Time to GET OUT! INVOLUNTARY Condo Terminations

More involuntary condo terminations are underway in south Florida in Miami this week. Even though Florida is the poster child for these condo terminations, folks must realize that this can happen anywhere. These terminations are likely to have significant impacts on the local housing markets, especially in terms of affordability.
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[@jayschultz202]

The greed in this country has reached evil levels.

[@webrunner2407]

Judas Priest, I can not believe most of the comments that proclaiming 'Greed' is ruining our country. Do any of you people read American history books??? America was basically founded by rich, greedy business me. Not all, but most founders were very wealthy business, highly educated well to do men looking for a way to profit on the land they were purchasing from the semi - original inhabitants for 'Wampum'!!! This is nothing new. It has been done like this for ages. Here it is in laymen's terms, build a spaceship company, take off for Mars. Land there, claim it for yourself since you are the first inhabitant. It won't take but 1 month before you are sued by the governments of Earth because of one reason or a myriad of reasons why you can't claim a planet as your own. Unless you have the biggest armed force in the known universe.

[@gilbertgonzales3368]

If you were to sell your car,you would try to get every penny out of it. Does that make you evil greedy?

[@drscopeify]

The only thing at play are the forces of supply and demand which is the economic reality, greed is just a human emotion or mentality

[@djohnsto2]

Blaming social problems on greed is like blaming a plane crash on gravity. It's s force of nature, it exists everywhere. The real problem is the government. Bail-outs and monetary policy have created a group of incredibly wealthy people, which is taken from the middle class.

[@maroon9273]

We reaching 3rd wold level greed due to politics.

[@jaylewis5035]

Nine years ago I paid $48,000 for my condo in a 50-year-old elevator building. Monthly assessment was too low to maintain the building due to greedy nasty condo owners and the building was in disrepair. I joined the Board and scared 51% of them into voting for financing the needed $1.1 million in repairs. The building is now like new and only two more years to pay off the loan. Next up, new elevators. Condo owners are greedy and don't want to maintain their building and that's why they lose their homes.

[@CherylSCampbell]

Bingo! I did the same for my association and did it just in time to take advantage of the low rates. They are just starting their 9 year payback period. Me? I got tired of old buildings and sold.

[@muf]

They are not greedy, they don't always have the disposable money and don't want to get into debt.

[@KK-pm7ud]

​@@mufThey need to sell then. You either have the money or you sell. That's the deal.

[@bigbandguru]

You are so correct! Daughter bought condo in CA finding cheap fees placed the burden on to her since all needed fixing.

[@kazaabitboll2026]

Good on you, excellent effort and a headache I’m sure but worth it

[@larryeifler2994]

I rented a studio apartment in a 11-story apartment building near a university. The rent was $335 /month in 2005. The university took over the building using eminent domain. Refurbishing the building was not tenable and it was to be demolished. Dorms were built on the property. I received $3,600 move out money and of course the full rental deposit. Some people were unhappy about being forced to leave but I was transitioning to a minimalist life-style. It was a great deal for me. I moved to Thailand and the retiree life. The dorms were so poorly built that mold became a problem and they had to be torn down. Law suits were filed. Look out for yourself.

[@alphaomega1351]

Don't do it people! Condos and Town houses make absolutely no sense unless you are rich. The association fees are ridiculous and of course only go up. 😶

[@vickieclark5931]

Yeah, I never could understand people buying condos. You might as well just rent an apartment. You never even own the condo, even once you pay it off cause those fees are completely ridiculous. People think property taxes are high? Condo fees have them beat. Plus they 100% always goes up every single year.

[@Commonsenseisnotcommon8]

Condos and town houses are for people other than just the rich. You just have to pick the right association. I don’t mind paying $200-$300 a month, for someone to take care of my lawn, and I have a pool and a gym on site. But yeah I would never pay$600 to $800 like some associations want. But especially as a single person, I don’t need a single-family home. And I hate living in a suburban type of area. So we need all different types of housing in this country. Not just single-family homes.. Plus, I’m the one also that likes the rules, I like, knowing that my neighbors house is going to look a certain way.. That’s not for everybody some people don’t care if people have cars parked in their streets and basketball hoops littering driveways, and houses that are purple I mean maybe you don’t care about that but some people do.

[@Daveyjonesvi]

@@Commonsenseisnotcommon8hard agree. I don’t understand why people think everyone’s taste are the same. If you give someone a 100k job they all won’t want a house, they won’t all want a condo and they won’t all want to rent. Taking into account money, condos can be the better option as they are cheaper even with condo fees and they have very little maintenance for inside the unit. You also get to get some type of equity for just living there. We need various options for people to have a healthy market

[@vh9network]

Townhomes HoA fees are usually cheaper than Single family houses on the same subdivision. I'm not buying Michael Bordenaro's doom and gloom, as it doesn't apply to every state, he keeps focusing on Florida and California which are the two worse places for housing in terms of costs.

[@arkzyFn8]

@@Commonsenseisnotcommon8and unfortunately now it’s all most average people can afford

[@barnabusdoyle4930]

This right here is the main reason why there is no affordable housing in the US. The developers are eating up all the currently standing homes to tear down and build the 10 million dollar home.

[@tamjeanell]

But who will buy next round?

[@colettespencer3357]

Yep. Thats happening in so cal...

[@commonsense6967]

@@colettespencer3357But FL has laws preventing citizens ofCommunist countries from buying property in FL. CA, OTOH, is pretty much owned by the CCP now.

[@F4URGranted]

​@@ShocknutzChina dying hard rn. Check out their deflation, lol

[@F_JoeBiden-tu6cl]

@@F4URGrantedDeflation is good. Buy more stuff with less money.

[@danr9584]

A developer tried this with a subdivision that used to be off of tree lane in Snellville GA. They bought up all of the lots in the neighborhood, voted in their own man as HOA president, voted to defund the HOA, and shutdown all the amenities. Everyone sold except one pissed off man with enough money to fight them. Developers ended up in continuous legal battles with him that lasted almost 20 years. It was a great story, and I wish I could still find some of the old news articles on it. He eventually sold, but it was to an entirely different developer who took the project over.

[@stacythomas9916]

That guy is a legit hero lol

[@josecla71]

Something that you need to understand once you buy in a condo is that you don’t own a condo….the condo owns you. The condo association can do as they please. They have more power than anyone you can imagine. I have dealt with several condos throughout the years and my advice is stay away. Buy a single family home. Life is beautiful don’t look for headaches that you don’t need

[@jbdragon3295]

That is why I have my small house and no HOA. I gave a pretty stable mortgage, so no rent shooting up. I can do as I please.

[@lilyshade4124]

Condo life doesn't sound attractive. 😕

[@SC-gp7kt]

It isnt

[@masterofceremony3728]

Love thy neighbor 😂

[@marciawade9101]

For REAL!

[@makeupwithvalerienotrends7961]

Only in Florida, it doesn’t sound attractive.

[@KikoValleyMan]

@@masterofceremony3728😂

[@BopsStudios]

One of your best shows to date, and very well explained to the non-informed.

[@MichaelBordenaro]

Thank you !

[@rickschucker9697]

I wouldn’t take a condo in Florida now if you gave it to me free!!!! Way to many hidden expenses involved 😮😮😮😮

[@commonsense6967]

I almost bought a condo for investment purposes here in FL when the 2008 housing crash decimated the condo prices particularly hard. They were decent, $35,000-45,000, and would have been bargains except for the uncontrollable HOAs and maintenance costs. I decided not to.

[@xtaltmas]

My husband and I had one and it was the worst investment ever. We managed to sell it in 2021 and will never buy one again. Associations are trash and you end up paying more on maintenance fees than the mortgage. There are always special assessments…It’s a scam

[@Gitn2it]

Here's a true horror story. I bought a condo in a building that was built around 1890. Shortly after moving in, I had to pay a special assessment of $20,000 for a new seawall. A few years later, I had to pay $8,000 for an upgrade on the elevators. A few years later, after a mandatory building inspection, we were told that many of the structural steel beams had rusted away. The cost to repair them and to replace the roof, the two elevators, and make other needed repairs was in the millions. My portion of that cost was $80,000. We tried to sell the building to a developer but only got one lowball offer. That happened about 10 years ago and I'm still trying to pay it off. Meanwhile, my monthly association fees have gone up as well as my taxes. I have decided to put my condo up for sale next year because I can't afford to pay another special assessment, which will surely come.

[@oveidasinclair982]

It's not a scam, it's called old buildings and in this case it's an old high rise on the ocean front. Salt air can tear a building apart and if the maintenance falls behind, the problems compound on themselves. These people were offered more then fair money for their property and most took it, the holdouts were either idiots who have zero concept of building maintenance, or were just holding out trying to get more money, which because of that; they got less.

[@xtaltmas]

@@oveidasinclair982 With all due respect, I'm not talking about the Castle Beach Club condos in Miami Beach with the Terra developers or whatever you are referring to. Florida is a big state with many condominiums with bad associations that are not even in Miami Beach or impacted by being located on the ocean front....MY condo was not like that with environmental impacts from the ocean and MY association was still scamming us with special assessments that actually never fixed the maintenance issues the buildings had.

[@tomcripps7229]

I work maintenance at a small condo in downtown Austin, TX and I see the same thing with new high rises going up all around like crazy. Our building is almost 20 yo and cheaply built. The budget is out of control, we're right on the river in the heart of an entertainment district, party scene, pretty young women everywhere and the writing is on the wall. Some developer bought up a townhouse complex and is building multiple high rises. I can see it being bought out in 5 years. I will miss the scenery.

[@MichaelBordenaro]

It definitley might happen. Prime areas are the target

[@user-ss7jq6ix9w]

Like Ron says, "Florida is winning!"

[@jeremybaldwin2840]

This is why I’d NEVER buy a condo. And don’t buy anything on a land lease (some HOAs)

[@miketaylor7023]

If your rich enough you can buy the law. You can make the laws. You can break the law and make it a law to break the law.

[@critterscute3642]

Exactly

[@BREEZYM6015]

Breaking the law, breaking the law, breaking the law! 😂

[@JNoMooreNumbers]

Soros money all over the place now.

[@timr31908]

When everything is a law it's kind of hard not to break the law

[@bycarolyndahl]

I believe it's called the golden rules. He who has the gold makes the rules.

[@tommorningstar6373]

Regular people never really had a say so in condos. The smallest house with a yard for my dog but no HOA is a vastly superior. The developers are looking at the cost of the foorprint. demo and removal, permitting and construction and how much more than the cost of all the above they can leverage out of the footprint. We are headed for the brink. I hope the vampires get wiped out.

[@maroon9273]

Another form of eminent domain.

[@bryanspayde5681]

I closed my shop today. Let my 2 employees go. …. It hurt. Not financially. But on a personal level. I was responsible for my employees income …. Small. Business is be killed…. A aircraft facility just closed…..

[@MichaelBordenaro]

Sorry to hear that

[@thephilosophicalpugilist]

What town? State?

[@cathyarmato7132]

I'm so glad you addressed this! My heart goes out to those people who thought they bought their forever dream home, only to have wealthy developers yank it out from under them. The news is barely covering this story. Chills went up my spine when I heard it. I will never EVER buy a condo/coop in Florida, the laws are awful! I don't know what kind of "deferred maintenance " the building supposedly has, but I don't understand how these sharks can just set their sites on every piece of prime real estate in Florida & simply take it using these tactics. It's scary & disgraceful. Those poor people will never find anything like what they've lost that they can afford. 😢😡

[@mrparts]

Next to the ocean, the concrete and metal structures take a beating and deteriorate heavily over the decades. All the things that need to be repaired and fixed in these old buildings, like balconies, windows, and columns, cost several million dollars, and the homeowners, through the HOAs, never saved enough money.

[@williamjacobs]

A critical component of this mess is that the condo board/HOA allowed maintenance to fall so far behind that the developer has this enormous threat to raise over the community. If you buy into a condo, check their reserves, ask to see a audit of maintenance requirements performed by an independent engineering firm. If there is no huge honking expense on the horizon, there's nothing to scare the owners with. Be suspicious of condo fees that are low, yet cover a lot of expenses. Is it too good to be true?

[@danman1287]

this is not a problem in other states only in FL

[@Drforbin941]

All fine but not realalistic

[@danman1287]

@@RetireandGo I love SE Asia. People don't understand how affordable it is... higher quality of life

[@Drforbin941]

@@RetireandGo I agree...can you give me some info on getting out of the trash USA?

[@williamjacobs]

@@danman1287 You may be right. I think it was triggered by that beachfront condo collapse that got the FL legislature interested in public safety threatened by maintenance postponed by pennywise and pound foolish condo boards that wanted to keep condo fees unrealistically low. You'll note Bordenaro said this is happening in OLDER condo buildings. The kind that has very, very expensive repairs to make. That's not to say it won't happen in every state. Buildings everywhere can collapse if maintenance is ignored. It' may be especially bad in Florida because salt water is unkind to reinforced concrete structures and FL has lots of coastline.

[@johnnyonthespot2498]

I could not enjoy the content of this video , it is terrifying to me , this can happen pretty much anywhere . Thank you for the info and the hard work you putting into this video , God bless all of you out there

[@daynajoe]

Living anywhere in North America has become such a battle in so many places. Doesn’t matter if one owns or or rents, some greedy corp. sees profit in neighborhood, and the pressure to take over is on with no end in sight. Many people hate government interference in business, but something has to give. Where are senior citizens supposed to just “up and go” when their condo is being taken over? Where are they to just get more money from for all the real estate fee increases on a fixed income? Such a strange and pressuring time to just LIVE in certain places for everyone who is not a real estate investor with long pockets.

[@MichaelBordenaro]

I hear you, but is the reality it needs to be discussed

[@NoNORADon911]

Well its not entertainment its news or information.

[@jamesgibson4100]

Again, not even looking to buy a house or condo, but really enjoy this young man and the very wide range of information, that applies to a wide range of people's ages of so many things to think about. He could save many heartache, and many others heartbreak.

[@MichaelBordenaro]

Thank you very much James!

[@christinev6206]

I have a very good friend who lives on ocean drive and 5th for about 20yrs...The developers have plans to re develop the entire South Beach strip with high rises..

[@rustyscrapper]

Old condo buildings become an absolute quagmire because of maitenance. It starts with them collecting to low fees because it's still too expensive, yet not covering their debts, because they borrowed a 3.5 million loan for a roof and windows and siding 15 years ago and are still making payments. And then something catastrophic happens structurally or it's just an accumulation of too much maitenance needed as the building gets old, and condo fees get absolutely stupid like $2000 a month but they are worth 250k. Eventually the condo associations will go bankrupt and in a lot of cases the condos will be worth nothing and transferred over to a corporation that takes over the debt and gets stupid low intetest Rate loans not available in the private sector. Which is actually the only way to get the job done and make the building whole again as a rental property with condo units for rent, under 1 owner.

[@danr9584]

This building had already undergone and recently passed its 40 year recertification, so there is no way that what the developer is saying about repairs and deferred maintenance is true.

[@ronaldparker6726]

MICHAEL!So they want to build more by the. WATER! What happened about the SEA rising? It is all a joke we are deing conned.

[@garymunson2493]

Does anyone think DeSantis's actions on condos has caused "unanticipated consequences"? Sure looks like a carefully orchestrated scheme for developers to scoop up every older condo on a beach. Affordable housing is crucial for a functioning society. We are seeing the results of unregulated corporate ownership of all housing, both condos and detached single family houses. It's beyond time to OUTLAW corporate ownership of ALL residential housing. Give them a year to divest and watch home prices come back to reality.

[@pegasus8873]

Part of the problem IMO is that the condo board isn’t qualified to decide on huge maintenance issues and they don’t want to raise the fees to cover big maintenance jobs. The vultures know this. They just circle the skies before landing to eat the carcass.

[@NoNORADon911]

Vultures often wear yamikas for some odd reason.

[@NoNORADon911]

@@RetireandGo Hot women in Thailand....

[@donniemoder1466]

Yes, the Board members are not qualified in building maintenance, finance, management, real estate. They become scared to do anything that costs money and delay maintenance and necessary capital improvements.

[@4gedcarbon537]

Something else to realize….these people getting bought out at low prices are a lot of times retired. Having to buy a new property at a much higher price comes with a much higher tax bill and insurance bill. You got a ridiculously low price on your property and can’t buy a comparable unit. Say goodbye to the ocean vicinity the way prices are. They are forcing the individual inland. Great vids Mike.

[@funguy4utube]

There was a situation at the 'Palm Bay Club' back about a year ago where the association levied an assessment of about $175,000 to each unit !

[@tammyicious]

I'm not in the market to buy a home, or sell a home, but man oh man, do I enjoy your chats. So interesting. By the way, I live in Baltimore County, Maryland. I'm in an older brick townhouse, brick on block. No HOA fees. 😊

[@Lisithedogwalker]

🙏🤍

[@INTERNETVID]

The common denominator is plain greed, which applies to both parties. But rest assured the new owners would not have submitted $400K 'lowball' offers unless their attorneys insisted it would pass legal muster. And guess which side has the financial wherewithal to acquire the best legal representation? The holdouts will rue the day they didn't accept the initial offer and run.

[@daviddahl8186]

My understanding is the 2025 condo structural engineering and reserve requirement applied to buildings over 3 stories. Not the smaller buildings.

[@Elsa-qy9hr]

This is exactly why I never got a condo 😮

[@bearcreekrealtyholdingsllc3953]

We sold our beachfront condo in Pompano Beach 2 years ago for the highest amount that any unit ever sold in our building, 2 weeks after the Miami building collapse. Since then, building inspectors were all over beachfront condos, including our old building. The building inspector found numerous issues with the building and has mandated that these structural repairs be done immediately. Work has started on the concrete restoration. HOA fees have almost tripled to make up for the shortfall. No one in our old building ever wanted to pay a little extra monthly, so we never really had money in reserves. And, now, a builder that bought up the land to the north of the building, built a beautiful modern multimillion dollar condo complex. This builder then bought out the single family homes, to the south of the building and are building a beautiful modern glass building there, too. Then, this builder approached my old building and is offering to buy everyone out. There are 187 units in my old building. More than half have already signed up for this. They need to get 150 units to sign up. I think it's only a matter of time.

[@wxxw-pc7qq]

Where is all that money coming from ? Who are these builders ? The FBI is to busy covering for Joe Biden and his family or maybe are in on the take also .

[@MrDCMiami]

TAKE IT. You're a fool if you don't.

[@bearcreekrealtyholdingsllc3953]

@@MrDCMiami we sold ours 2 years ago.

[@robertlipka9541]

It almost makes sense to have a saving plan yourself (even if your association does not put money away for maintenance). You know that sooner or later some major repairs will be needed and when this happens, you can use the savings.

[@brians2328]

Lived in Pompano off Atlantic just east of 95 3 years ago. I knew then it was matter of time before they started buying it up as well!!

[@zackbog]

never buy a condo has always been my rule or HOA

[@kristinab1078]

I purchased a condo in a desirable and walkable area for half of what an average home would have cost me in my area. The HOA fees and annual assessments are reasonable and the association is strong. The value of the property has gone up quite a bit since I purchased, so for me, it was a good financial decision - more importantly, it's a nice place to live. The key is to do your due diligence prior to purchasing.

[@mike9132]

Condo's make NO sense. You have all the benefits of apartment living with all the costs of actual home ownership. Wave after wave of special assessments which you have no control over. So just rent an apartment and you dont like it just move.

[@user-rr3rq1xj3v]

Houses in my area are selling in 1 day and getting overbids, it feels just like 2021 all over again.

[@delayedgratification581]

Wow so much freedom in Florida there

[@michaelpurnell6338]

Too many things are unattractive with condos. Ownership seems too shared. Sounds like a ransom. I feel like you need to own the ground or it’s a shared ownership.

[@dlmcc0202]

for a lot of the wealthy overseas, expensive properties in the US are a way to launder money. That is why there’s usually demand for these things. Here in NYC (a place that nobody is moving to) these sell becuse of that reason. The government doesn’t care as long as you’re paying the sky high property tax on them. That lack of affordable housing in this country is a major problem.

[@AlphaMale_1]

The lesson is to do maintenance!

[@MichaelBordenaro]

Yes!

[@slickdealer2099]

Condos are like a rental or leased car. Makes no sense, you can do better with hiring separate maintenance people in your SF home.

[@johnpeymann2783]

We live in such horrible crazy times.

[@77jaycube69]

I've been saying all of this since shortly after the Surf Side collapse. If that wasn't the canary in a coal mine then I don't know what else would be.

[@phydariel]

Wow! This reminds me of a co-op I used to own in the Rosslyn section of Arlington County, VA, just across the bridge from Washington, D.C.. We do not own the land. The contract is up in less that 30 years. I sold because as it gets closer to the end of the contract fewer and fewer people will not buy with a 30-year mortgage because in less than 30 years it may be torn down. You will get nothing. The place will be worth nothing. I’m really wondering who is currently buying.

[@francismarion6400]

Even at 70% ownership the developer doing the buyout could start making everyone's lives more difficult especially if they get on the board.

[@chrislastnam6822]

The high homeowners dues could be because of the proximity to the beach in Florida. Buildings near the ocean deteriorate at a much faster rate than inland ones .

[@chrislastnam6822]

If people can't afford a single family house in a good neighborhood , try buying one in the hood if the location and the attractive architecture or view indicate gentrification is on the way. In Los Angeles, Echo Park , Venice and some other areas had lots of gangs, drive by shootings, urban blight and now have lots of four million dollar houses. The next area that should get gentrified is Highland Park. Singer Billie Eilish is from there and her parents' suffered a home invasion burglary recently but things are changing. She could afford to buy them something in Holmby Hills.

[@mountainman6549]

@@chrislastnam6822why do they deteriorate more closer to the coast?

[@chrislastnam6822]

@@mountainman6549 They deteriorate because of dampness which causes wallpaper to come off, metals to rust, paint to peel off ,mold to grow...

[@danr9584]

The HOA bylaws for this condo originally were written to require 100% approval to dissolve the HOA, but the developers amended the rules to have the state minimum of 80%. The residents of condo are suing that these documents were illegally amended.

[@jamesdelap4085]

Only 112 today in Phoenix.

[@MichaelBordenaro]

Wow nice and cool!

[@rulesforrebels]

D to my cousin in Chicago. The full buyout has been dragging on for over two years. He can't sell it as nobody wants to buy it since its turning into apartments so he's renting ut for about half his mortgahe

[@andrewmcrorie3096]

another great video. and this is only one of the problems with hoa's. never in my life would I sign up for an hoa

[@commonsense6967]

Me either. Owning someplace with an HOA is a negative for many buyers.

[@charmainmorrison8615]

So I guess if you are hell bent on buying a condo it’s best to purchase in a new building if you can afford it. Insane what’s happening 😢thanks for this information

[@MichaelBordenaro]

That's the problem. I'll need a rich can afford it. The cheapest new development I see happening right now in Miami Beach. I think the studios are going for 500 K. of course, all of those are sold out only thing left of the two bedrooms that cost 1 million

[@KikoValleyMan]

You’re right Micheal. The quicker they get out the better. He who hesitates is lost kind of thing.

[@gregh7457]

but that's paving the way for more successful takovers isn't it?

[@KikoValleyMan]

@@gregh7457 it an evil loop isn’t it.

[@chargermopar]

The developers are basically digging their own grave. Once people realize that "owning" a condo is not safe, who is going to buy all the new much more expensive condos? By the time they demolish the old building and spend over a billion to build a new one double or triple its size. who is going to buy this ? If you live in an older unique building you are a target. Developers are determined to eliminate anything built in the days when Miami was affordable and attractive.

[@77jaycube69]

It wouldn't be too bad for someone to buy a condo in a building under 20-25 years old. After that. Well, it will be like musical chairs. I wouldn't want to be the one left without a chair when the music stops. And the music will stop.

[@MichaelBordenaro]

Yet people buy these super expensive condos for millions

[@chicagonorthcoast]

The people who buy the super-expensive condos that replace the old, decrepit ones are people who are so rich that the price of their $40 Million cribs is a tiny percentage of their net worth and only one of their many lavish homes and ungodly expensive planes and yachts,, so they are not concerned. They live on a totally different plane than you and I. They are moreover often laundering dirty money and don't even occupy these places, so they don't sweat maintenance costs or reckon future deterioration and rising costs.

[@ORIGINALwhatnow]

I had no clue forcing people out of there condos was even an option or possible.

[@naturelover2292]

Same here! Everyone that owns a condo, especially in Florida needs to see this video. I would really be considering selling and getting out now. These people were only offered $400k if they would’ve sold before this happened they would’ve probably got more money.

[@IvyANguyen]

I wondered about this too, and what usually happens if the situation pops up. I live in Philadelphia and wondered about buying a condo in a medium/tall building downtown, so naturally I wonder what happens if you still have a mortgage or even paid your unit off then 10 or 20 years later developers come in and want to convert the whole building into flats/apartments/rentals. Are they obligated to pay you enough to buy a similar unit in a similar location of the city? What if you paid say 200K for yours then the same type of unit in a similar location goes for 1.2mn and yours get bought out for only say 600K?

[@chicagonorthcoast]

@@IvyANguyen It happened to me and a number of other condo owners here in Chicago a few years ago, and it happened to buildings that were A. Controlled by investors who rented out their units and/or B. buildings where essential repairs and capital investments were deferred for decades and allowed to pile up beyond affordability. When you shop for a condo, do a lot of due diligence, starting with the association itself. First, is it a condominium or a cooperative? Avoid cooperatives like they are Ebola, for you have NO say and really don't even own the apt- you own shares in the building and coop governance is extremely opaque. Second, what's the percentage of owner/occupants. Ideally it should be 100% owner-occupied, and certainly at least 80% owner-occupied. The more investors own in the building, the more vulnerable it is to conversion back to rental, for these people will suffer no disruption and for them, the sale will be pure profit. Third, look up the building at the Recorder of Deeds site for the county, and check the ownership of every single unit, to see how many units are in some stage of foreclosure, and how many have a lot of debt against them. A building full of people who can't pay for their places means a lot of HOA delinquencies and a very troubled building. Lastly, when you clear all that and settle on a place, with a contract in place, order an inspection of all the common elements, like the heating system, the common electrical, the structure, and all other common elements along with the thorough inspection of your own unit. Yes, this will greatly elevate the cost of the inspection and the building's Board will probably push back, but you have the right, and you need to make it clear that if they don't want to allow it, the sale is off. Make your contract contingent on a whole building inspection. I wish I had- I would still have bought but I'd have peeled at least $10,000 off the price.

[@markfcoble]

No ocean front here at high mountain, desert, forested, plateau, hideout...NM. Neighbor's horse died from rattlesnake bite the other day. I killed one about3 months ago and making it into a hat band for the cowboy hat. So...the country. Pitfalls of ownership? You don't say! Haha. Yeah, we own, no mortgage so that helps. Hard assets while fiat currency collapse continues.

[@hexfreedom3614]

That CA weather help your skin look better than if you were in FL. LOL

[@MichaelBordenaro]

I think so too, I can stay out longer without getting burned here.

[@randywilliams4325]

The weather is much nicer in Marin county than Miami. Left SF Bay area 2 years ago because it’s to expensive to retire there . Problem with leaving California is finding places that the ex-Californians have not drove up prices - like Idaho and Nevada.

[@skepticalmechanic]

Have always owned a house and would never own a condo… FEE simple is the way to go…

[@kzen848]

PACNW is where its at. No sense going back to Florida.

[@MichaelBordenaro]

It's gonna be hard to go back after being here this long

[@kzen848]

@MichaelBordenaro yeah, that is why I vacation in Oklahoma. Makes me appreciate my home even more. Jk.

[@yend.7983]

I traded in my condo for a duplex because I wanted my own garden

[@critterscute3642]

You are definitely correct that “the little guy” has zero rights anymore. Big money wins, every single time

[@thetapheonix]

Big money has always won this is nothing new.

[@exelmans8855]

@@thetapheonix Sadly people believe in lies.

[@Resmith18SR]

These developers in South Florida bought up all the old hotels in South Beach, remodeled them and charge people $200 or more a night. These greedy developers need to be sued for taking advantage of people.

[@gregh7457]

There is nobody forcing you to pay 200 for a hotel room

[@judymckee5992]

That is business, don't like it , don't rent!

[@Resmith18SR]

@@judymckee5992 You must be a landlord Judy. I have rented for years here in beautiful Mexico, a 2 bedroom furnished apartment for $400 USD a month.

[@Bronx_Yankee]

I sold my condo in 44 days, I bought a 1/4 acre 3/2 1 car garage with the money in small town Central Florida

[@AUniqueHandleName444]

It seems insane to me that condo owners can vote to force the other owners to sell. If it's your property, nobody should be able to force you to sell it, even if it's 99% vs 1%.

[@10indians1]

A single guy might wanna live in a tent, work, save money, buy gold, for a secure safe future! but there can be a lot of risks with safety weather, ect ; But at the End you might have a lot of money saved! 💰

[@naturelover2292]

Great video Michael! Definitely scary for condo owners especially in the South Florida area.

[@minaso81307]

Those 6 holdouts made things very difficult for that corporation and now that they own 80% of the units and can legally do whatever they want, they're gonna laugh all the way to the bank. They should have taken the deal and left. You can't fight these ppl and when you do this is what happens. 😢 Sad but true. There's a REASON they were offering the others SO MUCH MONEY over market value, even $1.5 million. The extra money they offered was to compensate them for having to move out of their dream home. The REAL culprit here is the HOA, who for DECADES took these innocent people's HOA fees and did nothing to maintain the property. They should sue them instead.

[@TechieTard]

I have always said, if you live in an HOA or a Condo, you do not own your own home.

[@shineurs2]

Here in North Idaho, investors are turning very old apt. buildings into condos with a luxury price.

[@randomvintagefilm273]

NEVER BY A CONDO! Here in Cali they are allowed to raise the HOA fees 20% every year!! You could pay off your mortgage and still have the same amount in fees after ten years.

[@rosemaryjere-nyendwa4947]

A while ago I made a comment; the next homeless people will be Condo folks. Appears, I predicted loss of condo homes accurately. Some of the buy out offers can't meet the median prices of homes now as affordability is still under attack from inflation rise, insurance costs or the closure of insurance businesses making it harder. Then unemployment is set to rise. No Soft Landing in sight! This is a cluster 'attack ' from all sides on people.

[@SLR.e14]

I’ve lived in St lucie county Florida for 20 years my property Taxes went from $3,623 To $11,645 It’s always the funds for the fire station or the police . Even though when the police do wrong or violate citizens constitutional rights Qualified immunity ( Tax Payers) Have to pay the lawsuit . Warning DON’T move to ( Fort Pierce) St. Lucie County Florida People that are Rich or have Authority think they’re above it

[@MC-rr3ew]

I used to live next to Archie's on the island..loved it!!

[@ocsugar]

The cops and fireman are bankrupting local govt with their exorbitant pensions and abuse of ot and phony disability claims.

[@tomcripps7229]

I worked in Ft. Pierce over 20 years ago and that place looked like Mogadishu. What's it like now?

[@SLR.e14]

@@MC-rr3ew That’s the island City of Fort Pierce

[@daynajoe]

@@tomcripps7229😂😂😂✨

[@Jackthemostawesomecat]

The very reason I would never buy HOA. I grew up in Fla. from 1970. it was so beautiful then. Still so natural, you know. Call some place paradise. kiss it goodbye. The throngs come and there is no going back,

[@naturelover2292]

I agree! Born and raised in Florida. It has definitely changed and not for the good.

[@marknewton6984]

​@@naturelover2292Me too. I still know where to go... 😎

[@paulconner4614]

How much they paid is irrelevant. The question is can they get a comparable unit in the same neighborhood for that price. As for markets, Texas is going to take a beating in all the major markets but Austin will get hit the worst.

[@mikesrandomvideos]

Florida Lack of building code and engineering scandals have made differed maintenance a huge issue. I would never buy a condo in FL. Unlike California which is way overbuilt. Way too many building codes and standards are really high here. The condos need inspections there because the building codes (lack of) and bad soil, Weather need inspections every few years to keep compliant.

[@bonniefells7585]

Wow Michael, your subscribers are going way up! Great job, way to go. Your content is good and you deserve this. I look forward to listening everyday.

[@Lisithedogwalker]

❤❤❤❤❤❤

[@gregoryabbot420]

The Developers could very well be investigating the personal circumstances of each owner and basing their offer on that information. If they think you're between a rock and a hard place? They offer you less. That's the kind of stuff deregulation gets you.

[@hvaball150]

True, but would be done regardless of your spin. It's all about how they can hit the sell percentage and whom is vulnerable...

[@vickijohnson9367]

Another Beautiful Day! That’s what I said almost every day living in San Diego County.

[@puffnstuff12]

FL is geared towards the rich with little regard for regular people. Ban condo's and/or rewrite the regulations so this cannot happen again.

[@rocket9580]

everything is rigged..right down to the brake pads on your car..

[@Flyers8810]

Is telling a condo owner they are illegally holding out from taking a buyout offer fraud? When the owner is in no way doing anything illegal. Or at least an attempt to commit fraud? I would think anyone in that kind of situation with documents to back it up would have a major law suit they could go after.

[@erty7012]

Maintaining your stay in your condo should have been stated in writing at purchase. This is learning the hard way. Not fair.

[@commonsense6967]

@@erty7012They had to be informed and sign documents agreeing to the arrangement at the time of purchase; so yes, the owners knew (or should have known) of the risks.

[@MichaelBordenaro]

According to Florida condo lol these terminations are perfectly legal so long as one entity owns 80% or more of the units

[@Habanero777]

Government needs to be restructured and run by we the people

[@djohnsto2]

There's a reason why freehold fee-simple fully detached homes without HOAs are so expensive. It's like your own sovereign territory. The state can still invoke eminent domain, but fully detached fee-simple properties are absolutely the best you can get.

[@1969bones69]

I never understood condos. At all.. I mean you rent an apartment. You don't buy one. I just don't get it.

[@igorborovkov7011]

If you want to rent an apartment from a small landlord, that small landlord have to be able to buy it first.

[@DIVISIONINCISION]

The way it was explained to me (by a friend) is that he doesn't want the expense involved with taking care of a whole house, plus landscaping. My argument was that he's still paying for a COA. It's basically a 2 bedroom apartment that you own. Why would you pay to live next to people? That's why people buy houses/property.

[@CarlaQuattlebaum]

@@DIVISIONINCISION- That's why I wouldn't want to buy a condo. I want a yard, on all four side, even a small one. Better a small one, takes less time to mow.

[@timelessmusicfamilymusic9175]

Plus, about buying a condo versus renting an apartment. Once you pay off your mortgage, you own it. No more money on a mortgage or rent issues. Plus, you can paint or design the inside of your condo to your taste without answering to some landlord.

[@danishhussain8046]

A single family house is also not owned by individuals. Skip the property tax for a couple of months and then town will come and foreclose the property.

[@JeremeyHowlett]

In Florida they don’t let a few people hold up progress.

[@mrparts]

That particular building was in the news before because of the massive assessments due to deferred maintenance. All ancient condos adjacent to water will suffer this fate. The homeowners simply won’t be able to afford to maintain these 40+year old buildings exposed to salt water corrosion for decades.

[@PonyGirl004]

I cannot imagine spending milions of dollars to live in a tiny shoe box in a congested city

[@phyllis9750]

Well, that's almost All of New York. Worse in Japan. Big changes needed folks.

[@SheriL1]

That's crazy. I didn't know that they could take a condo from an owner. I'm glad that I was never interested in purchasing a condo. I never wanted to pay an HOA, never trusted them.

[@bobsykes]

Lol! I’ve gotta hand it to you, Michael. The shark in Jaws is a perfect analogy for the ethics of a real estate developer.

[@rugdnit911]

Get out of there before they claim you’re a resident and charge you state income tax

[@ginacardarella]

Looks like he's only stay in in the pretty parts. He's not going to the scary parts 😮

[@rugdnit911]

@@ginacardarella Lived in Santa Rosa for 8 years. Looks nice from the outside.

[@MichaelBordenaro]

Haha yeah really

[@jeannewilliamson5855]

There are corporate people trying to buy every home in the U.S. Don't let them.

[@dannalewis8064]

Great video! Are you able to find out the age of the tenants in these Condos facing “bully” buyouts? Concerned about the elderly/retirees being taken advantage of.

[@MichaelBordenaro]

Thanks! It was actually a video from the local news in Miami, where they talk to some of the people who were being kicked out. They seem middle aged. However, this is definitely going to be a problem at 55 and older buildings especially as a new condo laws hit because those buildings always run on shoestring budget and have a ton of deferred maintenance .

[@jamesdelap4085]

"And that's the way it is".

[@MichaelBordenaro]

Yep

[@clos8754]

For the love of money.

[@marcbayarea1980]

Condos only make sense when they cost $125k.

[@commonsense6967]

Less than that!

[@arribaficationwineho32]

The hold outs are hardly in a take it or leave it position. They can certainly be forced out but will get the same money unless they decide to sue.

[@phyllis9750]

I almost bought a gulf facing condo 10 years ago in Panama City. PHEW! That was a close one. I feel so bad for all of you.

[@kathryn1335]

I live in a three-story condo on the Intracoastal with a gorgeous view of Singer Island on the other side. My taxes went down this year. I hope people do stop buying because there’s too many new condos going up all over the place. I wouldn’t want to live anywhere else and by the way my maintenance fees are reasonable. I moved here 20 years ago, and the first thing people said to me was don’t ever buy south of Singer Island and it was the best advice I ever got.

[@shortstraw4]

Condos need to be heavily regulated or banned. Currently there is zero regulation!

[@josephlynch3746]

WOW!!!...Unlawful Inhabitants of the Property!!! 😢*

[@masterofceremony3728]

I see people writing that you have to pay association, yeah and single family dwellings have to pay a lot more taxes that keep jumping significantly especially in Florida. So it evens out, the multiple neighbors is another story

[@MichaelBordenaro]

I agree, the expenses are there regardless. Also pay way more insurance for a single-family home

[@jimmywalters3071]

I can't get over the HOA fees that owners have to pay....in Miami high rises there are well over $1000 per month. Even in Myrtle Beach.. my tiny 550 sq foot condo in which I sold several years ago was up to $500 per month and a two bedroom unit was $1200.

[@CarlaQuattlebaum]

I can't imagine BUYING a 550 sq ft living space. Most 1 bedroom apartments are at least a little bigger than that.

[@kristinab1078]

The humidity and salt wreaks havoc on buildings in that part of the country. I can understand why HOAs are more than average there.

[@jimmywalters3071]

yes, I agree.@@kristinab1078

[@jimmywalters3071]

@@CarlaQuattlebaum They are for short term rentals...small yes, but bigger than many hotel rooms... as the condo had a separate bedroom that fits a King bed and a small dresser.. closet.