The collapse of the Champlain Towers condo in south Florida highlights the critical role of condominium corporation (CC) directors in maintaining a safe and healthy environment for their fellow residents. Startling before and after images highlight the scope of the damage, from which you can easily see why there are so many dead and missing https://www.nbcnews.com/news/us-news/interactive-see-after-photos-florida-condo-building-collapse-n1272299.
 

 

Sadly, the collapse probably could have been prevented, as an inspection done in October 2018 identified the scope of the problems. However, the required corrective actions were expensive. As many of us have seen concerning reserve fund studies (RFS), there was a significant gap between the recommended and actual reserve funding level. In the Champlain towers, the proposed special assessments were $80K for a one-bedroom unit and up to $400K for a penthouse. Since the initial inspection report in 2018, subsequent delays caused the price increases. Owners complained about the high cost so no effective action was taken. The pandemic was a complicating factor in the lack of action, no doubt. 

 

Is your RFS up to date (must be done every five years), and how are you doing with respect to the recommended funding levels? Have you been deferring critical inspections or renovations? Have you proposed drastic fee increases or special assessments only to receive complaints, resistance or moves to oust a board director? Lessons learned: read and understand your RFS; perform the required inspections; don’t delay taking action; yes, there might be resistance, but how much is a life worth (or a hundred or more lives).

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CCI MB Newsletter Committee