Retaining Walls and Building Repairs

 

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....

Another Board Meeting - a short post

 

Sometimes, I feel that the Marx Brothers made more sense than what I have to deal with in my co-op's board meetings.  But then, I often feel this way after a co-op board meeting.  I wish I would write about what transpired at the meeting in this forum - but I can't.  What I can say is that we worked well together, and we are all on harmonic wavelengths with business and the challenges in front of us.

Why am I talking about a meeting when I can't talk about what happened inside of it?  Well, the answer is simple.  Not all condo or co-op boards have overcome the challenges our board has tackled.  Some have it much easier than we do, as they have shareholders who take an active interest in running the co-op.  Others have major challenges in front of them, such as the HOA's for the Florida shore front condos that need major structural repairs due to years of moist ocean air putting properties at risk of structural failure.  My co-op is somewhere in-between, and we have accomplished a lot in the time since I joined the board.

As I see it, the biggest risk to co-op boards and HOA's is apathy.  The second biggest risk is bad (or corrupt) management, either by the board or a management company.  One thing I know is that I intend to be on the board of whatever future residence I live in.