It's a waterfront condo. A developer will buy the entire property for pennys on the dollar, tear it all down and put up a new building with units priced in the millions.
I've always thought the idea that you could own a piece of a building...and not own the land, etc.....was a dangeroously screwball concept. It's a lot like having a mobile home in a park. The bottom line is that, for all practical purposes, you're renting. I had a friend argue with me over this idea - the guy has plenty of money but rents a house. His argument was that you "never own a home" because of property taxes. A local government can't get away with raising property taxes insanely. The taxes on my house have changed about $200 in 38 years.
@@guymerritt4860my property tax goes up about 6-7% a year and insurance too. How can your tax not have gone up in 38 years more than 100 anywhere? After Covid everything went up
@@karmasutra4774 My wife says I'm wrong - she said they've gone up about $250 - mostly because we remodeled the house. We pay a little over $800 and years ago, as best we can recall, they were a little less than $600. But, again, they went up (mostly) because we remodeled the house and the assessment went up. Covid did not effect our property taxes (????). Why ours really haven't moved, for years (again, the remodeling really raised the value of the house) I have no idea. The house is almost 2,000 sq. ft and it's in a rural area of Michigan - a few miles outside a town of about 20,000 people. How did Covid raise your taxes? We damned near doubled the value of our home, so, by my calculations our taxes really haven't moved. Again: The government cannot get away with raising property taxes insanely like some HOA can screw people. You really, really never own a condo in the same way you can own a house on land. Nobody's ever gonna show up and say, "Give us 75 grand or a quarter-of-a-millions buck or get out" - that's insane and it can happen in these damned condos.
@@guymerritt4860 Just, you wait and see if you think the same way when property taxes come around in, July. There are big changes in the tax structure coming your way.
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
They came up with a way to rob the retired who made their purchase of the property years ago! Big money scams to rob people of their life profit! Buy the property change the fees and tell the tenants do what I say and your profits die!
This spells out why the first thing I told my realtor when I started looking for a new house was, "Absolutely no HOA's." I refuse to have a board of bullies randomly charge me money or tell me what I can or cannot build on my property.
These are real expenses. Real problems, not your fantasy. Buy a single family house you will deal with possibly roof, old cast iron pipes in the ground that are rotted, roots blocking your sewer line, failing copper pipe, driveway repair/reseal, roof, concrete, siding, maintaining the grounds......... Pick your poison.
@@victorblock3421 What you talking about? I a looking for a new to one year old house and I always do inspection - sometimes 2. Never had any problems. I do not buy old homes because of course they will be problems but I do not want to do that work....stress and all. NO HOAS never lived in one and never will.
@@victorblock3421 THANK YOU! My home was built in 1985…every single year, in spite of maintaining it beautifully, some sort of capital repair comes up….25K for a roof…12K for new windows….9K for a recipe because my copper pipes kept springing leaks…15K for new floors…it’s a never ending cycle of repairs or updates…Sometimes I think that If I could do it all over again I’d RENT! 😂😂😂
There’s a reason for this assessment: Their HOA didn’t collect enough reserves over 40 years, and now the bill is due. They need to pay six million dollars now to replace all the roofs and fix all the exterior walls.
Yeap over the years people moving to Aventura Florida to retire have been voting in liberal politicians=scams and corruption, so now reap the consequences. Cheers!!
No, it's not due to a Florida law. It's due to years of neglecting to fund and perform regular maintenance; neglect becomes "special assessment", neglect becomes "having to do too much at once". All buildings deteriorate, there is no "we wouldn't be doing it if we didn't have to"; regular maintenance is not an option, you have to, periodically, on time, every time. Having said that, HOA/COA managers do engage in corrupt practices.
Neglecting to fund was because the law allowed that. Now the law says you have to be fully funded, hence the assessments. You’re right though…underfunding means improvements/maintenance don’t get done proactively.
@@davidthaler7018Thank you. I would point out that humans neglected to fund and perform first, and that he law came later: the law has always come _after_ humans do not do the right thing. The law is a human attempt to force humans to do the right thing, and even then the law does not always work because that's just how humans work, they are lawless first and then lawbreakers. Well, some of the time anyway; there are a lot of good people out there at least some of the time. Anyway, once the smoke clears from the affects of this law, the Florida condo market might become interesting again for certain buyers. All the best!
Well it is partly the law of not having to collect for emergency funds - which made the condos cheaper the buy - it’s a typical American ‘have it all now and the future be damned’ attitude
I live in a community of sixteen upscale homes that has an HOA and it works for me. We don't have any amenities, except for a small playground, and the monthly HOA fee is $110 which covers lawn service and landscaping. The problem is not the HOA. It's living in a condo, where everyone is responsible for everyone else's issues and having all of these upscale amenities that cost a ton of money to maintain. In my HOA, every individual homeowner is responsible for his/her own house.
@@ulical Not even, the real problem here is not the fact that they don't have money in reserves to pay for those repairs they avoid for the past 20 years. Make sure your community has a reserve account in case a major repair needs to be done. If not, they will hit you with a special assessment like this condo to get the money for repairs.
You never own a condo, even if you pay cash for it because it shares common walls, roofs, walkways, etc. You don't pay fees for something that belongs to you. Consider it an expensive apartment, because that's what it is. They just call it something different to make it sound fancy. Similar situation with a house. As long as there is mandatory insurance and taxes, you'll never truly own the property outright, you only own the right to live there and retain the right to sell or assign those rights to someone else.
It’s not. I lived in a condo community in WA state and while it didn’t appreciate in value like a single family home, I was able to sell it for 115% more than I paid for it. I didn’t want to pay rent and have nothing to show for it when I moved. While HOAs aren’t a great situation to live under, that’s what you get if you move into a multi housing complex. I joined the HOA board to make sure it didn’t go out of control and while we did have a special assessment, it really needed to done and actually increased the values of our homes. The situation in FL is very different than many other places and as the old real estate adage goes: Location, location, location…..
Yeah, condos are the biggest ripoff ever. I wonder why so many people fall for this scam. You said it correctly. It is basically paying to own something that you technically don´t own. You share it by hundreds of other people who all have a say in what you do with your property. It is just one step above time share and probably run by the same crooks.
When they say real estate is a good investment they don't mean Florida condo buildings. He can't even give away his apartment 😂😂😂 3k a month in HOA fees for that apartment makes no sense
That is pure fruad. What goes through people's heads buying into a hoa. If people were smart and bankrupt them by never buying into there scam they would either go away or completely do a 360. I understand in gated communities, the guard has to get paid and some small lawn maintenance but some of these clown house owners are paying another mortgage in hoa fees. Can't respect stupid
Shoot! I live in California, in a gated community, 2500sf house, and my mortgage, insurance, property taxes, and HOA fees COMBINED aren't even close to $3k a month!
@@blairhoughton7918 The elevator line or general modernization? Doesnt this board of directors have a property management company and a maintenance guy assigned to the property? SOme people didnt seem to have a clue how to manage a building.
@@jasons2562 People are getting the 700k number from a shot of the breakdown of the costs that was shown in the video. The landscaping cost is low five figures, but on the line just above that is the elevator rehab cost which is $685,000. If there's an actual number that says $700,000 exactly then the error gets weirder.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
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I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
"Well if you aren't able to pay then you shouldn't be living here!" is what has been told to low income workers for decades. That mentality is extremely toxic to a nation.
@@tabbycat8511 We all need each other. Do you want a dental assistant working on you to be under slept due to a 2,5 hour commute due to rent being unreasonably high closer to work? ("What ever the market will bear" is a harmful standard.)
In 2010 my in laws sent me to a condo association meeting for their property in Destin, Florida. 10 stories high and maybe 50 units. All owners. The insurance broker at the meeting said that there were only three insurers covering coastal real estate in Florida, and all of them wanted out. They told him, that if one unit in a building has a mortgage, the entire building has to be insured. Otherwise, owners could self insure. They told him, because of this, we were required to pay for insurance, but the insurance companies openly told him that if there was a storm, and we had to make a claim, they would deny it. Let that sink in, for a moment. Lastly, who have these people been voting for their entire lives? Who are they still voting for? Actions have consequences.
You don’t know who they’re voting for. Look at California. People despise newsom. Yet he keeps getting elected. Most Californians I’ve met have actually been republican shockingly enough, yet the state is blue. The foolish out number the wise that’s all. Also we can’t fix what we don’t know about. Gather the people , inform them , and pressure your elected officials.
@@victorblock3421 You don't need some group of people telling you how to live your life on your own property then charging you some outrageous fee for being their slave.
@@carlmay3396 Then you take over the association and do everything for free. Need brick repointing? roof repair? roof replacement? grounds maintenance, parking lot maintenance/repair/replacement? copper waste pipe replaced? Cast iron pipe dug up & replaced? Concrete walks replaced? railings? roof fascia? lighting? repair the pool? refurbish the pool? clubhouse, execise facilities? signage? Security? inner common area maintained and replace flooring, walls, HVAC............................ I missed many items. You want to do it??? You can do for free. Just let me know. I'll have plenty of work for you.
Exactly. These delusional people always want to blame someone else but it's their own greed and ignorance. These same people moved here then complain about more construction etc.
@@faywhite7886too low, these are marina sea level properties, exposed to extremely high risk of flood and wind damage. These locations are only for the rich, not the middle class.
@@raydemos1181 Why explain with conspiracy what simple stupidity & laziness fully explains? The spending priorities at Surfside showed very clearly how it works. Folks installed plastic sheeting on the ceiling to keep that rusty water off their expensive cars down in the garage .. folks glitzed up the appearance of the building with marble everywhere .. folks voted against fully funding the engineering fixes .. and look what happened. Every condo board has members who simply don't want to pay much. No conspiracy necessary.
@@surelyyoujokemeinfailure7531 People forget that much of the land west of the trail used to be part of the Gulf of Mexico. Developers filled in the area and created more waterfront land. Then they put high rises on the new land without the proper footing. DON'T BUY WEST OF THE TRAIL!
@@surelyyoujokemeinfailure7531 exactly, the new law requires minimum savings for maintenance to prevent another collapse. Its revealing a bunch of mismanaged condo associations. Though perhaps its sudden implentation is a bit unfair.
These condo owners kicked the can down the road for 30 years, what did they expect was going to happen? It's like not changing your car's oil and being surprised when the engine dies.
Some people just don’t know about these things, or think things like this can happen. Not everyone is all knowing. I guarantee there is something in another area of life that has or will catch you by surprise.
@@halffull66yes not everyone is all knowing but when it comes to buying your home you ned to ask questions. Also if you can afford to live in these buildings odds are you are not dumb. Most of these people are boomers who wanted to stick their head in the sand and when they died let the rest of the building figure it out. They rolled the dice that they would pass away before the building needed a lot of money in repairs.
I don’t know a lot about HOA’s. Do the individual residents have a choice in the matter? (Regarding spending, who is hired for what, what is done and when, etc?)
The problem is as a condo there kind of needs to be one, otherwise who keeps up maintenance on anything in the condo area? the landscaping? the roadways? Condo's are special pieces of real estate where you own the rooms inside the front door but you don't own any of the property around it, hell the structure that holds it together technically isn't yours either.
@@Mike__B True, and easy to see. But you (nearly) invariably get bad people in the management. And almost always with different values than your own. I guess if you're ok with someone else telling you how to live, then it's fine.
@@roginutah That's not really true at all. Nothonlt are they literally required for condos, but many if not most condo assc's are for single buildings meaning the only management is the few owners, it's not nearly as difficult as dealing with a whole condo community
Having served in a condo association board, the problem isn't HOA, it's that the bulk of people (especially retirees) see themselves as just "dropping in" and want to kick the can of even critical maintenance, to say nothing of improvements, down the road until they're out or dead. Eventually, you have to stop and do something. Then you get into political battles between those who are there for the duration and those who only see themselves as being there for a while. Globally, though, prices have.. to.. come.. down. I say this as someone who has seen my condo valuation go up 50% in 8 years of ownership, and properties where I work have gone up in some cases 200-300% in the last 5 years. This isn't sustainable. You can't have double digit percent price increases forever. And then people wonder why inflation and the price of everything else goes up?
When condo maintenance has been so lax that it took a building to collapse before the state had to enact laws to force condo boards to take maintenance seriously.
That's what is lost here. They kicked that can down the road for decades, not wanting to raise anyone's fees. Now they have no choice. Pay me know or pay me later, and pay me later always costs more.
Actually that event wasn't caused by a maintenance issue at all. That was a design flaw. There was a very very big architectural flaw/mistake that doomed that building from day 1. Unless you want to say Condo's need to be inspected more often, and inspectors should be able recognize engineering mistakes, ok, but that doesn't cost hardly anything. No, let me tell you, this has been used as an excuse by over zealous boards all over the State to spend exorbitant amounts rebuilding perfectly good structures just to improve a site's luxury and appearance under the guise of caring about safety...
@@Tina-mt9cl It was a maintenance issue. The condo board punted actually doing remedial work for years. And then the building failed. The building wasn't doomed if they had done the work. Was it going to be expensive to fix the waterproofing issue? You bet.
@bocariley3421 This Most of these places have 2-3 decades of deferred maintenance, in many cases it would probably be cheaper to tear down the structure and start over.
My non-HOA single family Home located in a non-flood zone is increasing in value by the day, it also has a city sewer and water lines, there are rules in buying in Florida that must be followed or you can end up in the Woods with all of the creatures
@@elizabethwitt2621 I'm aware it's 50%+, but special assessments should never be more than 20%. Theres no such thing as a repair costing that much that isn't caused by a natural disaster or accident on a home. These Condos associations got some audacity to charge that much especially when HOA fees are over $1k/month too. Add in the fact there's probably atleast 50 condos, how is it costing several millions for upkeep? Especially these aren't 25+ floor high rises
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
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The person who told him if you're not able to pay you shouldn't be living here should be truly ashamed of themselves.... This poor man, my heart goes out to him and his wife and I hope it does work out in the end, but one thing that's completely rude person should be aware of is YOU DON'T EVER KICK SOMEONE WHEN THEY'RE DOWN 😡 !!!!! That's disgusting what was said to him !!!!
Is it? where does the money come from? If you sell a condo for 230,ooo and the cost of maintaining the whole of it quadruples, Where does the money come from? it's all very odd to me for sure...
It's a pristine multi billion dollar aged beachfront property in need of massive updates. True, HOAs generally suck. While I can sympathize, and suspect there's room to cut expenses in this lavish oceanfront complex, long term owners probably have significant equity and should have anticipated this location isn't going to be affordable. Furthermore the assessment is simply money right back into the equity of the complex. No different than when a homeowner spends $100,000 on a new roof, siding, and builds a garage and landscaping. Owning a home is expensive! A beachfront condo is very expensive....Duh... I'm guessing this gentleman has probably doubled his money if he can sell at $500k
This is what happens when people live in a building and ignore the need to save money for the repairs. I keep telling this to my parents condo association...they need to start collecting money for the reserve account. People think that repairs are going to magically happen with monopoly money. The board does not do what they want, they do what the owner allow them to. Keep missing meetings, don't read your documents, don't check Financials, and don't save for repairs, and this is what you get.
@@KB44444 Yeap! It happens. That's why I always tell people to ask for financials when they are buying a property in an HOA or Condo. Check for Reserves; if there are none, run away as fast as you can from that property.
And I’m not trying to defend the condo association board members, but most of them are volunteers and don’t necessarily have any knowledge in finance, engineering, or construction. They often meanwhile, but lack the knowledge to really handle the job.
People have a finite amount of energy each day. A lot of that energy is allocated toward surviving and taking care of others. People do not have the energy to expend on frivolous BS like this.
This is what happens when you allow condo associations to remain underfunded; improvements don’t get made proactively and when one building “fails” and dozens of people die, the bill (literally) comes due for everyone.
Those condos are literally all worth nothing. I'm talking $1 each... With assessments like that and the $3k a month in fee's you can get a much larger and nicer luxury home and rent a slip for your sports yacht a few miles away at the marina. They are paying the full price of the what the condo's would be worth just in monthly fee's and then the assessments make it to where even if you bought for $1 it still wouldn't be a wise financial decision.
It's a pristine multi billion dollar aged beachfront property in need of massive updates. True, HOAs generally suck. While I can sympathize, and suspect there's room to cut expenses in this lavish oceanfront complex, long term owners probably have significant equity and should have anticipated this location isn't going to be affordable. Furthermore the assessment is simply money right back into the equity of the complex. No different than when a homeowner spends $100,000 on a new roof, siding, and builds a garage and landscaping. Owning a home is expensive! A beachfront condo is very expensive....Duh... I'm guessing this gentleman has probably doubled his money if he can sell at $500k
The elderly are the ones who drank the Kool-Aid and voted for allthis deregulation, Including in the construction industry. so now, you have all this cheaply built buildings in areas that were non-buildable to begin with. Be careful what you wish for, you might get it.
Was he really complaining that his property is assessed at around half its actual value and that he has to pay condo fees he was aware of before purchasing his property. It’s amazing to me that someone could be that old and have enough money to purchase that property yet be too ignorant to understand how condo associations and taxes work.
Why not? It's DeSatan and his cronies passing horrible laws that mandate HOAs to upgrade their properties all at once AND put aside even more money to cover future upgrades. Nobody can afford it so they are forced into the street.
@@onno_vocks I've got news for you...they will never use tax dollars to bail out the Individual Citizen! That is reserved for the Filthy Rich! Who do you think was "Saved" when Wall Street and The Banks were bailed out?? They won't even bail out Students who tried to better themselves by going to college, getting better jobs, and then contributing to the tax base with higher earning jobs!! So what makes you think that they are going to care about Retirees living on the Beach, and why should they!! But you definitely answered the question correctly!! These Condo Owners will just have to give up their units and Move! And yes, they may have to move to Another More Affordable Country. But then again,, lots of Retirees who can't afford to Own Expensive Condos are already doing just that, so these Luxury Condo Owners may have to do the same!!
Better recall that board before the end of the year, and they sign anything. Those costs need to be reviewed. Get other estimates and find a new engineer.
It’s literally impossible that these numbers are realistic. The board is utterly inept or flat out scamming everyone and taking bribes to accept nonsense bids.
Yes hopefully a hurricane 🌀 or 🌪️ never takes the trailer like Dorothy and Toto. Mobile home residents have higher exposure to natural hazards such as wind and tornadoes, hurricanes, extreme heat, wildfires and flooding compared to those who live in other types of housing.
I hear hurricanes also hate trailers too almost as much as floods but to be honest, I've never heard a flood say anything bad towards trailers before but then again, floods aren't a hive mind and you can't base an opinion on all due to the actions of a few.
@@serafinacosta7118 I imagine he will have to rent an apartment for the rest of his life. He certainly won’t be able to buy a luxury condo like he currently has.
Monthly fees 3000 maintenance 36K per year. With the total number of units, where are those funds used? Why haven’t the HOA fees been used quarterly on updates instead of charging residents. 6 figure assessments due immediately. I’d get an underground tenant group together and sue for misappropriation of funds.
$3k/mo. HOA isn't unreasonable for a multi billion dollars prime manicured Florida beachfront property in 2024... For a $500k condo. Heck 20 years ago in 2004 I was paying $300/mo HOA for a very basic modest $125k valued condo in a landlocked state with no significant amenities. Just a basic pool and some landscaping. $3k per month on a $500k beachfront is very reasonable in my view. In 2024. True, HOAs generally suck. While I can sympathize, and suspect there's room to cut expenses in this lavish oceanfront complex, long term owners probably have significant equity and should have anticipated this location isn't going to be affordable. Furthermore the assessment is simply money right back into the equity of the complex. No different than when a homeowner spends $100,000 on a new roof, siding, and builds a garage and landscaping. Owning a home is expensive! A beachfront condo is very expensive....Duh... I'm guessing this gentleman has probably doubled his money if he can sell at $500k
@@timsimmons9995 I paid less than $700 for apartment rent in Wisconsin and it included heat and trash. $3,000 will get you a nice apartment. A condo should have cheaper fees than rent considering you need to pay property taxes and you own the inside unit.
@@calvincoolidge1207 Wisconsin is a dump. This condo is a multi billion dollars beachfront property! Real estate values heavily based on location. Tourism. Nobody goes to Wisconsin for a vacation. Lol.
raised and lived in SFL for 45 years , the state where you come retired or vacation , easy life , 2024 the RICH is kicking out middle class out , insane insurance rates , flood insurances , condo rates , this has been my home and now its time to retire elsewhere , sad
How can you say that when you don't know what the period is for the 700,000 or how large the landscaped part of the property is? And is that just regular cutting and raking or is there major rehabilitation needed?
@@blairhoughton7918 simple. They have to prioritize. There seems to be lots of critical fixes that needs to need to be done that costs a lot already. Landscaping is not critical. That can wait. There is no need to put that much financial stress on all building owners at once forcing them to sell because they can afford the assessments. When a company is not doing well, spending on non-essential things needs to be cut.
@@dquan731 So I have to admit I didn't originally pause it and look at the invoice, but I finally did, and, well, everyone saying the landscaping is $700k, didn't read it right. The landscaping is low 5 figures. The 685K entry just above it is for the elevator. They should also invest $200 or $300 in a new printer or copy machine. Because that paper looked like it was copied on a speak-and-spell...
@@blairhoughton7918lol. You are right. I did read the wrong line after rewatching. But the homeowners should demand more quotes. That is an instance assessment.
The Florida delusion of living for cheap in a condo is over. Despite the denialism from republicans, capitalism is working as intended pricing people out of areas that cannot be insured for cheap.
There are difference between a Condo FEE and HOA Fee. I have owned in both types of communities. I would never desire to buy a Condo again. I only owned the inside. All the stuff outside the walls was shared that helped to drive the Condo Fee and all those special assessments for upkeep. My home with the HOA my HOA fee was only for the common areas and trash pickup. The owners are responsible for the upkeep of their homes. So Condo fees are completely different.
The docks are rented maybe by the developers collection of the rent doesn’t benefit him, the owners could buy the right to rent it butttt maybe at 16 million at 7% interest. He has a condo there. Just a condo.
All condos older than a certain year are all being made to reno or rebuild their sites after surfside. That's the cost of living near the ocean in expensive HOA run dwellings.
This is the downside to low maintenance living. Houses have their problems as well, but at least you can choose to do most repairs your way and on your schedule.
@@bluoval3481 You're missing my point. You wouldn't want the freedom to take your car to the mechanic of your choice, instead of the one decided for you? Your mechanic might be cheaper than the one "selected" by the "HOA" with questionable motives and allegations of kickbacks.
@@Cucumberflavoredmustard I get your point. I went off-topic by taking living under an irresponsible HOA out of the equation and pointing out the fact that too many are living a low-maintenance existence in general. Ticks me off because they don't take care of what they have and then when all heck breaks apart they stare back like a deer in the headlight and are quick to blame.
This is not greed. This is the result of years of not putting money aside to pay for significant expenses. The Board members who approved this got hit witht he same assessments as everyone else. ** You can pay me now or you can pay me latter. ** Guess what? It's later!
And this is why I continue to never ever want a condo. The assessment possibility and the maintenance that can be increased at any moment. You can have all that. Horrible.
It all depends on the condition of structures and surrounding area. I live in the northeast in a condo for exactly 20 years. Before I bought I looked at, not only the financial condition, but normal monthy expenses of the condo. I looked at the roof structures and they were simple, uncomplicated. Nothing fancy, no tennis courts, pools, ect... I garages are simple, detached. When I moved in I was paying the same monthly maintenance fee as I am paying now, not one penny difference in 20 years. We did have to replace our rear porches, which are vital to the units and were original from 1965 and just plain wood. We did them slowly over about 14 years and just a guess, but probably paid a total around $10,000/unit over these 14 years and these proches will outlive all the residents. The only other major expense is coming up now and they are the roofs the assessment over maybe the next 5 years will be maybe $5,000/unit, maybe less because we have money saved in our reserves that comes from the monthly maintenance fee. These are reasonable costs you have to pay anywhere at a minimum, whether you live in a single family home or a condo and paying rent costs far more. You want amenities like pools, tennis courts, theaters, gyms, rec rooms, golf courses, .................... It will cost and in Aventura it costs like nowhere else and the place is built on drained swmp land. Someone has to pay. In Florida there are good alternatives, low cost Condos. Not always what people want but you get what you pay for.
200,000 special assessment LOL you can almost build a brand new condo for $300,000 per unit it is a scheme. the HOA might be trying to push for a sale and teardown the HOA needs to be investigated
Just stay away from the coast and luxury areas. This is not all of Florida. People living in places like Ocala without any kind of HOA don't deal with this BS
But lobby-loving Desantis is governor of ALL of Florida. Just watch the CORRUPTION engulf the state. This is just the beginning, IMHO. I feel sorry for you.😮
Just need to check the COA records and reserves to make sure it’s funded, and there aren’t any major issues. And don’t buy in too old of a building, like older than 20 years. Newer buildings should be up to code and won’t be having huge assessments.
Okay. Let's put together a chore list. You scrub the dumpsters on alternative Tuesdays. I'll brasso the emergency exit handle every weekend. And if the roof leaks you have to get up there in the rain with an armload of shingles; I have acrophobia. Meeting adjourned.
Look at the boats in the driveway. This isn't middle America, and it's not even upper-middle America. The guy in the video somehow got a tiny place in a deep-pocket community for cheap (during a downturn probably), and is being shown the hard way why that was a risky bet. His neighbors probably asked their accountant "what's this" when they saw the 6-figure number on a spreadsheet and said "oh that" when reminded.
The Florida developers are just jumping for joy. These older units that have not been maintained they way they should will have to be bull dozed and started over. The developers will buy the location for 25 cents on the dollar and build new condos that have no maintenance requirements for 10-15 years. The new HOA will have the time to build reserves as it should have done before.
Passing a law is not the same as passing a bailout. They can pass a law making it so they won't get charged for everything, all at once. Anyway, Its not like the building owners won't benefit for a mass exodus of individual condo owners who lose their homes, empty out the building and then sell it to a developer for 3x the price. Then, gets knocked down to build more expensive condos that will most likely have a rent only option. Management companies are literately salivating at this prospect and its already begun in other coastal areas of Florida. Nobody makes any money when owners die and pass on the property to family members.
Man, every week when I see stories like this, I feel blessed that I moved away to the mountains where people actually talk to you, housing is less, and the weather is phenomenal year round.
If you buy a house with these amenities it's going to cost you the entire association's costs to keep them up. What you mean is: don't buy a house with an elevator, 5 acres of landscaping, and a marina at the front door. It's nothing to do with the organization.
@@scrat8177 a lot can afford a house but most want it in the trendy area with no commute and all kinds of fancy amenities. You don’t need a four bedroom house. Get a two bedroom and a set of bunk beds for the kids. By an ugly house that needs works. As long as the roof and walls and foundation is good you can fix the rest up slowly. Too many today don’t want to get married in their 20s and build a life together. They want to have new and fancy cars and fancy stuff. You have to pick your priorities and too many focus on the wrong things.
@@blairhoughton7918 don’t tell them that. They don’t want to admit the truth. Like when women rant about no good men left. Yea there is but so many have platinum taste with a steel budget. They have to have a new house in thr trendy part of town that’s “walkable” to all the shops and hip night activity. And if you tell them to be more reasonable they lose their mind and throw a fit.
$224k & $290k assessments?!? That’s outrageous, price of a new condo… Right or wrong, no way homeowners can afford to pay… The only sensible solution is for developers to come buy up these old complexes, tear down & rebuild… Not worth repairing at these assessments…
Start by thanking the House of Cards Real Estate Shell Game of Florida. Then thank the lack of consistent inspections through the years. Surfside Condo was a wake up call. Sol, I hope you are telling your friends and family to stay OUT of Florida. Living cheap is over in Florida!!
Florida also cycles. I've met women in Canada that lost their Florida condo as they ASSUMED it would fund their lifestyle. Always. Every ten/fifteen years there's a WAVE of non-working women coming back to Canada, looking for a husband to "fund" their next condo purchase, having LOST the one they were in for stupid decisions.
@@ajax7ox729I live in Florida and work very hard. Housing costs down here are ridiculously unaffordable and outpaces earnings. It has nothing to do with people not wanting to work, but people are always experts in passing down judgment over things they know nothing about. Just because you work doesn't magically make the housing market in Floriduh more affordable.
I've lived in South Florida for 31 years and paid close attention to the real estate market over that time period. You are absolutely correct about everything you said. Remember the 2007/2008 foreclosure crisis that hit Florida harder than any other state? Another Floriduh shell game. Always Floriduh and always homeowner's getting getting screwed because the state is completely corrupt and cares only about the next scam to take the money and run while putting people out on the street.
So they neglected maintenance for years and now they get a huge bill? The other half on things like landscaping you need to go to your condo meetings and speak up. Your retired you have the time.
I feel bad for the owners but apparently lessons learned from 2008 - 2012 were forgotten. Townhouses and condos are risky purchases. You never truly own them and their will ALWAYS be circumstances beyond your control that make these properties stupid to buy. I dont know how many of these condos survive in the short run. Property owners are probably going to have to sell for pennies on the dollar to get rid of these, new buyers pay the assessments and then eventually 5 -10 years later things stabilize. But note to young buyers out there. NEVER buy a condo or townhouse! If you want to own a home buy a single family house or continue to rent.
Most single family houses in Florida are in planned communities and have HOAs. The truth is if you're buying in a community, you're not buying just your house, but also a share of the common areas and a share of the costs of those common areas. As long as you understand that and your neighbors understand that and everybody deals with ownership of those common areas, the same as ownership of their own homes, and know from the beginning that they can afford it, then there shouldn't be a problem. It's when you get people who don't actually pay attention to what they're buying and then think that they shouldn't have to share in the cost of what they own that you get dysfunctional associations, lax maintenance, and big repair bills.
Why wasnt the condo association/residents making reserve payments over the years? Elevators, roofs, HVAC systems all have lifespans that can be easily determined.
Translation: his condo fee should have been $3000 from the start. But residents and the board hid their heads in the sand - and you just can’t ignore maintenance on a home or condo. It catches up to you eventually. Buyers beware if the condo fee seems low - do your homework. There is likely a deficit and you’re going to have to pay up sooner or later.
I just got hit with assessments at both condos I own. $25k and $11.5k respectively. And that was only for legal fees and a roof. 🖕. The for sale signs go up in the next 60 days.
If you've been paying $2,000 instead of $1,500 for the past 20 years, then this wouldn't have been a problem. The scam was not doing the maintenance before.
I thank GOD every day that I own a house controlled by be and only me. Imagine being an elderly person and being told you've somehow gotta come up with $200k+? I have no idea how these people get out of this.
Don't kid yourself, the city/county/state can reassess your property and give you a huge new property tax bill, they can vote to raise school taxes 1000% even though you have no children, the EPA can declare a creek in your back yard as a protected waterway and remove you from the premises, and a developer can want your whole block for luxurious office space or apartments, and the town or state can employ eminent domain and force you to sell. Not to mention, you better hope some rare species of groundhog or an ancient Indian burial ground isn't near your property, because you could be forcefully removed with those scenarios too.
@@jackprecip5389 Hahaha... Oh wait, you're serious??? Please show me an example anywhere in the US of someone's school tax bill going up 1,000%. The EPA can declare I have a creek in my backyard???? Sure and a meteor can hit my home too!!! 😂 First off, everything you described CAN ALSO HAPPEN TO SOMEONE LIVING IN A CONTROLLED LIVING SITUATION! So in your imaginary situation that will never happen you can have a 1,000% school tax assessment AND a condo board tell you you need to come up with $200k! You're acting as though living in a controlled living situation shields you from the imaginary scenarios you came up with. They don't! I guess you live in an HOA/condo board situation and you're somehow trying to convince yourself you're in a better situation than I am and all I can do is LAAAAUUUUUGGGGGGHHHHHH! I'd rather live in an apartment than pay a mortgage and still have an outside governing body tell me what I can and can't do to my home while also coming up with surprise $200k bills. You like that? Be my guest! I'll just sit her and laugh at you some more! 😂🤣😂🤣😂🤣😂🤣
This is what happens when you get too loose on regulations. $3k a month for maintenance fees and then another $214k on top of that!?! That’s crazy. Why would anyone ever buy a condo in Florida. It’s worse than a timeshare at this point.
@@Willtellthetruth So true... it's as if people don't know what HOA stands for. 99% of the time... these board members are actually trying to make things work in a community-owned property. It is a thank-less task to serve on an HOA board.
This is a failure of the board and association... These types of things should be done over the years in small increments not in a lump sum, and most definitely not $700,000 in landscaping get the f out of here!
@@user-hy3vp5kp1o, if it were not for the alligators, I would visit Florida often because on UA-cam I see that it is very beautiful, but to your point, you are right about not wanting to live there because apart from the alligators, the house associations are probably the worst in the entire country.
It's a waterfront condo. A developer will buy the entire property for pennys on the dollar, tear it all down and put up a new building with units priced in the millions.
as it should be
The only thing that makes sense.
@@mcp4y2kabsolutely based
Exactly.
That's exactly what they r-- planning to do,in every city ! 😟
“Owning” a condo is a ticking bomb.
I've always thought the idea that you could own a piece of a building...and not own the land, etc.....was a dangeroously screwball concept. It's a lot like having a mobile home in a park. The bottom line is that, for all practical purposes, you're renting. I had a friend argue with me over this idea - the guy has plenty of money but rents a house. His argument was that you "never own a home" because of property taxes. A local government can't get away with raising property taxes insanely. The taxes on my house have changed about $200 in 38 years.
@@guymerritt4860my property tax goes up about 6-7% a year and insurance too. How can your tax not have gone up in 38 years more than 100 anywhere? After Covid everything went up
@@karmasutra4774 My wife says I'm wrong - she said they've gone up about $250 - mostly because we remodeled the house. We pay a little over $800 and years ago, as best we can recall, they were a little less than $600. But, again, they went up (mostly) because we remodeled the house and the assessment went up. Covid did not effect our property taxes (????). Why ours really haven't moved, for years (again, the remodeling really raised the value of the house) I have no idea. The house is almost 2,000 sq. ft and it's in a rural area of Michigan - a few miles outside a town of about 20,000 people. How did Covid raise your taxes? We damned near doubled the value of our home, so, by my calculations our taxes really haven't moved. Again: The government cannot get away with raising property taxes insanely like some HOA can screw people. You really, really never own a condo in the same way you can own a house on land. Nobody's ever gonna show up and say, "Give us 75 grand or a quarter-of-a-millions buck or get out" - that's insane and it can happen in these damned condos.
@@guymerritt4860
Just, you wait and see if you think the same way when property taxes come around in, July. There are big changes in the tax structure coming your way.
@@guymerritt4860You must not live in a city.
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Buy now, home prices will not go lower. If rates drop, you can refinance
The government will have no choice but to print more notes and lower interest rates.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Her name is Annette Marie Holt can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
THIS IS WHY you should AVOID HOAS at all costs, PERIOD!
Most condos in FL are HOA run. Hard to avoid.
They came up with a way to rob the retired who made their purchase of the property years ago! Big money scams to rob people of their life profit! Buy the property change the fees and tell the tenants do what I say and your profits die!
@@d.c.3220so steer away from condos 😂 otherwise you’re asking for it
Have to have one cuz you share a building. Who’s gonna maintain the building
@@shawnl3151 buy houses only.
3000 HOA get the heck outta here even $1500 is ridiculous.
Well it dose not effect you so why do you care
I've been in my condo since 1978 in beautiful Sedona, Arizona. Our HOA fee I $235 after all these decades. We do the work when it needs done.
$1500 a month gets you an ocean view in Thailand
HOAs are a JOKE.
@@TechSyndicate83 How else are you going to run a building with multiple units genius....?
This spells out why the first thing I told my realtor when I started looking for a new house was, "Absolutely no HOA's." I refuse to have a board of bullies randomly charge me money or tell me what I can or cannot build on my property.
HOAS are taking over every where not just condos. HOAS is un-American because freedom is tied to property rights and HOAS interfer with that
You can't escape that with a condo unless it's just a few unit building.
These are real expenses. Real problems, not your fantasy. Buy a single family house you will deal with possibly roof, old cast iron pipes in the ground that are rotted, roots blocking your sewer line, failing copper pipe, driveway repair/reseal, roof, concrete, siding, maintaining the grounds.........
Pick your poison.
@@victorblock3421 What you talking about? I a looking for a new to one year old house and I always do inspection - sometimes 2. Never had any problems. I do not buy old homes because of course they will be problems but I do not want to do that work....stress and all. NO HOAS never lived in one and never will.
@@victorblock3421 THANK YOU! My home was built in 1985…every single year, in spite of maintaining it beautifully, some sort of capital repair comes up….25K for a roof…12K for new windows….9K for a recipe because my copper pipes kept springing leaks…15K for new floors…it’s a never ending cycle of repairs or updates…Sometimes I think that If I could do it all over again I’d RENT! 😂😂😂
These massive assessments will lead to more fraud, bribes, and embezzlement as well.
Palms will be greased
There’s a reason for this assessment: Their HOA didn’t collect enough reserves over
40 years, and now the bill is due. They need to pay six million dollars now to replace all the roofs and fix all the exterior walls.
Not exactly a black and white issue. Buildings need to be maintained or it could endanger the occupants
Plus millions in sinking fund reserves for litigation
Yeap over the years people moving to Aventura Florida to retire have been voting in liberal politicians=scams and corruption, so now reap the consequences. Cheers!!
No, it's not due to a Florida law.
It's due to years of neglecting to fund and perform regular maintenance; neglect becomes "special assessment", neglect becomes "having to do too much at once".
All buildings deteriorate, there is no "we wouldn't be doing it if we didn't have to"; regular maintenance is not an option, you have to, periodically, on time, every time.
Having said that, HOA/COA managers do engage in corrupt practices.
Neglecting to fund was because the law allowed that. Now the law says you have to be fully funded, hence the assessments. You’re right though…underfunding means improvements/maintenance don’t get done proactively.
@@davidthaler7018Thank you. I would point out that humans neglected to fund and perform first, and that he law came later: the law has always come _after_ humans do not do the right thing. The law is a human attempt to force humans to do the right thing, and even then the law does not always work because that's just how humans work, they are lawless first and then lawbreakers. Well, some of the time anyway; there are a lot of good people out there at least some of the time.
Anyway, once the smoke clears from the affects of this law, the Florida condo market might become interesting again for certain buyers.
All the best!
Well it is partly the law of not having to collect for emergency funds - which made the condos cheaper the buy - it’s a typical American ‘have it all now and the future be damned’ attitude
Trump did it
Especially in Floriduh. Most HOAs are corrupt because the entire state is corrupt. The bar is set very low down here.
Phew! Buying a condominium or home in a HOA sounds like the worst home ownership experience every day. 😂
I live in a community of sixteen upscale homes that has an HOA and it works for me. We don't have any amenities, except for a small playground, and the monthly HOA fee is $110 which covers lawn service and landscaping. The problem is not the HOA. It's living in a condo, where everyone is responsible for everyone else's issues and having all of these upscale amenities that cost a ton of money to maintain. In my HOA, every individual homeowner is responsible for his/her own house.
@@ulical Not even, the real problem here is not the fact that they don't have money in reserves to pay for those repairs they avoid for the past 20 years. Make sure your community has a reserve account in case a major repair needs to be done. If not, they will hit you with a special assessment like this condo to get the money for repairs.
I've worked for apartment complex in Houston where some peopled owned their apartments and had an HOA. What a joke that is!
You never own a condo, even if you pay cash for it because it shares common walls, roofs, walkways, etc. You don't pay fees for something that belongs to you. Consider it an expensive apartment, because that's what it is. They just call it something different to make it sound fancy. Similar situation with a house. As long as there is mandatory insurance and taxes, you'll never truly own the property outright, you only own the right to live there and retain the right to sell or assign those rights to someone else.
It’s not. I lived in a condo community in WA state and while it didn’t appreciate in value like a single family home, I was able to sell it for 115% more than I paid for it. I didn’t want to pay rent and have nothing to show for it when I moved. While HOAs aren’t a great situation to live under, that’s what you get if you move into a multi housing complex. I joined the HOA board to make sure it didn’t go out of control and while we did have a special assessment, it really needed to done and actually increased the values of our homes.
The situation in FL is very different than many other places and as the old real estate adage goes: Location, location, location…..
That is exactly why I would never buy a condo or townhome.
Cool stay in the cornfields then
@@jvees7916 there are non HOA properties everywhere.
@@nosonoliento 💯💥 Truer words have never been spoken.
@@victorjones7071not condos or townhomes, they ALL have maintenance fees which have skyrocketed.
@@nosonolientoour trailer parks have doubled the lot fees from approx 500. To 1,000. For a lot in a trailer park.
They're charging $957,000 for "maintenance" EVERY MONTH. That's $5532 AN HOUR. Owning something you don't own is the strangest thing to me.
Sounds like someone somewhere is living large. Follow the money. Sounds like larceny
Yeah, condos are the biggest ripoff ever. I wonder why so many people fall for this scam. You said it correctly. It is basically paying to own something that you technically don´t own. You share it by hundreds of other people who all have a say in what you do with your property. It is just one step above time share and probably run by the same crooks.
When they say real estate is a good investment they don't mean Florida condo buildings. He can't even give away his apartment 😂😂😂 3k a month in HOA fees for that apartment makes no sense
That is pure fruad. What goes through people's heads buying into a hoa. If people were smart and bankrupt them by never buying into there scam they would either go away or completely do a 360. I understand in gated communities, the guard has to get paid and some small lawn maintenance but some of these clown house owners are paying another mortgage in hoa fees. Can't respect stupid
I fail to see how this is hilarious.
3k a month should cover EVERYTHING but they are trying to get the equivalent of 20k per month for the last year ON TOP OF THE HOA FEES
My HOA is $315 a month and I complain. Imagine it being $3000? I wouldn’t even be able to afford that if I had to pay mortgage too.
Shoot! I live in California, in a gated community, 2500sf house, and my mortgage, insurance, property taxes, and HOA fees COMBINED aren't even close to $3k a month!
Paying $3,000 dollars a month for just condo fees is an owner with more dollars than sense.
They never thought that those fees might go up? C'mon!
I've seen condos worth 3-4m with HOA fees of 6k a month :)
Yep they wanted to keep out low income folks
It seems that with such high HOA fees, the condo association would have a healthy reserve.
It is more than my mortgage
Well this is what happens when HOA’s do not perform the required maintenance.
700k+ for lanscaping and they claim they arent trying to steal peoples money?? wtf
Look at it again. The 700k is the elevator line.
@@blairhoughton7918 1:32, 151k + 600k its two seperate bills for two different condos in the same place.
Can you say, kickbacks?
@@blairhoughton7918 The elevator line or general modernization? Doesnt this board of directors have a property management company and a maintenance guy assigned to the property? SOme people didnt seem to have a clue how to manage a building.
@@jasons2562 People are getting the 700k number from a shot of the breakdown of the costs that was shown in the video. The landscaping cost is low five figures, but on the line just above that is the elevator rehab cost which is $685,000. If there's an actual number that says $700,000 exactly then the error gets weirder.
Never, I mean NEVER buy a condo!!! Especially in Florida, but actually anywhere.
My condo is fine. But where I live we have strict hoa laws.
@@44zeexnot Florida, I guess 😅
Amen!
It's those high rise condos that are the worst.
In would not live in that sh** hole state
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Anticipate rising home prices due to inflation, potential economic fluctuations, and Federal Reserve actions, emphasizing the need for expert financial advice amid uncertainties.
I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?
Her name is “Sharon Marissa Wolfe’” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
"Well if you aren't able to pay then you shouldn't be living here!" is what has been told to low income workers for decades. That mentality is extremely toxic to a nation.
💯
Now the monster of greed, inflation and unaffordability is coming for them and their ivory towers.
Should not happen specially when they are older people!
Really?
How about “I am entitled to live here whether I can afford it or not”? Is that “toxic” … maybe?
Here’s an idea:
MOVE to where you can afford.
@@tabbycat8511 We all need each other. Do you want a dental assistant working on you to be under slept due to a 2,5 hour commute due to rent being unreasonably high closer to work? ("What ever the market will bear" is a harmful standard.)
In 2010 my in laws sent me to a condo association meeting for their property in Destin, Florida. 10 stories high and maybe 50 units. All owners. The insurance broker at the meeting said that there were only three insurers covering coastal real estate in Florida, and all of them wanted out. They told him, that if one unit in a building has a mortgage, the entire building has to be insured. Otherwise, owners could self insure. They told him, because of this, we were required to pay for insurance, but the insurance companies openly told him that if there was a storm, and we had to make a claim, they would deny it. Let that sink in, for a moment. Lastly, who have these people been voting for their entire lives? Who are they still voting for? Actions have consequences.
That is exactly what I was thinking !
You don’t know who they’re voting for. Look at California. People despise newsom. Yet he keeps getting elected. Most Californians I’ve met have actually been republican shockingly enough, yet the state is blue. The foolish out number the wise that’s all. Also we can’t fix what we don’t know about. Gather the people , inform them , and pressure your elected officials.
Home owner associations need to be abolished and made illegal.
Meanwhile the government does not do anything and must and elderly. This is horrible.
Why? You have a better idea how to fix everything? You know what it costs?
You can do it cheaper? Do it.
@@victorblock3421 You don't need some group of people telling you how to live your life on your own property then charging you some outrageous fee for being their slave.
@@carlmay3396 Then you take over the association and do everything for free. Need brick repointing? roof repair? roof replacement? grounds maintenance, parking lot maintenance/repair/replacement? copper waste pipe replaced? Cast iron pipe dug up & replaced? Concrete walks replaced? railings? roof fascia? lighting? repair the pool? refurbish the pool? clubhouse, execise facilities? signage? Security? inner common area maintained and replace flooring, walls, HVAC............................ I missed many items.
You want to do it??? You can do for free. Just let me know. I'll have plenty of work for you.
@@selenalorenzi No it's not. Government expects people to take responsibility for their own homes/condos. Government is not your Daddy.
This is why I will never live in any home with an association.
Municipal governments can do the same thing. Jacking up property tax has the same outcome.
I heard 80% in America are HOA’s
Live in the woods, it's free.
This is what happens when years of neglect have taken place
Exactly.
These delusional people always want to blame someone else but it's their own greed and ignorance.
These same people moved here then complain about more construction etc.
That’s the human way, and if I must say, the Republican way
No. This is what happens when years of theft have gone on.
No way there should be neglect at $1,500/mth maintenance.
@@faywhite7886too low, these are marina sea level properties, exposed to extremely high risk of flood and wind damage. These locations are only for the rich, not the middle class.
No one will be able to afford living in that state.
The main problem is that all these places have been deffering necessary repairs for decades.
No one will be able to afford living...PERIOD.
@@thejils1669 Well, to be more accurate, those who engage in hyperbole won't. The rest of us will.
Doubtful...very doubtful. Living for EVERYBODY is a zero-sum game. If you are an unscrupulous money-plunderer, that behavior only goes so far.
They will need to change the laws. Like NOW. It’s really hurting the economy there. Has to.
That condo that collapsed is making many people very, very poor and few people very, very, very rich.
all by design
Bingo. Republicans have invented another get rich quick scheme based on the misfortune of others.
@@raydemos1181 Why explain with conspiracy what simple stupidity & laziness fully explains? The spending priorities at Surfside showed very clearly how it works. Folks installed plastic sheeting on the ceiling to keep that rusty water off their expensive cars down in the garage .. folks glitzed up the appearance of the building with marble everywhere .. folks voted against fully funding the engineering fixes .. and look what happened. Every condo board has members who simply don't want to pay much. No conspiracy necessary.
@@surelyyoujokemeinfailure7531 People forget that much of the land west of the trail used to be part of the Gulf of Mexico. Developers filled in the area and created more waterfront land. Then they put high rises on the new land without the proper footing.
DON'T BUY WEST OF THE TRAIL!
@@surelyyoujokemeinfailure7531 exactly, the new law requires minimum savings for maintenance to prevent another collapse. Its revealing a bunch of mismanaged condo associations. Though perhaps its sudden implentation is a bit unfair.
These condo owners kicked the can down the road for 30 years, what did they expect was going to happen? It's like not changing your car's oil and being surprised when the engine dies.
Agreed
Exactly
Some people just don’t know about these things, or think things like this can happen. Not everyone is all knowing. I guarantee there is something in another area of life that has or will catch you by surprise.
@@halffull66yes not everyone is all knowing but when it comes to buying your home you ned to ask questions. Also if you can afford to live in these buildings odds are you are not dumb. Most of these people are boomers who wanted to stick their head in the sand and when they died let the rest of the building figure it out.
They rolled the dice that they would pass away before the building needed a lot of money in repairs.
I don’t know a lot about HOA’s. Do the individual residents have a choice in the matter? (Regarding spending, who is hired for what, what is done and when, etc?)
My mom told me as a young man to never buy a condo, the fees only go up.
YOU HAD A VERY SMART MOTHER!🏆🥇🥰
Its the same in NYC. After 15 year tax abatement, the maintenance and everything else always goes up.
The fees go up, up, up and nothing is taken care of!
If there's an HOA, you need to pass on it.
The problem is as a condo there kind of needs to be one, otherwise who keeps up maintenance on anything in the condo area? the landscaping? the roadways? Condo's are special pieces of real estate where you own the rooms inside the front door but you don't own any of the property around it, hell the structure that holds it together technically isn't yours either.
@@Mike__B True, and easy to see. But you (nearly) invariably get bad people in the management. And almost always with different values than your own. I guess if you're ok with someone else telling you how to live, then it's fine.
@@roginutahThat does not change the fact that they are necessary in a condo.
@@roginutah That's not really true at all. Nothonlt are they literally required for condos, but many if not most condo assc's are for single buildings meaning the only management is the few owners, it's not nearly as difficult as dealing with a whole condo community
Having served in a condo association board, the problem isn't HOA, it's that the bulk of people (especially retirees) see themselves as just "dropping in" and want to kick the can of even critical maintenance, to say nothing of improvements, down the road until they're out or dead. Eventually, you have to stop and do something. Then you get into political battles between those who are there for the duration and those who only see themselves as being there for a while.
Globally, though, prices have.. to.. come.. down. I say this as someone who has seen my condo valuation go up 50% in 8 years of ownership, and properties where I work have gone up in some cases 200-300% in the last 5 years. This isn't sustainable. You can't have double digit percent price increases forever. And then people wonder why inflation and the price of everything else goes up?
When condo maintenance has been so lax that it took a building to collapse before the state had to enact laws to force condo boards to take maintenance seriously.
That's what is lost here. They kicked that can down the road for decades, not wanting to raise anyone's fees. Now they have no choice. Pay me know or pay me later, and pay me later always costs more.
Actually that event wasn't caused by a maintenance issue at all. That was a design flaw. There was a very very big architectural flaw/mistake that doomed that building from day 1. Unless you want to say Condo's need to be inspected more often, and inspectors should be able recognize engineering mistakes, ok, but that doesn't cost hardly anything. No, let me tell you, this has been used as an excuse by over zealous boards all over the State to spend exorbitant amounts rebuilding perfectly good structures just to improve a site's luxury and appearance under the guise of caring about safety...
@@Tina-mt9cl It was a maintenance issue. The condo board punted actually doing remedial work for years. And then the building failed. The building wasn't doomed if they had done the work. Was it going to be expensive to fix the waterproofing issue? You bet.
Oh c'mon. This is Trump country. Call your politicians. They love you, right? Hire a lawyer and stall, stall, stall. It's what the Donald would do.
A special assessment should never reach 20% of a condo's value. Home repairs never cost that much. These places are ran by idiots.
@bocariley3421 This
Most of these places have 2-3 decades of deferred maintenance, in many cases it would probably be cheaper to tear down the structure and start over.
It's actually 50 percent of the value.
@@BobSmith-mp8ldAgreed. I've been saying this.
My non-HOA single family Home located in a non-flood zone is increasing in value by the day, it also has a city sewer and water lines, there are rules in buying in Florida that must be followed or you can end up in the Woods with all of the creatures
@@elizabethwitt2621 I'm aware it's 50%+, but special assessments should never be more than 20%. Theres no such thing as a repair costing that much that isn't caused by a natural disaster or accident on a home. These Condos associations got some audacity to charge that much especially when HOA fees are over $1k/month too. Add in the fact there's probably atleast 50 condos, how is it costing several millions for upkeep? Especially these aren't 25+ floor high rises
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
Would you mind providing details on the advisor who helped you?
Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.
The person who told him if you're not able to pay you shouldn't be living here should be truly ashamed of themselves.... This poor man, my heart goes out to him and his wife and I hope it does work out in the end, but one thing that's completely rude person should be aware of is YOU DON'T EVER KICK SOMEONE WHEN THEY'RE DOWN 😡 !!!!! That's disgusting what was said to him !!!!
This is absolutely criminal.
🥱
What's criminal is Florida allowed condos to have zero oversight. Remember the condo building that just fell down a couple years ago?
Is it? where does the money come from? If you sell a condo for 230,ooo and the cost of maintaining the whole of it quadruples, Where does the money come from? it's all very odd to me for sure...
It's a pristine multi billion dollar aged beachfront property in need of massive updates.
True, HOAs generally suck. While I can sympathize, and suspect there's room to cut expenses in this lavish oceanfront complex, long term owners probably have significant equity and should have anticipated this location isn't going to be affordable.
Furthermore the assessment is simply money right back into the equity of the complex. No different than when a homeowner spends $100,000 on a new roof, siding, and builds a garage and landscaping. Owning a home is expensive! A beachfront condo is very expensive....Duh...
I'm guessing this gentleman has probably doubled his money if he can sell at $500k
@@timsimmons9995 my you certainly are empathetic.....
This is what happens when people live in a building and ignore the need to save money for the repairs.
I keep telling this to my parents condo association...they need to start collecting money for the reserve account. People think that repairs are going to magically happen with monopoly money.
The board does not do what they want, they do what the owner allow them to. Keep missing meetings, don't read your documents, don't check Financials, and don't save for repairs, and this is what you get.
previous owners probably all voted down repairs over the years and finally this is what happens
@@KB44444 Yeap! It happens. That's why I always tell people to ask for financials when they are buying a property in an HOA or Condo. Check for Reserves; if there are none, run away as fast as you can from that property.
And I’m not trying to defend the condo association board members, but most of them are volunteers and don’t necessarily have any knowledge in finance, engineering, or construction. They often meanwhile, but lack the knowledge to really handle the job.
People have a finite amount of energy each day.
A lot of that energy is allocated toward surviving and taking care of others.
People do not have the energy to expend on frivolous BS like this.
@@azureavocado5195 If you consider taking care of your home to be "frivolous BS" then I will be short on sympathy when you end up without a home.
So it’s like an HOA, there is no control, to how much they charge these owners. Sickening, and of all places Florida. Time to call in DeSantis.
This is what happens when you allow condo associations to remain underfunded; improvements don’t get made proactively and when one building “fails” and dozens of people die, the bill (literally) comes due for everyone.
Over $200K?!! They are trying to STEAL his home!
Those condos are literally all worth nothing. I'm talking $1 each... With assessments like that and the $3k a month in fee's you can get a much larger and nicer luxury home and rent a slip for your sports yacht a few miles away at the marina. They are paying the full price of the what the condo's would be worth just in monthly fee's and then the assessments make it to where even if you bought for $1 it still wouldn't be a wise financial decision.
It's a condo, not a home. It's the equivalent of living in an apartment and calling it a "home".
@@alexarzamendi9475 they are still trying to steal his home. Crazy times.
False. I'd gladly buy it for $1.
It's a pristine multi billion dollar aged beachfront property in need of massive updates.
True, HOAs generally suck. While I can sympathize, and suspect there's room to cut expenses in this lavish oceanfront complex, long term owners probably have significant equity and should have anticipated this location isn't going to be affordable.
Furthermore the assessment is simply money right back into the equity of the complex. No different than when a homeowner spends $100,000 on a new roof, siding, and builds a garage and landscaping. Owning a home is expensive! A beachfront condo is very expensive....Duh...
I'm guessing this gentleman has probably doubled his money if he can sell at $500k
That’s ridiculous and a disgrace to put the elderly in this position ….
The elderly are the ones who drank the Kool-Aid and voted for allthis deregulation, Including in the construction industry. so now, you have all this cheaply built buildings in areas that were non-buildable to begin with. Be careful what you wish for, you might get it.
They do not care they have no heart.
Our own citizens don’t matter just more profits for CEOs.
"You will own nothing and be happy (or else)"
Not just elderly, Anyone!
That whole board needs to be voted out. You don't do this to someone. Very poor budgeting.
They stealing
Meh... no big deal 🥱🥱
And I'm sure you are one of the same persons saying the HOA of Champlain Towers should be sued for not keeping up with maintenance.
@@mattk8810 Yup. I'm sure kick-backs are rampant!
@@GFSwinger1693 Excellent point.
Was he really complaining that his property is assessed at around half its actual value and that he has to pay condo fees he was aware of before purchasing his property. It’s amazing to me that someone could be that old and have enough money to purchase that property yet be too ignorant to understand how condo associations and taxes work.
Sorry for those people affected by this! But whatever happens....DO NOT ALLOW TAXPAYER DOLLARS TO BE USED TO FIX THIS!!
U know goverment bail them out rest of us have no desire 2 live in paradise foot the bill wtf
Why not? It's DeSatan and his cronies passing horrible laws that mandate HOAs to upgrade their properties all at once AND put aside even more money to cover future upgrades. Nobody can afford it so they are forced into the street.
@@willburr5929They might be able to, but for whatever reason the condo won't let them finance it...
@@onno_vocks I've got news for you...they will never use tax dollars to bail out the Individual Citizen! That is reserved for the Filthy Rich! Who do you think was "Saved" when Wall Street and The Banks were bailed out?? They won't even bail out Students who tried to better themselves by going to college, getting better jobs, and then contributing to the tax base with higher earning jobs!! So what makes you think that they are going to care about Retirees living on the Beach, and why should they!! But you definitely answered the question correctly!! These Condo Owners will just have to give up their units and Move! And yes, they may have to move to Another More Affordable Country. But then again,, lots of Retirees who can't afford to Own Expensive Condos are already doing just that, so these Luxury Condo Owners may have to do the same!!
Its all privately owned, why would they? I don't think they could even if they wanted to.
$500k for a 2/2 Condo with a $2200/month HOA????!!! Good luck with that Howard...sucks to be you!
He's getting hit with a special assessment for 1/2 the value of the unit.
😂😂😂
Pure corruption...racket!!
User-fb5...just say you are a stupid Drump lover without saying you are....what a loser!
@@MAGARAY-d5o Yeah, but this is FL - Republicans run this state, try again
Vote Trump if you want more of this
Better recall that board before the end of the year, and they sign anything. Those costs need to be reviewed. Get other estimates and find a new engineer.
700k for landscaping seem way to low to me your right
It’s literally impossible that these numbers are realistic. The board is utterly inept or flat out scamming everyone and taking bribes to accept nonsense bids.
You can recall the board but with the laws on the book, the assessments won’t go away. Good luck with the new board.
@@Howiefm28496 It depends on if it's voted on or not. I think it's just proposed at this point. So there is a potential to fix it if there is a fix.
Even if they find that they were over assessed, how much is it really going to come down?
I live in Florida in a trailer self insure, self repair, sleep like a baby life is good. Gov hates trailers they get less taxes.
Yes hopefully a hurricane 🌀 or 🌪️ never takes the trailer like Dorothy and Toto. Mobile home residents have higher exposure to natural hazards such as wind and tornadoes, hurricanes, extreme heat, wildfires and flooding compared to those who live in other types of housing.
Sleep like a baby... in hurricane season...
I hear hurricanes also hate trailers too almost as much as floods but to be honest, I've never heard a flood say anything bad towards trailers before but then again, floods aren't a hive mind and you can't base an opinion on all due to the actions of a few.
But what about the cost of leasing the land? Or do you own the land?
Just turn Florida into a military base and everyone move up north.
This guy keeps taking it off and on the market. That makes buyers suspicious. Dude, just reduce the price, take your lumps and walk away.
If you have a $225,000 assessment then that’s the amount of money you need to take off the price.
Whatever he can get, he won’t find replacing domicile with what is left after the sale.
Hate to say it, but if he can afford $3000 per month HOA fees, take your lumps like the previous commenter said and buy or rent something else.
@@serafinacosta7118 I imagine he will have to rent an apartment for the rest of his life. He certainly won’t be able to buy a luxury condo like he currently has.
Ron Desantis strikes again. Vote Biden!
Monthly fees 3000 maintenance 36K per year. With the total number of units, where are those funds used? Why haven’t the HOA fees been used quarterly on updates instead of charging residents. 6 figure assessments due immediately. I’d get an underground tenant group together and sue for misappropriation of funds.
$3k/mo. HOA isn't unreasonable for a multi billion dollars prime manicured Florida beachfront property in 2024... For a $500k condo.
Heck 20 years ago in 2004 I was paying $300/mo HOA for a very basic modest $125k valued condo in a landlocked state with no significant amenities. Just a basic pool and some landscaping.
$3k per month on a $500k beachfront is very reasonable in my view. In 2024.
True, HOAs generally suck. While I can sympathize, and suspect there's room to cut expenses in this lavish oceanfront complex, long term owners probably have significant equity and should have anticipated this location isn't going to be affordable.
Furthermore the assessment is simply money right back into the equity of the complex. No different than when a homeowner spends $100,000 on a new roof, siding, and builds a garage and landscaping. Owning a home is expensive! A beachfront condo is very expensive....Duh...
I'm guessing this gentleman has probably doubled his money if he can sell at $500k
@@timsimmons9995 I paid less than $700 for apartment rent in Wisconsin and it included heat and trash. $3,000 will get you a nice apartment. A condo should have cheaper fees than rent considering you need to pay property taxes and you own the inside unit.
@@calvincoolidge1207 Wisconsin is a dump. This condo is a multi billion dollars beachfront property! Real estate values heavily based on location. Tourism. Nobody goes to Wisconsin for a vacation. Lol.
@@calvincoolidge1207never say your location and give them ideas. Because they will go there and do the same thing. The greed of money.
raised and lived in SFL for 45 years , the state where you come retired or vacation , easy life , 2024 the RICH is kicking out middle class out , insane insurance rates , flood insurances , condo rates , this has been my home and now its time to retire elsewhere , sad
That’s crazy. Vote out the HOA board. There is no reason to spend $700k on landscaping.
How can you say that when you don't know what the period is for the 700,000 or how large the landscaped part of the property is? And is that just regular cutting and raking or is there major rehabilitation needed?
@@blairhoughton7918 simple. They have to prioritize. There seems to be lots of critical fixes that needs to need to be done that costs a lot already. Landscaping is not critical. That can wait. There is no need to put that much financial stress on all building owners at once forcing them to sell because they can afford the assessments. When a company is not doing well, spending on non-essential things needs to be cut.
@@dquan731 So I have to admit I didn't originally pause it and look at the invoice, but I finally did, and, well, everyone saying the landscaping is $700k, didn't read it right.
The landscaping is low 5 figures. The 685K entry just above it is for the elevator.
They should also invest $200 or $300 in a new printer or copy machine. Because that paper looked like it was copied on a speak-and-spell...
@@blairhoughton7918lol. You are right. I did read the wrong line after rewatching.
But the homeowners should demand more quotes. That is an instance assessment.
Thank a real-estate lobbyist.
Thank the commie dems.
People are fleeing their states by the 100k plus all the illegals they are letting in.
The Florida delusion of living for cheap in a condo is over. Despite the denialism from republicans, capitalism is working as intended pricing people out of areas that cannot be insured for cheap.
Definitely
All HOA's and trade associations are owned by lawyers. FYI
@@charlestheodoreheissman8418 And that makes it better?
There are difference between a Condo FEE and HOA Fee. I have owned in both types of communities. I would never desire to buy a Condo again. I only owned the inside. All the stuff outside the walls was shared that helped to drive the Condo Fee and all those special assessments for upkeep. My home with the HOA my HOA fee was only for the common areas and trash pickup. The owners are responsible for the upkeep of their homes. So Condo fees are completely different.
welcome to the life yall made happen to the rest of us.
I didn’t do it, I am an atheist who says heatstroke never really produces afterlives.
Right
@@truetech4158You have no idea what you are saying.
NO THATS OUR LIFE AND TRUST ME. WE ARE GETTING IT BACK. YOU ARE ABOUT TO SEE A PISSED OFF AMERICA AND THAT SHOULD SCARE YOU BUT IT DOES NOT FOR NOW.
@@MAGARAY-d5o oh but I do.
I study sociology from a usually safe distance from deluded wingnuts.
Owners got yachts and 500 sl
They all flash cash
Now pay the piper!
The docks are rented maybe by the developers collection of the rent doesn’t benefit him, the owners could buy the right to rent it butttt maybe at 16 million at 7% interest. He has a condo there. Just a condo.
@@bellad1063 Blah, blah, blah.... pull yourselves up by your bootstraps.
@@DistrustHumanz roll tide
James, you sound jealous.
Does it seem like that particular 80+ year old owner has a yacht??
All condos older than a certain year are all being made to reno or rebuild their sites after surfside. That's the cost of living near the ocean in expensive HOA run dwellings.
This is the downside to low maintenance living. Houses have their problems as well, but at least you can choose to do most repairs your way and on your schedule.
Yep, foregoing maintenance on anything means you'll always pay more later. Try that with cars and marriage and see what happens.
@@bluoval3481 You're missing my point. You wouldn't want the freedom to take your car to the mechanic of your choice, instead of the one decided for you? Your mechanic might be cheaper than the one "selected" by the "HOA" with questionable motives and allegations of kickbacks.
@@Cucumberflavoredmustard I get your point. I went off-topic by taking living under an irresponsible HOA out of the equation and pointing out the fact that too many are living a low-maintenance existence in general. Ticks me off because they don't take care of what they have and then when all heck breaks apart they stare back like a deer in the headlight and are quick to blame.
Corporations getting their real estate nice and cheap. The transition’s underway.
That is crazy. Sorry to hear that Howard
So sick of all the greed
This all greed and the board collecting and pocketing the money for themselves. Disgusting
@@Noneofyourbizniz1maybe if you made reserve payments, you would be stuck paying for a new roof, elevator upgrades,... all at once
'Merica!
This is not greed. This is the result of years of not putting money aside to pay for significant expenses. The Board members who approved this got hit witht he same assessments as everyone else. ** You can pay me now or you can pay me latter. ** Guess what? It's later!
MAGA=Make America Greed Again.
And this is why I continue to never ever want a condo. The assessment possibility and the maintenance that can be increased at any moment. You can have all that. Horrible.
It all depends on the condition of structures and surrounding area. I live in the northeast in a condo for exactly 20 years. Before I bought I looked at, not only the financial condition, but normal monthy expenses of the condo. I looked at the roof structures and they were simple, uncomplicated. Nothing fancy, no tennis courts, pools, ect... I garages are simple, detached. When I moved in I was paying the same monthly maintenance fee as I am paying now, not one penny difference in 20 years. We did have to replace our rear porches, which are vital to the units and were original from 1965 and just plain wood. We did them slowly over about 14 years and just a guess, but probably paid a total around $10,000/unit over these 14 years and these proches will outlive all the residents. The only other major expense is coming up now and they are the roofs the assessment over maybe the next 5 years will be maybe $5,000/unit, maybe less because we have money saved in our reserves that comes from the monthly maintenance fee. These are reasonable costs you have to pay anywhere at a minimum, whether you live in a single family home or a condo and paying rent costs far more.
You want amenities like pools, tennis courts, theaters, gyms, rec rooms, golf courses, .................... It will cost and in Aventura it costs like nowhere else and the place is built on drained swmp land. Someone has to pay. In Florida there are good alternatives, low cost Condos. Not always what people want but you get what you pay for.
200,000 special assessment LOL
you can almost build a brand new condo for $300,000 per unit
it is a scheme. the HOA might be trying to push for a sale and teardown
the HOA needs to be investigated
I was looking to move to Florida and get a condo there. But after seeing this report I have now changed my mind.
Just stay away from the coast and luxury areas. This is not all of Florida. People living in places like Ocala without any kind of HOA don't deal with this BS
And it's hard to get home insurance in FL!
But lobby-loving Desantis is governor of ALL of Florida. Just watch the CORRUPTION engulf the state. This is just the beginning, IMHO.
I feel sorry for you.😮
Good… we are FULL.
Just need to check the COA records and reserves to make sure it’s funded, and there aren’t any major issues. And don’t buy in too old of a building, like older than 20 years. Newer buildings should be up to code and won’t be having huge assessments.
That's terrible, especially for a retiree on a fixed income.
Deathsantis cannot fix this or extraordinary insurance premiums???
HOA'S A SCAM GET RID OF THEM
Okay. Let's put together a chore list. You scrub the dumpsters on alternative Tuesdays. I'll brasso the emergency exit handle every weekend. And if the roof leaks you have to get up there in the rain with an armload of shingles; I have acrophobia. Meeting adjourned.
the HOA is way more then my Pension - this whole place has gone nuts
Look at the boats in the driveway. This isn't middle America, and it's not even upper-middle America. The guy in the video somehow got a tiny place in a deep-pocket community for cheap (during a downturn probably), and is being shown the hard way why that was a risky bet. His neighbors probably asked their accountant "what's this" when they saw the 6-figure number on a spreadsheet and said "oh that" when reminded.
@@blairhoughton7918Blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah.
Don't confuse a condo fee with an HOA fee people.
@@RB-gt8bflol I😂
1:19 and there is no legal demand that these expenses be accurate 🇺🇲
Florida has ALWAyS gone through some form of this shite forever.
Florida’s America’s sociopolitical lab! Anything’s scam related, is cooked there.
and we vote for it. look at the governor. he's garbage.
No, not like this.
Corrupt politicians!! Crooks!
@@flockofone9214Every hurricane is this, just with the damage out in the open.
The Florida developers are just jumping for joy. These older units that have not been maintained they way they should will have to be bull dozed and started over. The developers will buy the location for 25 cents on the dollar and build new condos that have no maintenance requirements for 10-15 years. The new HOA will have the time to build reserves as it should have done before.
Thanks 🙏 Florida governor
Friendly remind -- the Board is elected by you. JFC.
Remember this video when you say “There ought to be a law”… because the government will happily pass laws you get to pay for.
Passing a law is not the same as passing a bailout. They can pass a law making it so they won't get charged for everything, all at once.
Anyway,
Its not like the building owners won't benefit for a mass exodus of individual condo owners who lose their homes, empty out the building and then sell it to a developer for 3x the price. Then, gets knocked down to build more expensive condos that will most likely have a rent only option. Management companies are literately salivating at this prospect and its already begun in other coastal areas of Florida. Nobody makes any money when owners die and pass on the property to family members.
@@JaymeSplendid you're after the fact. The government offers knee-jerk reactions that end up costing people money and more.
Man, every week when I see stories like this, I feel blessed that I moved away to the mountains where people actually talk to you, housing is less, and the weather is phenomenal year round.
Which mountains? Dont they get atrocious snow?
@@XCBen got outta the state but couldnt get Brevard County outta your mind huh 😂
@@evanmichaelpearce1367 😆. I guess a little bit of Florida ain't too bad
Just hope that the raccoons don’t form an HOA!
Same
Aren’t y’all tired? There’s power in numbers. Ban together and refuse.
We all knew this was coming. That’s why you buy a house and know you own your house. Aside from taxes it’s all up to you.
hahaha moneybags over here acting like everybody can afford a house in 2024.
If you buy a house with these amenities it's going to cost you the entire association's costs to keep them up. What you mean is: don't buy a house with an elevator, 5 acres of landscaping, and a marina at the front door. It's nothing to do with the organization.
@@scrat8177 a lot can afford a house but most want it in the trendy area with no commute and all kinds of fancy amenities.
You don’t need a four bedroom house. Get a two bedroom and a set of bunk beds for the kids. By an ugly house that needs works. As long as the roof and walls and foundation is good you can fix the rest up slowly.
Too many today don’t want to get married in their 20s and build a life together. They want to have new and fancy cars and fancy stuff.
You have to pick your priorities and too many focus on the wrong things.
@@blairhoughton7918 don’t tell them that. They don’t want to admit the truth. Like when women rant about no good men left.
Yea there is but so many have platinum taste with a steel budget. They have to have a new house in thr trendy part of town that’s “walkable” to all the shops and hip night activity.
And if you tell them to be more reasonable they lose their mind and throw a fit.
$224k & $290k assessments?!? That’s outrageous, price of a new condo… Right or wrong, no way homeowners can afford to pay… The only sensible solution is for developers to come buy up these old complexes, tear down & rebuild… Not worth repairing at these assessments…
That's exactly what will happen once e everybody figures it out.
It's taking the market time to adjust to this new reality you just mentioned
I'm 71, crippled and have been homeless for 3 years - yet this putz is griping 🙄🤣😆🤡
That you are in this state when no other democratic nation does this to their elderly says a lot about the USA.
Sorry to hear about your situation, but I was thinking that, before you said anything.
@@virtuitousvampire9371 Perhaps we should be spending tax dollars on our own people instead of illegals and foreign aid.
Start by thanking the House of Cards Real Estate Shell Game of Florida. Then thank the lack of consistent inspections through the years. Surfside Condo was a wake up call. Sol, I hope you are telling your friends and family to stay OUT of Florida. Living cheap is over in Florida!!
Florida also cycles. I've met women in Canada that lost their Florida condo as they ASSUMED it would fund their lifestyle. Always. Every ten/fifteen years there's a WAVE of non-working women coming back to Canada, looking for a husband to "fund" their next condo purchase, having LOST the one they were in for stupid decisions.
Exactly! Time to find another state to ruin.
Back in my day we used to work
@@ajax7ox729I live in Florida and work very hard. Housing costs down here are ridiculously unaffordable and outpaces earnings. It has nothing to do with people not wanting to work, but people are always experts in passing down judgment over things they know nothing about. Just because you work doesn't magically make the housing market in Floriduh more affordable.
I've lived in South Florida for 31 years and paid close attention to the real estate market over that time period. You are absolutely correct about everything you said. Remember the 2007/2008 foreclosure crisis that hit Florida harder than any other state? Another Floriduh shell game. Always Floriduh and always homeowner's getting getting screwed because the state is completely corrupt and cares only about the next scam to take the money and run while putting people out on the street.
This is Florida, the only thing good in Florida is the sign that says, "you are now leaving Florida".
A sign I saw when leaving; "Will the last American leaving Florida PLEASE BRING THE FLAG!" . . . True story, saw it back in the 80's...
So they neglected maintenance for years and now they get a huge bill? The other half on things like landscaping you need to go to your condo meetings and speak up. Your retired you have the time.
I feel bad for the owners but apparently lessons learned from 2008 - 2012 were forgotten. Townhouses and condos are risky purchases. You never truly own them and their will ALWAYS be circumstances beyond your control that make these properties stupid to buy. I dont know how many of these condos survive in the short run. Property owners are probably going to have to sell for pennies on the dollar to get rid of these, new buyers pay the assessments and then eventually 5 -10 years later things stabilize. But note to young buyers out there. NEVER buy a condo or townhouse! If you want to own a home buy a single family house or continue to rent.
Bingo
You and I seem to be the only people who understands this
Most single family houses in Florida are in planned communities and have HOAs.
The truth is if you're buying in a community, you're not buying just your house, but also a share of the common areas and a share of the costs of those common areas.
As long as you understand that and your neighbors understand that and everybody deals with ownership of those common areas, the same as ownership of their own homes, and know from the beginning that they can afford it, then there shouldn't be a problem.
It's when you get people who don't actually pay attention to what they're buying and then think that they shouldn't have to share in the cost of what they own that you get dysfunctional associations, lax maintenance, and big repair bills.
Single family homes aren't a good purchase lately either, in case you've been living under a rock.
Why wasnt the condo association/residents making reserve payments over the years? Elevators, roofs, HVAC systems all have lifespans that can be easily determined.
Rich people don't like to pay for anything.
How about voting the people on the HOA Board out of office?
But I thought people were flocking to Florida for their "freedom." PATHETIC.
Translation: his condo fee should have been $3000 from the start. But residents and the board hid their heads in the sand - and you just can’t ignore maintenance on a home or condo. It catches up to you eventually. Buyers beware if the condo fee seems low - do your homework. There is likely a deficit and you’re going to have to pay up sooner or later.
Poor people out, rich people in!! 😢
Most of these people are in the top 10% at least.
@@DistrustHumanzIf he can't pay 200k, he's not anywhere near rich by today's standards.
@@mE-zx7ptFacts 💯%
@@mE-zx7ptHe thought he was when he bought that place. He reached way too far out over his skis.
I just got hit with assessments at both condos I own. $25k and $11.5k respectively. And that was only for legal fees and a roof. 🖕. The for sale signs go up in the next 60 days.
$3000 a month for maintenance!? What a friggin scam!
If you've been paying $2,000 instead of $1,500 for the past 20 years, then this wouldn't have been a problem. The scam was not doing the maintenance before.
I thank GOD every day that I own a house controlled by be and only me. Imagine being an elderly person and being told you've somehow gotta come up with $200k+? I have no idea how these people get out of this.
They sell to someone even dumber. And make them pay the assessment. It's work, but there's someone out there. Russians laundering money, possibly.
Don't kid yourself, the city/county/state can reassess your property and give you a huge new property tax bill, they can vote to raise school taxes 1000% even though you have no children, the EPA can declare a creek in your back yard as a protected waterway and remove you from the premises, and a developer can want your whole block for luxurious office space or apartments, and the town or state can employ eminent domain and force you to sell. Not to mention, you better hope some rare species of groundhog or an ancient Indian burial ground isn't near your property, because you could be forcefully removed with those scenarios too.
And our property taxes have also gone up substantially. You can't win.
@@jackprecip5389 Hahaha... Oh wait, you're serious??? Please show me an example anywhere in the US of someone's school tax bill going up 1,000%. The EPA can declare I have a creek in my backyard???? Sure and a meteor can hit my home too!!! 😂
First off, everything you described CAN ALSO HAPPEN TO SOMEONE LIVING IN A CONTROLLED LIVING SITUATION! So in your imaginary situation that will never happen you can have a 1,000% school tax assessment AND a condo board tell you you need to come up with $200k! You're acting as though living in a controlled living situation shields you from the imaginary scenarios you came up with. They don't!
I guess you live in an HOA/condo board situation and you're somehow trying to convince yourself you're in a better situation than I am and all I can do is LAAAAUUUUUGGGGGGHHHHHH! I'd rather live in an apartment than pay a mortgage and still have an outside governing body tell me what I can and can't do to my home while also coming up with surprise $200k bills. You like that? Be my guest! I'll just sit her and laugh at you some more! 😂🤣😂🤣😂🤣😂🤣
@@stephensawer6425 My property taxes haven't gone up $200k!!! I'm winning a heck of a lot more than the people in this video! 😂🤣😂🤣😂🤣
This is what happens when you get too loose on regulations. $3k a month for maintenance fees and then another $214k on top of that!?! That’s crazy. Why would anyone ever buy a condo in Florida. It’s worse than a timeshare at this point.
🤦♂ OMG!!! Who in their sane mind would retire in a condominium complex?!! Association fees are unpredictable.
I can’t believe these condos have gotten away with not repairing these buildings - these owners need to sue.
Sue who? Themselves?
@@Willtellthetruth So true... it's as if people don't know what HOA stands for. 99% of the time... these board members are actually trying to make things work in a community-owned property. It is a thank-less task to serve on an HOA board.
These buildings have HOA's. They would be suing themselves
@@karenc8773 the HOA has a board, you sue the board.
@@AltaCine4k 😂😭
You guys love having a master don’t you?
Never buy a condo or purchase a home in an HOA 😂
That's why I don't like condos and HOA.
Well they don't like you either so there.
This is a failure of the board and association... These types of things should be done over the years in small increments not in a lump sum, and most definitely not $700,000 in landscaping get the f out of here!
The landscaping is in 700,000. The elevator is 700,000. Look at it again.
BOARDS TAKE BRIBES
When you deregulate everything, this is what happens
That’s a damn shame nothing but greed, greed, greed in America 😮
It is not greed but neglect
@@jackwilson3121 and ignorance on the owner's part. HOA isn't pocketing the money just doing what they are required to do.
Totally agree! Exactly!
Gread is the flip side of capitalism
@@craigo2142Yeah right!
Alligators are even a much bigger factor in keeping me away from Florida.
But they like you, You're crunchy!
Gators don't eat Humans though but whatever keeps you away since we are full !
Good. They will get you! Stay away! Stay far away!
I lived in Florida years ago, I have zero interest in ever living in Florida again!
@@user-hy3vp5kp1o, if it were not for the alligators, I would visit Florida often because on UA-cam I see that it is very beautiful, but to your point, you are right about not wanting to live there because apart from the alligators, the house associations are probably the worst in the entire country.
Remember all of this come election time.
In Florida it was legal to neglect properties for decades.
Fraud that should be looked into asap.
Thanks, Dick Tracy.
@@blairhoughton7918 Why your momma didn’t swallowed you. Little clown POS.