Notice to Miami Beach Condo Residents: Get Out Now

[Mike]

Miami Beach Council, or whatever they are called are
Condemning this building and ordering people to go.

Who will compensate those who have bought their own
apartment, if they are not allowed to return?

Will the Miami Beach Authorities, have a disaster fund
for such an event as this?

Will the owner's Insurance cover, for such an event, even
if it doesn't fall down, I doubt that anybody will want to
return after such a warning, especially if it backed by a
Surveyor's Report, as it will have to be before Miami Beach
Authorities can order such an evacuation.

A very sad situation for all concerned.

Mike.

 

[Alligatorob]

Who will compensate those who have bought their own
apartment, if they are not allowed to return?

Probably no one, if your house was found to be structurally unsound who would compensate you? Insurance may pay for storm damage to a roof, but not for repairs to a worn out roof.

Will the Miami Beach Authorities, have a disaster fund
for such an event as this?

Probably not, how many communities do?

Will the owner's Insurance cover, for such an event

Not likely, homeowners insurance rarely pays for structural defects.

A very sad situation for all concerned.

Yep, it should be a lesson to us all that we are responsible for understanding the structural risks in any property we buy.

No doubt there will be lots of litigation, and there is some chance the owners may see some relief, but I doubt it will be much, and certainly not soon. As is often the case the lawyers are the ones most likely to benefit.

 

[WhatInThe]

It sounds like they want to retro fit the building with additional support. But wasn't the condo collapse down the street due to long running water leaks. Are there existing leaks in this condo building?

And it's the beginning of snowbird season in south Florida which they'll be a limited supply of apts/rentals while upgrades are completed.

 

[OneEyedDiva]

Yep, catastrophic! And it seems to be coming.

Florida isn't alone, Louisiana and a lot of other places too.

Several towns in N.J. are predicted to be underwater including my beloved Atlantic City & Hoboken. Other beach towns will as well. And this is now slated to happen several years before originally predicted. @Don M.
https://patch.com/new-jersey/pointp...ld-plunge-20-n-j-towns-underwater-report-says
Here are a few other major cities across the U.S. with the same fate.
https://www.thetravel.com/15-usa-ci...rwater-by-2050-10-already-on-the-ocean-floor/

 

[Don M.]

At the present rate at which the oceans are rising, NOAA, and other climate predictors expect the U.S. to lose about 17% of its current land mass, during the latter half of this century. That will displace almost 1/3rd of our population, and result in trillions of dollars loss of real estate. It's hard to imagine the chaos that will occur as a result.