Check out Part 1- 80 percent of Florida Condos could be worthless!- ruclips.net/video/ApQc-cubTjg/видео.html Also, If you are looking to buy or sell Real Estate on the Gulf Coast of Florida or Alabama email me at jack.motley@adoorrealestate.com. I am a Real Estate Agent.
"Steal the condos"? The COA, which is made up of the CONDO OWNERS, neglected the building for decades. When you buy a condo, you have a responsibility to see that the building is maintained. Are people just completely unaware of this when they buy?
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
Would you mind providing details on the advisor who helped you? saving for a pension through a corporate program since the age of 18. I hit greater tax along the road, so I increased my company pension with a SIPP (tax benefits). I'm now 50 and would love to expand my finances more aggressively; there are a few automobiles I still want to drive and a few mega-vacations that I still want to take.
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Melissa Terri Swayne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
I located her through google, sent her an email, and scheduled a call; hopefully, she will reply because I want to start the new year off financially strong.
in Poland we have a budlings 600 years old they are still good, look around on Italy, Spain.. etc... even NYC People updated them and still they are inhabited What is really the problem in Florida? They make them wrong from beginning
We in Florida have a lot of poorly skilled craftsman, sand for foundation, salt air and unethical developers. Bouts of extreme weather doesn't help either. It's not all bad though, I love the state despite its problems.
Condos near the water needed to be maintained like a stationary yacht. Continuous maintenance is required for all exterior surfaces to keep the salt water from penetrating and degrading the building. HOA fees should have been much higher from the start.
I'm in Tampa. I purchased my condo in 2020 for 100k. It was assessed in 2023 at 175k. It sells for slightly under 200k today. I'm blown away by that. It's 840 SF. Our 250 unit condo was built in 1990. Our building is three stories with some of them being two stories. We have a man-made retention pond so no natural water. It's a wood structure. Our HOA sued the builders a couple years back and won last year because the wood stairwells and wood breezeways were rotting at an unusually high rate due to the incorrect wood treatment. The wood stair handles and common area wood balcony railings were all replaced with outdoor heavy duty plastic that snaps easily in pieces for repair. Love it!! That was a 2 million project to repair which HOA did not have to pay for 🎉🎉. The builder's agreed to fix it and the HOA agreed not to pursue additional damage money. In 2023 we had a new roof put on and had an 1800.00 assessment. We have a rather competent HOA board. My HOA fee is $435. Goes up about $30 to $50 a month each year. There are condos around us with fees of only $200 and you know something is wrong at that rate. Stay away from super high rises and stay away from natural bodies of water. Don't go more than three floors is my recommendation. Still no guarantees but it is easier to deal with.
For your education: ALL HOA'S are audited by the state and federal government. Accountants are the "independent" inspectors. HOA"S are controlled by the condo owners! what don't you folks understand. HOA"S are elected by owners, are NOT paid, and are the hardest working people in the condo.. But owners have to approve all special assessments for repairs. in ALL these condo cases (which this you tuber will not mention), the special; assessments were voted down over the last 25 years. I have no pity for these cheap owners.
@@frankgiuliano380 Thank you. I live in a single family home. To get the mortgage the bank required an upfront inspection and the state requires full disclosure of the property by the seller. My homeowners insurance also has a set of requirements. That's why I can't understand the many HOA disasters I read about. I can't imagine a bank giving mortgages on neglected property, much less getting it insured. Maybe it's a "due diligence" thing all on the buyer?
There is nothing criminal here. The Condos are actually dangerous and require tens if not hundreds of thousands in deferred maintenance. Physics does not care about your feelings. They are at risk of collapse and the owners did not want to pay for upkeep for decades. And the study said 80% were functionally obsolete, not that they were worthless. As you said, the land alone has value. Why would the government bail out private owners? It is sad, but owning any house that is 30 years old requires maintenance, condos are no different.
technically perhaps there's nothing "criminal" but allowing foreign entities to take over local citizens domiciles for their own international interests sounds fascinating, right?
@@dj007twk no one, foreign or domestic, is “taking over” anyone’s home. The homeowners are selling out, willing. Because the home in question can not be economically fixed. It is not complicated, there is no deep conspiracy, there is no complex web of lies. The condos were not maintained, the sea air is unforgiving, and bad management always catches up to you. In most cases they are getting more than they paid, the fact they can’t go buy something new on the beach is not relevant. The only fascinating thing here is that everyone is shocked. A building collapsed, more are being condemned, how many buildings would have to fall and how many people would have to die before YOU would force associations to actually repair the buildings? One is enough for me.
@@richardadams6988 For what? Building a condo that lasted 30+ years, met all codes at the time and is now decrepit because of lack of maintenance? Not to mention these developers dont exist anymore for the most part. Why is it so hard for people to understand there is no "villain" here. Buildings get old, sea air is corrosive, the HOAs were cheap. This is physics and economics, not conspiracy.
(Problem) “Created by the Florida Senate”. Huh? No. The neglected maintenance was “created” by condo owners ignoring maintenance. And blaming that on the Condo boards is looking in the mirror. The Florida Senate simply held a mirror up to the condo owners. And the neglectful condo owners, not surprisingly, don’t like what they see.
I never thought of this it is so true. There are Roman roads still used today paved with the original stone. Who was that guy that led his troops into the woods looking for the barbarians who killed them a few at a time ending the Roman Empire? I love history and wonder how advanced we would be if not for their fall which began the Dark Ages.
BUT there were also a lot of 2-4 storey buildings poorly built then in Rome, and for a while they collapsed en masse. Interestingly enough you DON'T see those buildings nowadays anymore, they COLLAPSED already 2000 years AGO, and in ROME.
"Steal the condos"? The COA, which is made up of the CONDO OWNERS, neglected the building for decades. When you buy a condo, you have a responsibility to see that the building is maintained. Are people just completely unaware of this when they buy?
Ultimately, people view real estate as an appreciating asset, but buildings will become obsolete, worn out, and unsafe so the building should depreciate. The land should appreciate. In a high rise condo, there may be 500 units sharing 3 acres.
It was always the dream to retire at 65-70 and then buy a condo in paradise and live cheaply. Pardon me for being naive. Good luck to everyone involved in these matters. God's strength.
Im a Floridian that moved to Florence Italy. We currently live in a 15 century villa that we converted to a condominium. The property is in great condition, like really good condition. What the hell did they build the homes out of in Florida?!! This is ridiculous
I not just Florida was on condo board in Mississippi for or three years and the insurance complex was crushing. We went from 56K to 600K, plus the increase of the maintance cost is getting out of control and the HOA dues per month are barely covering cost.
@@MR..181 Get rid of HOA, yeah right. That's what happened at the Champlain Towers. They voted down special assessments voted out the HOA, then the bldg collapsed.
We are seeing, up here in the New England Markets, insurance Co.s that are associated with FL making the same requests of 2 story condos in MA and NH as 30+ year-old 4+ story condos in FL. Had this happen in Lexington, MA. This is bigger than just FL. Thank you for keeping the Info coming!!! Concrete + Salt Water = BAD NEWS! Same up here in the Boston, North Shore area.
85% of coop's and condo's in NYC would fail - using Florida's new standards. As an Architect in NY, CT, MA, PA, and FL. the worse housing stock is in NY.. some of these structures have had no repairs in over 30 years... There are Coop's in NYC with monthly HOA fees of over $10,000, all due to the massive structural repairs needed to just keep the building standing.. no amenities improvements, just structural. If NYC imposed the same standards as Florida, over 79% of the Coop's and condo's would have to be demolished.
The Florida Senate didn’t create the problem, they are just identifying the problems that have existed for years and incompetent people who were in charge of COA’s et al were thought to be experts and were in fact amateurs at best.
Underlying, fundamental problem is cheap construction. The greed of developers is a side issue. High-rise buildings built of steel reinforced concrete are doomed and thus disposable. This is not new information. People just ignored this and bought them anyway, and then did not maintain them, preferring to spend money on fancy lobbies. The answer is simple and eternal. Do not buy a condominium in a high-rise no matter how lovely the view. You will pay in the end.
While DeSATAN distracted Floridians with his asinine war on Woke he was selling out Floridians to developers. Keep voting for the GOP and there will be no end to this misery. Condo owners will stop paying mortgages and condo dues. No one will foreclose since no one will want to own condos. . Home improvements will stop completely on condos. DeSATAN, Scott and the GOP are doing nothing to help. FL economy facing total collapse. Thank you DeSatan, Scott and rest of GOP.
I own a condo in Myrtle beach SC, and our insurance is now 500,000 dollars, Twelve story , 110 unit complex and each unit has a special assessment. Our bldg is less than 20 years old but we did put on a new roof and we have an HOA but we also have an outside independent mgt. company that is responsible for scheduling maintenance. From what i can see they upgraded the common area sprinkler system and maintain balconies, etc. So far so good but our monthly fees are not cheap. Anyway I noticed that any new oceanfront development are not developers but hotel and resort chains like Hyatt, and Hilton and Marriott, etc. I think that will happen in Florida when these bldgs are sold out. A Hilton resort can make a lot more money at 500 dollars a night than a developer borrowing money and trying to sell individual units. This is a national crisis.
Grandpa : "Mary Elizabeth, you're my favorite granddaughter. I'm leaving you my condominium in my will. " Mary Elizabeth : "Oh, Grandpa. You shouldn't have... "
Much of the greed is owners not paying for proper maintenance for years thinking they could dump it on the person they sell it to and are now finding its come back on them and they werent so clever after all
Something similar is going on with marinas - our already rediculous $1000/mo+ slip fee is doubling next year, & for what? It's virtually a hole in the water with very little maintenance. Like condo, repairs are outrageous, but if you ask for receipts they just give you what part of bookkeeping it was charged to with no justification. NO ACCOUNTABILITY!!!
This is happening in Waterloo Ontario Canada to older condominium and apartment buildings. My buddy of mine is dealing with the same situation in his condo building and it doesn't look good
Almost 100 people were killed in the surfside condo collapse. And unfortunately, its not the only building in Florida with structural problems. What is your suggestion to mitigate the potential of losing lives knowing that this is a possible outcome?
This is essentially eminent domain. They going to force the owners to leave at a price these companies deem fair because they will have no value otherwise
Isn't this what Mr. DeSantis wants? Then his big Corp friends can come in, tear down, build new and charge exponentially more for the asking price, insurance costs, property taxes and HOA Fees. I have heard any Republican from the legislature or the Mr. DeSantis himself really address this ever growing catastrophic issue
I think that if the legislature had not done something we would see a lot more of these buildings just fall down. I was in some of them 20 years ago and they were in bad repair then.
Selling to developers maybe a way out for those condo associations who overwhelming approve doing so, but is an obvious setup for lawsuits for those associations with far less agreement
Units near the salt water are doomed, crack fixes or not, reorienting the entire building or not. If you are off by four feet dead center then you basically have a billion dollar Leaning Tower of Pizza fixer-upper. This is a fool's errand for the builders who now will risk everything in hopes that they can instantly find millions of buyers in a seller's market.
I wouldn’t be surprised if this was a plan by Ron DeSantis for his developer friends to buy out all these Condo properties just like he’s putting our public parks up for sale so they can put golf courses in
It is a simple problem. Condo board members are not property management professionals. They cannot be relied on to make decisions on property management. They must hire a competent professional property management company to manage the property.
We know how to design for long life but it costs much more. Initially financiers and original builders strive to build for the lowest cost techniques and materials that will last for the original mortgage length. In all these cases it is the permeability of cheap concrete and the steel rebar that corrodes that can be improved upon. Today for critical structures the GOVT with its deep pockets builds with fortified concrete that is air and water proof and with fiberglass and galvanized rebar that will not corrode because moisture and salt oozed into the concrete and rusted the reinforcement. Remember the old " AN OUNCE OF PREVENTION IS WORTH A POUND OF CURE " ..... If in the original design the more expensive build techniques and materials were required by code, we would not have the structural deterioration. Yes the original costs would be more but 30 years later we would not have to demolish the building. How can we convince developers to spend a lot more money up front to save the buildings from degrading years in the future when they are long gone? Only Govt required Code can accomplish that but not with the developers padding the wallets of politicians who approve of the cheapest build laws.
Managing insurance claims for 35 years and several managing construction claims in Florida I can tell you this is real. This is factual and not hyperbole. It is time to rebuild FL! The litigation is going to make obtaining financing for individuals difficult as stated. I live 9 miles from FL on 3 acres of land. That was a great move for me.
There are Roman concrete structures that have survived over 2000 years exposed to sea water. When compromised, it self seals. Zoning should require the use of this material.
One thing also, is when I bought a condo in Ohio recently, I asked my realtor if I could get an inspector of my own to check the structure of the whole building and they said typically condo buyers only get their unit inspected.
Years of neglect. People didn't want reserve funds and now elderly people largely on fixed incomes will never be able to afford the large assessments that will be required to bring this stuff into compliance. There's going to be a crash!
After watching this. Say the built news ones before I die. I am 54. I would never buy one. Here is why. That's how badly the building has got. How poor materials are. I need to build a home on my land. 600 Sq feet. Two bedroom home. The reason why I haven't is because the building materials are that poor of quality. Mainly 2x4s. Go to any lumber yard and go look yourself. About 1 out of 8 boards are maybe good. By the time I get them home. They all twist and warp then crack. I just bought firewood. I have had the land for over 4 years. Not even a road on it. Why. Build with what.
in case you didn't know.... this is all across the USA.... lots and lots of areas are getting older and older... my neighbor had very nice trees around her home... the roots got under her concrete foundation and they had to dig under her house and remove all of the pipes to replace them and supports for the foundation... $60K to fix that small home... she will never get that money back..
just like these condo owners, your neighbors didn't maintain the property, and had to pay for major repairs.. Why do people think that delaying repairs is good idea? As an Architect, we see people living in homes with leaking roofs for 20 years! now the beams and joists are rotted.. a $12,000 new roof, will now cost over $100,000 in repairs.
@@frankgiuliano380 because many people don't understand how to maintain anything... they think things break and they just a new one... no maintenance at all....
If you fail to own the entire structure you live in and the dirt it sits on you're setting yourself up to be a victim (of others or just circumstance). I refuse to own property not zoned agricultural. Neighbors are worthless and HOAs mean surrendering MY autonomy to others. If you do not own the entire structure you live in and the dirt it sits on you really own almost nothing and all of what you own or not is at other people's mercy. Don't want HOA problems? Don't live there. Don't want to be hammered by high insurance costs? Don't live where insurance costs are high. Don't want the suffering aand financial damage people who follow the herd invite? Don't follow the herd. Don't want to be at the mercy of other condo owners incompetence? Don't live in one.
Now that structural defects are known the value of the buildings is greatly diminished without the involvement of any other parties. The residents are stuck and out of pocket even without the mandated reserve requirement.
True , true, true!! Please make a video of how developers are tearing down perfectly solid historic buildings in Coral Gables where people lived paying a decent rent. People had to leave, most had to leave the state. The shame is that construction companies don't even salvage appliances, beautiful railings, stairs, everything gets dumped to build luxury townhomes worth millions while robbing this beautiful city of its character.. Very sad to see this invasion of bulldozers. There was a beautiful boutique building in the 600 of Biltmore way, It was a gem, they leveled it in one week last year and it's now a vacant lot. They had advertised some magnificent apartments that so fare were not able to sell.
I'm new to trading, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.
I suggest Miss Nancy William's Laplace is extremely good on that. She is really good on what she does, Now I can pay so many bills because of her help.
Trading is difficult, I'd spend the five grand on education for trading. It's not easy. Investing is different, that's easier. Short term or long term gain is the question.
I have a hard time feeling bad for FL. All of this stuff starts and ends with governance. The people of FL have chosen their governance poorly. Now they have to live with the result. This November they will vote for DeSantis and Trump again and....
This has nothing to do with the current administration, Florida has been controlled by democrats 95% of its political history since 1900. Your ignorance is on display here.
Good point. Even before these buildings are demolished, HOA managers will quit, landscaping will stop, trash compactors break all the time, and when the HOA board quits, nobody will fix them. If ours breaks for even two days there’s a huge pile of trash. HOAs are usually volunteers.
this is not limited to condos; I had a small 2-bedroom house in a town in North Dakota and one day I got a special assessment letter for street paving even though the streets were already paved and in good shape, they wanted to shake me down and ring my neck, I said keep your house I did not buy info a HOA, this was a small private house that had property taxes on it , these people are all unreasonable and greedy keep your life simple and try van living
Roman concrete lasted for 2000 years. The problem is greedy developers using the cheapest concrete mix they can get! The State of FL should go after those developer even after 30 years.
So far, my research is not showing this happening in very central Florida I’m watching closely to see if there is a sudden fall off a cliff Garden style condo with full reserves still seems ok
I had a condo in a four unit building in a complex of twenty such buildings. Made with cement block. HOA had reserves established based on professional estimates of roofers, painters, pool builders etc. Was a great community.
I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot Sir Brian! Imagine I invested $50,000 and received $190,500 after 14 days
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
If the building's ownership has changed hands since you purchased your condo, you do not have a contract with the new owners, you have to fight these people!
There are so many condo buildings in Florida, and how many collapsed like that famous one that resulted in the new condo law? The secret is that famous collapse happened not because of its own deterioration, but because it’s home to a famous person: John McAfee.
A 20% price reduction on older condos is nowhere near enough when faced with the insurance and special assessments. Free may not be cheap enough due to the cost to own them. No one but land developers should even consider buying these older condos. So much wealth is just going to be erased by these issues in Florida. Good for newer condos, hotels as they can raise short term rental rates for tourists due to lower supply. Gulf vacations are already too expensive relative to the experience they offer. Thousands of dollars just to play in the sand on crowded beaches and eat overpriced subpar seafood. Family units from the north can keep that going, after 40+years of it I feel its no longer worth it. I really don't get people's facination with retiring in Florida. Shoveling snow and undercoating vehicles must really suck.
Just stay away from condos. Money pits. When single family homes become older, the owners have to renovate and repair to keep the home viable. Same with condos except the ones near saltwater require much more rigorous and expensive maintenance.
It's called reality. There is no good ending . Vacationers and snowbirds need to find an alternative place to go besides a Florida beach. I feel sorry for the permanent residents.
rushing to sell at the last moment will not attract buyers. they should have done this a year ago. now you better hope a developer will buy it pennies on the dollar and tear it down for brand new condos
Your damned if you do, damned if you don't. Collapse equals lives lost, endangering surrounding areas. Not doing anything equals finger pointing it's so and so's fault. Why do inspections cost so much? Manpower? Equipment?
An inspection company is liable for their findings to certify or not. Companies want to hire the best trained inspectors so not to get sued. They cost $$$!
Great video. Question for you. Once a lot of these buildings are taken offline, either by being bought out or bankrupted, do you then see a shortage of housing which will cause a price increase on all of the other "surviving" buildings, including the affordable ones?
Can you imagine how many HOA's are going to be sued? Yeah, and the state of Florida government, they aren't going to know what him them when the TSHTF. Tax revenues are going to go down like the Titanic. I am normally not an alarmist, but when that condo fell in a few years ago, I would have listed the next day at a healthy discount and started packing. I wouldn't take a condo down there for free. As far as tearing down a five story and putting up a 30 story, well good luck selling and insuring that.
The best thing for individuals to do is to cash out. Let the developers take them get whatever you can get and get out. Otherwise it will become a money pit.
Check out Part 1- 80 percent of Florida Condos could be worthless!- ruclips.net/video/ApQc-cubTjg/видео.html
Also, If you are looking to buy or sell Real Estate on the Gulf Coast of Florida or Alabama email me at jack.motley@adoorrealestate.com. I am a Real Estate Agent.
"Steal the condos"? The COA, which is made up of the CONDO OWNERS, neglected the building for decades. When you buy a condo, you have a responsibility to see that the building is maintained. Are people just completely unaware of this when they buy?
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
Would you mind providing details on the advisor who helped you? saving for a pension through a corporate program since the age of 18. I hit greater tax along the road, so I increased my company pension with a SIPP (tax benefits). I'm now 50 and would love to expand my finances more aggressively; there are a few automobiles I still want to drive and a few mega-vacations that I still want to take.
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Melissa Terri Swayne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
I located her through google, sent her an email, and scheduled a call; hopefully, she will reply because I want to start the new year off financially strong.
in Poland we have a budlings 600 years old they are still good, look around on Italy, Spain.. etc... even NYC
People updated them and still they are inhabited
What is really the problem in Florida?
They make them wrong from beginning
Poland isn't built on a swamp
Most states have worse condos Florida just has the most strict building codes in the world
We in Florida have a lot of poorly skilled craftsman, sand for foundation, salt air and unethical developers. Bouts of extreme weather doesn't help either. It's not all bad though, I love the state despite its problems.
@@MikeNaples and people living on the oceanfront doesn't help either
True but they likely do not apply same building codes to them either
Condos near the water needed to be maintained like a stationary yacht. Continuous maintenance is required for all exterior surfaces to keep the salt water from penetrating and degrading the building. HOA fees should have been much higher from the start.
I'm in Tampa. I purchased my condo in 2020 for 100k. It was assessed in 2023 at 175k. It sells for slightly under 200k today. I'm blown away by that. It's 840 SF.
Our 250 unit condo was built in 1990. Our building is three stories with some of them being two stories.
We have a man-made retention pond so no natural water.
It's a wood structure. Our HOA sued the builders a couple years back and won last year because the wood stairwells and wood breezeways were rotting at an unusually high rate due to the incorrect wood treatment. The wood stair handles and common area wood balcony railings were all replaced with outdoor heavy duty plastic that snaps easily in pieces for repair. Love it!!
That was a 2 million project to repair which HOA did not have to pay for 🎉🎉. The builder's agreed to fix it and the HOA agreed not to pursue additional damage money.
In 2023 we had a new roof put on and had an 1800.00 assessment.
We have a rather competent HOA board. My HOA fee is $435. Goes up about $30 to $50 a month each year.
There are condos around us with fees of only $200 and you know something is wrong at that rate.
Stay away from super high rises and stay away from natural bodies of water. Don't go more than three floors is my recommendation. Still no guarantees but it is easier to deal with.
HOA's need to be audited by the state and independently inspected.
For your education: ALL HOA'S are audited by the state and federal government. Accountants are the "independent" inspectors.
HOA"S are controlled by the condo owners! what don't you folks understand. HOA"S are elected by owners, are NOT paid, and are the hardest working people in the condo.. But owners have to approve all special assessments for repairs. in ALL these condo cases (which this you tuber will not mention), the special; assessments were voted down over the last 25 years. I have no pity for these cheap owners.
@@frankgiuliano380 Thank you. I live in a single family home. To get the mortgage the bank required an upfront inspection and the state requires full disclosure of the property by the seller. My homeowners insurance also has a set of requirements. That's why I can't understand the many HOA disasters I read about. I can't imagine a bank giving mortgages on neglected property, much less getting it insured. Maybe it's a "due diligence" thing all on the buyer?
There is nothing criminal here. The Condos are actually dangerous and require tens if not hundreds of thousands in deferred maintenance. Physics does not care about your feelings. They are at risk of collapse and the owners did not want to pay for upkeep for decades. And the study said 80% were functionally obsolete, not that they were worthless. As you said, the land alone has value. Why would the government bail out private owners? It is sad, but owning any house that is 30 years old requires maintenance, condos are no different.
People are not educated or sophisticated enough to understand what the long-term effects are going to be as time goes on. The game will change. I hope
technically perhaps there's nothing "criminal" but allowing foreign entities to take over local citizens domiciles for their own international interests sounds fascinating, right?
@@dj007twk no one, foreign or domestic, is “taking over” anyone’s home. The homeowners are selling out, willing. Because the home in question can not be economically fixed. It is not complicated, there is no deep conspiracy, there is no complex web of lies. The condos were not maintained, the sea air is unforgiving, and bad management always catches up to you. In most cases they are getting more than they paid, the fact they can’t go buy something new on the beach is not relevant. The only fascinating thing here is that everyone is shocked. A building collapsed, more are being condemned, how many buildings would have to fall and how many people would have to die before YOU would force associations to actually repair the buildings? One is enough for me.
@@jnachtig2 Sue the developers !!
@@richardadams6988 For what? Building a condo that lasted 30+ years, met all codes at the time and is now decrepit because of lack of maintenance? Not to mention these developers dont exist anymore for the most part.
Why is it so hard for people to understand there is no "villain" here. Buildings get old, sea air is corrosive, the HOAs were cheap. This is physics and economics, not conspiracy.
19% down is not plummeting when they have been overpriced by at least 100%
(Problem) “Created by the Florida Senate”. Huh? No. The neglected maintenance was “created” by condo owners ignoring maintenance. And blaming that on the Condo boards is looking in the mirror.
The Florida Senate simply held a mirror up to the condo owners. And the neglectful condo owners, not surprisingly, don’t like what they see.
Roman concrete lasts 2000 years. See the Parthenon in Rome. Incredible building!
I never thought of this it is so true. There are Roman roads still used today paved with the original stone. Who was that guy that led his troops into the woods looking for the barbarians who killed them a few at a time ending the Roman Empire? I love history and wonder how advanced we would be if not for their fall which began the Dark Ages.
It’s actually called the Pantheon. The Parthenon is in Greece. The design is insanely clever.
BUT there were also a lot of 2-4 storey buildings poorly built then in Rome, and for a while they collapsed en masse. Interestingly enough you DON'T see those buildings nowadays anymore, they COLLAPSED already 2000 years AGO, and in ROME.
The ability to manufacture Roman concrete was unfortunately lost over time - or we'd be using it today so what is the point of even mentioning Rome
@@FreeAtLast4ever Today freshwater is used to make concrete in Roman days saltwater was used in making concrete maybe this formula would last longer.
A $700000 going for $100,000. Guys Florida is done.
Yeah.. We are done Timmy.. please stay up in NY and spare us.
@@frankgiuliano380 Yeah, good luck, you're done.
Wash rinse repeat 🫤
This bill was big news years ago when it passed. The smart people were paying attention and sold in 2023.
"Steal the condos"? The COA, which is made up of the CONDO OWNERS, neglected the building for decades. When you buy a condo, you have a responsibility to see that the building is maintained. Are people just completely unaware of this when they buy?
Ultimately, people view real estate as an appreciating asset, but buildings will become obsolete, worn out, and unsafe so the building should depreciate. The land should appreciate. In a high rise condo, there may be 500 units sharing 3 acres.
It was always the dream to retire at 65-70 and then buy a condo in paradise and live cheaply. Pardon me for being naive. Good luck to everyone involved in these matters. God's strength.
Im a Floridian that moved to Florence Italy. We currently live in a 15 century villa that we converted to a condominium. The property is in great condition, like really good condition.
What the hell did they build the homes out of in Florida?!! This is ridiculous
I not just Florida was on condo board in Mississippi for or three years and the insurance complex was crushing. We went from 56K to 600K, plus the increase of the maintance cost is getting out of control and the HOA dues per month are barely covering cost.
Vote rid of hoa
@@MR..181 Get rid of HOA, yeah right. That's what happened at the Champlain Towers. They voted down special assessments voted out the HOA, then the bldg collapsed.
We are seeing, up here in the New England Markets, insurance Co.s that are associated with FL making the same requests of 2 story condos in MA and NH as 30+ year-old 4+ story condos in FL. Had this happen in Lexington, MA.
This is bigger than just FL. Thank you for keeping the Info coming!!! Concrete + Salt Water = BAD NEWS! Same up here in the Boston, North Shore area.
85% of coop's and condo's in NYC would fail - using Florida's new standards. As an Architect in NY, CT, MA, PA, and FL. the worse housing stock is in NY.. some of these structures have had no repairs in over 30 years... There are Coop's in NYC with monthly HOA fees of over $10,000, all due to the massive structural repairs needed to just keep the building standing.. no amenities improvements, just structural. If NYC imposed the same standards as Florida, over 79% of the Coop's and condo's would have to be demolished.
Wow, all that rebar in The cocrete with all that salt in the air is not good! Those condos must have tons of Rust holding them up! You cant fix that!!
The Florida Senate didn’t create the problem, they are just identifying the problems that have existed for years and incompetent people who were in charge of COA’s et al were thought to be experts and were in fact amateurs at best.
Underlying, fundamental problem is cheap construction. The greed of developers is a side issue. High-rise buildings built of steel reinforced concrete are doomed and thus disposable. This is not new information. People just ignored this and bought them anyway, and then did not maintain them, preferring to spend money on fancy lobbies. The answer is simple and eternal. Do not buy a condominium in a high-rise no matter how lovely the view. You will pay in the end.
While DeSATAN distracted Floridians with his asinine war on Woke he was selling out Floridians to developers. Keep voting for the GOP and there will be no end to this misery. Condo owners will stop paying mortgages and condo dues. No one will foreclose since no one will want to own condos. . Home improvements will stop completely on condos. DeSATAN, Scott and the GOP are doing nothing to help. FL economy facing total collapse. Thank you DeSatan, Scott and rest of GOP.
the DemoRats states are so great special California . cities like NYC, San Francisco ... and our South Border
I own a condo in Myrtle beach SC, and our insurance is now 500,000 dollars, Twelve story , 110 unit complex and each unit has a special assessment. Our bldg is less than 20 years old but we did put on a new roof and we have an HOA but we also have an outside independent mgt. company that is responsible for scheduling maintenance. From what i can see they upgraded the common area sprinkler system and maintain balconies, etc. So far so good but our monthly fees are not cheap. Anyway I noticed that any new oceanfront development are not developers but hotel and resort chains like Hyatt, and Hilton and Marriott, etc. I think that will happen in Florida when these bldgs are sold out. A Hilton resort can make a lot more money at 500 dollars a night than a developer borrowing money and trying to sell individual units. This is a national crisis.
Your insurance is about $380 a month, it's really not that bad.
Grandpa : "Mary Elizabeth, you're my favorite granddaughter. I'm leaving you my condominium in my will. "
Mary Elizabeth : "Oh, Grandpa. You shouldn't have... "
Like inheriting a timeshare
Who is going to be held responsible ? Sounds like most of the HOA dropped the ball on this.
And the government.
Hey low/no regulation - bootstrap yourself!
Condo owners need to look in the HOA mirror.
@@narendraswamy4649 Yep sounds good to me. Wish we had less regulations and lower prices.
More greed . They tear down the old ones and build new more expensive ones.
Much of the greed is owners not paying for proper maintenance for years thinking they could dump it on the person they sell it to and are now finding its come back on them and they werent so clever after all
Developers need the land. Their lobbyists are probably behind the whole thing.
Let’s be honest - the contractors that built these condos got away with murder. There’s gotta be a way to hold those sheisters accountable.
Something similar is going on with marinas - our already rediculous $1000/mo+ slip fee is doubling next year, & for what? It's virtually a hole in the water with very little maintenance. Like condo, repairs are outrageous, but if you ask for receipts they just give you what part of bookkeeping it was charged to with no justification. NO ACCOUNTABILITY!!!
Sadly, this also crushes workers and small businesses. They will be out of work or businesses. Everyone is taking a massive cut.
This is happening in Waterloo Ontario Canada to older condominium and apartment buildings. My buddy of mine is dealing with the same situation in his condo building and it doesn't look good
The majority of those older buildings will be razed. Look at Vegas.
Almost 100 people were killed in the surfside condo collapse. And unfortunately, its not the only building in Florida with structural problems. What is your suggestion to mitigate the potential of losing lives knowing that this is a possible outcome?
Don't let ppl like McAfee occupy your building
Wasn't the inspection bill passed three years ago? Did these associations think if they ignored the problem it would just go away?
This is essentially eminent domain. They going to force the owners to leave at a price these companies deem fair because they will have no value otherwise
Isn't this what Mr. DeSantis wants? Then his big Corp friends can come in, tear down, build new and charge exponentially more for the asking price, insurance costs, property taxes and HOA Fees. I have heard any Republican from the legislature or the Mr. DeSantis himself really address this ever growing catastrophic issue
I think that if the legislature had not done something we would see a lot more of these buildings just fall down. I was in some of them 20 years ago and they were in bad repair then.
Your videos r so informative. It’s so sad this is happening along with the out of control insurance rates n FL.
Tristian Towers on PCB is approaching 50 years old and they do not build them like that anymore.
Ocean Jewel club 1952 still most solid structure around
Selling to developers maybe a way out for those condo associations who overwhelming approve doing so, but is an obvious setup for lawsuits for those associations with far less agreement
Units near the salt water are doomed, crack fixes or not, reorienting the entire building or not. If you are off by four feet dead center then you basically have a billion dollar Leaning Tower of Pizza fixer-upper. This is a fool's errand for the builders who now will risk everything in hopes that they can instantly find millions of buyers in a seller's market.
Not hawks, land sharks. Probably good buddies with the governor and his legislature. Big money.
Of course
How funny man I just started watching you today and this is like my fourth video and now I see you walking around my neighborhood Navy 😂
I wouldn’t be surprised if this was a plan by Ron DeSantis for his developer friends to buy out all these Condo properties just like he’s putting our public parks up for sale so they can put golf courses in
Great information Yak.
Once the lawsuits kick in, this will go away.
That will insure the buildings are torn down.
They are built poorly to begin with.
Lawyers are just waiting to cash in !
@@FloridaEbikes Fine with me. If people can't afford these things, they shouldn't live in them and expect the tax payer to foot the bill.
It is a simple problem. Condo board members are not property management professionals. They cannot be relied on to make decisions on property management. They must hire a competent professional property management company to manage the property.
We know how to design for long life but it costs much more. Initially financiers and original builders strive to build for the lowest cost techniques and materials that will last for the original mortgage length. In all these cases it is the permeability of cheap concrete and the steel rebar that corrodes that can be improved upon. Today for critical structures the GOVT with its deep pockets builds with fortified concrete that is air and water proof and with fiberglass and galvanized rebar that will not corrode because moisture and salt oozed into the concrete and rusted the reinforcement. Remember the old " AN OUNCE OF PREVENTION IS WORTH A POUND OF CURE " ..... If in the original design the more expensive build techniques and materials were required by code, we would not have the structural deterioration. Yes the original costs would be more but 30 years later we would not have to demolish the building. How can we convince developers to spend a lot more money up front to save the buildings from degrading years in the future when they are long gone? Only Govt required Code can accomplish that but not with the developers padding the wallets of politicians who approve of the cheapest build laws.
Managing insurance claims for 35 years and several managing construction claims in Florida I can tell you this is real. This is factual and not hyperbole. It is time to rebuild FL! The litigation is going to make obtaining financing for individuals difficult as stated. I live 9 miles from FL on 3 acres of land. That was a great move for me.
Just saw a news story from Boston. So you are correct. It's beginning to spread.
There are Roman concrete structures that have survived over 2000 years exposed to sea water. When compromised, it self seals. Zoning should require the use of this material.
One thing also, is when I bought a condo in Ohio recently, I asked my realtor if I could get an inspector of my own to check the structure of the whole building and they said typically condo buyers only get their unit inspected.
Excellent video as always. Thank you
Its not a crisis, its an opportunity.
How?
@@sunkat2337are u that slow? Try to keep up
@@oliverb5798 how useless can you be?
Years of neglect. People didn't want reserve funds and now elderly people largely on fixed incomes will never be able to afford the large assessments that will be required to bring this stuff into compliance. There's going to be a crash!
Everything is working as designed. Thank Gov. DeSantis.
Thanks Republicans in florida for eliminating consumer protection laws. 😊
After watching this. Say the built news ones before I die. I am 54. I would never buy one. Here is why. That's how badly the building has got. How poor materials are. I need to build a home on my land. 600 Sq feet. Two bedroom home. The reason why I haven't is because the building materials are that poor of quality. Mainly 2x4s. Go to any lumber yard and go look yourself. About 1 out of 8 boards are maybe good. By the time I get them home. They all twist and warp then crack. I just bought firewood. I have had the land for over 4 years. Not even a road on it. Why. Build with what.
in case you didn't know.... this is all across the USA.... lots and lots of areas are getting older and older... my neighbor had very nice trees around her home... the roots got under her concrete foundation and they had to dig under her house and remove all of the pipes to replace them and supports for the foundation... $60K to fix that small home... she will never get that money back..
just like these condo owners, your neighbors didn't maintain the property, and had to pay for major repairs.. Why do people think that delaying repairs is good idea? As an Architect, we see people living in homes with leaking roofs for 20 years! now the beams and joists are rotted.. a $12,000 new roof, will now cost over $100,000 in repairs.
@@frankgiuliano380 because many people don't understand how to maintain anything... they think things break and they just a new one... no maintenance at all....
All over 30 yrs. One in key largo 2 story needs 1000 fees, property tax, and its 3000 a month. What a rip
If you fail to own the entire structure you live in and the dirt it sits on you're setting yourself up to be a victim (of others or just circumstance).
I refuse to own property not zoned agricultural. Neighbors are worthless and HOAs mean surrendering MY autonomy to others.
If you do not own the entire structure you live in and the dirt it sits on you really own almost nothing and all of what you own or not is at other people's mercy.
Don't want HOA problems? Don't live there.
Don't want to be hammered by high insurance costs? Don't live where insurance costs are high.
Don't want the suffering aand financial damage people who follow the herd invite? Don't follow the herd.
Don't want to be at the mercy of other condo owners incompetence? Don't live in one.
Now that structural defects are known the value of the buildings is greatly diminished without the involvement of any other parties. The residents are stuck and out of pocket even without the mandated reserve requirement.
True , true, true!!
Please make a video of how developers are tearing down perfectly solid historic buildings in Coral Gables where people lived paying a decent rent. People had to leave, most had to leave the state. The shame is that construction companies don't even salvage appliances, beautiful railings, stairs, everything gets dumped to build luxury townhomes worth millions while robbing this beautiful city of its character.. Very sad to see this invasion of bulldozers. There was a beautiful boutique building in the 600 of Biltmore way, It was a gem, they leveled it in one week last year and it's now a vacant lot. They had advertised some magnificent apartments that so fare were not able to sell.
I'm new to trading, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.
I suggest Miss Nancy William's Laplace is extremely good on that. She is really good on what she does, Now I can pay so many bills because of her help.
Omg! Nancy's strategy has made winning trades a regular occurrence for me as well! It's a huge milestone when I think back on how it all started.
Amazing! I'm so surprised to see Ms. Nancy being mentioned here under this comment!
Trading is difficult, I'd spend the five grand on education for trading. It's not easy. Investing is different, that's easier. Short term or long term gain is the question.
I watched countless trading vids and still encountered many failures until Nancy started managing my trades
I have a hard time feeling bad for FL. All of this stuff starts and ends with governance. The people of FL have chosen their governance poorly. Now they have to live with the result. This November they will vote for DeSantis and Trump again and....
I totally agree with you and they will them in again.
This has nothing to do with the current administration, Florida has been controlled by democrats 95% of its political history since 1900. Your ignorance is on display here.
Don't feel bad for Florida ,feel bad for NY ,fuckingfornia and Chicago all blue states ,we are happy here bunch of socialists
So what is the dem plan to fix this?
@@johnmusser8925Exactly!
Imagine living in a dead zone except for abandoned buildings and trash as far as the eye can see..😢😢
Good point. Even before these buildings are demolished, HOA managers will quit, landscaping will stop, trash compactors break all the time, and when the HOA board quits, nobody will fix them. If ours breaks for even two days there’s a huge pile of trash. HOAs are usually volunteers.
this is not limited to condos; I had a small 2-bedroom house in a town in North Dakota and one day I got a special assessment letter for street paving even though the streets were already paved and in good shape, they wanted to shake me down and ring my neck, I said keep your house I did not buy info a HOA, this was a small private house that had property taxes on it , these people are all unreasonable and greedy keep your life simple and try van living
Roman concrete lasted for 2000 years. The problem is greedy developers using the cheapest concrete mix they can get! The State of FL should go after those developer even after 30 years.
Seems like building high-rise buildings on sand dunes on the waterfront in a hurricane prone area wasn't a good idea. Who would have thought?
So far, my research is not showing this happening in very central Florida
I’m watching closely to see if there is a sudden fall off a cliff
Garden style condo with full reserves still seems ok
I had a condo in a four unit building in a complex of twenty such buildings. Made with cement block. HOA had reserves established based on professional estimates of roofers, painters, pool builders etc. Was a great community.
Developers are from foreign countries too.
I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot Sir Brian! Imagine I invested $50,000 and received $190,500 after 14 days
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.
Difficult to fathom even 50% of the condos being worthless!
That condo bubble was bound to burst!
If the building's ownership has changed hands since you purchased your condo, you do not have a contract with the new owners, you have to fight these people!
The condo owners own the building. It is not owned separately
“The govt created the condo associations”. Huh? No they did not.
Why is this not happening to other concrete high rises in other states adjacent to the ocean
There are so many condo buildings in Florida, and how many collapsed like that famous one that resulted in the new condo law? The secret is that famous collapse happened not because of its own deterioration, but because it’s home to a famous person: John McAfee.
But he was not there that day. Smart guy.
Look at the photos after the collapse, does it look like results from its own collapse?
@@jingwu437I concur, good analogy, huge deal , 30+TB of dirt
And what about high rise hotels and apartments? I watch Hotel Impossible. Many hotels aren’t maintained either.
Florida has never experienced worse leadership.
.....corrupt leadership is more like it.
This new was passed but written to address condominiums within 3 miles or less from the coast, why are properties in Central florida being affected?
Because it revealed the state of all the buildings.
The big question is WHO or WHAT is really behind this acquisition??
What's DeSantis doing? Buying more hairspray or high heeled boots?
🤣🤣🤣🤣🤣🤣🤣🤣🤣
He didn't create this... go blame the people who did.
He was not on board of HOAs who did not do their jobs for 20-30 years, was he?
Me and all my friends and family sold our condos this year because we knew this was coming
A 20% price reduction on older condos is nowhere near enough when faced with the insurance and special assessments. Free may not be cheap enough due to the cost to own them. No one but land developers should even consider buying these older condos. So much wealth is just going to be erased by these issues in Florida. Good for newer condos, hotels as they can raise short term rental rates for tourists due to lower supply. Gulf vacations are already too expensive relative to the experience they offer. Thousands of dollars just to play in the sand on crowded beaches and eat overpriced subpar seafood. Family units from the north can keep that going, after 40+years of it I feel its no longer worth it. I really don't get people's facination with retiring in Florida. Shoveling snow and undercoating vehicles must really suck.
Just stay away from condos. Money pits. When single family homes become older, the owners have to renovate and repair to keep the home viable. Same with condos except the ones near saltwater require much more rigorous and expensive maintenance.
Good evening , watching from VA,
New subscriber here👋
Anywhere you have salt air this will rust your appliances
And everything else cars, anything imaginable.
Builders will buy all the foreclosures and build new apartments. Golden opportunity
I think you are spot on
Buy a ranch with 5 acres..no hoa..and peaceful life 20 minutes to beach shopping no flood zone..done etc
If I was in that position I would take the money and run and get out of Florida which is extremely overpriced.
Like an old ship they have a Life span and not worth repairs. Maybe make more selling to a developer
It's called reality. There is no good ending . Vacationers and snowbirds need to find an alternative place to go besides a Florida beach. I feel sorry for the permanent residents.
rushing to sell at the last moment will not attract buyers. they should have done this a year ago. now you better hope a developer will buy it pennies on the dollar and tear it down for brand new condos
Could the land values be higher than the sum of the value of the condos in 2021 (before that condo collapsed)?
Your damned if you do, damned if you don't. Collapse equals lives lost, endangering surrounding areas. Not doing anything equals finger pointing it's so and so's fault.
Why do inspections cost so much? Manpower? Equipment?
An inspection company is liable for their findings to certify or not. Companies want to hire the best trained inspectors so not to get sued. They cost $$$!
Thanks for telling it lhe truth!
If salt is essentially the problem, why aren’t they going after ALL condos, homes, for that matter? Aren’t they all in danger after a certain of time?
The land is the residual value... and that IS subject to depreciation. It's called sea level rise. We have to throw away the book now. Massive losses.
Great video. Question for you. Once a lot of these buildings are taken offline, either by being bought out or bankrupted, do you then see a shortage of housing which will cause a price increase on all of the other "surviving" buildings, including the affordable ones?
Can you imagine how many HOA's are going to be sued? Yeah, and the state of Florida government, they aren't going to know what him them when the TSHTF. Tax revenues are going to go down like the Titanic. I am normally not an alarmist, but when that condo fell in a few years ago, I would have listed the next day at a healthy discount and started packing. I wouldn't take a condo down there for free. As far as tearing down a five story and putting up a 30 story, well good luck selling and insuring that.
The best thing for individuals to do is to cash out. Let the developers take them get whatever you can get and get out. Otherwise it will become a money pit.