Page 14 - Boca Club News - September '19

Page 14, Boca Club News
Legal

Real Estate Update 2019

By Michael J Posner, Esq., a real house prices of almost 4%, but in the same time period 2-3% of the sales price to the buyer’s agent.
former Value Adjustment Board Florida home prices have actually increased nearly 9%. August is the time for the Notice of Proposed Property
Commissioner, a board-certified For many homebuyers, a thirty-year fixed rate mortgage Taxes, otherwise known as the “Truth in Millage” (TRIM)
real estate attorney, and a partner is not the best choice. Only about 1/3 of homeowners stay Notices from the Palm Beach County Property Appraiser.
in Ward Damon a mid-sized real in the same home for more than ten years. That means These should be examined carefully and if there are
estate and business oriented law firm a majority of buyer/borrowers stay less than ten years. valuation or exemption issues, a Petition to the Value
with offices in Palm Beach County Therefore, an adjustable rate mortgage (an ARM) with a Adjustment Board should be filed. These are due the 25th
that handles purchase and refinance fixed term (5-, 7- and 10-year products are available) before day following the mailing of the TRIM notice, but such
closing throughout South Florida. adjusting may be a better alternative. Currently a 10-year time period may be extended if the petitioner can establish
They can be reached at (561)594-1452, or at mjposner@ ARM can be obtained at about 3.1%. This is a half-point a good faith basis for a late filing.
warddamon.com. savings, which, on a $250,000 mortgage costs $1,067 per Many petitions are resolved pre-hearing by the
The biggest change in the real estate market this year has month, a savings of $69 per month. Over ten years that Appraiser’s office, but if not, a quasi-judicial hearing is held
been the dramatic decline in the interest rate on mortgage. equals $8,280 in lower payments, and another $3,500 in in front of an attorney (for exemption issues) or an appraiser
After enjoying several years of very low rates, the strong less interest, for a total savings of $11,780. (for value issues) appointed by the County. Because the
economy, rising federal rates and inflation caused rates to For sellers looking to sell their own homes (FSBOs or issues can be complex, and considering the cost of losing
rise substantially last year, with the average 30-year fixed “for sale by owners”), there is a new alternative to craigslist. an otherwise valid claim, I recommend that an owner hire
rate mortgage in August 2018 reaching 4.5% and climbing Facebook Marketplace is a free online site where an owner an exemption or valuation expert to review the case and, if
to a peak of nearly 5% in November, 2018. Since then, the can list a home for sale or rent. Unlike craigslist, which gives warranted after review, to represent an owner at the hearing.
average has fallen 134 basis points to about 3.6%. This total anonymity, Facebook shows you who the sellers are With values continuing to rise despite the 3% homestead
means that the monthly cost of a $250,000 mortgage has so that there is (hopefullly) a lower risk of a scam. cap and the 10% non-homestead cap, tax revenues continue
decreased from $1,332 to $1,136, a savings of $196 per If you are considering selling on your own, you can still to rise, allowing the County to maintain the same tax rate.
month. place your home in the local multiple listing service (MLS) However, voters last November approved a new property
Lower rates also mean improved housing affordability. at very low cost. Companies like flatfee.com charge $95.00 tax to help fund public schools. An additional $1.00 for each
In May of 2018, national housing buying power was at to list your home (with packages to include more photos at $1,000 in property value will be assessed for the next four
$361,184. One year later, the index increased to $391,913, higher prices). This gets you six months in the MLS and a years with the goal to raise 800 million dollars for schools.
or over $30,000 more in affordability. In Florida the year- listing on realtor.com. If you want to attract buyers working With a median tax value of $261,900, a homeowner with
over data went from $314,574 to $341,844, or over $27,000 with a local real estate agent, you will still need to offer a a homestead exemption of $50,000 will pay an additional
more in home affordability. Nationally, this is due to a cooperating broker commission to incentivize these agents $211 in property taxes to cover this new tax.
combination of falling interest rates and a decline in the to show their customers your home. This means paying
Grape Expectations: Wine and Dine.

By Ed Wolfarth, who recently moved The second option faced is what wine to order. Are we are produced for early consumption and are not affected by
to South Florida after retiring with having red meat or fish? Consider that question! What if vintage variation as much as Old World wines.
his wife, Vicki, as Professor of Sports one orders meat and the other fish? Am I ordering wine to New World wines include the USA, Australia and New
Sciences & Physical Education at match the food or vice versa? Remember, wine is food! By Zealand, and South Africa. Old World has always referred to
both Queens College and Hofstra that I mean it’s an integral part of the meal. We oenophiles France, Spain and Italy. Switching vintages is a regrettable
University. He is a nationally ranked often order food to match the wine we bring or order. practice of some establishments, and the savvy consumer
senior tennis player and long-time Food and wine pairing is not as difficult as many make should be on the look-out for that by checking the bottle
USPTA Elite Teaching Professional. it out to be. Heavy foods call for heavy wines. Lighter fare when it arrives at your table. That 2012 Oregon Pinot for
Ed has written many educational and calls for light reds or whites. Of course, I have had a buttery $45 is a fabulous bargain, but not the 2013. Did you know
tennis articles in the past. Over the past few years, Ed has Chardonnay with steak. My rule is, “drink the wine you like it rained in October 2013 in the Willamette Valley, and
turned his hobby of wine collecting into a way of continuing with the food you like” ...with a few exceptions. A tannic producers who harvested late came up with a “washed up”
his passion for writing, and has written on the subject for Napa Cabernet would overwhelm Dover sole or light fish. crop and subsequently light, inconsequential wines? Well,
publications. As a self-proclaimed “wine snob,” he has Bringing your own wine will be discussed later. I found out! Buyer beware!
collaborated on many wine lists for private clubs and a Restaurants need to make money on their wine programs. Bring Your Own. Another interesting development in
few restaurants. Ed can be reached at wolfarthe@msn.com. Over the years I have consulted with sommeliers, chefs, as the food and wine industry is the ever-increasing popularity
So you’re dining out and sit down at the table. Your well as owners of restaurants and clubs as to how best to of the BYO policy. “Bring Your Own Bottle” is often
waiter comes over and the first question is, “Can I get you price their wines and what to include. If you examine most allowed at even the fanciest food emporiums. It never
something to drink?” No need to ponder matching wine and wine lists, you will always find popular names and producers hurts to ask. Corkage fees may run from as little as “no
food. You haven’t even looked at a menu! A good choice that most patrons have heard of: Robert Mondavi, Kendall charge” to $2 per person, to as high as $30 per bottle to
here is always a sparkler as an aperitif. Prosecco, Cava or Jackson, Santa Margherita, etc. Another consideration is “not allowed!” In such states as New Jersey, where liquor
any sparkler will suffice. price. licenses are exorbitantly expensive, BYO is a common
While sipping your aperitif, you peruse the food options Most establishments price their wines at approximately practice. Personally, I always ask a restaurant’s policy about
and plan your attack. Am I ordering glasses or a full bottle? two and a half times retail. A restaurant will usually make bringing wine. My experience tells me $15 per bottle is
When you order a glass of wine at a restaurant, it is the more money on a less expensive wine. That $28 bottle of a the norm, if allowed. If you bring a $15 bottle and add the
industry norm to get a six-ounce pour. Interestingly, most Chilean Sauvignon Blanc may cost the owner $8. That’s a corkage fee, and it comes to more than similar wines on the
“lower-end” restaurants use cheaper stemware and pour into nice mark-up. Wines priced between $30 and $40 account wine list—well, again, do the math!
eight-ounce glasses. I suppose six ounces in an eight-ounce for the majority of restaurant sales. Of course, those figures In the Boca/ Delray area, there are wonderful restaurants
glass gives the appearance of being fuller. (At higher-end increase as the establishment is more expensive. of every conceivable type of fare with exciting wine lists.
establishments, which often use better stemware or goblets, Most consumers do not order the least expensive bottle on Some of my favorites are: Burt & Max in the Delray
six ounces can often get “lost” in a 12-16 ounce goblet. Of the wine list, and certainly do not order the most expensive. Marketplace, where you can BYO if your wine is not on
course, you do get the advantage of being able to swirl!) As a matter of industry thinking, the most popular wine their list and at no fee. Victoria’s Portuguese in Boynton
So, couples ordering two glasses each as opposed to on a restaurant’s list is the second cheapest. Think about Beach and its sister restaurant a few doors down, for the
ordering a bottle—well, do the math. Another consideration, that for a second. There are bargains to be found on every best roasted chicken anywhere, where corkage fee is $15
or option, is to order a glass of white with your salad or first wine list or menu, but you need to do your research prior per bottle. Rancherito, a Colombian restaurant in Boca (I
course, and a glass of red with your main course. to dining. These “bargains” are often unfamiliar producers know it sounds of a different ethnicity), where BYO may
or varietals. Try a Torrontes from Argentina instead of that cost you $10 per, but always send a glass to the chef or
Fall Chardonnay. Or how about a Montepulciano or Sangiovese waitress. Real Wok in Lantana, where you can find some
from Italy, instead of that Cab or Merlot you always order.
of the best Chinese food in south Florida, and BYO at $2
per person. Taverna Taso Greek in Delray for fresh fish and
This is where you find bargains and expand your wine
choices. BYO at a nominal fee that seems to change on a whim. The
is Coming! navigate. Reds, whites, sparkling wines and wines offered Winemaker’s Table in Delray, where their wine list starts at
Wine Lists. A restaurant’s wine list should be easy to
$45 but still allows you to BYO at $30 per bottle. This is
by the glass are common categories. Some establishments
who makes your dining experience worthwhile.
categorize their wines in unique ways. Full-bodied reds, a “special occasion” restaurant with a certified sommelier
light red wines, big and bold whites, different whites, etc. Remember, if you are contemplating bringing wine, call
are some of the headings restaurants are using to entice ahead and remember the person’s name who gave you the
consumers. One establishment lists its wines by price, info. Also offer some to the manager, chef or your server.
another by country. In all cases, the diner should consult They appreciate your sharing and likely will remember you
the wait staff as to recommendations. next time. And, always tip as if you had ordered a bottle of
Vintages. Vintages are often listed with wines offered, $30 or more. I always include six dollars or an additional
but not always. A diner cannot be familiar with all vintages 20% for every bottle I bring.
from all countries--an impossible task. Vintages are not A well-informed diner can not only save a few dollars
First Day of Autumn generally as important with white wines as reds. Opt for when ordering wine, but will get more enjoyment out of
the latest vintages, as they will be the freshest. Knowing the experience. Stay thirsty and smarter than the average
September 23 that 2005, 2009 and 2010 were terrific vintages in Bordeaux bear…and don’t forget to try different wines.
gives you a heads-up when ordering wine. New World wines