Who is responsible for the shortfall?

By Darlys Walker

Published May 23, 2018  

 

Recently, a smoker caused a fire on their balcony, resulting in the complete loss of 16 units. After investigating, the Fire Marshall determined a lit cigarette, smoldering in a trash can on a balcony, to be the cause. The building was a total loss and everyone was displaced. 

 

A claim was filed and bids were obtained. Guess what? The building was under insured! So who had to pay the $400K deficit? The Association! 

 

The first question is, why was the building under insured? Had they had a recent appraisal? Yes! However, the community is comprised of 10 buildings and the appraisal was done as a bulk cost and not on each individual building. So please make sure your community is properly appraised! 

 

The second question is, did the association special assess the shortfall to the effected units? NO! At the advice of legal counsel, they were told they would be last in line against the unit owners, who caused the damage, insurance company and it would be fruitless. Therefore the Associations Board of Directors chose NOT to special assess the unit owners that were effected. Could they have? Yes! But given they were displaced for over a year, the Board chose not to.  
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Darlys Walker, Founder and CEO of Condominium Concepts Management, Inc. (CCM), is recognized for her straight talk, subject matter expertise, and valued insights regarding real  

state management, leasing, and HOAs. Her company serves a diverse portfolio of properties, from 16-units up to 600 as well as large mixed-use developments.  

 

   From its beginnings in 2000, CCM has become a well-respected asset manager and now works with over 100 associations with 16,000 units served by over 300 employees. Darlys and her team deliver resources and responsiveness through six regional offices - in Orlando, Miami, Jacksonville, Charleston, Nashville and Atlanta.

  

   Darlys Walker is best known for her passion and precision, understanding that the only difference that matters in today's demanding marketplace is service delivery ... doing what is promised and what is right. She knows that every community serves two masters ... the property owner/developer and the resident/homeowner. "If we are not equally responsive to both, we are not doing our job," she states.  

 

   Her clients say it best: "Darlys really knows her stuff" ... "at the top of her profession and it shows in the caliber of her clients" ... "delivers quality resources that match up well with needs and expectations that are really rigorous."  

 

   She is a licensed Real Estate Broker in four states, holds an Associate's Degree in Marketing and has earned the Accredited Real Estate Manager designation from the Georgia Institute of Real Estate Management. Also she is one of few certified as a Lead-Based Paint Abatement & Removal Trainer in Georgia.

  

   Darlys Walker and her team have been selected to manage the condominium conversion process and day-to-day operations for many of the Southeast's most high-profile condominium communities including luxury high-rises, mid-rises and garden-style homes. Most recently she has been recognized as an expert in 're-versions' of communities from condominiums to leased homes, as well as repositioning projects. A visionary and a tireless perfectionist, Darlys demonstrates hands-on leadership, working individually with each client and staff associate to achieve defined business outcomes and satisfaction.  

  

  For more information about Darlys Walker and Condominium Concepts Management, Inc. please visit www.condominiumconcepts.com.

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