Home News As Hurricane Ian Approaches, Miami Firms Help Condos Fortify Buildings to Comply With New Law

As Hurricane Ian Approaches, Miami Firms Help Condos Fortify Buildings to Comply With New Law

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New Laws in Florida Strengthen rules on condominium inspections A new cottage industry is spawning in the Miami area as real estate companies compete to provide services that will help thousands of residential buildings in Florida become compliant.

Odevo, a Swedish proptech company focused on property management in Europe, is looking to gain a foothold in this business in Florida by acquiring Miami-based KW Property & Management Consulting, it says. The companies said on Tuesday. They declined to disclose the terms of the acquisition.

KWPMC, one of Florida’s largest property management companies, said becoming part of Odevo will make it easier for Florida customers to secure loans to pay for structural repairs.

Florida has declared a state of emergency and an evacuation order as Hurricane Ian approaches. Some supermarket shelves were empty and people were queuing for sandbags to prepare for the storm.Photo: Joe Raedle/Getty Images

Additionally, Odevo said it offers new technology for managing buildings, from allowing owners to alert managers that a light bulb is out, to having food delivered to a lounge chair by the sea. up to Odebo said it will also help financial services, such as finding better returns on reserves and securing insurance in this difficult market.

Colliers International,

Colliers said the company, one of the world’s largest commercial real estate services firms, has stepped up its involvement in the Florida condo market, building on condo boards expected to be overwhelmed by the new law’s requirements. We provide management services.

The new law requires condos over three stories to have a structural inspection in 30 years, and condos within three miles of the shoreline to have an inspection in 25 years. Prior to this new law, only Miami-Dade and Broward counties required recertification after 40 years. Condominium associations will also be prohibited from waiving reserves for maintenance and repairs, which was common practice after December 31, 2024.

Florida’s new law Champlain Tower Collapses in Surfside Town Last year, 98 people died. Some lawmakers have compared the importance of this new law to changes in the state’s building code that were implemented after Hurricane Andrew hit South Florida in his 1992.

At the time, due to the destructive power of Hurricane Andrew, there were obvious loopholes in Florida’s building codes, which have since been tightened. But as Hurricane Ian hits the state this week, many coastal buildings built before 1992 may not have the same protection. New state laws now require older buildings to undergo more frequent structural inspections.

The Champlain Tower collapse site has been sold to DAMAC Properties, a Dubai-based company.


Photo:

Cristobal Herrera Urashikevic/Shutterstock

According to KWPMC chief executive Paul Kaplan, more self-managed buildings have turned to professional management in recent years. He said about 15% of the new business won before 2021 will come from self-managed buildings looking to switch. In the last 18 months, that number has increased to 50%.

A stricter regulation would also be: Interest rates soar across the countryand Florida is experiencing Significant increase in insurance premiums Reinsurers are dealing with five years of massive losses around the world.

Greg Mayne Bailey, executive managing director of Colliers’ real estate development division, said many of the buildings unable to meet reserves buy out the owner of a dilapidated condominium Redevelop new buildings along the coast.

The Champlain Tower collapse site has been sold to Dubai-based firm DAMAC Properties, which is bidding stalking horses for $120 million, most of which will go to victims of the lawsuit. was used for

Class action lawsuit filed after Surfside’s Champlain Towers collapsed last year settle for $1.1 billion.

The reason for the collapse is still under investigation. The National Institute of Standards and Technology, which is investigating the cause of the collapse, believes a combination of factors, including poor maintenance, structural flaws, and the effects of nearby construction.

“The Champlain Towers were not staffed with a professional property manager. Doing their best to manage this building fell very much on the board of volunteer residents,” said one of the victims of the collapse. Rachel Wagner-Furst, lead attorney for the co-chairs representing them, said: “The management and supervision of buildings, especially large buildings that house hundreds, if not thousands, of people is probably a matter of professionalism. should be left to

write destination Deborah Acosta [email protected]

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