General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums$1 Million assessment for concrete/rebar repair on 15 year old Miami condo building
glad the repairs are being made. sucks that the damage happened within 15 years. probably wasn't built correctly
only about $7500 per owner, so not bad.
napi21
(45,806 posts)bid, if for no other reason but to give everyone peace of mind that they verified they have the best price & contractor performance available
BigmanPigman
(51,567 posts)"The problem: The homeowners association had just $800,000 in reserves, and getting the work done meant asking residents to shoulder huge special assessments ranging from $80,000 to $200,000 on each home. No one was eager to pay."
The dirtiest words in the community-association industry are special assessment, Donna DiMaggio Berger, a lawyer for the board, said of the effort to get 135 homeowners of varying means and of multiple nationalities to agree on a plan to do the repairs."
"During the prolonged tumult over the needed renovations, several members of the board had quit in frustration."
https://www.nytimes.com/2021/07/01/us/condo-associations-surfside-collapse.html
I can see how someone wouldn't have that kind of money for a special assessment. Not many people do, especially if the owners didn't live there full time or were just renting it out.
What I do not understand is a builder who does not grade/slope the cement area around the pool when it was first built? That is just one of many construction problems that may have caused the collapse.
msongs
(67,361 posts)Deminpenn
(15,265 posts)Seems that might solve a lot of problems.
Buckeye_Democrat
(14,852 posts)It's also troubling that anything was built without enough structural integrity redundancies to help prevent issues like progressive collapse. Maintenance only goes so far if a building design doesn't help isolate potential failures enough.
snowybirdie
(5,219 posts)is needed, loan programs for owners ensure payments are spread out over time. So owners don't have to come up with a large amount all at once. Just like in most single family homes when major repairs are needed. If I lived in a million dollar condo, I'd factor in that eventuality as part of my expenses.
Klaralven
(7,510 posts)This makes the condo less attractive on the real estate market.
but if you own a single family home, you might need a loan to replace a roof, etc. so its no different really. Been there, done that with both.
Deminpenn
(15,265 posts)nt