The Florida CONDO FIRE-SALE IS HERE! INVENTORY EXPLODES!
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- Опубліковано 21 тра 2024
- People are starting to have major problems with old condos that haven't been maintained properly to the point where they are just listed them for sale and hoping to get out from under them before the whole building sinks into the financial abyss. But there might be some light at the end of the tunnel. This condo crisis may actually make buildings that are in good financial standing increase in value while buildings that haven't been maintained properly fall in value.
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McDonalds is DESPERATE To GET PEOPLE BACK ua-cam.com/video/_biKpQFBVAw/v-deo.html
Lower priced items on the menu should be good for them. Prices coming down everywhere. Dodge dealers have inventory piled up & can't sell their over priced vehicles. Unfortunately the Florida SKY High Insurances are not coming down. Not good for a Realtor in high priced Miami trying to sell Real Estate !
Make no mistake ! The supposed " Higher End", condo purchaser is not paying attention to the squeeze because they don't " Feel it",..... YET !....and I mean Yet !. Watch for their pain shortly after the collapse of the Dollar ! They will be out on the street too !
Not in my backyard 🎉
They said you will own nothing what part of that don't you believe
Most of the Luxury building are new, thus have none of the problems (Bal Harbour is exception) of old buildings.
We would never buy a condo, it's just a over priced apartment plus the fees/HOA's. No thank you
I totally agree,....I have been PERFECTLY HAPPY in a moderately priced apt near Annapolis Md for 25 years. And while I was ''wasting '' my money renting, I was able to save almost 7 figures,..retire early,.....and live an exciting and productive life. No complaints,....and no regrets.
it's a trap
@@Tonymanero1960 You saved more than you realize. Condos and homes are money pits!
I used to think condos were so cool and I was saving up for one. But seeing the way these HOAs treat people, the appeal is completely gone.
@@chrislindsay3104 Some are, but most are not money pits....renting is a money pit......In my area (Boston suburb) renting is still way more expensive than buying.... if I was renting the house I own, it would cost me $3500 a month to rent it, but my mortgage is only $1000 a month and that includes taxes and insurance. I have lived here for 10 years, and all I have done for repairs is a new water heater($1200), a kitchen faucet($50), and a small window that shattered during a storm($85)....that's it.
Since my mortgage is so low, I pay 5 principal payments a month (the regular payment and 4 extra payments) and I am 13 years ahead, and if I continue at this rate, I'll have it payed off in 2 years, shaving 18 years off a 30 year loan, and I have saved $60k in interest to date by making extra payments and my home is already worth 2 1/2 times more than I payed for it.
If I was renting, I would pay more than 3X what I am paying to own it, and I will own it....something you don't get when you rent.....do you think my home ownership is a money pit?
3000 thousand dollars a month for HOA!!! Even if they gave you breakfast lunch and dinner with house cleaning service, that is WAY too much
More than I make per month
what if they throw in a handy anytime you want
@@lindy-tv6zz eh, maybe with a mouth hug.
And they tell you we can’t have a dog 🤣🤣🤣
How do people afford that? You need to make 125k a year to afford a 3k payment, more than 125k if you want to afford the mortgage + HOA. Are there that many rich people? Also if you are that rich wouldn't you prefer to buy a nice house? Maybe 2 high earners can afford that but if you are thinking about starting a family one of the high earners won't be able to work for a bit and how are you going to pay the mortgage with just 1 income?
I don’t care how much money you make. What kind of FOOL pays $3K per month HOA fees? How the hell does that even make sense?
I think most people that pays those kind of HOA are the Airbnb owners.
Lmao!🤣
On the beach with no neighbors is the only way I’d even pay $3k for rent or a mortgage. Lol
@@emzgreen1090or people that $3k isn’t even half a percent of their income. Besides that I don’t see it being to smart even for an Airbnb.
I’m stinking rich and $3000 a month is nothing! I would say get educated and make money and don’t worry about a few dollars.
My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.
As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
Just research the name Angela Lynn Shilling. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
Mind if I ask you to recommend this particular coach you using their service?
Vivian Jean Wilhelm' is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
I talked to a guy at a Garage sale this weekend who was selling his fishing equiptment. He told me he was living with his sick parents who died last year and the home that they had biught in 1972 is now in his name and his Taxes are 18k a year and his Insurance is 6k PER QUARTER, thats over 40k a year in Taxes and insurance, needless to see he is selling the house and leaving Florida
$40,000 in property taxes and house insurance!!! That's insane...
And that was an enormous failure to plan mistake on his family's part. First of all they should've paid an hour to an attorney to add him to the deed in a ladybird deed or quit class m deed or whatever WHILE they were alive because then it doesn't get reassessed at current market rates when it transfers. *Not legal advice. Putting it in a will requires you to use an attorney and they charge a perfentage if the estate and the property appraisers reassesses
All because fisherman failed to have an estate plan
Trudeau was right. "We will own nothing and like it". Going to be worse with Newsum as president.
@@colemanhigley747 Those are swear words 🤬
Owning 3 grands/month HOA house is like you rented your own house from yourself.
You can own a home with low insurance and costs in other states. Florida is for wealthy people..
Very insightful view point!
Except everything is taken care of. ...always trade offs....
Florida= California
@@Avtr44 Florida is WORSE than California right now.
Sounds like condos will have the same appeal of timeshares. 😢
With you stating that, wonder if these condos will go time share? Maybe more likely they will be abandoned or unmaintained, leading to their demolishment. Sad.
And if the elevator breaks they will find a way to charge the condo owners.
These are Florida Condos are but in other States the fees / Insurance are not like that. Florida is ripe with Hurricanes every year & most people moving there are ignoring the risk !
lol.... will?! :D
@@rheahorvath9274
It’s called rebuilding and gentrification on a tropical peninsula.
Sad for broke people.
Florida is just way too hot and humid.. and in the winter when it's tolerable... There's just way too many people there....😮
No see ums at 8 am
Yourube
Remember when Cadillacs were a signal to show that you had “made it?” Now they are considered an old persons car. It’s the same with condos in Florida. People all went there when they retired. It’s no longer the smart thing to do. As the elderly pass away, no one will want their condos. Escape while you can!!
You are correct. I used to live in Dunedin. Winter is a complete nightmare. Constant traffic jams. Way too many snowbirds. Summer is hot everywhere just a little hotter in Florida.
@@allanbauer4076 You couldn't pay me to live in Florida during the summer. My body runs a little warm as it is, I don't need help getting heat stroke.
A lot of theft going on in HOAs
Mine is one of them
Yes indeed .
We got rid of ours a few months ago. HOA was 800 and going up. Ridiculous
Your lucky.
Are those high hOa fees temporary until they get the reserves and then it will go back to a normal fee?
HOA fees never go down, why should they? When owners keep paying the higher fees there is no reason to what.....Give them a break?🤨
@@kathleenepugh9495 The owners are the board in my HOA. It's not a separate company. They are just charging themselves.
HOAs are a scam so developers can get a welfare check for life
Condos are OVER!
They were over when they started.
Nope, government will take control and turn them into projects.
I thought they were a bad idea in the late '80s when my NYC Brownstone rental went Condo. I didn't buy then and wouldn't now.
The inherent problems were glossed over by selling them as cheap alternatives to SF home ownership but were operating much like a negative amortization mortgage. The deferred maintenance reaching critical mass suddenly forces you to:
(1) pay for the sins of the past, resulting from underfunding (assessments)
(2) pay huge increases in maintenance due to insurance being weaponized and rampant inflation in the broader economy
(3) funding the future through mandatory reserves
How would you like to own in a middle class building and have that triple whammy? Many middle class people cannot absorb a financial shock of that magnitude. If they stick it out, they may have to seriously curtail their lifestyle, while stressing out about continual cost increases.
Some can afford it but may realize the stupidity of suddenly paying upper class money to live in what is still a middle class building, and bail out. I did exactly that. With no cost controls, it made me that much firmer in my decision. I got out in January and am very relieved.
Now? I wouldn't take one if you gave it to me.
The ones in S Floriduh are. It's a crap state that is good for vacations only. The free-for-all state.
Given the high condo fees, it will be difficult to sell them to anyone else. 😊
Exactly
You’d be surprised how many people have money and are moving to Florida.
@@goldenparachute392 The people with way more money than brains are going there !
Guess Florida only welcome rich people
People probably only pay the fees because they can't sell to anyone who finds out about the fees, so they are stuck.
It's not about repairing the buildings it is about extorting the equity from the owners
My house is 150 years old, better than any newer structure
Absolutely. The new fabrication and manufactured homes are card board boxes.
My house is 150 years old. When I did some remodeling I found out it was built out of American chestnut wood. Some of the contractors were like you could probably sell this chestnut wood for more than it would cost to rebuild this house.
Except for the lead pipes, the old wiring, and the asbestos
I agree......it's a good idea to buy and existing home buttttt some of us have to buy in new areas because we know public transport is available to the city and it is near our jobs......You have no choice.......You buy land or land in these places and you buy the house later. There is no such thing as a 150 year old built home in the area I live near loads of fair-paid factory jobs.........For my family location to jobs and public transport was why we liked it so much.
@@georgia777, yup, but all of those things were removed from my 105 year old house years ago. So I have a beautiful home that is safe and sturdy.
Just one word about buying firesale condos... DON'T
Any reason not to buy?
Thanks Sleepy Joe!
@@fesehawold238 its gonna be a money pit. think random special assesments, HOA fees exploding, etc.
IT'S A TRAP!
Is this Joe Biden?
I will never buy a property with a HOA. Ever. They have way too much power over your property rights. Anyone paying $3k+ a month for a HOA is an idiot.
For real 👍
People are paying more than that after a divorce.
You’re saying anyone that gets married is an idiot. Can’t sell your wife.
@@blackworldtraveler3711 or your husband. But that’s not what he is saying.
Never say never. 😂
$3000 a month is a Ferrari payment
Condo living is not for me... There are too many residents attached together in one structure...😢
True but I don't have anyone living above or below me like apartments. I'm in a townhome. 😂
Yup. And..you are literally paying for the air space within 4 walls, a flo9r and ceiling. No different than rentibg an apartment.
Florida condos are OFF my list. There’s no way to know the future insurance, association fees and assessments. Even back in 2016 when I sold my Boca Raton condo, the condo association had been deferring maintenance for years. I paid a $2500 assessment in 2015, on a condo I sold in 2016 for $255k. So that wasn’t a bad assessment. But it was only the tip of the iceberg. After I moved away I heard from my brother who still owned a condo there of the subsequent assessments of $10k, $25k and then another $20k. On the eight years since I’ve been gone the monthly association fees have increased from $436 to $1073!!! Are you kidding me? On a 1000sqft 1 bed 1.5 bath condo?
Not with a ten foot pole would I touch another condo in FL. I hit it just right living there on the intracoastal from 2009 - 2016. It’s gone nowhere but bad since then.
That was before the Surfside, Florida Champlain Towers South condo collapse & the sheet has hit the fan !
No sane human would either move to Florida OR buy a condo there.
Mexico is looking really good right now.
Surfing in Baja?😮
We’ll just trade places with them, lol
Cartel will make ya think differently. Try Costa Rica or Central America
Try The Philippines
Recently saw a report on RE Prices in Mexico. They are going up. Mexicans have figured it out, No more cheap houses.
1.7 million 800 square feet. 3k a month HOA fees. Who would live there? Like why?
those prices are criminal . I cannot believe how much they are asking and the HOA fees are outrageous and we haven't even talked about property taxes and insurance. Homeowners are being wrongfully displaced. How is this legal ?
The videos done on this by Michael explain that years and years of major repairs were voted down by the HOA members and so now the condos are inspected and failing terribly-
@@amrice62 - to me it sounds like a well thought out manipulation type of leveraged plan to force homeowners out and force them to sell. Those buildings should have been engineered to withstand at the minimum 100 years. and I am speaking off the cuff, because of act of god and mother nature events occurring. But what a complete disaster all that is. Simply put, terrible!
@@amrice62 After that condo in Surfside, Florida Champlain Towers South condo collapsed codes are being enforced & only the Super Rich can afford these Condos ! Now I know why a Miami Realtor who owns a Beach Front Condo is making all these Doom & Gloom videos. The Real Estate market is High Priced & not moving so his income probably has dropped drastically. UA-cam might be his only income to rely on.
@@ag4allgood so true
It's ok.... Bidenomics will save us!
Never ever buy a condo. Nothing but a money pit. HOA fees are killers. Then comes those Special Assessment to make you poorer.
Actually its Florida Condos in particular that are being hit with Huge HOA increases along with the Insurance rates going way up. When you live in a State that is constantly being hit with Hurricanes the costs of increasingly violent storms made many Insurance Companies RUN !
Yup. Owned two senior units in California. HOA went from $150 to $288 in seven years. We have had three special assessments, the last one last year was $2,025. per unit. Facility built in 1965. Next on the community agenda replace the main water lines to the units and the roof is due for replacement in eight years. I'll be out before then.
Yeah buy a house and you have to pay for that roof all by yourself.
Just fixed my roof all by myself and a one time payment. Won't need a roof for a while. @@michaelfriend3990
HOA, money generators.
The monthly condo fees are too damn high!
Now you know why people smoke crack😊😊❤
Condos and Co-ops are a bad deal all around. Might as well rent..
Actually, they're too low, hence why these older buildings are facing unfunded maintenance.
500, 600 $ a month in 1990. what they are today. Thank goodness I have a paid off home. For what? Cutting grass, cleaning windows, sweeping. Idk ...what the other 500 tenants . I shouldn't be paying for that
Condo fees are not arbitrary, fees are used to pay the costs it takes to run and maintain the building. Unfortunately fees were to low forever and the maintenance was deferred now its time to pay the piper. .
I just sold all four of my condos down the Naples area. I bought these places after Charlie hit. I remember the HOA’s were $100 a month now the HOA are close to $1000 a month. It’s not feasible anymore. I’ll take my money and run.
Good for you. To many people always trie to get out after it’s to late.
I’m just surprised people were willing to buy them with those high HOA fees. Did you have to slash prices on the units? ✌🏻
Or doing nothing ..
If you own a single family home and don't keep up with the repairs' you will have the same problems as these condos.
My house isn’t in danger of collapsing and kill hundreds of people if I can’t afford some of the maintenance, and the maintenance doesn’t require massive quotes from construction companies. A lot of work on small houses can be done DIY. This situation is a disaster
It's probably better to own a house because you can control when to repair it, who's gonna repair it, and negotiate. I assume you can do that with a condo.
A friend of mine lives in a newer condo and the HOA fees have almost tripled. Even newer condos get assessments. Needless to say they want out. Thanks Michael and Happy Wednesday!
Wow. triple that's insane.
@@mr.elastomeric1787 Imagine having a Miami condo on the beach being a Realtor in a non existent market with High Priced real estate nobody wants to Buy ? Now I know why Michael is making these Doom & Gloom videos. He is under Financial stress. All these Sky High Insurance rates / high food prices & his salary is probably cut in half.
Condos and fast food industry facing some serious challenges.
Condos in every state are dropping in price .. it’s a apartment with a high cost .. you don’t own the land you don’t have a decision on your home .. history will repeat it self a condo is a bad investment long term .
facts
A Florida Beach Front Condo in Miami is a BAD Investment because costs have risen SKY High ! HOA fees & Insurance alone probably more than a $460,000 home mortgage right now.
Only decision I need is to buy,sell,remodel,and upgrade.
HOAs are also getting out of control. Theyre charging more and doing less..
Like everything in the U.S.
Bought my townhome in Burbank CA. 3 bed 3 bath 1400sq feet. Paid 440k hoa 400. Put 20% down. My mortgage payment is 1500. 3 other units sold in the past year and people paid 600k. Some didn’t put 20% so their mortgage with hoa is about 3800-4200. This is insane. The bubble is going to burst.
We know the bubble is going to burst. The question is; "When?"
My mortgage is close to yours ($1,550) but my townhome is a 2 bed, 2 bath in Las Vegas. I paid $203,500 but didn't put down as much as you did. HOA fees are $253.
I hope so. then reduce my property tax.
Get out of condo in south Florida now while the price still good .if you wait any longer you end up holding the 🎒.
Avoid at all cost condo/home 🏡 with HOA .
My HOA fees are $190 a month in my condo in upstate NYS 😃 i would not be able to afford current rent prices. So buying my condo 15 years ago my best decision personally
As long as you don't live in a Hurricane Florida environment that condo makes sense. Plus your property taxes are 1/2 the cost of a single family home ! 😎
Just wait until something goes wrong. For me it was in year 17 neighbor set his place on fire and hoa went full commie and tried to drag me through hell. I got out but it took 2 years. Not for the faint of heart.
@@Igor4723 How many times do neighbors set their units on fire????????
I live in WNY, my condo fee 10 years ago was 120.00, my old neighbor said it’s 170.00 now. Of course, we don’t have high rise condos, their mostly townhome style.
@@philipdefrancisco7540 Especially if they own the Condo ! If its a renter that is a different story. Evictions can be really bad events.
The buildings don't need to be "fully reserved" by next year. But they need to make their reserve plan to get into compliance. And it could be expensive.
I'm an HOA Condo president, and our reserve deficit is very small because we have paid attention.
Condo boards need to be responsible.
Thank you for your service. I joined our Board for the singular purpose of arranging contractors and financing for a million dollar balcony replacement project. As soon as the project was complete I stepped down. I don't mind the work but I will not put up with a bunch of stupid owners on a daily basis.
He means fully reserved to their plan. So $1MM for a roof that needs to be replaced 5 years from now would need $200,000 a year.
$200,000 in the first year would be fully reserved and in compliance.
@@Floorguy1000 well stated
@@pensacola321 My hat's off to you for doing the HOA thing! I'm a finance/investment guy.... but I would never want to be on a board.
I’ve never met a person on a HOA board who wasn’t so me form of a busy body. They all get some kind of satisfaction out of telling others what to do.
Michael, This has been an ongoing problem even back when I grew up there in the 70's, a lot of these condos were built to hide drug money gains, they paid off everyone to get them built, balconies were falling off in the 80's, I still remember. It is no surprise when one collapsed, because just the salt air alone, puts a huge strain on concrete rebar...not to mention poorly maintained and poorly built. That's why I didn't see the old Deco as being a good buy in the old days with the age of those buildings.
The work around on the squatters law, is with tenant nightmares where they stay beyond the lease, stating claims of non-working plumbing or electrical(where the owner shuts them off for instance), still not a perfect change.
HOA boards also have the notoriety of being fiscally negligent, or out right theft of money, or even hiring of poor quality contractors.
Glorified apartments no thanks
Apartments with liabilities, how fun!
No thanks!!!
Yeah.. pretty much what a condo is in florida usually... a term for people who live in an apartment usually, mostly one they have a mortgage on and high hoa
Exactly
True dat!
This problem started 25 or so years ago. Developers are the culprits. They were allowed to throw up all these condos, serve as the 'board' for a little while, and then dump it on the people who bought the condos to see about oversight. I couldn't believe, when the Surfside condo bldgs collapsed and it came out that an outside contractor had reviewed the buildings and provided the board with stark assessment, that everyone should vacate so the building could be fixed. The condo board ignored that assessment. What I still cannot believe is that it was legal for that board to never inform the other condo owners of the potential dangers! Developers were legally allowed to set up these communities without ensuring that each condo community started with an appropriate pot of backup money. The majority of condo communities didn't and afterward operated on a shoestring budget, doing assessments as needed as problems arose. The new laws in Florida are to try and prevent that style of shoestring operating in the future.
TO BE FAIR, IT WOULD BE A CHALLENGE TO BUILD SOMETHING with the crap used
How do you know all of this? 😂
@@BREEZYM6015 Because HE is ONE of them.!!!
Brother man you do a good walk and talk. I'm a local born/raised. You got the pulse nailed. Thanks for your work 👣
That is because he is living it right now. His Miami Real Estate his High Priced & not moving so his Realtor job probably paying him 1/3 of what he used to make. His Miami Condo has higher HOA & Insurance fees + higher property taxes now by like 40 to 60 % ! So these Doom & Gloom videos might be how he is living right now. I don't remember a positive message video in the last 18 months could be longer !
WHY AN AGENT MAKES 80K OFF THAT ONE SALE IS FUK'N MADNESS. TWO TEACHERS ANNUAL SALARIES
Not in Chicago. Also, when teachers retire they receive an excessive retirement. They also receive deals on mortgage rates, etc. Same perks cops and fireman receive. Plus they get the summers off and how many weeks of school holidays. More tears for the indoctrination job.
@@irritatedkitty7301 I would appreciate a link or anything to vet what you saying.
I just want to be informed instead of ignorant.
And I agree American schools not about educating you for the world that you live in.
Don’t teach how a….
Credit card works
Student loan works
To do your taxes
Start a business
How a mortgage works
I could go on.
Thanks
Teachers I know make well over 100k each some close to 200k yes, in Chicago!
@@charlessmith3710
At private school maybe…
It took me seconds to see the figures for Chicago public school teachers
50k-75k. FACT
@@thistimeisdifferent
What’s it like living in your momma’s basement still??
Go back to sleep 😴
My golden handcuffs may keep me in my current home for the foreseeable future. I moved here from Naples Florida in 04 and planned to move to a mountain area next but it looks like a good time to stay put 🤷🏻♂️ good luck everyone we’re gonna need it. 🍻
Baton down the hatches !
shame for the real elderly.....whose lives are updumped.....doesnt anybody care that we have mass of 70,80,and 90 year olds homeless and / or living in their cars?
Nobody cares anymore. The world has lost its moral compass.
@@ARCR80Yeah, let’s over rely on the government and blame it for failing us.
There is a saying. "You can tell how good a society is on how well they treat their veterans and elderly".
Don't worry, your migrants here illegally, will be taken care of.
It is a shame. My parents started struggling in 2020 they were in a rb park living their best lives till the pandemic hit and a ton of people decided to live in RV full time. They could t afford to live In. Their house then and had to sell. In 2020 this has been going on for years it's just starting to finally hit people with a lil more money. This market has been breaking older humans for years. It's breaking everyone now. No one cares till it impacts them.
People are fleeing, because they can't afford to live in Florida anymore.
Florida is California with republicans and hurricanes
You got that right
@@geocam2true
Yes move back to NY please
@@geocam2when I lived in Miami Beach my upstairs neighbors washing machine emptied into my closet.Also I could put my finger in the wall underneath the window in my bedroom. It was soft like putty.
Cannot afford Florida, Colorado, California, everywhere N/E and I’m sure many other states. Where in the hell are we all going to go and try to survive the apocalypse?
Kansas.
Clarksville Tenn.
Maybe an RV?🤔
Oklahoma.
Go to the Midwest
I'm in westpalm, my HOA went from 240 too over 500 ,no gate,no security, no gym,no basketball courts,there is nothing here,what am I paying for !
For the privilege of living in Florida. Doesn't that justify the costs?
Thinking it goes to building maintenance. Hopefully.
After the Surfside, Florida Champlain Towers South condo collapse you are paying for your building to not fall down.
Its beautiful Florida though as Michael shows us every video. The rising HOA fees / Sky High Insurance rates at least as a retiree you froze the property tax rate so at least you have that going for you.
Flood insurance
You should ask. Seriously, you're an adult, grow a pair... and simply ask. You have a right to do so and I would exercise that right.
I downsized from a single family home that almost doubled in value in Pinellas county Florida to a 55 plus condo building in the summer 2021. I have a two bedroom one and a half bath 1,050 sq ft. I got it cheap because I paid cash and it needed remodeling. Put in new kitchen cabinets granite countertops all new stainless steel appliances remodeled the bathroom new flooring baseboards painting ceiling fans. Did a lot of the work myself except for electrical and plumbing. I have a total of $91k total in it. The monthly maintenance fee recently went up to $510 but it includes water sewer trash internet cable maintenance and insurance on the building itself but not the interior of the condo. It's an older two story building so not affected by much of the new condo regulation. The only bill I paid besides the maintenance fee is the electric which averages $200 a month because I keep it cold. I'm thinking no matter where I would move there's no way I'm going to be able to live that cheap anywhere else? And as a benefit I'm also less than 10 minutes from a nice beach and not in a flood zone.
Plus it's great not having to keep up with all the headaches associated with a home like mowing the lawn, maintenance, etc
I lived in a condo in the midwest for years and it was fine. I don't need a house and couldn't imagine paying for a house that I don't need. Most houses cost more than condos in most areas. I suppose if I could find a really cheap house I might buy it but that is hard to find. My hoa was about 340.00 a few years ago and that included water, gas, heat, garbage, insurance, snow plowing, grass cutting and paving the parking lot. I never had a special
assessment. It was built in the late 70s and then they turned it into a condo building maybe 5 years later. I guess it wasn't profitable as a rental building. Then 20 years later the whole investor thing got popular and people started to buy condos to rent out. Some condo associations don't let people rent it which isn't a bad idea.
Hopkins Minnesota Minneapolis suburb 2 bedroom 2 Bath home had an association fee of $355 now it is $650 + special assessment add ons that are $1,500 due within 60 days..and they haven't done one thing to the building is a
2 level 4 unit building as are a few others in the neighborhood.
@@Joce123 why did the hoa fee almost double? what costs so much more?
You got it made lucky you! Plus you have an awesome governor !
I read an article that said expect states that are in the very southern part of the usa as well as the eastern coast to be prepared for much higher insurance costs.
Middle of the country too if the weather keeps destroying buildings.
It's wherever cost to build/rebuild has increased.
Where Natural Disasters go to vacation will be much higher !
Florida has been touted as a safe haven to live with law enforcement officers flocking there. However, now I am seeing the Florida home prices, home insurance, property taxes and condo HOA fees spiraling out of control. I want to live in a safe State, but I just cannot afford these expensive cost increases.
Live below your means if possible...downsize or just rent...not easy solution but great alternative to leaving the best state in America
Safe yes but too expensive for middle class. That's why working people usually don't buy beachfront property. Florida is for wealthy people..
No personal attack But, Florida is not a safe state crime wise. Unless they have cleaned it up in the last 30 years. Have not kept up on it. Would be great if this were so!
Edit: drugs being the main problem. During the 80's in the Midwest we would not honor Florida checks; including payroll checks. Was a big problem for investors and regular people.
@@rheahorvath9274 safe beachside 🏖️
I've lived in N. FLfor decades, and prices have increased in every state, thanks to Biden. But if youlive in corrupt, Democrat-run S. FL, where your local mafia government leaders are stealing you into oblivion, STOP VOTING FOR THEM.
Good luck finding qualified (and affordable) contractors.
Information you need. I had a condo in cocoa beach about a 1/2 mile south of the cocoa beach pier on the beach. Engineering requirements are to drill 2 holes at each location of the pillars of the building. Once the holes are drilled they now can inspect the Rebar to see any rust or any issues. That’s what is happening at your building. Took awhile to complete 3 months. Not sure time on your building. It’s all about the structural with the Rebar
Did the same thing at Champlain towers.
When I sold my FL house, I considered buying an older condo for cash and retiring early. So glad I watch this channel. I would've been so screwed.
Couldn't pay me to live in Florida nor in a condo nor in an HOA..Manufactured homes are for sale dirt cheap all over numerous parks in Florida too, who ever buys them has 1 hell of an expense to move them. Couldn't pay me to place a home I own on land I don't.
You can buy properly zoned area and HOMESTEAD a mobile home in Florida. Then it is no longer considered a vehicle and is subject to real estate taxes
@@pinschrunner Don't place a home you own on land you don't
I'm old enough to remember when this whole condo thing started. My family never got caught up in it, but I do recall no one ever saw any of these problems coming.
Wow.
I did!
I'm a single woman and everyone tried to convince me to buy a condo because of maintenance.
Not A Chance! I hire my own maintenance people. No HOA for me....ever! ✌️♥️
~ 🦋
@@ukulelebutterfly Smart move!
By sleeping to 8:00am you’re missing the best time of day. Cooler, quiet and pristine then everyone wakes up and ruin the day.
@@annmarie1689 Thanks!
~ 🦋
I'm in the Midwest, and even here is ticking upwards. We have an affordability crisis across America!
I'd also like to remind everyone remember the reason for Memorial Day. Also, thank you to all our service men and women who made the ultimate sacrifice for us and our country. 🫡 🇺🇸 ❤
Great reminder you’re correct. Even the Midwest is becoming unaffordable for some. crazy world we’re living in.
Exactly is the whole country
and trump calls our service members suckers and losers. look what he said about john mecane. john was a war hero pilot that got shot down and was tortured. trump said awful things about him. a disgraceful ex president.
What a shame. Condo owners may start just walking away. It's too expensive for retired folks.
Exactly what I said
The owners got decades of low condo fees and now it comes time to pay up if you want to stay.
That is exactly what happened in 08. The buildings were empty
The Surfside, Florida Champlain Towers South condo collapse has freaked out the whole State of Florida ! Increasing HOA fees / Insurance + property taxes & its become unmanageable for many. The increasingly worse storm patterns from climate change & its double trouble ! These videos are scaring people after 18 straight months of Doom & Gloom !
Yes it's something where retirees would have to get a part time job to handle the condo fees unless they're really loaded.
I rent a condo in south Florida. I would not recommend anyone to get one, it’s literally a money pit. Majority of them are underfunded and have to increase the dues.
Nice decoy
I'll bet there is great competition for renters there ! The last thing an owner wants is a unrented condo. 😎
@@ag4allgoodI was renting a condo is south Florida and the HOA told the owners they could no longer rent. That only property owners had to live on the property. The assessment fee went up because the property had to correction some major structural problems. So I am having to leave.
@@Lioness1499 Well I could see Associations not wanting renters because they never take care of the place like Home Owners do. Rare exceptions but usually owners are invested in living there.
I have to wonder what % of condo associations are run properly and actually already had full reserves before the law was passed.
As an HOA president in NE Florida, we are properly reserved. But it ain't cheap...
Century Village and that is rare- they are the 1%
There aren't many.
probably less than a fraction of a percent.
Everybody just make an uneducated guess! 😂
$1,500 HOA fees?! Sorry man that's like lighting money on 🔥
You can get a decent liveable house for 400 a month in the midwest. I think you are all crazy. About 80% of my income is discretionary so I can live a little. I also don't have to work anymore. I never made over 56000 a year and retired at 55 years old.
30-40 yo condos overpriced 2x in the last 5 years, willing to sell. Great investment opportunity for buyers! (what the agent tells)
I wouldn't. Too big a risk.
The Surfside, Florida Champlain Towers South condo collapse has freaked out potential Buyers. Super high HOA fees / 40 to 60% higher Insurance + higher property taxes all at once ! The perfect storm of Bad News ! Add in the increasingly worse weather patterns with more Hurricanes & its double the trouble.
Most condo owners in New Smyrna Beach use them as second homes. There is so much money in this town that I seriously doubt there is financial hardship in this population. Most condos are empty most of the time. Have vs. Have not.
Before it was smart money to sink it in to a 2nd place. We’ll see where the wealthy continue to keep it. It’s crazy the empty places we saw on vacation.
Michael,you have most accurate and honest reporting on Florida property and general economy...
Agree!
If your condo association requires you to pay a $50K or $100K assessment, expect to drop the price by that same amount if you want to sell it.
Im so thankfull that we have this great Channel! People pay hundrets of Dollars for real estate and financing courses and I can get the information completly for free presented by my favourite UA-camr!
Yeah, something about his channel resonates with me. I even watch the advertisements in his videos if they're not too long.
Great info and summary
We are starting to experience some of this in Wilmington NC / Myrtle Beach area - saturated market, many buildings starting to turn 40-50yrs old with repair issues, insurance, taxes, HOA fees ….
Frankly, the explosion of inventory in Florida is music to my ears. I moved here as soon as I graduated high school 20 years ago and I never want to leave (get priced out).
Florida is my home, as well as many others, most of whom don't make much money, and the higher the inventory, the better it is for us.
Remember the old days when condos were called apartments? I remember
Pepperidge farm remembers
I call them flats 😂
Actually, many "condos" WERE just apartments when built, then sold after 20 years and turned into "condos". Bad idea....never buy one of those.
Sold my Miami condo in December of last year. It was bought and paid for in full and had amazing tenants but HOA and taxes was getting out of control. Good riddance.
Part of the problem with HOA reserves to replace roof, and other long term maintenance has been the stupid extremely low interest rates for the past 20 years, because these reserves must be invested in CDs. Thus for 20 years reserves were losing to inflation. The Fed should keep rates were they are . Higher if inflation continues.
Never buy a condo but living in Florida is not bad. I live in northern Florida and have no regrets.
Condos have always been a bummer with crooked management companies old unit owners passing and the kids either selling or voting to rent the units.the boards can rarely get along with each other just too many strikes.
The wife and I lived in a Condo for a while back in 2009. The fees started to skyrocket and we got out just in time.
Yes.
It's obvious.
Thank you for being our honest, steady guide.
I love your videos.
I realize that I am not crazy.
Thank You !
Don't move to Atlanta - we are full
Atlanta used to have Doraville Assembly, Lakewood Assembly, and Atlanta Assembly. Atlanta Assembly is Hapeville, Georgia. Lakewood Assembly is Atlanta, Georgia.
@@bryantint1339otherwise known as Lakewood Plant and the BOP plant Buick Olds Pontiac in Doraville! I'm a GM girl 🚘
@@geocam2😂😂
I did that already. Never again!
I live in rural Georgia don't worry.
Meanwhile, in Thailand you can buy condo's on the beach with taxes that are 100 times lower and 1/4 the price.
Vacationed for 20 days in Thailand with family in 2017. God I'd love to live there. Chaing Mai or Koh Samoi the latter being surrounded by water would be amazing.
@@justinlowry6522now surrounded by Russians.
Just don't insult the king or whatever or you'll wish you were still in America.
Only if you are married to a Thai person, and even then, the property goes in thier name
You are not wanted or welcomed, other than a tourist, and will never have a stable life in Thailand. In South America, we have reciprocal property rights and can even buy a gun legally.
Very detailed and productive video Michael your videos just keep getting better and better every month. God bless you and your family.❤
That’s one big reason I hate about owning a nice condo. The damn HOA dues! The nicer the condo and building the higher the dues! It’s insane! Better to just own a house at that point. No HOA dues. At least.
Beware - there are also worthless HOA dues lurking in certain home buys as well as home rentals.
Excellent info Michael- I enjoy that you cover all types of housing.
Who can afford these condos? These HOA fees are obscene.
It takes more than a tank top and colored shades to do what you do. There’s a lot of people trying to copy you. There’s a guy out in Idaho trying to be you, it’s annoying. Thank You Michael.
Condo prices in South FL will fall for sure. Sellers will feel the need to sell once they have vacant units and investors will buy but at the right price. Imagine buying a $280K unit cash and after paying expenses be left with $500/ month in cash flow. You are better off on a 1 year CD
condo prices will fall 65% by dec 2024
It’s going to take a few years. Look at the last debt cycle from the 2000 crash with rates dropping then the next crash in 2007-2008. These things take time, but it’s definitely coming. There’s so much debt out there from 15 years of zero percent interest rates it’s nuts and instead of being rolled over into a new asset it’s going to start to get paid.
I'd be wary of taking possession of a Florida condo right now if someone offered one to me for free! I damn sure wouldn't be paying for it until these reserve and maintenance issues are settled. Of course, with the ongoing fees associated with condos in the first place, it probably wouldn't be my first choice. If I want to pay that much per month on housing, I'd just rent an apartment.
Reserves settled ? More likely the Association is taking out Loans to pay for Maintenance. HOAs go up 40 to 70 % in order to get the Building up to code.
I wonder how much apartment rents have been impacted. I assume they are being held to the same new standards.
I would. Then sell it the next day.
@@breadnaut3087 If someone offered you a "free" condo, there's a reason that you might find out the hard way if you accepted. I mean, it's almost certainly not gonna happen, but it would make my sphincter clinch if it did.
@@JBoy340a That is a good question. I do not know, but haven't heard anything to that effect. Then again, we own a single-family home, and intend to do so until we assume room temp, so it's not something I pay much attention to. If I ever end up in an apartment again, it'll probably be an elder care type, the costs of which I haven't a clue.
Have they ever confirmed why that condo collapsed in Miami, they don't even talk about it anymore
The maintenance wasn’t being done. The owners didn’t want to pay higher association fees to do the repairs, thus kicking the can down the road. Literally the building fell apart. Very sad.
Rusted Concrete Rebar.
Why are HOA fees so high in Florida? Even 1500/mo sounds like theivery to me
Since the Surfside, Florida Champlain Towers South condo collapse Florida has been looking intensely at the Reserves & maintenance associations have.
Also because insurance costs have gone up. For homeowners I've heard of yearly $1800 going to over $5000. Can't imagine what the increase on a large condo was.
You live very comfortably in Spain for that amount of money
Hurricanes
Insurance and management fees.
GREAT video Michael. 👍👏 Thank you for your *HONESTY* and great tips for what to watch 👀 out for.
What about the time bomb under half the homes in FL - the decaying cast iron pipes under the homes!? In the next 10 years we’ll see thousands of home needing their pipes replaced. It’s not an insured event and will cost over $60K to fix.
I don't think I will ever buy a condo in Florida. The assessment can eat your lunch.
Breakfast lunch & dinner if you add high Insurance + property taxes ! Unless your a retiree & froze your property assessments in place.
Left Florida in 1979 moving to central New England and never looked back.
New England?😮
So Rhode Island? Where taxes and home costs are insane too.
Thanks Michael!! Alot to consider in this geographical area!
Yep, my sister and her hubby sold there home just in time, lived in😊 1000 Oaks CA- left last October, went to Idaho and love it! Bigger home, yard.. and they pocketed $$$ cash to.
I see a return of 1200 sq ft with formica countertops, linoleum floors, carpet, cheap appliances with single door fridge, one car garage maybe a parking pad on the side and stick built on a tiny lot! Time for these millenials to get a reality check!😅
HAHA! Thank you for describing my place!
Yup until it’s paid off and I never have to worry about housing for the rest of my life that’s exactly what a reasonable person would do. Too many like to mix up luxuries with cost of living expenses like houses, cars and clothing. Then they work their entire lives depending on social security and complain the government isn’t providing for them.
Bet a lot of people would buy them if developers would build them.
Where are the people who are "getting out" going to?
Thank you for the info! Always enlightening 👍
Looks like your channel is doing great! It’s been a little while since I watched, but you seem to have really found your niche! Great work!
Flipper can't even afford to live in Florida anymore
Florida always seems to feel it first. The correlation isn't silent.
Wow thanks for the heads up!
I remember when I was looking to buy my first house in 2013 (took me until 2017 to finally buy one) and I thought condos were so cool, especially since I was single at the time. My older brother, in all his wisdom talked me out of it, but back then the HOAs were between $250 a month and $1200 a month. I never saw one for $3000. That is mind blowing.
Impeach your governor and boot the representatives that passed this legislation. A semi good idea gone horribly bad.
Many of the "Millionaire's Row/Collins" buildings were built 1968 era, thus moving on to 60 years old.