Getting back to HOAs, who is going to want to volunteer to serve on a board now? The HOA is the homeowners - so basically you’re suing yourself unless you’re suing the board individually. Hindsight is 20/20. I don’t think anyone foresaw a collapse. If the board thought there would be a total failure I’m sure they would have acted earlier.
The HOA neglected to do any maintenance for over a decade. They had an inspection that called for $15 million of repairs just 2 years ago. They are completely at fault but the inspector did say the building was safe so it's pure greed and arrogance.
They rarely, if ever do. I've been watching "Fascinating Horror" on Youtube. A lot of interesting disaster stories on there.
If your condo was 300k and repair would have been 100k and the value of the condo would still be 300k would you do the repair or just foreclose?
You repair. Once you make the repairs you add value. I'm sure the appraisals accounted for the neglect.
Knowing how the POA (criminals) works in my mom's lakeside community the inspector is or was friends with someone on the board.
The architectural report insisted that tenants would refuse to live or work on the 13th floor, so it was omitted on account it would be bad luck.
https://www.nytimes.com/2021/07/03/us/florida-condo-collapse-steel-rebar.html Condo Wreckage Hints at First Signs of Possible Construction Flaw Engineers studying the collapsed Florida tower said there seemed to be less steel reinforcement in certain areas than would have been expected from the 1979 design drawings.
https://slate.com/business/2021/06/...industry-crisis.html?utm_source=pocket-newtab The Dream of Florida Is Dead The Miami condo collapse is a crisis for the entire state.
Dang so they are going to demolish what’s left of the building today. So the lucky ones in the section that is still standing, will lose everything. Such a sad situation all around.
It was inevitable. There’s no way the remaining structure would be deemed safe and/or saved. The saddest part is unspoken for what the demolition means. May everyone be recovered to provide their families with peace and comfort.
Don't know the first thing about the insurance issue, but would think the condo company's insurance has to pay, but how much will likely be in contention. Demolition is something most owners or renters never even consider. I wouldn't. But this is national news, so I would think the insurance company will just pay out quickly and get it behind them.
That’s a good question and I have no idea. I’d have to assume the families and/or victims relatives that lived there would at least have a opportunity to itemize out their belongings with a monetary value. I can only imagine there will be a lot of money coming from somewhere where it’s insurance or lawsuits.
Smh overreaching government kicking people out of their homes I say let the free market do its thing here, if people don't want their building to collapse they can do their own research and make their own decision.
