Odd Peak

Surfside Condominium Tragedy Results in Stricter Fannie Mae and Freddie Mac Requirements

Buildings, condominiums, and real estate are good investments. However, unforeseen events, such as natural disasters can accelerate the property’s aging process. Delayed actions to address rising structural issues might increase the likelihood of an unfortunate event like the Condominium Tragedy in Surfside, Florida. 

In 2021, Champlain Towers South, a 12-floor condominium in Florida, partially collapsed. Consultation by the Miami Herald with engineers and general contractors identified design flaws and structural weaknesses as the main reasons for the tragedy. Reports revealed that the foundation for crucial areas was not constructed according to the building codes established by the American Concrete Institute at the time of the property’s construction.

According to the 2018 report, when the condominium board first reviewed the tower, the property already had several structural deficiencies in its pool deck and underground parking area. Despite the findings, owners continued to delay completing the required significant repairs to the structure. The postponed maintenance and solutions for the building contributed to the causes of the collapse. This incident has caused mortgage giants to be wary of loans tied to assets with significant safety issues. 

The event also reminds property owners of the importance of regular commercial building inspection NJ. It will enable them to determine the structural integrity of their building and identify any potential problems. Property owners can hire an architect or engineer. These professionals are proficient in areas such as construction, facilities management, and property maintenance. They can also hire a commercial building inspector NJ.

Several companies offer residential and commercial inspection services with utmost caution. It is smart to select a company that recognizes that commercial properties are a company’s asset, a business expense, and a source of income.

To know more information, here is an infographic from Lockatong Engineering. This firm can assist property owners in planning for needed structural improvements or maintenance of buildings and condominiums. It also offers reliable structural inspection and helps community associations comply with particular requirements. 

consultation of the Miami Herald