Florida's new condo law is causing costly assessments

[@crankfotton]

I work as an agent in South Florida. These condos are all pathetic. Popular location, fancy lobby, nice pool, garbage units.

[@rdee7406]

Elaborate or shut up

[@crankfotton]

@@rdee7406 Popular location, fancy lobby, nice pool, garbage units.

[@scottericksonwasted]

​@@rdee7406 Make sense r e g g I n (backwards)

[@Tarapatil2023]

@@scottericksonwasted why mention that word, dude? Was it necessary?

[@magamaga1827]

what is your advice for a 50yr old single male looking to buy a place in south florida? stay on the sidelines?

[@johnmike7809]

Every one of these condos was bought and sold using real estate agents and not one of them thought to ask if the HOA was fully funded for repairs like they were supposed to be.

[@jasoncrandall73]

State law only required bare bone regulations. Surfside was built about 45 years ago. Nothing changed until it collapsed. State law did a 180 & now the landscape is going to 100% favor those big high rise condo developers who can now pick up older condo buildings for 1/4 or 1/3 the market rate. Talk about a upcoming blood bath.

[@xx133]

Bingo. They made their money. They helped the banks and developers unload, and now working people hold the bag. Realize also, that deregulation ensured this outcome. It would never have gotten to this point in the first place.

[@Zero11_ss]

They are just being forced to do the repairs they always should have done. And those 300k condo are a scam anyway, you dont even own the land they are on only the box in the sky.

[@stefaniamogollon]

The ones I was referring to were built in the 1970s, and like any other property, they need proper maintenance and repairs over the years.

[@xx133]

Banks and real estate developers pushed for deregulation, this is the outcome. They sold off their properties once repairs were due to owners that were not informed about the assessments. Now that the situation is untenable the regulations were re-applied. They will be the ones to buy these properties back at bargain prices-and will request tax payer money aka“incentives” to do so. 🤌

[@coolcatfunhouse]

In 1995, I lived at 'DECO Palge' at 100 Lincoln in S. Beach. It was a 4-Star Hotel/Condo oceanfront building, but at least 25-years old then. So I bet those fees are horrible. Building has to be at least 55 years old now.

[@prettygirlus9008]

I remember way back then when they were selling the "condotel" units at he Deco Plage. The prices were under $100K if a remember correctly. Great location but you're only getting a hotel room.

[@jasonsmith530]

It’s a mess, good you left. The 90s were a good decade for Miami but the 2020s, not so much

[@shawngrinter2747]

For years condo owners have voted to delay maintenance as they would be dead by the time it becomes a problem. Well it’s come home to roost.

[@hammertyme8392]

If you own a condo in Florida, good luck.

[@TommyTomTompkins]

Thx 👍🏿

[@stefaniamogollon]

It's all relative. Just be very wize and do your due diligence before jumping to buy once. There are very good buildings too.

[@Calinotch06]

It sounds like a developer would have to purchase the whole building, tear it down, rebuild, then re-sell.

[@steven4315]

Ah yes, the sounds of opportunity. It's almost as if the Republicans planned it that way.

[@jasoncrandall73]

Oh they did. Republicans in Tallahassee knew what they were doing.

[@TheWillvoss]

Yep. But people are too busy thumbing their noses at elderly people who can't keep up to pay matinence that the HOA's didn't at all like criminals and will probably get a big pay day once all the units are evicted.

[@DuffyGabi]

@@steven4315 We bought our 1982 Minnesota house in 1999 for $228K. We have certainly spent 100k since then for maintenance and improvements. This includes a retaining wall that is 102 feet long that literally blew out in the mid 90s. This is a very steep slope 20 feet behind our house. Home ownership requires spending money. Don't blame whatever crazy politicians you have in Florida for problems that were created by the HOMEOWNERS' unwillingness to fix things.

[@CPATuttle]

@@steven4315 these are 35 year old condos. What are you talking about

[@jebrehbaker8613]

Its almost like its a conspiracy

[@sleepy670]

Can you imagine buying a condo and then a few years later they say they have to tear down and your left absolutely nothing

[@ExtremelyAnnoyed_MIA]

Loving being a renter right now! Not phased at all!

[@MrCWells3000]

*fazed

[@xx133]

Yeah, not fazed until the landlord arbitrarily increases rent by 50%. There’s a reason why the wealthy are buying up all of the housing-so that renters can work for them by basically paying off their mortgage

[@lockness1980]

No rent increase?

[@monicaRichardx]

I've been living in a condominium for 11 years. The owner has raised rent very little over the years, always renewing my lease. The condominium is in great shape, he says. Why lose a great tenant over a few bucks? Not worth it.

[@zacharyfair6738]

From very limited experience, people on the condo board are owners and they delay repairs to prevent HOA increases....

[@stefaniamogollon]

There are many reasons, and that can definitely be one of them.

[@vilorio6]

The ones that delays repairs are the condo property owners that are supposed to vote to improve their buildings and they choose not to just because they don’t want to pay more maintenance fees or special assessments, boards can’t do nothing without the approval of unit owners.Condominium are non profit organizations, The only source of income is maintenance fees or special assessments, condos don’t sale mangos 🥭 or avocados 🥑 for profits or to make money to pay for repairs .

[@commonsense6967]

This entire situation is due to the apathy, irresponsibility and selfishness of many condo owners for many decades. Now they want FL taxpayers to pick up the tab via "no-interest loans" and "funding alternate living places" while their repairs are being done. No thanks, FL taxpayers cannot afford it, as we're paying for our living expenses, unlike what they did.

[@zoemayne]

Of course he speculates knocking the buildings down vs repairing/maintaining

[@PeterJAncona]

Nice work stefania 🌟

[@KK-pm7ud]

Nice job Stefania. The answers were a lot more coherent and easier to follow this time. Great to see you back.

[@stefaniamogollon]

Thank you very much for your support 🙌

[@PG-tc6os]

Rent in Miami will go so high.

[@vincentv8302]

Whole lot of GARBAGE!, negligence on all sides from Politicians & HOA corruptions. Not enforcing the rules and kicking the can with no outcome. Now sadly many good people, many retired and fixed income told to move and go, good luck. As new developers, looking to take ADVANTAGE of this BS in much of Florida...........FAIL!!!!!!

[@crankfotton]

Buying a condo here is just plain dumb.

[@KK-pm7ud]

@@crankfotton Buying a condo in many places is a risk right now. Buyer beware.

[@commonsense6967]

Do I blame others for not doing what I (not the government!) am responsible for maintaining?! Nope. And these condo owners never bothered to even attend HOA meetings and/or voted down necessary maintenance assessments for DECADES!

[@jibberjabber-fm6pb]

in florida developers always win but dont ask me how

[@steven4315]

Massive campaign contributions?

[@MathiasMeasinger]

I guess Florida is only for the rich. If your planning on retiring with annuities less than 15k a month. Forget it. The bargains statewide have huge problems. Be it flooding, hugely expensive insurance, or broken down HOAs just waiting to hit you with a huge assessment. Got many friends moving north to get away from that disaster.

[@B_M]

In Miami, 300K condos don't sell much because they DON'T EXIST.

[@danielaarbelaez6948]

I wander what's reality happening? What's going on behind doors?

[@vilorio6]

Exactly! All of these smells like special interests.

[@Fuzzyvision777]

Looks like the chickens are coming home.

[@rhaltunen]

Problem-Reaction-Solution. Let’s see who ultimately ends up with the land these old condo buildings sit on. There lies the answer to the question, why???

[@xx133]

The banks and developers that caused this in the first place via deregulation, and then selling off property to working people for sky high prices before expensive repairs were unavoidable

[@Kennybooy9]

Nice top lady. Which Hospice outlet did you buy that from

[@jbroc3415]

I thought Miami was the new wall street? Oh wait, no attention to details down there

[@commonsense6967]

Miami is as corrupt as other Democrat-run cities.

[@scott21113]

The law is not causing the problem. Decades of owners an the boards they voted for ignoring maintenance or creating sinking funds for known future repairs, while kicking the can down the road caused the problem. Get your facts straight.

[@CO-OPNEWS-wn9us]

What if you changed the ownership type to timeshare would the building have the same requirements as a condo. People would buy 52 week timeshares

[@carylhalfwassen8555]

What if owners repaired their timeshares?

[@CO-OPNEWS-wn9us]

@@carylhalfwassen8555 it was just a thought. If the were Dec l are not a condo building they might not be held to that law . Maybe give some options just a idea

[@commonsense6967]

@@carylhalfwassen8555😂

[@celestialtl]

The teens are all Bitcoin millionaires, so what’s the problem?….no news here

[@vilorio6]

Don’t buy condos buy houses or townhouses with out HOA or CONDO ASSOCIATIONS

[@vincentkosik403]

Yeah right, the defelopers will cone in a buy them oennies on the dollar and make millions, thank you very much Governor

[@carylhalfwassen8555]

What is your solution for these 40+ year old buildings with deferred maintenance?

[@markvenicio8386]

You need a pulse to purchase the pulse houses lol 😂

[@sunvegeta]

As the saying goes..."be careful what you ask for!" Due to the Surfside catastrophe, the State Govt decided to do something about it, but as it is always the case when Govt make decisions based on emotions, it can cause hardship more so than relief.

[@IndependentThinker74]

Hardship you speak of is simply making the owners perform the necessary maintenance that they have been neglecting for years-decades. They have nobody to blame but themselves. The new laws are simply trying to prevent another catastrophe where people are crushed in their homes as they sleep.

[@hammertyme8392]

Only blood will change the law

[@VoteForBukele]

Florida half asses everything. Just have people sign a waiver and move on. Your population isn’t capable of doing things the right way.

[@commonsense6967]

@@hammertyme8392Only idiots leaving FL will be the solution.

[@commonsense6967]

Emotions?! You think safety concerns equal emotions?! People DIED due to a decrepit condo collapsing!😮

[@rgen28]

Time to leave Florida

[@dondomingo6578]

And go where?

[@stache1954]

Big surprise.

[@RadiUzunova]

Worst timing ever 😂

[@chatgpt-n8r]

bingo !!! which politician owns these assessors?

[@MainMan7012]

Perhaps Florida condos should be torn down if costs of repairs are too high?

[@knightofwind2929]

Filters out the poor plan

[@ashishchoudhary2930]

Drug money

[@francismarion6400]

Those East Coast Democrats are feeling the pinch of trying to do repairs under Bidenflation!😂😂😂

[@IndependentThinker74]

So what did Biden do to cause that inflation?

[@Fuzzyvision777]

In Florida ? Lol

[@commonsense6967]

@@Fuzzyvision777Yes! Where did you think these condo crybabies originated from?

[@19battlehill]

This is being bought by Chinese and other investors. Called Capital Flight ---

[@commonsense6967]

Nope, it's not. DeSantis and FL legislature got a law passed that prevents Chinese, or members of any Communist party, from buying property in FL. If you mean other countries, perhaps.

[@Roadtrip53]

What a pathetic and shallow propaganda piece . . . usual for CNBC. Many of these old buildings have intentionally NOT been maintained by the collective OWNERS. Many of these, now retired older owners, did not want to put out the money to maintain the buildings figuring that "hey, I'll be dead before the next sucker gets stuck with the bill. No sympathy. Now the buildings are beyond economical repair. If I allow my house to have a leaky roof and it rots the frame and foundation because I was to stupid and cheap to fix it, it's nobody's fault but my own. Same goes with condo owners, and I don't care if you're 20 or 85 years old. And BTW, I don't think the new law requires older building to complay necessarily with new codes, but they do have to comply with being SAFE.

[@bigworm3886]

Stefania needs to chill with the makeup - golly!!

[@onionpeeler2023]

Overpopulated, overrated, overpriced, not worth the money or the time.

[@commonsense6967]

I agree that's true of S. FL.

[@DonesdeMotivacion]

JOrge PErez