Ths first of many, I am sure.
https://www.miamiherald.com/news/local/community/miami-dade/miami-beach/article252544473.html
The trouble is the method for dealing with maintenance projects in this condos, the so-called 'Special Assessment' is completely insane. Basically the residents have to collectively fund works.
In the case of re-finishing a flat roof or painting the building, okay, but major repairs? Doesn't work. The special assessment for the building that collapsed apparently meant all residents paying 82000 USD.
You don't have to have a crystal ball to work out that's not going to be reachable for most people. There must be a better way.
Because the problem remains, and ultimately somebody has to pay for it.
@sullybiker You hit the nail on the head there, but knowing the types who populate HOAs, etc. it's not surprising that the wherewithal to plan ahead for major expenses is nonexistent.
There's about to be a lot of nice condos in Florida going for real cheap over the next few years.
More importantly, the city should not have to wait for the HOA to turn over engineering inspections. It should contract inspectors itself and require buildings to submit to its periodic inspections.
@lnxw48a1 Quite. I got stung for some roof repairs via special assessment years ago at a condo we lived at, was to the tune of about 5K. I told the HOA we didn't have it, were unlikely to have it and why the fuck hadn't they just borrowed the money and charged us a fee over a longer term?
@lnxw48a1 To me it is absolutely bonkers to whack residents with periodic massive fees. And it obviously doesn't work...
@lnxw48a1 Most HOAs are run by total idiots
Always surprised me HOAs don't create some kind of collective cooperative credit union, so they can at least raise capital and have some mechanism for paying for it longer term. Maybe they do, idk