Latest news with #ChamplainTowers
Yahoo
08-05-2025
- Business
- Yahoo
Florida condo owners face safety, structural reforms. They'll look like this
Following the devastating collapse of Champlain Towers South in 2021, Florida has undertaken the most sweeping condo safety reforms in the state's history. These new regulations, while aimed at preventing another tragedy, have also placed significant financial burdens on condo associations and unit owners, raising concerns about affordability, property values, and legal exposure. The key changes revolve around mandatory structural inspections and reserve funding requirements. Under the new laws, any condo building over 30 years old (or 25 years if near the coast) must undergo a milestone inspection conducted by licensed engineers. These inspections assess the structural integrity of a building, identifying potential safety hazards before they become catastrophic. Additionally, the state now requires structural integrity reserve studies, forcing associations to fully fund reserves for critical repairs — a stark departure from previous practices where boards could waive or underfund reserves to keep costs low. While these measures undeniably enhance resident safety, they come with a hefty price tag. Many older condos are now facing massive special assessments to cover repair costs and reserve funding, leaving some unit owners unable to afford staying in their own homes. This has led to increased litigation as residents challenge assessments, question management decisions, and seek financial alternatives. Florida's condo crisis: Fix to address tightened regulations heads to governor's desk Furthermore, the new laws are accelerating a shift in the Florida condo market. Some buildings that cannot afford to comply are being sold to developers, particularly in high-demand coastal areas where land values are skyrocketing. This is triggering a wave of condo terminations, where older buildings are demolished and replaced with new high-end developments — essentially displacing longtime residents who cannot afford to buy back in. The state now faces a difficult balancing act: ensuring building safety while preventing financial devastation for condo owners. While lawmakers have provided some funding assistance, it is not nearly enough to cover the full scope of the required repairs statewide. Moving forward, policymakers must explore additional financial relief options, such as state-backed low-interest loans or grants for struggling condo associations, to prevent widespread displacement. Condo Crisis: No easy answers as Post panel discusses fallout of the Surfside disaster For Florida property owners, these reforms represent a new era of heightened accountability and cost management. Condo associations must now prioritize long-term financial planning, transparent communication, and expert legal guidance to navigate these changes. The future of Florida's condo market depends on how well these reforms are implemented — and whether the state can balance safety with affordability in the years ahead. Peter S. Sachs is a founding partner of Sachs Sax Caplan P.L. in Boca Raton, Florida. He is board certified in Condominium and Planned Development Law by the Florida Bar. This article originally appeared on Palm Beach Post: Florida's condo market is changing. Will reforms help? | Opinion
Yahoo
25-04-2025
- Business
- Yahoo
Why many potential buyers have been scared away from Florida's condo market
Fort Lauderdale, Florida — Mayra Villalona is sitting on what she thought was real estate gold. She bought a two-bed, two-bath condo near Fort Lauderdale in 2021 for $145,000, hoping to pounce on pandemic-era real estate prices. "This is really a great community to live in," Villalona told CBS News. "It's just to me, for me, it's not an investment right now. It's not a good one." Villalona's condo has been on the market since last November. Despite spending $20,000 upgrading the kitchen and the bathrooms, she has seen virtually no potential buyers. She has lowered the price twice with no luck. It is currently listed for $255,000. "Because it wasn't moving…And…I wanted to sell it," Villalona said of why she lowered the price. In an already challenging U.S. real estate market, many South Florida condo owners cannot sell because some buyers have been scared off from a surge in special assessment fees that are used to make safety upgrades to older condominiums in response to a new state law passed following the 2021 partial building collapse of the 12-story Champlain Towers in Surfside, killing 98 people, one of the deadliest building collapses in U.S. history. Older buildings, like Villalona's that are three stories or higher, are now required to increase inspections and build up a reserve to fund restoration projects. Fees are paid by the homeowners, which can range in the tens to hundreds of thousands of dollars. Villalona says her fund restoration fees have increased "three times already" because of the law, from about $20,000, to now over $50,000. "Well, it used to be 20 and then they went to 35, and now I owe over 50," Villalona said. In hindsight, would Villalona have still bought the condo back in 2021? "Probably not this one," she said. Brokers told CBS News that mortgage giant Fannie Mae has compiled a list of 1,400 condo developments across Florida that are considered high-risk to secure a mortgage because the buildings are either underinsured or have overdue repairs making them harder to sell. Sneak peek: The Detective's Wife Judge halts own order demanding Kilmar Abrego Garcia updates NIH | Sunday on 60 Minutes
Miami Herald
24-04-2025
- Business
- Miami Herald
Here are 8 key real estate trends shaping South Florida
Real Estate News Here are 8 key real estate trends shaping South Florida South Florida's real estate market is surging with bold projects and shifting demands. This collection of stories outlines new luxury towers like Soreno Fort Lauderdale and W Pompano Beach Hotel Residences, both promising high-end amenities and ocean views. Affordable housing is in focus as developers reimagine sites such as the former DeSoto Square Mall for cost-conscious renters. Condo owners grapple with stricter safety laws after the Champlain Towers tragedy, bringing new assessments and confusing deadlines. Meanwhile, lawsuits like the Hollywood Beach high-rise dispute highlight ongoing battles over local control and the promise of more affordable homes. The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories below were reported, written and edited by McClatchy journalists. Stephania Germain, 24, who is on a Section 8 housing voucher, poses inside her apartment that she lives in with her daughter on Thursday, Oct. 3, 2024, in Miami. Germain was raised in foster care and is doing the best she can for herself and her baby. She says that even with the voucher, with recent increases it makes paying rent tough. 'It just keeps going up and I don't get a break to save, and I need new baby clothes, ya know they grow out of them so fast,' said Germain. By Alie Skowronski NO. 1: MIAMIANS ARE THE MOST RENT-BURDENED PEOPLE IN AMERICA — AND THEY'RE STRESSED ABOUT IT New Census Bureau data shows that Miamians spend a larger chunk of their incomes on housing than residents in all other major American cities. | Published October 8, 2024 | Read Full Story by Max Klaver Real estate developers Related Group and BH Group announced its plans to develop W Pompano Beach Hotel & Residences, a swanky 24-story tower on nearly four beachfront acres managed by luxury chain W Hotels. Construction is likely to begin in 2027. An artist rendering shows what the project will look like. NO. 2: POMPANO BEACH GETS A NEW LUXURY DEVELOPMENT AMID CONSTRUCTION BOOM. CONDOS START AT $3.1 M Pompano Beach, a coastal Broward city in the midst of a building boom, is getting a new addition to its changing skyline: | Published November 20, 2024 | Read Full Story by Amanda Rosa Midtown Miami complex in 2022. NO. 3: HOW MUCH ARE YOU PAYING TO RENT AN APARTMENT IN MIAMI OR BROWARD? TAKE A LOOK AT COST Redfin crunched the median rent in South Florida. | Published November 18, 2024 | Read Full Story by Miami Herald Archives A rendering shows developers' plans to reconstruct the Deauville Beach Resort in Miami Beach. NO. 4: A NEW PROJECT IS PLANNED AT THE FORMER DEAUVILLE HOTEL SITE. HERE'S WHAT IT LOOKS LIKE The proposal would reimagine the historic hotel and add two condo towers. | Published November 26, 2024 | Read Full Story by Aaron Leibowitz An affordable housing apartment complex is planned for the DeSoto Square Mall property where currently storm debris is being processed. By Tiffany Tompkins NO. 5: WANT TO LIVE WHERE A MALL USED TO BE? AFFORDABLE APARTMENTS COMING TO THIS FLORIDA AREA Check out what's planned. | Published January 22, 2025 | Read Full Story by Jason Dill New York-based Condra Property Group wants to build an 18-story tower along Hollywood Beach. NO. 6: DEVELOPER'S PLANS FOR HIGH-RISE ON HOLLYWOOD BEACH WERE REJECTED. NOW THEY ARE SUING The lawsuit could impact how local governments implement the Live Local Act. | Published February 1, 2025 | Read Full Story by Amanda Rosa Condo inventory reached a new high in August in Miami-Dade County, finally tipping the market in favor of buyers. Above: Apartment rentals and condominiums dot the waterfront in North Bay Village. By MATIAS J. OCNER NO. 7: CONDOS IN FLORIDA ARE FACING A GROWING CRISIS. WHAT'S NEXT FOR OWNERS AFTER DEADLINE? Safety guidelines that went into effect this year are driving up costs and scaring off buyers. | Published February 19, 2025 | Read Full Story by Rebecca Liebson Integra Investments, a Miami-based real estate development firm, and co-developer Flying Point announced plans for Sereno Fort Lauderdale, a luxury condominium with prices starting at $1.4 million. The building offers 360 views of nearby parks and Atlantic Ocean. NO. 8: 'LUXURY COASTAL LIVING': MIAMI DEVELOPER BRINGING 14-STORY BUILDING TO FORT LAUDERDALE Love the 'Fort Lauderdale active lifestyle'? A new development is coming to town | Published March 20, 2025 | Read Full Story by Amanda Rosa This report was produced with the help of AI tools, which summarized previous stories reported and written by McClatchy journalists. It was edited by journalists in our News division.
Axios
18-04-2025
- Politics
- Axios
"Ugly as hell." Critique of Surfside collapse memorial complicates project
Last-minute objections to a planned memorial for the victims of the 2021 Surfside condominium collapse have upset family members who say the project must continue without delay. The big picture: Commissioners and a family-led memorial committee have already approved design plans for a memorial park near the site of the Champlain Towers South collapse. But last month, the town's Planning and Zoning Board criticized the appearance of the project and urged the commission to seek alternative design proposals. Friction point: At the March 27 meeting, board member Carlos Aparicio, a Surfside architect, called it "ugly as hell" and "the worst thing I've ever seen in my life." "It makes me want to throw up, it's that bad," he said. Aparicio said the memorial project — proposed to include a roughly 20-foot-tall water feature depicting the Champlain Towers and original materials from the building — had "no soul" and looked like "every cliche of every cheap monument that's ever been put together." "I will chain myself to this corner until this doesn't happen; this is a monstrosity." He told Axios this week that he "never intended to hurt anyone" and was only giving his opinion on the architecture and design of the project. "I spoke as an architect who lives in Surfside that has a private opinion on the matter," he wrote in a text message. The latest: Surfside Mayor Charles Burkett told Axios Wednesday evening that Aparicio had resigned. Pablo Langesfeld, whose 26-year-old daughter Nicole Langesfeld died in the collapse, called Aparicio's comments "not only inappropriate but cruel" in an April 2 email to Surfside and Miami-Dade County elected leaders. "The process to create this memorial has been transparent, inclusive, and lawful, and it is disgraceful that a few individuals believe they have the right to dismantle years of work and the collective will of grieving families and the community," Langesfeld wrote. Between the lines: The chair of the planning board, Lindsay Lecour, apologized for the inflammatory comments at an April 8 commission meeting but said she still wants the board to provide input on the design — with final say coming from the family-led committee. "I understand the urgency. But this memorial is going to be here long beyond anyone in this room." Some commissioners, who argued the design plans were incomplete, said they also wanted to hear the board's ideas if it didn't delay the project. Reality check: The planning board doesn't have the authority to block the project. Surfside leaders, including Burkett, say they want to fast-track it while following the will of the family committee. "We are not slowing down," Burkett said at the April 8 commission meeting. The commission voted that day to direct the firm behind the memorial project, Keith & Associates, to engage an artist and work with the memorial committee and the planning board to discuss any possible design changes. The board will discuss the memorial at its Tuesday meeting. Martin Langesfeld, Nicole's brother, said at the April 8 meeting that the families were not opposed to "seeing other ideas and making this better; we just really do not want delays, and we want the final concept to be approved by us." In emailed comments to Axios this week, Martin Langesfeld said it seemed the town was delaying the project by asking the planning board to provide input. "I hope that's not the intention, but it certainly feels that way." He said the planning board had four years to make suggestions about a memorial. Members speaking up now "feels like an unnecessary delay." "The families deserve action, not disrespect and setbacks." The other side: Burkett tells Axios that the planning board will not slow down the process unless Langesfeld and the other family members decide to adopt their suggestions. "Martin is in control, and he can take it or leave it, but we're going," Burkett said. "If anybody says the word 'delay,' then we'll just go right past the [planning] board."
Miami Herald
13-03-2025
- Business
- Miami Herald
Condo board members resigning after stricter reserve rules, causing chaos
Serving as a voluntary member of a community association's board of directors has often been called a thankless job. Those sentiments have become more evident with the growing levels of discord at many communities due to rising insurance costs and new state requirements for structural inspections and reserves, put in place after the partial collapse of Champlain Towers in Surfside in 2021. Sudden resignations of entire boards of directors have been leaving some communities in extraordinarily difficult situations. Two cases of boards of directors resigning at Tampa Bay-area communities made headlines last summer. A July report by ABC Action News in Tampa chronicled how the sudden exodus of HOA directors at the On Top of the World retirement community essentially rendered the association temporarily defunct. It could not proceed with any day-to-day business with only one member left on its nine-person board. The community called a special meeting to appoint four new directors to bring the total to five, which met the required quorum and allowed the board to continue performing its duties. Two of the departing directors felt the vitriol and personal attacks by residents had become too much to bear, the station reported. The Pinellas County Sheriff's Office was called in to investigate several online posts, including some urging residents to 'storm the [board] meeting' and attend it 'armed and loaded.' A few weeks earlier in June, Villas of Carillon residents near St. Petersburg were informed via email that the HOA's entire board of directors had resigned, effective immediately, the CBS affiliate, reported. Their resignation came after the owners successfully postponed a board vote over a special assessment for $60,000 per unit stemming from the results of a structural integrity reserve study. The station chronicled how more than 100 owners packed a hotel ballroom to vote on the assessment, asserting the board was not following the proper procedures. 'In a surprise turn, the board and property management company allowed a motion to postpone going to a vote, and everyone shouted 'Aye.' Meeting adjourned,' the station reported. Last month, at Grenadier Lakes at Welleby in Sunrise, the HOA's board of directors also abruptly resigned, leaving owners with no way to access the association's funds to pay a $20,000 insurance bill, CBS4 Miami reported. Residents scrambled to raise enough money to cover the bill in less than 24 hours, and they launched an online fundraiser to secure additional funds to cover the next month's payment. The owners also filed an emergency motion asking Broward Circuit Court to grant them the power to elect a new board so they can access the HOA's funds and pay for such essential expenses. Florida lawmakers have enacted laws in recent years aiming to increase transparency in community association governance and board member accountability, and to require milestone inspections and funding of structural-integrity reserves. Those new mandates, together with the financial burden of rising premiums for required insurance, have created significantly increased costs for many associations that are passed onto members. READ MORE: Florida's Surfside law helps developers as condo owners face spiking fees and foreclosures As a result, tensions have grown due to owners being skeptical of their governing boards, and directors exasperated by the cynicism of their neighbors. This has led to increased resignations by directors and greater reluctance of others to volunteer for board service. Given all the upheaval, many are calling for legislative fixes to provide some relief. The state's lawmakers should facilitate emergency votes to elect new directors after resignations of complete boards; provide for incentives for insurers to lower premiums for associations; create loan programs for associations facing increased costs; and expand the training and certification of association directors. As these recent cases illustrate, mass resignations that leave associations without a functioning board can lead to significant legal, financial and administrative challenges as well as increased costs. Plus, the resigning directors who refuse to provide for some sort of transition could be considered to be in breach of their fiduciary duties. Florida law requires community associations to maintain a functioning board of directors, and their governing bylaws typically spell out the process for elections or appointments of new board members following resignations. With all the turmoil that many communities are experiencing, and in the absence of legislative fixes to address the mounting strains, directors and managers would be well advised to consult with qualified and experienced association attorneys to review the procedures prescribed by their documents and consider possible changes to help avoid the repercussions of a sudden mass exodus by all their directors. Roberto C. Blanch, a shareholder with the South Florida law firm of Siegfried Rivera, focuses on community association law. He is board certified as an expert in association law by The Florida Bar. Contact him at RBlanch@ 305-442-3334.
