Those interested in commercial real estate investing in Key West have to consider numerous factors that are unique to the delicate ecosystem, geology and weather patterns of the Keys. One factor for consideration is flood insurance. A buyer has to determine the insurability of the property against flooding. In order to determine the insurability, commercial real estate investors in the Florida Keys should seek counsel from a qualified insurance agent.
Structures Built Before January 1, 1975
For structures built before January 1, 1975, have a special set of rules governing improvements that might limit the structure’s reconstruction, rehabilitation or addition potential.
Structures Built After January 1, 1975
Structures that were built after this date that has any enclosures below the Base Flood Elevation are typically considered inhabitable. If there actually is space for living in below BFE, the owner of the property might be required to demolish that area or may be subject to a steep insurance premium.
Base Flood Elevation in Monroe County
Base Flood Elevations (BFEs) are shown on Flood Insurance Rate Maps (FIRMs). The BFE compared to a building’s actual elevation determines the flood insurance premium.
If you want to know how Base Flood Elevation might affect a particular property, you can also always call the Monroe County Federal Emergency Management Coordinator. Monroe County also has more information on the topic on its webpage dedicated to building requirements. You can find that here. Additionally, you could contact the City of Key West. Lastly, you can check FEMA flood maps online too. You will find those located online here.
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Upscale, Comfortable Commercial Real Estate Office
The RE/MAX Keys Connection office is located in the Historic Heritage House in the heart of Old Town, conveniently located immediately nearby major downtown hotels. Our unique, cafe-style real estate office offers our valued clients a welcoming, upscale, professional environment. Enjoy complimentary beverages, free wi-fi, and a private conference room or expansive front porch, depending on the level of privacy you’re most comfortable with.
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Experienced Commercial Real Estate Brokerage Company
RE/MAX Keys Connection’s owner and broker Curtis Skomp is one of South Florida’s top commercial real estate brokers. With over two decades of experience and a CCIM (Certified Commercial Investment Member) designation, Curtis has brokered commercial real estate including industrial properties, shopping centers, strip malls, trailer parks, bars, restaurants, hotels and multi-unit apartment buildings. Unlike many brokers, Curtis isn’t intimidated by bank foreclosures either.
RE/MAX Keys Connection offers clients international exposure with local service. Our service area includes Key West, Big Pine Key, Marathon, Islamorada, Key Largo, and all of unincorporated Monroe County. Our office is fluent in Spanish, which is highly important when doing business in Southern Florida.