I have heard there are condos in Florida the need millions in structural upgrades due to new laws passed after the condo collapse in Miami. That and hurricanes are why I will never buy property in Florida.
Hang on! It's gonna get worse as more Florida condo owners abandon these properties in droves. It's bad enough that all Florida homeowners are paying exorbitant increases in every cost of living category and the additional burden these owners are stuck with
North Fort Myers on the water ( not ocean) can be had for well under 300K. People don't realize ( and you should be telling them) what the previous homeowner paid for property taxes in Florida is based on what they paid and the new owners bill is based on what they paid. The problem is a lot of people don't want to live in Florida year round so forget the price, condo fees are $600 plus and rising, insurance is rising. Prices have to drop to make up for the other costs of ownership, snowbirds owing property in Florida and living part of the year in another state is a big % of SWFL. I figure it would cost me $30K a year in expenses just to own a PAID OFF $300K condo I want to live in 4-5 months a year. Much easer to rent, no worries about storms, etc, etc ,etc
I'm not greedily sitting back and watch my equity grow. I'm worried for the future of our children. Even kids with good jobs are struggling. Rookie cops, new teachers, and nurses can't afford a home. They have student loans, high rents, medical insurance, car payments, and other expenses without being lavish. One daughter is holding off having children until they get more secure. I postponed retirement for years so I can help them. Not everyone is capable of doing this.
Great informative video… What’s the best way to filter out condos w HOA issues regarding the assessments? You had mentioned a blacklist, is that public record?
On furniture front: you can often find or get BETTER nicer furniture at the Restore than all the modern crap in hideous taste... You just need to be patient... People in Naples area are so rich/spoiled the stuff they "dump" at the stores is AMAZING...
Barrett 👋: Just saw something where certain Florida municipalities (for example: North Palm Beach, Sarasota...) now have (1) Vacant house registration fees, and the SOBs charge renewal fees annually too (WTF !?) and; (2) sometimes towns also have graduated property tax rates for "absentee" (snowbird) owners ⁉ Do you see much of this crap where you are ⁉ Its enough to just make me a lifelong renter 😡... All these headaches are starting to make "van life" look attractive (I cant believe I just said that !)....Or, just get a cheap tiny storage place to keep mattress, kitchen stuff, as you "bounce" around to a treadmil-lifestyle of perpetual rentals !?
$4000+ a month just for housing? And it goes up from there with ever increasing insurance, property taxes and potential special assessments. For a condo. The median income for retirees is around $47K; the average is around $97K. Factoring in 12% for federal income taxes, the monthly numbers come in at $3400 and $7000, respectively. I believe there will be a “time of reckoning” for FL real estate. No financially responsible person would be comfortable spending this much on housing. It will be interesting to see where the market goes.
FYI Re the Studs (interior) insurance issue... My USAA insurance rep warned me to never use/make claims on that insurance, ie., make claims on that for things like theft of laptops, etc. as your rates will go through the roof... (Pun intended...) after that ! Kind of scary how life works, she was adamant about that... I would only want liability insurance for some fraudulent or spastic worker injuries/claims..
I would guess that is highly factually dependent ? Do you want to eat out at over-priced, show-off restaurants and bars regularly, and pay stupidly high over-priced checks for artery-clogging food ? Pursuing a "look-at-me" lifestyle ? Like many in Naples do 🤣... Or, do you hit a nice grocery store for healthy inexpensive fruits and vegetables ? The re-sale stores in Naples often have Caligula-esque brand new designer clothing for as little as 5-15 dollars due to the rich fools and their buying/discarding habits... What do you consider "comfortable" ?
@@ms_cheeseandcrackers Well, remember you do have "control" over what you spend... Its just a matter of being "smart" about it... Not always easy but DOABLE... 😊
I know someone in a beautiful Bonita Springs 2 bed/2ba condo that just yesterday was notified they had their HOA raised to 16K a year.. It was previously 12 or 14K ? a year... Granted they have a dual view of ocean and back but to me that is a hideously frightening cost "just for the views".... And, they could also still get hit with a special assessments on top of that 😱 ⁉ I prefer to be in an "in-land" condo like your helpful example shared. 💪 Happy to "drive to the view" if and when I want it😊
If they have a view of the bay and a view of the Gulf their insurance probably went so high for the condominium complex that they had to raise it that much. That's what's happening to people. They would also be at the highest number for flood insurance as well.
@@Connect2Florida You are a GENIUS, I literally just spoke to them and you are exactly correct 💪... They have that "dual view" paradise and indeed it was their insurance as the primary escalation driver for the increased rates... You know your "stuff...' 😉 While I can afford anything but it just goes against my grain to BURN money like that... Rather leave it to my kids...
I have heard there are condos in Florida the need millions in structural upgrades due to new laws passed after the condo collapse in Miami. That and hurricanes are why I will never buy property in Florida.
Live in a tent and pay no HOA, property taxes and beach front...Ji,,y aBuffet Lives
Wow ! Great Topic 💪❤ Thanks 🙏
Glad you liked it!
I have heard there are condos in Florida the need millions in structural upgrades due to new laws passed after the condo collapse in Miami. That and hurricanes are why I will never buy property in Florida.
We pay $1,800.00 PER MONTH for our beach condo’s HOA in Naples.
Your being fleeced, NO! HOA is worth that!
Hang on! It's gonna get worse as more Florida condo owners abandon these properties in droves. It's bad enough that all Florida homeowners are paying exorbitant increases in every cost of living category and the additional burden these owners are stuck with
North Fort Myers on the water ( not ocean) can be had for well under 300K.
People don't realize ( and you should be telling them) what the previous homeowner paid for property taxes in Florida is based on what they paid and the new owners bill is based on what they paid.
The problem is a lot of people don't want to live in Florida year round so forget the price, condo fees are $600 plus and rising, insurance is rising.
Prices have to drop to make up for the other costs of ownership, snowbirds owing property in Florida and living part of the year in another state is a big % of SWFL.
I figure it would cost me $30K a year in expenses just to own a PAID OFF $300K condo I want to live in 4-5 months a year.
Much easer to rent, no worries about storms, etc, etc ,etc
I'm not greedily sitting back and watch my equity grow. I'm worried for the future of our children. Even kids with good jobs are struggling. Rookie cops, new teachers, and nurses can't afford a home. They have student loans, high rents, medical insurance, car payments, and other expenses without being lavish. One daughter is holding off having children until they get more secure. I postponed retirement for years so I can help them. Not everyone is capable of doing this.
Great informative video…
What’s the best way to filter out condos w HOA issues regarding the assessments? You had mentioned a blacklist, is that public record?
605+100+300+150 = 1155 2866 + 1155 = 4021 still a lot of money.
On furniture front: you can often find or get BETTER nicer furniture at the Restore than all the modern crap in hideous taste... You just need to be patient... People in Naples area are so rich/spoiled the stuff they "dump" at the stores is AMAZING...
Barrett 👋: Just saw something where certain Florida municipalities (for example: North Palm Beach, Sarasota...) now have (1) Vacant house registration fees, and the SOBs charge renewal fees annually too (WTF !?) and; (2) sometimes towns also have graduated property tax rates for "absentee" (snowbird) owners ⁉ Do you see much of this crap where you are ⁉ Its enough to just make me a lifelong renter 😡... All these headaches are starting to make "van life" look attractive (I cant believe I just said that !)....Or, just get a cheap tiny storage place to keep mattress, kitchen stuff, as you "bounce" around to a treadmil-lifestyle of perpetual rentals !?
$4000+ a month just for housing? And it goes up from there with ever increasing insurance, property taxes and potential special assessments. For a condo.
The median income for retirees is around $47K; the average is around $97K. Factoring in 12% for federal income taxes, the monthly numbers come in at $3400 and $7000, respectively.
I believe there will be a “time of reckoning” for FL real estate. No financially responsible person would be comfortable spending this much on housing. It will be interesting to see where the market goes.
FYI Re the Studs (interior) insurance issue... My USAA insurance rep warned me to never use/make claims on that insurance, ie., make claims on that for things like theft of laptops, etc. as your rates will go through the roof... (Pun intended...) after that ! Kind of scary how life works, she was adamant about that... I would only want liability insurance for some fraudulent or spastic worker injuries/claims..
well, what is the monthly income needed to keep a comfortable life style?
I would guess that is highly factually dependent ? Do you want to eat out at over-priced, show-off restaurants and bars regularly, and pay stupidly high over-priced checks for artery-clogging food ? Pursuing a "look-at-me" lifestyle ? Like many in Naples do 🤣... Or, do you hit a nice grocery store for healthy inexpensive fruits and vegetables ? The re-sale stores in Naples often have Caligula-esque brand new designer clothing for as little as 5-15 dollars due to the rich fools and their buying/discarding habits... What do you consider "comfortable" ?
@@LJ-jq8og living without worries, being able to afford the grocery bills maybe?
@@ms_cheeseandcrackers Well, remember you do have "control" over what you spend... Its just a matter of being "smart" about it... Not always easy but DOABLE... 😊
@@ms_cheeseandcrackers BTW Forget any coastal areas as that is wasting money for the beach... Go inland and save a fortune...
I know someone in a beautiful Bonita Springs 2 bed/2ba condo that just yesterday was notified they had their HOA raised to 16K a year.. It was previously 12 or 14K ? a year... Granted they have a dual view of ocean and back but to me that is a hideously frightening cost "just for the views".... And, they could also still get hit with a special assessments on top of that 😱 ⁉ I prefer to be in an "in-land" condo like your helpful example shared. 💪 Happy to "drive to the view" if and when I want it😊
If they have a view of the bay and a view of the Gulf their insurance probably went so high for the condominium complex that they had to raise it that much. That's what's happening to people. They would also be at the highest number for flood insurance as well.
@@Connect2Florida You are a GENIUS, I literally just spoke to them and you are exactly correct 💪... They have that "dual view" paradise and indeed it was their insurance as the primary escalation driver for the increased rates... You know your "stuff...' 😉
While I can afford anything but it just goes against my grain to BURN money like that... Rather leave it to my kids...
It’s easy on single family home cost. Just double it! LOL
Noooooo! lol
😊 HIT THE LIKE BUTTON 😊
🤔 MMMm Barrett... Just think.. If you became a Pastor (good for biz development...) you would be "Pastor Pastor..." 😊
I have heard there are condos in Florida the need millions in structural upgrades due to new laws passed after the condo collapse in Miami. That and hurricanes are why I will never buy property in Florida.
Yep that's happening in Miami especially.