Homeowners boards about more than petty conflicts

(As seen in the 3/8/24 Ledger)

When the Champlain Towers South condominium building collapsed in the suburb of Surfside Florida in 2021, it raised awareness that all condominiums should be inspected and reserves be set aside for maintenance of the buildings.

While the Champlain building was near the ocean with its extreme weather and moisture issues, the pool deck was first cited for the reason for the collapse. Locally, far away from sand and sea, some insurance companies and property management companies are forcing the homeowners associations to conduct evaluations of the structural integrity of the buildings they manage.

A new Florida law requires all buildings more than 30 years old have inspections every 10 years and the HOA must have reserves to cover any structural issues that might arise, as well as the roofs that cover the buildings.

In the Flood of 2010 in Nashville, many of the HOAs had decided not to purchase flood insurance since their developments were not in floodplains. That fateful weekend, they learned floodwaters are not aware of FEMA boundaries. Many condos that had “River” as part of their name were uninsured, as the HOA s understandably felt the costs were not warranted.

After the deluge, flooding and destruction, FEMA drew new maps, yet many areas that flooded are not included. In the coming years, there will be more and more HOAs being forced to place additional funds in their reserves thereby raising the HOA dues so their buildings will be able to maintain their structural integrity.

Many owners of condominiums serve as volunteers on their homeowners association boards, often in efforts to control spending, as there have been occasions through the years when a board went a bit overboard on some expenditures. Many members don’t understand the fiduciary responsibility that goes along with board membership. They could lose everything they own, including the condos.

Sale of the Week

Last week, 722 Georgetown Drive in a neighborhood known as Brook Meade, which is a sliver of land adjacent to West Meade.

The infill, upper-end, high-dollar renovation and luxury new construction specialist Laura Cole listed the home for $5.2 million and sold it in a few hours for $4.75 million, as the $5 million mark is not an easy catch.

The $4.75 mark is a whale of a sale for the area. Yet in the hours it was on the market, Cole got the $4.75M offer and another offer that was accepted as a backup.

A couple of years ago, a Realtor scheduled several appointments to show houses in the high $2 million price range in Green Hills, three of which were listed by Cole, who also develops the properties. The Realtor was howling that her showing itinerary had been wrecked as she had just received a phone call explaining that all three of the Cole listings had sold within the past 24 hours.

The Georgetown house has 8,349 square feet in the main home and a guesthouse with 2,100 square feet. The primary residence includes six bedrooms, six full bathrooms and three half bathrooms with 12-foot ceilings downstairs and 10-foot ceilings upstairs.

As kitchen décor and designs change with the weather, the hot kitchen today is appointed with “custom white oak beams and cabinet, Sub Zero and Wolf appliances, massive windows with a scullery kitchen and separate pantry,” Cole says.

Another feature not often seen in houses was noted in Cole’s listing remarks: “The storm shelter is in the master closet floor along with a jib door flush with master closet floor.” The jib door, of course, is a hidden door often referred to as a Murphy door as in Murphy bed. The doors have invisible hinges and are undetectable and could come in handy this spring when the tornadoes roll into the city.

In addition to the jib door, the primary suite features a sauna and steam room, oversized closets, and a private terrace with an outdoor shower for those occasions when they are needed or fun.

Sydney McCullough with Parks raced into first place with her offer in a photo finish with the backup offerer. After a late Friday viewing, she burst into action and secured the property for her buyers, who will enjoy the 1.18-acre lot and covered porch.

Richard Courtney is a licensed real estate broker with Fridrich& Clark Realty, LLC and can be reached at [email protected].