The nation's largest apartment owner was preparing to list a 29-building property in Coral Springs, FL for sale. Understanding the significance of maximizing asset value, they wanted to address a critical challenge that the property faced—its location in the flood zone and the associated flood insurance mandates. This multi-family property had 29 buildings in the flood zone with lenders mandating flood insurance policies on each of their 29 buildings which cost $33K+ in annual premiums, and this cost was projected to increase to $62,519 over the next four years. It was clear that a strategic solution was needed to unlock the property's true worth.
Enter National Flood Experts…NFE conducted an extensive initial review of the property, carefully examining every detail. Our analysis determined that nine (9) buildings could be successfully removed from the high-hazard flood zone. Our engineering team suggested a Field Expert Survey (FES), to gather precise, property-specific data. Recognizing the potential for a game-changing outcome, the property owners agreed to the FES. The FES not only confirmed the removal of the initial nine (9) buildings from the flood zone but also paved the way for an additional ten (10) buildings to qualify. In total, a staggering nineteen buildings were successfully removed, resulting in an annual savings of $21,876 in flood insurance premiums—a major win. Additionally, an increase of over $365,000 in property value was realized, positioning the property very well on the market.
NFE also provided the property owner with a comprehensive write-up, expertly detailing the property's improved flood zone situation. This resource proved to be a key asset in their marketing efforts, elevating their ability to attract discerning buyers.
At NFE, our dedication to delivering comprehensive assessments, innovative solutions, and unmatched flood expertise has again proven instrumental in transforming challenges into opportunities. By partnering with us, the property owner was able to unl