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.
@sullybiker Since everyone knows that major repairs will come in the future, the HOA should have an escrow account and charge each homeowner some amount ($2K? $5K?) per year toward future major repairs. The account should be periodically audited.
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.
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.
