Also left out that they were going to hire their sisterhood company to repair the building. This is a complete scam and fraud. They should all be sent to prison.
I commented on this issue previously, as a international construction professional it’s absolutely ludicrous that these costs could be true, it’s a total rip off and greed related. The original quote should be investigated for criminal fraud.
exactly what i just said, the FBI literally investigated and charged someone i know who was a one man band selling party balloons, he spoke to a competitor about price and was charged with price fixing (they were monitoring his communications) and he had to pay $500,000 or go to jail. He was only doing about $80,000 a year in total revenue lmao, and the FBI deemed it worth their time to investigate. So if they have time for some small time one man shop selling balloons they sure as hell have time for this level of fraud.
@@krisb-travel I looked up price fixing, but I’m still a bit confused. Why is it illegal to make your own prices as a business? Also agreeing with the competitor to have the same prices.
It's even worse than a misquote. When you live in an HOA, part of the money you pay is supposed to be set aside to take care of repairs. Since Florida has a 40 year recertification, I'd have to ask, what the heck was the HOA doing with the fees the people were paying for the last 40 years? They knew this day was coming! IIRC, the other engineer said there's only $23 million in repair costs. Well that still leaves peole with a nearly $90K bill each. Imagine you're retired and living off of your small nest egg and social security, then someone hits you with a nearly $100K bill. Many people simply couldn't afford that.
@@dontbanmebrodontbanme5403 Very true, another entity that needs regulating to make sure major issues like this do not come to a financial shock to the members. Overseas this entity is regulated and the homeowners have a lot more say than the personal agendas that happen here. Also the entities overseas are dominated by the actual home owners who have a vested interest in the place where they live and look at long and short term issues on a yearly basis.
HOA’s really need to be investigated their is so much theft and corruption and to be honest their assessment fees when. Ever they want don’t ever add up period .!! And I don’t live their I live somewhere else and feel same way in miami 🤦♀️
They wanted to contract a sister company that's the biggest scam. Clearly that building needs repairs Look at the concret in the underground garage but also electrical works have to be done in the entire building.
@@paxundpeace9970 last year they gave me a two week notice that I had to pay a extra $720 for September to December plus our regular $360 monthly HOA fee mind u only two week notice .. if not they would put a lean so my emergency fund was touched I now have maybe a month when I had 4 months of expenses saved 🤷♀️🤦♀️
Sue them! People are going homeless right now and this is flagrant abuse. The news needs to investigate this thoroughly and a class action lawsuit filed.
Great video. Another example to NOT buy a condo, and a great example to NOT move to Florida. Large buildings should have to go through an annual inspection, and failures at regular and proper maintenance should fall on the owner/property management company alone, not the owners. If regular maintenance is done annually, even at the owners expense, they will be far less and easier to keep in check. Waiting 40 years for recertification is why other buildings in Florida fall down.
We’re already starting to see a trend of net migration out of Florida as not only costs rise but also climate change leaves its mark. To maintain Florida’s infrastructure taxes have to go up especially as republicans say they don’t need government funds to pay for infrastructure improvements.
All of us are going to be priced out of the United States. Building construction is almost cost prohibitive. I am looking to retire in Panama, Brazil, Ecuador, or Colombia instead of Florida or California. Just too expensive to retire in the USA!
Maintenance, deferred maintenance, upgrades and repairs that have nothing to do with Recertification. It's time to replace your management company, they are about to give themselves raises!
If this is the same situation, where the HOA board and the construction company contracted to do the work were not at arms length, there should be a criminal investigation.
I think you are going to see these types of expensive structural repairs being common for these older concrete buildings which are subject to coastal exposure. That was my experience with one association in Southern California and many homeowners had to sell their units to pay for the necessary repairs from the equity they had accrued over the years. It is really important to have a through inspection with licensed professionals before buying such a property.
So how much IS the estimated cost for repairs now? Reminds me of that condo in SF that's tipping. Scary when your home is up in the air multi floors from ground level. Pressure below and pressure above..
I've said this before and I'll say it again: I would NEVER buy a house with an HOA. Anything I do to my house, it's because I want to do it. There's no mismanagement of funds. There's no price gouging. Imagine you're 64 years old and you're living off of $300K worth of retirement savings and your social security. Together, it bring you $2,500 a month. You've just paid off your mortgage and you think you've set yourself up well for life. Then this condo board says, "Hey, we're going to need another $175K from you. You got that much money lying around, right?"
Besides the questionable amount, did the HOA cheap up on fees to make the property more "sellable" rather than build a big reserve? It should be obvious that a recertification of a highrise concreate building in hurricane prone area will be X amount.
The question is, which engineer is right? Maybe they're both correct. If the objective of the first engineer is to bring the building back to "new" condition then the $46m isn't a bad price. However it's not necessary to bring it back to new. It needs to be structurally safe. The danger of paying too much is as great as paying a low-balled rate and getting a substandard job that may need to be redone. 👉Get a 3rd opinion👈
I saw this first elsewhere. IIR, the bldg is almost worth 46 million. The person the residents hired came in at 50% of the cost. Still absurdly high. Is ANYONE surprised the HOA added pork to this?
The engineer provides repair requirements and estimates to bring up to code. The engineering report can be checked by hiiring a second engineering firm . Then the property manager should go out and get bids from contractors prior to getting the money from the residence.
Whatever it is, it will cost a lot. Finding some guy off the street saying it will cost less doesn't negate the fact the building needs repairs. Just looking at this video it's obvious the building has issues. Whatever it is, will probably require a good chunk of the condo owners to get another loan, which might be on top of any current mortgage and their high HOA fees. Nothing is cheap these days. Do your research before moving into one of these.
It was determined that 8 million tubes of JB Weld were required to shore up the structure. With bulk discount, that brought the price down from 65 million to 46 million. Those property owners are just big babies.
There's a bad moon arising in South Florida after the recent disaster. One bad deal that seems likely to have some external causes is going to cost billions in real estate value down there. Engineers hired to do these re-certifications are going to go way overboard to protect their reputations. We had one horrific collapse for sure, but it isn't like buildings are falling down all over the place. This wasn't even that tall of a building in the overall scheme. Common sense tells you it was either a design flaw or the result of nearby construction. They don't have their eye on the ball by a long shot.
She says "and be homeless" as if they can't move somewhere else. Weird how he's saying he can't find anything that's wrong when he's surrounded by parking spots that aren't parking spots but stilts used to hold the building up.
From the board to the property manager to the township/re-certification division, I'm betting they're all dirty. Just get the invoices/ contract for incredibly excessive shoring jacks in the garage. That should give you a glimpse of the thievery they were preparing to commit.
I wonder what the property manager was going to spend the $46 million on. The necessary repairs are probably lower. But I wonder what else was the property manager planning on spending it on.
Why didn’t you mention what the condo hired engineer said was needed. I think it was half still 87,500 for each condo. If you add in the impact windows and railing amount other improvement that might be nice, and some condo owners want the two engineers might not be that far apart.
Keep in m8nd that even at 23 million for repairs to comply with the 40 year certification, this building has lots of deferred maintenance and things to repair, and these people can’t afford to pay the assessments to maintain the building, so property values will tank and these units are now underwater. No one will buy a unit in a building with an insolvent HOA.
Condos are a poor investment. This video demonstrates why. Rent don't own a condo. If there is a problem with the condo you can walk away if you're a renter.
Maybe they should have thought about not living in a place that will be under water soon Florida’s home owner insurance is outrageous because of the unrestricted building along its shores and other places most sane people would know structures don’t belong. So too bad so sad. Funny hearing somebody living in a high rise condo crying about possibly being homeless. Wonder who they all voted for and if they can connect the dots on why the state is going to hell.
So how are you liking Florida now? And if Ron DeSantis was ever elected president, which he won’t be, this is what would happen to the rest of the United States
I want to root for the condo owners but they are slow and laughable they are jokes but yeah whomever is in charge of the condo the real owner should be stripped of that building and shouldn’t be allowed to be an owner or have tenants but that would be justice and there will never be none here or there
Also left out that they were going to hire their sisterhood company to repair the building. This is a complete scam and fraud. They should all be sent to prison.
As a rule, I never take a guy standing on a couch and asking for 46 million seriously.
I’m rooting for the condo owners, enough of these SOB homeowners/management companies taking advantage of people.
the codo owners are usually on the board...
I commented on this issue previously, as a international construction professional it’s absolutely ludicrous that these costs could be true, it’s a total rip off and greed related. The original quote should be investigated for criminal fraud.
Yea because it sounds like they are rebuilding the condo
exactly what i just said, the FBI literally investigated and charged someone i know who was a one man band selling party balloons, he spoke to a competitor about price and was charged with price fixing (they were monitoring his communications) and he had to pay $500,000 or go to jail. He was only doing about $80,000 a year in total revenue lmao, and the FBI deemed it worth their time to investigate. So if they have time for some small time one man shop selling balloons they sure as hell have time for this level of fraud.
@@krisb-travel I looked up price fixing, but I’m still a bit confused. Why is it illegal to make your own prices as a business?
Also agreeing with the competitor to have the same prices.
It's even worse than a misquote. When you live in an HOA, part of the money you pay is supposed to be set aside to take care of repairs. Since Florida has a 40 year recertification, I'd have to ask, what the heck was the HOA doing with the fees the people were paying for the last 40 years? They knew this day was coming!
IIRC, the other engineer said there's only $23 million in repair costs. Well that still leaves peole with a nearly $90K bill each. Imagine you're retired and living off of your small nest egg and social security, then someone hits you with a nearly $100K bill. Many people simply couldn't afford that.
@@dontbanmebrodontbanme5403 Very true, another entity that needs regulating to make sure major issues like this do not come to a financial shock to the members. Overseas this entity is regulated and the homeowners have a lot more say than the personal agendas that happen here. Also the entities overseas are dominated by the actual home owners who have a vested interest in the place where they live and look at long and short term issues on a yearly basis.
They need to vote out every single member because the HOA has already picked out a contractor. That is a clear conflict of interest.
Kickbacks to board
Im sure that the board just made it so that the others would pay for their share of the repiars... Overchage and they would get their money back
Looks like an audit of the bank accounts is coming up, expenditures etc.
Sounds as though the Condo Association needs to re-evaluate their contract with the Management Company.
Fire the property manager and get a new one who will do it for cheaper.
HOA’s really need to be investigated their is so much theft and corruption and to be honest their assessment fees when. Ever they want don’t ever add up period .!! And I don’t live their I live somewhere else and feel same way in miami 🤦♀️
HOA is high way robbery.and home owners can vote no to it🎉
They wanted to contract a sister company that's the biggest scam.
Clearly that building needs repairs
Look at the concret in the underground garage but also electrical works have to be done in the entire building.
@@paxundpeace9970 last year they gave me a two week notice that I had to pay a extra $720 for September to December plus our regular $360 monthly HOA fee mind u only two week notice .. if not they would put a lean so my emergency fund was touched I now have maybe a month when I had 4 months of expenses saved 🤷♀️🤦♀️
today there was a court case and the news didn't
Sue them! People are going homeless right now and this is flagrant abuse. The news needs to investigate this thoroughly and a class action lawsuit filed.
I lived in Palm Bay in 78 and I almost got sucked into a condo ownership. So glad l bailed on that idea. You're at HOA's mercy.
Condo is fancy word for apartment you don’t really own
Thats completely untrue.
You own it!! House or Congo you have to go maintenance
thts like instead of rent you pay taxes i mean how can you own something that can be taken away if you dont pay extortion fee ?
Sounds like fraud to me.
Sue the management firm and maybe the board for they maybe in on the scam.
Great video. Another example to NOT buy a condo, and a great example to NOT move to Florida. Large buildings should have to go through an annual inspection, and failures at regular and proper maintenance should fall on the owner/property management company alone, not the owners. If regular maintenance is done annually, even at the owners expense, they will be far less and easier to keep in check. Waiting 40 years for recertification is why other buildings in Florida fall down.
We’re already starting to see a trend of net migration out of Florida as not only costs rise but also climate change leaves its mark. To maintain Florida’s infrastructure taxes have to go up especially as republicans say they don’t need government funds to pay for infrastructure improvements.
They don’t like injustice when it’s applied to them SMH
All of us are going to be priced out of the United States. Building construction is almost cost prohibitive. I am looking to retire in Panama, Brazil, Ecuador, or Colombia instead of Florida or California. Just too expensive to retire in the USA!
Don't write off mexico.
Thank you for sharing this story.
Condo sales will be down forever after stuff like this
Maintenance, deferred maintenance, upgrades and repairs that have nothing to do with Recertification. It's time to replace your management company, they are about to give themselves raises!
If this is the same situation, where the HOA board and the construction company contracted to do the work were not at arms length, there should be a criminal investigation.
I think you are going to see these types of expensive structural repairs being common for these older concrete buildings which are subject to coastal exposure. That was my experience with one association in Southern California and many homeowners had to sell their units to pay for the necessary repairs from the equity they had accrued over the years. It is really important to have a through inspection with licensed professionals before buying such a property.
So how much IS the estimated cost for repairs now? Reminds me of that condo in SF that's tipping. Scary when your home is up in the air multi floors from ground level. Pressure below and pressure above..
DO NOT trust your HOA. ALWAYS have an independent audit done before you pay any special assessment.
Hi I’m seeing this comment now what do u mean sorry for my ignorance to do a independent audit ? You mean like check their reserves ???
why this isn't getting any news coverage?
And how can we prove those documents are even real it’s a nightmare
What are the monthly condo fees for if they are charging for this type of maintence?
I've said this before and I'll say it again: I would NEVER buy a house with an HOA. Anything I do to my house, it's because I want to do it. There's no mismanagement of funds. There's no price gouging. Imagine you're 64 years old and you're living off of $300K worth of retirement savings and your social security. Together, it bring you $2,500 a month. You've just paid off your mortgage and you think you've set yourself up well for life. Then this condo board says, "Hey, we're going to need another $175K from you. You got that much money lying around, right?"
A reserve fund is required for condos in Ontario, Canada with frequent engineering reports
Sue the state we never needed recertification before
Besides the questionable amount, did the HOA cheap up on fees to make the property more "sellable" rather than build a big reserve? It should be obvious that a recertification of a highrise concreate building in hurricane prone area will be X amount.
Don’t pay the lawyers and let them dictate the repaired. Get the repairs done before another surf side tragedy
The question is, which engineer is right? Maybe they're both correct. If the objective of the first engineer is to bring the building back to "new" condition then the $46m isn't a bad price. However it's not necessary to bring it back to new. It needs to be structurally safe.
The danger of paying too much is as great as paying a low-balled rate and getting a substandard job that may need to be redone. 👉Get a 3rd opinion👈
Thank you . I wish the reporters could explain this.
I saw this first elsewhere. IIR, the bldg is almost worth 46 million. The person the residents hired came in at 50% of the cost. Still absurdly high.
Is ANYONE surprised the HOA added pork to this?
Free advice don’t buy condos especially old high rise near salt water.
Best way to avoid these crabs😂
The engineer provides repair requirements and estimates to bring up to code. The engineering report can be checked by hiiring a second engineering firm . Then the property manager should go out and get bids from contractors prior to getting the money from the residence.
it is the management's engineering firm and that management is the problem......
they do have a second evaluation/ that is a lot lower than the one the association came up with.
Whatever it is, it will cost a lot. Finding some guy off the street saying it will cost less doesn't negate the fact the building needs repairs. Just looking at this video it's obvious the building has issues. Whatever it is, will probably require a good chunk of the condo owners to get another loan, which might be on top of any current mortgage and their high HOA fees. Nothing is cheap these days. Do your research before moving into one of these.
That counts the massive kickbacks to the HOA board.
looks like its time for a new board and property management. I would have hired a better attorney also...
Thank your governor.
Tough to find places that are bad? What are all those jacks doing. There?
Kickback!
It adds to the bank account and luxury desires of the HOA
It was determined that 8 million tubes of JB Weld were required to shore up the structure. With bulk discount, that brought the price down from 65 million to 46 million. Those property owners are just big babies.
Flex seal sells it by the gallon or 5 gallons
There's a bad moon arising in South Florida after the recent disaster. One bad deal that seems likely to have some external causes is going to cost billions in real estate value down there. Engineers hired to do these re-certifications are going to go way overboard to protect their reputations. We had one horrific collapse for sure, but it isn't like buildings are falling down all over the place. This wasn't even that tall of a building in the overall scheme. Common sense tells you it was either a design flaw or the result of nearby construction. They don't have their eye on the ball by a long shot.
Not that there are any kickbacks.
Its always money and greed if I had $ a near $200,000 I could buy my moterhome and life a good life for a long time
The extra money was supposed to payoff local organized crime syndicates....
These homeowners are smarter than the average bears!!!!!!!! Ban together you folks aren't drinking the koolaid!!!!!!!
Sounds like there should be a criminal investigation
Or, simply file for bankruptcy, run like hell, and never look back.
Oh I am sure one or some people are getting big kick backs from this enormous amount of money!! Follow the money people
When,you are not able to afford the ‘COSTS’, THE BUILDING,MAY BE DESTROYED,AND ANOTHER ONE BUILT,BUT WHERE DO YOU NOW GO ? 🇺🇸🇺🇸🇺🇸🇺🇸
That is a blatant gangster steal. Thieves
She says "and be homeless" as if they can't move somewhere else. Weird how he's saying he can't find anything that's wrong when he's surrounded by parking spots that aren't parking spots but stilts used to hold the building up.
might be upside down on the payments
Better to start w/ a repair that covers everything then let the owners buy a cheap tix - what could go wrong ?
From the board to the property manager to the township/re-certification division, I'm betting they're all dirty.
Just get the invoices/ contract for incredibly excessive shoring jacks in the garage. That should give you a glimpse of the thievery they were preparing to commit.
I wonder what the property manager was going to spend the $46 million on. The necessary repairs are probably lower. But I wonder what else was the property manager planning on spending it on.
HOA.... need I say more?
These costs should have been factored into the leases from the start. Only now are they realizing the true cost of condo ownership
Scams everywhere? Top to bottom across the country.
Why didn’t you mention what the condo hired engineer said was needed. I think it was half still 87,500 for each condo. If you add in the impact windows and railing amount other improvement that might be nice, and some condo owners want the two engineers might not be that far apart.
Keep in m8nd that even at 23 million for repairs to comply with the 40 year certification, this building has lots of deferred maintenance and things to repair, and these people can’t afford to pay the assessments to maintain the building, so property values will tank and these units are now underwater. No one will buy a unit in a building with an insolvent HOA.
Crazy to live in that. After Turkey and Syria ??????
please keep paying attention to
this issue/ many florida folks will loose their homes
Better yet don’t don’t buy a CONDO 😂
I bet these are the same folks that voted against condo fee increases to pay for future repairs…! Well…there’s no way out…
never buy a condo, or live in a residential area with HOA.
always have multiple entities report apples to apples-
…oh that old con game….scare them out👀🇺🇸
amazing. which is exactly why there needs to be an order put in to do that. thank me later.
Never ever would I buy a condo in a highrise.
then you will most likly never live on the beach in Florida .... thats about the only way people can afford to
The company giving the estimate is playing off peoples fear of the recent building collapse. Who’s the construction company……. Gotti Inc?
Lol they thought they could get away with quick kick down money and have a happy retirement life
Time to find a good lawyer.
an accountant might be also needed
Sue the management ! That’s scam !
You never truly own your home outright.
Sounds like that is what they are doing with my stolen money.
Get out of the condos asap.
Okay thank you.
So don’t buy a condo you say?
🤣🤣🤣🤣🤣
Sue for extortion or something
And developers want to saturate our cities with more high rise condos. Also, some of these condo residents want to live beyond their means.
Let it fall!
DON'T PAY REPAIRS!!!
Condos are a poor investment. This video demonstrates why. Rent don't own a condo. If there is a problem with the condo you can walk away if you're a renter.
RICO.
Maybe they should have thought about not living in a place that will be under water soon Florida’s home owner insurance is outrageous because of the unrestricted building along its shores and other places most sane people would know structures don’t belong. So too bad so sad. Funny hearing somebody living in a high rise condo crying about possibly being homeless. Wonder who they all voted for and if they can connect the dots on why the state is going to hell.
Don’t worry…..they won’t be”homeless “ 😂
hostile takeover the structure is worth 40 million
This is why I don’t like comdos
It's better to buy a campervan
Rip off
So much for Florida being cheaper. Biden! 😂
Florida is a mess
So how are you liking Florida now? And if Ron DeSantis was ever elected president, which he won’t be, this is what would happen to the rest of the United States
The condo owner should pay for all the damage not the condo Residence
They are ugly apartments, frankly $US350k would have been my estimate to make them even remotely appealing ...
IT ADDS UP JUST RIGHT
3.5 MILLION LEFT OVER TO HIS
COUSIN THE CONTRACTOR.
THEY DO THE FAMILY SPLIT
WHATS NOT ADDING UP?
wire and concrete will not fix in folks
I want to root for the condo owners but they are slow and laughable they are jokes but yeah whomever is in charge of the condo the real owner should be stripped of that building and shouldn’t be allowed to be an owner or have tenants but that would be justice and there will never be none here or there
Vote for a new board
Do not buy condo in Miami
Lol soooo glad i moved outta florida. 🤣🤣🤣🤣🤣🤣