A Florida law intended to prevent tragedies like the Surfside condominium collapse will place a huge financial burden on condo associations and strain architecture and engineering resources in the state.
The law requires that by the end of 2024 condominiums that are at least three stories tall and within 3 miles of the coast be inspected by a licensed engineer or architect when they are 25 years old and buildings more than 3 miles inland at 30 years old. The law will be financially burdensome for many associations, especially older ones.
Condo associations had been allowed to waive reserve funds for maintenance, but will now be required to have enough money in their reserves by 2025 to fund all repairs needed to maintain their buildings’ structural integrity. This work could easily run into the hundreds of thousands of dollars.
What’s more, thousands of condos will need to have inspections over a short period. It will be difficult, if not impossible, for architects and engineers to get to all that work done within the prescribed deadline.
The law applies to 1.5 million condos operated by nearly 28,000 associations. Some older properties in the most desirable coastal areas are expected to be targets for developers because owners will not be able to absorb the cost of capital assessments to make extensive repairs. Developers would demolish old properties and build new luxury properties on site.
Related Stories
Codes and Standards | Mar 25, 2016
ASHRAE grants fund human thermal comfort database project
Aim is to help better understand thermal comfort in residential and commercial buildings.
Codes and Standards | Mar 25, 2016
OSHA finalizes new silica dust regulations
Construction industry has until June 2017 to comply.
Wood | Mar 23, 2016
APA updates Engineered Wood Construction Guide
Provides recommendations on engineered wood construction systems.
Codes and Standards | Mar 23, 2016
Affordable housing advocates differ on micro-apartment policy
New York’s luxury micro units could be first step to developing affordable units.
Codes and Standards | Mar 21, 2016
GRESB launches Health and Well-being Module for real estate industry
Optional supplement to environmental, social, and governance assessment.
Codes and Standards | Mar 4, 2016
U.S. Supreme Court lets San Jose affordable housing law stand
Law attempts to alleviate Silicon Valley’s high housing costs.
Codes and Standards | Mar 2, 2016
WELL standard offers multiple benefits for owners, says real estate executive
Could be a recruiting tool for occupant companies.
Cultural Facilities | Mar 1, 2016
China bans ‘weird’ public architecture, gated communities
Directs designers of public buildings to focus on functionality.
Energy Efficiency | Feb 23, 2016
Economists, energy efficiency practitioners need to work together for better cost/benefit studies
Flawed energy efficiency research yields misleading, confusing results.
Codes and Standards | Feb 16, 2016
New York City implements new crane safety plan following deadly accident
The plan includes restrictions on crawler cranes during windy conditions.