Crazy Expenses For Condo Owners In South Florida
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- Опубликовано: 2 фев 2023
- Crazy Expenses For Condo Owners In South Florida. With rising the home insurance market here in South Florida and the new state law just passed as a result of the building collapse in Surfside Miami, All condos in Florida will be required to have fully funded reserves and condo owners will see a huge increase in their monthly fees. This video breaks down what you can expect starting in 2025 & what you MUST know if you're planning on buying a condo in South Florida in the near future.
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I bought into a luxury condo in St Pete after 3 months my HOA proposed a 33% increase. I listed it the next day and vowed to never buy in an HOA again.
How hard was it to find a home in the Tampa area without HOA fees?
Sucks to waste time like that smh. FL outta be a shame of theirselves for these high ass prices. I’m 25 in my last year in college & I can’t afford a piece dog shit in FL, prices to damn high and no programs to assist with first time home buyers.
Good for you! 😎
All condos usually have HOA fees
The problem isn’t hoa it’s building on sand.
I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.
I suggest you offset your real estate and get into stocks, A recession as bad as it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too.
You are right! I’ve diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
@@MarkFreeman-xi3rk Do you mind sharing info on the adviser who assisted you?
It's best you do your due diligence, I have my portfolio overseen by “Margaret Johnson Arndt” and her qualifications speak for itself. Most likely, the internet is where to find basic info, she has a noticeable page for consulting.
Interesting. I am on her page now doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call.
If you are buying a condo in South Florida be prepared to pay the following: HOA dues, Special Assessment, and your mortgage. If there is no approved special assessment, don't worry there will be one in the next year or so. HOA dues also increase every couple of years and in some cases they might even double, so welcome to condo living! It feels like you are paying a mortgage and on top of that rent.
Thanks for the comment and for watching!
Youl are pretty much paying rent to own a home. Plus some board now governs many of the things you can and cannot do from mailbox size to colors etc. Plus many of these force you to sign arbitration agreements meaning most of your legal rights are stripped away. Many horror stories abound from homeowners wronged and then could not sue and/or had to take a pittance.
And if you buy a house what of those would you not still need to pay? The alternative is to rent. But guess what? The cost of renting is going up to. My rent went up during the middle of COVID stating increased property values. Meanwhile, homeless encampments only a few blocks a ways.
@@krane15 If you buy a house that has an HOA you will have an assessment for common areas in the near future if they don't have reserves. Your best bet would be to buy a single-family home with no HOA. The reality is that if these expenses go up significantly the property will be less attractive to investors. Rent can only go up as much.... after that the investor will just see a smaller return on investment due to these high fixed expenses.
@@josecla71 And what happens to the value of your property when your next door neighbor decided he wants to give his house a gnome look, or paint it purple with pink polka dots? Even more likely, let his grass grow as high as an elephants eye? Try selling your house then. Remember, nobody builds ghettos.
It is important as a buyer of a condo to ask for the last 3 years of Condo association meeting notes
Good tip!
Great advice David. Thanks for the comment and for watching!
I'd try to look at fees going back 5, 10 or more years to see how much they're going up annually.
DEMAND they open the checkbook to da yone. You can sue the Prez PERSONALLY for $100 a day if he refuses to show you the CHECK BOOK, not the accounting books, CHECK BOOK.I fired the entire board of my condo and never had another assessment. Dues in N lauderdale were 250 a month
And to ask what lawsuits are pending against the HOA! Check if condo association has regular insurance coverage or if they are high risk due to too many incidents.
Overall, homeowners grossly underestimate the costs of maintenance and upkeep whether it is condo fees or just keeping your house from falling apart. This interests me as I have been researching S. Florida and seeing rents really blow up and now it is easy to see how one thing leads to another and costs snowball. Very informative vid.
Rent prices are starting to peak which is a great thing, Thanks for the comment and for watching!
USING CHAT AI, FROM MICROSOFT, YOU CAN NOW FIND THE CHEAPEST PLACE TO LIVE, TRY IT OUT, WHEN I DID IT, IT CAME UP WITH FORT WAYNE INDIANA, APARTMENTS GOING FOR 500 DOLLARS PER MONTH
A piece of property, a condo or single family home, is not an asset. It’s a liability unless it’s being rented out generating positive cash flow. The same applies to a car which is a liability.
I ran a 250 unit condo and even with constant major repairs our 250 a month fee was adequate. Anything over 500 is too much. Ask to see the check book. If they hesitate you are getting screwed.
Insurance,taxes, maintenance fees, the owners can not handle the truth. That is why voters elect people who are lying.
I sold my Miami Beach condo in 2019, and I couldn't be happier. The So Florida Condo market is like a foreign country. Buyer beware!!
Thanks for the comment and for watching!
Oh, you forgot to tell everyone your solution that is foolproof.
Never ever buy a box of air in the sky. You have no control over costs 🤷♂️…you need to own something that includes the dirt.
Thanks for the comment and for watching!
I am the Treasurer of our HOA. In the 2 years that I have been in office, I have been able to reduce the monthly fees by 60% and we will be issuing our first ever rebate. Most HOAs are run poorly and have wasteful budgets.
Thanks for the comment and for watching!
What were some things you did to reduce fees?
You are one in a.million. honest human being. I see the hoa board as thieves majority of them.
@oleskool4908 a number of the services provided were never bid out, or rebid, despite price increases and the agreements continued to go to the same providers year over year. Snow Plowing and Landscape maintenance are by far the largest expenses and unfortunately there existed a bit of nepotism and favoritism of some of the providers. I guess the short answer would be to bid everything out and try to negotiate where able, and it’s healthy to remove the Old Guard every once in awhile.
Unless you are rich I don’t understand how anyone in South Florida is going to afford these HOA fees for condos especially after the building collapse.
My wife and I used to live in Miami and love the area, but had to move to North Carolina because we couldn’t afford a home and the HOA fees in the Miami area.
We just moved to NC too from Miami our condo fees for a brand new condo hit 500 dollars a month . In NC we at 33 dollars for a whole brand new house!!
Hi Miguel.I'm in Cooper city FL and am so over it. Heat 11 months a year, traffic multiplies yearly, crowds, so expensive. I want to move to NC or TN. Tell me, do you like NC and what part are u in? Is it more affordable? Thanks.
whats behind the steep increase in fees? If its just greed surely theres a way of the unit owners banding together to take over the management? (im speaking as someone who doesnt have a clue what they're talking about before i get attacked lol)
@@krisb-travel Florida allows HOA's to be run like little kingdoms. They are extremly powerful. In Miami they are extremly currupt. We had so many people trying to get on our new condo board it was crazy. Once people get on a HOA they hire their cousin to take care of the pool, aunt is the accountant, brother does lawn care. It is a licence to steal most Florida HOA's have little reserves due to the stealing. Look up the Hammoks HOA on RUclips. This case is very tipical
A lot of people feel the same way. Thanks for the comment and for watching!
never buy a condo, by the time you pay off the mortgage your fees will be more then the mortgage was.
Anymore, if the HOA fees don’t get you, the property taxes will.
@@neighborhoodcatlady6094 Exactly! Property taxes are ridiculous where I live!
Are the board members who collect the condo fees making out like bandits? Seriously, where does all the money go?
@@jonathanandrew2909 To the pockets of the…I’m just not going to say it!!!
☢ a few friends hoa is 50% of their mortgage! On top of their assessments!
Our condo just issued a special assessment to replace our seawall after the recent hurricanes. Out insurance only covered 50% of replacement. Each owner in a 160 unit development has to pay an additional 19K. I think many of the owners will not be able to pay it and may loose their homes. Things costs what they cost.
That's very unfortunate. Thanks for the comment and for watching!
The cost of living next to the water. What did you expect?
@@krane15 Exactly. Folks keep voting to delay expenses and this is what ensues.
Insurance in FL is going to continue to go up, especially in the coastal and waterfront areas. The whole premise of insurance is to protect against something that is unforeseen. Hurricanes are more of a "when", not an "if", in FL. Hence, no commercial insurance.
Thanks for the comment and for watching!
Looking at any future of what Florida coastline will look like in years from now tells me it's greedy building contractors who are the only ones making the big money.
Florida needs to let swamps reclaim it. Sorry.
What did you think would happen when you move next to the water?
Bought a condo just over 2 years ago. HOA fees were 315 a month. Now I’m paying 505 a month not including any assessments. Just crazy.
Sorry to hear that. Thanks for the comment and for watching!
Bought a 1 million dollar (Canadian) condo in 2020 in suburban Vancouver. Currently paying 743. monthly fee in 2023 which was 650. at time of purchase. So it's not just Florida. A very substantial part of the fee goes to building insurance. Up here water leakage from rain and sometimes snow can be a huge repair issue.
remember the wef said in 20 years or less most people will own nothing and be happy. one of the possible reasons is the holding cost of keeping the property which no one really owns is that if the owner is directly working or selling their time in a job or business to pay for the house, it would be astronomically very high including a very high cost of living already or soon to hit most Americans and the world in general.
@@RoberttAvro LISTEN MY MAN IF THEY USED THOSE FEES FOR OUR BENEFIT NOBODY WOULD COMPLAIN, BUT THESE SLICK FUCKS OVER CHARGE YOU FOR HOA/POA AND THAN SAY WE NEED MORE FOR ADDITIONAL ASSESSMENTS, I HOPE SOMEONE WILL LOOK PAST THIS AND BUY MY PLACE ANYWAY THE SOONER I'M OUT THE MORE MONEY I'M KEEPING IN MY LIFE...
Live in a condo in a small FL beach town on the Atlantic side. Bought 3 years ago and the condo fee was $550. Went to $700 last year. This year it's going up to $1025. Yikes. I will say that the building is well maintained and in good physical condition. Insurance has quadrupled in the past two years.
Wanting to save a buck by not maintaining your property is short sighted....I imagine some of the older couples that moved into these buildings 15-20 years ago are having trouble keeping up with all the increasing pricing...Miami cost of living has gone INSANE in the last few years...and after printing trillions upon trillions of dollars in the last 36 months, i don't foresee it getting any more affordable anytime soon...
Spot on. Everyone is waiting for the soft landing that might never come. Everything being very expensive could be our new normal. Thanks for the comment and for watching!
THEY DESERVE IT,they keep batardizing Miami,the traffic is insane just like Aventura and fort Lauderdale
I’m in Southwest Florida. In one of the zillions of golf course country club communities. Different than the Miami high rise condos. Bought in 2014. My fees are for our specific condo association and a whole other group of fees for the golf course, tennis courts, 3 restaurants, pickle ball, bocce ball, fitness center. Everything has doubled since I bought. Thinking of buying a single family home and not supporting all these amenities and 66 employees..
Things are changing everywhere. Thanks for the comment and for watching.
I lived in a condo for 9 years in the 1990s. The special assessments ($100 ish) were year to year. The most you would get from a seller is the rest of the year sometimes there were 3 year assessments. When I sold my unit, the new owner, who had realtor, paid both assessments after buying the unit. The building was smaller and the amount was less. The worse part is when there's a gap year and the building appears to be more affordable. I lived in Chicago and IL has a law requiring condos to have reserves. The funding level is hard to know. The 45 unit building I lived in had about a $100k in reserves but had special assessments.
Thanks for the comment and for watching.
About time. Those old buildings have managed to exist in the worst possible environment. Moisture and salt spray are the enemy of reinforced concrete. The unfortunate issue is that the repair cost has greatly outrun the incomes of the people who bought these units thirty years ago. The owners do not have the money to repair these buildings. This is true all over the U.S. I rented a condo in north Raleigh. They had to replace the forty year old roofs. The roof replacement cost was more than the original cost of the units.
We have been looking around for a place in the Space Coast area as we have family there. I have noticed a lot of condos coming on the market. We will probably get a mobile home in a senior park. The nice thing about a mobile home is I can do some of the maintenance. We will live there about 170 days a year as we can’t leave this state more than 180 days a year for residency requirements which includes property tax exemptions, free hunting ,fishing and trapping license and the check the state sends us every fall.
Thanks for the comment and for watching!
@@Chris_at_Home Thanks for the comment and for watching!
As with so many other things in life, HOA problems usually lie within. We live in a condo building that was treated by the HOA as some treat a new car- they just drive it, only performing maintenance and repairs when required to keep it running. They performed little or no preventive maintenance on the property, so now us owners are being faced with yearly assessments to catch up on these issues. We aren’t located in FL, and fortunately what our building needs isn’t so drastic as some of the news stories coming out of the Sunshine State.
That's a shame, kicking the can down the road until the road ends and then everyone has to pay big. Thanks for the comment and for watching!
The Surfside building fell because the ceiling in the parking garage fell. The reinforcing rods in the concrete had rusted because of moisture over the years. Many older buildings show patches but major work needs to be done so the foundation & walls are strong enough.
and they knew 2 years before that they needed to spend some serios money on repairs, took too long to get approved.
Thanks for the comment and for watching!
I would never buy a condo to me just glorified apartments with fees
Thanks for the comment and for watching!
I've done condo maintenance as a contractor. People hate paying for
maintenance projects. They always try to defer until things are rotting. Or until failure occurs. Multi million. dollar properties.
Very true. Thanks for the comment and for watching!
isn't that true of any home improvements? Most people put off replacing their roofs in stick built homes until the last minute also. People are house poor, buy a house that stretches their income already and then can't afford big maintenance when needed.
Great video
Thanks
Surfside was NOT unexpected... They had been notified that the building was in dire need of repair and they chose to ignore it. Its not just condos either. Insurance is a killer here my SFH is modest and and the replacement value is only insured around 350-400k which I know is grossly low. My deductibles are maxed, new roof, all wind credits and I pay 6k per year. Im not on the coast either. it was only 2,200 4 years ago or so.
This seems to be the new norm in South Florida. Thanks for the comment and for watching!
America is sort of like a condo: the HOA; maintenance of infrastructure, investment in R&D, etc.; is deferred to future “owners”!
Thanks for the comment and for watching!
Reserves are seriously underfunded because the association votes not to fund/save future expensive projects like elevator modernization and ESPECIALLY concrete restoration. They figure”I wont be alive when it needs to be done so why should my maintenance fees be higher for something I will never use”. These people actually think that you can run a association without raising fees.
Agreed, you can only kick the can down the road long enough until you have to pay the piper. Thanks for the comment and for watching!
It’s the same boomer mentality that plagues politics / US. Why pay now when someone else can pay later
Reality is with inflation
And the place gets run down and you can't sell for what you thought you would. I don't know about South Florida but around here the condo board has to provide an estoppel certificate stating the financial health of the condo corporation including the state of the reserve fund and projected capital expenditures. If accrual of the reserve can't cover the expenditures DON'T buy
@@easternwoods4378 Many do not know to ask for the latest reserve study report. Then they buy into an association to discover they have replacement’s due that can run into the millions. The only choice then is to obtain a loan, special assessment and large increase to fees or a combo of all three. Pretty shtty of previous owners. Florida needs to go to annual study requirements and FULL FUNDING of reserves.
I heard during the foreclosure crisis; remaining condo owners had to pick up that gap.
That was a total mess, HOA's were in default at that time. Thanks for the comment and for watching!
I visited Florida in a motorhome - Not enough elevation where it is needed - flat doesn't drain well - I settled on higher ground.
Knowing the financial health of a place you’re considering purchasing should be part of the decision to make an offer in the first place.
Edit: Thanks to @Katherine Jochman’s (below) pointing out, I am reminded that I, too, had to make an offer and put down money to see the books. I had three business days to assess same, and rescind my offer for full return of money. My realtor timed the offer to include the weekend so I had a total of 5 days to review. Believe me when I say I read every word.
I agree 100%, Thanks for the comment and for watching!
I was a condo president and when I took over I got a hold of the checkbook and found complete fraud and theft. They were buying stuff at home depot and selling it etc. I also checked records ad found that they were not collecting maintenance on their friends. I went to condo closing and found that there were selling condoes that owed maintenance as well. Get a group and get a hold of the check book. They MUST give you the statements or face PERSONAL FINES. Good luck
Here in Central FL. it seems we have to make an offer and put money down before we can see the HOA records and books. The realtors say we have to show serious interest first! The fees for the Tampa and Orlando areas are going up a lot also.
@@katherinejochman7058 I am going to amend my post. Thanks for reminding me!
@@katherinejochman7058 That may be legal. You could still take some time to meet your potential neighbors as well compare fees with other similar condo's in the area. Check the 718 statutes
Same here in Canada, QC province. New laws have passed to have a minimum funds for the highest insurance deductables, a maintenance and replacement plan for the next 10+ years, condo fees are going up like crazy to make up for all the times people didn't want to do the repairs.
Thanks for the comment and for watching!
Good info - thanks!
My pleasure, Thanks for the comment and for watching!
Great perspective you've provided!
Thanks for the comment and for watching!
Excellent overview!
I appreciate that. Thanks for the comment and for watching!
Years ago in the early 2000s when I was considering buying a condo in the DC metro area I would always get tempted to buy an older condo, 20+ years old, because the listing price was always the most affordable and within my price range. That is until I got to the condo fees. Without fail those fees would be in $800-1500 range. I ended up with a townhome in the suburbs.
My condo fees include TAXES, as well as utilities, insurance, maintenance, swimming pool, fabulous grounds, etc. How is $1,500 out of line for a 2-bedroom?
@@Caocao8888 I don't know what country you reside in but in most of the US condo fees do not include insurance, taxes, or utilities.
@@ariefraiser140 SW DC condo in these United States of America.
@@Caocao8888 Yeah I live in the DC metro area. Still not worth it.
Thanks for the comment and for watching!
Great information, thank you!
Thanks for the comment and for watching!
Great video! very important info
Thanks for the comment and for watching!
In 1990 my grandmother had her house built in Florida. She paid $14,000 for the land and $36,000 to have the house built. Inflation is nuts.
Imagine where we will be in another 30 yrs? Thanks for the comment and for watching!
Must have been in the hood cause those were not average prices in 1990, maybe 1970
@@bluewtr A retirement community near crystal river. I was there when she paid for it. Who has a house built in the hood? The name of the town is Citrus Springs.
@@bluewtr all of Florida is “the hood”. Probably a shitbox built by the lowest bidder.
Inflation is a WORD…PEOPLE raise prices! 🤦🏽♀️ It’s a game, and ya betta know how to play!
Greetings from Portugal...I remember vividly back in the early 2000's going with a buddy of mine who was an realtor in the Boca Raton area and looking at different properties...Shacks East of 95 where going for 200k...Condos...H.O.A. fees etc... insane...Been an legal resident here since 2016...I rent an 1 bedroom condo in one of the most expensive areas of Portugal, Estoril...Total cost a month...€700 euros split by my gal and I...No fees...Just peaceful and relaxed living...Get Busy Living! 😉🇵🇹👏👌
You can't touch a 1 bedroom for that price here in South Florida, Thanks for the comment and for watching!
Hey Dickie you mean you pay 700 euros. Which 1/2 of the monthly total
@@copythat7576 No...Total rent is € 700 euros...split by my gal and I...€350 euros each...I moved from Austin to Portugal in 2016...You can't rent a coat closet for €350 euros...Also I don't own a car here...Public transport, trains and etc...are cheap and effective...The amount of money I am saving is awesome! 😉🇵🇹🤟🤘✌️👏👌
Great! Now please tell everyone location
@@copythat7576 Look for the Silver Hornet car...Then you will find...Shangri-La Condos...👌
I think that people should think of Condos less like owning property and more like owning a car. The longer you own it the more expensive it will be to maintain.
Thanks for the comment and for watching!
My normal maintenance is 529 per month. And we were just issued a special assessment of 1500 per month for the next 6 months for repairs and an additional 160 per month for 2 month for insurance premiums. I am so overwhelmed and I don’t know what to do.
I would never step foot in Florida. No thanks.
Thanks for the comment and for watching!
It's been years since I was there, but it just seems to get creepier and creepier, doesn't it. Even Texas starts to look sane in comparison.
I owned a condo once. The pitch is that they're "easy". No maintenance. There is maintenance, just you're not the one having to do the work. Instead you pay others. Condos are cheaper to buy than SFH because you get less. You pay later. You lose almost all control. It's very much like renting except the monthly fee is less than rent, but you pay a lot up front and you're stuck with the unit whereas rentals can be left behind after the lease.
Buying SFH not in a HOA = better investment, more freedom.
Most people hate HOA's, the one upside to renting are the tax benefits and appreciation when you sell. Thanks for the comment and for watching!
HOAS are a racket. I have a friend who owns a 1.3 million condo in northern California free and clear. BUT his fee is 1000$ a month. So he basically owns a home while paying rent and property taxes.
The real cost of living in paradise is starting to sink in for folks. People will be moving out of Florida soon.
Unfortunately, it's getting expensive everywhere and this is probably our new normal. Thanks for the comment and for watching!
I truly feel sorry for anyone who bought into the Florida lifestyle and sold everything to move here.
It's becoming an authoritarian hellhole.
Don't buy into a HOA community.
Thanks for the comment and for watching!
@@bert1450 I live in a paid-for house worth over a million dollars in Denver and couldn't possibly be happier with my life here. It's your would-be dictator governor I was speaking of. Please be careful. The man is clearly very dangerous.
@@bert1450 Just wait.
Don’t move here, the cost is too high and no jobs. I see all the people that moved here last year moving back and more. The market here is crashing fast
Florida is where you spend your money not make it.
They need to move back. Too much traffic.
Florida is a big state. Nothing required you to live on or near the beach. If you’re older chance’s are you won’t go there anyway. I live about 30 minutes from the coast. Much cheaper and safer here.
Where have you noticed the market crashing in South Florida? Thanks for the comment and for watching!
WOW, IT ALL DEPENDS ON WHAT TYPE OF JOB YOU WANT, THE UNEMPLOYMENT IS JUST 2 PERCENT IN FLORIDA, 3.4 PERCENT NATION WIDE, AMAZON WAREHOUSE IS STARTING AT 20 BUCKS AN HOUR NOT TO SHABBY,
Meanwhile all these new condos going up in Miami are mostly sold even before completion. Top earners will not have an issue with purchase price or condo fees.
We agree, and a lot of the people moving here are top earners and the locals can't compete. Thanks for the comment and for watching!
OR DRUG LORDS WASHING THEIR MONEY
Excellent review!
Thanks for the comment and for watching!
Reading these comments helps explain a lot of things in this world.
AS A NYC LUXURY CONDO OWNER....I SOLD AFTER 6 YEARS....GREAT AREA...NEAR SUBWAY & SHOPPING....FOREST HILLS....MAINTENANCE WAS OUTRAGEOUS....GOING UP TOO MUCH.....I SOLD IN 2 WEEKS.....BEFORE I HAD A NEW PLACE.....GLAD I GOT OUT.....NEVER AGAIN.
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Wait if the Insurance companies are leaving ... I think if we are smart we follow.
Excellent video.
Thanks for the comment and for watching!
Excellent content and informative! New subscriber. ❤️
I appreciate that. Thanks for the comment and for watching!
Wife and I were interested in condos in Singer Island and then in shock when we saw what HOA fees were like. Can’t handle that and condos should be cut 20-25% as a result
Thanks for the comment and for watching!
Look at the balance sheet and income statement and condo board minutes for 3 to 5 years. Call condo unit owners not the board and ask uf any issues. Also, look at the reserve reports and make sure the condo has enough savings to cover the reserves and future costs to keep the condo maintained.
Great advice Robert, Thanks for the comment and for watching!
great information
Great content 👍🏼
Thanks for the comment and for watching!
No one buys with the full costs of ownership in mind. The mortgage is the least of your worries.
Something like the cost of maintaining an airliner -- after you buy it -- or a tank. You really have to calculate the full life -- and death -- of the entity, and its disposal and recycling.
11493 NW 20th Court
As a Single Woman, I have purchased 2 houses in my life. Everyone tried to talk me into buying a condo because I'm not physically able to maintain properties. Heck NO! I didn't fall for that. I like controlling my own money. Condo fees don't agree with me! I hire independent contractors to mow my lawn and clean my pool. It cost me less money and I get to call the shots. Plus, in most cases, equity in a house usually builds faster than a condo. 🦋
Very good advice. Thanks for the comment and for watching!
can i become your son in law?
I've finally gotten to the point where I can look at Seattle condos on Zillow, and wow! The HOA fees 😵💫
I think I'll go for a rural house with a few acres and strong Wi-Fi
Look around, I live 30 miles from town and get fiber optic internet from a co-op.
HOA fees are crazy everywhere, good luck with the house😊
As if Seattle isn't depressing enough. Lol
@@GUITARTIME2024 at least it’s better than the Northeast, the Midwest, the South or Alaska. I prefer it
@Sean Connors we get plenty of former West Coasters and Northeast people here in Raleigh-Cary, NC. No tents on sidewalks, growing fast, plenty of sun. I have an acquaintance in Ballard who was scared to go to her local library because of the crazed homeless, and that was already 10 yrs ago.
A few years ago, I looked.d into real estate in Florida, but decided against it. The insurance situation alone was enough to make it a no for me.
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It's not just South Florida. Central Florida prices are skyrocketing right now as well. Melbourne Orlando etc are absolutely insane.
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Yearly escalating condo fees with no cost controls is what keeps condos unaffordable. Values definitely need to reflect this which they don't.
We agree 100% Thanks for the comment and for watching!
Good. This is how the economy works. Dont buy what you cant afford.
@@Username_CC_ the fees are high because the state allowed condo boards to operate with zero percent reserves. Now after the condo collapse they actually have to have a real reserve.
@@jarvisaddison8560 Does that mean that at some point the fees will come down if reserves are at the required level?
@@JorgeMartinez-ez1jl Has too. However it will take some pain to build the reserves up and stabilize the finances.
Hello my Club good Love To Network With You Thank You And Happy Holidays 🎉
It’s all marketing. You’re buying a dream. Dreams evaporate, then reality comes! One question to ask is “is it below sea level?” Enough said. Two is “what is it built on?” Infill? Sand? I don’t think people know enough to ask the right questions. They have stars in their eyes about a dream life and I think it’s perpetuated by media, advertising and sales people looking to make their commissions. Does it sound too good to be true?
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One thing my building does that I think is a good idea, is they claim a small percentage of the sale of each unit to be donated to the reserve fund. It helps keep the reserve fund flush with cash, and sticks it to property flippers. It's an older building that converted from rental to condos 15 years ago. Some brokers will advise against buying rental to condo conversions, but I've actually found it to be a good deal. The price was lower. Heat, gas, electric are included in the condo fee. Being a large customer means we got to negotiate a better base rate for electricity, under the threat of changing providers.
When we hit 85 percent of owned vs sponsored units, we were able to refinance the underlying mortgage on the building will be able to pay it off in a few years. The big take away, you need a condo board thar knows what it's doing. I previously owned a house. Maintenance on a house was more expensive long term than owning a condo.
That's very interesting, is this in South Florida? Thanks for the comment and for watching!
Thank you so much,my dream is shattered but I should feel grateful, I was spared this injustice,retired librarian have to look an another state
Florida/Miami is a tough area to build. Basically, it's a swamp with water everywhere on all sides trying to get in.
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Yeah, I'll take a single family house. HOA'S are not for me. I will fix my house if and when I want too.
HOA's aren't very popular lately. Thanks for the comment and for watching!
@@emmettkeyser1110 They used to be called apartments, but when rent gets to high people had the freedom to just move. Fix your own damn property. Squeeze more profit for the real owners of the land. He who ownes the land owner what is on it.
@@emmettkeyser1110 I guess next is single family houses but not the land with it. That way you pay all the repairs and taxes and continue to own the land. Forever a slave to rent.
Ton to mention a one story home is easy to maintain compared toa 30 story condo. New windows can be done cheap, a rough is cheap. Same with HVAC.
You can finance or rent these repairs or upgrades
@@robertbirch4163 As a condo owner, you own a % of the building and the condo association is YOU
I want to go to Florida and was thinking condo close to a water view but this has me thinking against that. Thanks
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excellent video. Would be interesting to get a follow up with hard numbers.
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Buying any property comes with maintenance costs to maintain its safety and comfort. I love high hoa rates, if these are wisely used twards the building. I hate talking down these fees. If you cannot afford maintenance, don’t buy there.
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Good. Prices need to come down
Another major problem is many Condos are getting old. And they are only certified to be habitable for 40 years. They a major recertification needs to be done and anything found in that process repaired before another 40 year certificate is issued. And that recertification does NOT grandfather the place in. So if there is anything not up to current code (as codes have changed over 40 years) well you are in deep. For example Palm Bay Yacht Club recently had to ask owners for $175,000 each to cover the total repair bill of $58 Million for the association.
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The key thing with insurance companies. They don’t care about you all they care about is your money and the shareholders. All insurance companies DONT CARE ABOUT YOU.
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Patrick Mahomes cares about you❤
Your so right Robert about insurance company's. Even if you own a house the payments have gone through the roof.
100% Howard, Thanks for the comment and for watching!
Quebec license plates are common in Pompano and Lauderdale. They are buying up condos and the expenses dont seem to be a concern. They are often rude ad don't tip well if at all.
That’s pretty crazy when you add the Canadian exchange rate on top of it Canadians are presently taking well over a 30% discount on their dollar so add 30% to the purchase price and any expenses incurred by Canadians well in Florida. Insane
My favorite Montreal Lawyer moved into that general area, Viva Frei
You can add Hallandale Beach to that equation, don't get me started on the tipping scenario, i have a close family member that complains about this all the time..lol. Thanks for the comment and for watching!
One of the Lauderdale locals quietly mentioned the Quebec Mafia moving to the sunshine state. That could explain the old school Italian restaurants that are totally out of place, wedged between Hooters and a hookah bar.
What is Toronto's largest suburb? Fort Lauderdale
While I always knew I would NEVER buy/live in a Condo ANYWHERE. Fortunately, I live in a single family home and am grateful I made that choice many years ago.
You pay the same fees when you fix stuff like roofs, hot water heaters, siding, and maintenance of the house. The same exact fees are paid for capital expenditures you're just paying them in installments with a condo.
Thanks for the comment and for watching! Some people want the convenience of a condo. Happy you made the right choice for yourself.
@@Re3iRtH Yes, but in a home you manage your costs and usually the timing, not a committee.
Palm Springs is out of control too. Some decent priced places, even houses in HOA communities like Sun City but most have 400-700$ monthly fees and many of them do not cover anything on the house. Just pool and grounds. Cheaper to get a house own pool.
It's expensive everywhere. Thanks for the comment and for watching!
I love that small back and forth with wife :-)
Thanks starkfest, that was too funny and had to post it. Thanks for the comment and for watching!
This country is just getting so unaffordable in general. Everything is so inflated right now. I have thought about buying a condo for the past several years but am hesitant due to HOA fees going up wildly with little notice. And there is nothing you can really do about it.
Even condo buildings that have few if any amenities charge ridiculous amounts to get very little in return. They are supposed to be "fees"not a second mortgage.
It's supposed to be just really for trash collection, basic property maintenance, and maybe plowing/snow shoveling if you live in the Midwest or East Coast.
Hire a good full time maintenance guy and someone to clean part time and most of these places are all set.
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Property maintenance alone can be very expensive if there wasn't any real forethought about future expenses when it was built. That happened where I lived in California.The condo was rebuilt after a major earthquake by two brothers. They started feuding with each other as the rebuilding was going on, were back & forth in court suing each other and the resulting construction was disastrous. In no time after project was completed, termites started eating away at the spa pagoda & the landscaping died off with a proliferation of the Bark Beetle. Eucalyptus trees just planted had to be cut down. There were a lot of trees. And then mismanagement from the voted in president & VP who appeared to be stealing from the HOA funds.
I moved out only 2.5 years of living in that condo nightmare.
@@andreah6379 Right but I'm talking even in cheaper Midwestern states. A condo with few if any amenities. Maybe it has a tiny gym with some cardio equipment and a small lawn to cut. Nothing else. And they are asking basically almost half of what the actual mortgage payment is for that and basic services like vacuuming the hallways. It's gotten ridiculous.
I even know some older people like 70 ish who have money and don't want to care for their yard at home anymore who are backing off retiring to Condo life because of all of the exorbitant fees and high prices right now.
Owning or building a condo is worse than throwing cash in the trash bin in Florida.
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Sop to solve that you would do what? Go live in a cave and forage for food?
The ending is so funny so real!! Good info … I have been considering buying a condo since 2020 when I sold my house - I know bad timing - anyway …. Been renting since and looking for a condo but I am thinking I might have been lucky to hold off what with all the potential insurance and assessments costs.
That was a classic moment and I had to include it at the end. Thanks for the comment and for watching, let me know if you ever need anything.
Happiness is a detached house, owned freehold.
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Do not! I repeat! Do not buy a condo in Florida! And do not move there!
Wouldn't dream of it. But thanks.
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Rick where do you currently live?
Condo fees always change. You can not predict them. They sometimes go past the mortgage.
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Yeah that's what I'm afraid of. Wouldn't that defeat the purpose of being an owner? If you have to pay the same s*** as if you had a mortgage
@@highlymedicated2438 It depends. My house will require a new fence, roof and deck in the next few years. I alone have to pay that. The condo it's a shared expense. It's simply a math problem for what you can afford.
The reason insurance is so high in Florida is because 79% of homeowner insurance payouts happen in Florida.. The entire rest of the country makes up only 21% combined.. That is the reality of living in hurricane alley and a floodzone state.. deal with it or move.
My aunt lives in Boca and I remember about 5 years ago her HOA fees for her house were about $400 a month and her house insurance was about $8,000 a year, I can't imagine what she is paying for all that now. Christ.
It's getting totally out of hand at this time. Thanks for the comment and for watching.
People really believe Real estate depreciation it's just fun way to cut your taxes but don't realize most of this buildings build in 1960 need lots of work to do , just like buying old car
100%, that's why this new law was passed. Thanks for the comment and for watching!
The larger the building the more it cost to maintain also the age. Most of them are made like crap.
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Hi what is the deal with property management companies in my opinion they are a BIG PROBLEM and how much do they charge. IT looks things are don't anything fixed then they need a bunch of money what do they do?
We need to get together. I'm tired of this state raising taxes and insurance companies price gouging people and have a talk with our govoner
Empty condos are a great way for South Americans to avoid the devaluation of their home currency.
Deferring maintenance will eventually require expensive renovation fees.
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Thanks for the concise info we all need to know.
My pleasure, Thanks for the comment and for watching! I appreciate you.
I'm a NJ attorney and this video caught my eye - this gentlemen knows his stuff. You'd do well to rely upon him for a purchase of a condo in south Florida IMHO . . .
What kind of an attorney makes a recommendation based on one video? So if someone hires him and it doesn’t work out then they can Sue you?
To the attorney I didn't ask you for cheap advice
Never own or loan in HOA. NEVER.
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Buy an elevated home with hurricane shutters, install Simpson tie downs and you wont need the flood or outrageous hurricane insurance.
That's how you solve a problem, Thanks for the comment and for watching!
You have to have those if you have a mortgage.
With climatic changes insurances have been loaded with claims from floods, tornadoes and forest fires damages. Condos have difficulties to find ANY insurance compony willing to take them as clients. This is a general North American trend including Canada.
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I knew the condo thing was a scam from the very beginning. What's happening with monthly fees in many places is exactly what I knew would happen. Never bought into it, never will. Buying an apartment is a ridiculous idea.
Exactly what is the scam? Cause Florida is full of condos
@@jarvisaddison8560 Looks like Florida is a scam.
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@@jarvisaddison8560 When I buy a home outside a HOA with fixed mortgage I will be paying the same forever, the scam is with renting and HOA is a never ending increase in payouts. Easy to move if renting.
@@safffff1000 Great point. However what if the true cost were always factored in unlike in years past? Many people don't like the true costs and because politicians love giving short cuts then this was ultimately the end game. The bill always comes due.
That's why it collapsed. The owners kept refusing to pay for repairs and 100 people ultimately paid for it with their lives.
Exactly
And now the owners are homeless $
Between insurance increase and the HOA increase there's gonna be a perfect storm coming.
Well said. Thanks for the comment and for watching!
Add in the price spikes of the last few years and then increased interest rates it is going to be ugly.
I have been watching prices of places in the Space Coast area because we have family there. Condo HOAs are out of site for what you get. We will probably buy a mobile home in a senior park. Another advantage of the mobile home is I can do a lot of maintenance myself. We will only be there about 5 1/2 months a year because we want to keep our residency where we are.
@@Chris_at_Home Just be careful. Wall Street is coming for Mobile home parks. Buying them up and raising lot rent (because they realize mobile homes are not that mobile)