Surf Side high-rise collapse results
 

Wondering if the collapse of the Surf Side condominiums in Miami will impact sales of high-rise ocean view condos up and down the Florida coast. Will some condo dwellers will be frightened, want to move out or sell ? The occupants of the Surf Side buildings were presented with and didn't welcome high estimates to repair problems found at the buildings. As they are gradually all inspected, other buildings may need work too, thus driving up cost of ownership & rent of the units. If I lived on the 30th floor, even with a fabulous ocean view, the pictures viewed on the news might come to mind.

It could be a buying opportunity. Keep in mind the coastal areas from south to the north of Florida are a bit different with more issues in south Florida with the rising ocean waters due to so called climate change. This phenomenon is especially true in the Miami/Fort Lauderdale areas along the coastline. That said, I don’t mean to infer that there aren’t rising water issues along the southern gulf coast in places like Marco Island/Naples area. The Gulf Coast also has “red tide” issues that have impacted beaches too. Oh, did I forget Hurricanes affect the coasts of Florida? They have a huge impact on real estate prices. With oceans getting warmer more and larger hurricanes are projected. A home in The Villages is probably less risky. Fore!

Good news is, if the oceans are rising, Villages will soon be ocean front.

The Surf Side Condominium didn't just decide to collapse in the middle of the night. Slowly, over the years structural maintenance has been ignored. That building would not have collapsed if proper repairs were done.

I don't think the high rise condo business will be affected significantly by one building collapse. A concrete high rise building is supposed to last more than 100 years with minimal or no maintenance to the structural part. There may be more frequent inspections of buildings, but, if costly repairs and/or maintenance is required, it will be because of a bad design, not something routine.

Link to structural report prior to unfortunate collapse. The more significant findings are toward the end of the report. Not sure what the estimate $ repairs were, suspect those numbers are available,

https://www.townofsurfsidefl.gov/doc...rsn=882a1194_2

The 5-floor condo building where we lived in South Florida started concrete renovation on the east side that faced the ocean the last year we lived there. When they broke up the concrete on our balcony, the rebar was rusted through in places. There is no doubt, salt water and sea air are hard on concrete, iron, air conditioners, etc.. Our building was 28 years old, not forty.

They will become more difficult and expensive to insure. You best check on the condo reserves because many of these are poorly funded. Best to buy new and avoid the special repair assessments coming

Buying opportunity for many.

It was mentioned that in the Miami area in the 70s, there was a huge effort to launder money due to the influx of cash due to cocaine, money went into building construction, high rises went up and often shortcuts were taken.

Resale of high rise condos
 

I believe prices will fall dramatically. I wouldn’t want to live in one and the vast majority of people will feel the same. If there’s a 1% chance of it collapsing would you ever buy one? Not me! I looked on line after the first few days and there were hundreds of new listings of condos. There you go!

For me it'd be a frightening prospect to be in a high rise in that area now for many reasons. It may crumble, it may be very costly to repair and one may even be forced out of the unit while reconstruction happens. Yikes.

Typical. Too many landowners ready to take your money and do little more.
It is wise to never live in a multistory high rise.
Better to have control over your real estate

Second note.

Florida is a Coral peninsula.

Disturbing the ground ( hard pan or shall we say coral??) and then add torrential rains, hurricanes, flooding.
An equation for bad results in the making.

As for Champlin, the zoning board is complicit as well.
Maybe that area is not suitable for large structures, after all they are built on Coral sand, not bedrock.
duhh.

Manhattan is built on bedrock.
Some of those buildings have ten stories plus of basement levels just to reach bedrock.

Better yet.

The former World Trade Center.
Twin Towers.
That place was a city underground.
If you have ever taken the PATH train to NJ, fascinating yet creepy, you know what I mean!

What you write is very true, but like the village HOA with increase a great deal.
 

What will change is maintenance, HOA fees, will increase a great deal to cover repairs to these dated high rise building. These fees will be born by the condo owners they could be thousands of dollars out of their pockets.