What's killing the condo market in Florida is not the mortage. It's the added fees, HOA, condo fees, maintenance fees, usage fees, etc! Oh yeah, on top of all those fees, add in the fact that anywhere within 20 miles of the water in Florida is seeing insurance rates going up 1000%! It's unsustainable for many of the elderly who are on fixed incomes.
Good man Paul. Keep telling it like it is - bluntly and honestly. We need more of that in the world. You say what no other agent has the courage to say. Congrats! 👏
Based on the new condo engineering and reserve requirements, consider buying a condo less than three stories high. Those particular laws don’t apply to condos under three stories. There are quite a few of those in west Delray, just out of the city limits of Delray. You can find a nice 2BR, 2BA there for between 150k and 190k. These are only 10 minutes from downtown Delray and 15 minutes to the beach. And well-located between I-95 and Florida’s Turnpike. 30-35 minutes to Fort Lauderdale and West Palm Beach airports, too.
Excellent point. I’m in a cluster home community here in Ponte Vedra Beach, and a lot of the new regulations don’t apply to us since our townhome style condos are only two stories high.
I'm very lucky to have a condo under three stories in Fort Myers that was not destroyed by the hurricane. A new roof was installed a couple of months before. I think this one's a keeper
Exactly and our building is two stories I tried to volunteer to be a board member but takes to much time it’s like a full time job to become part of the board . U have to be retired I tried that too but I saw the work it was to much for me and to much time for free
My dad’s HOA with more amenities he only pays $75.00 a month and I don’t get why mine is so expensive . Also I do need home insurance for the inside right that’s not including the. $180 I pay for home owners insurances to cover inside . If I cancel that policy will I get in trouble . It’s not paid off the condo
Capitalism says that eventually, the prices of the units will adjust to what they’re actually worth. Kicking the can down the road doesn’t last forever.
The HOA are increasing fees because they’re no longer allowed to keep zero reserves. And they’re no longer allowed to let the building maintenance laps. They have to have the building looked at and repaired something that they should’ve been doing for decades.
@@neilkurzman4907 That's ridiculous to maintain a zero balance in the reserve fund. Who are the "Board" members? How are the "Board" members running the place? Time to elect a "Board" that knows what they are doing!
@@tennislover5763 It’s a condominium, the board members are elected by the owners of the building. That’s the people who bought condominiums there in Florida up until now they were allowed to vote not to keep any reserves this of course would keep there common charges very low until something happened. All of them were built about the same time which means they’re all coming upon building inspection. And a lot of them need significant work.
I have lived in central Florida off and on since 1980. I've worked at law firms that represent HOA's. The biggest real estate rip-off is. Buying a condo or living in an HOA. Developers really like to sell to out of towners. Or anyone that is clueless to the BS that they are buying
I dont know why people would think you hate Florida so move. They are being ridiculous all you are doing is helping people. You are doing a great job keep it up by being truthful. 🥰🇨🇦
Yes, because the owners voted for the HOA to not do the proper repairs or keep reserves. Several of them have decided to vote out their HOA, but the problem didn’t disappear.
I like your show , I live in East Boca ...The Property Insurance Crisis is a major effect on affordability and is a major negative on the economy. The Federal and State Government has to come up with a solution, ...The insurance companies have too much leverage on the customer ....and too much political influence ...The other issue is with Property Taxes..HOA and Condo should not have tp pay the same tax rate as non HOA homes. It should not be based on the appraised market value that is being tax on unrealized gains .
Thank you to our host for taking us along on walk-around outdoor segment. You are right: you live in “Realville” you tell viewers the current state of affairs. I’ve lived here (SE coastal Florida) for 18 years. I bought before moving here beachfront Fort Lauderdale condo
I remember living in a condo in Miami Beach and North Miami Beach when the HOA lady told me I wanted to patch cement work on the walls. I told her that as an auto mechanic, I could get some Home Depot cement and paint and make it look like there was no damage. Hine site, I remember putting cement on rebar in the holes in the wall, then painting it once the cement dried. Doing all these repairs without any construction experience made me save on Condo Monthly fees. Life was good in the 1980s and 1990s.
I sold my luxury oceanfront condo and have no regrets, the HOA expenses, assessments, and horrible leadership, rising sea levels, hurricane evacuations, flooding from units next door & from above - let someone else live the Dream.
So why don’t you explain how you can have a multi story building where people own their individual units without an HOA. And why did you explain why wouldn’t that buildings been neglected for decades? It wouldn’t be expensive to fix.
@@Dont370 You commented. Oh by the way, there are other people who believe you shouldn’t be able to buy homes and rent them out. Single-family homes should not allowed to be owned by corporations. It’s the Internet. Everybody has an opinion. Besides, you complained about something that you have no solution for why are you surprised that people commented on that?
I’ve lived in North Palm Beach all year for over 20 years. My taxes went down. I have a small one bedroom condo on the Intracoastal. Condos in this area have no problem selling. As a matter fact, they are building condos all over the place. Most of them are going to be too expensive, so I’m glad I bought when I did. The traffic is getting like cities south of here, so I’m not happy with that.
Thanks for watching and the comment. Yeah it's different in different areas some condos are selling just fine which is why real estate in South Florida is such an odd animal
If you're looking for a home in Palm Beach County reach out to me I'd be happy to help you. My phone number is in the section underneath the video with all the text
Same I’ve lived here all my life I don’t want to move I’m a registered nurse I make 6 digits in income trying to live. Under my means don’t use credit cards finally paid them off now I’m off to pay off my car and school loans everything is increasing by at least 300% in needs not even on wants what is your advice and I don’t want to leave miami
@@Chas1160 Biden doesn’t make decisions on or run the state of Florida. That would be your Gov go-go boots and his political party. Furthermore, for this person, Biden is eliminating student loan debt. Your so-called advice makes zero sense.
You were right in front of our timeshare Berkshire by the sea we love that place two pools hot tub tennis a rec room with pool tables we have so much fun when we stay there we love Del Ray beach
For far too long Floridians enjoyed "cheap" living but not anymore. Thank the Republicans who let scammers corner the roofing market, trial lawyers to sue insurance companies and Republicans who looked the other way. If you're in a 10-20-30 year old condo, SELL IT!! It's going to get way worse before you know it. NC is looking reeeeaaaallll good!
Thank you for your video. I grew up in West Palm and I now live in DFW Texas. My mother moved to Irving, Texas in my junior year of high school. I moved to Atlanta originally after flip-flopping between Atlanta, DFW, West Palm a few times in my early 20's. I was in law enforcement for 20 years (a police officer 20 years) in Atlanta and lived in Cobb County Georgia most of my 23 years in in Atlanta.
Selling a condo looks to be difficult for these reasons: 1. Increasing property insurance 2. Increasing property tax 3. Assessments (condos are under pressure to get up to code) 4. Reserve requirements due by January 2025 5. Increasing HOA fees I was considering buying a condo in South Florida. No longer, too many uncertainties. Maybe years from now.
The HOA fees are being increased because that’s what they should’ve always been. The fact that they have no reserves and expensive repairs coming up is called mismanagement by the owners.
Great videos PBPaul, I prefer to hear the real deal on the RE market. I also like when vloggers say they are sweating while they walk, because it''s not visible, looks cool, but good to know that it remains pretty hot even when the sun is going down (wardrobe planning 🤣)
You could also be in the Hollywood Hills to where it is increasingly difficult to get homeowners insurance for fire or at best paying a whole lot more for the coverage. I think we may be seeing fewer 30 million dollar homes being built up in the hills going forward.
Its basic economics, when supply out paces demand, prices come down . Competition brings prices down usually. This is what’s happening in certain areas, like Florida. Lenders are going to be very careful about lending. They are going to require a good down payment and sufficient reserves for condo financing. I think there will be some great deals on resale market. The luxury market with ocean views will not be affected much. If I was a buyer, I think I’d wait to purchase. I bet in 12-24 months, you could see some real bargains. If a seller is willing to credit back some of these assessments, it might sway some buyers to purchase sooner.
@@neilkurzman4907 basically, yes. If you can get a credit or reduced price on condos with special assessments, perhaps a deal can be made. Otherwise,I might wait to purchase. Some sellers may just walk away, give the keys to the lender. If it’s purchase money loan, the only thing the bank can foreclose on is the condo. If it’s a refinance loan, the lender might be able to obtain a deficiency judgement. In California, lenders can get deficiency judgement’s. Florida is in real trouble, many peoples equities could be wiped out. In due time, things will straighten out but not without a lot of pain. The disadvantage in owning is the MAINTENANCE COSTS.
Maybe an opportunity If you know the building you're buying into. If it is well built, well maintained and or not 30 yrs old yet. If the baby gets thrown out with the bath water It could be good.
Couldn’t have said it any better. Kicking and screaming but when things like the Miami condo event happens, people are outraged condo didn’t do the necessary repairs. Can’t have it both ways.
From 2022 to 2023 we paid close to $1000 a month do to a law suit they had with only a two week notice that’s where all my over time and 4 contracts I did that’s where the money went to The HOA
Fantastic town. Visited in February and will absolutely be there again this winter. Cant convince myself to buy with alll of the variables outline in the video. I will stay as a winter renter unless the bottom falls out. Already have a summer beach house in south Jersey. Dont l augh ---- its awesome from June through early October
It's still a great place you just have to do the best you can I can't just pack up and leave with my family so I have to make it work and so do many others.
@@ricardohernandez404 You can’t imagine NJ in 2024-the independently wealthy and the generational welfare takers are eating the working class alive. We’re out. Can’t wait to see them with no ones money left to redistribute. Marxism never works.
A tad hot in summer while Jersey is less so. I have a beach house in South Jersey and it is quite nice. However I agree Delray is a great town near the beach, but not a beach town.
Moist, warm, chloride laden air from adjacent ocean water is the problem. And it's an EXPENSIVE problem to fix. Paradise has a price. Good luck, everybody!
If they’ve been keeping up with it over the decades, it wouldn’t be a big problem now. Some of these buildings are going to be not economically repairable.
Please, buy a Condo in "a less than 3 store high" building, also located in a FEMA flood map classified as a "low flooded area" so you don't need a "Mandatory Flood Insurance", finally buy a condo in a community with few Condo amenities because It is not the same the maintenance and insurance for 1 pool and that's it than a Condo with 3 pools, 3 tennis courts, golf course, ect. We need to start living very simple so we can sleep in peace and always have a roof over our head. This applies for Seniors and middle class. Good luck!
So what you’re saying is do exactly what these people did in the past. Know what you should be doing is making sure the condo you’re buying has been inspected and is in good condition especially if it’s by the water. They’ve already had three buildings of one two-story condominium complex condemned because the foundations rotted.
Even saving for years, I don’t think buying is obtainable making $190/K, I don’t count bonuses as that’s for my down payment and closing. I am going to watch other videos…..maybe the gulf coast?
Live below your means, but below what you think you need or deserve
7 місяців тому
some of those original apartment conversions from the 80s that were built in the 70s ...that sold when relatively new for 29 900 is now 200 000 dollars with little to no upgrades...the time has come...to answer the piper...
Would never have agreed to allow an HOA ALL THIS POWER.....$220 PER YEAR IN MASS.....$1+ MILLION HOMES.....Takes care of everything... Florida...where the Pirates never left....what a shame.
Just returned from Snowbirding in Destin, FL for 2 months. We almost bought a condo there in 2015. That building was at least 18 stories and built some time in the late 70’s. What I have learned from your channel, I am so glad our offer never got written. With all of the inspections coming in 2025, Insurance, Increasing HOA Fees, dealing with Renters and Nieces & Nephews thinking they have a Free Vacation Destination. I feel like we dodged a bullet we didn’t see coming. We will continue to go to the Emerald Coast of Florida to snowbird as long as we have our health. Renting a condo suits us just fine. Just get in our vehicle and drive away. Besides owning and living in one home and also owning a Lake House in North Western Wisconsin is enough work. God Forbid If a Hurricane hits our rental building we would feel awful for the owners. But we will just have to find another unit to rent somewhere else in Florida, Alabama, or Texas. We have thought about selling everything and relocating to Florida but the big turn off for me is ,Way To Many People For Me. Far Northern Wisconsin is just too awesome to leave except for Winter. Being Snowbirds fits the niche.
@@neilkurzman4907 Not exactly. With the house you own the land that it’s sitting on. If your house floods your house floods. Not the neighbors house. You don’t live underneath anyone and you don’t live above anyone. You don’t pay massive HOA fees unless you live in a really nice neighborhood. *Also, you don’t have the chance of your home being sold from underneath you if 85% of them agreed to sell the land.*
@@Sirach144 So let me get this straight if your house is destroyed at least you have the value of the land? That’s also true for condominiums. In fact, many of them are being sold and demolished because of that valuable land. If you want a concrete building right next to the saltwater, then it’s gonna cost you extra to keep it maintained. The same as if you had a house by the ocean. If your home is being sold out from under you. It means it’s no longer economical to repair the building. And just because you’re too stupid to sell out doesn’t mean everybody else needs to be stuck with your decision. The same thing would be true if your house was destroyed, and you didn’t have the money to repair it.
@@neilkurzman4907 No, you didn’t get it straight. A condo owner does not have true land ownership. If 85% of mine decide to sell then legally, I am forced out of my home. If people sell their homes around another house, you can still keep your house. Sure if it burns down they both can be rebuilt. But you don’t have any true land ownership under a condo. You jointly own the land with other people people say you’re at the mercy of them. Look at South Florida right now while they’re de converting condos into apartments and forcing people out of them. And I’m sorry calling me stupid doesn’t make you wise. 66% of my condos are rented out and it keeps going up. They’re still in good condition, but all it takes is an investor to come in and convince all of them to sell, and then I would have to sell mine and move. That’s way different than owning a home. How’s that for being stupid?
@@Sirach144 The reason 85% voted to sell the property is because it’s not economical to repair. You can cry and test. Tell everyone that they need to drop half 1 million into a property that’s only worth 300,000 but that’s not your choice to make. If it’s incredibly important for you to make that choice then you’re right stick with a single family home .
-Palm Beaches Paul does NOT lie, that is a good thing. Certain people in the Flori-Duh government simply do not like to be criticized over their lack of care for things that do not put dollars in their silk pockets....
Even if the Condo is less amount if the HOA is too high I'm not buying. sorry. too much HOA. Why is too much HOA? Paul, Thank you for having the courage to tell the world. so we know what's going on. Some clients are still interested to buy a condo, especially by the beach.
Paul, I have commented on a couple of your videos in the past...I live in a single family home on the Gulf coast panhandle area. Our housing market here-imho-is crashing. Prices falling faster than I have seen in a long time. The insurance market is killing Florida home sales, home owners and auto both. We are beginning the process of considering a sell and move to Georgia's Camden county, 20 miles north of Jacksonville on the Atlantic side. Incredible how much cheaper everything is there compared to where we are located now.
Hi PBP thx for the great local real estate reviews. I live in N.Flagler Drive in WPB in a condo squeezed between the new Ritz Carlton and Olara buildings that are coming soon. Do you mind posting a review in this area? Regards👍
@dulobg3774 thanks I appreciate the comment and yes I actually do have West Palm Beach lined up in the near future for some videos I have a lot to cover up there.
lol your 1.2 million condo selling for 700k was STILL OVERPRICED. that condo had a specail assement + Reserve fee of 500,000$ per condo owner.. so go do the math.
Maybe you gotta sell and if so,be one of the first ines out the door, because it could affect sales prices. I think I hear inventory is building up on another channel.
Take a walk thru Pineapple Grove. I want to see how that area has changed. Delray is very well situated. Close to the airport. And I95 is right there. I enjoy your video's. Kevin James had a home there.
While insurance rates, storms and HOA fees are major causes of Canadians no longer wanting to buy or live in Florida, crazy gun laws, terrible healthcare costs and food prices are also major causes. It is cheaper and safer to buy in parts of Europe or Asia.
Many realtors are overcharging and offering minimal service, often lacking basic construction knowledge when asked. Meanwhile, designer architects earn around $65k per year, whereas these realtors make over $100k just for showing properties they can only describe as beautiful. It's frustrating. I hope the housing market continues to decline, as the only ones complaining seem to be greedy realtors and uninformed homeowners.
Beaches that were nice as recently as the 70s are now ruined. Giant concrete buildings everywhere. In a space that used to contain one or two houses and their lots, now has huge ugly buildings with many, many families. Florida is an overcrowded, concrete jungle.
Dana I feel for you although I didn't grow up there I moved here to Florida and 92 and I remember going downtown and I like some of the transformation but a lot of the charm of Delray is long gone
I started in real estate in 1987. Nobody wanted to be in Delray Beach. Buyers would literally say we will look anywhere from Boca to Boynton but NOT Delray Beach. Things change.
Oh my god! We are all going to die because the Florida condo market! What am I gonna do? I can't take this anymore! On top of that, my condo in Fargo is also in the tank! The market has crashed because farmers keep dumping sugar beets in our basement! I could go to my condo in Bismark but the tornadoes are a problem! Why aren't DeSantis and our next president Donald Trump doing anything?
I can't See spending $3.00 month or $36.00 a year un NOPE! My gf does her own video she doesn't charger like others GREEDLY realtors do! You guy s make more money Saling, or lease home or business am I right? Be happy what you do!
@@sutterpark If I make other videos about stuff people are interested in and they want to pay then thats their right.Its called a premium service and they would get access to videos early with no commercials and they would get to see other stuff I upload ONLY to that service. I still make a video a week for FREE
BEST WAY TO CONNECT WITH ME AND GET MY FREE UPDATES ON SOUTH FLORIDA REAL ESTATE.-bit.ly/3V5p2QY
HOA’S fees and taxes is causing a catastrophic financial crisis.
💯 I’m catching up on comments I really appreciate everyone of u for taking time to even type a thought or wisdom ❤️🤗
@@YanilleCastillo want to be my media secretary 😆thx
@@PalmBeachesPaul lol is that a joke haha
@@PalmBeachesPaul haha
@@YanilleCastillo you were thanking people for leaving comments and I was just being silly because you sounded like something I would say
What's killing the condo market in Florida is not the mortage. It's the added fees, HOA, condo fees, maintenance fees, usage fees, etc! Oh yeah, on top of all those fees, add in the fact that anywhere within 20 miles of the water in Florida is seeing insurance rates going up 1000%! It's unsustainable for many of the elderly who are on fixed incomes.
the new 3 story fee since that other one fell
Most age groups have fixed incomes.
They have to drop those HOA rates
30 years or older condo communities hit with horrific monies to be paid. It's just awful.
Living on the beach is a luxury. Have to pay for luxury. Hurricanes, HOAs, upkeep.
Good man Paul. Keep telling it like it is - bluntly and honestly. We need more of that in the world. You say what no other agent has the courage to say. Congrats! 👏
Based on the new condo engineering and reserve requirements, consider buying a condo less than three stories high. Those particular laws don’t apply to condos under three stories. There are quite a few of those in west Delray, just out of the city limits of Delray. You can find a nice 2BR, 2BA there for between 150k and 190k. These are only 10 minutes from downtown Delray and 15 minutes to the beach. And well-located between I-95 and Florida’s Turnpike. 30-35 minutes to Fort Lauderdale and West Palm Beach airports, too.
Excellent point. I’m in a cluster home community here in Ponte Vedra Beach, and a lot of the new regulations don’t apply to us since our townhome style condos are only two stories high.
I'm very lucky to have a condo under three stories in Fort Myers that was not destroyed by the hurricane. A new roof was installed a couple of months before. I think this one's a keeper
Exactly and our building is two stories I tried to volunteer to be a board member but takes to much time it’s like a full time job to become part of the board . U have to be retired I tried that too but I saw the work it was to much for me and to much time for free
My dad’s HOA with more amenities he only pays $75.00 a month and I don’t get why mine is so expensive . Also I do need home insurance for the inside right that’s not including the. $180 I pay for home owners insurances to cover inside . If I cancel that policy will I get in trouble . It’s not paid off the condo
ghetto
You should do a video on how hard it’s becoming to get a mortgage on a condo. People can afford the mortgage, they can’t afford the fees
That's a great idea thanks let me look into it
Capitalism says that eventually, the prices of the units will adjust to what they’re actually worth. Kicking the can down the road doesn’t last forever.
Of course, condo sales are falling because of HOA increasing fees and the cost of home insurance has spiked!
The HOA are increasing fees because they’re no longer allowed to keep zero reserves. And they’re no longer allowed to let the building maintenance laps. They have to have the building looked at and repaired something that they should’ve been doing for decades.
@@neilkurzman4907
That's ridiculous to maintain a zero balance in the reserve fund.
Who are the "Board" members?
How are the "Board" members running the place?
Time to elect a "Board" that knows what they are doing!
@@tennislover5763
It’s a condominium, the board members are elected by the owners of the building. That’s the people who bought condominiums there in Florida up until now they were allowed to vote not to keep any reserves this of course would keep there common charges very low until something happened. All of them were built about the same time which means they’re all coming upon building inspection. And a lot of them need significant work.
We got out in February. Sold our beach front condo in pompano and got out before they hit us with hoa fees and huge assessments.
Right and the person you sold it to will probably lose their condo. You got out, but they didn’t lucky you, unlucky them.
I have lived in central Florida off and on since 1980. I've worked at law firms that represent HOA's. The biggest real estate rip-off is. Buying a condo or living in an HOA. Developers really like to sell to out of towners. Or anyone that is clueless to the BS that they are buying
I dont know why people would think you hate Florida so move. They are being ridiculous all you are doing is helping people. You are doing a great job keep it up by being truthful. 🥰🇨🇦
Because of HOA. WHAT A SCAM.
Yes, because the owners voted for the HOA to not do the proper repairs or keep reserves.
Several of them have decided to vote out their HOA, but the problem didn’t disappear.
You've never been in an HOA.
I like your show , I live in East Boca ...The Property Insurance Crisis is a major effect on affordability and is a major negative on the economy. The Federal and State Government has to come up with a solution, ...The insurance companies have too much leverage on the customer ....and too much political influence ...The other issue is with Property Taxes..HOA and Condo should not have tp pay the same tax rate as non HOA homes. It should not be based on the appraised market value that is being tax on unrealized gains .
Thx for watching
Thank you to our host for taking us along on walk-around outdoor segment. You are right: you live in “Realville” you tell viewers the current state of affairs. I’ve lived here (SE coastal Florida) for 18 years. I bought before moving here beachfront Fort Lauderdale condo
I remember living in a condo in Miami Beach and North Miami Beach when the HOA lady told me I wanted to patch cement work on the walls. I told her that as an auto mechanic, I could get some Home Depot cement and paint and make it look like there was no damage. Hine site, I remember putting cement on rebar in the holes in the wall, then painting it once the cement dried.
Doing all these repairs without any construction experience made me save on Condo Monthly fees. Life was good in the 1980s and 1990s.
Thank you for sharing. I wish you best.
I sold my luxury oceanfront condo and have no regrets, the HOA expenses, assessments, and horrible leadership, rising sea levels, hurricane evacuations, flooding from units next door & from above - let someone else live the Dream.
I would never purchase a building with HOA fees. They can raise the fee and harrass you whenever they feel like.
@Dont370. So true. Then you have the board members who go and steal from the reserve.
So why don’t you explain how you can have a multi story building where people own their individual units without an HOA. And why did you explain why wouldn’t that buildings been neglected for decades? It wouldn’t be expensive to fix.
@@neilkurzman4907 none of my business. I'm into residential family homes, not skycrapers.
@@Dont370
You commented. Oh by the way, there are other people who believe you shouldn’t be able to buy homes and rent them out. Single-family homes should not allowed to be owned by corporations. It’s the Internet. Everybody has an opinion.
Besides, you complained about something that you have no solution for why are you surprised that people commented on that?
@@neilkurzman4907Yep! In my community the HOA doesn’t allow RENTERS! i love it! I bought my home to live with other home owners!
I’ve lived in North Palm Beach all year for over 20 years. My taxes went down. I have a small one bedroom condo on the Intracoastal. Condos in this area have no problem selling. As a matter fact, they are building condos all over the place. Most of them are going to be too expensive, so I’m glad I bought when I did. The traffic is getting like cities south of here, so I’m not happy with that.
Thanks for watching and the comment. Yeah it's different in different areas some condos are selling just fine which is why real estate in South Florida is such an odd animal
The new condos are rated higher for hurricanes and aren't going to have the required by law assessment starting next year
I appreciate your info. I'm looking to retire soon and Florida is an option. I am looking at the insurance issue in F.L.
If you're looking for a home in Palm Beach County reach out to me I'd be happy to help you. My phone number is in the section underneath the video with all the text
Same I’ve lived here all my life I don’t want to move I’m a registered nurse I make 6 digits in income trying to live. Under my means don’t use credit cards finally paid them off now I’m off to pay off my car and school loans everything is increasing by at least 300% in needs not even on wants what is your advice and I don’t want to leave miami
My advice, don’t vote for Biden. If you don’t like other choices, stay home., don’t vote for anyone.
@@Chas1160 Biden doesn’t make decisions on or run the state of Florida. That would be your Gov go-go boots and his political party. Furthermore, for this person, Biden is eliminating student loan debt. Your so-called advice makes zero sense.
Are u a traveling nurse
Leave Miami.
@@Chas1160 I’ve been a republican my entire life . I’m a Trump Fan and a Christian
You were right in front of our timeshare Berkshire by the sea we love that place two pools hot tub tennis a rec room with pool tables we have so much fun when we stay there we love Del Ray beach
Great location
oh man, you know timeshares are a big scam right?
For far too long Floridians enjoyed "cheap" living but not anymore. Thank the Republicans who let scammers corner the roofing market, trial lawyers to sue insurance companies and Republicans who looked the other way. If you're in a 10-20-30 year old condo, SELL IT!! It's going to get way worse before you know it. NC is looking reeeeaaaallll good!
Thank you for your video. I grew up in West Palm and I now live in DFW Texas. My mother moved to Irving, Texas in my junior year of high school. I moved to Atlanta originally after flip-flopping between Atlanta, DFW, West Palm a few times in my early 20's. I was in law enforcement for 20 years (a police officer 20 years) in Atlanta and lived in Cobb County Georgia most of my 23 years in in Atlanta.
Thanks for your service West Palm Beach has changed a whole lot in the 33 years I've lived here. I still think it's a fun place to visit
Great video Paul. My old stomping grounds.
🎉🎉🎉thanks 🎉🎉🎉
Selling a condo looks to be difficult for these reasons:
1. Increasing property insurance
2. Increasing property tax
3. Assessments (condos are under pressure to get up to code)
4. Reserve requirements due by January 2025
5. Increasing HOA fees
I was considering buying a condo in South Florida. No longer, too many uncertainties. Maybe years from now.
The HOA fees are being increased because that’s what they should’ve always been. The fact that they have no reserves and expensive repairs coming up is called mismanagement by the owners.
Thanks for your help & information.
Predictions for upcoming hurricane seasons are shaky at best. It’s very hard to predict even four+ months out.
Hey Paul! Love your hooks and love your teases. Great videos. Who taught you how to do this at such a high level??? Great stuff...
Thx 🙏 I appreciate that, I self taught and just keep trying to get better.
awesome! keep it up .
Hoa fees are a killer. Why would anyone spend a mil on a condo and then have to pay 1600 a month that could increase for life? Makes no sense
The condo market in Florida is not cooling down....it's collapsing!
Great videos PBPaul, I prefer to hear the real deal on the RE market. I also like when vloggers say they are sweating while they walk, because it''s not visible, looks cool, but good to know that it remains pretty hot even when the sun is going down (wardrobe planning 🤣)
😂 I'll be in t-shirts real soon 🥵
You could also be in the Hollywood Hills to where it is increasingly difficult to get homeowners insurance for fire or at best paying a whole lot more for the coverage. I think we may be seeing fewer 30 million dollar homes being built up in the hills going forward.
Its basic economics, when supply out paces demand, prices come down . Competition brings prices down usually. This is what’s happening in certain areas, like Florida. Lenders are going to be very careful about lending. They are going to require a good down payment and sufficient reserves for condo financing. I think there will be some great deals on resale market. The luxury market with ocean views will not be affected much. If I was a buyer, I think I’d wait to purchase. I bet in 12-24 months, you could see some real bargains. If a seller is willing to credit back some of these assessments, it might sway some buyers to purchase sooner.
Basic I economics says that if you have $1 million account with a half million dollar assessment then you only have a half million dollar condo
@@neilkurzman4907 basically, yes. If you can get a credit or reduced price on condos with special assessments, perhaps a deal can be made. Otherwise,I might wait to purchase. Some sellers may just walk away, give the keys to the lender. If it’s purchase money loan, the only thing the bank can foreclose on is the condo. If it’s a refinance loan, the lender might be able to obtain a deficiency judgement. In California, lenders can get deficiency judgement’s. Florida is in real trouble, many peoples equities could be wiped out. In due time, things will straighten out but not without a lot of pain. The disadvantage in owning is the MAINTENANCE COSTS.
Maybe an opportunity If you know the building you're buying into. If it is well built, well maintained and or not 30 yrs old yet. If the baby gets thrown out with the bath water It could be good.
The concrete structures from the 1970s are way more sturdy than the current structures and you don't hear your neighbors
@@pinschrunner Not necessarily.Especially if the re-bar is rusting out.
@@pinschrunner Not necessarily.Especially if the re-bar is rusting out.
Y’all been kicking your repairs down the road instead of getting them done. Well, now is the time. You knew it, time to get er done.
Couldn’t have said it any better. Kicking and screaming but when things like the Miami condo event happens, people are outraged condo didn’t do the necessary repairs. Can’t have it both ways.
Great job
Hi Paul, can you make a video on the condo market in Hallandale beach and Hollywood beach area?
It went up to $500 a few years after 2008 and continues
To go up and assessment fees I have a board meeting March 11 and I’m trembling
Sorry to hear that but I'm gonna send you positive thoughts that things work out for you
@@PalmBeachesPaul thank you I appreciate that so much 🙏❤️🙏🤗
From 2022 to 2023 we paid close to $1000 a month do to a law suit they had with only a two week notice that’s where all my over time and 4 contracts I did that’s where the money went to The HOA
I liked someone thats honest for a change.
I’m
In the health care field . Both my parents are retired realtors and brokers .
Fantastic town. Visited in February and will absolutely be there again this winter. Cant convince myself to buy with alll of the variables outline in the video. I will stay as a winter renter unless the bottom falls out. Already have a summer beach house in south Jersey. Dont l augh ---- its awesome from June through early October
Nice, if you're ever looking to buy let me know because there are good properties not everything is horrible and the prices are coming down.
Thanks for another informative video, Paul. I'm with you, I love South Florida. I just don't get down there as often as I'd like!
It's still a great place you just have to do the best you can I can't just pack up and leave with my family so I have to make it work and so do many others.
I love Florida, but I’d never buy a condo with all the fees & special assessments.
I left NJ for Delray Beach Florida in 2013 and it’s paradise here compared to New Jersey
Congratulations
@@ricardohernandez404 You can’t imagine NJ in 2024-the independently wealthy and the generational welfare takers are eating the working class alive. We’re out. Can’t wait to see them with no ones money left to redistribute. Marxism never works.
A tad hot in summer while Jersey is less so. I have a beach house in South Jersey and it is quite nice. However I agree Delray is a great town near the beach, but not a beach town.
Moist, warm, chloride laden air from adjacent ocean water is the problem. And it's an EXPENSIVE problem to fix. Paradise has a price. Good luck, everybody!
If they’ve been keeping up with it over the decades, it wouldn’t be a big problem now. Some of these buildings are going to be not economically repairable.
Please, buy a Condo in "a less than 3 store high" building, also located in a FEMA flood map classified as a "low flooded area" so you don't need a "Mandatory Flood Insurance", finally buy a condo in a community with few Condo amenities because It is not the same the maintenance and insurance for 1 pool and that's it than a Condo with 3 pools, 3 tennis courts, golf course, ect. We need to start living very simple so we can sleep in peace and always have a roof over our head. This applies for Seniors and middle class. Good luck!
So what you’re saying is do exactly what these people did in the past. Know what you should be doing is making sure the condo you’re buying has been inspected and is in good condition especially if it’s by the water. They’ve already had three buildings of one two-story condominium complex condemned because the foundations rotted.
Even saving for years, I don’t think buying is obtainable making $190/K, I don’t count bonuses as that’s for my down payment and closing. I am going to watch other videos…..maybe the gulf coast?
Live below your means, but below what you think you need or deserve
some of those original apartment conversions from the 80s that were built in the 70s ...that sold when relatively new for 29 900 is now 200 000 dollars with little to no upgrades...the time has come...to answer the piper...
Would never have agreed to allow an HOA ALL THIS POWER.....$220 PER YEAR IN MASS.....$1+ MILLION HOMES.....Takes care of everything... Florida...where the Pirates never left....what a shame.
Sold mine for almost double in Oct 2022, predicted this was the future.
Just returned from Snowbirding in Destin, FL for 2 months. We almost bought a condo there in 2015. That building was at least 18 stories and built some time in the late 70’s.
What I have learned from your channel, I am so glad our offer never got written. With all of the inspections coming in 2025, Insurance, Increasing HOA Fees, dealing with Renters and Nieces & Nephews thinking they have a Free Vacation Destination.
I feel like we dodged a bullet we didn’t see coming. We will continue to go to the Emerald Coast of Florida to snowbird as long as we have our health. Renting a condo suits us just fine. Just get in our vehicle and drive away. Besides owning and living in one home and also owning a Lake House in North Western Wisconsin is enough work.
God Forbid If a Hurricane hits our rental building we would feel awful for the owners. But we will just have to find another unit to rent somewhere else in Florida, Alabama, or Texas.
We have thought about selling everything and relocating to Florida but the big turn off for me is ,Way To Many People For Me. Far Northern Wisconsin is just too awesome to leave except for Winter. Being Snowbirds fits the niche.
Alls I had to see what that video of half a condo building splitting off and falling, and I didnt want a condo in a big building in FL.
I am so glad I sold my Miami Beach condo for a high price years ago.
Happy camper.
They have until 12/24 to pass inspection. Wait to buy until after this time passes and ask for full disclosure...
Some properties have already done their inspection and the property is perfectly fine to make an offer on.
Basically a condo was just an apartment that you’re paying for your own maintenance.
Yes, basically a house is just a large apartment where you’re paying for your own maintenance.
@@neilkurzman4907
Not exactly. With the house you own the land that it’s sitting on. If your house floods your house floods. Not the neighbors house. You don’t live underneath anyone and you don’t live above anyone. You don’t pay massive HOA fees unless you live in a really nice neighborhood. *Also, you don’t have the chance of your home being sold from underneath you if 85% of them agreed to sell the land.*
@@Sirach144
So let me get this straight if your house is destroyed at least you have the value of the land? That’s also true for condominiums. In fact, many of them are being sold and demolished because of that valuable land.
If you want a concrete building right next to the saltwater, then it’s gonna cost you extra to keep it maintained. The same as if you had a house by the ocean.
If your home is being sold out from under you. It means it’s no longer economical to repair the building. And just because you’re too stupid to sell out doesn’t mean everybody else needs to be stuck with your decision.
The same thing would be true if your house was destroyed, and you didn’t have the money to repair it.
@@neilkurzman4907
No, you didn’t get it straight. A condo owner does not have true land ownership. If 85% of mine decide to sell then legally, I am forced out of my home. If people sell their homes around another house, you can still keep your house. Sure if it burns down they both can be rebuilt. But you don’t have any true land ownership under a condo. You jointly own the land with other people people say you’re at the mercy of them. Look at South Florida right now while they’re de converting condos into apartments and forcing people out of them. And I’m sorry calling me stupid doesn’t make you wise. 66% of my condos are rented out and it keeps going up. They’re still in good condition, but all it takes is an investor to come in and convince all of them to sell, and then I would have to sell mine and move. That’s way different than owning a home. How’s that for being stupid?
@@Sirach144
The reason 85% voted to sell the property is because it’s not economical to repair. You can cry and test. Tell everyone that they need to drop half 1 million into a property that’s only worth 300,000 but that’s not your choice to make. If it’s incredibly important for you to make that choice then you’re right stick with a single family home .
-Palm Beaches Paul does NOT lie, that is a good thing. Certain people in the Flori-Duh government simply do not like to be criticized over their lack of care for things that do not put dollars in their silk pockets....
Even if the Condo is less amount if the HOA is too high I'm not buying. sorry. too much HOA. Why is too much HOA? Paul, Thank you for having the courage to tell the world. so we know what's going on. Some clients are still interested to buy a condo, especially by the beach.
Paul, I have commented on a couple of your videos in the past...I live in a single family home on the Gulf coast panhandle area. Our housing market here-imho-is crashing. Prices falling faster than I have seen in a long time. The insurance market is killing Florida home sales, home owners and auto both. We are beginning the process of considering a sell and move to Georgia's Camden county, 20 miles north of Jacksonville on the Atlantic side. Incredible how much cheaper everything is there compared to where we are located now.
Sorry to hear this but I wish you and your family the best of luck wherever you decide to move to. You have to do what you have to do for your family
Hi PBP thx for the great local real estate reviews. I live in N.Flagler Drive in WPB in a condo squeezed between the new Ritz Carlton and Olara buildings that are coming soon. Do you mind posting a review in this area? Regards👍
@dulobg3774 thanks I appreciate the comment and yes I actually do have West Palm Beach lined up in the near future for some videos I have a lot to cover up there.
lol your 1.2 million condo selling for 700k was STILL OVERPRICED. that condo had a specail assement + Reserve fee of 500,000$ per condo owner.. so go do the math.
Wealthy are always going to do just fine.
True
I bought this when HOA was $76.00 it was my biggest mistake in my life I believe
Maybe you gotta sell and if so,be one of the first ines out the door, because it could affect sales prices. I think I hear inventory is building up on another channel.
I heard it on Michael Bordenaro's YT channel.
Nice video !
Thanks Paul, you're a good guy and very genuine. Thanks always for the valuable information.👍
I appreciate that!
How come Pam Beach Paul didn’t see this coming?
if you watched my video condo crisis I talked about this happening way before it even started happening
Soon they'll be giving them away just to recoup insurance costs.
Relax folks, the free market is adjusting, adjust as necessary, enjoy Florida. Maybe some good buys coming up.
Take a walk thru Pineapple Grove. I want to see how that area has changed. Delray is very well situated. Close to the airport. And I95 is right there. I enjoy your video's. Kevin James had a home there.
Already did. Here you go ua-cam.com/video/KloIsnZDmBo/v-deo.htmlsi=vVWBuOot7TgsIRn-
My place is beautiful. Northern mi 2 Great lakes within 20minutes an d no Crocs
🤣😆👣🐊
Thanks for your videos. Been a while since I was there where you are today. Appreciate your candid comments about local conditions.
I’m not thinking about FL, but your video makes me think about the practical implications of buying a condo. Thank you.
Vote Republican = economic disaster.
But not to worry: the wealthy make profit from it.
Even if you want to buy a condo if Florida, there is a good chance the banks won't finance it.
Even more concerning after today's news that a record hurricane season has been forecasted.
You should go watch my video about the 2024 hurricane forecast. It was my latest video so it should be at top
There are people who will purchase but the HOA fees are ridiculous, therefore many people are leaving Florida to other state.
HOA fees are only increasing in coastal areas. There's no need to move out of Florida.
@@joevarga5982 Those are the areas most people are interested in setting up residence.
Great video Paul, thank you for your honest assessment.
Much more logical to rent short term for the winter for snowbirds than to buy.
While insurance rates, storms and HOA fees are major causes of Canadians no longer wanting to buy or live in Florida, crazy gun laws, terrible healthcare costs and food prices are also major causes. It is cheaper and safer to buy in parts of Europe or Asia.
I just searched for prices of condos and they are reasonable. I won't invest in a property that has HOA costs so for that reason I am out.
Many realtors are overcharging and offering minimal service, often lacking basic construction knowledge when asked. Meanwhile, designer architects earn around $65k per year, whereas these realtors make over $100k just for showing properties they can only describe as beautiful. It's frustrating. I hope the housing market continues to decline, as the only ones complaining seem to be greedy realtors and uninformed homeowners.
Beaches that were nice as recently as the 70s are now ruined. Giant concrete buildings everywhere. In a space that used to contain one or two houses and their lots, now has huge ugly buildings with many, many families. Florida is an overcrowded, concrete jungle.
I rather look out and see mountains.
Plus the insurance companies refuse to pay out! 🙄
The insurance companies paid out over $1 billion for Surfside.
What's it like where I am? AFFORDABLE!
Paul, thank you for the information. It has become a tradition to watch your videos during the Sunday lunch for our family.
Wow, that is one of the nicest things ever said to me on YT and I appreciate it so much. Thank you and your family for the support.
Buy just enough home to be comfortable and forgo the luxuries and hopefully you will be fine.
Sure glad that we sold our ICW condo last year.
Hope you enjoyed it while you had it
@@PalmBeachesPaul It was an income property
Please discontinue cutaways of “men” with hair buns.
I'm going to wait a little longer 😂
Stay away from florida, it will always be a money pit..........Move to mexico
Miami ant hills aren’t cheap any more you know you will be paying high ZHOA buy one before they wash away
I have one word Surfside
I appreciate the honesty! The last time I was there, the Opal was the Marriott. It’s cold and rainy here in NJ.
I was only teasing, hope the weather gets better in NJ 🫶 you should see it now the Opal grand is absolutely beautiful
It was great when there were no worries but now when ya gotta pay the piper all the bellyache beotchess are out on utube hahahahahahahah
And getting paid 🤣🤣thx for watching
Absolutely no to buy right now, out asap
I think prices are coming down not just due to Higher Insurances, and fees, but the market is cooling, as Florida enjoyed a BOOM for years.
Assessment is killing this industry..big corporations are getting it all..Black Rock.
Good video!
Thanks Paul for the great info. I’m in WPB, ready to list my townhome, but worried it might just be a waste of time. Great content 👍👍👍👍
I think I've reached out to you before from another comment you posted,but if you're ready to list your house email me. Palmbeachespaul@gmail.com
There is no real regulation to protect condo owners. Worst time to buy anything in Florida
They have done a great job revamping Delray!
They've done a great job but it's gotten really crowded and lost a little bit of its charm
@@PalmBeachesPaul As a property owner in Delray Beach I couldn't agree with you more!!!
Dana I feel for you although I didn't grow up there I moved here to Florida and 92 and I remember going downtown and I like some of the transformation but a lot of the charm of Delray is long gone
I started in real estate in 1987. Nobody wanted to be in Delray Beach. Buyers would literally say we will look anywhere from Boca to Boynton but NOT Delray Beach. Things change.
Oh my god! We are all going to die because the Florida condo market! What am I gonna do? I can't take this anymore! On top of that, my condo in Fargo is also in the tank! The market has crashed because farmers keep dumping sugar beets in our basement! I could go to my condo in Bismark but the tornadoes are a problem! Why aren't DeSantis and our next president Donald Trump doing anything?
I can't See spending $3.00 month or $36.00 a year un NOPE! My gf does her own video she doesn't charger like others GREEDLY realtors do! You guy s make more money Saling, or lease home or business am I right? Be happy what you do!
Not sure what you're referring to.
@@PalmBeachesPaul Why can you make FREE videos per video to watcb w/o no chargers to join your site?
@@sutterparkHis channel's full of free videos, you nitwit.
@@sutterpark If I make other videos about stuff people are interested in and they want to pay then thats their right.Its called a premium service and they would get access to videos early with no commercials and they would get to see other stuff I upload ONLY to that service. I still make a video a week for FREE
@@PalmBeachesPaul I am NOT a realtor or a sale person in any others! I can't see spending money in that way! I call it GREEDY