CHEAPEST and NICEST Oceanfront CONDOS (Florida East Coast 2022)

[@MichaelBordenaro]

Book a consulting call with me here! michaelbordenaro.com/book-service/

[@mrmotorcarsrs2034]

Thanks for another nice video Michael that gives us all hope, educates, and fuels our dreams.

[@MichaelBordenaro]

You’re welcome Randall that was really the hope with this one. Just to inspire people and let them know the dream is over if you still want to live on the beach.

[@reneeimage486]

Hi Michael , right timing for this subject ! 🌴🌴😊

[@MichaelBordenaro]

Thanks Renee I think so too! There are still some decently affordable deals out there and I’m happy to point them out👌

[@luisv5361]

Good video Michael, keep up the good work

[@MichaelBordenaro]

Thank you Luis will do 😊

[@michaelrussell7310]

I appreciate this R/E Video. Could you please make one on the cheapest houses closest to the east coast beaches in Florida?

[@MichaelBordenaro]

Thanks Michael! Appreciate the suggestion, if this one does well I will definitely do that 👌

[@Cat-qn1yw]

Thank you for a great tour!

[@MichaelBordenaro]

You’re welcome!

[@georgiastewart6283]

Thank you! 🙏 there is hope yet me to find one !

[@lenovillegas3868]

Awesome Michael many thanks!

[@MichaelBordenaro]

You’re welcome Leno!

[@LMays-cu2hp]

Thank you for sharing nice properties there in the market.

[@wondwessenshibeshi3716]

I enjoy your videos, one day I will live like you. Cheers from Canada 🇨🇦

[@MichaelBordenaro]

Thanks ! I hope you can too!

[@MichaelBrown-ny3et]

I didn’t realize you could finance a condotell.

[@piercebiar1335]

I know you already did seaside fl, but can you do other parts of 30a like alys, watercolor, rosemary some homes on the Zillow map are 30 million and theres tons of famous people down in the 30a area like Paris Hilton, and Luke Bryan. I can't find a house under a million and the average home price is like 3.7 million!!!!!

[@MichaelBordenaro]

That is an interesting video idea. Let me see what I can find

[@ginacarolco1425]

GREAT VIDEO. I would like to see more of these and does HOA cover flood insurance. I wonder if it is cheaper now.

[@Khanfuzed1]

Hard to believe a lot of these are significantly higher today with double interest rates and insurance issues

[@Jeannified]

Great video, Michael! So refreshing to see that some deals can still be found!

[@MichaelBordenaro]

Thank you Jeannie I think so too. I’m happy to be able to point that out with how crazy expensive everything has gotten.

[@Dink1963]

What year is fort pierce condo? How is is outside treated to prevent salt decay? What is the crime rate in fort pierce?

[@soniadowney7427]

Great video

[@MichaelBordenaro]

Thank you Sonia!

[@MarceloLaraM]

Great content, thank you

[@MichaelBordenaro]

Thanks for watching!

[@juliovortiz]

I assume condo hotels take a cut of renting out your unit? Also, how often are condo hotels available? And are they desired more than normal condos? Love your videos Michael!

[@hejiranyc]

Condo hotels strongarm you into joining their "hotel program" in which, yes, they take a big chunk of your revenue. In return for this, they basically don't charge you for monthly HOA fees (the Hilton unit featured at 6:00 is no typo; HOA is only $15/month if you join the program). But joining the program also means that you can only occupy your unit for XX number of days per year, and only XX of those days can be during the high season. If you opt not to join the program, you will pay at least $1200/month HOA for a 1 BR unit. Condo hotels are everywhere in SoFlo, especially along the beach. If you see suspiciously cheap units in a desirable area, chances are that it is a condo hotel. I think they are tougher to sell because they aren't great investments and you don't get to live in it full time if you are in the hotel program.

[@hejiranyc]

I should also add that almost all co-ops also require financial records, credit checks, criminal background checks and an interview in order to receive approval to buy "shares" of the building stock. This co-op is no different.

[@juliovortiz]

@@hejiranyc Wow, thanks for the response. And at first, I was thinking it was a good investment and a good way to start getting into short term rentals. Still so much to learn

[@MichaelBordenaro]

Thank you so much Julio! Yes they do take a chunk of your revenue but often times you don’t actually have to join the Hotel program. You can do with the short term rentals your self with Airbnb or another platform. If you find a condo hotel that won’t let you do that I would not buy it.

[@MichaelBordenaro]

Usually they’re tougher to sell also because you have to pay cash

[@markm391]

Thanks for sharing Michael! Loved this video. It's great to know there are still affordable places on the beach. For a single guy who loves Florida and the ocean, something like this might be a good fit 🤙🏻

[@MichaelBordenaro]

You’re welcome Marc yes many of these options are great for a single guy👍

[@floridalivingisthebest]

@@MichaelBordenaro And for a single lady!

[@MichaelBordenaro]

@@floridalivingisthebest Yes for the ladies too😀

[@jt9204]

Hey Michael, another great video! Thanks for posting. Any chance you may be interested in doing this same type of video for the West side of FL. Perhaps like starting just north of Dunedin, down along Gulf Blvd. towards Treasure Island, Pass-a-Grill and St. Pete beach? Lately, prices seemed to have really shot up along that corridor! Thanks and Take Care.

[@MichaelBordenaro]

Thank you JT! Yes, I may do that. I have done some in the past. It's actually more expensive now to find anything like this on the gulf side and there are also less options in general being that there is not real beach from Dunedin all the way up to the panhandle. Thanks for the suggestion 😀

[@hejiranyc]

You featured the place I just closed on last week in Lauderdale-by-the-Sea (7:00). LOL. Needless to say, it is not for sale, although I suspect the listing agent (whom I have never met) is doing something highly unethical by listing my unit "for sale." I actually reached out to Zillow and they said they couldn't do anything about it since it is in the MLS. Very, very shady... Anyway, where to begin... first of all, this unit is no longer for sale (obviously). Secondly, I did not pay $199K for it; I actually paid a little bit more due to a competing offer situation. Thirdly, the kitchen and bathroom have not been updated since the 1970s (!) and it badly needs new (impact) windows/doors (which explains why there were no interior photos in the listing). Fourthly, it is a stock cooperative, not a condo, so there are very strict bylaws that have to be followed, e.g., no renting is permitted, ever. Fifthly, no financing is permitted; cash only. So, as you suspected, there are some asterisks/caveats to this listing. Now, if you can deal with all of that, it is a very well-run, well-maintained building with solid financials/reserves, a 24-hour doorman in the lobby and relatively low monthly HOA ($404/month), which includes basic cable TV and 1 parking space. But most importantly, it is right on the ocean and the SE views of the ocean and the NW views of Lauderdale-by-the-Sea to Hillsboro and beyond are SPECTACULAR. The residents/members are a bit, uh, on the mature side, but they are super friendly and outgoing (mainly snowbirds from the Northeast and Midwest). I was initially a bit nervous about being the only non-white resident in the building, but my concerns were very quickly laid to rest. So I have some gut renovations planned and I expect to spend an additional $50-60K on that. But when all is said and done, I will have a beautiful, "brand new," modern little winter nest looking over the ocean for well under $1K/month including HOA, insurance, property taxes and utilities. My intention is to live half the year there and half the year in NYC, but I may be tempted to make LBTS my full time home if I can tolerate the summer. This is pretty much the cheapest oceanfront living arrangement you can find in the Fort Lauderdale area, period, and it's actually a really nice situation if you can deal with the stipulations.

[@MichaelBordenaro]

Wow what a coincidence I actually found the unit you bought! I knew there were definitely some caveats with this one especially at that price point and you named all of them that I would have suspected. And since it’s a co-op I’m sure you had to pay cash for it as well. I was also pretty sure that the unit needed some work and you confirmed that too. But congratulations on your purchase the view is beautiful and once it’s all done I’m sure it will be well worth it!

[@hejiranyc]

@@MichaelBordenaro Thanks. Yes, I had to pay cash for it, but I was going to do that regardless of whether it was a condo or a co-op. As far as "needing" work, it is technically functional as-is. I just have strong personal preferences about decor/finishes. So even if it was in pristine renovated condition but with chintzy contractor-grade finishes, I would renovate it again anyway to suit my taste. So, in a way, I was happy that this unit was not updated; I did not have to pay for someone else's ugly renovation. By the way... not all co-ops are the same. Some require all-cash, some allow financing that meets strict guidelines. But, invariably, all co-ops require full disclosure of your liquid assets, income, tax returns, background/credit checks and even personal references. This co-op in LBTS also required an interview, but it was not nearly as bad/invasive as my co-op interview in NYC. But I have to say... I instantly feel like I belong to a club where everybody knows each other. There are almost daily potluck parties at the pool area (right at the beach) where people are drinking wine/beer, gnoshing on deli sandwiches and desserts and just basically living their best lives. Everyone in the building is invited. This is usually a nightmare for introverts (like myself), but I have to admit that I am really enjoying the social aspects of living in this co-op. This is definitely not an experience you would find at a traditional condo full of strangers.

[@MichaelBordenaro]

@@hejiranyc paying cash sure does give you peace of mind. I haven't been able to find a lender here in FL that will lend on a co-op thus far. Plus all the condos require interviews too, so no big deal on that. The main thing is that you're happy with your purchase and it sounds like you're about to make some new friends 😀

[@jonahhex9620]

Not in Saint Augustine but Port Orange or seems more affordable

[@MichaelBordenaro]

Yeah it’s still pretty affordable if you asked me

[@paulsantoro1235]

These are all 1 bedroom. Is that all whats available on or close to the beach?

[@MichaelBordenaro]

Thats not all thats available, 2 bedrooms are just above the budget I set of 350K

[@mariaaviles3380]

Can these be purchased as investments for vacation rentals.

[@MichaelBordenaro]

Yes a couple of them are even condo hotels which can be rented out by the day

[@hejiranyc]

Yes and no. From what I have seen, almost all buildings, even condos, impose some degree of rent restriction. Many require a minimum lease term of 6 months or a year. Others limit the number of times per year that the unit can be rented. The only places that seem to allow daily/weekly rentals are single-story casita/villa type buildings with fewer than 10 units.

[@mariaaviles3380]

@@hejiranyc yes. That’s what I noticed when I was looking back in February.

[@MichaelBordenaro]

@@hejiranyc that’s right most of them always have some form of rent restriction. However not everyone’s interested in renting out the unit daily and being able to rent the unit out on a yearly basis or just for a few months a year usually works for a lot of folks

[@sannyvain7196]

I have a dream of living on the beach but I currently have $72 in my account lol …

[@carrotap3001]

Are you more East coast or West coast?

[@MichaelBordenaro]

I enjoy both to be honest. The East Coast does have more beaches though so I’m able to find more and better deals on the East Coast it seems.

[@thunderboltpenetrator8498]

Condos.... That thing you will always pay for.... Even after owning 🤦

[@hejiranyc]

Yup. Just like taxes and utilities. What's your point?

[@thunderboltpenetrator8498]

@@hejiranyc on top of that... Of course.... Then neighbor

[@thunderboltpenetrator8498]

@@hejiranyc on top of that... Of course.... Then neighbors and sinking sands and stairs No pets for the most part... At house prices,...🤦

[@MichaelBordenaro]

I think that’s the definition of every home you ever own LOL

[@mastersparkyful]

Yuck... wiremold to the fans screams 1980s keep it.

[@agustinparla4325]

Awesome alott of info how can we contact you

[@MichaelBordenaro]

Hi Augustin, if you need an agent, please fill out this form homeandmoney.com/michael/ and I'll get you setup!