I have been following this closely since I live on the coast in East Central Florida and think that as the story unfolds and facts are presented, it will determine the answers to your questions. Governor DeSantis was on scene shortly after this occurred and warned that it will be at least a week, probably longer, before there is an investigation to try to determine the cause(s). The current focus is on rescue and recovery so an investigation cannot be started while that is in progress.

Locally I am hearing some panic from condo owners, partly due to the misinformation that is circulating. I think it is premature until more information is learned about the cause of this but some people were quick to assume that rebar was the cause which is not accurate and will probably want their condo associations to order inspections.

Typically, in this area, a well run complex has an initial inspection for spalling and needed concrete restoration at the 20 year mark and it is recommended to have follow up inspections every five years after that. As far as the impact on condo sales, I think it will depend on the age of the complex and how well the Board maintains the structures. With respect to future development, I suspect building codes will be revised and possibly a better system of checks and balances for both inspections and code enforcement will be created.

I can't imagine what the families are going through waiting to know the fate of the loved ones. My heart goes out to them.

That was so painful to watch.  Heartbreaking and unthinkable Fred Griffin Tallahassee Real Estate 

Structural Engineer inspections should be an annual thing. If that tragedy does not change the laws I do not know what it will take. 

As a result of a balcony collapse many years ago where many were killed and injured, California is now requiring condo associations that have condos with balconies to be inspected.  The law goes into effect in a few years but many are getting started now to ensure they meet the deadline. 

Seeing the building collapse reminded me of 911.  I cannot imagine I would want to continue to live in a highrise if I were a homeowner.

Only time will tell us of the impact on the condo real estate market in Florida and perhaps other states as well. 

This horrific failure and catastrophe disaster regarding one condominium cannot allow one to fear for their safety in all condominiums across the country.

I read that an engineering report was provided to the HOA suggesting some very expensive repairs that may or may not have prevented the collapse. It does not appear that these repairs were done. Lawyers will be salivating as more information come our and more fingers are pointed.

With respect to the victims, from what I've been reading this sounds like it will be leading to increased vigilance among the inspection boards.  It was due for it's 40 year recertification this year and there is concern that a sink hole may have occurred*.  The government there is talking about making recertifications more frequent and include ground surveys as well*.

In the near term, I would expect this market segment to stall but eventually improve and become even safter, especially as the new inspections get rolled out.  Similar to when we learn about building to resist earthquakes.  Unreinforced masonry is a thing of the past now.  20 years ago it was still common enough that it was part of the statewide seller disclosure TDS form.

*: Per an article on Breitbart News

This was an avoidable tragedy. Looks like inspections revealed major structural problems and repairs should have been made right away or residents warned.  Not sure if red tape slowed the process or not. Such a grim situation for the residents and condo owners through out the area. This will definitely affect the condo market while stories like this are in the fore front of the news

A terrible event to say the least, Fred. I'm sure there will be an impact on condo sales, especially in older buildings, for some time. Condo HOA's should definitely undertake structural inspections just to make sure and do them regularly.

Great question and only time will tell. I already have clients who do not want to go above a certain floor.

There will be a short term upsurge in inspections and requirements, then things will go back to the way they are as more unscrupulous builders grease the palms of your govt officials.

Florida has been in this cycle for quite some time.

Fred,

Like you said condolences to the victims and their families.  It is good that other condo buildings are calling in structural engineers...We  have no idea as to how it will affect the future.  A

Hello Fred Griffin Tallahassee Real Estate tragic very sad, I saw it on the news. There should be ongoing inspections on high rise condominiums.

Yes, along the surf I believe condo sales will be affected but not as much inland.  Future development along the beaches may be held in abeyance.  Moratoriums on further development of hi rise projects may be mandated.  I surely hope so.  

Post Hurricane Andrew, the new code in Miami Dade County set the standard up and down the peninsular.  When condo associations decide to partially fund their reserve account, the day of reckoning appears when the Board of Directors and/or management companies lack in their fiduciary duty to protect the value of the property and the safety of its residents.

We do have the 40 year certification and yes, I also believe officials or companies involved in that segement of business get paid off.  Sadly, tragic consequences occur. 

There will be stronger mandates put into place so long as the municipalities can add more code inspectors to their roster.   

We wait sometimes 9 months to obtain permits to replace windows, air conditioners, plumbing, flooring, kitchen cabinets and electrical work as unit owners.  Then wait again to close out the permits.

My building is now doing a 50 year certification and the permits were finally issued just in time for the rainy season.  Roofers began work Friday and Monday and the remainder of the week zilch due to rain and ponding.

You can be certain the developer of this condo high rise will have his other project a few budilings away scruntized first.   

By the way, I have yet to hear the sinkhole possibility and I live about 10 miles north.😢

Condominium Association Boards will be seeking a structural review and E&O insurance companies may begin to require them for Boards to be covered. Not exactly a bad thing to come out of this horrific incident.

That is certainly very scary, I could not even imagine being in a building that is collapsing.  I think it will definitely lead to more people worrying about something like that happening to their building in the future.

I think it will affect condo sales near the collapse, and will have others thinking about just not wanting to live in highrises, but others will see it as a freak accident and rare and not let it affect their housing choices.

 I worry more about fires in highrises than collapses.

It certainly will affect all mid and high rise building concerns. Age of the building will be the #1 consideration then proximity to salt exposure 2nd. Codes and inspection requirements may be affected but there are telltales readily observable that engineers will address on their reports. Remember swamp land for sale in the 50's? Developers took advantage of that much less scrutinized building boom. Nerves should be on edge in my opinion. 

Many were reconcidering living in close and controlled proximity with the Covid expereince.
Everyone involved in a sale in this community, seller, agents and franchise could all be required to PROVE they did not know and therefore  could not discluse a identified  structural compromise. The judge will say 'but they SHOULD have known, therefore guilty."
The attorneys will be the winners.
I own a condo in Pompano beach that also experienced water intrusion into the concrete and rebar. I took five years to complete the inspection, scale and depth of work and 18 months do actually do the work. Plus I had to pony up $30,000.  Only 3 years had laspe from the time of this communities report and the callaspe.
There is not an hour that goes by that I do not offer a prayer when I feel the unction of the grieving heart.

Very sad & I think that it could have been prevented but they just didn't have time to fix things yet. I am sure that many hi-rise condos will start the inspection procedure now.

I know that when I show these places you can really see what is going on inthe basement/garage areas. Sometimes I think that there is just too much cement damage/shaling & water penetration. What do I know, I'm not a structural engineer.

What will come out of this is that Florida is a sink hole state. In the everyday parlance a swamp. This is known but not talked about enough. Now it will be

I was thinking the same thing Fred, and would be very nervous buying in a high-rise.

Our Florida people are far more plugged in than I will ever be on this issue, but I suspect the associations will need to pin everything down to some kind of standard going forward . . . if they didn't already.

Heart goes out to the missing and their families, and those lost.

This ain't good. At very least FL has the best governor in the union. 

This was so horrifying to watch. It will make some people think twice. Of course, investors will probably buy them up and rent them out. I saw on tv that some people were just there visiting. I have a feeling this will show up in future CE classes. 

my thoughts are a wise man doesn't build his house upon the sand.

It is so very hard to see and watch all the family members and communities affected.  Too early to tell what will happen in the future.  I'll hold off until later.  For now, my thoughts and prayers are with all those families.

My heart bleeds for Miami, I love that city...

The sister Champlain condo building is "cooked" in terms of valules right now. I hope there is a very strict inspection of all the older Miami Beach buildings that sit basically on sand. We recently had a pied-a-terre for a few years in one of the first condos built on the Miami side and the potential (or inevitable) maintenance assessments always scared me. We sold it. 

Some prospective condo purchasers may now revise their plans. 

In our area one next to a hospital hoa due for 1 br is now $688 per month. Many oppucants are selling because of outragious dues.  

Was it caused by a Sinkhole  ?

It certainly got my attention as I look for a vacation condo.  Have to say, not wild about looking in buildings too tall now.

Every traumatic episode creates new standards.  Check out what changes were made after the 1994 Northridge Earthquake in California.