1000s of Florida Condos could become worthless! (Major Issue!)

[@tatianastarcic]

To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.

[@sharonwinson-m8g]

Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.

[@nicolasbenson009]

I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than 5 figures within just a year, and i have entrusted my advisor with the task of determining entry and exit points.

[@Vincent-j8u]

this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@nicolasbenson009]

'Melissa Terri Swayne is the coach that guides me, you probably might have come across her before I found her through a Newsweek report. She's quite known in her field, look-her up.

[@TinaJames222]

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

[@hokeypokeypots]

At least, if you buy a house, you can do repairs to it yourself...hire people and pay them to keep it well maintained...but that's impossible in a commercial building, where repairs are extremely expensive. If people don't want to live in a private home, then they should rent. Then you can always move if landlord doesn't keep up with repairs.

[@nycmatch3658]

They get you every which way. Rent is sky high. Rent has reached the level of Manhattan. And Desantis fixed it so landlords can double the rent each year. Private home? Hope you can afford the insurance, not to mention sky high taxes at this point.

[@chorrera]

We are living in the failure of the condominium/HOA concept. That a collective of owners/volunteers could somehow maintain an apartment building.

[@gphilipc2031]

Yes!

[@RAWBOT301]

This is an initial shock from adding a new cost to condos. I think it's important that older condos get inspected to insure the safety of residents. After a few years all the condos will have factored this basic life safety cost into their fees.

[@brettharman8921]

the big boys like blackrock love this. they will wait for foreclosure and gobble up these condos cents on the $ and then rent them for big bucks

[@paulconner4614]

Anything remotely near the beach will be torn down and a high rise will be built to replace it.

[@mr.e0311]

@@paulconner4614 After the high rollers get compensated for their 'loss'.

[@chrisfoxwell4128]

Not even Blackrock can rent out a condemned structure.

[@mr.e0311]

@@chrisfoxwell4128 no but the high rollers will get "reimbursement" for their 'loss'.

[@jessegarman7899]

@@chrisfoxwell4128 you don’t understand they just want the building lot, they will tear down the old structure and put up a new structure with rents twice what they were before. This is the only way to get all of the tenants out at the same time. And do it cheaply. Brilliantly evil don’t you think?

[@johnwattdotca]

I've been watching these Florida real estate videos as a one-on-one thing. Now I'm looking at it overall, seeing how this producer brings it all together.

[@duanecarr6712]

Wasn’t this a known aspect? New roofs new concrete. These repairs just didn’t pop up. Yeah y’all own this. No tax money for you for sure.

[@jonathantaylor6926]

Condo's are the real estate version of communism and both are failed concepts because people love to share everything but responsibly. People will gladly share a building foundation until there is a problem and then all of a sudden it's "that isn't my foundation"...

[@howardlosson2809]

Frankly 30 years ago they should have been built of different metal bar and different concrete. Metal corrosion goes up exponentially as you get closer and closer to the salt water. Many of these condos are so close to the water they are getting covered in sea spray. Obviously you can use concrete and rebar that can take this. After all bridge supports over water do this all the time but... OBVIOUSLY they didn't. Because of $$$.

[@buckiemohawk3643]

We told people over 20 years that they were overpaying for the crap and they wouldnt maintain and the kept buying the crap

[@CorporateShill66]

They were underpaying for maintenance.

[@buckiemohawk3643]

@@CorporateShill66 they overpayed for places that were crap already. We had friends move up to Kissimmee from Miami area and say there was no upkeep and people were way overpaying for places

[@816-n8l]

The people that bought those condos for their retirement can't afford them anymore , they are broke , having to pay assessment costs.which is thousands of dollares. I don't even think they have enough to pay for an ALF (assisted living facility). Where are they going to go and who is going to buy those condos ? Nobody, those condos are worthless.

[@RAWBOT301]

Blackrock will buy them to house illegal immigrants.

[@timothythompson4036]

These condos are already worthless. Guys, this is going to spread to other states.

[@tomKZ8TOM]

Definitely coastal areas.

[@nicklasmillner101]

@@timothythompson4036 Nah , Floridian maybe up coast but the Zoning in California is fierce, already. Insurance companies being greedy, just mushrooming, absolutely.

[@MuzicTunes-lk6np]

I just accept the management company that manages our condo complex just does enough to get by.. Now, it seems like that can't even do that anymore.

[@anaibarangan4908]

That's what kind I was living in until recently

[@anaibarangan4908]

They won't respond and can legally get away with it all, because it's all rigged up for everything to economically fall on the property owners

[@anaibarangan4908]

I was told no attorneys existed in the Pensacola area to fight HOA and property management companies.

[@anaibarangan4908]

If that's the case in Miami Florida, that explains the building collapse in Surfside, and shameless because even Israel sent a rescue team.

[@johnlester9598]

Florida is a giant sandbar and a swamp

[@FloridaSlayer]

LOL 100%

[@FloridaSlayer]

@@rdee7406 LOL I agree!!

[@frankrusso2093]

Last time I checked, I saw the financial records in the Cayman islands. Don't worry the records are safe and secure under lock and key.

[@rickho69a]

OWNER Accountability! Why didn't they do SOMETHING SOONER! $$$

[@Vsaggo]

They much like our government kept kicking the can down the road. The associations voted to partially fund reserves, delay repairs until forced by the city. Now it is all catching up. Many of them sold to unsuspecting folk, I was almost one, I almost bought a condo in Cape Canaveral last year until I did a deep dive to the associations finances. Now the bill is due and the Piper needs to be payed.

[@ImThePronounPolice]

We trusted the board members

[@timothythompson4036]

@@rickho69a Exactly, they had 30 years to address these issues.

[@iraAlbucher]

Condos in SE FL. Are especially targets for developer’s , so they can pay pennies on the dollars to build mega-high-rise condos, for minimum of 1 million and way up from there. As for the people that used to lived there. Especially the ones on the sand or near the beach. Tough luck on them. Thanks to the Governor. Bought and paid for.

[@zsigzsag]

Of course new development will be more expensive due to rising costs. IMO, no new "mega structures" should be allowed on beaches due to erosion. Even if they do, the same thing will happen 30 years down the road maybe even sooner. Corporations do not like to spend money on repairs and maintenance. This cuts to much into "profits". There is no "one" person/s, to blame for this huge problem. Everyone has a hand in it, from the developers, inspectors, realtors, ect on up to residents for not demanding absolute transparency on how their money/dues is spent.

[@jsd354]

Albucher you fault the governor for the lack of maintenance of the condos? I’d say that’s kind of a stretch. You might want to take some night courses at the local Community College on economics and accounting.

[@thetruthshallsetyoufree2024]

exactly-

[@morgantaylor517]

​@@jsd354Seriously. Like DeSantis has been the governor for 20 years or something. People just like to act the FOOL.

[@donnacauble]

This problem has been around a lot longer than Desantis has, elected governor in 2019 according to google. You forgot to mention that the people installed in our house “ the peoples house” are definitely bought and paid for, look what they are doing to our country.

[@dave1956]

I can’t imagine how devastating this must be. I don’t know what I would do. Most people can’t just write it off.

[@EllieM_Travels]

I had a Florida condo villa with 1970’s plumbing running under the slab, and I felt my days were numbered. The driveway was starting to crack due to water leaking from the sprinklers. Then I bought another condo on the second floor on a golf course and sold that one two years later after several assessments to replace what should have been maintained all along.

[@tomKZ8TOM]

I’m not surprised that the “life” of a condo or an apartment building in FL is less than 30-40 years before it needs to be razed. Owning real estate does not guarantee an increase in value. And no one is going to bail out a condo owner’s & associations.

[@solargod3671]

Mold is a slow death and causes side effects and ended up being cancer inside the body. I would rather live in a tiny then a molded house.

[@hideoussails1783]

Mold and termites

[@georgewolfiii1170]

Termites are much worse than mold.

[@bythedog]

Who’s gonna do all the repairs?! Way too much work… not enough workers?? Enough prosecutors to hold all these negligent managers accountable?? Merica

[@jonathantaylor6926]

Dude its the CONDO OWNERS THEMSELVES that are to blame... when you own a unit in a 100 unit condo you literally own 1% of the ENTIRE BUILDING.. there is no "manager" to "hold accountable"... the condo owners did this to themselves by constantly voting down increases to monthly HOA fees because they were being cheap. They have nobody to blame but themselves.

[@billyjoesmo8251]

​@@jonathantaylor6926I own a condo and I always vote for repairs and needed increases in condo fees luckily the majority of the owners agreed🎉

[@michaelmelendez2652]

what did tenants think was going to happen? somebosy else would pay for it?

[@billyjoesmo8251]

@@michaelmelendez2652 most were under the opinion that they were retired in their 80s and didn't have to worry about it cuz they be long past dead☠️

[@dumdiversaspapalbull1452]

👆🏾They’re already attempting to get out in front of this.

[@stacypitts9590]

This is absolutely true. I’ve been in real estate in Florida for 30 years. Great videos and warning people!

[@louisstennes3]

My wife and I own a vacation condo (not in Florida) and our expenses are going crazy. Had to pay a special assessment last year for a new roof and everybody got a special assessment of 300 dollars a month this year (110 unit bldg) because of insurance. Our bldg is well maintained as it is less than 20 years old and the mgt. company makes sure elevators get inspected, balconies are maintained, upgraded fire sprinklers, etc., etc to include even bed bug treatments, etc. I am not worried there but more worried about the rising expenses. From my experience this is the problem. A condo owner ONLY owns the inside space of their unit. Everything outside the unit and I mean everything (even the balcony) is a common area. People come in have a beautiful unit to live in but they leave, walk outside and see paint failing, cracked sidewalks, a gutter hanging down, etc.,etc. and they keep walking and say "my HOA dues will take care of that and go about there merry way. Florida has special problems as there are so many "snowbirds" and when their 1,000 miles away, out of sight and out of mind. Solve that problem and you solve condo living,

[@HeatherHunterJ]

HOA’s are difficult for people to deal with

[@yoli5933]

Purchased a newly constructed condo in Camden County, NJ, in 2018, and this was the WORST Real Estate purchase I have ever made! The trimwork was shoddy, doors were installed to open in the wrong direction, none of the vents opened, air handler was rusted, etc. The developers lied during the purchase, and the HOA was even worse! We were promised a clubhouse that never happened in the almost 2 years I was there! Yet, my HOA fees kept going up. HOA would not answer emails, phone calls, or text messages. The noise thru the walls and ceilings was unbearable from the poor construction. Only came to the condo to bath and sleep. Needless to say, I did not have much equity when I decided to sell, so I walked away with very little profit and believe it not -- that was the BEST decision I made!!! No regrets at all, and I would never buy a condo again! Don't forget... when buying a condo, you only own what is inside the four walls.

[@BB-i3e]

In 2009 I had a dispute with my condo association, 😮 Boca View in Boca Raton. I tried using the state and the state ombudsman to assist me in getting the financial recordsThe president of the condo association refused to turn them over no matter what we did. It was going to be costly to litigate this. I saw the writing on the wall and sold in 2010. Fast forward in 2024 same president still running the association and they are involved in numerous federal lawsuits because they still do not want to turn over any of the financials. Oh, by the way, the president owns multiple units in the building . Boca View condominium and you’ll see what I am referring to.

[@Dbb27]

Good grief. Sorry you ran up against this. Realtor for 37 years. It’s been my experience that the nastier they are the more likely they are stealing money.

[@seabellesam]

Keep up your good work to get the word out. This is going to be catastrophic before it’s over.

[@ds5267]

The owners of condominiums seem to be acting as if they are victims. In fact, they refused to live up to their own obligations as members of the hoa. This means that you monitor its activities closely in the same way that you monitor your personal finances closely. If you don't do that, you end up going broke. Without an active membership looking over the shoulders of the HOA board, officers, and the management company, human nature being what it is, those people unsupervised will take advantage of the situation. This is no different than any other human organization whether it be in the government the nonprofit sector or the for-profit sector. This is why we have auditors. Members of an HOA need to be their own auditors.

[@dgriffin6074]

Gov. DeSantis has been remarkably silent about this mess. Why?

[@mr.e0311]

He is on "someone's" payroll.. Follow who benefits from his BS. Go in with an open mind and don't be afraid to call it like you see it when it finally clicks. He recently just tried to sell florida state parks to those same people.. he was going to turn honeymoon island into a golf course. As if the land was his to sell.

[@adamtbrady]

The step from career military officer to career politician is very short.

[@buckiemohawk3643]

it happened before he got into office, a lot these places were built and people overpaid and used bad materials to do so

[@flhawki]

DeSantis is a RHINO and part of the problem!

[@billyjoesmo8251]

Governor DeSantis just happens to be the sucker in charge at the time🥺 kicking the repairs down the road is never a good thing😢

[@jayf6525]

Having owned a condo in SW Florida for 15 years (we now live in the high desert), and been on the HOA board, I can tell you that the owners have no one to blame but themselves. We took pride in our community and kept our buildings and common areas in great shape. We had an updated reserve fund study that was an ongoing, working document. We raised the dues an average of 3-6% annually to keep the property and buildings up to the standards that the owners expected. These HOA's that do nothing and don't raise dues to appease the owners are fools. And the owners are fools for not looking around and wondering when kicking that can down the road is going to bite them on the ass. Well, that day has come. So, stop complaining.

[@maryannmendoza4729]

How much is the monthly HOA? 3-6% increase annually is a ripped off. How many that pays the HOA? HOA is fleecing of America

[@jayf6525]

@@maryannmendoza4729 At the time, it was enough to keep up with inflation, properly maintain the property and fund the reserves. If you can’t afford the game, then don’t play. Comments like yours is a perfect example of kicking the can down the road, not maintaining the community and paying the price later. Thanks for proving my point.

[@Dbb27]

@@maryannmendoza4729 The hoas are there to keep the building maintained. Just like if you owned your own home.

The HOA board was negligent and failed to properly maintain the property, being an HOA board member it's not surprising you're now passing the blame on someone else. I'm sure all the board members are doing the same thing.

[@CorporateShill66]

problem is people are stingy and short-sighted. They think HOA fees should be low and you don't need a reserve fund. This is the result.

[@anaibarangan4908]

Greed always creates the general population being repeatedly punished in waves. That's why the crisises happen every so many years.

[@gcxred4kat9]

I speak from experience when I say too often everybody wants to complain, but nobody wants to run for the board. Then when somebody who actually lives in the complex runs and wants to replace an absentee board member, not enough people vote so no quorum.

[@enoynaert]

Many Florida condos are already worthless. Some are liabilities and worse than worthless. The only thing that is new is that a deadline is approaching that will confront people with unpleasant realities. Florida previously had laws that allowed people to kick the can down the road. People are now arriving at the end of the road and are confronted by a mountain of cans.

[@darinthesecularspiritualist]

It is refreshing to hear the truth

[@Stev235chan]

The cheap Florida if I had my choice between Florida and Alaska, I’d live in Alaska with all the corruption in Florida forget about it

[@natc655]

It's a little too late now. If I were them, I would just leave and never look back

[@chrispaul1117]

agree, they are trying save a sinking ship

[@hammertyme8392]

If you have a mortgage on your condo, you're golden. Give it back to the bank and let them deal with it. The government will bail out the banks but not you.

[@dustyflair]

so you would just walk away from your home? Yea righjt

[@jonathantaylor6926]

If people were smart the first thing they would look at is the FINANCIALS of a condo before ever even looking at the unit. Moving into a 36 year old condo building with only 700K in reserves is moronic. Buildings do not last forever. Oh well.

[@toniesedrick691]

Many have had them over 36 years, got comfortable and the time came to give it up. Free evacuation is better than causing a scene. It's sad, many of these people have gotten robbed by the same directors the once trusted.

[@RAWBOT301]

Condo boards run by karens care more about pool party funding than new roofing, one of the many reasons I bought a single family home.

[@blmarcy421]

Many years ago a concrete expert told me that concrete has a 40 year life. After that it crumbles and falls apart. I think poured concrete is bad material to ne used to build a highrise condo building. Nobody knew this?😢😢😢😢

[@chrispaul1117]

add in salt water exposure. now even less

[@siegfriedheydrich]

OK, that guarantees that every 50 years or so everything gets replaced. Lots of work and jobs. Look on the bright side.

[@carlosc1821]

Great job, next video as the question, why are the counties NOT requiring this for Apartments abd Hotels, don't they suffer structural damages? It's a rug pool from the developers, insurance companies, and Cities, just as you mention. Great job and thank you!

[@dustyflair]

buildings only 3 stories or higher

[@butterflymac]

Hello, I really appreciate your videos on the situation in Florida. I live in inglewood, ca, right across the street from the Forum, and the new SoFi stadium. A gated community with homes and condos. I recently found out we have been re-zoned as commercial/recreational. I'm sure the billionaires who built the stadium want this property. The HOA has failed to do repairs, and now we are being asked to pay a 840k bill for a loan they want to vote on. They're asking for a special assessment along with increases in HOA dues. We were told that the homes don't have to pay, only the condo owners. In the past, we always paid as a whole, and condo owners always had to contribute for repairs on the houses. There are mostly retired seniors in the condos who can not afford all the increases. Can you offer any quick advice? I feel it's the same as what is happening in florida. Thanks

[@deelehey2827]

My Florida condo building has been totally renovated structurally and cosmetically. I thoroughly enjoy living at the beach.

[@ScarlettO-l5m]

Ditto !

[@MegaMackproductions]

If people are spending $700 A month in HOA fees and the Corporations own a super majority and are collecting these dues they need to be held accountable to a severe degree. I love a free market. But the time for taking the skin off peoples backs needs to come to an end. Its an actual national security issue at this point.

[@kingbradentucky]

We also include the idea that maybe its not fixable. The condo situation is a great analogy for Florida in general. The state didn't maintain the infrastructure so it's all falling apart. Everyone wanted to keep costs cheap so the state did that by not doing shit. The bills die now. The money ain't there.

[@WilliamKirkland-j4r]

The state of Florida has a banking organization that Audits state chartered banks and credit unions (as do most other states) and applies rules of conduct and management. Each state has specific rules, tests and procedures for the legal licensing of most professions so, why not something similar for the management of Condominiums and related housing properties?

[@stephengeorge3507]

I live in lakeworth beach,only 20 units in my bld,the old people here haven't even raised the HOA for 25yrs,now half the nld is new comers, its certainly gone up the last three yrs and were on our second 100.000 $,assessment

[@DixieGeezer]

The HOA are made of of....ordinary people. Most do not want their monthly HOA Dues going up. Plus some have an attitude of, I'll sell the place and move out before the SHTF. Well...the SHTF now and will get much bigger by 2025. I see Condos being forced to have 5,10 year inspection and forced to repaire.

The dues should be based on actual maintenance costs that are recommended by an engineering firm, and code requirements. A full accounting with public records detailing the inspections and work performed should be maintained for the life of the structure. Sounds like people in the HOA and others absconding with the money while neglecting due diligence.

[@joshuaturnage5243]

Going to Home Depot just keeps getting expensive.

[@youtubechannels9205]

Stop using wood and sheetrock. Only concrete, even for the roof. The worst building standards in the world are in the USA

[@spinecat]

oh nonsense. You clearly do not work in architecture or construction.

[@Dbb27]

These buildings are concrete. Not wood.

[@chrisfoxwell4128]

Concrete isn't magic.

The standards were not the best but lack of maintenance will turn any structure into a nightmare.

[@jsd354]

It’s called planned obsolescence.

[@ingridbond3432]

so very sad for these condo owners! 😪

[@janetrojas8939]

Naaa they voted against maintenance repairs for years!!!

[@TheBodrey]

I think IF there are any HOA audits done to determine where all of the money that they collected for repairs/maintenance went, auditors will find multiple instances of embezzlement. With no one keeping accurate records (if they're keeping records at all) it would be very easy for directors, etc to misappropriate funds for themselves. Of course, with no way to prove the funds were embezzled and by whom the ones responsible will get away with it. Corruption galore. Going forward, there needs to be an independent oversight committee responsible for ensuring that HOAs account for every penny that comes in and goes out of their reserve funds. That's the only way to ensure that there are no more shortfalls or embezzlement of funds.

[@danburch9989]

Apparently there's no gov't oversight on Condo/HOA boards. They have free rein to do what they want to do with little recourse. My mortgage on my home that I own never varied more than $150/mo over the 20 year life of the mortgage. I have total control over repairs that I can do myself or choose a contractor to do the repairs that I can't do. When you rent or are in an Condo/HOA, you have no control over their expenses and little control over where your rent & HOA money is spent (for repairs).

[@RAWBOT301]

Aging condos need inspections to make sure they are safe. Condo boards should have set aside money for emergencies a long time ago, but waste money on frivolous amenities and landscaping instead. The new engineer or architect inspections required by the Florida are already common in other states. Getting a huge bill might be too much for condo owners though, they should have some financing option available to cover this cost and not be forced to pay on such short notice.

[@jimmycain8669]

It’s like any business deal that goes bad. I lost on a condo in Biloxi and it was my fault for paying too much. I made money on two others I had because sold to the Hard Rock Casino after Katrina.

[@SALTYH2O]

These places should be condemned after a certain point and no sales should have happened to begin with ...this is just awful!

[@alyross2850]

Comments will say….they didn’t pay enough all those years and now they have to live with it! That’s not necessarily wrong, but maybe every condo owner isn’t a building inspector. Maybe $500 per month HOA on a twenty unit building seemed reasonable, if not a lot, to those people. Why does it cost a million dollars for a roof on that building, but only 20K on a single family home? How many condo boards took kickbacks and doled high cost contracts simply because they could? I have always instinctively stayed away from condos, mostly because I don’t like the fees and I do like privacy. But I don’t know that every condo owner out there deserves the biggest smash hammer their government can find. If they can do this to condos, they can do this to single family homes. They already are, but more creatively with insurance that forces you to buy a new roof, but will deny your claim when that new roof fails.

[@MCC876]

Residents sell to a developer. They will be paid, sometimes higher than market value. Developer years down building and builds a luxury tower.

[@sandspurpatch]

We have a case study in Sarasota. Dolphin Tower. The people evacuated for YEARS. Cost god knows how much for the people that moved back in. Some did not return. Being born in Sarasota before the condo boom I wondered what happens when these sand castles undermine and erode away from the cheap crap they are made of.

[@ricladouceur6202]

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!

[@oneeleven9832]

If something doesn’t include the dirt ie a condo NEVER buy..just rent. You are never in control of the costs….one thing i know for sure regulations & government is never the solution.

[@joshuaturnage5243]

Most of the condos real estate in south Florida in the 1980s were built or bought or taken over by drug dealers or the mafia. Word is miami florida was Meyer Lanskys favorite place to hang out during the winter time.

[@hideoussails1783]

How many of these people bought during the buying frenzy around 2021? Paying over asking price, as is, no inspection etc?

[@eliot5220]

People keep making poor decisions buying condos. Buy a house and be responsible for your own housing and stop buying apartments.

[@autobotdiva9268]

Love those HOA

[@dpetrano]

Yet, there are Florida legislators who seek postponement of the deadlines set forth in the special assessment laws recently enacted. Those injured by toxic mold need to hire on lawyers who will take liens against the condo building.

[@fredkraus9180]

I had a condo in Pomona Beach

[@stcroixliberal]

Ronda Santis has allowed big corps to steal your condo.

[@davesavell7054]

could not have said it better ronda will be DOA at the next level his resume destroyed Fl.

[@chrispaul1117]

wrong, the owners have no one to blame but themselves. They didn't hold the bd accountable

[@jeffdunnell6693]

Get your head out of your as,what is he supposed to do about your bad decision.

[@stcroixliberal]

@@chrispaul1117 that is true to a point I was one of those evil HOA presidents that wanted savings in the account just in case and as soon as I left they reimbursed the residents the building looks like hell now but this situation has push from big capital funds and republicans.

But he saved you from the "woke" agenda whatever that is.

[@XxHybridFreakxX]

The writing has been on the walls for ages now. Was pretty obvious this was coming.

[@realestatephotovideoshawns1177]

Every building over 40 years old is going to end up the same and currently you have 100 stories being built in downtown Miami! yeah let’s see that category five come through

[@realestatephotovideoshawns1177]

And currently we have four-story tall particleboard, the only cement block are the staircases 2 miles from the ocean in Stuart and a lot of particleboard being built in the port of St. Lucie

[@jonathantaylor6926]

It would be a non-issue if even 5% of condo units were HOA owned and rented since day one. That should be part of the building permit process. That rental income should be set aside for long term repairs.. 5 rental checks every month being invested into an index over 40 years would be well over 10 million dollars in reserves after 40 years.

[@dustyflair]

@@jonathantaylor6926 LMFAO at this plan

[@nobodysdarling346]

I live in SwFL and do a job that is vital to life for almost every person that comes to or leaves our city and I already can not afford to live here. If something like that happened to me, I would be unable to pay my bills completely. All these rich property owners are going to be in a really bad place when their negligence screws them out of all the vital people who make their lives livable.

[@lxcameron406]

HOA needs to be charged

[@psychmr2365]

Not mentioned is the risk of condo owner who smokes cigarettes in bed. And what about a careless condo owner causing a grease fire. In a 20 story bldg how quickly can the fire department respond and put out a fire on the 18th floor? The smoke/fire damage can destroy the other condos and leave owners without a place to live and for how long? Post repair, will the building smell like smoke from then on?

[@leej.9844]

I moved from my condo suspecting that something like this might happen in the future.... with regard to your comments about developers buying these older the condo communities, they should pay the owners a price comparable to what they would need to buy a new unit pursuant to size and location and not what the present condition of the unit is because they are going to make gazillions of dollars and can well afford the investment to decently price the purchases so that the owners do not go homeless!

[@casualagent7250]

Oh for those lovely ocean 🌊 views At what cost 😞

[@taxiscratcher5935]

I live in the Panhandle...been here since 1991...there are condos that have been here longer than I have been here, and still going strong. But this area is mostly Conservative...but getting more and more people in from NY and Calif...so...Not sure how the NEW condos will fair, but the older ones are still stnding and look wonderful. I used to clean condos...I wouldn't live in one..will never live that close to the Gulf. A few miles away is close enough.

[@jessegarman7899]

Bummer

[@hornet224]

While old condos are a bust, the new condos will boom.

Eventually they will suffer the same fate if nothing is done by the local and state governments to prevent this from recuring.

[@backpain4ever505]

Owners have access to the budget every single year. But everyone wants a bailout at the taxpayers expense.

[@estelalordiluv6973]

What about condos in Port st Lucie and Stuart?

[@lisa4455dickerson]

What a huge loss😢

[@charmainmorrison8615]

Anyone that bought a condo got conned. That’s why it’s called “con duh” 🙄

[@CorporateShill66]

Conned-o 😆

[@psychmr2365]

Home owners don’t pay HOA fees that can arbitrarily increase. If a home owner doesn’t want to mow lawn, pay some kid to do it. Purchase a house in a low risk flood zone. Move 20 miles inland. The beach’ll be 20 minutes away.

[@ChessCat9]

The most important outcome - DO NOT burden taxpayers with your own greed and inaptitude.

[@dianarodriguez9783]

Own a condo and you own nothing. I saw issues coming and sold condo bought a house. House is not cheap but I maintain it and I live safe. I have land and house and all of it is mine. At condo I owned nothing.

[@newvideos4523]

It’s gonna get worse and worse

[@georgewolfiii1170]

Too many people are paying rent, and the percentage of home ownership is far too low.

[@sycamore2789]

Mine is already worthless

[@thomasryan2679]

Good luck sir.

Everyone of these condo owners were convinced they were so much smarter than those like me. I had been told since day one by Real Estate people do not buy a condo. I cannot will not own a home because I grew up living in a large home on a huge property. I missed my childhood and teenage years mowing lawn and repairs that never all get done. I struggled to rent because of finances and the refusal to shoulder the burden of constant repairs and expenses. I have no one to leave assets to and nothing was ever left to me. They all say the same.....I pay a smaller mortgage than you pay rent....yes but I shoulder no repairs or burdens as a renter. people only change when they have to and you cant change dumb....so the reaper is knocking on your door ...and expect the govt should bail you out....please....send some cash my way to save me from greedy landlords..

[@gphilipc2031]

Condo conceptually has ALWAYS been a ponzi in my opinion.

[@GabriellaScollo]

Can you link Miami Dade condemning which condos?

[@question_mark.357]

What about apartment buildings? Is this just a condo problem?

[@djboogieboy]

Wheres ronnie rubber boots?😂

[@lockness1980]

I appreciate these creator's efforts, but it's too late! The train has left the station. The little guy will never beat the big machine unless you get lots and lots of little guys to come together, and even then you still may lose. I am so sorry to you condo owners who are and will be forced out. Start making moves now on where you will live. Asking for paperwork should have happened decades ago. I feel like in America the capitalists banker class will always out maneuver us as they have government on their side. Condolences to you all.

[@mikeglynn5824]

Saw the data coming in over 2 yrs ago with insurance co s condo fee hikes then Ian hit in Ft Myers where we had a condo. Wind damage no flooding. That was it sold at the height tripled money and never looked back. I’ll miss my winter place and friends made but paying 1000s for a few months in this economy wasn’t worth it. Ppl got caught up in the freedom movement during Covid and did little research before purchasing they just wanted freedom. Now they are realizing there is a price to pay for freedom and living in what they thought was paradise.

[@ajett5081]

It is called water leaks. Fix them. Never buy condos, only rent them.

[@christinamarie3598]

.. they are becoming “worthless” for a cheap property buy by a developer to tear down.. recreate and sell at four times the price. Again… who is doing these building evaluations.. who is double checking all these inspections and cost estimates to fix the issues? Fraud .. there is some serious fraud happening here. Some are obvious…. Some… not sure it’s enough to have owners having to give up on their space

[@turboredcart]

I thought high density housing was going to save us? I guess not.

[@Slide61]

I don't know if it will spread. Florida is the litigation king. The billion dollar Surfside settlement was the nail in the coffin.

[@Dbb27]

The legislature needs to change the rules. Only one vote per owner. Problem solved. AND they should have been given a longer time frame to put the reserves together. That whole ruling is a knee jerk reaction to one event.

[@michaelsmith9590]

Your comment: "...discourse is the only way to figure this out" is a positive take on a widespread residential problem in this state. So are you with those who want to rely on an outcome from the next session of the state legislature? I cannot help but suspect that some of those who represent Florida residents are benefiting from the status que, directly or indirectly.

[@bbellefson]

You'd be etter off financially "livin' in a van down by the river!"

[@cdavis25232]

All the money and miscellaneous fees went to the association lavish lifestyles!!!!!!

[@Vintage-Vespa-Miami]

And this is the beginning….