percent spike from the same time last year -- when foreclosures were still slowed by lender fraud issues, according to data released by RealtyTrac that was embargoed until midnight.

One in every 70 housing units in the greater Sarasota area has been a foreclosure this year, for a rate of 1.42 percent -- placing the area 26 on RealtyTrac's national list of the 212 worst foreclosure rates.

Half of the nation’s 20 largest metro areas in terms of population documented increasing foreclosure activity from the previous six months, led by Tampa-St. Petersburg-Clearwater with a 47 percent climb.

Foreclosure activity in the first half of 2012 was up from the previous six months in 125 of the nation’s 212 metropolitan areas with a population of 200,000 or more.

The recent surges were fanned by an uptick in new foreclosure starts, or lis pendens, which have been rising in Southwest Florida for much of the year as banks work to process the defaults that were temporarily put on hold during the robo-signing issues.

But a subsiquent report also released Wednesday by CoreLogic suggests the numbers might not be all that bad.

Foreclosure rates in North Port-Bradenton-Sarasota fell in May from the same time last year, according to the CoreLogic data.

The report shows foreclosures represented 11 percent of all outstanding mortgage loans in the greater Sarasota area in May, a decrease from May 2011, when the rate was 12 percent. Foreclosure activity in North Port-Bradenton-Sarasota was higher than the national foreclosure rate of 3.41 percent.

The local mortgage delinquency rate also slid, with 16 percent of mortgage loans 90 days or more delinquent, a 0.67 percentage- point yearly drop.

For the latest real estate news, follow me on Twitter @JoshSalman

Real estate on the up and up

Real estate in Manatee and Sarasota counties is on the upswing.

As I first reported in my story this morning, which also will appear in Friday's Bradenton Herald, home sales across the area continue to move at their fastest pace since the historic boom.

Existing single-family home sales have been on the rise for much of the year, with 1,402 homes in Manatee County closing to date, a 14.4 percent jump over the same time in 2011 -- a year that saw the healthiest real estate market since the recession, records show.

At the same time, foreclosures have faced a lull for some time now. Although new home defaults have increased of late, the recent slowdown from the lender fraud issues have allowed buyers to catch up on the once overwhelming prensence of distressed housing.

The end result has been a housing market with its thinnest inventory in a decade.

Aside from bottom-dweller scratch-and-dent properties, which are causing problems of their own, and multimillion dollar estates,  there's simply not much left for the typical middle-class buyer who requires financing.

With just more than four months worth of existing inventory between the two counties, new home construction is picking back up. Developers typically like to see about six months worth of housing supply available before building speculation homes, the crossroads between a buyer's and seller's market.

We passed that benchmark months ago.

There were 174 new single-family building permits issued in Manatee in June, a 51 percent jump from the 115 and May and 49 percent climb over the 117 recorded at the same time a year ago, according to country records.

New home building permits measure when a developer is cleared to begin work on a new house, but it doesn't necessarily mean building activity will commence immediately.

Either way, it's a good sign.

When new construction picks up, construction hiring picks up.

And for the 350,000 construction workers in Florida who lost their job since 2006, that's the best news yet.

For the latest business updates, follow me on Twitter @JoshSalman

Mall deal progresses but nothing's final

Waiting, waiting and waiting some more. That's been the story with the DeSoto Square Mall deal now in the works.

As I first reported in my story early last month, Simon Property Group Inc. has found a dance partner for the aging Bradenton mall, which has slipped into foreclosure.

The buyer has not been identified, but a commercial broker familiar with the deal said the company carries a recognizable name and plans to renovate the property into a discount-oriented shopping center once the transaction closes.

Waiting and waiting.

More than a month later, the deal seems to be progressing, but nothing is final at this point. A special servicer assigned to case has not posted any new notes since June 6. The letter of intent on the property remains in place.

Simon, the world largest shopping mall owner, has been delinquent on its payment 10 of the last 12 months. The company's $61.9 million loan on the 492,997-square-foot portion of the mall it owns fell into danger of immanent default in 2010, according to Trepp, a real estate analytics firm.

Waiting and waiting.

Now, Patrick Berman, senior director of the retail brokerage at Cushman & Wakefield of Florida Inc., has been ordered to stop commenting. This comes after he claimed last month to not only know the buyer, but also was aware of its intentions for the property as well.

Of course Simon, and the commercial firm it has hired to market the mall, won't comment.

Waiting and waiting.

For the latest business updates, follow me on Twitter @JoshSalman

Fresh Market store gears up

A new Fresh Market specialty grocery store now under construction on Manatee Avenue West has penciled itself for a late summer opening.

The store targets wealthy communities and consumers who are more health-conscious. Known for its massive produce department -- with many items locally sourced -- and organic groceries, the retailer has thrived through a period of tame consumer spending.

As I reported in my story today, construction is ahead of its initial schedule, which first called for a fall opening. The store will bring 90 new jobs to the area.

It also will bring competition for Publix and Sweetbay, which each have a strong base of loyal customers in Southwest Florida. Calls made to officials at both stores weren't responded in time for deadline, but the beauty of the Internet is I can share those comments with you now.

Shannon Patten, corporate spokeswoman for Publix Supermarkets on Bradenton's new Fresh Market store, which becomes the second in Manatee County:

"Over the years we have seen the retail grocery landscape change significantly.  We believe that competition is healthy; it makes us all step up our game and ultimately the customer wins.

Regardless of the stores that open in markets in which we operate, we are always reviewing aspects like promotions, product mix and store environment in an effort to provide our customers with the best overall shopping experience.

Publix has been a strong and stable company for more than 80 years. These days, people can get grocery items at many different places, but we have very loyal customers who appreciate the environment and service we offer them every single day."

So there you have it. Publix is not too concerned.

I'm a Publix guy myself, but my wife loves Fresh Market and constantly frequents the store on University Parkway. Where do you like to shop for groceries? Are you excited about the new Fresh Market? And could you see yourself shopping there regularly?

For the latest business updates, follow me on Twitter @JoshSalman

And Happy Fourth of July! Celebrate safely!

Fresh storm and health care coverage

Tropical Storm Debby has made for a busy week at the Bradenton Herald.

I'm sure by now you all have seen the array of stories and photo galleries, which actually helped Bradenton.com flirt with record high page views this week.

The storm also kept us working overtime on the business desk. The week opened with a story on how the storm impacted industries across Southwest Florida both positively and negatively. We also had an exclusive story tracking the restaurant sector, which had a bad start to the week to say the least.

Now, emergency management officials are soliciting businesses to report any uninsured storm losses for the possibility of reimbursement, while also keeping tabs on damage to public property.

We also today will be meeting Florida Power & Light President Eric Silagy to talk about all things going on with the utility giant. Both the proposed rate increase and Debby reaction will be among them, so look for that.

We will have local reaction at Bradenton.com today when the ruling is released on President Barack Obama's controversial health care reform. I know right now businesses across Southwest Florida are sitting on pins and needles.

(UPDATE 10:35 a.m.: The Supreme Court has upheld the entire health care law with a 5-4 vote.)

For a full primer on the health care reform, check this story out.

And be sure to follow me on Twitter @JoshSalman for the latest business updates.

Help a small business win $250,000

It appears to be contest season in Manatee County, small business contests that is.

As I reported in my story today, an entrepreneur who makes specialty bath soaps from her Lakewood Ranch home is one of five national finalists vying for $15,000 in small business support as part of a contest sponsored by PostNet, a Denver-based business solutions franchise.

Keep an eye out because the winner will be announced later this week, and we will have updates for you right here and on Bradenton.com. If you haven't checked out this company yet, do so.

Kristi's Klean Kreations makes some of the most unique products I have ever seen, with soaps ranging from college mascots to sea creatures and even foods like cheeseburgers and bacon. That's right, a bath soap that looks and smells exactly like the greasy breakfast staple. They're pretty popular too.

My personal favorite is the beer soap (pictured).

Also, area resident Cheryl Brady has entered her business Vet Care Express Animal Ambulance into the ongoing "Mission Small Business" contest sponsored by Chase Bank and LivingSocial. The program will be awarding a total of $3 million to U.S. small business to highlight their importance in the economy.

Brady needs 250 votes on Facebook for her application to be reviewed by the contest panel and a chance for $250,000. People can vote for Brady here.

In just two years, Brady has seen business climb significantly. She has transported more than 1,300 area pets, while tripling both call volume and revenues. Brady would use the winnings to add vehicles and increase the company's call service area.

For the latest business updates, follow me on Twitter @JoshSalman

Oh, and stay dry out there!

Citizens Property Insurance Corp. 101

The eight-member board of directors for Citizens Property Insurance Corp. on Wednesday unanimously named Barry Gilway, an insurance industry veteran from Maryland, as the state-run carrier's new president.

The vote displaced long-time banking regulator and Gov. Rick Scott supporter Tom Grady (pictured) from his interim post. Grady was among those seeking the permanent seat. Get all of the details here.

The decision comes just two days after Grady came to the Bradenton Herald newsroom to meet with editors and myself to discuss issues facing the industry giant. The stop was part of statewide tour to meet with lawmakers, policy holders and community leaders before he forms a recommendation on whether or nor to raise Citizens premiums.

Grady believes a rate increase will likely be needed to make Florida's insolvent insurance industry more competitive. Citizens, which was created to become the insurer of last resort, instead has become the insurer of default.

With more than $1.4 million customers, Citizens is growing a rate of 1,000 new policies a week. The insurer has $500 billion in total exposure and less than $10 in hand to cover those expenses, records show.

Industry experts say Citizens is destined for financial failure should major storm rip through the Sunshine State, likely causing many more private companies to bow from the market.

I'm writing a story that explains all of these financial problems, the pros and cons of a Citizens rate increase, and detailed explanation of how the state carrier works -- which many Citizens policy holders still don't understand. For all of that, be sure to grab a copy of the Bradenton Herald on Monday or check back at Bradenton.com.

UPDATE: You can read the story here, which has all of the details you could ever want to know.

Also today, the Manatee Chamber of Commerce will unveil its coveted small business awards during the annual luncheon. Of course, I will be covering the event.

I'll post updates as soon as the results are announced. I also will be tweeting live from the event, so if you don't already, follow me on Twitter @JoshSalman

Who's the DeSoto Square secret buyer?

The unidentified buyer of DeSoto Square Mall has become the best kept secret in town.

Simon Property Group Inc. is more than $20 million underwater on the property, which was first built in 1973. The company has been delinquent on its payments 10 of the 12 months, allowing its $61.9 million mortgage to slip into foreclosure this year, according to real estate records.

The largest owner of malls in the world is poised to shed one from its inventory, as a deal is pending with an unidentified buyer that plans to turn the aging mall into a discount shopping center.

But who is this mystery party involved?

A retail broker familiar with the deal said the buyer carries a national brand name most will recognize.

Benderson Development Corp. seems to have a hand in almost all commercial activity going on between Sarasota and Manatee, including the proposed 115-store University Town Center. But a company official said Tuesday they were staying out of this one.

Taubman Centers Inc., also a partner on the Town Center project, is a national mall developer and big player in retail. But Taubman specializes mostly in upscale centers, and it's unlikely they would be the ones that opt to renovate DeSoto into a discount mall.

The biggest developer of Outlet-style shopping centers is Simon, which also owns Ellenton Premium Outlets, but they're the sellers not the buyers.

Wesfield, which owns two malls in Sarasota and another just north in Brandon, could be viable option. A spokesman for the company declined to speculate about any potential deals this week, but I get the feeling it's not them ... just a hunch. They like to stick to traditional and more upscale shopping malls, which again is different from the plans now being drawn up at DeSoto Square.

Who are we overlooking? What's your best guess on the new buyer? And will you shop there again if they make some renovations and add outlet stores?

For the latest business updates, follow me on Twitter @JoshSalman

Chamber announces beautification awards

The Manatee Chamber of Commerce has recognized three area businesses for their beautification efforts.

The Image Manatee Beatification Awards for the second quarter were handed to River Wilderness Golf & Country Club for the multi-family residential category, Fish Hole Miniature Golf for the small retailers category and the Ellenton Premium Outlets (pictured) for the large retail category.

The chamber selects beautification award winners each quarter, with a final winner for the year announced during the annual meeting each February. Finalists are nominated by Chamber members, and the winners are voted through a committee.

Other finalists this quarter included: Lofton Meadows Apartments, Water’s Edge Bradenton, Atlanta Bread Company, Irene’s Resort Wear, Island Cabana, Rice’s Appliances, Budget Self Storage Cortez Road, Holiday Inn Airport, and Holiday Inn Express.

"First impressions are very important and lasting," Chamber President Bob Bartz said. "We need to make good first impressions on new residents that may be coming here, new businesses that may be coming here, and new tourists we want to come back. It's important to continue to work on this."

For the latest business updates, follow me on Twitter @JoshSalman

The real story of foreclosures

Everywhere you turn there's a different report tracking foreclosures. A new one is released just about everyday. The problem is they all conflict.

The same is true with bankers, Realtors and economists who weigh in on the topic.

Some say we're pretty much doomed because a tidal wave of foreclosures put off during the "robo-signing" fiasco are on their way to flood the market. Others argue that theory is over-blown because lenders know it would strip profits from their own pocket by causing home prices to bottom.

The unemployment picture is the kicker because it controls whether borrowers can afford their mortgage or not. But labor trends haven't given us a clear answer either.

(Screaming voice): What's really going on with the foreclosure picture in Southwest Florida?

Here's a few stats that might be able to help.

There were 66,000 completed foreclosures in the U.S. in April, compared to 78,000 in April 2011 and 66,000 in March 2012, according to CoreLogic.

Since the start of the financial crisis in September 2008, there have been about 3.6 million completed foreclosures across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.

Approximately 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the national foreclosure inventory as of April, down 3.5 percent from a year ago, CoreLogic said.

Florida had the highest ratio of homes in foreclosure last month at 12 percent, or 92,137 properties.

But alas, help is on the way, as another report shows.

Foreclosure sales accounted for 26 percent of all U.S. residential transactions during the first quarter — up from 22 percent in the fourth quarter and from 25 percent in the first quarter of 2011, according to RealtyTrac.

The average sales price of homes in foreclosure or owned by the bank was $161,214, the organization said.

Manatee County logged 572 foreclosure sales in quarter one, a 26 percent jump from the previous quarter and 2.5 percent rise from the first quarter of 2011.

What does all of this mean? Well, apparently foreclosures are still coming down the pike pretty strong, but there's also still a huge demand for them among buyers.

What do you think? Will foreclosures slow down any time soon? And are you getting tired of reading all of the reports yet?

For the latest stories on all things real estate check Bradenton.com regularly and follow me on Twitter @JoshSalman

First impression from Robrady visit

I made a visit to ROBRADY Design in south Manatee today to meet with the product development firm's CEO Rob Brady.

In one word: wow.

It looks like you're everyday business center at first glance. But open the doors to the design studio, and you're immediately punched in the face with excitement.

The company helps design products for sectors ranging from electric power sport vehicles to health care. It's latest endeavor -- a specialized belt conceptualized by a chiropractor that eases women's menstrual pain when worn. 

Because I like power sports more, I'm going to focus on that for now.

Life-sized design printouts from their prototype models dress the walls of Brady's office. Downstairs in the design studio, the actual vehicles line the center of the room like a dealership ... talk about eye candy!

The part that really hit home for me was when Brady showed me the Styrofoam test design of an electric scooter next to the actual commercialized product (pictured). Just like that, the scooter went from concept to realty.

The firm, which has about 60 employees through five buildings in the Manatee-Sarasota area, even specializes in helping other entrepreneurs bring their ideas to market. That's accomplished, in part, through a partnership with the University of Florida, where ROBRADY has a hub.

The research initiative also gives UF students some practical experience in today's evolving economy. Pretty cool stuff.

To learn more about ROBRADY Design, and the broader picture of growth in the local high-tech industry, check out my story slated to hit the newsstands Monday. As always, you can also find it at Bradenton.com.

For the latest business updates, follow me on Twitter @JoshSalman

News Train highlights evolving industry

Every day when I report to work,  I hope to give you an inside look into at least one or two businesses before I go home to my family for the night.

Today and tomorrow I'm in Coral Gables with East County reporter Nick Williams for the Miami News Train media conference at the University of Miami to brush up on my story-telling skills.

But I also saw the trip as a unique opportunity to give readers an inside look into the business of journalism, which unlike banks or real estate, you won't frequently read about in the paper.

There's an ongoing struggle in the industry over how to best keep operations viable as readership quickly shifts from the print newspapers, which we charge for, to our Bradenton.com content, which we don't. The primary business model right now relies on online advertising, a system driven by "clicks" or online page views in many cases.

Journalism always has been cut-throat, with reporters hustling to get the news correct (most important) and before the competitor (also important). The proliferation of the Internet has thrown that mindset into over-drive. The more quality stories you publish and the more breaking news you get first, the more page views you're likely to host on your website. That equates to the money that allows news companies to keep operating.

Many old-timers argue that model has changed the industry for the worse, with stories now just a three paragraph online post and a tweet before reporters move onto the next one. That's great, and it absolutely serves the community's vast hunger for information. But it also has made a lot of online news stories a mile wide and an inch deep.

According to presenters at the News Train conference, readership still is driven by in-depth writing that captures the emotion of the audience.

This weekend, we're learning better ways to deliver the best of both worlds -- throw up an online post, tweet about it, tell your Facebook friends, make a few calls and write a touching narrative for tomorrow's paper. Sprinkle in a multimedia component and you have full circle coverage.

That's what readers want, and that's what we want to deliver. Because essentially, the more readers and ads we have, the more revenue we have. The more revenue the company has, the longer I stay employed. That's simple business 101.

For the latest on all things business, follow me on Twitter @JoshSalman

Welcome to Miami

Bradenton Herald East County reporter Nick Williams and I will be travelling today to Coral Gables, where we will spend the next two days attending the "Miami News Train" media conference at the University of Miami.

Why am I sharing this you ask? Well, this is a business blog, and most media organizations are businesses. That's right, we try to make a profit too.

During the course of the conference, I will be tweeting tidbits and news that will be of interest for both members of the media and outsiders who want to gain an inside look at the industry.

I also plan to post at least one blog here each day to give you a run down of the goings on, which I expect to be plenty. A quick look at the agenda includes seminars on interactive story telling, building a mobile strategy, the data mindset, social media reporting and beat mapping.

And don't worry, I left the paper with plenty of solid business stories to cover my absence, especially Monday, which will feature a look at the job market for teens seeking summer employment. You will be able to find the story at Bradenton.com.

Follow me on Twitter @JoshSalman or Williams @_1NickWilliams

Houses, planes and commercial deals

There's a lot happening in the business world this afternoon.

For starters, the Sarasota-Bradenton area was ranked in the nation's top 10 for "turnaround towns" for the third consecutive quarter during the weekend.

The area's No. 9 ranking was among seven cities in the Sunshine State to make the report’s top 10, which was compiled by Realtor.com, the online property search website for the National Association of Realtors.

The website dubbs the list as an index of the country's top housing markets helping drive an industry recovery.

The area reported homes in March were up 23.7 percent compared to February, dipping 1.4 percent from the same time last year. Median list prices also rose 12.6 percent in the Sarasota-Bradenton market for the first quarter 2012, while inventory shrunk 27.7 percent over the year.

Other Florida cities listed in the top 10 included Miami at No. 2, Orlando at 3, Naples at 5, Fort Myers at 7, Lakeland at 8 and Tampa at 10. Punta Gorda just missed the cut at No. 11.

You can read more about that in the Bradenton Herald tomorrow.

Also, this morning, the airport announced Delta has added a new flight from New York's LaGuardia to the Sarasota-Bradenton International Airport. It becomes the third carrier to expand or add new service since the AirTran decision to cease all flights at SRQ was finalized in January.

You can read all about it here.

In the market for a new apartment? Well, the Tradition at Palm-Aire Apartments along the University corridor in South Manatee has changed hands for $13.5 million. Get the full scoop here.

And in case you haven't already, read by my story on how the economy impacts retirement plans for Baby Boomers. It's pretty good if I do say so myself.

That should keep you busy for a while.

For the latest business updates, follow me on Twitter @JoshSalman

Chamber helps kids explore careers

When I was a kid, I wanted to be a pro football player when I grew up. If you have ever read this blog before, you would know that didn't turn out so well.

Lucky for me, I found the next best thing -- a reporter for the Bradenton Herald.

For a young kid with a racing imagination, figuring out some realistic ideas for a profession can be quite difficult. Last week, the Manatee Chamber of Commerce was there to help.

Through the chamber, nearly 100 business volunteers on May 4 participated in the T.E.A.C.H. program at 32 elementary schools in Manatee -- reaching more than 3,000 students in one morning.

Project T.E.A.C.H. (Teach Everyone About Career Horizons) is designed to increase career awareness among 4th grade students, while stressing the importance of first impressions. For many students, this was the first time they had been exposed to careers other than those of their parents.

The program began with the students trying to guess various characteristics about the business volunteer, such as how old they were, what type of car they drove, and even their favorite fast food.

The volunteers then talked about their careers and the educational pathways they took to get there. To close the program, the students designed business cards based on their career aspirations.

Volunteers ranged from small business owners, veterinarians and artists to even a monkey trainer for the circus (that's a pretty good one too).

For the latest business updates, follow me on Twitter @JoshSalman.

New housing reports right here

Two reports measuring the current pulse of the housing industry were released this week by CoreLogic, a real estate information firm.

The first, its national March home price index, shows housing prices declined a modest 0.6 percent from the same time last year.  But prices were up from February, marking the first monthly increase in the U.S. since July 2011.

In the Bradenton-Sarasota area, home prices increased by 3.5 percent in March 2012 compared to March 2011 and increased by 3.1 percent in February 2012 compared to February 2011. Excluding distressed sales, year-over-year prices rose 2.9 percent in March 2012 and 0.5 percent in February, the report shows.

It looks like prices are beginning at least plateau, a trend many experts believe has been fanned by a culmination of strong sales and dwindling housing inventories.

When that happens, it usually means new construction picks up. And that may be the best news yet for Southwest Florida.

Home prices in the Sunshine State are still down 48 percent from their peak.

The second CoreLogic report, the MarketPulse Index, is a longer summary of the firm's expectations heading forward. Here are some of the highlights:

• Short sales and mortgage modifications are playing a larger role than in years past, while the flow of new foreclosures is declining with an improving economy.

• Home sales activity continues to improve, with total sales eclipsing 410,000, up more than 20 percent from a year ago and the highest March sales rate since 2007.

• The most improved markets this year are Phoenix, Boise and Salt Lake City.

• Home prices are at, or very close to, the bottom as the Memorial Day weekend approaches.

For the latest real estate news, follow me on Twitter @JoshSalman

The consequences of job gains

A decreasing unemployment rate is what just about every labor market stakeholder wants, right?

Well, for about 1,000 jobless residents between Manatee and Sarasota counties, the answer is a definitive wrong.

That's because 617 of the area's unemployed will immediately lose their federal extended benefits next week as a result of recent dips in Florida's unemployment rate, which reached 9 percent in March, the latest figures available. Another 449 jobless slated to soon fall into the extended benefits program -- the last lifeline for long-term unemployed -- now will not qualify.

When Congress passed its Unemployment Compensation Extended Benefits plan, all states that reach a certain benchmark of improvement no longer could tap into the fund. For Florida, that mark was passed in March.

Great for the economy. Bad for 1,066 jobless residents in Southwest Florida.

The cutoff date is May 12.

The state and local jobs agency are working now to notify those impacted by the change, while seeking to remind them of the local help available.

You can read all about the situation in my story, which is slated for tomorrow's Bradenton Herald and Bradenton.com first thing in the morning.

But, if you were following me on Twitter @JoshSalman, you would have known this already. (That was a hint to follow me!)

New Q&A series right here

I have always thought there's no better way to avoid mistakes than learn from those who have done it before you. The theory works for parenting, sports and especially business.

With the economy slowly working on a rebound, we thought there was no better time to put this ideology to the test.

The Bradenton Herald this month ran the first in an occasional series of exclusive interviews between myself and prominent business executives who have retired to the Bradenton-Sarasota area. Because I want to give you words just as they came out of the speaker's mouth, the series will be in a Q&A format.

I hope to present readers with a little insight as to what made these folks so successful, what they see in today's changing economy and why they opted to retire in Southwest Florida. Our goal is to publish at least one or two of these articles a month.

The series opened April 16 with Bill Johnston (pictured), who finished an impressive 40-year career as president of the New York Stock Exchange. Read about it here.

The next is scheduled to publish in the paper and Bradenton.com on Monday, featuring Dick Radt, who helped five struggling paper manufacturers become profitable -- turning the largest of them into a $1 billion company with 3,000 employees through seven state locations at the time of his retirement.

If you have any ideas on retirees in Southwest Florida who fit the bill, please share them with me by leaving a comment here or sending me an email at jsalman@bradenton.com. I'm also looking for ideas on interesting questions you would like to see me ask these executives, so feel free to share those as well.

And as always, for the latest business updates, follow me on Twitter @JoshSalman

Going 'green' in more ways than one

Going "green" in your dietary habits will mean more green dollar bills for your neighbors, according to area growers.

More local restaurants, farms and environmental organizations are working to bridge the gap on the distance food travels between the farm and the fork. It's called sustainable agriculture, and in many circles, it's catching on.

I discussed the issue during a Bay News 9 talk-back yesterday (if you don't tune in, you need to) and will have a story on the topic in the Bradenton Herald and Bradenton.com on Monday. Obviously, you'll want to read that.

Buying locally grown produce, wild fish and farm-raised meat is healthier for you and tastes better -- while cutting down dependence on harmful fuel, chefs say. But what does this have to do with a business blog?

The practice also been touted to benefit the economy. Experts estimate if every consumer bought just 5 percent of their groceries from a local source, it would  boost the U.S. economy to the tune of $40 million a year.

That equates to more jobs for Florida's agriculture industry.

So, the question remains, do you stop by a local farmer's market for produce? If so, which one? And what's your favorite locally grown item? I'm a tomato guy myself.

For the latest business updates, follow me on Twitter @JoshSalman

University Town Center inches closer

Since moving back to the Sarasota-Bradenton area about three years ago, there's one project I kept hearing about time and time again. It has generated more local buzz and excitement than just about any other in recent memory.

Today, that project took a colossal step closer to becoming a realty.

As I reported in my online post this morning, and the full story (you'll have to check back at Bradenton.com later for that), the University Town Center has secured its three top anchor tenants.

Several more details about the long awaited shopping destination also have emerged.

The upscale fashion mall -- which will feature Macy's, Dillard's and Saks Fifth Avenue among 115 others -- is scheduled to begin construction this year and open by 2014. The project will cost $315 million.

The mall will fill a small gap in what is already one of the most heavily commercialized corridors in the greater Sarasota-Manatee area, with Lakewood Ranch a stone's throw away and a slew of other big box retailers lining University Parkway from Interstate 75 to Tuttle Avenue.

Sarasota County officials are touting the project because it's their tax gain (just south of the border). But the biggest winners are Southern Manatee residents, like me, who now have to drive to Sarasota or west Bradenton to find the closest true shopping mall.

It's still a guess as to what the remaining 115 stores and six sit-down restaurants will be. Developers say about half will be new to the market. I'm hoping for a Cheesecake Factory myself.

What about you, what retailer-restaurant would you most like to see land a home in the new mall? And are you excited the project is finally becoming a reality?

For the latest breaking business news, please follow me on Twitter @JoshSalman. That's where I post everything first, as well as interesting tidbits you won't find anywhere else.

Building the blocks to a stronger housing market

An impressive panel of national housing experts came down to Sarasota on Wednesday to participate in a forum at New College of Florida examining what's next for the market, as I reported in my story today.

The group -- comprised of economists representing banks, home builders, mortgage institutions and even a couple housing market journalists -- discussed a myriad of issues impacting the industry, which still carries a heavy presence in Southwest Florida.

There was some good news. There was some bad.

Most agreed on a similar prediction of about 2.5 percent growth during the next two to three years, but nobody knows for sure.

As one economist put it, Southwest Florida's market fell so low, it really has nowhere to go but up.

"The toughest part of this whole cycle is everyone is paying attention to every single number," said David Crowe, chief economist and senior vice president for the National Association of Home Builders. "Everyone wishes it was better, and for housing, it's been a depression not a recession."

Those predictions will be put to the test today, when housing figures for the month of March are released at the national, state and local levels.

I will have a post up at Bradenton.com as soon as the numbers come out this morning, with a more developed story for tomorrow's paper.
(UPDATE 12:51 p.m. -- You can read about the latest numbers here.)

It will be interesting to see how sales and prices in Manatee reacted to what was largely a strong peak tourism season. Any early morning predictions?

For the latest business updates, you can also follow me on Twitter @JoshSalman

Preparing for summer season

Manatee County saw the most visitors in at least four years book a vacation during the first quarter of 2012, as I reported in my story today.

The 170,200 visitors that came to the county between Jan. 1 and March 31 was up 10.5 percent from the same time in 2011. Those trips infused a total of $261.1 million into the local economy, including $165.3 million  in direct expenditures, according to the Bradenton Area Convention and Visitor's Bureau.

During the first three months of the year, hotel occupancy and average daily rates also increased.

Industry stakeholders will tell you these numbers are largely good news because it means the area had a successful winter tourism season, which officially ended Easter Sunday.

But that doesn't mean the visitor's bureau has forgotten about summer and fall either.

The organization is actively working to draw new tourists to Manatee through a slew of marketing, advertising and social media campaigns on eight different platforms, including Facebook and Twitter.

The agency recently purchased a full page color ad in the Sunday magazine insert of the Boston Globe, which carries the potential to reach more than 1 million New England households. But the publication gave the CVB another two-page double truck ad for free (a $67,000 value) just for the business -- leaving Bradenton with a three-page spread on the inside cover.

The visitor's bureau also is planning several pages of advertisements in Florida Trend, and maximizing the potential of the GOP Convention, which is coming to Tampa in late August, through a billboard campaign.

The latest investment was a $25,000 allocation on Monday to help bring a new environmental conference to Anna Maria Island during three days in October. The event has the potential to draw 125 visitors to coastal Manatee, organizers said.

You can read all about the conference in my story today, and for more business updates, follow me on Twitter @JoshSalman

It's all about the customers

It's interesting to see how vastly different companies share the same underlying goal -- customer satisfaction -- and how they go about achieving it.

For an executive running the New York Stock Exchange, that means ensuring companies and traders alike are satisfied with the market.

For a small dog groomer on Anna Maria Island, it means ensuring wealthy pet owners are happy with their pup's new hairdo.

The two operations couldn't be father apart on the business spectrum, yet during interviews with both sides this week, it's amazing how many of the same objectives they shared. The bottom line: for either business to succeed, they first had to ensure the customers were happy -- whether it be canines or investors..

You can read about both operations in the Bradenton Herald or at Bradenton.com starting Saturday with my small business profile of AMI Beach Doggies, a dog grooming boutique in Bradenton Beach.

My exclusive interview with former Stock Exchange President Bill Johnston is slated to appear Monday in the business section and also on our website. The Johnston story is the first in a scattered series of Q&As we're putting together with prominent business executives who have retired to the Bradenton area.

In what ways do you cater to your customers? Would your business succeed without them? And do you think those same techniques would work for a dog groomer or Wall Street executive? Please share you ideas in the comments section below.

For the latest business updates, follow me on Twitter @JoshSalman

Life after Walmart

For a small Bradenton shelf manufacturer, there's always next time.

Despite making a product that received nothing but positive feedback, Look at Life Easy Products wasn't among the ten finalists chosen in a contest to land on the shelves of Walmart's 3,868 stores nationwide.

From a small warehouse just off S.R. 64, the family company produces a specialty shelf designed to fit perfectly into a shower's towel rack and hold toiletry products -- ideal for showers without built-in shelves or for the elderly who have a hard time bending down to get their bathing supplies.

The business was among 4,000 across the country to enter Walmart's contest via video submission. The ten finalists included an acne medication, eyeglass repair kit, T-shit, religious magazine and pepper salt made from veterans.

The final round of voting will run from April 11 to April 24, after which the top three contestants and a grand prize winner will be revealed. People can vote for a product via their Facebook account or text message.

As for Look at Life Easy Products, the shelves can still be purchased through the company's website, Amizon.com, eBay or Ace Hardware on Manatee Avenue. The shelves retail at $19.99.

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Gov. Rick Scott is in Sarasota today for a roundtable meeting with the Chamber of Commerce and area business leaders. After that, he will tour the facility of Ring Power Inc.


Check Bradenton.com throughout the day for updates and follow me on Twitter @JoshSalman for the latest.

Chamber goes mobile

Looking to find information on a Manatee County Chamber of Commerce member? There's an app for that.

The chamber launched its new smart phone app to the community today at its Coffee Club networking event at Pirate City, which was hosted to introduce the 2012 Bradenton Marauders minor league team.

The free app was designed to provide quick access to more than 2,000 business members, including a search feature, a Google map business locator, coupons, and chamber event calendar.

The mobile app can be downloaded by visiting the Manatee Chamber's website through a smartphone web browser, then clicking on the "Preferred Business Directory" link at the top right of the page. The app is not yet available in Apple's App Store.

"We are so excited about our app," Jacki Dezelski, vice president of Community Development for the Manatee Chamber, said in a statement. "It's designed to keep more business local and help consumers find the products and service they need from the convenience of their smart phone."

On the topic of smart phone apps, the Bradenton Herald launched its very own new smart phone app earlier this year, which features all of the latest stories you'll find everyday in paper or at Bradenton.com. It can downloaded for free in the App Store or Android Market.

Follow me on Twitter @JoshSalman for the latest business updates from your smart phone.

Google to help small businesses go digital

Gov. Rick Scott announced a new program from his Facebook page this week that will help small businesses in Florida gain an online presence through a partnership with Google.

The program, dubbed "Florida Get Your Business Online," will bring free websites to smaller companies across the Sunshine State that don't currently have the budget or expertise to put one together.


As part of the program, Google will provide its popular Intuit Websites that include an easy-to-build design, a customized domain name and free web hosting for one year.

Florida businesses interested in participating can go to www.floridagetonline.com to get the free website as well as tools, training and resources to help their business succeed online.

Google also will be providing free workshops to small businesses in Miami on April 3 and April 4 and at the Tampa Museum of Art on April 5.

While 97 percent of Americans browse the net for products, about 68 percent of Florida small businesses do not have a website, according to Scott.

“Small businesses are the backbone of Florida’s economy,” Scott said in a statement. “This initiative is aimed to help these businesses grow in Florida.”

For the latest business updates, follow me on Twitter @JoshSalman

The economy, ice cream and commercial development

Margaret Callihan knows a thing or two about the local economy.

As the chairman, president and CEO of SunTrust in Southwest Florida, she oversees all banking operations for the chain for five coastal counties spanning from Parrish south to Marco Island.

Working with businesses, borrowers and retirees, she has a finger on the pulse of Southwest Florida's economy as much just about anyone. So when Callihan (pictured) is optimistic about the progress being made in the recovery, it's probably a good sign.

Callihan sat down with me for about an hour Monday afternoon in her downtown Sarasota office to discuss all things banking. Among the highlights, she talked about how the Federal Reserve's decision to hold interest rates low has spurred an uptick in borrowing but adversely impacted some who rely on savings interest as part of a fixed retirement income.

She also said banks are lending again, but have adopted a more cautious approach as a lesson learned from the housing crash.  

You can read the full Q&A at Bradenton.com.

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It's safe to call me an ice cream fan (especially Ben and Jerry's). So when I was asked to scout a new parlor that recently opened in the historic district on Manatee Avenue, I didn't hesitate.

The best part: I received a history lesson while there.

The walls at Bradentown Scoop are covered with old movie posters, Coke memorabilia and newspaper articles dating back decades. The display cases are filled with some of the most unique antiques I have ever seen. The shop sits in the oldest commercial building in Manatee County, dating back to 1903.

But the real highlight is the white Onyx bar and soda fountain dating back to at least 1920. The pair used to sit just across the street at an old arcade that's believed to have closed in the late 1940s.

It's a pretty cool place, especially for parents with a rug rat who has a sweet tooth and hunger to learn.

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I will be meeting with representatives at Benderson Development early Wednesday morning to discuss the developer's plans for commercial expansion in Manatee County, including the recent purchase of a Bradenton shopping plaza for $1.7 million.

Check Bradenton.com throughout the day for updates on this, as well as other business stories, and don't forget to follow me on Twitter @JoshSalman

Report shows looming housing threat

A new report shows there's 1.6 million housing units, or about six-months of supply, across the county that are seriously delinquent but have not yet been foreclosed upon or listed as a short sale.

It's a measurement often referred to a shadow inventory, and some Realtors see it as the largest threat to ongoing improvements in the market.

The 1.6 million shadow units are about the same level reported in October 2011. On a year-over-year basis, shadow inventory was down from January 2011, when it stood at 1.8 million units, or eight-months' supply, according to figures released by CoreLogic.

Currently, the flow of new seriously delinquent (90 days or more) loans into the shadow inventory has been offset by the roughly equal flow of distressed sales (short and real estate owned), the report shows.

"Almost half of the shadow inventory is not yet in the foreclosure process," CoreLogic chief economist Mark Fleming said in a statement. "Shadow inventory also remains concentrated in states impacted by sharp price declines and states with long foreclosure timelines."

CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of distressed properties not currently listed on multiple listing services (MLSs) that are seriously delinquent, in foreclosure and real estate owned (REO) by lenders.

The agency couldn't provide local or state statistics.

For the latest business updates, follow me on Twitter @JoshSalman

A contest to get in with Walmart

Walmart has a pretty neat contest under way that will give three small companies an opportunity to sell their products at Walmart.com and be featured on the website homepage. One finalist is guaranteed to land on the shelves of the mega retailer.

For a small-start up with a unique idea, the financial significance of winning can't be overstated.

More than 4,000 product creators from across the U.S. entered video submission to the "Get on the Shelf" contest between Jan. 9 and Feb. 22.

After five days of public voting, the contest drew 274,000 total votes as of March 11. In the first 24 hours, which started March 7, 93 percent of contestants had received votes. An average of 55,000 votes are cast daily and an average of 92,000 daily visits are made to the contest website, according to Walmart.

People can vote once for a product using their Facebook account and text messaging every day. Votes can be cast for multiple products a day.

The first round of voting will run through April 3, when the top 10 finalists will be announced. The second round of voting will take place April 11 through April 24, after which the top three contestants and grand prize winner will be unveiled.

This is the first contest of its kind from a major retailer, Walmart said.

Some of the products trending in the initial days of voting including datil pepper salt from combat veterans; eyeglass repair kit to fix glasses in 30 seconds; and a fork specifically designed for dogs.

The top five product categories submitted to Get on the Shelf included:

• Home improvement at 11.4 percent
• Personalized products at 10.2 percent
• Health/wellness/fitness at 9.6 percent
• Fashion apparel/home at 8.1 percent
• Outdoor home at 6.7 percent

If any company from the greater Bradenton or Sarasota area has entered in the contest please call me at 941-745-7095 for a potential story.


And, as always, follow me on Twitter @JoshSalman

What about the first-timers

Foreclosures across Southwest Florida continue to take a roller coaster ride, dropping two straight months to open 2012, as I reported in my story today.

That shrinking foreclosure inventory is good news for most area homeowners because it means prices will begin to rebound, giving borrowers more equity in their homes and thus a higher net worth.

But what about first-time buyers now scouring the market?

A new study shows an overwhelming number of first-time buyers are mainly interested in distressed properties, or foreclosures and short sales that typically carry a large discount.

Despite the horror stories of drawn-out closings, offer refusals and unsettling inspecting results, many first-time homeowners are willing to navigate the cumbersome process to reap the discount, which stood at an average of more than 30 percent in Manatee in January, according to a first-time buyer survey of agents and brokers by Realtor.com.

In fact, 91 percent of first-time home buyers were interested in a distressed property in 2011, and the study expects similar results this year. Of those, 89 percent said they would choose a distressed home because they believed it was a good value, 30 percent cited the property's location as a draw, and 26 percent saw an investment opportunity.

So, the question remains, could too steep of a drop in foreclosure inventory actually work against the economic recovery by scarring away the first-time buyers, who are typically younger, and thus damaging the quality of the area's labor force? Or will more equity for those already here help the economy more, by encouraging area borrowers to spend rather than save?

This study was particularly interesting to me, aside from the fact that I'm a business writer, because my wife and I are in the final stages of the buying process with a short-sale now. It's our first home, and we have been waiting on the bank to finalize our offer since October (that's six months). While we ultimately will get a great deal, I probably would not ever buy a short sale again. It's too much hassle.

For the latest business updates, follow me on Twitter @JoshSalman

Cash mob

The Manatee Chamber of Commerce has cooked up another interesting idea to get consumers to spend their dollars locally.

I'm sure, by now, you have heard of a flash mob -- where a group will spontaneously break out in song or dance at a public place to the surprise of those around them. Well, the Chamber has its own take.

The organization will sponsor its first "cash mob" 3 p.m. March 24 at the Main Street Bazaar in Lakewood Ranch. The cash mob is a fast-paced shopping event designed to draw foot-traffic to the host location, with the idea that once shoppers get there, they will buy something.

The Main Street Bazaar was picked from a hat to house the inaugural event.

The Chamber plans to host future cash mob events in the future, with estimations that 73 percent of dollars spent at local businesses stay within the community.

“Encouraging consumers to spending their money locally couldn’t be more important than in this time of economic recovery,” Manatee Chamber President Bob Bartz said in a statement.  “Shopping in the Manatee County region saves jobs, preserves our local flavor, and reduces environmental impact and transportation costs."

So, have you ever seen a flash mob break out? Was it fun or awkward? And will the concept translate into retail sales?

For the latest business updates, you can follow me on Twitter @JoshSalman

Insurance bill is dead

A measure designed to bring some stability to Florida’s insolvent home insurance industry by reducing the size of Citizens Property Insurance Corp. will not advance this year, according to bill sponsor Rep. Jim Boyd, R-Bradenton.

The proposal, which swept through the Florida House last month, aimed to downsize the mega state-run insurance carrier by transferring some of its policies to secondary “surplus lines,” which aren’t controlled by the Office of Insurance Regulation like the state’s primary carriers, as I reported in my previous story.

Although most House lawmakers supported the bill, it also drew strong opposition for some industry stakeholders who fear it would open the floodgates to companies that have no barriers when upping rates on unsuspecting policy holders.

The Senate ultimately caved by revising the legislation this week, and Boyd (pictured) declined to move forward with the amended version because it stripped the bill of its primary intent, according to state records.

He says the measure ultimately is essential to restoring competition and protecting customers now covered by Citizens -- a financial ticking time bomb.

“The size of Citizens is a huge financial burden hanging over every Floridian’s head,” said Boyd, who also owns an insurance company. “One day we’ll have to pay for it.”

Under the bill some Citizens policy holders will be automatically passed onto surplus lines unless they opt out within 30 days. The new coverage must be similar to what’s currently provided by Citizens, and consumers unhappy with their new carrier can return at any time.

Surplus lines looking to pick up new policy holders also must carry at least $50 million in surplus capitol, a strong industry rating and enough resources to survive two hurricanes, the measure states.

Opponents argue that’s not enough.

“This is a bad bill,” said Sean Shaw, founder of Policyholders of Florida, an industry watch association. “A lot of people will get this notice in the mail, and because of all the negative attention about Citizens, they’ll think it’s a good thing. Then, when it comes time for a new policy, the rates will go through the roof. These are very dangerous deals. I don’t think people know what they’ll be signing.”

It's unclear if Boyd plans to introduce the measure again next year.

Foreclosures process may see changes despite sales success

Florida's foreclosure process may soon see some changes at a time when demand for depressed housing is high and fewer borrowers are losing their homes.

The Florida Senate is pushing forward with a controversial bill that would expedite the lengthy foreclosure process -- which now takes more than 800 days from start to finish in Florida -- by offering fewer hearings and testimony before final judgment.

Recession-battered homeowners argue the proposed measure takes away their only avenue for recourse, and right to defend their case.

Florida is one of a few states that rely on the judicial process to settle foreclosures. The process has put a burden on the courts to the tune of 21,230 new cases in Manatee alone over the past five years, according to the clerk of court.

The GOP-driven bill also swept through the Florida House this week, but it still has several steps to go before it becomes law.

In the Senate, that means a final vote that will take place before the session closes March 9.

Because demand for foreclosed properties runs high, lawmakers say anything to expedite those efforts would only benefit the economy. More lenders and borrowers also are turning to short sales instead anyway.

Foreclosure sales across Southwest Florida rose during the fourth-quarter, according to a new report released Wednesday.

Manatee County saw its foreclosure sales activity rise just over a percent from the third-quarter to reach a total of 449 between Oct. 1 and Dec. 31.

Despite the late push, the 1,932 total foreclosures in Manatee last year remained 19 percent behind the pace of 2010 -- when the confusion from reported robo-signings stalled the entire process, according to RealtyTrac.

Foreclosures that changed hands in Manatee carried an average price tag of $130,092.

The numbers were similar in Sarasota, where the 669 fourth-quarter foreclosure sales were up 17 percent from the same time the year before. The 2,708 foreclosures over the year, however, were down 15 percent from 2010.

Foreclosures in Sarasota last year sold for an average price of $121,017.

Increased willingness by lenders to approve short sales has helped curb those numbers and will likely continue to do so this year, the report shows.

“We continued to see a shift toward pre-foreclosure sales, or short sales, and away from REO sales in the fourth quarter,” RealtyTrac CEO Brandon Moore said in a statement. “That trend will likely show up in more local markets in 2012 as lenders recognize short sales as a better option for many of their non-performing loans.”

So what do you think about the proposed changes? Does Florida's foreclosure system need a fix? And should it be up to lawmakers to get involved?

Manatee Mining Matters?

The Mosaic Co., or public enemy No. 1 in many environmental circles, believes it has found a way to turn trash into treasure.

The phosphate mining giant has long been critiqued by environmentalists for its potential impacts on area waterways. Because this is a business blog, we won't get into that here.

What caught my interest, on the other hand, is what Mosaic has done at one of its reclaimed mines. And it could be big business for Florida's top industry --tourism.

Mosaic, Florida's seventh largest land owner, unveiled progress of its new luxury golf resort before about 100 community stakeholders this week (as pictured above). The Streamsong Resort will sit on 16,000 acres of formerly mined phosphate land in rural Polk County, near the Manatee border.

Streamsong will feature a main lodge and golf clubhouse offering a combined 228 guest rooms; about 18,500 square feet of conference space; a full-service spa; fine and casual dining; several bars, including a rooftop lounge; guided bass fishing on surrounding lakes; hiking and birding trails; and a sporting clays range -- in addition to its golf operations, according to the company.

The first phase of the project will open in December 2012.

Mickey Mouse would be proud.

But the questions remains, what do you think? Will the new resort bring tourism dollars into local coffers? Will the company's questionable business reputation prevent you from going?

The business of governmental

Ask any relocating employer escaping the tax hikes of the Northeast, and they will tell you, government has a heavy hand in the success of an area's business climate.

Covering the Charlotte County Commission just a couple counties south for the past three years, I heard this touted time and time again by government officials.

Then, for the past few months, I saw the other side while covering business in my present role with the Bradenton Herald.

Dozens of companies, from the Pittsburgh Pirates to small medical manufacturers in Lakewood Ranch, said they chose Manatee because it's simply easy to do business here.

My experience came full circle while sitting in on a duo of Manatee County Commission work sessions Tuesday. Only this time, I heard the same sentiment from both sides.

The second of the two workshops focused on health care in the community, how patients can expect costs to rise and how government can lure the industry back. The conses among presenters: Fund more programs geared at prevention -- keeping the uninsured healthy and out of the emergency rooms.

It will be interesting to see just how they tackle that.

The economy from the eyes of a Fed banker

Tuesday was a pretty interesting night for a business reporter like myself. At one venue, I had an opportunity to see the economy through the eyes of both a Fed banker and college students.

While their lifestyles are near polar opposites, the results were surprisingly similar.

For maybe the first time since the housing bust crippled Southwest Florida's economy, area college students said they're excited about the job market they're about to enter. On top of it, Atlanta Fed President and CEO Dennis Lockhart (pictured) told them to expect things to improve further -- albeit slowly.

The job market was among a number of economic indicators Lockhart discussed in his economic forecast Tuesday night at New College of Florida, as I reported in my story for today's Bradenton Herald.

In all, he predicts 2.5 to 3 percent growth in 2012, and unlike some of his colleagues who also help set the country's monetary policy, he's not concerned about the effects ongoing recovery efforts could pose on inflation.

That optimism, however, won't be enough to budge the Fed's historically low rates until late 2014 -- likely keeping interest rates down across the board, from home mortgages to auto loans and savings accounts, Lockhart said.

The most pessimistic of the night: retirees attending the event who're living solely off  their lifetime savings and the interest it collects. For them, the Fed's decision, guided by Lockhart, means less early bird specials and rounds of golf.

So, where do you stand? Is Lockhart correct in his assessment? Will low Fed rates lift the economy? And are college students out of their mind for seeing potential in this job market?

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