Brittex Blog

50 Percent Rule Relating to Residential & Commercial Construction
January 3rd, 2008 10:28 PM

What is the 50% rule, and how does it affect the renovations of a single family home or commercial property?

Subsequent to Hurricane Andrew in August 1992 many municipalities have adopted rules regarding the renovations of existing structures.  Those guidelines were devised in response to many homes and businesses that were destroyed whose finished floor level (the elevation of the concrete floor slab for "slab on grade structures") was below that of FEMA guidelines.  FEMA also raised the required flood elevation for "finished floors" for new homes and structures.

The rule is "cumulative" meaning that renovations made under subsequent permits count towards the repalcement costs.   If the renovation/new construction proposed for the structure is just under the threshold due to prior renovations, a future improvement could trigger the 50% rule which would preclude any further renovations without complying with all the current building codes and FEMA requirements. 

Triggering the 50% rule to both the floor elevation and all current building codes. *

*Product control of approved building materials to meet hurricane codes are required along with ADA requirements such as handicapped provisions.  Exterior materials such as roofing, doors and windows, must  pass an impact test for approval and certification.  Electrical, mechanical and structural items must also comply with all current codes.  For commercial properties, setbacks, parking open space and other requirements are enforced.

 


Posted by Britt J. Rosen, CCIM on January 3rd, 2008 10:28 PMPost a Comment (0)

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Supply of Condos on Miami Beach as of 11/2007 - Source EWM Facts & Trends
January 3rd, 2008 11:26 PM

The following chart was taken from data supplied by Esslinger Wooten & Maxwell of Miami-Dade, Florida.  http://www.ewm.com/trendx

The table below is for Miami Beach condominiums as of November 2007.  The chart indicates there were 4,008 units for sale on the MLS (Miami-Dade Regional Multiple Listing System) with only 70 units selling per month.

That is equivalent to an absorption rate of 57.26 months or 4.77 years.  A typical supply/demand is six to eight months of inventory according to Realtors that Brittex has interviewed.


Posted by Britt J. Rosen, CCIM on January 3rd, 2008 11:26 PMPost a Comment (2)

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Britt J. Rosen is a Finalist in the Merill Lynch Shootout in Naples, FL
January 3rd, 2008 11:00 PM

Posted by Britt J. Rosen, CCIM on January 3rd, 2008 11:00 PMPost a Comment (0)

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