Homeowners insurance and HOA fees offset falling condo prices in Florida, study says
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- Опубліковано 26 лют 2024
- While condo prices in Florida have been dropping in some parts of Florida, there hasn't been a mass influx of home buyers to those properties as homeowners insurance and increasing HOA fees are still keeping those wanting to buy away, according to new numbers from Redfin. The Redfin study found the median sale price in the Tampa metro area for condos dropped 1% year-over-year, but sales fell 4.1% in the same time frame, and new listings jumped 27.3%. It was the same story in nearly every city Redfin looked at in the analysis.
I live in Waikiki, Honolulu and we just sold our 2bed/1.5bath at a loss because the HOA went up 150% and insurance doubled. When your HOA exceeds your mortgage, something is wrong.
Most people, even those who work, are on a "fixed income." I never understood that phrase.
Retirees are on a fixed income from their 401k/social security. The ones who work referred to people who earn a fixed income
Another high school clown 😂😂😂
@@sollymaykorn When you live off of Social Security there is no overtime pay. What you see is what you get!
Guess what? Workers today are also on a fixed income. No ones getting raises.
just a term used for people that no longer work. or never worked. Or refuse to work. LOL. I agree a dumb term.
You cant have a mortgage when retired. You are already living above your means, then you get property tax or hoa increase and you’re done
Agree
You are correct, however, if they really want to stay in that condo, she did look like she could work some part time. It;s hard to guess her age. She looks in her mid 60s to me.
Exactly!!!!
Hey, they voted with Ron... this problem sounds WOKE to me. So let RON fix the woke, I'll wait!! LMAO 😂🤣😂🤣
@@nunya2954it’s cheaper to stay where you are and buy a camper and come in the winter.
My first piece of realestate was a condo...f**k that. Never again. I had it for 15 months and moved out and sold it. I will never live anywhere tha thas an HOA. And you dont actually OWN the condo..u own a percentage of the condo association....never again. Itsbasically an apartment because u have a "landlord" and have rules to follow and meetings to attend..too much of a hassle. Never again.
Most people don't have a problem following basic social rules but then there are people meant for the woods.
@@user-oe5ey3ex8b And then there are people that dont mind being told what to do with their "home" and having someone control their everyday life in their "home". You can be a sheep..not me.
That's a little extreme don't you think?@user-oe5ey3ex8b
@@markherring3513 We're talking about condos here where the exterior of "your home" is maintained by a common manager. One less thing to worry about. Older retirees don't want to or can't deal with maintenance thus condos are the perfect solution and you calling them all sheep for wanting to enjoy their latter years shows you to be lacking empathy.
@@user-oe5ey3ex8b And have someone else dictate what you can and cant do in or around your own home. I stand by my comment. HOA's are bull$hit..they control your life aspecially when run by soccer moms that have never been in charge of anything in their entire life and now have power over someone or something. Play along or else.
It’s over in Florida. I wouldn’t touch a property down here. Millionaires will take over along with the Govt. Next year when the new condo laws go into effect, you won’t be able to give a condo away.
All part of the globalist plan of "you will own nothing and be happy" as George Soros puts it. They can't get people out of their 3% mortgages so they are hiking taxes and insurance to push people out.
Meanwhile all new luxury condo buildings with starting prices at 2 million are selling out before they are even finished being built😂 and cant build them fast enough - bentley / aston martin / waldorf / e11ven residences the list goes on and on
@@feldy1717Non-seaside condos are still very expensive like those along Bayshore blvd. But seaside condos prices will continue to drop.
@MichaelBrown-ny3et What are the new condo laws?
White elephants for sale .50 on the dollar
Stay away folks , I just sold my Condo after owning it for 12 yrs. Never again....What a horrible investment and way of life.....I repeat , Never again.
Ditto 45 years...looter busybody rule writers in your pocket .."help"...making bad investments and lifestyle...
Florida is a SCAM.
Why? Besides the reserve fund issue what other problems are there?
@@ktg8030crooked HOAS and management companies, shoddy contractors, and the reserves law will jack up fees between 20% and 50%
Speak for yourself. Just say you didn't do your due diligence when buying the condo.
Why in the world would you have a mortgage in retirement? You're not retired, you're just not working.
yea it makes no sense to go to Florida to 'retire' and get a mortgage. Personally I would never live in a condo because of the issues they raise here, but to have a mortgage is a never ending loop of debt. Because the Mortgage company ALSO requires certain types of insurance that you would not have to have otherwise.
If you live in an HOA, you have a "mortgage " for life, even if your unit is paid off. Same with a trailer. Rents near me are now over $1000 a month...another "mortgage " fee for life. Home insurance for some is now an additional $800 a month or more. Another "mortgage " for life. This was totally unforseen and no easy way to budget those hits. Having a mortgage in Florida is the least of my issues living here.
Mortgage or rent, you still pay. Difference is you gain asset value owning. You cannot borrow against your rental. Rental rates go up with inflation, your mortgage does not.
It’s because people took out mortgages at 2-3% a few years ago rather than pay cash because they could invest the money and make a higher percentage. Plus the property value was increasing much more than the 2-3% you were paying in interest. Smart then, as long as you were somewhat prepared for what is happening now.
@@johnross6763 No one can pay cash for a home except the Cartel and a few super rich. We sit on a 3.25% loan I believe it is, and simply cannot move even if we were interested.
HOA fees cover the same costs that you would have if you owned a free standing property (property tax on shared property, insurance, water, sewage, maintenance, grounds , amenities and repairs. Old poorly maintained and poorly run buildings, with condos sold at inflated prices are the problem
HOAs are the problem...folks pay in and get little to no return...they're a sham...
Nope. I own a private residence and I'm actually in control of how much I spend on maintenance, etc. I usually find dirt cheap workarounds and don't spend a fraction of what a condo owner spends on HOA and special assessments.
If you have a mortgage still, you are not fully retired.
Or if you pay property taxes
The governments will increase the rates and or regulations.
They’ll get their cut again and again
How could it have gone up $1000 per payment? Even with the rise in interest rates, they must have a massive mortgage.
I would never retire with a mortgage
@@useyournoodle100 insurance and condo fees
@@useyournoodle100 mortgage payment consists of principal and interest which doesn't go up, unless it's adjustable. Let's assume it's not, then it also includes property taxes and insurance, taxes increase a bit, but it's the insurance spiking in Florida, but it shouldn't be that much for the condo. She probably meant whole payment went up, which would make sense if she included HOA with the amount
These are all high rise condos with deferred maintenance that are poorly managed and sold for crazy inflated prices. Not all properties or HOAs are the same
That is the case for most condo targeted for average people. They make the condo fees affordable like 300-600 for the first 10-20 years. But obviously that isn't going be enough to maintain the structure, elevators, etc in the long run
Who could have known living near salt water, in a hurricane zone with years of poor maintenance would cause insurance to skyrocket and property prices to crash?
Another know-it-all 😂😂😂😂
NYC and New England gets snow storms that collapse roofs. Maybe you should tell them to go somewhere else yoo
Agreed 👍
Know how many investment firms buy condos? None. Zero. Nada. For a very specific reason. You'll never get your money back out of it. You'll lose. HOA homes are also a terrible investment. Single family homes on land not compromised by an HOA is the ONLY sound real estate investment in Florida and most other places.
I think places with minimal HOAs are the best. They are cheap and just make sure people don't have trash in their front yards.
@@bansheezsYeah but you can’t bank on that staying true - that was his point.
Yeah a lot of time just the condo fee would be half the rent you would get. There is absolutely no cap from Condos. Can get a single family home usually for less than a condo and not pay those crazy $400-$1000 a month condo fees. It is like you never buy the condo you pay for the right to rent it...
Maybe that’s true for Florida, but in just a few years I’ve added 100k in equity and my condo fees are $300 for insurance, water, gym, club house, lawn care, snow removal, and exterior maintenance.
I had some coworker complain about condos to me and said he’ll just start paying for snow removal himself which is more than my fees are. You get a great value with economies of scale.
Lots of people buy condos and become landlords/rent them out. My Dad rented one for about 10 years. She was a bad landlord though and never fixed anything. I lived in PGA national in Palm Beach Gardens FL. I'm not sure about investment firms though, most people renting condo's in my development didn't go through an investment firm.
HOAs are not to blame. Insurance companies are not to blame. Condo owners who continually defer and ignore maintenance on these properties will always experience declining values and even worse. Insurance companies are merely refusing to accept the risks associated with sub-par properties with deferred maintenance. These conditions in Florida, and elsewhere, are the result of owner's neglect and and decades of refusing to properly fund their building maintenance requirements. It is the same result with a single family home whose owner has refused to perform needed maintenance on their home. The market will "adjust" that property valuation accordingly. The only difference here is that with a condo, it is group ignorance to the needs of the building, and refusal to raise, as necessary, the HOA dues to properly maintain their building. It has now caught-up with them. Very sad.
Exactly!! Boomers did this to themselves over DECADES of ignoring problems. But now those problem are theirs and theirs alone, other generations don't care, WE CAN'T LIVE IN THIS PLACES... So🤷♂️🤷♂️🤷♂️🤷♂️
She was better off staying in Pennsylvania.
In all honesty, that's usually what happens to them anyways. Healthcare needs or living costs put enough pressure to retreat back to some sort of support structure back home or closer to the kids, latter who defitiinally cannot afford to live in Florida due to the poor career prospects for skilled labor, as a median. Others do the half backer thing, and full up the piedmont area (east TN , SC, NC). But the Carolinas and TN metro are no longer cheap compared to the northeast, and the coastline north of JAX are too frigid in the winters, so many just go inland or go back home. The underfunded issues of Florida real estate and inflation of the last 4 years is just accelerating the pace of that gentrification.
So were we...
I agree! It’s better to just snowbird in the winter.
Snow.
@@marknewton6984 That’s why most people have always snowbird, they come in winter months and leave around April. A lot of them invest in campers , you can also rent a ABNB for those months
“If the American people allow private banks to control the issue of money, first by inflation, and then by deflation, the banks and corporations that grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” - Thomas Jefferson.
Federal Reserve needs to be DISBANDED, But we have YET to have a President with the brass BALLZ TO MAKE IT HAPPEN. People may not like Putin, but the Russian people are VERY LUCKY HE WILL NOT ALLOW WEF, NOR FEDERAL RESERVE INTO NOR DICTATED TO THEM. PUTIN is keeping Russia a TRULY SOVEREIGN NATION.
Boomers didn't care about that, till now😂🤣🤣
@@desmondjefferson2127 Dont put it on us Boomers, because if Thomas Jefferson said it, then clearly it was attempted before, but this society is so damn soft now ... all affected Floridians need to ban together, because the woman who spoke in the video was correct, it was HER GENERATION that made Florida great
I fist visited Florida in 1992. Everything was affordable. Homes, apartments, even driving through Kissimmee area signs for dining out was cheap. You can eat out instead of cooking your own food. And they had lots of seafood buffet with lobster, shrimps, and more.
Sadly a bygone era...
Too many people flocking here at once has caused everything to go downhill.
Condo owners are paying insurance twice ! HOA and special assessment are higher and higher and no ending !
No sale..
Sea level rise, hurricanes, terrible construction quality and insurance providers shockingly undercapitalized. A recipe for financial disaster. Vacation in Florida but don't buy real estate there.
Sea level rise? Stop drinking the climate change kool-aid.
True. Visit…but don’t own.
Sea level rise? Really? stop drinking the climate change kool-aid
ALL of those problems were the ones Boomers ignored as they kept voting GOP. WELL, this is the GOP America they wanted, now they have it and they're mad🤣😂🤣
Ya, Obama fixed everything, right?! You are an UTERLY ignorant person@@desmondjefferson2127
If your mortgage has gone up 1000%, you aren't fixed interest rate but adjustable mortgage rate
The lady they interviewed said they bought 4 years ago and her mortgage payments keep going up a fixed was 3.5% 4 years ago. Most old people are just stupid. I’m 80 years old.
Most pay tax and insurance in escrow through their monthly payments. Your payment is never fixed even with a fixed interest rate.
She said the mortgage went up 1000$ not % because of the insurance and HOA (escrow)
It looks like condos and their real maintenance costs were undervalued for a while.
nah this is the result of an inflation that is undervalued
@ivanrodriguez268 Even before the lockdowns these condo sales were way up and obviously the true cost didn't reflect all the maintenance that was being deferred. Now we are finally getting a clear picture as to what this cost really is.
Housing has been overvalued and bring manipulated by the mega corporate conglomerates.
They have a monopoly on life itself, and must be broken up.
That's a WOKE BOOMER PROBLEM!! NONE OF THE REST SHOULD CARE😂🤣😂🤣
@@desmondjefferson2127
Woke and boomer? That's a phrase not often heard, got anything else?
Why do people think HOA and insurance are stagnate ?
Well you're living in Hurricane Alley and salty ocean air is death to concrete structures. OF COURSE maintenance and repair costs on old high-rise buildings in going to be insane.
They are asking to much for the condo's.
2025 they will be dumping 100’s. New condo law kicks in. Condo boards mismanagement of $$$$.
They're asking too much for everything...
Apartment owners are paying higher insurance rates which will increase rent prices
Nope, rents have been falling faster than insurance for over a year across the US.
Condos are a money pit
Never seen so many uneducated posts as this site. Most of you must be old - cheap, crabby people from NY and NJ. So used to living on the cheap.. Want free stuff, FYI: the HOA is protecting your investment. If you can't afford it - sell. move to section 8 housing, or move back to NY. the condos that are in trouble across the nation are due to the OWNERS of the condos, NOT approving needed repairs!
Condo's like a home must be maintained! Here in Florida most of the high rise condos are within 3000 ft. from the Ocean. These OWNERS want to be near the beach.. but don't want to maintain the buildings. We live in NE Florida on the ocean. Our HOA fee is high. Our building is beautiful. We want it maintained.. Florida inspections found no issues. Most of the people posting here should move and let people that care about their environment take over.
What a disaster they can't even sell
Ever since the Reserve Law has been state encoded and fine enforced, now we cannot pass the buck on repair costs anymore. It is the current homeowners who are paying for the sins of the past. In economic terms, the 'home value' will go down, as the cost increases, to keep economic balance. This has just started, 3 years to full 100% reserves. Very likely that until the reserve is fully funded, new buyers will be hesitant to pick up the cost.
You nailed it. I own rental properties mainly 2/2 condos and the first thing I investigate when buying is the fiscal health of the association and if their reserves are fully funded. If they weren't funded then I would do the math to see what my portion would be the deduct that from my offer amount. The community is more important that the condo as I usually rebuild the condo when I buy it anyway.
@@user-oe5ey3ex8b I recall most mortgage companies also wouldn't offer a mortgage if condo or hoa's if they didn't have any sort of reserves, or at least a 50% reserve.
I’m going through that right now. Our dues have shot up substantially since the original developer (a CPA by trade) sold off and moved out of the community. Current homeowners are now saddled with $70k in deferred maintenance costs, and a reserve fund that sits at a paltry 4% funding balance. Would love to sue my realtor. He never made one single mention of reserves during the entire transaction.
@@TVHouseHistorian Maybe you can? Maybe sue the Title company too if possible.
Is it on the realtor to tell you or the seller in his disclosure statement? Uncertain.
Condo prices are falling BECAUSE of insurance and HOA fees.
Yea, the title makes it seem like they don't understand.
I watched the video just to see if they really were that stupid.
My coop had, and still does in comparison, a very low maintenance fee. When the pandemic started the board made the bad decision of not refinancing the buildings mortgage and then did not raise the maintenance for two years so that the building could maintain the steady 2 percent annual increase. We are now having to experience the shock of things going up at once to account for what wasn't collected those years.
It’s the increased Taxes and insurance. That are causing the flight from condos.
Don't forget all the neglected maintenance over the decades which has to be repaired.
What’s paradise? Falling condo buildings, rising sea levels, hurricanes, alligators waiting for you in every pond, and worst of all - Trumpers! 😂
how unfortunate for you
But no snow...
Got that right. Florida is one big dumpster fire. Left last year and won’t be back
Insurance should be paid by the Bankers who actually hold the note on these properties. We are already Paying the Taxes, HOA fees' and Interest on those Loans/Mortgages. Why are the banks not self insuring these Loans/Mortgages since we don't own these Condos flat out.
Because the people with the mortgage that live in the unit have all of the benefits of ownership
@@noahcdmx1985 Benefit and real ownership are two different things. Title owner and Lienholder is the bank. Push comes to shove the bank owns it.
There's no "push comes to shove". If the mortgage holder makes the payments and avoids foreclosure they retain both the costs and benefits of ownership. If necessary the bank forecloses they assume both.
Owning a home on low lying coastal land in a storm prone area with rising sea levels is just an increasingly bad investment. Mortgages in general are great for homeowners.
@@noahcdmx1985 I would never buy beach front property or rent it. It would be fair for banks to share the burden of home insurance.
Board members selling at Crooked Creek in Sarasota. Time to unload for anything you can get.
Yep, unloading mine in Miami and luckily its under contract. But had to dock 20k off the price. Wait until they implement mandatory reserves, it will be a fill on crash
Better to knock of 29 now, than never be able to off load it unless you gave it away.
Deferred maintenance. Denial and fixed incomes = a reality check no one wants to pay - and likely feel someone else should enable this behavior.
Florida is an ideal place to live *IF* you are wealthy. Otherwise the homeowner's, health, and auto insurances will skewer you--all your savings for your "old age" will be spent for upkeep of insurances. This does not include property taxes which are also on the rise.
Retirees made Florida what it is.
Got that right...I lived in s. Florida from 1971 till 2003. Not the same place whatsoever. Ocean temperatures are already 3 months ahead of schedule...perfect for hurricane intensity. I wouldn't go back if it was free.
We were planning on moving to Florida then grandkids came into the picture I guess we'll die here..
unless you are illegal or on gov assistance
@@PeterHernandez-lg2ehyou can always snowbird no need to uproot your entire life. I see people retire here and when they are older the kids just have to come move them back up north.
People need to due due diligence. Avoid HOA properties at all cost!!
@@Acronym6197Ok, James. 👌
Your statement is w/o merit, HOA fees, Common charges (CC) are standard and, due diligence, is not in accord as the fees are standard with condos. The fees are used for up keep of the property (Renovations, repairs overall up keep of the property, if the building becomes dated, the value of your investment is impacted)... The owner can request respective financial records from the board to see how the monies are being spent (many will tell you it's to your advantage to become a board member)...
@@hardren101Are you a board member?
@@Acronym6197The value of my non-HOA property is sky high. I ain't worried. A non-HOA property is a serious selling point in my area, especially since most HOA's are now run by corrupt, often out of state, property management companies.
HOA is Trash and so are the people on HOA Boards@@Acronym6197
Well boomers I will give you the same advice you have been giving the younger generations. Make your coffee at home and lay off the avacado and toast.
Well younger generations I will give you some advice as well. Pay your own student loan obligations like the boomers had to do.
@@INTERNETVIDThank you. Too many freeloaders in this country!
@@123Rockchild Agreed!
The Carolina beaches will get overrun next. I'm 37 and left florida, its so much easier not living in a place with millions of retirees.
You're not getting younger & in 20 years you'll be retired or soon to be retired. Are you going to get away from yourself? 🤣
I'll enjoy 30 years of traffic that moves faster than 30 mph@@lisa9867
It's already happening, and they are also going to be facing Condo's or Hotels giving way.
We bought in Raleigh NC. We can drive a few hours to the beach without the worry about high fees and hurricanes for the most part and years ago, the insurance laws were changed so that the whole state didn't have to subsidize the homeowner's insurance of the people who owned expensive homes on stilts right on the ocean but yelled at people for walking on "their" beach in front of "their" beach house.
so, living in paradise on the cheap - pretending someone else is paying for it finally caught up.
yes, living near the water is very expensive..
Meanwhile new single family homes in Florida have increased in price the past year and the market for them is very active. This is a condo issue. I'm not ignoring that insurance cost for homes in flood prone areas or older homes with old roofs have increased a lot. If you choose the right area and make sure the home you're considering is up to code and not in a flood zone your insurance doesn't have to be ridiculous. I just bought a brand new 1500 sq ft home in NE Florida 20 minutes drive from the beach, but not in a flood zone. My insurance for full coverage with a $1,000 deductible is $820 a year. Oh, and car insurance for a 2023 compact crossover is $665 every six months. If you're considering Florida do your homework. Buy the right kind of home, in the right location and in the right community.
Do yourself a favor and raise your deductible - you'll save a lot in premiums every year. Insurance should be for catastrophic losses, not nickel and dime losses.
Insurance agent here, you are getting a discount for the age of your home. Every year the discount will decrease until it becomes a surcharge. Your plan won’t work for long term ownership.
@@NomadChristian I'll ride that horse as long as it lasts.
Owned a condo by the beach in south Florida for 5 years, by the time we sold it our insurance for “walls in” was $2,500 a year. We bought a single family house in central Florida and full coverage is $1,900 a year, roof included. Please tell me how that makes sense.
Makes sense!
Not just Florida... Same thing is happening in Atlanta. I just sold mine for the same reason. The HOA assessments are never going back down.
They’re all over priced ‼️‼️‼️‼️
Not only in FL....is happening also in other states. We live in NH and is going up up up!
I just sold my house... didn't want to let go of it, as a disabled Veteran but had to let it go...I couldn't afford it anymore. Florida legislature needs to do their jobs.... instead of concentrating on taking peoples rights away. Shameful.
why would you have a Morgage on it if you're you're retired ?
This has been one of the most predictable things in the world. I feel no sympathy for people caught pants down. People ignored everything hoping for a miracle to keep costs down, well that was stupid bet. Deal with it.
These Trumpers are SHOCKED by your comment (clutching pearls) 😂🤣😂
rent your condo out in the winter and travel. This will pay your bills.
actually it's better to rent it out in Summer when it's boiling hot in Florida. That is why we have the snowbirds come here from November to April.
The ironic thing is that their HOA probably doesn't allow short term rentals.
Hoa won’t let em lol
@@oscalsochirino8706 most HOA's in florida allow 1 wk, 2 wk or 1 month rental.if not take over your board and change the rule.
@@anniesshenanigans3815 winter is the best season to rent you will get 3-5 times more money in winter then summer. Most condos in florida on the beach will rent $5000-$8000 per month. That way the rest of the year you have the condo for yourself.
Living on the beach has consequences...
Many of those condos weren't there. Not that long ago, we had access to those beaches. Not anymore since those hideous condos were built.
So I don't shed a tear for them. You can always move back from where you came from.
Me either. It's ridulcous.
They put off the maintenance. Didn't work. No one wants to move on a condo until 2025.
These folks might want to look into manufactured homes, mobile homes in a 55+ community. It’s a single-family home experience, low cost monthly and you would be surprised at how nice these units really are for the money might not get the beach view, but the beach is still not too far away.
Florida is a messy situation for anyone in a fixed income! It’s impossible to live in Florida on a fixed income.
You couldn’t give me a condo nor a home! Florida is ‘unaffordable’!!!! With my insurance 3 times what it was, electricity has doubled, affordable mobile home parks increasing the monthly lot rent going up every single year, this year it went up over $3,000.! We will ‘try’ to stay as we love it here but it feels as if we are slowly running out of money! Food has easily double!
What’s Ronnie doing about this? - Nothing!
The lack of government protection of home owners is nothing less than a crime. Celebration is in the range of 1k a month HOA!!!! Are you kidding me??? A 400k home means, your taxes, insurance, and HOA is way more than the actual mortgage payment in most cases! I don't understand how they rent these for 2k??? Nothing makes any sense in Florida . What a messed up state! ONLY ONE PLACE to pass the blame! Your local governments! AND your HOAs! I guess I just make sure I buy new, and NO HOA if I want to live down there. New means low insurance. NO HOA, means no KAREN's looking over my back and charging me whatever she feels like.
Same in California. The cost of manpower (services) to repair is over the top then add the lawsuits.
That is what happens with older condos, especially those with a lot of amenities. As the building ages more upkeep and maintenance is required. Therefore, the monthly fees increase to pay for it all. At some point they will become so high that sellers need to lower their price to offset the high fees. Best to buy a new condo then sell when the fee starts to increase or buy a condo old/new with few amenities.
They won't talk about how the let the association year after year not update anything
>
Actually, if a condo is well managed, people will be charged for the FUTURE costs of replacing roofs and such. Those higher assessments will be placed in reserve(savings) accounts to be used when the maintenance needs to be performed, even if that is decades away.
When a condo is NEW, the roof is still being used and is wearing out, and condo owners are properly charged for those costs.
That way when the repair needs to be made, the money is in hand and can be paid for from the reserves. No special assessment is needed.
Freeloading of the taxpayers and the insurance holders in other areas is over! Schadenfreude! 😁
I’m so sad. I live in condo and my HOA is going up. Don’t not where to go.
Sad from a Caribbean soul😢
I've never even visited Florida but dreamed of that day, or to move there. It looks so beautiful. So what are these homeowners going to do? If they can't pay the two insurances, they're private and for the condo association?? Will they lose their investment and walk away? What a horrible situation to be in. Who can afford to buy a condo walking in fees such as this and knowing they will still probably go up?
The problem is everyone thinks they have to move here, what ever happened to visiting and leaving. Now they have ruined a great vacation state.
That's what happens when you make a poor investment.
HOA's should be outlawed. Once you OWN something, nobody should get to tell you how to keep it. Personally. I would not move anywhere with HOA.
How do you think the maintenance is paid for in a high rise condo? lol
@@tofuyam7361 I don't care. That cost should be included in the purchase and taxes. Not all cndos are high rise and high rise condos are stupid and suck to live in anyway.
@@Gtfobcso2024 You have a hard time living in reality?
@@tofuyam7361 no, I am sick of fascist greedy mentally ill entiltled adult brats who lack empathy. Narcissicm IS A CHOICE for humans who never moved past their terrible two's.
@@peterboon8280 That HIGH RISE is next to the ocean in cat5 zone lol. How much do you think is building insurance there? If its a old building, how much do you think is it for new elevators, roof, wall repair, structual repairs? Likely "luxury" so it may have a on property staff. 800-1000$ hoa is pretty common for older high rises in major cities
Makes townhouses and single families more attractive 🚀
Yeah my hoa is 925/month. Yeah it includes water/cable and internet but 10 yrs ago when I bought it same things we lee included my HOA is now more than my mortgage
If you “own” a condo or a house in an HOA you are fooling yourself. You don’t own anything. They can find multiple ways to price you out.
All that deferred maintenance and repair work is catching up with these folks. Living cheap usually catches up with you at some point. The music stopped and those left owning these properties at this point are getting stuck with the problems.... and the costs.
that was super cool, pointing to a door with nothing on it, and magically graphics appeared. Amazing creativity!
My 20 unit hoa was a resident living in one of the condo. $180 a month. Dont buy if your hoa is run by a private company.
It's not a question of if its going to whiped out by a hurricane but when so insurance should be high
Condos are great, but the issue is the relentless assault of weather and salty sea next door. It is a paradise, but these owners are looking at it one way.
If you remove the weather issue and built something that can withstand wear and tear payment won’t raise drastically.
you always need reserves... even if you own a house you need to have a home emergency fund.
Condos have the master policy which is included in the dues and covers the structure from the walls inward then there's typically an HO6 "studs out" policy that covers everything outside the walls such as cabinets, appliances, flooring, etc. If you don't have a mortgage then you can choose to "go bare" on the HO6 policy and pay out of pocket for the interior if it's damaged. You can also get a renters policy for your personal property.
The title is not correct. The fees do not 'offset' the prices. Lower prices means that the seller loses a lot... so that isn't really an 'offset' for them.
All by design
A design they voted for
Owning any kind of property with a dwelling on it has always been a money pit.
Call your governor and state officials
National Flood Insurance that subsided the actual cost of insurance for decades. That was changed in 2018 with a 4 year phased enactment. Florida residents are still receiving welfare from other States to reduce the actual cost of flood insurance. Just not at the prior rate of over 80%.
Really? Not every condo in Florida has to have Flood insurance, you know
Maybe these people need to get with regulations on these corporations ..
I think this is happening mostly on those close the the ocean
It’s not the HOA’s faults it’s the state regulating the depository funds for future costs like roofing, painting, etc etc , the other fees are normal maintenance costs and repairs plus the worst , insurance!!!
Normal boards do not receive compensation at all and we get the same costs as everyone else
The State is mandating what HOAs should have been doing all along. Not being 100% funded is insanely irresponsible.
Where is the state government, what they doing to help these residents? If I were trapped like these people, I’d punish the politicians who let this happen.
no one in there right mind wants an HOA. Dont ever hear people saying "man I would love some more rules". lol
You can't have attached housing units without a common ruling body like an HOA/COA. Are you suggesting that we tear down all condos? Great idea.
I like HOAs, but it depends. I live in an HOA neighborhood and I love it. Well maintained, nice trees that no one is wanting to cut down because they are too lazy to sweep leaves, and clean! No ghetto. Love it. It's not that expensive a month either. But it's run by nice people.
I had a lot in a subdivision that was set up for a HOA, but the HOA was never organized. NO HOA FEES! That's what you want, right?
Well, the grass in the common areas was never mowed. Homeowners built fences out over the common areas because they could claim property that didn't belong to them.
People parked MANY commercial and private vehicles on common areas.
Squatters lived in the recreation hall.
Does this sound like where you want to live? Remember ---NO HOA fees!
When the HOA was organized, people then had to pay $15.month in condo fees (thirty years ago), and ALL these problems went away.
A FLEET of tow trucks came to tow away all the vehicles on common areas ---and when the tow trucks went by hauling out another vehicle, people CHEERED!
Seriously? We all saw this coming years ago. Why would anyone concerned about living costs move into Florida as climate change hits the state hard and insurers getting pushed out? I’m so glad I sold out of there in 2017.
Question: Who is going to buy it??
Here in Natal Brazil my beautiful beach condo insurance is $90 per year,Im glad I left US 18 years ago and retired here ,🎉🎉🎉
But I thought FL was a low cost tax state with ZERO income tax? What happened?
Taxes are low. It is all the so called "special fees" that get you.
Not just Florida
Should the government “do something” about it? Govt often bailing out short sighted citizens. Or outright subsidizing -eg the surplus insurance pool here in MA that makes oceanfront cape cod mansion insurance cheaper
What was meant by Surfside collapse?
Insurance issues around coastlines, maybe?😊
this is the tip of the iceburg with whats wrong with Florida but you get what you ask for
It sucks for condos owners but put the price down if you want to sell.
What's the difference between condo and HOA insurance? Why can't it be a bundled cheap thing?
Glorified apartment
I am praying for these poor people!
Florida was a paradise .. now it's a Damn Nation !!!!
It's large corporations taking advantage via any means possible including using the climate change excuse.
It's 3% or 4% inflation?
Hmm… unless your mortgage has a variable rate, it should be stable. But insurance is going up EVERY WHERE. And with these hurricanes……
It’s the rising HOA and insurance fees causing the prices to fall.
self insure, avoid HOAs
HOAs deal with the common areas of the property. It is self insurance paid by all the owners.
Smh! I hate insurance gouging. Highway robbery!
What is our Fearless Leader Governor doing about this!
Ha, he created this! Thee Most Awkward, Bobble Head Ron 😂😂
@@scott331he did? How so explain
@jetjan really, explain how they are paying him off, I assume you can back that claim up with facts right
He’s a lawyer doesn’t care.
This is happening all over the country I had no idea he was our president@@scott331