Don’t get us wrong, the $55 Million Banner Supply Chinese Drywall Settlement is an important achievement in the defective drywall battle that many Tampa Chinese drywall homeowners are waging. Many homeowners throughout Florida, and beyond, will potentially benefit. However, some of the stories being written are setting expectations too high. These articles are saying the settlement will help “thousands” of homeowners. This leads many to believe that thousands of Chinese drywall homes can be completely remediated, but this is not the case. Its a matter of simple mathematics.
First, we need to recognize that Chinese drywall remediation is an extensive and time-consuming process, and as such is expensive. Based upon average square footage numbers of homes built in Florida, our experience with remediating Chinese drywall homes here in the Tampa Bay area of Florida, and the estimated fees the attorneys will take off the top of the $55 million before the settlement goes to the homeowners, we calculate this settlement could help between 300-500 Chinese drywall homeowners.
This would be fantastic, but it’s not the “thousands” many are professing. The only way thousands are going to be helped is if the $55 million is spread out among every plaintiff in the class action suit against Banner Supply, which is the most likely way the funds will be distributed. In that situation, how much each homeowners is actually helped becomes subjective. They still cannot do a complete Chinese drywall remediation of their home, most will still have to live in their home with the toxic drywall, and they still cannot sell or walk away from their home and be made whole again. Many of these homeowners will rightly protest just how much this $55 million settlement is going to help them.
In summary, the $55 Million Banner Supply Settlement could potentially resolve the Chinese drywall problems of many homeowners, but because the suit involves thousands of homeowners the payout will be so diluted that final resolution of this Chinese drywall problem for these homeowners still lies at some point in the future.
For additional information on Chinese drywall, please visit the following Chinese drywall resources:
Tampa Chinese Drywall Video Series – The video series walks step-by-step through an entire Chinese drywall remediation project. It also covers other issues homeowners should consider before beginning a remediation project.
Tampa Chinese Drywall Blog – The blog focusses on those issues directly relevant to any homeowner with Chinese drywall.
Tampa Chinese Drywall Twitter Feed – This twitter feed also focuses on those issue directly relevant to homeowners with Chinese drywall. The blog contains more in-depth information while the twitter feed contains the more timely issues relating to Chinese drywall.
Charter Bay Home Builders is a full-service Tampa Chinese Drywall Remediator, Remodeler, and Custom Home Builder working throughout the greater Tampa Bay area including Hillsborough, Pinellas, Pasco, Hernando, Manatee, and Sarasota. Charter Bay can help with your Chinese Drywall Problems and Remediation, Additions, Kitchen Remodeling, Bath Remodeling, Renovation, Remodeling, Home Design, Cabinets, Design Build, and Custom Home Building needs.
In addition, as one of the few Tampa custom home builders, or remodelers, with multiple green building and green remodeling certifications (FGBC Certifying Agent and NAHB Certified Green Building Professional), Charter Bay can also assist those clients who want green features and sustainable building practices incorporated into their projects.
Visit our website – www.CharterBayHomes.com – today to learn how “The Charter Bay Way” delivers:
“Yesterday’s Values • Today’s Technology • Tomorrow’s Vision”
(813) 357-9030
(CBC1255041)
