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Champlain tower south condo cost8/22/2023 ![]() The condominium association collects fees for an operating budget and capital reserve that support the management of these assets.Ĭommon-interest communities are only one dimension of the universe of community ownership models for real estate. In high-rise condominiums, the “common elements” that are collectively owned and managed include building systems such as the roof, foundation, exterior walls, and elevators, and may include amenities like a swimming pool. The tragedy looms as a possible warning: We’ve let each other down, and it may happen again.ĭefining common-interest communities and community ownershipĬondominiums are a form of “common-interest communities” that enable individual owners to share ownership of assets. Now, the unexpected collapse of Champlain Towers South raises a set of safety considerations that may not have been top of mind otherwise. And after a year of COVID-19 lockdowns, households of nonessential workers may be revisiting their residential preferences for space and proximity to others as more workplaces offer remote work options. ![]() A slight majority of Americans prefer longer commutes if it means they can live in a fully detached house with no shared walls or other elements. Underlying these questions is the fundamental reality that communal living can be messy and uncomfortable. Was maintenance on the building deferred because the condo board, elected by the unit owners, had a short-term incentive to do so in order to retain power? Or are communities of individual owners, who are not real estate professionals, simply incapable of managing a complex asset like a high-rise building? Are American condominiums a 20th century experiment that have now reached a dangerous reaction point in the lab? has called into question whether bad governance played a role in the tower’s failure. ![]() The June collapse of the Champlain Towers South multifamily condominium tower in Surfside, Fla. ![]()
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