Hundreds of St. Pete condo buildings in need of inspection under new Florida law
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- เผยแพร่เมื่อ 5 ต.ค. 2024
- The deadly surfside condo collapse in South Florida three years ago, re-shaped Florida law. Every condo more than 30 years old and three or more stories high has to be inspected. However, 8 On Your Side found many of those inspections still aren't complete.
none of the condos were built with coated rebar. Iron concrete and water make for rebar that fails. New code for buildings should include only COATED REBAR
What were the condos spending the fees on for the past 30 years? They should have been keeping up with the buildings. Sue the owners!
They haven’t been funding the reserves. They had the attitude of why should I pay into a fund for future repairs when I may be dead or not live there anymore in the future. But they are still there and have never paid in so now everyone has to pay A LOT all at once rather than a little over time. Moral of the store never live in a condo or hoa
@@timguillory6339 👍
They are the owners. They voted not to do repairs over the years. They can’t sue themselves. They kept hoa fees artificially low.
This entire caper smells. Can you spell S.C.A.M. …. it’s up to the condo owners to send the inspectors packing. Most buildings that “qualify” for the inspections are perfectly safe to inhabit. They just need to spread the cost of the “updates” over a 10 to 15 year period. These units are home for them. If they are willing to stay put and sell at a much reduced price later on… that’s their business. In any event some will end up on the street if the repairs are done short term. Watch the price of updates soar through the roof. $cam.
The fees weren’t high enough. Nobody wants to pay HOA fees, this is the result.
Great job by the Florida legislators, too bad all those people had to die before the law makers acted. Politics and donations from builders and. HOA's probably stopped these inspection mandate laws from passing in the past. If you live in any building, especially high-rises built on sandy soil, regular inspections should be mandatory.
Exactly right. Common sense but the owners don't live in those buildings they are in China
Most will not make this deadline, the state will have to extend it.The law is too acredous and will lack impact I the immediate future.The raise in HOA fees and home insurance,in general, will medicate any long term equity for the owners.All these fees . regulations
I live in Colombia, here HOA is not that bad, still very expensive, and with a lot of extra-fees every month. But what they do is have insurance, maintenance, and putting money aside for other things. Also they put money in CD's in a bank so that give them interests, that are used for any other repairs, or spending. What happened in Miami, happened here too, but the managers, and regulations here are different. Yes we have had problems, like some owners not paying HOA's fees, (we don't call them HOA, but administraciones.)., but still everything here used to be well managed. Now we have a corrupt, criminal, narcoterrorist regime, so we expect a lot of trouble for Colombians, and people living here, but that's a different story.
"Bird." BRD = Budget, Reserve, Delinquency. Anyone looking to buy condo needs to find out these three key pieces of financial information, as well as review the CCR's (Covenants, Conditions and Restrictions). The lower the reserve and the higher the delinquency of HOA payments, the greater the potential problems with buying into that building.
Costs more than collected for last 30 years.
Native Floridian here, the dream of trading it all in for a direct oceanfront condominium has turned into a nightmare. Don't buy anything until after 01/25 when inspections must be completed and assessments paid by owners. This will be a free for all for those looking to scarf up cheap beach condos...Lol...
Or ask the realtor if the inspection has already been completed. Duh.
@@bobbybrown6646 Last minute surprises until 01/25...Duh...
Hey! Structural Engineer here (only us and architects can do these SB4D inspections). They ain’t getting done. I’m already booked into this time next year. Make sure they are done though and their new HOA fees reflect the reserves.
@@paladinm109a6 You got it. Many buildings have been done, but the units that are sitting there for cheap haven't.
These condo buildings need to have corporate management. Most of the owners did a terrible job and they have no reserve money. Then the state needs to get an annual report to see how they're doing financially and where the monies are being spent...
Government will access penalties and fines. Will they save this money in an escrow to help cover the costs associated with the inspections and repairs or is it just insult added to injury for the condo owners in said buildings struggling to come up with the money the state is grifting from them?
Tenants pick up the tab!
It is their building. They literally deferred maintenance and now the bill has come due. Who else should pay. Taxpayers? Nah.
so go ahead and buy a 29 year old condo??
Only in Florida not any other state just because one building fell the state trying to make money
Remember to let the legislators live almost like commissioners they make more money for themselves every time they make up a new rule but too bad they don't have to live under their rules
The renovations will not be economically viable because they are unaffordable. Can't get insurance because they are in bad shape so time is running out. A lot of these buildings will be dozed and replaced with luxury condos. That means these condo owners are basically renters with limited time left. Don't feel sorry for the owners. A lot of these boomer owners were going to kick the maintenance to the next generation by voting against HOA dues increases. To add insult to injury, the market rate offer from the developer will be lower because of the deferred maintenance and upcoming special assessments.
The worst case scenario is that repairs will cost more than the building is worth, so it will have to be sold. The owners will get the proceeds. Many of these old condos are in fantastic waterfront areas, so they shouldn’t make out too badly.
pure money grab all this is not fair to condo owners!
They did it to themselves. ALL buildings need regular maintenance it's common sense. The owners did'nt care who died or was hurt, they just wanted to hang on to their money. KARMA
The owners board of directors make the decision when to do the inspections ! Are you on Pluto? That's the problem, the condo owners decide who will manage the HOA funds.
Problem is many HOAS are run by landlords who don’t even live there. Property managers are a joke. And the units landlords rent out just go along with what they decide. People really need to attend the HOA meetings..they r just letting these people run their investments. Inspectors don’t care about permits. If you are homestead you are not obligated to do anything. Fines are a joke. They tend to be about garbage and parking- and things that directly bother the HOA board only.
HOA is a homeowners association. The homeowners elect the board that hires the management company. Condo owners would complain about HOA increases that would fund more than maintenance. They hoped to defer until they sold. Well, the bill came due the owners who were there 20 years enjoyed suppressed fees. The owner who bought a condo in the last 3 years got screwed. They are paying for repairs on wear and tear they did not create.
A lot of owner residences are boomers and deliberately kicked the maintenance can down the road to the next generation. You can't take it with you, right? Now the jokes on them and they will get evicted before they die because the renovation is not remotely close to affordable due to all of the deferred maintenance over the decades.
Tragedy doesn't mean homelessness
Bailout Florida condos like we bailed out the big banks period
The age of cardboard has begun
ha
Brittany sounds so positive here over this tragic news. Now, let her report on the Middle East, I need a good laugh.
Desantis,trump,scott,rubio,donalds,give em a call,get what you vote for,🎉🎉🎉🎉