Own a Share in a Condo? Ouch

1,406 Views | 3 Replies | Last: 2 yr ago by Aliceinbubbleland
Aliceinbubbleland
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Beside the terrible death toll, look what the owners were facing.

{CNN)Condo owners in the South Florida tower that collapsed last week were facing assessments for millions of dollars worth of repairs -- with payments set to begin a week after the building's deadly fall.

The Champlain Towers South condo association approved a $15 million assessment in April to complete repairs required under the county's 40-year recertification process, according to documents obtained by CNN.

The documents show that more than two years had passed after association members received a report about "major structural damage" in the building before they started the assessment process to pay for necessary repairs.

Owners would have to pay assessments ranging from $80,190 for one-bedroom units to $336,135 for the owner of the building's four-bedroom penthouse, a document sent to the building's residents said. The deadline to pay upfront or choose paying a monthly fee lasting 15 years was July 1.
william
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that's a big assessment......

- KKM

{ sipping coffee }

{ eating donut }

.... one they should have paid.


Canon
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Is that motive to bring it down rather than paying?

(Total conspiracy theory, but.....)
Guy Noir
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Do the Condo Owners get any insurance compensation for the loss of their Condo? I am sure that they could get the contents of the condo covered, but hopefully they could get a payment for the loss of the building part that they owned.
Aliceinbubbleland
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I read the Court agreed to allow the sale of the property to go forward and reportedly worth up to $100 million to go to property owners.
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