London Foster Realty at Dadeland
Liz Kenneally | Realtor

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In recent years, the focus on building safety and structural integrity has intensified, especially following the tragic collapse of the Champlain Towers South Condominium in Surfside, Florida.

In response, Miami-Dade County has implemented several measures to enhance the safety and integrity of its buildings. One such initiative is the Structural Integrity Reserve Study, which has significant implications for homeowners and investors in the region.

What is the Structural Integrity Reserve Study?

The Structural Integrity Reserve Study is a comprehensive assessment mandated for certain condominiums and cooperatives in Miami-Dade County.

This study requires these associations to evaluate the physical condition of theirMiami Dade Structural Integrity Reserve Study buildings and estimate the remaining useful life of major components and systems, such as the roof, foundation, HVAC systems, electrical systems, and plumbing.

This mandate specifically applies to condo and co-op buildings that are three stories or taller. These associations must ensure their buildings undergo regular inspections and assessments by licensed professionals, including engineers and architects, as outlined by the study's requirements.

Key Components of the Study

1. Inspection and Assessment: The study involves thorough inspections by licensed engineers or architects to identify any signs of structural deterioration or potential safety hazards.

2. Life Expectancy Estimates: It provides an estimate of the remaining useful life of critical building components. This helps in planning and budgeting for necessary repairs or replacements.

3. Reserve Fund Analysis: The study includes a financial analysis to determine the adequacy of the association’s reserve funds. Adequate reserves are essential for addressing future repairs and replacements without imposing sudden, large special assessments on homeowners.

4. Maintenance Plan: Based on the findings, a detailed maintenance and repair plan is developed to address current deficiencies and prevent future issues.

Deadlines or Compliance

Miami-Dade County has set specific deadlines for associations to comply with the Structural Integrity Reserve Study requirements:

Initial Deadline- Associations must complete their first Structural Integrity Reserve Study by December 31, 2024.

Subsequent Studies: After the initial study, subsequent studies must be conducted every ten years to ensure ongoing compliance and safety.

Implications for Homeowners

Increased Safety
The primary goal of the Structural Integrity Reserve Study is to ensure the safety and longevity of buildings. Homeowners can have greater peace of mind knowing that their building is regularly inspected and maintained to high safety standards.

Financial Preparedness
The study encourages associations to maintain adequate reserve funds. This financial preparedness means that homeowners are less likely to face unexpected special assessments for major repairs, as funds will have been gradually accumulated over time.

Property Value Stability
Well-maintained buildings with solid structural integrity tend to retain or even increase in value. For homeowners, this means their investment is better protected, and for potential buyers, it’s an attractive assurance of long-term value.

Implications for Investors

Risk Mitigation
For real estate investors, the Structural Integrity Reserve Study offers a layer of risk mitigation. By ensuring that buildings are regularly assessed and maintained, the risk of investing in a property with hidden structural issues is significantly reduced.

Enhanced Marketability
Properties within buildings that have completed the Structural Integrity Reserve Study can be marketed as safer and better maintained. This can be a significant selling point in a competitive real estate market.

Long-Term Investment Security
Investors can be more confident in the long-term security of their investment. Regular maintenance and proper financial planning for future repairs help preserve the value of the property and reduce the likelihood of costly surprises.

In conclusion, the Structural Integrity Reserve Study in Miami-Dade County represents a proactive approach to building safety and maintenance. By requiring regular inspections, financial planning, and maintenance, the study aims to protect both the physical and financial well-being of homeowners and investors. 

For those looking to buy, sell, or invest in Miami-Dade County, understanding the implications of this study is essential. It’s not just about compliance; it’s about safeguarding the future of one’s investment and the safety of the community in the Miami real estate market.

At My Casitas Miami, we're here to help you make informed decisions for your property investments. 


About the Author: Liz Kenneally is a seasoned real estate agent in Miami with extensive experience in the city's dynamic market. Specializing in coveted neighborhoods such as Coral Gables, Dadeland, Continental Park, East Kendall, Palmetto Bay, Pinecrest, South Miami, and The Falls, Liz ensures smooth transactions for her diverse clientele. Fluent in both English and Spanish, she can be contacted at 786-423-3348 or through the EMAIL AGENT form provided alongside this blog.




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What my clients are saying  

Efficient, Effective, and Ethical! Working with Liz Kenneally was an absolute pleasure. Her efficient and effective approach to real estate made the entire process seamless and stress-free. From the moment we met Liz, we knew we were in good hands. She took the time to listen to our needs and preferences, ensuring that we found the perfect home in South Miami. Liz's commitment to ethical practices and transparency gave us peace of mind throughout the transaction. We highly recommend Liz to anyone looking for a trustworthy and reliable realtor in Miami.

 

~ Michael and Jennifer D.

I hired Liz Kenneally to lease out my apartment, and within just 1-2 weeks, she secured long-term tenants who have been a great to work with for the past three years. Her efficiency, professionalism, and warm demeanor made the entire process seamless. Liz understood my needs and executed flawlessly. I couldn't be happier with the outcome. I wholeheartedly recommend Liz!

 

~ Sofia I.

Finding office space for my company was made effortless thanks to Liz Kenneally's exceptional service. Referred to her by a trusted source, I quickly understood why she comes highly recommended. Liz guided us through every step with professionalism and expertise, ensuring we secured the perfect space to meet our needs. The office space exceeded my expectations, boasting a prime location, generous square footage, and excellent amenities. Liz's attention to detail facilitated a seamless transition into our new workspace. Her responsiveness and proactive communication made the leasing process a breeze. Working with Liz Kenneally was a pleasure, and I wholeheartedly recommend her to anyone in search of commercial real estate. Five stars all around!

 

~ Paul M.

Professionalism Personified! Liz Kenneally is the epitome of professionalism. Her attention to detail, proactive communication, and tireless work ethic set her apart from other realtors. Liz guided us through the process of buying our dream home in Coral Gables with ease and confidence. She was always one step ahead, anticipating our needs and addressing any issues promptly. Liz's commitment to excellence and integrity made us feel confident and reassured throughout the entire transaction. We cannot recommend Liz highly enough!

 

~ James and Amanda R.

Liz Kenneally proved to be an exceptional real estate agent. Her expertise in Dadeland area homes, our preferred locale, was truly impressive. Liz's dedication to understanding our needs, preferences, and budget constraints was evident throughout our interactions. She tirelessly worked to find us the perfect home, keeping us updated and promptly addressing all our questions. Liz made the entire process enjoyable, turning house hunting into an adventure. I enthusiastically endorse her to anyone in the market to buy or sell. Thank you, Liz, for your outstanding service!

 

~ Camila I.

5 Stars for Responsiveness, Negotiation skills, Professionalism and communication, Market expertise, Was on point at every turn, from offer to closing.

 

~ Jordi B

Liz went above and beyond to market our property effectively, attracting a flood of interested buyers. Her attention to detail and commitment to showcasing our home in the best possible light truly paid off. We couldn't believe it when offers started pouring in, and even more so when the final sale price exceeded our initial expectations! It was the highest sold price in the community! Liz was responsive, proactive, and always had our best interests at heart. Her negotiation skills were impeccable, ensuring that we got the best possible deal for our property.

 

~ Willy and Gloria P.

Liz was the listing agent for a Miami property I called on and made an appointment to see . That's how it all started.I wasn't working with any agent and I told Liz I didn't want to commit to anyone. She stated she understood, nevertheless, she was relentless in keeping in touch with me. Finally, in one of her phone calls, Liz asked me if she was working hard to get my business ? I said yes, of course. Then she stated, "Imagine, what I am capable of doing in finding and negotiating for you in a tough and competitive Miami market?". That clinched it !

 

~ Arile R.

I want to thank this wonderful Lady that stuck with me until I found just the right place. I am very satisfied and you will always have a friend here. Thank you for everything Liz, you're the best.

 

~ Manny

We trusted her strategy and ended up buying the property that we were initially turned down on. You can say Liz turned that No into a Yes for less money! She is relentless. Thank you, Liz, you are a hard worker, trustworthy, on top of your game and simply a pleasure to team up with you

 

~ Alex Y.

As a business man, one of the things that impressed me about Liz is is her negotiation skills, patience and cool under pressure. She looks for a win-win even though at times we were just being one sided. Liz reminded us it's a sellers' market with properties selling quickly at or little above asking price in the area we wanted to buy.Whatever we weren't familiar with, Liz simplified it so we felt comfortable and understood the transaction.

 

~ Vincent S.

"...One of her best qualities is her ability to stand back, listen to your needs, present you all the alternatives and let you make the original decisions. She is not assertive with her opinion but when she says you better listen because it will be in your own best interest..."

 

~ Ioannis L.

I had a great experience with Liz in the sale and purchase of my new home. She was always available to answer questions with great confidence and knowledge. I consider her a personal friend since we met, through the process of buying this home. Highly recommend her to anyone looking to sell or buy.

 

~ Maria D

Ms Liz Keneally was a angel sent. I was going through personal hardship. And having a hard time not only selling The property but with the result of impending foreclosure. Which at the time was a very difficult time in my life. And she came along. And got a contract within a week. And I have nothing but gratitude towards her and her team. That treated me and my children like family.

 

~ Xenia L.

Liz has been a wonderful real estate agent for us. She is an excellent communicator, and communicates in a very timely manner. Liz provided easy to understand comparisons when we had multiple offers for the property that we were selling. Liz makes sure that all the details are taken care of, and most importantly perseveres in resolving the many issues that arise in a real estate transaction. We have been extremely happy with the work that Liz has done for us. We would highly recommend her for anyone who is seeking to sell or buy property.

 

~ Gary N

As a first time home buyer, I was nervous and worried about being taken advantage of. Liz calmed my nerves and guided me through the process. She was easy to communicate with and took the time to educate me.There were times, we had to negotiate and Liz always made sure to keep the deal alive, while protecting my interests. I have only wonderful things to say about her and would work with her again.

 

~ Sarah S.

Liz was professional from the exploratory stages of home buying to its completion. As a first-time buyer, I was looking into foreclosures. I did not expect the unexpected to say the least. From negotiations to paperwork, I am truly grateful for Liz's knowledge and skills. She guided me through the process and stood by my side when delays arose and frustrations even larger. Her calmness and verbal prowess ultimately helped me secure my very first home! Thank you, Liz!

 

~ Hennifer M

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