Latest news with #SurfsideTragedy
Yahoo
7 days ago
- Business
- Yahoo
Residents of this Florida condo pushed to sell for $1M a unit — rather than pay to meet state's safety code
Around 140 condo owners in a West Palm Beach, Florida, building are facing a gut-wrenching decision: sell their units or face steep charges thanks to the state's updated safety regulations. Paul Moreno, board president of the La Fontana condo building, nestled on the Intracoastal Waterway, says new laws passed after the Surfside tragedy in 2021 means his 10-story building is subject to mandatory inspections and potential repairs. He adds that special assessment fees to unit owners would follow, which many cannot afford. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it 'Those are not doable for a lot of these people,' Moreno said of the fees to WPTV News in a story published June 17. Thankfully for residents of La Fontana, they may have an escape route. The new safety laws passed after the Surfside collapse, which killed 98 people, created an affordability crisis for condominium owners, which has led to some buildings in prime locations being sold to developers. 'They are being affected by the new condo laws and assessments,' Paul Lykins, a real estate agent in Palm Beach County, told WPTV News. 'Developers are coming in and waving bags of money at them.' That may be the fate of La Fontana. Moreno says he's working with Serhant, the real estate company run by broker Ryan Serhant of Bravo TV and Netflix fame, to sell the building for around $200 million. He assumes it would end up in the hands of developers. 'It's our paradise,' Moreno lamented when describing the scenic property. 'Maybe some people won't be able to find something comparable, but they're going to have their million-some-odd dollars.' Read more: No millions? No problem. With as little as $10, here's of diversified assets usually only available to major players The Surfside tragedy exposed holes in the way Florida regulates condo building maintenance, prompting lawmakers to quickly create new rules. Key new rules include mandatory structural reviews, which required every three-story-plus condo at least 30 years old to undergo milestone inspections. After that, the buildings must undergo recurrent inspections every 10 years. In addition, condo associations were required to fully fund reserve accounts to cover major repairs. These have resulted in significant assessment fees for condo owners — in some cases tens or even hundreds of thousands of dollars. An assessment represents an additional payment required of condo owners, and many condo owners struggle to afford these payments. After several years of condo owners struggling, Florida lawmakers passed a new bill in June aimed at providing some relief for condo owners. Notably, it allows for a two-year pause in reserve contributions in order to prioritize any critical repairs identified during a milestone inspection. For condo owners in buildings that don't have major repairs to undertake, these measures may make remaining in their home a more affordable proposition. But for condo owners in buildings with critical and expensive repairs required, the costs might still be a challenge for owners. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
7 days ago
- Business
- Yahoo
Residents of this Florida condo pushed to sell for $1M a unit — rather than pay to meet state's safety code
Around 140 condo owners in a West Palm Beach, Florida, building are facing a gut-wrenching decision: sell their units or face steep charges thanks to the state's updated safety regulations. Paul Moreno, board president of the La Fontana condo building, nestled on the Intracoastal Waterway, says new laws passed after the Surfside tragedy in 2021 means his 10-story building is subject to mandatory inspections and potential repairs. He adds that special assessment fees to unit owners would follow, which many cannot afford. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it 'Those are not doable for a lot of these people,' Moreno said of the fees to WPTV News in a story published June 17. Thankfully for residents of La Fontana, they may have an escape route. The new safety laws passed after the Surfside collapse, which killed 98 people, created an affordability crisis for condominium owners, which has led to some buildings in prime locations being sold to developers. 'They are being affected by the new condo laws and assessments,' Paul Lykins, a real estate agent in Palm Beach County, told WPTV News. 'Developers are coming in and waving bags of money at them.' That may be the fate of La Fontana. Moreno says he's working with Serhant, the real estate company run by broker Ryan Serhant of Bravo TV and Netflix fame, to sell the building for around $200 million. He assumes it would end up in the hands of developers. 'It's our paradise,' Moreno lamented when describing the scenic property. 'Maybe some people won't be able to find something comparable, but they're going to have their million-some-odd dollars.' Read more: No millions? No problem. With as little as $10, here's of diversified assets usually only available to major players The Surfside tragedy exposed holes in the way Florida regulates condo building maintenance, prompting lawmakers to quickly create new rules. Key new rules include mandatory structural reviews, which required every three-story-plus condo at least 30 years old to undergo milestone inspections. After that, the buildings must undergo recurrent inspections every 10 years. In addition, condo associations were required to fully fund reserve accounts to cover major repairs. These have resulted in significant assessment fees for condo owners — in some cases tens or even hundreds of thousands of dollars. An assessment represents an additional payment required of condo owners, and many condo owners struggle to afford these payments. After several years of condo owners struggling, Florida lawmakers passed a new bill in June aimed at providing some relief for condo owners. Notably, it allows for a two-year pause in reserve contributions in order to prioritize any critical repairs identified during a milestone inspection. For condo owners in buildings that don't have major repairs to undertake, these measures may make remaining in their home a more affordable proposition. But for condo owners in buildings with critical and expensive repairs required, the costs might still be a challenge for owners. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Daily Mail
24-06-2025
- Business
- Daily Mail
Families of Surfside victims furious over luxury condo plans
The furious families of the Surfside victims have torn into plans for an ultra-luxury condo tower on the site of the collapsed complex. Ninety-eight people were killed when Champlain Towers South crumbled on the night of June 24, 2021, in Miami, Florida , sending shockwaves across the world. But new plans for a $15million-per-unit apartment block just four years later has sparked rage from loved ones still getting over the tragedy. Families say they have been ignored and shut out of plans for The Delmore, an ultra-luxury high-rise being constructed on Collins Avenue. Dubai-based developer Damac Properties is moving ahead with the mammoth project after purchasing the land for $120million less than one year after the collapse. They are marketing it as part of Miami's 'Billionaires Triangle', and buyers will have a sky pool, Michelin-star dining and over 55,000 sq ft of spa and garden space. What $15M will buy you at The Delmore Designed by world-renowned Zaha Hadid Architects, The Delmore will feature a futuristic twin-tower design with sculptural sand-colored concrete wrapping around floor-to-ceiling glass walls. The towers are split by a dramatic 'flow-through canyon' - and bridged at the top by a 75ft suspended pool, floating 125ft above Collins Avenue. Each of the 37 units will span at least 7,000 s1 ft, with penthouses topping 10,000 sq ft. All residences will be fully furnished, with four and five-bedroom layouts, private elevators, and sweeping views of the Atlantic Ocean. Despite the glitz, Langesfeld says the project's foundation is built on 'pain and profit'. 'There's an ongoing federal investigation,' he said. 'And they still can't say whether this land is even safe. 'I've asked NIST (National Institute of Standards and Technology) point blank. They refuse to confirm it. And yet they're building anyway.' What really caused the Surfside collapse? Federal investigators say they're closing in on what triggered the horror collapse at Champlain Towers South - and all signs point to major structural weaknesses lurking beneath the pool deck. In their latest update on Monday ahead of the fourth anniversary today, the NIST revealed three key failure points that may have set off the chain reaction that killed 98 people in Surfside, Florida. The top suspect is a vertical support beam directly under the pool deck. Investigators believe the concrete slab sitting on top may have suddenly 'punched through' - dropping like a trapdoor and triggering the building's eastern wing to fall like dominoes. Another likely weak spot was where the pool deck connected to a concrete wall, according to NIST. If that joint gave way, it could've caused the slab to buckle and compromise the structure around it. A similar flaw may have existed near the southern edge of the deck - and if that section also pulled away, it might have sparked the same catastrophic collapse, NIST states. According to the report, all, all three areas were decades old, possibly water-damaged, and no longer met modern building standards. NIST says further testing is still underway - but these structural flaws are now the leading suspects in one of the deadliest building failures in U.S. history. Market crash and 'mass exodus' in wake of collapse Compass real estate agent Nick Green, who works in both New York and Miami, says the Surfside tragedy has had a lasting and devastating impact on the Miami condo market - especially in Brickell and other high-rise neighborhoods . 'The current state of the condo market in Miami – it's completely crashed,' Green told Daily Mail. 'About 40 percent of Brickell is for sale right now. Clients who bought a place for a million dollars two years ago are now looking at $800,000, maybe $850,000. You're seeing buildings with 40 units for sale in them. It's pretty bad times.' Green said the aftermath of the collapse triggered sweeping changes to insurance and structural safety laws - changes that have disproportionately impacted older and mid-tier buildings. 'Insurance is higher, the laws changed. Now you have to fund two years of capital for the building upfront,' he explained. 'The super luxe buildings can afford that, but older ones are really getting hit. Some can't even get loans.' He described a 'total mass exodus' from older towers, adding: 'Developers are circling like sharks trying to get things cheap. But the actual owners just want out. There's so much leverage as a buyer right now.' Buyers are increasingly flocking to new construction to avoid structural uncertainty. 'They don't want to deal with assessments or worry about the building's bones,' Green said. 'They want something fresh and solid.' When it comes to The Delmore, Green said many of his clients won't go near the site. 'Foreign buyers still see it as a good investment. But locals? They won't touch it. They think it's going to be full of ghosts.' Despite working in luxury real estate, Green said he personally believes the site should have been preserved as a tribute. 'Honestly, I wish they had done more to memorialize the victims,' he said. 'Even as a realtor, I'd have rather seen a memorial park than another high-rise. Something like what New York did with the 9/11 memorial.' But for Langesfeld and other grieving families they will attend a remembrance even in Surfside today. 'We still don't have justice. We still don't have answers. And now, we don't even have a memorial,' he said. Pictured: Real estate agent Nick Green. 'If this building collapses again, who will be held accountable?' he asked. 'Because no one was the first time.' When Champlain Towers South collapsed four years ago rescue crews worked for nearly a month to recover and identify the 98 victims. It remains one of the deadliest structural failures in U.S. history. In Monday's release The NIST said the team is finalizing its analysis and has begun drafting its investigation report, which is expected to be completed in 2026. Daily Mail has gone to Damac properties multiple times for comment by phone and email since Friday and is awaiting their response.
