Impending Florida 'condo cliff': Here's what to know

[@vincentdobbins4189]

That’s what happens when you live in a deregulated State and no consumer protections. The big Corporations will come in and buy the property on the cheap, so cheap where they’re able to tear-down the building and rebuild.

[@warrentrout]

Or people don't take PERSONAL RESPONSIBLILITY

[@nathanliteroy9835]

@@warrentrout It's a myth. By and large people live the way other people around them live and try to get the best deals

[@lindarodman5014]

@@warrentrouthow does one take personal responsibility exactly? Inspect the building oneself? Do the repairs? Force owners to keep buildings up to code? Isn’t that what laws and regulations are for? Or do we need a gun.

[@SeattlePioneer]

This is just wrong. EVERY YEAR condo owners have a meeting and have to approve a budget. All too commonly, they CHOOSE not to fund maintenance and repairs, so they don't have to pay for it. Apparently the Florida legislature decided to put an end to at least SOME of that, and then Democrats moan, whine and complain when, at LAST those maintenance and repair costs have to be recognized and acted upon. I suppose they thought the Condo Ferry should come in and do those repairs FOR FREE!

[@SeattlePioneer]

Don't be so cocky. Few states have effective regulation of condo and homeowner associations. It's a thicket politicians often prefer to ignore. The real protection for people is to attend their association meetings, get to know the officers and board members, read the reports the board gets and to be an officer, board or committee member who helps run the association. . But few people are willing to do any of that and prefer to be fat, dumb and happy until things fall apart. THEN they blame everyone but themselves.;

[@LiquaFoo]

Listings are up 63% and prices are only down 2.3%? Seems like a refusal to accept your property is worth less.

[@moon.lite.v]

Yeah people are in denial in Florida

[@UncleDavesKitchen]

Greedy sellers.

[@eyeheartsushi2212]

@@UncleDavesKitchen 100%

[@signalfire6]

They're underwater in more ways than one. Anybody who didn't see that Florida was going to turn into a nightmare wasn't paying attention.

[@BrendaHarmon-w8y]

@@UncleDavesKitchena person can sell for what people will pay 🤷‍♀️

[@tscoff]

The people who “can’t afford this” have chosen to NOT invest money in maintaining their homes for decades. They voted every single year to NOT maintain their homes. The retirees are the worst because they’ve been saying, “I’m 70 (or older) and I won’t be alive when the roof starts to leak or the pool needs to be fixed or my balcony needs to be reinforced or… Why should I pay into a reserve fund to fix those issues? Let the next owner deal with it.” Now they’re complaining because the state of Florida told them to stop pulling that crap and maintain their homes. The retirees created this! Now they’re complaining the loudest that it’s going to cost them money. Boo-hoo.

[@dontbanmebrodontbanme5403]

I admittedly know nothing about this. I would assume that you pay your monthly mortgage and association dues and that money is used to maintain the property. If there's some huge bill that's coming due, the owners are told about this ahead of time and dues are increased accordingly, so they're not hit with a shock bill. Is it possible that the owners were just blissfully paying their monthly fee, not knowing that this huge bill was coming their way?

[@tscoff]

@ In order to not have a reserve fund that is built up a tiny bit every month to pay for major repairs like replacing roofs when they’re needed instead of hitting owners with special assessments condo associations typically have votes of the owners every year to vote against building up the reserve.

[@chitownrabbit]

The overwhelming majority of residents have been fulfilling their financial obligations without. The assertion that "they did not invest in maintenance" is completely unfounded, it is a myth. The Champlain Tower was inherently flawed due to its defective design; no amount of maintenance could have preserved that building.

[@chitownrabbit]

@@dontbanmebrodontbanme5403 That is a myth about "not marinating property" has been spread around by corrupt politicians and their buddies developers who work together to kick out retirees from their properties.

[@primafacie9721]

@@chitownrabbit So they are running a story based on a myth like Big Foot is surfing on the beach or that insurance companies are bailing out of Florida like rats off a sinking ship? Ok.

[@janaka861]

What is CRAZY is that the State of Florida allowed condo associations to free-load on the economy by not doing regular maintenance. The bill is coming due. Anyone who has lived in a condo knows that association costs are to MAINTAIN your property. Just like a single family dwelling you got to pay for maintenance. The only difference is that in a single family home you can let your dwelling go and it is YOUR loss. In a condo it is the collectives loss. These buildings have been allowed to deteriorate and the owners allowed that to happen. While your talking heads think that is sad for the owners it is really sad that everyone with property is going to pay. This is a perfect example of State legislatures not doing the hard thing. Great job Florida!

[@free2roam674]

Agreed but in my experience no one in the US wants the government to get involved in anything. Then, when things go bad, they all blame the government. Most people and countries in the west have been living beyond their means for decades.

[@Redfour5]

Well, the timing is about right as global warming is raising the water levels and Miami sinks. I have a very well off friend in one of the Miami Condos the tall ones and you can look down and see the cruise liners as they come in to port. I remember the first time the street at the bottom of his condo complex was flooded. It was a surprise and big deal. Then a few more times over the years, now he doesn't even mention it over the last few years. It is becoming stimulus generalized...

[@artoffderidikulous3009]

The State didn't just allow this to happen, they exchanged.... turning a blind eye for votes.

[@EdDunkle]

California isn't much better. A few years ago a balcony collapsed in an old condo building (in Berkeley, I think) and some people died. Then California decided to make balcony inspections mandatory. But beyond that HOAs have a long leash to not maintain the buildings.

[@janaka861]

@ Actually, California has required condo associations to schedule and save money for maintenance for over 40 years. The balcony collapse was due to overcrowding. Inspections of balconies and changes in codes now have been updated. Sorry my friend, you aren’t going to see buildings collapsing due to lack of maintenance in California! But what is happening here is the cost of condos have maintenance built in. Ergo, they cost more.

[@honeste6652]

What was it people were saying about education loan forgiveness? Pay your loans. Don't expect anyone else to bail you out.

[@brad238899]

Bail outs only for large companies that can afford lobbyists and politicians like during the recession you're toast.

[@kendallrhodes]

🎯🎯🎯

[@tringuyen7519]

@@brad238899Corporate investors aren’t paying the condo liens. They will demolish the entire building & build a new condo complex meeting FL’s new building standards!

[@edhcb9359]

Apples and oranges but agree with you none the less.

[@JrobAlmighty]

It wasn't the same as businesses paying back PPP loans because they didn't even need to ask

[@frankd3505]

Delay, delay normal repairs, this is the case in most Condos Florida

[@stache1954]

True all over the country and people don't want to keep reserves.

[@tringuyen7519]

@@stache1954Especially seniors on a “fixed budget”! But they will act the victim begging the state to bail them out.

[@chitownrabbit]

@@tringuyen7519 I guess you will not complain when people residing in the houses made from "cardboard" are begging FEMA to help them out after hurricane.

[@UncleDavesKitchen]

I've been in my condo in Sedona, Az since 1978. We have always paid an assessment into a savings for repairs and made them along the way. My HOA is $245. a month. We manage well as we have tenant members manage the HOA. Fix a problem before it starts, works for us.

[@SeattlePioneer]

@@stache1954

[@countbenjamin1442]

Yes, tear down the condos and build luxury places because we all know that the United States has a ton of rich people who want to live right next to a hurricane Beach have really high insurance and what happens when those people need people to work for him, but there's nowhere for people to live cuz they're all so expensive

[@skyblueerik]

They all have 10 other houses ao why should they care if a hurricane or flooding destroys their Florida abode?

[@buckbenelli8]

Here is what I know. I will never step foot in Florida ever again.

[@j3i2i2yl7]

Maybe to go to Disney World, then leave. Disney World is like Switzerland in 1944.

[@sammyp9514]

Same

[@warrentrout]

Great! Too crowded. We don't want you

[@OarsmanPower]

@@j3i2i2yl7 Not even close. Switzerland wasn’t woke and full of stupidity like Disney is.

[@cactus22minus1]

Hateful backward place - it’s really sad because I have so many great memories of the gulf side beaches from my childhood vacations.

[@hammertyme8392]

If you have a mortgage on your condo, give it back to the bank. Let the bank take the hit. The government will bail out the banks but not you.

[@alexlopez5800]

Same with the houses

[@d.c.3220]

Yes, but most of these older building condos are owned by retirees who have no mortgage. They are the ones who will get hit the hardest with these large assessments.

[@th0rn3gaming]

Terrible advice. Pay your commitments. If you over paid then that's your fault, not the fault of the bank nor the Americans that have to bail the banks out. Tax payers shouldn't bail out banks because of stupid people who don't pay their bills.

[@joeschmuccatelli2167]

@@th0rn3gaming Wrong answer. Your "advice" is terrible advice. You sound like a banker.

[@canterburyworkshop5631]

@@th0rn3gaming Yeah, they're not banksters or auto companies, nor are they saving and loans, or investment firms . Only these get federal bailouts that are never repaid.

[@DefundTheFringes]

Governor DeSantis striking "climate change" from state language won't change root causes of water intrusion.

[@kirk8429]

My condo is 50 years old. Has been well maintained, upgraded, structurally sound and still affordable with with a great view. The reserves have been anticipated for next 5-10 years. We're good.

[@tscoff]

That’s because you and your neighbors have been responsible and smart.

[@chitownrabbit]

Nope, with that new law that has no limits anything can happen. They might send special inspector who find "potential" structural damage and force everyone abandon their units.

[@kirk8429]

@@chitownrabbit Nope. Already had an authorized structural engineering firm complete a study. Can base your reserve compliancy off the results.

[@tringuyen7519]

@@chitownrabbitYou’re wrong. The new law was enacted to prevent the Surfside collapse from happening again. FL doesn’t want to collapse the condo market.

[@chitownrabbit]

@@tringuyen7519Sure, Surfside collapse will not happen again, it has already happened. There is no evidence that new draconian law will prevent anything. Zero evidence has been presented why residents of the properties located three miles from the coast all of a sudden need to collect substantial amount of money in short period of time. ZERO!!! Government does not even know why Champlain tower has collapsed. There is no official report.

[@walkingstick6655]

The condo owners only had themselves to blame as they routinely, year after year, opted to not adequately fund and pay for maintenance, insisting to "live on the cheap" in places that they likely truly couldn't afford. We all know that costs in life are not just limited to what you pay for something: everything has running costs, which certainly has to include upkeep/maintenance and repairs (not just real estate/school/municipal taxes, etc.). There should be zero angst by anyone other than the owners about this. There should be zero public money spent on bailing anyone out on any of this. They made their decisions and they have to live with them. They kept kicking the maintenance can down the road and, unfortunately, many had to die in a condo collapse to bring this all to the forefront. Many people have squeezed a good 30+ years out of this arrangement, but now they either need to pony up a great deal of money to stay, pony up money to move, and/or learn to live differently, likely in another downscale location.

[@jblyon2]

My parents owned a place near the water in FL. The salt is in the air and get onto/into everything. Things don't get replaced because they physically wore out, but because whatever metal they were made out of has corroded away. It's like the rust belt is with vehicles, expect it's absolutely everything that gets covered in salt, all year long. Their place was in a single story co-op and I bet you anything they paid more attention to maintenance due to salt issues than most of these high-rise condo associations do!

[@Steve-Jody]

tRump has a concept how to fix this to but he’s working on the Egg prices first. Schmucks

[@gund89123]

This is local issue, federal government shouldn’t get involved. State government shouldn’t get involved either

[@Steve-Jody]

@ but the smucks who voted for the criminal Rapiest said he will get control of prices. Remember. So why would people believe such lies?

[@xray7908]

His administration can't bring back the old grocery prices, the best they can do is bring back polio.

[@OarsmanPower]

@Stevie - Jody As if Kamala had a plan…

[@Steve-Jody]

@ and now the internet knows you’re just an ignorant cult follower

[@dbrew2u]

The wild and crazy days of Real Estate investment in Florida are coming to an end . Don't think you can purchase Property in Florida thinking that you can double your money in a few years like the recent past . Those times are long gone .

[@mamatrain100]

I know I'm very happy I never bought a condo. No homeowners associations either. Recipe for corruption and mis management.

[@michaelfriend3990]

Yeah, because owning a home doesn't cost money

[@gerrybyrne5636]

Condos are a scam.

[@MFFL674]

@@michaelfriend3990 if you're a condo owner in florida, your hoa fees are more than my taxes and insurance, which is the cost of owning a home without a mortgage. i'll stick to a paid off home on acres that is not in a swamp, has no restrictions, and not having to rent my place from an hoa that i supposedly own.

[@mamatrain100]

@@michaelfriend3990 I do my maintenance on my schedule and there's no neighborhood yard police. And it's expensive as all he!!, not corrupt though.

[@365daysofpractice]

The majority of homes in Florida are also in HOAs. Cities do not wish to pay for maintenance in residential areas, so they encourage the formation of HOAs. Homeowners get stuck with property taxes and HOA fees. Brutal.

[@lindapindabelinda3570]

Who would’ve ever guessed that multi story buildings made out of concrete and rebar next to saltwater would be a problem.

[@jblyon2]

Yeah, but, if we don't do any maintenance, and don't do any inspections, there won't be any problems found that need money to fix. Clearly requiring inspections is the problem!

[@boydsprehn2140]

Inspections don't create new liabilities - they just mean the condo owners cannot deny the existence of the repair obligations any longer. Investors are only buying them out if the owners still don't want to keep the buildings safe.

[@chitownrabbit]

The problem is that new law is very selective and unfair. The law targets only condos in prime location. This is just an opportunity to kick out retirees and make new constructions.

[@SeattlePioneer]

@@chitownrabbit The law targets condos that are in the greatest risk of DISASTER ----collapse. Those over three stories and near the ocean where they are subject to wind driven salt water exposure,. Other condos can go on with their usual foolish ways. Arguably the law should apply to all condos, but I suppose the legislature chickened out from that.

[@MangosInTrees]

lol prices only down -2.4%

[@davidprice6027]

Down 2.4 % SO FAR......!

[@DabsDad]

but they aren't selling so that means nothing

[@tw5139]

Down 2.4% in Q3.

[@blaydCA]

Q1 2026 -250% and still will be UNSOLD!

[@tringuyen7519]

@@DabsDadExactly! Sellers seem to think that some out of state buyer will come in & put cash down on their overpriced condo no questions asked!

[@markbirkeland5643]

So glad we sold my parents condo when they passed. We were more worried about the rising of the Ocean and Florida going away but now retirees are going to get driven from their dream homes.

[@comicus6769]

"We were more worried about the rising of the Ocean...". LOL

[@markmorgan6741]

There are condos/houses in SW Florida that still don't have an insurance payout from hurricane Ian two years ago. When are they going to pay up.

[@jblyon2]

A friend of mine used to own a condo in a building that got destroyed. The people they knew who still owned units there when Ian hit haven't seen a dime. The building is still boarded up and completely uninhabitable.

[@SAGUY1971]

Property investment in FL is just an all round bad idea. Hurricanes , ocean levels rising , deferred maintenance on property and now this (trying to make up for decades of doing nothing by the state) . Just not worth the financial risk.

[@scottdaley3308]

When it gets to .10 or .20 cents on the dollar let me know.... Florida is a swamp with huge risks

[@DabsDad]

I'm glad I own a single family home in a non HOA community in South Florida. People are no longer buying condos so my home continues to be highly desirable. I get offers everyday on the phone, in the mail or even coming to my door.

[@mulemule]

Gloating about your good fortune in the face of a calamity for thousands who'll lose _their_ homes. (Must be another Boomer. 🙄)

[@fpm8338]

Yea okay boomer

[@masterminaei]

Calm down, almost every homeowner gets tones of offers from agents. You are not special.

[@blaineboyle5997]

Couldn’t happen to a better state - blame your governor and impending pres

[@timothyknight2236]

You must be of the "dark side".

[@blaineboyle5997]

@@timothyknight2236 No im on the correct side of history - fascism was fought and defeated in WW2 - we don't need a return

[@gund89123]

@@timothyknight2236 over regulation

[@claudermiller]

Exactly. Let the corrupt board members mismanage everything then leave the condo owners who don't know anything about building maintenance etc holding the bag when everything goes south. The state government has a responsibility to look after the interests of everyone and not wait until a 20 story building collapses before doing something.

[@blaineboyle5997]

@@timothyknight2236no I’m white Adolf

[@Impozalla]

Condo prices in Miami have dropped as much as 8%. People are bailing out of their condo and are desperately looking to sell. Prices will continue to drop but that may not be enough to get people to be interested in buying condos anymore in Florida.

[@Bubbles99718]

Considering prices went up 50% over the last few years there's still plenty of room to move downward

[@DanaOredson]

Couldn't happen to a better state.

[@Sundayjean]

It’s a nightmare. I’ll be paying an additional $500/ month for the next 5 years on top of the already high condo association fee.

[@neilkurzman4907]

Is that because your building had absolutely no reserves?

[@FishRfun]

I've an insurance agent in Texas and now Florida for the past 10 years. CONDO OWNERS...check your condo policy to see if it has "loss assessment" on your policy. It's very cheap and can help you in these types of incidents that impact all unit owners

[@neilkurzman4907]

There is no insurance that covers not maintaining the building. There is no coverage for failure to keep reserves.

[@rikwarren3999]

@@neilkurzman4907 And true there would be no insurers in Florida

[@livingnoise6399]

Unlike federal capital gains taxes, there is no capital gains tax in Florida. In other words, there is not a state-level tax imposed on capital gains earned by individuals, businesses, or other legal entities

[@gund89123]

If you sell a home in FL, I can’t deduct the appreciation? 😮

[@livingnoise6399]

@ its called over appreciating. You have to mark up the house to get it sold.

[@lrvogt1257]

It’s tough but if the buildings had been maintained properly to begin with they wouldn’t face a large burden. They’ve had 4 years to begin. My guess is a lot of condo owners voted down maintenance over the years. It happens all the time. I wouldn’t be surprised if developers who want the land got their buddies to pass this law, this way to grab the land cheap

[@HowShouldIKnow6543]

They COULD have been able to afford it year over year But CHOOSE to do nothing, year over year Eat the crops you sow

[@erikj.nuveenmddmd6557]

Our condo in Jacksonville is now up to $5317/ mo in HOA fees and $45,000 year in taxes. 4 years ago, the fee was $1629/month. The insurance for the building has now gone to more than $400K/ year. Unsustainable.

[@cfountain72]

😮 You must own a seven (eight?)-figure unit!? That is unsustainable for 99.5% of Americans. Does that HOA fee included the extra assessments to keep it from collapsing, or is that yet to come?

[@gund89123]

$5317/month HOA. I can rent single family home in SFO Bay Area for that kind of money, which is expensive place in US. 😮

[@SAGUY1971]

That is crazy. I own an acre of land at the coast in CA and my Prop taxes are $8000 a year. I guess that's where you get screwed for not having a state income tax.

[@navajojohn9448]

Any other states doing the same inspection laws or just the crappy buildings allowed to built in Florida?

[@tmclean9]

Prior to Hurricane Andrew in 1992, FL had really weak building codes. However, following Andrew FL passed much tougher building standards. Now FL has some of the toughest standards in the country. When you see pictures of homes destroyed by recent storms, the large majority of damage were to pre-Andrew buildings.

[@mikec7220]

stupid statement, they are very old condo under really old building codes

[@LuisRojas-uu4om]

@@mikec7220 The building that fell, was never built right from the beginning and the COA and the City knew it

[@gerrybyrne5636]

Florida , the scam that keeps on taking.

[@Mr427sc]

@@mikec7220with little to no maintenance. Residents and HOAs want to spend as little as possible on maintenance.

[@sailinghopes3943]

20-25 years of full GOP control of FL….. it’s what you get…

[@ctwriter1670]

Yep, low regulation, fiscal irresponsibility, kick the can, strip mall after strip mall. I ask my friends in Florida how the public schools are. They said they wouldn’t know, they pay to send their kids to private. So much for their low taxes. Crazy.

[@johnrondeau9222]

Speak truth to power

[@Kenny-k7o]

Basically, it was around 1997 that they got control.

[@primafacie9721]

Repubs say that government doesn't work and then get elected and prove it. I hope to live long enough to see the Gulf of Florida come into being.

[@wyoboatman]

The inspections are on Condos that were built when your chosen party was in control. Congratulations, you just played yourself. 😂

[@lauravautour550]

I live in a condo in Canada and we are OBLIGED to have a Reserve Fund that will cover any upcoming repairs

[@hammertyme8392]

It's not only the assessments, its the insurance. Its going to cost 150k a year just to insure a condo.

[@gerrybyrne5636]

😅paradise ,right.

[@kentstallard6512]

That coast will be underwater in a few decades. The appeal of the swamp known as Florida is mind-boggling. Far nicer places with warm weather and beaches.

[@dvbernard]

Well said. Anyone who wants to live within a mile of the Florida coastline is not thinking long-term.

[@is2good4u]

They are building apartments and condos on every square inch of land down here. It’s obscene.

[@gund89123]

Same story in Bay Area. Most new construction are condos/town homes. Most of these are for rent.

[@dvbernard]

It's not the building that's the issue: it's the fact that these are all "luxury" condos/apartments. They are greatly overestimating the number of millionaires in the country.

[@kevinhsu8184]

I feel for those retirees thinking it only cost less than 1k monthly association fee to live on coast of Florida. The reality is living close/ next to a sea cost a lot more than 1k per month for building maintenance. I would have to guess it should be minimally 2k/ month and up. People need to do their homework before hand before it’s too late. Hope those old folks get out of FL/ move inland before loosing their life savings.

[@WhirledPeez]

This is gonna sound harsh and unfair, but there are actually people who should not own anything especially a condo. HOA‘s have got very interesting lately.

[@James-ws9ze]

How have HOAs gotten interesting lately?

[@ST-rj8iu]

@@James-ws9ze They can put a lien on your house if you don't do what they want and take your house. It can go into foreclosure. This should be illegal.

[@cfountain72]

​@@ST-rj8iu Then don't sign and agree to the covenants. No one is forcing anyone to buy into an HOA community. And those liens only come after a lengthy back and forth process to allow the owner to catch up.

[@nonewherelistens1906]

It's buyer beware when you build and buy in a high-risk location. Global warming has made Florida that place.

[@drwisdom1]

It isn't just condos in Florida. Any home with a controlling authority, like HOAs, is vulnerable to excessively increasing levies. That is why it is very risky to bow down to their uncontrolable authority.

[@sailinghopes3943]

It’s more about people wanting to be cheap and save money on maintenance. The chickens eventually come home to roost

[@Somenite]

You're bowing down to the other owners. I was in a condo for a few years. The board members wanted to collect a little extra money for a reserve fund, but the owners fought it every time. Their attitude was always that they probably wouldn't be there when the big expenses came up so why should they be putting in extra. We got out of there because we didn't want to be tied to such fiscally irresponsible people.

[@drwisdom1]

@@Somenite I lived in an HOA that worshipped grass. One time the lawn committee knocked on my door and told me I needed to chop down our beautiful flowering tree because it was shading on the grass below it.

[@SeattlePioneer]

[@rikwarren3999]

@@Somenite In Georgia, the Board can impose a levy to fund reserves. No decision necessary from the owners.

[@-wilson5908]

It’s all the homeowners insurance increasing dramatically. I own a FL condo from 1960’s that has never flooded in a storm. Concrete block. Zero issues. Homeowners went up 400% last year. Condo market going to collapse

[@kenvalenti5414]

Oh great, "lawyers will be busy" Adding enormous costs with no tangible value Adding insult to injury

[@raylemus72]

Wait. It is important to understand the purpose of the law is to fund the reserves 100%. Which funds all categories of major repairs the building needs to meet recertification inspections done roughly every 10 years. Historically, that was funded through special assessments. I don’t think this is a problem because the NET expenses are the same where historically it was your HOA payments, plus the special assessments. The real issue is the transitional period in which we’re paying our current HOA payments, plus the special assessments, and now we’re required to pay additional to fund reverses for future projects. The good news is that in the future, we shouldn’t have large special assessments to perform repairs. The problem is gonna be corporate America now price targeting condominiums because they know they’re gonna have plenty of cash saved up for repairs. How are the State legislators going to handle that is the big question. Because I’m gonna be really upset to say the least if now I’m paying an increase of 30% to fund the reverses, but somehow that’s not enough, and know we get another special assessment. That’ll will be BS!

[@jaygold4467]

Florida condos are a bad investment.

[@andrewmeadows3232]

Not in a few years when this goes through the pain pipe

[@MomMom4Cubs]

Always have been, and likely always will be (because HOAs don't wanna maintain because it sucks out of their piggybank).

[@well-blazeredman6187]

Faced with a choice of buying a condo, or renting an apartment in a block owned by a big company ..... I'd choose the latter.

[@Maxrotor1]

I think selling to an investor with plans to rebuild is the only option here.

[@gordongekko2781]

That's how it will likely play out for some communities. I'm guessing the owners will get 20 cents on the dollar. Ouch.

[@alexanderjarmarillo4858]

and make florida even more expensive than it already has gotten

[@Maxrotor1]

@alexanderjarmarillo4858 That is better than living in an unsafe bldg.

[@gwyn111]

@@gordongekko2781 hmm, will it though? If the land is worth more and there are holdouts surely the investor will be keen to pay them well to go away.

[@gund89123]

Investors will lobby to change regulation, make money 😅 Businesses always win.

[@Redfour5]

I remember a friend of mine inherited a Condo down there and it got caught up in his divorce. It was a relatively early build. He wanted to sell, for some reason the ex wife didn't. He did rental on it stayed about even overall... Eventually major systems started failing and roof maintenance and structural repairs and he had a 30K HOA bill for HIS part of the list of things that essentially were deferred maintenance. Over like five years values had gone down already. This was a few years ago not too long before that one building collapsed. HIs ex wife didn't have her 15K and he said it's either that or we sell and you get money in your pocket. He sold and made quite a bit of money as it was an inheritance and paid off but he sure didn't have 30K laying around, but it wasn't until he went after his ex wife for half of the 30K that she said sell. So, he did and withheld the 30 K as part of the sale so the next guy knew it had been taken care of. This cliff was not yet looming so the market was still there and his building was fixing things so it would be good for another decade or two... I remember at the time him and talking about what was going to happen when this hit the market as a whole. Our worst case scenarios were about like what it is... But we didn't predict them falling down.

[@StarDust-vm1qs]

Retirement is DEAD for most Americans.

[@darylfoster7944]

Now there's a non sequitur

[@johnrondeau9222]

Truer words were never spoken.

[@Timothy-g7k]

If you ignore retirement for decades - that is on you.

[@tringuyen7519]

@@Timothy-g7kAgreed. I started saving for retirement in my 20s with IRAs & Roth-IRAs. You can’t wait until your 50s to realize that you have to save for retirement!

[@williampalchak7574]

No. Plan it out.

[@terrygelinas4593]

These deficiencies should have been addressed a long time ago (as well as proper safety laws). So now, after many years of neglect, a big bill.

[@johngrant7696]

Florida is over. Insurance and rising sea levels will end Florida in next 10 years.

[@darylfoster7944]

Rising sea levels? You need to lay off the climate change Kool aid.

[@sethtenrec]

@@darylfoster7944 you need to get a dose of reality and get your head out of right wing social media

[@deebee4575]

"Rising sea levels" BWAHAHAHAHAHAAAAAAAAA😂🤣

[@johngrant7696]

@ I completely understand the concept of climate change and rising sea levels is just too much for the vast majority of MAGA morons to comprehend. It’s probably takes a 3rd grade education. 🫡😝

[@darylfoster7944]

@@sethtenrec you need to learn some actual science, instead of believing in left wing fear mongering.

[@onethousandtwonortheast8848]

The local government in tandem with insurance companies made sure the rest of the surface building was razed. They said it was for safety reasons. It wasn’t. They were afraid what the lawyers’ structural engineers would find. Ask anyone who had to deal with the downtown miami building code department. A lot of rebar is missing and a lot of cost cutting took place when the city inspectors left the building site just before the concrete was poured. This is a huge transfer of wealth about to happen again. Most buildings will be owned by large conglomerates. The same happened with large swaths of single family homes. The same is happening with empty lots. If you own land, you are bombarded with solicitations nonstop.

[@brotherted9212]

Can someone help me understand why the “Condo Crisis” would be primarily only a Florida thing? Is it higher odds of hurricane damage? Is it Florida’s condo association reserve cash regulations were so different (until recently)? Is it that Florida condos had higher price increases in 2020-2022, so they now have more to fall? Or is this condo crisis simply hitting Florida first, and will soon be everywhere?

[@mikec7220]

did you know one collapsed in Fl ?

[@brotherted9212]

@ Yes, but I can’t believe that one freak accident would be enough to crash an entire state’s worth of condo values. Doesn’t make sense to me - even with new Florida HOA reserves regs.

[@MarkandArdiana]

because the assessment is state wide due to the miami condo collapse. each 3story+ condo building that is aged is required to have this assessment to pay for repairs. this will force HOA premiums to 2-3x.

[@gordongekko2781]

Consider the marketplace. As condominiums age they typically lose value relative to newer properties. When owning a condo you must pay the combined cost of both the mortgage and the HOA fees. The HOA fees on old condos will now be so high that it's actually CHEAPER to own a brand new condo. That is effectively killing the market for most condos. This is happening because of new state codes. If/when other states adopt similar codes, then the same would happen there.

[@ISpitHotFiyaa]

The only thing unique to Florida is that the state is requiring them to have the building inspected and all necessary maintenance performed. Other states could do this too (there are condos way behind on maintenance in every state) but none of them have.

[@rollinwithunclepete824]

Am I to feel sorry for these people?

[@edwardkierklo9757]

Fewer more luxurious c9ndos for the wealthier segments. Poor will grow poorer and leave or not go to FLA. Poltical dynamics should get interesting as fewer from north retire there

[@chesterfinecat7588]

Then they’ll need affordable housing or serve themselves.

[@andrewc662]

You wanted less regulation. Buildings fall. People killed. More regulation in the end.

[@MomMom4Cubs]

Oh, tears for the retirees that consistently voted down expensive preventative maintenance. Now they're being "cast out" because their selfishness is gonna result in developers getting that land far cheaper than otherwise. They can buy into the next HOA and continue the same parsimony, if they can afford to help ruin someone else's home.

[@nalanl]

Who in good conscience is buying real estate on the Florida coast rn?

[@bobcaygeon975]

In Pompano Beach, they hired contractors to jackhammer all around the exterior porches and then patch it. Accomplished nothing, but raised HOA fee to $1200/mo.

[@neilkurzman4907]

Maybe you should attend the Condo board meetings instead of guessing

[@navajojohn9448]

Do these ta liking heads not know condo owners who don't pay their fees will have liens on units and then foreclosed and sold to pay off fees and legal costs?

[@gordongekko2781]

Yes. That is how it works. You'd think they would know that. But, I guess if the problem becomes large enough, then the state could modify the new code. Extend deadlines for compliance? Halt liens? Who knows. This is a new socioeconomic challenge that they haven't faced before.

[@futaba951]

Who would buy a decades old fire sale condo with the extortionist monthly COA fees? They could foreclose on every unit, and no one but a deep pocketed developer will buy to demo and redevelopment the land.

[@Pacorcrull]

Investors are NOT buying buildings at the rate you stated, a few at best, the insurance companies bailed too, its systemic in Florida. Wait for the commercial real estate bubble

[@lorraineperron4840]

We were priced out of our condo last year in Boynton Beach, costs tripled, condo fees went from $270. to $700. plus insurance costs out of control.Plus older buildings with special assessments of thousands of dollars every year. Sorry folks but things will never be the same, cost of living in Florida will stay very expensive for good, these prices can't go down. No matter what you pay for house or condo, the associated costs are thousands per month.

[@pauljoyce384]

What about the inflated prices these people hoped to cash in on. They should have paid more attention to the building maintenance.

[@lrc87290]

Kick the can down the road no more!

[@dontbanmebrodontbanme5403]

Imagine taking 30 years to pay off a $600K mortgage on a condo, you've retired, you're 68 years old and on a fixed budget, only to be told you now have a $250K "condo cliff" bill you have to pay. How awful. This is why I love having my non HOA house. I know everything going on, I can determine when and how I add on to or fix things and I don't have to worry about years of mismanagement of funds coming back to bite me.

[@SeattlePioneer]

You've had the opportunity to serve on the board or elect board members who can charge enough in dues to properly maintain the building and avoid the "condo cliff" Or you could shut your eyes and be fat, dumb and happy until the condo cliff comes to YOU.

[@danfoley1429]

The difference is in the Great Recession new construction and desirable condo units were at bargain prices but in 2024 / 2025 desirable properties won't be discounted much, if any. Instead the least desirable properties will be in trouble as some people won't want to sink $ into low tier condos that are plagued with problems and other unit owners that can't pony up the cash.

[@JohnJohn-wr1jo]

Condo cliff is only one of a dozen financial nightmares facing Florida residents long and short term. No surprise since the majority of FL voters are too ignorant to realize that they've been enabling their politicians, legislators and developers to steal them blind for generations. By far the most mismanaged state, county, and municipal government in the US. Highest cost of living increase in the country the last 8 years and your governor blames the Dems. Lifelong fiscally conservative republican here. Sad that so many have drank the Kool aid and ignore the facts. Dems aren't any better but until you wake up it's not gonna change.

[@WLEE100]

Kool-Aid is what all sweet talking politicians peddle.... no one gets elected, telling people to buckle down, grow up, and face the hard truths. They'll happily blame it on immigrants, unwed mothers, welfare cheats, foreign aid. aliens from outer space.... ANYTHING

[@skierpage]

Nobody mentioned sky-high increases in home insurance and taxes due to increase is in flooding and storm damage worsened by global warming.

[@jaygold4467]

Florida insurance is ridiculous.

[@LP-gs3xj]

I had a health issue this last year- resolved. I was planning to buy a condo as a winter home. The prices are cratering and worse yet you can’t get insurance- USAA has all but stopped insuring

[@JohnJohn-wr1jo]

LP, I would advise relocating to FL if that's your plan. Healthcare overall quality and outcomes in Florida have taken a serious hit the last few years and the costs for seniors is now in the top 3 states. Your not hearing much about this because all of the other issues that face the state. Homeowners will be burdened with the state governments failure for the next couple of generations. It's truly a nightmare failure through mismanagent, corruption, and greed that's costing each and every taxpayer thousands of dollars annually and will increase substantially over time. I expect Trump may throw a bone to Florida and other red states but have no faith that these states will do anything but waste and steal it like they have for generations. Florida is totally forked in my opinion. Sad

[@sethtenrec]

@@JohnJohn-wr1jofunny, vote for GOP, get screwed

[@Imyourchuckleberry]

I don’t know what type of FUD you’re spreading but have at it. As long as your structure is not coastal within 3 miles or over 40 years old, you’re fine. And this is also mainly in South Florida, which saw expedited builds and quasi-corruption in earlier times. I’m from South FL and I don’t particularly like the internationalism, I think that has contributed to the lesser quality concept taking hold, so now I’m in North FL. People moving here now too, just not like farther south.

[@sethtenrec]

@@Imyourchuckleberry corruption is state-wide. The owners love you (see G Carlin for more details)

[@LP-gs3xj]

@ I’m moving rentals to Pensacola. Been informed by USAA no more insurance

[@willmichael4033]

I’m not going to shed a single tear for these rich boomers who deferred condo maintenance for years to go on extra cruises.

[@Bubbles99718]

Rich boomers are a small %, maga and their deregulations are the biggie

[@alreadytaken281]

Funny.. no one seems to have questions about the contractors

[@deathlarsen7502]

Well why would you question contractors is the most honorable honest people you'll ever meet

[@richardneilan2392]

What about them? They didn't write the new legislation. And they weren't the ones who underfunded reserves and deffered maintenance (a.k.a. "kicked the can down the road" for DECADES. Condo owners have no one but themselves to blame for the current situation.

[@Somenite]

The video is about buildings that are over 30 years old so construction was probably ok. Buildings near the ocean like many of these are require a good deal of maintenance because the humidity and salt in the air really wears them down quickly compared to inland buildings.

[@Mr_D555]

Boo Hoo, the owners / HOA have kicked this can down the road for 30 plus years and it caught up with them.

[@billmoyer3254]

What's the difference between cancer and a condo?

[@AtB_Travel]

Owners aren't paying extra...they are paying for deferred maintenance and poor financial planning for the past decades. Most states have required proper maintenance but Florida didn't bother.

[@rgen28]

Time to leave Florida

[@wednesdaysangel1]

Plenty of manufactured homes available in Florida… if you can tolerate the whole idea of it being blown away by the next major hurricane. They’re more affordable, though.

[@Flynbourne]

You’re brave to buy waterfront in Florida. Hope you enjoy living in Venice in 20 years.

[@MarkStettler]

It's the Day of Reckoning resulting from Deferred Maintenance. Blame all the previous owners who kicked the can on maintenance savings in order to keep their monthly fees low.

[@info781]

If you get offered a buy out from a investor take the money and run, these budlings will not last forever.

[@chesterfinecat7588]

Good thing steel reinforced concrete can stand in salt water without ill effect and hurricanes aren’t strong enough to level Miami.

[@jsimmons12]

I'm sure this was a very natural walk for the agent and not at all staged 1:30

[@jaygold4467]

HOA’s should be outlawed.

[@supremesfan2]

That is simple don't move to one that has it.

[@Somenite]

HOA's are a reflection of the majority of owners who live in them. I was in a condo for a few years and every time responsible board members tried to increase dues by a few dollars to build a reserve for big expenses, the owners went on the attack to stop it and tried to replace anyone on the board that continued to push for it. The attitude by owners was that they probably weren't going to be around when the reserve was used so why should they be putting their money into it. I have heard similar stories from other people I know who have lived with them and gone to the condo board meetings.

[@supremesfan2]

It's crazy that they don't want the dues increased. They are living with their head in the sand. There is this thing called inflation. Then they wonder why they get hit with a big one time assessment charges.

[@nycp1969]

@@Somenite I get that in my SoFlo condo too. Typical independent, "freedom"-oriented residents who think only of themselves and have no concept of paying it forward or doing what's best for the community.

[@carlbowles1808]

Kicking the can down the road . The can stops here.

[@lilly3628]

The assessment stays with the seller.so the seller has to find a deep pocket buyer. Enter developers.

[@C_DOG]

Bought a Florida condo in 2021 for 230K. Sold it in 2023 for 355K. Haven't been back since.

[@rknow78229]

And they keep voting Republican, go figure. 😐

[@JT-yl7my]

What would Democrats do about building collapsible?

[@ISpitHotFiyaa]

What does that have to do with anything? These owners deferred the maintenance for years (while pocketing fat gains on their property) and now that it's a safety hazard the state is making them do the maintenance. Would the Democrats let them continue to defer maintenance? Would they let a few more buildings collapse? Maybe they would but that's not a good idea.

[@johnc3525]

@@JT-yl7my So now you like regulations?

[@andretigiovaneti7587]

Biden fell asleep in Africa.😂

[@timothyknight2236]

Jack -Ass

[@chadweirick]

Impending? Condos or any real estate with the highest point above a rising sea level measure in barely a football field is a bad idea for so many reasons.

[@ltcmoose2001]

The developer class always wins in Florida. They will buyout these good locations for 25 cents on the dollar, and rebuilt with new construction. They will win again.

[@jamesbowie6925]

Bummer, thoughts and prayers😊

[@7heRedBaron]

There is no deferred maintenance on Diana. Her foundations are firm.

[@valerievonn6972]

OK. BUT in plenty (if not all?) of European countries there are multilevel apartment buildings that are easily a hundred+ years old and are regularly well and affordably maintained.... meanwhile because of America's focus on corporate profits over quality and consumer considerations - quality of construction is absolute garbage. When I bring my EU friends and fam to the US to visit they are shocked when they see the lack of quality construction material and methods used. Here we are again in the US... every day consumers picking up the bill for yet another situation where big companies probably cut corners in the first place.

[@RussLittlejohn]

Now it makes sense why a handful of Billionaires have been trying to teach purchasing multi-family properties. My speculation is that Billionaires are trying to offload.

[@Bubbles99718]

That's interesting

[@pirate9154]

Wall Street Journal was writing articles in 2018 about the coming condo crash in Florida. Add in Champlain Towers, 36 Trillion of printed money, and a bunch of Major Hurricanes......and the forecast is looking much worse! Late 2026 or 2027 will be prime time to buy.

[@Bubbles99718]

Buy? In a few years? Lol. Florida is getting wrecked by climate change. Anyone not bailing is a fool. And if u think climate change is a hoax, know who doesn't? Every insurance agency in Florida....

[@CuriouswithSandra]

Can you explain and summarize the new rules?

[@citizenleung]

Condos combine the worst parts of home ownership and apartment living.

[@rubyannr6898]

Everyone is on a fixed income. No extra money for being young.

[@rubyannr6898]

@Plutogalaxy True. It's a holdover term from before 1973.

[@gund89123]

I don’t want to make this controversial. Here is my theory. People have more options to spend money on now. 1) Cell phone service 2) New cell phones every 2 years 3) Gaming consoles 4) Subscription for games 5) subscription to listen to songs 6) subscription to multiple streaming services 8) Food delivery, most of my friends have food delivered at least 3 days a week. 9) Uber/lyft 10) Internet, most people I know have 1 Gbps speeds, most people don’t need that. 11) Grocery delivery, most of my friends get groceries delivered at least 3 times a month. These are the reasons why young people don’t have enough savings. Businesses got smarter and making people spend more money. Most of these were not available like 20 years ago.

[@rubyannr6898]

@gund89123 The same reasons older people have no money. We all buy the same products and services. Old people waste money on lottery tickets, alcohol, and cigarettes. Young people don't smoke these days. I would say that older people mismanaged their money if they can not make it last until they go back to work or die.

[@bradbradshaw-i4n]

people knew about this 3 years ago. the smart ones got out then.

[@soflodoug]

why even buy a new condo? in 15 years you pay anyway. Horrible investment any way

[@goldstandardaviation1667]

Hopefully this will improve traffic in South Florida

[@James-ws9ze]

It won't. They'll just become renters. Only improving mass transit will improve traffic.