Sarasota Real Estate News

Sarasota Real Estate News September 3, 2016

September 3rd, 2016 9:48 AM by Linda Holley

Good morning and enjoy your Labor Day weekend! It's been an interesting week with Hurricane Hermine, but this afternoon, I'll be out showing waterfront property to prospective investors. This blog will give you helpful information about buying or selling waterfront homes.

Hurricane Hermine was much kinder to Sarasota than northern counties on the Florida gulf. The Herald Tribune today listed the three-day rain fall totals, the highest being the Sarasota International Airport at 10", Siesta Key and South Sarasota 7". Coastal Manatee County (including Holmes Beach, Anna Maria Island, and Bradenton Beach) have experienced flooding since Wednesday causing school and business closures. Those areas received about 9" of water. In Sarasota, we had flooding around Bee Ridge and Highway 41 Thursday, which is a common occurrence here with tropical storms, and I had a few tree limbs down in my neighborhood but nothing major.

Buyers and Sellers: what do you need to know about waterfront property?

Was the existing structure built after January 1, 1975? [Note: If so, special flood plain management regulations may apply.]
Is the property located in a Federal Emergency Management Agency (“FEMA”) special hazard zone (Zone A or Zone V)?
What is the currently required Base Flood Elevation (“BFE”)?

Attorney David Levin with the law firm of Icard Merrill in Sarasota has lead rountable discussions with Realtors. Mr. Levin cautions Realtors about trying to answer questions about elevation and environmental issues, and he says that not all attorneys and title companies understand these issues.

Selling your waterfront home? Hire a surveyor and get questions answered up front such as: Can the Buyer add to the structure? expand? renovate? add a boat dock or swimming pool? Buying a waterfront home? If the Seller does not have a current elevation certificate, you need to hire a surveyor and get this done within your due diligence period. Know that this will cost several hundred dollars in addition to your other inspections.

Storm surge is caused by winds plowing through causing a bulge of water on the beach and land that pushes into properties. Storm surge eats away the land around older houses built at ground level and the structure can collapse! In older construction, concrete was poured on the sand as footers, but this is eaten away over time, and the house will collapse. Structures built with piles but without the property depth penetration will collapse, meaning that the piles must be driven deep enough.

FEMA regulations are part of Sarasota's local building code, but this is optional and not required. It would be interesting to know how many of Florida's northern counties include FEMA regulations in their building codes.

Base Flood Elevation (BFE) is FEMA's prediction of vulnerability - how high the water would be in a Category 3 hurricane, and FEMA puts this information on maps. We are concerned about Zones A and V and properties in these zones require flood insurance if there is a mortgage. A surveyor determines if the property is higher than the BFE; if not, there are legal ramifications that must be sorted through by an environmental attorney.

Buyers must understand if the property they are trying to buy is "conforming or non-conforming," which means that it is or is not in accordance with FEMA guidelines. Is it legally conforming or non-conforming? Not for Realtors to give an opinion! Buyers may be looking at an elevated home that appears to be above the BFE, but if the Seller has made improvements on the ground floor, (such as adding a bathroom) THAT is a problem, because it was probably done without a permit and the County may require that the property be returned to the original condition. I actually showed a $million home on Siesta like that a few weeks after I attended Attorney David Levin's rountable discussion and I could not believe that the Listing Agent was present telling the Buyers I was working with that the property was legal and conforming and we could see it was not! The Seller built an office and bathroom about six feet above the foundation in the garage after the original construction! These are situations where Realtors are sued for misrepresentation.

I understand that the FEMA maps for Sarasota County are being revised and will be released this fall.

Visit my home page at www.PalmerRanchLindaHolley.com to search for Sarasota homes or for tips about buying and selling your home. I'm here to answer any questions you may have about Sarasota real estate. Again, enjoy your Labor Day weekend and please be safe!

Most sincerely yours,

Linda
p.s. Please don't text and drive

Posted in:Sarasota Real Estate and tagged: Palmer Ranch Homes Siesta Beach Condos Sarasota Waterfront Homes Buying Waterfront Property Flood Insurance FEMA Flood Map

Posted by Linda Holley on September 3rd, 2016 9:48 AM

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Sarasota Real Estate News

Sarasota Real Estate News September 3, 2016

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