Owners asked to pay $175,000 each toward Miami condo 40-year recertification

Owners are being asked to pay $175,000 each towards their 40-year recertification and this is a story we have been hearing more and more across South Florida.

[@RJRussoVids]

That management company needs to be investigated. Sounds like a blatant money grab.

[@anthonymartinez4307]

Stop over paying and stop moving in hoa type mob organization to steal from you. Seriously crazy like everyone is going to the bathroom and dumping wads of hundreds once they finish.

[@Tko_Seven]

Don't bother with Co-op, townhouse, etc. Just get your own house even if it is a small one.

[@neilkurzman4907]

Sounds like the people of the condo need to replace the management company. And if the board will not fire them, they need to elect one that will. People seem to forget that the HOA board is an elected government.

[@SeeLasSee]

Yes. There must be a reasonable medium between zero safety buildings in Turkey and this.

[@KB-ke3fi]

It's the NYC banks.

[@melodeev5487]

The very fact that the Property Management's engineer wanted to give the contract to their sister company should be more than enough info to tell you what's going on here.

[@nathanieltalcott8171]

Depends on the commission. A property managers job includes all of the duties of a general contractor and more. If you already have a property manager who hires subcontractors, schedules their work, coordinates with tenants, provides site access, monitors the work, ensures the quality, pays the invoices, etc. then why hire a general contractor to do the same thing instead of paying a commission? If the presumption is that people are corrupt then this applies equally to general contractors. I just had one contractor bid $3000 for windows cleaning I managed myself for $450 and power washing $1500 I managed myself for $350. I'd rather pay a 20% commision to a property manager to manage the work than deal with it myself. But the bids I get from general contractors are 400% commission lol. Also, I think a property manager should be rightfully pissed if they're getting cut out of an existing commission agreement.

[@GFY-r6l]

As the cost of re-certification skyrockets, it appears that the only solution would be for owners to kick residents to the street and let the federal government subsidize illegal immigrants as the new occupants. A word of warning: watch out for empty beer cans falling down from the upper floors. 😂😂😂

[@nathanieltalcott8171]

@robertklein007 A lot of buildings the HOA are selling out to developers and the buildings are being demolished and replaced.

[@dboyette42]

Management acts on the instruction from the President of the Board, Period. They do not have the power to hire vendors for the association

[@yilmazkurt8584]

People have short memory. The whole building collapsed and lots of people died in South Beach. Buildings need to be recertified.

[@blackrain7465]

Many homeowner associations are mismanaging funds. We had reserves of almost $1 million but the association, on behalf of all of the homeowners, took out a $5 million loan, and raised our monthly association dues. There needs to be regulations prohibiting such.

[@robertherman1146]

LOL “Many”?? That’s pretty funny!

[@BashoStrikes]

@@robertherman1146 Actually it's not "many", it's "most".

[@tickytacky8078]

There are! It's called not going into one!

[@danieldipalma704]

@@francismarion4450 you want to be gouged without the government protecting you?

[@hansblitz7770]

That's why anyone who buys a home in a place with a HOA deserves what they get. We already get trampled by the government, toxic workplace leadership, and then you want to come HOME and deal with MORE BS voluntarily? Most Americans do not even like their spouses either. Most toxic society on Earth.

[@endlessadventure541]

Having lived in Miami for several years in the past, I can say with certainty that the entire metropolitan area attracts grifter and scam artists from all over the world. None of this internal corruption surprises me. I am glad I sold my condo at the top of the market years ago and got out (20 years ago). I miss the beach, but I would miss my financial security more.

[@AP-eh6gr]

This, I purchased a car from an SF dealer, he was ok as he was getting older, the car sold to me was sound mechanically but not so great electrically. Did a little digging found he was arrested for money laundering years ago

[@endlessadventure541]

@@AP-eh6gr Try being sick in Miami. The medical grifters will gladly kill you for your cash. I could write a book.

[@wholeNwon]

. Yup.

[@darcymoon2109]

And your life.

[@alexjacobs3189]

You got that right

[@joshstoffel9455]

This is why I will never live in any home that has an HOA. I will have 100% control of my residence. I pay the bills can decide what goes/stays and also what needs to be fixed.

[@hansblitz7770]

Exactly. I like my rural area, also no pants sagger crime, no army of overzealous, overfunded cops either. These people can live in their rat box in their urbanite scumzone away from me.

[@dianebaugher3919]

Exactly

[@VoteForBukele]

@@meep2253 nothing of any importance happens in your stupid backyards. Your Google search history is another story.

[@caitlyngendersmeatsack]

I personally want a gold plated toilet, so I can smear my chocolate drops all over it

[@mayhemmike1789]

✊️✊️✊️✊️✊️YOU TELL THESE M'FERS JOSH.....

[@ryanbarker5217]

i wish we lived in a world where people committing fraud went to jail.

[@mattbrew11]

Its not fraud unless someone paid already.

[@MorgueRat]

If only. A lot of political figures and politicians would be sitting behind bars. As they should.

[@highlow6671]

It's only fraud if you rip off someone richer than you

[@the2ndamendment]

You have the right to wish for whatever you want but that wish is delusional as that's not a possibility. We live in a world where the exact opposite happens- a fraudster lying con artist gets elected to the highest office to lead the people. I used to be like you but I saw the light. When you do you'll no longer wish for that but instead, you'll live your life according to that reality. Even the people you would least/never expect can and will betray you.

[@paddington1670]

@@the2ndamendment went on bit of a tangent there, you ok?

[@apumpkinsmom]

Repairs should be done at the time they are first needed, and paid for by the monthly HOA dues that are already being paid. This definitely needs to be investigated.

[@shutupstupid7710]

True but the woman saying it would cause people to lose their home needs yo be forced to sell by the hoa and go live in the burbs on the money she has not the money she pretends to have

[@mrdan2898]

Yes, absolutely YES!

[@pareeshaslaughter6798]

Yes THE WHOLE WORLD bumbed up scamming and sketchy business by 68% since the pandemic locked us up for a year. Now all of a sudden these unnecessary fees are coming out of nowhere

[@monicarenee7949]

Yes because if not then what are the point of the fees?

[@roachtoasties]

But HOA's don't work that way. If these assessments were part of the monthly HOA dues, dues might be $1,000 per month higher. Condo owners don't want to do that. They want to live in a fantasyland where HOA fees are cheap, but then complain when the bill comes due for needed repairs.

[@alexsteven.m6414]

From my analysis, people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[@yolanderiche7476]

I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!

[@edelineguillet2121]

Anticipate rising home prices due to inflation, potential economic fluctuations, and Federal Reserve actions, emphasizing the need for expert financial advice amid uncertainties.

[@bernisejedeon5888]

I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?

[@edelineguillet2121]

Sharon Marissa Wolfe is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@fresnaygermain8180]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@bigmamassoul8323]

I was considering a condo, thanks for putting it out of my mind

[@Yorubapraises]

Yes!! Me as well. A nice one on the beach when the boomer Karens start dying off. Not getting a condo in Florida. Screw that...

[@cb4664]

For real…😂

[@MegaSunshineyday]

If you buy any property with an HOA, review the financial statements . If it looks like they need to make an assessment, use it to negotiate the price.

[@hansblitz7770]

I'm cool with my rural farmhouse. Thinking of getting a hunting cabin. You urbanites can live in your rat cage among the rats. Please stay there away from me.

[@lunasol8215]

Really do your research . On top all of their rules where you don’t feel like you own your property , they do .

[@nonawolf7495]

I had a condo for 16 years. We hired & fired 4 different HOA management companies in that period. Same story every time... HOA identifies a problem, quotes an exorbitant price, and wants to give the contract to a subsidiary. Every. Single. Time.

[@alexanderchenf1]

Well. Then you people need to form your own company

[@solarlight10]

Classic move 🥲. Excessive greed will destroy us

[@encinobalboa]

They all do that. This same kickback dynamic occurs in apartment buildings.

[@arcadion448]

Have the HOA management company sign a fiduciary contract. On the flip side, my neighbors is an HOA ran by a HOA management company. The property manager had been assigned to the unit for 2 years, and not once in those 2 years had he even been on site. I think to this day, he hasn't done a walk around on the property.

[@rodrod383]

@@encinobalboa how exactly does that work with apartments....what you are saying makes no sense.....with apartments the owner of the apartment building is also the "HOA" and they are the "Management Company" and of course they are the OWNER......so if they decide to use a company that they also own or they are affiliated with to do major repairs or renovations and to over charge (or under charge) for than it makes no difference to anyone else.....because the owner of the apartments is the one deciding what company to use and what bids to accept......with a condo building made up of individual owners and an HOA that takes care of repairs and renovations it does make a difference to the individual owners who gets the bid and if the bid is competitive or if there is double dealing and over charging

[@smckay6438]

Sue the hoa for negligence and endangerment as the repairs should be addressed yearly! And the hoa has a responsibility to do structural repairs immediately!

[@MegaSunshineyday]

Owners are the HOA. Wouldn’t they be suing themselves?

[@maxmess1235]

The tenants own their condo not the building it’s in which makes the building owners the HOA.

[@smckay6438]

@@MegaSunshineyday depends, on if they hired a company to act as the hoa !or preform maintenance But its a good question ! Also insurance could be involved ! As usual the news has no idea how to ask pertinent questions!

[@smckay6438]

@@MegaSunshineyday looks like max answered our questions ! Thanks max !

[@HingleMacCringleberry]

If your HOA fees are low or if your HOA doesn’t have a savings account for expenses like this it is best to move. HOA fees that residents pay over time should cover this instead of pushing such a large bill all at once. Low HOA fees for such a large building are a red flag.

[@AK-47ISTHEWAY]

This is why I live in an RV out in the woods. Nobody bothers me or asks for money.

[@wrathofgrothendieck]

When they’re done fleecing us they will come for you

[@rockpadstudios]

I talked to a guy that owned a nice condo, elevator repairs $13k each. Front brick repairs $10k each, garage repairs $8k each all in a 3 year period. Be really careful with condo's and townhouses.

[@TheCatD]

Ouch!

[@comradewolf4901]

AND SOMEHOW, just buying a house didnt make sense?? WOW.

[@phonymontana4254]

@@comradewolf4901 they want to live high in the sky

[@neilkurzman4907]

What you really mean is be careful about buying into a neglected building. All those repairs are going to come up eventually one of your first hence will be the common charges are unusually low on an old building.

[@rockpadstudios]

@@neilkurzman4907 Exactly, it requires looking and reading the HOA meeting reports which most people don't do. I bought into a brand new complex years ago and there were issues but not huge ones like $175,000 per. The condo only cost $180k at the time. Elevators, fancy brick, underground parking, etc. are red flags if you are going to retire.

[@jdb79jdb79]

How the management company thought they would get away with this is beyond me. That's pure arrogance to assume that their little master plan would go unnoticed.

[@bubbajones4522]

No, the new rules require a fully funded reserve account. These owners have been getting away with partial or no reserve funding for years and now the law is forcing them to do the right thing. Also, you should have an inspection of not only the physical building but also association financials. If you don't pay attention before buying or deciding to continue to own then you end up like this.

[@MASTERPPA]

you are assuming there was not money in that account. 46M / 175 is around 260. That building does not look like a 260 unit building.. Meaning there was money from somewhere else. Sounds more like they inflated the cost to hire their sister company to do the work@@bubbajones4522

[@MessyPointedBlob]

I'm still confused by details here. The HOA itself isn't the property managers. There should be building residents on the HOA board. Those residents should be able to exercise the option to reject what the property managers are proposing and/or demand property managers present multiple quotes for work. Here in NY, I have never seen a property management contract such that it couldn't be vetoed. In fact many have walk away clauses where either side can quit their property manager with 60-90 day notice. Florida must be special.

[@juzoli]

@@bubbajones4522A fully funded reserve account is bot helping you if the management company commits a fraud, and wants to charge double price for the fixes…

[@_PatrickO]

The condo owners pick their management company. This story makes zero sense. They can vote to fire the current company and do it themselves or hire a new management company. The management company has zero power to do anything because the condo owners give them power that can be just as easily taken away.

[@nickbeaucage4711]

As someone with more than 20 years experience doing structural engineering and currently living in Florida I think that’s a total joke! Glad I have my little house

[@jamesnguyen_1]

Florida… the dumbest state?

[@nickbeaucage4711]

Anyone else notice the algorithm tells me I have a reply but there’s nothing there. For a long time I’ve suspected my replies or just deleted or hidden-dead Internet theory

[@HarshKumar-tw3st]

@@nickbeaucage4711 Can't see a reply, but yeah It happens with me as well

[@Timeculture]

@@nickbeaucage4711 KZbin been deleting replies for ages around here

[@simplysarah0310]

@@nickbeaucage4711 Yes that’s been happening to me as well! Also if I have a notification I can click it and see a reply to a comment thread I’m on but when I go back to the entire comment thread I can’t see that comment anymore. Or I’ll see a comment thread that says 4 replies yet when I click on it only 2 will be there. It’s really weird how KZbin operates anymore.

[@whatsreal7506]

Never live under the thumb of an HOA!

[@marknewton6984]

No way.

[@chrischamberlain7628]

I’d rather live in a small, old house over living in a condo that is a glorified apartment. The HOA’s are worse than landlords. Anytime there are adjoining walls and balconies you can hear your neighbors. There is no yards, you have to use an elevator to bring up groceries, you have to park in an underground garage and walk to your condo. The list goes on. NO THANKS TO HOA’S.

[@femmebrulee5053]

You can build a whole new building for $46 million. WTH.

[@francismarion4450]

Maybe just the shell. Each unit could be worth 2 million or more if currently remodeled.

[@nathanieltalcott8171]

A typical renovation is 10% of value every 10 years. If they haven't regularly improved the property then this is not surprising. I bought a 10 unit Class C building in Miami Beach for $2.5m. A full renovation will cost $1.25m or 50% of the purchase price because the previous landlords did not do any improvements. That comes out to $125k per unit a one-story building with concrete block foundation! Welcome to being a property owner: You have to constantly reinvest 40% of net income to maintain value.

[@erikh9991]

@@nathanieltalcott8171 My brother's tenant was there for 5 years. My brother thought he was a good guy for not raising the rent but he did not keep up with the repairs either. Now, he is $500/mo under market and the tenant says he should reduce her rent because the house if falling apart. She left and he now has to spend $65,000 before the next renter can move in. You got to keep the monthly rent at market.

[@V.E.R.O.]

I would never buy anything that involves an HOA.

[@victoriavs7470]

Idk if you live in FL, but it’s rare for communities not to have an HOA or even a CDD as well.

[@shadowmoon3223]

Don't live in Florida then! Those HOA scammers are in all the nice areas and gated communities.

[@cynthiabailey1021]

That is so true. My HOA chatting ove$ 10 and k another 1 year over $500 to pay immediately and less than 1 year and HOA increase. If y pau special assessment y are not credited for what y pay. It is very bad in Florida

[@szhinkoszhinko5006]

i live in florida and you can find communities that doesn’t have hoa its not rare. in fact you can find communities that doesn’t have hoa in every state and there is a lot of them in every state.

[@V.E.R.O.]

@@victoriavs7470 I don't live there.

[@catholicfemininity2126]

After what happened in Florida and hearing this, I'm never living in a high rise condo/appartment... especially by the ocean, that's way too scary for me.

[@1575murray]

Those areas near the ocean were never suitable for the construction of high rise buildings. The developers literally got away with murder getting permits to build these buildings. The natural motion of the ocean itself can easily undermine the foundations and cause all kinds of structural damage and in extreme cases as we have seen buildings can collapse with disastrous results.

[@marcushennings9513]

They've been getting pummeled by hurricanes and ts for decades.

[@aycc-nbh7289]

@@1575murray Didn’t the recent earthquake in Turkey demonstrate just that?

[@kennixox262]

@@1575murray Imagine the many condos in south Florida that are well over 50 stories or the complexity of a car elevator in that Porsche Design Tower condo. Why does one need to park their car 40 floors up? The maintenance on those elevator systems will be expensive.

[@johnstuartsmith]

@@1575murray Salt air corrodes steel, water seepage corrodes rebar. Remodeling of high-rise condos eventually results in formica and linoleum being replaced by tons of granite that perhaps weren't factored into the original plans. Years of wear from sun and temperature expansion and wind damage from hurricanes take a toll. One hopes that the long-gone contractors didn't cut any corners on materials, that the now-dead or retired building inspectors were honest back in the 70's or 80's and that whoever drove the piledriver for the foundations got far enough through the sand and seashells to reach bedrock before saying "close enough."

[@mtwain1674]

Good on the residents for doing their due diligence. The HOA’s conflict of interest is outrageous.

[@BashoStrikes]

Exactly why one should never pretend to buy an apartment.

[@Herbie11]

Haaaaa! I've always thought that too!

[@Tekniq182]

Based on that logic, no one should 'pretend' to buy a house.

[@johnt7343]

@Frank G you’re buying airspace when you buy a condo, not actual land frankie boi

[@megansands2861]

Should never pretend to..? Pretending how

[@BashoStrikes]

@@megansands2861 It's a pun; a silly play on words; a joke - some folks get it, some don't.

[@Alaric2030]

The fleece is on! They are hiring their brother-in-laws company and robbing all the condo owners. This is criminal.

[@thispersonrighthere9024]

@@timtebowfan628 just because they can afford it doesn't mean they deserve to be conned.

[@Mogardie]

@@timtebowfan628 their condos might only be worth $500k each. That’s 40% of the price they paid. They can’t afford that

[@marknewton6984]

Scam.😮

[@truthteller4442]

That's absolutely INSANE. That's literally almost an entire new mortgage.

[@dersturmerofjewery6038]

Hey Henry Ford I loved his book the world's foremost problem

[@lmjo4660]

They shouldn’t pay a dime! What can they do besides have a lawsuit!

[@juanvaldez7279]

@LM Jo the signed up to live in a HOA. It's a contract not much else they can do unless the have a time machine. But this is why people buy into HOA so they know only other people like themselves will be able to afford to live near them and protect property value.

[@Khanfuzed1]

its a 40+ year old building on the edge of the water with decades of under budgeting for repairs and deferred maintenance like most of the buildings from that time period in florida. It probably needs to be mostly rebuilt. No surprise there. People just assume structures last forever. They don't. Especially if you aren't constantly taking every precaution to protect them, which MOST Hoas do not because it -is- expensive. Most people dont know what theyre getting into and dont understand what theyve bought.

[@chrisfoxwell4128]

@LM Jo , if one doesn't pay fees or assessments, the condo association can likely foreclose on the property and sell it leaving the former owner with nothing but bad credit.

[@dragonlover2085]

I've been doing property managment for 30 years now and here in germany you need a resolution for almost every repair over a certain amount of costs. It's up to the owners. They decide, not the manager.

[@friedrichjunzt]

Hier scheint es in der Tat deutlich weniger bekloppt zuzugehen im Vrrgleich zu den Staaten 😮

[@CalienteDesign]

Its the same here. The board members have to approve. The issue is why the structural repairs we not evaluated and done sooner and perhaps staggered so the costs could be staggered and more affordable and the contracts for work should always go out to bid to reputable firms with no middleman.

[@magnumxlpi]

I would like a döner with cheese, no onions, herb and spicy sauce.. and an Augustiner please

[@friedrichjunzt]

@@magnumxlpi Disliked you for the Augustiner.

[@magnumxlpi]

@@friedrichjunzt why? It's the best widely available beer in Germany

[@Off-with-a-bang]

At those prices people might as well buy a regular house.

[@nathanieltalcott8171]

A studio in Miami Beach starts at $225k and you still have HOA dues.

[@AmoebaCulture]

Where can you buy a house with $175k?

[@isocarboxazid]

@@AmoebaCulture Methville, Ohio. Fentanylston, Indiana.

[@CharlieBoiiTV2]

With the homes in Florida the Insurance is high as hell

[@lelandgaunt9985]

@@AmoebaCulture Wood frames in the south.

[@michaelyoung1502]

This is happening all over Florida. Rent is completely outrageous and getting to the point being homeless is a very good possibility. You can’t make a car payment and insurance and utilities then pay a rent that’s 300-500 to 2000 more than it’s worth and should be able to charge. Oh did I mention food?? It’s really does amaze me what one person will do to others for money. Sickening world

[@southendbos]

Board members should be sued for not saving for this beginning 40 years ago

[@dan797]

Because the owners don’t want to spend any money -and vote no on any type of improvements and by the time they finally got an inspection, it’s too late they do it to themselves my building has an on-site building manager who is on salary. The HOA members are voted to the board by the members. We vote on every penny that we spend, and we have mandatory three-year inspections. We got three or four prices for every trade, and review each bed carefully and present to the owners.

[@southendbos]

As it should be. Since the collapse, each HOA is required to be fully funded. It is what it is. Insurance doubled because whiny p.a.b. DeSantass was too busy going after Disney and drag queens, and got laughed out of the primaries because he's so uncomfortablein his own skin, he needed to hire a consultant to teach him how to smile. Maybe if he wasn't bitching all the time he could relearn how to smile. @@dan797

[@arcadion448]

@@dan797- did you bother to watch the video? AKAM's engineer over-inflated prices and it's suspected that was because they wanted to contract the repairs to their sister company.

[@dan797]

Like I said, none of the owners would vote for any improvements we vote on every penny spent I don’t care about this stupid videos. We’re being fucked now.

[@arcadion448]

@@dan797 , so basically no. You didn't watch the video so have nothing useful to add to this siutation.

[@icyhotmike]

Don't live in a condo and run away from anything HOA/rented land. There are some really shady property rules in most states they get away with robbery

[@larrybruce4856]

What about hundreds of housing subdivisions with HOAs. Beverly Hills has HOAs, as does homes in Detroit. Research before you buy.

[@mikloridden8276]

So rob them back. If caught claim you are a crackhead and the law will let u go. This is the perfect loophole

[@TotesMAGoats69]

I was looking to buy a 1BR condo in Miami. Then the Champlain Towers collapsed during my home search. It made me rethink why would I want to live in tuna can on the 16th floor and paying absurd HOA fees and now a reassement fees. Il keep the farm

[@nathanieltalcott8171]

You sound like a liar.

[@arribaficationwineho32]

You can rent.

[@paxundpeace9970]

The fees aren't just the issue int his case. The property manger asked as sister company to make the repairs and therefore increase and share profits. The initial 46 Million repair bill seems pretty large to me too. But the 23 Millions bill is still huge but reasonable for building of that size and age.

[@nathanieltalcott8171]

@paxundpeace9970 I only manage my own properties so no conflict of interest. If I hire someone to powerewash it might be $350. If I hire a contractor to sub the same job it will be closer to $500. Why have a general contractor manage subcontracts if you're already paying a property manager to do this work? And by this work I mean hiring subs, scheduling them, coordinating with tenants, supervising the work, checking the quality, paying the invoices, and dealing with complications. If you're already paying a property manager to do these things then hiring an outside contractor to do the same work is dumb. I manage my own properties but I know other managers charge a commission on work done. You either pay the property manager or you pay the general contractor. I wouldn't assume one is better than the other; it is very situational. But noone manages construction projects for free.

[@jcmontecarlo6123]

Totally

[@Chicago48]

$23Mil is only 1/2 of the $46Mil, which is $80,000 each. It's still too high.

[@Mac-xo2zj]

beats having the building fall over like that other condo in Florida

[@jayd1687a]

80k each to repair forty years of neglect really isn’t terrible; that’s 2k per year which is pretty much the cost of maintenance on a home.

[@efonwang]

@@jayd1687a yea but nobody lived or owned that place for 40 years. What about someone who may have just bought it?

[@tspcocktail]

@@efonwang that's why you ask pertinent questions when buying a condo in Florida. Get the HOA financial statements, how much is in the reserves, are there any special assessments, get the minutes of last HOA meeting, talk to current residents.

[@francismarion4450]

How could you possibly determine if that is too high or not? Are you a structural engineer that assesded this building?

[@mikeb3936]

The greed is disgusting.

[@cutthechicken194]

Miamians voted for Republicans 🤷🏽‍♀️ Now Republicans taking their homes & selling them pennies on the dollar to real estate firms

[@nyankanakitty]

It's a common thing for HOA to hire the most expensive contractors available, the property managers most possibly get some kickbacks for the inflated costs, and the sketchy contracting business probably pocket the rest

[@observer8736]

Mismanagement of properties are notorious in Miami area. Ridiculous. Someone has to stop some thieves.

[@ashleydaniel3215]

Like a governor? You get what you vote for🤷

[@kennixox262]

Perhaps if the Governor of Florida would spend less time on his anti-Woke policies and focus on the real problems that Floridans face, things would be better. You get what you vote for.

[@juanvaldez7279]

It's all of FL. Property management companies energy and Sugar monopoly are some of the biggest Republican donors.

[@markrichards6863]

Unfortunately, a lot of property has been mismanaged, with lots of deferred maintenance. My condo bylaws stipulate that 5 percent of the sale price of each unit gets claimed by the building. It keeps our monthly fees low and our prudent reserve flush with cash. It also discourages property flipping. We recently did our facade and balconies refurbished and our assessment is only 110 dollars a monthly for 4 years. We also have money set aside to replace both elevator controllers. Most of our condo board members have backgrounds in finance. If you are buying a condo and see any deferred maintenance in the common areas, don't buy. It's a huge red flag. The building I live in was built in the late 60s. Everything looks pristine. Hallway carpeting is replaced on a rotating schedule. I've been here for 9 years. It has been a good experience, quite different from the horror stories you hear.

[@DanFreeman723]

This isn't about money. It's about pricing people out.

[@Fla5thgenTryMe]

All foreigners anyway so they are taking a home from a local....

[@roshglock]

Exactly

[@rochester3]

yes so they can raise the price of the units when the older residents leave

[@LordCommandor]

Facts.

[@nothanks5846]

🎯🎯🎯

[@jaylewis5035]

In my condo the management company presented the Board with a $1.1 million estimate for exterior repairs. Board members then took it upon themselves to talk to contractors and got the same work plus a few more things done for $503,800.

[@blessall8856]

Excellent work by those members!

[@bernaclischurchill4463]

That is still too much money. If you can pay that, then why not just 'buy' a regular home, which you will have to pay for repairs and upkeep anyway, and you will own the bldg itself, not a piece of it, that will be at the whim of these crooks.

[@John-ft1oc]

​@bernaclischurchill4463 some people do not want a house.

[@CalienteDesign]

Way to go

[@georgeh6856]

I lived in South Florida for 8 years. Out of all the people I met, hundreds of people, I can count the number of honest people on one hand. I am so glad I left that hellhole years ago.

[@YagirlM]

It truly is hell. The people are manipulative, lying, greedy garbage 💯

[@Mexicobeanpole]

I’ve lived in 5 states over 42 years because of job relocations. I’ve met honest and dishonest people everywhere. I’m now in Florida. Good people and bad people. Just like every other state and all over the world.

[@georgeh6856]

@@Mexicobeanpole Here are some of the things which happened to me in the 8 years I lived in Florida. 1. The guys who owned the condo above mine were drug addicts with a rap sheet. One of them got elected to the condo board, then fired the lawyers and manager, and with another board member, hired their cronies instead. They dropped stuff at all hours of the night, waking me up just about every night. The cops sided with them and said they were "model citizens"! 2. An older guy at the LGBT center and his friends almost drove their car into mine. I had to brake hard to avoid hitting them. Then he got out and walked over laughing at me. 3. Another guy at the LGBT center shoved me into a door as I politely tried to exit around him. He wasn't even thrown out of the meeting for his violence. 4. A cop rear-ended my car. The cop who came out failed to assign fault, but the other guy's insurance quickly paid all of my bills so long as I didn't sue. Years later, looking through old papers, I Googled the guy who rear-ended me. He made the local news because he was a fake cop! 5. I was hit while walking by a car which made a right-hand turn from the left-lane directly behind another car to enter the CVS at the last second. Luckily I wasn't seriously injured. 5. Several of my "friends" including many older guys I was dating would trash me behind my back. I found out about it because I did computer work and sometimes saw the message they sent about me to other people. 6. A drunk guy at my friend's condo yelled at me for parking in the guest spot. When I started recording him with my phone, he physically attacked me trying to steal my phone away. He later told the cops that he was saving that only guest spot for one of his guests. 7. An older guy who just moved there yelled at me because I was calling the score when serving at doubles tennis. So I stopped calling the score to appease him. Then my longtime tennis partner started yelling at me because I wasn't calling the score. Then they both yelled at me at the same time for completely opposite reasons. 8. I got yelled at for about 10 minutes for kissing my boyfriend before he went back to Boston for the summer, by a homophobic employee at the LGBT center. The center's director stood by his homophobic employee. 9. I was crossing the street with the Walk signal. A minivan failed to yield and turned in front of me! I tapped their back window to alert them that they almost hit me. The cop who came out sided with the driver of the minivan, who falsely claimed that I was on drugs. The cop lectured me that if I had broken their window, I would have to pay them $600. No concern that they failed to yield and almost ran me over which likely would have seriously injured or killed me. Florida is renowned for being a crazy state, if not the craziest state. Do a search for "Florida man" to find out.

[@georgeh6856]

@@Mexicobeanpole Also, I have lived in 6 states and two countries over 53 years. Florida is by far the worst.

[@mimi1o8]

@@georgeh6856 i lived in 3 countries, 2 continents and 3 States, I’m very glad to be away from Florida, the worse place in so many ways.

[@ginathacker6207]

My condo, 2nd home, is in Miami Beach. Like most all condo HOA’s, the Board is elected by condo owners and is comprised of the condo owners. They serve voluntary, no compensation. For years, we had a corrupt and self serving board. Finally, we have an honest professional board. Yet, our current re-certification and code requirements is $19M. Why??…because owners refused,for years, to vote to set reserve money for deferred maintenance. Of the $19M, $5M is for all windows to be replaced to meet hurricane codes-we’ve known this for 5 years but no reserve was set up. $5M for meeting fire suppression code-we’ve known this for 5 years but no deserve was set up. Stupid owners elect stupid boards who make stupid (no) planning decisions. Now, tough love!

[@Ken-er9cq]

It is very annoying to see owners, especially investors, whose sole aim is to minimise spending of money, even if it is best in the long term to spend the money.

[@Khanfuzed1]

You are spot on, but i don’t think it’s all stupid people. There’s a lot of desperation and bad understanding of the costs/expectations of managing buildings

[@Khanfuzed1]

@@Ken-er9cq it’s systemic, most people on live somewhere a handful of years. So they want to avoid anything long term. It’s selfish and wrong but that’s how it’s done

[@HOTWHEELSCOTT]

Spot on! Happens at condo complexes everywhere.

[@richardbullwood5941]

We also do the same thing with our local, state, and federal governments. Higher irresponsible people who are going to pass the buck. Or put the buck in their pocket.

[@thoughtstorn854]

That's why owning a condo is a SCAM SMH 🤦‍♂️

[@La-familia-de-Fazio]

Need to do research before you buy is all! If you can afford to own and or rent the condo; condo ownership can be very profitable If managed properly!

[@cle-chi]

@@La-familia-de-Fazio HOA

[@keetahbrough]

that's the illusion lol. you don't actually OWN anything. they can take it from you, ANY TIME. it's all a scam. most homeless people HAD a home, a family, a future so bright. Until they encountered SOCIETY.

[@kensmechanicalaffair]

Slaw brained, lol.

[@caitlyngendersmeatsack]

For me, owning a butth0le is a scam, because many people are full of sh!t.

[@rjakiel73]

Even at $23 million it’s ridiculous. The "fees" being paid are to go to maintenance of the structure. Apparently that didn’t happen either.

[@johnhmielewski1230]

Condo's are just glorified apartments that you own and are able to sell like a house, but the same financial bs comes with it. Just like apartment management raises rent and other bs fees and drama you get the same with condos.

[@trainsandlocomotives]

Yup, those high HOA fees make them unattractive

[@alexskatit4188]

It's not the same. You can just leave an apartment if the rent is too high. You are the owner of the condo, so you would have to put it on the market and hope to find a buyer at a profitable cost.

[@garyyuen3183]

a stand alone house better, more private

[@GodwinWoo]

We had the same issue but not as much. I quickly gathered owners contacts and we formed a chat group and started many private meetings. Got the price down to 1/3 by finding a different contractor.

[@ronjohnson9032]

Basically a timeshare that you live in full time because the fees never end.

[@caitlyngendersmeatsack]

You don't love never ending fees? KAREN!!!!

[@dannylengyel5830]

Homes are moneypits regardless if they are condos or SFH.

[@irina383]

The fees are there for a reason. You haven’t seen a condo collapse in Miami? Because of shady construction and owners were stalling repairs for a decade. Truth is if you are not willing to deal with repairs you can’t afford to own anything. In collapsed condo repairs were also worth 200 k each owner but people stalled, the more you stall the more damage there is ,the more expensive repairs become

[@bigcahuna42366]

Someone(s) on this board need to be arrested and charged with fraud

[@jamescoleakaericunderwood2503]

THANKS FOR THE LIFE LESSON.... REALLY APPRECIATE IT 🙉🙈🙊

[@pinkparasollise9646]

My late uncle had belonged to his HOA in Los Angeles county. 48 townhomes in a gated community with one shared swimming pool and tennis court. Each were forced to pay $18,000 for a new roof. Years later, my real estate friend visited my uncle's home; he told me he could have gotten it repaired for $3,000.

[@armchaireconomist8648]

Pink Parasol Lise- Let me know where I can get a roof for $3,000.00

[@2wheel_freedom]

@@armchaireconomist8648 I would say read that comment slower. New roof versus a simple repair, yes i could picture the difference in amount. Imagine replacing an area of shingles for example from tree damage on part of the roof for less where maybe an HOA would say they prefer a whole new roof for what ever reason.

[@armchaireconomist8648]

@@2wheel_freedom so years later a realeatate friend examined each of the 48 townhomes and determined that these roofs could have been repaired for $3,000.00 each instead of being replaced for $18,000.00 each. The realestate agent is either a genius or a liar.

[@viadharmawheel]

So are you saying some KB action? As in Kick Back...

[@DSC800]

Repairing a roof for $3k is much different than a new roof for $18k. A $3k repair may need to be done again next year, then again and again. A roof that is 30 years old may need new underlayment, all new tiles, etc then it is good for another 30+ years. Repairs are just putting off the inevitable for an old roof.

[@gpg9516]

How does a 50 million dollar building need 26 million in repairs? 😮

[@Weasel_NM575]

And how did it even pass inspection from the get go 😂😂

[@charljrhode2]

The numbers make no sense , I would think a million max like what are those repairs cause at 46 million even 23 million you could just build a new building almost

[@lesterlammers9463]

@@charljrhode2 You don't have no idea what these buildings need.

[@drewh3224]

With all these, what's the point owning a condo?

[@liljohn5070]

Whoever put that 50 up tryna get they money back 😂⏰

[@mdharris291]

I sat on an HOA before, part of your dues are supposed to go into a fund to cover repair costs down the line. This company is embezzling money.

[@honeyblu1586]

The association are made up of people who don't live there they extort the fees and invest in other projects. It's messed up and its alot of cover ups happening

[@SureYoureRight]

Nailed it

[@jeweledbyjazzz3030]

Exactly what I was going to comment as well!!!

[@shadowmoon3223]

That's the real story

[@jonm4501]

Actually, the HOA is run by an elected board of the owners. In this case the Board hired a management company to manage the day-to-day business of the HOA. The Board can fire them and do the management themselves (here in Florida, a lot of HOAs/COAs do), or replace them with another management company of their choosing.

[@bye7555]

It is crazy that 1 building fell down to show that they all is living in a house of cards 😳

[@billydakid9814]

it was built by Latin Americans

[@caitlyngendersmeatsack]

@@billydakid9814 🤣🤣🤣

[@trentbateman]

It was the Colombians laundering the coca money through the 70s into the 80s

[@drigocrews]

@@billydakid9814 thats what happens when you pay them $4 like tru mp when he hired undocumented immigrants

[@CoolMoeG]

That’s a building defect, you shouldn’t talk about things you don’t know anything about. I live a few miles from that building

[@debjh8983]

If you live in a condo in Florida you’d be wise to sell it.

[@encinobalboa]

HOA is getting kickback. This is the oldest play in property management playbook. They hire "cooperative" contractors to inflate the estimate and then funnel cash back.

[@sabinaflapperina1300]

If there's one thing that I learned from living in a condo it's never buy one

[@tonystark19631]

A major issue that no one mentions is HOA's hire management companies. Those companies derive their main income from the $ receivable (usually 10%). So what do management companies do, hire CPA's and lawyers to tell them their reserves are not enough and up goes the assessments. The laywers get their money, the management companies skim the top off a huge amount, and the cycle continues.

[@tw8464]

Nailed it.

[@tunemaking]

What a lot of people don’t realize is that anytime they buy property governed by an HOA, whether condominiums or homes, hey may be on the hook for any assessments that may be incurred by the HOA. I’ve always said that I won’t belong to an HOA even though there are some benefits.

[@Tugela60]

The HOA is the owners dummy, the assessments are not incurred by the HOA, they are incurred by the owners. There is not some giant tooth fairy that pays to maintain your property, you do.

[@marknewton6984]

HOAs are a scam.😮

[@MisterM-ow6qk]

That's insane. They are being ripped off. They already pay maintenance costs. Major lawsuit and conflict of interests.

[@karlmckinnell2635]

This is going to be a huge challenge moving forward. So many buildings, HOAs, contractors, insurance, engineering companies etc etc the grift and kickbacks are going to be incredible. So many good people are going to be screwed over and out of their homes and life savings.

[@rickybobby7276]

This is the inherent problem of a condo. You have no clue what the future repair and maintenance costs will be. Your risk is unlimited since it's based on the negligence and stupidity of others who are managing the property.

[@youtbe999]

You can hire an attorney and/or exorcist for that matter. What really matters is what is in the engineer's 40 year recertification report.

[@Alex.8081]

Even from the home owner's engineer they used for the assestment and came out half the amount of $87,500 + interest loan! That's still crazy! LOL

[@Mac-x5r]

Here's how the game works, A 40 year recertification is standard. The Owners bring in their own engineer and he says 50 million. The condo owner can't afford it. Maybe they bought the condo for 150k nearly 30 yrs ago. They will be forced to give up their condo. But the owner will be "benevolent" and give them 300k for them to leave quietly. Once most of them are gone, they will get a new engineer estimate of 30 million. They will upgrade the building and the empty condos and resell them. Say 400k invested and get 1.4 mill a piece. One million clear profit on each empty condo. Also it is completely legal.

[@lemapp]

When I lived in SillyCon Valley, the county asked that our trash collection buildings be updated. They were old and hadn't been maintained. With the construction boom that was happening, the quotes all came back in excess of $100,000 each for the seven shed. With only a few hundred units, the homeowners' fees jumped by $300 a month for several years to paid off the project. At approx. $1,500/ month, we were already listed as the most expensive in the Valley. I always thought it was amazing that we kept two full time gardeners.

[@chrisjackson1215]

46 million? How the hell did it get that bad? HOA needs to be investigated for letting it get so bad (or committing fraud/whatever). At 46 million they may as well build a new complex from scratch.

[@girlygirl1890]

I was thinking the same thing. At that price, just tear the whole thing down and start over. What the heck?

[@johnsteward132]

Inflated repair costs= kickbacks...

[@Zzrdemon6633]

It does not need to be brought up to current code, only the code when it was built

[@adelewolff6484]

How would a building with that many hazardous items pass inspection process ? A engineer would condemn the structure.

[@adelewolff6484]

50 million dollar building -46 million repairs = condemned building not sound and needs for closed. That other building that collapsed was around 46 years old in Florida on beach.

[@Me97202]

Before anyone agrees to pay a special assessment like this, they should ask for a full audit of where the HOA money has gone in the past. The people in charge of the HOA where I lived, treated it as their own personal bank account for home projects.

[@hokeywolf3416]

Higher HOA fees are needed to pay for future expenses. Roof fund, exterior repair fund, and many more. Every building needs to address this ahead of time.

[@wiseman2748]

They should be charged with attempted theft.

[@michaeltrevino201]

What's attempted theft, how would you define that

[@neilkurzman4907]

So what you’re saying is they should allow the building to collapse, then collect the insurance and sell the property? It’s people exactly like you that caused the building to collapse in Miami.

[@neilkurzman4907]

@@Unpopularity Tenants? no the condo owners decided that instead of running the building themselves, they would hire a management company. they are not tenants. Extort? The status extorting them. They told them if they don’t inpect their building, and correct, the faults, they’re going to lose their certificate of occupancy. The building needs millions of dollars in repairs. The question is how many millions. If they don’t like the management company, they can hire a different one. Or they can manage the renovations themselves. Capitalism? They are free to get as many quarts is they want. And they want to pay for. If they want shoddy, barely passing work, that’s their choice. Basically, they hired a contractor to do the repairs. And don’t like the price. I don’t see how that’s extortion. I’m not sure where the defending themselves from. They own the building.

[@lianalonge1984]

Having lived in FL, there are A LOT of shady contractors and property management companies.

[@mikeef747]

I think it's insane when the owners of a property can't just overrule the management company and are forced to go to court! Afterall, they work for the condo owners, not the other way around. Similar to Timeshare, the property developers usually setup condo property management in a way that the owners can NEVER really get control of their property management.

[@lisaproctor7276]

Yep that's their plan

[@johnstuartsmith]

When the owners have control of the property management, they want the fees as low as possible, as long as the superficial stuff like trash and landscaping can be taken care of. The owners look at long-term expensive structural issues as something for the chump who'll buy their timeshare to deal with. There's a lot of short-term versus long-term thinking at play.

[@valentinalicheli1928]

NOT IN THE USA.

[@dmitripogosian5084]

Of course they can, they can fire the management company. That does not solve the issues the building is having, though new management company may get a somewhat better deal

[@travelnomad2128]

That's why we bought a stand alone house in 2009 instead of a condo. The high hoa fees alone discouraged us, I can't stomach to pay extra that don't have an ending! Plus the control I have over the maintenance expense of my house is invaluable!

[@mmcgahn5948]

What it seems to be is a “kicking the can down the road” approach to maintaining the building and now, with a mandatory 40 year inspection looming, the neglected repairs must be made. Be Leary of extremely low monthly HOA fees when looking to buy a condo.

[@Biochemechanic]

Sad thing is, these types of buildings are going to keep needing these repairs. The life expectancy of a unprotected steel reinforced concrete structure in a salt spray zone is limited. It’s kind of amazing that these designs were allowed from a materials perspective, but not so from a profit motive. I don’t know about current building codes, but I hope the lessons learned from looking at the problems historically would spur them to update the building codes to prevent this in the future. Coated rebar, maybe not the whole structure, may have saved or certainly delayed the need to do such expensive repairs.

[@dmitripogosian5084]

It is limited even in better climates. Steel reinforced concrete of second half of 20-s century is not that durable, time has shown

[@mariesmith1616]

First reasonable comment.

[@Biochemechanic]

To be fair, it seemed like a good idea at the time.

[@DailyStalkerUpdate]

Hindsight is 20/20 as they say. They probably didn't have the body of knowledge or the building codes at the time

[@justalaymangoodatthings]

You have Good Knowledge I assume

[@kasun1752]

You said it, be involved, my community has over 150 owners every meeting we only have 5 or 7 if we are lucky… no one wants to be on the board and complain the same people are but no one submits their request to be in it, they don’t even read what we send them… 🤦🏻‍♀️

[@jdmather5755]

Looks like most of the commenters here don’t understand the nature of an HOA. The individual owners must be involved and take responsibility of their investment. The last few lines of the report.

[@michaelchavez9094]

@@jdmather5755 Most of the commenters aren't owners....

[@omgitsmario7]

@@jdmather5755 some HOA owners are not involved

[@ibanavillasenor1]

Exactly no one show up but they are ready for complain

[@kasun1752]

I hear some nightmares HOAs and although my HOA is not perfect they try their best people in it are volunteering most of them retired I’m the only younger person and female 🥴 But I don’t care I made it my job to learn and be involved so that I have an idea where my money is going… if I tell u the BS people complain and all that has to be done is crazy… I do know there are some HOA that take the money and don’t do nothing but again all of that can be changed if more owner are involved, also when u buy a condo make sure the rental percentage is not higher than owner occupancy

[@zeekwolfe6251]

I almost had a heart attack when my HOA said that 60 owners has to fork over 4 thousand dollars apiece for renovations and repairs, that's just for this year. $175k is beyond the pale for people in this video.

[@mrparts]

It's all because of deferred maintenance and a lack of mandatory reserve buildup for years. If you live in an HOA, look at the infrastructure around you: swimming pools, gyms, balconies, parking garages, retaining walls, etc. It will all fail eventually and has to be fixed/replaced. In 30 years of collecting fees, a condo building should have millions of dollars in reserves to face these repairs, but homeowners prefer not to save the reserves and then decades later this is the result.

[@zeekwolfe6251]

@@mrparts All is not lost by living in an HOA community. The upside for me, at least, balances out the $4k demand for renovations and maintenance. I moved into this place (in SoCal) in 2016 because my regular house in the foothills of the San Bernardino mountains was difficult to maintain and secure fire insurance. So, I bought into a small gated complex. The monthly fee to include water, trash and common area maintenance including a large pool was $166 per month. I pay taxes, limited by Proposition 13, but compared to my house, quite inexpensive. And, since 2016 the value of the place has doubled. Seven years later, still $166. The $4k assessment is the first of that size in ten yeats. Our HOA board is headed by a former high-ranking elected politician, Great place to live!

[@charleshammer2928]

$4,000 is NOTHING, PEANUTS, POCKET CHANGE. What world are you living in?

[@dmitripogosian5084]

In my daughter condo 5k yearly assessments is a reqular feature now that it is old. Garage roof, then pool leaking, then pipe replacement (to replace one stack of pipes in 20 floor building, where I live, costs a million if you have asbestos there, and there are 4 stacks, for 120 apartments)

[@KeenLaF]

note the condos in this 200+ unit multi story compound range from 350k-1.5million in price

[@tw8464]

Why in the hell isn't the state oversight and regulation of "HOA" on condominiums, etc. The Totally Corrupt "HOA" Crime Syndicate ought to be outlawed outright on detached homes.

[@andrel1972]

Nothing more than corruption between the "engineer" and the management company. They should be brought up on charges.

[@BsktImp]

Condo owners: $175K each is really extraordinary. I'm not paying that! Also condo owners: Oh it's only $87.5K. That's perfectly OK. Huh?

[@evanbland4011]

🤣

[@jazziez6467]

Yeah, thats what I noticed and the reporter didn't give the $87.5K amount and just moved on with the report.

[@Thethewho]

Must be early black friday

[@BsktImp]

​@@jazziez6467 The only thing I can think of is that maybe the HOA or each owner has some sort of buildings insurance or investment fund specifically set up to pay for the inevitable costs and that the $87.5K is much more affordable than the $175K. But yeah, the reporter didn't address this!

[@francismarion4450]

Didn't say if the proposed scope of work was the same either.

[@trainsandlocomotives]

That one building collapse basically turned many other condos into a money pit and trap.

[@ericatorres9089]

Yep only takes 1

[@BernhardSchwarz-xs8kp]

As harsh as it sounds - the problem is that the majority of the owners are not locals, never show up to vote, sign proxies for third parties to vote for them and if a real problem comes up would not dare to file a court case since they paid with "black money".

[@paulineb66]

Sometimes special assessments can’t be avoided. Anyone living in an HOA, especially a condo, should be vigilant, involved, and have an emergency fund.

[@katrinak7394]

Or don't live in a condo, if nobody participates in this idiot arraignment than no more condos.

[@fdm2155]

Even with an emergency fund, it's unlikely to have $200K in it! I've never seen a recommendation for more than 12 months expenses in an emergency fund. Most of us aren't spending anywhere near that on an annual basis.

[@dmitripogosian5084]

@@katrinak7394 There is practically no other model of ownership in highrises

[@Ministry_Of_Silly_Walks]

That type of corruption is far more common than people realize. A friend of mine lived in one such condominium, and when he spoke out, the building management company obtained some type of gag order and threatened him with legal action.

[@daft9097]

Cmon it’s Miami, scam city. Of course there’s shady contractors 😂

[@lostvlog6857]

Stay away from these Florida condo traps! You'll lose everything.

[@florencevall8092]

Sounds fraudulent

[@robertherman1146]

That’s because it is

[@francismarion4450]

What part?

[@UnstoppableYaris]

My HOA cost me tens of thousands in bogus repair assessments and in legal fees... There is no fighting these tyrants if you're just a resident, they have association's money to fight us with.

[@ericatorres9089]

Which sucks because it was the tenants money to start with!!

[@user-vf6ru8gm9p]

Why anyone wants to have others in charge of their property is beyond me.

[@kensmechanicalaffair]

Some peeps are into that kind of thing.

[@nathanieltalcott8171]

Why anyone wants to manage their own properties is beyond me. I own and manage an apartment building in Miami Beach. And I live in a rental. I bet you do your own lawn care and painting too! Because someone doesn't understand basic economics. Why would a software engineer making $150 an hour not pay a property manager $25 an hour to do the job faster and better?

[@user-vf6ru8gm9p]

@@nathanieltalcott8171 I apologize for the confusion when I said property I meant ones residence. Meaning putting the welfare of my home in the hands of others leads to this kind of situation.

[@countryboycalvin]

Unfortunately we have become a soft society always looking for convenience and easy.

[@williamhaynes7089]

Be on the board yourself... you can run for seats too

[@anthonyvalenti9093]

Where was your condo board? What are your reserves? Sounds like the owners forgot to do their due diligence.

[@tchanell218]

This situation is exactly why I didn’t buy my property where there was a HOA. I was a young first time buyer at the time but even I knew to avoid the HOA mistake!!😮😮

[@gumshoe7237]

nice , yeah I've heard many a hoa horror story over the years , I will not do business with them in any way shape or form , I'm not buying a house to still have a land lord ..

[@SuperMassman]

Having been on a number of Condo boards,, I can tell you one consistent Truth. People are lazy, the last thing they want to do is get involved in the management of the Condo complex,, but they are fantastic at complaining. Get involved in the solution not so much

[@PheonixBluez]

I remember when we stayed in a condo when I was a teenager and the lady in the office in charge of collecting rent stole over $150k and ran to Cuba. That's when I knew I would never buy a condo.

[@hansblitz7770]

There's a dozen ways to transfer a large amount to a crooked commie country.

[@thewwmm25]

Lmao ran to Cuba with that money? You have no idea

[@billydakid9814]

@Rich Casino they could pay a boat to take em to cuba and im sure they are still connected there .. they are loyal to them and are like spies

[@michaeltutty1540]

The Board Of Directors has been negligent. The annual budget should have allowed for contributions to a reserve fund intended to cover expected major repairs without needing a massive special assessment. The Board should also be aware of and on top of the actions of the Property Manager.

[@ent1311]

Condos can be amazing if there are vigilant condo owners that keep tabs on everything their HOA does and informs the other condo owners of what's happening. If no condo tenants are vigilant then Condos can be a nightmare.

[@palace927]

This happened in Seattle. Each condo owner had to pay $80,000 each and they moved forward with the repairs.

[@thatbemefool]

I used to own a condo and I was on the board of directors for 5 years. It was a nightmare. Let’s just say, there are a lot of cons in this world and when you’re on the board…you’re first in line for the backlash. It was the worst use of my time…especially without pay. I’m soooo glad I’m in a home now! I feel for these owners…they may need to walk away because now, they won’t ever be able to refinance OR sell. This is probably intentional!

[@Rocket9944]

@@Deb_InMiami2 , what do you mean, whether your condo is paid off or not you still have to pay the assessment fee, that fee is tacked onto your HOA fee.

[@Rocket9944]

@@Deb_InMiami2 , Eventually the HOA can foreclose on your condo.

[@Rocket9944]

@@Deb_InMiami2 , The worst thing you could do is ignore it, try and talk to your HOA, if you cannot pay workout a payment schedule or tell them when you sell the condo you will pay it in full. Worst case scenario I would say get in the tourney but if you can't afford to pay the assessment fee I don't know how you can afford an attorney which is going to be quite expensive you might as well just try and pay the HOA assessment.

[@Rocket9944]

@@Deb_InMiami2 , I would sell it and get out of that condo ASAP , I lived in a condo once and it'll never happen again, the condo where I lived the president stole hundreds of thousands of dollars an HOA fees. He was arrested but we can never get the money back.

[@dmitripogosian5084]

@@Rocket9944 You won't sell a condo with such assessment hanging over it. For anything remotely reasonable. The first thing any perspective buyer checks, is the HOA board meeting minutes for the last year or two, and state of finances of the association

[@ask-128]

remember ..trust....but verify.....how much is going in the property manager and their families & associates pockets....

[@laurahompus]

How often are these checks done anyway? How on earth can it be possible to just let repairs accumulate up to the point you can claim it needs 23M to 46M to repair it all? Dafuq? Besides, aren't these things allocated in monthly payments to the HOA, where you communally pay for repairs and maintenance for your building? Gradually versus lump sum payment? Smells like BS to me...

[@lesterlammers9463]

The owners kicked the maintenance can down the road for years.

[@laurahompus]

@@lesterlammers9463 Really? How do you know? (honest question)

[@arhamvlogs8641]

@@laurahompus this guy commenting same thing in every comment. A paid shill.

[@francismarion4450]

Certain things do not need to be repaired every year. So like a major load bearing column may be good for 30 years until someone who had too many cocktails one night slams into it. Or it could take 30 years for the salt to eat a way a certain percentage of the metal rebar to where an engineer needs to determine how much longer it can last.

[@laurahompus]

@@francismarion4450 fair point! Still, I'd expect that costs like that, when known they're bound to need to happen at certain intervals, I'd expect the HOA to accumulate a budget for that throughout those 30 years, having all potential owners through the years contribute instead of shoving it down the throat of the current owners.. Still feels like a scam for it to be that high haha!

[@MoonlightSonata214]

I just received in my email TODAY job listings which included several positions at Akam's offices. I can only hope that anyone who thinks about applying for one of those jobs learns about this story first so that they don't find themselves unwittingly in the middle of a war.

[@caitlyngendersmeatsack]

That's strange I just received a job offer to work at a nearby GL0RYH0LE, considering I own a Doctorate in Massage Therapy.

[@67tr876]

I live here in Manhattan and Akam has a lot of building’s , but I hear many bad things about them.

[@Bullish431]

They are very incompetent here in nyc and very unresponsive

[@67tr876]

@@Bullish431 I understand from a few building superintendents that they are extremely bad at paying bills on time for vendor's and contractors.

[@alphaomega5909]

Loving my 2 acre plot On Lake Michigan, Grand Haven more n more in my retirement. Small, house but owned free n clear for 40 yrs.

[@adiroseschierbaum6445]

$175,000 you can buy a home in the middle of no where and not have to worry about nothing…

[@tonifox1247]

Condos owners pay an association fee per month. This should be in an interest checking account. Money should be slotted monthly for standard maintenance. The fact that these people have to pay an assessment that high means some where the funds have been used for nefarious reasons. Management company needs books to be looked at by a forensic accountant. Sounds like the HOA did NO routine maintenance work.