Warning: What You Must Know Before Buying A Florida Condo!

[@mikeh5629]

Love living in a condo in downtown St Pete! The amenities are great, the views are fantastic, incredible restaurants within walking distance and wonderful neighbors that have become great friends.

[@INTERNETVID]

Sounds awesome. Do you pay HOAs? How much may I ask? Has it stayed the same or gone up? Gone up a little or a lot? Special assessments? Will the 2025 rules affect you?

[@mikeh5629]

@@INTERNETVID Yes, pay an HOA fee of $1700. per month and that’s gone up around $400. in the past two years primarily due to property insurance. However, when I owned a house we had significant expenses maintaining the property and managing all the repairs. In the condo, we have a management company that takes care of everything and our building has lots of amenities. Our building is around five years old so we don’t have the challenge of some of the 30 plus year old buildings. Our condo Board has also done a good job of building up our reserves to cover future expenses. We’ve had one $1500 special assessment to cover replacing pool chair covers, awnings and adding TV’s around our pool. There is challenges and expenses in a house or condo. I know numerous friends who have faced significant expenses living in their house. At this point in life we prefer the condo lifestyle.

[@INTERNETVID]

@@mikeh5629 Thank you so much for your insights and transparency. I get it. Yet we're engaging in two different realities here, and your HOA figures in particular reaffirm my most pressing concern. Not only is $1700 out of my league, but I was chagrined at having to shell out even 500-600. NJ resident, eyeing up 2/2 condos for the past few years. My budget was 250K max cash but i've done a total 180 since hearing about draconian and confiscatory Florida HOA's. Been renting Airbnb's in Dunedin & Clearwater last 3 years and may become a permanent seasonal renter, especially as long as it's only a 2-3 month stay per year. I like St. Pete. Short visits to the beach this year, the new pier last year and Mazzaro's Market the year before. Clearwater Beach is great yet I'm getting the heebie-jeebies from the Scientologist omnipresence but I digress. Best to you.

[@LivingInSarasota]

This great. I appreciate hearing how wonderful it is for you.

[@bigradwolf5001]

@@mikeh5629 It's the amenities man! I still can't believe my lifestyle, I live a charmed life. Huge pools, saunas, jacuzzis, weight room, zumba room, a dozen lounging areas, tennis court, snooker, bar by the pool, what else...oh and our chandeliers are the biggest I've seen in the world. All at a fraction of a cost of paying all those by myself. Never would have I imagined living such a life. It's ain't cheap, like you said $1700 a month for maintenance alone...but if we built all these myself, my cost to maintain them would be $924,800 a month...no way I can afford that. So please please take my $1700 each month.

[@koolz4094]

Condos are a joke....What a horrible investment ! I sold mine 2 yrs ago after residing in it for 13 yrs....Never again ...NEVER !

[@LivingInSarasota]

Sounds like you did not have a great condo experience at all.

[@bigradwolf5001]

@@LivingInSarasotaI would suggest skyrise condos. The views are spectacular! I have quintillion dollar views!

[@BloodLaboratorySafety]

HOA monthly fees are so HIGH …. and are constantly increasing. 2013 $ 300.00 2024 $ 850.00

[@bigradwolf5001]

I live in skyrise condos. I have 2 of them. One in the city, another on the beach. She's correct, it's a lifestyle.

[@mrparts]

Condos only make sense when they’re luxury high end properties with affluent owners who can pay for the substantial maintenance bills. Working class or middle class condos always decay and degrade as their home owners age and defer maintenance to save money.

[@boby115]

You nailed it👍; deferred maintenance & bubble gum repairs, one of the biggest issues in condo ownership. Plus Florida is not exactly known for high-quality workmanship.

[@LivingInSarasota]

There are definitely deferred maintenance and hopefully with the new SIRS inspection requirements condo ownership will become safer over time for all age groups.

[@bigradwolf5001]

I agree. That's what I bought. We call our beach "The Beach of the Rich and Famous" and the skyrise condo we call "The Ultimate Beachfront Address". We have world-class athletes, Hollywood folks, foreign dignitaries, CEOs and founders of MNCs. We also have some pornstar mistresses of rich powerful men who bought their units here as secret man-caves LOL. Rent it out? Minimum was 2 years until HOA decided this year to bring it down to minimum 1 year. We don't want short term renters for security reasons. Be that as it may, our condo is mostly empty and you'd see resort staff and maintenance crews more often than neighbors as these are just our vacation home.

[@FLAC2023]

Hurry up and buy now before they go down 40%...

[@ReVelopers]

😂

[@Jackjunkie]

😁

[@elicash315]

Don’t buy anything in an HOA

[@daidavies6210]

What’s a HOA ? … Hi from Wales in the UK 🇬🇧

[@marechavala1]

Home owner’s association fees 😢

[@BloodLaboratorySafety]

Agreed 🎉

[@bigradwolf5001]

Dogs and condos are not good combo. Get a house or townhouse if you have a dog. Cats, parokeets, fish...those are great pets for condos.

[@carynkabat4208]

I am recently widowed and I find living in a single home daunting and want all the pros you have mentioned in your opening comments. I am scared by the high HOA fees. The lifestyle is so appealing and I am considering attached villas in active communities.most developments here have HOAs

[@LivingInSarasota]

Attached Villas are a great alternative to single family homes. I highly recommend.

[@mikeflair6800]

Pass on Florida Condo Ownership for 3 years. The SIRS Reserve needs to be fully funded by that time, in 3 years over 2024, 2025, 2026. That means January 2027 is the 1st month to come back.

[@LivingInSarasota]

That is great information.

[@noush4283]

Excellent video as usual. Thank you 👍

[@LivingInSarasota]

Thank you.

[@thomasryan2679]

You look like my aunt who sold real estate. I have a letter from her predicting all homes in our waterfront community will be 50k someday. I was doubtful, but this was decades ago & she was right.

[@kdtune33]

Virtually everything is doubling (tripling) in price every year , not just HOA fees.

[@LivingInSarasota]

Agreed. It is very troubling.

[@noush4283]

New buyer will see the in any special assessment payment made or the buyer has to pay it at the closing? HOA has its own Pros & Cons.

[@fredk9999]

Believe me, I know the situation.i owned before a beach-front condo at Fort Lauderdale. That’s nothing compared to what is to come in 2025 and 2026 with mandatory inspections and fully-funded reserves and insurance premiums increasing

[@mikeydan]

Every condo or townhome I have purchased, I have always looked that the financials from the HOA. recent or upcoming special assessments in particular. can't imagine who, exactly... is going to buy one of these 30year or older condos that people are desperately trying to sell. truly... who would buy one? feel bad for these folks.

[@HHH-nv9xb]

What makes Florida so special? I say all the condos needs to look into carefully, on common areas/structures on how it is maintained. I guess one would even have to look more carefully at places: earthquake zones, water (river, lakes, ocean front, storms), hill side/cliff/mountains).

[@tompeterson1329]

Rocky doesn't use them!

[@QuangWynn2711]

HOA fee is about the same my monthly mortgage payment for a house at 3%

[@LivingInSarasota]

I can understand that. Now with insurance, taxes and HOA fees we pay a lot.

[@bigradwolf5001]

@@LivingInSarasota But it's still cheaper. If one has a house without HOA and the person is not saving the "HOA" for monthly upkeep, then that means the house is trash. If a portion of the "HOA" is not save for future repairs, then the house will be trash when roofs break. So even without HOA, you still need to save for "HOA" so it's a wash. Only trash idiots here would not "pay monthly HOA". They are the ones with termites eating their house as we speak. Now if one is saving money, then that person IS "paying monthly HOA" because guess what -- windows break, roof leaks, foundation collapses - those saved money will be used. Same thing. People are just not smart to see it that way.

[@BloodLaboratorySafety]

1000 percent My neighbor is paying more on HOA’s then her mortgage payments!

[@thetradersam6157]

Condos are supposed to be cheaper than owning a home, but is not, will never invest in a condo. the HOA alone is higher than any real state county tax I ever seen...

[@LivingInSarasota]

Have you ever owned a condo. I have personally debated it and always end up in a SF home.

[@bigradwolf5001]

You have to think of the size of the common areas, the facilities and the amenities because those are part of ownership - extensions of one's condo.

[@KPthellama]

When buying a condo, before you buy it are you allowed to ask for the SIRS, to get a timeline on when these special assessments come up ?

[@LivingInSarasota]

Yes. You can ask for all financials and planned improvements.

[@patrickvillacreses1532]

great advice

[@LivingInSarasota]

Thank you.

[@gregorymckenna6609]

Don’t think I would buy anywhere in Florida. Massive storms, insurance companies pulling out or massive premium increases, condos that have little or no contingency funds, out of control HMO’s. The fact is many businesses are considering moving away due to storms. 20% of homeowners have to self insure due to policy cancellation or massive increases. Honestly I suspect parts of Florida will have to be abandoned.

[@LivingInSarasota]

Thanks for those thoughts. There will be many that do decide not to stay.

[@mikesilberger1024]

Are prospective buyers entitled to review the SIRS report?

[@LivingInSarasota]

That is a great question. I am not sure if they share the entire report or if they have it broken down to key points discussed in board meetings.

[@jackwilson3121]

Simple solution. Don't buy a condo in Florida.

[@MichaelKelly4numbers]

I want to get something in Florida but what should I get then?

[@bigradwolf5001]

@@MichaelKelly4numbers I like California and Hawaii as I love sunsets and the hurricanes are not as bad as Florida west.

[@paulbunyon4624]

Check out what's holds up you condo.45 foot holes drilled in the sand,auger cast piles.They are just holes the sand,not encased, drilled 5 feet into the bedrock,and then beck filled with 7000 psi lightweight concrete .No steel, concrete and rusty rebar holding up the entire load,wow no wonder they are sinking,good luck🎉

[@j.h.arnold]

Thanks for the important heads up(s) 🙏🏻

[@Los526]

Hello Friend- Will you explain what 50 year certification mean for those condos Miami Beach Will the condos Fee go up once the certification completed

[@pointnIaugh]

My condo association keeps hiring contractors that damage my property.

[@LivingInSarasota]

Oh my goodness. I am so sorry to hear that.

[@bigradwolf5001]

Time for you to be president.

[@pointnIaugh]

@@bigradwolf5001 No interest whatsoever. They have however stepped up and fixed what they have broken. From experience, I always take pictures and videos before these rogue contractors start working, it's saved me thousands.

[@tompeterson1329]

Great common sense info

[@LivingInSarasota]

Thank you.

[@MrBrewman95]

I won’t buy a condo or any home in a HOA.

[@LivingInSarasota]

I understand many people feel that way. Florida is full of HOA’s

[@bigradwolf5001]

See another example of not smart.

[@stockey]

Just don't buy anything in Florida, if you want to spend a month or two in Florida to escape winter, renting is much wiser.

[@MrCraiger527]

Why are you shooting a video while holding a drink?

[@LivingInSarasota]

I had it with me. Why do people shoot videos while putting on make-up. Who knows. 🤷‍♀️

[@daidavies6210]

Because you need fluid to survive as your Body is 90% Water, And Coffee is 98% water, DUH 🙄… Who knew 😂

[@daidavies6210]

Why are you asking stupid questions while watching a Video ? 😂

[@Jackjunkie]

she is promoting the starbucks life.

[@erickabest2308]

GIRL. NO CONDO FOR ME. ILL BUY A HOUSE

[@JeanP-f7m]

Re: Florida condos --> sky high HOA's & special assessments, no thank you!!

[@milo23-v4s-z7y]

Any where, not a condo.

[@TonyLambshanks]

It's just the gulley.......

[@Sarasotabound3032]

I like money too much to ever purchase a condo.

[@Eyeris625]

Don't buy anything in Florida

[@LivingInSarasota]

Florida is not for everyone!

[@Jackjunkie]

Texas is becoming a super florida with no beaches.

[@paulbunyon4624]

Which condo built in downtown sarasota was built on a toxic waste site ,do your homework🎉

[@paulelliott7373]

Good practical information for anyone -- and we're in Texas.🏙

[@LivingInSarasota]

Thanks so much.

[@ReVelopers]

Florida is so over inflated its worst than 2007! Not just condos but I was there this week looking at properties and a triplex in Coral Springs that historically only sold for about $150,000 or so for like the last 10 years before Covid is now asking for $1.5M and the rents are $2100 for the apartments. I looked at the agent and seller and flat out said to their face this crap 💩 is not worth not even a 1/3 of that amount. They were actually trying to tell me the school 🏫 system was good in that area lol 😂 I pulled up videos of the kids beating up each other in that area. What a joke the realtors have gotten arrogant thinking that they have something of value in florida it’s just a dead cat bounce in the face of a past bubble 🫧 deflating. Yiu can feel the pullback of buyers and desperation of sellers starting to happen. I seen this before in 2007 just before the slide of 2008 that took 4 years to bottom. Florida values dropped 70% during that period the same thing will happen here condos are just the first to start the drastic slide 🛝 downhill. Also the suggestion that condo owners will rent out their unit is ridiculous because you have a glut of rental properties being built that no one wants to rent and rents are dropping drastically as the invasion of covid movers stops flowing from up north.

[@LivingInSarasota]

Thanks for the thought out comments. In many ways I do agree. The pandemic really over inflated real estate.

[@Jackjunkie]

Nice analysis.