Latest news with #post-Surfside
Yahoo
3 days ago
- Business
- Yahoo
Florida firefighters had to rush to evacuate 60 residents from high-rise after massive crack spotted in column
In early May, construction crews working in the parking garage of South Beach III Condominiums in Clearwater, Florida, spotted a "several‑foot‑wide crack' in a concrete support pillar. As CBS News reports, they immediately flagged the structural concern, eager to prevent another tragedy like the 2021 condo collapse in Surfside, Florida, which killed 98 people. Within two hours, firefighters were knocking on doors in the 12‑story tower, hustling roughly 60 residents onto the street with what they could carry. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) 'Basically for like two days [I'm] wearing the same clothes until things kind of calmed down,' resident Scott May told FOX 13. A week later, engineers installed heavy shoring and declared the column stabilized. Most condo owners were allowed to return to their units — but not those with condos stacked over the column. They were left in limbo. Even the homeowners who could return had to agree to restrictions: no construction or remodeling without written board approval, no deliveries over 75 pounds, and closed balconies above the damaged pillar. It's the latest example of how post-Surfside safety legislation is impacting condo residents.. When the Champlain Towers South condominium crumbled in Surfside in 2021, it exposed decades‑old gaps in Florida's building‑safety oversight. In 2022, lawmakers passed Senate Bill 4-D, also known as the milestone-inspection law. Key points include: Mandatory structural reviews: Every condo of three or more stories must undergo a 'milestone inspection' by an architect or engineer 30 years after completion, or 25 years if it sits within three miles of the coastline, followed by re‑inspections every 10 years. No more reserve waivers: Associations must fully fund reserves for major repairs. Board members who skip or defer funding face personal liability. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it The new rules have already shuttered several condo towers for several years. One high‑profile case is Miami Beach's Castle Beach Club condominum — in which the onsite spa (Russian & Turkish Baths) was forced to close for structural repairs in 2022. The spa finally reopened after a three-year shutdown that kept portions of the 570-unit building off-limits and saddled owners with steep special assessments. The U.S. Sun reports that the monthly dues tripled at Winter Park Woods near Orlando after the HOA board rushed to meet the new reserve rules under the law. One condo owner's monthly HOA fees jumped from $634 to more than $2,100. Some longtime owners were pushed toward foreclosure or fire‑sale listings. State officials like Rep. Vicki Lopez, who sponsored the bill, insist the cost is worth it. "We have strived to reach that delicate balance between the safety of our constituents that live in condominiums, as well as understanding the incredible financial impact that sometimes these particular bills that we pass have,' she told WESH News. While you can't anticipate being forced to evacuate your home for structural reasons, it's good to have a grounding in the steps to take to make the disruption easier to navigate. Here's what to do if you're forced to leave your home: Get documentation. Get, in writing, the official word on why the building is off limits and how long engineers expect repairs to take. Under Florida's condo law, the condo board must share safety findings with owners and tenants upon request. Call your insurance company. Next, contact your homeowners' insurance company. A standard condo policy often includes Loss‑of‑Use (Additional Living Expense) coverage to reimburse your hotel bills, short‑term rentals and even the cost of boarding pets while your unit is uninhabitable. Make sure to save receipts for boarding, hotel, and food, as your insurance may require these for reimbursement. Talk to your lender. Unfortunately, being evacuated from your condo won't halt your mortgage payments. Contact your lender and inquire about a short-term forbearance or other options that may help you cover the costs of alternative accommodations while repairs are being made. Depending on its policies, you may be able to skip a few months of payments and tack them on to the end of the mortgage term. Look for government assistance. Look for programs at the city or county level as federal support may be limited. For example, programs like FEMA generally won't help, as grants require the federal government to declare a disaster and typically exclude defects discovered before a collapse or storm. Document, document, document. If possible, request limited access to your condo to photograph valuables and gather documents, then back up those photos to the cloud. Insurers and lenders may demand proof of condition later. Keep every email, notice, and receipt related to the disruption in one folder — special assessments, hotel invoices, even Uber rides — because you will need those when you file insurance claims, request fee waivers or seek tax relief. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Miami Herald
19-05-2025
- Business
- Miami Herald
A mortgage blacklist, Surfside ‘mansions' and other Miami real estate trends
Real Estate News A mortgage blacklist, Surfside 'mansions' and other Miami real estate trends Miami real estate in 2025 is marked by affordability challenges and key shifts in housing options. While rents have eased slightly, the city remains one of the least affordable rental markets, with median incomes falling short of what's needed to pay typical rent. Condo owners face new hurdles as hundreds of buildings land on secret mortgage blacklists, driven by stricter post-Surfside safety rules and soaring insurance costs. Developers are responding with both ultra-luxury condos like The Delmore, planned for the former Surfside collapse site, and new workforce housing projects such as The Era in Fort Lauderdale, aimed at first responders and city employees. These trends reveal a housing market grappling with rising costs, evolving regulations, and significant gaps in affordability for many Miamians. A rendering shows plans for The Delmore, an ultra-luxury condo building with units starting at $15 million, at the site of the 2021 condo collapse at 8777 Collins Ave. in Surfside. NO. 1: 'MANSIONS' PLANNED AT SURFSIDE COLLAPSE SITE. DO DEVELOPERS 'HOPE PEOPLE FORGET' TRAGEDY? 'They can pull out all their bells and whistles ... It doesn't change the fact that their entire site is a graveyard,' said a former town commissioner. | Published January 28, 2025 | Read Full Story by Aaron Leibowitz A view of a resurgent Northeast Second Avenue in the heart of Miami's Overtown neighborhood in April 2021, with the Plaza at the Lyric apartments at left and a Red Rooster restaurant in the background at right. By Pedro Portal NO. 2: RENTERS ARE PAYING LESS FOR APARTMENTS IN MIAMI, BUT THERE ARE ISSUES. SEE THE COSTS Here's a look at housing costs and ways to navigate the crisis. | Published March 14, 2025 | Read Full Story by Howard Cohen The Era, Affiliated Development's latest project, is currently under construction in Fort Lauderdale. The apartment building is meant to help address the area's lack of affordable workforce housing. NO. 3: NEW FORT LAUDERDALE APARTMENT WILL OFFER 'LUXURY' AFFORDABLE HOUSING TO CITY'S WORKFORCE The ongoing development efforts come as an affordable housing crisis continues embroiling South Florida, where residents are the most rent-burdened people in the country. | Published March 25, 2025 | Read Full Story by Amanda Rosa Condos line the Intracoastal Waterway in Sunny Isles Beach. By MATIAS J. OCNER NO. 4: 'PERFECT STORM.' HUNDREDS OF SOUTH FLORIDA CONDOS NOW ON SECRET MORTGAGE BLACKLIST The number of Miami-Dade, Broward and Palm Beach condos on the list has more than doubled in just two years. | Published April 4, 2025 | Read Full Story by Andres Viglucci The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Yahoo
26-03-2025
- Business
- Yahoo
Controversial proposal to withhold Citizens insurance is part of condo bill impasse
Florida lawmakers pushing for adjustments to condo safety laws have hit an early impasse over two proposals: one that would allow condo associations to invest funds that have been saved for future building repairs, and another barring associations that shirk the law from getting insurance under the state-run Citizens program. Lawmakers sponsoring the House and Senate proposals are trying to bring condominium associations into compliance with laws they crafted after a 12-story residential tower in Surfside collapsed in 2021, killing 98. Those laws mandate Florida condominium associations get building inspections that are triggering immediate repair costs, and that they also save for future building maintenance. The state hasn't offered assistance with either new financial burden, even as unit owners who can't afford the extra expenses are facing foreclosure. Sen. Jennifer Bradley is proposing in her bill, SB 1742, that associations be allowed to make investments with the money they save for future building repairs to help offset the cost to condo owners. 'We're going to have a lot of dollars in reserves, and these associations should be able to leverage those dollars,' said Bradley, a Fleming Island Republican. The Senate Committee on Regulated Industries, of which she is chairwoman, approved her proposal on Tuesday. The bill still has two more Senate committees to get through before it is taken up by the entire chamber. 'It puts up guardrails. We invest our state employees' retirement, and it's a similar structure,' Bradley said. 'And the earnings on those investments will go towards capital repairs, capital improvements first.' But Rep. Vicki Lopez, a Miami Republican, told the Herald/Times on Tuesday that she worries the provision will create 'lots of fraud.' 'I worry. I worry every day because not all association board members are sophisticated,' Lopez said, adding that many condominium associations in her district are 'run by elderly people.' 'I'm worried that someone may take advantage of them. … What happens to those funds if they're not invested properly and they lose their shirts? So I don't think it's a good idea.' Lopez is proposing a different change to the status quo in a bill she's sponsoring, HB 913, which Bradley doesn't support. Lopez's bill would prohibit condominium associations that aren't complying with the post-Surfside laws from obtaining insurance through the state-run Citizens Property Insurance Corporation. Currently, there are no criminal penalties for associations, for instance, that shirk the requirement to get a 'structural integrity reserve study,' which outlines costs associated with saving for future repairs. But associations that don't complete the study will be hard pressed to get loans or insurance on the private market, experts have said. Lopez wants to provide the same tough incentive with state-run insurance. 'It is the stick,' Lopez said earlier this month about the provision. Lopez's bill will face one more committee in the House before it is taken up by the entire chamber. Bradley previously spoke out against the Citizens component of Lopez's bill on social media, saying the condo insurance market 'is held together by duct tape.' 'Denying access to Citizens makes the situation worse,' Bradley wrote on Feb. 24. Bradley said on Tuesday that she was still against the concept. 'I would never say anything is a no-go in negotiations … but that's not something I think I'd want to embrace,' Bradley said.
Miami Herald
26-03-2025
- Business
- Miami Herald
Controversial proposal to withhold Citizens insurance is part of condo bill impasse
Florida lawmakers pushing for adjustments to condo safety laws have hit an early impasse over two proposals: one that would allow condo associations to invest funds that have been saved for future building repairs, and another barring associations that shirk the law from getting insurance under the state-run Citizens program. Lawmakers sponsoring the House and Senate proposals are trying to bring condominium associations into compliance with laws they crafted after a 12-story residential tower in Surfside collapsed in 2021, killing 98. Those laws mandate Florida condominium associations get building inspections that are triggering immediate repair costs, and that they also save for future building maintenance. The state hasn't offered assistance with either new financial burden, even as unit owners who can't afford the extra expenses are facing foreclosure. Sen. Jennifer Bradley is proposing in her bill, SB 1742, that associations be allowed to make investments with the money they save for future building repairs to help offset the cost to condo owners. 'We're going to have a lot of dollars in reserves, and these associations should be able to leverage those dollars,' said Bradley, a Fleming Island Republican. The Senate Committee on Regulated Industries, of which she is chairwoman, approved her proposal on Tuesday. The bill still has two more Senate committees to get through before it is taken up by the entire chamber. 'It puts up guardrails. We invest our state employees' retirement, and it's a similar structure,' Bradley said. 'And the earnings on those investments will go towards capital repairs, capital improvements first.' But Rep. Vicki Lopez, a Miami Republican, told the Herald/Times on Tuesday that she worries the provision will create 'lots of fraud.' 'I worry. I worry every day because not all association board members are sophisticated,' Lopez said, adding that many condominium associations in her district are 'run by elderly people.' 'I'm worried that someone may take advantage of them. … What happens to those funds if they're not invested properly and they lose their shirts? So I don't think it's a good idea.' Lopez is proposing a different change to the status quo in a bill she's sponsoring, HB 913, which Bradley doesn't support. Lopez's bill would prohibit condominium associations that aren't complying with the post-Surfside laws from obtaining insurance through the state-run Citizens Property Insurance Corporation. Currently, there are no criminal penalties for associations, for instance, that shirk the requirement to get a 'structural integrity reserve study,' which outlines costs associated with saving for future repairs. But associations that don't complete the study will be hard pressed to get loans or insurance on the private market, experts have said. Lopez wants to provide the same tough incentive with state-run insurance. 'It is the stick,' Lopez said earlier this month about the provision. Lopez's bill will face one more committee in the House before it is taken up by the entire chamber. Bradley previously spoke out against the Citizens component of Lopez's bill on social media, saying the condo insurance market 'is held together by duct tape.' 'Denying access to Citizens makes the situation worse,' Bradley wrote on Feb. 24. Bradley said on Tuesday that she was still against the concept. 'I would never say anything is a no-go in negotiations … but that's not something I think I'd want to embrace,' Bradley said.
Miami Herald
27-01-2025
- Politics
- Miami Herald
Florida condo costs officially dropped from special session amid Republican showdown
The state Legislature continues to defy Ron DeSantis' call to amend a new condominium-safety law that is putting financial pressure on condo owners and homeowners associations, prompting one Republican ally to the governor to predict elderly owners on fixed incomes will become the 'next wave of homeless people' in Florida. During an unprecedented speech Monday, House Speaker Daniel Perez, a Miami Republican, said legislation like the condominium law in question — passed in response to the deadly 2021 collapse of the Champlain Towers South in Surfside — was too complicated to take up during a special session, even though that is how the original law was passed in 2022. The law, which took effect at the end of last year, requires condominium associations to fully fund their building maintenance reserves — a rule that some condo owners and associations have blamed for escalating maintenance fees and hefty special assessments. It is a departure from the previous law that allowed associations to vote to waive funding reserves, causing repairs in some older buildings to build up over decades, ballooning costs that may now be unaffordable. 'The tragedy of the collapse in Surfside is a painful reminder of what happens when we don't get the law right,' said Perez, who sponsored the post-Surfside condo legislation in the Florida House. He added: 'And the truth is I dislike special sessions because they inhibit the very thing the legislative process should encourage: the push and pull of meaningful conversations that lead to the development of good and better ideas.' Perez and Senate President Ben Albritton, a Wauchula Republican, quickly had their chambers gavel in and out of 'Special Session A,' which they constitutionally had to call to respond to Gov. Ron DeSantis' proclamation on Jan. 13 for the Legislature to convene this week. DeSantis initially said he wanted the Legislature to work urgently on a wide range of issues, including condominium relief, though he quietly pared back his ambitions and limited his proposals to immigration and citizen-led ballot initiatives after the leaders balked. Perez and Albritton then had members immediately gavel in for 'Special Session B,' which the leaders publicly called themselves Monday to focus solely on immigration, with which the new Trump administration has urged states to assist. Perez said Florida had to 'quickly align with President Trump's directives.' Rep. Mike Caruso, a Republican DeSantis ally from Delray Beach who filed 10 bills mostly centered on immigration for the governor's special session, said elderly residents in condominiums will be soon foreclosed on because they 'could no longer afford the triple reserves or the quadrupled dues' caused by legislation that went into effect at the end of last year requiring full funding of maintenance reserves for buildings. 'It's sad, and we're not going to address it here in the Florida House,' said Caruso, noting that his district includes tens of thousands of condominium units. 'I'm shocked by it.' Ronni Drimmer, the condominium board president of a 55-and-older association in Clearwater with 70 units, sat at a roundtable with DeSantis in September regarding the financial stress she and others were under. She expected the Legislature to change the law after that event through a special session. Her association just passed its required structural inspection known as the 'milestone' with no substantial problems reported, according to a document she shared with the Herald/Times. But she said she just had to pay $7,200 for her part of a new roof required by insurance. The cost of insurance also went up by $25,000 over the association's 2025 budget. And now, thanks to the newly enacted law, the association's HOA fees are projected to go up by $100 a month on average for 2025 for building maintenance, a different report she shared called structural integrity reserve study showed. Drimmer said she and other unit owners won't be able to afford the monthly increase. 'Feels like a freight train has run over me,' Drimmer, 72, said. 'I have no idea what will happen.' Sen. Randy Fine, a Republican from Melbourne who sat in on his chamber's Jan. 14 condominium discussion on the status of the law, in part because his father lives in a condo, also said a special session wasn't appropriate to address issues with the law. 'A special session that's five days long, everything has to be pre-packaged so you can push it through,' said Fine, who has publicly feuded with DeSantis. 'And so, to do a special session for five days on four topics with no bill, the whole thing was always a stunt.' Sen. Carlos Guillermo Smith, a Democrat from Orlando, agreed with Fine and Perez that special session wasn't the right place to address the condominium crisis. He said the current law, SB 4D, was jammed through during a special session nearly three years ago after the Legislature couldn't find consensus during the regular one. 'If you rush through half-baked policies in a special session, there's going to be unintended consequences,' Guillermo Smith said.
