All due to condo board members and owners deferring maintenance for years and sometimes decades to keep maintenance fees low. Laws were enacted to protect life and property because owners and board members wouldn’t.
I feel really bad for hard working regular good people and I believe there is plenty of money around but it is spent on the wrong things. Like here in Massachusetts in the last month we spend 54 million a month on illegal immigration. And everybody seems to be on welfare so many that don't belong on it. And much more
I don't think that is the issue in this case. Seems like to me, unregulated condo boards kicked the repair can down the road, and now it's time to pay the piper for those repairs. Immigration and welfare is a separate issue and Florida is a red state which means they aren't big fans of government handouts of any kind. I can't speak on Massachusetts.
No reserves and located at the coast in salt air. It was a fantasy all along. In Japan they replace residential buildings at 50 years, don't buy an old condo in Florida.
I escaped the condo disaster in January of this year. My ex-building had already progressed on its 40-year deal, and the assessment was large but not like the crazy stories coming out recently. Regardless, I know these places have a bad future. It was fun until the day of reckoning arrived, but now the jig is up. I can't imagine how many more of these stories are brewing under the surface as the inspections continue. For these people, they have to continue paying their usual bills, plus the huge repair bills, and then they'll need to pay for temporary housing and furnishings, a large expense in its own right. The big question for me is this: HOW MANY RECENT BUYERS, WITH LITTLE OR NO MEANINGFUL EQUITY IN THE PROPERTY, WILL ACT ON THEIR BUYER'S REMORSE, AND TURN INTO WALKAWAYS? That could have a cascading effect on the association in question, further burdening the remaining owners who are already saddled with huge costs. Whether the lender and/or the association forecloses on the property, who will want to buy it once the problems are known to the public? There is already a large supply and diminishing appetite for condos. This has the potential to get HUGELY ugly. Lenders could also slam their doors shut on lending for condo purchases. There is much more ugliness to be revealed.
So upsetting to see this poor man have his home pulled out from him. Criminal. Too many stories like these with all of Florida’s other insurance issues to want to buy there for us anymore. Sorry to see this…
It's very sad . Whatever the Govt. tries to fix ,they wind up making things worse !...Lisa, the R/E Game is changing fast and Not for the Better ( I know , I'm the master of the obvious)...lol...Thank you, for another Great Video...
I lived in Miami from 1961 to 1985. My dad was a union worker. In the early eighties, greedy developers started hiring non-union , often illiterate, construction workers to build residential and commercial buildings. As always, it’s the average person who suffers. My county in GA is proposing a 39% property tax increase for next year. My property taxes have already doubled since I bought my house in 2008 and homeowners insurance is outrageously high too. Condo fees and regulations, corporations buying up real estate and mobile home parks and tripling costs to live there. They are pricing us out of our homes. “You will own nothing and like it.” - WEF
@@TheRealLivingWithLisa Coweta County, GA is proposing a 39% increase in property taxes for next year. I knew my stream of consciousness wasn’t flowing well 😂. I was trying to make the point that whether you live in a house, a condo or a mobile home, they’re coming for you. What I meant by the comment about using cheap, unskilled labor in Miami 40 years ago is that the greed of the developers is coming home to roost with that collapsing condo building that effected average homeowners.
@@pamcornelius9122 Gotcha..... but the tax thing.... I'm so sick of government, "big brother" taxing the crap out of people. All because of their wasteful spending. The average American is getting hosed.
How do the condo owners even know if the inspection process is accurate? There may be some other factors at work that may not be related to the actual structural integrity of the condos.
Wow, not only do these people have to vacate for months but I'm sure the bill for those structural repairs will head their way. Looks like this will be the first of many to come in this situation. What a mess. Thanks Lisa for keeping us informed.
No, I really don't see that happening... the laws were not in place prior and in this building the damage was under ground and not visible. I also worry about the inspection process, as you know there's potential to make a bunch of money on repairs.
I'm sorry... but the owners "are" the association. They were voted in by the owners. It is unbelievable to me that condo owners didn't think that there would be significant downstream cost to maintain structures in a difficult, salt-laden environment. Every homeowner experiences large downstream cost. as their house ages. How did condo owners think that they could escape this?
@@JoeKubinec The problem is many owners are retirees and of course want to keep cost low. And the out of sight... out of mind thing plays a roll. People live and learn. I always tell people buying condos don't get attached to the condo fee... it's only this price this year. It's a hard lesson for many.
Florida in general is getting crazy. Just the other day Citizens said it must raise rates 98%. We have an over inflated Renters market when it comes to pricing, this Condo issue and high taxes. I believe our Governor needs to stop his aspirations of any office in the future because he wasted our time on Book Bans, Drag Queens, Book Tour, debating Gavin and is run for Presidential candidate. This is not to include the recent laws on air B&b, timeshare and vacationers. While inflation and high interest rates are problematic, we've been going through some of these issues since Rick Scott...over 10 years ago. Right now, our problems have worsened and when you add hurricane season and the Homeless crisis, drug crisis in this state...we are in serious trouble. All that money spent to send immigrants to other states could have been used to lessen any of these issues. This does not include him sending FEMA money back and denying governmental assistance for programs such as House, Medical and Food. He needs to step down! He needs to be impeached or removed because he hasn't done his job. I have 23 friends still living in cars since Irma. I have friends who moved here out of fear from Covid only to find out that their careers weren't available down here or paid much less.
The renters market is fine in most areas, it’s condo and condo HOA’s that are being bought out dismantled and the properties destroyed to rebuild and reprice.
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All due to condo board members and owners deferring maintenance for years and sometimes decades to keep maintenance fees low. Laws were enacted to protect life and property because owners and board members wouldn’t.
I feel really bad for hard working regular good people and I believe there is plenty of money around but it is spent on the wrong things. Like here in Massachusetts in the last month we spend 54 million a month on illegal immigration. And everybody seems to be on welfare so many that don't belong on it. And much more
Agreed~
I don't think that is the issue in this case. Seems like to me, unregulated condo boards kicked the repair can down the road, and now it's time to pay the piper for those repairs. Immigration and welfare is a separate issue and Florida is a red state which means they aren't big fans of government handouts of any kind. I can't speak on Massachusetts.
No reserves and located at the coast in salt air. It was a fantasy all along. In Japan they replace residential buildings at 50 years, don't buy an old condo in Florida.
I escaped the condo disaster in January of this year. My ex-building had already progressed on its 40-year deal, and the assessment was large but not like the crazy stories coming out recently. Regardless, I know these places have a bad future. It was fun until the day of reckoning arrived, but now the jig is up.
I can't imagine how many more of these stories are brewing under the surface as the inspections continue. For these people, they have to continue paying their usual bills, plus the huge repair bills, and then they'll need to pay for temporary housing and furnishings, a large expense in its own right. The big question for me is this:
HOW MANY RECENT BUYERS, WITH LITTLE OR NO MEANINGFUL EQUITY IN THE PROPERTY, WILL ACT ON THEIR BUYER'S REMORSE, AND TURN INTO WALKAWAYS?
That could have a cascading effect on the association in question, further burdening the remaining owners who are already saddled with huge costs. Whether the lender and/or the association forecloses on the property, who will want to buy it once the problems are known to the public?
There is already a large supply and diminishing appetite for condos. This has the potential to get HUGELY ugly. Lenders could also slam their doors shut on lending for condo purchases. There is much more ugliness to be revealed.
All good points.. and I think lenders already have this on their radar. thanks for your thoughts~~
So upsetting to see this poor man have his home pulled out from him. Criminal. Too many stories like these with all of Florida’s other insurance issues to want to buy there for us anymore. Sorry to see this…
It's very sad . Whatever the Govt. tries to fix ,they wind up making things worse !...Lisa, the R/E Game is changing fast and Not for the Better ( I know , I'm the master of the obvious)...lol...Thank you, for another Great Video...
Thanks Jim~~
I lived in Miami from 1961 to 1985. My dad was a union worker. In the early eighties, greedy developers started hiring non-union , often illiterate, construction workers to build residential and commercial buildings. As always, it’s the average person who suffers. My county in GA is proposing a 39% property tax increase for next year. My property taxes have already doubled since I bought my house in 2008 and homeowners insurance is outrageously high too. Condo fees and regulations, corporations buying up real estate and mobile home parks and tripling costs to live there. They are pricing us out of our homes. “You will own nothing and like it.” - WEF
Did I read this correctly... you're getting a 39% increase in you're property "taxes" in the state Georgia? What for? Condo owners? Love to know more.
@@TheRealLivingWithLisa Coweta County, GA is proposing a 39% increase in property taxes for next year. I knew my stream of consciousness wasn’t flowing well 😂. I was trying to make the point that whether you live in a house, a condo or a mobile home, they’re coming for you.
What I meant by the comment about using cheap, unskilled labor in Miami 40 years ago is that the greed of the developers is coming home to roost with that collapsing condo building that effected average homeowners.
@@pamcornelius9122 Gotcha..... but the tax thing.... I'm so sick of government, "big brother" taxing the crap out of people. All because of their wasteful spending. The average American is getting hosed.
@@TheRealLivingWithLisa 💯
And republicans give them tax cuts and subsidies.
The structural inspection only applies to condo buildings that are 3 stories and higher.
Great video Lisa. I don't live in Fla but it's nice to hear about what's going on. Appreciate you taking the time to put these together!
Thanks for watching!
I LOVE IT
Terrible situation . I have a nearby condo available for rent in 30 day increments. Will deeply discount for Villa Del Sol impacted residents.
I like when you go outside and comment on issues. I think this will increase your subscribers and viewership. Good luck.
How do the condo owners even know if the inspection process is accurate? There may be some other factors at work that may not be related to the actual structural integrity of the condos.
Best they can do is asked for the inspectors certification documents and check for any complaints.
Condolences to condo owners!!!!😂😂😂😂😂😂😂
I don't believe this. I bet it's been happening a long time ago. Whe home don't have cellars or basement . But they use bedrock for tall building.
Wow, not only do these people have to vacate for months but I'm sure the bill for those structural repairs will head their way. Looks like this will be the first of many to come in this situation. What a mess. Thanks Lisa for keeping us informed.
I owe nothing.
They can still force you out, it’s happening all over Florida
I thought the inspections were for buildings 3 floors or higher ?
Yes... the buildings on the Ocean were 3 stories.
Yes, I thought the same. I thought 30+ years old AND higher than 3 floors.
Lisa, I was under the impression that the condo inspections rule were for condos 3 stories and higher. This condo looks to be only 2 stories.
Yes.. 3 stories or higher and the buildings on the Ocean has 3 stories.
Live in rv in Florida or House boat or rent
Helping corporations and insurance companies is capitalism. Helping people is communism. Vote 💙💙💙💙💙💙💙
Can the owners hold the associations who are responsible for maintenance liable?
No, I really don't see that happening... the laws were not in place prior and in this building the damage was under ground and not visible. I also worry about the inspection process, as you know there's potential to make a bunch of money on repairs.
@@TheRealLivingWithLisa and I these contractors will get every dime possible.
I'm sorry... but the owners "are" the association. They were voted in by the owners. It is unbelievable to me that condo owners didn't think that there would be significant downstream cost to maintain structures in a difficult, salt-laden environment. Every homeowner experiences large downstream cost. as their house ages. How did condo owners think that they could escape this?
@@1linkbelt I think so~
@@JoeKubinec The problem is many owners are retirees and of course want to keep cost low. And the out of sight... out of mind thing plays a roll. People live and learn. I always tell people buying condos don't get attached to the condo fee... it's only this price this year. It's a hard lesson for many.
Florida in general is getting crazy. Just the other day Citizens said it must raise rates 98%. We have an over inflated Renters market when it comes to pricing, this Condo issue and high taxes. I believe our Governor needs to stop his aspirations of any office in the future because he wasted our time on Book Bans, Drag Queens, Book Tour, debating Gavin and is run for Presidential candidate. This is not to include the recent laws on air B&b, timeshare and vacationers. While inflation and high interest rates are problematic, we've been going through some of these issues since Rick Scott...over 10 years ago. Right now, our problems have worsened and when you add hurricane season and the Homeless crisis, drug crisis in this state...we are in serious trouble. All that money spent to send immigrants to other states could have been used to lessen any of these issues. This does not include him sending FEMA money back and denying governmental assistance for programs such as House, Medical and Food. He needs to step down! He needs to be impeached or removed because he hasn't done his job. I have 23 friends still living in cars since Irma. I have friends who moved here out of fear from Covid only to find out that their careers weren't available down here or paid much less.
The renters market is fine in most areas, it’s condo and condo HOA’s that are being bought out dismantled and the properties destroyed to rebuild and reprice.