BOCA RATON — After the collapse of the Champlain Towers South condo in Surfside last year, the cost of living safely in a condominium has never been more of a focus in Florida.
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Chalfonte Towers in Boca Raton are twin high rises with more than 370 owners. |
"The balconies are what we're working on right now because of the rebar and concrete spalling is where the concrete starts to fall off the building," Rogers said. "We knew that had to be dealt with."
The cost
of the work is around $2 million, which comes to a $5,300
assessment for every condominium owner.
"This is all part of the deal, and I am glad they are doing
it," said Harry Waldman, who sits on the condo board.
Nowadays, the average cost of a Chalfonte condo is about $1
million.
When you start adding in those constant repair costs, the
grumbling begins.
"Until I got involved in this two years ago, if you told me
the amount of politics involved, I would never have imagined
what goes on here," Rogers said.
Rogers notes that the Chalfonte condo board is pushing ahead
with its own voluntary safety inspection schedule. There are
also new state mandates. They include fire safety
improvements, which will likely mean another $2 million bill
split between the owners.
"You want an active board, not an inactive board because
that is dangerous," said Tom Madden, a longtime reside at
Chalfonte Towers. "If a board is inactive and just wants to
placate residents, and being heroes because they are not
spending money, that is dangerous."
Paul Krasker of Krasker Law recommends hiring a real estate
attorney and said you must carefully read the fine print
before signing that condominium contract.
"My best advice is to do your due diligence upfront,
understand what is happening," Krasker said.
In the wake of the Surfside tragedy, which took the lives of
98 people, cries have reached Tallahassee demanding a law to
require structural inspection programs for all multi-family
dwellings.
Getting owners to pay for repairs that are identified
remains a sticking point.
Attorneys say this is even more of a reason to know what you
are buying beyond the purchase price of a condominium.
"The first thing to say to the seller is, 'I want to get the
last 12 months of the board meetings. I want to see what
those board members are talking about,'" Krasker said.
Be prepared, Krasker cautions, to walk away before the
purchase if you can't stomach ongoing assessments and other
fees.
"You have a right to walk away if you find out the
association has been talking about redoing the roof, the
electric, the elevator shaft, the exterior balconies,"
Krasker said.
Back at the Chalfonte Towers, Madden offered this final
counsel about condominium living.
"You think that (the purchase) is the end of expenses. You
are never going to have to fix another roof," Madden said.
"Your upkeep is not going to be there, but that is very
foolish."