Condominium Tower Collapse in Miami

[MacWa77ace]

Looks like the number of unaccounted for persons has been raised to 159.

59 units were destroyed and this was mainly a full time residential property. The Israeli ambassador said 20 citizens were missing.

159 missing is not unreasonable assuming they are 2 br units it may be low.

That's what we've been talking about here. I heard report of 30 Israeli nationals and 20 South Am's. Even saw and interview of someone from S. AMerica who was on vacation, and couldn't get back in the building to get their luggage/stuff. Assumed all 50 were vacationers, renting out the units. And so it's possible that some units were either empty, with seasonal owners coming in during winter season only. Or empty 'cause weren't rented out during the off season.

We were just hoping a lot were empty, but 159. 

[Raptor]

Based upon the structural reports in the hands of the Condo Association management assuming they survived the collapse they will need to contact their D&O insurers. They will face personal liability for this disaster for not acting with greater haste.   

This is also going to be interesting in that based upon what I see this may not be insurable loss for anyone except the claims for people condo contents insurance. This may be a total uninsurable loss for all of the owners.

https://www.usatoday.com/story/news/nation/2021/06/26/miami-condo-collapse-inspection-reports-concrete-deterioration-surfside/5355975001/


As a benefit building inspections are booming. A CE friend of mine licensed in LA, MS & FL has been inundated with requests to inspect buildings in FL. He has enough work to keep him busy for the the next 2 years, if he accepted all requests.

Good for his business, but better for the people who own and live in these buildings.

[MacWa77ace]

New video out shows water falling and rubble in underground garage 7 minutes before collapse.


https://www.youtube.com/watch?v=sCjuJSbeb6I

[RickOShea]

And there goes the rest of the building....





https://www.youtube.com/watch?v=x3psHAtUghE

[Raptor]

I was wrong about this not being an insurable event. Apparently it is and one insurer has already tendered it full policy limit to the condo association. Unfortunately the total insured value is $48 million and is unlikely to cover 100% of all claims.

https://therealdeal.com/miami/2021/07/02/judge-oks-insurance-disbursements-to-victims-of-fatal-surfside-condo-collapse/

The coverage "would obviously be inadequate to compensate everyone fully to the extent of their horror," Miami-Dade Circuit Judge Michael Hanzman said during a hearing on Thursday. "And that is unfortunate."

This is going to a real mess for all involved. The condo association was put under the control of a receiver.

Hanzman appointed attorney Michael Goldberg as the receiver during a hearing Friday morning. The judge allowed Goldberg, an Akerman partner, to meet with families and make the disbursements to the survivors and families at his "discretion."

Meanwhile if you want to insure a South FL condo you can expect a lot more scrutiny and IF you can get coverage it will cost  a lot more.
https://www.miamiherald.com/news/local/community/miami-dade/miami-beach/article252528138.html

[MPMalloy]

*and IF you can get coverage it will cost  a lot more*

Yup

I feel for the remaining condo owners...and not just in FL.

What hell for all