Posted on 06/29/2021 2:45:25 AM PDT by Oldeconomybuyer
They should have just condemned the building and walked away. No building of that size and age would have been worth such an exorbitant amount to repair.
Does the sister condo also need such repairs?
https://freerepublic.com/focus/chat/3971817/posts?page=1
This is Miami-area beachfront...figuring the average market value per unit was $550k (some higher, the lowest was $400k), and the building had 135 units, puts market value at $70MM or so. Definitely worth spending $13MM on repairs.
This is Miami-area beachfront...figuring the average market value per unit was $550k (some higher, the lowest was $400k), and the building had 135 units, puts market value at $70MM or so. Definitely worth spending $13MM on repairs.
That’s a huge special assessment.
Yep, sure is, but if you choose to live in a condominium, you should be prepared for special assessments...especially if it’s an oceanfront tower.
I’ve lived in condo and co ops. Special assessments were rare and were for new roofs etc not for structural damage.
Yes, but were the condos you were in seaside towers? I’m familiar with this market and you can expect to get hit hard when it’s time to bring the building back up to snuff.
How much are they worth now?
Prices in post #5 are current.
From an email noted in this article
“ A few months later, a board member wrote to Prieto that workers next door were digging “too close to our property, and we have concerns regarding the structure of our building.”
Was there any finding of a sinkhole?
There was essentially a man made sink hole. The pool deck collapsed next to the part building that collapsed first. There was a condo owner on the phone with her husband when it happened.
Don’t see many support beams in the exposed structure.
I am in an oceanfront condo in SC and the association performs coating and waterproofing on the exterior, rooftop and balconies every 7-10 years. Inspects every 2 or 3 years and spot repairs if necessary. The building is 21 years old and is 18 floors. We had one special assessment ($5000 over a year, extra $420/mo) to cover crazy insurance hikes after Katrina, I believe. Otherwise, the condo fee is about $940/mo for a 4 bedroom. The association has been very good about maintaining roof, waterproofing, pool repair and elevator reserves. I see this Florida thing like an airplane crash. There will be more awareness toward building maintenance and will hopefully prevent other disasters like this.
I lived in a coop in NYC - unlike a condo, we could take out debt against the building, and at very good rates. Naturally, the interest had to be included in the monthly payments, but it was not a big expense. I believe we carried about $15 million in debt on our 450-unit building.
I’ll bet all the condo owners in Florida will suddenly become much more willing to pay up.
Tks for the responce. Was thinking more natural vs man-made. Techniques back then have improved today for better assessment prior to building.
Yep, Condo buyers beware.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.