Re:Miami building collapse: Letter in April warned of worsen...
by matwood on Wednesday June 30, 2021 @08:54AM
(#27687875)
Great question. Not a condo, but my neighborhood has 3 docks that go over salt water. They were built properly to code, but even with proper maintenance, after a certain period of time they will need to mostly be replaced. In order to prepare for this eventuality, the HOA raised fees by ~10% and has already started saving for a decade+ out.
It doesn’t have to be a heft fee if planned for. Docks are a known quantity where I live so planning is normal. 40 years ago did the HOA know they need to save for maintenance and repairs? What about 20 years? There is another building nearby that is exactly the same as the building that collapsed, but their HOA kept up with proper maintenance. That other building seems like it’s in great shape for a 40 year old building.
It will be interesting to see what happened here. Was the HOA so negligent over such a long period of time that it was just too hard to catch up (100k assessment is hard for most people)?
It doesn’t have to be a heft fee if planned for. Docks are a known quantity where I live so planning is normal. 40 years ago did the HOA know they need to save for maintenance and repairs? What about 20 years? There is another building nearby that is exactly the same as the building that collapsed, but their HOA kept up with proper maintenance. That other building seems like it’s in great shape for a 40 year old building.
It will be interesting to see what happened here. Was the HOA so negligent over such a long period of time that it was just too hard to catch up (100k assessment is hard for most people)?