Building Sound Foundations: Lessons from Surfside
The June 2021 collapse of the Champlain Towers South condominium complex in Surfside, Fla., made headlines around the world — and thrust many issues that plague condo and other community associations into the spotlight. The catastrophe, its causes, and its effects already are the subject of intense study, evaluation, and discussion.
“I think the collapse going to have an impact for a long time,” says Ken Bertolucci, president of NS Management in Skokie, Ill.
If a “bright side” can be found, it’s that many associations and boards across the country have had a wake-up call and now are more open than ever to some of the basic — but sometimes costly — practices they should have been implementing all along.
“This tragedy has now become the trigger for all the things we’ve been harping on for years but that have fallen on deaf ears,” says Paul Grucza, director of education and client development at the Seattle-based management company CWD Group, Inc. “It took this to make associations stop, re-think, and adjust.”
In this special report, we explore five issues that your clients may have a new, or renewed, interest in and identify some of the particular areas where they may need to take immediate action to protect themselves and others. We also provide best practices to help them get on track.
Fearful boards are looking to their managers for their expertise and insights in the wake of Surfside. We hope this report helps you beat their expectations.
Table of Contents
- A Message from the President
- Maintenance Takes Center Stage
- Insurance Matters
- A Renewed Focus on Reserves
- Filling the Financial Gap
- Disaster Planning Isn’t Optional