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Who Will Pay The 136 Families For The Loss Of Their Condos In Sunrise, Florida?
2021 Jul 4, 6:17am 1,197 views 18 comments
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15
fdhfoiehfeoi
2021 Jul 6, 11:07am
fdhfoiehfeoi
2021 Jul 6, 11:07am
Great example of why you should never "buy" property that doesn't come with any land.
16
TheAntiPanicanLearingCenter
2021 Jul 6, 11:08am
TheAntiPanicanLearingCenter
2021 Jul 6, 11:08am
HunterTits says
Many well-off/wealthy people have this mentality, esp. if they made a living in Finance or Bureaucracy. They hate paying for maintenance. Some of the worst buildings you'll see are upscale condos with tiles popping up when you step on them, clocks broken for years, common area carpet all worn down, etc.
Trust me, I own a studio in a modest building that is 80% Minnesota and Wisconsin. Half of them don't even want to share the few thousand bucks to pay for a simple gate lock to stop the beachgoers from washing the sand off their legs in the pool in the summer, when all the Orlando people come to the beach but the complex is 3/4 empty so there's nobody to stop them coming right off the street.
But they have plenty of time and energy to snoop on what everybody else is doing. Had a guy tell me he sold and moved because he couldn't stand all the Damn buttinskies. He's happier on Merritt Island with the New Yorkers who don't track his movements.
"Oh boy howdy, Harald came in a 10PM last night. The other night he didn't leave his house. What is he doing in there?"
Like members of Congress, HOA board members figure they won't be around when the bill comes due. Typical government thinking.
Many well-off/wealthy people have this mentality, esp. if they made a living in Finance or Bureaucracy. They hate paying for maintenance. Some of the worst buildings you'll see are upscale condos with tiles popping up when you step on them, clocks broken for years, common area carpet all worn down, etc.
Trust me, I own a studio in a modest building that is 80% Minnesota and Wisconsin. Half of them don't even want to share the few thousand bucks to pay for a simple gate lock to stop the beachgoers from washing the sand off their legs in the pool in the summer, when all the Orlando people come to the beach but the complex is 3/4 empty so there's nobody to stop them coming right off the street.
But they have plenty of time and energy to snoop on what everybody else is doing. Had a guy tell me he sold and moved because he couldn't stand all the Damn buttinskies. He's happier on Merritt Island with the New Yorkers who don't track his movements.
"Oh boy howdy, Harald came in a 10PM last night. The other night he didn't leave his house. What is he doing in there?"
17
WookieMan
2022 May 21, 9:27am
WookieMan
2022 May 21, 9:27am
Ultra_FJB says
2nd property, investment, and old age are the only reasons to buy property that has an HOA. Or laziness. We're about to have a tiny HOA ($200/year) but it's minor shit. We might actually buy a 3rd lot with a neighbor and just build a park on our own for the kids. We're friends with both neighbors and I have no interest in an unknown moving in next door. Plus we'll have what feels like 500' of frontage in a subdivision.
I know we'll be upside-down out the gate, but my erection grows bigger every time I think about what we're going to do. It's not extravagant, but it's a house that will have everything I want. Well the pool might be over the top and the extra garage, but the house itself won't be all that big. You wouldn't call it a McMansion for sure. Not anytime soon, but the build thread is coming in the next year.
No fucking way in hell I'd ever live in an HOA - unless I'm old then shit may change.
2nd property, investment, and old age are the only reasons to buy property that has an HOA. Or laziness. We're about to have a tiny HOA ($200/year) but it's minor shit. We might actually buy a 3rd lot with a neighbor and just build a park on our own for the kids. We're friends with both neighbors and I have no interest in an unknown moving in next door. Plus we'll have what feels like 500' of frontage in a subdivision.
I know we'll be upside-down out the gate, but my erection grows bigger every time I think about what we're going to do. It's not extravagant, but it's a house that will have everything I want. Well the pool might be over the top and the extra garage, but the house itself won't be all that big. You wouldn't call it a McMansion for sure. Not anytime soon, but the build thread is coming in the next year.
18
clambo
2022 May 21, 1:03pm
It’s correct that HOA fees include insurance.
Condo owners also buy insurance for their unit in many cases; strangely some things are considered the owner’s responsibility.
I don’t know but I thought insurance for property didn’t always cover the cost of replacement, or the present value of the property.
Condo owners also buy insurance for their unit in many cases; strangely some things are considered the owner’s responsibility.
I don’t know but I thought insurance for property didn’t always cover the cost of replacement, or the present value of the property.
I could not come up with an immediate answer. I asked my excellent State Farm Agent Joline Banks.
She said that the homeowner's association had to pay them for the loss of their units.
I have had two awful experiences with homeowner's associations from 2001-2004 and from 2010-2017. There is one interesting feature that they offer. A property owner does not have to buy homeowner's insurance. The HOA provides this. I am going to assume that the Champlain Towers South Condo Association provided such homeowner's insurance. Those who survived the collapse of the tower and the heirs of those who did not survive should be able to get a payment (eventually) from the homeowner's insurance policy.
The problem area is how the families of those killed will get compensation for the loss of their loved ones. The HOA has a $5 million liability policy. That will be exhausted quickly. Some of the apartments in that building were worth over $1 million US. Those who died were often affluent professionals. Payments for their loss could be quite high. Many families will come up short of what their court judgments are.