FLORIDA'S CONDO ASSESSMENTS PROBLEM - FEES HOA's Crippling Real Estate

Florida's Condo Association HOA Assessments problem is crippling sunshine state real estate especially in South Florida, Miami area.
#floridarealestate #hoa #realestate
Note: I am not a realtor. I am not an attorney. This show is for fun and entertainment and is my own personal opinion based on my own experiences and is not advice. If you are considering buying or selling property in Florida or anywhere, please consult a licensed professional.
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[@dwaynestutzman4642]

I would never buy a place that had hoa fees

[@BarefootVlogger]

Don't blame you but not always easy to find. Worth the work to find one though

[@MsSSnow]

Some HOA's are forclosing on people's homes over unpaid HOA fee's.

[@Rn4lyfe317]

HOA fees in Florida are astronomical. There are going to be many, many vacant homes/condos. I was contemplating moving to Florida but after researching, nope not today.

[@cartoonmark75]

Watching the replay. Great information Barefoot,,,lots to consider. Personally, I'm leaning towards being a snowbird who rents for a few months to avoid the hassle. Onward and upward!

[@BarefootVlogger]

Good move! Thanks Mark

[@tonaruch8623]

Super helpful talk. I’ll share with my family especially young inexperienced buyers

[@filipinaandamericanlove2808]

LOL I used 2 real estate agents in the past and both of them were to get me access into the houses I had found on my own. In most cases you cannot just walk up to a house for sell and knock on the door and get in to see it. So they do have their usefulness.

[@BarefootVlogger]

I've had some great realtors throughout my buying and selling experiences. But I think the test to get licensed should be much more comprehensive and rigorous, similar to the series 7. That's just my honest opinion.

[@johnfoote1168]

Hi Terry, yes we have a tax in auckland called a body corporate charge on owners of apartments, these can be up to nz$ 20000 for an 1 or 2 brm apt per annum, or even more depending on the apartment, on top of that, the registered owner also must pay his or her share of insurance for their apartment and all water, power and personnel fire, theft, insurance costs , yes it is very expensive, like in Florida

[@cheryllancaster7268]

T, great video! Very informative! I finally found my paradise, I was all ready to visit and find a new build in Port St. Lucie! Then I researched the HOA fees, the auto and home insurance, the property taxes, etc. I was floored by how much they have gone up and gotten outrageously priced. So, at this time, I can’t afford Florida anymore. I’m looking in South Carolina now. The close proximity to the beautiful beaches and warmth all year is replaced by more reasonable expenses.

[@BarefootVlogger]

@@cheryllancaster7268 Thanks Cher! Sorry to hear that but SC is a great place. You will still have some seasons, its less crowded, more affordable and pretty close to FL if you want to drive down for visits. Charleston is a great and historic town. Wishing you and Ernie the best of luck!

[@cheryllancaster7268]

Thanks T!

[@rpmcmurphy2348]

Missed it. Watching/ listening now! Looks nice!

[@BarefootVlogger]

Thanks Mac!

[@curtisshoemaker130]

In an HOA townhome in San Dimas California . Been here for 12 years and hoa fees have increased from $250 to $354 in that timeframe . Pretty much happy with what They cover in general (painting, roofing landscape, pool etc). The only issue is they’re threatening a one time assessment to cover hill slippage, probably about $2500 to 3500. Another issue, they just dropped the earthquake coverage that’s a little disconcerting. Nothing like what you’re experiencing in Florida. A good realtor who knows the area can also be a benefit when searching. Ours steered us away from a townhome complex that on the surface we liked, but had many financial issues with the hoa and general upkeep of buildings.

[@danmcleod1360]

Barefoot has a nice approach toward people. I like the interviews of "street people". Barefoot is very polite with the people he meets.

[@BarefootVlogger]

Thanks Dan!

[@johnnya9863]

Very good analysis Terry. I'm on the BoD of a 45 unit building in Ocean City, Md. Just got hit with with another 7k building master insurance rate hike (no claims) along with reserve study req. sending our quarterly from $650 to $1050. No pool or any other amenties. Retirees will be the hardest hit airbnb landlords will just jack their rates to recoup these increases. 😢

[@surfboard396]

Hey Terry. Hope you are getting stronger every day. I was in the chat this afternoon but you didn’t see me. 😂 I agree that HOAS are out of control and they are forcing people out of their retirement homes. At the same time discouraging soon to be retired from moving to FL. something they have planned on for years. I’m fortunate. The condo I own gives me positive cash flow every month. We just put a metal roof on the complex and we had the money in the reserves. Fees are very reasonable and board is well run. my house across the river is paid for also, life ain’t too bad. Thanks buddy🍺👋🏽

[@BarefootVlogger]

Sorry I missed you my friend! You are in great shape there I'm happy to hear. I must come up and check it out sometime. Cheers

[@steve8758]

have to be a madman to buy into a HOA

[@guitarlearningtoplay]

💯 THE TRUTH! Bro you don’t even know! I live near you and you never heard of how terrible a story I have about my HOA!!!!! Let me tell you whatI got going on. I moved here 5 years ago and own my home in a condo/villa mediterranean style townhome. My HOA fee was $320 when I moved in and now it is $650/month. The reason is the guy the HOA hired to Manage the property stole all the money from an insurance claim to repair all the roofs. He did that in the middle of the them putting on the roof. So for over 2 years 50 homes here had no roofs just the black plastic that goes under the roof. Also the HOA did NO maintenance of the stucco on the outside which is their responsibility and 28 homes has leaks threw their roofs and the stucco walls in the last 3 years. I was one of them and I had to rip out all my Kitchen and do mold repair with Servpro. Luckily after 2 years my insurance paid me to repair the kitchen. The HOA paid nothing. But I had to live without a Kitchen for 2 years! Then since they were broke they could not pay to finish the roof so they charge a $6,500 assessment just to get a down payment. for a loan. The whole outside stucco looks horrible because everyone’s home is patched up and they never repainted. The roof they finally put on is ugly sheet brown. We used to have a beautiful mediterranean red roof. So while everyone home values doubled ours barely went up because the look of the outside.There is talk of another $5k assessment soon. There is other horrible stuff but I think you get the idea

[@bigdreamsphilippines]

Great vid ! I almost moved to Florida a few years ago but realized I could not afford especially with the HOA s and I make a decent living . I bought my home a few blocks from the beach in Biloxi MS specifically because no HOA s ! Also my insurance is getting ridiculous and I have no mortgage . It makes me want to sell and leave this country !

[@BarefootVlogger]

MS was a good move, it's much more affordable up there and less crowded

[@NorthCarolinian]

Hi enjoyed your video. Im actually from the Lee County area and the homes there are stupid high. As far as the market its gonna see a correction soon. Florida and Texas have the highest surplus in the US. As far as the HOA fees. i did some searching in like South Miami and saw fees ranging from $12-$3800 a month!! Crazy.

[@fernandoscrenci4874]

They say. When prices go up, your pants come down!!!!

[@roxannebenden4837]

Good morning thanks for replying back. We will be going there in November to check it out for a month to see if we like it.

[@lenguindon5019]

Most Realtors are Like Car Salesman, They do not know whats under the hood. All they now is how much they will collect in Commission. Florida is off my list now for a place to purchase. Too costly.

[@roxannebenden4837]

Love your video and you are right about Florida when are you moving to Thailand?

[@BarefootVlogger]

Certainly a lot cheaper there! Thanks Roxanne

[@Jasonk1979]

Dang, got me rethinking retiring to fl in 15 years! lol. I remember thinking 380 was expensive in 2008 in Mass. Times have changed to say the least. I think that guy is right,,,pray! Good vid as always T.

[@BarefootVlogger]

Thanks Jas!

[@chanmay44]

Who got idea HOA fees, we don’t need it. We ourself can take care of the houses. We are adults, not children.

[@shannon7260]

Oh also there’s a shark tracker app, shows sharks turtles and such,, yes they are down there in Florida. I like the app!!

[@ArmyOne519]

Never, ever live in a Home or Condo with a HOA . They can take your House away just for Stupid Reasons.

[@thearchedpromise3271]

Thank you, Surf Side managers. They should had stayed with the upkeep. The building would had still be standing, lives would not have been loss, and HOA fees would not be increasing. 😢😢😢

[@devangel3614]

I wanted to move to somewhere near coastal Florida, but between crazy HOAs. Insurance costs, hurricane issues and my needs to be nearly major medical center after my double lung transplant, I just can't see it happening anymore, even though I suspect it would not be worse than here on SoCal if you factor in everything. It's the uncertainty of these fees and where it is all headed that concerns me.

[@shannon7260]

Great video! Enjoyable! Wish I caught it live, love hearing the ocean! Good topic! We don’t have hoa but it’s called condo fees here, yes they are nuts!! Rents are nuts, insurance and taxes are nuts! Hope better times come to everyone in the future

[@BarefootVlogger]

Thanks Shannon!

[@devangel3614]

I think the worst thing that can happen is that these condos come down on price to the point that even with assessments, they get bought up by foreign investors and real estate conglomerates who buy them up for vacation and short term rentals, further pushing up property taxes and pushing out those who want to purchase a primary residence. If something is not put in place to cap HOA fees and force these HOA boards to be transparent, there's going to be a bigger exodus of the middle class and businesses will also follow when there's no workers who can afford to live in Florida and property taxes explode. Housing will be hard to find, retirees will head out of state or inland to places like the Villages where there's amenity fees but not traditional HOA fees. Florida will become a beautiful place to visit and the for the well monied to live, but the rest will be a disaster as people and businesses leave. The politicians need to figure it out and how to protect it. I rent in Santa Monica for similar reasons.

[@user-kk3qg5el1m]

I think the new rules only apply if your condo unit is more than two stories. If not you should be ok. But it still doesn’t stop HOA for finding a reason to increase fees. You have to keep an eye on these HOA’s they can be crooks. Great video Thanks 😊

[@franbrinda]

It’s not H.O.A. fault. Inflation has caused price of everything to go up. Their contracts cost more and they have to pass on to property owners. That’s the price to pay to have nice bushes and sidewalks. Choose wisely. Not to mention the laws they can apply to your property.

[@tw25rw]

Is there some way of terminating the power of the HOA? Can they be voted out?

[@johnnya9863]

Our BoD terms (per our bylaws) are 3 years and staggered so the whole BoD likely won't resign at the same time. The most thankless job anyone could ever experience.

[@CopsCourtandCommunity]

We have to debate this!

[@BarefootVlogger]

Debate?

[@CopsCourtandCommunity]

@@BarefootVloggerhow about another interview. My perspective is totally different about HOAs. In the 2 1/2 years that we’ve been here, I’ve gained so much knowledge. Enough so that I took over as board president last year.

[@BarefootVlogger]

@@CopsCourtandCommunity Been here 25 years. Knowledge is one thing. People are getting destroyed on fee increases. Its not even close to how they were operating for decades. The 2 interviews I did on the beach at random sums it up perfectly. That lady’s HOA monthly maintenance went up 110% in 3 years!! If that pace keeps up Florida will become a ghost town

[@michelleg1076]

Florida is going down. Nobody csn afford to live there. Its ridiculous!

[@deankerley2719]

Hi Terry

[@deankerley2719]

Statesville NC

[@johnnya9863]

Alot of these comments bashing HOA's are ridiculous. These condo inspections are expensive and are done by licensed professionals, insurance rates are going up massively every couple years, accountants need to budget out these estimated building repairs costs over the next 10-20 years, increased construction labor/material costs. Many variables but the result- Increased Condo Fees. No way around it.

[@victorblock3421]

I'm sorry but people need to take personal responsibility. If you own a home with a pool, sauna, gym, home theater......... that costs money to build, maintain, fix remodel... I look at a mid rise building in Boca over 10 years ago near Federal hwy. I saw the financials and myself looked at the construction. I determined, on my own, that upgrades, modernization of the systems, ect... would be needed within 10 years. I passed. In the end I went cheap and bought a condo for $90K in Delray. It's actually a small single family home with about 1200 s/f and a car port. Maintenance is $440/mo, a low number for Florida. It's not gated and no fancy amenities. Some of us are even advocating to close the pool and fill it in. Who needs the expense and liability? Until this year my full time home has been in the northeast. A condo I purchased exactly 20 years ago. The monthly maintenance is $180/mo. When I moved in 20 years ago it was $180/mo, the same. Our biggest costs over the years was replacing the rear porches which came to roughly avge $15,000/unit but we did pay for it slowly as special assessment payments, typically $350, about 4 times/year over the years. We finally just finished up. The porches will last at least 50 years. Roof replacements will be considerably less, maybe no less than $5,000/unit but we have built up substantial reserves just from the monthly $180 maintenance. In my state, condos get a special tax break so all prop & school taxes are about $200/mo. We don't have any recreational amenities and don't want them. Again, take responsibility and do your homework. Aventura sits on a swamp like many places. This stuff costs big $$$$. Living simple pays off. Planet fitness costs me $10/mo. Your condo builds a gym, showers, jacuzzi, blah blah blah. Want a manned gate(s)? it costs. Security, camera's, elevators, spraying the crap out of plants, Cable tv and internet included, insurances ..............Insane.

[@tonaruch8623]

Don’t the owners keep up with what is going on with the Board of the condo so all condo owners know what is going on and what to expect so huge increases don’t come as a surprise?

[@barbarahood1447]

Chevron law will break up HOA’s

[@stephengreen9540]

great seeing you out in the sun great video

[@BarefootVlogger]

Great seeing you Stephen thanks brother

[@hildestramowski9370]

Hi Terry It’s raining here up north a lot!🇺🇸🦅🇺🇸

[@BarefootVlogger]

Stay dry Hilde

[@AnthonyHologounis96]

Love the beach there

[@pures1n]

Has something happened in the past 4-5 years till now regarding HOA's or is it more of a generic video regarding HOA price?

[@franbrinda]

Inflation over 20% tends to do that.

[@alfonsoedmonds6164]

Hello my friend Happy Friday to you and your family.. Enjoy your weekend Be safe God bless 🙌 🙏

[@BarefootVlogger]

Thanks brother

[@alfonsoedmonds6164]

U r truly welcome 🙏

[@gtnutz3548]

Love

[@michelleg1076]

Even New Yorkers cant afford Florida lol

[@filipinaandamericanlove2808]

You don't want to get me started on HOA's

[@BarefootVlogger]

I hear ya brother. It's hard to stop!

[@MsSSnow]

I love my water shoes!

[@BarefootVlogger]

@@MsSSnow Dont leave home without them!

[@MsSSnow]

@@BarefootVlogger Not great for driving long distances.

[@Rn4lyfe317]

Water shoes are the best.

[@BarefootVlogger]

Funny story, I bought these for my trip to Crete and never wore them! I am now

[@michelenorton2828]

Good show 👣🪖

[@BarefootVlogger]

Thanks Michele!

[@Cocolicious08758]

Rich was 🔥

[@Zahavagold1167]

MLS data sheets are for the public! You are not to use Real estate Lingo like EIK. Most of the public have no Idea what that is. And that’s your argument! Against realtors, You have been talking for 5 min and have said absolutely nothing.

[@BarefootVlogger]

It was a listing he printed out and handed to me. So if it's not for the "public" he should've known better than to give it to me. Also, whether or not you're supposed to use real estate lingo is irrelevant. What IS relevant is that as a licensed agent he was clueless to its meaning and I had to tell him what it meant.