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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.
At one Miami Beach condo, maintenance fees rose by more than 300% this year, forcing long-time owners to move out. At another, an owner faces more than $100,000 in special assessment costs.
In most instances when the cost approach is involved, the overall methodology is a hybrid of the cost and sales comparison approaches (representing both the suppliers' costs and the prices that customers are seeking). For example, the replacement cost to construct a building can be determined by adding the labor, material, and other costs.
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 ...
When completing the report, value is chosen for 30 day quicksale, and 60–90 day values, and a suggested list price for each is calculated based on market conditions and list to sale ratio for that market. The repaired fair market value is then reduced by itemized repair costs to find the as-is value. [5] [11]
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