Real Estate Damages / Detrimental Conditions / Older Concrete Buildings in S FL / Aftermath of Champlain Towers’ Collapse

Since the unfortunate Champlain Towers’ building collapse clients have inquired about the “loss of value” of older concrete buildings located south Florida.   They want to know if their condominium units will be affected in older concrete buildings. 

Construction defects similar to this are covered under “detrimental conditions” with respect to market value and real estate appraising.   The skill of the appraiser to analyze and collect the data is important to the process. Below are some of the issues dealing with concrete construction, defects and how they can affect the market value of real estate.  The appraiser must also use his or her skill in analyzing upward or downward overall market conditions can occur at the same time, and be the reason for a change in value.    

Real Estate Damages – As mentioned, the subject revolves around real estate damages and the analysis of detrimental conditions.  Detrimental conditions can fall under various categories as mentioned in my earlire post of April 22, 2018, in this blog.  

Concrete Construction - Due to our unique and widespread use of concrete in south Florida, more than any other real estate market in the country, this issue involves numerous concrete structures that have been constructed in south Florida.  Not only have they been built along the coastline, but also on “dry lots”.   Due to the prevailing winds and close proximity to the ocean and bay, salt water can work its way into older concrete accelerating the rusting of reinforcing bars (known as “rebar”).  The expansion outward of the rebar cases concrete cracking and “spalling”. This sets off a chain reaction where more salty water gets into the concrete and steel, and the cycle repeats if untreated.  Also, in the beginning of the formation of Miami in the early 1900’s brackish water was often used in concrete mixes adding to the corrosion of reinforcing steel¹.    

 ¹ Note that reinforcing steel  that are in the shape of long deformed bars or“rebar” for short, is used in poured in place concrete.  This is different that “structural” steel also used in buildings. Structural steel used in building construction have a separate American Institute of Architects (AIA) classification in building specifications, and includes such items as: steel bar joists, wide flange and “I” beams, lallly columns.  Smaller metal items are known as “miscellaneous metals” and include angles, “embeds”, weld plates and other smaller pieces of meatal used in residential and commercial building. The     

 Reinforcing steel provides the “tension” for concrete slabs, columns and beams. The long bars are cut at a factory or shop from a “shop drawing” based on the structural plans. These shop drawings are reviewed and approved for accuracy by the contractor and architect.  The rebar has deformations in order to provide a mechanical grip for the concrete once is “cures” to its maximum strength². 

 2 Technically, concrete never stops curing. In fact, concrete gets stronger and stronger as time goes on. To reach a practical strength, most industrial concrete mixes will have gained around three quarters of its maximum compressive strength after seven days. Concrete reaches its full strength after approximately 25 to 28 days. 

 As mentioned earlier, with water and salt introduced into the concrete it causes rusting rebar concealed in concrete which expands, causing outward pressure on concrete and “spalling”. This disintegration of concrete is commonly seen on many seawalls in south Florida, where one can see brown rust spots on the surface of the pile cap.  If this “spalling” is left untreated it can lead to failure of sections of the concrete.

Concrete is good in “compression” and not good in “tension”.  This is why rebar is used in concrete and they work together to form a strong unit when placed strategically in a concrete pour encased the rebar.  Rebar is numbered by in 1/8^th inch increments.  A No. 4 rebar is ½ inch in diameter, and a No. 3 rebar would be 1/8^th inch smaller. A No. 8 rebar is 1” in diameter. The steel bars have deformations in their round exteriors so that the concrete will grab ahold of it when the concrete cures or dries.  Marine construction uses a coated rebar due to proximity to the salty water.

Diminution in Value - There is a methodology for applying appraisal techniques to address these detrimental conditions as they relate to real estate.  The appraiser must establish whether or not there is a diminution in value to the real estate and each property must be analyzed separately.  

In older buildings in south Florida the focus is now on parking garages, balconies, and foundations that often show signs of “spalling” in structural members and on concrete decks.  See below in comments on the Champlain Tower’s collapse on how concrete decks tied in with columns can compromise the main building. 

40 Year Recertifications - In Miami-Dade and Broward Counties, all buildings which are 40 years old from the date of the original Certification of Occupancy must be recertified by the Building Official every 10 years to ensure they are safe.  Building departments will strengthen requirements for building inspections and recertifications, and they will likely drop from the current “40-year” chronological age requirements to much lower ages.

Three Approaches to Value - There are three approaches to value – the cost, comparable sales and income approaches.  All should be considered, and one or more are typically developed. The appraiser first establishes market value as if the detrimental condition does not exist and the second part of the process is to determine the diminution in value of the subject property, if any.  The difference between these two values can result in the diminution in value and or damages.  

Florida Law Disclosures - Florida law requires sellers to disclose any known defects and Realtors obtained signed disclosure statements from sellers when listing and selling real estate.  A home seller must disclose any facts or conditions about the property that have a substantial impact on its value or desirability and that others cannot easily see for themselves.  However, this law does not over commercial property.

Upon the discovery of the detrimental condition (DC) market value may fall if market data supports a decline.  In the case of older buildings that show signs of depreciation, such as spalling concrete and leaking concrete decks, if a cost approach is employed and determined to be the most credible approach to estimate repairs, employing the cost approach may be a good approach in dealing with the impacted value.  It typically requires an engineer’s evaluation of the structural integrity of the building together with a contractor’s estimate for the repairs/replacements.  The appraiser’s analysis is crucial in the context of the three approaches to value.

Methods to Determine Detrimental Conditions in Real Estate - In the beginning of this process, and prior to any investigation and engineers’ studies, the value is often impacted the most, and the property may not be marketable¹.   At this early stage value can be impacted the most, because buyers and sellers do not have enough information to understand the overall situation.  As time goes by, and estimates are obtained, there will be market data to analyze the impaired building.  A “bell chart” developed by appraiser Randall Bell includes six elements of a “DC model”. They include the following: unimpaired value, the DC occurring or discovery, assessment stage, repair stage, ongoing stage and market resistance.  

_{1 Randall Bell – Real estate damages an analysis of detrimental conditions (Appraisal Institute1999)}

Comparable Sales Analysis - In the comparable sales approach method to value, unit prices or sales of other similar units will reflect the costs of repairs not yet completed. This is based on the “theory of substitution” where buyers and sellers are well informed about the costs of repairs, and compare various properties in the market when making a buying decision. Comparable sales of similar units are adjusted for differences in design, location, square footage and other features vs. the subject property.  A paired sales analysis can be used to compare the sales to the subject and arrive at value conclusions based on “adjusted” comparables which will form a range of value in the comparable sales analysis.  Thus, the comparable sales approach is a very good approach to determine market value with individual apartment units (technically, the word condominium is a form of ownership).  

Stigma - There may be “economic loss” due to “stigma” because of detrimental conditions.  Stigma has been studied and there are cases where the economic loss goes away with time, as once the condition is repaired, people forget about what occurred in some cases.  Market surveys can also be used as supporting documentation for market data in the comparable sales or cost approaches to value.  Note that the income approach is not usually developed in apartment/condominium appraising.    

Champlain Towers Collapse - There is not yet enough market data in many real estate submarkets of south Florida to draw meaningful conclusions yet as condominium associations are scrambling to get engineers reports and estimates for repairs, if any. In the age of cellphones, Instagram and YouTube, numerous issues are being uncovered.

Recently some buildings in Miami have been evacuated due to structural issues that have gone unrepaired or ignored.   It will be interesting to see the effect of list and sale prices of older concrete buildings as there are  numerous older buildings and parking decks with structural issues due to degradation of concrete and lack of maintenance. There are also new buildings with some structural issues. The public is keenly aware of this and will want to know more about it in the future.

Regarding the Champlain Towers situation, I have been following engineers’ reports and information that has come out about the towers' collapse.  The cause of the failure to the structure remains to be forensically investigated.  However, the proximity of the ocean to the subject and intrusion of salt water into the concrete and reinforcing steel was the major issue.  Also, the concrete pool deck was tied into the column system and later movement of the deck may have caused a chain- reactions with other structural supports that are vertical columns holding up the building. 

A structural slab spanning the width of the property continuing underneath the building, was likely tied in with the vertical columns.  This is typically done with “stirrups” and “dowels”, or bent rebar that allows for the lapping of rebar and joining with mechanical (wire) ties.

The pool deck, which has deteriorated over the years and was the subject of the 40-year recertification process, failed first.   The consensus is that this caused the columns to be compromised in the center part of the building, and cased the building to collapse.

It is known that the parking deck failed first, as there were three eye witnesses to the pool deck failing prior to the building collapsing. After the deck collapsed onto cars below it, the middle of the building collapsed followed by the east section, seven seconds later.  This is known due to eyewitness accounts of at least three people (one in Unit 111, just above the column failure) who heard sounds prior to the collapse.  They went to the lobby to complain to the security guard about it, and 911 was called. They also saw the parking deck failure, where it had reportedly dropped down to the lower level, well before the main structure came down.

Also, a couple swimming in the pool nearby to the north,  heard noises and got out of the pool to investigate and take cell phone video of the parking garage and debris.  Once the video was enhanced, one can see portions of what appears to be the pool deck structural slab failure, where debris dropped to the bottom of the parking garage. The film was taken at the entry ramp to the garage from the north side of the property (looking south).  The video from the new Park 87 building to the south of the Champlain Towers shows the center of the overall building collapsing first, presumably after the parking deck failed.

It appears that the parking deck failure damaged several of the main support columns due to movement latterly of the failed deck, and that the columns were possibly "tied in" with reinforcing steel (“rebar”). These columns are located on the south facade of the middle section of the structure. 

The southwest part of the structure on the west side of a "shear wall"stood, and it is reported that this part of the remaining building had larger column cross sections.  It was later on demolished by rescue crews to make the area safer to work in.  The slab had retained water, and planters were installed after the intial design. Later on, concrete pavers with a sand base were installed on that deck, adding to its overall weight and stress of the structural members. It appears that waterproofing of the deck was also inadequate. Renovated units in the buidling with marble and other heay items also may have added to the over buidling load. 

An “investigation hole” was opened up in the pool deck and not covered-up.  The piling system was reportedly “auger cast piles” (not allowed by the code today). It has not been ruled out that a subsurface conditions, such as a void or piling failure caused the deck to collapse. 

That pool equipment room and pool in the DW corner of the prperty did not fail.  The pool retained all of its water and the blue water can be seen in aerial photos well after the collapse.  As of mid Augus the pool shell had not yet been demolished.  The pool was constructed on the ground, and it was not elevated.  Pools are “gunnited” with a sprayed-on concrete (sprayed on from with pressure from a concrete pump) with a higher compression (psi) "pump mix" used for the concrete. Also, the structural deck that first failed was not connected to it. 

Collins Avenue remains closed to traffic as of the writing of this article.  It may be that the engineers are concerned about the stability of the road and the weight of vehicles on it.  There is a possiblity of a void under the remaining basement walls and subsidence that may have occurred that may be concealed.

Britt J. Rosen, CCIM, is uniquely qualified in both real estate brokerage, appraising and construction.  He has been a full time real estate appraiser for over 30 years in south Florida, and is also a real estate broker and former state certified general contractor.  Britt has as degree in Building Construction from the University of Florida (1980).   

 

 

 

 

Real Estate Damages / Detrimental Conditions

In April 2018, I attended the Appraisal Institute’s continuing education seminar in Fort Lauderdale, Florida regarding damaged property / detrimental conditions.  The presenter, Randall Bell, is an expert in real estate damage economics.

The issue of detrimental conditions comes up often in my practice, and the seminar provided me with a methodology for applying appraisal techniques to address these situations.  The complexity of this appraisal assignment occurs when trying to establish whether or not there is a diminution in value.   

Detrimental conditions can fall under the following categories: 

• General
• Transactional
• Distress
• Legal
• External
• Building
• Site
• Environmental
• Conservation
• Natural Conditions

Randall Bell, MAI & Britt J. Rosen, CCIM

These categories deal with such issues (including but not limited to): death (murders and mass shootings), disability, fire, illness, insurance, zoning, hazards, construction defects, drainage, soils, utilities, biological issues, wetlands, flood, and hurricane damage.

Bell developed a “Bell Chart” providing a framework for dealing with detrimental conditions in the appraisal process.  Additionally, there is a “matrix” taking into account aforementioned categories the appraiser must deal with when valuing a property affected by detrimental conditions. The matrix deals with cost, use, and risk.  

Seminar topics also covered included loss of use of the property while the repair is ongoing.  A “profit incentive” should also be calculated to completed repairs based on construction costs, similar to entrepreneurial profit.  The rate can be from a low of 15% to a high of 25%, according to Bell.

Square Footage Defined / Miami-Dade County / RESO Requirements

Britt J. Rosen, CCIM

With the increases in the price of South Florida real estate, the price per square foot, and "market value" is often determined by the square footage of the improvement.  

The definition of "square footage" is the subject of much debate in real estate, building construction and appraisal professions in South Florida.  

In the late 70's square footage was not used in the MLS and it was left out entirely.  Over time, the reporting of square footage is now common in Realtors' listings.  It requires the understanding of the facts. Also, the MLS rules are changing, and in early 2018 the new RESO requirements will streamline MLS systems. including square footage fields across MLS systems in the United States.   

This article is to help understanding, identify and explain the square footage nomenclature use by various organizations and data reporting systems. 

There are a variety of square footage reporting systems and definitions.  They include, but, are not limited to the following:  The Property Appraiser's information (PA), IRIS, Realist, Imapp, Realquest, Excelligent, Costar, surveys (PLS), architectural plans (CAD), and other data. 

The Miami Association of Realtors maintains a regional Multiple Listing System (MLS) made of up a board of directors who manage the listing system, known as the SEFMLS (Southeast Florida MLS).  Realtor.com, Zillow, Rredfin, Trulia and similar sites publish square footage data often taken from the MLS. 

Before commenting on the new MLS fields, it is important to review the history of the MLS and the Property Appraiser's site.  In late 2014, the Miami-Dade Tax Assessor came out with a revamped website.  It has three major categories for square footage for improved properties.  They are as follows:

• Actual Area (gross area "under roof")
• Living Area (air-conditioned area measured to the exterior wall, excluding the garage and overhangs)
• Adjusted Area (an area factoring in the two areas mentioned above)

In South Florida's" Regional MLS" the county's Property Appraisers (PA) methodology has been used widely in Realtors' listings and Realtors rely on the PA's square footage to populate listings. The square footage information is populated automatically with "mapping" of the square footage fields.  Problems often occur with this mapping.  If the PA does not publish all of the square footage areas noted above, incorrect square footage information can be entered into the listing fields. A recent study of high-value homes indicate many of the listings do not match the PA's records and often one will find the adjusted area in the air-conditioned area field.  

The  nomenclature for actual area is the "Gross Area" of all square footage that is air-conditioned, the garage and any overhand over 4' in width.  "Living Area" is synonymous with the air-conditioned area measured to the outside of the block wall, or exterior walls (excluding the garage, carports and/or overhangs).  "Adjusted Area" is a hybrid of the two, with factors (noted below) taken into account for the garage, overhang areas and second floor (if any). 

The "Adjusted Area" for a simple architectural home design, is the addition of the following areas:  

100% of the AC area
50% of garages and carports, and
33.33% of overhangs over 4' in width.  

However, if an overhang or rear patio, for instance, is part of a more complex architectural design  of the home, and/or improved significantly, the percentage factor can increase from 33% to 50%.  Also, if garages are improved on the interior, they can also increase from a factor of 50% to 75%. 

The second story of two-story homes is taken at 80% of the area in the "adjusted" area.   Thus, if the 2nd story of a home is large, the adjusted area can be less then the air-conditioned area.  Adjusted areas should not be mixed or used with air-conditioned areas, and this is a common error found in real estate listings and appraisals.  

It is the Property Appraiser's field agent's judgement call in assessing the property for "just value" in order to assess and collect property taxes.  Years ago, "field inspectors" for the PA visited and measured properties.  Although this occasionally occurs, architectural plans from the submittals for permitting of structures and aerial photography / pictometry are now relied on. 

ANSI Standards & FannieMae (who's purpose is to underwrite mortgages for the secondary lending market) have standards for square footage measurement.  The ANSI standard and the Miami-Dade PA subtract "vertical penetrations" of the building, such as stairways, open atrium areas, elevator shafts and any other openings from the floor "plate" when calculating the total square footage.  Some Realtor use sketches that show the interior room dimensions only.  This approach can lead to incomplete reporting of the total area. 

Condominiums - The standard in condominiums is taking the measurement from the "paint-to-paint" inside the unit.  The county relies on the official condominium documents to obtain the square footage.   With condominiums, an engineer typically certifies the condo documents and square footage of the individual units (according to Florida law). This determines the "undivided interest" on a pro-rata share of the total square footage of the condominium.  With new construction developers will often not disclose the methodology in their marketing brochures.  

With some newer condominiums the documents may also contain a "net / net" interior measurement, or smaller area taking out other "common elements" such as columns and beams. Many new high-rise buildings contain an exterior glass skin (curtain wall) that required structural columns and beams to be moved into the interior of units.  It is typical to see these them in bedrooms and living rooms.  These vertical columns and "shear walls" strengthen the building and are typically common elements. Condominium documents we have reviewed sometimes subtract these columns and beams from the  interior to provide a "net/net"  square footage.  

The new MLS being rolled out in 2018, has five (5) new MLS / Matrix square footage fields. These definitions will be covered in future articles on square footage, and other topics on South Florida real estate, appraisal and construction. 

The new MLS square footage areas include the following:

• Appraisal (meaning a state certified real estate appraiser)
• Architect
• Building Plan
• Developer
• Owner

High Performance Homes

The six main elements of a “high performance” home containing green features include the following: 

• ·     Site
• ·     Water
• ·     Energy Efficiency
• ·     Indoor Air Quality
• ·     Materials
• ·     Operations and Maintenance

Regarding homes in South Florida, many contain several aspects of the six items mentioned above.

Homes can be "energy efficient" or "green" even though they have not been tested or built to a LEED designation or certification.   Many of our homes built to the specifications of the South Florida Building code of features of high performance homes.

The 2017 MLS will have fields that Realtors will enter when taking a listing to help identify these green or high performance features.

A good example of one of them having to do with "energy efficiency" is the impact glass installed today for hurricane protection in new and existing homes.  This glass typically has a "low e" blocking ultraviolet sun rays.  This "low e" is not a tinting. Rather, it is an invisible coating reflecting long-wave infrared energy leading to a cooler home, increasing energy efficiency.  The heat or light energy is absorbed by glass or, taken away by moving air. 

Another common energy efficient building technique of South Florida homes is the use of insulation to eliminate "heat gain".  Heat gain is the transmission of heat through a material. 

By insulating the home with a variety of new materials once can cut down on heat gain and save air-conditioning costs (or visa-versa during the winter).   There is reflective "batt" material for walls and ceilings, sprayed cellulose, and the new polystyrene that is sprayed at the underside of plywood sheathing cover the roof trusses.  

Not only can a high performance home deal with heat gain and insulating the walls, roofs and ceilings of the home but also the air quality can be improved with blower door testing, and the sealing of cracks and openings where untreated air can get into the home.  

The Appraisal Institute has a new Residential Green and Energy Efficient Addendum form for appraising Energy Star homes, passive solar houses, solar photovoltaic systems, and net-zero energy homes.

I will discuss indoor air quality along with other aspects of custom, high performance homes in my next posts on High Performance Homes. 

Note: In September 2017, Britt J. Rosen, CCIM became certified by the Appraisal Institute in the evaluation of high-performance homes or sustainable homes and is only one of a few South Florida appraisers with this high performance home (green) designation. 

Supply & Demand in Miami-Dade & Broward Residential Markets / Pre & Post Irma

Britt J. Rosen, CCIM

With the passing of Hurricane Irma, real estate markets are also turbulent in South Florida.  Prior to the hurricane, a tremendous amount of inventory had built in both counties with a majority of it in the luxury housing market.  

Developers have made large profits on both land and buildings. In the rush to cash in on profits, there has been lot of new construction adding to the existing housing inventory.  As of this post, there are approximately 21,000 listings in Miami-Dade and 12,000 listings in Broward for both condominiums and single-family homes, totaling 33,000 listings.  Pre-recession, the total was 75,000.

Further, per a study by Cranespotters, there are approximately 36,000 other new units in South Florida condominium developments on the drawing board, or nearing completion. They are likely not part of the 33,000 real estate listings (depending on if the developer hires a Realtor to market the properties pre-construction or elects to market them though their own sales teams / web sites).  This does not include owners that are selling properties without Realtors (FSBO's) circumventing the MLS system (the South Florida Regional Multiple Listing System). 

Trendgraphix, a data reporting service collecting the MLS data (Facts & Trends) shows monthly listing vs. sales for both single-family homes and condominiums in various segments of the markets. Overall, they indicate a tremendous supply of listings in the luxury markets, as if there is an endless demand for these properties.

This imbalance comes at a time where South Florida, and particularly Miami-Dade County, has a lack of foreign investment, due to the strong US dollar, and also at a time when many economists predicted a decline towards a recession, prior to the recent presidential election. 

In the more affordable markets under $1,000,000, marketing times for properties are more stable. This sub $1,000,000 price range in both counties indicates supply and demand is much more reasonable and tighter, with shorter marketing times, often less than one year.

This is what the other markets above $1,000,000 should look like.  Marketing times for luxury properties exceed one year or more in many sub-markets, including both condominiums and homes. An exposure time of approximately six months is historically what defines a "healthy" real estate market, according to Realtors I have interviewed.  

Many of those upper-end purchases may not be “users” (i.e. investors, and foreigners “safe harboring” money).  For instance, many Venezuelans fled to the US and bought property here.  At one time, Brazilians had a huge buying advantage due to their strong currency, and it created a large demand for housing. With the strong dollar, foreign investment has been curtailed, eliminating the buyers which condominium builders anticipated when their architects first envisioned these high rises under construction today.

In fact, this demand from several years ago has contributed to the 47,727 units per the Preconstruction Condo Project Rankings per the study by Cranespotters of November 13, 2017, of new units since 2011. (this number is greater than noted above as it includes completed units.)

Miami-Dade has 71% of these total new “pre-construction” units in some form of proposal, planned, under construction or completed since 2011.

The extremely low interest rates have spurred investment in both residential and commercial properties compared to the high interest rate environment of the 1980's.

Even though I am cautious about our oversupply in certain higher priced residential markets, I believe in South Florida real estate and that people will always want to live in South Florida with the beaches, business, banking and its diverse population.

It will be interesting to see the aftereffects of Hurricane Irma on supply and demand.  Will many owners list properties for sale that were not on the market previously in the higher end price ranges? The “high end” markets for both condos and single-family homes are coincidentally located on the coast and are susceptible to storm surges and flooding.  

If supply goes up and demand goes down, price will decline quicker than normal, as price is "elastic", a basic economic theory.  My prediction is that the upper end will correct resulting in lower list prices until an equilibrium is met rather than a total collapse of the upper end housing market.    

According to Lawrence Yun, PhD., Chief Economist and Senior Vice President of NAR, one can take the curve of supply vs. demand and reasonably extend it into the short term future.

I predict that total listings for Miami-Dade will grow from 21,000 as of  May 7, 2017, to 30,000 in the last quarter of 2017.  This does not include "for sale by owners" (FSBO) or properties advertised on Zillow and other web sites without a Realtor.

The number of listings can possibly approach the height of the market of 41,000 listings (rounded), pre-recession in Miami-Dade (the Trendgraphix time period May to July, 2008).

Broward County could also increase from 12,000 total listings to 20,000 listings for both condos and homes.  It will be interesting to observe. The height of the Broward listings pre-recession was 34,000.

I will be conducting a review and postings in this Blog tracking the trends in the market.  

Zoning: Finding Hidden Value / FIU REAAC Event

September 14, 2016 – Coral Gables

The Florida International University Business School and Real Estate Alumnus Council (REAAC) put on this zoning seminar at the Hyatt in Coral Gables.  Approximately 200 people were in attendance for the breakfast meeting.

The Moderator was Maria G. Juncadella, SIOR, CCIM, MBA and 2016 President of MAR’s RCA (Miami Association of Realtors, Realtors Commercial Alliance). Maria is a Realtor with Fairchild Partners in Coral Gables, FL.

The agenda was two panels of speakers. The first panel was three city planners and the second panel included a developor, land use attorney and award winning architect. The panelists included:

First Group – Planners

Luciana L. Gonzalez, MBA – Assistant Director of Planning & Zoning, City of Miami

Ramon Trias, AIA, AICP & LEED Ap, Director of Planning, City of Coral Gables

Julian H. Perez, AICP, CFM, Planning & Zoning Director, City of Doral

Second Group – Developers

Iris Escada, Land Development & Zoning Practice / Greenberg Traurig

David S. Adler, Developer

Kobi Karp, Kobi Karp Architecture

Britt J. Rosen, CCIM at FIU/REAAC Zoning Event

CCIM Miami-Dade District & FIU Alumni Assocaiton - Networking

CCIM Miami-Dade District - has a close "university alliance" with FIU Hollo School of Real Estate and their Alumi Assocation.

CCIM's & FIU students and graduate students have joint events throughout the year.  This networking meeting was held in South Miami at Deli Lane.  REAAC is the alumni association headed by FIU gradiate, Michelle Gonzalez.

Britt J. Rosen, CCIM, 2016-2017 CCIM Miami Dade President
&
Carlos Rodriguez, Jr.,  BOD Member / CCIM Miami-Dade