I'm sure surrounding buildings do. The difference is maintenance. The proximity to the beach wreaks havoc with everything. I've seen metal light fixtures start to flake in less than a year.

We used to own a unit in the Fl keys, similar size complex, 160 owners. In our case the engineering reports were very similar, as was the pushback from other owners not to do the repairs. Our board let a 2 million dollar repair turn into an 8 million dollar repair by delaying close to 10 years. We bailed when the repairs were done, and bought in a smaller complex, 20 units, where the maintenance was always up to date, and falls in budget with the normal fees and reserves.

Privatize profit, socialize risk.

Bingo.

https://youtu.be/M1-8RMcw9IA

This guy explains things very well. In this video he explains what role the shear walls played in the collapse.

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Here's a new twist: https://www.local10.com/news/local/2021/07/30/feud-between-mayors-surfside-keeps-on-pushing-for-access-to-site-of-building-collapse-miami-dade-keeps-denying-it/

One thing is for sure, the bottom will have fallen out of the market for beach front apartment buildings of the same look and era.

That’s absolutely ridiculous. Surfside has hired someone that is well qualified. I think Miami Dade needs to butt the hell out.

Reading further, I didn’t know that a nearby condo had been condemned and 300 more residents put out on the street.

I am sure this ruling will be appealed.

no not from tax payers.

$50M of insurance if it pays.
Yes the rest could come from the sale of the property. Not sure the judge has the ability at this point to force a sale.

If not enough proceeds form insurance/sale or wherever money comes from then the association declares bankruptcy just like any other corporation would.

It doesn't quite work that way.

Can someone explain why there is a Mayor of Surfside and a Mayor of Miami-Dade? I thought that Miami-Dade was a county.

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Easy. The county has a mayor.

Never heard of a county having a Mayor. I grew up in Florida, Okaloosa and Walton counties and never heard of having a county Mayor.

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What liability do the association’s current and past officers have, do you think?

Well, it's Florida!

It sounds like the board had been trying to do the right things for years but were repeatedly blocked by the members voting down their assessments for repairs.
At one point, most of the board resigned over it.
Hopefully, it will all come out at someones trial. Should make for a great docudrama.

South Florida is a bit different than the panhandle. I've lived in both.
South Alabama and South America North.
Not that there's anything wrong with that.....

there is a lot very WRONG with unlimited immigration esp when only fascists
are allowed in and in mass
I do NOT want to live in the third world
but that is miami a city overrun by third world people :rolleyes:

That is what elections are for. I'm not a fan of Miami (or of uncontrolled immigration) but for the most part is way different than a third world country.

Most sincere thanks