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Navigating the National Association of Realtors Settlement in Florida

Posted on: June 17, 2024
Read time: 5 minutes

With stunning beaches, low taxes, great weather, and diverse natural environments, it’s no secret that Florida consistently ranks at the top of the nation’s preferred places to live. Every corner of the Sunshine State is brimming with unique destinations that are experiencing high demand for a variety of coastal lifestyles. In addition, the rising demand for golf has private club communities at the top of the list for those with an interest in real estate. Orchid Island Golf & Beach Club, a private club on Florida’s east coast, brings together golf, beach, nature, tennis, pickleball, kayaking, fitness center, and spa – a combination that has accelerated interest in this friendly and welcoming ocean-to-river community.

The real estate professionals at Orchid Island Realty, led by Managing Broker Anne Torline, are planning for changes resulting from the pending settlement of the lawsuit against the National Association of Realtors (NAR) and many large brokerage firms. These changes will affect buyers, sellers and real estate agents when selling and purchasing homes.

Real Estate Sign - National Association of Realtors

About the National Association of Realtors Lawsuit

On March 15th, 2024, the Department of Justice and the National Association of Realtors (NAR) reached a settlement that eliminated long-standing broker commission practices dating back to the 1990s. With preliminary approval, implementation goes into effect in August with a formal approval expected in November 2024. Let’s delve into the details of the settlement and explore how the Orchid Island Realty team is prepared to assist both buyers and sellers in navigating the changes.

In the past, it was customary, and in many cases, required for a seller and their listing broker to offer compensation to the buyer’s agent when putting a listing into a multiple listing service utilized by NAR members. The settlement requires that sellers and listing brokers not be permitted to advertise their offer of compensation, if any, to a buyer’s agent in the MLS – the database agents use to share information on properties. Certainly, sellers and listing brokers are allowed to offer compensation to a buyer’s agent; however, they will not be allowed to include this information in the MLS. Additionally, another requirement of the settlement is that homebuyers must agree in writing to the compensation they will pay their buyer’s agent before viewing a home.

In summary, it will no longer be assumed that a seller or their listing agent will cover the buyer’s agent fees, shifting the responsibility to the new homebuyer.

Tapping Into the Knowledge of Experienced Realtors

Moving forward, buyers will certainly want to be sure that they are working with a knowledgeable agent. “There are many details involved in purchasing in a private club community,” states Anne Torline of Orchid Island Realty. “We invest our energy into being a true resource for potential buyers. Our office is member-owned, and our Members support us by acting as ambassadors and a resource for potential buyers. Together, we can answer most questions or concerns a buyer may have related to the HOA, club structure, amenities, events and, of course, the properties for sale.” Torline adds, “This structure highlights the significant value we bring to the buyer during their research stage, tapping into our professional knowledge and experience as well as the experiences of our Members. Additionally, as an on-site brokerage for the community, we have constant communication with our homeowners and Members. Therefore, we are in a position to know if a seller is offering any type of compensation or concession to a buyer or their agent. We feel this will be tremendously advantageous to the buyers working with our office.”

Orchid Island Realtors

Trusted Experts in Florida Private Clubs

For those searching for their next Florida retreat at Orchid Island, the team at Orchid Island Realty is the only on-site real estate office. They provide expertise on price trends, community activities, and all of the current listings within this private golf and beach club community. They also stand ready to answer any questions buyers and sellers may have in relation to the NAR lawsuit and the impact it will have on future real estate transactions. With a wide variety of real estate offerings, Orchid Island Realty provides the insight buyers need to make informed decisions in the Orchid Island Golf & Beach Club.

aerial of Orchid Island

Golf, River, and Oceanfront Homes Available in Vero Beach

Orchid Island is home to 375 residences, which are located directly on the beach, golf course, or river. Each home features West Indies architectural designs, panoramic natural vistas, and the secluded privacy of living in a gated oceanfront golf community. Luxurious oceanfront condominiums and oceanfront estates are spacious and bright with open Atlantic Ocean views. A wide array of single-family riverfront estates offers open Indian River views and many feature private docks. Golf course homes and cottages are tucked away on private cul-de-sacs and winding streets to maintain open views of the lush fairways and sparkling lakes of its distinctive Arnold Palmer course.

orchid island golf course and golf cart

Resort-Style Amenities Just a Golf Cart Ride Away

Orchid Island Golf & Beach Club enjoys a beautiful natural setting and world-class amenities that are second to none. The Arnold Palmer-designed golf course is a qualifying site for the 124th U.S. Open, with Memberships available for residents and plentiful tee times to hit the greens. The West Indies-inspired Beach Club creates an easygoing setting where numerous gathering places and ocean breezes nurture the spirit of neighbors becoming friends. Generations come together to enjoy a seaside pool, a spa, and multiple dining venues. A state-of-the-art fitness center and eight Har-Tru tennis courts provide ample options for every fitness enthusiast. A new sports complex was also recently opened, featuring six pickleball courts, a basketball court, a children’s playground, a croquet lawn, and a bocce ball court.

For more information on these new listings, contact Orchid Island Realty at 772.388.3888 or visit OrchidIslandFL.com to register your interest. A complimentary copy of the Orchid Island Magazine is also available online, showcasing the surrounding area and lifestyle of the community.

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