It's just another way for the biggest banks in the world like blackrock to come in and scoop up prime property for pennies on the dollar..they do it more than most would think.
no criminal liability no civil liability no corruption no lawyers ... just incompetence, irresponsibility and poor judgment on the part of the condo owners
Thx what I found absolutely crazy , your talking about buildings from mid 90s . After Ballys fire in Vegas all of these high rises were retrofitted for sprinklers. Hutchinson island good example no notice eviction
Luckily, my community got our assessment repairs started and completed during the pandemic when interest rates were lower. We were under heavy pressure from the City of Sunrise to complete repairs(falling concrete and broken elevators) or face condemnation. Our BOD got a 20 year term bank loan ($365K) to cover all repair cost. Our property is 3 stories high and with 13 buildings consisting of 220 units. We got new roofs, new elevators, concrete restoration, new steel reinforcements for elevated walkways, new outdoor lighting and a new waterproof paint. Our monthly assessments increased by about $300 to a new monthly rate of $535. Individually, we were facing an assessment of $20k per unit. All repairs have been completed and we are collecting fees for future repairs. We are in great shape now.
There are three rules for condominium ownership in Florida. 1. Never buy a condominium in Florida. 2. Never buy a condominium in Florida. 3. Never buy a condominium in Florida.
@@rolandthethompsongunner64 My girlfriend bought one in Orlando and she is getting burned for pool and roof repairs. When you buy a condo you are faced with unlimited liabilities.
Either pay up or let the condo collapse on top of you. There’s not a whole lot a wiggle room. Florida is known for hurricanes, sink holes, flooding, foundation shifting, and mold. Why should everyone else be left paying the bill for people who want to live the high life in a sunny state. Emergency government funding and insurance companies don’t have endless piles of cash to pay for luxury beach front ‘disaster waiting to happen’ properties.
I moved to coastal Florida and the personal irresponsibility is rampant and honestly shocking. Apparently everyone on earth, but them, realizes the risk factor has tremendous cost. They act like these insurance rates and assessments just came out of nowhere. It’s clown world meeting the real world for a lot of these people. It is expensive to live here, it’s not for everyone. If you don’t maintain people die.
Don't worry, all you non Fl. residents will also soon hear the beautiful melody of HARP while enjoying the sunrises and smelling the sweet aroma of the morning DEW---GOOD LUCK
@NoSenatorson Remember HOA has fees ! they are paying the bills and maintaining these buildings! The company's who manage these properties are getting their fees off the top ! Before they pay any maintenance fees, there are no caps on what they are paid, the sky the limit. So, as a result, the cost are outrageous high, and the homeowner has no recourse, pay, or move! This is where the states need to regulate these Company's to keep it fair and equitable !!
Looked at a unit in Ft Meyers, owner bought it 3 years ago.... and now wants DOUBLE what he paid... and the icing on the cake, the HOA fee has doubled in the same three years.. Now almost $1,700 monthly.. 20k a year for HOA FEE, plus 8k in property tax.... way no way!
That's not expensive in Florida. Numerous HOAs come in around 20,000 to 100,000 depending on where you live. Boca Raton for example. Make no mistake, these high priced HOAs are filled with liberal Democrats from NY or Boston. They want to hide behind walls and security...hey wait I thought walls didn't work, LMFAO.
No, it's worse than that. The state didn't regulate them in the name of "deregulation" and commerce . Florida is not the only place in the country with buildings.🙄
Correct.. these owners are old cheap people.. never approved maintenance. and also a large percentage are owners that rent out their units - and are just in for the income, vetoing all HOA fee increases. Now their investments are gone.. their fault..
@@xx133 in reality they should have kept their buildings maintained even without the state, forcing them to do it. But it turns out that a lot of people will let their property deteriorate, unless forced to keep it safe.
@@neilkurzman4907 we can either point fingers or actually solve a problem that’s already been solved across the country. Also, these people inherited these problems, it’s not like all of them were there for 40 years. For the most part, the banks and builders pushed for deregulation, then sold off the unmaintained buildings to unsuspecting new home owners, who then got an assessment on their lap. This situation was never solved statewide because the banks and developers want the ability to buy the properties back for pennies and make a profit (with tax payer money via “incentives” and “public private partnership”) then rent the properties out without maintaining them. Rinse and repeat. This my friend, is why regulations need to exist.
As an Licensed-Certified-Bonded A.E.C. , I’m experienced in design/engineering/build/inspection/assessment of multistory structures within the Coastal Zone. During my 40yr career I inspected numerous structural mistakes, degradations, and failures of subassemblies and materials including poor quality unrated concrete and steel. The dire situation in Florida appears to be replete with corruption and malfeasance at every level…especially the HOA BOD.
Why do you blame the HOA boards for doing what the owners told them to do. What they were elected for to keep common charges low, to not keep reserves.
I'm curious how high rise condos are doing in other places. Brazil has many that I know of and many are getting up there in age. they have much better foundation bedrock to build on, does that help?
@@kennj321 Florida is not having problem with the foundations not being on bedrock. Having problems with the buildings being built near saltwater. But any building that’s neglected for 30 to 40 years and then finally looked at is going to have some expensive repairs
@@neilkurzman4907 the better rock under the beaches in brazil might mean the building can start a couple feet higher away from ground where the salt water is. never underestimate all the advantages a good foundation provides. One time I saw them digging a big hole near the boardwalk at Atlantic City. it looked like all sand. it was pretty scary thinking all those buildings were built on that.
Greetings from NYC. We used to visit Florida when my parents were alive. The people there were wonderful to us, and we've made lifelong friends. Good luck through this crisis.
No crisis... it's all fake news.. the anti - Florida folks.. It's a great life here ... people (except folks from NY and NJ) are amazing. weather is great, beaches beautiful.. If you read these You Tube folks, we are all being eaten by alligators, hurricanes are a daily thing, traffic right outside our doors, bugs carrying us away, Taxes, insurance, all killing us. all fake, like the rest of American media. and this guy is the biggest joke.
I own an oceanfront condo outside of Florida and have had to pay "special assessments" for a roof (110 unit building) and insurance. Fortunately our condo fees are not cheap and the building is less than 20 years old so , so far so good but who knows. Our HOA members are just regular folk like myself. Here is the solution once this problem gets solved. You need TWO HOA fees. One for ongoing expenses like landscaping, garbage fees, water, electricity, minor repairs, etc. and two, for Capitol Expenditures requiring an engineering study and projected repairs. Those funds by law must be locked away in a secure account and can only be used for building structural , electrical, roof, building plumbing, painting, etc. You must require all owners get an engineering report on a five year review with projected repairs and when they must be done. Do this and problem solved.
Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my $450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Melissa Terri Swayne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
50% of the Condo owners are really old cheap folks, the other50% are NY owners just in for the rental income.. so they all vote HOA board members that pledge not to raise HOA fees.. creating ghettos.
I bought condo in May 2022 and sold it in December with loss. I somehow realized this is going to happen. I bought the place and my insurance dropped me in 2 weeks and the cheapest condo insurance was double what I paid 2 weeks ago. 2 months later my HOA announced that they are doubling HOA fees in December., because of insurance increase for entire property. I just didn't want to pay monthly $2500, HOA, property tax and insurance to live in place I own. If I can rent the same place for $3000. Not to mention that most HOA's are under control of local Karen's and all they care is that your doormat is wrong size or your window blinds are not the correct shade of white LOL. They are just bullying the neighbors with ridiculous items and don't have clue about law or construction. Over past 20 years I owned and lived in multiple condos and HOA never had clue what they are doing and never had the finances under control. That's known fact.
I work in the Insurance industry on large loss claims, and every time we get assigned to a condo loss I have to mentally prepare myself for the ensuing Circus! There’s so much bickering, and occasional violent threats between neighbors and board members. You get pulled aside and someone wants you to take their side as leverage to go after someone else. I just nod and smile, with the occasional “that’s a good point” and “I’m just here to document the damage”.😂
I lived in a condo in Minneapolis 7 years ago. My wife and i were on the board. We never were able to get our full reserve filled. Trying to get a $10 a month increase was near impossible. We were able to get the roof replaced and a new boiler for the entire building. We saw the writing on the wall I got out. This problem is more prevalent than most think. Buy some cheap land and get a tiny home, a condo on wheels.
I used to work build condos in Naples. Tallest was the Allegro which was 32-33 stories high. I was drafted and trained to do post tension cable repairs on the buildings as they were going up. Allegro was 6500sqft under air per apartment. 1 apartment per floor. One building we put up in Pelican Bay had problems with cable placements. When they form the form tables down the cantilever balcony supported with rebar and cables started failing. Cables fling into the air taking large chunks of concrete with them. The slab was destroyed 4-6ft back into the living room. Post tension cables are steel cables inside plastic sheaths with grease. The are anchored on one end and then pulled from the other with a hydraulic ram pulled to 22,000ftlbs. Depending on the length of the cable you had to measure certain amounts of stretch and document that fact. The cable ends had steel with lead wedges to maintain their stretch. The cables allowed elasticity to the concrete. Less rebar was needed. Those cantilever balconies would bow up and down with with temperature and humidity. It was normal. The rebar in these places should have the green epoxy on it to protect it like they use on highways. Salt air can enter from cracks in the concrete. Epoxy coated rebar was never a requirement. Many of the "masonry" condos in Miami never had enough coverage on the steel. The WWF (welded wire fabric) wasn't raised up when pouring the slabs. It could be seen with rusty squares in the ceilings in the buildings with age. No drywall on the ceilings in most of those buildings. Veneer plaster, of sprayed popcorn ceilings.
I don't think you're going to find widespread embezzlement or conspiracies involved in this. I think it is mainly condo owners wanting low monthly condo fees and voting against raising fees. Asking people to start paying a little extra each month for a roof that will need to be replaced in 20 years, and a parking lot that will need to be repaved in 10 years and an underground parking garage that will need repairs in 15 years, doesn't get much enthusiasm.
Dude, condo association members are just as responsible as their board officers. For decades, condominium complexes throughout America, have voted down major maintenance, proper dues increases, as well as assessments. I live in a condo assoc. and see first hand the apathy from the membership. We have to had to beg people to help on the board and with planning for the future. There is no training for board members, and membership doesn't care unless they dues are going up.
100% correct... here's my comment I just left: dude I am 4 minutes into your video - you say "what they're doing to people is criminal" --- you have no idea what you're talking about --- THESE same lame unit owners likely HAVE NEVER gotten involved with their HOA - and if they did get involved they likely kept voting for loser Board Members who promised to keep their HOA dues LOW. As a result they are all now going to have to pay more than they can afford - that's NOT criminal - that's chickens coming home to roost - how do I know ?? I was a Board Member in a downtown Miami high rise for 1 year who fought with corrupt Board members who never wanted to fix anything took so many kickbacks they didn't even have or need normal jobs. Everyone in South Florida who owns a condo is about to get the wake up call they ALL kept hanging up for decades.
100% correct.. it's not the HOA board.. it's the cheap owners. The media is so biased and corrupt.. not telling the real story (as usual). Owners vote in HOA board members that pledge not to raise HOA fees.. hence, a decaying building. these buildings have been in decay for over 25 years. And buyers . buy into condo's with low HOA fees, realtors are also to blame.. guiding buyers to condo's with low HOA fees.. Buyers think they are getting a deal... NOT, the building is falling apart...
During the condo boom of the ‘80’s and ‘90’s there was so much construction going on that there was no way inspectors and code enforcement could keep up. Unscrupulous developers and contractors abused this situation for their own enrichment. There are now 100’s of these structures that are either currently unsafe for occupancy or on the verge of being so.
Not true... ALL these structures were built to code. ALL these structures have been neglected for 30 years. Every one of the condo's sited have had NO repairs in 25 - 30 years. Reason: owners are old, cheap folks or owners that use the units as rentals.. NOT ONE of the sited building have HOA fees over $150 a month... Assessors say that these buildings should have HOA fees of between $900 - $1,200 a month. Why is that never in any of these You Tubers posts? Why is that....biased, fake reporting.
@@joemancurreri6635 you’re seriously making this argument 3 years after the Champlain Towers South collapse? Sure, owners have neglected maintenance. They do the same thing in NYC. Except they don’t have any collapsed structures. If you’re going to tell me that CTS was to code all you’re really telling me is that you don’t know what you’re talking about.
No, not karma. Average people living there will pay the price. People that moved there with the hopes of buying a home will pay the price. Foreign investors can sell off and buy in Toronto, people in Florida, not so much.
and folks from NY, that buy condo's and rent them out as income.. Some owners have not seen the units in 10 years, vote down HOA fee increases, just out for the dollar, typical NY investors. If you ever saw some of these condo's you would run.... they have been in decay for the last 20 years+.
It is too late for Florida legislature action, the economic cat is out of the bag. The market will adjust, it is financially and physically and emotionally brutal to the current owners, and right now no end in sight. Many owners will lose significant value. And where will they go? Many condos just getting bought out and razed for new construction - thus avoiding the old catch up fees with new buildings...but how many times can this re-happen?
Until they’re rid of the retired and elderly! Planned. They will not have the money to relocate so be ready for elderly homelessness! Young rich will buy it back up. 🙏🏻🤔🧐🤨
I’m in Fort Lauderdale and i had a customer who has a friend who wants to dump his condo. I called him and he was willing to sell his 2/2 for 180k which is absurdly cheap for so flo. I was very excited and surprised I may finally be a home owner in south Florida. I called the property manager and she directed me to the hoa board president.. within 2 years after purchasing I would have to fork out at minimum 28k for repairs and reserves….. when something sounds too good, do your research. Thank god they were transparent with me… I’ll keep saving my Pennys and hope single home prices drop a littlw
Curious, would you have purchased the condo at the higher rate if the repairs were already complete? Eventually, the repairs need to be done, property value reassessed, and someone else owns it.
We are old and retired and just bought a 2BR/1BA cottage on a tiny island off the east coast. We paid nearly $500k - with no water view - and I feel happier and safer and more relaxed than if I owned any condo in FL. I can't imagine being stuck with one.
What’s frustrating about this is that condos charge high HOA too. And all of a sudden it’s almost like they didn’t use that to do those expected repairs over time. So they can charge you those high HOA, and boom you’re assessed.
They used the money on the property managers salary, the property mgr husband as maint guy salary, then pay the property mgr son to be the grounds guy....So there's $250,000 off the top.
In reality the condo board members knew they would have backlash if they told the long-time senior residents that in order to keep the building up each of those 30 past years their HOA dues would need to increase, and they would have to accept assessments. So, instead they kept the status quo without doing the necessary maintenance and repairs.
Because for years many of those condo owners were paying close to nothing for HOA, nobody wanted to pay for repairs, they would vote against any repairs to keep the HOA fee lower and kept putting it off, and now the other shoe fell..
Your comment is not true.. IN Florida, every HOA dollar must be accounted for. These buildings had HOA fees as low as $99 a month ! To maintain a building the condo fee must be between $600 - $1200 a month. Try to maintain your own home for $99 a month. impossible.
HOA seemsnlike blessing but is a curse. Things will be manicured perfect. The corruption and power a HOA can levy and take ur home/liens will become more obvious in the next few years
That's my question. Like even in like older cities like NYC, why aren't they going thru this? The only thing I can think of is that both in NYC and EU the government regulates the building structure which forces them to stay on top of repairs, little by little so it doesn't get worse. Idk. I know this condominium HOA structure isn't like this in EU I think. I know we sold our rental townhouse bc there was so many critical repairs and HOA didn't have enough due to them wanting to keep monthly dues down. We got out before some one died
I caught onto the "condo Game" decades ago at the Jersey shore when I watched condo after condo paying big name contractors for roof replacements on relatively new buildings that obviously weren't due for new roofing, each condo "owner" paying thousands in assessments for unnecessary work. Can you say "kickback schemes?"
I read a really good book decades ago by writer John MacDonald, it was titled Condominium. Well worth the read, describes how many of the buildings were put up in the 1970s and 1980s.
Seems florida condo HOA's is doin the opposite..... takin the fees and not doing any maintenance... now the condos need 30 yrs of work caught up... never I good idea to kick the can down the road
On the beach all of these changes are true. So come inland and buy a condo that is reasonable both in price and assessments. I have lived in Fort Myers twelve miles from the beach for 20 years. I have been accessed $2,000 with low fees and ample amenities!!!
This is what we did and I hope it helps someone else. WE are CURRENTLY going through milestone inspection repairs. We are a small building so it was a little easier to handle. We have the inspector that will be doing the milestone inspection as the engineer in charge of our repairs. So he makes sure the contractor are doing work the proper way so that it will pass. It guarantees that the work being done will pass the milestone inspection because he is the one doing it. Our milestone work is totaling about $65K right now with about 1 month left to complete. I pray more surprises don't come up. We originally had quotes of $130K each, $110K each, but we eliminated as much as we could be having meetings with our engineer. Got it down to $65K each. After all of this work we still have to pay for the milestone inspection itself, which is about $8K and then raise our monthly HOA after they tell us the shelf life of the stuff like roof, stucco, doors and windows, etc.
be prepared tp keep feeding the beast until you cannot take it anymore; I would have walked away from it from the beginning, evil is thriving when it comes to condos
@@raydemos1181 Assessments are caused by 3 things. The milestone inspection, which we already are in the process of fixing. 2nd) The the HOA reserve study. The reserve study should determine your assessments/monthly HOA for the years going forward. 3rd) Insurance shortfalls.
When I visited Europe, one of the first things I noticed was the age - and beauty - of many buildings. Returning to the US opened my eyes to how temporary - and ugly - much of our architecture, both public and private, is.
dude I am 4 minutes into your video - you say "what they're doing to people is criminal" --- you have no idea what you're talking about --- THESE same lame unit owners likely HAVE NEVER gotten involved with their HOA - and if they did get involved they likely kept voting for loser Board Members who promised to keep their HOA dues LOW. As a result they are all now going to have to pay more than they can afford - that's NOT criminal - that's chickens coming home to roost - how do I know ?? I was a Board Member in a downtown Miami high rise for 1 year who fought with corrupt Board members who never wanted to fix anything took so many kickbacks they didn't even have or need normal jobs. Everyone in South Florida who owns a condo is about to get the wake up call they ALL kept hanging up for decades.
In the end, there is no free lunch. No logical person should expect a property or nothing in life to be free of maintenance. The Champlain Towers incident forced the state of Florida to enforce full reserve in COA budgets and engineering tests. These were always expected of boards and owners with the understanding owners would act in a fiduciary responsible manner. My experience as a director on a couple COA boards is owners have a selfish short term perspective and no concept of engineering. Denial or ignites no excuse in all aspects of life.
Nothing new about how HOA and property management companies roll, allowed to do as little as possible and keep raising costs, and then along comes the forty years old excuse for the same ones to charge high assessments
People have to pay what they're supposed to as owners, but what done with the money, HOA and property management companies can legally embezzle, and when have allowed it all to run down, along come their high assessments
We had a condo in Ft Lauderdale. Years of owners kicking the can down the road has consequences. Who knew? Our HOA couldn't vote on spending money on simple things because people didn't or wouldn't vote and would complain about spending money on something like a leaky, older roof. You would think wealthier owners wouldn't have a problem with that but they can be some of the worst. And then there are the foreign owners...
I am in a HOA and have had 2 other homes in the past that were in HOA's. One was in NC. In all HOA's I have been in every owner is notified about meetings and the budget of where the HOA fees are spent. They are run by the property owners. The HOA Is like a pseudo government. Everything is hunky-dory and property owners know the money is being spent wisely. /s
And the Florida legislature can't put the toothpaste back in the tube on this issue. Even if it softens or removes these safety regulations, future buyers won't be fooled.
I learned my lesson in Florida real estate in 2008. I had already learned the "no condo" rule in another State, so I had a townhouse and a SFR. Both got their value cut in half, but it was really the squatting that was my biggest problem. I now only invest in FL real estate if the house is right next door to mine...."
It's not just the special assessment to shore up the building by 2025... it's also the rise in HOA fees that will be implemented going forward. Double whammy!
@@johnnya9863 You might be right, unless the new assessment takes into account the special assessment payment associated with that property, which it should do as it's already bringing down sale prices fairly harshly on affected condo building units. We'll see...
The problem with many condo HOA,'s is that they are purchased by retirees and first time condo owners. Neither the realtor nor the buyer review preceding year's association board meetings, annual HOA mtg minutes to learn the concerns...financial, insurance, maintenance issues, delinquent homeowners, etc. Further, when you have a bunch of people their 80's, they don't want to spend the money for maintenance...they have the 'let the next guy pay for it's attitude. Lastly, the directors of the HOA 's are generally amateurs. My experience is to have an insurance assessment annually. Those companies are brutally honest. Some states (few) require these assessments which do a good job of protecting prospective buyers and protect those older homeowners from themselves. Finally, new construction HOA 's frequently sell artificially low monthly assessments....thereafter, the HOS's do not accumulate the funds to perform those high cost items that are 100 percent predictable...paint, asphalt, roof, etc. 😮
I appreciate your video. But, I’m confused. Didn’t the majority of these condo owners willingly go along with underfunding their reserves? Don’t they have some responsibility?
Why aren’t any of you “RE gurus” saying that the condos also have to be taller than 3 floors? 30 yrs old AND taller than 3 floors!!! There is a massive amount of condos in Florida that are no more than 3 floors. Where are you guys getting your numbers from?! Geeezz read the law.. 🤦🏼♀️
C-Mon.... How is it that they did not know? Safe to say that many of these condo's have not been maintained for year's. Allot of decay and with decay thing's will eventually crumble.
These assessed condos will be demolished after owners abandon them due to foreclosure for not paying the assessment fees. Beaches will return to places where people visit in small motels and eat at corner hamburg and ice cream shops, not live.
Doubtful.....$$$$ corporations are moving in supported by Christmas week developer friendly legislation passed by Fla. politicians...look at what's happening in St.Pete Beach, Anna Maria Isl and Fort Meyers Bch...to just to mention a few....recent Fla. trailer pk 10 ft elevation legislation as well.... $$$$$$$ "You will own nothing......" W.E.F.
Hey just wanted to point out that the article you showed in the beginning says it’s 80% of the old condos (30 years or older). It’s not 80% of all condos.
As the buildings age the repairs and maintenance costs grow. And then there is inflation. How many people buy condos because they don’t want to maintain a house? I would argue a condo is far more expensive to maintain than a single family home. Condominiums have fire suppression systems, elevators, parking decks, private roads, boilers and the like. The cost to maintain and replace these items far surpasses anything in a single family home. Then you have the issue of delinquencies. Every building is going to have owners who do not pay the dues, it’s just a question as to what percentage don’t. The issue is it’s not where the condo fees went, the reality is the majority of the owners don’t want to pay what is really needed to maintain these buildings. Shared water lines is one place condo owners get killed. It only takes a few neighbors with a running toilet to take a $2K month bill to $20K a month. It only takes one neighbor to create an insurance nightmare for all the residents.
@@lmlynnmiller true, but you can't tell me that hundreds of thousands of not millions in condo fees went into private pockets only to leave the owners stuck. I know someone who had a beachfront condo and payed literally $2000+ a month in condo fees with 200 units that $400k a Month. That's $4.8 million a year on a building that was built in the early 70s. That's over $250 million in condo fees. Of course the fees weren't that high in the 70s and 80s, They charged each residence $30k to strip the facade of stone off the building when it started falling off. Again. Where is the money going? Not to repairs because if they were, why are the condo owners hitting everyone up for the new ac units or roof leaks. I agree that condos really are more expensive to live in. But needlessly. The money is being misappropriated
Too bad, should have been funding this from day #1. Also, people need to stop saying this is an HOA thing, everyone who owns a unit in a building is part of the HOA. If you can't afford the unit than sell and move along.
Did you know that the Biden/Harris Regime is giving undocumented "newcomers" who came across the border free homes? No down payment. No house payments.
The whole idea is to bankrupt Americans. Also, the Biden/Harris Regime is putting undocumented "newcomers" on Social Security and Medicare. This will bankrupt both programs and American seniors will have nothing.
Watching all my neighbors replace perfectly good roofs because their insurance company is requiring it!! $25k-$30k if you don’t own the home outright, you’re screwed!!
Concrete can last forever, if you maintain it. These condo buildings did very little maintenance over the last 30 years and now they have to pay big time.
For some reason, an article I read yesterday about the last body (parts actually) of the last victim of the Surfside disaster popped up on my feed. What a debacle owning a Florida condo would be right now. condos here in Arizona are priced as high as single family homes of the same square feet. But we don't have hurricanes either. Very sad....
Personally I do not have any sympathy for the owners who are getting assessed to bring CONDO up to code. The owners did this to themselves over time for being stupid cheap and not keeping financially structured. I look at the condo that collapsed and the stupid lawsuits by the relatives of the deceased suing the Association. The money the federal government promised to spend to make thing whole to a point. The Insurance company that paid out millions to the relatives. So they did it to themselves and need to pay the piper.
I managed to build a lot of equity before I got hit with an assessment of 12k. Everything hit me at once, tenant moved out needed major repairs/upgrades and then get hit with an assessment on top of that..Sold in October 2023.. Not only they depleted their reserve repairing the roof. I’m certain another assessment will be needed to build up the reserves again plus additional repairs..
It’s Deliberate Indifference on behalf of the HOA’s - they should be sued and dissolved. Personally sue each board member because they knew exactly what they were doing.
The Board members knew high HOA increases and assessments would not go well with the owners and more than likely either be voted down, or would result in voting the board members out. The owners thinking was it will be okay until I kick the bucket and then it will be the new owner's problems.
our HOA residents voted down almost every repair suggestion. Even voted down needed major roof repair right after hurricane Wilma and asked to have just tiles replaced
All real estate consists of a land value and a structure value . The structure value NATURALLY deteriorates over time and needs to be maintained whether the current owner likes it or not . In addition to current special assessments , the future monthly fees will skyrocket .
I held off replacing my roof and inflation made it go from a 6k repair to an 18k repair. I've learned my lesson thanks to our out of control government spending. Poor condo owners made the same mistake not realizing how repair prices could go up so much. The real reason the condo owners are screwed is because of inflation and unaffordable repair costs.
With so many hi-rise condos requiring massive repairs all at the same time, the few general contractors there are can be choosy which projects to take on so they will bid high thus your cost estimate will be increased significantly and the project deadline will be the contractor’s mercy.
The poor condo owners didn’t realize that neglecting maintenance would be even more expensive than the actual repairs. I guess they learned an expensive lesson.
@@thomasharrison899 You’ve learned to blame your poor choices on the government? No, your roof didn’t go from a $6000 repair to an $18,000 repair because of inflation. Inflation isn’t that high no the additional damage caused by your neglect probably meant you had to strip off the old roof and the sheeting. Apparently, you didn’t learn your lesson that it was your fault I wonder if the condo owners that are facing the same decision are going to choose to blame someone else or themselves.
I’m a general contractor up here in Canada and I’ve done quite a bit of work with property management companies and condo associations. One building I worked on had a whole bunch of young women that lived in it and they all bought them as a first property they weren’t expecting each and $80,000 bill but built in 1965 all the windows were out of date. Thank God. This place doesn’t have an elevator that would be another, 15,000 apiece minimum but it’s a three-story wood structure with serious defects water infiltration I gave them a cheap paint job and probably 400 pounds of caulking to seal everything up by the way the buildings designed it’s almost a tear down there’s so much wood rot
See that’s what reserves are supposed to be for you’re supposed to have an analysis of the property figure out when the windows need to be done and how much you need to save for it. Along with the roof, the siding, the heating system and anything else expensive.if they’re not doing that, they’re not well managed
Some of these condos in these high-rises.I've worked in some of them before as a demolition expert for flooring.Oh my God, we worked on one that was a million dollar condo.Add marble floors industrial refrigerators and freezers and cooking equipment
According to the Bible, the foolish man built his house on the sand, whereas the wise man built his on a rock (Matthew 7:24-27). These condos all sit on what is referred to as "compact sand foundation" That foundation washes out with the tide over time, nothing can stop it.
It has nothing to do with the foundation, the construction quality is horrible because they just throw them up as fast as they can. The contractors and building owners are all about money coming in and not quality built to last.
the Florida law was passed 2 years ago, people waiting until the last min. can't complain too much IMO people are responsible for knowing the laws they need to abide by. can't just live in the dark and say they didn't see it coming.
The "condo" concept always struck me as bizarre. Instead of living in an apartment in apartment building paying rent, you own your apartment. So instead of rent you now have RE property taxes, H/O dues, H/O board of dir. managing your life, special assessments. AND you still have shared walls with neighbors.
This video is stirring up emotions when the issue is awareness and to ensure NORMAL building maintenance. I'm a retired structural engineer. If you owned a house, would you repair your leaky roof? Of course you would. If you had a badly cracked garage slab that settled 4 inches due to poor subgrade compaction when it was built, would you remove and replace it properly. Eventually, I think you would since it corrects a bad cosmetic issue, and a new slab on compacted stone would help preserve the value of your home.
I sold my condo nearly two years ago in Bradenton before this all started ! I loved living there but glad I got out when I did , moved and retired to Asia !!
I have seen on other videos that the law often allowed the condo association to do this very thing. In addition, often the association board would bring up repairs that were needed but the condo owners would vote not to do the repairs or to increase the associations dues to build up a reserve. This is very normal for most people to not view something as important or something you should worry about because it so far in the future. Saving for retirement is another good example of this. It was in many ways just a giant game of musical chairs and the music has stopped and those left standing are going to bear the brunt of this crisis.
1. HOA are voted in. 2 All important issues are discussed in hoa meetings and voted on by owners.3 hoa actions are guided by the bylaws. 4 this current issue of 30 year inspection/recertification is a systemic problem, not corruption or mismanagement.
These assessments only apply to condos that are three stories or higher, so now might be a good time to look into one or two story buildings if you want to buy.
I think the law requiring determining the safety of the buildings is a great idea. Unfortunately this can be a costly thing and will sink the condo market but what I do not understand is why the state is not requiring the same for ALL buildings (hotels, office buildings, etc). If it is about safety, then all buildings should be assessed and their deficiencies corrected. Do you know if this law will be expanded to include all buildings?
I live in a 30 story condo building in Northern California. We've been hit for assessments a couple of times. But, we're up to date with regulations & the law. Why didn't this happen in Florida. Actually, it really sucked when we had to pay the assessments. But, I think small payments over time may well be better than one big huge one-time payment.
No breathless is the worst case. No one’s going to be coming after you for money to demolish the place. If you’re lucky the location is good and a new developer will offer you something for the property.
This is something I was saying back in 2002 to my little bro working at Merryl while unwittingly predicting the big short. Looks to me like a developers' paradise developing
In my view, ALL of the unit owners must accept some responsibility. Most people don’t attend Board meetings, letting a few responsible individuals (who volunteer for free!) do the heavy lifting and then look to blame someone else. Best of Luck Florida! Pathetic…
Look this is structual integrity. It has nothing to do with electrical etc. Concrete and foundation support only. They are requiring roofs and other crap and this should be thrown out and not in this inspection. The law even required our Marina to get rebuilt. WTF does this have to do with a building collapsing. Roofers are becoming multi millonares overnight because of this new law. What really needs to happen is HOAs need to band together with a group of structural engineers and take the state of Florida to court. If you built a building according to code enforcement back in the 60s and 70s etc and you met code standard then why the fux should this be retroactive. Some of the items in this new law should be thrown out. I understand concrete reinforcment. That makes sense. The state are the ones that are at fault. The inspectors of that building that collapsed in Miami clearly didn't do their jobs. It's simple; any new building or addition now has to meet new standards. The state should not be able to retroactively impose new requirements to old standards. You met them once the state signed off. Now, shouldn't the state be paying for these fixes if they deem them inferior now. On another note, these HOAs were " partially" funded. This definitely needs to end. I agree with the law now requiring fully funded HOAs. Yes, I agree with you that they played " Kick the Can". As a prospective buyer you better have a kick ass realtor that understands this. Silver Lining is there really could be some good deals on Condos .
This is so interesting. I’m in New Jersey (I know it’s not Florida 😅) but when it came time for me to purchase my own place as a single guy, I chose a 900 square foot 1 bedroom, 1 bath somewhat humble home on an acre of land a little farther out in the country (think 45 minute commute to work) rather than one of the many many condos in the NYC area. While there is certainly a lot of sweat equity I’ve put into the place, it avoided that monthly maintenance fee, special assessments, etc that would have been on top of my mortgage. The big qualifier, I suppose, is that I was motivated to do the yard work and stuff that was needed to maintain the property. If I were retiring and still single, I’m guessing a condo type situation would be more attractive.
@@thomasmiracle7826What about places like Ocean City or Atlantic Beach or Hilton Head. I wonder if those are on sand. Many built in the 1930’s to 1980s
I wouldn't give you one Dollar for any of these properties, why should I buy someone's liability, inspectors can say anything when they are on the take, the sky is the limit
You can tell which comments are from the folks STUCK up north. Everything is still beautiful here . ALL the condo's mentioned are in buildings where the OWNERS voted down repair fees. ALL of them. Old people that don't care and owners that rent out the units for profit. Here in North East Florida there is not one condo in this situation.. all in South Florida, where the invasion from NY and NJ took place.
Apart from the deferred maintenance problem, all this fix-it now is coming at the end of a massive housing bubble. The biggest issue is are many of these buildings repairable?
I’m a contractor in California in CA you can’t require an older building to be up to current code! If you remodel the building entrances bathrooms etc have to be upgraded to handicap standards! I don’t understand how they can try to do this to existing structures insane
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It's just another way for the biggest banks in the world like blackrock to come in and scoop up prime property for pennies on the dollar..they do it more than most would think.
Please sir, stop talking with your hands. Very distracting.
no criminal liability
no civil liability
no corruption
no lawyers
... just incompetence, irresponsibility and poor judgment on the part of the condo owners
They do that on purpose. They are paid by the ones you can't talk about. They are demons@@thomasryan2679
Thx what I found absolutely crazy , your talking about buildings from mid 90s .
After Ballys fire in Vegas all of these high rises were retrofitted for sprinklers.
Hutchinson island good example no notice eviction
Luckily, my community got our assessment repairs started and completed during the pandemic when interest rates were lower. We were under heavy pressure from the City of Sunrise to complete repairs(falling concrete and broken elevators) or face condemnation. Our BOD got a 20 year term bank loan ($365K) to cover all repair cost. Our property is 3 stories high and with 13 buildings consisting of 220 units. We got new roofs, new elevators, concrete restoration, new steel reinforcements for elevated walkways, new outdoor lighting and a new waterproof paint. Our monthly assessments increased by about $300 to a new monthly rate of $535. Individually, we were facing an assessment of $20k per unit. All repairs have been completed and we are collecting fees for future repairs. We are in great shape now.
Except when se levels rise within the next 50 years and washes it all away.
@@donniemoder1466 And the world is FULL of Chicken Little's.........
@DavidE-tk2kc man, I forgot about "chicken little" that describes me and the stock market perfectly.
@@donniemoder1466 Someone forgot to tell the Obama's about that!
Rich people don’t have the sane problems as normal people.
There are three rules for condominium ownership in Florida.
1. Never buy a condominium in Florida.
2. Never buy a condominium in Florida.
3. Never buy a condominium in Florida.
well, if you're a single person like me I ain't buying a house...so what is there left? I don't want to rent.
@@magamaga1827Avoid high rises near the beach. Three stories maximum, better two, and if of recent construction, you should be fine.
BS. You just don’t buy one over 20 years old near the coast. ☝️🤡
@@rolandthethompsongunner64 My girlfriend bought one in Orlando and she is getting burned for pool and roof repairs. When you buy a condo you are faced with unlimited liabilities.
@@magamaga1827
Van by the river?
Either pay up or let the condo collapse on top of you. There’s not a whole lot a wiggle room. Florida is known for hurricanes, sink holes, flooding, foundation shifting, and mold. Why should everyone else be left paying the bill for people who want to live the high life in a sunny state. Emergency government funding and insurance companies don’t have endless piles of cash to pay for luxury beach front ‘disaster waiting to happen’ properties.
I moved to coastal Florida and the personal irresponsibility is rampant and honestly shocking.
Apparently everyone on earth, but them, realizes the risk factor has tremendous cost. They act like these insurance rates and assessments just came out of nowhere.
It’s clown world meeting the real world for a lot of these people. It is expensive to live here, it’s not for everyone. If you don’t maintain people die.
Don't worry, all you non Fl. residents will also soon hear the beautiful melody of HARP while enjoying the sunrises and smelling the sweet aroma of the morning DEW---GOOD LUCK
@NoSenatorson Remember HOA has fees ! they are paying the bills and maintaining these buildings! The company's who manage these properties are getting their fees off the top ! Before they pay any maintenance fees, there are no caps on what they are paid, the sky the limit. So, as a result, the cost are outrageous high, and the homeowner has no recourse, pay, or move! This is where the states need to regulate these Company's to keep it fair and equitable !!
Bail, file bankruptcy, let the banks and lawyers fight over it. Leave. Get a mobile home in Iowa and rent that. Walk and let them all eat it.
Looked at a unit in Ft Meyers, owner bought it 3 years ago.... and now wants DOUBLE what he paid... and the icing on the cake, the HOA fee has doubled in the same three years.. Now almost $1,700 monthly.. 20k a year for HOA FEE, plus 8k in property tax.... way no way!
greed
Paul.. admit it.. you are to poor to live here in Florida. By a condo in Newark ...
@@joemancurreri6635your not even from here. Pipe down 😂😂😂
That's not expensive in Florida. Numerous HOAs come in around 20,000 to 100,000 depending on where you live. Boca Raton for example. Make no mistake, these high priced HOAs are filled with liberal Democrats from NY or Boston. They want to hide behind walls and security...hey wait I thought walls didn't work, LMFAO.
👀👀👀
Who knew that rust could destroy rebar in buildings that were never maintained?
No, it's worse than that. The state didn't regulate them in the name of "deregulation" and commerce . Florida is not the only place in the country with buildings.🙄
Salt water in the environment bad for electrical & phone outlets.
Correct.. these owners are old cheap people.. never approved maintenance. and also a large percentage are owners that rent out their units - and are just in for the income, vetoing all HOA fee increases. Now their investments are gone.. their fault..
@@xx133 in reality they should have kept their buildings maintained even without the state, forcing them to do it. But it turns out that a lot of people will let their property deteriorate, unless forced to keep it safe.
@@neilkurzman4907 we can either point fingers or actually solve a problem that’s already been solved across the country. Also, these people inherited these problems, it’s not like all of them were there for 40 years. For the most part, the banks and builders pushed for deregulation, then sold off the unmaintained buildings to unsuspecting new home owners, who then got an assessment on their lap. This situation was never solved statewide because the banks and developers want the ability to buy the properties back for pennies and make a profit (with tax payer money via “incentives” and “public private partnership”) then rent the properties out without maintaining them. Rinse and repeat. This my friend, is why regulations need to exist.
As an Licensed-Certified-Bonded A.E.C. , I’m experienced in design/engineering/build/inspection/assessment of multistory structures within the Coastal Zone. During my 40yr career I inspected numerous structural mistakes, degradations, and failures of subassemblies and materials including poor quality unrated concrete and steel.
The dire situation in Florida appears to be replete with corruption and malfeasance at every level…especially the HOA BOD.
can you give us some examples please. it's nice to hear from a front line expert person.
Why do you blame the HOA boards for doing what the owners told them to do. What they were elected for to keep common charges low, to not keep reserves.
I'm curious how high rise condos are doing in other places. Brazil has many that I know of and many are getting up there in age. they have much better foundation bedrock to build on, does that help?
@@kennj321
Florida is not having problem with the foundations not being on bedrock. Having problems with the buildings being built near saltwater.
But any building that’s neglected for 30 to 40 years and then finally looked at is going to have some expensive repairs
@@neilkurzman4907 the better rock under the beaches in brazil might mean the building can start a couple feet higher away from ground where the salt water is. never underestimate all the advantages a good foundation provides. One time I saw them digging a big hole near the boardwalk at Atlantic City. it looked like all sand. it was pretty scary thinking all those buildings were built on that.
Greetings from NYC. We used to visit Florida when my parents were alive. The people there were wonderful to us, and we've made lifelong friends. Good luck through this crisis.
what part of nyc? i'm in queens. 50+ was thinking of moving to florida but now i don't know.
@@magamaga1827 You don't want to move to Fl. Stay in NY. Thank! ...you!
No crisis... it's all fake news.. the anti - Florida folks.. It's a great life here ... people (except folks from NY and NJ) are amazing. weather is great, beaches beautiful.. If you read these You Tube folks, we are all being eaten by alligators, hurricanes are a daily thing, traffic right outside our doors, bugs carrying us away, Taxes, insurance, all killing us. all fake, like the rest of American media. and this guy is the biggest joke.
I own an oceanfront condo outside of Florida and have had to pay "special assessments" for a roof (110 unit building) and insurance. Fortunately our condo fees are not cheap and the building is less than 20 years old so , so far so good but who knows. Our HOA members are just regular folk like myself. Here is the solution once this problem gets solved. You need TWO HOA fees. One for ongoing expenses like landscaping, garbage fees, water, electricity, minor repairs, etc. and two, for Capitol Expenditures requiring an engineering study and projected repairs. Those funds by law must be locked away in a secure account and can only be used for building structural , electrical, roof, building plumbing, painting, etc. You must require all owners get an engineering report on a five year review with projected repairs and when they must be done. Do this and problem solved.
Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my $450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Melissa Terri Swayne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Kicked the can down the road and now payment is due
50% of the Condo owners are really old cheap folks, the other50% are NY owners just in for the rental income.. so they all vote HOA board members that pledge not to raise HOA fees.. creating ghettos.
Looks like the payment is due at the end of the road...
Yup
When politicians trumpet how they saved us by deregulating, think ahead 15 years when that deregulation has destroyed your building.
I bought condo in May 2022 and sold it in December with loss. I somehow realized this is going to happen. I bought the place and my insurance dropped me in 2 weeks and the cheapest condo insurance was double what I paid 2 weeks ago. 2 months later my HOA announced that they are doubling HOA fees in December., because of insurance increase for entire property. I just didn't want to pay monthly $2500, HOA, property tax and insurance to live in place I own. If I can rent the same place for $3000. Not to mention that most HOA's are under control of local Karen's and all they care is that your doormat is wrong size or your window blinds are not the correct shade of white LOL. They are just bullying the neighbors with ridiculous items and don't have clue about law or construction. Over past 20 years I owned and lived in multiple condos and HOA never had clue what they are doing and never had the finances under control. That's known fact.
Too funny!
I work in the Insurance industry on large loss claims, and every time we get assigned to a condo loss I have to mentally prepare myself for the ensuing Circus! There’s so much bickering, and occasional violent threats between neighbors and board members. You get pulled aside and someone wants you to take their side as leverage to go after someone else. I just nod and smile, with the occasional “that’s a good point” and “I’m just here to document the damage”.😂
I lived in a condo in Minneapolis 7 years ago. My wife and i were on the board. We never were able to get our full reserve filled. Trying to get a $10 a month increase was near impossible. We were able to get the roof replaced and a new boiler for the entire building. We saw the writing on the wall I got out. This problem is more prevalent than most think. Buy some cheap land and get a tiny home, a condo on wheels.
I used to work build condos in Naples. Tallest was the Allegro which was 32-33 stories high. I was drafted and trained to do post tension cable repairs on the buildings as they were going up. Allegro was 6500sqft under air per apartment. 1 apartment per floor. One building we put up in Pelican Bay had problems with cable placements. When they form the form tables down the cantilever balcony supported with rebar and cables started failing. Cables fling into the air taking large chunks of concrete with them. The slab was destroyed 4-6ft back into the living room. Post tension cables are steel cables inside plastic sheaths with grease. The are anchored on one end and then pulled from the other with a hydraulic ram pulled to 22,000ftlbs. Depending on the length of the cable you had to measure certain amounts of stretch and document that fact. The cable ends had steel with lead wedges to maintain their stretch. The cables allowed elasticity to the concrete. Less rebar was needed. Those cantilever balconies would bow up and down with with temperature and humidity. It was normal. The rebar in these places should have the green epoxy on it to protect it like they use on highways. Salt air can enter from cracks in the concrete. Epoxy coated rebar was never a requirement. Many of the "masonry" condos in Miami never had enough coverage on the steel. The WWF (welded wire fabric) wasn't raised up when pouring the slabs. It could be seen with rusty squares in the ceilings in the buildings with age. No drywall on the ceilings in most of those buildings. Veneer plaster, of sprayed popcorn ceilings.
I'm pretty sure I saw a video indicating that epoxy coated rebar didn't work out as planned
Hard to read with all the spelling and punctuation mistakes. Consider an edit for your important message.
I don't think you're going to find widespread embezzlement or conspiracies involved in this. I think it is mainly condo owners wanting low monthly condo fees and voting against raising fees. Asking people to start paying a little extra each month for a roof that will need to be replaced in 20 years, and a parking lot that will need to be repaved in 10 years and an underground parking garage that will need repairs in 15 years, doesn't get much enthusiasm.
Dude, condo association members are just as responsible as their board officers. For decades, condominium complexes throughout America, have voted down major maintenance, proper dues increases, as well as assessments. I live in a condo assoc. and see first hand the apathy from the membership. We have to had to beg people to help on the board and with planning for the future. There is no training for board members, and membership doesn't care unless they dues are going up.
100% correct... here's my comment I just left:
dude I am 4 minutes into your video - you say "what they're doing to people is criminal" --- you have no idea what you're talking about --- THESE same lame unit owners likely HAVE NEVER gotten involved with their HOA - and if they did get involved they likely kept voting for loser Board Members who promised to keep their HOA dues LOW. As a result they are all now going to have to pay more than they can afford - that's NOT criminal - that's chickens coming home to roost - how do I know ?? I was a Board Member in a downtown Miami high rise for 1 year who fought with corrupt Board members who never wanted to fix anything took so many kickbacks they didn't even have or need normal jobs. Everyone in South Florida who owns a condo is about to get the wake up call they ALL kept hanging up for decades.
No, it's bigger than HOAs it's the banks that push for deregulation, then buy these properties pennies on the dollar at an auction.
100% correct.. it's not the HOA board.. it's the cheap owners. The media is so biased and corrupt.. not telling the real story (as usual). Owners vote in HOA board members that pledge not to raise HOA fees.. hence, a decaying building. these buildings have been in decay for over 25 years. And buyers . buy into condo's with low HOA fees, realtors are also to blame.. guiding buyers to condo's with low HOA fees.. Buyers think they are getting a deal... NOT, the building is falling apart...
During the condo boom of the ‘80’s and ‘90’s there was so much construction going on that there was no way inspectors and code enforcement could keep up. Unscrupulous developers and contractors abused this situation for their own enrichment. There are now 100’s of these structures that are either currently unsafe for occupancy or on the verge of being so.
Miami Vice fueled quick construction!
@@MrReymoclif714 more like boomers starting to retire and looking for snow free winters.
Not true... ALL these structures were built to code. ALL these structures have been neglected for 30 years. Every one of the condo's sited have had NO repairs in 25 - 30 years. Reason: owners are old, cheap folks or owners that use the units as rentals.. NOT ONE of the sited building have HOA fees over $150 a month... Assessors say that these buildings should have HOA fees of between $900 - $1,200 a month. Why is that never in any of these You Tubers posts? Why is that....biased, fake reporting.
@@joemancurreri6635 you’re seriously making this argument 3 years after the Champlain Towers South collapse? Sure, owners have neglected maintenance. They do the same thing in NYC. Except they don’t have any collapsed structures. If you’re going to tell me that CTS was to code all you’re really telling me is that you don’t know what you’re talking about.
@@MrReymoclif714 Cocaine Contractors.
Foreigners laundering money in FL real estate-KARMA!
What? ☝️🤪
Lauderdale and Pompano, Quebec plates outnumber Florida plates.
@@mattp4079 That's not true. There are mostly NY and NJ plates.
No, not karma. Average people living there will pay the price. People that moved there with the hopes of buying a home will pay the price. Foreign investors can sell off and buy in Toronto, people in Florida, not so much.
and folks from NY, that buy condo's and rent them out as income.. Some owners have not seen the units in 10 years, vote down HOA fee increases, just out for the dollar, typical NY investors. If you ever saw some of these condo's you would run.... they have been in decay for the last 20 years+.
It is too late for Florida legislature action, the economic cat is out of the bag. The market will adjust, it is financially and physically and emotionally brutal to the current owners, and right now no end in sight. Many owners will lose significant value. And where will they go? Many condos just getting bought out and razed for new construction - thus avoiding the old catch up fees with new buildings...but how many times can this re-happen?
It will happen as long as people forget and a new class of charlatans can get rich hoarding and trading homes like commodities.
Until they’re rid of the retired and elderly! Planned. They will not have the money to relocate so be ready for elderly homelessness! Young rich will buy it back up. 🙏🏻🤔🧐🤨
The only option is for them to go inland to condos 2 STORIES and under, which will skyrocket in price
Not many people can afford to have their homes taken from them, for most their home is their everything.
Rent for those who can afford it, move in with relatives for those who can't. Or homeless.
I’m in Fort Lauderdale and i had a customer who has a friend who wants to dump his condo. I called him and he was willing to sell his 2/2 for 180k which is absurdly cheap for so flo. I was very excited and surprised I may finally be a home owner in south Florida. I called the property manager and she directed me to the hoa board president.. within 2 years after purchasing I would have to fork out at minimum 28k for repairs and reserves….. when something sounds too good, do your research. Thank god they were transparent with me… I’ll keep saving my Pennys and hope single home prices drop a littlw
Some ''friend''...
@@jean-louislalonde6070 right! Thank god the hoa was at least transparent and gave me the info
Curious, would you have purchased the condo at the higher rate if the repairs were already complete? Eventually, the repairs need to be done, property value reassessed, and someone else owns it.
We are old and retired and just bought a 2BR/1BA cottage on a tiny island off the east coast. We paid nearly $500k - with no water view - and I feel happier and safer and more relaxed than if I owned any condo in FL. I can't imagine being stuck with one.
What’s frustrating about this is that condos charge high HOA too. And all of a sudden it’s almost like they didn’t use that to do those expected repairs over time. So they can charge you those high HOA, and boom you’re assessed.
They used the money on the property managers salary, the property mgr husband as maint guy salary, then pay the property mgr son to be the grounds guy....So there's $250,000 off the top.
In reality the condo board members knew they would have backlash if they told the long-time senior residents that in order to keep the building up each of those 30 past years their HOA dues would need to increase, and they would have to accept assessments. So, instead they kept the status quo without doing the necessary maintenance and repairs.
Because for years many of those condo owners were paying close to nothing for HOA, nobody wanted to pay for repairs, they would vote against any repairs to keep the HOA fee lower and kept putting it off, and now the other shoe fell..
Your comment is not true.. IN Florida, every HOA dollar must be accounted for. These buildings had HOA fees as low as $99 a month ! To maintain a building the condo fee must be between $600 - $1200 a month. Try to maintain your own home for $99 a month. impossible.
HOA seemsnlike blessing but is a curse. Things will be manicured perfect. The corruption and power a HOA can levy and take ur home/liens will become more obvious in the next few years
Think about all those century old buildings in Europe. Sound, strong, and well maintained.
That's my question. Like even in like older cities like NYC, why aren't they going thru this? The only thing I can think of is that both in NYC and EU the government regulates the building structure which forces them to stay on top of repairs, little by little so it doesn't get worse. Idk. I know this condominium HOA structure isn't like this in EU I think. I know we sold our rental townhouse bc there was so many critical repairs and HOA didn't have enough due to them wanting to keep monthly dues down. We got out before some one died
@@lieaorganasolomaintenance for NYC co-op is extremely expensive higher than Florida mortgages. Lol
Quality, not quantity and lowest bidder using cheaper materials, is the difference in European housing.
They were built by men who truly cared about their craft, not get rich quick developers.
Except you can buy abandoned flats in Italy for a buck and most have earthquake damage.
I caught onto the "condo Game" decades ago at the Jersey shore when I watched condo after condo paying big name contractors for roof replacements on relatively new buildings that obviously weren't due for new roofing, each condo "owner" paying thousands in assessments for unnecessary work. Can you say "kickback schemes?"
I read a really good book decades ago by writer John MacDonald, it was titled Condominium. Well worth the read, describes how many of the buildings were put up in the 1970s and 1980s.
Exactly!!
I mean Kickback and NJ sort of go together right?
Sopranos
Seems florida condo HOA's is doin the opposite..... takin the fees and not doing any maintenance... now the condos need 30 yrs of work caught up... never I good idea to kick the can down the road
On the beach all of these changes are true. So come inland and buy a condo that is reasonable both in price and assessments. I have lived in Fort Myers twelve miles from the beach for 20 years. I have been accessed $2,000 with low fees and ample amenities!!!
Florida is no longer a retirement state.
It's a hyper-capitalist state, and it's ending up just as expected. Banks will own the entire state soon.
Its bankrupt
@Resultsnottalk America is bankrupt .
True. If you own a condo you need a job to pay the monthly maintenance fees and if you own a house you need a job to pay for the homeowners' policy.
@@kaylajameson841 it is if you’re a multimillionaire. If you’re not I would not advise living there.
This is what we did and I hope it helps someone else. WE are CURRENTLY going through milestone inspection repairs. We are a small building so it was a little easier to handle. We have the inspector that will be doing the milestone inspection as the engineer in charge of our repairs. So he makes sure the contractor are doing work the proper way so that it will pass. It guarantees that the work being done will pass the milestone inspection because he is the one doing it. Our milestone work is totaling about $65K right now with about 1 month left to complete. I pray more surprises don't come up. We originally had quotes of $130K each, $110K each, but we eliminated as much as we could be having meetings with our engineer. Got it down to $65K each. After all of this work we still have to pay for the milestone inspection itself, which is about $8K and then raise our monthly HOA after they tell us the shelf life of the stuff like roof, stucco, doors and windows, etc.
be prepared tp keep feeding the beast until you cannot take it anymore; I would have walked away from it from the beginning, evil is thriving when it comes to condos
@@raydemos1181 Assessments are caused by 3 things. The milestone inspection, which we already are in the process of fixing. 2nd) The the HOA reserve study. The reserve study should determine your assessments/monthly HOA for the years going forward. 3rd) Insurance shortfalls.
Condos in Florida are like Time Shares in Florida, my parents gave theirs away just to get rid of the legal obligations.
When I visited Europe, one of the first things I noticed was the age - and beauty - of many buildings. Returning to the US opened my eyes to how temporary - and ugly - much of our architecture, both public and private, is.
Many HOA members who even suggested property assessments for repairs and emergency funds got voted out by the residents!!
Yes, so true. People rioted over a $5/month increase. I was there; am there!
dude I am 4 minutes into your video - you say "what they're doing to people is criminal" --- you have no idea what you're talking about --- THESE same lame unit owners likely HAVE NEVER gotten involved with their HOA - and if they did get involved they likely kept voting for loser Board Members who promised to keep their HOA dues LOW. As a result they are all now going to have to pay more than they can afford - that's NOT criminal - that's chickens coming home to roost - how do I know ?? I was a Board Member in a downtown Miami high rise for 1 year who fought with corrupt Board members who never wanted to fix anything took so many kickbacks they didn't even have or need normal jobs. Everyone in South Florida who owns a condo is about to get the wake up call they ALL kept hanging up for decades.
You are speaking the truth! But these condo whiners want a free ride!
Agree with your POV. How can an owner put their safety ahead of $? They had the benefit of low assessments, now it's time to pay.
In the end, there is no free lunch. No logical person should expect a property or nothing in life to be free of maintenance.
The Champlain Towers incident forced the state of Florida to enforce full reserve in COA budgets and engineering tests.
These were always expected of boards and owners with the understanding owners would act in a fiduciary responsible manner.
My experience as a director on a couple COA boards is owners have a selfish short term perspective and no concept of engineering.
Denial or ignites no excuse in all aspects of life.
Nothing new about how HOA and property management companies roll, allowed to do as little as possible and keep raising costs, and then along comes the forty years old excuse for the same ones to charge high assessments
People have to pay what they're supposed to as owners, but what done with the money, HOA and property management companies can legally embezzle, and when have allowed it all to run down, along come their high assessments
Then come the kickbacks from the construction business buddies, and think that we're all stupid and blind
Good bye construction work that was assessed about
Why I was forced to sell, besides everything else about my life misappropriated from me
We had a condo in Ft Lauderdale. Years of owners kicking the can down the road has consequences. Who knew? Our HOA couldn't vote on spending money on simple things because people didn't or wouldn't vote and would complain about spending money on something like a leaky, older roof. You would think wealthier owners wouldn't have a problem with that but they can be some of the worst. And then there are the foreign owners...
correct
Florioda is a good place to be from, left in 2005 and never looked back
So where did you go that's so much better?
@@rubicon3416Probably South Carolina or North Carolina
I am in a HOA and have had 2 other homes in the past that were in HOA's. One was in NC. In all HOA's I have been in every owner is notified about meetings and the budget of where the HOA fees are spent. They are run by the property owners. The HOA Is like a pseudo government. Everything is hunky-dory and property owners know the money is being spent wisely. /s
And the Florida legislature can't put the toothpaste back in the tube on this issue. Even if it softens or removes these safety regulations, future buyers won't be fooled.
I learned my lesson in Florida real estate in 2008. I had already learned the "no condo" rule in another State, so I had a townhouse and a SFR. Both got their value cut in half, but it was really the squatting that was my biggest problem. I now only invest in FL real estate if the house is right next door to mine...."
All the work on old condos is just patchwork
The developers should be accountable too.
It's not just the special assessment to shore up the building by 2025... it's also the rise in HOA fees that will be implemented going forward. Double whammy!
Triple whammy how about the higher property taxes based on the higher (massively inflated) assessments.
@@johnnya9863 You might be right, unless the new assessment takes into account the special assessment payment associated with that property, which it should do as it's already bringing down sale prices fairly harshly on affected condo building units. We'll see...
The problem with many condo HOA,'s is that they are purchased by retirees and first time condo owners. Neither the realtor nor the buyer review preceding year's association board meetings, annual HOA mtg minutes to learn the concerns...financial, insurance, maintenance issues, delinquent homeowners, etc. Further, when you have a bunch of people their 80's, they don't want to spend the money for maintenance...they have the 'let the next guy pay for it's attitude. Lastly, the directors of the HOA 's are generally amateurs. My experience is to have an insurance assessment annually. Those companies are brutally honest. Some states (few) require these assessments which do a good job of protecting prospective buyers and protect those older homeowners from themselves. Finally, new construction HOA 's frequently sell artificially low monthly assessments....thereafter, the HOS's do not accumulate the funds to perform those high cost items that are 100 percent predictable...paint, asphalt, roof, etc. 😮
nice comment ... are minimum set asides not required in florida?
Prices have gone up 250% since 08. Pay the assessment, and your back to same.
I appreciate your video. But, I’m confused. Didn’t the majority of these condo owners willingly go along with underfunding their reserves? Don’t they have some responsibility?
Why aren’t any of you “RE gurus” saying that the condos also have to be taller than 3 floors? 30 yrs old AND taller than 3 floors!!! There is a massive amount of condos in Florida that are no more than 3 floors. Where are you guys getting your numbers from?! Geeezz read the law.. 🤦🏼♀️
So true. It’s very misleading.
These “RE gurus” RUclipsr video only cares about making click-bait.
C-Mon.... How is it that they did not know? Safe to say that many of these condo's have not been maintained for year's. Allot of decay and with decay thing's will eventually crumble.
Funny how this is less likely in Germany where they regulate construction and engineers have the last word not marketers.
yes in germany the laws of physics for aging structures are suspended
These assessed condos will be demolished after owners abandon them due to foreclosure for not paying the assessment fees. Beaches will return to places where people visit in small motels and eat at corner hamburg and ice cream shops, not live.
Doubtful.....$$$$ corporations are moving in supported by Christmas week developer friendly legislation passed by Fla. politicians...look at what's happening in St.Pete Beach, Anna Maria Isl and Fort Meyers Bch...to just to mention a few....recent Fla. trailer pk 10 ft elevation legislation as well.... $$$$$$$
"You will own nothing......" W.E.F.
good ol' days
Condos and Timeshares both are Sucker Bets. Nothing better than owning your own home.
Thank you Bud U ROCK!! LOVE U DUDE!!
Hey just wanted to point out that the article you showed in the beginning says it’s 80% of the old condos (30 years or older). It’s not 80% of all condos.
Great heads up Jack…..thank you!
It’s a bummer but people with some smarts knew don’t own a condo with deferred maintenance.
So. Where did thirty years of condo fees go? Should they have not been keeping these buildings up to code? Sound like some massive potential lawsuits
Old farts who didn't live very long. Can't sue the dead........
As the buildings age the repairs and maintenance costs grow. And then there is inflation. How many people buy condos because they don’t want to maintain a house? I would argue a condo is far more expensive to maintain than a single family home. Condominiums have fire suppression systems, elevators, parking decks, private roads, boilers and the like. The cost to maintain and replace these items far surpasses anything in a single family home. Then you have the issue of delinquencies. Every building is going to have owners who do not pay the dues, it’s just a question as to what percentage don’t. The issue is it’s not where the condo fees went, the reality is the majority of the owners don’t want to pay what is really needed to maintain these buildings. Shared water lines is one place condo owners get killed. It only takes a few neighbors with a running toilet to take a $2K month bill to $20K a month. It only takes one neighbor to create an insurance nightmare for all the residents.
@@lmlynnmiller true, but you can't tell me that hundreds of thousands of not millions in condo fees went into private pockets only to leave the owners stuck. I know someone who had a beachfront condo and payed literally $2000+ a month in condo fees with 200 units that $400k a Month. That's $4.8 million a year on a building that was built in the early 70s. That's over $250 million in condo fees. Of course the fees weren't that high in the 70s and 80s,
They charged each residence $30k to strip the facade of stone off the building when it started falling off. Again. Where is the money going? Not to repairs because if they were, why are the condo owners hitting everyone up for the new ac units or roof leaks. I agree that condos really are more expensive to live in. But needlessly. The money is being misappropriated
Too bad, should have been funding this from day #1. Also, people need to stop saying this is an HOA thing, everyone who owns a unit in a building is part of the HOA. If you can't afford the unit than sell and move along.
Great video as always. Thank you
WEF wants everyone to rent , you will own nothing and be happy!! It’s coming….. runaway train I’ve always said that. Sad feel bad for those folks!
Did you know that the Biden/Harris Regime is giving undocumented "newcomers" who came across the border free homes? No down payment. No house payments.
Hurricane Andrew upgraded the building code, that was 30 years ago. Florida coastline land is where the value is.
Even though we rarely get hurricanes in new Jersey I can see them doing this here.
i’m ready to buy, i’ll wait for your notification
Another opportunity for more ownership of the buildings to be owned by middle east country ppl
The whole idea is to bankrupt Americans. Also, the Biden/Harris Regime is putting undocumented "newcomers" on Social Security and Medicare. This will bankrupt both programs and American seniors will have nothing.
Watching all my neighbors replace perfectly good roofs because their insurance company is requiring it!!
$25k-$30k if you don’t own the home outright, you’re screwed!!
Great info Real Estate Bro 😅 👏💙🙏🇺🇸✝️
Concrete can last forever, if you maintain it. These condo buildings did very little maintenance over the last 30 years and now they have to pay big time.
Not all buildings over 30 years old are underfunded some of them have been doing it correctly since day one and some haven't
For some reason, an article I read yesterday about the last body (parts actually) of the last victim of the Surfside disaster popped up on my feed. What a debacle owning a Florida condo would be right now. condos here in Arizona are priced as high as single family homes of the same square feet. But we don't have hurricanes either. Very sad....
Personally I do not have any sympathy for the owners who are getting assessed to bring CONDO up to code. The owners did this to themselves over time for being stupid cheap and not keeping financially structured. I look at the condo that collapsed and the stupid lawsuits by the relatives of the deceased suing the Association. The money the federal government promised to spend to make thing whole to a point. The Insurance company that paid out millions to the relatives. So they did it to themselves and need to pay the piper.
I managed to build a lot of equity before I got hit with an assessment of 12k. Everything hit me at once, tenant moved out needed major repairs/upgrades and then get hit with an assessment on top of that..Sold in October 2023.. Not only they depleted their reserve repairing the roof. I’m certain another assessment will be needed to build up the reserves again plus additional repairs..
It’s Deliberate Indifference on behalf of the HOA’s - they should be sued and dissolved. Personally sue each board member because they knew exactly what they were doing.
Not so fast. It’s possible that the HOA’s recommended raising fees and the homeowners voted it down.
The Board members knew high HOA increases and assessments would not go well with the owners and more than likely either be voted down, or would result in voting the board members out. The owners thinking was it will be okay until I kick the bucket and then it will be the new owner's problems.
our HOA residents voted down almost every repair suggestion. Even voted down needed major roof repair right after hurricane Wilma and asked to have just tiles replaced
All real estate consists of a land value and a structure value . The structure value NATURALLY deteriorates over time and needs to be maintained whether the current owner likes it or not .
In addition to current special assessments , the future monthly fees will skyrocket .
I held off replacing my roof and inflation made it go from a 6k repair to an 18k repair. I've learned my lesson thanks to our out of control government spending. Poor condo owners made the same mistake not realizing how repair prices could go up so much. The real reason the condo owners are screwed is because of inflation and unaffordable repair costs.
With so many hi-rise condos requiring massive repairs all at the same time, the few general contractors there are can be choosy which projects to take on so they will bid high thus your cost estimate will be increased significantly and the project deadline will be the contractor’s mercy.
Roofers are gouging people
The poor condo owners didn’t realize that neglecting maintenance would be even more expensive than the actual repairs. I guess they learned an expensive lesson.
Yep.
@@thomasharrison899
You’ve learned to blame your poor choices on the government? No, your roof didn’t go from a $6000 repair to an $18,000 repair because of inflation. Inflation isn’t that high no the additional damage caused by your neglect probably meant you had to strip off the old roof and the sheeting.
Apparently, you didn’t learn your lesson that it was your fault
I wonder if the condo owners that are facing the same decision are going to choose to blame someone else or themselves.
I’m a general contractor up here in Canada and I’ve done quite a bit of work with property management companies and condo associations. One building I worked on had a whole bunch of young women that lived in it and they all bought them as a first property they weren’t expecting each and $80,000 bill but built in 1965 all the windows were out of date. Thank God. This place doesn’t have an elevator that would be another, 15,000 apiece minimum but it’s a three-story wood structure with serious defects water infiltration I gave them a cheap paint job and probably 400 pounds of caulking to seal everything up by the way the buildings designed it’s almost a tear down there’s so much wood rot
See that’s what reserves are supposed to be for you’re supposed to have an analysis of the property figure out when the windows need to be done and how much you need to save for it. Along with the roof, the siding, the heating system and anything else expensive.if they’re not doing that, they’re not well managed
Lesson learned: never buy a condo on or near the beach.
Some of these condos in these high-rises.I've worked in some of them before as a demolition expert for flooring.Oh my God, we worked on one that was a million dollar condo.Add marble floors industrial refrigerators and freezers and cooking equipment
According to the Bible, the foolish man built his house on the sand, whereas the wise man built his on a rock (Matthew 7:24-27). These condos all sit on what is referred to as "compact sand foundation" That foundation washes out with the tide over time, nothing can stop it.
the foundations are solid.
You don't know what you're talking about.
How to sound like an idiot “According to the BuyBull”
It has nothing to do with the foundation, the construction quality is horrible because they just throw them up as fast as they can. The contractors and building owners are all about money coming in and not quality built to last.
@@Fishflorida59 same concept
It's the rebar that rusts away then nothing holding it together all parking garages are cracked all over the walls that means it's falling down
If you got a condo for free you would be gifted a money pit.
Looks like the one and two story condos will go up in value, especially close to beach, etc.
"YOU'LL OWN NOTHING AND BE HAPPY" - World Economic Forum
the Florida law was passed 2 years ago, people waiting until the last min. can't complain too much IMO people are responsible for knowing the laws they need to abide by. can't just live in the dark and say they didn't see it coming.
The "condo" concept always struck me as bizarre. Instead of living in an apartment in apartment building paying rent, you own your apartment. So instead of rent you now have RE property taxes, H/O dues, H/O board of dir. managing your life, special assessments. AND you still have shared walls with neighbors.
This video is stirring up emotions when the issue is awareness and to ensure NORMAL building maintenance. I'm a retired structural engineer. If you owned a house, would you repair your leaky roof? Of course you would. If you had a badly cracked garage slab that settled 4 inches due to poor subgrade compaction when it was built, would you remove and replace it properly. Eventually, I think you would since it corrects a bad cosmetic issue, and a new slab on compacted stone would help preserve the value of your home.
Exactly right! These whining condo owners are CHEAP!
When a condo 'fire' sells for 65k I wonder if the property tax value will reflect that.
no
@@dustyflair Go on.
I sold my condo nearly two years ago in Bradenton before this all started ! I loved living there but glad I got out when I did , moved and retired to Asia !!
If you sue somebody on the HOA you are basically suing yourself.
Correct, and paying $400 - $450/hr for two lawyers. You better win..😂
The HOA should be held responsible. How did they get away with this.
I have seen on other videos that the law often allowed the condo association to do this very thing. In addition, often the association board would bring up repairs that were needed but the condo owners would vote not to do the repairs or to increase the associations dues to build up a reserve. This is very normal for most people to not view something as important or something you should worry about because it so far in the future. Saving for retirement is another good example of this. It was in many ways just a giant game of musical chairs and the music has stopped and those left standing are going to bear the brunt of this crisis.
1. HOA are voted in. 2 All important issues are discussed in hoa meetings and voted on by owners.3 hoa actions are guided by the bylaws. 4 this current issue of 30 year inspection/recertification is a systemic problem, not corruption or mismanagement.
The state allowed it. Turned a blind eye while condo board members stole the HOA fees residents were forced to pay.
The HOA is the owners. They got away with it because maintenance wasn't the Law of the state.
These assessments only apply to condos that are three stories or higher, so now might be a good time to look into one or two story buildings if you want to buy.
I think the law requiring determining the safety of the buildings is a great idea. Unfortunately this can be a costly thing and will sink the condo market but what I do not understand is why the state is not requiring the same for ALL buildings (hotels, office buildings, etc). If it is about safety, then all buildings should be assessed and their deficiencies corrected. Do you know if this law will be expanded to include all buildings?
because hotel and office building owners are responsible and take care of the issue themselves ... condo owners are like children
I live in a 30 story condo building in Northern California. We've been hit for assessments a couple of times. But, we're up to date with regulations & the law. Why didn't this happen in Florida. Actually, it really sucked when we had to pay the assessments. But, I think small payments over time may well be better than one big huge one-time payment.
Worthless would be the best case scenario. These things are going to be debt and liability that the owners won't be able to walk away from.
That sounds very scary 😮
No breathless is the worst case. No one’s going to be coming after you for money to demolish the place. If you’re lucky the location is good and a new developer will offer you something for the property.
Interesting/informative/entertaining. There are condos (30+) years along hy-way (A-1-A) Cocoa Beach Fl🐊. I've no interest in being a condo owner.
This is something I was saying back in 2002 to my little bro working at Merryl while unwittingly predicting the big short.
Looks to me like a developers' paradise developing
Keep putting self-serving politicians in place. Book banning is So much more important than infrastructure and civil improvements 😂
In my view, ALL of the unit owners must accept some responsibility. Most people don’t attend Board meetings, letting a few responsible individuals (who volunteer for free!) do the heavy lifting and then look to blame someone else. Best of Luck Florida! Pathetic…
Look this is structual integrity. It has nothing to do with electrical etc. Concrete and foundation support only. They are requiring roofs and other crap and this should be thrown out and not in this inspection. The law even required our Marina to get rebuilt. WTF does this have to do with a building collapsing. Roofers are becoming multi millonares overnight because of this new law. What really needs to happen is HOAs need to band together with a group of structural engineers and take the state of Florida to court. If you built a building according to code enforcement back in the 60s and 70s etc and you met code standard then why the fux should this be retroactive. Some of the items in this new law should be thrown out. I understand concrete reinforcment. That makes sense. The state are the ones that are at fault. The inspectors of that building that collapsed in Miami clearly didn't do their jobs. It's simple; any new building or addition now has to meet new standards. The state should not be able to retroactively impose new requirements to old standards. You met them once the state signed off. Now, shouldn't the state be paying for these fixes if they deem them inferior now. On another note, these HOAs were " partially" funded. This definitely needs to end. I agree with the law now requiring fully funded HOAs. Yes, I agree with you that they played " Kick the Can". As a prospective buyer you better have a kick ass realtor that understands this. Silver Lining is there really could be some good deals on Condos .
How does this impact Florida Property Insurance companies?
This is so interesting. I’m in New Jersey (I know it’s not Florida 😅) but when it came time for me to purchase my own place as a single guy, I chose a 900 square foot 1 bedroom, 1 bath somewhat humble home on an acre of land a little farther out in the country (think 45 minute commute to work) rather than one of the many many condos in the NYC area. While there is certainly a lot of sweat equity I’ve put into the place, it avoided that monthly maintenance fee, special assessments, etc that would have been on top of my mortgage. The big qualifier, I suppose, is that I was motivated to do the yard work and stuff that was needed to maintain the property. If I were retiring and still single, I’m guessing a condo type situation would be more attractive.
How are all the buildings in NY still standing?
New York skyscrapers are built on bedrock... not sand
@@thomasmiracle7826What about places like Ocean City or Atlantic Beach or Hilton Head. I wonder if those are on sand. Many built in the 1930’s to 1980s
you clowns talking about bedrock etc...
Solid bedrock instead of sugar sand
Some aren’t for the same reasons. Decades of skipping necessary maintenance.
Thanks. I have a similar situation.
I wouldn't give you one Dollar for any of these properties, why should I buy someone's liability, inspectors can say anything when they are on the take, the sky is the limit
You can tell which comments are from the folks STUCK up north. Everything is still beautiful here . ALL the condo's mentioned are in buildings where the OWNERS voted down repair fees. ALL of them. Old people that don't care and owners that rent out the units for profit. Here in North East Florida there is not one condo in this situation.. all in South Florida, where the invasion from NY and NJ took place.
Apart from the deferred maintenance problem, all this fix-it now is coming at the end of a massive housing bubble. The biggest issue is are many of these buildings repairable?
buildings (particularly concrete high rises) don't have an indefinite life span
I’m a contractor in California in CA you can’t require an older building to be up to current code! If you remodel the building entrances bathrooms etc have to be upgraded to handicap standards! I don’t understand how they can try to do this to existing structures insane