Nora Mandoki, Marilyn Kessler, Pedro Mandoki

Snowbird season is in full swing at the Plantation and Mandoki Hospitality has put out the welcome mat to let our winter visitors know we’re glad they are here. On January 12th over one hundred-fifty homeowners and winter guests gathered at Connections for our January snowbird party. The lively crowd enjoyed a buffet of heavy hors d’ouvres and an open bar. Five lucky winners received a copy of our cookbook, Beach Favorites From Gulf Shores Plantation, and a gift certificate to a local restaurant.

Mardi Gras Madness arrives at the beach on February 17th and continues through February 21st. If you haven’t experienced Mardi Gras revelry, bring the family and enjoy the celebration. Parade schedule follows:

February 17, Mystical Order of Mirams Parade, Orange Beach

February 18, Mystics of Pleasure Parade, Orange Beach

February 20,  The Wharf Kids Mardi Gras Parade

February 20, The Wharf Mardi Gras Parade

February 21, Gulf Shores Mardi Gras Parade

February 21, Orange Beach Mardi Gras Parade

The only snow we’ll see, however, is snow as in “snowbirds.” January 1st is traditionally the heaviest arrival date for winter guests and this week will be fun as we welcome new visitors and catch up with returning  friends.

Our first winter guest party of the 2011-12 season was held December 20th at Connections. Refreshments included boiled shrimp, sandwiches, meatballs, spinach dip, and a choice of desserts accompanied by an open bar. Door prizes were MHI cookbooks, “Beach Favorites From Gulf Shores Plantation,” and holiday dish towels.

2012 Annual Homeowners Meetings Schedule

Saturday, January 14th

9:00 A.M.     Gulf Shores Plantation (Phase I), Dome Conference Room

9:00 A.M.*    Royal Gulf Beach & Racquet Club (Phase II), Kiva Dunes

                    *Breakfast starts at 8:00 A.M., Meeting starts at 9:00 A.M.

1:00 P.M.     Resort Conference Centre (Phase III), Dome Conference Room

Monday, January 16th

9:00 A.M.     Plantation Palms, Connections

You’re Invited

Please join us on January 14th at 5:00 P.M. in Connections as we kick off our 26th year at the Plantation. We’ll be serving drinks and hors d’ouvres and Pedro Mandoki and the MHI management staff will be on hand to answer questions about our rental program and the services we provide for Plantation homeowners.

We look forward to seeing you there!

Attention: Senior Bowl Fans

The 2012 Under Armour Senior Bowl will be held January 28 at Mobile’s Ladd-Peebles Stadium. Kick-off is at 3:00 pm.

There will be drinks and hors d’ouvres and Pedro Mandoki and the Mandoki Hospitality Management Staff will be on hand to answer questions about our rental program and the services we provide for Plantation homeowners.

We look forward to seeing you there!

2012 Annual Homeowners Meetings Schedule

Saturday, January 14th

9:oo A.M.     Gulf Shores Plantation (Phase I), Dome Conference Room

9:00 A.M.*    Royal Gulf Beach & Racquet Club (Phase II), Kiva Dunes,

                   *Breakfast starts at 8:00 A.M., Meeting starts at 9:00 A.M.

1:00 P.M.      Resort Conference Centre (Phase III), Dome Conference Roon

Monday, January 16th

9:00 A.M.        Plantation Palms, Connections

As a token of our appreciation for their continued loyalty and support of our company, MHI offered owners who participate in our Rental Program the chance to win. 

Pedro Mandoki draws the winning entry.

Tickets were provided to us by Gulf Shores/Orange Beach Tourism.

1. Short Appraisal: Even if your agent convinces a prospect to buy at your inflated price, the deal may go sour when the appraiser comes a’calling. Over 90% of buyers use some kind of financing, and that requires an independent mortgage appraiser, and the lender will only loan against the figure that appraiser produces.

2. Won’t Show: If the price is too high, you won’t be able to get prospects through the door to even look at the property, no matter what you have done to the interior.

3. Reputation: When a new listing hits the market, agents check it out against the needs of their clients. If your property gets a rep for being overpriced, getting the market’s attention later may take some extreme actions.

4. Helping the Competition: Your overpriced property will make your competitors’ properties look like real bargains, so you are actually helping your competitors’ properties sell FIRST!

5. Days On Market: The longer your house sits on the market, the more “Days On Market” show up on the MLS, and the longer it has to become “stigmatized.” Ever see a home or condo unit that seems to have been for sale forever? Did you wonder what might be wrong with it?

6. Negotiation Purgatory: The longer it’s on the market, the harder the buyers are going to negotiate.

7. Missed buyers: You will lose many buyers who are outside of your price point, but who are buyers looking in the price range in which your property will eventually sell. They’re off to buy your competitor’s property!

If you already have your unit listed for sale and have not had a lot of action on it, there is an opportunity to review your pricing strategy- we’re in low season right now and will be there through January. If you are considering selling your unit, be sure to consult with an agent who is familiar with your unique market and its current values in order to assist you with pricesetting… and no one knows the Plantation like Joe Savage and Mandoki Realty.

Upcoming Events

If you’re an owner who wouldn’t miss out on the holiday festivities here on the coast, here is the schedule of local Yuletide events. Join us as we celebrate this most wonderful time of year!

Trim-A-Tree: through December 23 – Performing Arts Association, Foley. Unique original ornaments, decorations, pottery, jewelry, and fine art created by more than 250 artists and craftsmen from throughout the southeast. Sold on consignment.

Bellingrath’s Magic Christmas in Lights: November 25 – December 31 (Closed Christmas Day), Bellingrath Gardens and Home, Theodore. A coastal tradition. More than three million lights in over 950 displays throughout the 65 acre Garden estate. The home is decorated in holiday finery and poinsettias encompass the Gardens. Nightly choral performances are held on the home’s south terrace.

2nd Annual Christmas Parade & Christmas at the Beach in Gulf Shores: December 3. 2 pm. Parade begins at Gulf Shores Parkway (Highway 59) and Clubhouse Drive and travels south to East Beach Boulevard, ending at the Gulf Shores Public Beach. Floats, throws, music, Gulf Shores schools, clubs, organizations, businesses, and all the classic parade features.

26th Annual Nautical Night of Lights: December 10 – Intracoastal Waterway, Gulf Shores to Orange Beach. 6 pm. Parade departs from Lulu’s and travels the Waterway, ending at Zeke’s Landing.

Orange Beach Christmas Show: December 10 & 11 – Orange Beach Events Center at The Wharf. 10 am – 5 pm. Come enjoy a full day of arts, crafts, decorations, and holiday baked goods.

October 29: The Original German Sausage Festival, Elberta Town Park. Hours: 8 am to 5 pm This is the only place you can get real German Sausage made from a secret recipe developed by the founding fathers of Elberta.  Although the recipe has changed somewhat over the years, the original secret recipe for Elberta’s famous sausage is credited to Alfred Stucki who managed Elberta’s Locker Plant from 1953 until his death in 1973. Arts & crafts, live music, carnival rides and more. The Bier Garten offers a large selection of imported beers.

November 10 – 20: Frank Brown International Songwriters’ Festival, Various venues. Eleven days and nights of musical maject from legendary songwriters and those new to the business. Locations include The Flora-Bama, LuLu’s, Tacky Jack’s, The Hangout and Rafters.

November 11 & 12: The Blue Angels Homecoming Show, Pensacola NAs. Gates open at 8 am. Aircraft displays, food & beverages, Kids’ Zone, virtual reality experiences, bungee jumping and more. The air show begins at 9:45 am with the Blue Angels slated to fly around 2 pm. Pilots will sign autographs after the show. Attendees may bring chairs, but no coolers, backpacks, food, drink or pets. It is recommended that you bring ear protection.

Fall has arrived at the Plantation, bringing gorgeous days with highs in the upper 70′s and low 80′s, night time temps in the 50′s and 60′s and low humidity.

 Let’s hope the weather hangs around for the Shrimp Festival, which begins Thursday, October 13th and runs through Sunday, October 16th. If you haven’t made plans to attend the island’s biggest event, do so. With such a variety of arts and crafts, the Festival is a great venue to pick up one-of-a-kind gifts. So why not do a little early holiday shopping while you’re enjoying some great  seafood, music, and sandcastle building?

If you are a birding fan, the Hummer Bird Study Group will be at Fort Morgan through October 20th for their fall banding session. Banding hours are from before dawn to mid-afternoon. You’re asked to bring a lawn chair and binoculars, but leave the pets at home.

Attention Blue Angels Fans: Remaining scheduled practices are October 19, 25 and 26 and November 1, 2 and 8. Practices begin at 8:30 a.m. and identification is required.The Blue Angels Homecoming Show is November 11 and 12.

Mandoki Hospitality News

This month MHI introduced direct deposit to owners on our rental program. With direct deposit, owners have the convenience of having rental proceeds electronically deposited to their bank.  Our upgrade to OwnerLink allows owners to review their rental statements online, as well as book reservations, check rental histories. We will be activating other OwnerLink features in the near future.  We have had a good response to direct deposit and excellent feedback on the upgrade to Ownerlink.

What is it?

The Good Faith Estimate of Seller Closing Costs is commonly referred to as the “Net Sheet,” as it is intended to show a real estate seller what he will “net” from the sale after the estimated closing costs are paid. In simple terms, this is the sheet which estimates your bottom line as a seller in a real estate transaction.

A seller should receive a net sheet at the time he lists the property in order to disclose the common expenses associated with the sale and should also receive a new one each time an offer or counter-offer is made where money changes hands. That is, a new net sheet wouldn’t be needed if a counter-offer only called for an inspection to be done at the buyer’s expense…money hasn’t changed here, only a term of the offer.

It is important to remember that a net sheet is an estimate and not a contract or guarantee. A seller’s signature is only acknowledging receipt of the Good Faith Estimate and is not committing anyone to those particular numbers.

Why Do You Want One?

Well, first of all, it’s the law. This law was passed to protect the public by preventing unscrupulous persons (agents, lenders, etc) from “padding” the sale with last-minute, undisclosed expenses.

Both the Seller and Buyer in a real estate transaction are entitiled to Good Faith Estimates of the closing expenses associated with their transaction. Of course, if the buyer is going to finance the purchase, the most accurate Good Faith Estimate would come from his lender. As to sellers, it helps them in their decision-making by providing a reasonable estimate of the bottom line to their transaction, whenever the terms of an offer change which might affect that bottom-line. For example, if the price changes, the commission and title insurance change with it, or if the buyer accepts a higher priced counter-offer but asks for the seller to provide a home warranty in return “the money changes” and so the seller needs a new Net Sheet to help in his decision making. This is to answer the seller’s question, “So, what does this change mean to my bottom line now?”

Again, it is important to remember that this is merely an estimate, not binding. However, the estimate needs to come reasonably close and include the key expense elements of the transaction.  Most agents I know estimate high on expenses, with the rationale that they’d rather their sellers get a pleasant surprize at closing than an unpleasant one. If you don’t understand an expense or how the agent got his estimate, ASK!

Part 2: What’s On It?

A Net Sheet should relect all of the financial elements of an offer that would affect the seller’s bottom line. The most common in Baldwin County:

Commission: The sales commission – a percentage of the actual sales price      based on the terms of the listing agreement.

Deed Preparation: The cost for an attorney to draw up the deed transferring title ($75 – $150).

Title Insurance: The cost (a percentage of the sales price) of the owner’s title policy, which the seller provides to the buyer as evidence of clear title. In turn, the buyer brings certified funds to the closing.

Termite Inspection: Contracts commonly stipulate that there will be a state-approved certificate of “no active termite infestation” completed by a licensed pest-control company provided at the time of closing and at the expense of the seller. Often required by many lenders. ($75 – $125)

Tax Prorata: The share of the current year’s taxes that the seller will be giving the buyer credit for. Property taxes are paid in arrears. As the seller has enjoyed the property for a portion of the tax year, but will not be the responsible party when the taxes come due, the seller gives the buyer a prorated credit based on the percentage of the tax year the seller owned the property. Based on where the sale falls during the tax year (October – September) and the previous year’s actual taxes.

Estoppel Letter: A fairly recent development that is charged by The Continental Group (TGG) for sales of properties in Phases 1, 2 and 3. It is an expense that TTG charges to report the seller’s outstanding balance of Homeowner Association fees and the current monthly Homeowner dues to the title company. ($200 – $335 depending on the timing of the request.)

Other items that may appear on the net sheet, based on the terms of the offer:

Homeowner Association Dues Prorata: If included, this is usually a credit for the portion of the month the new owner will enjoy the monthly association dues already paid at the beginning of the month if the sale is closed before the last day of the month.

Buyer Closing Costs: If a buyer has asked the seller to pay for some or all of his closing costs as part of the offer, those should appear on the net sheet.

Selling Bonus: If the seller has offered a selling bonus to the selling agent/broker as an incentive, this should be shown on the net sheet.

Home Warrantly: If the buyer has asked the seller to purchase a Home Warrantly, the expense should appear on the net sheet.

Prepaid Insurance Credit: This applies to Phases 1, 2 and 3 at the Plantation and at any condo where the Common Area Insurance is assessed separately from the monthly association dues.  In that situation, a seller may have paid the insurance assessment for the upcoming year and wish to have that amount proprated at closing similar to the way taxes are prorated. This item must be specifically negotiated by the seller, however, because one-time association assessments are typically not prorated at sale. Since such assessments constitute a lien against the unit the moment the board declares them, the seller is typically responsible for paying those off in order to get clear title. If successfully negotiated, this items constitutes a credit back to the seller for the unused portion of the insurance assessment paid.

Decorating or painting allowances are not often seen in contracts, especially if the purchase is being financed. Lenders consider these allowances to be discounts from the contract sales price and deduct them from the amount they will lend. For example, if a unit has a contract price of $100,000 that includes a $10,000 decorating allowance, the lender will only lend against a $90,000 sales price. So instead of lending $75,000 (75% of $100,000), it will lend $67,500 (75% of $90,000). That means the buyer will have to come up with another $7,500 out of pocket, which whittles down the $10,000 decorating allowance pretty quickly.

Hopefull, this will take some of the mystery out of one of the most common and useful documents among the many that you will encounter in the sale of your real estate. If you ever have questions about current market conditions or about what it would take to list your property at the Plantation, we are at your disposal at Mandoki Realty.

25th Anniversary Celebration

 On the evening of Saturday, August 27th, thoughts turned “south of the border,” as homeowners and the Mandoki Hospitality management staff gathered at Connections to celebrate the Mandoki Family’s 25th Anniversary at the Plantation. 

The Mexican Fiesta featured a menu including fajitas, tacos, enchiladas, chips and salsa, Spanish rice, refried beans and all the accompaniments. An open bar and plenty of Margaritas ensured that no one went thirsty.

Party favors were MHI’s new cookbook, “Beach Favorites from Gulf Shores Plantation”, each including a personal “Thank You” note from all of us at Mandoki Hospitality. 

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Yearly Unit Evaluations Underway

Yearly evaluations of Mandoki Hospitality rental units have begun. If you will be upgrading or renovating your unit this fall, please notify Shelley in Rental Services and she will schedule the evaluation after work is complete.

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“Best of the Fest” Winners Announced

The Alabama Gulf Coast Chamber of Commerce has announced the winners of  the “Best of the Fest” Shrimp Festival contest. 

The Best Photo winner is Stacy Busby of Madison, AL.  Barbara Pennington of Florence  won in the  Best Recipe category. And Karen Neal of Montevallo submitted the Best Story. Karen’s prize package includes a two-night stay at the Plantation during Shrimp Festival, a round of golf for two at Gulf Shores Golf Club, gift certificates for restaurants and retail shops and a family beach photo session.

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Fall Events

September 27: Blue Angels Practice as NAS Pensacola

October 6 – 8: 8th Annual John L Borom Alabama Coastal Birdfest, 5 Rivers Delta Resource Center, Spanish Fort

October 6 – 9: 9th Annual Thunder on the Gulf, Gulf State Park Pavillion

October 13 – 16: 40th Annual National Shrimp Festival, Gulf Shores Main Public Beach

October 29: The Original Elberta German Sausage Festival, Elberta Town Park