Demanding that HOAs save money for the future is just one part of the solution. In practice, a fully-funded reserve account is a solution that may be impractical or impossible to implement for the vast majority of existing HOA-governed communities.
As illustrated by several examples in this post, all types of HOA-governed housing — including low-rise condominiums, townhouses, and planned communities with single family homes — are seeing a rise in expensive and unexpected repairs.
As the recovery of victims of the collapse of Champlain Towers South condominium wraps up, and investigations of the cause or causes of the disaster begins, consumers must come to grips with the grim realities of common ownership.
This post summarizes what we know now, considers how the collapse of Champlain Towers South might have been prevented, and opines on what lie ahead for owners and survivors.