FLORIDA CONDOS SALES PLUMMET!
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- Опубліковано 20 лип 2024
- The Florida condo market has hit the ice. Prices are dropping and units ares sitting on the market 30-90-120+ days. There are multiple reasons why and only time will tell how long or how much worse it will get.
Enjoy Paradise,
Paul G. Lykins
Broker Associate
True Floridian Realty
561-877-3074
palmbeachespaul@gmail.com
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**I am not a lawyer, CPA, or financial advisor and any info in this or any of Palm Beaches Paul's videos are only my opinion and for entertainment purposes only. I am a licensed Florida Realtor (BK-3265266) and can only advise you about buying or selling in the state of Florida; however, I can refer you to an agent in your state if needed. Do not base your decision to buy or sell real estate solely from watching any of Palm Beaches Paul's videos and always consult a licensed professional or lawyer.
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.
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.
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
Because of HOA. WHAT A SCAM.
Of course, condo sales are falling because of HOA increasing fees and the cost of home insurance has spiked!
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.
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! 👏
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.
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
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. 🥰🇨🇦
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
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.
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.
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
Basically a condo was just an apartment that you’re paying for your own maintenance.
Great video Paul, thank you for your honest assessment.
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.
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!
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.
Great video Paul. My old stomping grounds.
Plus the insurance companies refuse to pay out! 🙄
Thank you for sharing. I wish you best.
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 🥵
I’m
In the health care field . Both my parents are retired realtors and brokers .
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?
Thanks for your help & information.
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
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
I love Florida, but I’d never buy a condo with all the fees & special assessments.
Great job
Predictions for upcoming hurricane seasons are shaky at best. It’s very hard to predict even four+ months out.
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.
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.
Good video!
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.
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.
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-
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 .
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.
Thanks for your videos. Been a while since I was there where you are today. Appreciate your candid comments about local conditions.
Thanks Paul, you're a good guy and very genuine. Thanks always for the valuable information.👍
I appreciate that!
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.
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.
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
Hi Paul, can you make a video on the condo market in Hallandale beach and Hollywood beach area?
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.
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
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.
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
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!
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...
The assessment fees! Skyrocketing ! That’s why!
I am so glad I sold my Miami Beach condo for a high price years ago.
Happy camper.
I left NJ for Delray Beach Florida in 2013 and it’s paradise here compared to New Jersey
Congratulations
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 !
Soon they'll be giving them away just to recoup insurance costs.
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
-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....
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.
The condo market in Florida is not cooling down....it's collapsing!
Absolutely no to buy right now, out asap
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.
Relax folks, the free market is adjusting, adjust as necessary, enjoy Florida. Maybe some good buys coming up.
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
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
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
Wealthy are always going to do just fine.
True
I'm going to wait a little longer 😂
Stay away from florida, it will always be a money pit..........Move to mexico
My place is beautiful. Northern mi 2 Great lakes within 20minutes an d no Crocs
🤣😆👣🐊
Just sell and buy a house . Eliminate all these junk fees . HOA boards are stealing from you .
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.
Sure glad that we sold our ICW condo last year.
Hope you enjoyed it while you had it
@@PalmBeachesPaul It was an income property
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.
Please discontinue cutaways of “men” with hair buns.
Thanks for your information
I have one word Surfside
Hey Paul, good video. Paul, do you also think it could be a time of opportunity, or wait? I'm a retired bachelor, owned several properties throughout my life, recently divorced, started renting a renting a condo in North Beach, Miami Beach, now, I'm thinking about just buying one of these things. I'm just wondering where this building is at regarding SIRS and other stuff. Anyways, just wondering your thoughts.
Thanks, condo owner that wants out!!
What's it like where I am? AFFORDABLE!
Also henge shouldn't be allowed to buy condo
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
I would never buy a condo nothing but a glorified apartment with all the extra fees attached
Yeah; who wants to pay a hefty condo assessment fee once you buy one? #Condomonium
Much more logical to rent short term for the winter for snowbirds than to buy.
Real estate investors will swoop like vultures to reap the profits !
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.
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.
Do NOT buy a condo.
Assessment is killing this industry..big corporations are getting it all..Black Rock.
I’d live in a shack to live in Florida ❤
Until you saw the giant cockroach 🪳.
Atlantic Ave ,small world 🌎 I'm in California.
$200K = $125k huh❤
Condo's in SoFla are going to get clobbered in the next few years. Many won't be insurable and the fees/assessments are going to get outrageous.
It's like buying an airplane. Airplanes aren't as expensive as you think, but what will bankrupt you in a hurry are all the COSTS.
Great video!
the city cause this problem due to the condo falling. it shouldnt fall on the citizens.
This makes me want to sell my place and move to one of those traditional houses in Gulfstream ..... but nothing for sale ...HOA fee's here (Bal Harbour in Miami Beach and Beachfront) are $10k .....a month ! I'd like to say it keeps the riffraff out but it doesn't .... we get rapper types revving their ridiculous Lamborghini's in the driveway. The B&T does a much better job ...🤣
If you ever do give me a call I'll be happy to help you👍
Florida is for old people!
you obviously havent spent much time in Florida
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
You would be absolutely INSANE TO BUY A CONDO IN FLORIDA.
Not really. There are plenty of good ones with no issues and low HOA
LOL.. It's amazing how you would tell people the problems of owning a condo these days and at the same breath tell your viewers that if they are interested in buying a condo is to call you. That strikes me as funny and ironic. LOL.. LOL... LOL..
Not all condos have high assessments or high monthly fees. Some condos are still a good investment for people wanting to live in one.
I'm from Florida born and raised. I desire to move back home . I want to live in Daytona , But the condo prices and fees are just to much.
Yep hit $1000.00 for a year and a half in assessment fees from September 2022 to December 2023
On HOA not including home insurance to protect the inside of my home
I want to sell my condo. But where will I go I gotta wait
We just were forced to re-roof our HOA community and cost us each $8500 (48 units, 12 buildings plus cabana) and we may have to have another before the years over! Too many years of kicking the can down the road is coming back to biting us in the ass!!!