In the wake of the tragic collapse of the Champlain Towers in Surfside, Florida, last month, many Condominium Associations are questioning whether deferring maintenance on their property is still a safe option.
According to media reports, the estimated cost
to repair the Champlain South premises totaled $15 million. However, the condo
had only $800,000 in reserves for such contingencies. Unit owners were faced
with individual special assessments between $80,000 and $200,000 each. After
facing owner pressure, the board refused to levy these assessments and further deferred
essential maintenance, thus contributing to the resulting disaster.
Responsible members of condo boards need
Continue Reading The Collapse of the Champlain Towers and Hard Lessons Learned – Part I