Again Mark congratulations you have come not just along way but all the way with your knowledge of the keys . Don't let beauty of the keys or Mark's wife bite you in the behind. This county is a tough web of rules that change constantly without notice. So make sure you have the backbone for the unexpected and patience for the same. Mark has sold many of my projects of renovated properties. I can't express enough how valuable he is and will be for you in any of your real estate ventures in the keys. Just remember if you move here don't ruin it by making the mistake by getting a job.
50% rule is all about flooding. Most of the older homes that are pre-FIRM were built with the finish floor below the base flood elevation and no flood venting. You are allowed up to 50% fmv, structure only, if you go over, you must elevate the FF to the BFE plus any freeboard Monroe Co added, along with proper flood venting. If you can’t elevate, stay below 50% fmv, structure only. Our county drops a permit cost every year after the 5th year so that you can do more construction. But as said, contact your local Floodplain Administrator. Source: CFM. Y’all keep up that great work! Love ya.
50% rule is what is screwing all the owners on Ft. Myers Beach from rebuilding. It allows commercial businesses to buy all the land to put in condos and Hotels.
The City of Destin,in the Florida Panhandle, applies the 50 percent rule for a 10 year period. They actually tract your permits to keep you from extending the time period to circumvent the rule. Look up your local FEMA CRS rating and you will see what their rules are. municipalities and counties submit their rules to FEMA in an effort to reduce their CRS rating thus reducing FEMA Flood Insurance Premiums for all its property owners.
Thank you for sharing. We started heading to the Keys every year after the last big huricaine that hit. Wished we had purchased a home back then. Planning for retirement...hoping this includes the Keys perminantly. Thank you again for all the great information you and Laurie share with us. Headed down next week. Can't wait!
The 50% rule is a National program by FEMA that some counties participate in to get older homes to meet new flood elivation codes. I believe home needs to be 18" above base flood elivation or 12" above crown of road in front of property. My county which is Collier uses the county appraiser value of the structure plus 30% if they are nice. So like a home I live in the market value is about $850k but the structure value by county appraiser is $75k plus 30% equals $97,500. Which means I can make upto $48,750 in repairs before having to raise the elivation which would really means tare down home and rebuild. Which would cost between $550 - 650k. Most people can't afford that and most renovations on an old home will cost more than $50k. This leaves people between a rock and a hard place.
FEMA’s 50% rule prohibits repairs and improvements on damaged homes exceeding 50% of their market value unless the entire residential structure is brought up to the most current floodplain management regulations. You can spend as much as you want but if you spend more than 50% you have to bring the entire house up to all current codes and flood elevations, etc.
My 1960 block home in north- Sarasota with trusses is built quite well and just withstood a direct hit from Milton, 106 mph winds. But I also thought the 50% rule was mainly to prevent people from rebuilding at below flood level, where most coastal older homes are situated.
Great video. This is a fema policy so homeowners can obtain flood insurance. Same rules apply to lake homes here in northern Indiana for homes in a flood plain designated area
Good video, well done! Great insight! I always laugh at Florida folks calling a home from the 50’s old lol. Perspective. Here in Cincinnati we have homes that are still amazing and beautiful and in great working order built in the Civil War era, almost 100 years before these “old” FL homes haha!
Hahahahaha that's fuked up. Best thing I've heard since the COVID JAB. Still can't stop laughing. Almost as funny as. BIDENOMICS. This one just kills me. I've been laughing for the last 4 years. Thanks for the good time. You've made my day ❤
I think all sort of delinquencies, tax, homeowner insurance and other cost of living will take the house prices back to pre-pandemic level by next year.
We are currently in the market in the Midwest and we just walked through a brick house built in 1856. It was solid, and built to last. It still had all it's original wood and flooring. I'm sure it will stand another 100 years. What are they building houses out of in South Florida that being built in the 50's make them old?
It's really not so much the building material down here as it is the climate. Sun, saltwater and high moisture and humidity is very tough on everything down here. Heck stainless steel rusts down here!
Jesus, ALL YOU'D HAVE TO DO IS SHOW UP AND GET THE DEPOSIT AND PEOPLE HERE WOULD BE HAPPY. YOU WOULDN'T EVEN HAVE TO COME BACK FOR A YEAR OR TWO UNLESS YOU WANT TO PICK UP ANOTHER CHECK AND MAKE MORE PROMISES TO COME AND START THE JOB NEXT WEEK. RETIREMENT PLAN #1.
The bank most likely would not be involved, fixer uppers down here tend be cash deals....less to do with borrowing money, but typically you can't get insurance and that kills loans.
I don't understand how a $500k property was valued at $170k. You missed important details. A property is worth what someone is willing to pay for it. The house itself is worth 170k, but it's sitting on a 500k total price lot? So the land is valued at 500-170=330? Sorry, the only thing I learned here was that I should call you and read the county's website.
That is one of the dumbest ordinances I’ve ever heard. How do they know how much you spent? Do you have to show receipts? How would they know if you went over 50% if you did some of the work? BTW your wife is gorgeous.
The amounts are based on required permitting, which down here is just about everything. You can only apply for permits up to 50% of the improvement value of the structure, each permit has an attached value or job cost....it's that way in all areas where homes fall under the National Flood Insurance Program....not just here.
Again Mark congratulations you have come not just along way but all the way with your knowledge of the keys .
Don't let beauty of the keys or Mark's wife bite you in the behind.
This county is a tough web of rules that change constantly without notice. So make sure you have the backbone for the unexpected and patience for the same.
Mark has sold many of my projects of renovated properties. I can't express enough how valuable he is and will be for you in any of your real estate ventures in the keys. Just remember if you move here don't ruin it by making the mistake by getting a job.
50% rule is all about flooding. Most of the older homes that are pre-FIRM were built with the finish floor below the base flood elevation and no flood venting. You are allowed up to 50% fmv, structure only, if you go over, you must elevate the FF to the BFE plus any freeboard Monroe Co added, along with proper flood venting. If you can’t elevate, stay below 50% fmv, structure only. Our county drops a permit cost every year after the 5th year so that you can do more construction. But as said, contact your local Floodplain Administrator. Source: CFM. Y’all keep up that great work! Love ya.
50% rule is what is screwing all the owners on Ft. Myers Beach from rebuilding. It allows commercial businesses to buy all the land to put in condos and Hotels.
The City of Destin,in the Florida Panhandle, applies the 50 percent rule for a 10 year period. They actually tract your permits to keep you from extending the time period to circumvent the rule. Look up your local FEMA CRS rating and you will see what their rules are. municipalities and counties submit their rules to FEMA in an effort to reduce their CRS rating thus reducing FEMA Flood Insurance Premiums for all its property owners.
( ROGO ) Meaning, ( RICH OR GET OUT )
Thank you for sharing. We started heading to the Keys every year after the last big huricaine that hit. Wished we had purchased a home back then. Planning for retirement...hoping this includes the Keys perminantly. Thank you again for all the great information you and Laurie share with us. Headed down next week. Can't wait!
You are welcome! Hope you have a safe trip and please let us know if we can help with anything.
Thanks, Mark for an informative video. I understand a situation where someone could be highly disappointed when buying a fixer-upper.
The 50% rule is a National program by FEMA that some counties participate in to get older homes to meet new flood elivation codes. I believe home needs to be 18" above base flood elivation or 12" above crown of road in front of property. My county which is Collier uses the county appraiser value of the structure plus 30% if they are nice. So like a home I live in the market value is about $850k but the structure value by county appraiser is $75k plus 30% equals $97,500. Which means I can make upto $48,750 in repairs before having to raise the elivation which would really means tare down home and rebuild. Which would cost between $550 - 650k. Most people can't afford that and most renovations on an old home will cost more than $50k. This leaves people between a rock and a hard place.
Yes, the 50% rule can be tough for sure...that's why we felt it was important to do a video on it and bring more awareness.
To many variables, code people suck
FEMA’s 50% rule prohibits repairs and improvements on damaged homes exceeding 50% of their market value unless the entire residential structure is brought up to the most current floodplain management regulations.
You can spend as much as you want but if you spend more than 50% you have to bring the entire house up to all current codes and flood elevations, etc.
My 1960 block home in north- Sarasota with trusses is built quite well and just withstood a direct hit from Milton, 106 mph winds. But I also thought the 50% rule was mainly to prevent people from rebuilding at below flood level, where most coastal older homes are situated.
Glad your home was okay 😀
Great video. This is a fema policy so homeowners can obtain flood insurance. Same rules apply to lake homes here in northern Indiana for homes in a flood plain designated area
Thank you Chris, we appreciate you watching!
Excellent, knowledgeable, and honest conversation! Thanks
Glad you enjoyed it!
Good video, well done! Great insight!
I always laugh at Florida folks calling a home from the 50’s old lol. Perspective. Here in Cincinnati we have homes that are still amazing and beautiful and in great working order built in the Civil War era, almost 100 years before these “old” FL homes haha!
The 50% rule is not just Monroe County it's a rule put in place after hurricane Ian by FEMA !
If We The People are letting FEMA make laws, we need to rethink things.
The government knows what is best for us!
Hahahahaha that's fuked up.
Best thing I've heard since the COVID JAB. Still can't stop laughing.
Almost as funny as.
BIDENOMICS. This one just kills me.
I've been laughing for the last 4 years.
Thanks for the good time. You've made my day ❤
I think all sort of delinquencies, tax, homeowner insurance and other cost of living will take the house prices back to pre-pandemic level by next year.
There’s no way that will happen in the keys
This is not just in the keys but everywhere in Florida.
We are currently in the market in the Midwest and we just walked through a brick house built in 1856. It was solid, and built to last. It still had all it's original wood and flooring. I'm sure it will stand another 100 years.
What are they building houses out of in South Florida that being built in the 50's make them old?
It's really not so much the building material down here as it is the climate. Sun, saltwater and high moisture and humidity is very tough on everything down here. Heck stainless steel rusts down here!
Would Law and Ordinance insurance coverage pay to replace the entire home?
THX again for the info! You guys are the best!
Our pleasure!
Great information!
Glad it was helpful!
Hey!
If your property is waterfront, do you need a permit to build a dock there?
Yes, you need a permit for just about everything down here.
Not true!!!!
YOU HAVE TO PERMIT EVERYTHING HERE UNLESS YOU ARE FILTHY RICH OR PART OF THE BUBBA SYSTEM.
Finally Laurie is back if only for a minute. LOL
i am a contractor in new york. i would love to work down there!
If you are reliable and do quality work there is plenty of work to do here.
Jesus, ALL YOU'D HAVE TO DO IS SHOW UP AND GET THE DEPOSIT AND PEOPLE HERE WOULD BE HAPPY. YOU WOULDN'T EVEN HAVE TO COME BACK FOR A YEAR OR TWO UNLESS YOU WANT TO PICK UP ANOTHER CHECK AND MAKE MORE PROMISES TO COME AND START THE JOB NEXT WEEK. RETIREMENT PLAN #1.
Excellent Videos.
Thanks so much for watching!
Loved your video, thank you
Thanks for watching!
well the bank is gona give you a problom if they knew about that.
The bank most likely would not be involved, fixer uppers down here tend be cash deals....less to do with borrowing money, but typically you can't get insurance and that kills loans.
I regret going to the keys
*
I don't understand how a $500k property was valued at $170k. You missed important details. A property is worth what someone is willing to pay for it. The house itself is worth 170k, but it's sitting on a 500k total price lot? So the land is valued at 500-170=330? Sorry, the only thing I learned here was that I should call you and read the county's website.
The flood rules apply to improvements only and do not take any site value into consideration
That is one of the dumbest ordinances I’ve ever heard. How do they know how much you spent? Do you have to show receipts? How would they know if you went over 50% if you did some of the work? BTW your wife is gorgeous.
The amounts are based on required permitting, which down here is just about everything. You can only apply for permits up to 50% of the improvement value of the structure, each permit has an attached value or job cost....it's that way in all areas where homes fall under the National Flood Insurance Program....not just here.
Believe me they are up your arss and watch everything you do. You've heard of the Jersey Handshake I'm sure. ❤
The keys are so corrupt.I'll never go there again
If you saw the new Road House movie, I understand why
Anywhere Northerners migrate corruption will be guaranteed.
How so?
Abolish FEMA
Land of the free 😂😂😂😂😂
Second funniest thing I've read here today. Move to the coastline of North Korea for more freedom.
😂, A fixer upper is still a 1M outdated home. 😊
First 🏆