Rental Property Problem - Need other Realtor's Input - Update

By
Real Estate Broker/Owner with Weaver Realtors B55786000

The saga continues but there may be light at the end of the tunnel! 

Some decisions have been made by the city concerning the fire code problem.  The owner of the apartment in the adjacent build had been given a 30 day notice to vacate because there is no fire exit staircase and because the other staircase is in violation of the firecode due to the breach in the party wall. We'll wait and see how this works out with the city.  Stay tuned :)

This has been a nightmare for the investors, and I am working on a due diligence list for commercial property, if anyone has one I would love to see it.

Thanks

 

Posted by

Georgia A. Weaver, GREEN, CNE, CRS, GRI, 
Broker Owner and Iowa Certified General Contractor

Weaver LLC Realtors
"A Promise Made is a Promise Kept"

607 Lake Avenue
Lake Avenue
Storm Lake, IA 50588
Office 712-213-4663 (HOME)
Direct 712-291-0118

www.WeaverRealtors.com

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Rainmaker
1,046,845
June Piper-Brandon
Long & Foster Hampden - Baltimore, MD
Piecing Dreams One Home at a Time
Some jurisdictions are making it harder and harder for investors and making it nearly impossible to maintain tenants in properties.  I had this discussion with an investor yesterday who owns property near where I own property and it seems the Health Inspector has it in for me and gives me a harder time than other investment owners in the same area.  I guess it depends on how you treat them.  I guess I should have brought chocolate.
Jan 25, 2008 06:45 AM #1
Rainer
4,109
Kathleen Melincavage
Mellman and Jukel Realtors - Blackwood, NJ

What are the issues that are taken place.  Is this a property that the owners have had are they just purchasing?  If it is something that they have already why is it no grandfathered in?  Also what is the cost to update with fire staircases and can you use the drop down ladders?  Let me know  because i would love to hear about other states and cities codes!!!!!!!!

 

Jan 25, 2008 06:46 AM #2
Rainer
70,687
Ken Tharp
Iowa Equity Exchange - West Des Moines, IA
Section 1031 Exchanges, Iowa/U.S.

Wow, Georgia, that's amazing to me that they're requiring the adjacent owner to vacate his apartment. As Kathleen said, it sure seems like something would be grandfathered in, although that may not be what your investors even would want. Thanks for the update, and please continue to keep us informed.

- Ken 

Jan 25, 2008 11:20 AM #3
Rainmaker
91,494
Georgia Weaver
Weaver Realtors - Storm Lake, IA
A Promise Made is a Promise Kept! 712-291-0118

Ken, Kathlleen and June,

From what I have been able to learn after reading building codes there is no such thing as Grandfathering in if the issue is a fire hazard or a safety hazard.  The whole description of the situation can be found on previous postings on my blog.  So to keep this short I will not elaborate on the remainder of the questions.  Needless to say, the investors are very happy and are counting the days till the vacate order goes into effect.  I will watch this closely because the neighboring building is for sale, I am very interested to see if this effects the property disclosure.

And hey June, I own stock in chocolate!

Jan 25, 2008 12:04 PM #4
Rainer
70,687
Ken Tharp
Iowa Equity Exchange - West Des Moines, IA
Section 1031 Exchanges, Iowa/U.S.

Hi Georgia - I think it all depends upon the jurisdiction. I can think of two examples in Des Moines on my own properties (now sold) that would not have met today's code but were okay because they were approved when they were built/created. One is a spiral staircase that served as a second egress for a third floor apartment; okay when built, not okay today, but grandfathered in. The other one is what we call break-out panels - let's say there are three apartments on the second floor of a house. Only one has a second egress; the one with the egress has a piece of glass installed into its door so that the occupants of the other two apartments can break it out in case of fire and use the second egress exit. Not allowed today, but okay because it's grandfathered in. 

But your jurisdiction may not allow any grandfathering at all. 

Jan 25, 2008 01:08 PM #5
Rainmaker
91,494
Georgia Weaver
Weaver Realtors - Storm Lake, IA
A Promise Made is a Promise Kept! 712-291-0118

New update on this see post, unbelievable turn of events.  Let the Buyers BEWARE!

Jul 18, 2008 03:00 AM #6
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Rainmaker
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Georgia Weaver

A Promise Made is a Promise Kept! 712-291-0118
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