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@@i8bigfoot They won’t listen to you. They’re all complaining now but they signed up to buy an apartment building with strangers and wonder why it doesn’t work.
Any ocean front home regardless of age needs more maintenance than a home situated inland. Now take 40-50 year old condos that have had minimal maintenance for decades and here you are. If you're 70 and a inspector says the premise needs a expensive repair or it may become structurally unsound in 25 years, you know how most people will answer. Well, the 25 years has arrived.
At this point I think what is going to have to happen is they demolish these older buildings and rebuild with newer buildings. With all the sea salt in the air and its impact on buildings it’s simply how it’s gonna be. The Roman’s I heard used salt water in their concrete instead of regular water and their concrete has lasted hundreds of years.
@neanam why not? They elected DeSantis. They elected Rick Scott, a guy who committed Medicare fraud. They support Trump 💯 This is the deregulated mess they made. What do you expect when you put foxes in charge of guarding your hen house. This is exactly what years of Republican government gives you. The little guy is thrown to the mercy of multi-billion dollar corporations and suckered into believing Mike and Judy, with their fixed income and limited resources are free by facing down Wall Street on their own rather than have the government their taxes fund, in their corner fighting for them. This is your so-called freedom.
@@Knowledge-b6o I couldn't do snow or hilly farm land. Both environments can end your life if negligent or by accident. Then the possibility of broken hips from slips etc, some people don't think of the consequences of where they live... much respect to those who tolerate such environments.
Condos were designed to always be money pits - you always pay maintenance fees which can't be controlled. Most condos on the south Florida shoreline will all have structual damage because of the location of the buildings. Cheaper to teardown and rebuild with modern materials which won't decay as quickly,
It's quite funny to hear "quite dated" about a building that is only 50 years old, it sounds like Americans don't trust their own builders, you know there are millions of much much older buildings in Europe and Asia, imagine Hagia Sophia was built in the year 547.
What do you think will happen when there is an inspection? If the inspection comes up with anything that is remotely questionable, it will be flagged for repair! Costing condominium owners $$$$$. This is just the beginning. Get out now!!!
Living in Florida no longer makes any sense, it is not worth it, there are places with better weather, salaries and fewer expenses such as property taxes, home insurance, car insurance, etc. I think people don't know that
What do you own a condo or a house you have maintenance. Maintenance cost money. The problem with the houses and the condos is all these cheap people have neglected the maintenance for so many years now the chickens are coming to roost it's time to pay the piper
I’m not so sure about any housing crash in Florida. Prices have yet to really go down for stand alone homes. Too many baby boomers from the northeast with expensive homes to sell which will give the capital to buy their Florida dream home.
That's exactly what I thought when they passed this a couple years ago. First they privatized the HOAs to fleece the homeowners to finance the rebuild after everyone leaves and they get it for a song.
Even worse, $210,000 invested in 2005 with an annual rate of return of just 5% would be 530,000. Average market return over the last 20 years was actually about 8.1%, which means that the future value of that money they spent on the condo in 2005 should have been about 922,000 today. If you take the mortgage interest, taxes, and hoa fees into account then they should have easily cleared 1MM over that period with that initial investment.
Florida has been selling itself as a low/no gov't state. Cheap living without inspection and regulation coupled with the insurance changes happening nationally has created a literal nightmare. Hope Floridians are happy with their governor.
Florida used to be beautiful and nice now it's overbuilt. It also used to be an inexpensive place to live and that was the trade-off for the hurricanes 🌀 and low-paying jobs
It'd be nice if people talk about Miami-Dade RE and analyze kendall, hammocks, country walk etc not the fucking Beach, downtown or the ghetto. When you say desired area, think west miami.
There are billions of $ waiting on the side for price reduction. Maybe 20-30% and they will buy everything. When weak people sell everything, prices will go even higher than today. Rent also is going to go higher
So many if and buts and assumptions, of course condos are going down. I click on it because I have a 15 y/o condo near disney. Jeez. How about 30 years condos in Miami, when we don't know when these condos are renovated or whether the condo buildings have been renovated. But I do understand property markets, and this is just another poor clickbait you tuber
I sold my house in an hoa and bought land away from the city and hoa. It is in an area most would find undesirable with endangered species (gopher tortoises, scrub jays, and burrowing owls) so it would be expensive to develop there. Moving one tortoise is $5000 and the birds you simple can’t build. So likely won’t have neighbors for a long time
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Never ever buy a condo people!!!!!
@@i8bigfoot They won’t listen to you. They’re all complaining now but they signed up to buy an apartment building with strangers and wonder why it doesn’t work.
Even you pay your property in full, when you have HOA’s the property is never yours.
@@miriamrojas6942 HOA is like rent as much for some places. So you buy the condo then pay HOA forever
No property is yours HOA fees or not; even if your house is paid off and no HOA fees; you still have to pay lot rent in the form of property taxes.
@@RARochester Well it’s been that way in America for decades. We would run out of land if we didn’t recycle it.
You keep talking about the prices of homes. It’s the condos that are crashing.
It's across the board
It's just like 2007 now, the herd just hasn't panicked yet.....
All condos in south Florida are overvalued
Imagine that, you always thought you owned the property you paid for.
Interesting point... definitely at the mercy of the association as well as the new regulations!
the day you realize the very home you live in is called a market
No matter where you are you always gonna pay property taxes
You never anything, the system is made to keep the rich richer, and the middle class is debit to serve the rich elite.
Any ocean front home regardless of age needs more maintenance than a home situated inland. Now take 40-50 year old condos that have had minimal maintenance for decades and here you are. If you're 70 and a inspector says the premise needs a expensive repair or it may become structurally unsound in 25 years, you know how most people will answer. Well, the 25 years has arrived.
At this point I think what is going to have to happen is they demolish these older buildings and rebuild with newer buildings. With all the sea salt in the air and its impact on buildings it’s simply how it’s gonna be. The Roman’s I heard used salt water in their concrete instead of regular water and their concrete has lasted hundreds of years.
They still can't figure out the mud composition used by the Roman's but brick buildings still strong and exposed to salt for 5000+ years
And they laughed at us old folks up here in Ohio cause we have to shovel snow. Laugh's on you! 😅😅😅
Yep this is what greed and an insatiable desire for everything to be perfect gets you. Now it’s proven that condos are a dumb idea.
Don't laugh at these ppl
@neanam why not?
They elected DeSantis.
They elected Rick Scott, a guy who committed Medicare fraud.
They support Trump 💯
This is the deregulated mess they made.
What do you expect when you put foxes in charge of guarding your hen house.
This is exactly what years of Republican government gives you.
The little guy is thrown to the mercy of multi-billion dollar corporations and suckered into believing Mike and Judy, with their fixed income and limited resources are free by facing down Wall Street on their own rather than have the government their taxes fund, in their corner fighting for them.
This is your so-called freedom.
I live in Massachusetts and snow sucks!!!!!!
@@Knowledge-b6o I couldn't do snow or hilly farm land. Both environments can end your life if negligent or by accident. Then the possibility of broken hips from slips etc, some people don't think of the consequences of where they live... much respect to those who tolerate such environments.
Condos were designed to always be money pits - you always pay maintenance fees which can't be controlled.
Most condos on the south Florida shoreline will all have structual damage because of the location of the buildings.
Cheaper to teardown and rebuild with modern materials which won't decay as quickly,
>Florida housing market collapsing
>it's all just 50-year-old condos
Stay away from Miami Gardens, even if they’re trying to gentrify the area😅
Hahaha, if you know - you know!
I lived close to 186st. I could just imagine
A huge amen to that ! MG has been a hell hole for decades and will only get worse. You may as well buy in Liberty City😂
They paid too much for the first condo
Miami Gardens - bring bodyguard with you!
Hallendale is in Broward county!
If you see mirrored walls ...it's a no ..OLD!
Hahahah - great point!!
It's quite funny to hear "quite dated" about a building that is only 50 years old, it sounds like Americans don't trust their own builders, you know there are millions of much much older buildings in Europe and Asia, imagine Hagia Sophia was built in the year 547.
What do you think will happen when there is an inspection? If the inspection comes up with anything that is remotely questionable, it will be flagged for repair! Costing condominium owners $$$$$. This is just the beginning. Get out now!!!
No HOA and no property tax for regular people.
And while you’re at it, free groceries, free cars, and a cure for cancer by noon tomorrow.
Great. Prices are too high. It's like tripled in 10 years. So calm down. PANIC!
Living in Florida no longer makes any sense, it is not worth it, there are places with better weather, salaries and fewer expenses such as property taxes, home insurance, car insurance, etc. I think people don't know that
Owning a condo brings me back to my childhood under communism. It is exactly the same
LOL! Great comment
What do you own a condo or a house you have maintenance. Maintenance cost money. The problem with the houses and the condos is all these cheap people have neglected the maintenance for so many years now the chickens are coming to roost it's time to pay the piper
I’m not so sure about any housing crash in Florida. Prices have yet to really go down for stand alone homes. Too many baby boomers from the northeast with expensive homes to sell which will give the capital to buy their Florida dream home.
The entire condo community will be empty.
Definitely feel bad for any condo owners in So Flo!
@@RyanScribnerdon't feel sorry though for the vacation rental owners that made prices go up
Very informativo. Thank you.
Glad it was helpful!
Great video
Thanks!
Surfside was brought down.
I'll believe that people are starting to REALIZE this REALITY when rent prices of condos in Miami start coming down, BIG TIME.
Republican legislature working hand in glove to help Wall Street investment firms seize the Florida coast.
That's exactly what I thought when they passed this a couple years ago. First they privatized the HOAs to fleece the homeowners to finance the rebuild after everyone leaves and they get it for a song.
@@justgeorge3728and then what's next?
This was caused by people trying to sell homemade chocolate covered strawberries
Even worse, $210,000 invested in 2005 with an annual rate of return of just 5% would be 530,000. Average market return over the last 20 years was actually about 8.1%, which means that the future value of that money they spent on the condo in 2005 should have been about 922,000 today. If you take the mortgage interest, taxes, and hoa fees into account then they should have easily cleared 1MM over that period with that initial investment.
Thanks for sharing this!
Florida has been selling itself as a low/no gov't state. Cheap living without inspection and regulation coupled with the insurance changes happening nationally has created a literal nightmare. Hope Floridians are happy with their governor.
Exactly.
Florida used to be beautiful and nice now it's overbuilt. It also used to be an inexpensive place to live and that was the trade-off for the hurricanes 🌀 and low-paying jobs
Take a look at St Pete. Specifically the BayFront Tower
Thanks for the heads up!
It'd be nice if people talk about Miami-Dade RE and analyze kendall, hammocks, country walk etc not the fucking Beach, downtown or the ghetto.
When you say desired area, think west miami.
Thanks for the feedback I'll definitely keep that in mind!
Watch your pets
Interest rates are certainly NOT high. Anything over 12% is high
USA will be bankrupt at 12% these days.
But prices are extremely high.
11:24 Even 293k could easily be too much if a six figure assessment happens and it easily could
Is there an Florida REIT that you know off?
There are billions of $ waiting on the side for price reduction. Maybe 20-30% and they will buy everything. When weak people sell everything, prices will go even higher than today. Rent also is going to go higher
A condo that doesn’t allow pets? Pfft….
So many if and buts and assumptions, of course condos are going down. I click on it because I have a 15 y/o condo near disney. Jeez. How about 30 years condos in Miami, when we don't know when these condos are renovated or whether the condo buildings have been renovated. But I do understand property markets, and this is just another poor clickbait you tuber
If you like this lifestyle, then rent.
Rent !
Stop complaining.
You guys voted for this.
Abbott going to fix this mess 👍🏿
Wayment wrong state 🥴
Real Estate is now a private game. Nobody has this kind of money?
Hahaha not
No wayy
Yep, that's what I say about ANYTHING related to fla. The numerous stories of failure from there are fodder for entertainment purposes.
🤣😂🤣😂🤣😂
Trump for Prison 2024 !!!
BJ
Condos should be $200k for a 1 bed
They paid too much for the first condo and 2nd condos
I sold my house in an hoa and bought land away from the city and hoa. It is in an area most would find undesirable with endangered species (gopher tortoises, scrub jays, and burrowing owls) so it would be expensive to develop there. Moving one tortoise is $5000 and the birds you simple can’t build. So likely won’t have neighbors for a long time
collapsing???...where???....I've been keeping an eye on the Naples market for 10 yrs ...I haven't seen any collapse
The ppl who have been paying hoa fees for years….where did those funds go to????????
Just goes to show that a home isn't always a good investment.
A condo is not a home, a condo is an ignorant concept.
A home that you live in should not be viewed as an investment anyway