Condo owners, buyers face sticker shock following Surfside

[Demovictory9]

new assessed fees as condo boards begin fixing buildings in wake of surfside collapse
'

[SergeStorms]

1. Yeah, I would not want to own....

a condo anywhere near the Atlantic or the Gulf of Mexico right now. They'll never recover the value of the repairs they're going to be forced to make just to get a certificate of occupancy.

The joys of living in "paradise" that no one ever considered before buying.

[dixiegrrrrl]

2. Gonna be a lot of lawsuits against Condo boards for negligence.

I've been following the results of dozens of post Surfside building inspections. As with Surfside, inspections were delayed far beyond required dates, inspection reports were ignored, tenants not informed of building problems.
Now there have been sudden evacuations ordered for several condos in the area, according to newspapers in Miami.
Hugh financial losses for occupants.

[mitch96]

4. "lawsuits against Condo boards " It's happening in my area of west central Florida.

Even before Surfside we were in the process of looking into negligence of or condo/townhouse manager... Seems there was a lot of shady things going on. She has since resigned.
And these were had some of the best financial of all the ones I looked at!!
The condo's (multi story) were inspected and found lacking. Huge assesment had people selling like crazy. Seems a lot of people were just on the edge of affording the place and this pushed them over.
m

[SergeStorms]

5. Aren't they mostly all LLCs though?

That why LLCs were invented, to keep an avalanche of lawsuits from burying an individual, or group of individuals, all at once.

I honestly wish you all the luck in the world recovering any costs you may have been levied. Someone wasn't keeping their eye on the ball, but you shouldn't have to pay for someone else's mistakes. Florida is such a weird state. It seems like everyone is on the take, and it's almost always retirees who get stuck with the dirty end of the stick.

Best of luck.

[mitch96]

6. My area is a mix of multi story condos and one story town houses. I'm in the townhouses..

We got whacked for a assessment on the roofs. The roofs have always passed inspection with flying colors but it's the insurance company's that want the new roof. Something about a "expected life of a structure" They got us by the cojones.. No new roof... no insurance...
For my share it's only $100/month extra for 11 mos... Not too bad, I can handle it.
Some can not.
Apparently the mgr that quit was taking out of the general fund to pay expenses but not noting the with drawl. When the new mgmnt company looked into the finance they saw a huge deficit in the general fund.. Lots of people in this are just don't look at the money going in or out...uff. No way to run a business...
m

[SergeStorms]

7. Sorry to hear that.

Florida seems to be overrun by crooks, and I think they're protected by the state government, for a price.

[snowybirdie]

3. Remember

Condo owners buying oceanfront units are paying millions $ for them. Larger assessment fees probably won't affect them that much. They can always buy nice condos further inland and drive to the beach.