BIG TROUBLE For Condo Owners In South Florida
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- Опубликовано: 19 июн 2024
- BIG TROUBLE For Condo Owners In South Florida. Owners and buyers of condos in South Florida are are in crisis mode right now with the skyrocketing costs of owning a condominium. 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 are seeing massive increases in their monthly fees.
Today we talk about what is happening to current condo owners and what you can expect if you're planning on buying a condo in South Florida in the near future.
Crazy Expenses For Condo Owners In South Florida
• Crazy Expenses For Con...
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All condos built 30 to 40 years ago by the ocean will likely have all sorts of structural issues due to the salt. They are going to be a nightmare for owners
We have tons of those that are checked for structural integrity at 40 years. Thanks for the comment and for watching the video!
It's not just Florida being affected by the condo collapse. I owned a condo in Atlanta and we were forced to increase our dues from $220/mo to $400/mo beginning in 2023. They said it "could" drop back down in the future but I saw the writing on the wall and sold my unit Jan 2024. I'm so glad i got a sucker to take that money pit off my hands!!! I've learned through the years that once they increase dues, they never go back down.
Exactly, for some reason a lot of people think this is an isolated situation only happening in Florida...it's nationwide. Thanks for the comment and for watching.
No way I would purchase any condo....poor investment, HOA fees are out of control !!
Thanks for the comment and for watching.
I used to live in Ft Lauderdale by the ocean and coastal stunning at the time my HOA was 150 now is over $1000. But I learned never to have an HOA. Now I own a house with land in Italy and there is no taxes on the property.
Good for you...no taxes? That's incredible. Thanks for the comment and for watching.
Wait, over $700 a month for HOA fees? That’s $8400 a year and we haven’t even gotten to taxes. All that on top of the mortgage. NOPE!
$700 is actually a bargain, thanks for the comment and for watching!
Yep sold 2 years ago. $700 is not a bargain, when you see the books and how reckless the board is with your $$. Parking lots with pot holes , stairways have cracks in floors never get fixed. Residents continued to vote against reserves to fix issues, with new condo laws you now can’t avoid serious problems.
@@bumblebay9559 We agree 100%, it's pretty common to see HOA fees close to $700 even for small 55+ condos in the 200-300K range.
Got out in February. Sold our beachfront condo before HOA fees and assessments came.
Good move, thanks for the comment and for watching!
A pending assessment is a disclosure item that has to be shared with a buyer at the time of purchase. That’s why it’s so important to have a knowledgeable realtor or attorney looking after your interests in a real estate transaction. The seller is legally obligated to disclose latent defects. Not all sellers are as honest.
Very true, Thanks for the comment and for watching!
Salt water and direct sun will play havoc with anything man made.
Well that isn't even half the issue. 50% of the cost is mismanaged in hoa as well ass corruption and pocketing. Even when they have contractors, they will request the contractors to inflate their estimates
I sold mine a few years ago. The first the letters in condo tell it all.
Good timing. Thanks for the comment and for watching!
It's time Americans move to Mexico, Panama, and Guatemala . I see bank bail outs coming when the Floridians can't pay for their condo/homes.
I sold my waterfront condo in Port Richey in March 2022 specifically because I fully anticipated everything you said in this video.
Good timing on your part. Thanks for the comment and for watching!
Prospective buyers often don't have access to condo docs.
This is why they prospective buyers need a professional representing them. Thanks for the comment and for watching.
Banks won't finance you without disclosure of the CCRs, bylaws and financial solvency of HOAs. Unless you're buying cash, the association is forced to provide this info.
Your checklist for homeownership in South Florida.
Be a multimillionaire
Have enough to be self-insured
Be a multimillionaire .
We agree, thanks for the comment and for watching.
And be ready to flip like everyone in Naples.
This is old news as these laws regarding condos were passed a couple of years ago. Anyone who is a legal resident of Florida can receive a homestead exemption. These laws don’t apply to condos under three stories (garden-type apartments), so look for a garden style condo under three stories and inland 2-5 miles or more.
Thanks for the comment and for watching!
No condo is worth buying,rentals are the only way to go.
Real estate market in Hollywood, Florida particularly in the condominium sector, is experiencing inflated prices. It's advisable to exercise caution and consider waiting until prices stabilize or come down before making a purchase decision. Rushing into a condo purchase at this time may result in overpaying for a property.
Additionally, I urge you to be vigilant and meticulous when dealing with Homeowners' Association (HOA) matters. Unfortunately, instances of HOA fraud have been reported in the area. Before finalizing any transaction, ensure that you thoroughly review all HOA documents, financial statements, and governing rules to protect yourself from potential fraud or mismanagement.
Thanks for the comment and for watching!
Doesn't a private owner have the option of not having any insurance?
I've owned several homes and refused to have insurance
except through the bank which held my mortgage.
You are 100% correct, I know many people that cancel their policies one they pay the house off, I know of others that are afraid to do so because of the risk. Thanks for the comment and for watching.
Wonder if I’m related to this guy. Hey Robert any family stemming from the Bronx?
Yes Nick, I grew up in the Bronx and have family in Long Island as well.
@@robertzeoli wow its likely we are related. My grandfather joseph zeoli has 3 boys and a girl (Nick who is my father, Anthony, Rocco and Anna). Was married to my grandmother Lucille. We grew up in Long Beach (still there today). All the best in your ventures.
*******🔥******** condo maintenence, hoa and INSURANCE... I remind every single one of you that insurance companies are not a charity and they have stockholders also and they will not agree in all consciousness to charge $1,000 a year for example per unit when a hurricane could wipe it all out and have to pay a billion $. And if you ask the State of Florida to subsidize condo owners well then what about the homeowners that we are paying our own insurance and our own maintenance and then you want us to help pay for yours???? The audacity. Listen this world you have to look out for yourself and if you want to live in the Sunshine State or for that matter on the North Carolina or South Carolina coastline, then you have to pay through the nose and nobody's forcing you to live there... I know it sounds horrible and it is very painful for the condominium owners but insurance companies are not a charity so they are not going to bend over backwards to help you because they have stockholders and they have to take care of themselves... Furthermore there is a huge amount of the population that commits insurance fraud and tries to get $60,000 for a kitchen that's worth 20k.... There is a lot of insurance fraud and then when you have to pay a lot in your insurance bill you complain but you also committed fraud to the insurance....p.s. this utuber here is telling it like it is. Like it or not
Good information, thanks for the comment and for watching!
I"m going to make an offer on a Florida condo just as soon as I finish watching all the RUclips videos telling me about all the crisis problems there are right now with Florida condos.🤣🤣
Smart move, at least you're prepared and know what to look out for. Thanks for the comment and for watching!
@@robertzeoli It was a joke about how many videos about these crises there are.
@@toordal I understand, so are you ready to put in an offer?...let's do this!!@
Taxes shouldnt be based on purchase price. it should be based on similar size houses property values. You cant have 2 identical houses paying extremely different taxes. its an unfair system that clogs up the boards with appeals...
You are correct, it is based on the assessed value of the home. Check this link out, it will explain how the taxes are calculated after purchase. Thanks for the comment and for watching! bcpa.net/TaxCalc.asp
I can’t wait till those hoas adjust this May be the next cause for collapse in fl housing market
They've been adjusting already. A collapse is very unlikely though, thanks for the comment and for watching.
lots of fraud
DONT BUY
WAIT, 2025 after inspection
To see problems with building.
Thanks for the comment and for watching
The board associations should invest in Bitcoin if they want to be rich when maintenance jobs arrive
🎉🎉🎉thanks 🎉🎉🎉
It is not smart in Florida to buy a condominium until 2026. I would say.
Thanks for the comment and for watching!
Poor florida 😂😂😂😂😂😂
Thanks for the comment and for watching!