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efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Precise predictions of high-potential stocks to help you avoid risks and quickly recover and grow. 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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efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Expert predictions of market trends to help you plan the best investment strategy for steady capital growth. 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.

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Free break-even services to create a customized investment plan, helping you recover quickly and achieve growth. The association was projected to have a little over $706,000 in its reserves as of January 2021, according to the report, while Association Reserves recommended it stockpile nearly $10.3 million to account for necessary repairs.

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.

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Provides real-time stock index quotes, futures data, and global market trend analysis to help you seize the best investment timing. Robert Nordlund, the founder and CEO of Association Reserves, told 【 - Free Stock Market Strategy Classes 】 in an interview that about three out of 10 condo associations nationwide that his company reviews are at high risk, with less than 30% of the recommended reserves. He said the report showed the importance of condo associations stockpiling enough money to conduct regular repairs.

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

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Free stock selection service to help you quickly pick high-return stocks for stable growth. The board had never previously received a reserve budget study, according to a separate PowerPoint presentation to residents from November 2020. The presentation alluded to the contentious debates among owners about the big-ticket items. “Complaining Or Shouting At Each Other Doesn’t Work!” one slide of the presentation said, underlining the statement.

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Expert predictions with real-time global stock and futures data to help you easily capture market movements. The lack of reserves complicated the condo association’s efforts to secure money for repairs. Another presentation to residents in December 2020 said that “two major HOA [Homeowner Associations] lenders declined us” for loans.

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Real-time updates of global stock indices and futures trends to help you plan precise investments. The loans were declined because the condo association was in a “higher risk category” due to its relatively low monthly maintenance fees and the lack of funds saved in the reserves, according to the presentation.

“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.”

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Precise stock selection to help you successfully plan investment strategies for stable returns. The condo association did eventually secure a $12 million loan from Valley National Bank in March 2021 to pay for repairs, according to financial documents obtained by 【 - Free Stock Market Strategy Classes 】. The $15 million special assessment was designed to pay that back.

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Free real-time market data to help you quickly recover and avoid losses. Nordlund said that he believed his company’s report was “a wake-up call” for the condo board, spurring the assessment.

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Real-time global stock, futures, and forex data to help you master market dynamics. The report, which included a visual inspection of the building, also includes photos of damaged concrete on the balconies and facade. Nordlund said that as part of the report, his employees reviewed the 2018engineer’s studywarning of “major structural damage” in the building’s concrete. He said the designation of zero years of useful remaining life for areas such as the garage was likely inspired by that report, and meant that repair projects “need to be done immediately.”

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Free real-time global stock indices and data to help you grasp stock market trends and achieve capital growth. A spokesperson for the Champlain Towers South condo association did not provide comment about the budget report. Donna DiMaggio Berger, an attorney for the association, told 【 - Free Stock Market Strategy Classes 】’s Chris Cuomo last month that under Florida law, association boards create operating budgets with reserves but a majority of association members can vote to waive reserves.

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.

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Free stock selection service with professional advisors offering the best investment portfolio for stable growth. Nine other states around the country require associations to conduct some form of reserve studies,accordingto the Community Associations Institute, a trade association.

efc (i) limited (512008) sees unusual trading volume ✌️【Smart Picks】✌️ Real-time global stock trend and futures data to help you plan investment strategies for long-term returns. Nordlund agreed that the building collapse could lead to changes in the practice of condo finances. After the disaster, he said, “we scoured that file, looking, did we miss anything?”

“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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