DO NOT BUY A CONDO IN FLORIDA!

[@SeanFlorida]

Something people really need to think about. After you work very hard and pay off your mortgage on a condo, and if you live in Florida, the HOA is something that needs to be paid FOR-EV-ER. Basically the lifetime you own the condo. So think and research carefully when you get locked into a HOA that seem like a great price when you move-in. I've seen HOAs start at $300 and now they are over $800-$900, not including property taxes! Some are over $1,100 as you get towards Miami and upscale areas in Palm Beach too. Paul is correct.

[@PalmBeachesPaul]

Absolutely

[@DavidPerez-oj2dv]

NY WORST

[@PalmBeachesPaul]

Please keep in mind this video was made months before the tragic collapse of the condo building in Surfside, but you need to do even more due diligence on the building you're interested in now than before. If you have any questions feel free to set up a zoom call with me here. Schedule a Buyer Introduction Meeting with Me-calendly.com/paulglykins

[@curtandoscar]

Hi - enjoyed your video. People need to also be aware of condo INSURANCE costs which can be high in Florida, even if a property is not near the coast. I called a local insurance agent to get an approximate quote on a few different Fla condos, and was grilled about flood zones, something called "roof clips", a phrase I had never heard before in my life, exactly how far the building was from the coast, sink holes, the last time the roof was replaced, hurricane shutters and hurricane windows, and the like. The quotes I was given were rather eye popping to say the least.

[@PalmBeachesPaul]

Very true... my client from New York who bought a condo in Delray Beach was completely shocked at the insurance quotes he got.

[@mikethomas6120]

I bought my condo in palm beach county about 5 to 6 years ago. It’s now worth double of what I originally paid for it. My hoa is affordable,the community is gated and I am close to the beach. I don’t think it’s a bad idea to purchase a condo.

[@nicoles8176]

Thanks for all the info. It’s very helpful. I’m thinking about moving to Palm Beach from California. (😂 I’m one of the nice ones). I either-buy a house or condo but after hearing all these rules, it makes me feel like a renter rather than a owner where I can be free to do with I want with my home. I will mostly like Lerner first, get to know Florida and decide where I like. Thanks again for the info

[@PalmBeachesPaul]

Thanks Nicole, Be sure to reach out to me, I have lots of experience helping people buy condos and homes in South Florida

[@PalmBeachesPaul]

Hi Nicole, did you ever decide if you want to move to Florida

[@patrickprendergast9589]

how was your move

[@-riya_chxn-1181]

The sun and warm weather here is such a blessing!

[@PalmBeachesPaul]

So true!

[@dawannwilliams6301]

Great informative video. We are looking to buy a condo in Florida to use as snowbirds when we retire in a few years. We live in a Northern state that’s not tax friendly as far as retirement. We were thinking maybe near Orlando so that we can rent it during the summer months and holidays. Living near the beach would be great. However as you pointed out there are additional costs. This information was helpful if your looking to buy a condo in Florida. Thanks for sharing

[@PalmBeachesPaul]

Thank you so much for your kind words and for watching the video, I'm glad it was able to help you. If you don't come down my way (West Palm Beach) I know the best agent in Orlando market and he can definitely take care of you, he also has an amazing KZbin channel.

[@mr.devil9577]

Get a one floor building condo

[@MIRAJADESIGN]

Watched a bunch of your videos. Appreciate you skateboarding. Just realized you remind me of Chevy Chase except you aren’t telling jokes! 😀 Keeping it legit.

[@PalmBeachesPaul]

Thanks for watching and that could be the best comment I've ever received on KZbin

[@Debmun]

Another great video. Much needed information that I didn't know so I'm very thankful. Im currently in Texas so I'm use to hurricanes but WPB will be my future home. In the preparation phase.😁

[@PalmBeachesPaul]

Thanks for watching, I'm a native Texan from San Antonio. I plan on doing some more videos about West Palm Beach and I'll try to do one about the condos.

[@annamelanie5151]

Your first concern should be the quality of building construction. Between the sinkholes, hurricanes and sea rise, Florida is risky.

[@paulonorato7501]

Now condos are falling down. No way

[@PalmBeachesPaul]

Florida is no more risky than any other state. 73 tornadoes touched down in Alabama in 2020, sinkholes are mostly in the central part of Florida and are very rare. Look at California or Texas. They have way more deadly stuff than Florida every year.

[@TheBandit7613]

@@PalmBeachesPaul Not here. No tornadoes, no hurricanes. Nothing.

[@miketheyunggod2534]

@@paulonorato7501 hahahaha! OK.

[@mr.devil9577]

@@PalmBeachesPaul but what are the chances that actually happens to someone? Like am I more likely to get struck by lightning or die in a car accident? Feel like this might be misleading

[@Prewittfit]

Hi Paul, you most be busy, it's been a while. The video was good timing for us, very informative as we continue to do our research. Thank you.. We are getting excited to come down middle of feb thru end of March. Have a blessed CHRISTmas .

[@PalmBeachesPaul]

Yes.. been very busy.. thank you for watching and happy holidays to you and your family.

[@markswishereatsstuff2500]

I inherited a condo in Ocean City, MD. that's a real albatross. I'm a big proponent of hotels so I can travel and not be tied to one destination long term.

[@leezaweezy7864]

I’m a Canadian (from Quebec). Seriously thinking of buying a condo in Florida as a vacation home

[@PalmBeachesPaul]

Reach out to me and I will happy to help you find one. Thanks for watching

[@Carlossantos-wg8rs]

HIGH HOA KEEPS LOWLIFES OUT

[@ReedtheRealtor]

Love your content

[@PalmBeachesPaul]

Thank Reed, Just saw this post.

[@stevegiblin270]

Great Info again! Steve from Boston. You tell it like it is!

[@PalmBeachesPaul]

Glad you enjoyed it

[@genew5758]

That’s a high HOA fee for almost nothing included.

[@PalmBeachesPaul]

They do get expensive

[@juliejensen7370]

The heading says don't buy a condo? But u do like them. Thank you for your advice always.

[@PalmBeachesPaul]

That's just what they call a shocking statement just to get people's attention, of course I sell condos, I'm closing on two this week with my buyers.. thanks for watching Julie.

[@lauradecrausaz6948]

Multigenerational homes are starting to come around. Do you have anything like that?

[@PalmBeachesPaul]

Thanks for watching. Why don't you reach out to me, all my contact information is on my KZbin channel I would be happy to help you look for one of those here in my area.

[@dp7985]

I moved to Panama City Beach Florida, started a job at a condominium called "Emerald Isle" first time I ever experienced a condo in my life. You could not pay me to live there, it's depressing & always tourist. Imagine sharing your home with tourist every single day, always coming & going. "HOA" Rules- are a bit*h. You can't even relax & drink a beer in the pool. Not to mention you have no privacy bc your always on camera. owners at "Emerald Isle" are selling condos high rite now bc the value has skyrocketed. When the new owner buys the condo, later on the value will go back down &, the old owner will come back & discreetly buy it back at a lower price. Many of the condo owners are members of the board, they have meetings

[@PalmBeachesPaul]

wow, that doesn't sound cool at all. Thanks for watching and sharing.

[@onedirection3510]

Very informative content! Do condos typically have in-house maintenance or handyman service? Let’s say your washer or dryer stops functioning or plumbing problems? What type of security is typically offered if you are away for several months like a Snowbird or vacationer? What would happen to any mail or packages?

[@PalmBeachesPaul]

No, all those things are the responsibility of the condo owner so if your washer or dryer breaks you would have to call repairman it's not a rental. As far as security that all depends on the building, some buildings have a secure entry way, also you would need to hire a company that checks on your condo on a weekly basis especially if you're gone for an extended amount of time because your insurance carrier won't cover you if you're gone for more than six months and something happens so you want someone who will go there and check on the property. As far as your mail that can be directed to your current address until you decide to come back

[@onedirection3510]

@@PalmBeachesPaul Thank you. As far as being gone for six months is that a general type of rule when securing your unit? Let’s say you were only gone for three months would you still have to hire an independent company to check on your condo? Also if you were out of the country and you did not have anywhere to redirect your mail what would be an option?

[@MuahMan]

Boynton Beach checking in (Leisureville, $147/mo HOA). FL was the most amazing place but it's ruined (mostly by NY'ers) now. I'm selling and getting out. Either gonna be a snowbird or just dip completely. The first place you mentioned for $275k, would have been like 50-60k just 10 years ago.

[@PalmBeachesPaul]

Let me know if you want me to sell your house I've sold them before un Leisureville know it well.

[@CLEVEMAN691]

thanks for the video but i'm flat broke..sad

[@jerzeedivr]

Don't worry I Won't! I can't stand the Gov. or HOA Fees!

[@softwareengineer9435]

Thanks for this video

[@PalmBeachesPaul]

My pleasure.. if you're looking to buy locally let me know I am a licensed realtor and I'd be happy to help

[@softwareengineer9435]

@@PalmBeachesPaul Sure will, thank you.

[@jayarr2248]

It’s gonna cost a lot more from now on. $ 100,000 assessments to make them safe will be happening often.

[@PalmBeachesPaul]

I'm going to be hitting the streets and asking people what their thoughts are regarding living in a condo so stay tuned for that video. This video was made in December 2020 before any condo ever fell down in Florida and this is still the only one that ever did from what I've heard.

[@steveeleigh3731]

Definitely won't since surf side

[@PalmBeachesPaul]

I completely understand that and a lot of people feel the same way but most of the condo buildings are probably safe especially the ones that were built after 2000. That building collapsed most likely due to negligence and most condo buildings have a board of people that are taking care of those issues that can pop up and that's why they have assessments and monthly HOA fees.

[@tossitupman]

I feel a bit overwhelmed, my research shows these condos monthly payments being just as high and rent. I'm using zillow but I'm not sure if that's a good way to look

[@PalmBeachesPaul]

The best way to get accurate information is to have a realtor do a search for you in the multiple listing service, that way you know if there's any assessments, if it's documented by the listing agent and what other fees you might be facing including the monthly HOA fee and yes some of these fees are thousands of dollars a month.

[@janethill4365]

And definitely no HOA's. They are a nightmare.

[@frankr2584]

I think its ridiculous that some properties require 20% cash down. I'm not worried about me affording it, but as the property appreciates, I'm worries about my ability to sell it in the future. Not too many people have 120k cash lying around that they're willing to put in a home. I personally think it hurts property value.

[@PalmBeachesPaul]

Appreciate your input Frank, thanks for watching.

[@douggardner9175]

Let's talk about lowering the volume on the music on your video it's annoying......

[@PalmBeachesPaul]

I'll try to work on that next time.

[@diannh2894]

I need to sell my condo so I dislike this video. However I totally agree with you after what happened with Surfside and new laws that are coming that will result in giant assessments.

[@PalmBeachesPaul]

Thanks for watching the video isn't intended to tell people not to buy condos it's just to educate them on how to buy condos nothing in the video tells people that buying a condo is a bad idea you just have to be educated and understand what you're getting into. Let me know if you need help with selling your condo if you're here in South Florida

[@chi-chichang7819]

Got a few questions if someone can answer. For high rise condo, who is responsible for the units’ windows if hurricane hits? For seasonal residents, what can they do if they are not there to handle any damages? Anything to prepare for hurricane for condo owners? Thanks.

[@PalmBeachesPaul]

Most newer condos have impact windows but if not it would depend on the condo documents and by-laws and what their monthly HOA fee covers. Thanks for watching.

[@irenevoldman3147]

excellent video!

[@PalmBeachesPaul]

Thanks Irene, I try to provide helpful information to my viewers. There have been some changes with purchasing condos since I made this, feel free to reach out to me if you need any help and if you haven't already please hit the Subscribe button and like the video

[@eurobeats1]

looking for about 100k in delray deerfield or ft Lauderdale areas

[@PalmBeachesPaul]

Thanks for watching. All my contact info is listed in the about section of my video. Call, text or email me and I would be happy to try and help you

[@brooklynboris523]

I don’t think I ever seen anything more strict before in my life. I’m upset that it’s that strict BUT I’m also happy that maybe being strict will keep out the “bad” people.

[@SylentONE]

What was strict about it?

[@SylentONE]

Hello?

[@edgregory1]

@@SylentONE Oh, hi uncle Leo.

[@PalmBeachesPaul]

The rules can be good but can also be a drag depending on the condo board.

[@JJ-rf7dg]

Would you recommend a tower condo? What are the pros and cons of it?

[@PalmBeachesPaul]

J.J I'll be happy to answer any questions you have but it's a lot easier if I can have your email or phone number..all my contact information is in each one of my videos..Thanks

[@RobBastien]

Hey bud, insightful video. Think of presenting smaller condos by referring to them as Perfectly sized for the minimalists instead of a "little bit small".

[@PalmBeachesPaul]

Great advice Rob, Thanks for watching and providing positive feedback. Its greatly appreciated.

[@grantnoroyan4083]

@@PalmBeachesPaul actually 500 sq feet is small agree

[@cakesinthecity]

Wondering about buying a 3bedroom condor for my family and I. Is it good for families? We love Florida's weather, beaches, people, food, and proximity to central/south america/caribbean.

[@PalmBeachesPaul]

Absolutely, there are all types of condos and I would be happy to help find the right one for you, let's talk, all my contact information is listed in the section below my videos.

[@TheZigzach]

@@PalmBeachesPaul looking for something around 130,000 to 150,000 in Deerfield or Delray miles from beach of course. Is that available?

[@PalmBeachesPaul]

There's a link in my most recent videos where you can schedule a zoom call with me, just go to my latest video and look in the about section and then click the link and schedule a zoom call.

[@danobrunski6172]

Hi Paul,looking at possibly purchasing a condo in Hallandale Beach area.As this would/may be for investment, is there a demand for rental property in that area? Thanks from Canada 🇨🇦

[@PalmBeachesPaul]

Send me an email and we can talk.

[@BossChronicles]

Wondering what is a better living situation overall I'm a single guy in his 30's and find both of these options appealing different reasons. 1st scenario small condo 1 or 2 bedrooms in a downtown setting close to light rail no need for a car close to major international Airport everything within walking distance. 2nd scenrio house in the suburbs need a car but has 3 to 4 bedrooms can have 1 for an office one for a main bedroom convert one for a gym etc needs a car Price around the same overall would like to get some perspective

[@PalmBeachesPaul]

That all depends on what you're looking to spend and what's important to you. Anything close to a downtown or the water is going to be pretty expensive and there is not a whole lot of public transportation in South Florida but you can walk to lots of restaurants, shops and the beach or bike in cities such as Delray Beach, Lake Worth, Jupiter or Boca Raton and others. When you're ready to talk just reach out to my email or phone number all listed in the about section of any of my videos

[@jjuanmarin]

or anywhere

[@ebayseller6040]

whats the deal with 25% down payment required because "there are more renters in the building than owner-occupied tenants". is this an actual problem and if so can you explain why? after going through about 95% of the process and paying for inspection/hoa approval/condo questionnaire I got that from my mortage company and going to have to cancel because I am not sitting on like 50k cash.

[@PalmBeachesPaul]

Most lenders will not approve a loan unless you put at least 25% down, now I did just get one done with 5% but my client had to pay $200 and the condo association had to answer a bunch of questions that made the lender feel safe that it wasn't a risk lending the money to buy the condo but we spent seven months searching for a condo that would allow a 5% conventional loan and had the insurance and assets to satisfy the lender.

[@ebayseller6040]

@@PalmBeachesPaul my lender requires 50% owner-occupied units(out of the 99 units in the building) and the condo questionnaire says 29 owner-occupied but then their appraisal report says 90 owner-occupied units. I am so lost at all these inconsistencies. I brought this up to my agent hoping they can still do the deal.

[@PalmBeachesPaul]

Good luck

[@ebayseller6040]

@@PalmBeachesPaul what kind of questions HOA had to answer??

[@PalmBeachesPaul]

No idea, that was between my client and their lender.

[@fredgros6689]

Speaking of assessments, how does one determine if major maintenance issues have been deferred, thus increasing the likelihood a new buyer will get stuck with a big assessment levy to fix problems that should have been addressed by condo boards and residents?

[@PalmBeachesPaul]

Great question Fred, when you send an offer you use a document called a condo rider and it askes if there are any pending assessments/lawsuits with the building but you also can ask for the the minutes of the meetings to see if they are/have voted on any new assessments along with looking at their financials. Give me a call and I'll be happy to go over it in more detail with you.

[@chgofirefighter]

Hi, what about Veterans that want to purchase a condo instead of a regular property? Can it be done? Sort of a VA loan?

[@PalmBeachesPaul]

Thanks for watching VA loans are similar to FHA loans and you would have to check on the VA's website to see which condos qualify for a VA loan in the city you want to buy in. Unfortunately most condos only accept conventional loans which makes it extremely difficult for people with VA or FHA Loans to find a condo. If you need any additional help I'm happy to speak with you and thanks you for your service.

[@reneecollins9681]

And some of the home Association will rip you off

[@chgofirefighter]

@@reneecollins9681 At the end of the day it's all about profit, association fees never go down...

[@michaelhewitt1986]

I love condos but the hoa’s kill me…up to 1000 a month!

[@miketheyunggod2534]

look what you get for that.

[@PalmBeachesPaul]

That is only on the very expensive ones, most are around $350-$500

[@JimBobe]

Hey Paul! I’d love to get into contact with you about buying a condo in Fort lauderdale if you’re available! I currently live at new river yacht club in las olas and am looking to live in a more permanent situation by next June. Regards

[@PalmBeachesPaul]

All my contact information is in the about section in any of my videos or just shoot me an email [e-mail]

[@JimBobe]

@@PalmBeachesPaul awesome! I’ll email when i get the chance later today

[@JimBobe]

@@PalmBeachesPaul Just emailed!

[@PalmBeachesPaul]

@@JimBobe I'll reach out to you on Monday, since you're not talking about buying for almost a year it is a little early but we can still chat and find out what you're wanting to buy.

[@aross924]

You should do an update commenting on surf side

[@PalmBeachesPaul]

I'm working on it, I'm just trying to make sure it's tasteful considering the loss of life and how recent that event is.

[@aross924]

@@PalmBeachesPaul absolutely. I am also thinking if this occurrence is going to have a lont term effect on prices, costs etc

[@miketheyunggod2534]

has nothing to do with Palm Beaches. stay on the subject please. thanks "Karen". Smh.

[@rb368370]

Prescient

[@gabrielleangelica1977]

Condos? Oh all the rules! 🙀

[@prissymyann5008]

I need a condo in palm beach tired of the hood

[@njv1234]

stay where you are, we don’t want you down here

[@prissymyann5008]

Get off my comment weirdo

[@PalmBeachesPaul]

Thanks for watching Prissy. Let me know if I can help.

[@shabalahyisrael9911]

Cash? Wait, is that to keep certain groups out?

[@PalmBeachesPaul]

No some condo sellers only accept cash because they know that their association doesn't have the funds in their reserves that would permit a loan to get approved, lenders want to make sure that condos have enough money in reserves to handle any necessary repairs that need to be made to the condo building. Cash buyers should also make sure a condo association has good financials.

[@emersonpariona6629]

@@PalmBeachesPaul How do I know a condo association has good financials?

[@PalmBeachesPaul]

When you're submitting an offer one of the things you're allowed to do is get a copy of all their financials, condo rules and regulations to review.

[@DavidPerez-oj2dv]

I WOUNDN'T BUY A CONDO ANYWERE

[@seanflanagan873]

Great video and great info, but your hat was very distracting sir.

[@PalmBeachesPaul]

LOL..I have no hair anymore so I have to cover up that bald head with something

[@Ken-vl4wk]

I definitely won’t.

[@PalmBeachesPaul]

I can always help you find a beautiful house

[@miketheyunggod2534]

then leave please.

[@GetReady4LiftOff]

Who cares ur by the beach?

[@PalmBeachesPaul]

2 minute walk to the beach.

[@michaelhewitt1986]

👍👍👍🇬🇧

[@PalmBeachesPaul]

Thanks for watching.

[@thierrys.6654]

Naaa!

[@PalmBeachesPaul]

????

[@eochanghi6501]

$270,000 for a condo? Are you f*cking kidding me?

[@PalmBeachesPaul]

That was 2 years ago. That same condo is now probably more than $300K.

[@roguebossa]

That's cheap in Florida brah

[@PalmBeachesPaul]

Cost money to live in Paradise sure 270 can buy you a big house in Kansas but who wants to be surrounded by a bunch of goddamn corn

[@jameslaubacker2171]

Bottom line,, It's for people swimming in money,, Not money you had to work for... Z. 7 18 21

[@PalmBeachesPaul]

No true, there are some condos that allow FHA loans, just not very many and all of my clients worked for their money

[@larryusagmail4751]

Boring

[@PalmBeachesPaul]

Sorry lol