Entire Side of Condo Building Collapses Near Miami Beach

Just was watching CBS news and a condo owner said "We lost Everything". No, not when you still have your life................just imagine, sir.
 

When the original buildings were completed and sold, the construction company takes their money and runs. But before doing so, they will have set the complex up to be self-managed through a Home Owner's Association (HOA) and will transfer ownership of the buildings and common areas such as elevators, pool, etc. to the HOA. Each individual owner owns and maintains what is within the walls of their unit and - as an owner - also owns a tiny portion of the buildings and common areas and is therefore responsible for upkeep.

The owners then elect - from within the membership - a Board of Directors and it is this body that has the responsibility of setting the amount of monthly dues and directing the operation, management, repairs and maintenance of the buildings and common areas of the complex. The Board can hire a management company to oversee day to day operations or hire and oversee its own maintenance crew.

The original builders will have set up a Reserve fund that is to be used for major maintenance and replacement of items such as roof, elevator, etc. ( Think of it as a separate savings account that you might keep to replace things such as washer, refrigerator, AC etc. ) Continuing expenses such as day to day operation (electric bill, maintenance staff, insurance, routine R & M) is paid through monthly dues. As the Reserve fund is depleted, it is the job of the Board to keep it funded by raising the dues as needed. If the Reserve is not fully funded and a necessary repair happens, the Board of Directors must levy an assessment to cover costs.

Serving on an HOA Board of Directors is a thankless and unpaid job and few want it. Owners in a complex often look at the Board as the enemy because " they keep wanting to raise my dues". Keeping dues low trumps protecting the investment. It's the same thing as a person who owns a house and refuses to maintain it because of the expense. There are basic rules and regulations but each individual Board decides how the money is spent. They can buy new pool furniture and repaint the tennis court every year or they can save to replace the rotten pilings on which the building sits.
 
Some including the boards, forums and misc 'news' sources seem to be pointing toward a leaking pool that wasn't pitched right to allow for adequate drainage. Once the pool collapsed the rest of the building/section collapsed.

In the meantime several hundred families will have to find a place to live in a tight/expensive real estate market. Again the dirty little secret about condo living is yes without repair and maintenance they were affordable in south Florida. And they industry got lucky with a couple of generations of condo owners not having to deal with massive repair bills. This is how many a unit went from $50K-$200K to $400K to $700K during the first boom.

Last time I heard of an evacuation an old high rise hotel that was converted to apartments around the boom had to be renovated because hotel room didn't have the electric for full size refrigerators, microwaves, stoves, ovens etc. That was almost 2 decades ago and last I checked I think there still some suits on that. That was Dade County/Miami Beach area as well.
 

Last edited:
WhatInThe said:
Some including the boards, forums and misc 'news' sources seem to be pointing toward a leaking pool that wasn't pitched right to allow for adequate drainage. Once the pool collapsed the rest of the building/section collapsed.

In the meantime several hundred families will have to find a place to live in a tight/expensive real estate market. Again the dirty little secret about condo living is yes without repair and maintenance they were affordable in south Florida. And they industry got lucky with a couple of generations of condo owners not having to deal with massive repair bills. This is how many a unit went from $50K-$200K to $400K to $700K during the first boom.

Last time I heard of an evacuation an old high rise hotel that was converted to apartments around the boom had to be renovated because hotel room didn't have the electrice for full size refrigerators, microwaves, stoves, ovens etc. That was almost 2 decades ago and last a check I think there still some suits on that. That was Dade County/Miami Beach area as well.
Click to expand...
My husband met a gentleman a number of years back, shortly after the 2008 market crash. The man purchased a condo for $25,000, a condo that just a few years earlier was valued in and around the high 100's/low 200's.
 
Aunt Marg said:
My husband met a gentleman a number of years back, shortly after the 2008 market crash. The man purchased a condo for $25,000, a condo that just a few years earlier was valued in and around the high 100's/low 200's.
Click to expand...
I know someone similar but opposite. They purchased the condo for 60kish in the 1990s. During the first bubble tenants were getting unsolicited offers over 200K. After a pair of hurricanes went through those offers went away. Things got so insane developers were making offers on unused portions of big national store parking lots to build condos/apartments.

Condo's made south Florida beach area living affordable for a while. But investors escalated prices to insane levels. Those hurt the most are the retirees or those on a limited income because they were able to buy into the condo cheap assuming they would only have pay taxes and some basic maintenance.

Early in the first boom European buyers/investors were driving prices. Ironically many a new condo developement in the Miami was vacant having trouble getting to 50% occupancy.
 
WhatInThe said:
I know someone similar but opposite. They purchased the condo for 60kish in the 1990s. During the first bubble tenants were getting unsolicited offers over 200K. After a pair of hurricanes went through those offers went away. Things got so insane developers were making offers on unused portions of big national store parking lots to build condos/apartments.

Condo's made south Florida beach area living affordable for a while. But investors escalated prices to insane levels. Those hurt the most are the retirees or those on a limited income because they were able to buy into the condo cheap assuming they would only have pay taxes and some basic maintenance.

Early in the first boom European buyers/investors were driving prices. Ironically many a new condo developement in the Miami was vacant having trouble getting to 50% occupancy.
Click to expand...
I can honestly say I will never again look at high rise living the same ever again.

I don't even care to visit a high rise building again.
 
Apparently one of the inspecting engineers missed the lack of rebar/reinforcement on a project he inspected a few years prior in Coral Cables south of this collapse.

https://www.sun-sentinel.com/local/...0210718-m6ogb77fjfhmpnvzbro3crs4ue-story.html

Now the deceased victims identies are being stolen with criminals opening up credit card accounts.

https://www.local10.com/news/local/...le-victims-killed-in-surfside-condo-collapse/

Fraud technique called ghosting including use of obituary information. I've been leary about what my family has put in obits for years because the surviving family is at risk. This is also what makes many of the ancestry or family tree sites very dangerous.
 
WhatInThe said:
Fraud technique called ghosting including use of obituary information. I've been leary about what my family has put in obits for years because the surviving family is at risk. This is also what makes many of the ancestry or family tree sites very dangerous.
Click to expand...
Interesting info. Thanks.
 
Cutting corners because of making more money ( money=time ), is a recipe for accidents, some become disasters.
 

You must log in or register to reply here.

Back
Top