![]() We owe it to those who lost their lives, and their homes, to learn the important lessons that will prevent such a tragedy from ever happening again.Īdequate Reserve Funding can be portrayed as an ongoing race between two opposing forces, where the pace of setting aside funds for repairs & replacements (financial health) should match the pace of deterioration (physical health). Sadly, there were clues all along the way. Owners were facing a huge “Special Assessment” for repairs & replacements which would have been predictable decades in advance of the collapse.Ĭhamplain Towers South was an extremely serious, and thankfully rare, example of the short-sighted decisions Boardmembers and Owners are capable of making. Although the underlying causes of the tragedy have yet to be determined, we know, based on our March 2020 Reserve Study, that the towers were 40 years old and the Association was significantly “underfunded”. Our hearts broke for the families and friends of the 98 people who lost their lives in this unprecedented disaster. We were shocked, along with the rest of the world, by the collapse of our client property, Champlain Towers South Condominium Association, in Surfside, FL on June 24, 2021. SF Bay Area, NorCal, Central Valley & Sacramento.Association Reserves and Kevin Davis Joint Incentive Program.“Understanding Reserves” A Guide to Your Association’s Reserve Fund & Reserve Study. ![]() Camps, Retreats & Charitable Organizations. ![]()
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