|
go play outside Skyler posted:Imagine being a home owner part of a group of other home owners and some guy comes and tells you that you need to spend a collective 9 million dollars. And of course unless 100% of people accept to spend that money well nothing happens. And obviously in Florida of all places there's probably no government entity that can force you to make those repairs, or do those repairs for you and offer you to pay for it over 20 years (like it probably should be done.) I mean, it depends on how the structure of the condominium is set up. A typical arrangement is stuff like normal, reasonable repairs can be made at the discretion of the board, some lower cost but essential things need a simple majority and then major stuff needs like maybe a 3/4th majority. The building association might be able to take out a loan against the building, but not always, typically they arrange a payment plan for the owners and then work with a bank to provide basically home equity improvement loans based on the value add to the building if you need more time. So like, my condo building wanted to do some remodeling to common areas, about $3M, and it was a 3/4th vote that took multiple times to get approved, we had to start making monthly payments months before any work started to fill up reserves, then the work started and the rest was paid out as the services were rendered. However, we needed about $1.5M in fire safety upgrades and they were like, this building will be red tagged if we don't do this, 51%. There is also like general reserves, we tried to keep about $2M in cash for things like planned chiller replacements, elevator replacements, resealing, normal wear and tear, etc that didn't need to be voted on.
|
#
?
Jan 3, 2022 20:31
|
|
|
|
| # ? May 28, 2024 02:01 |
|
|
go play outside Skyler posted:Imagine being a home owner part of a group of other home owners and some guy comes and tells you that you need to spend a collective 9 million dollars. And of course unless 100% of people accept to spend that money well nothing happens. And obviously in Florida of all places there's probably no government entity that can force you to make those repairs, or do those repairs for you and offer you to pay for it over 20 years (like it probably should be done.)
|
|
#
?
Jan 3, 2022 20:42
|
|
|
WithoutTheFezOn posted:When this first happened there were stories quoting residents saying “our HOA fees would rise from X to Y” and Y-X seemed awfully low unless you assumed it would be that much for ten (20?) years. So I’m guessing the HOA already planned on financing. Unless we have real numbers it's hard to say exactly why they didn't approve funding a renovation m I can do some quick math and note that even without interest, a $9,000,000 loan paid over 20 years by 100 units comes out to almost $400 a month. That's no small amount.
|
|
#
?
Jan 3, 2022 22:01
|
|
|
Lol
|
|
#
?
Jan 3, 2022 22:41
|
|
|
Mr. Merdle posted:Unless we have real numbers it's hard to say exactly why they didn't approve funding a renovation m I can do some quick math and note that even without interest, a $9,000,000 loan paid over 20 years by 100 units comes out to almost $400 a month. That's no small amount.
|
|
#
?
Jan 3, 2022 22:59
|
|
|
That tweet is from the very beginning of all this. This wasn't a problem of deferred maintenance. This wasn't the condo boards fault. The board resigned, they elected a new board and passed a special assesment eight months after the report. It took most of a year for the city to issue the first permits. They started with the roof because it would give them anchor points to repair the balconies. There were city engineers in the building the day of and they saw no sign that it was getting ready to collapse. The city classified the building as in good condition, and mainly wanted the cosmetic issues fixed. After it collapsed there were pictures shared of buildings in bad condition, and relatively Champlain Towers was in great condition. The pool deck was just one part of this, and it might not even turn out to be the most important part. The lack of water proofing was a design flaw, and the lack of rebar a construction defect. It's also not yet clear what triggered the deck to start collapsing right then. You'd have to be an absolute idiot to still buy the "Deferred maintenace" bullshit. At the beginning it was the only thing the press had, and it presented an awfully convenient narrative for everyone one else in miami. GORDON posted:2. But how did the inspectors miss all of it? Every time I build, every aspect is getting inspected along the way. My projects spend more time on hold waiting for the inspector, than they take to actually build. That's where the main failure happened. Which inspector got paid off. Yeah, that's part of why I'm unsettled too. Those inspections are all part of the process. Civil engineers asked for all of that regulation to ensure safety. What good are best practices if people don't have to follow them? What I do know in that regard is the general contractor quit midway through construction. The permits had to all be cancelled and reissued. Less rebar than the plans called for could still be sufficient rebar minus other factors. The building might still be standing if it weren't built right on the ocean. If you've done a lot of construction like this I'd love to hear details about how the inspection stuff works - like when/how often/and what. SYSV Fanfic fucked around with this message at 02:27 on Jan 4, 2022 |
|
#
?
Jan 4, 2022 02:22
|
|
|
Torquemada posted:Maybe we should have let the Romans build this condo, they apparently had concrete that got stronger when exposed to salt water, instead of turning into an Oreo McFlurry. Also had robots.
|
|
#
?
Jan 4, 2022 08:04
|
|
|
I can't believe you have all forgotten that the government destroyed this building to bury John McAfee's hard drive and are just blithely accepting this "report".
|
|
#
?
Jan 4, 2022 08:56
|
|
|
that was a really cool article, thank you for sharing. it reminded me a lot of the breakdown of events in the book killer show, which is about the station night club fire which also is a "fun" thing to read about
|
|
#
?
Jan 5, 2022 06:47
|
|
|
Weka posted:I can't believe you have all forgotten that the government destroyed this building to bury John McAfee's hard drive and are just blithely accepting this "report". I mean, detonating the largest non-nuclear bomb we have just off the coast probably didn't help...
|
|
#
?
Jan 6, 2022 05:35
|
|
|
Oh wow, the Florida legislature managed to actually pass new legislation to help prevent more buildings from collapsing: https://www.youtube.com/watch?v=xFyyWwe94Q4
|
|
#
?
Jun 20, 2022 23:31
|
|
|
An article for people who don't want to sit through an entire youtube video. https://abcnews.go.com/US/wireStory/florida-passes-condominium-safety-bill-wake-surfside-84978970
|
|
#
?
Jun 21, 2022 00:01
|
|
|
|
| # ? May 28, 2024 02:01 |
|
|
Mr.Radar posted:Oh wow, the Florida legislature managed to actually pass new legislation to help prevent more buildings from collapsing: It's Florida, they only gave a poo poo because most of the victims were wealthy white people.
|
|
#
?
Jun 21, 2022 00:27
|
|