Collapsed Florida building flagged for ‘major structural damage’ in 2018 (pool deck above garage)

NY Post ^ | 6-26-21 | Jack Hobbs

[Alberta's Child]

Smart move on your part.

[EVO X]

“Where’s the deep pocket?”

There isn’t one.

_____________

Initial reports suggest the condo is mostly occupied by full time residents. How many of those people actually own the condo or are just leasing? Does a major real estate firm have significant interests in the building. That is quite possible and even likely these days..

[Alberta's Child]

In my state there are a number of mid-sized banks that now specialize in underwriting loans to condo associations to pay for major repairs instead of having the associations impose special assessments. It’s actually a good idea to fund major projects this way if you can get a good interest rate on the loan.

[existentially_kuffer]

There’s no such thing as maintenance insurance to be purchased?

Personally I can’t stress enough more & more research up front on design including environmental assessment(ie sinkholes). It’s cheaper up front than, untold consequences at the other end. IMHO, I wouldn’t touch a condo on a florida beach, if for any reason hurricanes. BTW, I reside in Florida.

[Alberta's Child]

… and if successful, the association must pay the owner’s attorney’s fees and costs.

That’s a big deal because the legal fees are the biggest deterrent to filing the lawsuit in the first place.

[Alberta's Child]

I wouldn’t go near a situation where the trustees of the corporation have no idea what the term FIDUCIARY DUTY means.

[Bell Bouy II]

1st floor patio type place is OK structurally but they all have HO fees and boards and Condo Commandos,but.......
So do trailer parks

[TeddyRay]

My parents have an oceanfront beach condo purchased in 1972 and bad corrosion was discovered… the board voted to repair and assessed every owner …$400,000 over a five year period around ten years ago. The work to uncover and replace and all the reinforcing steel was done in three phases and it took 3 solid years to complete. It was a tremendous expense- but the only other option was to demo and rebuild. The regular and pricey quarterly assessments took care of general maintenance, utilities and other building systems.

[EVO X]

My parents have an oceanfront beach condo purchased in 1972 and bad corrosion was discovered… the board voted to repair and assessed every owner …$400,000 over a five year period around ten years ago.

Yikes. If my memory serves me correct, real estate prices were still depressed in 2011.

[mewzilla]

The pool might have cracked as a result of the collapse.

The problem may not have been the pool, but its plumbing.

Water bills might tell the tale.

[TeddyRay]

They were- luckily all owners could afford to pay. It was like buying the condo a second time- my parents felt really bad for recent purchasers. My advice is do not buy an older beach condo unless they have done this work of a thorough inspection of building steel and made any necessary repairs.

[gloryblaze]

Thanks. Wowsers.

[gloryblaze]

It was evacuated right away.

[SheepWhisperer]

Pool is reported to have been continually leaking and in need of continuous repair. It is an above ground pool, resting on the lower floor of the parking garage. The entire pool deck is the roof of the lower garage area, as shown in the photos. The entire deck collapsed.

Chlorine pool water seeping into garage for years?

Reports are also that the lower garage had continuous standing water even though it hadn’t rained.

Details slowly emerging.

Finally they’re reporting about getting around to examine the two sister buildings, which are the same as this one, 2 & 3 buildings North

[RouxStir]

I’ll bet they attempt to go after any municipal authorities that can be tied to having prior knowledge of structural problems...not that they would have much luck there.

[EVO X]

Thanks for the insight...

[al_c]

Yep!

[Sgt_Schultze]

Insurance companies will spare no expense trying to find a deliberate action. Then they will be lobbying for a declaration of terrorism to void every claim.

[ladyjane]

Many mortgage companies require condominium associations to put 10% into reserve each month. They won’t write mortgages for the building unless the associations have this as a policy.

[Alberta's Child]

A more likely scenario is that the insurance company for the association has already determined its maximum exposure — let’s say it’s $10 million — and is prepared to pay that amount without any fight at all.