Florida Condo Catastrophe Is In Complete Freefall! Condo Owners Want Out.

[@katrinstake]

Sources: news.ufl.edu/2024/10/condo-conversation/#:~:text=The%202022%20state%20condo%20law,housing%20costs%20on%20condo%20owners. realestate.usnews.com/real-estate/articles/floridas-condo-crisis-why-condo-sales-are-plummeting#:~:text=Florida's%20condo%20market%20is%20under,requiring%20inspections%20and%20expensive%20repairs.&text=Condo%20owners%20in%20Florida%20have,condos%20due%20to%20rising%20costs. www.nbcnews.com/politics/economics/reckoning-coming-floridas-condo-owners-buildings-face-millions-repairs-rcna165764 floridapolitics.com/archives/696655-florida-condo-reform-architect-says-new-legislation-on-cost-issues-shouldnt-come-before-january/ www.fox13news.com/news/gov-desantis-urges-condo-bill-fixes-roundtable-miami www.cbsnews.com/miami/news/gov-ron-desantis-says-condo-help-cant-be-put-off/ www.cnn.com/2024/03/08/us/surfside-condo-collapse-investigation-takeaways/index.html www.crcgroup.com/Tools-Intel/post/florida-senate-bill-4-d-what-does-it-mean-for-condo-associations#:~:text=RESERVE%20REQUIREMENTS&text=As%20of%20December%2031%2C%202024,)%20by%20December%2031%2C%202024. www.flgov.com/eog/news/press/2024/governor-desantis-holds-roundtable-discussion-condominium-safety-measures www.nelsonmullins.com/insights/alerts/additional_nelson_mullins_alerts/all/condominium-law-changes-resulting-from-the-collapse-of-the-champlain-towers-south finance.yahoo.com/news/why-buying-cheap-older-condo-101800622.html www.cbsnews.com/miami/news/south-florida-condo-market-faces-risk-of-collapse/

[@chriskleinbach-vd5ch]

Yo word everything is going up and we all in big trouble 😢.

[@magamaga1827]

Thanks for the video. As a 50+ native NYer, I've had my eye on Florida condos for awhile. Looking to leave NYC eventually. So basically time is on my side since I have no deadline to be in Florida. I currently own my place in NYC, a coop worth about $300K. Am I correct in saying that hypothetically let's say there's a Florida condo with an assessment fee that the current owners will need to come up with, if I were to buy let's say in 2027 ish and the assessment has already been covered...I'm off the hook for the assesment if I were to buy?

[@KJRitch]

Every time I think a condo is a good idea the HOA fees bring me back to reality.

[@judiruthmeredith6427]

@@KJRitch me too

[@vicariouswitness]

HOA or Strata corps is the new “mini governors” that use fees as a quasi tax grab. However there is a storm coming that will wipe out the need for HOAz……

[@FrankGiuliano]

so you don't spend money on maintaining your home? what do you think an HOA fee is? My son lives here on Amelia Island Florida, on the Ocean.. His condo fee is $1,550 a month.. That pays for insurance, pool and building maintenance and building common area taxes. That's $18,600 a year.. That's a deal for a 5 star beach front condo, rated AAA in engineers report.. Try maintaining a house on this Island for only $18,600 per year..

[@OgnianHristov-f8k]

There is a train for everyone, for someone is cheap, for someone expensive. The problem is corruption in condominium and most of the time people at the Board ate ignorant, selfish and crooked.

[@pascalfl2610]

@@OgnianHristov-f8k you can not touch them HOA

[@lucreciadiaz3636]

I'm so glad i sold my condo in 2019 and bought a house. The last condo meeting I went to almost killed me

[@NonSense-n5d]

Exactly, buy a house not a condo! Preferably with no HOA dues.

[@-ana-9737]

@@NonSense-n5d why not a condo? English is not my first lenguaje so i might cross as ignorant but what is HOA?

[@dcollins2342]

@@-ana-9737 home owners association. Monthly HOA fees/condo fees

[@justacarfan]

@@-ana-9737 HOA goes for Home Owner Asociation, they are kind of the property managers and in some cases they have become a nightmare charging even more than 1200 USD monthly fees. Against regular housing costing as low as 150 usd monthly.

[@dre8033]

@@-ana-9737 Mucho Dinero

[@Bronx_Yankee]

I saw the handwriting on the wall, I sold my condo in 44 days in May 2022 and moved away from the water to central Florida. No HOA, no flood insurance, no rotational guest parking…1/4 acre 3/2 for half the price of the condo

[@Gypsygirl9]

Where did u move to, Ocala?

[@thereveredunderstanding]

I got condos in Miami and San Juan. I don’t mind paying because I do like the beach. Poor people can’t afford prices that’s all.

[@surgeinc1]

@@Bronx_Yankee Is your home insurance reasonable?

[@pabloescobarschanclas]

@@thereveredunderstanding stop lying, lol

[@FrankGiuliano]

So you live in central Florida, No breeze, no beach, cold nights.. what's the point .. typical bronx guy.. cheap...

[@CubanForChrist]

I am so blessed to have gotten out of Florida when I did, Feb 2022. Sold my house in 8 days, cash deal, exact amount I asked for. Moved to Tennessee. 50 years in Florida was enough for this Native.

[@navsofour2892]

You clearly undersold it. Plus have you waited another 18 months you would have made another 20% on top.

[@runningfromabear8354]

​@@navsofour2892 you can't time the market perfectly. They likely made decent money on that sale. Don't let the perfect be the enemy of the good.

[@OgnianHristov-f8k]

That is for sure, if you sold in 2023 100k more

[@ciobalina7445]

​@@navsofour2892It probably doesn't matter since the price on the new house was probably cheaper as well at the time. When you sell to buy another house, it might not matter so much since it's the same house market.

[@rickyg7579]

Now you just got to deal with record crime rate.

[@Sam-M7]

I’m grateful I left Florida a decade ago. I’ve never looked back. Outrageous home owners insurance, property taxes, auto insurance etc etc.

[@ismayilmammadov8469]

@@Sam-M7 where did you move?

[@carrob704]

me too! I left the Treasure Coast in 2013 for reasons not related to cost of living...but all my friends who still live there are now paying anywhere between $4000-$10K for homeowner's insurance; taxes are sky high now; the ones who live in condos told me that their HOA fees have risen anywhere from 25-60%. My one friend has had his town home on the market for almost 8 months and has lowered the price at least 4 times....people are afraid to move there at this time.

[@SWFL-BOK]

@@Sam-M7 bye bye

[@mattneil1449]

I thought Florida didn't have property tax? Is it just no state income tax?

[@richardbirkenwald811]

@@ismayilmammadov8469I am guessing Federal accomodation.

[@user-zo6xg8bx4l]

Deferred maintenance in a salty environment only leads to one place. And, you have arrived at that place.

[@navsofour2892]

The Surfside had a team woking on repairs pulling machinery from the top, and there was construction at the side site affecting the soil next to the foundation. Where are the results of the investigation of what they were doing?

[@M.J.212]

As if the reality of climate change still isn't happening, the ocean levels are literally rising, many of these condos are also literally sinking.

[@FrankGiuliano]

That place is less than 3% of the condo housing stock in South Florida, and less than 1% State wide. it's so minor, it's just you tuber bull. and ya'll fall for it..

[@Xiaengao]

@@FrankGiuliano What are you selling?

[@WvvwvvwwVvwwvwv]

Yesss! I am so glad I got rid of my Miami Beach Condo when everyone was overpaying left and right.

[@GeeGee19]

When i moved to south Florida in 2008 they were giving away condos at rock bottom prices they were also giving away houses also at fire foreclosure sales. Thank God i decided to buy a house that 3x in value since i brought it. When the say real estate is a good investment they dont mean Florida condos.

[@mikejohn0088]

They fished with baited hooks waiting for the moment to pull you over board.

[@OgnianHristov-f8k]

I both condo for 120k with Ocean view 2011 and sold it in 2023 for 470K. If I only stayed few more months could get 500K. Sold quickly for a month. Now same apt with better view is pending sale for 335K.

[@John-vf8qe]

After the Surfside tragedy, the state passed some strict mandates requiring condos to meet stricter safety standards, like mandatory inspections and structural repairs for older buildings. A lot of owners are now facing massive bills they can’t afford, and it's pushing them to sell, flooding the market with supply

[@fredk9999]

The Florida legislature does not want another Champlain Towers to occur. Period. They voted unanimously in favour of these new laws

[@Monterrico14]

@@John-vf8qe its a joke. Take a tall building. It can be an apartment complex, a hotel or a condominium. It does not matter what is it, they all deteriorate, but the new inspection law only apply to condo buildings. Discriminatory or not?

[@navsofour2892]

So what does a malfunctioning elevator, a test on a fire alarm system or an old AC has to do with a building collapsing?

[@lauraschepis2730]

@@John-vf8qe I hate to say it, but I wonder if the tragedy in Surfside was created so they can pass these laws and push lots of people out of their condos.

[@ljacobs357]

Republican state. These regulations should have been there all along.

[@gavinhenry37]

So glad I sold my Waterfront condo properties this and last year before all these problems took hold. The condo HOA went up by 70% and the taxes were killing my profit as an investor

[@RBAILEY57]

I'm originally from FL, and spent my first 13 years there, in the 1960's. When I retired in 2020, my wife and I considered moving there from our home in Virginia. We go there every couple of years, and we're so glad now that we didn't move.

[@fredk9999]

There’s a lot of that sentiment here in SE beach Broward Fort Lauderdale

[@FrankGiuliano]

we are even happier that you are stuck in VA.

[@Troll12579]

Can’t imagine moving there with the HOA and insurance alone. The price of insurance is enough to almost buy a new place away from the coast. I’m spoiled living in Portugal with being able to walk to the beach in ten minutes and my yearly insurance is just a few hundred bucks a year.

[@chartedtravel1776]

Portugal is not US ,

[@brianmatthews9697]

Another thing in free fall. Cars, houses, RV's, boats yet nobody can afford them. The trick is to figure out how far the free fall is. Condo's have always been poorly built anyway. I've worked on a lot of them.

[@navsofour2892]

Finally a thoughtful comment, buildings do not collapse because elevators are not working, the fire system do not pass an alarm test, the AC is not working, or the roof is reaching 30 yrs old. All this regulation is just another piece of american stup*dity and a fraud against the homeowners.

[@brianponcelet3529]

I think the biggest reason is the ever increasing property and casualty insurance rates going up. The market is backed by reinsurance companies which are limiting their liability in Florida. This means 10-15% increases at least every year for as far as the eye can see. Essentially doubling of costs every 4-6 years.

[@LogoTimeClark]

The major problems: Property Taxes, Property Insurance, and Adequate Replacement Reserve. As a member of our cooperative's finance committee, you learn that you can't scringe on maintenance. Elevators, Sprinkler Sysytems, Safety Systems, and HVAC systems are costly, but required to be insured.

[@charlesmatchim8606]

I have lived in Florida for winters for 15 years. I left last year as hurricanes and insurance cost just got too high. With the hurricanes and red tides increasing We have had enough. .

[@mrright1068]

If you work on a salary and live in a condo you are on a fixed income. Its not just retirees. The gravy train for FL condos is over.

[@jamalnasir5648]

fixed income for a retiree would be if that person is relying on social security payments only. If a retiree has $250k invested in the S&P 500 and the S&P 500 goes up by 30% like it did in 2024, you have more than fixed income

[@markrichards6863]

Well, they certainly have overbuilt down here. Don't elect board members that don't understand finances and maintenance. I think the state was right to update the regulations. Deferring maintenance e eventually becomes very costly. Where the state dropped the ball was not giving the condis more time to build reserve funds and schedule deferred maintenence over a five year period.

[@Khanfuzed1]

Title correction: Old, Deferred Maintenanced, No Reserve Condos Are “still” above their value from a couple years ago

[@williamquigley852]

@@Khanfuzed1 In all the drama around the new condo inspection law, what is rarely discussed is the fact that these condo owners deferred badly needed maintenance for decades. The fact that we needed a law to enforce people to safely maintain their housing is idiotic.

[@ciobalina7445]

​@@williamquigley852That's how people act though, it's not that surprising. And if they rent in those locations, they are even less inclined to do this maintanance.

[@jamalnasir5648]

@@williamquigley852 so individuals are not much better than the government then. Kick the can down the road for someone else to deal with which is what they do with the national debt. If I am 60 years old, I would probably do the same hoping I dont have to pay extra before I die and it becomes my heirs issue who can just sell the property at that point 🤣

[@InimicusSolitus]

We lived in Sarasota, Florida for 25 years. Sold our home in 2024 and moved to NC. The cost of living in Florida is pushing out working people.

[@lorraineperron4840]

You can't be succesfull because the cost of owning a condo has tripled so it's not price but condo fees at many hundreds of dollars.Insurance costs/taxes/repairs another one to two thousand a month. Florida is over.We were priced out of our condo last year sold it just in time. Europe is the place to be for half the cost (Italia).

[@hollymartin3291]

I moved to Egypt last year, cheaper than Europe and much more peaceful

[@S.L.S-407]

@@hollymartin3291 -For anyone thinking of moving to Egypt, think again. It is rated at a level 3 = reconsider travel. It is NOT safe. Also, approximately 29.7% of the people are listed as poor. It is an incredibly corrupt country, thanks partly to 30 years of dictator Hosni Mubarak.

[@OgnianHristov-f8k]

Italy, Portugal, Spain

[@daniel-ino]

@@hollymartin3291 peaceful???

[@ClavierComposer]

Thank you for this extremely important info!

[@katrinstake]

Glad it was helpful!

[@ScreenProductions]

This is all calculated. Blackrock, State Street, Vanguard, and Blackstone all waiting to swoop in and increase their real estate holdings at drastically reduced valuations.

[@pfzt]

This is the real reason. Also, why would you build millions of useless condos that nobody really needs and uglify the beautiful Florida coast? US economy really needs something other than real estate to sink its teeth in, it's just a waste of resources.

[@Miloykus]

What about investigations about inspections and building renovations themselves? I've heard there were few arrests of condo property managers who were inflating costs of building renovation by millions of $$$ in a deal with construction companies.

[@raymondlin8728]

Condo living is horrible. Spending all that money and following rules like youre in your parents house. Rules on neatness, cleansing, noise, who can live in it, etc. Its like paying to live in a prison

[@im4udevco]

If everyone is selling, who’s buying? So much for housing being an investment. Thanks for the update.

[@mikejohn0088]

The company called BlackBrick is in full control.

[@CarlWithACamera]

@@im4udevco investors who will tear down older buildings and put up new builds where the unit prices will be 3-10x higher. This will make the beach and intracoastal, which was affordable to most retirees 20 years ago, affordable only to the very wealthy.

[@Ashgutierr]

@@im4udevco That's the point. No one.

[@daviddamelio1671]

Buying the LAND probably.

[@danichicago9140]

@im4udevco developers. Going to build more high priced land banks for foreigners.

[@runningfromabear8354]

Oh wow! My great aunt was a snowbird and made a killing selling her condo in Florida years ago. She was worried about sea level rise and wanted to leave something behind for her kids. I heard people making fun of her when she was putting it on the market condo we visited her when we were down there visiting. I'm wondering if those neighbors are reconsidering their stance towards her. She's lovely and didn't deserve their ridicule.

[@antoniahamilton3201]

Some of her former neighbors were found dead after jumping off the roof.

[@trendtrader4010]

Great post, Florida prices are still overvalued

[@mikejohn0088]

Had the hurricanes, the rains, the sinkholes but---but wait for the tsunamis.

[@davewalker9926]

Katrin, you are a good communicator. Very well spoken and very knowledgeable about FL real estate issues.

[@katrinstake]

Thank you 🙏🏽 Dave for the good vibes. Happy New Year! 🎆

[@OldJackWolf]

I remember how I flipped out 10 years ago when a friend said she was returning to Florida where she was raised. I talked her out of buying along the coast, but even along the spine, she's had enough of the funky storms and insurance issues, and she's moving back north.

[@alexrain1188]

Excellent explanation.

[@katrinstake]

Thank you for watching Alex!

[@chadbantner3012]

You are excellent speaker on so many levels!

[@user-gl9iz1bp1r]

Classic example of the "Greater Fool" syndrome. At some point in time - you run out of "Greater Fools" with money.

[@rubo1964]

My sister in-law retired near Miami and now can't afford her condo even though she has no mortgage. She pays over 2k a month on fees alone Imagine on top of mortgage utilities etc. Will never buy a condo anywhere

[@johnm2991]

Alarming statistic: condo boards at HOA management companies are resigning en masse for fear of being named in litigation. 💯

[@user-gl9iz1bp1r]

It is understandable that engineers conducting due diligence will want to protect themselves. A phase 2 inspections is will become the standard protocol.

[@jvp2916]

Reserves paid in should be reimbursable to the seller by the buyer as part of the sale. Like having money in escrow. The new buyer pays in the same amount and the HOA reimburses the selling owner. Prices may change, but sellers should be able to take with them any un-used proceeds they have given to the building. That's why no one wants to approves reserves, they may leave before they are ever used.

[@pauljones6321]

@@jvp2916 Sorry, but you don’t understand reserves. Look at a reserve study to understand.

[@vicsmith8397]

Reserves cover the use of shared building and grounds that require routine replacement WHILE YOU LIVE THERE. You got the use of the roof, paint, drives, pool coatings, etc. What you used up is absolutely not “reimbursable to the seller”. That’s a significant misunderstanding of what reserves are.

[@mgarcia2445]

The HOA fees have always been insane for those condos. Thank God I never bought one years ago. They double and triple them constantly, pricing owners out.

[@stevewalther2293]

I moved out of Florida 6 months ago...yuck !!!

[@jacktyler7599]

Thank you for the update, Katrin. Your views on the condo market seem widely shared now, and not just by YT clickbaters. As you say, new SFH builds offer low and assured insurance premiums along with more physical security & more financial certainty. Still, I can't imagine a buyer preferring a location nea'ish the coast or on lower elevations.

[@katrinstake]

Hi Jack, I wish you a very holiday season in your new home. It will be interesting to see how it all shapes up in 2025. Have a great New years!

[@GingerNinja68]

We live on longboat key. Our HOA took the proactive approach to undertake this action prior to the bill coming in. Now we are certified our condo price has gone up as we can evidence the certification and reserve as mandated. Yes it’s a pain initially but if you have a leaking roof you fix it as it’s an asset

[@katrinstake]

Thank you for sharing. Good to hear that your condo faired well :).

[@thailandmalcolm]

My Condo in Pattaya Thailand is a five-minute drive to the beach, the rent is $207 + elec & water $105 = $312/month, (I have a video of the Condo)

[@slava789]

Thank you for your comment. So is it a good idea to buy in Thailand or just renting is fine?

[@FanOFGodN11]

Electric and water is half the rent itself? That's crazy...

[@goldgeologist5320]

Rent. Never buy in a foreign country.

[@_Here_and_Now_1]

Living in Central Florida is the best option. We live in Orlando. Easy access to the beach without the headache.

[@CarlAcevedo-sc3bl]

A lot of it has to do with the Surfside Bill they passed in 2021. The mandates are putting a ton of financial pressure on condo associations and owners, and it’s all coming to a head

[@navsofour2892]

So what does exceeding mandatory funds for replacing a malfunctioning elevator, a test on a fire alarm system or an old AC has to do with a building collapsing?

[@davewalker9926]

The bottom of the market has not yet been reached. Many developers are waiting to acquire these condo properties in order to tear down existing structures in order to rebuild new luxury units. BUT, the prices need to reflect the need to demolish existing structures. I have heard that some developers are reaching out to some of the leading engineering firms to get an inside track on which condo buildings are in the worst shape. I looks like a lot of concrete was done incorrectly back in the 60s, 70s and 80s.

[@Noiretranquility]

My family had a condo in bal harbor , they sold it like 7 years ago because it became ridiculous expensive to maintain even though we were the owners

[@videotours5277]

Great communication skills.

[@maxangeles6279]

the bottom line, never buy a condo anywhere in the world and never buy into a HOA!!! Smart advice.

[@dionysuseros7423]

Sadly, most new buildings are in HOAs or are condos. Sucks.

[@ljacobs357]

I live in a high rise in Houston. Our HOV is well run. Quit generalizing.

[@markrichards6863]

I disagree. I owned two condos in NYC, and both were very well run, had condo boards filled with business professionals, who knew their place. But I would not buy a condo or HOA house down here. I think all of the HOA Karen videos have given HOAs a bad name.

[@jamalnasir5648]

most major cities and their suburbs are HOA communities. Cant avoid them in those areas. You would have to drive a good hour out into rural Maryland and Virginia to find non HOA places in DC suburbs, for example

[@john-brady]

It’s looking good for future investors… I remember in ‘08 when a two bed room, 1.5 bath in West Boca would list for 25/35K, and I was greedily watching the market down there, ready to pounce. Unfortunately the economy was taking a dive and already owning a second log cabin summer home, it didn’t feel like the right time for us. We were after all, working consumers not members of the investment class. And here we go again. I only follow the Florida market (my folks and siblings moved down in ‘73) but it certainly has been a more volatile market over the recent decades than they are here in the North East… (and prices here are at an all time high) I wonder if anybody remembers the good old late 70’s when a 17% loan on a mortgage was considered a good deal. Of course this did depress home values considerably. Thanks for a very interesting video!

[@MYRRHfamily]

I love how the narrative revolves around the horrible costs. The more important take on this is that Florida condos are dangerously under maintained, to the point that these laws are required to prevent a rash a building failures. Interesting details here thanks

[@theheat7880]

Appreciate the honest reporting.

[@katrinstake]

My pleasure.

[@michaeljb6779]

Great explanation! Thanks!

[@katrinstake]

Thank you for the good vibes!

[@jonathangushen7000]

Very informative. Thanks

[@RealCptHammonds]

A similar situation unfolded here in Florida with single family homeowners, contractors and all levels of our state government all committing fraud to "keep things going" and ""going along to get along" with completely fraudulent sink hole claims. Homeowners got to cash out equity on their land and the real estate market got crushed, but no one cared.

[@khalid969]

A general question about condos, if I may. What happens to the owners of these condos when the building is like a 100 years old and is either no longer feasible to live in or is set for demolition? I mean, aren't these condos going to be worth zero dollars one day?

[@goldgeologist5320]

Probably.

[@noiricha]

They become worth the value of the land after 40 years.

[@rabukan5842]

DeSantis has been a disaster. He allowed insurance companies and skyrocketing HOA’s to run wild over these homeowners who are now left with properties that no one wants because they don’t want to get caught up in this financial nightmare. I am so glad that I didn’t buy a condo I almost bought in 2021. Beautiful condo overlooking the bay with HOA’s around $450. Today that HOA is $1,200 and climbing. The price then for a penthouse unit was $600k. Now that same unit is $450k.

[@xentry_odis_remote]

Love your English explanation

[@halitosis75]

Then blackrock comes in a buys at Rock bottom price and fix them up and rent them out at high prices. It's all deliberate people

[@YAHsKid]

Thank you for sharing. There's so much to say about the condo market in FL and housing in the US. It all stems from greed. Values are inflated because everyone wants a cut of the pie. But whats the real value of a crumbling foundation/ ticking time bomb. Its the Gildage age all over again.

[@RDRMVCT]

Great information!!! Thank you for this video!!! Excellent!!!

[@katrinstake]

You are so welcome!

[@fareshajjar1208]

Are prices still over 2018 lows? If so, then they have a long way down before the crash even starts.

[@littlebitmckee8234]

@@fareshajjar1208 this is exactly what we are waiting for. Otherwise we will stay in our home on a lake in central florida

[@navsofour2892]

Do you understand the USD lost more than 50% of its value since 2018? Nothing is going back to 2018 prices including RVs, Boats, Cars, condos, whatever.

[@glennthompson1971]

@@navsofour2892unfortunately 50% of Americans do not understand that when the national debt goes up, we have to print money, weakening the dollar

[@littlebitmckee8234]

@@navsofour2892 ​​⁠yep - that is why we need a Bitcoin standard so things become deflationary. I am not playing in this inflationary environment. I would rather "not play" than over-pay. I will just add a bigger screened porch where I am.

[@fredk9999]

Some, government inspector should have declared Champlain Towers “uninhabitable:”

[@marjorielynch6891]

@@fredk9999 whelp that guy would have been run out of town on a rail, unfortunately. Takes more courage than most have.

[@williamriordan1619]

@@fredk9999 the state rule was an inspection every 40 years. Lax regulations. Now they are closing the barn door after the cows have escaped.

[@glennthompson1971]

there is no government when GOP is in charge. just corruption

[@davidhollfelder9940]

Back when I first saw the so called condominiums going up in Hollywood FL, AKA the “condo” concept in the early 70s, I already knew it was when, not if, that this was going to be disaster someday.

[@Larrye123]

Special assessment= rebuilding for the next 30 years. You= retiring in 10! 😅

[@mikejohn0088]

When you build on sand near the ocean and no one anticipated this? OH, they did it's called good planning.

[@mikejohn0088]

and she closes with HAPPY, HAPPY ---25! If you are still alive that is.

[@dionysuseros7423]

Florida is a perfect example of what happens when you don't have all those "pesky regulations" that conservatives complain about. Gee, what could possibly go wrong???

[@eurolife7384]

All as A scam

[@ClausBohm-v9f]

We all knew this was going to happen after back to back hurricanes

[@cortizrealtor]

I heard from an inspector who was close to the engineers and inspectors of the surfside building and they said the building was originally built defective. So allot of smoke and mirrors created to make allot of companies richer. Reports want to blame Hoa’s and maintenance. I have not studied the reportes and findings yet. But it that’s true problem from original construction. One big scam to keep overcharging everyone. Worth looking into whoever good at that!

[@RobTSLA]

Good channel

[@katrinstake]

Thanks so much!

[@gordoncheswick4169]

I’ll give you $5,000 for a two bedroom 1250 sq ft on the beach! You pay the first year taxes, insurance and condo fees!!!

[@blaster-zy7xx]

In Europe, they have always required proper maintanance programs, so there was never a shock to the market like we are seeing here.

[@pedrocapllonchteba4843]

@@blaster-zy7xx In Europe we build to last, regardless of the weather. Half a century ago we already knew how to build concrete structures in sandy ground with high humidity and underground water. Thousands of condos built in the 50s and 60s by the Mediterranean are still standing, never needing any structural maintenance. In Spain home insurance can be anywhere from 150 to 300 a year. This insurance only covers your apartment, it's furniture and some of your personal belongings, the building and common areas are insured by the HOA. HOA fees normally go from 50€ a month if the staircase and hall are the only common areas, up to 200€ if a swimming pool, playground area, underground carpark and other amenities are included. This bill includes the building insurance . Taxes can range from 150 a year for smaller units to 800 for larger ones on highly demanded/posh areas.

[@bbdj2779]

After the property market enjoyed an unprecedented run over the past 15 years, with consecutive years seeing annual appreciation in the double digits, I can’t see how a pullback of 6% is considered “rock bottom prices”. The property juggernaut has changed direction and is gaining momentum. As the upward move was global, so will be the move south. The bursting of property bubble is going to be an international event. Florida just happens to be leading the way.

[@virginiaconway374]

Why don't they stop cutting corners and build to last? They build so fast and as cheaply as possible. Of course, they pass the buck to maintenance as the fault, not themselves, the builder.

[@Carolinapetroska]

Worse in Canada. Everybody is trying to sell their condo (s) without any success. Hence prices are dropping. Nobody is interested in the Canadian real estate market as people are leaving the country.

[@jimclarence5441]

Well not exactly true. Too many condos were constructed and then owned by investors. And more are coming on line. Just too much product and not enough buyers.

[@pinschrunner]

You need to clarify, THIS IS A HIGHRISE CONDO CRISIS. People who parrot other youtubers are defaming those of us who own 1-2 story condos that are NOT AT ALL AFFECTED BY THIS STATUTE OR SITUATION. In fact, this law only applies to condos 3 stories and higher. Clickbait title. There are many 1 and 2 story condos that are one of the ONLY affordable living options in Florida. Use the word HIGHRISE

[@PAULHPOWERS1]

@@pinschrunner She clearly stated the number of stories. Did you watch the entire video? Happy New Year 🎊

[@parler8698]

@@pinschrunner Good point!

[@katrinstake]

Hi there, yes, I mentioned it many times in the video and also suggested that a good option is to look at 1 and 2 story condos instead. Thanks for commenting!

[@katrinstake]

@@PAULHPOWERS1 Have a great slide into 2025 Paul!

[@signs9587]

Three stories are not what I would call a "high rise" and they are included. My mother's condo was a three story building and she was on the second floor. Thank goodness we sold it last year before things got too bad.

[@donniemoder1466]

The prices ramped up to 200% in little time and sales prices were so outrageously high, a 6% decline is nothing. Not a crash. If it goes down 20% then call it a downturn, 30% to be considered a minor crash.

[@Ekam-Sat]

And the insurance rates keep going up.

[@Therecouldbehope]

It’s really not that bad. They finance the assessments over 30 yrs. A $50k assessment is $240 a month - chicken feed, people in Florida are wealthy. No one is worried and the owners are fine with maintaining their properties. Don’t let hysterical Real Estate agents try to steer your knowledge on reality. Florida has never been cheap, it is the best State in America. Great lifestyle.

[@bar10ml44]

@@Therecouldbehope You would know a lot more than me but to say people are wealthy not all are cash rich. They might have started off with a great reserve but costs on everything are becoming unsustainable in every major city. Retirees depend on their shares and savings and as we live longer the money you thought would last diminishes. I was talking with my brother in Melbourne and he is in a nice complex in a good location. There are I think over a hundred apartments in small sections making the complex not seem big. Their annual fees are $8000 and they have about $400,000 in reserve for on going upkeep. It's compulsory to have what they refer to as a sinking fund. Here in London the charges can be astronomical so even if you have paid it off you still need a lot of cash for expenses. The world is undergoing the great reset yet most are still blissfully unaware.

[@anapaulacarvalho8164]

Good time to invest

[@julianwells4055]

My condo building is being repaired as I type. Third floor corner unit. $17k assesment. Painful, but now it's done. I guess that makes my condo more attractive to a buyer. Not selling tho'. Wouldn't leave the beach for anything.

[@kal7049]

Why isn’t the FL governor doing something about the pandemic price gouging and inflated insurance premiums. It’s all about corporate greed. I’ll never buy where there is an HOA.

[@deelehey2827]

The pandemic was two years ago.

[@williamriordan1619]

The insurance companies are fleeing, probably not making money.

[@tonalddrump5554]

If the opposite of the law of gravity, what goes up never comes back down

[@stormchaser419]

​@@deelehey2827 Spring 2020. 4.5 years ago now

[@jimslancio]

@@kal7049 The moRon and his party don't care about helping the people with things like that.

[@jackwilson1818]

Just before the Surfside condos collapsed, did Larry Silverstein obtain triple insurance on that building?

[@youngw1ze]

@@jackwilson1818 that went over too many people's heads....

[@andrewcarpenter687]

@@jackwilson1818 it was a double indemnity policy...occultism

[@noiricha]

The situation is much worse than what she is saying - the cost to insure has become astronomical sometimes equal to the mortgage payment or the insurance company refuses to renew your policy which means it can't be sold by financing because it is uninsurable. Let the buyer beware - don't let their problem become your problem.

[@NotTooExtreme]

So quick already crashing. Why isn't this happening in Canada? The condo market is slow in sales, but the prices aren't dropping munch here in Toronto. We need a big time correction with our condo and home prices.

[@jimclarence5441]

So many condos are owned by corporate investors, and rent the properties. When the owners can't get enough to pay for the expenses you'll see more sales. Also a bunch of new condos are scheduled to be opened in the next two years, and there will likely be an over supply. Post Covid, many workers have not returned to their downtown offices, so in effect less people have live in downtown in big cities.

[@galaxywolf4895]

I left Florida decades ago, and I would never go back even if I was given a home for free. You have the issues with condos and insurance companies pulling out of Florida or raising their rates to unaffordable rates for most people.

[@stefanboster5728]

I’ve seen the photos of what Sunny Isles looked like the 60s.. Everything two stories.. I live in a condo coop rental just up the beach.. ‘old school’ style.. There’s even a shuffleboard court.. Couldn’t be happier..

[@eile4219]

Not sure why drop 5% is consider crashing

[@noiricha]

Wait ... the fun has just begun ...

[@alanwignall8718]

Last year was super inflated.

[@fbharris67]

A decent number of my clients are empty nesters who are looking forward to retiring to Florida. I don't directly discourage them, but I advise them to be prepared for sharp increases in HOA fees and insurance, massive and sudden assessments. Most importantly, I explain that I would never move to Florida if my expectation is to leave an asset with significant value to my children. I wonder if decades of unpaid bills and state built on fraud is finally showing signs of collapse.

[@bballah9969]

Katrin at 1:56 how can the building be better maintained when your less than six feet away from the ocean? If you didn't know saltwater causes corrosion and eats everything in its path.

[@katrinstake]

An engineer or architect would need to provide detailed input, but it seems likely that additional repair work (and more often) will be necessary?!

[@bballah9969]

@katrinstake I agree an engineer would have to provide info as to the safety of the building and if it should be condemned

[@davidholmes9643]

All Condo"s will have to Ban any EV from Premises before end of 2025 or Insurance will not cover for ANY Claim and VOID CLAIM you have been warned.

[@fredwinslow744]

@@davidholmes9643 why ?

[@amrice62]

Can you cite your source please? That’s very good to know

[@NeveauRock]

@@davidholmes9643 Your bias against EVs is very apparent.

[@rvtalltales9327]

EV is a fire hazard

[@thomasryan2679]

We considered a condo thinking it may be easier than maintaining a house. I could never imagine myself playing tennis, but the HOA fees maintain unused tennis courts. I don't need 24/7 security at a gate either. They had lots of rules. We could hear someone upstairs flushing their toilet at the one we looked at. They wanted 800k for a unit they paid 160k twenty years ago. We'll remain put.

[@tiscitatascit]

5% is a modest correction demand will never wane as long as it is cold up north.

[@miopera40]

And now with inflation maintenance is going to get even sloppier

[@oteyokwa2544]

Ha...why would you want to live where the Taxes & Insurance is more than your mortgage.

[@carlyndolphin]

I bought 61 condos in 2009. I sold 7 last year and bought bitcoin and S&P500

[@towgod3096]

Evening Katrin, I don't think the inland single home market is going to be any better. Property taxes are going to rise as any demand increases, insurance of all types is skyrocketing, HOA rates are otherworldly, and traffic is not to be believed. A Snowbird friend will be selling his house of 30yrs because he cannot justify the costs for the 7 months he uses it. He is looking in Texas, but with the exodus from Florida, he not alone.

[@illusion2055]

I live in Holmes Beach on Ana Maria Island, I love your videos, thank you for the content!

[@katrinstake]

Hello there, thank you for watching and stopping in. I hope your home was spared from the hurricanes. Take care!!!

[@chriswhite9972]

Problem about “waiting for next year to see how this plays out”, is that next year most likely will have more disasters to ADD on to all this mess 😢

[@ColdHardToronto]

Great video

[@katrinstake]

Glad you appreciated it:)

[@michaels7566]

We rented in the 2 story Pelican Cove condos in Sarasota in 2010 and it is an awesome area. They got hit by the recent storms but apparently got back on their feet. Maybe we will snowbird there next year?