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.
Follow
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.