According to engineers, two-thirds of condo buildings/ condominium structures can reach a stage where owners can no longer avoid making necessary repairs in as little as 30 years.
According to statistics gathered by real-estate data firm Zillow for The Wall Street Journal, two out of every three condo buildings in the Miami area are over 30 years old. Three-quarters of condo structures in at least seven other Florida townshave reached that age.
Many of the deteriorating towers are located along the seaside, where salt corrosion and other factors have hastened their demise.
As a result, thousands of buildings are facing multimillion-dollar repair bills with no idea how to pay for them.
Investigators are still attempting to figure out what caused the 40-year-old Champlain Towers South condominium to collapse last month, killing at least 95 people.
According to a 2018 engineering analysis, the property has several areas of stress, including deteriorated concrete and failing waterproofing at its base. two-thirds of condo buildings.
Many construction materials, two-thirds of buildings and such as stucco, windows, and shingles, can approach the end of what engineers and building inspectors refer to as their “useful life”—industry jargon for components that require replacement or substantial repair—in as little as 20 years.