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Condo owners in Surfside building were
facing assessments for $15 million worth
of repairs

Original Article

Posted By: earlybird, 6/29/2021 2:36:34 PM

Condo owners in the South Florida tower that collapsed last week were facing assessments for millions of dollars worth of repairs -- with payments set to begin a week after the building's deadly fall. The Champlain Towers South condo association approved a $15 million assessment in April to complete repairs required under the county's 40-year recertification process, according to documents obtained by CNN. The documents show that more than two years had passed after association members received a report about "major structural damage" in the building (snip) Owners would have to pay assessments ranging from $80,190 for one-bedroom units to $336,135 for the owner of the building's four-bedroom penthouse,

Comments:

July 1 was the deadline to pay the assessment upfront or to schedule monthly payments over 15 years.

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Reply 1 - Posted by: Hazymac 6/29/2021 3:05:31 PM (No. 830573)
At approximately $150,000 per unit, that's a hell of an assessment, even for these pancaked former million dollar (plus) units. In Miami Beach that's about two and a half year's rent. Although I haven't seen most of the pictures of the rubble, the rebar poking out of the wreckage seemed sparse for the amount of concrete. It's certain this disaster will be analyzed to the moon. Right place, wrong time. God bless the victims, and their families, who are now supplying DNA to the police for identification of remains that will not be whole.
8 people like this.

Reply 2 - Posted by: zephyrgirl 6/29/2021 3:15:18 PM (No. 830586)
I lived in a condo and was on various committees and the association board before I quit in disgust - every proposed increase in fees, or enforcement of the association rules no matter how small or how necessary, was met with vociferous complaints from the residents. My association raised the fees a small increment (usually around $5 per month) most years, with no increase every three or four years. Still the bellyaching was off the charts. I don't know anything about that complex, but I'd guess that the BoD, knuckled under to the complainers, kept the fees low, and deferred maintenance until it was too late.
8 people like this.

Reply 3 - Posted by: Lazyman 6/29/2021 3:20:34 PM (No. 830590)
The guy who said the building wasn't in bad shape is probably getting a job with the Biden administration.
12 people like this.

Reply 4 - Posted by: Vaquero45 6/29/2021 4:26:24 PM (No. 830655)
Okay, so NOW the rest of the story is coming out. You can’t say they weren’t warned. I think the thought of a whole building falling down was just too much for most of them to wrap their heads around.
6 people like this.

Reply 5 - Posted by: harleynyc 6/29/2021 5:30:52 PM (No. 830689)
I'd rather live in my little humble one family than have some nazi power hungrey BOD'ers making life hell.
11 people like this.

Reply 6 - Posted by: lakerman1 6/29/2021 6:07:19 PM (No. 830716)
Those of you who were fans of the Seinfeld show will remember the multiple episodes devoted to Morty Seinfeld's reign as President of his HOA. He was removed from office because Jerry bought his dad, Morty, a new cadillac, and members believed Morty must have embezzled money from Del Boca Vista.(The key vote came from a woman board member who recognized Jerry as the one who stole a loaf of marble rye from her) I'm not looking for humor in a tragedy, just pointing out yet another issue handled by the genius of the show's brain, Larry David.
1 person likes this.

Reply 7 - Posted by: chance_232 6/29/2021 6:23:54 PM (No. 830734)
And therin lies the problem with living and owning a unit in a high rise. Where high rises are concerned, everything cost more. 150K will build a house. But 150K will get repairs done that doesn't in any way improve your own unit.
5 people like this.

Reply 8 - Posted by: fishbone 6/29/2021 7:01:40 PM (No. 830763)
Wonder if the construction company cut corners. If so, they should be culpable for the disaster. If so, they also should have been responsible for the repairs/maintenance.
3 people like this.

Reply 9 - Posted by: JHHolliday 6/29/2021 7:24:30 PM (No. 830788)
I’ll never buy a condo. Particularly a 70 story one. Just don’t like the feeling. Too high for me. We rent houses and feel safer.
2 people like this.

Reply 10 - Posted by: MickTurn 6/29/2021 11:19:54 PM (No. 830940)
Well that didn't work out very will did it?
2 people like this.

Reply 11 - Posted by: MickTurn 6/29/2021 11:23:15 PM (No. 830942)
Look to the future...the Guberment wants to force all of us into cities...big buildings, small apartments. What could possibly go WORNG when the same Guberment 'demos' the building to get rid of 'troublemakers'!
3 people like this.

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