They should have been doing the maintenance all along. No taxpayer bailouts. We can't afford it. They underpaid for years. 3 story buildings have been condemned because of these inspections. They should not be exempt.
No, not corruption. The researcher from the University of Florida's Business School explained why at 4:47. A hotel building is owned by a single entity and these entities (e.g., Hilton, Marriott, IHG, etc) have large cash reserves so they can make necessary repairs immediately without needing to get consensus first from a large group of individual owners all with different and competing interests. As for apartment buildings, they are also often owned by a single landlord entity, but moreover, there are already existing landlord-tenant laws that impose certain maintenance obligations on landlords.
EXACTLY!!! Condo boards and owners have "kicked the can down the road" for DECADES!!!! Board members like Malcolm, who have FAILED to take required action are in breach of their fiduciary duty and should be held accountable for their negligence.
Everyone that I knew who moved from New England to Florida over the decades told me that they were moving there for great weather and low cost of living. If something sounds too good to be true, it's probably too good to be true. What happens if Miami is hit by a hurricane like 1926?
So before buying a condo a possible buyer would want to see the full inspections and capital fund etc. If these items donot exist, buy some where else.
Florida Statute now requires sellers to disclose the reports from the milestone studies and structural integrity reserve studies to prospective buyers. Mortgage companies are asking to review them, too, and are unlikely to approve loans for condos that don't fully fund their reserves. And insurance companies are not going to offer coverage to condos that fail to properly maintain their buildings.
It was all about how that Surfside condo was built they need to inspect any buildings that are built similar to that one that was a very poor design it was never designed to last
It has little to do with construction standards. Many of these older condominiums were well-built back in the day. But 40 or 50 years of inadequate maintenance will take it's toll on any structure.
@@jsd354ha. What!? Most of these buildings are made of stucco/concrete. Hell of a lot more stable than those toothpick houses in the Midwest/northeast.
Big developers want this land. Florida has been majority red for way too long. It used to be purple up until 1998. Obviously, the big developers had a hand in this new law to bankrupt as many 30+ year old condo associations on the beach as possible.
No worries. Rich guys will lobby the Fl legislature and DSant to roll back the mandatory maintenances and kick the can another fews years down the road 😅
“…that means for condos who have putting off maintenance…” And that is the real issue behind all of this. It is not the law, but the fact that many owners agreed to put off required maintenance. Now they are screaming about not having to do what they should have done
And that is going to be the best solution for all owners in these old, poorly-maintained condo buildings. These old condo buildings are going to be ongoing, year after year, costly maintenance nightmare money pits.
Condo owners brought all of this on themselves. Developers may benefit, but they didn't cause this situation. Unqualified condo board members and unit owners who refused to contribute to the proper maintenance of their assets are finally having to pay the piper.
As an American, I believe in freedom. The owners of the condominiums are willing to sign the waivers saying that the condo collapsing on them is a risk they are willing to take, then they should be exempt from the state’s onerous financial requirements for upkeep.
Hotels & Apartments don’t have HOA committees voting to plant needless shrubs instead of fixing sprawling in concrete walls; commercial entities, sometimes publicly traded, have plenty of money on the books and they almost always fix things that need to be fixed in order to stay in business- We all know condo communities are managed by people that aren’t necessarily business people, therefore, it becomes a safety issue, and the result is kicking the can down the road
Florida will see a massive change where there will be no more condos. Investors think they will convert these condos into rental units. They will have to pass all the costs for inspections and repairs onto renters. They can't be rented either.
If good 'ol Malcolm has waited this long to have his association's Phase I Milestone Study completed, he's not a very good board president. Condo associations have had YEARS to prepare for and meet the new state requirements. What have he and his fellow board members been doing?!!! And he should stop worrying about hotels and apartments and focus his own community. Incompetent board members like Malcolm and condo owners who voted in favor of underfunding their association's reserves for DECADES have only themselves to blame for where they find themselves today.
I’ve been watching the Florida real estate clown show for four decades now, and it just never ceases to amaze me how people let themselves get caught with their pants down
Welcome to the condo Florida Such a lovely place Such a lovely face Plenty of room at the condo Florida Any time of year You can find it here You can check in but you can never leave without losing all your money
The new law is so ridiculous it's unbelievable. A 5, 10, 15 story building made of steel and cement is a different animal compared to 3 story wood frame buildings. The state legislators need to revisit the law. The cost to owners is running them out of Florida.
Hotels and apartments should also be held to the same standard.
The risk is bigger in the condo market. Unit churn is important and ownership is important. The free rider problem is at play.
Condos can be cheaper to get into in an area but may not be cheaper in the end.
They should have been doing the maintenance all along. No taxpayer bailouts. We can't afford it. They underpaid for years. 3 story buildings have been condemned because of these inspections. They should not be exempt.
Wow, no hotels or apartments being held accountable? That's real corruption.
No, not corruption. The researcher from the University of Florida's Business School explained why at 4:47. A hotel building is owned by a single entity and these entities (e.g., Hilton, Marriott, IHG, etc) have large cash reserves so they can make necessary repairs immediately without needing to get consensus first from a large group of individual owners all with different and competing interests. As for apartment buildings, they are also often owned by a single landlord entity, but moreover, there are already existing landlord-tenant laws that impose certain maintenance obligations on landlords.
@@SnootchieBootchies Of course. Autumn doesn't understand real estate differences.
These clowns keep calling it new. We all heard about this years ago. If they chose to do nothing about it then "F" them
EXACTLY!!! Condo boards and owners have "kicked the can down the road" for DECADES!!!! Board members like Malcolm, who have FAILED to take required action are in breach of their fiduciary duty and should be held accountable for their negligence.
Everyone that I knew who moved from New England to Florida over the decades told me that they were moving there for great weather and low cost of living. If something sounds too good to be true, it's probably too good to be true. What happens if Miami is hit by a hurricane like 1926?
Much better defenses against major hurricanes nowadays… impact windows, canals, better construction…. Less of an effect
So before buying a condo a possible buyer would want to see the full inspections and capital fund etc. If these items donot exist, buy some where else.
Request HOA funding, expenditures and balance. If the realtor can't provide it look elsewhere.
Florida Statute now requires sellers to disclose the reports from the milestone studies and structural integrity reserve studies to prospective buyers. Mortgage companies are asking to review them, too, and are unlikely to approve loans for condos that don't fully fund their reserves. And insurance companies are not going to offer coverage to condos that fail to properly maintain their buildings.
@ that’s good for buyers and sellers who have done the surveys and funded the accounts.
Just don’t buy condos, bro.
The bill is coming due for kicking the can down the road
It was all about how that Surfside condo was built they need to inspect any buildings that are built similar to that one that was a very poor design it was never designed to last
This association in the report is practically IN the Ocean?! It was crazy to build this in the first place!
Do other states do the same crap or just Florida because of crap construction standards?
Just Florida for the crappy construction found here
It has little to do with construction standards. Many of these older condominiums were well-built back in the day. But 40 or 50 years of inadequate maintenance will take it's toll on any structure.
Pretty much just Florida
Not in SC…
@@jsd354ha. What!? Most of these buildings are made of stucco/concrete. Hell of a lot more stable than those toothpick houses in the Midwest/northeast.
People are unloading their condo troubles to unsuspecting buyers hoping to get rid of them before it’s commonly known. (Latent defect?)
@@jsd354 No, fraud. Failure to disclose.
Why would anyone want to live that close to the ocean?
Big developers want this land. Florida has been majority red for way too long. It used to be purple up until 1998. Obviously, the big developers had a hand in this new law to bankrupt as many 30+ year old condo associations on the beach as possible.
Feel bad for this people, but at the same time they are complicit in deferring necessary maintenance and repairs.
That is mostly untrue. Nobody wants their investment caving in on them. That may be true of the Surfside building.
No worries. Rich guys will lobby the Fl legislature and DSant to roll back the mandatory maintenances and kick the can another fews years down the road 😅
“…that means for condos who have putting off maintenance…”
And that is the real issue behind all of this. It is not the law, but the fact that many owners agreed to put off required maintenance. Now they are screaming about not having to do what they should have done
The inspection law is away to encourage older condo buildings in prime locations to be sold to developers.
If they were in good shape and maintained, no one would be having problems.
And that is going to be the best solution for all owners in these old, poorly-maintained condo buildings. These old condo buildings are going to be ongoing, year after year, costly maintenance nightmare money pits.
Condo owners brought all of this on themselves. Developers may benefit, but they didn't cause this situation. Unqualified condo board members and unit owners who refused to contribute to the proper maintenance of their assets are finally having to pay the piper.
Better than more falling down and killing everyone
As an American, I believe in freedom.
The owners of the condominiums are willing to sign the waivers saying that the condo collapsing on them is a risk they are willing to take, then they should be exempt from the state’s onerous financial requirements for upkeep.
they missed their target with this law..now the HOA's are stealing the condos
I thought 3 floored buildings aren’t affected?
Hotels & Apartments don’t have HOA committees voting to plant needless shrubs instead of fixing sprawling in concrete walls; commercial entities, sometimes publicly traded, have plenty of money on the books and they almost always fix things that need to be fixed in order to stay in business- We all know condo communities are managed by people that aren’t necessarily business people, therefore, it becomes a safety issue, and the result is kicking the can down the road
Florida will see a massive change where there will be no more condos. Investors think they will convert these condos into rental units. They will have to pass all the costs for inspections and repairs onto renters. They can't be rented either.
If good 'ol Malcolm has waited this long to have his association's Phase I Milestone Study completed, he's not a very good board president. Condo associations have had YEARS to prepare for and meet the new state requirements. What have he and his fellow board members been doing?!!! And he should stop worrying about hotels and apartments and focus his own community. Incompetent board members like Malcolm and condo owners who voted in favor of underfunding their association's reserves for DECADES have only themselves to blame for where they find themselves today.
These associations were cheap on maintenance and it's catching up to them.
Why are you enter viewing summer house it’s on 3 story and above doesn’t apply to summerhouse gaslighting
Bought my condo in 2021. Sold in 2023 in 32 days. Profited 50k. Now they can't sell in same areas
When the sales person says "stucco" ... make sure it's not you being referred to
I’ve been watching the Florida real estate clown show for four decades now, and it just never ceases to amaze me how people let themselves get caught with their pants down
Poor wealthy entitled babies who don’t want to pay what it costs to live on the ocean.. no sympathy here! 🤣🤣
Welcome to the condo Florida
Such a lovely place
Such a lovely face
Plenty of room at the condo Florida
Any time of year
You can find it here
You can check in but you can never leave without losing all your money
Private equity is going to snap up all these sales and more Floridians will be renters for decades to come.
The new law is so ridiculous it's unbelievable. A 5, 10, 15 story building made of steel and cement is a different animal compared to 3 story wood frame buildings. The state legislators need to revisit the law. The cost to owners is running them out of Florida.
Condos are still selling. There's still a healthy market. Who he fool'n?
Maintenance is reality. Children do not accept reality. Grow up. Do not push everything off for the future.
Cash in a jelly jar, really?
Its sooo hilarious they want sooo much money
Put it off
Corruption at its finest
You have no idea what you're talking about.
Blah, blah, blah, blah= greed and selfishness.
Wow
Let the government pay!😊
NO!!! Condo owners brought this all on themselves.
No one cares if rich folk loose money, cry harder.
rich folk? i think there is a stupidity crisis in florida. u dope
@@johnmainolfi8054 Beach condos to own are expensive. lol, u moron. Cry harder lolololololololol
@@johnmainolfi8054 lol, its expensive to buy/own a beach condo. lol, u moron
@@johnmainolfi8054 lol, its expensive to buy/own a beach condo. lol, u mor0n
Some of these people have lived in their condo for decades. Some are elderly on fixed incomes. Not the rich.
These laws should apply to all buildings over 3\4 stories not just condos....