You began the video with inaccurate information. This new condo safety law applies to ALL THREE STORY CONDOS AND ABOVE ANYWHERE IN FLORIDA, not just within 3 miles of the coast. Inland condos are undergoing the same inspections and reserve assessments. Read the statute.
I think that was the point. Steal the best parts of Florida from regular folks in order resell it to the rich, all under the guise of keeping people safe. The assessment and insurance game is fixed in order to push the non-wealthy out.
these are not common occurrences ... most hoa's are more responsible. Additionally, the crappy 'professionals' who inflate the costs needed to repair are the ones who are endangering condo associations and not a collapse.
The condo concept is a bad concept. Everybody loses except the developers. It makes no sense. You’re basically buying the right to be liable for a large luxury apartment building but not allowed to collect can’t rent.
Insurance companies no longer want to insure roofs 15 years or older in Florida, despite the fact that homeowners are sold their roofs as being 30-40 year old architectural roofs
@@mascaretllcmanager7481 I am familiar also with the 5 years of life left inspection for roofs if that is what you were referring to. But that is once again, just bilking the consumer/homeowner, forcing the inus on the insured to pay a few for an inspection and a report. I try to read all the pending and committee, general, and passed legislation in my state. Or were u referring to something else?
They have literally raped the American dream... Leaving everyone to rent ridiculous costs and the condo owners are nearly being thrown out of their homes because of this ridiculous greed and condescending developer & HOA is a joke in Miami! So in other words you put all your money into a condo only to be robbed of your money and home with all these association assessments where the years go by and they pocket the money never fix the buildings but then expect the owners to cough up cash for all the years they haven't fixed the building. How lovely is that!? So you throw money all those years into a condo that will be robbed away from you literally 😡Great set up for being a legal thief 😡 what a joke Southwest Miami over here 🤬
According to the new Senate Bill 4-D, any building that is three or more stories is required to complete a Milestone Inspection of a building’s structural integrity. This Milestone Inspection must be performed by a licensed Engineer or Architect when a building reaches a certain age. If the building is located more than 3 miles from the coast then the Milestone Inspection must be completed after the building reaches 30 years of age. However, if the building is located 3 miles or less from the coast then the Milestone Inspection must be completed after 25 years of age. This is a state-wide mandate meaning that all buildings in Florida are required to complete these Milestone Inspections.
@@eliot5220many people have lived for decades inexpensively and without problems in their condos. Personal choice. As a Floridian I can say that the time frame for these boards to secure these reserves is not about safety, period. It is forcing the lower and middle class out of their homes
@@pinschrunner The main reason I’ve always been against buying one is due to the HOA fees. They always start out reasonable. But they just keep increasing them and you have no control. So aside of taxes I wouldn’t want to have another out of control cost. Since I’m not rich I can’t afford an unknown like that. Also they have too many rules and I don’t like noisy neighbors.
What if your bank originally approved your mortgage application as well aa the insurance company you’ve contracted with and all of a sudden, that insurance company decided to drop you as a client and you’re unable to get a replacement insurance company, does your bank find an insurance company for you?
Inland condos 2 stories and below are INCREASING in value in Florida. Makes sense. They are the only affordable homeownership now as they are exempt from this statute.
It was always desired to work until you're 65-70 and then retire to paradise. The lure of no maintenance, a gym, pool, and not cutting grass in summer heat sounds like the greatest-retirement plan. It's also tough for young people just starting off. Even kids with good jobs (police, fire department, nursing, teaching) are struggling. Good luck to anyone who's stressed over these conditions. We always say things will improve. I'm not certain now. Prayers outbound.
This is tragic to our states economy ehen u get older you must have s smaller pad no need for casa grande ,! This is sad vacant condos all of our beaches could end up with whole buildings unopperationsl not enough tenents for repairs
To hell with condo owners!! The price increase in the last few years of 200/300/400 % is just plain greed!!! Let the entire state go under the ocean in ocean rise!!! I wouldn't give 60,000 dollars for any condo with 3 bedrooms and 2 baths!! You own nothing, when you by a condo!!! The outrageous greed is destroying the greedy people who jacked up prices!!! Greed= bankrupt!!!
Unless you're waist-deep in cash, never buy a condo. Any condo. Anywhere. Not just at a shoreline. Even in the mountains, hundreds of miles from an ocean. Same for co-ops. Also be highly aware of any development with any form of HOA. All fraught with issues. Unless, again, you're swimming in money and don't mind it swirling down a drain. I think that this is why shore condos of the future are only going to be affordable by the wealthy, which to be fair, is the general case for other homes at the shore, isn't it? The days of retiring "on the cheap" to a Florida condo are over. To lesser degrees, this will also be happening beyond shorelines.
@@walkingstick6655 since 1978, any subdivision (Planned Unit Development) in Florida is required by the state to have an HOA. So, you would avoid developers.
Florida will no longer be the go to retirement community for those on fixed incomes…if you don’t have a lot of cash behind you, You will not be able to live there.
Let's say they collect 1 million dollars to fully fund the reserves. If they invest the money, then they no longer have full reserves in the bank. If they could invest the money, maybe the interest could pay for future repairs, but once they use any money for repairs, they will have to assess the owners again because they don't have full reserves. So they expect 1 million to sit in the bank and devalue because you can't use it. Next point you brought up- selling the building to a developer. The developer can only build a 2 story building because no one is going to buy in a high rise condo even if its new because immediately they will have to fund full reserves. I can't see this law actually being enforced because half of FL's elderly live on SS and can't pay, will be foreclosed on by the association and will be living in an RV in the condo parking lot. Oh sorry, no RV's allowed.
We know how to design for long life but it costs much more. Initially financiers and original builders strive to build for the lowest cost techniques and materials that will last for the original mortgage length. In all these cases it is the permeability of cheap concrete and the steel rebar that corrodes that can be improved upon. Today for critical structures the GOVT with its deep pockets builds with fortified concrete that is air and water proof and with fiberglass and galvanized rebar that will not corrode because moisture and salt oozed into the concrete and rusted the reinforcement. Remember the old " AN OUNCE OF PREVENTION IS WORTH A POUND OF CURE " ..... If in the original design the more expensive build techniques and materials were required by code, we would not have the structural deterioration. Yes the original costs would be more but 30 years later we would not have to demolish the building. How can we convince developers to spend a lot more money up front to save the buildings from degrading years in the future when they are long gone? Only Govt required Code can accomplish that but not with the developers padding the wallets of politicians who approve of the cheapest build laws.
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Saying thet the law makes the condo's worth less IMHO is a stupid conclusion! If you would do the proper administration the less value is a logical consequence of maintenance status. I am from EU-NL. NOTE that our HOA are there only to manage the maintenance of the buildings and not keeping your garden clean (so a bit like a CDN STRATA) We (in NL) have laws since 2005 which were strengtenth in 2018 regarding the amount of money to set aside yearly for big maintenance. Since 2018 that is .5% of the rebuidlng value of the total property. Now is the law in FL to harsh? Dunno but it is my understanding that many condo complexes are in a really bad shape. IMHO technically making some condo's have a very low value.IMHO that is REAL VALUE = REBUILDVALUE -/- MAINTENANCE EXPECTED. But to be honest that calcualtion holds for EVERY type of real estate.
I an old ship, sooner or later it will be scrapped. A Cat 4 or 5 and it is over. Carnivore menu for your best health. Stop eating junk food and plants for your best health. Watch Doctor Shawn Baker and Doctor Ken Berry.
So a law is passed under the guise of safety that allows rich developers to buy up enough units in a building to take over HOA boards and approve these insanely inflated assessments in order to force any holdouts into foreclosure, basically stealing prime properties out from under regular people. You okay with this Florida voters? The local or state government should be doing regular safety inspections and ordering reasonable repairs as needed, not leaving it up to greedy developers in cahoots with professional "assessors."
You began the video with inaccurate information. This new condo safety law applies to ALL THREE STORY CONDOS AND ABOVE ANYWHERE IN FLORIDA, not just within 3 miles of the coast. Inland condos are undergoing the same inspections and reserve assessments. Read the statute.
Lending is NOT done based on INCREASING value of a condo. Lending is done based on an asset HOLDING value.
This statute was enacted and is too immediate for requirements and is going to make many ling term fixed income residents homeless
I think that was the point. Steal the best parts of Florida from regular folks in order resell it to the rich, all under the guise of keeping people safe. The assessment and insurance game is fixed in order to push the non-wealthy out.
You shouldn't be paying Six figures for assessments. People need to fight.
these are not common occurrences ... most hoa's are more responsible. Additionally, the crappy 'professionals' who inflate the costs needed to repair are the ones who are endangering condo associations and not a collapse.
Selling is a joke. Some of them will have to give the condo away. The costs will bankrupt them.
The condo concept is a bad concept. Everybody loses except the developers. It makes no sense. You’re basically buying the right to be liable for a large luxury apartment building but not allowed to collect can’t rent.
Hmm, isn’t 3 million reserve fund still very low (too low) for over 500 units?
Yeah, you are probably right!
Depends on the engineering survey required by the law which tells you what needs further reserves,
@@Iwoasasaned it also depends on when the condo last replaced all the infrastructure such as pillars, roofs, HVAC, etc
@@pinschrunnerpillars?!
It’s over for Florida condos.
Inland Condos 2 stories and below are INCREASING in value. The only affordable housing ownership now
I would rather buy a single-family home that I can afford. This is "DENSITY" folks.
Insurance companies no longer want to insure roofs 15 years or older in Florida, despite the fact that homeowners are sold their roofs as being 30-40 year old architectural roofs
new legislation just fixed that..do some additional research.
@@mascaretllcmanager7481 I am familiar also with the 5 years of life left inspection for roofs if that is what you were referring to. But that is once again, just bilking the consumer/homeowner, forcing the inus on the insured to pay a few for an inspection and a report. I try to read all the pending and committee, general, and passed legislation in my state. Or were u referring to something else?
Some day Florida residents can drive on a coastal road to actually see the ocean.
Honestly, I hear these guys talk and I get terrified about buying a property in Florida
There’s a saying “Fools rush in where angels fear to tread”.
DeSantis and his legislature has created a nightmare situation for Florida condo residents 😢😢
They have literally raped the American dream... Leaving everyone to rent ridiculous costs and the condo owners are nearly being thrown out of their homes because of this ridiculous greed and condescending developer & HOA is a joke in Miami! So in other words you put all your money into a condo only to be robbed of your money and home with all these association assessments where the years go by and they pocket the money never fix the buildings but then expect the owners to cough up cash for all the years they haven't fixed the building. How lovely is that!? So you throw money all those years into a condo that will be robbed away from you literally 😡Great set up for being a legal thief 😡 what a joke Southwest Miami over here 🤬
According to the new Senate Bill 4-D, any building that is three or more stories is required to complete a Milestone Inspection of a building’s structural integrity. This Milestone Inspection must be performed by a licensed Engineer or Architect when a building reaches a certain age. If the building is located more than 3 miles from the coast then the Milestone Inspection must be completed after the building reaches 30 years of age. However, if the building is located 3 miles or less from the coast then the Milestone Inspection must be completed after 25 years of age. This is a state-wide mandate meaning that all buildings in Florida are required to complete these Milestone Inspections.
Can a new governor eliminate this DeSanto statute?
@@Landis_Grant No, it is a new state law so the Florida Congress would have to repeal or change it.
When they created condos back in the early 80’s I said man a lot of developers are gonna rich. Everybody that buys them are gonna suffer.
Condos have been around at least since the 1960s in Florida, not the 1980s
@@pinschrunner Probably so but it’s still a bad idea in general to buy one. The concept doesn’t work well for normal people.
@@eliot5220many people have lived for decades inexpensively and without problems in their condos. Personal choice. As a Floridian I can say that the time frame for these boards to secure these reserves is not about safety, period. It is forcing the lower and middle class out of their homes
@@pinschrunner The main reason I’ve always been against buying one is due to the HOA fees. They always start out reasonable. But they just keep increasing them and you have no control. So aside of taxes I wouldn’t want to have another out of control cost. Since I’m not rich I can’t afford an unknown like that. Also they have too many rules and I don’t like noisy neighbors.
What if your bank originally approved your mortgage application as well aa the insurance company you’ve contracted with and all of a sudden, that insurance company decided to drop you as a client and you’re unable to get a replacement insurance company, does your bank find an insurance company for you?
Inland condos 2 stories and below are INCREASING in value in Florida. Makes sense. They are the only affordable homeownership now as they are exempt from this statute.
A window view of a waterway (preferably the Atlantic Ocean, Gulf of Mexico) is the main lure of a Florida condo.
If they are kicking can buyers will figure it out now that everyone gets it.
It was always desired to work until you're 65-70 and then retire to paradise. The lure of no maintenance, a gym, pool, and not cutting grass in summer heat sounds like the greatest-retirement plan. It's also tough for young people just starting off. Even kids with good jobs (police, fire department, nursing, teaching) are struggling. Good luck to anyone who's stressed over these conditions. We always say things will improve. I'm not certain now. Prayers outbound.
The best is to rent cheap in Florida and live happily ever after
Rent a spot on a beach.
I just bought a condo this april in Tallahassee 😢. I hope I don’t get hit by a special assessment.
Good luck!
Buyer’s remorse.
What about hotels?
This is tragic to our states economy ehen u get older you must have s smaller pad no need for casa grande ,! This is sad vacant condos all of our beaches could end up with whole buildings unopperationsl not enough tenents for repairs
no shit. Doesn't take much to see this is happening.
To hell with condo owners!! The price increase in the last few years of 200/300/400 % is just plain greed!!!
Let the entire state go under the ocean in ocean rise!!!
I wouldn't give 60,000 dollars for any condo with 3 bedrooms and 2 baths!!
You own nothing, when you by a condo!!!
The outrageous greed is destroying the greedy people who jacked up prices!!!
Greed= bankrupt!!!
Less than 1% of the rental market in Barcelona are AirBNBs. The ban is political scapegoating. Spain has an abundance of areas to build.
How are the reserves invested.?
@@sharonlee7111 they are not. Most are in checking or savings accounts being devalued as the dollar gets destroyed by inflation
In a short term low interest bearing account.
In real estate, there are winners and there are losers, guaranteed.
Unless you're waist-deep in cash, never buy a condo. Any condo. Anywhere. Not just at a shoreline. Even in the mountains, hundreds of miles from an ocean. Same for co-ops. Also be highly aware of any development with any form of HOA. All fraught with issues. Unless, again, you're swimming in money and don't mind it swirling down a drain. I think that this is why shore condos of the future are only going to be affordable by the wealthy, which to be fair, is the general case for other homes at the shore, isn't it? The days of retiring "on the cheap" to a Florida condo are over. To lesser degrees, this will also be happening beyond shorelines.
@@walkingstick6655 since 1978, any subdivision (Planned Unit Development) in Florida is required by the state to have an HOA. So, you would avoid developers.
Rents are going to skyrocket while condo prices collapse
Florida will no longer be the go to retirement community for those on fixed incomes…if you don’t have a lot of cash behind you,
You will not be able to live there.
No one would be stupid to by a condo thats made prior to 2000, heck i wouldnt touch anything made before 2010
Let's say they collect 1 million dollars to fully fund the reserves. If they invest the money, then they no longer have full reserves in the bank. If they could invest the money, maybe the interest could pay for future repairs, but once they use any money for repairs, they will have to assess the owners again because they don't have full reserves. So they expect 1 million to sit in the bank and devalue because you can't use it. Next point you brought up- selling the building to a developer. The developer can only build a 2 story building because no one is going to buy in a high rise condo even if its new because immediately they will have to fund full reserves. I can't see this law actually being enforced because half of FL's elderly live on SS and can't pay, will be foreclosed on by the association and will be living in an RV in the condo parking lot. Oh sorry, no RV's allowed.
We know how to design for long life but it costs much more. Initially financiers and original builders strive to build for the lowest cost techniques and materials that will last for the original mortgage length. In all these cases it is the permeability of cheap concrete and the steel rebar that corrodes that can be improved upon. Today for critical structures the GOVT with its deep pockets builds with fortified concrete that is air and water proof and with fiberglass and galvanized rebar that will not corrode because moisture and salt oozed into the concrete and rusted the reinforcement. Remember the old " AN OUNCE OF PREVENTION IS WORTH A POUND OF CURE " ..... If in the original design the more expensive build techniques and materials were required by code, we would not have the structural deterioration. Yes the original costs would be more but 30 years later we would not have to demolish the building. How can we convince developers to spend a lot more money up front to save the buildings from degrading years in the future when they are long gone? Only Govt required Code can accomplish that but not with the developers padding the wallets of politicians who approve of the cheapest build laws.
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Really great insights into where things with real estate are headed. Thanks for the episode!
is there a way I can short the home prices in FL? Florida will be epicenter of next housing crisis. particularly old condos
Is thAt guy s character from despicable me?
yes
Saying thet the law makes the condo's worth less IMHO is a stupid conclusion! If you would do the proper administration the less value is a logical consequence of maintenance status. I am from EU-NL. NOTE that our HOA are there only to manage the maintenance of the buildings and not keeping your garden clean (so a bit like a CDN STRATA) We (in NL) have laws since 2005 which were strengtenth in 2018 regarding the amount of money to set aside yearly for big maintenance. Since 2018 that is .5% of the rebuidlng value of the total property.
Now is the law in FL to harsh? Dunno but it is my understanding that many condo complexes are in a really bad shape. IMHO technically making some condo's have a very low value.IMHO that is REAL VALUE = REBUILDVALUE -/- MAINTENANCE EXPECTED. But to be honest that calcualtion holds for EVERY type of real estate.
💯
I an old ship, sooner or later it will be scrapped.
A Cat 4 or 5 and it is over.
Carnivore menu for your best health.
Stop eating junk food and plants for your best health.
Watch Doctor Shawn Baker and Doctor Ken Berry.
$8.26mil I win
Haha damn!
So a law is passed under the guise of safety that allows rich developers to buy up enough units in a building to take over HOA boards and approve these insanely inflated assessments in order to force any holdouts into foreclosure, basically stealing prime properties out from under regular people. You okay with this Florida voters? The local or state government should be doing regular safety inspections and ordering reasonable repairs as needed, not leaving it up to greedy developers in cahoots with professional "assessors."
Most subdivisions have a rule that no one can own more than 2 units.
@@seabreezeA1A not mine. Never have seen limits on units ownership numbers except in the bigger cities
@@pinschrunner Where I live they have this rule.