I KNOW A COUPLE PEOPLE WHO LIVE IN HOA MY COUSIN LIVED IN A CONDO HERE IN CT IT WAS NICE IF YOUR SINGLE AND CANT TAKE CARE OF A HOUSE THEN THATS YOUR WAY YEA THERE ARE SOME THINGS YOU CANT DO YOU MIGHT HATE IT
@@ericeandco I bought a condo 30 years ago certainly not the best decision I ever made and currently not the worst. I do wish I got the next size unit up. I could use one more room.
You can buy a house in HOA, just make sure it's not gated and it's less than $150/month. I pay $133/mo for nothing else than crap landscaping and a useless security guard driving around and watching uTube all day..
I will never accept that argument “I don’t have to worry about anything” yes you do. It’s going to cost more than anyone can afford to fix these buildings in the near future.
my buddy bought a small beach front unit near Daytona, his unit went double what he paid in just 5 years, 7 years after that HOA fees sky rocketed, he passed away leaving it to his grown kids, they have been trying for sell it for half what he originally paid with no takers, many other owners are in the same boat all because HOA fees are so high
Agreed, the term fixed income is such an anachronism. It's just a euphemism for old person who won't go back to work. I don't mean to be glib, but we need to use harsh terms so people wake up and get pissed off. The lady on the video wasn't of social security age, yet she's screwed too. We need to stand together, limiting the relief to seniors is not gonna cut it. We need to assist the productive members of society first, so they can pay for the social safety net of the old. We have our demographic targets backwards.
High interest rate causes house market declining, less people are buying houses. more empty comericial buildings are converted into residential condos wich results in rental declining.After covid, more people are working at home, artificial intelligence technology has eliminated many office jobs, and commercial buildings are vacant and converted into apartments.
With rates climbing like never before in ’23 coupled with uncontrollable inflation, and our own mortgage at now 7.5% what are the best alternatives/strategies for avoiding a crunch and maximize my $200k savings other than moving in to an RV with my two kids and wife.
You are not alone we can no longer afford our mortgage, husband wants us to travel or relocate/I am proposing cashing in, walking away and renting while putting the rest in the stock market.
I believe that for the market to normalize, there must be a minimum 40% decline in home prices. It is advisable that you get advice for appropriate portfolio allocation from a knowledgeable advisor if you are unsure about purchasing a home. That's how I've managed to survive for the past five years and accumulate about $1 million in investment returns.
I would be happy to hire someone with a good reputation. How can I locate and thoroughly check them? We started thinking about the concept because we have a family lawyer who has periodically mentioned fiduciaries and we know how valuable they are.
Vivian Jean Wilhelm a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
In the last 30 years . Condo boards have done nothing to keep the buildings up to date . Many have stolen money from the owners . The government looked the other way and many homeowners wanted their HOA low so now here we are . If you own a house or a condo you have to remember there is always maintenance that need to be done .
Don't buy a condo in a hi rise. Too many expensive items to maintain which leads to high fees and special assessments. A garden style condo with separately metered utilities is easier on the $$.
@@natureboy1313 Also without a pool, elevator, complex landscaping etc. However roof replacement , roads, exterior paint/siding still gonna cost $ every 10-20 years
Its not always corporate greed, sigh. Its the homeowners refusing to slowly increase their reserves and/or keep up maintenance. Hell, I live up north, and I saw this was going to happen decades ago.
Out of control insurance increases, out of control condo and HOA dues. Income levels mostly stagnant as they've been for decades. It's not rocket science. It's greed.
I've been in my condo for 45 years in Sedona, Az. We've always had a large surplus of funds for the nearly 5 decades. These condo owners over the years refused to implement an emergency fund which is easy over time. They kicked the can down the road too long.
This isn’t just emergency funds. This is I have a 30 year roof. I should be saving a little every year for the next 30 years because the roof will go bad again.
We owned a townhouse we was renting and sold it bc of the fact the HOA did have a huge reserve, the back driveway needed paving, and there were huge trees being choked to death by vines. One tree already fell and destroyed a car. Thank God no one was in it bc they would've died. It's a matter of time. They never wanted to fix things nor raise the dues money
The real issue is that for decades too many condo boards and condo owners failed to pay for necessary maintenance as it was needed. They kept kicking costs of repairs down the road, which created a bigger and bigger problem that got more and more expensive to fix. The result was a building collapsed and almost a hundred people lost their lives which finally made the government pass a law aimed at stopping the irresponsible and dangerous behavior of condo owners, and now they have to do what they should have done for decades in a few short years.
Illinois has this same behaviolr with pensions. They kept deferring and kicking the can down the road and now are $141b short. That comes to every single IL household owing $110k to cover the pension debt. Avoid everywhere that's not paying the bills, someone will always have to pay what was deferred.
@@Sonofawildanimal4241 You will get no argument from me and I agree, In my opinion there are 3 driving factors in home prices ---- 1. The feds interest rates are to high, 2. Private equity firms are holding almost 900 million in just homes across the U.S. and in Fl. alone they are holding 60 million, and we have not even included trailer parks & Apartment complexes, 3. Remember there are only so many people who can afford a $2,300 a month apartment or a $3,200 a month home rental & and there will come a time when this will all come to a head. Final foot note--- If private equity firms were to start unloading there inventory it would throw the U.S. housing industry into a frenzy, there has been talk about firms like Black rock that there investors are losing confidence in the company and want to pull out there investment.Oh one more little note in Fl. they can not even sell homes or condos Thanks
And DeSantis has turned down $11 BILLION in federal aid over the past 3 1/2 years from Biden just to ' own the libs '. Think how those billions could help out now.
The issue with companies like black-rock is they have to much real estate, and word on the street is investors are getting real nervous about there investment. As of July of 2024 black-rock has over 60 Billion is real estate holding. But for investors the concern is if Black-rock can not get people to rent these properties then they fail to make money. Remember there are only so many people who can afford the high rent.
@@JohnSmith-k1x in south Florida, they are building these giant box apartment buildings everywhere. The rents are start at $2000/month. Totally...totally unsustainable.
The house I grew up up and my mother still lives in is over 100 years old. My parents did not keep up repairs the way they should have and the house is still perfectly livable. If "over 30 years old" is considered old today, it indicates just how cheaply and shoddily they've been built. I think it was in the late 70s/early 80s that my parents and us kids started discussing how crappily the new housing developments were being built - saying things like they'd be falling apart in 30 years or so. Throwing up cheap apartment buildings and selling the units as "condos" was a terrible, terrible idea. Those poor Florida condo owners.
Totally agree with your comment. My house is 101 years old , never been damaged by a hurricane or a storm nor has any other 100 yr old house in my neighborhood. Insurance companies are not taking that into consideration so my insurance is $ 12,000 a year going up 14% more and we are being forced to have flood insurance even though we do not live in a FEMA flood zone!
@@betsyj59 apparently, your parents neglect was to the superficial level. And let me guess your parents house isn’t right by saltwater. Salt water can be pretty brutal on concrete and steel. But yes, a lot of those buildings were not built to the highest of standard. But keep pretending that 100 years ago everything was better. See the thing about 100 year-old house is the only ones that are left with the ones that were built well. The ones that weren’t built well fell down many decades ago or were replaced because it wasn’t worth the cost to repair them. By the way that will be happening to several buildings down in Florida since the land under them is worth more than the building is worth. And the owners may not be able to afford the repairs.
@@dadeviSalt water is the worst. Which is why we had concrete block covered with stucco houses and terazzo floors back in the '50s a block from the Atlantic Ocean. People would NEVER build right on the ocean like they started doing in the '70's!
HOA and Special Assessment fees are continuing to rise. Most owners were not prepared for this economy coupled with rising cost of just the basic life necessities. 😢😢😢This is a nightmare‼️
Once the special assessment fee is known for say $150k, they could sell for a $150k discount if they have the equity. Realistically condo initial prices will come down while overall prices go up to cover the fees.
@@shanet7511 How are you going to sell a condo in a market where EVERYBODY is selling a condo? Why wouldn't i think to make my discount better than the next guys? As for the buyer I'm going to get you down to the lowest I can if you want to get rid of it why wouldn't you accept??
Before i even own a home or fully understand the HOA i was already asking myself these question: what if the HOA increases? How much would they increase it by? How often would the increase be? Too many question marks so i just decided to stay away from HOA related properties. I also felt the HOA could be used as a tool to create hardship on owners to get them to move out.
I read that HOAs are basically the way for local governments to avoid taking care of the area of those neighborhoods. I'm not sure if thats true, but if that is true I can see why HOAs would be very pricey.
@@CDCentralIf you want to live in a gated community with a community pool and have someone else maintain elevators, common areas, landscaping, and insurance, their is a cost.
What is happening in Florida right now with regard to the condo situation is akin to a person buying a new luxury car and failing to do any maintenance on it and then being surprised when it doesn’t start one morning as they’re about to go to work and wondering why that is.
I suggest you offset your real estate and get into stocks, A recession as bad 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. This is not financial advise but get buying, cash isn’t king at all in this time!
One strategy for protecting against a recession is to buy equities. Investors, especially during a recession, need to know where and how to put money in order to make money while avoiding inflation.
It has never been easier to understand how to build your money than it is right now, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investtments, in my opinion, are complex.
Working with a Financial Advisor to help guide you on your wealth-building journey if you're just starting out is a wonderful way to get started and thats how i was able to accrued good gains . They helps to manage investment overall risk profile , prevent permanent loss of capital consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal
“Carol Vivian Constable” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I'm always puzzled by the phrase " on a fixed income". Although I am now retired, I was always on a "fixed income" when I was employed, and that income was also "fixed" i.e. it didn't change.
I love the retiree "on a fixed income". My fixed income is 3 times what I took home while working and I never cleared $100,000 per year. It is called save and invest.
Exactly, it's not like Everytime my bills went up I could just go to my boss and let them know to bump up my pay. On top of that if their "fixed income" is social security it's indexed to inflation unlike people's paychecks.
As a Canadian watching this from afar, I am continually amazed at how often condo boards and HOAs seem to exploit home'owners' as ATMs. Between those and home insurance in Florida, I can't imagine how anyone would get suckered into moving there.
As a Canadian watching this from afar, you’re completely wrong about what’s happening. The Condo boards kept common charges low by not completing all major repairs and not keeping any reserves for it. Nobody stole anything.
@@neilkurzman4907 Even if you own a home you still have improvements. My friend's father just died. His house would be worth $1.5 million IF he would have kept up on the maintenance of the home. The house sold for $850,000. The pool was green, the brickwork has collapsed and the second story balcony had fallen down. The remodel in the 90's was outdated.
Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad 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. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my $450K 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.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with “Jessica Lee Horst” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Who would want to buy a $200,000 special assessment? There is only so long that you can keep kicking the can down the road and not pay for needed maintenance. It's not news that Florida weather isn't kind to buildings.
@aryaastark9201 This time the money was given to people to sit home for 2 years during the great Democrat economic lockdown of 2019-2021. It didn't trickle up, it caused high inflation.
It is easy to figure out. Has the HOA been putting money aside for roof replacement, HVAC systems, and other large capital items over time as they age or does it just wait until these items need to be replaced then raise the funds?
Who in the world would want a Condo? Maintenance on a huge commercial structure in the most harsh, corrosive environment on the planet is going to be much much more expensive than a single family residential structure. The 25/30 year structure recertification is not new. What is new is eliminating the deferred maintenance cost, kicking the can down the road for 25/30 Years, taking the appreciated value and selling to some unsuspecting buyer. Now, owners have to fund the unrealized expense of that future recertification cost... a prudent and fiscally responsible requirement.. and all the oh poor me, 100k . 150k assessment... well 25/30 Years ago, if your HOA cost had been 400-500 a month higher, you wouldn't need an assessment....
👏🏻👏🏻👏🏻 and if the condo boards/property management ensured full building inspections were done on a regular basis addressing structural issues before they became catastrophic 🤷🏼♀️
@@elizabethallen4353 even those may be super expensive. I had a ceiling issue in my home 2 years ago. I got a couple of home inspectors to check it out and each one costed me about $500. And it wasn't even a full home inspection. I can only imagine that full inspections for some of these condos runs up to 10s of thousands of dollars at least, and that doesn't even include a fix.
@@elizabethallen4353 unfortunately people run for the HOA boards on the promise to keep fees as low as possible.... which leads to where we are today... Government mandating full funding of anticipated future costs.
Thank you. The people who bought for the "view" and "lifestyle" should suffer the consequences. THEY certainly encourage "kicking costs down the road." Now they have a huge bite out of their butt and are complaining.
An oceanfront condo in Miami or Fort Lauderdale is a nice place for some retired person or snowbird to live. Some people would rather just write the check than take care of pools, landscaping, and building maitanence on their own.
The money isn't the worst problem. The worst problem is the structural integrity of the building and I would suggest any buyers check that out independently.
Of course you own it. That is what a condominium is by definition, a fractional ownership of the entire property. Beyond that you have HOA dues to cover insurance, maintenance, landscaping, managment services, budget allocations for large expenditures like painting, roofing etc. It is no different than owning a house in that regard as you are going to spend money on maintenance.
Add to it the rising costs of insurance and these are not going to be affordable for anybody. I would not buy a condo in FL or anywhere for that matter.
Its better than what happened to the owners of the units in Surfside. Imagine getting home from shopping and discovering that your unit was destroyed in a building collapse and your spouse is lying dead somewhere in the rubble. Almost as bad is comng home and being told that you can't go inside because there was a bulding collapse and you can't sell your unit because it has to be demolished.
It depends on the building. If the buildings and reasonable shape, it can be repaired in less for many more decades. If they let it go to long, then they may have to sell the property for whatever they can get for it.
These owners are delusional. It's not like you can buy a single family home, live in it for 40 years, and never have any major repairs. New roof, foundation cracking, new windows, hvac, and on and on... These assessments are accrued deferred maintenance costs, and they are higher because of the extremely corrosive marine environment, and a building built on SAND! These owners, with exceptions, bought these units for reasonable prices and want to enjoy the monster appreciation of the unit, but don't want to pay to maintain it.... Guess what, a potential new buyer doesn't want to pay for your neglect AND the monster appreciation.
@@zevkej they really didn't, they vote for condo board members who promise to not raise fees, so they never properly fund the upkeep and the deferred maintenance piles up
@@Ryan-wx1bi Actually, it would be more how the previous governors caused this condition. By pushing or signing laws that led to the underlying problem. In this case to allow buildings to not have reserves. Told the buildings not to be inspected for 30 to 40 years. To relax codes, so that buildings can be built in areas that are prone to storm damage. So there’s a little more than climate change going on in these problems.
It's cheaper because the roof covers all the units below it. In other words if you stack 12 houses on top of one another only the top one needs a roof. The owners don't have 12 lawns to mow or 12 HVAC systems to replace. In many of them no one walking by on the steet can knock on your door and home invasion crimes become nearly impossible. There's a lot of advantages if it is run right.
It is NEVER a good idea to pay _someone else_ to do what you should be doing yourself. It's YOUR home. No one will care about it as much as you. Say NO! to condos. NO! to HOAs. Every element of a property needs maintenance, upkeep and, eventually, replacement. Paying someone else a monthly fee to do it for you is ridiculous! I pay _myself_ a monthly fee, deposited to an account I established for that purpose, in MY bank which I control. A potion of every $ of my income goes into that account, and it gains interest. I use it to pay insurance, taxes, repairs, maintenance, and there is also funding for the replacement of the roof, AC included in that. I am _my own_ HOA.
I haven't looked at this legislation in its entirety, but what are the consequences if, say, an HOA decides to ignore the law and allow the deadline to lapse, what happens then? Does the state swoop in and take ownership of the property? Will the HOA be fined? What are the consequences for non-compliance?
The people running the board of the condo would be too fearful to ignore the law. They could be found personally liable as they have a fiduciary duty to the other owners. There could be civil and criminal liability issues if someone got hurt due to their willful negligence.
@@USDiploMikeand then they can just Sue themselves what happened in sunrise I'm really not sure who actually paid out the multibillion-dollar judgment they won when they sued themselves they were the only ones liable for their own actions must have been a Jewish judge that overseen the case
I tried to buy a condo in April. Navy federal denied the loan because the condo building has so many structural issues. I won’t be trying to buy a condo here ever again. It’s literally dangerous
The 1938 Gilchrist theater on highway 97 in Oregon is available! 5000+sqft commercial building with endless possibilities. Restore it as a theater, office space, unique mansion, haunted attraction, antique mall, concert hall, Airbnb... Includes original projectors. Historical but remodeled in the 90's. 850k OBO, owner can take a contract.
Last year I wanted to move to FL so badly, and now I'm glad I didn't. And the INS rates are killing everyone in the sate if they own any property or a car.
stay away. The auto and home insurance are highest in the nation. Roads are clogged. Beaches near me like Honeymoon Island are eroding away because of the frequent and more intense storms. Crime and rent are out of control in South FL and wages are LOW...Paradise Lost.
Complete BS. The Seaside Apartment was an extreme case and this is over reaction from the State government. Classify the buildings (the Sate should pay) into A,B,C. Extend the reserve requirement for 3,5 10 years depending on the condition of the building. It should only be for structural integrity issues, a lot of HOAs are sticking people with landscaping and other ridiculous over reaches. Politicians should give an eff because it will impact tax revenue from property taxes in a State with no income tax duh.
Greed and miss management of these associations!!!!and now the owners are stuck. The state should have made accountable safeguards long ago regarding associations and state inspections. Florida has been notorious for decade's about these things for lot's of reasons...
@simonjusticier333 that is a incorrect financial statement. If you are living in a desirable area like myself my equity has skyrocketed ! It's about location location ! You don't gain anything by renting ! I rent in FL for the winter months and love that its another person's problem when my rental period ends!
Meh- you seem surprised? With the shocking , devastating rise of insurance costs what did you think would happen? There’s something sinister going on here and no one is asking the questions
As a condo owner, I would expect part of my fee to go into a maintenance fund. They want the assessment in a year? Call it what it is , 'extortion'. It's a good way to get the old homeowners out so the venture capitalists/ hedge funders can swoop in and flip them into luxury condos. So convenient.
@@teleopinions1367 good thing it's Ron DeSantis last term you can thank him and the GOP legislature for these laws that's who proposed them and passed them
Most of us haven't forgotten Surfside, I wouldn't want to own one and if I did, I'd be selling too. What a shame, you buy an apartment, have to pay HOAs that are very high, just for your home to possibly crumble beneath your feet...
Reserves are supposed to be funded from the monthly HOA fee. A special assessment is for non-standard maintenance or capital costs, not to refill the slush fund that the board is misusing.
Monthly HOA fees were not high enough, condo residents kept voting for condo board members who promised to not raise fees when they needed to be raised, and there was no maintenance and upkeep standard (until now)
FL has most folks living on fixed income so screwing around with condo fees will kill this State. If you want FL to become desolate living like we have unaffordable NYC housing, then keep pursuing these policies. Developers are licking their chops to buy all of these old buildings and turn them into market rate expensive units only. FL government should step in and pay out of taxes, oh yes they don't like to tax, so now how will we deal with millions of US citizens who need affordable housing!!!
Ahhh….yeah that’d be a no. Why should taxpayers bailout condo owners who’ve lived ‘the life’ @ the expense of those who haven’t fallen for that real estate gimmick. Same with student loans,I never co-signed a loan with anyone and there were reasons for that. Start changing ‘the rule of law’ making everyone liable for others bad judgement and this country’s done for.
A possible solution is for the condo assn to take out a loan and include the payment in the condo owner's dues. Another fix the state needs to make is to put the HOA dues on the same status as property taxes. When a owner is 3 years behind on their dues the HOA could send the Receivables ledger to an attorney for a judicial foreclosure. If the foreclosure is granted it goes to a Sheriff's sale where the HOA is paid for the dues, late fees and other amounts owed plus the attorney's fees for the legal action. No need to file liens because the HOA would be notifed about all sales in advance.
I am in western Washington. For the past 2 years, we have been flooded with folks frim Florida and Texas moving & traveling here. House next-door bought by Texans. I think the Florida market must be soft.
It is Surfside 👍 I used to live in the town right next to it Bay Harbor in the 70s. We went to the Surfside Community Center every weekend, on 93rd Street and Collins, just six blocks from the Champlain tower that collapsed. I remember when it was built in 1981. It was such a great time and it still seems surreal that this tragedy even occurred 😮
@@eile4219 it is a liability unless of course you're Jewish and you go in front of a Jewish judge there was a billion-dollar payout and they only had their building insured for 31 million
Great information I rent the efficiency bedroom in this condo Thirteen a month How much more can the owner afford to charge for the room? Retired, fixed income Florida wealthy need to pay taxes in this next administration
At 1:43 those older, retired residents who "don't want to" pay up for large special assessments...it's much more a problem of CAN'T afford to pay those special assessments. I avoid condos like anything...unless finances are continuously well managed, and some luck, it's a matter of time before the whole scheme gets in trouble and huge assessments are required for emergency repairs.
The payment timeline for special assessments is pushing people on a budget out. It’s unreasonable but it’s all financial, anyone who can pay stays, those who can’t lose their homes and pass the burden onto the next owner. Structural repairs should be made, the issue is these HOA boards kicking the can for all these years now it’s a sudden expense
The boards/residents should (by law) never have been able to stay in state compliance doing this. Anyone buying into a commercial unit of this size and not doing their due diligence on upkeep costs is naive @ best.
@@Newlinjim Surfside only had 31 million dollars worth of insurance and they got a billion-dollar payout sounds very profitable why would you want to maintain your building when you can get that big of a payout
Condos are a disaster that has been in the making for years. People need to buy homes without Hoas instead of being subject to some board idea of what’s needed.
Think about this for a min. if current condo owners can not afford the large special assessment and they can not sell, then the only other move is to walk away. And if I was one of those people walking away I would count my blessing and leave the state. You may lose the real estate but keep what little money you have and your health. what do you think let me know. Thanks
Really?! I am a northerner. No way would I want to live in Florida. The climate alone is enough to keep me from moving down there. I just wish more of my northerner neighbors would move down south and get the hell out 'a here.
HOA is destroying meddle and under class everywhere. So try not to buy condos and apartments. Also houses locate in a high HOA area, or neighborhood with golf courses
Funny the homeowners voted that the HOA should not collect money for reserves because the building residence wanted to keep their common charges low. You can pretend the HOA is some dictatorial agency that controls the building against the homeowners wishes. But in reality it’s made up of homeowners who are voted in.
The video kicks off with the same tired crap-South Florida’s condo market is doomed. Seriously, this recycled garbage is played out. Can we get something new already?
The video goes on and on about how bad things are but doesn't offer a single concrete piece of advice. It's all doom and gloom with nothing useful to show for it.
All this talk about “surges” and “unsellable” old condos is just to scare people, with zero real solutions in sight. It's all just hot air and scare tactics.
They bank on Kristi Rojas’ story like it’s the only thing that matters, totally ignoring broader data and context. Relying on one sob story to carry the whole video? Pathetic.
Go after the people who running the HOA. If you own a condo you have the right who runs the association. And black rock is the other problem forcing people out to buy their property at a low price
Understood, but not at the amount that these buildings are asking for to pay for reparations.... Do you think an elderly person struggling to make ends meet can just write a check for $100,000 or leave the home they've had for years #!??
@@patriciarichards7273 People are waking up to the realities. In my previous HOA we started setting aside for new roof etc. before the builders has even left the site, having a solid emergency fund when I sold after 15 years. My current HOA has not set aside a dime after 4 years, sometimes struggling to pay the gardener and management company. Sure, we enjoy the $100 HOA fee today, but you really have to time your exit before something major comes up. It's a high risk game.
Wait Until 2025 when the Condo HOA's are Mandated to Fix and Repair issues that have been ignored for 10-20 years. Most people will not be able to Afford it.
I stayed away from condos and HOAs when I was looking for a home. Best decision ever.
I KNOW A COUPLE PEOPLE WHO LIVE IN HOA
MY COUSIN LIVED IN A CONDO HERE IN CT
IT WAS NICE
IF YOUR SINGLE AND CANT TAKE CARE OF A HOUSE THEN THATS YOUR WAY
YEA THERE ARE SOME THINGS YOU CANT DO
YOU MIGHT HATE IT
Don’t look for a home in Florida because it don’t matter they’re gonna get you no matter what insurance taxis are higher than your house payment 1:41
@@ekop1778in homes they don’t care for the outside and just rules
@@ericeandco I bought a condo 30 years ago certainly not the best decision I ever made and currently not the worst. I do wish I got the next size unit up. I could use one more room.
You can buy a house in HOA, just make sure it's not gated and it's less than $150/month.
I pay $133/mo for nothing else than crap landscaping and a useless security guard driving around and watching uTube all day..
When these units cost $50-$100k, it was a wonderful ‘carefree’ alternative to a single family house. Not anymore.
And after multiple special assessments I now had to file for bankruptcy to hopefully not lose my home today
I will never accept that argument “I don’t have to worry about anything” yes you do. It’s going to cost more than anyone can afford to fix these buildings in the near future.
my buddy bought a small beach front unit near Daytona, his unit went double what he paid in just 5 years, 7 years after that HOA fees sky rocketed, he passed away leaving it to his grown kids, they have been trying for sell it for half what he originally paid with no takers, many other owners are in the same boat all because HOA fees are so high
The hoa fees are very high and still pay taxes, on top of yearly assessments, so are basically still paying rent.
@@Jenvlogs404 and basically going broke
Anybody who buys a condo anywhere near water in Florida right now has lost their freaking mind.
Anything over 2 stories.
The millionairres will disagree
@@MrGbustamante wealth hoarding is mental illness
at this rate, wouldn't rend a condo cheaper than buying one in Florida ? atleast you don't need to worry about those special assessment
@@eile4219 but somebody has the first buy it and rent it out.
We're all on fixed incomes! Do you think I could just go to my boss and ask for 10,000 more dollars a year?
Fr fr
Agreed, the term fixed income is such an anachronism. It's just a euphemism for old person who won't go back to work. I don't mean to be glib, but we need to use harsh terms so people wake up and get pissed off. The lady on the video wasn't of social security age, yet she's screwed too. We need to stand together, limiting the relief to seniors is not gonna cut it. We need to assist the productive members of society first, so they can pay for the social safety net of the old. We have our demographic targets backwards.
The “productive“ members of society, LOL!
You must be talking about the people who worked all their lives and now are old, right?
Yes? Have you never asked for a raise? I've quit jobs for bigger offers then $10k more.
I did lol
How do you get what you don’t ask for?
High interest rate causes house market declining, less people are buying houses. more empty comericial buildings are converted into residential condos wich results in rental declining.After covid, more people are working at home, artificial intelligence technology has eliminated many office jobs, and commercial buildings are vacant and converted into apartments.
With rates climbing like never before in ’23 coupled with uncontrollable inflation, and our own mortgage at now 7.5% what are the best alternatives/strategies for avoiding a crunch and maximize my $200k savings other than moving in to an RV with my two kids and wife.
You are not alone we can no longer afford our mortgage, husband wants us to travel or relocate/I am proposing cashing in, walking away and renting while putting the rest in the stock market.
I believe that for the market to normalize, there must be a minimum 40% decline in home prices. It is advisable that you get advice for appropriate portfolio allocation from a knowledgeable advisor if you are unsure about purchasing a home. That's how I've managed to survive for the past five years and accumulate about $1 million in investment returns.
I would be happy to hire someone with a good reputation. How can I locate and thoroughly check them? We started thinking about the concept because we have a family lawyer who has periodically mentioned fiduciaries and we know how valuable they are.
Vivian Jean Wilhelm a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
In the last 30 years . Condo boards have done nothing to keep the buildings up to date . Many have stolen money from the owners . The government looked the other way and many homeowners wanted their HOA low so now here we are . If you own a house or a condo you have to remember there is always maintenance that need to be done .
condo boards are also residents!!!! u want a safe building but u don't want to pay for it!!!
That’s a lot of bs you just said when what you really mean is that we need better government regulations and inspections on multi family homes.
@@jacobcarpenter4155 Your correct JACOB . That's why I said . The government looked away . Until tragedy happened at SurfSide
Don't buy a condo in a hi rise. Too many expensive items to maintain which leads to high fees and special assessments.
A garden style condo with separately metered utilities is easier on the $$.
@@natureboy1313 Also without a pool, elevator, complex landscaping etc. However roof replacement , roads, exterior paint/siding still gonna cost $ every 10-20 years
Corporate greed will collapse our financial system.
Its not always corporate greed, sigh. Its the homeowners refusing to slowly increase their reserves and/or keep up maintenance. Hell, I live up north, and I saw this was going to happen decades ago.
It is already happening.
@@ScooterOnHisWay2024 it already has. You took the words right out of my mouth.
This isn't corporate greed.
These are 50 year old buildings in an extreme climate.
Repairs are obligatory.
In this case it’s not corporate greed. For years condos were ignored on repairs because owners refused it and didn’t want to pay extra.
Out of control insurance increases, out of control condo and HOA dues. Income levels mostly stagnant as they've been for decades. It's not rocket science. It's greed.
Buildings collapse like Surfside did because of the condo owners' greed and refusal to maintain them! Now they all want to play victim.
Florida is a swamp in more ways than one. Building tall buildings next to the ocean on fill dirt not smart.
Nonsense/. It’s reality.
Oh well. Those greedy fools are about to lose it all 😂
The climate change deniers see their insurance costs skyrocket and still can’t figure out why!! 😂😂😂😂
I've been in my condo for 45 years in Sedona, Az. We've always had a large surplus of funds for the nearly 5 decades. These condo owners over the years refused to implement an emergency fund which is easy over time. They kicked the can down the road too long.
Don’t be so sure! Have you seen the books?
This isn’t just emergency funds. This is I have a 30 year roof. I should be saving a little every year for the next 30 years because the roof will go bad again.
@@RayNLA yes, I have, been in this condo for almost 50 years.
@@neilkurzman4907 Our HOA has ample saved for anticipated expenses and emergency funds.
We owned a townhouse we was renting and sold it bc of the fact the HOA did have a huge reserve, the back driveway needed paving, and there were huge trees being choked to death by vines. One tree already fell and destroyed a car. Thank God no one was in it bc they would've died. It's a matter of time. They never wanted to fix things nor raise the dues money
The real issue is that for decades too many condo boards and condo owners failed to pay for necessary maintenance as it was needed. They kept kicking costs of repairs down the road, which created a bigger and bigger problem that got more and more expensive to fix. The result was a building collapsed and almost a hundred people lost their lives which finally made the government pass a law aimed at stopping the irresponsible and dangerous behavior of condo owners, and now they have to do what they should have done for decades in a few short years.
Illinois has this same behaviolr with pensions. They kept deferring and kicking the can down the road and now are $141b short. That comes to every single IL household owing $110k to cover the pension debt. Avoid everywhere that's not paying the bills, someone will always have to pay what was deferred.
Sounds just like our national debt problem.
Building was likely imploded through controlled demolition to have this exact effect.
Too expensive. No infrastructure.
This is what happens when someone else controls your money
Little hat people @@JohnSmith-k1x
Prices are exorbitant for homes and condos that need repairs
@@Sonofawildanimal4241 You will get no argument from me and I agree, In my opinion there are 3 driving factors in home prices ---- 1. The feds interest rates are to high, 2. Private equity firms are holding almost 900 million in just homes across the U.S. and in Fl. alone they are holding 60 million, and we have not even included trailer parks & Apartment complexes, 3. Remember there are only so many people who can afford a $2,300 a month apartment or a $3,200 a month home rental & and there will come a time when this will all come to a head. Final foot note--- If private equity firms were to start unloading there inventory it would throw the U.S. housing industry into a frenzy, there has been talk about firms like Black rock that there investors are losing confidence in the company and want to pull out there investment.Oh one more little note in Fl. they can not even sell homes or condos Thanks
And DeSantis has turned down $11 BILLION in federal aid over the past 3 1/2 years from Biden just to ' own the libs '.
Think how those billions could help out now.
Owners gone, building sold to blackrock .
The issue with companies like black-rock is they have to much real estate, and word on the street is investors are getting real nervous about there investment. As of July of 2024 black-rock has over 60 Billion is real estate holding. But for investors the concern is if Black-rock can not get people to rent these properties then they fail to make money. Remember there are only so many people who can afford the high rent.
@@JohnSmith-k1x in south Florida, they are building these giant box apartment buildings everywhere. The rents are start at $2000/month. Totally...totally unsustainable.
😂Look at how the maga people defend blackrock. If you go against them your a communist. Blackrock got them by the balls through brainwashing.
No worries “ universal income is coming “ you will own NOTHING and be HAPPY… they will own everything…
you mean jews...
The age of condos is over. The age of cardboard boxes has begun.
😳
@@omegaman1409 that happened under Ronald Reagan I lived in DC 1982 one of the top songs of 82 was living in a box living in a cardboard box
Glad you see what's happening. The Empire is crumbling
@@Penelopesyoutube even democracy deteriorates it just happens faster under the GOP
@@user-lf8rk8hg5e you're very naive. This is being done on purpose. One world government is going to be next.
The house I grew up up and my mother still lives in is over 100 years old. My parents did not keep up repairs the way they should have and the house is still perfectly livable. If "over 30 years old" is considered old today, it indicates just how cheaply and shoddily they've been built. I think it was in the late 70s/early 80s that my parents and us kids started discussing how crappily the new housing developments were being built - saying things like they'd be falling apart in 30 years or so. Throwing up cheap apartment buildings and selling the units as "condos" was a terrible, terrible idea. Those poor Florida condo owners.
Totally agree with your comment. My house is 101 years old , never been damaged by a hurricane or a storm nor has any other 100 yr old house in my neighborhood. Insurance companies are not taking that into consideration so my insurance is $ 12,000 a year going up 14% more and we are being forced to have flood insurance even though we do not live in a FEMA flood zone!
@@BEACHCHICK-iy5jp$12000 a year?!!!! That is robbery!
@@betsyj59 apparently, your parents neglect was to the superficial level. And let me guess your parents house isn’t right by saltwater. Salt water can be pretty brutal on concrete and steel.
But yes, a lot of those buildings were not built to the highest of standard. But keep pretending that 100 years ago everything was better. See the thing about 100 year-old house is the only ones that are left with the ones that were built well. The ones that weren’t built well fell down many decades ago or were replaced because it wasn’t worth the cost to repair them.
By the way that will be happening to several buildings down in Florida since the land under them is worth more than the building is worth. And the owners may not be able to afford the repairs.
Any home near saltwater or water of any kind is going to need maintenance. Water eats away at concrete pilings.
@@dadeviSalt water is the worst. Which is why we had concrete block covered with stucco houses and terazzo floors back in the '50s a block from the Atlantic Ocean. People would NEVER build right on the ocean like they started doing in the '70's!
HOA and Special Assessment fees are continuing to rise. Most owners were not prepared for this economy coupled with rising cost of just the basic life necessities. 😢😢😢This is a nightmare‼️
The ones who weren't prepared lived in sunrise Florida in a condo that collapsed they weren't prepared for that
💯
@@user-lf8rk8hg5enot sunrise, Sunny Isles. They only report on areas with money.
They keep adding $50 $200 and what next thing you know her income is not that income goes up by 2 bucks
@@franklinhernandez683 maybe she should grab herself by the bootstraps and pull herself out of poverty
What have they been doing with the money all of these years
Nothing thank corporate governor.
@@venanziocalise946 Your post doesn't even make sense. Ignorant.
Living large and paying for high-end vehicles and living Large wearing out their American acxess cards
I think we all know the answer to that by now ..😢
Stealing, living it up, investing it in short term things that boost real estate value and then selling their unit and leaving. This is what is left.
Just wait. Most won’t be able to give them away. Sad.
Right. Negative value property is a real thing.
Wait until a couple of large hurricanes hit and it's going to get significantly worse
Once the special assessment fee is known for say $150k, they could sell for a $150k discount if they have the equity. Realistically condo initial prices will come down while overall prices go up to cover the fees.
@@shanet7511 How are you going to sell a condo in a market where EVERYBODY is selling a condo? Why wouldn't i think to make my discount better than the next guys? As for the buyer I'm going to get you down to the lowest I can if you want to get rid of it why wouldn't you accept??
Before i even own a home or fully understand the HOA i was already asking myself these question: what if the HOA increases?
How much would they increase it by?
How often would the increase be? Too many question marks so i just decided to stay away from HOA related properties.
I also felt the HOA could be used as a tool to create hardship on owners to get them to move out.
HOA are being used to do that Exactly!
This right here!
I read that HOAs are basically the way for local governments to avoid taking care of the area of those neighborhoods. I'm not sure if thats true, but if that is true I can see why HOAs would be very pricey.
1. not "if" but when. 2. as much as they want to 3. as often as they can.
@@CDCentralIf you want to live in a gated community with a community pool and have someone else maintain elevators, common areas, landscaping, and insurance, their is a cost.
When the salesman says "stucco" make sure they're not talking about you
😂😂😂😂😂
This is a fire line loll
🤣😂😄🤭I laughed *way* too hard at this‼️❤️
@@HairHoFla i don’t get it
lol
What is happening in Florida right now with regard to the condo situation is akin to a person buying a new luxury car and failing to do any maintenance on it and then being surprised when it doesn’t start one morning as they’re about to go to work and wondering why that is.
No. No that’s not at all what it’s akin to. Youre a moron and people like you are why we have so many societal problems.
pretty much
Y'all voted for Republicans 🤷🏽♀️
Now Republicans taking y'all homes & selling them pennies on the dollar to real estate firms
I suggest you offset your real estate and get into stocks, A recession as bad 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. This is not financial advise but get buying, cash isn’t king at all in this time!
One strategy for protecting against a recession is to buy equities. Investors, especially during a recession, need to know where and how to put money in order to make money while avoiding inflation.
It has never been easier to understand how to build your money than it is right now, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investtments, in my opinion, are complex.
Working with a Financial Advisor to help guide you on your wealth-building journey if you're just starting out is a wonderful way to get started and thats how i was able to accrued good gains . They helps to manage investment overall risk profile , prevent permanent loss of capital consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal
please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
“Carol Vivian Constable” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I'm always puzzled by the phrase " on a fixed income". Although I am now retired, I was always on a "fixed income" when I was employed, and that income was also "fixed" i.e. it didn't change.
Some people get raises. Some people advance in their careers.
@@dgriffin6074 they're just trying to invite you to a pity party
I love the retiree "on a fixed income". My fixed income is 3 times what I took home while working and I never cleared $100,000 per year. It is called save and invest.
They should end the social security ponzi scheme so no one has to suffer being on a fixed income while others work to support them
Exactly, it's not like Everytime my bills went up I could just go to my boss and let them know to bump up my pay. On top of that if their "fixed income" is social security it's indexed to inflation unlike people's paychecks.
I hate HOA.
As a Canadian watching this from afar, I am continually amazed at how often condo boards and HOAs seem to exploit home'owners' as ATMs. Between those and home insurance in Florida, I can't imagine how anyone would get suckered into moving there.
As a Canadian watching this from afar, you’re completely wrong about what’s happening. The Condo boards kept common charges low by not completing all major repairs and not keeping any reserves for it. Nobody stole anything.
@@neilkurzman4907 Even if you own a home you still have improvements. My friend's father just died. His house would be worth $1.5 million IF he would have kept up on the maintenance of the home. The house sold for $850,000. The pool was green, the brickwork has collapsed and the second story balcony had fallen down. The remodel in the 90's was outdated.
I guess it's better than the outrageous prices in your country for a tiny apartment
Plus its always hot and humid with lots of critters.
@@neilkurzman4907no the charges were high and kept the money or to pay for other unit, now it’s higher
Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad 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. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my $450K 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.
Do you mind sharing info on the adviser who assisted you?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with “Jessica Lee Horst” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Who would want to buy a $200,000 special assessment? There is only so long that you can keep kicking the can down the road and not pay for needed maintenance. It's not news that Florida weather isn't kind to buildings.
Glad I didn`t make the move to Florida .
me too
Buy a house no problem
Unable to insure buildings.
Therefore mortgages are rare indeed
Bidenomics!
@@francismarion6400 130K for all
@@francismarion6400 You mean Reaganomics.
@aryaastark9201 This time the money was given to people to sit home for 2 years during the great Democrat economic lockdown of 2019-2021. It didn't trickle up, it caused high inflation.
Thank you Governor and the HOA. 😮😢
Don’t people realize buying a condo in a high rise is buying the entire building maintenance cost
Nope and the realtors are not mentioning it to them either.
One of my biggest fears is a huge special assessment. I feel bad for these people.
It is easy to figure out. Has the HOA been putting money aside for roof replacement, HVAC systems, and other large capital items over time as they age or does it just wait until these items need to be replaced then raise the funds?
30 year old Florida condo & no recennt maintenance fee = sudden major liability. Run now 🏃
Who in the world would want a Condo? Maintenance on a huge commercial structure in the most harsh, corrosive environment on the planet is going to be much much more expensive than a single family residential structure. The 25/30 year structure recertification is not new. What is new is eliminating the deferred maintenance cost, kicking the can down the road for 25/30 Years, taking the appreciated value and selling to some unsuspecting buyer. Now, owners have to fund the unrealized expense of that future recertification cost... a prudent and fiscally responsible requirement.. and all the oh poor me, 100k . 150k assessment... well 25/30 Years ago, if your HOA cost had been 400-500 a month higher, you wouldn't need an assessment....
👏🏻👏🏻👏🏻 and if the condo boards/property management ensured full building inspections were done on a regular basis addressing structural issues before they became catastrophic 🤷🏼♀️
@@elizabethallen4353 even those may be super expensive. I had a ceiling issue in my home 2 years ago. I got a couple of home inspectors to check it out and each one costed me about $500. And it wasn't even a full home inspection. I can only imagine that full inspections for some of these condos runs up to 10s of thousands of dollars at least, and that doesn't even include a fix.
@@elizabethallen4353 unfortunately people run for the HOA boards on the promise to keep fees as low as possible.... which leads to where we are today... Government mandating full funding of anticipated future costs.
Thank you. The people who bought for the "view" and "lifestyle" should suffer the consequences. THEY certainly encourage "kicking costs down the road." Now they have a huge bite out of their butt and are complaining.
An oceanfront condo in Miami or Fort Lauderdale is a nice place for some retired person or snowbird to live. Some people would rather just write the check than take care of pools, landscaping, and building maitanence on their own.
The money isn't the worst problem. The worst problem is the structural integrity of the building and I would suggest any buyers check that out independently.
Condos you will never own the building period even if it cost 100k-800k.
Yes, you’re right after 30 years. I still don’t own the building. So?
Of course you own it. That is what a condominium is by definition, a fractional ownership of the entire property. Beyond that you have HOA dues to cover insurance, maintenance, landscaping, managment services, budget allocations for large expenditures like painting, roofing etc. It is no different than owning a house in that regard as you are going to spend money on maintenance.
The key distinction: Condos you never own the land. SFR and townhomes allow for land ownership.
@@dmc3489 well considering these are multi story buildings owning the land wouldn’t make much sense.
@@neilkurzman4907 Then who owns it?
Ummm, you guys are JUST figuring this out?
Exactly
I am so glad I don't have to deal with this crap anymore in Florida.
Add to it the rising costs of insurance and these are not going to be affordable for anybody. I would not buy a condo in FL or anywhere for that matter.
what a nightmare... 😩paying 2x the cost of your mortgage on HOA fees
Its better than what happened to the owners of the units in Surfside. Imagine getting home from shopping and discovering that your unit was destroyed in a building collapse and your spouse is lying dead somewhere in the rubble. Almost as bad is comng home and being told that you can't go inside because there was a bulding collapse and you can't sell your unit because it has to be demolished.
The Special Assessment fee's will not make the old building any safer .
And they should condemn unsafe structures
I'm sure city hall and code enforcement will find a way for the right price.
The fees are to have money for needed repairs
It depends on the building. If the buildings and reasonable shape, it can be repaired in less for many more decades. If they let it go to long, then they may have to sell the property for whatever they can get for it.
Are you fkn dumb. A special assessment FEE is the fee of the major repair that’s needed.
These owners are delusional. It's not like you can buy a single family home, live in it for 40 years, and never have any major repairs. New roof, foundation cracking, new windows, hvac, and on and on... These assessments are accrued deferred maintenance costs, and they are higher because of the extremely corrosive marine environment, and a building built on SAND! These owners, with exceptions, bought these units for reasonable prices and want to enjoy the monster appreciation of the unit, but don't want to pay to maintain it.... Guess what, a potential new buyer doesn't want to pay for your neglect AND the monster appreciation.
But they paid for the repairs already. That’s what maintenance fees are supposed to be for.
Exactly
@@zevkej they really didn't, they vote for condo board members who promise to not raise fees, so they never properly fund the upkeep and the deferred maintenance piles up
Greed, greed, greed...that's all it is! God greed America 🇺🇸
Adjust assessment by age of condo owner?
Sounds like age discrimination to me.
Thank you Desantis
Actually, this problem existed before DeSantis
How does a governor cause this issue?
@@Ryan-wx1bi
Actually, it would be more how the previous governors caused this condition. By pushing or signing laws that led to the underlying problem.
In this case to allow buildings to not have reserves. Told the buildings not to be inspected for 30 to 40 years.
To relax codes, so that buildings can be built in areas that are prone to storm damage. So there’s a little more than climate change going on in these problems.
That statement shows an amazing level of ignorance
Desantis is responsible for condo owners not doing proper maintenance for the last 30 years?
what people don't realize is that this coming to other states. whats the point of such high rises
It's cheaper because the roof covers all the units below it. In other words if you stack 12 houses on top of one another only the top one needs a roof. The owners don't have 12 lawns to mow or 12 HVAC systems to replace. In many of them no one walking by on the steet can knock on your door and home invasion crimes become nearly impossible. There's a lot of advantages if it is run right.
It is NEVER a good idea to pay _someone else_ to do what you should be doing yourself. It's YOUR home. No one will care about it as much as you.
Say NO! to condos. NO! to HOAs.
Every element of a property needs maintenance, upkeep and, eventually, replacement. Paying someone else a monthly fee to do it for you is ridiculous!
I pay _myself_ a monthly fee, deposited to an account I established for that purpose, in MY bank which I control. A potion of every $ of my income goes into that account, and it gains interest. I use it to pay insurance, taxes, repairs, maintenance, and there is also funding for the replacement of the roof, AC included in that.
I am _my own_ HOA.
I haven't looked at this legislation in its entirety, but what are the consequences if, say, an HOA decides to ignore the law and allow the deadline to lapse, what happens then? Does the state swoop in and take ownership of the property? Will the HOA be fined? What are the consequences for non-compliance?
The people running the board of the condo would be too fearful to ignore the law. They could be found personally liable as they have a fiduciary duty to the other owners. There could be civil and criminal liability issues if someone got hurt due to their willful negligence.
Hasn't been tested yet.
Removal of certificate of occupancy condemned
@@USDiploMikeand then they can just Sue themselves what happened in sunrise I'm really not sure who actually paid out the multibillion-dollar judgment they won when they sued themselves they were the only ones liable for their own actions must have been a Jewish judge that overseen the case
@@1969bones69 seeking asylum in America is a civil matter not a criminal matter
I tried to buy a condo in April. Navy federal denied the loan because the condo building has so many structural issues. I won’t be trying to buy a condo here ever again. It’s literally dangerous
The Empire State Building is still standing and so is the Tower of Pisa because they are properly maintained.
It should not have been so forced in one year. They should have done a gradual increase
then there would be more collapses
Depends on if your trying to help people or execute a controlled demolition of the economy
These people have been ignoring repairs for decades. There’s no free lunch.
Too expensive and they could collapse in a storm.. No thanks...
The 1938 Gilchrist theater on highway 97 in Oregon is available! 5000+sqft commercial building with endless possibilities. Restore it as a theater, office space, unique mansion, haunted attraction, antique mall, concert hall, Airbnb... Includes original projectors. Historical but remodeled in the 90's. 850k OBO, owner can take a contract.
Next up, all us folks sick of storms and continual flooding in our areas cutting loose.
Last year I wanted to move to FL so badly, and now I'm glad I didn't. And the INS rates are killing everyone in the sate if they own any property or a car.
stay away. The auto and home insurance are highest in the nation. Roads are clogged. Beaches near me like Honeymoon Island are eroding away because of the frequent and more intense storms. Crime and rent are out of control in South FL and wages are LOW...Paradise Lost.
Complete BS. The Seaside Apartment was an extreme case and this is over reaction from the State government. Classify the buildings (the Sate should pay) into A,B,C. Extend the reserve requirement for 3,5 10 years depending on the condition of the building. It should only be for structural integrity issues, a lot of HOAs are sticking people with landscaping and other ridiculous over reaches. Politicians should give an eff because it will impact tax revenue from property taxes in a State with no income tax duh.
The whole point of an HOA is to keep the landscaping and property looking nice.
Sounds like you live in a condo in fl and don’t want to accept the reality 😂
Surfside, not Seaside. Seaside doesn't have/allow highrises.
Nobody is going to want to buy that problem.
Greed and miss management of these associations!!!!and now the owners are stuck. The state should have made accountable safeguards long ago regarding associations and state inspections. Florida has been notorious for decade's about these things for lot's of reasons...
People move to Florida and Texas to avoid rules and regulations. They want the wild West, until it doesn’t work out for them.
Buying a movie online……………it’s really a lifetime rental…………buying a condo…………it’s really a lifetime rental.
a life time with your equity screwed.
Even a house if you're still paying a mortgage, is nothing more than glorified rent
No doubt
@simonjusticier333 that is a incorrect financial statement. If you are living in a desirable area like myself my equity has skyrocketed ! It's about location location ! You don't gain anything by renting ! I rent in FL for the winter months and love that its another person's problem when my rental period ends!
Even a Paid Off House is a lifetime rental. High Property Taxes in most places.
anybody who is sane shouldn’t be buying condos
Omg Wall Street real estate investors never spent only on upkeep? And the local government didn’t care? Omg I’m so shocked. Smh.
These owners are being robbed. Take out what one can from the condos and get the hell out of Florida!
Meh- you seem surprised? With the shocking , devastating rise of insurance costs what did you think would happen? There’s something sinister going on here and no one is asking the questions
As a condo owner, I would expect part of my fee to go into a maintenance fund. They want the assessment in a year? Call it what it is , 'extortion'. It's a good way to get the old homeowners out so the venture capitalists/ hedge funders can swoop in and flip them into luxury condos. So convenient.
And, people keep reelecting those politicians even if their policies hurt them financially. Lovely.
Demo's are brain dead
Let be real, the people don’t reelect any of these local politicians in any state or cities. They are in a position to reelect themselves.
@@teleopinions1367 good thing it's Ron DeSantis last term you can thank him and the GOP legislature for these laws that's who proposed them and passed them
@@user-lf8rk8hg5e Agree. As soon as Ronnie boy is gone, the better. He's done absolutely nothing for FL. he hates blacks and gays!
Most of us haven't forgotten Surfside, I wouldn't want to own one and if I did, I'd be selling too. What a shame, you buy an apartment, have to pay HOAs that are very high, just for your home to possibly crumble beneath your feet...
The governor and the state representative that YOU elected have spoken. Good luck to you!
Reserves are supposed to be funded from the monthly HOA fee. A special assessment is for non-standard maintenance or capital costs, not to refill the slush fund that the board is misusing.
Monthly HOA fees were not high enough, condo residents kept voting for condo board members who promised to not raise fees when they needed to be raised, and there was no maintenance and upkeep standard (until now)
It begins
Thanks ron
FL has most folks living on fixed income so screwing around with condo fees will kill this State. If you want FL to become desolate living like we have unaffordable NYC housing, then keep pursuing these policies. Developers are licking their chops to buy all of these old buildings and turn them into market rate expensive units only. FL government should step in and pay out of taxes, oh yes they don't like to tax, so now how will we deal with millions of US citizens who need affordable housing!!!
Maybe they should move to the projects go get some HUD housing they're obviously living beyond their means welcome to capitalism
They should pull themselves out of poverty by their bootstraps
Yes the socialist solution has worked very well for New York.
@@JameyLane they save so much money in New York with subsidies now that I can afford to live on the oceanfront in Florida
Ahhh….yeah that’d be a no. Why should taxpayers bailout condo owners who’ve lived ‘the life’ @ the expense of those who haven’t fallen for that real estate gimmick. Same with student loans,I never co-signed a loan with anyone and there were reasons for that. Start changing ‘the rule of law’ making everyone liable for others bad judgement and this country’s done for.
A possible solution is for the condo assn to take out a loan and include the payment in the condo owner's dues. Another fix the state needs to make is to put the HOA dues on the same status as property taxes. When a owner is 3 years behind on their dues the HOA could send the Receivables ledger to an attorney for a judicial foreclosure. If the foreclosure is granted it goes to a Sheriff's sale where the HOA is paid for the dues, late fees and other amounts owed plus the attorney's fees for the legal action. No need to file liens because the HOA would be notifed about all sales in advance.
Does it take a real estate expert to point this out? It is called the Surfside awakening.
Maybe it has something to do about that billion-dollar payout on a building that only had 31 million of insurance coverage
@@maestrovso I call it the laws of physics
I am in western Washington.
For the past 2 years, we have been flooded with folks frim Florida and Texas moving & traveling here.
House next-door bought by Texans.
I think the Florida market must be soft.
First we will see the foreclosures. Then we will see the lawmakers provide relief after the real estate companies buy the properties on the cheap
Outrageous HOA costs.
*Yet they'll keep voting in politicians who aggressively thwart any attempts to impose higher standards on developers.* 🙄
They knew what they were doing when they voted down annual increases
her HOA fee is double her mortgage? So her monthly mortgage is only $300?
Yep, I'm not gonna cry for her. Hoa's didn't get greedy overnight either, but hitting bottom in the budget is sad.
Probably, she's lived there over 20 years. Homes were cheap then. My first mortgage payment was $121.02 per month after putting a big down-payment.
Double the HOA of her mortgage you idiots replying. Do you guys think?
@davidzajac4907 she should not be complaining. It's ridiculous
she lives in a run-down building in a rural area.
Why would anyone want to pay 2k plus additional HOA and property taxes in a box with no yard no parking no value.
Condos have become a liability since the sunrise collapsed they only had 31 million in insurance but I got a billion-dollar payout
@@user-lf8rk8hg5eI think you mean ‘Surfside’.
It is Surfside 👍 I used to live in the town right next to it Bay Harbor in the 70s. We went to the Surfside Community Center every weekend, on 93rd Street and Collins, just six blocks from the Champlain tower that collapsed. I remember when it was built in 1981. It was such a great time and it still seems surreal that this tragedy even occurred 😮
home/Condo should be a liability, not investment.
@@eile4219 it is a liability unless of course you're Jewish and you go in front of a Jewish judge there was a billion-dollar payout and they only had their building insured for 31 million
So her mortgage is $300 wow
Great information
I rent the efficiency bedroom in this condo
Thirteen a month
How much more can the owner afford to charge for the room?
Retired, fixed income
Florida wealthy need to pay taxes in this next administration
At 1:43 those older, retired residents who "don't want to" pay up for large special assessments...it's much more a problem of CAN'T afford to pay those special assessments. I avoid condos like anything...unless finances are continuously well managed, and some luck, it's a matter of time before the whole scheme gets in trouble and huge assessments are required for emergency repairs.
The payment timeline for special assessments is pushing people on a budget out. It’s unreasonable but it’s all financial, anyone who can pay stays, those who can’t lose their homes and pass the burden onto the next owner. Structural repairs should be made, the issue is these HOA boards kicking the can for all these years now it’s a sudden expense
@@DrewDienno time to pay the piper
The boards/residents should (by law) never have been able to stay in state compliance doing this. Anyone buying into a commercial unit of this size and not doing their due diligence on upkeep costs is naive @ best.
@@Newlinjim Surfside only had 31 million dollars worth of insurance and they got a billion-dollar payout sounds very profitable why would you want to maintain your building when you can get that big of a payout
But who would want to take their lives in their hands and stay there and wait for another collapse ? That's lunacy
Condos are a disaster that has been in the making for years. People need to buy homes without Hoas instead of being subject to some board idea of what’s needed.
Think about this for a min. if current condo owners can not afford the large special assessment and they can not sell, then the only other move is to walk away. And if I was one of those people walking away I would count my blessing and leave the state. You may lose the real estate but keep what little money you have and your health. what do you think let me know. Thanks
Florida homes of Blackrock realty and breast cancer
It's a sad burden for condo owners.
Sounds like the most logical plan to start over.
@@focusedfreebird It is not fair as life is not fair, but you can always start over
@@hopemanley4358 Yes it is but such as life in today's society Thanks
They can't give those things away .
Sell them to the obsessed northerners
Their not buying. Retiring to Florida but Mexico and foreign countries.South is going to implode itself.
🤣🤣🤣
Really?! I am a northerner. No way would I want to live in Florida. The climate alone is enough to keep me from moving down there. I just wish more of my northerner neighbors would move down south and get the hell out 'a here.
Let's not enter the insurance rate hike component. That's another factor putting many condos on the market.
A double whammy!!
HOA is destroying meddle and under class everywhere. So try not to buy condos and apartments. Also houses locate in a high HOA area, or neighborhood with golf courses
This has nothing to do with HOA
What the hell is “meddle?” Yikes.
Funny the homeowners voted that the HOA should not collect money for reserves because the building residence wanted to keep their common charges low. You can pretend the HOA is some dictatorial agency that controls the building against the homeowners wishes. But in reality it’s made up of homeowners who are voted in.
@@charleshamilton9274 LOL.
I know very little about condos, but how in the hell are dues and assessments more expensive than one's mortgage?
Everything is going according to plan 🤬
Yep...the American Oligarchy is creating the US world they want--one SERF at a time. Soon the "company store" will return.
The video kicks off with the same tired crap-South Florida’s condo market is doomed. Seriously, this recycled garbage is played out. Can we get something new already?
What kind of news isn’t a cliché? Your videos are so outdated that they aren’t clichés anymore? Garbage content from a garbage creator!
The video goes on and on about how bad things are but doesn't offer a single concrete piece of advice. It's all doom and gloom with nothing useful to show for it.
These 'old' issues are more relevant than ever-ignoring them won't make the problems disappear.
All this talk about “surges” and “unsellable” old condos is just to scare people, with zero real solutions in sight. It's all just hot air and scare tactics.
They bank on Kristi Rojas’ story like it’s the only thing that matters, totally ignoring broader data and context. Relying on one sob story to carry the whole video? Pathetic.
Buildings need maintenance‼️‼️‼️
HOA will always put the bill on tenants.....personally the government can do something about it but the getting a piece of the pie 🥧
the last one to sell going to get even less. if you are condo owner that old sell now and get out while price still good.
They are unmarketable now that the public knows the deal. The jig is up.
Condos in Florida suck. It's just a lot easier to buy a house. Just somehow get a few million dollars to drop in to your bank.
What happens when you build a structure on Wet Land ??? 😂 Common sense ain’t to common no more
Wet land + climate change. An expensive combo.
Go after the people who running the HOA. If you own a condo you have the right who runs the association. And black rock is the other problem forcing people out to buy their property at a low price
Well, they lived cheap for 30 years, not setting aside a dime for maintenance. Eventually there is a bill to be paid.
Understood, but not at the amount that these buildings are asking for to pay for reparations.... Do you think an elderly person struggling to make ends meet can just write a check for $100,000 or leave the home they've had for years #!??
@@patriciarichards7273 People are waking up to the realities. In my previous HOA we started setting aside for new roof etc. before the builders has even left the site, having a solid emergency fund when I sold after 15 years.
My current HOA has not set aside a dime after 4 years, sometimes struggling to pay the gardener and management company.
Sure, we enjoy the $100 HOA fee today, but you really have to time your exit before something major comes up. It's a high risk game.
Wait Until 2025 when the Condo HOA's are Mandated to Fix and Repair issues that have been ignored for 10-20 years. Most people will not be able to Afford it.
No, they’re required to do it once they hit their 30 or 40 year anniversary. The problem is a lot of them are hitting that anniversary now.
@@neilkurzman4907 Yep
Ban HOA already dammit 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸
That wouldn't help because whichever entity is caring for the property, they still have to abide by state law.
HOA or not you still need to maintain & repair your property. Meanwhile the insurance for single family houses are through the roof
@@cosmicviewer477 yes it would help. People won’t be paying thousand a month for basic lawn maintenance