Insurance is a huge issue. Then, the new laws in FL that were passed last year where the HOA has to fully be funded and make all repairs to the property that the State says have to be made. Condo prices in FL, even the very expensive ones are dropping like a rock. My son has one that he paid $550,000 a few years ago, now you can't give them away. Older building on the water in Jupiter......a highly desirable area. He is getting killed on Insurance and higher HOA fees. Stay away.
This building is only two stories which the new law does not apply. You are 100% correct for the three stories and higher like I live in. I have a video coming out this Sunday talking about Foreclosures on these condos that have to fully fund the reserves. And like you said, some can't even give them away with the special assessments. It's so sad, especially for the elderly on fixed incomes. Where will they get the money or live if they get foreclosed on? Are we going to have a bunch of 80-90-year-olds living homeless on the streets 😞
Thank you for your comment! It's true that insurance, HOA fees, and taxes are important factors to consider when purchasing a condo, regardless of the purchase price. However, for many buyers, a lower purchase price can still offer significant savings and make homeownership more accessible. Each property has its own unique financial picture, so it's essential to do thorough research and calculate all costs to see what works best for your situation. Thanks for watching and sharing your perspective!
There is no HOA free here. There is a condo fee, which includes building insurance and upkeep. Taxes will be low based off a $65K sales price. Hire a Realtor. No special engineering report requited because the building is only two stories.
@@VeronicaEdwards50 Any of those Condotels in Daytona Beach are on the beach? Any that you can actually live in full time? I will be down there in a month for 2 weeks.
@@CraigMelancon These are not on the beach. There are some condotels on the beach, but the price starts around $80K. Yes, you can live in the ones I have in this video full-time. You most likely can in the ones on the beach, depending on which condo and its rules. If you have any other questions, please let me know.
Hawaiian Inn, not too long ago, was at $65K. Right now there is a condo listed for sale that was at $149K and just dropped their price to $84K. Before the last hurricane came through they were all selling for at least $200K...even the ones that are only 500 sq ft.
It is too good to be true. The market is collapsing much like the buildings- meaning most of the buildings are at or over 30 years requiring assessments to be done. Some people are soon to be hit with hundreds of thousands in assessment fees. HOA fees have not been doing the repairs they should have to stay compliant. Hence people are trying to dip fast.
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Very informative, thank you
Insurance is a huge issue. Then, the new laws in FL that were passed last year where the HOA has to fully be funded and make all repairs to the property that the State says have to be made. Condo prices in FL, even the very expensive ones are dropping like a rock. My son has one that he paid $550,000 a few years ago, now you can't give them away. Older building on the water in Jupiter......a highly desirable area. He is getting killed on Insurance and higher HOA fees. Stay away.
This building is only two stories which the new law does not apply. You are 100% correct for the three stories and higher like I live in. I have a video coming out this Sunday talking about Foreclosures on these condos that have to fully fund the reserves. And like you said, some can't even give them away with the special assessments. It's so sad, especially for the elderly on fixed incomes. Where will they get the money or live if they get foreclosed on? Are we going to have a bunch of 80-90-year-olds living homeless on the streets 😞
You're going to pay more in insurance, HOA fees and taxes, than a 400K mortgage
Thank you for your comment! It's true that insurance, HOA fees, and taxes are important factors to consider when purchasing a condo, regardless of the purchase price. However, for many buyers, a lower purchase price can still offer significant savings and make homeownership more accessible. Each property has its own unique financial picture, so it's essential to do thorough research and calculate all costs to see what works best for your situation. Thanks for watching and sharing your perspective!
There is no HOA free here. There is a condo fee, which includes building insurance and upkeep. Taxes will be low based off a $65K sales price. Hire a Realtor. No special engineering report requited because the building is only two stories.
hey so fun to see you on here
Awe thank you! 🥰 I hope you enjoy the videos and thanks for watching.
Can they be Section 8…?
Are they their own parcel?
I am not familiar with Section 8 rules. As far as I know, none of them are Section 8, and they are individually owned.
Very interesting!!!
Thank you! I'm glad you found it interesting.
@@VeronicaEdwards50 Any of those Condotels in Daytona Beach are on the beach? Any that you can actually live in full time? I will be down there in a month for 2 weeks.
@@CraigMelancon These are not on the beach. There are some condotels on the beach, but the price starts around $80K. Yes, you can live in the ones I have in this video full-time. You most likely can in the ones on the beach, depending on which condo and its rules. If you have any other questions, please let me know.
Hawaii Inn?
Hawaiian Inn, not too long ago, was at $65K. Right now there is a condo listed for sale that was at $149K and just dropped their price to $84K. Before the last hurricane came through they were all selling for at least $200K...even the ones that are only 500 sq ft.
This owner doesn’t know what’s about to open in Daytona
What about insurance? This deals sound too good to be true.
The insurance is about $100 a door per year. Part of the $265 HOA fee covers property and liability.
It is too good to be true. The market is collapsing much like the buildings- meaning most of the buildings are at or over 30 years requiring assessments to be done. Some people are soon to be hit with hundreds of thousands in assessment fees. HOA fees have not been doing the repairs they should have to stay compliant. Hence people are trying to dip fast.
My wife would get pissed if she saw me watching this.
Oh don't please don't make her mad!
😂
This is a financial train wreck!
Hi
Hello there my friend 🤗