Home Buying in 33426>Question Details

Cathy, Home Buyer in Florida

I am interested in one of condos in Renaissance, but it's been confirmed that it has Chinese dry wall. What should I do?

Asked by Cathy, Florida Tue Jan 24, 2012

Walk away? What is the cost to replace all the drywall? Is there any restriction on rentals? can I rent it right away? Is it easy to find a tenant?

Please advice!

Help the community by answering this question:


DON'T WALK RUN. It's that simple. How much homework have you done on the variations of "Chinese" Dry Wall and the associated health risks?

Why put yourself and your family at risk when there are so many other places in the area that don't have issues with questionable chemicals and compounds?

I too have sold real estate with "Chinese" Dry Wall. And even though the issue was "FULLY" disclosed...............the end result.............unhappy clients.

Look, the stuff is nasty. And even if you get all the dry wall out of your condo, what's to say your next door neighbor decides it's "no big deal" and lives with the odor and health risk. Could that effect you? Would you want to risk it?

My advise, look elsewhere.

Michael Cohen
West Atlantic Real Estate, Inc.
(561) 865-8215
1 vote Thank Flag Link Wed Jan 25, 2012

It sounds like you are looking for an investment and you should be very careful with a development that is known to have Chinese drywall like Renaissance Commons. From all reports there is none of the material installed at San Raphael at Renaissance Commons but just the stigma of the problem can last for years so be careful.

Remediation of Chinese drywall involves much more that just removing the tainted wall board. There are many different points of view as to what has to be done and that is one of the problems as you want to avoid any future potential litigation. You will see remediation protocol from various sources include the removal and replacement of air conditioners, all electrical wiring, all copper pipes, most appliances, carpeting, hardwood flooring, vinyl flooring, etc. Once everything is removed the structure should be cleaned with a HEPA vacuum and power washed and allowed to air out for up to 30 days. This is an expensive procedure and you can expect costs of $35 per total square foot and up not including holding costs during the process which with permits can last numerous months.

There are other opportunities with less risk that you should contemplate and I always tell invetsors they should look for the best properties in the best locations and very carefully scrutinize the financials of an association. I work almost entirely as a buyers agent throughout Palm Beach and Martin Counties and certainly would be honored to be on the list of Realtors® you interview and happy to be of assistance in any way that I can. If you are in the area and would like a tour I would enjoy showing you why this part of Paradise is a great spot for your investment dollars.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
Web Reference: http://www.tompriester.com
1 vote Thank Flag Link Wed Jan 25, 2012
Hi Cathy,

The cost to replace the drywall can be considerable. There are other things that will probably need to be replaced as well, such as the plumbing, wiring, and appliances.

Condos are very rentable. It's a beautiful area with many amenities close by. I live and work in Boynton Beach and get many rental requests.

For more information on Chinese Drywall go to: http://www.chinesedrywall.com/

Please let me know if I can be of further service.

Nadine Mauro
Highlight Realty
1 vote Thank Flag Link Tue Jan 24, 2012
Not all the buildings have Chinese Dry Wall. But, some others have had trouble with HOA fees compliance by owners. Need to check if Banks are financing purchases in any given building.
I have sold there, and know the background since the beginning. The location for the young is ideal.
Call me at 561 706 5815. There are other choices Condos wise, somewhat pricier, but a good
0 votes Thank Flag Link Thu Mar 21, 2013
Most importantly is the plumbing and electrical components. Make certain to check the a/c
Gino Herring, SFR
0 votes Thank Flag Link Thu Apr 19, 2012
Hi Cathy,

It is not only the drywall that needs replacing it is also the electric and plumbing. It would not be cost effective. There are some condos in Renaissance that does not have a drywall problem. We just have to find out which condo is OK. The rental market is hot now because of the foreclosures and short sales. The people need someplace to rent. I am not sure if they have a restriction in the bylaws that does not allow you to rent for a year. We will be able to look into that if you are still interesting in buying a unit.

Helene Slonin
Certified Distressed Property Expert
Realty Associates
(561) 906-2652
0 votes Thank Flag Link Mon Feb 6, 2012
Please give me a call. I would be happy to help you with your home search.

Gino Herring, SFR
United Realty Group, Inc.
0 votes Thank Flag Link Mon Feb 6, 2012
An insurance perspective on Chinese drywall insurance companies
1) will not insure this property at all or
2) if they do the insurance company will absolutely not cover any losses related to the Chinese drywall.

Brain Murphy
Web Reference: http://Murphysbrightway.com
0 votes Thank Flag Link Thu Jan 26, 2012
While not all condos in Renaissance have Chinese drywall, it is a good idea to avoid one that does. The costs of renovating can be prohibitive. You will find that even if you buy this condo at a price at or slightly below market, the fix-up costs will put it well over market value.

Unless you are purchasing this condo for at least 50% under market value, don't just walk away. Run.

If you're looking for a Boynton Beach condominium that you can rent right away, you should consider several factors. One, what is the rent that the condo will command in the market. Two, what will you need to spend monthly in terms of the condo association fees, your taxes, and your mortgage costs.

While you will make your own decisions after you investigate, I think you will find that condominiums in Boynton Beach do not bring you the best return on your investment dollar.

Finding a tenant for a Boynton Beach condo is not necessarily difficult. However, like all real estate, the rental will have to be priced for the market. If your expenses, for example, come in at more than $11,000 and you can get only $1,000 -1100 or a little over as a monthly rental because of competition for renters in the area, you are not likely to come out ahead on your Boynton Beach investment property.

Before you become a landlord in Boynton Beach, check out Boyn prices thoroughly and investigate rental rates around the area of the Boynton Beach condo you have in mind.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
0 votes Thank Flag Link Wed Jan 25, 2012
Hi Cathy,

I forgot to give you my telephone number.


Helene Slonin
0 votes Thank Flag Link Wed Jan 25, 2012
If a condo has this problem don't walk -- run. Some of the condos do not have Chinese drywall. I can help you find one without the problem. Yes,you can rent right away and it is easy to find a tenant in this market.

0 votes Thank Flag Link Wed Jan 25, 2012
Hi Cathy, the below answer is correct, run, ,don't walk away from this place. there are so many other nice places to buy in Boynton Beach without the problems. Please let me know if I can help you . Lyn Miller 561-445-8719
0 votes Thank Flag Link Wed Jan 25, 2012
Hi Cathy. It is my understanding that not all of the condos in the Renaissance have the Chinese dry wall issue. It's not a quick, easy and inexpensive fix. Personally, I would find a unit that doesn't have that problem or find another condo in an entirely different building.

There are many wonderful properties that don't have issues. Choose a good Realtor to help you find the right one. If I can be of help to you feel free to get in touch with me.

I wish you the best of luck.

Nicole Marks Mason, Realtor
Web Reference: http://www.BuySellBoca.com
0 votes Thank Flag Link Tue Jan 24, 2012
You need to be in consult with a firm that specializes in the remediation of Chinese drywall and the damage it probably has already caused (air conditioner, pipes, etc.) to have an idea of what it will cost to make the unit habitable. From there you can decide if it is worth your while to pursue. Rentals are in demand and your agent should be providing you with rental restrictions and what you can expect to receive as a rental unit.

Broker Associate, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 33496
0 votes Thank Flag Link Tue Jan 24, 2012
Depending upon the building within Renaissance Commons, you should be able to rent your unit out right away. You would need to disclose that the unit has chinese drywall to any prospective tenants. Cost to replace drywall, plumbing, hvac, and any other issues could run over $20,000. I have sold units in there with chinese drywall. I am not aware of any remediation settlement with the association at this time. I also just received a new, bank owned listing without chinese drywall. Units with chinese drywall are selling in the $40Ks. Units without are selling from $60K to $90K.
Web Reference: http://www.bporealty.com
0 votes Thank Flag Link Tue Jan 24, 2012
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