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Reserve studies are in essence planning tools designed to help the board anticipate, and prepare for, the property's predictable major repair and replacement projects. For example, such projects would include: replacement of the roof on the building(s), replacement of the boiler, retrofit of the fire alarm devices, and resurfacing of the roadways.
The crisis follows new laws enacted after the 2021 Champlain Tower South collapse, mandating rigorous safety checks for condos over 30 years old, resulting in massive repair costs and a rush to ...
Across Florida, aging condo buildings are facing rising expenses and millions of dollars in structural repairs to comply with new regulations following the collapse of the Champlain Towers ...
The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. [1] In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the ...
For these KC condo owners, the cost of living on the Plaza just rose — by $178,000. Eric Adler. November 9, 2023 at 2:23 PM. ... Even rich folks might blanch at a hefty repair bill.
the amount of cleaning, repair, and preparation needed to make the property marketable [2] [11] BPO and comparative market analysis (CMA) can be provided by real estate brokers to establish a general idea of what your home could be listed for in the current real estate market. The result is a brief report, usually two or three pages in length.
Costs kept climbing at his Caribbean Breeze Condominium at 250 180th Dr. in Sunny Isles Beach. Today, he pays $340 a month for a special assessment and $897 a month for monthly condo HOA fees.
A cost estimator will typically use estimating software to estimate their bid price for a project, which will ultimately become part of a resulting construction contract. Some architects, engineers, construction managers, and others may also use cost estimating software to prepare cost estimates for purposes other than bidding such as budgeting ...