THIS IS GETTING OUT OF CONTROL - FLORIDA CONDO CRISIS

[@bobl2887]

The idea that you could live in a condo with no maintenance or repair costs is erroneous. People who live in single family homes have to replace boilers, burners, roofs, appliances, deal with termites carpenter ants and have to replace retaining walls. It's part of living.

[@floridarealestatetv]

I just had carpenter ants in my house... thankfully I got rid of them quick, but a lot of people let them and the termites eat the property away and then they're screwed with structural damage.

[@iamcase1245]

No one can live anywhere without maintenance cost but that's not the point. The issue is that these fees are out of control. There are already cases where condo owners will be getting 6-figure bills for fees and assessments. Condo associations let these buildings rot by not communicating the severity of some of these repairs to owners when the repairs were still low cost, the owners would then vote down the repairs for years - now the repairs are requiring 100k, 150k 175k from each owner and these laws will be passed out of severity........then the developers and speculator snakes behind the HOAs (and repair contractor friends of the developers) will make off like bandits. New York went through this during the 2000s. Same playbook.

[@floridarealestatetv]

@@iamcase1245 I'm afraid you're right.

[@xavierd3298]

They double or triple the cost of maintenance on condos. What the do should be criminal. But hopefully those things do go bankrupt and will stop the corruption

[@hillbillysceptic1982]

@@iamcase1245Residents should get some kind of a class action suit against these condo builders and managers.

[@webname8886]

Inherited a beautiful ocean front condo from my in laws. The HOA board was tyrannical . The maintenance was slipping and we were warned about salt water intrusion into the local aquifer. Between that and the hurricane damage ,we sold 15 years ago .Not sorry . The winters aren't that bad anymore anyway.

[@kennixox262]

A lot of the elderly people living in these buildings figured that the problems would crop up long after their passing. So, they kicked the can down the road.

[@floridarealestatetv]

For some, that is the case.

[@ashdobbs]

old bastards

[@floridarealestatetv]

@ZzXZ636 The reason it is how it is isn't because of someone's age. It's every owner in the past that decided to vote NO when it comes to maintenance. No matter the age or ability to afford the repairs.

[@MuzicTunes-lk6np]

Even if someone gave me a free condo in Florida, I still couldn't afford to live there, especially with the hugh HOA fees, insurance, and property taxes. 😢

[@floridarealestatetv]

Depends which one. If you have no mortgage, with HOA, insurance and property taxes you’re probably close to $1000 a month as long as it’s not beachfront for a two bedroom two bath.

[@ThomasNappo]

Your 100 % CORRECT ...that's pretty sad😊

[@danah358]

It now appears the only affordable housing in Florida are single family homes not in an association and paid for in cash(home insur not req’d). Avoid condos, SFH with HOA’s and mortgages or stay out of FL!

[@FraaaaaankRizzo]

@@floridarealestatetv lol. Too high!

[@floridarealestatetv]

@@FraaaaaankRizzo Frank Rizzo! "Open your ears you fucking jackass". I love those crank calls. Brings me back to my childhood.

[@Balsanal]

Condos were voting on not having reserves and it took one building coming down to wake up and getting things going. Condo Reserves should always have enough cash for their everyday expenses plus any incidentals such hurricanes etc. same as the reserves one must have for upkeep such as things if you owned a home.

[@floridarealestatetv]

I agree, they SHOULD. When you build new, the roof is good for 20 years, so they voted not to save extra reserves for a roof. Which is a mistake. They should take the cost of a roof, divide by 20 years, divide by 12 months, adjust for inflation, and have that mandatory. And the same with the roads, community area, private roads, you name it. But they don't.

[@GigaChad_169]

Most people are bad with money. Couple that with egotistical and domineering people seeking HOA Board positions and using every underhanded and legal trick to hold on to those positions with no real challenge...you get situations where reserves aren't maintained. I'm experiencing this now with my HOA. Replacing any of the board members is almost impossible due to how the bylaws are set up.

[@fredk9999]

Remember, the Champlain Towers was a wealthy community in Surfside. But, even those owners did not want to spend that kind of special assessments. Should have been condemned

[@floridarealestatetv]

It's true... most people don't want any special assessments, until a catastrophe happens like the Champlain towers.

[@fredk9999]

@@floridarealestatetv as a senior and knowing that I won’t be in the unit forever, look at how much we leave on the table when we leave or sale

[@floridarealestatetv]

@@fredk9999 Costs of selling are not cheap, that's for sure. About 8% of sales price is you pay the buyers agent. I get it...

[@marblox9300]

If this country was on the up and up about the wealthy paying their "Fair Share" they would eliminate EVERY TAX there is and institute the true fair way of funding society - The Wealth TAX.

[@Lonewolf-i8p]

That's typical of rich people, they are cheap!

[@katiegris4679]

My HOA fee went up $300-$883 a month. On top of being assessed over $17,000. to the tune of paying $27,000 to live here the last year is ridiculous

[@floridarealestatetv]

Ouch, that stings. Hopefully they are now meeting all the requirements for the law. Some peoples mortgage is as much as your HOA fee.

[@BloodLaboratorySafety]

So sad ….. I know a couple, that paid $ 489,000. For a 3 bedroom condo. Mortgaged … HOA fee per month $ 1005.00 per month. NOW! They are in debt 💸 and even if they rent it out, they still have an outstanding monthly fee.

[@floridarealestatetv]

@@BloodLaboratorySafety It is sad. This is the reason a lot of people are selling... or at least attempting to sell! The condos do sell, especially the expensive beach front stuff. But that's because we have not reached critical mass with the available condos for sale... it's possible in 2025 we will have many more condos for sale than we already do now.

[@maryrenaud6732]

@@katiegris4679 Well it depends on what the Assessment is for. For most low rise (2 story) condos it is an assessment for a roof replacement, and possibly outdoor electric sub-panels. In our multi Association condos, based on a reserve study done in 2017 the flat roof replacement was projected to be $55,000 per building. Recent roof bids were about $120,000 per building, more than double. So even fully reserved at 55 k * 3 buildings= $165k, yet 3 @ $120k = $360,000, or a shortfall of $195,000 ($ 5,500 per unit). Each building has 12 units so the current cost is $10,000 per unit, less the reserves on hand. This assumes that you have fully reserved the $55k for the full number of remaining years of estimated useful life. Let’s assume it is 15 years in 2017 and that would take you to 2032. Now, insurers demand a roofer certified inspection to estimate years of remaining useful life and let’s say it is 3 years, in 2024 this would take you to 2027. However, underwriters may require replacement if only 2 years of remaining useful life remain, giving you only until 2025 to raise the money needed, 7 years sooner than the reserve study, at a price double what your reserve study projected. Even if your Board(s) did a fantastic job of collected needed reserves per original estimates, they will be forced to assess and to replace roofs far sooner than planned. Even if there are no leaks and the roof is regularly maintained, these roof certifications all lowball the needed replacement time period. I think it is now necessary to get an annual update to reserve studies due to the high inflation factor. The assessment of $17 k you paid is typically not for annual living costs, it is for capital improvements and repairs and if it is a new roof it should last around 20 years, so this is about $850 per future year. However, your monthly maintenance no doubt includes a hefty share for insurance, plus increased reserves going forward for future roofs or other maintenance. Hopefully big assessments can be avoided going forward. Even if you owned a home these new higher costs are affecting them as well. Sorry to say we all have to cope with this issue going forward. No one realized the huge inflation in building costs coupled to an insurance crises would virtually double maintenance fees overnight. It is shocking to everyone living in Florida at this point. I wish everyone the best who is dealing with this problem.

[@Daoistify]

I don’t know if they are really new rules but the existing rules will now be enforced? I bought a condo in Nassau County in 2010. It was a six unit building with mostly part time residents who rented them out. No one wanted to active in association management. I took over and updated everything including the reserves. Nothing had been done for years and no authority was watching over things.

[@floridarealestatetv]

This is SB4, senate bill 4. It's for condos 3 stories and higher, within 3 miles of the coastline. Two stories or one story condos like villas don't qualify for this new law.

[@jsd354]

My wife and I were having a discussion on home costs and living costs in general. We have one residence in Florida.we occupy it and have it homesteaded. It is 37 years old with 5,000 sq ft under roof. We pay $6,200 to the local government annually to cover taxes. We paid $3,900 last year for homeowners insurance. We have no mortgage. We have the skill set that allows us to maintain the 2.5 acre lawn and all upkeep on the structure. We have extensive records on expenses of ownership. Everything from costs of plants, fertilizer, paint, electrical and plumbing repairs, appliance replacement, new fans, roof replacement, air conditioner replacement, etc. etc. etc. for a 3 year annual outlay of $10,800. Doing the math it costs $1,741..67 monthly. Remember, this place has no mortgage. So when I hear condo owners whining about $500-800 monthly to maintain these buildings? They say Florida costs are killing them and they have to sell and leave the state. Come on people. When you leave where do you go? Is there a utopia somewhere that provides free shelter? Where air conditioners never break, where roofs never wear out, where plumbing and electrical repairs are nonexistent? Where Santa Claus, the Easter bunny and the tooth fairy rule? If you qualify you need to either try to qualify for Section 8 Housing, live in a camper or join the homeless in tents in San Francisco. There is no such thing as a free lunch.

[@floridarealestatetv]

How true this statement is. The cost of ownership is real... which is why a lot of people don't upkeep, don't irrigate or fertilize, don't repair, and eventually investors like myself can buy a wedge deal due to all the deferred maintenance. Even in communistic countries you need to pay for your home.

[@vincentkosik403]

Let them eat CAKE!

[@mamatrain100]

Agreed, but, the cost of theft and excessive administration is a deal breaker for me. I do not wish to cooperate with other owners and controlling factions. I have a hard enough time dealing with the city.

[@RedtideFla]

Fools are just paying too much money

[@Iwoasasaned]

What shocks me as a European is, that you PAY nearly 10000$ per year on tax and insurance on your OWN, paid home 😱. This property tax amount is insane! What would it cost if not homesteaded? I can see the insurance being more than 3 times than ours here but that adds up, too. And here I was complaining to my hubby over the couple hundreds of property tax we have to pay 🙈

[@randyrapaport2806]

In just 10 years, the water intrusion issues will make Miami Beach impossible

[@floridarealestatetv]

I saw a video talking about Miami’s rising water solution. All Miami does is make the roads higher and higher. This causes more drainage onto the adjacent properties. Not a good solution.

[@jeffshackelford5662]

The Thwates glacier in Antartica might break off. This could add 10 feet more to the ocean level.

[@floridarealestatetv]

@@jeffshackelford5662 That is serious, indeed. And it wouldn't only be Florida that suffers if glaciers melt... the entire coastline of almost every country! And most people settle by the coast, so that would be a worldwide problem.

[@sutterpark]

I live in a cougar (senior village) the was build in the late 1984 to 2000 and its in a gated community we have over 8,500 mix condos from small to large Studio, 1/1,1.5, 2/1, 2/1.5.2/2 small (inter units) and 2/2 end units bigger ones and a rare 3/2 in Pembroke Pines Broward FL. Condo Fees vary from $500 to few thousands maxs $3,000 monthly most these senior are in a fix income. Now our President wants to raise it over $5,000 to $15,000 this is NOT Boca Rotan FL or West Plam Beach FL you can do that UGH!

[@floridarealestatetv]

That is CRAZY. Even the $3000 monthly fee is crazy. I think we might end up in a renters economy in 20 years if we don't have changes happen.

[@derice7375]

Okay bro,even you own an house it comes with a lot problems also.roof,cabinet,tile,electrical,plumbing,front and back yard .everything in florida is very expensive.i mean condo owners and homeowners ,they have both same issues.

[@floridarealestatetv]

Being alive in America is expensive. And it’s all relative to the value you bring to society and how much society rewards you for your service. I don’t think it’s cheap anywhere, and I do admit Florida is one of the more expensive places to be.

[@carolinekaplan542]

My family owned the Cadillac hotel in Miami Beach through the 1950s. Do you have any idea how much money Marriott has put into redoing the hotel twice to keep it in shape ? The condo owners were murdered in that collapsed condo from years ago now. All condos need adequate reserves wherever one lives.

[@blindspott1060]

A big chunk of those problems are excessive realtor commissions and insurance attorneys like John Morgan. Guess where those costs show up...Taxes, insurance, condo fees, & HOA fees.

[@floridarealestatetv]

@@blindspott1060 I don't know what realtor commissions have to do with the condo crisis... it's an insurance problem. And John Morgan and other attorneys definitely have inflated costs SO MUCH. They also changed the law that the person suing has to pay for their attorney. Not sure how that will work out though, it prevents people from filing lawsuits because not everybody has money to pay an attorney.

[@blindspott1060]

@@floridarealestatetv Realtor commission inflate the total cost making it more difficult to sell (purchase). Attorneys like Morgan work on an accelerated contingency fee-they collect only if the suit is successful. No cost up front. Contingency fees can run up to 50% depending on claim.

[@jackwilson3121]

This is no different than not keeping up with repairs on single family homes.

[@domfer2540]

Yes there is a big difference, a home owner does not keep ten of thousand in a bank for future repairs.

[@bobl2887]

If they don't have some savings, they do not at their own peril.

[@fdm2155]

I think the difference is an individual homeowner has more control of maintenance decisions. With a condo you may buy in only to find you're being hit the cost of delayed maintenance. With a single home that'd be a fixer upper and priced accordingly.

[@floridarealestatetv]

@@domfer2540 The homeowners SHOULD do some simple math. If the roof costs $20k to replace, and lasts only 15 years, then $20k divided by 15 years, divided by 12 months = $111 per month for "reserves" of a roof replacement. That should be put into a high yield savings account and start saving for that huge expense. Do the same for an a/c, $6500, pool resurfacing, you name it. Next thing you know, you have $300 of "maintenance" items being saved for every month. But nobody does that. And finally condos are forced to do it. Should have been done a long time ago.

[@craftsmanctfl3493]

@@domfer2540 But they should.

[@maryrenaud6732]

I have zero sympathy for seniors who paid virtually nothing into necessary reserves for 30 years and now cannot afford assessments for necessary repairs/maintenance. They wanted a cheap overhead. I feel sorry for the new buyers who now have to pickup the assessments.

[@floridarealestatetv]

A lot of people are in your same shoes. They say too bad, so sad. You voted for this, and now have to deal with the repercussions.

[@dennismaloney7241]

Florida, like many other southern states, uses the Southern Building Code Congress International (SBCCI) for construction. The SBCCI is a terrible construction code and is responsible for many discontinuities plaguing any/all structures built. That is why I opted for Arizona when I retired. Good construction codes are the basis for sound structures and low-cost maintenance. My professional advice is to get out why you can!

[@floridarealestatetv]

I've never been to Arizona, but I would definitely consider it as a place for retirement in a few decades. I will say this about Florida though... the codes were worse in the past! And the worst is when owners don't maintain their properties... especially high rise condos. Just a shame that it took about 100 people dying before they decided to enact new laws to protect the future residents.

[@kristiemiller4752]

My condos in Clearwater from what I understand we are fully funded. From my time on the board back in 2022 later in the year, I had a reserve study done. We started beefing up our reserves because we saw an influx inflation coming during Covid. We also started on safety measures. Stairs, foundation replacing wood, etc. keeping in mind that we’re only two stories not three which is what my interpretation of the new legislation is but this also places two stories and below in a weird gray area without proper oversight. I’m also somebody who’s trying to place my condo in the market . Everything you’re saying is absolutely on point. I hope and pray for the people who are on a fixed income that they’re able to find some sort of relief. I actually just wrote a paper on this for my Publix safety class. The infrastructure protocols need to be there however there needs to be proper oversight for the financial aspect of things, and I do see that there are grants such as a grant for Wind Midigation that is being looked at right now.

[@floridarealestatetv]

Thanks for watching. The issues will get resolved, but the short term pain will be real for a lot of people... no everyone, but a lot. There is a condo on Siesta Key that just had two assessments, one being $55K, the other $25K. They're tearing the place apart, jackhammers and all, hard to sell in there, and it's beachfront. The condos are still selling, but the fees are now over $1000/month plus the assessments. It gets worse before it gets better.

[@kristiemiller4752]

@@floridarealestatetv I absolutely agree with you. I’m seeing the brunt of it, as to what the comps are in my area. (Clearwater) It’s interesting as I was writing my paper yesterday and soon to be a graduate I have to choose a direction that I wanna go, and I’m wondering if maybe my pathway needs to be helping in this field and the nightmare that we are facing. On top of already, horrendous, housing crisis.

[@floridarealestatetv]

@@kristiemiller4752 The housing crisis is not yet horrendous. We will see how things develop, but there is a chance it will explode again and the prices will be even higher than they already are! All depends on interest rates.

[@kristiemiller4752]

@@floridarealestatetv that’s what I’m thinking but I think for condos it’s a mess

[@SandySez]

@kristie, enjoyed your input! I'm wanting to move back to Dunedin from Marion Co .... boy, do i have bad timing. But also after being a Fla homeowner for 30 yrs, am 'aging' into condo/villa life and again .... bad timing! lol. "...but this also places two stories and below in a weird gray area without proper oversight. " This has always concerned me and now more than ever. I'm leaning more towards a super-downsize but still my own, private shack. Considering ways to sell 'now' but not buy yet. Risky, I don't want to get squeezed out of my SOH Portability! I hope you DO consider a future on this pathway, it's needed. And either way, congratulations on your pending graduation!

[@movdqa]

Our condo is 45 years old. These are generally 2-3 story buildings, either townhouses or garden-style, wood-frame structures. We have plenty in capital reserves and cash after replacing all of the roofs and we're going around replacing shingles right now. The condos that you're talking about seem to be more concrete structures that are fairly tall and it seems like there are far more potential problems with taller buildings than with short buildings. The largest assessment we've had was $3,500 for roof replacement back when we weren't managed as well (we didn't have enough capital reserves), but that was back in the 1990s. So it all comes down to management. The condos up here seem to cost a lot less than they do in Florida which may be a factor and there is little to no inventory up here. We also don't have a lot of major climate risks like hurricanes, tornadoes, earthquakes, wildfires and floods. My understanding is that homeowners insurance is ridiculous right now. It seems to all come down to management. Similar to town government.

[@floridarealestatetv]

I wonder what state are you in? A big problem is Insurance. Even if your roof is sound and does not have any problems, a lot of insurance companies, if not all of them, will not ensure a roof over 15 years old. So then they have you fix some thing that’s not broken. And that was unexpected, so there’s not enough reserves in the bank for it. Also, the cost of roofs have doubled since the end of 2019. I see how much roofs used to cost on all my rentals and all my clients homes and now it’s just absurd. Hurricanes are definitely the culprit for the roof problem in Florida

[@movdqa]

@@floridarealestatetv We're in New Hampshire and the only major issue with roofs are ice dams forming from heavy snowstorms. So I remove the snow from the roof if we get more than two inches of snow. We have a place near Boston too and the roof on that thing is at least 30 years old and the house is insured. Major wind damage is somewhat rare as hurricanes lose their punch by the time they travel up the east coast. I always thought that living in Florida was inexpensive which is why so many people from New York, Boston and other cold places moved down there; but the prices I've seen lately seem to imply that it's very expensive to live there now. New Hampshire is a fairly empty state though there is building near the cities.

[@mitchelldrimmer6402]

During the crash of 2008-2016 very few Condominiums filed for bankruptcy protection. I agree we are at a crossroads and I further agree it’s going to affect older buildings in less affluent areas. You are spot on there. I do see a spike in condo de conversions happening but it’s a very cumbersome process that is sure to be challenged in court if it becomes prevalent. As a matter of fact a big deconversion case was recently lost by developers. So what to do? It’s time boards to check their self interest at the door when they convene a meeting. It’s time for them to stop lying to themselves and put together a proper and functioning budget. If there are massive increases in assessments, well, you should have run your condo like a business. I grew up in NY in a luxury building and 65 years latter it’s still pristine because the landlord knew it was a business. Why can’t condos operate like that? kzbin.info/www/bejne/r3y7lYqCl6aCo9Usi=7Kl2wEluXooTZ43V

[@floridarealestatetv]

You're right... run it like a business. The government should try that too!

[@HsingSun]

There are many houses in my subdivision are over 40 years. We are still in a good shape.

[@floridarealestatetv]

That's great to hear! Not all communities are in good shape. Many have so much deferred maintenance that it's cost prohibitive for the owners to keep their condo.

[@maryannoneill297]

Condos will be self insured and not getting insurance

[@floridarealestatetv]

That's an interesting idea... I like it!!!!!!!!!!!!!!!!!

[@jsd354]

Can’t drop insurance or lenders won’t allow units to be financed.

[@floridarealestatetv]

@@jsd354 True.... many units are all cash buyers in my area.

[@dok2304]

Self insured, that means no insurance 😊

[@gregorymckenna6609]

Many people believe regulation is an evil thing. If proper regulation was in place years ago much of this catastrophe would not happen. Condos kept putting off major repairs and now it has come back to bite them.

[@floridarealestatetv]

That is 100% true. People wouldn't have (most likely) lost their lives. I wonder how many other condos out there are deteriorating from within the rebar of the concrete like Surfside was... not good stuff and when you're on the ocean, all that saltwater in the air speeds up the corrosion process.

[@jackf.7415]

No one is forcing any one to buy a condo or a home with an COA/HOA. In fact, in the State of Florida, a buyer of a condominium or home, once a contract to purchase has been signed, must be provided a copy of the COA or HOA rules and by laws, financial statements, disclosures, and other documents, etc, etc, has 3 days to review to review the documents and, based on their discretion, may cancel the contract, with no penalty and no questions asked. If the buyer elects to proceed with the purchase they must sign a contractual document acknowledging they have read, understand and agree to abide by the COA/HOA covenants. This is a deliberate choice condo buyers make when buying a condominium in the State of Florida. For the Surfside Condo COA membership (unit owners) it was also a deliberate choice to allow the COA Board to constantly defer critical inspections and maintenance needed to ensure the structural integrity of buildings and facilities was maintained. The COA membership didn’t want to spend the money on needed repairs and kept kicking the can down the road. And we all know the rest of the story.

[@floridarealestatetv]

This is not legal advice, but you're incorrect in providing documentation about the condo. In a condo contract, the seller is required to provide documentation. However they're not required to provide documentation on the last 12 months of monthly meetings, which is HIGHLY RECOMMENDED since that's when they discuss any possible special assessments. In a homeowners association purchase, the seller is not required, and actually guided not to provide any HOA documents as it created a liability to the seller. The 3 day right of rescission only applies to condos. And I think it's 15 days for new condo builds. Don't quote me on the 15 day... No buyer signature is needed, they just have to receive it and then the time starts ticking... As for Surfside condo COA, it's like a LOT of other condos, the unit owners VOTED not to have repairs done (they really voted not to have special assessments or increases of their COA dues), so it was on them and all previous owners. It was the COA members that did this to themselves, not the actual legal entity of the Condo association. It was truly a sad situation, and that's what triggered the law to change!!! It's finally where it should have been all along...

[@jackf.7415]

@@floridarealestatetv I stand corrected. The HOA ​⁠must receive the Disclosure Summary, however, the seller is not required to provide the HOA docs. Those docs are available through public record though. Thank you for the reply.

[@floridarealestatetv]

@@jackf.7415 Thanks for the engagement!

[@Commysumngtus]

My condo on the ocean has been for sale since Oct 23 it's now mid-May lookers but no offers.

[@floridarealestatetv]

What city are you in? A lot of times it’s just about marketing. Did they do a 3-D Matterport scan? Did they do a video? Did they boost the video on Facebook to reach more people? Are they doing open houses? So many questions.

[@BloodLaboratorySafety]

So sad …… Some HOA’s 1000.00 per month’s and OVER. Some Mortgages 300,000. and over. WATER BILL double. TAXES increased It’s awful

[@floridarealestatetv]

Most HOA's are not as high as the COA (condo owners association). The condos have these new laws, not homeowners. You mentioned water bills and taxes and all that going up... but have you seen a time in history when prices CAME DOWN??? I haven't.

[@marblox9300]

I want ALL real estate to literally CRUMBLE to the bottom. It is waaaay too overpriced and it just causes homelessness and high property taxes.

[@floridarealestatetv]

It is overpriced. When you compare wages and home prices, they didn't go up proportionately. We need a correction, and I'm afraid we won't have one significant enough to make a difference.

[@user-xc7iq4cm8t]

There are other reasons for the lack of affordable housing. You won’t hear them, tho, from the media. Look at WHO is buying up our property

[@heidiembrey8320]

Why would the value of something so limited as real estate Ever go down ? It's not like they can make more

[@floridarealestatetv]

@@heidiembrey8320 This confirms your age.... you weren't around 15 years ago (at least not as an adult). 50% drop in home prices in Florida.

[@user-xc7iq4cm8t]

@@floridarealestatetv - Housing prices plunged around the late 90’s and again with the bubble - 2007-2008. Of course you only lost $ if you sold.

[@fishydubsfishing6516]

Single family homeowners have to maintain their properties according to city ordinances or they will be condemned I don't see what the difference is here

[@floridarealestatetv]

They vote NOT to make improvements for decades, and now the shit has hit the fan and a game of "catch up" is in play. If you can't bring it up to minimum standards, then GOOD LUCK. Sad for the current owners who bought recently.

[@enoynaert]

The key to the 95% rule is to ensure you are not in that last 5%. In fact, make sure you are not in the 49% minority position. Too many people live on fantasies and prayers that something will save them, so they hang on to their property for too long. Get out when there is good news or at least a lull in the bad news.

[@floridarealestatetv]

Everyone always tries the time the market, but it is literally impossible to time the market. Good luck doing that. If the returns are adequate, sell and move on.

[@MS-ty8eq]

The old folks have sucked the life out of these buildings and paid almost nothing to live there for last 30 years. Now it's time to pay up and surprise surprise! They dont want to pay. Sell the problem to some other sucker, right? That's the boomer way!!!

[@marblox9300]

Those bast booms. I don't even lik them and I'm one of them.

[@floridarealestatetv]

Ouch. That does kind of accurately describe what happened

[@floridarealestatetv]

😂

[@jackf.7415]

There are actually two different types of associations. In the State of Florida, Condominium Owners Association (COA) and a Home Owners Association (Home Owners Association) are governed under separate sections of the Florida Statutes. The new “milestone inspection” and “reserve funding” requirements only apply to COA’s.

[@floridarealestatetv]

That is correct! And also you can look up SB4, the new senate bill that requires condos to comply with these new rules.

[@tr7b410]

I bought a condo in California 35 years old,close to the beach. Our HOA rates went up from 150-300$ over 3 years.The property Manger said:We can't tell you why UNLESS you are on the board.I was voted onto the board only to find out the plumbing was shot =slab-leaks.We didn't have but 100k in our HOA fund...NOT ENOUGH TO FIX 65 UNITS.1 women had black mold growing in her closet.

[@maryrenaud6732]

In Florida it is illegal to deny full disclosure of building issues, which MUST be discussed by the Board in public meetings owners can all attend.

[@karenc8773]

This was a problem many years in the making and was mostly self inflicted due to Florida's short sightedness when they wanted all the northern retirees to move down to FL. Ill take my high NY taxes, thank you very much.

[@floridarealestatetv]

You didn't have to buy a condo, single family homes are always a good investment.

[@Jttw2131]

Florida weather is harsh, so it takes a lot to insure and maintain them. Weather will continue to worsen.

[@floridarealestatetv]

Most of the cost of insurance went up after we had attorneys do a reach out to homeowners and got a lot of people on board to sue their insurance companies. Sometimes well deserved, others not. Then the payout was 2x what it would have been, and now the insurance companies are scrambling to bring their profit margin back up. It's a crazy situation at the moment.

[@genekelly8467]

I want to live in South Florida-will there be a buying opportunity in 2-3 years, once the bankruptcies are over?>

[@floridarealestatetv]

Who can predict anything accurately? As of right now, the biggest opportunities come in the communities with the biggest problems. I did a video on a condo building that had $175K assessments, and that place has amazing water views (not the Atlantic Ocean) and they sell for about $250K. But before the pandemic, they sold for $400K, and remember prices went up a LOT. Once it's all settled, then the prices will rebound. Buy when everybody is selling and it's looking like there is no way out of the problems.

[@hopeblue6359]

For folks who have a home elsewhere will just walk away from these condos saddled with a special assessment on top of the already expensive HOA fees, insurance, etc. They will take the credit score hit for seven years.

[@floridarealestatetv]

Majority own them free and clear. So they'll just sell for less.

[@ashdobbs]

I know first hand these condos weren't built to code in the first place. they are unsafe, no amount of assessment fee will change that. as storms increase with frequency and power these buildings will fall like jenga towers.

[@floridarealestatetv]

They were built to code... the thing is that code only gets more and more strict as time progresses! So the code in the 1950's was less strict than today. And they won't all topple over, but they will show signs of deterioration and need improvements that cost a LOT of money.

[@ashdobbs]

@@floridarealestatetv I worked on some of these in the 90's. scores of migrant undocumented labor and day labor used. fly by night contractor with no licenses rushed in and out of project- signed off by shady "inspectors"... wait and see. I remember thinking noway would I purchase at any price

[@davidholmes9643]

Insurance will be cancelled if EVs are parked in Condos. HOA will have to increase fees by over 50% just to stay in business. Most of the properties built in the 50s, 60s, 70s and were poorly built and will have to be demolished.

[@floridarealestatetv]

I’ve always wondered about the condos and electric vehicles. How the heck are you supposed to charge your vehicle if there’s no stations to charge them at. Condos are starting to add EV charging stations, but then you have to pay for it. I would rather just have it hooked up to my own electric meter.

[@carylhalfwassen8555]

@@floridarealestatetvMy condo building HOA invited EV owners to install their own dedicated chargers. The more owners who did that then the cost per install was reduced because of efficiency of contractor. Out of 112 units ten opted to install immediately plus a few others chose to have wiring for future but not full install immediately.

[@floridarealestatetv]

@@carylhalfwassen8555 That's awesome! That's the only way it's affordable to drive an EV. When you have to pay 60 cents per kilowatt at charging stations, it's more expensive than gas!

[@scrambaba]

the big problem is too many condos and too many people in Florida

[@floridarealestatetv]

They're all occupied though, so who's to say there are too many

[@arrowrod]

What does bankrupt mean in a condo? The building gets torn down? The bank repo's? The county has a tax lien sale? My acquaintance with condo owners is most are wealthier escapees from New York City. They are used to flim flamery. Ho hum.

[@floridarealestatetv]

It does not mean the bank repos. The condominium would start to be not maintained and then there would be money missing when a new association gets set up and the fees with skyrocket. It’s truly just a big problem. If it goes on too long, people will want to sell an investors will buy, and then they can tear down and rebuild luxury, depending on the location

[@doolittlegeorge]

Wow that's a really happy fish jumping behind you!

[@floridarealestatetv]

Haha. It happens here. Those jumping fish.

[@JV-zt8lc]

Shows voting red or blue doesn’t help

[@floridarealestatetv]

It’s not government, it’s Insurance that’s one of the biggest problems for condos. But the government made some new rules so that doesn’t help either.

[@chitownrabbit]

hopefully retirees will vote correctly against their representatives.

[@floridarealestatetv]

Voting counts. Do your part.

[@domfer2540]

You said three miles of the coast line, there are condo’s in Orlando making their owners go through the same requirements.

[@floridarealestatetv]

I double checked it. Look up Senate bill for. SB four. It says within 3 miles of the coastline and three stories and higher condos that are I believe over 25 years old.

[@Jaysun11B]

My HOA is more than my mortgage. I hate it, but I’m still paying less than 1k a month for a 2 bed two bath.

[@floridarealestatetv]

That's great! What area?

[@user-xc7iq4cm8t]

That IS great. In Massachusetts you can’t even rent a room for less than that. I’m also very much aware of a the number of homes/condos being unlawfully taken with forged/fabricated docs in both MA and FL. This has been going on since the TBTF bailout.

[@heidiembrey8320]

Boomers cryng about having to pay to upkeep their own properties. Taxpayer supposed to do that for them

[@floridarealestatetv]

Here you are again Heidi. A boomer is literally my parent's age. This shows me you're close to a teenager. Good luck with the draft.

[@goodmorning1537]

Insurances and HOA....you can buy a condo 3 BR 2 Bt for 27.000.00....Condo fees 875.00 per month

[@floridarealestatetv]

Yes, it’s a little crazy sometimes. Some of the condos have fees that are so high, they’re in for a rude awakening when sellers can’t sell and buyers won’t buy.

[@bipolarpunt5721]

Thats a great law, we have it in Canada. Buyers can get access to the feasible study and the reserve balance sheet to insure the Condo is in good financial standing. You make it sound awful, whats awful is that this law wasnt in place before.

[@floridarealestatetv]

I absolutely agree that buyers should have access to it. Actually, everybody should have access to it. That way there could be software or people that analyze this stuff, give the condo a health rating for their reserves, another health rating for the structural integrity of the building, and buyers can make much more informed decisions without being financial gurus or, structural gurus.

[@nixonbd53]

Couldn’t happen to a better state! Don’t expect that DeSatin will step in to help out!

[@floridarealestatetv]

You know how it goes with politics... he will do whatever he needs to in order to get reelected.

[@gabrielmartinez2455]

I would never own a stupid condo, the real value of a property comes from the land.

[@floridarealestatetv]

In a condo, you do own a fractional share of the land... which is usually prime land!

[@gabrielmartinez2455]

@@floridarealestatetv but i prefer not to share the land with hundreds of other people, I mean just my preference

[@floridarealestatetv]

@@gabrielmartinez2455 Same here, which is why I only own single family homes or duplexes, triplexes. My land.

[@quartytypo]

Condos with high assessments don't sell. They end up being foreclosed.

[@JP-lw5xs]

Condo=52wk timeshare you can’t get rid of.

[@floridarealestatetv]

Some people love them though... even if they can't sell them!

[@lckhmup-xf5ft]

Yeah..I'll just visit!😅❤️

[@floridarealestatetv]

And we will welcome you. Our economy is very much tourism based in most areas of Florida.

there are condos in LA/Hollywood that have HOAs of 4000 dollars or more...

[@floridarealestatetv]

I know of a new luxury condo here that is over 6K/month.

[@stevem-h5e]

I told my daughter to travel to Florida for spring break, but she said it's a long way to go "for skin cancer and a Slurpy." Young people today are so much smarter about their habits and health choices than I was. Florida is the "Stink on the Brink." The whole state will look like Fort Myers in 25 years.

[@floridarealestatetv]

The younger people have a lot more information and makes smart decisions. Plus, Florida is not really tailored for younger people unless you’re rich and you go to Miami.

[@malachi-]

It's to save lives! (Feed the corporations hundreds of millions)

[@floridarealestatetv]

Big big doggs always win

[@davecohn6407]

Take your example of a 400,000$ condo with a 150,000$ assessment. What was the price of that condo 3 years ago ? And by Condo association bankruptcy , what does that mean and what asset is collateral . Assuming that there are no more special assessments , a special assessment will only reduce the value of that condo by the amount of the special assessment

[@floridarealestatetv]

- Price of that condo was about $250K 4 years ago. - Condo association bankruptcy isn't that the condo is going to be sold at auction or anything, it's that the legal entity that is in charge of that community stops being in charge. The owners have to fend for themselves from the wolves, or they have to create a new association, get it funded, and properly registered, and everything that goes along with that. The reality is that predatory people hear about it, then they buy up a ton of units for super low prices, and then they start to vote in a way to decrease the value even further in order to buy more... until one day they can vote to tear it down and sell to a developer for a hefty profit. - The value of the condo doesn't go up or down necessarily if there is a special assessment. The price that buyers are willing to pay dictates the value... and the sellers that don't have the money to pay the special assessment lower the price significantly in order to sell and disclose to the new buyer that they will be responsible for paying the special assessment.

[@nuts2559]

selling your condo is not an option, for that you require a buyer.

[@arthurroizman4091]

Sell the building to a developer to fix up and rent out the units.

[@floridarealestatetv]

There are buyers out there... not everybody knows about the issues in florida condos.

[@jotolo1840]

I live in the condo buildings shown behind you!

[@jonyjoe8464]

are they raising your rates yet...

[@Markham12thcentury]

Since you bought one of those....could I interest you in a great bridge I have for sale in Brooklyn? I'm selling it cheap.

[@jotolo1840]

@@Markham12thcentury I'm very happy with my home. Thank you.

[@jotolo1840]

@@jonyjoe8464 Yes. The Association fees have doubled over the past three years. On the plus side, our building has a brand new roof, paint job, and other refreshes -- so we do not expect to see any large charges in the next few years.

[@floridarealestatetv]

Thanks for letting us know. Where are those buildings by the way?

[@ss8423ss8423]

Think of an HOA board as a Board of Directors for a company. Are they skilled enough to recognize, plan for, and navigate the increasingly complex maintenance of an aging building? Or, where they just voted in because they were interested and likable. Depending on your equity position, you are entrusting a portion of your portfolio to that HOA board (and some of those members practice “insider trading”).

[@floridarealestatetv]

I really like what you said here. It is a bit of a popularity contest. And as soon as an unpopular, but "should be done" suggestions comes through, you're no longer popular and lose the votes. So dumb.

[@Slide61]

Billion dollar surfside settlement was the nail in the coffin.

[@floridarealestatetv]

Damn that’s a lot. But it surely seems like neglect took the prize for that happening.

[@anthonymorris1723]

The Buildings that passed milestone inspection with have no problems. Inflation, Taxes & Insurance impact ALL property owners.

[@floridarealestatetv]

True! Many are passing.

[@stockey]

No one will have the money for those luxury condos too, i can tell you that, we will have a depression like recession.

[@floridarealestatetv]

Foreigners will

[@johnschmitt8046]

If they had maintained their buildings correctly instead of penny pinching for decades - their reserve funding would hold them in good stead. Condos are expensive to maintain as they age. But "we are on a fixed income" cries mean the current generation of owners will pay for the penny pinchers.

[@floridarealestatetv]

Exactly true. No matter if it's the penny pinchers, or the retirees on fixed incomes, the current owners are the ones suffering with the expenses.

[@toordal]

"Condos 150k....!". Anybody remember that commercial?

[@eliseocarrillojr]

This affects buildings 30 years old and older.

[@floridarealestatetv]

Yes, correct! Or as soon as a building turns 30 years old. If within 3 miles of the coastline, then 25 years.

[@tomd5178]

Pretty sure you're wrong about the 3 miles from ocean as I've seen this happening in Orlando

[@floridarealestatetv]

I double checked and it’s 3 miles of the coastline. So it’s kind of weird that it’s happening in Orlando.

[@Giants4641]

Off topic did anyone see the big fish jump out of the water behind him. That was awesome

[@floridarealestatetv]

Haha, yeah. It happens here all the time!

[@coastalhomeadvisorsrealest1737]

they have not taken care of their buildings - have enjoyed low HOA fees for too many years with no reserves....A single family home owner pays for roofs, updates, etc....Condo owners have paid nothing for upkeep and they are lucky to have enjoyed their view for so cheap for so long...

[@philrabe910]

Have faith! Governor Ron will step in and forbid condo associations from filing for bankruptcy just like the government did with student loans.

[@floridarealestatetv]

The reality is that it will be a VERY SMALL percentage of condos that go the route of bankruptcy. It will mostly be a condo building where the land is worth more than the value of each individual unit, AND the structure has structural problems, prime for redevelopment.

[@Lonewolf-i8p]

Gov Ron, comical! He is useless. He doesn't care if you get hepatitis from swimming in e-coli do you think he cares about HOAs?

[@marblox9300]

Everyone just wants to buy RE and have it go up in value and take the profit . They don't want to PAY for the building.

[@floridarealestatetv]

That's what they've been doing. Now there is a law that prevents them from doing that.

[@belugabath]

That’s Jupiter I know the building

[@floridarealestatetv]

Thanks!

[@jim5148]

You can't be a real estate agent in FL if you wear socks.😬 ThankS for the informative video!

[@floridarealestatetv]

I know... I don't fit in.

[@richardadams6988]

Get rid of middle management!!! Become self insured..and no corporate real state!! Taking over buildings...

[@floridarealestatetv]

Self insurance isn't for everyone. It will also eliminate the possibility of financing any of the units, which by default will lower the prices of units. But that might not be a bad thing.

[@Mobius03692]

Common bud it’s the dam insurance

[@floridarealestatetv]

Insurance is out of control. And now we have 8 new companies who entered the market just to charge the same as the already increased prices. so dumb

[@bmanz8117]

So the. Answer is to sell get out dump it onto another person.

[@floridarealestatetv]

Or wait it out for a very long time.

[@cindybarnes1533]

Will this new law apply to villas in Lake Suzy Fl?

[@floridarealestatetv]

Look up Florida SB4. Senate Bill 4 addresses this law.

[@cindybarnes1533]

@@floridarealestatetv Thanks. Doesn't apply to us.

[@DerraKormino]

I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?

[@EmmanuelleNatty]

The stock market is risky But staying on the sidelines is riskier. Missing the next bull run will be far more costly to your long-term wealth than getting in at the "right price". Consult a financial advisor if you're unsure how to proceed.

[@tatianastarcic]

Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.

[@JacobsErick-u8r]

Mind if I look up your advisor please? I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now

[@tatianastarcic]

I've been stuck with the popularly ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@JaneAnna-j6x]

Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Melissa Terri Swayne after inputting her full name on the web, she seems highly professional with over a decades of experience

there are a lot of condo owners who are as poor as renters...they just bought anyway...

[@floridarealestatetv]

I know a few.

[@KJSvitko]

Climate change and rising sea levels will make properties in low lying areas and coastal areas impossible to insure. Banks will be reluctant to give a mortgage for 15 or 30 years because the property may be under water. Selling properties to average buyers will become impossible in the future as banks and mortgage companies stop making loans for these properties. Coastal areas are a high risk for insurance and extreme weather like hurricanes. People will have to self insure and take the risk of loss. Condo associations are losing their insurance and if they find a new higher cost policy they will be passing on the higher costs to association members. Flooded cars from hurricanes were filling the salvage lots. Insurance companies will raise rates and pass on the costs and risks to policy holders next year. Coastal properties will be confined to wealthy individuals that can buy properties with cash and self insure for losses from hurricanes or rising sea levels.

[@floridarealestatetv]

The banks won't be reluctant. They give the loans, then sell the loans as part of a package of notes to hedge funds, retirement funds, pension funds, etc. Those funds invest into real estate notes as a large bundle, and they can't distinguish if the notes inside those large packages of mortgages they buy are waterfront, condos, single family, nothing. They just invest.

[@jorishines1645]

Here's an idea. Remove all occupants, reduce all condos to rubble, build a serious sea wall using the rubble, covered in sand. Do it all the way down the dune line. This barrier will reduce the potential for catastrophic losses from hurricanes. The Dutch had the right idea, build a dike.

[@floridarealestatetv]

That’s definitely an idea.

[@stephendiamond9893]

You’d have to be out of your mind to own a condo HOA. Realtors even advise not to

[@floridarealestatetv]

It all depends on the goals. There are condos with very affordable fees. They are usually one or two stories. Three or more have a lot of laws now.

[@stephendiamond9893]

@@floridarealestatetv as long as there’s HOA’s, there will be ridiculous bylaws, corrupt boards, and insane assessment fees. Homes with HOA’s statistically depreciate value because they are associated with HOA, which has a very poor reputation..

[@blindspott1060]

Sarasota...I'm sure those condos in the background are filled with po folks!

[@floridarealestatetv]

Those condos are not actually in Sarasota. But ours are also expensive as hell. And some people are on a retirement income... so they're the ones who are having problems.

[@blindspott1060]

@@floridarealestatetv Condo problems run far beyond those living on retirement...in many cases insurance companies will not touch them period. The prospect of self insuring frightens any and all.

[@garybowler5946]

Ron Desantis has been great for Florida, everybody is economically underwater now.

[@floridarealestatetv]

I think that Ron‘s policy of not shutting down during the pandemic did cause a lot of people to move here. The thing is they all went crazy and bought houses for way above asking price. So now everything is kind of unaffordable.

[@garybowler5946]

@@floridarealestatetv Question, If you can afford the asking price, how can you finance a home when there is no home insurance available in Florida?

[@floridarealestatetv]

@@garybowler5946 Home insurance is available. It's just expensive. Average is $6000 per year, highest in the country.

[@ss8423ss8423]

Think of an HOA board as a Board of Directors for a company. Are they skilled enough to recognize, plan for, and navigate the increasingly complex maintenance of an aging building? Or, were they just voted in because they were interested and likable. Depending on the size of your equity position, you are entrusting a portion of your illiquid portfolio to that HOA board and your only means of influence are a single vote and trying to exit the market.

[@floridarealestatetv]

True. Most HOA board members mean well. Sometimes it becomes a power struggle.

[@sriramcan]

Florida looks like heaven from outside but the opposite from inside

[@floridarealestatetv]

It's beautiful, and I think it's great living here

[@heidiembrey8320]

​@@floridarealestatetvii was born here in Florida and t's great if you like a lot of old pedophile boomers and grass lawns forced on you I guess

[@heidiembrey8320]

​@@floridarealestatetvhow old are you, and how many lives have you destroyed ? How much a month are you getting from the government ?

[@floridarealestatetv]

@@heidiembrey8320 How many lives have I destroyed? What are you even talking about? You don't have to like Florida, but why are you attacking me? Because I love living in Florida? Are you from California?

[@floridarealestatetv]

@@heidiembrey8320 Oh wait, you might be from Edgewater? If you don't like living in Florida, you don't have to.

[@sf3486]

Thank you.

[@floridarealestatetv]

You're welcome!

[@gregoryward4521]

It's the plan behind the plan

[@floridarealestatetv]

There is always a plan behind the plan. Tear down the old stuff, build you more expensive stuff. Make it less affordable, increase the tax basis, increase the insurance costs, and hence you invite more rich people that spend more money in your city.

[@papasmurf1904]

I would not live in the entire state! 👍

[@floridarealestatetv]

I just wouldn't buy a high rise condo.

[@anthonymorris1723]

Deferred Maintenance. Otherwise Condos are fine.

[@floridarealestatetv]

Reserves being too low is a future problem...

[@waynerick5755]

Sarasota used to be so nice 50 years ago

[@floridarealestatetv]

I came over in 1992, and it was nice then too!

[@FM-ki4dl]

My wife was better 50 years ago😮

[@floridarealestatetv]

@@FM-ki4dl Bro.. lol

[@paul2081ok]

Floods are endless huh❤

[@floridarealestatetv]

It's wind damage that causes more issues. The floods are a lot more rare.

[@mikimikemike1]

shit is hitting the fan

[@floridarealestatetv]

Yeah exactly! And in some places, it hit the fan and spread out in the entire room!

[@jcmontecarlo6123]

I had a 1700 sqft condo in 33480 Palm Beach, hoa 2500$, assessments of around 50k each year. Oceanfront. Not a 55+, still miserable people. This year the old hags planned new elevators , 30k for each this year. Fortunately not for me anymore.Full of self hating people from up north in their 70s. I hated it so much I got out last year. So happy now. Never again. Cost me in total like 2M , sold it got some profit, not important. Main thing is :out!

[@neilkurzman4907]

You lived in a luxury building in a multi million dollar condo and sold for profit and you’re here complaining. Those assessments were to keep the building maintained, which apparently wasn’t being done. Otherwise you would. Not need assessments.

[@HHH-nv9xb]

Renting sounds pretty good. You just pack up and go.

[@Chicago_Clout]

Crooked creek HOA is a total mess.

[@floridarealestatetv]

Is that right? I’ve never sold in there. What’s the main problem? Great location, I walk that park all the time.

[@waynerick5755]

Is It crooked 😅😅😅😅😅lmfao

[@johannesherbeck4387]

What I from Germany don't understand: why don't the USA built houses as stable as in Germany? It's the same cost and with a cellar. For old important stuff, a friend who visits, party, tornado is a cellar not bad. All together costs the same. Building cists the same, but you don't like strong walls and our more stable windows. Why are slim walls so important for American buyers of condos? All because if the proud if American culture while you see more tornados and floods and burned houses? Why is a house with slim walls out of wood which burn fast and get easy destroyed in heavy stotm so much imoortant to get bankruot when a flood or tornado comes?

[@mike-uw6wt]

Most of the hurricane damage is done by flooding and water. German houses could withstand tornadoes much better but that’s usually not a Florida problem.

[@floridarealestatetv]

To bigger cost of ownership isn’t the building. It’s all the attorney fees that add up when people file a lawsuit because insurance finds a reason not to pay the full amount. The legal system is hurting the insurance rates in America, especially in Florida.

[@floridarealestatetv]

We rarely get tornadoes. But I have seen them before. And you’re right, the damage is definitely from hurricanes and from flooding.

[@lewisstretch]

I never liked condos. It’s just way too much to dislike about them.

[@floridarealestatetv]

There is quite a bit to dislike about them. There is a huge convenience, though. You can just buy a place and come visit whenever you want and never worry about any exterior maintenance. Just keep paying all those fees.

[@Floorguy1000]

Everyone wanted artificially low HOA fees. Was easy for the HOA to simply vote to defer. I feel bad for the people who are on a limited budget and who honestly were unaware of the reality, OR where talked into it by aggressive brokers. Kind of like when people were sold low adjustable rate mortgages and were told they could always remortgage when the rate adjusted upwards. It's going to be a bigger mess imo, than people think. Big Problem: Condo owner goes to their bank, " I want to finance a $100k assessment at 123 Beach Drive." Bank: " We are no longer lending to anyone at 123 Beach Drive." So now good luck selling....you need an all cash buyer.

[@floridarealestatetv]

It has crossed my mind that Banks might stop lending on high-rise condos completely. I know you can’t get an FHA loan or a VA loan on a lot of the buildings. They have extra requirements. You can still get conventional loans on many of them. But that could change.

[@acwilliams09]

😂 you got video bombed by a fish at 1:40.

[@floridarealestatetv]

Hahaha, I love it!

[@johndonovan7018]

i sold i sold i sold im free hahahaha. feels good to be out of there

[@floridarealestatetv]

Where did you have a condo in Florida?

[@johndonovan7018]

@@floridarealestatetv lauderdale near 17th street.

[@jeffreycheng5984]

Condos are a ripoff!🔥💰😈💰💰💰💣

[@floridarealestatetv]

They're not as good of an investment as single family homes or small multifamily, that's for sure. I'm a number cruncher, and I would not buy condos.