exxon station near my location
It’s difficult to beat a Mule and 40 acres.....
Walk away and take the hit.
Not only are insurance rates soaring, but owners are hit with huge special assessments topping $100,000.
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It’s all to ensure your safety. The government is always concerned with your safety.
They are, I can tell you that.
And many of them, like ours, for example, couldn’t be further in terms of structural risk than the tragic one that kicked off this knee-jerk legislative reaction that was, undoubtedly, demanded by our elected representatives’ paymasters in the insurance lobby.
In the long run, however, some buildings will be better; condo boards (as we have learned the hard way) are textbook examples of everything that’s wrong with committees and “fiduciaries.”
But don’t me started.
We’re living it, but, God willing, we’ll survive, and our buildings will be worth that much more when done.
two words: due diligence ...
I’m really surprised that a state law would allow such a thing. In my state a condo association is required by law to keep a fully funded reserve in place.
In the past, the Condo HOA could put to a vote of the owners if they wanted to do maintenance on major items, and most voted no, which created the issue. The new law states that 1) HOA must have reserves to cover the cost of maintenance and major known issues and 2) the HOA must pay a 3rd party to assess the complex, identify and assign costs to the major issues, and provide a timeline of when they must be fixed before they become critical. This means that most HOAs must collect millions in reserves. It is not that the condos will become cheap, it is that they will become unsellable. You will not be able to get financing or insurance on them if the HOA does not have the adequate reserves. It will become cheaper to write the building off and demolish it and start over, than to fix a lot of buildings. I would not buy some of them if they were free.
My brother sold his condo in central Florida a couple of months ago. He was on the board for his association. He predicted this to me some time back. Also, this has created huge liability problems for condo association board members. He said it is now very unwise to be on a condo board. What will the associations do when no one will do that job?
This is a long way from bottom.
They cheated out and neglected the structures for decades. Time to pay the piper.
I suspect excessive moisture and reinforced concrete can be a problematic mixture.
The reinforced concrete could weaken from ground water, roof water or plumbing leak water.
A 2018 inspection performed by the engineering firm Morabito Consultants pointed out a “major error” in the construction of the pool deck, whereby the waterproofing layer was not sloped. Rainwater that collected on the waterproofing therefore remained until it could evaporate. Over the years, the concrete slabs below the pool deck had been severely damaged by this water. The report noted the waterproofing below the pool deck was beyond its useful life and needed to be completely removed and replaced. The firm wrote that “failure to replace waterproofing in the near future will cause the extent of the concrete deterioration to expand exponentially”, and that the repair would be “extremely expensive”. The ceiling slabs of the parking garage, which sat below the pool deck, showed several sizable cracks and cases of exposed reinforcing bar or rebar from spalling.
In October 2020, initial repairs around the pool could not be completed because (according to engineers) the deterioration had penetrated so deeply that repairs would have risked destabilizing that area.
On April 9, 2021, a letter to residents had outlined a $15-million remedial-works program, noting that concrete deterioration was accelerating and had become “much worse” since the 2018 report. Although the roof repairs pursuant to the consultant’s report were underway at the time of the collapse, remedial concrete works had not yet begun.
more at:
https://en.wikipedia.org/wiki/Surfside_condominium_collapse
“Condos will be a lot cheaper.”
Sign on I-95 just entering FL from GA:
Florida condos 50% off.
Condo Boards are supposed to maintain an ongoing repair and replacement reserve supported by facilities audits of fixed assets. Going to be some lawsuits coming out of this.
Florida sucks. Its hot,flat, and way overcrowded. There are some nice places, but still way overcrowded.
The best thing a condo HOA could do is require 100% owner occupancy. Remove all investor owned units.