DON'T BUY A FLORIDA CONDO UNTIL 2026!
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- Опубликовано: 9 июл 2024
- Not even people in our government know what is going to happen next when the 2025 deadlines hit for all condos in Florida. One state representative is even warning condo buyers to wait until 2026 to buy a condo in Florida until all the dust settles. This is already becoming such a huge problem for the housing market and may end up spreading to other states.
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HOMEOWNERS GOING BANKRUPT OVER THESE EXPENSES! ruclips.net/video/w_MRLaMvAPA/видео.html
Nobody can own a home if you have to pay property tax....so all people are really just renters....All businesses shutting down....full scale collapse coming with martial law and military troops on the ground.....
Man, you were right on the money with all the things happening with the condos there in Florida Michael!
Hey Lisi 💜🙂
@@edge918Hey Laura!!!!🤗🫶😘
Question: When the people that own the condos now pay in to keep the fund full than when they sell, shouldn't the new owner pay extra because of the fully funded fund?
Robin Williams once said politicians should wear jackets like NASCAR drivers, then we would know who owns them.
That's so true. I miss Robin.
"nanoo nanoo" rip
I LOVED ROBIN WILLIAMS!!!
and he voted for and supported all the worst offenders never found his coke-fueled antics funny at all
Yeah, he thought that unless it was a Democrat politician.
I'm hoping there will be a housing crisis so I can .buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I appreciate this. After entering her full name into my search bar, her professional web page surfaced as the top result. Her impressive qualifications undoubtedly speak volumes about her expertise
The bottom line for all of this misery is corruption. 😡
And it is writ large across our whole nation!
Check out the history of Miami Commissioners for District 7 over the past 30 years and you will see corruption and greed writ large.
Hi We are from the government and here to help
Why would a goverment intentionally stop their citizens from thriving?
That is everyones fault, and they will get what they deserve, I lived in Clearwater 24 years, I watched Fl go to hell and I moved out the rest of my friends and family didnt see it yet some of them were in Real Estate, well lets move forward almost a decade, they kicked ass through this whole market boom ... then they have all sold (west coast of FL) and moved to GA NC/SC only one family member is still trying to hold on but I dont see him staying the year out, if he waits he will only lose money, he has sold off some properties, you should have already sold I think it may almost be to late right now, I wouldnt say anything but I also wouldnt show your house at 1% either LOL
This is totally unsustainable. Costs are prohibitively expensive. Society will break sometime.
The condo associations should have done the repairs instead of putting them off.
IMO these were actually failure for the state to have a decent building code for these buildings. Barely engineered to stand up yet last for any amount of time. FL is the opposite of CA....CA is over the top.....FL codes are bare minimum. (for high rises at least)
The majority ride the wave all the way up, but refuse to get out until they ride the wave all the way back down. Within two years immigrants on full government support will be moving en masse into high rise oceanfront condo buildings. Anyone with eyes can see it coming.
@Mikefngarage wrong my boy. Florida has some of the toughest regulations because we get major storms. Please educate yourself before spreading lies. Ask contractors that build in various states.... don't just take my word for it.
@@Mikefngarageit's called ' Payola ' big associations have big numbers for lawmakers
Sounds like a problem that needs to be addressed yesterday but the politicians are too busy trying to get re-elected.
Imagine being so naïve to buy a beachfront Florida condo for peanuts and never expect big future costs.... Head in the sand, literally.
@@timsimmons9995 I wonder where they got their insight.
40 yrs of deferred maintenance being dumped on new owners all at once. This is gonna be an implosion
No way all those Condos are up to code. I’m sure they are Grandfathered and dangerous.
@@davidhall3747 This crisis has three dimensions: lack of continuous safety control and enforcement, rapid investment opportunities in building construction, and condo buyers who love promotional materials and believe their buildings won't collapse in their lifetime. At the base of this issue is public safety. Two questions arise: why did these problems accumulate in the first place, and why isn't there a building safety rating system like there is for restaurants? In a booming seller's market, cost-cutting in construction is a strong incentive for builders seeking quick returns on investment. Requiring individual associations to address 40 years of neglect is not a wise solution. Perhaps creating a dedicated, efficient building inspection agency and a credit union functioning as an insurance company, all integrated into a single non-profit entity, would make better fiscal sense.
Be informed. This channel helps. Educate yourself about banks and insurance companies, their history in particular. They are not your friends.
Realtors are unethical for the most part. It is all about the commission and making it as fast as possible. Agents are greedy and OVERPAID
Yes, they're paid too much!
The rent is too damn high!
So is home insurance, property taxes and car insurance
Indeed and it's worldwide the flu killed everything!
PEOPLE WAKE UP! IT'S ONE GROUP OF PEOPLE WHO CAUSE ALL THESE PROBLEMS !
And do what? They are no where to be seen
Oy vey! Which group would that be?
MAGA people.
@@Tugela60 NOPE JEWS !
@@Tugela60 YOU !
Bad situation for everyone who owns a condo there, a retiree who has spent their life savings to buy there, and lives on SSI is screwed. Probably lots of them in Florida condos.
@@robertmcgee7083 So sad but they better hurry up and sell if they can before their places are worthless. Who wants to pay an extra $100,000 for a 2-bedroom condo not knowing if they have to another $100,000 a few years from now on a depreciating asset. One elderly couple was hit with a $200,000 assessment.
Not 1-2 story condo owners like me 😊😊😊😊
Honestly, they should just release a single PSA for everyone to turn on their notifications for Michael Bordenaro😄
If government officials are telling me not to buy a condo…I feel like I should probably buy a condo.
It will be funny if this actually works out the opposite way like you’re saying, and everyone rushes into buy them
You do that.
True
That analogy will get you nowhere.
@@Buginthemudit works with Cramer bashing stocks Do the opposite.
When the cost of living gets high, congress votes themselves a raise.
Actually it is worse than that. Congress gets an automatic raise unless they vote to not give themselves a raise. They did it that way so they wouldn't have to go through votes to give themselves raises. According to the 27th amendment, all raises take effect next Congress.
It will come down to an elite Land Grab, like Lahaina Maui, without the fire.
Investors biding their time and will pounce when the price is right. Properties flooding the market, people can't sell even with massive price reductions. Most of these properties need cash buyers because banks won't lend.
They’ll take them out with monster hurricanes
This will absolutely crush this market. Florida may be the first domino to start the bubble pop
I cant wait...this fantasy got to go....house is around 50k worth...all the rest is pure roberry..😊😊😊
Michaels videos should be mandatory for highschool and college students
I'm 72, and I learn things from each video.
👌🏻 never disappointed always interesting
That would go against the brain washing that currently occurs in public schools. The teacher’s unions would never allow it!
I homeschool and we do watch him. We also watch other economic videos and they learn how to cook, clean and how to maintain a home. We do the other required Math, Science, Language Arts but I'm glad for their electives to teach them valuable lessons for day to day life.
at least for extra credit.
Every time you sign off with “I’ll see you in the next one” I always find myself with a broad smile 😀. Loving your channel as it’s so informative and helpful.
Thank you ☺️
A very similar situation is taking place here in France. We must carry out certain repairs/insulation work to comply with new government regulations. We have been offered a nearly 0% 25 year loan. If the work is not done firstly we will not be able to rent the flat and then eventually we will not even be able to sell it. We effectively have no choice.
What a nightmare!
Sounds like you need to pull out your national anthem and play it on repeat until enough people take action.
These are United Nations and WEF standards to impoverish people
Our Gov is out of control
He’s not out of control, he’s just pretty much AWOL
More..they've gone predatory and they are coming for you
Isn't he the one who all the workers left and won't hire bl@ck ppl? Ironic it's a latina ran district 🤔
I have mixed feelings about the condo situation. On the one hand I do feel for the people who have to deal with these issues, on the other hand it only took over 100 dead in a building collapse to finally force condos, the boards, and the owners to do what they always should have, maintain their buildings. How many years have passed, and how many condo boards and condo owners passed the buck on necessary and important repairs to fix their buildings and make them safe. They all loved their property values going up and up, but they did not want to spend the money to have safe buildings. I do not like the government getting involved, but the condo owners, by their negligence brought this on themselves. Just by the catastrophic effects this new law is having, it shows that the problem of building maintenance was very wide spread and engrained in the condo community, and while I think the inspection companies may also be to overzealous in their inspections do to liability issues, there really does seem to have been a lot wrong with far to many buildings, and a lot wrong with to many condo boards and owners when it came to paying for repairs and having the reserves ready to handle them. When you have a culture of "pass the buck" someone gets stuck with an oversized bill in the end and that is exactly what happened here. I wish people, politicians, and business men would take this lesson seriously, but they won't and we will all suffer this same fate when the bill comes do for the decades of overspending, mismanagement, massive handouts, greed, and incompetence that are the hallmarks of our age.
What a mess!
Why?
@@redblacktichy7713 Corruption.
@@redblacktichy7713uncontrolled growth and corruption leads to disaster
The other problem is that there aren’t enough engineers
It takes mathematical ability to be an Engineer.
The best thing to do is not live in a condo or HOA . Ever
Especially a home with an HOA. What a nightmare.
People over 70 will always want to live in condos.
RVs is the way to go.
@@ayo9057I’m definitely leaning in that direction.
Ah the government.
If condos in Florida were free I would not move to Florida
Snow is free. 😮
Florida is full, but thanks for the thoughts.
Good. We are full. Still better than communist states.
Make sure you tell your family and friends. Stay put where you are . Your voter habits are not needed here.
As usual, Michael is ahead of the curve.
Sold my condo in Sarasota right after hurricane. For once i saw this coming. Nice state, but filled with lots of con men contractors, lawyers & pols catering to those that fund them. Such a shame.
How so? Even a broken clock is right twice a day.
I don't understand how much more the people /system can take this! How are people living!
🤷🏻♂️ .. on credit?
@@kelsey809 People barely even have anymore credit!
They aren't. They are surviving.
They are living Hand to Mouth.
I work in Home health in Florida. A large percentage of the homes that I visit have 2-3 generations (some 4!) under one roof- that is how ppl are getting by right now. One 3 bedroom townhome had 10 people!
The whole country has deferred maintenance for many years. Residential, commercial, hotel/motel, retail. The carpets are in tatters, the mechanical and electrical and plumbing are worn out. Roofing is leaking in so many CRE.
May want to also add bridges and roads
My grandparents retired in Bradenton, fl in 1969. I remember when we would go and visit there were thousands of huge billboards stating: Free Land if you build a new home in one year! They were everywhere!
I just signed a contract 2 days ago to sell my townhome. I'm on the board too and I'm so ready to be done with all of this crap.
The big hedge funds will come to the rescue!
That is actually probably true for the older ones on the beach. Hedge funds will buy them up, tear them down and build some super expensive new condo project.
I've sold 4 houses myself, the last one I offered a 2% commission to the buyer's agent. Every time I was contacted multiple agents telling me I couldn't do it. The tittle company does all the paperwork.
I think that’s reasonable enough and will still get the house enough attention but one percent probably won’t do the trick
i spend a lot of time and money to paint the house get nice new glass windows and expensive fans around the house and a lot a lot then when i post my house for sell you want me to give the agent 3 % commission or more i think that its not fare at all . I won't give up i will sell it myself and god willing will do
The agent does NOTHING that is worth the extortianate prices they charge.
Wait until the real estate downturn lasts for a decade .
Can’t imagine but good point
55 plus manufactured community’s with lease land in Florida inventory has exploded. They’re all trying to get out. Most are moving to Alabama
In trailers
Alabama and Mississippi will become the next huge places to move since everywhere else has been ruined by economic refugees from the northeast, Illinois and California.
@@vincentkosik403 They are fixed income blue collar retirees. Everything has doubled but their income
@@vincentkosik403 They are blue collar retirees on fixed income. Everything has doubled but their income
These people can really get hurt. After a few years being parked in one spot a lot of mobile homes are not structure sound enough to be moved and/or cost prohibited to be moved. So, the tenant has to sell to the park owner at a bargain price and slink away. The Park owner rents to own it to the next victim.
Congressmen almost never issue dire warnings! Ever never ever!!
Very good dude. "Congressmen" includes "male" & "female." Not the reediculous "congress people."
Section 8 already props up the rental rate in most metro areas. EBT is the reason grocery chains are profitable, in recipient cities. The government has already taken over who you shop alongside and live next door to. Landlords agree to accept section 8 because hard working tenants refuse overpriced crapholes but the government happily pays.
True. Also, hud is how good neighborhoods become ghetto real fast with drug dealers, porch pirates and criminals. I've seen it where I live.
Scott Adams is right
And condos are going to be the new trailer parks!!!
Very well said
The government goal is to bring that element and lifestyle to a neighborhood near you. Welcome to the new America.@@TrueBeliever6491
It’s unfortunate that all condos in Florida are being affected by such wild headlines. For one thing, the structural engineering study and repair requirements are only applicable to condo communities that have buildings with three or more stories. There are many Florida garden-style condos/villas that are two stories or less. These are going to hold their value as long as the HOA reserves have been continuously fully funded over the last few years, such as the condo I live in. In ten years my contents insurance has gone up only 50 percent, about five percent per year, which is quite reasonable for Florida. Taxes on my condo have remained relatively steady due to the law that allows taxes to go up no more than three percent per years for Florida residents.
In the long run I suspect the well managed/funded 2 story condos will escalate in value. There will always be people, young and senior, that don't want to spend their time doing maintenance on a home and pool.
Once the condos on the coast are taken over by developers, leveled and rebuilt as luxury high rises, the 2 story condos will be the only affordable condos in Florida.
@@piedpiper7051Most of the low rise condos are not well funded and are poorly maintained though. In many respects a lot of them are considerably worse than than the towers. You just have less risk of a whole lot of people dieing if they fail, that is all.
Buying a condo anywhere in the United States is ridiculous, especially in Florida. I always tell my clients to not invest in any condos or properties that have HOA fees attached to the monthly mortgage payments. Florida is proving to be a complete disaster for the condo market.
Finally someone states the truth. The party is over in FL.
You're a crappy realtor my boy. Lol. I understand HOAs, and I can easily afford a condo in Miami (I own 7, 3 at Aria on the bay. Why would you try to talk me out of it? 🤡
Not everyone can afford a single detached house. I bought a townhouse because it was the only thing I could afford. I’d much rather buy a house but here we are…
There are condos without HOAs?
@@kcor4not that I've ever seen.
The problem with giving an extension on the law is that you will just delay the inevitable.
If they can't pay today. They can't Tomorrow
For the amounts of money needed, they probably do need to extend any deadline out a few years. And 99.9999% of buildings are not going to collapse. However, it was very irresponsible for these HOAs to not have proper reserves. Where are their lawyers and management companies? When I was on an HOA board we did reserve studies and had plenty of funding.
I agree, but also the governments not doing a good job giving people a clearcut guideline of what happens if people don’t comply I’ll bet that’s the reason people are kicking it down the road
@@MichaelBordenaro If they have to fund these reserves in full, they should set up special financing programs to smooth it out over a stretch of time. Trouble is, you'll have the assessments to fund the current work, pay crazy insurance rates, and fund the future for when it has to be redone. Any way you look at it, it's a bad scene!!
@@robertbell525lawyers and management companies don't tell you what to do, they give advice and then carry out your decision.
i snow birded in a condo in Cabo for 7 years. Condo living is a nightmare. there are so many personalitys in a condo building to deal with. Remember you will be living your nierbors lives. THEY WILL INVOLVE YOU IN THEIR PETTY LITTLE LIVES NO MATTER WHAT. I would literally be stocked by my nierbors around my condo building and that is just the start there were 1000's of things nierbors would do that you have to live with. DO NOT BUY A CONDO
Neighbors
Stalked😮
Point noted. Having 1,000 in a Hotspot has its cons.
Personalities*
I have lived in condos most of my life and have had very few issues. When I lived in a house I always had busy body neighbors demanding I act a certain way.
The myth that you can set any percent commission you want is a lie because the real estate agent won't show your property or it will be nasty to you. Ask me how I know
Well, that’s part of the point of the story I shared in this video. You can offer whatever commission you want. Just don’t expect anybody to show your house if it’s too low.
My point was that the real estate Industry continues to lie to the public.
That, that commissions are negotiable and that they have always been negotiable.But if you can't get representation at a Lower rate, Then there is no negotiation. Negotiation implies that the Agent might take less which is a total fabrication. I have nothing but contempt for the industry and the people who populate it.
@@wespotter6985just as you can choose to not do business with them, they can choose to not do business with you.
@@wespotter6985 Totally agree!! It angers me every time I hear someone says it's always been negotiable, that's bs. I keep saying the same thing, the buyers agent does nothing for the seller except bring a potential buyer to table. So why do they continue to feel entitled to thousands in commissions!! It's ludicrous! I would think the seller's agent would be pissed as well, having the buyers agent get paid the same amount for not nearly doing the same level of work. The whole system is corrupted and lazy! The next lawsuit will be the unethical behavior by purposely not showing properties. I hope there are a lot of sellers out there that will step up to the plate and say no more. It's just not right or fair. The task of sellers paying for buyers insufficient funds should be over and done with.
Sounds like political kickback going
on under this umbrella called assessments.
I am presently living in the west, under a Red Flag (Fire) Warning for the past week. Hopefully an end in sight. Honestly, you could not pay me to live in a High Rise Condo, anywhere in the USA. Happy to live within a Red Flag Status area.
I do lawns and pest control- seeing many homes with old for sale signs, fried lawns, abandoned track row housing that was selling in upper 200s just last year.
Reminds me of the Florida real estate crash after Desert Storm...
Don't buy in Florida unless it's way under market- like way under.
I am a condo owner in Pinellas County FLA and our building built in 1980 waterfront on Boca Ciega Bay views of Gulf, 16 stories w/ 215 units has no assessments (never had one here) and quite a hefty reserve/financials are very good w/ a board that is highly competent and well run. Structural reserve study already done and in compliance because year-year all of this and the landscaped grounds have been kept up. Units have been selling when listed and not alot of listings available as well. I guess we are some of the lucky ones as it seems many of the condos w/ these issues are further south (Miami).
Let me guess…Sea Towers?
Yup, it's south Florida
Great report Michael. Very interesting times we live in.
HOA fee is up to $ 500 a month in L.A that’s heavy fee for a condo it’s going to get more worse down the line California is not livable American dream is dead
It really depends on what's covered. There are several different types of HOA's.
My HOA includes a large heated pool, sauna, clubhouse, tennis court, laundry room, landscaping, cable + internet, pest control, all building maintenance + insurance. I pay for my electric, water, inside insurance and taxes. I don’t have to do anything. I don’t owe any bank a dime. We already passed the State inspection in 2023. If I had to rent this 1,266 square feet, it would cost me over 2K a month. That’s 24K a year not including renters insurance + electric. What I don’t live on, I invest.
florida is worse
Those HOAs in Florida have lost their everloving minds. This beyond extortion! Here in Cali they are adding the new reserve requirements for the new owners that purchase the condo now. The HOAs are trying to get ahead of the repair cost to the structural repairs for current repairs and in the future as well. Greed is at the root of all this madness.
The problem is if they kick the can down the road and another building collapse happens, the s$&@ will hit the fan. These buildings have to be safe. They can’t kick it down the road for fear that there may be physical danger.
I’m a condo owner in Broward County and have talked to the Governors a dozen times over the last year and a half. This FIASCO of a condo bill passed in 2022 is an economic hurricane gutting the condo sector across the length and breadth of Florida. And, was totally predictable. DeSantis has screwed up royally on this one by allowing a new condo law to be written by lobbyists, lawyers and construction firms, who used the Champlain Towers disaster as political cover to enrich themselves. This situation is destroying countless lives across Florida. I will never vote for DeSantis for higher office, based on this unmitigated and self inflicted real property disaster. God Help Florida!
The only problem is that states and county are held ( indirectly At least )responsible for safety and habitability. So what are you gonna do.?? I inspect masonry structures for a living- the threat and liability is no trivial issue. I have to err on the safe side. And errors and omissions insurance is no joke either for me-$$$ plus my conscience if something happened to a occupant. Just saying walk a mile in somebody else's shoes.
You would not believe some of the deterioration that can exist and go completely unnoticed out of site out of mind for years . Even in the smaller buildings I inspect, the threats are multifaceted, from roof collapse because masonry walls ,fracturing , poor mortar quality, wash out due to undected leaks poor drainage, mold hazard from same and electrical issues from corrosion water penetration. Old saying you: you can't know what you don't know.
@@Horatio1886build I agree, when other people are paying the outrageous bill, I ALWAYS err and err again on the safe side, FOR ME.
I understand your pain and dilemma you are in as most retired seniors. However, don't quit screaming. The politicians will feel the pressure and likely delay the process and make it a 10 year reserve pay in to soften the blow. That still doesn't help the condo owner who wants to sell in a panic market. People go into associations to spread the risk, but should be aware at time of sale the anticipated future assessments. The boards not addressing this on a yearly basis dug their heads in the sand avoiding the issue so as not to affect their popularity and force prices down on condo values. It is the same reason why Congress won't address social security. Keep yelling and organize in numbers, you will win.
lol at condo owners srs
Purposefully misleading the client is fraudulent misrepresentation which is illegal. Props to the seller on a perfectly executed mystery shopper call!
“Illegal “ only if you sue and win, because it’s a civil (tort) matter v. a criminal matter.
My understanding is that there are buyer's agents, seller's agents, and listing agents.. I went to an open house once and my agent didn't even go.. I am pretty sure that it was the listing agent that was there.. The ductwork on the furnace wasn't even connected to the furnace.. At least the agent that was there was honest about how the "real estate system" actually worked.. This was in Boulder CO and I would have thought that realtors would have had to be regulated and ethical.. NOPE..
Your agent is there to advise you on the process and to ensure all the proper paperwork and procedures are followed. They are not there to do a house inspection for you, you hire other people to do that. The buyers agent has probably never seen the house you have gone to look at.
As long as one of the agents was there to escort you on the visit, that is all that is really needed.
Interesting perspective, got me thinking!
Thank you Michael. I always enjoy watching your videos that cut through the sometimes confusing and not well defined new Florida condo legislation and NAR changes going on. I’m an HOA President in a small 33 unit 3 story condo across the street from the beach in beautiful Vero Beach Florida. Working with our management company we made sure we had an early start getting our SIRS and Structural milestone inspections completed before the mad rush to meet the 2025 deadline. Turns out our HOA monthly payment will be increased starting in 2025 as a result of the 3r year reserve study, but our structural inspection showed no areas of concern, but did highlight areas that need some attention (which we already planned to address). Anyhow, that is all thankfully behind us now but I agree with you that a lot of condos will be broadsided once these legislative items are addressed. It took us a combined 4 months to schedule these items and get the reports. Having these studies and inspections completed will also be a valuable add-on to any property description for anyone interested in selling in our complex. Thank you for your informative and easy to understand videos. Keep doing what you are doing.
When I’ve sold my property’s by paying a fee to get on the MLS, I offered 2% to the broker and 2% to the buyers agent. I saved the 2% because I didn’t have a sellers agent to pay. I sold both properties no problems. One in 2015, the other in 2022.
It's so simple; Then don't buy a condo.
Then
@@scottalvarez8870 When?
Single family homes in HOA communities, which are very prevalent in Florida, have similar issues. They lack reserve funds because they kept the HOA dues too low in an effort to attract buyers. Now, 20 years on, the pool leaks and needs maintenance, the roof tiles are chipped, tennis court needs to be resurfaced, etc. The HOA needs to collect money to do these things so the assess every homeowner to make up the maintenance budget shortfall.
The owners of these condos will have to take out loans to pay off the new special assessments. Maybe it'll add five hundred dollars to their monthly payment. They'll have to find the money from someplace or move
It’s called Scrape it up or offset the assessment fee by being savvy.
The next step if buildings don’t comply is simple. The state will condemn the property.
Fees and Fines is my guess. Never let a good chance for the state to raise income go to waste - Saul Alinski or someone
It’s possible, but they won’t have any grounds to condemn the property unless they can confirm the place has serious structural problems which can only be done through a reserve study or having the city engineers check it out
Basically, it's all about building maintenance or lack of it that got us to this point. As we all saw, the tragic collapse of the Florida condo a few years back was DIRECTLY attributed to "patchwork" or zero building maintenance. Now, all the management corporations which own the condos, realized they had better repair these decaying structures before the next collapse! That means raising HOA fees to obscene levels in a last-ditch effort to correct a cornucopia of structural issues which should have been ongoing (maintenance) for decades!!!!!!!
Management companies don't own condo buildings, the condo owners own the building. The management company works for the homeowners taking care of administrative tasks on their behalf and at their direction.
The buyer is already getting gouged in most real estate deals. Commissions should be factored into the bloated price.
Commissions are negotiable.
Just offer less so you pay the amount you want to pay then.
Michael, I really wish you could give us good news all the time but the FACTS is what counts. and The truth hurts. I was here when you had 20K and I blinked and you are now reaching quarter million followers. The truth will set us free. Thank you for the excellent work informing us while looking "So kool" 😆Hey my wife is also following you man. But I have a feeling she is not listening🤣
I agree I’d rather hear the truth than good news. Maybe she will start listening. Thanks for sticking with me all this time.
@@MichaelBordenaro Jajajaja😂
The real state should be in jail. He lied about the property and the owner. It’s called slander law.
Mike is sounding like a scam artist protecting other scam artists. Shameful. For sale by owner is the only way to go and it threatens this pos.
12:23 “clearly someone who doesn’t belong in the real estate business”
You guys didn’t listen, he is right to call him highly unethical.
@@HarrisonCountyStudioTrue…yet realtors all think they should dictate the price (commission) of the transaction, as this was true for decades. It is ironic that NOW realtors must work harder and longer to get a sale closed, at the very time sellers finally have a say in commissions.
This may end up in many realtors leaving the business in Florida, I hope it is the incompetent ones who go.
BTW, I lived for six years in Sunny Isles Beach. Those are beachfront condos and many are foreign owned and “all -cash” deals.
All we did is change the verbiage and added laws that we have to have buyers agency agreement sigmed before we can show the client a home. Can make it for 1 day if its just 1 house type situation.. we already had the agreements but alot of people rarely used them.. I only did if i thiught the clients were not serious buyers...
Yeah, but the difference is now people have to sign them if they want to see a house which wasn’t the case before. I’m sure a lot of buyers will be hesitant even if it’s just for one day or one house. Let me know how it works out for you.
This is also happening in mountain towns in Colorado. I'm a contractor and have had prospective buyers ask me to view the complex in which they are thinking about buying. Deferred maintenance from Covid era.
I’ll bet I’m sure it’s just gonna be a matter of time before these laws happen everywhere
@@MichaelBordenaroI think it is kind of shocking that it is not already the law everywhere.
Never ever buy a condo. Too much big headaches.
This is the only type of family houses they’re building. Wake the f up.
The colors of the bushes in the open are gorgeous.
Love this channel! Thank you for sharing your knowledge.
What a horrible real estate agent to sabotage a seller so! I always look at how many views you get, Michael. You are doing great!!! Many much bigger channels than yours don’t get near the amount of views that your channel does. Keep up the great work! Everyone needs to hear your message!
Have we all learned the you don’t trust realtors !! They are not your friends … open your eyes !! I am just looking for an agent to do the paperwork to just but I will fine the property anyone out there ???
Imagine getting 1% commission on the house that you didn't have to do much leg work for. It's not like this agent had to dig through hundreds of listings to find a house for an interested party. All this fool has to do is open a door and show them the house that they liked and write up a contract if if they want to go forward. Easy 1% for little work this fool had to do but instead he was greedy. If I was an ingested party and I would get that type of reply from am agent I would drop him immideately.
That’s not even what happened. This agent would have to do a whole lot more than open the door and he wasn’t even talking to a real buyer. He was talking to the owner of the property lol
@@MichaelBordenaro right I understand that. If they were a real buyer how much work is there for him to do for someone who loved the house let's say. It ain't much. Write up a contract which they all have software for that they plug a few different things In. You guys make it sound like it's a science.
That 2.5-3% is incentive pay for a buyers agent to sell your house to their clients and get them to sign of the line closing the deal. That's all it is. Same concept car dealers use on their salesmen to make them more competitive with each other.
The Cricket Club 🦗 sounds terribly expensive
It is
I bought a condo in Jax in 2006 pre-construction. The build quality was awful to the point you could hear your neighbor breathe. By 2010 it was 300 LTV due to the crash. Rinse and repeat.
Hope you guys are having a nice time in CA. ❤
We are having another great Summer!😎
Thank you so much!!🙏❤️
We are! it’s been a tough first week getting settled in to the rental but now that that’s all done we can start relaxing some
@@MichaelBordenaro Enjoy all that beautiful scenery. I hope your foot is getting better.
@@borlanderobertson5666It is. Thx for asking!🙏💕🙏
Who can afford a house today??? it's just insane a mad max world is coming folks . it's the end .
Home ownership is at historic highs over the last two decades though.
Traditionally most people rented, not many owned their home. We are just returning to the old way of doing things.
@michaelbuckley134 Traditionally people did not live in houses in cities, that only started once suburbs started to take off in the 60s. Even so, homeownership was much lower back then anyway, most people rented. The peak level of home ownership is very recent, only a few years ago. It is a very modern phenomenon, it is not traditional at all.
This harkening for the "good old days" is false, the "good old days" simply did not exist, they are a fantasy.
@michaelbuckley134 The point is it only seems like it is dropping because the recent past was abnormally high. And historically home ownership was not a thing other than in rural areas. Most people in cities rented their homes.
We people today think of as "normal" is not normal, and certainly not how it was in the old days. If people had to live like it was back then, they would be horrified with the low standard of living they would have to endure.
You must be young. Our first house had a bargain mortgage rate of around 11%. With taxes it ate over 40% of income. 3 or 4 years later the rate dropped down to 8%. Now the house only ate 34% of our income. That was 30+ years and 3 homes ago. Still going strong.
Michael, Once again this is a crystal clear, erudite description of what is going on. Thx
It's a joke, a house may be perfect for someone, oh but the agent doesn't make as much money? So they can choose to keep a house secret from you?its so dirty. It's like car salesman, none can be trusted. A house can have many problems the agent knows about, but if they make the big commission, oh well.
This is another inherent problem with people, not wanting to pay others to do a job. But like I said, the agent is wrong too for acting this way.
Nothing stopping buyers from just looking at MLS listings themselves. If they bother to look, they will know if a property is on the market or not.
Thank you to our host for these daily walk-around outdoor presentations. Thank you for introducing your family members enroute. Nice touch.
My HOA sent an email to all owners not to come to the office without an appointment (to see the Property Manager). Guess they're being proactive for the 2025 increases. LOL
The owners themselves approve the special assessments, so I don't see what hounding the property manager will do, he can't change what the homeowners have approved, nor can he make exceptions.
What the agent did as purported here, was either libelous or slanderous. AKA defamation.
People who live in condos have to really close to each other and ready to protest dumb hoa fees. You have to be a tight community. I would never live in one.
They aren’t dumb fees…they are fees pay for the upkeep and maintenance of the place you live. The lawns need to be mowed, the trees need to be trimmed, the pool needs to be taken care of, the water bill and community electric bill need to be paid. The buildings need to be painted, the roofs need to be maintained and replaced when necessary, the roads need to be maintained. These all keep where you live from becoming a dump.
The fees are approved by the owners at the AGM, so, if the fees are approved, it means the majority approved them.
You put out some great advice we just love your videos and you're absolutely right There's people out there that just how much HOA fees or reserves all they want to do is rent them out and that's it. t h e y forget about all the upkeep that goes along with it
This the question: If a condo building doesn’t have an engineering inspection, or doesn’t pay the assessment for building improvement, or doesn’t collect money for reserves, what will authorities do?
They will condemn the property and make all of the residents move out. Bob
Sell 😮
Quarantine the building and lock the residents out of it, I suppose. As an unsafe dwelling.
They can return once brought up to code and inspected.
Just like any other building on their lands.
A Code official can condemn the property. Evictions will follow.
Only Michael can find the leaf blower guy everywhere he goes 😂😂😂😂.
😂😂😂😂😅😅😅😅
🤣
He walks nice neighborhoods. I would welcome conscientious upkeep. My street is urban jungle. No HOA's just us plain city folk. Although Julio on Tuesday with his gas blower is getting on everybody's nerves! 😂
In my little subdivision they start the leaf blowers at 7AM during the summer. Fortunately, they are done by 2 PM.
Wow so glad this popped up .. I was planing on relocating from CT to Florida to buy a condo .. thank you !
The condo board members will be resigning if they haven't already.
I took it further. I was the President for the last 3 of my 8 years on the board, during the tumult. I not only resigned, but sold the fuck out of there when owners WOULDN'T EVEN CONSIDER a very lucrative developer bulk buyout offer. I said OK guys, you can take on this foolhardy situation. I'm out. A number of them in my final days expressed regret about refusing the offer and said I was right about what was to come. I shrugged my shoulders and said, "oh well ....."
@@MrDCMiamican't fix stupid, glad you got out
As an agent, I determine my value and fee. You as a buyer or seller can determine if you want to pay for my experience and my willingness to invest in my time, money, efforts to sell or aquire your home. Its 2 way.
Hi Michael and everyone ❤️❤️❤️
😊👋
🤗🤗🤗❤️❤️
Hey! Thanks for coming today
I for one will hate that they are requiring a sign contract from people just to look at a home! Feel like that will make me not trust any real estate agent. I know I will have a formal written cancellation form in hand at all times when dealing with any agent!
I’m looking for a for sale by owner if possible to avoid these people, they are just as bad as a used car salesman
Wow! Priceless education for me! Thank you!!
Nice work, Michael Bordenaro!
You make quality videos. I don’t own a home and this is my final month paying rent ❤, but I watch all of your videos to keep up with the current state of affairs. And you’re currently walking around my former stomping grounds. I want to return.
❤🙏👏
There are so many more inexpensive options, in some other countries! Including beachfront properties, and no hurricanes.
They're on my list. I'll be out of this chaos (the US) in less than a few years.
I think Reserve studies need to be mandatory! and the funding needs to be mandated as well!. I have lived in a townhome for 20 years. Every time an assessment comes up homeowners refuse to pay and open stupid lawsuits. They would rather live in slumlord townhomes then make repairs. IF you cannot afford the HOA fees and assessments don't buy into Condo or townhomes.
You don't understand, they want someone else to pay for maintaining their property.
@@Tugela60 Oh I do understand. It isn't happening.
Uncertainty is bad for business. Better to sit on the side, wait and see. I would rather rent right now just to take some risk off the table.
Mike your video's are very informative, wouldn't miss one.
Thank you!
🎉❤🙏🫶😊
Thank you 😊
No wonder why I saw so many condos in nice areas of Florida for ridiculously low prices. 3 Bedroom condos for only 91k with a monthly hoa fee of 1100.00