re: Residents of Charleston's 2nd tallest building forced to evacuate over structural concerns

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Or you could just let it ride and hope you or your family don't die when it inevitably collapses.

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This was a forced evacuation. They have until 5pm today to vacate.

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A bit full of ourselves aren't we?

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They’ve taken over Red Palm which sucks.

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Red Palm for Georgia games though.

I'd Erik Solis the hell out of a good portion of those coeds.

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LSU's infamous E. Kirby Smith highrise dormitory.

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May its memory be a blessing.

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That's what drove a lot of the policy changes requiring these buildings near the coast to undergo the rigorous and expensive inspections.

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A condo in Orange Beach got hit with a 140k per unit assessment after that happened.

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Looking at the Redfin link of available homes in the area, you aren't getting squat for even $600K over there. Tons of dumpy homes selling for $500K+

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Yup. For a decent 1,500 sq foot place on the upper peninsula you're looking at about $1MM+. Almost double that for South of Broad.

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Red Palm for Georgia games though.

I'd Erik Solis the hell out of a good portion of those coeds.

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Are there actually a large number of young attractive female UGA fans in Charleston? Co-ed's imply they are students somewhere, other than UGA which is 4 hours away. I'm confused.

So they are co-ed's or former co-ed's? UGA fans matriculating at CoC, or at MUSC?

I resided there 1971-72. Kirby Smith ... was a house of horrors. We had an elevator fire break out on final exam day in December 1971, and smoke entered the rooms. Everybody had to evacuate at about 1:30 am and lined up in the parking lot until the fire was put out and it was safe to go back inside, which was about 6 am

One of the units in this building just went under contract for $350k. Sold for $850k in May 2023. Zestimate had it at ~$993k.

This is obviously an all cash offer since you wouldn't be able to get a mortgage, and either someone is a moron or knows what the payouts would look like if/when this thing gets demolished and they feel like they'd come out ahead or they're using the $350k as a down payment on whatever gets built next. But if they end up repairing I don't know how you could even guess at what the special assessment will be.

LINK





Saw a comment on FB about what the process will likely entail

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Typically, the bank will seek foreclosure of the property in most situations.

However, with the entire building getting demolished, it’s tricky. The HOA likely has property insurance, which theoretically could be used to pay out a sum to each owner. Additionally, the owner would get a share of the land sale where the building used to stand. Finally, the HOA may have a separate liability insurance and you may see owners sue their own HOA to get a piece of that as well.

In other words, it’s a mess no matter what. Even if they make some band aid repairs, you’d have to severely discount these units in order to sell. But again, who would be crazy enough to buy something in a building like that and with an HOA straddled with repair debt. The fees would be astronomical.

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There are realtors in there saying all disclosures are posted and to contact them if they're interested in buying After this one went under contract a few others popped up at $350k-$400k. LINK

Building currently



Looks like some jail building from a Bateman movie.