FLORIDA CONDO BUILDINGS ARE OUT OF TIME! NOW WHAT?

[@ajett5081]

Everything in the world is temporary, buildings, cities, people, animals, fish and the world.

[@vidguy007]

It’s only paradise between hurricanes and the few months it’s not too hot

[@LJ-jq8og]

👍 You "nailed it" in one sentence.... THEN I add in AC costs, even if I am not there to avoid MOLD🦠.... And I am like WTF ⁉... Insurance, A-hole neighbors ?; Tax increases..., landscaping and/or HOA costs... = insanity...

[@nthenwhat8912]

Valuable info and perspectives, thanks!

[@marcodimarco9899]

Thank you

[@HialeahRefugee]

A knee jerk reaction by DeSantis to pacify the Surfside Collapse. We still don't know what really happened to the Champagne Towers building in my opinion because I would go into it once every few weeks, I can tell you the building from the lobby and hallways look like just any other building on the inside, well maintained. Maybe they should look into the new building next door with blasting and construction going up. I frequent these building on the beach and own a few condos and I can tell you when you have a group of homeowners in charge, know one is every happy and wants to spend everyone else's money.

[@Andy_puglife]

Absolutely insane that only 10-20% of these condos have done their inspections. It just shows how poorly managed these condos are and their owners would rather risk DEATH than to pay for maintenance.

[@Lorieann-p8j]

Food for thought , how can we trust these engineers what they are saying? New roof siding is a no brainer, we have seen so much corruption in these companies . Not to mention all the developers swarming to Florida . Has anyone researched the engineering companies they are hiring? Just wondering

[@jonathantaylor6926]

Keep in mind that engineers can be held criminally responsible and also sued in civil court if a building they sign off on has a failure that leads to death or injury. When you use your engineering stamp you open yourself up to significant liability. So it is understandable in that environment engineers will be overly cautious. Engineers will forever be more concerned about their freedom and career than the budget needed to fix these aging buildings and I don't blame them. We see this in medicine too where doctors practice very expensive "defensive" medicine to protect themselves from lawsuits by ordering a battery of test that are often unnecessary but do have value in a courtroom setting in the event they get sued.

[@SWFL-BOK]

@@jonathantaylor6926you can’t blame the engineers for who or where they get prices

[@LJ-jq8og]

@@jonathantaylor6926 IMO All a nightmare.... I'd rather "subsidize" these poor owners by renting !

[@LJ-jq8og]

💯

[@ShellyScrivens-g9j]

If the condos opt not to do the inspections potential buyers will not be able to get a loan.

[@fredk9999]

This is the best explanation of all I’ve listened to

[@InsidiousDr9]

It sucks to basically lose your investment, but be thankful we live in a country where we have (and enforce) building codes.

[@jonathantaylor6926]

In a sane world the first thing a perspective condo owner would look at is the reserve funds and overall financial health of the building and HOA. These older buildings built in the 70's or 80's should have tens of millions in reserves had they only invested in an index with that money set aside for longterm repairs.

[@TJFOGELBERG]

I appreciate your information..."buyer beware" going forward.

[@r.c.rutledge5920]

Impeach DeSantis and make them return the millions he has stolen. Totally and completely on his knees for the insurance industry. We're all screwed.

[@Lynnpjjbdndji]

The appointments collapsed due to the lack of regulations.. There is a price to pay for small government. ???????

[@user-id8ng9eq9h]

I live on that stretch of A1A, one of the best kept secrets of the area. Great location yet still relatively quite

[@timothyhobbs5256]

@@user-id8ng9eq9h Fernandina or Amelia island?

[@sailordude2094]

When interest rates go back down things will change again. I bought several nice condos in Tampa after the 2008 crash. Sold them before another next crash, lol. Maybe I'll buy some more someday if they get that cheap again. But after watching this, maybe not, lol. Thanks for the info!

[@craftsmanctfl3493]

Interest rates are not likely to go down more than 1% for a very long time. Where we are now is a fairly normal level if you look back over several decades.

[@marcodimarco9899]

The stone in the cement mix has to be granite it does not take water.Rebars stainless steel ,or Galvanise Steel .The piles that go underground All Stainless Steel, the sand and rock that is mixed in the Cement as to be Ganite rock pebells.

[@marcodimarco9899]

Thank you

[@richardwilliamson1639]

So many people bought "the illusion of permanence" that goes with a high-rise building. A salesman or saleswoman simply confirms what we want to believe. If we're "in the market," we've already told him or her what we want to believe.

[@orionfl79]

I wonder if this applies to rental properties to? Like for instance, about a year ago before I purchased a home I was living in a corporate owned rental building. The place was in disrepair to begin with - like rusting fire doors, holes in the stairs, groaning elevators, and bits of stucco flaking off the facade. But a little before I left I started to notice kind of a rapid deterioration - like to the point where you'd look up and notice a large chunk of concrete missing from along the top of the buildings. It was the sort of place where you did not want to get on the wrong side of the landlord or get in the way of the maintenance staff, so I never brought it up - instead I just moved. But in hindsight it makes me wonder.

[@LJ-jq8og]

It APPLIES ! IF it meets the definition of time and/or height !

[@orionfl79]

@@LJ-jq8og But it wasn't a condo complex. 7 floors and built in 1993 - also residential yes, but the entire property was owned by some corporation up in Tallahassee.

[@HankMoody-h2e]

These poorly managed HOA’S did this to themselves by deferring maintenance for all those years. Condo market is crashing in Florida between the insurance, assessments, rising HOA’S!

[@craftsmanctfl3493]

In general, it was not poorly managed HOAs. Residents are the ones who vote on the budget and they skimped significantly on repairs and reserves. Remember, the HOA is simply following the wishes of the unit owners.

[@jonathantaylor6926]

These condo's were short sighted and had the wrong priorities. I noticed the Surf Side building that collapsed had a beautifully remodeled common area.. they found money for that but not the foundation that was falling apart.

[@craftsmanctfl3493]

I’m doubtful the requirements will actually be enforced, thus nullifying the safety purposes of the new condo laws.

[@thelastboomer9088]

So many associations put off maintenance to keep costs down, kicking the can down the road. Maintenance must be paid for, sooner or later. Time to sell, or write the check, is rapidly approaching.

[@jet4415]

Yeah, the 70s to 3 years ago was the sweet spot for cheap condo expenses. The retirees wanted nothing to do with improvements or repairs.

[@wendyg8758]

Budgets are key, it's not all profit.

[@travelguy1564]

Legislature will make a last minute change - just too many people impacted by this!

[@craftsmanctfl3493]

They absolutely will do nothing significant. That would take billions of dollars, which would require tax increases. They’ll never do that. Trust me.

[@stevenpiehl6199]

Well, it’s really difficult to see the rich have to cough up maybe 100 K for these improvements they finally get bit in the ass

[@goldenparachute392]

I thought the SIRS had to be done for all condos, not just for older condos (25/30 yrs)?

[@PalmBeachesPaul]

I will look into that, I might be wrong, thansk for the questioon and watching.

[@goldenparachute392]

@ thanks. Look forward to your reply

[@johndubose1395]

is it actually POSSIBLE to bring a 30 year old building up to code or are we just playing word games.

[@LJ-jq8og]

IF you are Selling it "of course". 🤣

[@gabyfields3235]

Haha, no, "paradise" is NOT beautiful, with all these high-density ugly condo buildings around, lol. I'd rather freeze my ass off in the Midwest, than moving to "paradise".

[@KJSvitko]

Climate change and rising sea levels will make properties in low lying areas and coastal areas impossible to insure. Banks will be reluctant to give a mortgage for 15 or 30 years because the property may be under water. Selling properties to average buyers will become impossible in the future as banks and mortgage companies stop making loans for these properties. Coastal areas are a high risk for insurance and extreme weather like hurricanes. People will have to self insure and take the risk of loss. Condo associations are losing their insurance and if they find a new higher cost policy they will be passing on the higher costs to association members. Flooded cars from hurricanes fill the salvage lots. Insurance companies will raise rates and pass on the costs and risks to policy holders next year. Coastal properties will be confined to wealthy individuals that can buy properties with cash and self insure for losses from hurricanes or rising sea levels.

[@alfonsoalfonso5254]

Supply and demand > greed and more greed!

[@ltcmoose2001]

The Florida legislature are pros in putting do gooder requirements on people without having to budget or pay for good ideas.

[@JamesBarry-j7m]

It's trying to get insurance that that is absolutely anywhere near a reasonably priced😅😅😅😅

[@jet4415]

Champlain Towers, to be exact.

[@eliot5220]

Florida is a money pit. Just keep pouring your money in. Pay and stop complaining or just leave. But don’t stay and complain. 😢

[@Cherylini100]

No Comment 🙂

[@PalmBeachesPaul]

as my music hero Getty Lee of the band Rush once said " if you decide not to choose you have still made a choice" 😉

[@richardviolet8759]

I did my research on this New Legislation, DeSantis hates these New Laws.The Florida Legislature did i not do there required diligence when they wrote this Laws. They did not consult with experts . and did not do any studies prior to these New Laws They wrote this Law strictly for political reasons. in reaction to a rare extreme event at he Champlain Towers....One issue that is extremely stupid is that these older building not just be repairs to the original designed, Which is still perfectly safe, No they now require them to be improved to 2024 building codes. A 1970 Condo that has been perfectly safe for over 50 years now required to be upgraded to 2024 building standard, That is insanity ...That is ignorant ...You would be better off to just demolish a 1970 structure then to upgrade to new modern building codes. ...These Law were not properly constructed and were was no comprehensive investigation and study . This was an emotional reaction to a political situation. The Champlain Towers should have been condemned by the city purity to this . The building was inspected prior to the event,

[@maryhobbs4183]

Greed not politics

[@lindastasiak16]

DeSantis , we need federal assistance.

[@Lorieann-p8j]

They sent all the money overseas, they broke 😎

[@randylahey7343]

That would be socialism

[@jstoneydc23]

why should we all pay the welfare check?

[@jonathantaylor6926]

So some poor SOB living in a single family home in Wisconsin is supposed to subsidize the repair of your condo thousands of miles away? Why?

[@gabyfields3235]

I thought the Republicans and MAGA crowd hated the Feds? Why ask for a handout...your credo should be "bootstrap it", right?

[@danman1287]

Paradise or HELL lol

[@LJ-jq8og]

Similar to marriage 🤣

[@jeanzurface7148]

Heavy chemtrailing.

[@stevenpiehl6199]

Well, it’s really difficult to see the rich have to cough up maybe 100 K for these improvements they finally get bit in the ass