here in florida we set the windows back into the opening, attached with tap-cons directly into the concrete core, as per the window manufacturers spec's. this is a method required in the code, for masonry walls here in south florida, because the surface of the hurricane shutters has to be a certain distance away from the surface of the glazing. but it should work most other places, may need a different window flange, or a trimmed fin, if the manufaturer allows for side of frame attachment.
this offers many advantages i think:
1. gives the window/door exterior a nice reveal look, and narrows the sill on the inside.
2. lets you return the stucco around the corner into the window flange and needs only a good bead of caulk (and paint) for water proofing.
3. allows for a sloped concrete stucco sill with drip edge (we have pre-cast sills with a water dam available here).
4. allows for a wood 1x or 2x to act as a window back stop and drywall attachment furring strip, flush with inside corner.
5. allows for impact glazed windows (heavy) to be attached directly to the concrete.
6. in the case of siding (we use mostly fiber cement type down here) you can stucco and waterproof the corners of the opening
(point 2. above) without the need for peel and stick tape.
7. if any banding or stone decor is needed around the opening its all attached to/with stucco or concrete if the icf has been cut back.
7. the sill gives my cats a place to sleep in the afternoon sun.
i used this on my own house re-build after the hurricanes, as i replaced all the windows on the old cmu house with impact type and then also used it on the icf addition which was built with an 11" o/o form. there i simply tap-con screwed a pt 1x6 flush with the inside of the icf's of all openings, caulked the edge and installed the window and door flanges flush against it. then i stucco'd and caulked the opening corners, regardsless of stucco or hardy on the particular wall. several hurricanes and driving rains later no leaks. just had to seal/re-caulk some screw heads on the inside of the window frames that i missed, which leaked under air/water pressure.
cmu opening with stucco, notice the window rain drains above the sill

icf opening with hardie and stucco return

hardie walls with stucco'd openings and corners from adjacent stucco walls

anyone needing more info email me.
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