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BootinUp

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28. Sounds like I need a better allegory. Nt

Reply to spike jones (Reply #26)

Tue Jun 29, 2021, 01:40 PM

Jun 2021

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Surfside Condo Board President Warned Residents of Worsening Damage In April [View all] appalachiablue Jun 2021 OP

doesn't seem fair llashram Jun 2021 #1

Who should be assessed? NT enough Jun 2021 #2

I don't know llashram Jun 2021 #4

One of the "hidden costs" of condo ownership. Phoenix61 Jun 2021 #8

Owned Multiple Condos Assessments Are Common Elevators Windows Painting Etc. DanieRains Jun 2021 #42

"find a real estate agent that is not just looking to get a commission" All Real Estate agents get a Escurumbele Jun 2021 #51

Umm ... what? Hugh_Lebowski Jun 2021 #54

Um... houses do have HOAs obamanut2012 Jun 2021 #57

The builder? What did they do, or did not do that caused that kind of erosion to occur? Escurumbele Jun 2021 #50

He was NOT in that building. There's at least 2 'sister' buildings in the area, it was one of those Hugh_Lebowski Jun 2021 #55

Isn't that how condos work? The residents share the costs? n/t FSogol Jun 2021 #3

Yes. But 15 million? jimfields33 Jun 2021 #14

The condo assoication should have a rainy day fund or can take money out of other budgets. They FSogol Jun 2021 #19

This isn't feasible. The HOA would have to take a loan to do this. No one would give such a loan. rkleinberger Jun 2021 #25

Owners there were able to take out 15-year low-interest loans obamanut2012 Jun 2021 #36

There are 136 units. $15M/136 equals $110,000 on average, but there are different kinds of units progree Jun 2021 #20

The problem is apparently 2 fold... PoliticAverse Jun 2021 #29

$15 million assessment comes down to 110,294.12 per unit Escurumbele Jun 2021 #52

There should have been assessments started years ago, in the same way that companies Baitball Blogger Jun 2021 #5

Fixed monthly association fees in a building like this can run upwards of $700 to $800 per unit. sop Jun 2021 #21

I read somewhere that the fees for the collapsed building were over $900 per month per unit csziggy Jun 2021 #49

Who else would pay for it? It may not be fair, but it's their building, and their responsibility. sop Jun 2021 #6

ok llashram Jun 2021 #9

If your foundation in your house fails, you are responsible to fix it forthemiddle Jun 2021 #7

hmmm llashram Jun 2021 #10

They OWN it obamanut2012 Jun 2021 #37

Since it was water damage, insurance likely wouldn't pay Warpy Jun 2021 #34

lol that's how it works -- of course it's fair obamanut2012 Jun 2021 #35

They collectively own the building and are responsible Deminpenn Jun 2021 #43

The building may catastrophically fail....let's send a letter! Thomas Hurt Jun 2021 #11

But first, let's sit on it for almost three years. TheBlackAdder Jun 2021 #40

Bad writing. I assume she isn't among those missing in the disaster. (Nt) FreepFryer Jun 2021 #12

I think it shows how we are (not) going to address climate change. femmedem Jun 2021 #13

Nobody know exactly what to do jimfields33 Jun 2021 #16

We are at a crisis point right.now. There may not be a perfect, palatable solution but there are JudyM Jun 2021 #22

Yeah, right. That's way too sensible, and you wouldn't want to be accused of that. sop Jun 2021 #27

Yes, there's no one thing to do. femmedem Jun 2021 #53

Insurance companies won't touch condos, like homeowners have insurance? brush Jun 2021 #15

Condo associations normally have the same type of insurance as single-family dwellings. sop Jun 2021 #32

Thanks for the info. Sounds like you're in the business. brush Jun 2021 #33

I would assume that's the case, unless they try to go after the structural engineering firms sop Jun 2021 #44

You sue everyone involved in any way that has "deep pockets". n/t PoliticAverse Jun 2021 #46

Pretty much. sop Jun 2021 #48

I have the sdame insurance company as my parents obamanut2012 Jun 2021 #38

Post 32 explains it well. Contruction defects may have expired as... brush Jun 2021 #45

Can they float Condo Bonds and amortize the cost over 30 years in fees? bucolic_frolic Jun 2021 #17

I would have needed horse tranquilizer BootinUp Jun 2021 #18

Off topic, but I took a horse tranquilizer many, many years ago. spike jones Jun 2021 #26

Sounds like I need a better allegory. Nt BootinUp Jun 2021 #28

So, PCP in the AM, weed and wine in the afternoon, and a hit of acid in the evening? Hugh_Lebowski Jun 2021 #56

The engineer wasn't required to report what must have been major code violations? JudyM Jun 2021 #23

There is no way the homeowners would be able to foot such an assessment. rkleinberger Jun 2021 #24

And that's something to consider before buying a high-rise condo Auggie Jun 2021 #30

Condo's like this sell for many multiples of that amount. cinematicdiversions Jun 2021 #31

They were also allowing 15-year low-interest loand to cover it obamanut2012 Jun 2021 #39

Root causes. NCjack Jun 2021 #41

"tied my most important investment to a group of people" PoliticAverse Jun 2021 #47