Miami condo collapse

[drcoastline]

Originally Posted by javadog

Can you elaborate on what it is that you saw, or maybe let me know what point in the video you noticed it?

Sure, shots of the pool deck start at 1:50, go to full screen as the camera pan past the pool and the people on the deck chairs look to the bottom of the screen by the bush all the grout between the tile is missing. This is from standing water. If you pause you can see random spots of grout issues.

The next view 1:56 in font of the planter there are nine tiles that have been replaced. This is roughly the same area as support 72 or 78? (I don't recall the number).

[drcoastline]

Originally Posted by john70t

I once bought into a condo building.
-Several years later, owners still hadn't received any financial statements or had an annual meeting.

-When we did get limited records (only with a lawsuit) it showed we were flat broke and all our money continued to flow to a management company which had been fired long before.

-Also the Developer hadn't been paying dues on his own third of the building and had been 'voting' himself in as President and on all other matters acted unilaterally, despite the fact that units in delinquency did not have that right per the by-laws. He was a real piece of work.

-A true mess. Quorum was rarely achieved. Owners either stopped paying dues altogether and foreclosed and/or turned on one another.

-Meanwhile, for several years the roof continued to leak because the 'fired' management company had been putting holes in the worn out bitumen. I witnessed them doing a lot of work inside the Developer's units. Three of my rooms had the ceilings caving in and there was a literal waterfall traveling down the main entryway steps at one point. The central heating boiler was left on one summer and it was about a hundred degrees inside the units. Trash everywhere. Things falling apart.

-The place should have been condemned, but for various reasons the owners collectively did not feel inclined to consolidate as one and fix the problem.

I don't want to say that is typical but yeah, I have seen similar. A lot of my business revolves around amending condo docs to better reflect the association/unit owner ownership, risk management and loss mitigation.

[javadog]

Originally Posted by drcoastline

Sure, shots of the pool deck start at 1:50, go to full screen as the camera pan past the pool and the people on the deck chairs look to the bottom of the screen by the bush all the grout between the tile is missing. This is from standing water. If you pause you can see random spots of grout issues.

The next view 1:56 in font of the planter there are nine tiles that have been replaced. This is roughly the same area as support 72 or 78? (I don't recall the number).

OK, yeah I saw that. I think it was parking space 78 that was where most of the ponding was in the lower level, that’s reasonably close to where those nine tiles were replaced. From what you were saying, I was expecting that you had spotted some more cracking where something had already shifted structurally.

I don’t think there’s any doubt at this point as to where the problem originated. A bad design, made worse by less than timely maintenance.

Every time I watch that video, I get depressed. I can’t imagine spending that kind of money for an “apartment” that small, with those sorts of finishes. The music doesn’t help.

[javadog]

This is a good illustration of what I think happened:

https://www.youtube.com/watch?v=hynHiWE818c

The beginning will seem a little generic but keep watching.

[Heel n Toe]

If this has been asked and answered, I apologize. Were residents allowed to get at least some of their stuff before the demolition of the rest of the building?

Seems like it could be allowed if they went in 10 at a time for 10 minutes or so... maybe signing a release beforehand.

[javadog]

I don’t think anybody was allowed to get a single thing.

[sugarwood]

Originally Posted by javadog

I can’t imagine spending that kind of money for an “apartment” that small, .

Location is what primarily determines a property's value, not size or finishes.

[LEAKYSEALS951]

Originally Posted by javadog

I can’t imagine spending that kind of money for an “apartment” that small, with those sorts of finishes. The music doesn’t help.

I was thinking the same thing. Maybe stay as a VRBO guest, but I wouldn't want to buy it. Originally, I was watching the Champlain Towers North real estate video, which has a better staging/video, and even though it looks to be the similar size, presents much better. I know a couple of people who bought properties in Hilton Head like the South Tower video and updated them to more of a North tower quality, and have done well as vacation rentals, but they complain of similar board/owners association hassles. No thanks.

[URY914]

As a potential buyer can I ask for the Board minutes for the last year or two to see if they are discussing ongoing issues with the building or are the minutes of meeting private?

Asking for a friend.

[javadog]

Originally Posted by sugarwood

Location is what primarily determines a property's value, not size or finishes.

Yeah, that location is not enough to put up with that size/quality level. Whoever decorated that space on the video needs to have their license revoked.

[javadog]

Originally Posted by URY914

As a potential buyer can I ask for the Board minutes for the last year or two to see if they are discussing ongoing issues with the building or are the minutes of meeting private?

Asking for a friend.

My guess is that they will be public and available to the residents.

[craigster59]

Originally Posted by javadog

Yeah, that location is not enough to put up with that size/quality level. Whoever decorated that space on the video needs to have their license revoked.

I was expecting to see Dorothy, Blanche, Rose and Sophia milling about in the video...

[javadog]

It brought back nightmares of bad hotel rooms in St. Thomas in the 1980's.

And the music...

Come to think of it, someone should shoot the marketing person that created that video. Our senior citizens deserve better.

[URY914]

Originally Posted by javadog

My guess is that they will be public and available to the residents.

I suppose this would fall under full disclosure of existing conditions of the property.

[javadog]

I'd imagine that any seller would have to disclose what they know.

Nonetheless, existing residents probably have access to the meeting minutes. They might even be able to attend the meetings. That's how it works in an HOA, I'd imagine this is similar. There may be non-public meetings also but they'd probably still have published minutes.

[VINMAN]

Originally Posted by Heel n Toe

If this has been asked and answered, I apologize. Were residents allowed to get at least some of their stuff before the demolition of the rest of the building?

Seems like it could be allowed if they went in 10 at a time for 10 minutes or so... maybe signing a release beforehand.

Nope. Nobody allowed back in. If its,was safe enough to let people back in, it wouldn't have been taken down.

.

[GH85Carrera]

Wow, those videos are horrid, fast panning and crappy music.

The one thing I am curious about, what did one of those 1,200 square foot condos sell for? I know there is a range, but are they $200K $500K 800K more less? I have no clue. They are the just rubble now, and worth negative amounts.

And the video folks need to be forbidden from making marketing videos as a shame to the profession.

[sugarwood]

Originally Posted by javadog

Yeah, that location is not enough to put up with that size/quality level. Whoever decorated that space on the video needs to have their license revoked.

These are retirement communities. Let me know how you deal with a full gut renovation when you're 75 years old and on a fixed income.

Or if you even remotely give a f*** about up to date furnishings when you have a dozen different physical ailments that take priority while you're basically waiting to die

[LEAKYSEALS951]

Originally Posted by GH85Carrera

Wow, those videos are horrid, fast panning and crappy music.

The one thing I am curious about, what did one of those 1,200 square foot condos sell for? I know there is a range, but are they $200K $500K 800K more less? I have no clue. They are the just rubble now, and worth negative amounts.

What? The wide angle zoom views didn't do it for ya?

Blanche would be disappointed.

The North tower listed at 1,050,000 in 2015. Who knows what it sold for.

EDIT- south tower zillow stuff (tifwiw) from 200K to 2.8M(evidently sold 6/8/21 ): ).

https://www.zillow.com/b/champlain-towers-south-condominiums-miami-beach-fl-5ZJTRr/

Again, no tankyou on either (for owning).

[javadog]

Originally Posted by sugarwood

These are retirement communities. Let me know how you deal with a full gut renovation when you're 75 years old and on a fixed income.

Or if you even remotely give a f*** about up to date furnishings when you have a dozen different physical ailments that take priority while you're basically waiting to die

Difference between me and you, grumpy boy, is that I wouldn’t buy some thing that needs that much work at that point. I suspect it’s not the only living quarters for sale in Miami.

Hey, people make choices. I’m simply stating that choice wouldn’t be mine. If you’d be happy there, head on down. I’m sure there will be lots of condos on the market shortly. Probably a buyers market, for a while.