Guys, be very careful here. If you can't find buyers condo prices have fallen 80 %.If you cant find a buyer your condo is essentially worthless. I dont see this having a good ending. 40 years of deferred maintenance has had a very destructive effect.
Let's not discount that many were built on swampland that never should have been built. But when you have corrupt legislators in bed with the developers it's not surprising. Most corrupt state in the US
I think that it depends on the condo. High end luxury ocean front buildings will be mildly affected. Older buildings with less expensive units and a less wealthy demographic will be more at risk.
Owners complain about the insurance increases without acknowledging the huge inflation in valuations over the last thirty or forty years. Insurance is based upon the present valuation. In addition, there is the threat from hurricanes and the insurance fraud that is rampant in Florida. For retirees on fixed incomes, this is very problematic. Then add in deferred maintenance of coastal property.
Our dream was to work until age 65-70 and then buy a condo in paradise that's cheaper to live than in NY. The lure of not cutting grass, iced windshields in the winter, a pool, and a gym called me to this idea. We'll hold off another year or two to watch what's going on. Good luck to everyone in a predicament over this. Maybe legislation and time will help you out
Don't count on the state of Florida to pass any meaningful legislation to assist Condo owners. These inept clowns have contributed to this issue because they have always been in bed with the developers and insurance companies.
@@JohnJohn-wr1jo Thank you sir. Despite this crisis (if I can call it that), people still need a place to live. We're moving to Florida despite politics, current events, or the economy. We'll just have to select carefully and work it out. Thank you.
When is the bottom? I think another year or so. Also, condos could build in the cost of repairs improvements in the fee- which is equivalent to non qualifying financing.
This was a very well articulated and honest video presented to all viewers. Nicely done start to finish and quite informative. My sense is your experience tells it like it is, and that is to be highly commended. God bless you and much success in all your endeavors.
You shouldn't take your vitamins with probiotics with hot coffee, the acid in the coffe breaks down the probiotic to render it useless. And those are expensive vitamins. Just an FYI😊
Thanks, great video. Me thinks there will be condo developments that simply fail. Developers will swoop in, tear down and build something fancier and more high end. And the cycle will continue.
The law is every 30 years initial assessment then every 10 years from there on out. Who knows how much it will cost every 10 years too, I mean I assume the cost will go up just because labor and material obviously will go up simply because it’s been 10 years.
And if you have a house? You will have maintenance unless you let it fall apart and with inflation of labor and materials as well. It’s more of an ownership issue really.
Right now I wouldn't touch these condos with a 10 ft pole. Maybe in a year from now , when the dust settles a bit and HOAs are (hopefully) fully funded, I could touch with a 5 ft pole
But you just pointed out that the sellers are leaving because they have no idea how much they might be on the hook for. How will you as a buyer figure out the right discount. I think this is what they call trying to catch a falling Knife
Condos are like time shares. How can you buy something with fees that are continually rising, these people were fooled from the beginning, condos are trailers in a park.
Always great information. The big assessments are real. A friend had a $70,000 assessment late 2023 on their Sarasota condo which was maintained very well but the engineering study recommended improvements. No one really complained about paying it so owner demographics come in to play. We almost bought a condo in 2018, thank GOD we didn’t.
I just got a Zillow alert on a very nice, fully remodeled, 2/2 1100sf Hallandale Beach waterfront condo w/ boat slip that I've been following. 4 story, built in 1962, very well maintained, on the west side of the Intracoastal, short walk to the beach. I almost bought this unit in 1992 for $110K. Back then the monthly HOA fee was $100. Today, this unit is listed for sale at $360K with $1100/mo HOA fee!
Short answer. Yes your condo is worthless do to the cost its going to take to fix the building because the HOA didn't take the time to the up keep and kept kicking the can down the road well now its time to fix and the damage is really bad.
I'm guessing these older condos that are needing costly repairs now are going to need continual costly repairs forever. Owners are better off selling out the entire building to a developer.
Problem with condo ownership is you are at the MERCY of other people... BOARD members can be wonderful or disasters ! IMO way too many "wild cards" exposing you to a nightmare of financial liability !
If you are not on the top floor good chance you are going to have problems with the noise the people above will make. i had to move out of a condo cause the woman above was very very noisy and the management wouldn't do anything. i'm in another condo now and had the same problem but they settled down. BUY a HOUSE without an HOA if you can.
The problem with Condo ownership is most people don’t pay attention. And you may get a group of people that wants to keep the common charges as low as possible because they’re cheap and it raises the value of the property.
@@carlosf3917 Yes, thank you for that reminder... ALL of these owner realities push me to consider building a luxury cargo conversion and enjoying mobility and saving a fortune !
Good information you provide. Your videos have great art works in the background . Is that your hobby? Thank you for the helpful information you provide.
Another great video. I have a condo on Marco Island, Its in a 2 story, motel style complex. Would you say these places are going up in value because they don't need assessments even though built in the 70's? The complex has category 5 windows and doors recently installed and upgraded roofs. I would guess buyers would want to grab these seeing most 2 bedroom places are about $350k. Almost affordable. Love to hear a comment on these types of units. Take care.
If it's a "condotel" those are tricky. Near impossible to finance. But the upgrades sound nice. I'd have to know which building to be able to tell you what my thoughts are. Thanks for being here!
What would make it special? Condos on the Beach all over the world are exposed. Even inland, if people don't do proper maintenance. This is going to be a massive contagion and the insurance companies know it!
Yes, Florida wasn’t a special situation. Apparently there was no requirement to maintain your building for 30 to 40 years. And keeping reserves for those repairs was optional.
@@francismarion6400 Builders, real estate agents, and real estate lawyers, lobby for these bills because they thought it would make them more money. And it did for many decades. Remember not every building took advantage of this ability to be financially stupid. Many buildings are maintained properly and proper reserves. Apparently some could’ve planned a little better having assessments under $10,000. For those who have finances that precarious, I guess they will be forced to sell. For the most mismanaged buildings, they are in trouble. Some of them may be forced to sell the building to developers assuming they have a good location. I imagine someone lucky people will find their only option is to walk away and let somebody else pay for the demolition. A state such as Florida it seems sad to say that giving people too much freedom sometimes it works against them. But there it is they were allowed to do this to themselves and they did.
I have received a trim notice that shows a tremendous increase in market value I have lived here for 3 years in this condo complex I have called the tax assessment office for challenging the market value because there are 7 units for sale and none of them are selling 2 have sold for much less then market value will you be doing a video on this type of condo crisis in the future thank you and I love your educational videos
Your very sharp and helpful... Thank you!
Thank you
Look for the one to two story condos which aren't subject to these new assessments
That just means they probably aren't going to do anything and let maintenance slack . get a house
you can get 3 storie if first floor is parking stories only count if there liveing stories
In this day and age there probably really old and have multiple issues no one wants to believe until something big happens ! Then act so surprised.
Don’t buy old condos is more like it. The assessments are for condos >30 years old (>25 years by the water).
Guys, be very careful here. If you can't find buyers condo prices have fallen 80 %.If you cant find a buyer your condo is essentially worthless. I dont see this having a good ending. 40 years of deferred maintenance has had a very destructive effect.
Let's not discount that many were built on swampland that never should have been built. But when you have corrupt legislators in bed with the developers it's not surprising. Most corrupt state in the US
I think that it depends on the condo. High end luxury ocean front buildings will be mildly affected. Older buildings with less expensive units and a less wealthy demographic will be more at risk.
Owners complain about the insurance increases without acknowledging the huge inflation in valuations over the last thirty or forty years. Insurance is based upon the present valuation. In addition, there is the threat from hurricanes and the insurance fraud that is rampant in Florida. For retirees on fixed incomes, this is very problematic. Then add in deferred maintenance of coastal property.
Our dream was to work until age 65-70 and then buy a condo in paradise that's cheaper to live than in NY. The lure of not cutting grass, iced windshields in the winter, a pool, and a gym called me to this idea. We'll hold off another year or two to watch what's going on. Good luck to everyone in a predicament over this. Maybe legislation and time will help you out
Don't count on the state of Florida to pass any meaningful legislation to assist Condo owners. These inept clowns have contributed to this issue because they have always been in bed with the developers and insurance companies.
@@JohnJohn-wr1jo Thank you sir. Despite this crisis (if I can call it that), people still need a place to live. We're moving to Florida despite politics, current events, or the economy. We'll just have to select carefully and work it out. Thank you.
When is the bottom? I think another year or so. Also, condos could build in the cost of repairs improvements in the fee- which is equivalent to non qualifying financing.
This was a very well articulated and honest video presented to all viewers. Nicely done start to finish and quite informative. My sense is your experience tells it like it is, and that is to be highly commended. God bless you and much success in all your endeavors.
Much appreciated!
You shouldn't take your vitamins with probiotics with hot coffee, the acid in the coffe breaks down the probiotic to render it useless. And those are expensive vitamins. Just an FYI😊
Thanks, great video. Me thinks there will be condo developments that simply fail. Developers will swoop in, tear down and build something fancier and more high end. And the cycle will continue.
That was the plan.
The law is every 30 years initial assessment then every 10 years from there on out. Who knows how much it will cost every 10 years too, I mean I assume the cost will go up just because labor and material obviously will go up simply because it’s been 10 years.
And if you have a house? You will have maintenance unless you let it fall apart and with inflation of labor and materials as well. It’s more of an ownership issue really.
My husband and I are looking for 55+ condos that are one floor/ranch. Yet I see the "panic of HOA" fees amongst the condos available in Pasco county.
Right now I wouldn't touch these condos with a 10 ft pole. Maybe in a year from now , when the dust settles a bit and HOAs are (hopefully) fully funded, I could touch with a 5 ft pole
But you just pointed out that the sellers are leaving because they have no idea how much they might be on the hook for. How will you as a buyer figure out the right discount. I think this is what they call trying to catch a falling Knife
Condos are like time shares. How can you buy something with fees that are continually rising, these people were fooled from the beginning, condos are trailers in a park.
ALL of this should make renting a condo a far better deal !
Not if the condo has structural issues
Lol@@DebbieG-lv1yl
You're paying somebody else's mortgage (investment)
@@maridonis542 but you're not paying for surprise bills, you simply move when the lease is up
@@hideoussails1783 agree
Always great information. The big assessments are real. A friend had a $70,000 assessment late 2023 on their Sarasota condo which was maintained very well but the engineering study recommended improvements. No one really complained about paying it so owner demographics come in to play. We almost bought a condo in 2018, thank GOD we didn’t.
Improvements? That just happened to all arrive at once. Sounds like it wasn’t maintained as well as it should’ve been.
@@neilkurzman4907 true, externally that is…
You could have made huge bucks holding it between 2018 and 2022.
I just got a Zillow alert on a very nice, fully remodeled, 2/2 1100sf Hallandale Beach waterfront condo w/ boat slip that I've been following. 4 story, built in 1962, very well maintained, on the west side of the Intracoastal, short walk to the beach. I almost bought this unit in 1992 for $110K. Back then the monthly HOA fee was $100. Today, this unit is listed for sale at $360K with $1100/mo HOA fee!
These hoa fees are outrageously expensive. It’s criminal like behavior.
and soon the boat slips will need refurbishing - yikes!
@@rocqitmon And the seawall!
The cows have came home. The money on your condo was already made
Short answer. Yes your condo is worthless do to the cost its going to take to fix the building because the HOA didn't take the time to the up keep and kept kicking the can down the road well now its time to fix and the damage is really bad.
But the HOA's don't have the funds to fix the dwellings, they spent it on landscaping and signs!😂😂
Well done presentation.
I'm guessing these older condos that are needing costly repairs now are going to need continual costly repairs forever. Owners are better off selling out the entire building to a developer.
You can’t sell every building to a developer. And no, you don’t need continuous costly repairs. Unless the building is in rough shape.
@@neilkurzman4907 Wrong
Problem with condo ownership is you are at the MERCY of other people... BOARD members can be wonderful or disasters ! IMO way too many "wild cards" exposing you to a nightmare of financial liability !
If you are not on the top floor good chance you are going to have problems with the noise the people above will make. i had to move out of a condo cause the woman above was very very noisy and the management wouldn't do anything. i'm in another condo now and had the same problem but they settled down. BUY a HOUSE without an HOA if you can.
The problem with Condo ownership is most people don’t pay attention. And you may get a group of people that wants to keep the common charges as low as possible because they’re cheap and it raises the value of the property.
Yes. Hearing your upstairs neighbors flush the toilet and heating the flush go through your walls 🤮.
@@carlosf3917 Yes, thank you for that reminder... ALL of these owner realities push me to consider building a luxury cargo conversion and enjoying mobility and saving a fortune !
How can you tell if a Realtor is trusted?
Are they going to crack down on termites and mold?
Termites in multi story, oceanfront concrete condos
Good information you provide. Your videos have great art works in the background . Is that your hobby?
Thank you for the helpful information you provide.
Thank you and yes it is my hobby!
Black coffee is the only way to drink it, intense flavor, no calories.
Another great video. I have a condo on Marco Island, Its in a 2 story, motel style complex. Would you say these places are going up in value because they don't need assessments even though built in the 70's? The complex has category 5 windows and doors recently installed and upgraded roofs. I would guess buyers would want to grab these seeing most 2 bedroom places are about $350k. Almost affordable. Love to hear a comment on these types of units. Take care.
If it's a "condotel" those are tricky. Near impossible to finance. But the upgrades sound nice. I'd have to know which building to be able to tell you what my thoughts are. Thanks for being here!
So you DONT get what you pay for in Florida?!?!!
Thanks for all you do. I appreciate it as I'm wanting to sell but stay in Florida. I'm trying to make a plan.
You're awesome! Thank you for your insight!
Ron DeSantis has screwed Florida.
Why is this the governors fault?
@@allanbauer4076 He took huge donations from insurance companies and allowed them to raise rates unchecked.
DeSantis has permitted the corrupt Judiciary to run Florida like Jeffrey Epstein ran Epstein Island. 🏝️.
Same bunch of pedo’s.
DeSantis has permitted the corrupt Judiciary to run Florida like Jeffrey Epstein ran Epstein Island. 🏝️.
Same bunch.
Best governor in America
Fla blows anyway.
You should learn how to do your make up in a way where it doesn’t seem like you came from the late 90’s…
What hapoened to common sense down there
Isn’t Florida a special situation?
What would make it special? Condos on the Beach all over the world are exposed. Even inland, if people don't do proper maintenance. This is going to be a massive contagion and the insurance companies know it!
Yes, Florida wasn’t a special situation. Apparently there was no requirement to maintain your building for 30 to 40 years. And keeping reserves for those repairs was optional.
@@neilkurzman4907 Seems logical to build such a requirement into their terms of ownership? Is there no common sense among these people?
@@francismarion6400
Builders, real estate agents, and real estate lawyers, lobby for these bills because they thought it would make them more money. And it did for many decades. Remember not every building took advantage of this ability to be financially stupid. Many buildings are maintained properly and proper reserves. Apparently some could’ve planned a little better having assessments under $10,000. For those who have finances that precarious, I guess they will be forced to sell. For the most mismanaged buildings, they are in trouble. Some of them may be forced to sell the building to developers assuming they have a good location. I imagine someone lucky people will find their only option is to walk away and let somebody else pay for the demolition.
A state such as Florida it seems sad to say that giving people too much freedom sometimes it works against them. But there it is they were allowed to do this to themselves and they did.
Oy Veh! No condos
I have received a trim notice that shows a tremendous increase in market value I have lived here for 3 years in this condo complex I have called the tax assessment office for challenging the market value because there are 7 units for sale and none of them are selling 2 have sold for much less then market value will you be doing a video on this type of condo crisis in the future thank you and I love your educational videos
I have not done a video on this and this is a good topic. Thanks for bringing it to my attention. I'll work on getting a video out.
face it, a condo has no value after 25 years, like a car
My condo is 45 years old jumped up almost $100,000 over the pandemic.
😂ok. I’ll have to find the free ones. No luck so far 😂