@@YakMotley I saw that video before and the foul smell of the government oversight stepping in and allowing these insane assessments just doesn't look legal. If you can't expect an owner to buy a home 200K cash who in their right mind would authorize these special assessments fees?
I worked on condos in the Daytona Beach area back in the 90's. Concrete testing was done on every pour. So each floor had a record. Wood is cheap in comparison. The only way to know if t h ey are salvageable is to go to the second floor, inspect there. My guess, they are not. SOL!
@@dmatty2373 That's my opinion as well. I believe they're going to find that between the building codes improvements and workmanship isn't going to be repairable.
My wife and I moved to Florida 10 years ago and decided to rent a beautiful (but older) condo on the beach, in a community with two gold courses etc. We just loved living there...AND loved not having anything to do with HOAs, assessments, insurance, etc, etc. Now, our friends that own there email us to say that things are getting very hairy. We had many chances to buy, but I could see the writing on the wall. Unpredictable expenses.
My husband was a civil engineer and did many inspections of bridges in New Jersey years ago. So many of them were horrible 😢 but weren't closed. Lets all face the truth now !! The infrastructure of American has NOT BEEN TAKEN CARE OF... this is not unknown by the government 🤔
Imagine if we didn’t send all our money out to policing the rest of the world. We are being left behind by the rest of the world when it comes to infrastructure. We should stay out of the rest of the world’s problems and focus on our own. It’s time to put our people first.
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that our generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 54.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
thanks for sharing this, I googled the lady you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
This is what happens when you defer maintenance on old buildings. I live in Iowa and own a 1940 house that I bought in 1980. When it needed repairs I did them, instead of kicking the can down the road.
@@allenfitzpatrick8485 I agree with you it should have been done correct in the first place. But if those get caught and mitigated before becoming critical, it can often remain manageable. Our post WWII house in PA had a ceiling joist installed upside down (board’s growth rings pointing upwards instead of down). This caused it to eventually “spring” up and pull itself out of the ceiling and one wall joist. When it was time for our roof to be re-shingled, we had the contractor open the roof deck and replace that ceiling joist at noticeable expense. But no building code or anything forced us to do that. We chose to as the right thing to maintain the house from an error when it was built by men and their companies long since past on.
Funny thing is it's not just the condos. It's anything built with concrete reinforced with steel rebar. Things like parking garages, bridges, piers. Steel doesn't like salt and water. Once it starts to rust a structure doesn't have long to survive
@@FauxQue-yk8dtthe thing is that rebar used to be placed less sparsely out (so we used more to fortify a building) now apartments are straight 2x4s and dry wall… terrible especially during the wet season in Florida (may- October) I’ve lived in FL for 23 years and my parents purchased a home in 2004… traditionally Florida homes with full rebar every two or three cinder blocks… Eve cinder blocks on the top floor… Now we only use cinder blocks for fire proofing emergency exits…. The construction industry is pulling a medical industry (cutting corners to save money - it’s basically tofu dreg but Florida edition)
Years ago, I had a condo in Denver. Every time the HOA wanted to spend money to do small, noncritical repairs - the unit owners would throw a fit. Many were already mortgaged up to their eyeballs and always voted to defer the maintenance. As time went by, the small neglected items piled up until it became a crisis. I would be very cautious about ever owning a condo again... mob rule is a terrible way to live.
Lifelong construction professional here. I was working for a couple of companies building homes and condos in Miami 1979-1984 and I saw a tremendous amount of graft in the Miami Dade Building Department. One complex in SW Miami--5000 units together, simply disappeared in Hurricane Andrew. There are SO many ways to cut corners in construction and the only thing that can proof the process is thorough inspections done by honest inspectors. That also means there has to be an adequate number of them and a Bldg Department administration that is receiving adequate funding to do their work properly. But given the general resistance from the public to paying taxes virtually all facets of government are hamstrung by varying degrees.
Just wait until those special assessments are complete. Those people are going to be looking at millions in repairs. Those condos are going to be worthless.
I'm glad I knew what I was getting into. I bought a 150 year old house for $14k, 10 years ago. I knew it was a piece of shit and I haven't been disappointed one bit.
Royal floridian...ormond beach...going fast... underground parking foundations gone...pool leaks thousands of gallons per day...washing out foundation further...as chief engineer... fired for my reports
Each condo need a maintenance schedule that needs to be followed (just like cars do), if they are not followed, then insurance companies should deny coverage.
I just quit being an insurance agent because it was soul grating. We were middleman that the carriers could blame, we got to be the punching bags while the carriers made all the decisions that hurt people behind the scenes. It was a good day if i got to save someone $5 or tell them they weren't getting a $1000 increase. This wont be covered by condo insurance for 2 main reasons: 1. wear and tear is not a covered peril, it has to be directly tied to a "covered claim" to be able to use your "loss of use" coverage. 2. the foundation is the structure itself and not within the unit, the lines are a little blurry (like drywall in, paint in, etc etc) but the foundation is 100% the condo association's responsibility, and their insurance doesn't care about unit owners. These people won't see a DIME.
Sand and cement stolen at construction stage. Romans were honest people, not like Americans. House that I owned in Lake Wales was built by a concrete contractor. His ex employees told me how he used to steal from contraction sites.
The iron/steel rebar rusts, then expands and breaks the concrete apart. The Romans didn't use iron/steel rebar, because their concrete was used in compression like arches/domes and not in tensile like in beams. All of the concrete in the Pantheon is in arches, vaults and domes. Maybe we should use fiberglas rebar or something else.
@@lewisdoherty7621yes and no, they used a different mixture. The concrete was more resilient and self healing. Also, builders under capitalism spend as little as possible in order to maximize profit.
They were supposed to take the condo fee $ and use it to maintain the building. What the heck were they doing with all the $? There should be a statewide investigation.
Cutting grass and paying pool maintenance. They did not charge for capital improvements and kicked can down the road due to residents. Condo owners resisted any big repairs.
most of these HOA would keep the fees to a bare minimum because they didnt want to pay for them and they were assuming they would not still be living there when problems arrose. Same issue are starting to arise here in Toronto with condos. I work for an electrical equipment manufacutre and we had a condo that was argueing with us about cost of replacing the emergency power system with in the building because they had to bring it up to current building code.
Condo values are about to tank. I don’t understand how they can hold their value. I agree with your assessment that the big developers are going to buy up all these properties after they tank, rebuild them and make a killing.
The value goes down when they have to sell. When they go to sell and are lucky to get 10k that’s when the value tanks. Because seriously, would you buy one of these death traps
I owned a condo by a lake for 12 years as a second home. There were two happy days, the day I bought it and the day I sold it, just like a boat. The HOA meetings were frustrating. Just a collection of different personalities arguing with each other. Fortunately we had an attorney/owner on the board. Many times they don't want to raise HOA dues to make the units more desirable. Then it bites them in the arse when repairs come due.
that is exactly what every one of these condo's problems were and are. Cheap owners, that vote down any HOA increases. You can't maintain a structure with HOA fees of $150 a month, when they should be over $1,000 aq month.
We sold our beachfront condo in Florida not long after the Surfside condo collapse. Our regular HOA fees were close to $1200 a month before the new laws kicked in. Florida condos are in for severe and consequential financial losses.
Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is no different, to maintain profit you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 80s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
I'm very cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "Jessica Lee Horst" I've worked with her for some years and highly recommend her. Check if she meets your criteria.
A tent is a good solution 23.. double wide.. Or buy a house with NO HOA and have your neighbors store 6 cars in the driveway, never maintain the property, and paint the house pink. great idea,
@@joemancurreri6635 debtor owners vote and restrict land owners rights in " their" neighborhoods...fascism at its ffinest against 100s of years of history..
If all of the homeowners actually made an effort to be involved in the HOA, the problems wouldn't exist. It's not like the HOA was classified information when they bought.
That concrete did not begin to crumble overnight. The buildings failed to maintain them. Living near the water causes alot of physical damage to buildings. So glad I did not buy one. I live way below my means, because life in unpredictable.
I would never buy a condo again. I lived in a condo in IL for 25 years. Sold it 2 years ago and I am so happy I did. The complex is now 50 years old and all kinds of plumbing issues are starting to happen. It is a large complex of 560 units in 2 and 3 story buildings. I started hearing stories about owners on the 1st floor needing their floors torn up because of leaking water pipes. Turns out they just had an inspection and this needs to be done in the whole complex and will cost hundreds of thousand to repair. The HOA fees are going to skyrocket. My friends that still live there are stuck. It may bankrupt them.
@@billping2633if they all move out a big investor will just buy that condo fix it or knock it down and build a new one🎉 we're talking about beachfront condos😂 people want to live by the beach that's why some of those condos are a million dollars
@@xx133 TRUE THAT. Contractors are required to be licensed. Local Code Enforcement is required to check the work. Our taxes pay for their fat salaries, fancy trucks (with one dude driving gas hog) operating state if the art computer to sign off on whatever form with a couple photos, is submitted by contractor. His does anyone confirm renailing roof deck to code, when it is covered with underlayment and materials are not verified? Homeowners have NO idea what they are buying when their insurance company demands the roof be replaced ..(in 30 days) as if it is possible to get materials in 30 days. Thank James E Boyd, chair Florida Senate Insurance and Banking. Double dipping by selling insurance and investments.
this event has started a cascade effect across the whole USA; the entire condo market is going to tank so bad...pennies on the dollar...the location is worth more than the current obsolete structures everywhere, due to doubling the amount of fiat in circulation.
I would never buy into a high-rise condo, let alone in Florida where I think the hurricane brings in salt water that deteriorates the concrete and foundation.
Land grab u NAILED IT! I got into real estate as an appraiser. My bet on many port areas, they are destroyed, vacated, and then some big conglomerate gets a low interest, Grant from us the taxpayer to redevelopment and price ALL of us out of that market. They end up with a pot of gold! We get nothing but higher taxes. Inspected 11 states for HUD, the stories I could tell. Retired now but what I reported and saw was unbelievable! Dr. Carson was a blessing to HUD. However unraveling is going to be collateral damage to massive numbers of people. I APPLAUD you have taken this on.
I saw the writing on the wall as they say with my condo in Naples Fl. Back in the late teens we got hit with a $10k assessment to install a newly state mandated sprinkler system in the building. Then we find out the Condo board was kicking the can down the road as they say on building maintenance for around five years because spending money on decorating was more important than replacing forty five year old waste water pipes in the building and other needed maintenance. Again we get hit with another $10K assessment the next year for that repair. We were already spending $1350 per month on HOA fees. Last year I heard the HOA fees had risen to $1600 a month. When I sold my unit they were talking about $10K assessments every year up to and maybe past 2025. I sold my unit in 2021 and a year and a half later in September hurricane Ian put the first floor under 10-12 feet of water. BTW this fifty year old building sits less than forty yards from the beach.
When I was a crew member on the Tall Ship Bounty, we sailed down the coast in 1986 and I was floored to see the entire coast ENTIRE was nothing but condos all the way down to Miami and around to Tampa Bay with only a few nature areas. There must be 10s of thousands of those old condos.
Agree about willfully stupid code and building inspectors, licensing and OVER BUILDING! Yeah. ALL caps. Big boy developers pay to put people in place who will approve their high density building without infrastructure. Roads BEFORE new developments!
Excellent commentary! I am a Realtor of 40 years here in Michigan. I have always warned my clients who are moving to other areas to do their research. I have heard back from quite a few of them stories like this.
I worked for a property management company. I was one of the on call maintenance people. I figured out real fast living in a condo is no bargain. I witnessed condo owners get hit with a $10,000 assessment in one building. They had 6 months to come up with the money or sell if they could otherwise they got a lean put on there condo. I witnessed hot water heaters burst on the 8th floor and destroy the ceiling's and interior of every condo under them. The owners were responsible for any damage inside their units. The condo association only covered structural damage meaning the condo owners were responsible for everything beyond the roof and structural parts of the building.
Why do you feel sorry for people that have not maintained a structure in years to save money. I own a home on the beach in Florida. If anything needs repair it get done ASAP! I don't wait 25 years.
@@joemancurreri6635 because a lot of them aren't up to date on the changes in code's, I mean they live there paying there HOA fees and think everything is ok
I'm a Michigan snowbird and I can remember 30 years ago, those that could afford it, were buying into the Condo market, time shares and all the other niceties of wealth and winters in Florida. Different Florida from then to now. I know something about using concrete in construction, and slope testing on the mix is critical. So, with contractors less than honorable in the construction field, letting too wet or too dry concrete to be used is probably the making of this disaster.
When steel rusts, it expands in volume by 900%. So the rust on the surface of the steel rebar will want to push outwards, because it is expanding in volume. Now, concrete has low tensile strength, so when the rust expands, the concrete outside the rebar will break away (fail in tension.) This concrete you see spalling away does not add anything to the strength of the beam. It is called rebar coverage concrete and it is not included in the calculations for beam strength. The solution is to chip away the spalling concrete, sandblast the rebar, and reapply concrete coverage. There are exotic materials that are used for this, such as epoxies, graphite, and chloride resisting additives. (Think about investing in the companies that manufacture these additives.) But do not panic and abandon your building. Even though codes have improved, these structures have a lot of reserve strength. A good engineer with a sharp pencil can prove that the building is structurally sound.
I am from the Midwest originally. I live in Saint Petersburg Florida now. I was so surprised that everything here is built with concrete!!! Like you said concrete is only good for so long!!! Especially in a saltwater environment!!! It's cheaper than steel to build with!!! But treated steel like most Midwest buildings will last!!! As long as the steel is made correctly!!! Look at the Sears tower, the Empire State Building!!!! These new concrete condos will only last thirty years! Then it's ground hawg day again!!!!!
I thought concrete strengthened with age!? I mean think of all the bridges made of concrete submerged in salt water for a century. Whats the difference?
That is TOTALLY disgusting.......those poor people that put life savings, pain and suffering into a condo and now have this happening. Glad I don't own a condo and have only ever bought houses. Bought first house at 19 yrs.old. Bought many many beautiful homes and was house mortgage free at 40 yrs. old.!!!!! I was a single mom and sacrificed a lot and had very little pay working at a bank. I would not be able to sleep at night if this happened to me. Greetings from Canada.
I live in a condo in st pete that is over 50 years old and we are 15 miles from the gulf of mexico and about 1 mile from the bay. we passed the milestone inspection and didn't have to have follow up inspection. we are good for 10 years. hoa fee's are going up about 80 bucks a month to fund reserves. lets see how much insurance goes up though. only 3 story building.
Complicated situation. Some buildings will need to be condemned. Like a car that is totaled. More expensive to repair than replace. In those cases, it’s a tear down sale. Owners will get pennies on the dollar. What do these people do in the meantime? It will be a real crisis for thousands of people. Seems like Florida may not be the paradise so many people expected.
I would stay up north if I were you SCH.., Florida IS a paradise.. but is not cheap.. It's expensive.. Paradise shouldn't be cheap... Folks bought these old condo units, with extremely low HOA fees, thinking it was a great deal. Low HOA fees is a sure sign of a structure that has not been maintained... no deals in life. Realtors always tell buyers how great and low the HOA fees are, just to make a sale..look at the inspection reports. some of these condo's have 30 year old roofs, not been painted in 25 years, Culverts NEVER cleaned. with HOA fees less than $150 a month. Realtors have been listing Condo's for years describing them as having "LOW HOA FEEs".. Realtors are to blame as well.
Buyer beware. Its not the taxpayer's problem. Every building has a shelf life and you don't want to be an owner when a building reaches the end of its useful life.
Need to request copy of structural inspection report before buying a condo in Florida. I was on the board of an HOA & horrified how they spent $ & many owners are not involved in operations & don’t attend meetings. Glad I sold.
When I was younger growing up and learned about careless individuals in a neighboring condo had discharged a gun and killed someone in a different condo that was the end of me ever wanting to live in a condo. Or someone falls asleep with a cigarette in their hand and burns the whole place down while everyone is sleeping. Or meth head blows up the the majority of his building. Condo living isn't safe. And that doesn't include just everyday normal drama that comes with condo living.
This is a nightmare. The common person has zero understanding of building codes when buying a condo. It's a game of waiting for the timely decline of these structures. I know of many people who bought condos in Florida looking to retire there and live a happy life of no worries. They have just the opposite now. At 80 or 90 years of age this is a cruel reality. 😟
I doubt that it will be economically feasible to repair most of these buildings. Its not like you can replace the defective parts. Its likely that all the rebar is cooked if any of it is cooked.
There going after the condos the developers want. They should start looking at the old apartments in the state. Apartments are no different than condos.
Geez! I recently purchased my villa. That is one of the places I was considering.! Literally every condo I considered from Aventura to Jensen Bch is in trouble! I am so grateful I didn't get a condo.
What are people supposed to do besides maintain their property, die by getting crushed in the middle of the night like in Surfside? Safety first, and if the building gets bought out by a developer, then oh well. People who can't afford to maintain their buildings can't afford to live there.
An option that has yet to be explored in the public discord, is turning the buildings into co-ops. This will allow for the special assessments to be financed by the COA instead of of the individual homeowners. But this is an ownership and title issue and isn't good for every situation. But it can save some affordable housing. It doesn't look like Florida is interested in anything other than redevelopment of these properties and kicking people out.
Condo owners for years voted down increases for maintenance when they could. Well now they can’t and the owners are to blame. Treated condos like apartments and thought they could kick it down the road. That worked out well.
Increases and special assessments are 2 different things. Owners have no choice when it comes to structural maintenance and repairs. Owners are leary about increases because at least in Florida, corruption and HOAs go hand in hand. I, personally lived in an HOA 30 years ago and would never do it again. Change the laws about reserves and maintenance and repair schedules and this economic disaster never happens. 80% of condos in Florida are over 30 years old, with most of them being near the ocean. We all know the effects of salt water. Florida should be ready for another economic housing disaster starting by the end of the year, when all the inspections of all these condos must be completed. From what I hear, they have a year to make the repairs. We're going to have a lot of displaced people in a housing market already experiencing a shortage due to greedy owners inflating unaffordable rent prices. Yeah, Florida didn't have a plan for all of that.
that is the issue in EVER one of these condo's. Yet the You tubers are blaming everyone except the cheap owners. READ the reports. No repairs in 25 years. 30 year old leaking roofs, never painted in 25 years. Leaking pipes in Garages for 25 years!
The rebar sticking out of the concrete at 2:04 and 4:38 appears to be for future expansion. This rebar is often covered with a very lean low strength concrete that can be easily chipped away when the rebar needs to be exposed and connected to for the future expansion. This looks alarming, but it is nothing to worry about.
They didn’t vote yes to build up the reserve and payed the absolute minimum for the HOA, just for cosmetic reasons. These structures are on the Ocean! My Condo community of three buildings already passed last year and they were built in the mid 70s beachside in Brevard. I have Zero sympathy for them.
I had a friend who was renting a condo when the owner of the condo got an assessment for repairs and my friend had to move out. Once I looked into it and realized how little power control or recourse the owner had. I knew there was no way I would ever touch a condo.
Go back and find an old novel a out Florida condos in a novel written by John MacDonald set on the West coast of FL titled "Condominium." About the construction and a hurricane approaching. Great read.
Infrastructure wasn't taken care of hmmm, where have I heard that before. People used to know what a depreciating asset was, but now the media has convinced them that one is now their wealth, and it just keeps getting worth more and more! always.... people are getting dimmer.
A buyout from a developer will save the owners from a total loss. HOA assessments will bankrupt the condo owners when a teardown is necessary for old condo buildings.
They need to extend the set back line from the shore. It is appling all the condos built 75 feet the the shore line. I have lived in Panama City for 45 years. They have ruined the shore line with condos. You can still see the gulf a 1000 feet from it. They have to pump sand on the beach because of erosion. Pure greed. Edit: there was a condo called the Pepper Tree build on Panama City Beach in the 70's. It sat with just the concrete structure for years. It was bought and finished. That was 45 years ago. It's still there now. You know it is a death trap.
You build a highrise in the sand on a barrier island which is exposed to storms, salt spray, humidity, etc. After 30 years, what could possibly go wrong?
I owned 2 condos in the past. One was great. The second was a corrupt bunch of criminals. I sued(and won) and moved out 2 years later. Twenty years later, bldg is broke and has millions in overdue maintenance, and there seems to be no solution. Investor sharks will purchase and demolish the blogs and build new. I saw this coming in 1998.
I was taught that greed is a capital sin. Directly to hell, do not pass go, do not collect 200 dollars. If this turns out to be true there are a lot of people who quite literally have hell to pay for this mess.
my friend has a condo in Destin across the street from the beach built in the 80s., 3 story wooden exteriors. All ,siding, doors, and windows had to be replaced, he got a $50K assessment. When you think about how you have to put money in your 40 year old house, it is to be expected, your going to have to replace stuff in a condo, so your going to have to write a check sooner or later if you want to maintain the value of your property
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Condos have to be the absolute worst type of real estate to own. HOAs, assessments, noisy neighbors, zero uniquness to yuor unit compared to someone elses when selling, and the list goes on.
Thank you for your videos! The condominiums are not only the problem. What about the building's built for companies???? They where built the same way most condos where built in Florida!!!!!!!¡
Thank you for this video, along with all others. I’ve always had an off putting when looking at some,if not most condos, and I now won’t be purchasing a condo. I hope everyone living in one will prevail!
I had been entertaining a possible shift from Pennsylvania to Florida for retirement in a few years. No longer. I had a condo in Philadelphia, so learned some painful lessons from that...never buy a condo or buy into a coop. Avoid developments with HOA fees...any fees, no matter how low that they currently might be. The increase in insurance (home and auto), tax increases, local cost of living, traffic congestion have taken Florida off the table for me.
I *guarantee* these contractors are upcharging anywhere from 50% - $80% of the actual repair cost. If they say the repair will cost $100 million, they could really do it for 20-50 million
I do agree with you that, ultimately, this will not be limited to the State of Florida. There are lots of waterfront properties on both coasts and in interior sections of the U.S. As weather conditions worsen, many of these properties will be found to be unsafe. I live in the northeast and a 100 year old brick building - which looked quite solid - started to collapse. Residents were ordered by the city to vacate immediately. The remainder of the building was then demolished.
Demolition will not solve the condo issues. 1) Finding buyers for the new condos .These will not be affordable for most Americans. 2) Insurance cost/availability crisis, both homeowner & auto. 3) not only hurricanes also increasing flooding. 4) Rising temperatures.
Check out this video on the Condo crisis! - 80% of Condos in Florida could be worthless! (Part 1)
ruclips.net/video/ApQc-cubTjg/видео.html
@@YakMotley I saw that video before and the foul smell of the government oversight stepping in and allowing these insane assessments just doesn't look legal. If you can't expect an owner to buy a home 200K cash who in their right mind would authorize these special assessments fees?
I worked on condos in the Daytona Beach area back in the 90's. Concrete testing was done on every pour. So each floor had a record. Wood is cheap in comparison. The only way to know if t h ey are salvageable is to go to the second floor, inspect there. My guess, they are not. SOL!
@@dmatty2373 That's my opinion as well. I believe they're going to find that between the building codes improvements and workmanship isn't going to be repairable.
Sue sue sue
@@YakMotley How would a corporate land grab build something that won’t have these issues in the future? Insurance?
My wife and I moved to Florida 10 years ago and decided to rent a beautiful (but older) condo on the beach, in a community with two gold courses etc. We just loved living there...AND loved not having anything to do with HOAs, assessments, insurance, etc, etc. Now, our friends that own there email us to say that things are getting very hairy. We had many chances to buy, but I could see the writing on the wall. Unpredictable expenses.
Smart choice
You were soooo smart. I have been saying for years only a fool would buy property in Florida. Renting near any beach is the only way to go
You were smart. A friend just bought a Florida condo.
@@MaddieDazey ah! Very interesting point! Well it only makes sense to charge unit owners facing the ocean more in condo fees
Informative thank you
My husband was a civil engineer and did many inspections of bridges in New Jersey years ago. So many of them were horrible 😢 but weren't closed. Lets all face the truth now !! The infrastructure of American has NOT BEEN TAKEN CARE OF... this is not unknown by the government 🤔
Infrastructure isn't sexy, it doesn't win elections.
Imagine if we didn’t send all our money out to policing the rest of the world. We are being left behind by the rest of the world when it comes to infrastructure. We should stay out of the rest of the world’s problems and focus on our own. It’s time to put our people first.
You're right... the politicians continue to line their pockets!
Biden’s Infrastructure Law is making a huge dent in this problem now. 56,000 projects are awarded or underway in states across the nation.
@@Calmly-replied111 what happened to the 5,000 trillions?
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that our generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 54.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
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This is what happens when you defer maintenance on old buildings. I live in Iowa and own a 1940 house that I bought in 1980. When it needed repairs I did them, instead of kicking the can down the road.
amen. good work.
Not maintenance, faulty construction from the get go.
@@allenfitzpatrick8485
I agree with you it should have been done correct in the first place.
But if those get caught and mitigated before becoming critical, it can often remain manageable.
Our post WWII house in PA had a ceiling joist installed upside down (board’s growth rings pointing upwards instead of down). This caused it to eventually “spring” up and pull itself out of the ceiling and one wall joist. When it was time for our roof to be re-shingled, we had the contractor open the roof deck and replace that ceiling joist at noticeable expense. But no building code or anything forced us to do that. We chose to as the right thing to maintain the house from an error when it was built by men and their companies long since past on.
Some items can not be repaired at all. The cost would exceed the value of the unit.
This channel is the ONLY ONE that doesn't sugar coat the BS of what's going on with the condo's in Florida ❤
I'm sure it's condo everywhere, not just Florida.
because it is truly exaggerated - and you Florida haters love this fake news.
Funny thing is it's not just the condos. It's anything built with concrete reinforced with steel rebar. Things like parking garages, bridges, piers. Steel doesn't like salt and water. Once it starts to rust a structure doesn't have long to survive
@@FauxQue-yk8dtthe thing is that rebar used to be placed less sparsely out (so we used more to fortify a building) now apartments are straight 2x4s and dry wall… terrible especially during the wet season in Florida (may- October)
I’ve lived in FL for 23 years and my parents purchased a home in 2004… traditionally Florida homes with full rebar every two or three cinder blocks… Eve cinder blocks on the top floor…
Now we only use cinder blocks for fire proofing emergency exits….
The construction industry is pulling a medical industry (cutting corners to save money - it’s basically tofu dreg but Florida edition)
No, many of them do. It’s a common click bait theme
Years ago, I had a condo in Denver. Every time the HOA wanted to spend money to do small, noncritical repairs - the unit owners would throw a fit. Many were already mortgaged up to their eyeballs and always voted to defer the maintenance. As time went by, the small neglected items piled up until it became a crisis. I would be very cautious about ever owning a condo again... mob rule is a terrible way to live.
Oh, now, ppl realize why local, state and federal govts suck 😂
@@TheGuruStud Democracy is three wolves and one sheep voting on what to have for dinner.
Lifelong construction professional here. I was working for a couple of companies building homes and condos in Miami 1979-1984 and I saw a tremendous amount of graft in the Miami Dade Building Department. One complex in SW Miami--5000 units together, simply disappeared in Hurricane Andrew. There are SO many ways to cut corners in construction and the only thing that can proof the process is thorough inspections done by honest inspectors. That also means there has to be an adequate number of them and a Bldg Department administration that is receiving adequate funding to do their work properly. But given the general resistance from the public to paying taxes virtually all facets of government are hamstrung by varying degrees.
My little old single wide is looking good after seeing this lol
Exactly.
smart man.
The federal government regulates manufacture homes. So a lot of scamming cut out.
Lol. Bet you your frame is rusting away. But not as fast as your particle board floors are going to dissolve
@FauxQue-yk8dt it is already 26 years old and particle board and all still good lol just have to know how to keep it up
Just wait until those special assessments are complete. Those people are going to be looking at millions in repairs. Those condos are going to be worthless.
All by design! New world order manipulation!
Labors "value" in your pocket..by force..,? Valueless propertys appraised and asessed by looters..
Yes and no. It may be cheaper to torn the old building down and built new building.
@@michaellee1268 and then the new rent or maintenance fee is going to be too expensive for these people to be able to continue living there.
@@michaellee1268
Who's going to pay for the new building? Who's going to pay to tear down the old building? How many years is that going to take?
I'm glad I knew what I was getting into. I bought a 150 year old house for $14k, 10 years ago. I knew it was a piece of shit and I haven't been disappointed one bit.
😃👍🏻
You made me lol, I'm glad you didn't buy a condo and your eyes were open.
😂😂😂
The difference is nobody is making you spend money yo fix it.
I am amused
Royal floridian...ormond beach...going fast... underground parking foundations gone...pool leaks thousands of gallons per day...washing out foundation further...as chief engineer... fired for my reports
@YakMotley Zoom interview this guy
Thanks to Ronnie everyone is on their own!
Why is it Ron's fault? For requiring inspections and repairs that corrupt corporations and hoa passing on upkeep?
Wow, really? I know this place. This is really sad.
It’s a nightmare. Poor people stuck in this situation.
That's rather rare. Most condos are 2nd home or investment real estate
Each condo need a maintenance schedule that needs to be followed (just like cars do), if they are not followed, then insurance companies should deny coverage.
This is ALL about $$$$! THINK!! ALL insurance is UNconstitutional, and ALL owned by new world order bankers. 😉
I just quit being an insurance agent because it was soul grating. We were middleman that the carriers could blame, we got to be the punching bags while the carriers made all the decisions that hurt people behind the scenes. It was a good day if i got to save someone $5 or tell them they weren't getting a $1000 increase. This wont be covered by condo insurance for 2 main reasons: 1. wear and tear is not a covered peril, it has to be directly tied to a "covered claim" to be able to use your "loss of use" coverage. 2. the foundation is the structure itself and not within the unit, the lines are a little blurry (like drywall in, paint in, etc etc) but the foundation is 100% the condo association's responsibility, and their insurance doesn't care about unit owners. These people won't see a DIME.
The Romans built concrete that has lasted two thousand years. Source: the Pantheon in Rome. We can’t even make it Lást fifty years!
Sand and cement stolen at construction stage. Romans were honest people, not like Americans. House that I owned in Lake Wales was built by a concrete contractor. His ex employees told me how he used to steal from contraction sites.
The iron/steel rebar rusts, then expands and breaks the concrete apart. The Romans didn't use iron/steel rebar, because their concrete was used in compression like arches/domes and not in tensile like in beams. All of the concrete in the Pantheon is in arches, vaults and domes. Maybe we should use fiberglas rebar or something else.
@@lewisdoherty7621 aluminum perhaps?
@@lewisdoherty7621yes and no, they used a different mixture. The concrete was more resilient and self healing. Also, builders under capitalism spend as little as possible in order to maximize profit.
Oh, cuz the Romans were so smart.
They were supposed to take the condo fee $ and use it to maintain the building. What the heck were they doing with all the $? There should be a statewide investigation.
Cutting grass and paying pool maintenance. They did not charge for capital improvements and kicked can down the road due to residents. Condo owners resisted any big repairs.
most of these HOA would keep the fees to a bare minimum because they didnt want to pay for them and they were assuming they would not still be living there when problems arrose. Same issue are starting to arise here in Toronto with condos. I work for an electrical equipment manufacutre and we had a condo that was argueing with us about cost of replacing the emergency power system with in the building because they had to bring it up to current building code.
They retained lawyers and paid themselves very well.
Condo values are about to tank. I don’t understand how they can hold their value. I agree with your assessment that the big developers are going to buy up all these properties after they tank, rebuild them and make a killing.
The value goes down when they have to sell. When they go to sell and are lucky to get 10k that’s when the value tanks. Because seriously, would you buy one of these death traps
There aren’t enough high end buyers to purchase redevelope 80% of FL condos
I owned a condo by a lake for 12 years as a second home. There were two happy days, the day I bought it and the day I sold it, just like a boat. The HOA meetings were frustrating. Just a collection of different personalities arguing with each other. Fortunately we had an attorney/owner on the board. Many times they don't want to raise HOA dues to make the units more desirable. Then it bites them in the arse when repairs come due.
that is exactly what every one of these condo's problems were and are. Cheap owners, that vote down any HOA increases. You can't maintain a structure with HOA fees of $150 a month, when they should be over $1,000 aq month.
House repairs are a tenth of the price...never ever ever buy a condo- you're better off in an apartment!
We sold our beachfront condo in Florida not long after the Surfside condo collapse. Our regular HOA fees were close to $1200 a month before the new laws kicked in. Florida condos are in for severe and consequential financial losses.
With all these problems I'm hearing and the Surf Collapse - I can live without a view of the water.
Well - you can't afford it so don't worry 93.
@@joemancurreri6635 I probably could and even pay cash. But I am not that stupid to get myself into that predicament.
@@marblox9300I shovel.
That was orchestrated by the GOVT! Yes! It’s one huge club, and we ain’t in it 😉
A view of the Mississippi River
Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is no different, to maintain profit you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 80s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
My partner’s been considering going the same route, could you share more info please on the advisor that guides you
I'm very cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "Jessica Lee Horst" I've worked with her for some years and highly recommend her. Check if she meets your criteria.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Never buy a condo or apartment. Never buy into any property with HOA. EASY.
A tent is a good solution 23.. double wide.. Or buy a house with NO HOA and have your neighbors store 6 cars in the driveway, never maintain the property, and paint the house pink. great idea,
It’s ALL connected! ALL of it! HOA’s are even UNconstitutional! It’s all connected to the evil new world order! THINK!
@@joemancurreri6635 debtor owners vote and restrict land owners rights in " their" neighborhoods...fascism at its ffinest against 100s of years of history..
If all of the homeowners actually made an effort to be involved in the HOA, the problems wouldn't exist. It's not like the HOA was classified information when they bought.
I totally agree with you about not living in a HOA but there are some places where it is next to impossible to find ANYTHING that isn’t in a HOA.
That concrete did not begin to crumble overnight. The buildings failed to maintain them. Living near the water causes alot of physical damage to buildings. So glad I did not buy one. I live way below my means, because life in unpredictable.
I would never buy a condo again. I lived in a condo in IL for 25 years. Sold it 2 years ago and I am so happy I did. The complex is now 50 years old and all kinds of plumbing issues are starting to happen. It is a large complex of 560 units in 2 and 3 story buildings. I started hearing stories about owners on the 1st floor needing their floors torn up because of leaking water pipes. Turns out they just had an inspection and this needs to be done in the whole complex and will cost hundreds of thousand to repair. The HOA fees are going to skyrocket. My friends that still live there are stuck. It may bankrupt them.
If the unit is paid for - get the money out of it and start a mortgage. If things get too bad then just walk away from it - you got the cash.
I'll give it up if I can't sale it. No way I'm paying more in repairs than I paid for the property.
@@Ventingthetruth777 A lot of people will just walk away. This will spread outside of FL. We are heading for another 2008 to 2012.
@@billping2633 I hope so - then prices will correct again.
@@billping2633if they all move out a big investor will just buy that condo fix it or knock it down and build a new one🎉 we're talking about beachfront condos😂 people want to live by the beach that's why some of those condos are a million dollars
1960's condo fronting the ocean. What were they expecting?
They were expecting the state to have regulations like every other state, and for the housing inspectors to inform them prior to purchasing
Exactly!!!!!!!!!!!!!!!!!
@@xx133
TRUE THAT.
Contractors are required to be licensed. Local Code Enforcement is required to check the work.
Our taxes pay for their fat salaries, fancy trucks (with one dude driving gas hog) operating state if the art computer to sign off on whatever form with a couple photos, is submitted by contractor.
His does anyone confirm renailing roof deck to code, when it is covered with underlayment and materials are not verified?
Homeowners have NO idea what they are buying when their insurance company demands the roof be replaced ..(in 30 days) as if it is possible to get materials in 30 days.
Thank James E Boyd, chair Florida Senate Insurance and Banking. Double dipping by selling insurance and investments.
this event has started a cascade effect across the whole USA; the entire condo market is going to tank so bad...pennies on the dollar...the location is worth more than the current obsolete structures everywhere, due to doubling the amount of fiat in circulation.
The vulture investors are already circling the properties with the best site locations
THINK- who’s doing this and why? It’s new world order. Who sets these prices and catastrophes? The world is a stage. ALL controlled by nwo
well location is usually what they sell condos on.. the pools, the landscaping, all the eye candy
I have never understood why someone would want to buy a hotel room.
God I’m so glad I didn’t buy a condo in South Florida years ago when some of my uncles did. What a mess. 👋
I would not live in a high-rise condo if you gave it to me for free
Same here!.👍
Exactly! or if you really have to live in one then rent it don’t own it!
This is sad and a huge problem. I feel sorry for the people caught in the middle.
I like how real and factual you talk. Rare for RUclipsrs. I subscribed
I would never buy into a high-rise condo, let alone in Florida where I think the hurricane brings in salt water that deteriorates the concrete and foundation.
Most definitely about to be an elderly homeless of many people. No matter who all is responsible, it’s a travesty and tragic situation all around. 🙏🏻🤔
Land grab u NAILED IT! I got into real estate as an appraiser. My bet on many port areas, they are destroyed, vacated, and then some big conglomerate gets a low interest, Grant from us the taxpayer to redevelopment and price ALL of us out of that market. They end up with a pot of gold! We get nothing but higher taxes. Inspected 11 states for HUD, the stories I could tell. Retired now but what I reported and saw was unbelievable!
Dr. Carson was a blessing to HUD. However unraveling is going to be collateral damage to massive numbers of people. I APPLAUD you have taken this on.
I saw the writing on the wall as they say with my condo in Naples Fl. Back in the late teens we got hit with a $10k assessment to install a newly state mandated sprinkler system in the building. Then we find out the Condo board was kicking the can down the road as they say on building maintenance for around five years because spending money on decorating was more important than replacing forty five year old waste water pipes in the building and other needed maintenance. Again we get hit with another $10K assessment the next year for that repair. We were already spending $1350 per month on HOA fees. Last year I heard the HOA fees had risen to $1600 a month. When I sold my unit they were talking about $10K assessments every year up to and maybe past 2025. I sold my unit in 2021 and a year and a half later in September hurricane Ian put the first floor under 10-12 feet of water. BTW this fifty year old building sits less than forty yards from the beach.
When I was a crew member on the Tall Ship Bounty, we sailed down the coast in 1986 and I was floored to see the entire coast ENTIRE was nothing but condos all the way down to Miami and around to Tampa Bay with only a few nature areas. There must be 10s of thousands of those old condos.
YOU'RE NOT BRINGING UP THE CORRUPT BUILDING OFFICIALS AND INSPECTORS WHO ARE ON THE TAKE TO APPROVE AND PASS THESE THINGS
Who cares. Unlock your caps.
I just commented the same thing. Many HOA presidents will vote to sell the community to a builder in exchange for new house somewhere else.
Agree about willfully stupid code and building inspectors, licensing and OVER BUILDING!
Yeah. ALL caps. Big boy developers pay to put people in place who will approve their high density building without infrastructure. Roads BEFORE new developments!
Pssst, I saw subpar work in Condos built during 2010, 2013, etc., in Miami Beach, Florida.
Yes. They will demolish this rebuild and raise prices. Seniors won’t have a place to go.
Excellent commentary! I am a Realtor of 40 years here in Michigan. I have always warned my clients who are moving to other areas to do their research. I have heard back from quite a few of them stories like this.
Building on the beach is crazy in Florida.
I worked for a property management company. I was one of the on call maintenance people. I figured out real fast living in a condo is no bargain. I witnessed condo owners get hit with a $10,000 assessment in one building. They had 6 months to come up with the money or sell if they could otherwise they got a lean put on there condo. I witnessed hot water heaters burst on the 8th floor and destroy the ceiling's and interior of every condo under them. The owners were responsible for any damage inside their units. The condo association only covered structural damage meaning the condo owners were responsible for everything beyond the roof and structural parts of the building.
I think it is a shame, what a situation to be involved in. I feel sorry for everyone involved.
Why do you feel sorry for people that have not maintained a structure in years to save money. I own a home on the beach in Florida. If anything needs repair it get done ASAP! I don't wait 25 years.
@@joemancurreri6635 because a lot of them aren't up to date on the changes in code's, I mean they live there paying there HOA fees and think everything is ok
I'm a Michigan snowbird and I can remember 30 years ago, those that could afford it, were buying into the Condo market, time shares and all the other niceties of wealth and winters in Florida. Different Florida from then to now. I know something about using concrete in construction, and slope testing on the mix is critical. So, with contractors less than honorable in the construction field, letting too wet or too dry concrete to be used is probably the making of this disaster.
When steel rusts, it expands in volume by 900%. So the rust on the surface of the steel rebar will want to push outwards, because it is expanding in volume. Now, concrete has low tensile strength, so when the rust expands, the concrete outside the rebar will break away (fail in tension.) This concrete you see spalling away does not add anything to the strength of the beam. It is called rebar coverage concrete and it is not included in the calculations for beam strength. The solution is to chip away the spalling concrete, sandblast the rebar, and reapply concrete coverage. There are exotic materials that are used for this, such as epoxies, graphite, and chloride resisting additives. (Think about investing in the companies that manufacture these additives.) But do not panic and abandon your building. Even though codes have improved, these structures have a lot of reserve strength. A good engineer with a sharp pencil can prove that the building is structurally sound.
Sounds expensive. People can’t afford it. You need to address this problem first.
I am from the Midwest originally. I live in Saint Petersburg Florida now. I was so surprised that everything here is built with concrete!!! Like you said concrete is only good for so long!!! Especially in a saltwater environment!!! It's cheaper than steel to build with!!! But treated steel like most Midwest buildings will last!!! As long as the steel is made correctly!!! Look at the Sears tower, the Empire State Building!!!! These new concrete condos will only last thirty years! Then it's ground hawg day again!!!!!
Sears Tower has spiders crawling on the outside of it - lots of them. 100 stories up. John Hancock same. EEWWWW.!!!
I thought concrete strengthened with age!? I mean think of all the bridges made of concrete submerged in salt water for a century. Whats the difference?
@@Scarletsky138 Prolly because housing is just built cheaper. :(
That is TOTALLY disgusting.......those poor people that put life savings, pain and suffering into a condo and now have this happening. Glad I don't own a condo and have only ever bought houses. Bought first house at 19 yrs.old. Bought many many beautiful homes and was house mortgage free at 40 yrs. old.!!!!! I was a single mom and sacrificed a lot and had very little pay working at a bank. I would not be able to sleep at night if this happened to me. Greetings from Canada.
Stay away from Crooked Creek HOA in Sarasota Florida. What a flooded mess.
All crooked if Florida, build in 30 days and get them sold 👎👎👎👎👎👎👎👎
I live in a condo in st pete that is over 50 years old and we are 15 miles from the gulf of mexico and about 1 mile from the bay. we passed the milestone inspection and didn't have to have follow up inspection. we are good for 10 years. hoa fee's are going up about 80 bucks a month to fund reserves. lets see how much insurance goes up though. only 3 story building.
You better sell before the decade ends bruh
@@danieldavid9887 I will probably be dead before then.
Same thing happens where I live. What do they expect when you build on sandy soil or marshland filled in with dirt. The local government is to blame.
Complicated situation. Some buildings will need to be condemned. Like a car that is totaled. More expensive to repair than replace. In those cases, it’s a tear down sale. Owners will get pennies on the dollar. What do these people do in the meantime? It will be a real crisis for thousands of people. Seems like Florida may not be the paradise so many people expected.
I am sure it is not only happening in Florida only.
I would stay up north if I were you SCH.., Florida IS a paradise.. but is not cheap.. It's expensive.. Paradise shouldn't be cheap... Folks bought these old condo units, with extremely low HOA fees, thinking it was a great deal. Low HOA fees is a sure sign of a structure that has not been maintained... no deals in life. Realtors always tell buyers how great and low the HOA fees are, just to make a sale..look at the inspection reports. some of these condo's have 30 year old roofs, not been painted in 25 years, Culverts NEVER cleaned. with HOA fees less than $150 a month. Realtors have been listing Condo's for years describing them as having "LOW HOA FEEs".. Realtors are to blame as well.
Buyer beware. Its not the taxpayer's problem. Every building has a shelf life and you don't want to be an owner when a building reaches the end of its useful life.
yep
Need to request copy of structural inspection report before buying a condo in Florida. I was on the board of an HOA & horrified how they spent $ & many owners are not involved in operations & don’t attend meetings. Glad I sold.
I hope moved back to NY.
NEVER buy a condo anywhere. NEVER buy a house in an HOA. You’re just asking for grief!
Yeah.. stay in your double wide Jonny.
@@joemancurreri6635 Karen much?? 🤔
When I was younger growing up and learned about careless individuals in a neighboring condo had discharged a gun and killed someone in a different condo that was the end of me ever wanting to live in a condo. Or someone falls asleep with a cigarette in their hand and burns the whole place down while everyone is sleeping. Or meth head blows up the the majority of his building. Condo living isn't safe.
And that doesn't include just everyday normal drama that comes with condo living.
I just started living in an apartment and getting shot thru the wall by my neighbors is probably one of my biggest fears lol
I've seen people let fear dictate their lives. But you're on another level lol
This is a nightmare. The common person has zero understanding of building codes when buying a condo. It's a game of waiting for the timely decline of these structures. I know of many people who bought condos in Florida looking to retire there and live a happy life of no worries. They have just the opposite now. At 80 or 90 years of age this is a cruel reality. 😟
Clearwater Beach, Condo market swirling down the toilet. 3 big new projects halted.
I doubt that it will be economically feasible to repair most of these buildings. Its not like you can replace the defective parts. Its likely that all the rebar is cooked if any of it is cooked.
There going after the condos the developers want. They should start looking at the old apartments in the state. Apartments are no different than condos.
same thing happening in maui. except they used fire to chase locals out
@@es3178ify they need people to feed off so who's going to buy they new and updated condos that cost twice as much
I owned a condo where we supposed to get new decks. The lumber was stolen! I will never own a condo again. Inside job? Who knows!
Geez! I recently purchased my villa. That is one of the places I was considering.! Literally every condo I considered from Aventura to Jensen Bch is in trouble! I am so grateful I didn't get a condo.
What are people supposed to do besides maintain their property, die by getting crushed in the middle of the night like in Surfside? Safety first, and if the building gets bought out by a developer, then oh well. People who can't afford to maintain their buildings can't afford to live there.
Wow! This is devastating and just the beginning of a tsunami.
Five years ago, my in-laws tried convincing me to move to Florida, even offering to buy us a Condo!! Thank goodness we said No Thanks!! rekwife
Thanks for the information,Yak!!I felt this happening 50 years ago.Ive been waiting for this..Im from North Florida,thank goodness,I bought land..
They all need to stop paying and get an attorney...
Yes, their fees were to cover ongoing maintenance. Where did the $ really go?
Yep, just stop paying. Then after 90 days the association forecloses on you. Smart...
And who do you plan on suing? The builder is long gone. The HOA is broke.
@SKG1941 maybe themselves for not putting money in reserves all these years?
@@JohnSims3 👍. But sadly a good portion of the population does not have the wherewithal or knowledge to do that. Very sad.
I almost bought a condo new Smyrna Beach in 2020. It was a one bedroom one bath for 80 grand. It’s probably worthless now.
Sorry to hear that....
Dear Condo and HOAs...do not do Deferred Maintenance. You get what you vote for.
And the fact that I go online to look at the rent costs for apartments and homes..the prices are still ridiculous.
so now that big corporations will come in and up the property and push the average person out
An option that has yet to be explored in the public discord, is turning the buildings into co-ops. This will allow for the special assessments to be financed by the COA instead of of the individual homeowners. But this is an ownership and title issue and isn't good for every situation. But it can save some affordable housing.
It doesn't look like Florida is interested in anything other than redevelopment of these properties and kicking people out.
That's whole ass Republican run states for ya.
@@gadflyofhumanity_6847 Democrat states have bigger issues with unaffordable housing and homelessness.
Condo owners for years voted down increases for maintenance when they could. Well now they can’t and the owners are to blame. Treated condos like apartments and thought they could kick it down the road. That worked out well.
Just like the national debt.
Increases and special assessments are 2 different things. Owners have no choice when it comes to structural maintenance and repairs.
Owners are leary about increases because at least in Florida, corruption and HOAs go hand in hand. I, personally lived in an HOA 30 years ago and would never do it again.
Change the laws about reserves and maintenance and repair schedules and this economic disaster never happens. 80% of condos in Florida are over 30 years old, with most of them being near the ocean. We all know the effects of salt water.
Florida should be ready for another economic housing disaster starting by the end of the year, when all the inspections of all these condos must be completed.
From what I hear, they have a year to make the repairs.
We're going to have a lot of displaced people in a housing market already experiencing a shortage due to greedy owners inflating unaffordable rent prices.
Yeah, Florida didn't have a plan for all of that.
that is the issue in EVER one of these condo's. Yet the You tubers are blaming everyone except the cheap owners. READ the reports. No repairs in 25 years. 30 year old leaking roofs, never painted in 25 years. Leaking pipes in Garages for 25 years!
The rebar sticking out of the concrete at 2:04 and 4:38 appears to be for future expansion. This rebar is often covered with a very lean low strength concrete that can be easily chipped away when the rebar needs to be exposed and connected to for the future expansion. This looks alarming, but it is nothing to worry about.
Thank you, someone that isn't chewing the ass of this fake BS. Imagine thinking this was organic decay. LOL
Thank you for this my anxiety shot through the roof when I saw this...I thought the whole thing would collapse on him lol
They didn’t vote yes to build up the reserve and payed the absolute minimum for the HOA, just for cosmetic reasons. These structures are on the Ocean! My Condo community of three buildings already passed last year and they were built in the mid 70s beachside in Brevard. I have Zero sympathy for them.
Well as long as you’re ok. I was. Concerned. Pffffft
I had a friend who was renting a condo when the owner of the condo got an assessment for repairs and my friend had to move out. Once I looked into it and realized how little power control or recourse the owner had. I knew there was no way I would ever touch a condo.
Go back and find an old novel a out Florida condos in a novel written by John MacDonald set on the West coast of FL titled "Condominium." About the construction and a hurricane approaching. Great read.
I never understood why old outdated real estate is priced close if not the same as new builds
Infrastructure wasn't taken care of hmmm, where have I heard that before.
People used to know what a depreciating asset was, but now the media has convinced them that one is now their wealth, and it just keeps getting worth more and more! always....
people are getting dimmer.
A buyout from a developer will save the owners from a total loss. HOA assessments will bankrupt the condo owners when a teardown is necessary for old condo buildings.
They need to extend the set back line from the shore. It is appling all the condos built 75 feet the the shore line. I have lived in Panama City for 45 years. They have ruined the shore line with condos. You can still see the gulf a 1000 feet from it. They have to pump sand on the beach because of erosion. Pure greed.
Edit: there was a condo called the Pepper Tree build on Panama City Beach in the 70's. It sat with just the concrete structure for years. It was bought and finished. That was 45 years ago. It's still there now. You know it is a death trap.
I agree. Spoils it for everyone else and it cuts off the natural breeze the ocean provides 😢
You build a highrise in the sand on a barrier island which is exposed to storms, salt spray, humidity, etc. After 30 years, what could possibly go wrong?
A lawyer and a real estate got together to figure out how get people's dough and con them easier. Lawyer replies... I got it... "CONDO"
I owned 2 condos in the past. One was great. The second was a corrupt bunch of criminals. I sued(and won) and moved out 2 years later. Twenty years later, bldg is broke and has millions in overdue maintenance, and there seems to be no solution. Investor sharks will purchase and demolish the blogs and build new. I saw this coming in 1998.
Greed is the cause of this problem an other issues here in fl
YEP, GREED DESTROYS EVERYTHING
I was taught that greed is a capital sin. Directly to hell, do not pass go, do not collect 200 dollars. If this turns out to be true there are a lot of people who quite literally have hell to pay for this mess.
But ask yourself WHY! Who is doing this?? This is new world order. Look around!
my friend has a condo in Destin across the street from the beach built in the 80s., 3 story wooden exteriors. All ,siding, doors, and windows had to be replaced, he got a $50K assessment. When you think about how you have to put money in your 40 year old house, it is to be expected, your going to have to replace stuff in a condo, so your going to have to write a check sooner or later if you want to maintain the value of your property
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@@babytruca02Maria Angelina Alexander I really appreciate her efforts and transparency.
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Condos have to be the absolute worst type of real estate to own. HOAs, assessments, noisy neighbors, zero uniquness to yuor unit compared to someone elses when selling, and the list goes on.
Thank you for your videos! The condominiums are not only the problem. What about the building's built for companies???? They where built the same way most condos where built in Florida!!!!!!!¡
Right. What about ALL buildings near the water? Why can’t a second story collapse just as easily as a third? Why not a house? An office building?
Thank you for this video, along with all others. I’ve always had an off putting when looking at some,if not most condos, and I now won’t be purchasing a condo. I hope everyone living in one will prevail!
The structures look like the Tofu dregs.
The big difference is that the Florida government seems to care about the citizens.
Condos are a stupid investment.. Now… Everyone knows why… STACKED CRAP…. I love my yard and trees, and I own it…
When rebar rusts, it swells and cracks the concrete. It's happening everywhere, from skyscrapers to bridges!
Thanks for explaining this.
All I can say is I’m glad I didn’t invest in these types of properties 😊
I had been entertaining a possible shift from Pennsylvania to Florida for retirement in a few years. No longer. I had a condo in Philadelphia, so learned some painful lessons from that...never buy a condo or buy into a coop. Avoid developments with HOA fees...any fees, no matter how low that they currently might be. The increase in insurance (home and auto), tax increases, local cost of living, traffic congestion have taken Florida off the table for me.
I *guarantee* these contractors are upcharging anywhere from 50% - $80% of the actual repair cost. If they say the repair will cost $100 million, they could really do it for 20-50 million
Yeah, because there are so many rich construction workers? Wait, isn’t it the bankers and developers, city workers who have all the money?
Even if they rebuilt the condo I would not buy condos in Florida.
I do agree with you that, ultimately, this will not be limited to the State of Florida. There are lots of waterfront properties on both coasts and in interior sections of the U.S. As weather conditions worsen, many of these properties will be found to be unsafe. I live in the northeast and a 100 year old brick building - which looked quite solid - started to collapse. Residents were ordered by the city to vacate immediately. The remainder of the building was then demolished.
If Surfside didn't happen, another building would have triggered these regulations. While needed, they were not well thought out.
Demolition will not solve the condo issues.
1) Finding buyers for the new condos .These will not be affordable for most Americans.
2) Insurance cost/availability crisis, both homeowner & auto.
3) not only hurricanes also increasing flooding.
4) Rising temperatures.