Zombie Condos?

[Terrel L. Shields]

Zombies Thwarted Their Condo Terminators In Miami - Housing Notes

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housingnotes.com

The opportunity to decommission older condo buildings accelerated with the Surfside Miami condo collapse in 2021. Municipalities, regulators, and banks took a hard look at condo associations that had the ability to avoid making major repairs because of their inherent conflict of interest.​

 

[Tom D]

Better than china, which has many zombie cities built almost new.

 

[J Grant]

The article is inane and the author failed to do the most basic research.

After the Surfside collapse, The State of Florida passed a law that every condo building above 3 stories must get a certified engineer's inspection every 40 years, though terms can vary. Many of these buildings have not been inspected by an engineer since they were built. Surfside was inspected and had an engineers report at the time of the collapse. The issue was half of the older or fixed-income residents were fighting the assessment for repairs because they couldn't afford it and so the repairs were not done as the building was tied up in litigation.
I do many condo appraisals here and frequently now see buildings with huge assessments of ballpark 6 million dollars for concrete restoration. The assessments are spread between units and can be a lump sum paid or paid monthly until finished.

Amazingly, people are still buying in these buildings who apparently can afford the cost of the assessment.

 

[Mejappz]

I do many condo appraisals here and frequently now see buildings with huge assessments of ballpark 6 million dollars for concrete restoration. The assessments are spread between units and can be a lump sum paid or paid monthly until finished.

One of the reasons for the sharp increase in condo inventory over the past 12 months is that many long-time owners, who have lived in their condos for over 30 years and are on fixed incomes, are struggling with rising special assessments and have decided to sell.