South Florida’s Zombie Condos Crisis: The Dark Side of Real Estate Revealed!

[@mikem4432]

Developers are kicking out the residents that PAID for thier condo with tactics that would make HARDENED CRIMINALS SMILE.. they impose impossible condo fees and special assesments.. and when a lot of these retired people cannot pay up they force them out of thier own homes.. THIS IS CRIMINAL

[@MizZzChAvVvOzZz]

@@mikem4432 so what are you, specifically, and actively going to do to transform the system?

[@fredflintstone2234]

@@MizZzChAvVvOzZzunfortunately due to predatory practices, this is a legitimate question. We can all complain, but what can we do about it?

[@adriaba790]

Unfortunately this is legal...so if you're in a building that IS REALLY in distress, non maintained for years,the best advice is get the money and move a few blocks away, avoid going bankrupt😢

[@andrewcarpenter687]

Surside was no accident bright bulbs...predatory tactics imposed by a corrupted, bribed legislated body...they are coming for you and your family next...just wait...the courts in florida are run by criminals also...

[@nneisler]

They have to pay for maintenance.

[@mark-204]

In my opinion if I were offered 700 thousand dollars I would have taken the money in a heartbeat and deposited the check immediately.

[@tomd5178]

I'm 78 and would gladly take 700K for a unit that I have 250K invested in. Reality is sooner or later most of us will have to give up our independent living situation because we simply can't do what we need to do. So take the money and run. And yes, you probably change neighborhood but that would have eventually happened. And be thankful you're not paying that huge assessment that would have been required to bring the place up to code with money you probably don't have

[@marilynh5487]

Hurricane 🌀 will have the last say so.

[@danakruse7325]

Interesting I live a few blocks from Biscayne 21. Some developers have looked into our place. The problem for most is even though you sell for 700,000$ is it enough to go out and buy another place in your neighborhood. Here the answer is not really. You would have to downsize.

[@PalmBeachesPaul]

Same reason we have a housing shortage because anyone who bought a house when the rates were 3% are not willing to sell that house even though it's worth a whole lot more now because they can't find anything similar for the same price and they're gonna have to pay 7% interest

[@nneisler]

Take the money and run

[@timboc105]

Born and raised Polk County Floridian 1965.. Walt Disney destroyed Central Florida and the money bags Developers last 40 years finished off the real Florida! Toast..

[@zsigzsag]

Unfortunately, they are not finished. I'm native as well 1952 born in Dade grew up in Broward, now in Brevard, the whole state is being paved over.

[@timboc105]

@@zsigzsag Yup..100% sadly

[@FatherDuck80]

I agree 1000% florida is doomed and when the derivatives markets and MBS comes crashing down guess what all that will foreclose and sell for 5 cents on the dollar.

[@FatherDuck80]

HOA’s need to be abolished. That’s all a scam that originated from scum York NYC

[@Reallifenewz]

Walt was trying to build his fairy land on US1 to I95 in palm beach gardens area. The land owner John MacArthur wouldn’t sell to them though 🎉 Interesting man to research.

[@ericgrammarianm.]

Thank you for the straight talk about the condo market! I see you are right about the 2025 financial storm predication and thank again for putting forth your energy, time , money to bring concern of condo crisis to the people in the the US and globally! But most of all your thank you again for your knowledge from the research done on the condo purchase and all the work of owning a condo in Florida. I will not own property anywhere because I do not want to be tied down in having to pay property taxes or maintenance, although you do need the utilities coming in from the public works.

[@WilliamKirkland-j4r]

The story you gave about Ft Lauderdale reminds me of the basic rule investigators follow: (1) Who benefits? and (2) follow the money.

[@marilynh5487]

Somebody is lining Somebody's Pockets.

[@kennixox262]

Florida, the sunny state with shady people.

[@wajutiem08]

@@kennixox262 😁😁😁

[@PalmBeachesPaul]

No more shady than any other state or country

[@kennixox262]

@ MAGA Florida is way shady when the Gestspo party too over.

[@marilynh5487]

AMERICAN GREED IS REAL

[@BoomVang]

Florida in the 1970's could be so sweet, sleepy, and economical... say in the Clearwater or even Tampa area.

[@agnesk864]

Sterling Village in the background. Beautiful place!

[@svdagoat7972]

South Florida is the new Manhattan when it’s comes to condos

[@Dee-w5y]

Condo values are crashing throughout Florida.

[@ca9777]

Thank you for the video. I live in an old building, excellent water views. Hope investors buy this building out!

[@johnengland8619]

Investors will load it with debt and then throw you out when you do not have the resources

[@ca9777]

@@johnengland8619I hope not 😢

[@The201Ray]

The fact you edited a update 👍🏾 I subscribe looking forward to your content

[@zivagrisaru7699]

Great video. Thank you

[@baglady7145]

Great job!

[@cary2677]

I would never buy a condo. I either own the land under the home or its no for me. Also no HOA'S and review all deed restrictions.

[@navsofour2892]

Those condo takeovers should mandate always that developers buy the next unit at 1% plus they bought the prior, so easy to regulate this country is so freaking co-rrupt is just sad.

[@deborahheckstall1881]

They may win in court but HOAs and Condos will eventually lose because no one will buy them.

[@stockey]

If you want to go bankrupt, move to Florida lol, everything is out of control, Taxes, Insurances and HOA fees are skyrocketing, and price will keep going up.

[@magamaga1827]

every part of the country is fucked. if it's not left wing taxation it's importing criiminal gangs from south america.

[@Golfing422]

I actually pay more than double in taxes on my homesteaded house of equal value in another state. Not quite true. If you’re in a democrat area your taxes are very high.

[@magamaga1827]

@@Golfing422 add to that in a place like my home of nyc car ins, red light and speeding cameras on every street, gas at $4+ a gallon.

[@joltjolt5060]

We had 3 hurricanes in 2 months. Really?

[@PalmBeachesPaul]

Is that a question or is that a statement

[@Dptl]

Sounds like buyers market for developers 😊

[@eb9978]

Paul, love your videos! Question, im not the smartest guy, why would anyone want to move to FL with high insurance, probability of much higher costs coming. Do you think people will be willing to pay 15k+ in insurance a year for a simple house or condo?? Plus property tax? What am i missing??

[@PalmBeachesPaul]

I really appreciate your support and your thoughtful question! It’s a complex issue, and many folks weigh lifestyle benefits against the financial aspects before making the move.

[@johnsciarrone7245]

If you buy a house outright you don’t need insurance just , maybe , liability . Property taxes are sky high in a lot of states like n.y and n.j. So if the cost of living is going up you might as well live in a state that has good weather.

[@daviddahl8186]

If the homeowner wins. There will be a second lawsuit to recover the damages due to negligence. The other question is are the new buildings insurable? I believe there's a property value limit for Citizens.

[@commonsense6967]

The "homeowners" are the ones responsible for the negligence, lol.

[@ASMR_Lighting]

Thanks for this update Paul - I read about this last year and tried to gauge how much it was happening when I was there in the Fall - most realtors didn't even know about it or wouldn't acknowledge the issue. As a potential new buyer for a south Florida condo, that made me nervous.

[@raulroman3155]

She should have sold her Condo😊

[@sula1529]

What happens to people with time shares?

[@PalmBeachesPaul]

Not sure never really looked into them

[@mayawhiteastrologer]

Thanks for info - Ft Lauderdale is a hot mess & not in a good way 😢

[@bobjohnson2172]

Paul, you shouldn't be quoting the percentages of ownership for voting to dissolve the condo associations. The threshold will be stated in the condo documents for each condo association.

[@PalmBeachesPaul]

@@bobjohnson2172 I read that the state changed that in 2023 to 80% so maybe I was told the wrong information but thanks for the correction

[@bobjohnson2172]

Thank you for the reply Paul. The documents will govern, unless the documents allowed the investor to takeover more easily than the revised law. The law was intended to add to the protections for unit owners. Thank you Paul !

[@PalmBeachesPaul]

@@bobjohnson2172 thx for watching and your info

[@dmimcg]

I've always dreamed of living in S. Florida. JUST KIDDING!

[@mikimikemike1]

never buy there maybe visit for a month in jan. to march

[@johnericfirst]

Sorry for your loss yesterday! Let's go Barca!

[@PalmBeachesPaul]

@@johnericfirst lol that was my souvenir from my trip to Spain two years ago

[@jackf.7415]

The new inspection requirements only apply to Condominium Owners Associations (COA’s) that are > 3 Stories and 25 or 30 years old depending on how far from the ocean they are located. The new inspection rules do not apply to communities governed by a Home Owners Association (HOA). In the video you discuss condos but keep referring to HOA’s.

[@PalmBeachesPaul]

Everyone knows what I'm talking about when I say HOA, yes technically it's called a COA but almost every Realtor calls them HOA's it's kind of like calling every soda a Coke

[@jackf.7415]

@@PalmBeachesPaul Bad analogy. Not everyone knows the difference between a COA and an HOA. By commingling the 2 terms in the video you come across as if they are one and the same and the new inspection requirements apply to both a COA and an HOA. IMO, not differentiating between a COA and an HOA can be misleading. As a Realtor, your viewership is reliant on your expertise to reflect accurate information. Just saying.

[@mrparts]

Lol “I’m not a conspiracy theories but” … lol… seriously. The logical explanation is that these calls are judgment calls and opinions can differ. The only way to find out is ask several engineers for their opinion and then see where they agree and where they disagree and make a decision.

[@PalmBeachesPaul]

Well this channel is an entertainment/info channel and a lot of my viewers think they're doing all this for a landgrab so I'm just giving my audience what they want

[@mrparts]

@@PalmBeachesPaul Thank you for your response. My advice for any HOA board is to seek multiple opinions from at least three consulting firms and carefully review the differences in their proposals for repairs and budgets. It’s also possible that the land value of these buildings is quite high. In that case, condo owners could collectively negotiate with developers to sell the entire property, ensuring that each homeowner receives a substantial payout and a new place to live, rather than selling individually under less favorable terms.

[@marilynh5487]

You can never get a 100% of humans to agree on anything. 😮😮 👀 👀

[@mr.sa7anserv606]

DeSantis the Condo Czar has made a mess for citizens but big private capital companies buying this cheap will appreciate it.

[@Flies2FLL]

Hey! He's the finest governor. That developer dollars can buy~

[@SWFL-BOK]

😂get out of Florida loser

[@gregs8685]

He’s the governor. You know governors don’t write law, right?

[@Flies2FLL]

@@gregs8685 He sure seems to think he does. And I sure seem to think he's a fucking asshole.

[@mr.sa7anserv606]

@@gregs8685 When they have partisan legislature they direct law. Don't want books about gay kids in school? Done. Don't want to report actual pandemic death stats? Done. Want to sue Disney? Done.

[@s99614]

The rent is too damn high!

[@brianmaguire6814]

Our politicians are high...on adren....ome

[@MM-wi5dn]

Who is buying $10 mill condos? Number of buyers cannot be large by definition.

[@RoofDoctorsJoanne]

No is offering shit for Condos bro

[@danacaro-herman3530]

Thanks Paul, tough situation right now living in paradise, this too shall pass, it'll take some time though. Have a peaceful Sunday. God bless.

[@prettygirlus9008]

Right...right...right...

[@shobhapai8927]

❤❤hoa scares me.if it's beyond 500 pm.

[@michaelc424]

You are talking nonsense. You should have no subscribers, not 25 K subscribers. The problems with condos in Florida are huge, but your point is inane. This is not a conspiracy of the rich. The problem is costs: HOA special assessments to establish proper reserves for 3 story structures and up (a law understandably passed to avoid future building collapses) , increasing insurance costs(not yet addressed) and aggressive increases in real estate taxes due to skyrocketing FMVs(although that is tempered by the real estate tax laws limiting the real estate tax increases except when a property is sold). That is the problem and it is a very real problem. Your attempt at planting a conspiracy theory is also a problem. The situation is very sad for the older folks living in a condo for years. The problem is that their home of many years should not become their coffin. Fix those condos so they don't suddenly one night collapse. And fixing those condos is not cheap. My heart goes out to them, but safe is better.

[@PalmBeachesPaul]

Thanks for watching.

[@michaelc424]

@@PalmBeachesPaul That is the best you can do? Explain why I am wrong to call you out.

[@amandag4940]

Beautiful view. 😊 Be safe out there. The zombie units are makimg an already difficult situation more ridiculous... 😢

[@richard09able]

Actually to dissolve a condo board in Florida it requires 100% of condo owners to apple. While not enforced & rarely challenged in court that’s the current law.

[@PalmBeachesPaul]

No, a condo board typically does not need 100% cooperation from condo owners to sell a building; most jurisdictions require a majority vote, often around 80% of unit owners, to approve the sale of a condominium complex, meaning a significant majority can force the sale even if some owners disagree. This law was passed in 2023

[@pamelagonzalez46]

Thank you Paul !!!!

[@PalmBeachesPaul]

You're welcome, hope you enjoyed it.

[@buckzee289]

Who's buying these condos?? Russian billionaires with crypto??

[@xmistaxcashxcoll]

What you mean zombies

[@Cherylini100]

Walk much?? Interesting money is the root of all evil

[@PalmBeachesPaul]

😃 I'm getting old and trip more LOL

[@Cherylini100]

@@PalmBeachesPaul Wait until you start tripping and start falling LOL

[@PalmBeachesPaul]

No thx 🤣🤕

[@Cherylini100]

@@PalmBeachesPaul I will do it for you!! Have a good day

[@terrygolden7726]

Another fl nightmare

[@kazumakiryuu2668]

Nethanyahu and his son in US will soon claim Florida belongs to them according to the comic book written by their tribal war god . 😁

[@slc7878]

😱😱😱

[@paulwat-12]

Personally I'd really love to own real estate properties as well as REITs, I've been informed of people making as much as $30,000 from these investments and If anyone could be lenient enough to share, I'd really love clue and tips on how to maximize profit. My strategy is to start with Reits and then move to Real time real estate investing.

[@mike-uw6wt]

DeSantis ruined Florida.

[@gregs8685]

Yeah, ok.

[@TommyTomTompkins]

What about your boy Jeb Bush

[@timboc105]

You transplants last 30 years ruined Florida!

[@HANZELVANDERLAAY]

@@gregs8685 he sure was cool during covid...hes good in general....better than Cali..for sure..I'm happy

[@kennixox262]

Floridians voted for him twice by a wide margin. Reap what you sow Florida.

[@havidztoo7979]

Well, Florida seems to be loving its capitalism and is overwhelmingly Republican. If you appoint a ‘property mogul’ to the presidency then you really have no complaints about this happening. It’s legal and legitimate. Capitalism, alive and well….enjoy the ‘benefits’ everyone!

[@PalmBeachesPaul]

You do realize that most of these old condos were built and the way they were built and the laws that were passed were allowed by the governor at the time who was a Democrat

[@drjwashin]

Conspiracy analysts!

[@PalmBeachesPaul]

🫣🤫

[@imilliemedina666]

If Desantis was President he would turn Arlington Cemetery into a golf course.

[@kennixox262]

Never fear, Daddy Trump will save you!

[@SWFL-BOK]

Republicans VOTE or Fl will go woke. No one 4 don’t murder Gods creations

[@kennixox262]

MAGA are you? Freak? Cult? Weird? Are you into rubber gloves, sofas and mascara?

[@pamelagonzalez46]

Hi Paul is the housing market going up or we won't know until after elections ?Are people moving more south Fl or central Fl ? Thank you🌴🦜

[@PalmBeachesPaul]

For me and lots of the other realtors I've spoke to everything right now is dead unless you have a house that's in perfect shape with a new roof and impact windows and is in really great shape and doesn't need any updating homes are not selling quickly, and people are waiting until after the election. As far as where they're moving to I don't have that data because this problem with the housing market is happening all over Florida

[@pamelagonzalez46]

@@PalmBeachesPaul Thank you for taking the time to always answer, I can't wait to see how things will be in a month !! Wow I was lucky I sold my home in Boynton Beach @ Lakes of WestChester in 3 days that was 6/23 moved to north Fl small town. I don't know if I would have waited If It would have sold so fast. Thank you🥰