How would you like to live in a building where its retaining wall has failed? Well, this is the type of issue co-op boards should feel are their highest priorities. And my board considers issues like this our highest priority,
Yet, things get in the way of boards doing their right thing by their shareholders. For example, the Surfside Condominium's collapse could have been prevented had its Homeowners Association (HOA) both maintained the building properly and repaired it as soon as signs of possible failure were detected. However, many buildings constructed during a building boom are often shoddily built. In the case of this building, it was doomed to collapse from the day it was built.
Could Surfside have been saved? Maybe. It would have taken a strong HOA and willing owners to supply the funds needed for the needed repairs. But this was not the case. People balk when presented with a high repair bill. If they can avoid it, smart people sell out early, leaving other "fools" to pay the bills for repairs - but they can't always sell out. Currently, as a result of the Surfside collapse, many buildings in Florida are going through mandatory inspections and expensive defect remediation.
So I go back to the failed retaining wall in the picture. If you were thinking of buying an apartment in the building adjacent to the wall, would you do so? I wouldn't. Instead, I'd wait until the wall has been repaired, and be sure that all assessments for repairs have been made and collected. Luckily, this is not my building and not my retaining wall....
