Madison Terrace
Located on South Dixie Highway, the Madison Terrace Project, with financial support from the CRA.
According to Protect Lake Worth Beach Facebook page, it says: Once completed, this project will provide 176 units serving seniors over 55 years of age in Lake Worth Beach. Construction has begun and is expected to be completed in early summer 2026.
Madison Terrace's website says it will be 91 units for over 55.
16 comments:
That will certainly be an improvement over some of the eyesores that are there now. I wonder who they are going to get to do the labor? One of the advantages I have noticed about the Central American and Mexican construction workers, is that they are not huge people, and they are able to gracefully maneuver on the scaffolding required for High-Rise projects.
When the titans of industry built the New York Skyline, people in general, were smaller than they are now. You can't have 200-pound men on scaffolding.
I called the CRA at 9am yesterday as I had several questions. You don't get live people at any department or any corporation today...no one answers the phone or you get shuffled around to some other department to leave a messsage and NO one calls you back. This is true with the City of Lake Worth Beach. People are too busy to answer the phone?
And when they do answer, they just send you to another department that doesn't answer. Sometimes you get a very positive response on the phone, but no action to follow up your request.
Lynn,
I hate it that LW has given the go-ahead for a six story apartment building, not because the building is not beautiful or for seniors, but because it will likely be vacant after 10 years. This is because any building over three stories falls under the new Florida Inspection Law (see below).
As a contractor who follows behind the engineering inspectors, I can testify that the expense of the inspection and repair is, on occasion, more than any senior can afford or wants to afford. It is often less expensive to move and lose your entire investment than to stay and pay the increased HOA fees.
"............Florida has a number of condo inspection laws, including milestone inspections, structural integrity reserve studies (SIRS), and reserve funding:
Buildings that are three stories or more and received their certificate of occupancy before July 1, 1992 must complete their first milestone inspection by December 31, 2024. Buildings that reached 30 years of age between 2022 and 2024 have until December 31, 2025 to complete their first inspection.
After the initial inspection, buildings must undergo milestone inspections every 10 years. The inspection can be as extensive as needed to assess the building's structural integrity and recommend repairs. The architect or engineer must provide a sealed copy of the inspection report to the condo association and the local building authority. The association must then share the inspector's summary with unit owners and post a copy in a visible location.
Condo associations with buildings that are three stories or more must have a SIRS conducted by a licensed architect, engineer, reserve specialist, or analyst by the end of each year. The study must include funding for reserves for structural components, roofs, fire protection, plumbing, electrical systems, windows, foundations, and waterproofing. The study must also be completed every 10 years after the initial study.
The findings of the study help owners and potential buyers understand what future assessments they may be responsible for.
Starting January 1, 2025, condo associations must include full funding for reserves for structural integrity items in their budgets. This means that condo boards may need to increase monthly association fees or charge special assessments to cover the costs of repairs and replacements................."
@5:34am...Thank you for your comment, friend...I totally get it and thank God I live in a two story condominium. Our expenses are vast although we manage our building well. I, as President, am very conscientious about our fees, some of which we have no control over such as insurance that is out of sight. Labor costs are high. The other problem we have is that NO one ever wants to help...they expect the board to do it all even though we don't have maintenance men, etc. They can't even pick up a palm frond. Costs will get higher as we all are getting older and just can't do the things we used to do. People need to get off their butts and realize this is their home, their investment and to help take care of it.
I'm sure you're right contractor, but isn't also true, that many of the buildings, haven't been inspected for 50 years. Wouldn't the upgrades to the concrete be affordable after 10 years, without everyone facing financial ruin. There is no building where you can live without making repairs on a regular basis. That is the whole idea of a reserve study, and adequate reserves.
The full funding by January 2025, was moderated by the State Legislature. Please check your sources before you distribute to the hapless condo owner. It's bad enough the way it is, but don't make it worse by passing around misinformation. In fact, the legislature is now or has already made up the requirements for 2026. Call your State Representative to get the current information.
In May 2025, Florida extended the deadline for required condo reserve studies from December 31, 2024, to December 31, 2025, and introduced a two-year pause on reserve funding after milestone inspections. It still is a huge expense for condo owners, no @12:08?
No question about that! It's typical of human nature, however. For years and years, condo owners have left their buildings to deteriorate, to the detriment of the building, the new owners, and the people in neighboring buildings, who have had to watch the neighborhood property values decrease due to these rotting structures.
hapless condo owner anony said above. I would say that perhaps he will be unlucky to buy into a lot of expense.
These are rental units I take it!
He would have a lot of company!
@2:09...I disagree with you. Boards of Directors must by law maintain their buildings and do. Raising funds is the difficult part at times. When you have an irresponsible Board, you could have another surfside collapse. Do you think the condo buildings here look dilapidated and have rotting structures? Name one please.
https://youtu.be/ia6ndoU1W6c
This may help those looking to purchase a condo. Bottom line.....it can be very expensive.
@4:47...interesting video of a condo owner in Ft. Lauderdale. I believe the housing market was overpriced (like so much of everythung else) and that includes condos and houses. Prices are now at a more realistic price. In our two story community, units are selling. One just sold next to me for $125,000. But this is Lake Worth Beach, more affordable than some other FL cities.
How about Gold Coast Towers for one. Also, the place on Federal around 14th South. Federal is being updated now, but I've been looking at it at it for 20 years in it's dilatated state.
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