Sounds to me like the advice shouldn’t be “Don’t buy a condo,” but rather “Don’t buy a condo with an underfunded association or exterior decay.” HOA fees shoot up after they’ve been kept artificially low, producing a giant backlog of repairs, and the chickens come home to roost. But if both the building(s) & cash reserves are in good shape, this problem won’t apply.
Thanks for sharing I did share some things to look out for towards the end of the video and other videos regarding if they are properly funded and other tips, you may have missed it. Thanks for bringing up this point.
No just keep it simple and don’t buy a condo. Stay away from HOAs altogether, they are incredibly predatory and they can raise HOA premiums at a whiff. HOA fees are one of the biggest wealth destroyers. These properties are not designed for average Joes but for medical doctors, pro athletes, corporate executives etc. Only for the richest.
FL is becoming a real estate nightmare. Between natural disasters, insurance companies abandoning the state, lack of consistent, enforced regulations, and a state government that caters to corporations instead of constituents, I can't see why the average person would want to buy property in FL. Especially condos. Thanks De Santis, and GOP. But to be fair, the situation with condos is not just in FL, but in places around the country. Many are mismanaged, over leveraged, and deteriorating. But the situation in FL is "ground zero."
When they say real estate is a good investment the don't mean Florida condos located in a building. Buy a single story townhouse or a single family home and you'll never lose
Code enforcement should also be responsible for Heron Ponds deteriorating, one mile west of these condos no condos look like these. They often make sure the higher income neighborhoods are kept up to date. Looked @ these condos 10 years ago & they were not up to par.
Inspected by who? Some of the HOA hired someone that knew someone to inspect them and say its all roses.. meanwhile huge cracks in the walls showing they are falling appart and nobody said anything for years.. its ALL CORRUPTION IN FLORIDA
I know so many people that bought condos 20 years ago when they retired I loved every minute of it😅 overgeneralizing and thinking you know more than reality is stupid😮
That's awesome. How are things going for them? Have any of them had special assessments or crazy association fee hikes? I hope not. If you're talking about me when you say "overgeneralizing and thinking I know more than reality", I will give you the benefit of the doubt and assume you either didn't watch the whole video, or you haven't watched any of my previous content. Not once did I every say I know everything lol. I am simply reacting to news.
@@blackrealestatedialogue insurance has gone up and course taxes have gone up but most condos have good associations and necessary repairs performed and have inspections. There are condos that have people that vote not to repair and kick it down the road. They are in deep trouble
My mother bought a Florida condo 20 years ago. The HOA has tripled, insurance and property tax increase. They had a few low assessments. Utilities have almost doubled. I researched the property and warned her that it was a condo and get a lawyer to read the documents. She thought she buying a townhouse and refused to pay several hundred dollars for a lawyer to review. She realized that she had purchased a flipped condo at the closing. 20 years later that one time attorney fee is paid monthly for a pool and clubhouse she never uses. Verify before you buy. 😮😮
A solution is to create a hybrid system for assessments and insurance. Our solution will provide a win - win for all parties. ❤ Basically, the government becomes the arbiter for all parties. The hybrid solution would be like a buffet for the homeowner to choose a plan. 🍉 Homeowners select the amount of insurance or assessment they would be comfortable paying. The government would provide funds to fill the gap with the homeowner’s agreement to give back a percentage of the condos revenue when sold or transferred. The percentage would be predicated on homeowners’ participation in the insurance and assessment cost. Comments welcome.😄
These older condos have reached the end of their useful lives. Repairs will be too costly and never-ending. Owners are better off selling out to a developer.
No your not you have hit it on the head. That's why I left a condo the maintenance fee was too high and the owners didn't care. Politics is soooooo dirty.
I do live in the Pembroke Pines FL. The Herring Pond is just South of me. It was built back in the 1990's at the time my folks were planning to buy a 2/2.5 condo back then the cost was $250.00 and up $400.00 for the larger units! It cost back then $85,000 to $200,000 but my dad didn't like few items it didn't have gas range or high-end items. I live now with my mom in a gated community we have HUGE condo fees more hire than you said on each person who live in FL. I personal would love to LEAVE FL for bunch of reasons! I want cheap of leaving in which I narrow the opts from Chicago IL or Louisville KY! Sadly, I can't leave my mom alone, so I have to Bear living here. My ex-gf used to live in Champion Gate in Davenport /Orland in a gated community her HOA she had paid $30,000 and up in a million-dollar Neiborhood just sold her 2-million-dollar house to move to South of Tampa FL in a others million dollars and she paid currently $25,000. I call that mad! But then again, she is a very wealth realtor/investor! I am poor, I she her well!
@@blackrealestatedialogue Can You post more of other videos here in YT? I am a fan! The cost of living in Pembroke Pines is MURDER and the jobs is a JOKE! If I knew what i know now I won't Leave my ara of Marin CA (North of SF CA) or moved back to Ringwood Pasic NJ out in the Woods! But the cost of living is HIGH
Those condos are fifty plus years old Especially on ocean front ,salt destroys everything,rebars , concrete etc Throughout the decades they never collected funds for maintenance and repairs , Basically kicking the can down I own 12 condos in Florida,rentals Attended all the annual meetings via phone 🤳 You be lucky if you got 10% of the owners attending Investors are offering owners above market price Buildings needs to be torn down and rebuilt
@@blackrealestatedialogue Just to be clear I am just a small family investors took decades to acquire our rentals By no means am I remotely suggesting owners deserve what they get Most people unfortunately buys a condo pay their fees and think that's all to it And that includes the board members I myself been on four boards simultaneously No one wants to be a board member And board members likewise kick the can especially if it's landlords One of my business associate told me his building about 27 units had to do 600k of stabilizer repairs The board took out a loan spread it over 20 years so it wasn't too burdensome But who is willing to buy a condo in a building that has those issues It's tough add in inflation insurance taxes and yeah 👍💯 Living in America is insane Sorry to say it If you can handle living overseas with a monthly income from USA yeah you can double your life style with half the money
@@blackrealestatedialogue Just throwing out some lines of inquiry perhaps in the future you can use as reference in your videos Victor Hugo Hugo wrote The Man Who Laughs over a period of 15 months while he was living in the Channel Islands, having been exiled from his native France because of the controversial political content of his previous novels. The man who laughs ( the comic The Joker copied off ) Victor Hugo criticizes both the nobility which in boredom resorts to violence and oppression and the passivity of the people, who submit to it and prefer laughter to struggle.
That’s a good question. I would guess some were completely negligent over the years and those who weren’t negligent perhaps their reserves are not sufficient to cover a significant portion of the special assessment
@blackrealestatedialogue I mean we get deprecated but those Capex from other unforeseen events should be write offs as well this lady is paying the cost of basically a reconstruction of the building
CANT BLAME THEM, PEOPLE TIRED OF GETTING RIPPED OFF. NO ONE IS HELD ACCOUNTABLE, WITH THE MONEIES THAT PEOPLE HAVE PAID THROUGHOUT THE YEAR, AND NI REPAIRS ARE GETTING DONE
We got money to send to Ukraine, Israel, and for migrants, but we don’t have money for United States citizens for housing this is completely ridiculous.
Greetings from NYC. It was always a plan to work until 65-70 and then retire to paradise. Condo life seemed so convenient and carefree. Plus, a general feeling was Florida is cheaper than NY. Good luck to everyone in crisis now. God's strength. Hopefully government programs can create fixes. Maybe condos throughout the US should learn from this. TY.
It’s just a timing issue with repairs coming due…homes are $550k+ to start …condos are much cheaper around $200k…once they fully fund with reserves a lower down payment should be allowed instead of the typical 20-25%
I own a condo in Denver that was built in 2012, brick, steel, concrete. My HOA fees have tripled over the last 11 years due to special assessments, but all in all not too bad. We also don’t have very extreme weather here.
You're way off base my man. I was on a Board for a high-rise in downtown Miami for 1 year trying to undo and fix what all the previous boards FAILED to do - which was take care of the building. I proposed raising fees to avoid much higher fees years later. That was in 2018. THE ONLY time these types of people showed up to meetings was to OPOSE any fees raises. THESE same lame people would NOT show for board meetings and would vote for board members who promised NOT to raise their fees. They all deserve what they are getting. To say the Senate Leader does not care is silly - maybe she cares about NOT seeing another collapse. What's' worse, assessments or death?
I agree with you. I live in Orlando. Although condo prices are somewhat ridiculous, I think that the issues with HOAs are the same property owners' fault. The condemned condos from the first story is the result of YEARS of neglect. Owning a property means that you need to be responsible for maintenance. You have to be ON TOP OF IT. I can see how many condo owners live in them thinking it is the same as living in an apartment where SOMEONE ELSE has to deal with the maintenance. That's a big mistake. Too many of these owners don't get involved, and years later, they want daddy government to bail them out. It's a lot cheaper in the long run to PROPERLY maintain a property than to wait till the shit hits the fan.
I'm slightly passionate about this because after I saw the writing on the wall I sold and got the heck out. Three years later I got sued by a unit owner for disparaging his property by sending mass emails warning owners. Judge refused to dismiss with prejudice, and they kept refiling the suit just to get back at me. So you CAN be sued for serving on a Florida HOA board. Wait until HOA members realize this little gem. The whole HOA system is a joke.
the deadlines are what theyvare because we have a public health crisis and without deadlines that are pressing -NOTHING- gets done. rising fees are simply what things cost
@@blackrealestatedialogue to put it simply, it doesn't matter. Sometimes there is not an easy answer and people get hurt when faced with reality. They have had the free roll benefit of not having to pay what they should have been for years/decades. At the literal expense of people down the line. The older generation has systematically done this in all walks of life. It's basically like driving drunk for years and we finally decided to do something to stop it. Now they feel blindsided, because they got away with it for so long. The only solution is to let the free market decide what happens. They need to take out a loan to pay their share or sell the property for what it's worth today and move on. Anything else is simply subsidizing bad behaviour again.
"Don't Ever" seems a bit extreme. How about getting a home inspection? And as for "what can the government in Tallahassee do?". Well, when did all this become the job of government? Isn't the government spending enough of everybody else's money already?
The people that were living there for many years voted down any budget or HOA fee increase. When someone said yeah you know what we have to take a boat on whether or not we’re gonna take care of this maintenance that needs to be done on the building, they all voted down no. So there’s no one innocent in this game they knew back then that they should’ve been making these repairs but they decided not to increase the budget. They said let it go.
Watch the FREE Out of State Investing Training -www.outofstatemoney.com/
Sounds to me like the advice shouldn’t be “Don’t buy a condo,” but rather “Don’t buy a condo with an underfunded association or exterior decay.”
HOA fees shoot up after they’ve been kept artificially low, producing a giant backlog of repairs, and the chickens come home to roost. But if both the building(s) & cash reserves are in good shape, this problem won’t apply.
Thanks for sharing I did share some things to look out for towards the end of the video and other videos regarding if they are properly funded and other tips, you may have missed it. Thanks for bringing up this point.
No just keep it simple and don’t buy a condo. Stay away from HOAs altogether, they are incredibly predatory and they can raise HOA premiums at a whiff. HOA fees are one of the biggest wealth destroyers. These properties are not designed for average Joes but for medical doctors, pro athletes, corporate executives etc. Only for the richest.
FL is becoming a real estate nightmare. Between natural disasters, insurance companies abandoning the state, lack of consistent, enforced regulations, and a state government that caters to corporations instead of constituents, I can't see why the average person would want to buy property in FL. Especially condos. Thanks De Santis, and GOP. But to be fair, the situation with condos is not just in FL, but in places around the country. Many are mismanaged, over leveraged, and deteriorating. But the situation in FL is "ground zero."
Thanks for sharing your thoughts! I will keep my eye out for what’s going on in other states and perhaps make a video. It’s a tough time for many.
Great Insight!!!
Those condos don’t have air in Florida? That’s why you can’t sell it.
LOLLL
HOA needs to go
😫😫
Its so easy to put protective paint on concrete every few years OR the concrete eventually get ruined.
Fair point
When they say real estate is a good investment the don't mean Florida condos located in a building. Buy a single story townhouse or a single family home and you'll never lose
😫😫😫😫😫😫 crazy times
Never say never!
Code enforcement should also be responsible for Heron Ponds deteriorating, one mile west of these condos no condos look like these. They often make sure the higher income neighborhoods are kept up to date. Looked @ these condos 10 years ago & they were not up to par.
Wow smh thanks for sharing the local perspective
Let’s not forget that the HOA and the owners are one in the same! This dump hasn’t been maintained at all during its entire life.
Absolutely zero maintenance it’s crazy
Most condos that I'm aware of have inspections every year then have meetings and repair every year without exception😊
Inspected by who? Some of the HOA hired someone that knew someone to inspect them and say its all roses.. meanwhile huge cracks in the walls showing they are falling appart and nobody said anything for years.. its ALL CORRUPTION IN FLORIDA
Very informative, appreciate the work your doing man, much respect 🫡
Thanks for the love! Glad you enjoyed
I know so many people that bought condos 20 years ago when they retired I loved every minute of it😅 overgeneralizing and thinking you know more than reality is stupid😮
That's awesome. How are things going for them? Have any of them had special assessments or crazy association fee hikes? I hope not. If you're talking about me when you say "overgeneralizing and thinking I know more than reality", I will give you the benefit of the doubt and assume you either didn't watch the whole video, or you haven't watched any of my previous content. Not once did I every say I know everything lol. I am simply reacting to news.
@@blackrealestatedialogue insurance has gone up and course taxes have gone up but most condos have good associations and necessary repairs performed and have inspections. There are condos that have people that vote not to repair and kick it down the road. They are in deep trouble
You bring up some fair points and I agree with you. I guess the bad ones stick out a bit more.
My mother bought a Florida condo 20 years ago. The HOA has tripled, insurance and property tax increase. They had a few low assessments. Utilities have almost doubled.
I researched the property and warned her that it was a condo and get a lawyer to read the documents. She thought she buying a townhouse and refused to pay several hundred dollars for a lawyer to review. She realized that she had purchased a flipped condo at the closing. 20 years later that one time attorney fee is paid monthly for a pool and clubhouse she never uses. Verify before you buy. 😮😮
Dude, don't ever buy a condo "ANYWHERE".
😫😫😫
You have to make repairs as you go along. If you continue to put them off then at some point you will have to pay. It's as simple as that.
I def think that’s part of what’s going on with some condos
A solution is to create a hybrid system for assessments and insurance.
Our solution will provide a win - win for all parties. ❤
Basically, the government becomes the arbiter for all parties. The hybrid solution would be like a buffet for the homeowner to choose a plan. 🍉
Homeowners select the amount of insurance or assessment they would be comfortable paying.
The government would provide funds to fill the gap with the homeowner’s agreement to give back a percentage of the condos revenue when sold or transferred.
The percentage would be predicated on homeowners’ participation in the insurance and assessment cost. Comments welcome.😄
This is a very interesting idea to consider. Thanks for sharing!
This is insane. Imagine paying your HOA for all those years only to find out. Next to none of that money was going towards the building.
😫😫😫😫
the -only- reason these don’t sell is because of price. these sellers think that with an 80k assessment that the buyer is supposed to pay it.
Right idk anyone who would buy with the craxy assessment waiting for them
Yeah if they wantwd to sell. They woukd price it reasonable. Lije 20000
I live in Miramar Fl (south Florida) I see this every…
It’s so sad what’s happening
This Conspiracy between State Legislation and Developers is the heart of this GREED !
😫😫
These older condos have reached the end of their useful lives. Repairs will be too costly and never-ending. Owners are better off selling out to a developer.
That definitely might be the best option for some
Goal
You'll own nothing but you'll be happy
yep
No your not you have hit it on the head. That's why I left a condo the maintenance fee was too high and the owners didn't care. Politics is soooooo dirty.
I’m glad you got out and thanks for your comment.
@blackrealestatedialogue your welcome thanks for the great content
I do live in the Pembroke Pines FL. The Herring Pond is just South of me. It was built back in the 1990's at the time my folks were planning to buy a 2/2.5 condo back then the cost was $250.00 and up $400.00 for the larger units! It cost back then $85,000 to $200,000 but my dad didn't like few items it didn't have gas range or high-end items. I live now with my mom in a gated community we have HUGE condo fees more hire than you said on each person who live in FL. I personal would love to LEAVE FL for bunch of reasons! I want cheap of leaving in which I narrow the opts from Chicago IL or Louisville KY! Sadly, I can't leave my mom alone, so I have to Bear living here. My ex-gf used to live in Champion Gate in Davenport /Orland in a gated community her HOA she had paid $30,000 and up in a million-dollar Neiborhood just sold her 2-million-dollar house to move to South of Tampa FL in a others million dollars and she paid currently $25,000. I call that mad! But then again, she is a very wealth realtor/investor! I am poor, I she her well!
Thanks so much for sharing your experience. I always enjoy hearing from locals. Salute to you for taking care of your mom. Wishing y’all the best!
@@blackrealestatedialogue Can You post more of other videos here in YT? I am a fan! The cost of living in Pembroke Pines is MURDER and the jobs is a JOKE! If I knew what i know now I won't Leave my ara of Marin CA (North of SF CA) or moved back to Ringwood Pasic NJ out in the Woods! But the cost of living is HIGH
Thanks for the support! Here is a playlist with a bunch of related videos
ua-cam.com/play/PLsxFV_zmWDGk-faJb47xOmgyfrQE5263o.html
i mean things cost what they cost man; the deferred maintenance coming to roost
Those condos are fifty plus years old
Especially on ocean front ,salt destroys everything,rebars ,
concrete etc
Throughout the decades they never collected funds for maintenance and repairs , Basically kicking the can down
I own 12 condos in Florida,rentals
Attended all the annual meetings via phone 🤳
You be lucky if you got 10% of the owners attending
Investors are offering owners above market price
Buildings needs to be torn down and rebuilt
Thanks for sharing! It is a tough situation for many.
@@blackrealestatedialogue
Just to be clear I am just a small family investors took decades to acquire our rentals
By no means am I remotely suggesting owners deserve what they get
Most people unfortunately buys a condo pay their fees and think that's all to it
And that includes the board members
I myself been on four boards simultaneously
No one wants to be a board member
And board members likewise kick the can especially if it's landlords
One of my business associate told me his building about 27 units had to do 600k of stabilizer repairs
The board took out a loan spread it over 20 years so it wasn't too burdensome
But who is willing to buy a condo in a building that has those issues
It's tough add in inflation insurance taxes and yeah 👍💯
Living in America is insane
Sorry to say it
If you can handle living overseas with a monthly income from USA yeah you can double your life style with half the money
@@blackrealestatedialogue
Just throwing out some lines of inquiry perhaps in the future you can use as reference in your videos
Victor Hugo
Hugo wrote The Man Who Laughs over a period of 15 months while he was living in the Channel Islands, having been exiled from his native France because of the controversial political content of his previous novels.
The man who laughs ( the comic The Joker copied off ) Victor Hugo criticizes both the nobility which in boredom resorts to violence and oppression and the passivity of the people, who submit to it and prefer laughter to struggle.
Where is all of the money that’s been paid in HOAs over the years gone to? Wouldn’t those reserves cover at least part of the special assessments?
That’s a good question. I would guess some were completely negligent over the years and those who weren’t negligent perhaps their reserves are not sufficient to cover a significant portion of the special assessment
into the HOA boards' pockets!
Why if we want owner to invest more into conditions don't we just create a tax incentive or break for the capital expenses or the repair expenses...
This is a cool idea to consider
@blackrealestatedialogue I mean we get deprecated but those Capex from other unforeseen events should be write offs as well this lady is paying the cost of basically a reconstruction of the building
I def understand your perspective
CANT BLAME THEM, PEOPLE TIRED OF GETTING RIPPED OFF. NO ONE IS HELD ACCOUNTABLE, WITH THE MONEIES THAT PEOPLE HAVE PAID THROUGHOUT THE YEAR, AND NI REPAIRS ARE GETTING DONE
It’s really sad
We got money to send to Ukraine, Israel, and for migrants, but we don’t have money for United States citizens for housing this is completely ridiculous.
😫😫😫😫
We told people years ago that they were overpaying for crap but they paid for crap and what happens you get crapped on....
Tough luck 😫
This is wild
Yep smh
Greetings from NYC. It was always a plan to work until 65-70 and then retire to paradise. Condo life seemed so convenient and carefree. Plus, a general feeling was Florida is cheaper than NY. Good luck to everyone in crisis now. God's strength. Hopefully government programs can create fixes. Maybe condos throughout the US should learn from this. TY.
Shoutout to NYC! My hometown 💪🏾. I understand where you’re coming from. Thanks for sharing.
Condos = Apartments. I would not buy a Condo.
I don’t blame you
It’s just a timing issue with repairs coming due…homes are $550k+ to start …condos are much cheaper around $200k…once they fully fund with reserves a lower down payment should be allowed instead of the typical 20-25%
I understand where you're coming from. I am curious to know what will happen when these reserves are fully funded and the dust settles.
HOA's are a scam
I would say Barbara is not that Schmal
Huh
@@blackrealestatedialogue lol poor lady realtor. I made a joke at her expense 💀
Lol I missed it my bad
I own a condo in Denver that was built in 2012, brick, steel, concrete. My HOA fees have tripled over the last 11 years due to special assessments, but all in all not too bad. We also don’t have very extreme weather here.
I dont buy anything where I have not power to decide anything
I’m glad it hasn’t been too bad for you
You're way off base my man. I was on a Board for a high-rise in downtown Miami for 1 year trying to undo and fix what all the previous boards FAILED to do - which was take care of the building. I proposed raising fees to avoid much higher fees years later. That was in 2018. THE ONLY time these types of people showed up to meetings was to OPOSE any fees raises. THESE same lame people would NOT show for board meetings and would vote for board members who promised NOT to raise their fees. They all deserve what they are getting. To say the Senate Leader does not care is silly - maybe she cares about NOT seeing another collapse. What's' worse, assessments or death?
I definitely see where you’re coming from. Always great hearing from locals and another perspective. Appreciate your insight!
I agree with you. I live in Orlando. Although condo prices are somewhat ridiculous, I think that the issues with HOAs are the same property owners' fault. The condemned condos from the first story is the result of YEARS of neglect. Owning a property means that you need to be responsible for maintenance. You have to be ON TOP OF IT. I can see how many condo owners live in them thinking it is the same as living in an apartment where SOMEONE ELSE has to deal with the maintenance. That's a big mistake.
Too many of these owners don't get involved, and years later, they want daddy government to bail them out.
It's a lot cheaper in the long run to PROPERLY maintain a property than to wait till the shit hits the fan.
I'm slightly passionate about this because after I saw the writing on the wall I sold and got the heck out. Three years later I got sued by a unit owner for disparaging his property by sending mass emails warning owners. Judge refused to dismiss with prejudice, and they kept refiling the suit just to get back at me. So you CAN be sued for serving on a Florida HOA board. Wait until HOA members realize this little gem. The whole HOA system is a joke.
I’m so glad you got out and I’m sorry you’ve had to endure that awful aftermath
I def understand your perspective on this
Dick Gregory on 2 trumps
Hm
the deadlines are what theyvare because we have a public health crisis and without deadlines that are pressing -NOTHING- gets done.
rising fees are simply what things cost
I hear you I just don’t know how they expect the average person to come up with the funds so quickly
@@blackrealestatedialogue to put it simply, it doesn't matter. Sometimes there is not an easy answer and people get hurt when faced with reality.
They have had the free roll benefit of not having to pay what they should have been for years/decades.
At the literal expense of people down the line. The older generation has systematically done this in all walks of life. It's basically like driving drunk for years and we finally decided to do something to stop it. Now they feel blindsided, because they got away with it for so long.
The only solution is to let the free market decide what happens. They need to take out a loan to pay their share or sell the property for what it's worth today and move on. Anything else is simply subsidizing bad behaviour again.
I def understand where you’re coming from
You're about 3 years too late on this advice
Do you think folks should simply avoid condos altogether?
Don’t ever buy a condo period
😫
"Don't Ever" seems a bit extreme. How about getting a home inspection? And as for "what can the government in Tallahassee do?". Well, when did all this become the job of government? Isn't the government spending enough of everybody else's money already?
👍🏾
👍🏾
👍🏾
The people that were living there for many years voted down any budget or HOA fee increase. When someone said yeah you know what we have to take a boat on whether or not we’re gonna take care of this maintenance that needs to be done on the building, they all voted down no. So there’s no one innocent in this game they knew back then that they should’ve been making these repairs but they decided not to increase the budget. They said let it go.
This is a fair point to consider, thanks for sharing
@@blackrealestatedialogue your channel is on my top five to listen to. 👍
@@Unionsquarenyc thank you for the support!
good luck after the election lol
What you think will happen?