Property Taxes, Insurance, HOA Fees All SKYROCKETING!
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- Опубликовано: 6 сен 2024
- Many people who bought real estate over the past couple years are getting the rude awakening of now skyrocketing mortgage payments due to increased property taxes, increased home owners insurance, increased HOA fees. You name it, its going up!
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Real Estate Is Officially UPSIDE DOWN! Investors Calling It Quits ruclips.net/video/D2JuC7gONhM/видео.html
But Micheal ! why should YOU and the people be charged all these fees on a home YOUpaid for.?
you know true ownership doesn't exist in America. All you are doing when you buy a home is that you have the right to lease the your home the government until you end the contract or until they rise the leasing fee to a point you can't afford it!
You might not believe this, but people who are escaping turmoil that only happens in democrat cities, are causing the prices to go up in my community. This is insane. On December 29 of 2022, someone bought a place here for $325K and just listened it at $410K. A friend of mine just listed hers at $385K and sold it within minutes. These are condos that a year ago were priced around $450K and in August through February were selling in lower $300K.
What on earth is going on? Haha
@@TimeToBeKind it's the 90s condo market all over again. Once people realize that in condo you don't own anything expect the HOA fees the market will collapse!
Happy Easter, my brothers.
Just remember, it all started by convincing kids that rabbits 🐇 lay eggs, and now we’re wondering how can people believe men can get pregnant.
I always tell my real estate agent when I buy a home, "I want a home without an HOA"!
WTF is a HOA?
No HOA.
ONE word UNSUSTAINABLE just a matter of time before this all collapses like the house of cards that it is
Interesting to see how this all ends
@@jasonsmith530 same way it always does. The rich will get richer and the poor will get poorer
I'm excited, I been waiting for real life to come back.
Ya put yer money in when we tell ya. Ya take it out when we tell ya.
It's already happening.
This is insane.. The whole financial system is in a death spiral and the people are supposed to pick up the tab.
@Steve Morlock He did it. He figured out the whole world economy.
Just go look up the WEF. People have very little to do with it.
Who else would end up with the bill? The Govt? The Govt IS THE People. If you don't pay for it in suffering you'll pay for it in cash. Either way the U.S. Govt does not care. Govt exists to serve Govt. If Govt is trying to help you , its because it's trying to expand it's influence and power and using you to that end. That's it. It's that simple.
And they currently are...with a smile. These people are insane.
And the sad thing is, the consumers that are blatantly contributing to the issues in the market, are going to want you to feel bad for them when the bottom falls out of this thing. I'm not going to feel bad one bit. Play stupid games (gambling in the housing market) win stupid prizes (foreclosure, short sale, bankruptcy, etc).
For a 5 unit residential property insurance premium went from 8k to 17k with this new renewal. Ins companies are looking for ways to save their arses. They have expenses other than policy payouts. Some have to shore up their balances so when 1M+ people start cashing their annuities in it won't be another 08.
Thank you for always being so honest about the real estate market with us. We always hear about people from other states flocking to FL but no one wants to talk about increasing HOA’s and homeowners insurance
You're welcome people need to know this stuff !
That is also true for cars in most states which is really a wealth tax. Unconstitutional.
@@paula4910 capitalism its geared those who have the means pushing aside those that don't. in years past if the original owner didn't sell into frenzy their families or designated heir's would still have control of the cost i know it fun to blame the government for such things but its really me you and everyone chasing the mighty dollar.
@@santiagovasquez1404 👍👍
Especially if they come from Blue states, stay home in your state and enjoy the policies you voted for. Do not come to Florida bringing that liberal mess with you.
People moving down to Florida will slow down when they find out how much prices have increased.
Yup, I am one of them. As soon as I priced out some houses there, I was in/out of Florida really quick. Spent a week there and decided it wasn't for me. Even as a upper middle class status person, Florida is too expensive for me at this point
@Censored Everyday yup, I thought I would buy down there in a few years but doubt it now. Those prices are crazy😬
The same home I bought in December 2019 is over twice the price now.
@Clague B crazy. Something's got to give.🤷♂️
Hopefully soon..Florida is infested now
Nobody can realistically absorb 25% increases
Thats why I made this video as a big warning for anyone looking at purchasing right now
Sure they can,just print it..lol jk
Ah yes I remember back in the good ole days of 2020 all Michaels videos included how affordable everything was
Michael can
That's the plan
Michael My mortgage was going up $300.00 a month, and I took down my insurance to minimum coverage, so my mortgage is going up $100.00 a month. Being elderly on a fixed income, this really hurts. If I could pay off my mortgage, I would not have homeowners insurance, since you can never put in a claim. If you do the insurance company will drop you like a hot potato. I put on a new roof, impact windows and doors, and put a $50,000 lean on my property that goes away in 15 years. Since the insurance increases may make it impossible to stay in my home, I will get $50,000 less when I sell it. Insurance companies are robbing Floridians blind, and no one is help us.
Have Someone LOOK at all ur Bills. I cut $300 per month off of my Bills then GOV pay went up $200 a month so $500 a month CASH after Taxes so $800 before.🤑🤑🤑
I'm feeling really good about selling my Condo in Florida. I would be freaking out if my HOA doubled.
Condos that don't have fully funded reserves will have big special assessments to meet the new Florida laws by 12/24.
Hey, hey; NO NO! Both you stay. Y'all need to stay, and invite 5 people from California to move in.
This is why I will never buy another HoA property again
Get the hell out of there. This will not end well.
Going from $80 to $150 a month to pay for building inspections so the termite house does not fall in is such a huge cost to the average Floridian.
I'm near Orlando and bought in 2007. Property taxes are the one thing that hasn't gotten out of control. You get homestead exemptions and the Save Our Homes act which limits property tax increases to 3% per year. I'm still paying just over $1200/year. Much more managed than the property insurance which has tripled in the last 5 years.
Why the property tax went up so much? I am paying $800 a year which I think it is expensive. I Pau double what you pay for property tax. I am in L.A.
@@danpan001 Property taxes have gone up only for those purchasing homes because the value is reassessed then. Since prices have doubled since around 2016, the property taxes have gone up proportionately. I only pay $1200 a year which is cheap.
Not to mention repairs, labor, upgrading and maintaining HVAC equipment, water & sewer and cost of cost of all materials like nails!
Exactly!! Not to mention...
@@stevearcher6100 I do a lot of "fixing" myself since often parceling it out to a stranger...
Lived in Land O Lakes (Pasco County), for ten years. Finally bailed out when the HOA fees, insurance and other fees exceeded the true value of the property. Add to that the heat, humidity, critters, storms I realized this was no way to live the “retirement” years😂
177k annual property taxes. You would have to rent that out for 15K a month just to cover that.
More than that because of the money you need to escrow to cover insurance and emergency expenses should they occur. Oh yeah profit money. LOL
@@l.ls.8890 the 15k is just for taxes
How much money laundering is going on in Florida?
They can rent it for this. It’s Florida. When do the supplemental assessments kick in for these folks? When there is no sinking fund reserve left.
@@ipenguin3918 a lot
Yeah this is crazy, I was just hit with a $85k Assessment for 10 years plus HOA increase and they will probably ask for more for reserves.
Thank you for making people aware of all these things!
Property taxes and Insurance here in Florida is insane and has doubled and tripled in many cases over the past three years. I am not sure all the new residents are helping or hurting those of us who grow up here.
To be fair Michael destroyed your area as did mine. Prices have tripled here in Panama City since then.
Welcome to Texas ditches. Well, minus Michael. We see them California plates we just keep waving them East to the Atlantic.
Wow, that’s a lot of financial hurt. Bummer.
@Steve Morlock
Obviously you're not. The only place they want to move to is Austin, but now it's just as expensive as the place they left. Now they move to Florida.
*Look at us 🤪 talking about them like they aren't human*
Any who!
To those -California's- FLORIDA IS A GREAT PLACE TO LIVE. 👌 COASTLINE, FAIR CLIMATE, CHEAP, FRIENDLY PEOPLE. 🙌
Welcome to the new Cali-hole and York..My 57year born and raised Florida is toast now! Sad to see Florida going to hell..
I have to add that those kinds of prices make that a very uncivilized place to live.
The 2 certainties used to be taxes and death , now 1 certainty , taxed to death !
No kidding!
@@MichaelBordenaro the best of luck to both of you , at least you have plan B and C ! Maybe time to think about D and E ? 🤔🤷♂️
You keep paying Ceasar even though he has been Dead for 2000 years 😆🔥💵🏛🔥
Wow Michael, that was super transparent on your situation.
I'd sell it and RUN while there's still a chance to make a profit. I wouldn't care how much I'd dread the move. There are always dogs that need to be walked in any location.
The dollar is going to tank with BRICS not using the US dollar very soon, not to overlook the inevitable recession.
Michael lives on the beach! Ocean front view. In Miami! Nothing compares. If he can afford it, money well spent.
You worry about Michael. He will make youtube video and live on beach why would he move
This all sounds like the Life of the Rich, and Famous - Going Bankrupt Version.
EASY to give advice all day, HARD AS HELL to take your OWN ADVICE
@@InMyBrz No matter how you slice it having a Dog Walking partner isn't a real sense of financial security.
I payed $777 a month, House payment /Insurance/ Taxs and live in N.C., you people are crazy living the high life!
Go there on Vacation like I do very complex to understand.🤗🤗🤗
My example shows that you can see a rise in property taxes without purchasing a house. My cousin bought our house in 1983, when the price was hundreds of thousands of dollars less. He paid the property taxes based on that amount. He gifted the house to me and my mother in January 2022. Over a year later, the county reassessed the value of our property and sent us supplementary assessment taxes based on that new value. I wish I had known about this channel earlier for I would have understood better what it means to be a homeowner. Thank you for the education, Michael, for I understand better why our property taxes did increase.
I have no idea how younger people will ever be able to afford a home in this country ever again. Add to that what is happening in the car market. Soon no one will be able to afford a car or housing....Is this a third world country now....?
@neal cassady nope. Not even close.
@neal cassady Big drops from ridiculous is not unusual. When/if you see 20/30% that would be BIG.
@@makdaddy8399being underwater isn’t just about the value of your home when property taxes and insurance is so expensive you’re losing money
Yup that would be it for me. I’d be selling. Goodbye Miami. It was nice while it lasted.
Me too I bet no commission for don..RIP Miami till next year 🤑🤑
That would be the case if it wasn't for the situation I explained.
Many will have to sell at a loss
Glad you did this video! I bought my 1st house at 17 & flipped it before flipping was a word in real estate. I’m now 72 & so many young ppl look at me like I have 2 heads when I try to explain all this to them.This is one of the many things new homeowners don’t look at. I am likely old enough to be your grandma. If I was I would be very proud of your common sense attitude towards money & real estate. Keep making great videos. I have been in my house 20 yrs but my new neighbors will be paying 4 times more than I am for their property taxes. Not to mention all the other expenses you often mention in your videos. Keep up the great work. You are an asset to those looking to buy a home.
The idea that you even have to pay taxes on what you supposedly own in the first place is ridiculous
If you rent the property tax is included in your rent, you just don't see it.
You rent you home from the government. If you don’t believe that try not paying your property taxes.
In my opinion, I consider it 'control of the property/land' not 'ownership of the property/land'. Hence the fact property taxes are paid to the actual owners, the government.
Like stoplights, paved roads, water lines, telephone poles, I mean the list is endless. Heck I don't even have any kids and gladly pay property taxes for schools. Property taxes go to LOCAL government.
Super scam, then they keep raising it, sometimes kicking people out who inherited a house but cant afford the taxes, shameful. Howndid it get this way and how do we get away from it
Depending where you live , some counties offer discounts to seniors on their property taxes. But you have to ask. They do not tell you.
I can't imagine haviing a mortgage payment that high. You are 100% right, many are going to get their pants pulled down.
Front Range area of Colorado. Our home insurance premiums jumped by $1000 in two years. It's an increase of 69%. It's infuriating.
Glad I unloaded my property in Denver at nearly 4x the profit. The home was in a bad area built on poor soil. Rising Crime, etc etc. I sold it at the top of the market and laughed all the way to the bank. Now the interest generated from that capital invested pays all my bills each month in a cheaper state.
Why so much? You guys aren't in a storm area?
Dang you guys too? Theft
@@swingman50 Fires. Marshall Fire in Boulder burned down about 500 expensive homes. And, there have already been two minor fires on the foothills in the past couple of weeks, or so. Although we've had good snow, the wind dries it out and high winds flame the fire.
@@user-oe7uf3vh4g same. I lived in Colorado 2005-2013. It's changed so much. Lots of drug issues now. Crime in Denver. Legalization of Marijuana didn't help. Very liberal now. And yes, californicated
This is one of your most interesting videos. You covered the topic from the personal to the statistical and really showed the state of the market, as you do with all your videos, each covering a different aspect.
I liked Coconut Grove. That's a stable upscale community. The problems with increasing cost of home ownership are State wide. Pondering a fantasy. You're making sacrifices. Stay where you're happy.
Coconut grove floods often though. That's the problem
Maimi floods too.
Yes. Stay where you are happy. Wait it out.
Congratulations on your purchase. Your home is not an investment- it doesn’t pay you anything but know you can make improvements that you would not have done had you been renting. Enjoy your home !
We love it very much!☺️ Thank you for watching!🙏
It’s an investment if you’re payment is lower then what a landlord would charge allowing you to invest what your saving.
All the essential needs. This is crushing the elderly
justl ike the 1970s history repeats itself.
Lol serves them right for voting to limit housing stock
Can you image what this is doing the folks born much later in the 20th and 21st century?
They made their bed.
Good. They're fucking greedy
The increase in homeowners insurance seems especially problematic, not just for the homeowners themselves, but also for the overall economy as the increase show no sign of abating. And due the principle of exponential growth, if homeowners insurance continues to increase at the rate it has been for the last few years, no one but the extremely wealthy will be able to afford it. And it's not just in Florida where the increases have happened. I own a home in Minnesota and in 2020 my homeowners insurance bill, with a 5k deductible, was just over $1000 for the year. I just received my 2023 insurance bill and it is just under $2000 for a year; it's been going up consistently about 25% since 2020. I did some calculations and figured that if it continues to go up 25% a year, my homeowners insurance will be around $30,000 in 12 years, 2035. Incomes are not going up nearly fast enough to cover those kinds of increases. While I inherited my house fully paid off, so, if worst comes to worst and there comes a point where I can no longer afford homeowners insurance, I have the option of just not buying it, but those with a mortgage generally don't have that option. So what will those that do have a mortgage but can't afford to pay their homeowners insurance be able to do? We have such a financialized economy, and given that finance, insurance and real estate are so closely tied together, I wonder if a mass inability to afford homeowners insurance could cause a collapse of the overall US economy.
@@stevearcher6100 , Good points. I suspect the only reason that health insurance inflation hasn't completely crashed the economy in the US is there are some publicly funded fallback health coverages for society. For low income folks under 65 there is either state medical assistance or subsidies. After a person turns 65, there's Medicare to the rescue. And for property taxes here in Minnesota, lower income people get a significant portion of their property taxes returned in the form of a refund. But with homeowners insurance, there is no recourse regardless of age or income level.
I'm not sure of a solution, but I suspect we may need a combination of: insurance litigation reform, a greater number of a la cart options for insurance consumers such as, for example, being able to opt out of hail damage coverage, along with state and federal public subsidies.
It's worth noting that a large part of the insurance cost increases are due to so many insurance companies being reinsurance companies. Locally we had tons of property insurance increases after the COVID death spikes. Now with death rates running ~40% higher than pre-COVID in a lot of areas, the amount of life insurance payouts continue unabated, and insurance companies need to collect revenue from somewhere. They will figure out how to justify huge increases, until they no longer need the funds.
The diference is as a renter you can up and go as an owner you are stuck wth all those bills
Our property taxes here on Long Island are 23k a year for a 3200 sqft home.
Wow!
@@krisb7465 same size house for me $1800/year. Buy you probably wouldn’t want to live where I do
Same here, nassau county, south shore Babylon Line (if u know, u know 😉) tried the Florida public school education my son refused to read in 3rd grade (2014). I high tailed in back to NY.
@@MB-oj7ds luckily we have family down south so we get our fix of nice weather in the winter.
@@krisb7465 yea it’s ridiculous what we pay here.
One of your best videos, was going to move to Florida from New Jersey. Now I will be rethinking the move.
Pick your poison, I lived in FL and now live in Edgewater NJ .
Watch Texas as well. The average property tax payment is over 10,000. So the no state taxes may be completely eating up by that number. In 2021 when I was looking to jump from AZ to TX. I was paying 1500 in property taxes for a 3 year old 1660 sq ft home on 1.25 acres in North Phoenix. The same size home in Texas in a small residential lot that was new cheaper than what I was selling mine for was 8700. I looked up what I paid in AZ income tax for the year @ 2700. Oh boy I would have lost big time on that move.
@@llew-AZ That’s what I’ve noticed, where Arizona has pretty cheap property taxes overall compared to the rest of U.S. states.
@@llew-AZ that whole “no tax” on this or that is really BS. They get you in other ways.
Go to Delaware
I just paid my truck off yesterday. I plan to still keep putting the 500$ a month into index stocks through my Webul acct or open a IRA that I can invest in an index fund. Not sure which is the better way to go.
My house is WAY WAY cheaper than that Condos suck, you don’t own your own walls, celling, or floors. Nor do you have any power over cost ( home owners do suffer same problem) but not as bad. Sorry about the increase in the cost of living. But in the bright side you are in Florida. And Florida is awesome
I've decided not to buy in Florida because of the insurance issue. I'm not paying for rich people's waterfront homes. Not gonna be my problem. Florida living just isn't worth it anymore. I'm looking at West Virginia, near Pennsylvania or Arkansas. I'll wait 2 years to get the best value.
There is a house Im interested in in Alabama. It has been for sale for about a year with no takers. Asking price was 640k. Got a new realtor and raised the price to 657. I contacted the realtor and offered 575k cash. She got rude with me and said the market is doing great and that she sold 40 million a year two years in a row etc. All lies of course. My realtor in that area said the market is DEAD!
Getting older has some benefits where we live. When I turned 65 our annual property taxes went from $3400 to $560 on a $250K townhouse style condo. And, free permanent vehicle tags for one vehicle and the travel trailer…..and free/permanent hunting/fishing license.
May I ask what City or County and State this is in? So important for retirees to know where they can affordably retire. I chose Reno, NV.
@@krisb7465 Anchorage, Alaska. Summers are good. But, in the winter just a plane ride away from ☀️.
Oh jeez, no comparison. I am glad for you.
I’ve been watching your videos for a while. Miami was my life for years. This is your best video. You preached the south Florida reality of true costs. It’s all about taxes and insurance.
I lived on the Galt Ocean on FT Lauderdale Beach. 2/2 28th floor penthouse for $1,000 mnth. My friend purchased a highrise condo in Adventure when it was new. He couldn't give the place away. Had to rent for less than his monthly mortgage. DON'T THINK CAN'T HAPPEN AGAIN FOLKS...😮
People in Flotida do not have the income to cover the cost of housing
I pay $1200 a month for the mortgage of my house with a 1.99% rate, and i think it's more than enough, it's valued at around $800,000, i live in Montreal.
I Hate the Rich !!!!!! Good for for U work Hard..ALOHA😁😁😁😁
Good for you. If I were you I would never sell or move from there.
Keep that forever!
@@chiragmehta8212 I won't don't worry 😁.
Here in NJ my property taxes and insurance is more than my mortgage.
I would never buy a condo or home especially on Miami Beach. Better to have a home in Miami on higher ground. Miami beach has not been hit directly by a hurricane yet but when it does I feel sorry for them. Glad my father was a meteorologist for the National Hurricane center there and made sure our home was built in a non flood zone , high area with Bahama shutters. It took Andrew with a direct hit and survived. He always told me and still does that Miami Beach is a disaster waiting to happen. Properties there will experience massive flooding with the right storm surge. If you move to Miami my advice is to live more inland. You can always just drive to South Beach.
@Brain Freeze - Excellent message, but Michael his women and many other folks that live on Miami beach and east-coastal-ways didn't get the memo... I hope they all survive the inevitable scenario that will probably happen, hopefully they'll move before disaster strikes...
What are you talking about Miami Beach hasn’t been hit by a hurricane yet? In 1926 the place was destroyed by one as was Fort Lauderdale and many areas further inland. Coming up on 2026 and we are well overdue to be hit again. History repeats itself every hundred years or less.
@@diedonner299 Oops I should have said my lifetime😂.You history guys will correct me though.
@@BraineFreeze305 the scary thing about history is, because it hasn’t happened yet in your lifetime means it’s well overdue to come around again, given the 80 or so year average lifespan of people.
Condos and mobile homes in trailer parks - you have no control over the HOA, lot rent fees - owning a house on a piece of land is better way to go
The influx of people during Covid and increases in taxes/insurance had put us out of the market. We will rent for a few weeks here and there and stay in the Midwest most of the time
If you're on the water HOA fees on properties close to the beach or the intracoastal go around a dollar per sqf
If your condo is about 1500 sqf then you're fine
Hi Michael, thank you for your videos. Our homeowner's was $1533 last year, went up to $1883, an increase of $350. We bought it last year; haven't heard anything on taxes yet.
You're welcome, Brad! The tax bill will surely be next
20 year real estate developer. Commercial broker. Owner of several SFH rentals with no mortgage. Have 2 SFH development projects - land owned free and clear, finished designs, permits pulled, but put projects on hold. There is something very, very wrong with the RE market in the US right now in all sectors. Very few things make sense especially with interest rates. My insurance company has me re-roofing one of my houses - I bid out a new roof and the price is 3X what i paid for a new roof just 4 years ago. If you are a property owner you need a stack of cash to ride out the next two years and maybe pick up some distressed assets in 2024 but Michael is pointing out the TOTAL COST OF OWNERSHIP means you will need to buy at discount. Good luck all, we are going to need it.
One of the nice things about California is that property tax assessment increases are capped at 2% or inflation (whichever is lower) after you buy.
I bought 5 years ago and my property taxes haven't noticeably changed from the first payment even though my house is worth almost double.
you do realize that your property taxes double after 35 years @ 2 % increase ever year...
It's almost the same in FL, where property taxes cannot go up more than a max. of 3% per year on homesteaded property. And FL also has Save Our Homes Amendment, which is even partially portable to the next home, if you sell and move.
@@joeswanson733 They don't automatically increase at 2%. They only go up if the value goes up, but a maximum of 2% per year. When inflation is low they go up even slower. This is in place to allow fixed-income people retire in their homes and stay without their property taxes going up much. This is much better than some states which reassess every few years and can increase the value a ton.
Note: property values typically increase by much more than doubling in 35 years.
@@commonsense6967 That's good. I'm in favor of a limit on the increase so people don't get these crazy increases in property taxes.
Its the same here in FL, but is capped at the NEW price based on your purchase price, not what the previous owner was paying
Welcome to Florida! We do a lot of "freedom happy talk," while sticking it to anyone who doesn't have a trust fund.
This is the across-the-board attitude of Governor DeSantis & Legislature. A lot of "Heads I win, Tails you Lose!"
But we're really good at pushing the low tax, lot of sunshine brand. Just never let you know that our "fees" continue to skyrocket on a yearly basis, while our services crater!😳🤔
Omg those figures are crazy! If that is happening to everyone then housing could begin to crash. Not many people could afford $5000/mo for rent or mortgage.
More people are piling into homes
If you truly feel Miami is right for you and cost of living is doable; live and be happy, but don't rule out St. Augustine, beautiful location and much more affordable.
This is simply not sustainable. Happy Easter everybody!
i still dont understand why florida homes are not built in concrete. That would drop insurance prices like a rock
nope move farther away.. He admitted he could have lowered his expenses but he justified it with EMOTIONS. Wait until the value starts going down. Momma makes more money lol. Love your channel bro...all the best
One can attempt to rationalize these insanely high expenses until the cows come home. The negative exposure and downside risks are enormous. A high rise condo on the shifting sands of hurricane prone and massively overcrowded Miami Beach? And after the Surfside condo collapse with all the uncertainty and added expense that that will bring? Just wait until economic reality hits in the next 9 months. People are going to change overnight to "How the hell did we ever think these outlandish living expenses were doable."
Just went with a single family home in south Florida no hoa. 1100 to 1600 to 2200 is insanity. Basically your monthly hoa is your old rent, basically money down the drain. Hopefully the dog walking business makes up for it.
First, i appreciate you sharing your personal situation. Second, paying $5000 for a condo is crazyyyyyyyy! Plus the 40% plus rise is crazyyyy! This si why Miami is no longer for regular people.
5k a month total housing cost for a 3/3 on Miami beach is actually a good deal. Certain locations will always fetch that kind of premium. Manhattan, Miami Beach, L.A. Etc.
@Steve Morlock Totally agree with u buddy lol I just meant thats the price there and there always people who pay a premium to live in those places for whatever reason.
Also I love your honesty regarding your personal real estate situation.
You ROCK❗️💥❗️💥❗️
Thanks Carlos!
That's ridiculous why did you buy that money sucking property...I hear a loud sucking sound coming from miami...it's all your money going down the drain...walk away from that thing....
my guess he was younger and wasn't as smart as he is today.
I explained in the video why we bought it, theres really nothing more to say than that.
@@MichaelBordenaro well my theory holds true the 2022 you wasn't as smart as the 2023 you. and also you were in a jam. so that is not good for anyone.
Michael 50% of American men your age are being supported by their parents and that number will continue going higher. So many young men have given up," you pick a reason as to why" You are a blessed person, 💥💥stay YOUR COARSE💥💥, and GOOD LUCK.
This all makes me glad to be older. Here in Maine my property taxes are fixed because I am over 65. Unless the state changes the law they won't change unless they go down. Also I am glad to be here since my insurance has actually gone down in each of the last two years. Yeah, we don't have the tropical weather, but I am fine with that since I hate hot (>80F) weather. Also we don't have an HOA, so no fee for that.
We have a Summer place we’ll call home year round in Maine. Fortunately the little Town is managed pretty well. It’s not a “booming” area that has slow growth which is easier for the Town to absorb. Will try to spend some time in Florida during the winter 🥶… Best wishes.
Snow.
@@marknewton6984 none on the ground today, March 2. Plus it is a comfy 42 F.
42 F sounds cold to me. 77 F here.
@@marknewton6984 77F is life threatening heat to me.
Paying off my mortgage quickly is my best option. Then, I will feel better prepared for the expenses to come.
Nothing compared to Illinois property taxes.. I would pay Florida’s tax rate any day!
There are three types of people. Those that make things happen, those that watch things happen, and those that ask, what happened! Having traveled and lived in other countries my entire life. I find living and owning properties in other countries more rewarding, and more financially advantages! It is also amazing, expats that are millionaires, happy living in bamboo huts and very modest locally built homes.
Love that quote! 👍👏
Florida used to be a great place to pass your Winter escaping the brutal Northern Winters and you could do it at a reasonable affordable price. Well those days are gone ... the popularity as a vacation/Winter destination has caused prices to rise dramatically. The recent effects of hurricanes and deteriorating infrastructures/condo buildings has caused taxes/insurance rates/condo fees to rise dramatically as well. Also beach front condos have issues - the expensive maintenance was deferred and a building collapsed so the State government passed a law that essentially forces condo owners to properly fund a maintenance contingency fund. We're talking about tens of thousands of dollars in additional fees that some cannot afford. RV parks have doubled in cost over the last 7 years. Bottom line: Florida has become very expensive.
Everything there in Fl is insane. Glad I am in New England. And guess what, we have sun 7 months out of the year too. And the ocean nearby.
New England weather builds character
@Steve Morlock You are so funny you should be on a stage. There is one leaving soon and I'll buy you the ticket.
And snow...😮
What I said earlier! All these big increases!!! This is the price YOU pay to live in SOUTH FLA.
I moved to Jacksonville FL 9 years ago. Back then rents and home prices were very reasonable. But even in affordable Jax, rents have skyrocketed along with ridiculous low quality housing placed in a good zip code.
I agree, moving is for the birds. The water and homes are beautiful.
Living on the water as you and your wife do is great. I wouldn't move either if I was in the same position as you. If and when you decide to sell, you will still make a hefty profit. I was going to buy inland by Ocala and decided to hold off because of the prices. 2024-25 is a better wait and see for prices and Ins. Great video.
Yeah, that's why we're still here because the positive still outweigh the negatives and if we were struggling to pay, then we would definitely be out of here. Trying to enjoy the beach as much as we can since that's the main feature here.
The word of the day. “Unsustainable” it just feels like America has all ten fingers in the dike! In the infamous words of Capt Kirk, “Scottie, what’s left!!!?” We’re not going to survive at these costs! On the bright side, love the channel and content.
i never understand this property tax....just like vat. u got ur home from ur already taxed money. its a double taxing. and punish sucessfull people.
in europe only companies have to pay property tax. there were attempts on the part of the liberal collaborative (american "left" sider collaborators) governments, cc 15years ago but they were struck by people's anger. same non really christian people tired to make paid healthcare too...
what u experience is like how to cook a frog. put in a cold water and feel comfortable.. aaandd just start rise the temperature until boil. and the forg will not recognise it just when too late.
This is not a sustainable situation going forward given our ongoing economic problems. This is much worse than 2008.
My wife and I bought in 2017 with a total mortgage of $1325 and a rate of 4.3%. Rent was $1100-1400. Today total mortgage is $1460 and rent would be $2200-2400. Properties valvues have almost doubled in that time. Even in a downturn of 50% we would still be okay through the crash that's coming. We have been setting aside cash out of the markets, I have my resume ready if I need it, we have 2 months worth of cash for an emergency, and 4 months of food in the pantry. Some metals in reserve. All of our 3 vehicles are now paid off. 😅 Prepare as best you can, folks. It's better to be ready, than hope it'll work out.
Oh my goodness Michael with our property taxes increases after our california home purchase in 2020, our mortgage went from 2360 to 3200.
But your mortgage is going to higher than mine and your in Florida....crazy.
All the inc was due to inc in taxes? I thought taxes in cali are capped
@chiragmehta8212 Yeah, we didn't have the homestead exemption at the time.
But my uncle in San Diego who had a homestead exemption also had his property taxes go up.
So no idea how it happened lol.
@chiragmehta8212 apparently they reassessed the value of our home.
So our taxes went up, not too how that works.
@@timothyhobbs5256 wow. Ty for answering. I guess america has turned into third world hell scape which I left when I was young. :(
Yep!! Its happening to many of us!
WOW Michael. $5,000 a month for housing is crazy. I thought I had it bad paying $533 a month for taxes and insurance in NY State. So glad I paid off my 30 year mortgage in just 7 years, so instead of paying PITI, I only pay TI. It's a house so no HOA, or special assessments. Sounds like Florida has turned into a financial nightmare. You better move to Spencerport, so we can be neighbors.
Good thing you don’t have the mortgage because NY has all the Taxes. All the best…
I can't imagine having increases like that on my mortgage payment. Yikes.
I live in San Francisco and my current condo mortgage and HOA combined is less than $2,500/month. I lived in Sarasota, FLA from 1973- 1989 and didn't think at the time the low wage to house prices made sense, hence the move in 1989 for better wages. Always thought I would move back when I retired remembering the beautiful beaches (true) and the crystal clear water (somewhat true, but not loving the green algae when it rains), but now having second thoughts. Traffic? Three hours to get from SR72 to Tampa airport on I75 during commute time during February in season? I travel to FLA at least twice a year to see my 90+ old mother and in-laws in Wellington every year, so I do get to see changes in FLA in somewhat real time. No place is perfect including SF, but Sarasota does not hold the vaunted position it used to in my mind.
Yup Florida is Toast now..Born and raised in Lakeland 1965
The most basic necessity is adequate shelter.
When government policies... through financial mismanagement, indifference or intent , make it all but impossible for working citizens to own their home ... it is time for dramatic..even if necessary, forceful action.
Demand... not request..DEMAND.. Allodial Title to all single family residential property.
Allodial Title simply states that you own your home free of any debt ,obligation or fealty to any claimed higher authority.
This does not mean that you don't have to pay your mortgage or that a lien cannot be placed against your home for a legal, legitimate debt. These are private transactions voluntarily entered into by you.
It does however mean that the government and its agencies cannot take your home because you are unable to afford the unjust, ever increasing tax burden placed upon most citizens.
I am always amazed that so few people are willing to stand together to defend their homes. All of the other so-called "rights "and freedoms mean little..if anything.. if the lawful Constitutional Citizens won't stand in strong defiance against this form of government tyranny.
If 25% of the American people would just say NO!! we will not allow you take away the homes we have worked for.. the result would be dramatic. Peaceful, non-violent resistance to an unjust..indeed evil policy. If the hired help.. the government.. chooses to use force.... well... let them take the first step.
Michael,
Thanks for being a straight-shooter. I also appreciate the time you put into making high-quality audio and video content.
Thk u for supporting your wife!
I live in my Toyota Prius in the Miami Beach area so I don’t have to deal with any of this
For a picturesque 20 acres with a large pond and a 2500sf modest house in rural Texas I bought two years ago I’m paying a little over $3000 a month for mortgage and property taxes. No HOA, no close neighbors, no crime, no traffic.
$1,600 a month for HOA fee? WOW!!
They better go find a extra part-time job at gator burger.
I didn't buy anything I couldn't move with my Jeep Liberty for years in the San Diego area. I would buy a cheap glass desk and other furniture that I would just through away. But moving is a hassle.
And most of the time what I see people moving is pure junk. An old stained mattress, etc...
Hi Mike! I'm a "native" of Miami, now living in a condo in West Broward.. Our condo has been hit with increases too: 1) Insurance company would only insure our building if we were under contract to put on a new roof (even with a partial amount in escrow, each unit was assessed $3,055.50); 2. Our Florida Legislature recently passed a new law requiring all condos to have a "fully funded" for line items covering major areas (roof, building integrity, etc.) by next year, so while our building has partial reserves, we expect another special assessment for that as well. 3) Our building is geting ready for our 30 year inspection...we have done a pre-inspection and completed known repairs, but if there are any newly found needed repairs BOOM: Another assessment!
LUCKY YOU !
@@InMyBrz it always takes a smart alec to contribute zero.
Keep us posted but isn't going to TEN years for a Look See ??
I'll Rather sale while I still can
Yeah they call that an investment. Ha ha.
The last 3 days I have seen a lot of moving vans and trucks in my neighborhood . People are moving because they cannot afford the high rent. Landlords will regret their greediness
Michael, thanks for giving us your real-life example of the cost of your condo. It really helps me to understand the situation in Miami and I guess it applies to many other areas in Florida. Thank you.
Best video I have seen from you. I was a real estate appraiser since 1977 and did not understand half of what you are talking about until 2007. You have the benefit of that crash to postulate on. I did not.
Property isn't getting more expensive, the dollar is losing purchasing power faster and faster.
Property tax, insurance, and HOA's is exactly why I haven't I haven't bought in south FL, despite wanting to do so since I spend so much time here.
$60K/year, plus utilities to live in a condo on the beach.
He's paying more than that!
Yep!!
$601 increase, wow! Plus $2K for a monthly maintenance fee 😳 and I thought my rent increase of 40% was alot
Both sound killer
Condos in that are became a money pit as soon as that building collapsed.
Don't you hate it when you have to maneuver around all those inconsiderate car owners that are parking on the sidewalk.
Absolutely, very inconsiderate
@Adventure West 😂 Run in some footwear that will tear their lawn up.
Their lawn is a great place to instruct your dog to do number 2. Conveniently forget the dog poo bags at home
Common courtesy is uncommon in Miami Beach. Aside from beach lovers who in the hell would want to live around people like that.
thats bananas - love the market data charts too. you da man thank you!
Thank you for being so honest. I really like your videos. Sell your condo if it is not too late and get out of that area. You'll be better off. Chances are your HOA, taxes, and insurance will only continue to go up.