Does Florida have bedrock? I thought it was sand all the way down.
Difficult situation since it’s a condo. The condo association will be bankrupt. The owners of the condos probably have no recourse against a bankrupt association unless there was insurance. Doubtful that the insurance would cover anything coming out of this particular situation
First question is building code violations and construction of the building.
It reminds me of China where cheapness and cutting corners cause buildings to collapse.
It’s a form of corruption.
The remaining condos and probably similar structures will be condemned and demolished out of obvious safety concerns.
Are we a 3rd world country, like for real? We have been importing a 3rd world population for decades. Maybe the tipping point has been reached. Maybe not ... yet.
Folks in surviving units need to carefully review their insurance policies.
Best case scenario include crippling assessments and largely unmarketable units. Indeed, folks in similar buildings of that generation are likely to face a sudden decline in their net worth.
Implosion. There’s no way to tell if the piles were damaged during the collapse of the larger portion, and there’s not a lot of HOA Board Member’s left to deal with it. In any case, the cost to the HOA would be insurmountable/ The building is a loss. Take the insurance and move on.
The more difficult question is the sister building. It will have to be well established that it is not suffering the same flaws, which largely seem to be the result of unchecks leaking, at least at this point.
24 “Everyone then who hears these words of mine and does them will be like a wise man who built his house on the rock. 25 And the rain fell, and the floods came, and the winds blew and beat on that house, but it did not fall, because it had been founded on the rock. 26 And everyone who hears these words of mine and does not do them will be like a foolish man who built his house on the sand. 27 And the rain fell, and the floods came, and the winds blew and beat against that house, and it fell, and great was the fall of it.” — Matthew 7:24–27
They can sell their condos to Biden so he can move a bunch of illegals in.
I imagine every one of those units will be torn down.
The owners of the other units are screwed. Their home and/or investment are in the toilet. Total loss. Everyone will be homeless.
When you buy a condo, you own is the air between the walls and a partial share in the building and the ground it stands on. S. What happens when the walls go away? I suppose you get an insurance settlement, but you still own a partial interest in the ground it stood on.
Then what?
Evacuate and Demo.
I’ve never owned a condo and have always recommended against it. Though part of the reason lies in the fact that I also refuse to purchase a single family dwelling in an HMA. The only “fees” I’m willing to pay are real estate taxes. And I also value simplicity.
The building was being prepared for its 40-year inspection. They could change this to be more frequent than 40 years.
https://www.youtube.com/watch?v=GbK87K_RV8w
Also there was a known defect with pool leakage. If this defect is related to the collapse, it will be treated more seriously in the future.
There was at least one report that the building made strange noises before the collapse. This should be investigated and may lead to a new triggers for inspection and evacuation.
You folks are jumping the gun...IMHO!!! We do not even have a clue as to why & how this fatal failure occurred. It could have been structural, it could have been a terrorist attack. The fires that are occurring after the collapse cannot be gas fed, because the Fire Department would have shutdown all gas feeds in the damaged building the moment they arrived at the fatal scene. The open borders are letting anyone come into the country unchecked and the Iran/Muslim terrorists might be hitting Israel right here in the USA!!! I think we should wait until our authorities come to a conclusion as to really happened at the doomed building. The Miami Fire Department & Local Law Enforcement, along with Federal government assistance will find out exactly what happened and how it came to pass. Time will reveal what actually happened!!! When that happens, actions can then be taken to correct the actions, be they structural or terrorist driven!!! May God bless & keep all the innocent victims and families impacted by this horrible and evil nightmare!!
I’d cut my losses and get out of there.
Is it worth risking being buried alive or smashed like a pancake in the middle of the night?
The Dems have been looking for something to pin on Gov. deSantis, in an effort to reduce his status.
I hope he is planning on how to respond to various accusations.
The only solution will be to compile a list of the condo owners by race and ethnicity. Blacks and Hispanics owners are made whole, cut a check for the equity they had in the condo.
Whitey? He’s SOL....screwed. Afterall, it was probably his fault to begin with.
The Kamala/Obama solution that Dementia Joe will sign before his afternoon nap.
By the time the dust settles (pun not intentional) with all the legal actions that will arise from this. The majority of the older owners will have passed on and their heirs will get bupkis.