Interesting article in the Naples News last week talking about the housing dilemma in downtown Naples. Most of the original homes throughout Olde Naples, Aqualane Shores and Port Royal were built in the 1950’s and many are in need of a major renovation. So the question is, do you renovate or tear it down and build new. The Florida building code requires that the cost of renovating a home that sits below the base flood zone elevation, set by the Federal Emergency Management Agency, cannot be greater than 50 percent of the value of the house before improvements. Land and housing costs have soared over the past several years, making tear-downs a profitable and thriving business, especially in older, fashionable beachfront communities in the city of Naples — some of which sit in flood zones that can limit renovation plans.