These Places ARE ON THEIR LAST FINANCIAL LEG...
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- Опубликовано: 29 сен 2024
- It turns out there's a loophole in Florida for condos that are supposed to be meeting full reserves by 2025. As long as these buildings complete their 2025 budget before the end of 2024 they will not have to start funding full reserves, technically until 2026. However, this is just delaying the inevitable and buildings that intentionally kick the can down the road on this are likely the ones that are in the worst financial shape and probably the ones you want to avoid buying as a potential homebuyer.
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there's lots of homes for sale .. the problem is the high prices, so the shortage is of Buyers who can afford or would want to pay such ridiculous high prices. We NEED A RECESSION !!!!! ... THE GRIFT IS OVER .. FU HGTV ... FU ZILLOW
You're going to be poor for the rest of your life if you don't stop acting like a victim. Learn the rules of the game and play it well. That's why in wealthy today.
I agree with op
@adriansteele7023 I'm an economist. You don't want a recession. You're incredibly ignorant to think you and your friends and family won't be affected, and things will just magically get cheaper. Look into the implications.
Oh you’re a property owner landlord person
Lol ypur mad at others because they bought smart things??@@MissAnkh_ah
Decades of willful ignorance, just plain ignorance, and scamming, and here we are. For so long people had thought they found a cheat code. Buy a condo for so cheap and live the dream lifestyle. Now reality is catching up
To be fair, it would have worked if gov't hadn't rigged the market to fail.
Been learning so much from watching your videos thank so much! 😊
You are so welcome!🙏
I used to be the President of a Condo Association. When I took over I informed the Owners that our Reserves were Pathetic, I needed to raise them. People left Nasty notes on my door, in my mailbox, under my wiper blades of my car, etc... They called me every name under the sun. I sold my condo and got the hell out.
BTW, it was a Non-Paid position. 😊
Talk about sticking your head in the sand… Rt
I thought the same for Fla… why don’t they build cinder block homes…
100% believe it. I live in a condo in a small tourist town in the Midwest. There’s no amenities, so the HOA fee is pretty low. But is it too low? If anybody mentions anything about any changes … well … if I mention it actually, people get all puffed up. There’s a ton of STRs and yearly rentals in the complex, so I’m thinking they just want their money and don’t care about anything else. Oh well …
Condos are stupid. There should not be condos at all. It’s counterintuitive. Folks don’t want to be landlords. When you buy a condo you’re a landlord. You have all the responsibility but you don’t collect rents. The expenses on an apartment building are the same as a condo minus the individual units. The problem is there’s no income other than a measly HOA fee.
The condo building I'm in was built in 1952, solid as a Rock... structure inspection completed last year when they announced it. Main problem is crappy builders from after the 50's till today, cutting corners etc PS it should be mandatory to NOT carry scammy insurance, it's all a pyramid scheme anyway
Do not buy a place with a HOA.
After living in one I would never live anywhere that has an HOA. I would have taken better care of the building and when I brought up maintenance the President tried to foreclose on me by not accepting my monthly payment. I had to hire an attorney to pay my monthly fee. I sold and have no problem hiring someone to mow, shovel, plow. And I take care of little problems before they become big problems.
NEVER!!!
HOAs are great, get rid of the riff raft
See the Bank of North Dakota. The state owns the bank. The bank is chartered to help the people and businesses of North Dakota. All states should have their own bank. Think about it. This bank suffered no loses in 2008 when the private bankers on Wall St had to be bailed out with taxpayer dollars that they never paid back. America has socialism for the rich and capitalism for everyone else. Look up the BND.
In a similar area, council asked me to cut some trees in 10 days to avoid fine and then took them 2 months to arrange the permit to cut the trees
😂
Why would you need a permit to cut a tree? Trim it? Usually don’t even need to be an arborist to cut down. Only trim
I can believe that. Often times city council members think they have a lot of power over people.
@@Rhaspun they also believe they become smart once elected.
Insurance rates must be skyrocketing in FL right now.
Insurance rates across the nation are going to rise significantly because of the insurance losses in all of the other states like California fires hurricanes flooding in North Carolina. East Tennessee and everywhere.
It will be all the gulf states hit
@@Joce123and old roof busybodies and associatives..
Some of the companies might just leave the state all together.
they have been skyrocketing for the last 3 years
My north Florida Auto & Home Owners Insurance just doubled! Didn't even get a kiss!
Sweet Lord 😢
Don't care
They are misappropriating funds. That is the problem.
With all the Helene damage the whole state is going to be a disaster.
Same as every major hurricane to hit. You're acting like we've never seen or dealt with this before.
@@AssetAddictFLORIDA NEVER GOT HURRICANES 🌀 BEFORE GLOBAL WARMING
Place I sold in margate Fl had $310/month fee 2 years ago; today it’s 470. Identical unit for sale 25k less than mine went for as well - 2 months on market so far
CA has earthquakes and that may be why more buildings aren’t build with bricks?
Bingo!
Architectural steel buildings look very attractive these days and can be built for almost the same cost, as would things frame and much cheaper than block. Architectural steel will neither rot nor burn. Look into it
@@peterwilson9327 how about container homes?they look modern and environmental friendly..
@@bumazkacontainer homes are a joke. sold and promoted by container sellers...
They might have had some legitimacy when containers were dirt cheap a decade ago, but that's no longer the case. Conventional construction beats them everyday
Of course the structural assessment study won't be subject to any manipulation or abuse by ethically challenged engineering firms...right??!!
😢 😮 😅 😂 🎉AMEN 🙏 🙌 👏
I figure the unethical ones will get sued if their study literally falls short.
This has opened up pandoras box for unlimited corruption
Florida seems like a scary place to buy into, especially given this past week's events.
After the hurricane not just Florida.!
Where can I find this magical land free from all natural disaster risks??
There’s a reason this video is coming from coastal California.😉
I've always wanted to see the large redwood trees. Looks awesome!
I Just love those walk and talk videos!😊
Cats out of the bag. Whoever thinks of still buying anything in Florida (although I don’t underestimate the stupidity of people) going forward can as well consider it gone forever. I won’t be surprised if banks completely refuse to underwrite mortgage loans in Florida.
🌴🌴🌴 Once again I’m so glad that I never bought a condo in Florida when I was looking about 7 years ago. Thank you Mike and Lisi 😊
Tons of love and respect, Carlos
If you've bought 7 years ago, you'll be up by a lot
Thank you Carlos!❤🎉
Have a wonderful and productive week!🙏😉
Our pleasure Carlos!👍
Have condos in Biloxi Miss and they are getting ready because these rules will be all over the country soon.
Why not sell at a loss now, before you're on the hook for the assessments?
I think the insurance companies may compel condominium HOAs to abide by these rules even if the states they're in don't pass similar laws to Florida's.
More busybody enemies in your business?
More busybody enemies in your business?
Debtors vote in neighborhoods making other land unusable..???????
Nowhere in the world do you pay these ridiculous Property Taxes and Insurance. (Not) Land of the free.
It is land of the free if you are here illegally. Then, you get free healthcare, housing, transportation, and food.
Part of the reason they build out of wood in California is for insurance purposes. Most carriers will not insure concrete/brick structures in California because they don’t move or give during an earthquake. A wooden structure has a higher chance of surviving an earthquake.
there are ways to make a wood house more fire resistant such as metal/tile roofs and fire resistant siding. none of which that builder is using. i guess the owner wants to shirk the responsibility onto the insurance company
Like Japan. Light construction materials.
I'd worry about safety if my association was skimping on inspections and maintenance. I'd much rather have neighbors that were proactive in maintenance - and you can tell a lot of your neighbors by looking at their cars and how they are maintained. If you see a ton of oil leaks on the parking lots and driveways, then the residents might be the type that puts things off.
On permits: we have a place in Boston and the city is known to be tough to get permits for. What you have to do is find a contractor that knows the people in government that give these out and your contracting work will go a lot more smoothly if you find the right contractor.
I hope your HOA and contractors get your building back up to spec. It's nice that you seem to be able to live outside your home when you want to.
On floods: live at the top of a hill at least a few hundred feet above sea level.
China couldn't do stimulus until the US started cutting rates because it would have cratered their currency. They have a lot more stimulus to come as the US cuts rates. This is true globally.
Had jobs where we had to dress as a business guy in a suit and bring our tools in a briefcase 😂🎉
I don't know why you don't move out of your condo.
💯
GREETINGS MICHAEL AND LISSI 🌴🌄🌴
Hiiiiii Johnnyyyy!!!🤗🤩🎉🩷
A condo. Is like. .. your land taxes are low you truthfully own nothing .. but the condo fees. Are actually hire than if you owned the land !!
In commercial buildings, they use metal studs. But they are used for non bearing loads. Concrete and Concrete blocks are the best. And what they in commercial buildings is fill the blocks with Concrete and 3/8 steel rods to enhance the rigidity.
fl condo owners RUN AWAY
truly what is the draw and advantage to living in a condo versus living in a single family home, I have 3/4 acre with 2 wonderful gardens also a green house I grow a lot of food there are five fruit trees have 4 out buildings and a covered RV pad and the very best part I do not have to deal with HOA dictators
AGREE but some people want the view... Not a big deal for me.... BUT for them...
Retirees. They think a) food will always be cheap (day laborers) in Florida so why grow it yourself and b) landscapers are also cheap so why not contract it out at a group rate and c) golfcarting on site is exercise and d) restaurant on site is how to get out of doing the dishes. Basically they get staff to do everything for them if they buy a condo.
Older or travel frequently or too busy or poor health. Condos are ideal.
Another nice walk…I had a condo in Naples FL back in the late 90s. Back then everything was affordable. Not so much now from what you and others report. Enjoy your evening everyone 🍻
This is just my opinion...HOA = Stupid tax. Something I would NEVER waste my money on and NEVER live in a weather disaster area.
HOA isn’t a tax. It pays for snow removal, grass mowing, irrigation and the community pool.
@@MavRick69 A tax by any other name. Besides, I live in Florida, mow our own yard, and have neither irrigation nor a pool.
Don’t move to Florida or California , that’s what I say!
Or New York, Chicago or any other place that's a blue cesspool
Amazing discounts on commercial property. Wait until the CMBS products are revealed to be highly fraudulent?
like deferring student loan payments...another year will change NOTHING.
OMG, what a MESS.
I would have to walk out of it all!
I wouldn’t care about my credit, thats Whole lot of B/S and the government is acting as a bully!
I started working on Condo's on Miami Beach in 1980, uninhabitable, yes.
Damn, that would really suck if you lived in a Florida condo right now.
He does😢
@@jonathanjacques7250 Yes, I know. I would have sold before the condo crises that he spoke about before it was a crises and because of the real estate bubble. I guess he could have rented something instead but that's just me.
Summary: Don't buy a condo. And don't buy in Florida.
G F Y
Same as the last 40 videos. Needs to post better content less often as opposed to posting often low quality stuff.
Michale 30,000 is off…….. the real estate property tax on a new house is 2% and @18% on resale. Since this house is not new the property tax would be about $54.000. Check it out.
Here in AZ State Farm now offers home insurance WITHOUT fire coverage.
So they are just going to offer flood coverage?
I think the only way i would live in Florida is in an RV.
Pulled by a Ferrari.
My recommendation is check out Thailand. I've been there many times and similar weather but people, food, affordability are so much better.
You can drive it away when the Cyclone comes !
If you moved into the areas he talks about then you would need an RV! Good luck finding somewhere cheap to park it! There are affordable areas! He just lives in Yankee Paradise!
@@Resmith18SRyep you're not allowed to any property in Thailand
Florida was never intended for human occupation! Gators, snakes, crocs, humidity, heat, hurricanes!
I SAID THE SAME DURING A WINTER IN MICHIGAN.
I have lived in the center of FL all my life (68 yrs) & never thought much about any of that until I got older. Now summer heat is unbearable & mosquitos have no mercy. I'm happiest outdoors so summer is depressing to me.
Don’t forget panthers and bears(no joke).
Plus the land is limestone.
Kentfield house = $3100 property taxes + $800 Insurance lol $4000 a month without mortgage payment and we know that repair and maintenance fees are ridiculously high for this type of home too.
In real estate. It is all about location. Kentfield is in a very nice area. If you enjoy the outdoors it's an excellent location to have a house.
Still cheaper than a Florida condo or house in a hurricane prone area
Happy Sunday everyone
And to you as well!
Happy Sunday!🩷
Are there time shares involved in all of this? Can you imagine the increases??? lol
That is a stupid idea. They need to start piling money into the fund cause the BUILDING IS ROTTING UNDERNEATH THEM.
I can see myself refinancing to a 1000-year mortgage.
Buildings are delaying safety measures.
If a building collapses, does this change legal responsibility for those involved?
The rent is too damn high!
I think it would be better if the buildings were well-maintained and fully funded and there weren't any loopholes. It is a real problem, not a made-up one that can be just kicked down the road.
The loophole could be an elephant and they’d still try to kick it down the road 😂
Wood = seismic considerations and lower costs in California
Can you talk about reverse mortgages, my parents past away over 2 years ago and the house is still sitting there? We don't want to buy it. Central Florida.
HOA and premiums are off da roof in Floriduh 😂
That would be the day the city forced me to move out of my condo in 48hrs, even not during a storm. Bring the sheriff with cuffs.
Look at all the commercials properties that are in 100 times in better shape than any condo in Florida! Think about that ..
Yes, used to be in Householders insurance and flooding claims were always contentious !
It’s the condo association fault not the owners! I’m seeing it in Ohio condo association s are like no way .. the prices on a condo! Is half price at this point…. Get off your ass mow your yard if you can’t go to a nursing home it’s cheaper..
The people who have been running those places don't care about problems that will make the building fall down after they've kicked the bucket. That's why they need the law in the first place.
Provide statstically meaningful evidence or you made it up.
@@EnFuego79 The legislature already did. Go look it up.
Hello there ? Mr Michael.....I have a family member who put there house up down in Dana Point CA...she listed it for 2.7 million....A few days before that Zillow says it was 1.6... so yeah she's reaching for the stars.....of course.....But NOW Zillow says the Zesimante is 2.7. along with every other site. ...But 30 days ago they all pretty much said the same 1.6..... why is that..... I don't understand.. Just because she puts a whatever price on it. they all recalibrated to show the 2.7 price..... I dont get it......please explain....
Insurance co. Looters
I wouldn't depend on zillow that much. It might give you a guide line but you'll have to look up the historical value and make your own decision if you want to pay the asking for a house. I've been looking around the San Diego area. I'm thinking about moving out of the Silicon Valley area. A few houses I've looked at are obviously overpriced.
Get rid of that shit condo source of worries and tax and get bitcoin. Opt-out. That easy.
thats what people have been saying about the zillow algorythm for a long time here on youtube. its whacked and its easy to manipulate the zillow "zestimate"
Why would you buy a condo? But more to the point. Why would you live in Florida, New York, or California? What? Just stupid?
Freedom. Florida is the most free state in the US. It's rated the finest fiscal policy as well.
I came from Illinois where I lived for more than 30 years, so those things far outweigh the bad to me.
Many can afford it.
I have a condo in Florida and can afford it with no issues.
My experience with Florida is that the construction is not very solid. I’m in Minnesota so everything is built very solid. Seems like in the South the wood is thinner. They use lots of tile but none of the hardwood floors that are so common in the North. I would never live in any of these states. And as soon as I retire I will be moving from Communist Minnesota.
I'm from Florida and live in California... wanna know why I live here... money.. it's really that simple...you know how money gets tight and then something unexpected happens? It doesn't happen to me...I got a few hundred k in the Bank.. know how the rent is always a drain on the finances every month? my property is paid for... know how it's almost impossible to afford a house now days? I own a couple of them...😂..ya I'd think twice about people are stupid in these states
I predict Michael will move to California!
liberal ways will fit right in?. Otherwise, why would anyone move there ? Property inheritance maybe?
He lives there half the time now.
No way! They only sell those T-Shirts he wears in Florida!
Michael is NOT a communist!
He won't live there more than 5 and a half months because he wants to continue to pay Florida taxes. Florida is his legal state of residency, it's the one he pays taxes in. He's just avoiding Hurricane season...
Seems like the insurance companies are finally wising up and billing customers more appropriately for living in high risk and high cost areas.
Djt
Michael do you think that perhaps the reason for a recession is due in large part to the consumer being tapped out? Not just financially but more importantly tapped out with too much stuff? Turning to a more minamilstic mind set? That’s what I think. We simply have too much excess as a society, and people are realizing they don’t need more crap to clutter their homes. Experience over stuff!
Classic crisis of overproduction
For the algorithm. Loopholes, who would of thought it.
More time to sell your condo
I get third place and the bronze medal. Lol!!!!
😂❤🥉
The Insurance companies anticipate the upcoming Pole Shift. Best regards.
Pole shift but disguised as anthropogenic so they can tax you for it!
Beautiful walk
I think Americans should move to The Bahamas, Mexico, Russia, or Canada.
Go to Russia, I dare you.
South America or South East Asia are great choices .. cheaper, cleaner, safer
Been living abroad for 10 years. It's nice. And VERY ECONOMICAL !
@TravelTechie415 I've lived in Philippines for 6 years and 4 years in other parts Asia
Yep, that's what I did
Florida just hIt by Helena hurricane. Who do you Think survived? Of course condo owners. A
Thank you for honest content!✌
Today I learned of special assessment of $100k to each condo owner for repairs to foundation. I heard only 10 engineer firms exist in Florida.
Or buy a newer built condo.
So, just another way to cheat their way out of making sure the building is structurally sound. 😂
I would not have bought in Florida in the first place, I've known people through out my life that have shared their story, when I was younger always seen hurricanes hitting Florida on the news, I've never been there and don't want to go there even to visit, Im sure its beautiful but for me in my mind its too unpredictable
That sounds like it would work out well if your condo board votes to put off full reserves and repairs. That wouldn’t be a red flag for potential buyers 😂😂😂
Yes. If I were to live that area and having a house built. I would use ICF construction. It doesn't add a huge amount to the cost of the house.
Moving to Montana soon, gonna be a dental floss tycoon ....yippyyiyokyyay !!
Just you and the pygmy pony?
Just don't eat the yellow snow
It's not better here.
I heard that "concrete cancer" is a big problem in Florida and was the reason Champlain Towers collapsed. Concrete cancer is also in other states in the US and will be causing major problems for condo owners as well as homeowners with a pool. Not much you can do but rip it out and redo it again with the right concrete.
i thought that was only swimming pools?
@gregh7457 concrete cancer affects buildings such as condos, houses, commercial /buildings/ offices as well as swimming pools made with concrete.
Do live in Florida number way of not paying all that money live in a swamp
Hello Michael, What are your thoughts about people continuing to live close to the beach despite these hurricanes that continue to occur almost yearly. What do you think will eventually happen with insurance in Florida. Do you think sooner or later Florida will only be for the rich and famous 🤔
No one should be allowed to build near the ocean, anywhere.
MORE LIKE, "EXPIRED" 😮
More like, 100% corporate-owned because a corporation can always spin off its own insurance company subsidiary!
Does the same apply to apartment buildings?
I wouldn’t buy a condo nor a home with HOA fees because They can raise it as high as they want and nobody can say anything.
You left out houses and rentals.
Earthquakes
Plenty of free fully furnished homes south of the border
You couldn’t give me one of those condos for free.
A recession seems like the "most likely outcome for the economy," and with inflation at a four-decade high, I can't afford to fall victim to these circumstances. I plan to retire in two years with a target fund of $967,000. How can I ensure I reach this goal, and what steps should I take?
In 2008, I almost lost everything. I pulled my money out and invested with my wife's wealth manager. While I haven’t matched her profits over the years, I do manage to earn more. Haha!
This is great. I started investing with a wealth manager in 2020, too. I hated myself for a long time because I didn't know I could do that. Funny how I have quit my day job, because my profits cover for every living expense.
That's quite impressive! I could really benefit from the expertise of these advisors; my portfolio has been performing poorly. Who is guiding you?
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Anyone that has purchased a condo in FL after Seaside apparently has rocks in their head.
But they vote 😊
I played golf today...
Hardie board and steel
Harris-Walz Mortgage Forgiveness Program
Let’s hear about it
You left out the back story of the evacuation of that three story Ft. Lauderdale condo: the engineer hired to inspect the condo gave no notice to the HOA before he got the building condemned. The condo association is trying to reverse the condemnation. In the background, no doubt, is a developer who wants to buy up the property cheap so he or she can put up a giant beachfront high rise. Aside from the June 24, 2021 13 story Champlain Towers South (CTS) condo collapse, how many high condos have fallen in South Florida from "structural" issues? Zero. CTS collapsed because of massive damage to its limestone bedrock foundation caused by the excavation of the Terra Group's gigantic condo, Eighty Seven Park, located right across the de-mapped street from CTS. The excavation using pile drivers and possibly explosives shook CTS to its core, fracturing the limestone under the pool and garage.
1st
Juvenile and no one cares.
Jesus's Second Coming is NOT what you think (Revelation Revealed) MorgueOfficial
The christ consciences is spiritual, that's why he talked in parables, it's all yin & yang, energy & matter knowledge & ignorance !
Brick or block if a fire hits it crumbles apart afterwards so it’s really not a lot of protection…. My question is why would you build a home in the fire zone in the middle of the woods in the first place. But that’s just me
Even if Florida condo prices fall to the 1999 levels in most cases insurance and HOA will still be more than renting.
Policy “give and inch take a mile” greedy boomers
If you don't want to take any responsibility or can't figure it out on your own like an adult then blame the boomers...gets old.
@@LL-wu8ztloser mentality
Michael,
We need Home Builders to use HEMP.............. Are hemp houses fireproof?
We've seen blowtorches, flamethrowers, and household lighters put to hempcrete walls. We've seen how in those videos, very little happens to the surface of the material: it doesn't go up in flames, it doesn't create black acrid smoke. For quite some time, we've all known that hempcrete is fireproof.
Feb 21, 2020