Condo Media - February 2024 - 34

The Region MAINE
Condo
Damage
Resilience
Be Prepared
[By Jack Carr, P.E., LEED-AP]
Maine's unofficial motto, " The way life should be, "
has taken on new meaning, according to the Wall
Street Journal. The Winter 2023 Wall Street Journal
and Realtor.com Emerging Housing Market Index
reported that in October, Maine was nationally
ranked as the most popular metro area for luxury
condo buyers in the third quarter of 2023. This index
was based on greater Portland condo prices as well
as the available local amenities including fine dining,
diverse entertainment opportunities, and overall
quality of life.
Portland's rise in this important housing market
index from sixth place in the prior quarter did not
come as a surprise to many. Following the theory
that a rising tide lifts all boats, it can be expected
nearby Maine real estate markets will be positively
affected by this good news. But rising property
values and the resulting increase in unit owner net
worth comes with a price - namely, the increased
need for protection against unexpected disaster
and the rising costs to recover.
UNIQUE RECOVERY NEEDS
Disasters are here to stay. Like the bumper sticker
says, " it happens. " It happens to the best condominiums
and homeowner associations. In New England,
it can be hurricanes, tornados, micro-bursts, floods,
ice storms, and even landslides. High and mid-rise
condos face higher risks from fire and internal flooding,
requiring different risk and recovery planning
than horizontal multi-plex unit buildings. Resort
condominiums have higher rates of absentees while
senior living condos have special evacuation needs.
34 CONDOMEDIA February 2024
Amenities such as marinas, tennis courts, clubhouses, pools, retention
ponds, and dams can have a significant impact on any recovery plan.
Disaster planning is all about saving lives, reducing suffering, and
minimizing damage. The key elements of a good plan include thoroughness,
well-considered preparation, and an orientation toward
recovery. This post-disaster management aspect is often overlooked.
DISASTER PLAN DEVELOPMENT
So how do you start? The board should create and appoint a disaster
team with at least one member of the property management staff
and a board member. Residents with skills in insurance, legal matters,
electrical systems, HVAC, plumbing, and emergency response
should be invited to join the team. There are many resources for a
general outline of disaster plans. Your insurance company may have
pre-prepared templates of these types of plans for easy customization
for your community's needs.
The written plan needs to be approved by the board. The plan should
be available in multiple easy-to-access locations. It should be periodically
reviewed and rehearsed. A good plan will have a checklist of
needed steps, procedures to follow, and basic supplies to have on hand.
Here again, your insurance carrier may be able to provide disaster
training guidance and other resources. Just ask. You may also want
to consider seeking training grants or funding through Community
Emergency Response Training (CERT), a national training agency
providing instruction on health, safety, and wellness.
The key elements of a good plan include
thoroughness, well-considered preparation,
and an orientation toward recovery.
Condo Media - February 2024

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