BEST WAY TO CONNECT WITH ME AND GET MY FREE UPDATES ON SOUTH FLORIDA REAL ESTATE.-bit.ly/3V5p2QY
@RG-xi3rd
2 ай бұрын
Salt water unfortunately eats away everything you own at the beach. There are always repairs every 5 years. That's about how long it takes for the rusting out to take hold. These condo owners should have known what they were getting into before the purchase. Homes on the beach require constant maintenance. The amounts seem excessive, but I guess that's what happens when the board doesn't keep the buildings maintained for decades.
@edmundcharles5278
2 ай бұрын
@@RG-xi3rd They should have constructed the continuous of either Roman concrete or marine concrete-it lasts forever!
@robertmartinez3769
2 ай бұрын
Including cars and appliances. Everything metal related
@faithrada
2 ай бұрын
@@robertmartinez3769 Exactly. Up North I painted about every 5 years.. on the coast in Florida... EVERY YEAR.. with pricy coastal paint.
@ninetimesaday
2 ай бұрын
buy a little more inland, beachfront causes so many issues.
@kathyschreiber9947
2 ай бұрын
You mean the roofs, parking lots, common areas, and infrastructure of the building don't just fix themselves?
@GD-ru7xr
2 ай бұрын
I looked for months to buy a condo in S. FL. Every one was rejected by the bank because of low reserves and /or lack of maintenance. Owners have been milking these buildings for decades; it's caught up with them.
@pablod3734
2 ай бұрын
@@GD-ru7xr exactly!!! They rented them out and pocketing 100% of it with zero maintenance done to the condos.
@nancyjarrell4620
2 ай бұрын
You are exactly right! Reserves should have been held all along but everyone thought the next generation would have to worry about it.
@Luv-evedear
2 ай бұрын
The rejection of a mortgage in Hollywood is because the buildings were pushed into the flood zones, 7 miles west of the ocean. Condo buildings only kept legal amount of flood insurance on buildings. THAT’S WHY NO LOANS ARE GIVEN TO CONDO BUILDINGS WITH LOW FLOOD INSURANCE. They only have the legal amount of flood insurance and mortgage companies will not give a loan for a building with lower than they require of flood insurance. FACT
@carsonwentz8301
2 ай бұрын
@@nancyjarrell4620 typical boomers
@userxyz64
2 ай бұрын
@@GD-ru7xr what are "reserves"?
@paulkelly4731
2 ай бұрын
These owners are delusional. It's not like you can buy a single family home, live in it for 40 years, and never have any major repairs. New roof, foundation cracking, new windows, hvac, and on and on... These assessments are accrued deferred maintenance costs, and they are higher because of the extremely corrosive marine environment, and a building built on SAND! These owners, with exceptions, bought these units for reasonable prices and want to enjoy the monster appreciation of the unit, but don't want to pay to maintain it.... Guess what, a potential new buyer doesn't want to pay for your neglect AND the monster appreciation.
@Melanie-xe1gh
2 ай бұрын
It’s not fair to blame the owners. They thought the outside maintenance was taken care of by their high HOA dues. They thought they were paying for upkeep. That’s always been a draw for condo buyers. Lesson learned, but for the elderly owners, it is devastating.
@jamesmorgan5671
2 ай бұрын
Did you watch the video? Yeah, I'm sure when they bought the condo they were told upfront that it hasn't been properly maintained for 20 years and they would have to pay for all that deferred maintenance at once.
@thatShadowKat
2 ай бұрын
You must not live in a condo or have watched the video. That last story, the owner being assessed $224K.... since they moved in their fees doubled from $1500 to $3000 .... A MONTH. If we take absolute averages, that would have been $270K over the past 10 years. I'd be pretty off if I paid that AND required to pay an additional 224K, bringing it up to nearly $500K total. Sure they paid a reasonable price. And they pay a monthly fee to live there. Yes, there is the idea of maintenance and all, but just tell us what do you think all that money went toward.
@commonsense6967
2 ай бұрын
@@jamesmorgan5671Whatever, they refused to alliw HOA to raise dues that would be sufficient for repairs, and now they are living inpotential death traps. SAFETY ISSUES, potentially.
@waynerick5755
2 ай бұрын
They thought it was Disneyland 😅😅
@helenhebert7127
2 ай бұрын
I am an architect that specializes in building envelope design. I have sat through condo board meetings and have been screamed at by owners who didn’t want to make necessary repairs. Most people are very shortsighted. This is the result of
@vintagejaki751
Ай бұрын
What was their reasoning for not paying?
@mlisaj1111
Ай бұрын
Some likely just don’t like an unexpected cost, and for some may not have the money or it’s a hardship. But if in an older building that needs repair….not much else to do, and it needs to be fixed. But many will say “nah…that crack will be fine” or try to delay.
@xtrey19x
29 күн бұрын
@@vintagejaki751 Is this a serious question? They don’t want to and/or can’t afford to. We live in a country where people are only affording the lifestyle they live because credit (debt) is loosely given out. Paying what it actually cost to own a home would mean they’ll have to cut back in other areas like cars, vacations, dinning out, fancy clothes, Jewelry, shoes, and don’t forget the student loans for themselves & their children. How are they supposed to keep up with the Jones if they don’t have the latest & greatest consumer goods & are going out to show it off?
@xtrey19x
29 күн бұрын
@@mlisaj1111There should be nothing “unexpected” about home repairs & maintenance work.
@mlisaj1111
29 күн бұрын
@@xtrey19x I agree that eventual repairs in a building are no surprise….but many people don’t.
@italiang8470
2 ай бұрын
Sorry for the unsuspecting, but I pay for maintenance and repairs on my house as I go. There is no free lunch.
@mistiinseattle
2 ай бұрын
yes but do you pay for maintenance on your neighbors' homes as well? People simply don't know this when they buy. I sure didn't.
@OtisFlint
2 ай бұрын
@@mistiinseattle And your neighbors pay for yours. That's what happens in an HOA/condo community.
@mistiinseattle
2 ай бұрын
@@OtisFlint lol nope. I sold my condo. Never again lol
@DanGilliland-pi4vh
2 ай бұрын
I will never buy a property with an h.o.a. I will do my own maintenance work
@thatShadowKat
2 ай бұрын
And these owners pay assessments monthly for what reason? The last story said he was paying 3000 a month. And for what? They're not asking for a free lunch, they should be asking where their lunch money went!
@jeffdunnell6693
2 ай бұрын
Don’t people realize that buying a condo in a high rise is buying the entire building maintenance costs.
@bar10ml44
2 ай бұрын
@@jeffdunnell6693 Yes, but if you have a reserve fee built in and good management you can cover the bigger expenses. When you live in a large complex you need to be strict because a lot of people don't give a toss about who pays the bills.
@faithrada
2 ай бұрын
@@bar10ml44 Unfortunately.. in bad times MANY people stop paying their condo fees.
@scleary4318
Ай бұрын
@@bar10ml44 cost money from day one if the reserve is depleted in comparison to the net worth of the building Run. Same holds with Florida retirement villages all it takes is one Hurricane and there goes the value of your investment!!
@FrequentFlyer_MIA
Ай бұрын
All homes require maintenance
@hermanrogers1325
Ай бұрын
You are absolutely correct they should have known and the same for houses when people buy them and the same thing goes for renters when the price of rent goes up
@jonesmatthew7511
2 ай бұрын
I owned a townhouse on a lake in New Hampshire with 100 units. Now the septic system went out and the leach fields were literally running uphill. The EPA required a 3 million dollar connection to the town sewage line... this was back in 2012 and was 1/5 the value of the condo and I exited at a loss. The HOA fees doubled during construction to pump out sewage by truck. I learned a lot from that experience.
@discovery781
2 ай бұрын
How were u able to sell ?
@jonesmatthew7511
2 ай бұрын
@@discovery781 lowered the price to 75% of what I bought if for 10 years earlier and took the loss (which I made up on renting it out for the last 4 years of ownership). Hard nocks, made me study economics. I was an Austrian school living in a Keynesian world!
@frankd3505
2 ай бұрын
Salt water very corrosive. In most cases the owners have refused for years to fund repairs
@elcee7800
2 ай бұрын
Yup, IGNORANCE! Free entitled ride up until payback time, then crying poor boy tears. Their feet don’t stink.
@Floratic
2 ай бұрын
What some people aren't understanding who lack sympathy for these condo and townhouse owners is that some of them are on fixed incomes and planned out for the HOA cost and other costs that come with home ownership. They were assuming the HOA and building management were doing what needed to be done. Now they're finding out that isn’t the case and are being slapped with a huge special assessment being asked for upfront. Even someone not on a fixed income would have issues paying that.
@jamestreanor182
2 ай бұрын
It’s great that these unsafe buildings are being forced to fix deferred maintenance that they have refused to do for decades.
@rond1475
2 ай бұрын
I lived in a condo years ago and here's the problem . The condo owners vote every increase down to keep their HOA fee as low as possible . All you ever hear is we don't need this or that and nothing gets approved . Now the state had to step in to make things safe .
@robertneblett4477
2 ай бұрын
If you have to borrow from your 401k to buy a home then you’re shopping outside your price range. Those senior only mobile home parks in Ft Pierce or Port St Lucie are probably better options.
@RoseanneSeason7
2 ай бұрын
Can you imagine moving from a condo to a mobile home park? I bet they get depressed once the reality sets in. Watching Matlock in a sardine can will be sad
@MelywoodMedia
2 ай бұрын
@@robertneblett4477 I borrowed from my 401k to get a house. It tripled in value, I sold and took proceeds to buy a luxury condo in a gated community. Our property has well over a million in reserves and maintenance is fastidious.
@raygunsforronnie847
2 ай бұрын
@@RoseanneSeason7 And watching Matlock in a crumbling high rise structure is better? A structure that has lost half its value because of the building condition, lack of contingency fund, and desperate sellers?
@iworkout6912
Ай бұрын
In the Tampa bay area (Penillis County) is loaded with old mobile home parks. Many probably been their since the 60's. At some point they will need to be replaced and guess who pays, the owner. Rent in the parks is lower than any condo in south Florida. So I guess Miami condo owners can sell out and relocate the one of those old 'trailer parks'.
@unknown-user
2 ай бұрын
I honestly don’t understand condo living and why would anyone elect this lifestyle. Why would anyone buy a piece of real estate that clearly is not yours. It’s just a glorified rental with ownership headaches. You own nothing, you are just a renter with your name on the deed. It’s a scam! If the idea is living maintenance-free, just rent or buy a house and contract the maintenance to someone else. How much does it cost a month to maw the lawn? I guarantee you it’s not $3000 a month.
@Dbb27
2 ай бұрын
I rented in one once for a summer. I felt like a rat in a box.
@jamesmay5860
2 ай бұрын
@@Dbb27you probably are a rat in a box
@jobellecollie7139
2 ай бұрын
Buying an apartment has never made sense to me. I recently moved into a patio style home. There is about 15 feet between each home, I have an 8th of an acre yard and my own driveway and two car garage. This is as close as I'd ever want to live next to a neighbor. I've never lived in an apartment, but after living in military barracks, I had my fill of neighbors!
@orangefield3171
2 ай бұрын
I’m a senior and am considering going back to apartment renting in a senior community. After 30 plus years I’m tired of home repairs, dealing with contractors and probably being ripped off a few times on pricing. I’m ready to downsize now and simplify my life.
@Robin-xt7yo
2 ай бұрын
I don't like hearing any kind of noise from neighbors. Lived in Apts where I couldn't sleep due to rock music blaring above my head. So I bought a house on 3 acres which abuts 2,000 conservation acres. I don't chum with my distant neighbors and I love it that way!
@ricladouceur6202
2 ай бұрын
Good luck selling those condos. Nobody wanted to contribute to reserve funds and now they are getting hurt.
@debrabuckley5011
20 күн бұрын
do you think with higher insurance costs and maint costs are going to sell the more others learn about this.
@PalmBeachesPaul
20 күн бұрын
@debrabuckley5011 inventory in an all-time high for condos. The number of units available for sale has doubled what it was a year ago which obviously forces the prices down because there's so much competition
@jaylewis5035
2 ай бұрын
These horrible condo owners refused to pay for maintenance and upkeep. I have no sympathy for them.
@amrice62
2 ай бұрын
Not all - some of these folks probably were outvoted at meetings regarding increased HOA fee, or repair leading to assessment, not everyone is to blame. The majority that voted down updates, repairs are the guilty
@QuicoKoala
2 ай бұрын
@@amrice62 In seeing that you are perpetually outvoted, I would sell immediately. By staying, you become part of the problem by default. The only ones I would feel sorry for are the ones that just bought the condo and we're not a part of the voting.
@zariballard
2 ай бұрын
So they don't have another collapse? As a rule, buildings don't collapse unless builders don't build correctly....when does the owner of the building itself and/or the HOA fees fit into this situation??
@prairiedoggy1
2 ай бұрын
Never buy a condo that isn’t FHA approved.
@RandomAF0001
2 ай бұрын
Little harsh but true. This could have been avoided
@bbustin1747
2 ай бұрын
Inflation didn’t help matters over the last few years on those assessments, Easily add 20-30 percent materials and labor. Deferred maintenance was really expensive.
@generator6946
2 ай бұрын
We live in fly-country. Twenty years ago I was ashamed to admit it but now my little corner of the world is pretty cool …
@Robert08010
2 ай бұрын
"Sees the rotting in the wall..." that's rusting rebar! I think if there is any one thing to learn from the Surfside collapse, it's that you can't really own a high rise condo, you can only lease it for a period of time. But "ownership" is a myth on paper since the reality is you have to keep buying it over and over again.
@Kevin_Rhodes
2 ай бұрын
That is absolutely, positively, no different than owning a house. And unlike renting, in theory when you decide to move and sell the place, you get some money back. Renting is just building someone else's wealth - I know, I am a landlord myself. It is quite a bit more expensive to rent one of my condos than to buy one of your own, but many people simply can't qualify for a mortgage, or don't want to for various reasons. That is a valid choice, but it's not cheaper. The one thing that IS true about a condo, is that you are much more at the mercy of your neighbors being willing to spend the money to maintain the building. I went into buying the three units that I own eyes wide open - I knew from looking at the financial statements that the reserves were low. That was factored into the prices I paid and the amount of money I set aside for the inevitable assessments. And I made sure that my condo insurance had some assessment coverage, which more than paid for itself. I also bought in a 2-story building, though that was somewhat luck as my complex has a couple of three-story buildings that are somewhat caught up in the new state regulations and costing those owners a lot more.
@Robert08010
2 ай бұрын
@@Kevin_Rhodes That's ridiculous. While you may have to do some maintenance, you often can put off maintenance for years with no ill effects, and the chance of needing to pay as much or more than the price of the house over again is very slim. But in a high rise condo, that may well be the case.
@debrabuckley5011
20 күн бұрын
a home is the same .you really never own it .don't pay the taxes or water bill and watch how fast they will come for it .
@Robert08010
20 күн бұрын
@@debrabuckley5011 I don't disagree with your point but my point is on a different scale. My point is more comparable to a landslide where after the landslide, your house and the land it sat upon is just not there any more. You own NOTHING.
@BillCoulter-of5mh
2 ай бұрын
Poor planning by the hoa boards and management companies in the past and homeowners not smart enough to figure this chickens will come home to roost someday. Fell bad for the owners but you did a lot of this to yourselves by not adequately funding reserves.
@kennixox262
2 ай бұрын
A lot of elderly condo owners presumed that they would be long gone by the time the chickens came home to roost. Everyone in Florida knows that oceanfront buildings are in a difficult marine environment and maintenance is a never ending issue.
@PalmBeachFlorida24
2 ай бұрын
Agreed. Poor planning. Too many condo birds are operated by ego. Teachers and laymen who think they're business men
@randyvaughn4046
2 ай бұрын
Would ride my skateboard to Boynton bch holding my surfboard in 1980 as a 12 year old along Boynton beach blvd. I lived in paradise. Nothing like the shit hole it is today. When I-95 was built the place was ruined. Drugs, crime,pollution, people shitting and pissing on one another. I would tell you the amazing place I live now. But I won’t.
@JAM661
2 ай бұрын
Yea all are HOA fee increase have been due to insurance. Also if you have a morgage you must have insurance. So people can be priced out that way. I had a hard time sell my home in FL 13 years ago because even back then home insurance and flood insurance was expensive. Taxes are not cheap either. You get nothing either in FL becaise it so poorly runned.
@regtowers4914
Ай бұрын
I was about to buy a beautiful condo in Lake Worth Beach - 2 buildings. First thing I ask was about the reserves for maintenance and repairs. Minimum reserves. Passed. Nothing good comes of buying without lots of research on the condo finances and Read the condo board meeting. Bought a single family home with no HOA.
@usiffputz6753
2 ай бұрын
So you buy condo cash say $190k you put it in an LLC then you put a lean on the Condo for $275k so now property has a first lean holder of $275, you get an assessment bill in the mail & throw it in garbage. Continue to live your life. Whats the problem? If they try to for close they have to pay off the $275k first. You are covered.
@zariballard
2 ай бұрын
Well isn't that interesting....🤔
@claudiagarciacabrera-prant6251
2 ай бұрын
Ok and the lean of $275 k is for what reason ? Renovation ? How do you justify the lean ? Please explain the steps. Thank you
@MrDCMiami
2 ай бұрын
Are you talking about a common law lien writ of attachment?
@raydemos1181
2 ай бұрын
@@claudiagarciacabrera-prant6251 Yes I will renovate my belly with steak
@markcohen4599
2 ай бұрын
I thought in Florida an HOA foreclosure is superior to all but a government tax debt and the purchase mortgage lien...
@tracegomez
2 ай бұрын
In Taiwan the government subsidizes assessments heavily, in fact in my building which has high chloride cement damage and is over 30 years old - we are paid to rebuild, we lose no money and the government is even paying our temporary leases while rebuild. We come out ahead big time. This is due to elections, over the years people with good urban redevelopment plans have been elected.
@raiden72
2 ай бұрын
Government bailouts steal taxes from the people.
@magamaga1827
Ай бұрын
well if we removed our military from S. Korea, which is there to also protect Japan, we could use those billions to help Americans with their assessments. But no, that won't happen.
@MM-wi5dn
18 күн бұрын
Who is actually paying then? Unless money grows on trees in Taiwan?
@tracegomez
18 күн бұрын
@@MM-wi5dn Taiwan government is not in debt, in fact it is US$579 billion in reserves. It’s an extremely rich country as it’s always been under threat of war with China so it saves money for such a war chest. The mayors give away money to homeowners in urban renewal projects. We have no sales tax on food and other items and or property taxes are insanely low, insurance is also very low and we have social medicine where everyone is covered That is ranked 1st in the world. So Taiwan is like Saudi Arabia but it’s chips and high tech that brings in the money for the government. Yes, money grows on trees here - microchip fruit trees. We do pay out the ass for cars though, all imports 110% duty so my car worth 50K stateside new I paid 105K.
@paxundpeace9970
2 ай бұрын
If you have a seeside condo has 2 or 3 bedrooms better have deep pockets. You can't expect to live in a resort style skyscraper that in part has more pools and balconies as many 4 star hotels. You gan not expect that this will cost you just as much as normal rent.
@zgdafzgdaf4264
2 ай бұрын
You can get a loan. That would suck though. The last story, that’s insane for 3000 per month condo fees plus taxes. Additionally the 224k loan would cost another 1k or so. In about 10 years get a reverse mortgage to pay for end of life care.
@MatchaKat94
2 ай бұрын
So, what happens if only a few people in a building can pay the assessment and everyone else is foreclosed on? Are the people who paid still at risk of losing their property?
@jorgemoro5476
Ай бұрын
I own a home on the Maine coast. When there’s a storm, my sunroom windows get hit by salt water waves. Never mind the constant salt spray. My garage is temperature controlled to protect my cars and it helps somewhat. And it’s a summer home! I’ve owned my home for 20 years and I’ve had to repaint twice already due to the weather. It’s part of ownership.
@rosanneshinkle4133
2 ай бұрын
As a life-long Florida resident, I always wanted to live on the beach or on a barrier island. Did not do this because of hurricane risk and salt water damage. Never considered a condo, too much like an apartment. Happy in Central Florida.
@davidwelty9763
2 ай бұрын
Let’s say you are one of just a handful of owners in a building that can afford a big assessment, and you pay it. What happens to the building when everyone else defaults and they foreclose? Sounds to me like a no win situation.
@ricklesser5851
2 ай бұрын
Im on the condo board in a building in Hollywood. The owners have been told over and over what is coming. Some have already prepared. We have approched a bank (after we researched oprions) waiting to hear back about our loan. The building will take on the loan and we will slowly start to assess homeowners on a small 2 larger scale over the next 10 years. We are also in the process of starting the paperwork for a grant.
@markcohen4599
2 ай бұрын
In Georgia, a foreclosure is sold at auction and the proceeds dispersed to the debt holder(s). But buying foreclosures like that in Florida would be fraught with landmines. You better know about all the outstanding debts against that property. But to your point, what happens when the proceeds from numerous foreclosures aren't close to what the HOA has to spend to fix the buiding? Does the entire property get foreclosed on by the state due to the fines??? This will get very messy.
@marblox9300
2 ай бұрын
A special assessment basically lowers the value of a property. But the Property Tax doesn't reflect that lowered value. This is a government scam.
@ellenraysmith4391
2 ай бұрын
@@marblox9300 , but every home owner pays to maintain their lawn, landscaping and periodic replacement of major appliances. Every decade the homeowner has to replace the furnace and central air conditioner. Every twenty years the home owner replaces the roof, gutters, painting or staining or residing their home. These are all necessary expenses, on a periodic basis, if you plan to keep your home standing. On an aesthetic level, the cost of replacing and updating a master bath is about $30k, replace and update a kitchen is about $50K. Oh, and by the way, when you do any of the major updates or improvements to your home, you have to file for a building permit, this I when the municipality gets an opportunity to update the assessed value of your home and, yes, increase your residential,property tax.
@DuffyGabi
2 ай бұрын
A special assessment forces the owners to fix what they would rather ignore.
@LuisRojas-uu4om
2 ай бұрын
Is this nightmare happening anywhere else in the country??? Who could not see this coming allowing condo associations decide to defer maintenance for decades?!?!?!? Total failure of governance in Floriduh
@francismarion6400
2 ай бұрын
Yes it's already happening in other places.
@bobzelley5100
2 ай бұрын
In the northeast, Storm water infrastructure that was designed , built and handed over to a hoa 30 years ago need repair . The catch basins , piping , storm water detention basins and outfall structure. A municipal stormwater impact fee, based on a properties owner impervious surface, had been promulgated. Not a tax , thus , Non for profits pay and everyone had skin in the solution
@Kevin_Rhodes
2 ай бұрын
This happens EVERYWHERE. It just came to a head in Florida due to the circumstances of all these old buildings built right on the beach after the Surfside collapse. The state finally said "no more", these buildings need to be inspected and FIXED before we have another collapse. Nobody anywhere ever wants to pay more per month. Imagine if you got to vote DIRECTLY, as one of a very small group of people, as to whether your property taxes are going up. Even if it's for the greater good, many people will still vote NO. That is exactly what happens with condominiums.
@craftsmanctfl3493
2 ай бұрын
@@Kevin_Rhodes If you live in a condo or home that’s your legal Florida residence, the law provides that your annual property tax (based on the mill levy) can’t go up over 3%.
@Kevin_Rhodes
2 ай бұрын
@@craftsmanctfl3493 That is true if you are Homesteaded, (which you have to apply for, it's not automatic) and has absolutely nothing to do with HOAs or assessments on a condo. HOA assessments have nothing to do with the state or taxes.
@cordeliav3055
2 ай бұрын
Interesting to learn about owning a condo in America. I live in Australia in a kit steel home well away from the ocean. We used to live in Wewak, PNG very close to the ocean. Everything metallic rusted, including our car. Sea spray covered everything.
@PalmBeachesPaul
2 ай бұрын
Thx for watching please subscribe. I make new videos weekly
@RG-xi3rd
2 ай бұрын
All of the assessments were 30 million. Wonder if it's the same contractor trying to rip people off. How many estimates did the Hoa get? This sounds outrageous.
@deanbush
Ай бұрын
Thank God I got out a year ago!! When 2/3 of owners voted every year not to have a reserve (contrary to what I wanted), they knew assessments were their only other option. They KNEW that. They've made their bed; now they'll just have to sleep in it. Huge lesson learned.
@beamerUSA
2 ай бұрын
Hi Paul, apart from Florida you should also do some vids like this from elsewhere areas also where folks invest like in North Carolina etc. Its very interesting and easy to watch without all the complicated calculations etc . Thanks
@PianoMatronNeeNee
2 ай бұрын
Thanks Paul great info. This is insane. This just might be the “Chinese drywall “ of today’s real estate melt down. Big like from WPB👍
@danielterry382
2 ай бұрын
A special Legislative session is to take place to address the Hardships, and the Governor has stated he is willing to cooperate in the sense of being fair.
@JLo-k2h
2 ай бұрын
Always believed condos are a poor "investment." First, maintenance is a nightmare expense, because you have to deal with significant height and reduced access to roofs, balconies, pipes/plumbing, electrical lines. Second, if the building has "amenities," you better be using them all, every single day, because you're paying for it via both monthly dues as well as special assessments. Costs a fortune to repair a condo's pool, elevators, gym, underground garage, and who knows what else. Finally, your condo is only as solvent as your neighbors. If owners bail, hand in the keys, or declare bankruptcy, you and the building are screwed.
@ranimouf
2 ай бұрын
I hated living in apartments when l was renting. I just don't like people living close to me.
@Robin-xt7yo
2 ай бұрын
Same. Could not stand hearing neighbors rock music or high heels tap tapping above my ceiling. Bought a house on 3 acres abutting 2,000 protected conservation acres. Can't hear people, only hear owls and coyotes at night. Loving it.
@oakley-o1x
Ай бұрын
For years condo owners have been renting out their condos to vacationers and benefiting. They put off the real maintenance, because they wanted more profits and cheaper HOA fees. This has now come back to bite them in the behind.
@louispd6828
2 ай бұрын
Im close to retirement. Currently rent an apartment a block from the beach (PCB,FL) for the last 5 years. We are debating about buying a property here but this video really makes the concept of renting more credible and a better option in general.... Thanks for yor video...
@MetroidMan90
2 ай бұрын
@@louispd6828 I can't imagine not owning anything when I'm close to retirement. Sad
@thurlravenscroft2572
2 ай бұрын
Thanks for the warning. You are truly providing a service to people looking to buy. I do get sick of people acting like they are completely oblivious to reality, though … I’m sure some of these people are looking for some sort of bailout from the state. One other note, I own a house in Ohio. I pay an HOA fee and I also pay all of my own repairs. Some of those repairs are really expensive. I’m sure over the many years I’ve owned my homes, I’ve paid hundreds of thousands of dollars in upkeep and improvements. How on earth could someone expect to live in or move into a 20-40 year old home and not expect to have to pay for an increasing amount of maintenance?
@geraldbrienza4474
2 ай бұрын
I sold in pompano last year. Doubled my money, now I rent.
@darkwing3713
2 ай бұрын
Sounds like state is doing their developer friends a favor. Forcing 1000s condos onto the market at once is very nice for developers who want to tear the buildings down, and build something even less affordable. Then all they have to do is limit the number of unrelated people per unit, and soon the entire area will be entirely abandoned and totally free of those pesky residents.
@paradise6606
2 ай бұрын
Never move into a condo and a HOA.
@JeffMathias
2 ай бұрын
The American dream huh? I rent for $1,050/mo in a capital city suburb. I invest the difference. Buying = headaches.
@billdillon3886
Ай бұрын
After the condo collapse in Surfside in 2021, all bets were off for affordable condo living. Some saw the writing on the wall, some didn't. Glad I don't like sand or heat.
@Zyklon_B_still_and_know_God
2 ай бұрын
This is one of the better videos on this situation. Clear and succinct, thanks Paul.
@stevewalker2028
Ай бұрын
In UK we have a thing called "equity release mortgage". Elderly people borrow money on the security of their home, with no monthly repayments required. They live their final years in peace & comfort, take a cruise or whatever, and when they pass away the bank gains ownership of the property. It works pretty well.
@hellohello2024
Ай бұрын
My condo does not require a reserve study but we’ve been charged a special assessment for one. 2 story buildings abt 15 miles from the beach. lol I just found out the DOJ has a criminal division that investigates HoAs and it’s board members individually. Literally found this out yesterday lol
@denisedavis9908
2 ай бұрын
In VA it is law to do a reserve study every 5 years. And the reserves must be a certain percentage of the annual budget. My mother in law years ago was going to buy a condoin Florida, and we explained to her about reserves since the condo building didn't have reserve study.. luckily she changed her mind...
@ThomasLeonard454
2 ай бұрын
IMHO HOAs are just a building maintenance kicked down the road. You buy a condo to not have to deal with maintenance which you will eventually have to put a roof on the building, still.
@SuntoryPop927
2 ай бұрын
It’s not as bad as these click bait tubers are making it out to be. Most of the condo buildings have been properly maintained and most are passing their inspections. Are there buildings like Surfside out there that need massive repairs? Yes, but those are not the norm. People need to relax, everything will be fine. Buying in FL is fine just use common sense and look into things and ask questions about the milestone inspection and reserves etc.
@cumberlandquiltchic1
2 ай бұрын
🏝️here’s some sand for you to stick your head in….
@mateotincopa751
Ай бұрын
it seems to me those "assessments" have been outrageously inflated.... the government should step in to help these owners
@WilliamKirkland-j4r
2 ай бұрын
Thanks for providing such a good explanation of a real problem and probable consequences. And, for the grand views on your 'walkabout' presentation.
@mariaolivieri1633
28 күн бұрын
So many NewYorkers own those condos. Not one but at least a couple. For years they made huge profits. HUGE. They used to brag so much and squeeze their renters. I hope they somehow don't loose their homes. A lesson of humility that is.
@MICHAELCOKE-vj2lj
Ай бұрын
It appears that the $750 maintenance fee applied to 225 apartments generates approximately $6 million annually. When considering an appropriate reserve of $3 to $4 million each year, we are looking at a potential total of $30 to $40 million accumulated over the course of a decade. This raises significant concerns regarding the whereabouts of these funds. It seems the maintenance company may be directing tenants to cover the shortfall in the reserve funds that should be in place.
@lorivalentine5846
2 ай бұрын
Yeah Michael Bordonaro. also talked about the cricket club as well. Apparently, apparently that’s a popular place!
@DucatiQueen
2 ай бұрын
Lived in Destin for over 30 years and couldn’t wait to sell our home and get the hell out of dodge. Got so sick of the cost of living, the constant worry about hurricanes in the summer, the tourists , humidity and mosquitoes. We sold our home and bought our dream retirement home in Henderson Nevada . We live in a quiet neighborhood, don’t have to worry about hurricanes, sharks or mosquitoes and we are 20 minutes from Las Vegas if we feel like doing something fancy or wild…..” WITHOUT HAVING TO WAIT 45minutes FOR SEATING. Never looking back and just glad we sold our house while we still had something to sell…..( unlike a friend in Mexico Beach ) who lost it all during MICHAEL and is still living in his RV and paying for a mortgage on a home that no longer exists. Y’all enjoy and…GOOD LUCK.
@Curlyblonde
Ай бұрын
Do these condo associations put the maintenance and repair work up for bids or do they accept the first or only price quote they are given?
@nathanruben-tv5lf
2 ай бұрын
I believe it is a way push owners out and transfer the ownarship to a coorporate to rebuild those places again and sell...
@oidpolar6302
2 ай бұрын
So the maintenance was skipped for many years supposed to be paid by the shared owners and now, after the multi floor building has collapsed, all the skipped inspections has been enforced. As a result = an "assessment charges" to be paid at once (doesn't mean the building will be repaired/reinforced at once). A very much helpful business model for the property agents
@Shortsandstuff316
2 ай бұрын
Emptying out your 401K for a Florida condo is not a good idea to begin with. Condos are expensive to live in. 40 years I've been analyzing condo budgets. It's always been a disgrace on the part of the real estate community for not making this clear to their clients. "Do not buy, there are no reserves, the roof is a mess..." and it goes on.
@toplyf.
Ай бұрын
Fort Lauderdale is paradise, i love the use of the water ways. Playgrounds for the rich, mega mansions and green environment. Totally love it.
@rowiecarpena7456
Ай бұрын
FIRST THING TO ASK THE HOA IS TO ISSUE OR MAKE A WEBSITE WHERE THE MEMBERS OF THE HOA CAN ACCESS THE STATEMENT OF ACCOUNT TO LET THE PEOPLE KNOW WHERE THE CONDOMINIUM DUES WENT OR HOW IT WAST SPENT. ROOF SHOULD BE INCLUDED ON THOSE EXPENSES.
@alastairstaunton7081
Ай бұрын
Wow! Those assessments are putting the "con" into condo!
@yvetterobles8566
Ай бұрын
Not only condo holders but also mortgage holders insurances of ridiculous in Florida and the mortgages have all gone up to ridiculous amount it is not fair who do we go to when we not we weren't this would be happening
@l.ls.8890
Ай бұрын
Many of these old condo owners are the reason this situation exists and probably why the other one collapsed. Head stuck in the sand and deferred important maintenance on the building. Then when the building collapsed the relatives sued the Condo Association to bankruptcy and the insurance companys. Hence the insurnace companys says we are raising your rates and the state imposed mandated on maintenance.
@keithrelyea7997
2 ай бұрын
It seems condo owners in Florida have been living in deferred a maintenance illusion for way to long and the chickens have come home to roost. I live in Minnesota and have lived in a condo for 10 years. The has been a law that condos have to have a 30 year funded plan to account for necessary maintenance. I pay a fee that supports that plan and also have had assessments that considered unusual but necessary upkeep all is well. Why and perhaps it's the lack of planning or just plain ignorance that you can get away with this illusion
@emilianogabriel9613
Ай бұрын
Now a day buying a condo in Florida not worth it due to assessment fee and HOA some owners are all complaining about this type of legal scam and can’t sell their condo due to that fee
@darrellhicks360
Ай бұрын
When you fly down to Disney World in Florida and you’re sold a package or a free breakfast or something, this is where they work their magic and make you owners of these bad deals
@vincentanderson8435
2 ай бұрын
That storm has been in Florida for the last 25 to 33yrs it only get worst
@PalmBeachesPaul
2 ай бұрын
no it hasnt. There have always been assesments but they have never been this bad. If they were I would have heard about it 13 yrs ago when I started in RE. This is a very NEW thing because of of all the new condo changes by the state.
@All-Miles-Matter
Ай бұрын
They are idiots for buying condos in the first place. Never.....ever......ever....buy a home that you dont have COMPLETE control over! EVERRRRRRR! Its about as stupid as it gets. HOA? ABSOLUTELY NOT! CONDO? ABSOLUTELY NOT!
@faithrada
2 ай бұрын
Suddenly my tiny one level beach bungalow with NO HOA! is lookin preeeety darn good. 😊 Btw.. living at the ocean is brutal. Things like air conditioner units, washing machines, etc. barely have a half life.
@consumerdebtchitchat
28 күн бұрын
The elderly couple needs to file bankruptcy and turn over the condo. I wouldn't even bother trying to sell it with that amount of assessment attached to it. They need to live off of whatever retirement income stream they have. It's going to be a lifestyle downgrade. But it's better than the stress of a quarter million dollar assessment you can't afford. I feel horrible for them.
@jppalm3944
2 ай бұрын
Owners neglected, well the management, they hired, neglected the buildings. Imagine living in your home for 30 or 40 years, no maintenance, no new roof, concrete not fix.
@augggie
2 ай бұрын
Hopefully there’s a way to follow the HOA money, my guess is a lot of that just got pissed away 😢
@Robert-g2b
Ай бұрын
Hey, this is not just you condo rich people,... They are doing this to life long property owners, in ILLINOIS, I had my property in a low value property, house on lot, taxes paid 3700,00 after assessment up 1200.00, now overall 4900.00,..having heart problems, out of work,... Even if,... I was still working, I would've still had to sell anyway,...But, the point it was over asessed by 1000.00,... But, the property values will drop, but taxes don't,.... It is a fraud what they are doing all over, the nation, the horrible hideous ignorance going on in the industry, but,.. government leaderships, are the enablers of this ignorance,... But, the people facing homelessness at any rate, it is ignorance that's just about criminal,..... It makes this, man of ill health nearly 61 yrs, want to,.. lock and load,..😡🇺🇸💯%✔️
@jacobuszwanenburg1629
2 ай бұрын
Who buys a condo to begin with and then on top of that those HOA things ! Wow in the USA someone else owns your house when you think you do !?
@DavidSamuel-c3h
25 күн бұрын
I guess when he invested in his condo he didn't think that he should have reserved money in case unexpected bills came up ??? The Florida market has been overpriced for about 3 years now. But that's going to definitely change in the next 5 years.
@PalmBeachesPaul
25 күн бұрын
Only time will tell but I've been hearing people say that for the past five years and yet home prices really have not gone down much.
@Ride-Fly
2 ай бұрын
The government and its buddies have turned home ownership into a casino. Your home should be protected by government not stolen by it. End property taxes and insurance should have limits in place so they jack the prices so rapidly. Its all being coordinated.
@gregburton5063
2 ай бұрын
Ok, so the first gentleman bought his condo for 190,000 and then with the assessment tried selling for 350,000. The condo he lived in is selling now for 150,000 to 200,000, he obviously overpriced to begin with and overpaid in his day. The second guy is living in a condo that’s median selling price is between 3-9 million per unit. The assessment isn’t incredibly huge based on these values. I agree the Florida condo scene and new laws have created issues for owners and made it difficult but a lot of it was based on kicking the can down the road and now … the road has ended.
@secondhorizon
2 ай бұрын
Reverse-mortgages will be used to thieve elderly condo-owners of their equity (wait for it).
@Brownmahfun
2 ай бұрын
SO in other words THEY LIED to people with these HOA FEES. The HOA FEES was suppose do all of the work needed to keep the building up. Its NOT these people fault that the building didn't do what they were supposed to do. HORRIBLE.
@pauljohnson-ih1xe
2 ай бұрын
WHATS that sound? sounds like FOLLOW THAT DREAM by Elvis Presley!! you know, the one where this patched up poor family car breaks down on beautiful key west road near a bridge, so they construct a shack out of palm branches, etc, then they live there, then they start a business there, and make a living to survive there! now THATS the answer for these poor hard done by condo owners!! go live on the beach under a palm tree and REALLY get the feel for Florida living...I just LOVE THAT MOVIE!!
@davmatheophilus159
2 ай бұрын
I've never had a living situation evolving HOA fees, but I am skeptical of how they are used. No discussion of how they seem to slip into the parallel universe? BTW, someone might want to trace these assessments back to their originators. Why would anyone simply assume there are no estimate errors or kickbacks to contractors and developers; developers who'd like to raze those buildings and build new, very expensive buildings? It happens every day.
@brunolamarche100
2 ай бұрын
in all due respect - conflict of interest: broker suggesting to buyer to increase offer +15,000$ it also increases broker's commission. - not optimal for either parties. Should have opted for seller paying 100% of assessment. Am I correct? ;)
@Nicksonian
Ай бұрын
Just wait a decade or two when all these properties have permanent first-floor water features.
@rustymugg9658
18 күн бұрын
Thanks for what you do. I don't own anything, and given the state of the world economy, I'm grateful I don't own ish...
@PalmBeachesPaul
18 күн бұрын
just trying to be helpful, I'm no pro at making videos or on condo rules. Just think its important to let others know what is going on in my market as a real estate Agent
@EmmettConrecode
11 күн бұрын
The concrete in your condos was made with saltwater. Cities knew it so the $ cost is on them.
@TomL2025
29 күн бұрын
There is more problem to it, what if you have money to pay for the assessment, but 20% of the people in the same building do not have money? Then who pays for the 20% short fall to repair the building? Foreclosure is one option, but that will take lot of time, not sure if the government allows 6 months to a year to foreclose those 20 % units. As a new buyer, would you take the risk even you have money to pay for the assessment?
@Emy53
7 күн бұрын
Where are our HOA's dues going towards? Isn't that what HOA dues are used for?
@TNZzzz
2 ай бұрын
I don’t feel bad for the senior citizens. I’m a millennial and we are having to pay the price for their bad decisions. This needs to happen to reset the housing market. 1. They bought these homes for dirt cheap. Many of them had them as second homes. Imagine the audacity when we can’t even get a primary home today. 2. They willfully neglected taking care of their condo maintenance. They actively voted to waive reserves and repairs for decades. Now they don’t want to pay the piper and are acting like the victims. Really ? 3. They have had a lifetime to amass wealth, 401ks, pensions etc.. Use them to pay your dues and do the right thing. Many of us have no chance of affording these homes let alone these fees. 4. Keep in mind, these seniors are the same people voting against raising the minimum wage to keep up with inflation and are wrecking us financially. They don’t even feel for us. Why should we return the favor ? They created this problem. Do not buy these condos off them unless they have paid all their assessments and the price is reasonable. People need to be held accountable for their actions. Ps: I am protective of seniors when it comes to making sure they are medically take care off, have social security to live without having to work. This particular condo crisis though is where they loose me.
@leandroflaherty
2 ай бұрын
Raising the minimum wage will lead to raising all wages, which will lead to more money chasing the same apartments, and the price and rents will rise to meet the new money competing. That and it will lead to small and mid size businesses either going bust or firing all non mission critical staff and passing the cost to consumers. Big corps will then use the additional cost of labor to justify more investment in automation, ai, self checkout, etc and even more jobs lost. Minimum wage ironically ends up hurting the poor more than the mega rich. There is no free lunch. You want hire wages? Stop all inflation, aka money debasement, so that the cost of living doesnt outpace wage increases. The market will adjust without any need of top down interventions.
@leandroflaherty
2 ай бұрын
Higher*
@Silver_Man_69
Ай бұрын
I guess there's going to be a bunch of empty condos in Florida. Unless they turn these empty condos into rentals, these buildings will rot.
@BaronEvola123
2 ай бұрын
Here's all you really needed to know about Florida: 1/3rd of all national insurance costs went to Florida. In other words: Florida was subsidized by the rest of the country.
@rickschucker9697
2 ай бұрын
I think they should contact people that have lived in any condo for the last 40 years that voted down assessments and kicked the ball to the next sellers , they should be billed and FORCED to pay their share of the assessments. They think they got away with something. They should be made to pay their share or put a lien on their homes! If their dead, then , never mind😅.
@sxsphil
2 ай бұрын
No reality to today's cost of anything.
@gingerkilkus
2 ай бұрын
Back in the day, when I purchased my first condo home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
@leojack9090
2 ай бұрын
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
@flimmaytinstone8980
Ай бұрын
My first was 6% and the banker said I will never see rates this low again. That was in 91
@CaseyKoplinCk13
Ай бұрын
@@gingerkilkus vote for Trump.
@antareschen4451
Ай бұрын
Return to 3%? there were no 3% till after 2019. SMH
@antareschen4451
Ай бұрын
Buying a condo is already financially uneducated. Now you have to sell your condo for lower price doesn’t mean the whole housing market has to decline. There is no such thing in single family home. Whoever choose to buy SFH is already higher in financial education.
@adriaba790
2 ай бұрын
When this man emptied his 401K to buy a condo he sealed his fate 😢
@usiffputz6753
2 ай бұрын
Not true. He should have opened an LLC then put a 1st lean on the Condo for $275k once you do that you are covered. Think ahead boyz. They cant foreclose without paying 1st lean off, so whats the problem.???
@bitcoindaddy1
2 ай бұрын
@@usiffputz6753 dont pay your HOA and property tax and see what's happen...
@wowzers1069
2 ай бұрын
@@usiffputz6753 Doesn't work that way. Nice try.
@RG-xi3rd
2 ай бұрын
yes, never empty your nest egg to buy a house or buy anything for that matter.
@RussellD11
2 ай бұрын
@@wowzers1069 actually, as a corp lawyer , IT DOES, if your smart...
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