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hospitality limited (544239) ✌️【Easy Path to Wealth】✌️ Expert predictions of market trends to help you plan the best investment strategy for steady capital growth. The condo association only had 6.9% of the recommended level of money to complete repair and replacement projects and stay financially secure, according to a March 2020 report fromAssociation Reserves, a company that analyzes housing association finances.

hospitality limited (544239) ✌️【Easy Path to Wealth】✌️ Free global stock market data to help you plan the best investment strategies and seize market opportunities. The report said that various components of the Surfside, Florida, building had zero years of “remaining useful life.” Those included the entrance and garage – where some experts believe concrete cracking may have contributed to last month’s deadly collapse.

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hospitality limited (544239) ✌️【Easy Path to Wealth】✌️ Real-time India stock and global stock indices, futures prices, and data to help you make efficient investment decisions. The study, which has not been previously reported, underscores how squabbling over assessments and underfunded reserves brought the repair situation at Champlain Towers South to a head.

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Based on that gap, the report found that the Champlain South board was at “high risk” of “special assessments & deferred maintenance.” About a year after receiving the report, the board moved in April 2021 to levy a $15 millionspecial assessmenton condo owners to raise money needed for repairs.

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“I just wish they had hired us five years or 10 years or 20 years prior,” he said of the Champlain South condo board.

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“We should have a lot more money in the bank for lenders to be comfortable,” the presentation stated. “We have not done reserve studies or set enough reserve money aside to prepare for this day.”

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Peter S. Sachs, a Florida attorney who specializes in condominium law, said the report shows the board tried to “do the right thing” by obtaining a thorough analysis of its reserves. But he said it also reveals how “prior boards may have been asleep at the wheel or unable to overcome political resistance from the unit owners” to raise money for maintenance.

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Florida law already mandates condo associations keep reserves for repairs that cost more than $10,000, but a majority of owners can vote to waive that requirement, legal experts in the state said.

In 2008, the state passed alawrequiring condo associations to conduct reserve studies at least every five years. But that rule wasrepealedin 2010 amid criticism from some real estate lawyers and property managers, NBC NewsreportedThursday, and regular studies are no longer required.

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“We are in the budget business, not the safety business,” he said. But if the board had conducted an earlier budget study and moved more quickly to raise money and conduct repairs, he said, it could have possibly meant “preventing a tragedy.”

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