
Before building collapse, $9M+ in repairs needed
Owners of units in a collapsed Florida oceanfront condo building were just days away from starting to pay for more than $9 million in major repairs that were recommended three years ago
Sounds like the association has been trying to figure out how to pay for the repairs for 3-years. There were 136 units and owners were getting stuck splitting the bill:
Owners at Champlain Towers South were facing payments of anywhere from $80,000 for a one-bedroom unit to $330,000 or so for a penthouse, to be paid all at once or in installments. Their first deadline was July 1.
I can't imagine the backlash and BS that had to be cut through to get to the point where every resident was, willing or not, basically forced to pay an additional house payment for their home to have any value at all. I'm sure it took 3 years just to get through any legal challenges and bs fro residents trying to get out of it. What does someone with poor credit even do in that situation? Someone that was retired and thought they were set for the rest of their life? Sucks. Not as bad as the disaster that has resulted from the delay, but it still sucks.