Common interest community (CIC) infrastructure, replacement reserve planning and reserve funding go hand-in-hand. These references have you covered!
Structural integrity, safety and habitability:
What do YOU think?
Given the recent condominium collapse tragedy in Surfside, Florida and the results of a poll indicating that over 1/3 of reserve studies fail to include all components that require maintenance, repair and replacement not otherwise accounted for in operating budgets, what are the solutions? Infrastructure inspections are one piece of the puzzle. Squabbles over spending, decisions to willingly exclude components from reserve studies and underfunded reserves all play a role. Huge special assessments and owner frustration all appear to have contributed to the catastrophe in Surfside.
...One solution might be legislation. The Common Interest Community Association Safety Act (CICASA) would, as an example from WA State, supersede RCWs 64.30.070, 64.34.382 and 64.90.550 (Reserve Study Contents), 64.34.388 (Reserve Study Decision-Making), RCW 64.38.085, 64.34.390 and 64.90.560 (Reserve Account & Reserve Study Disclosure & Liability) and RCW 64.38.090 and 64.34.392 (Reserve Study Exceptions) by requiring that all reserve studies include all components that impact the structural integrity, safety and/or habitability of a property that are not otherwise accounted for in the annual operating budget of an association. The Act would:
empower and require professional reserve study companies to include components that that impact the structural integrity, safety and/or habitability of a property
require independent third-party consultation about the aforementioned components every 10 years
make both volunteer directors and reserve study companies legally responsible for what's published in a reserve study
The Miami Herald: Surfside Condominium Collapse Coverage
NOVEMBER 2022 - CBS 60 Minutes: The Surfside Mystery [Paramount+ paywall]
AUGUST 2022 - The Miami Herald: Lawyers in Surfside condo collapse case sought $100 million. Here’s what judge decided.
JULY 2022 - The Miami Herald: ‘Painful’ division of $1 billion Surfside settlement starts: Some to get more than others.
JUNE 2022 - The Miami Herald: Attorneys in $1B Surfside settlement vowed to work at a discount. Will they get $100M?
MAY 2022 - The Miami Herald: Defendants’ payments detailed as lawyers submit $1B Surfside settlement to judge.
MAY 2022 - The Miami Herald: Surfside condo collapse site to be sold for $120 million to Dubai developer, no other bids.
MAY 2022 - The Miami Herald: ‘Left with nothing.’ Survivors of Surfside condo collapse seek more settlement money.
MAY 2022 - The Miami Herald: For families, dividing $1 billion Surfside condo settlement looms as ‘extremely painful’.
MAY 2022 - The Miami Herald: Lawyers in suit over Surfside collapse reveal staggering legal settlement: $997 million
MAY 2022 - WPLG Local 10: Surfside collapse site officially goes up for auction
APRIL 2022 - The Miami Herald: Champlain South collapse upends Florida condo insurance
APRIL 2022 - The Miami Herald: Pile driving near Champlain South paused for safety concerns
MARCH 2022 - The Miami Herald: Sea rise caused more flooding at Surfside's Champlain Tower
MARCH 2022 - NBC News: Florida fails to pass condo safety measures following Surfside collapse
SEPTEMBER 2021 - The Sun Sentinel: Becker & Poliakoff law firm the ‘nemesis’ of condo safety reformers
The Miami Herald: Tower Next Door Under Scrutiny after Champlain South Collapse
The Miami Herald: Surfside Collapse Victims Sue Eighty Seven Park Association
AUGUST 2021 - The Miami Herald: How Florida condo associations wielded political power before the Surfside collapse
2021 - CAI Pulse Summary: What changes has your community made in the wake of the Surfside Condo Collapse?
2021 - The New York Times (Opinion): I Know All About Condo Living. After Surfside, Change Is Coming.
2021 - The Washington Post: After the Florida building collapse, condos struggle to fund big repairs
2021 - The Guardian: Miami condo collapse: reports reveal board’s long debate over repairs