Time to GET OUT! INVOLUNTARY Condo Terminations

แชร์
ฝัง
  • เผยแพร่เมื่อ 21 ก.พ. 2023
  • Over the past decade there has been a wave of condo terminations across the country, 400 of them just in Florida alone. And now that prime real estate locations are in the crosshairs of many developers, involuntary condo terminations are likely to become yet another problem facing the upcoming housing market.
    Need a Realtor? homeandmoney.com/michael/
    ======
    Like My Sunglasses? Get a Pair ebay.us/PhTVOG
    ======
    I offer 1 on 1 calls, book one if you'd like!
    michaelbordenaro.com/book-ser...
    ======
    My Filming and Editing Equipment
    michaelbordenaro.com/my-youtu...
    ======
    Sign Up for My Email list and Get Weekly Video Updates in Your Inbox!
    bit.ly/MBreminders
    ======
    Get Cash Back on ALL your Internet Purchases!
    www.rakuten.com/r/NIRVPL2?eei...
    Articles Mentioned in the Video
    apple.news/ArRxkl-iKS-KYCoGBw...
    apple.news/AC6UnU6ksR-iE1Eo-m...
    apple.news/AgTKY3I-XMdSZqesqU...
    apple.news/A4fs7R2QsTH2-_vlxn...
    FTC Legal Disclaimer - Some links found in the description box of my videos may be affiliate links, meaning I will make commission on sales you make through my link. This is at no extra cost to you to use my links/codes, it's just one more way to support me and my channel! :)
  • บันเทิง

ความคิดเห็น • 681

  • @MichaelBordenaro
    @MichaelBordenaro  ปีที่แล้ว +24

    LIKE It Or NOT Home PRICE CRASH Moving Full Speed Ahead th-cam.com/video/cx2SCey1fkk/w-d-xo.html

    • @kargs5krun
      @kargs5krun ปีที่แล้ว +1

      You have to, HAVE TO, use that line again and again in your videos. ("thats just the way the cookie crumbles") Also, the "ssssit-sssit" you used was hilarious too. Kudos for entertainment Mike.

    • @gruntymunky4082
      @gruntymunky4082 ปีที่แล้ว +2

      i got a VA loan primed and ready im a first time home buyer with good credit im going to get a steal when the foreclosures start!!

    • @MR..181
      @MR..181 ปีที่แล้ว

      Typical jackasses and theives in your pocket and paperwork??? No non perpetuitys .

  • @marcamaral7870
    @marcamaral7870 ปีที่แล้ว +187

    If you buy a condo. You’re part of a community. That community can turn on you and your rights.

  • @rillesttalk
    @rillesttalk ปีที่แล้ว +109

    It’s a shame because most retired or elderly people usually downsize to condos due to physical ailments later in life after years of living in single family homes. This is worse than eminent domain.

    • @jimshoe402
      @jimshoe402 ปีที่แล้ว +3

      Quicker but Just like a TS in the long run..ALOHA

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +9

      That’s right there’s no upkeep to be had and there’s building services that can help you out in old age. concierge valet, pool, etc..

    • @oneemotiva4975
      @oneemotiva4975 ปีที่แล้ว +4

      @@MichaelBordenaro Yes and high HOA< Insurance ETC.

  • @deeb1636
    @deeb1636 ปีที่แล้ว +44

    This happened to my friend in the western suburbs of Chicago. His condo was paid off, so he was one of the few that voted not to sell to the developers. Many of the other residents were under water because they did cash out refinances, so they wanted to sell. He had to move, and it was very difficult to find another condo in the area, as this caused a huge demand for housing in the same area with very limited supply. He eventually found a condo nearby, after a bidding war. I feel bad for the elderly residents who were forced to move out.

    • @AndiAndrea
      @AndiAndrea ปีที่แล้ว +1

      😢ugh! How awful!

    • @MR..181
      @MR..181 ปีที่แล้ว +1

      In the age of voting for the continuance of invalid perpetuities trust ...???

    • @MR..181
      @MR..181 ปีที่แล้ว

      In the age of voting for the continuance of invalid perpetuities trust ...??? People monkeying with your ownership paperwork..hardly...

    • @justinagalindo7118
      @justinagalindo7118 ปีที่แล้ว

      Why he didn't buy a standing House, besides this horrible experience with condo?

  • @lindaberl3712
    @lindaberl3712 ปีที่แล้ว +52

    It is so terrible that this is happening. Condo buying sounds pretty scary to me.

    • @ukulelebutterfly
      @ukulelebutterfly ปีที่แล้ว +2

      RUN!!!

    • @Ghoxtfire
      @Ghoxtfire ปีที่แล้ว

      sound fine to me democracy majority vote

    • @joea5183
      @joea5183 ปีที่แล้ว

      Why are people so greedy?

  • @azmike3572
    @azmike3572 ปีที่แล้ว +77

    In probably many states, perhaps including Florida, it's the developers who write the law, via huge campaign contributions to state politicians.

    • @bryceharper446
      @bryceharper446 ปีที่แล้ว

      BINGO!!! No state is safe from the plan

    • @sealisa1398
      @sealisa1398 ปีที่แล้ว +1

      Politicians ruin everything

    • @azmike3572
      @azmike3572 ปีที่แล้ว +2

      @@sealisa1398 Regardless of what they say, getting reelected is their first priority. Their response to voters who criticise this first priority is something like, "I can't help you if I'm not in office".

    • @joycef8443
      @joycef8443 ปีที่แล้ว

      Well, no, it was in the bi-laws of the complex. Read before you buy

  • @jerrymoore838
    @jerrymoore838 ปีที่แล้ว +35

    Same thing is happening to people who own mobile homes in mobile home parks. Its a sad state of affairs

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +9

      Absolutely I made a video on that last month

    • @jerrymoore838
      @jerrymoore838 ปีที่แล้ว +3

      @@MichaelBordenaro Thanks, just found your channel in the last week. Will definitely go watch it and many others I've missed. You do good work here. Respect and thanks

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +2

      @@jerrymoore838 thanks a lot Jerry I appreciate you taking the time to watch any of my videos when you can

    • @nuview1
      @nuview1 ปีที่แล้ว +1

      Absolutely. And we wonder why the homeless rate keeps rising. Its ridiculous.

  • @consumerdebtchitchat
    @consumerdebtchitchat ปีที่แล้ว +40

    When I purchased my condo I avoided anything fancy like a high-rise. My place is a three-story, one simple pool and an outdated gym. I didn't want a fancy place because I don't want to pay for someone else's vacation. As such I don't need pools with cabanas, a high-tech gym, a community movie theater and clubhouse, and don't forget the on-site post office and fancy dog run.

    • @censoredeveryday3320
      @censoredeveryday3320 ปีที่แล้ว

      Why not just buy a house a bit more inland?

    • @consumerdebtchitchat
      @consumerdebtchitchat ปีที่แล้ว +13

      @@censoredeveryday3320 I just don't wish to purchase a home especially at 55 having undergone two knee surgeries with arthritic knees and I absolutely detest yard work of any sort. 😀 I wouldn't rake the leaves when I was growing up. I really hate exterior work. it's just not my thing and I don't care what color the building is . It's best for me to stay in my lane and let other people own a home. I'm just a condo gal ❤️

    • @censoredeveryday3320
      @censoredeveryday3320 ปีที่แล้ว +2

      @@consumerdebtchitchat Those are very good reasons. I'm actually renting a small place myself and it is nice not having to do that type of maintenance for a change. I do miss the privacy though

    • @pinecone1321
      @pinecone1321 ปีที่แล้ว

      but ya still own a condo🤫

    • @photonbeams80
      @photonbeams80 ปีที่แล้ว +5

      @@pinecone1321 so what. Some people travel a lot, work remote and don't want to home every weekend to mow the lawn and pull the leaves from the gutters. Some condos are probably worth 3x times as much as your house.

  • @Administrator7
    @Administrator7 ปีที่แล้ว +226

    This is exactly why you dont own shared walled properties. Buy Land, own a free standing house and the land under it

    • @canyonoverlook9937
      @canyonoverlook9937 ปีที่แล้ว +24

      Couldn't the govt use eminent domain on your property? They did that to build expressways.

    • @cannotwest
      @cannotwest ปีที่แล้ว +17

      Too much hassle with owning a house for some people.

    • @boyerbyr
      @boyerbyr ปีที่แล้ว +8

      Well, pay taxes on the land underneath 😂

    • @gypsygirl9
      @gypsygirl9 ปีที่แล้ว +19

      Oh...one more thing I never quite got. Condos are not deeded fee simple (do not include any land parcel) You literally are buying air space and the walls floor and ceiling that contain that air space. And as you mentioned those walls are shared! Lol. How is this a good investment? Top that with the ridiculous Asdociation fees and I am mind blown that anyone wants a condo. You could have a sf house with land and pay to have yard maintained, pay to have house painted when needed that you detetmine when that is and still pay less than the yearly total of association fees.

    • @irenebykovsky5478
      @irenebykovsky5478 ปีที่แล้ว +5

      House in Miami Beach ocean front is $20 millions and up. Condo in old building ocean front is less than a millions

  • @HayleyPond
    @HayleyPond ปีที่แล้ว +41

    Housing prices should never have been so high in the first place.

    • @chrispaul1117
      @chrispaul1117 ปีที่แล้ว

      And we should have world peace,and women ride side saddle
      Ur point is what?

    • @jimcrawford3185
      @jimcrawford3185 ปีที่แล้ว

      @@chrispaul1117
      It s raysiss to want world peace while there are so many white ppl

    • @realestatephotographyofcda5764
      @realestatephotographyofcda5764 ปีที่แล้ว

      Feds should have listened to us.. the people..

    • @greekperspective2076
      @greekperspective2076 ปีที่แล้ว

      Citizens should be the only one that can buy property. Entities should not be allowed to buy properties. A maximum of three homes per married couple only. A maximum of two homes per individual. Why this should happen? Not enough homes causing homelessness. If this doesn’t happen then expect a revolution of the poor. And soon. It’s already happening with the left taking over the government. The poor are outnumbering the right and are voting for communism.

  • @fornos123
    @fornos123 ปีที่แล้ว +81

    Michael, my Home insurance in Miramar Florida went up from $4,025 to $6,495.00 that is a huge jump man. Same thing happened to my car insurance. This is getting out of hand quick.

    • @legalbeagle4187
      @legalbeagle4187 ปีที่แล้ว +4

      Just retired, started looking at condos in Miramar Beach, past two years gone crazy, now HAS and insurance has, guess I won't be buying that part of paradise

    • @fosiko123
      @fosiko123 ปีที่แล้ว +2

      a friend of mine was just informing me about the price increase yesterday ; he also live in Miramar just bought an apartment/townhouse. late 2021; kind of a shock to him; just really crazy down there in FL. i live in CA thou

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +18

      I know it's getting out of control! Video tomorrow will be on this

    • @rogerlewis3507
      @rogerlewis3507 ปีที่แล้ว

      Vote Desatan that's what you all wanted. Wake up people and see all they care about is rich wake of u all stupidly.

    • @bobbyhins
      @bobbyhins ปีที่แล้ว +16

      my insurance went up crazy too wtf we're becoming Venezuela thanks Biden🤡

  • @goldlotus7831
    @goldlotus7831 ปีที่แล้ว +16

    Florida may be attractive to people when the sun is bright and sky is blue. Come the unpredictable hurricanes ,the very same people would grumble and repent their poor choice of moving there. Now with high prices that's another reason for not moving there. By the way,many Canadians are buying homes and moving to Florida as Canada real estate has become unaffordable. So,it depends on who you talk to.

  • @JeffreyWillis800
    @JeffreyWillis800 ปีที่แล้ว +12

    Wow, I had no idea this is how condos worked. Difficult situation.

  • @TheAngelaDuke
    @TheAngelaDuke ปีที่แล้ว +21

    Thank you for posting, Michael. It is a very sad situation for the elderly in Florida right now owning condos. You were spot on. Best, Angela

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +8

      It sure is. I cannot imagine being in my 80s and being forced to move.

    • @scottdorsey8220
      @scottdorsey8220 ปีที่แล้ว

      @@MichaelBordenaro It makes sense to me. The powers that be are killing us all by air, water, GMO and highly processed foods, allowed drug trafficing, big pharma and horrific injections, financially and economically. They'd take our spirits too, if we let them. Sad to say, the entire game is a lie and is rigged.

  • @auggieoutdoors3325
    @auggieoutdoors3325 ปีที่แล้ว +32

    IMO owners in these aged buildings should count their blessings when they get a generous buyout offer (vs a huge $$ maintenance assessment). It sucks to be forced to move for sure though, but these buildings and everything in them have life spans....

    • @censoredeveryday3320
      @censoredeveryday3320 ปีที่แล้ว

      Aren't most of the buildings pretty old? I'm paranoid they would collapse

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +2

      Sure, if the buildings actually old and needs a lot of work

    • @jameslivergood348
      @jameslivergood348 ปีที่แล้ว

      In your opinion.

  • @VroodenTheGreat
    @VroodenTheGreat ปีที่แล้ว +5

    My mother saw this coming several years ago. She owned a 1700sqft condo on the Gulf. As the people died off or moved out a developer would just buy the units. The last time I was there, I think there were literally 5 - 6 units that actually had people living in them out of a 40 unit building. She sold hers and got out of there.

  • @SuperCornic
    @SuperCornic ปีที่แล้ว +4

    I will never own a condo again. Dealing with the board was ridiculous, changed rules as they saw fit. Never made the building better, only worse. So happy the day I sold it. Same with HOA for homes, wouldn’t buy there either.

  • @user-rm8rc1xi8g
    @user-rm8rc1xi8g ปีที่แล้ว +5

    Miami will be hell on earth. Definitely, for those who left here at the end of times. The greed is out of control. Stay away from Miami if you are smart.

  • @TheSlashSlingingSlasher
    @TheSlashSlingingSlasher ปีที่แล้ว +36

    I am glad I didnt go to Florida on a whim and rent a place. I think I would of been homeless by now

    • @fornos123
      @fornos123 ปีที่แล้ว +7

      It’s rough out here right now. The rents are extremely high and they don’t pay down here like other states do.

    • @YanilleCastillo
      @YanilleCastillo ปีที่แล้ว +3

      💯 I feel like it’s getting ridiculously expensive

    • @LL-wu8zt
      @LL-wu8zt ปีที่แล้ว +9

      You made the right decision. Florida has changed and is getting too expensive.

    • @rogerlewis3507
      @rogerlewis3507 ปีที่แล้ว +8

      @@LL-wu8zt What is the governor doing.. Nothing but focus on the wrong problems.

    • @consumerdebtchitchat
      @consumerdebtchitchat ปีที่แล้ว +8

      I'm in Tampa and the average one-bedroom apartment in a modest neighborhood like where I live is about $1,900. The price you see in the ad is never the true price because they don't tack on maintenance garbage sewer or pet.

  • @Mr.Helper.
    @Mr.Helper. ปีที่แล้ว +11

    Investors don't care about people, it's all about the bottom line ... it is what it is

  • @rosspitca9142
    @rosspitca9142 ปีที่แล้ว +11

    I have owned 2 condos,, loved both of them.. hated the BOD/HOA,, 1 was designed to no matter what,, nobody could get elected to the HOA,, and the president didnt even live there,, but he would 'borrow' money from the HOA to buy up the units as they came available. At every meeting the EXCEL spreadsheet had major errors in accounting (like $100k) and they HOA would always say it was a glitch in Excel.. (pretty sure the computer was correct. anyway,, every other year the HOA went up max allowed. the 2nd condo was managed by a company.. a corp slumlord who would not make repairs to the building unless if was a physical risk to a person walking by. (heavy wind storms weakening very old 2nd story balconies) we had a lower level unit and complained we had to be careful going out into our back yard looking/listening for the unit above's patio. -- I love the no chores aspect of condo's,, but you always get some crazy people who doesnt price shop for repairs etc....... we now own a small house.

  • @Boli4161
    @Boli4161 ปีที่แล้ว +9

    As someone has already mentioned it, there's quite a lot of money from developers going to political campaigns.
    FL and specifically Miami, their government entities have to be scrutinized heavily all the way from Washington DC

    • @OceanLife772
      @OceanLife772 ปีที่แล้ว

      “Scrutinized heavily all the way from Washington DC”? The swamp? 😂

  • @larryeifler2994
    @larryeifler2994 ปีที่แล้ว +13

    As an adult, I have lived in 7 different locations and have enjoyed each of them.
    Older people need to have access to medical facilities and transportation.
    I have lived in Thailand for the last 17 years. If I wanted to live near the ocean
    then I could move to Phuket.

    • @NoSpam1891
      @NoSpam1891 ปีที่แล้ว +2

      Can't beat the prices there. Seriously thinking of going. Rent a house for $300 a month? Wow!

    • @larryeifler2994
      @larryeifler2994 ปีที่แล้ว +2

      @@NoSpam1891 Most of the expat guys that I know have a Thai wife that they met back in their home country.
      Having a Thai wife simplifies many things here. Getting a retirement VISA is a bit difficult if your income is low.

    • @gregfawcett5152
      @gregfawcett5152 ปีที่แล้ว +2

      @@larryeifler2994 You just have to go to the next country over for a few days and then come back and you are good for another 6 months.

  • @mikey-gee3156
    @mikey-gee3156 ปีที่แล้ว +17

    Who the hell can afford $15k/month rental…? That’s insane 😂

    • @13ChroniclesOfDagger
      @13ChroniclesOfDagger ปีที่แล้ว +6

      The Hispanics. They'll move in 20 family members all working minimum wage jobs, and live like 🤴! There goes the neighborhood 😆

    • @breesechick
      @breesechick ปีที่แล้ว +3

      ​@@13ChroniclesOfDagger I didn't think of family and roommates to afford it.
      That's a good idea to me actually.

    • @13ChroniclesOfDagger
      @13ChroniclesOfDagger ปีที่แล้ว

      @@breesechick that's how! 💯

    • @brianmatthews4149
      @brianmatthews4149 ปีที่แล้ว +2

      You work for the cartel or the government.

    • @censoredeveryday3320
      @censoredeveryday3320 ปีที่แล้ว

      @@13ChroniclesOfDagger Most rental agreements don't allow for that many people to occupy the property. It is grounds for eviction

  • @flyntfoster4043
    @flyntfoster4043 ปีที่แล้ว +2

    im a new home inspector....im told its the worst 2 years in the last 40 for inspectors...im an APM in construction now...realestate people told new homeowners if you take time to get an inspector you just lost out to the next buyer....waiting for the flood of lawsuits.....NEVER TRUST SALES PEOPLE...AND NEVER TRUST THEM TO RECOMEND A HOME INSPECTOR!...would you trust a car dealers mechanic to check out a used car?????...NOPE!

  • @lloovvaallee
    @lloovvaallee ปีที่แล้ว +3

    I've often wondered about this. Once a homeowner's association is created it can't become immortal. These buildings simply aren't designed to last for centuries.

  • @NewOrleansSeptember
    @NewOrleansSeptember ปีที่แล้ว +5

    These companies buying up homes and making them permanent rentals is destroying home ownership and making rental prices too high.

    • @jimshoe402
      @jimshoe402 ปีที่แล้ว +2

      They did that to my 1K unit apartment complex 2001. they could get more from HUD Sec.8 so raised ALL. Then all the Good moved out over the next 5 years and it looked Good on paper. But just like Chicago then so how can u Sell Dung ..CRIME unreal !!

  • @kookietherapy9398
    @kookietherapy9398 ปีที่แล้ว +9

    @Michael, all your old videos are showing up on my feed. Last night I met your Partner, Dad & Mom ! Good decent humans all around you ! 💗

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +5

      That's so cool! Yes, I'm very blessed with the people in my life 😊

    • @jimshoe402
      @jimshoe402 ปีที่แล้ว

      @@MichaelBordenaro I had that TOO and didn't like it !! Your others Didn't sign up for ur Website so DELETE that stuff .KEEP YOUR LOVED ONES SAFE..😁😁😁😁😁

  • @andreaberryman5354
    @andreaberryman5354 ปีที่แล้ว +3

    They are buying out mobile home parks right and left. The developer DOES NOT HAVE TO BUY THEM OUT. This couple was at least bought out. People in mobile home parks have their homes stolen and destroyed. This is disgusting-that developers and "special essessors" throw the middle class out on the street.

  • @curie3938
    @curie3938 ปีที่แล้ว +6

    Blackstone and Blackrock to merge new name = BlackHeart

  • @narlykid10
    @narlykid10 ปีที่แล้ว +9

    Once student loan deferment ends later this year and people become delinquent we'll see things start to slide off rapidly

    • @justthink5854
      @justthink5854 ปีที่แล้ว +1

      no bk for student loans. thanks Joe

  • @Mitzi73
    @Mitzi73 ปีที่แล้ว +1

    Last year I sold my condo of 20 years. I could no longer afford it. They get more expensive over time. If you have a job, ok. But if you’re retired they are suffocating.

  • @basha0810
    @basha0810 ปีที่แล้ว +6

    I own a waterfront townhouse. I've had pleasant dreams of a developer knocking on my door one day in order to buy me out. Fingers 🤞 And by the way, sellers have a right to know WHAT the details of the buyer are. That's always kept a secret. That needs to stop.

  • @davidholmes9643
    @davidholmes9643 ปีที่แล้ว +5

    Hi Michael. If you hear Blackrock getting involved in anything that is the time to get worried.

  • @markadler8968
    @markadler8968 ปีที่แล้ว +6

    The key is to know what your neighbors are thinking and to sell your unit just before you are forced to in order to get the highest price. Development is inevitable especially if you own in a desirable area and live in an older building. Holding out until the very end is not a smart move.

  • @l.ls.8890
    @l.ls.8890 ปีที่แล้ว +2

    Always enjoy your video because it is right on point and succinct.

  • @astrahcat1212
    @astrahcat1212 ปีที่แล้ว +8

    I used to own a home and had all kinds of problems.
    Your channel speaks the truth, this is why I rent and am happy to rent these days, will buy after the crash and would only buy a non-HOA property that's built after 2000 with a thorough inspection, hopefully also 1 story, simple and small basic property.

    • @Angelinaslifefl
      @Angelinaslifefl ปีที่แล้ว +1

      Interesting though-your statement. I womder if this is why Schwab confidently made that statement.."you will own nothing and be happy."

    • @astrahcat1212
      @astrahcat1212 ปีที่แล้ว

      @@Angelinaslifefl Well because you should be buying up gold and silver right now for the next 3-5 years then selling it after the crash for a home

    • @Galworld761
      @Galworld761 ปีที่แล้ว +1

      I own a 100 year old house. It stood for a 100 years… it requires maintenance but I do a little each year. No HOA, stupid choices and budget busting surprises.

  • @royhooper8080
    @royhooper8080 ปีที่แล้ว +12

    Wow….this episode was eye opening for sure…thanks Michael….love your “talks on your walks”. 😎

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว

      Glad I could bring you some great value Roy!

  • @adriansummers3462
    @adriansummers3462 ปีที่แล้ว +3

    I’m glad I got out of Florida when I did.

    • @brianmatthews4149
      @brianmatthews4149 ปีที่แล้ว

      I think it's funny when you see people follow each other to a state over load it and every thing goes up.look at Texas. The same thing.

    • @censoredeveryday3320
      @censoredeveryday3320 ปีที่แล้ว +1

      @@brianmatthews4149 That's why I moved to a state nobody talks about

  • @KevinintheUSA
    @KevinintheUSA ปีที่แล้ว +1

    I appreciate your perspective. Much gratitude 😊

  • @rayo1371
    @rayo1371 ปีที่แล้ว +4

    Developer is doing them a favor if the building has not been properly maintained during its life ( as most have not). Getting 2x market value NOW without having to spend a dime on repairs and/or maintenance to meet 40 year recertification standards is a gift. What will be sadder is when the time comes to repair the building and most can't afford it OR they have to evacuate because the building gets cited as an unsafe structure by the County/City and they have then look for a place while still paying their old mortgages, taxes and maintenance fees. This has happened post Surfside. Grab the money ( most likely tax free gain ) and rent a nice townhouse out in the Western part of county that has green space, parking and pickle ball courts.

  • @mogheesadil7653
    @mogheesadil7653 ปีที่แล้ว +10

    Hi Mike: I really enjoy youe videos. I have been in the mortgage business for the last 30 years. FYI. All the mortgage lenders will do a flood cert before closing. If the property is in a flood zone, we will require flood insurance. The lender won't close the loan without a flood certificate.

    • @justthink5854
      @justthink5854 ปีที่แล้ว

      which is crazy to get. in NC 1 sq ft in a flood zone, good luck

    • @jimshoe402
      @jimshoe402 ปีที่แล้ว

      I saved my block from a Flood Zone in 2006..Got the city Out There unclogged the drain they paid Mills to put in..Off the record I got( 2) 12' trees in my back Yard. The Village takes care of the people who take care of the Village..😁😁😁

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +2

      Yes, I know lenders will require it. The problem is you don’t find that out until much later down the road into the transaction once you’ve likely already paid for a home inspection and an appraisal, etc.. But like I said, I don’t see them ever making this a real disclosure requirement, but who knows

  • @1000_Julys
    @1000_Julys ปีที่แล้ว +11

    My first "Super Like"! A wise contribution. Thank you, and your soul mate, for the effort, sacrifices (I've seen the road and property hazards - you navigate with notable patience), content, humor, candor, lovely scenery, and relevant and interesting data on the variety of topics you discuss. Thank you! I will support your efforts as long as I am able. 🙌

    • @Lisithedogwalker
      @Lisithedogwalker ปีที่แล้ว +3

      Thank you soooo much Johanna!🤍🙏☺️

  • @JR_SupportOurHeroes
    @JR_SupportOurHeroes ปีที่แล้ว +3

    Just found out from USAA that Auto insurance is going to Nationwide significantly in cities and suburban areas. Glad I am moving to more rural area.

  • @ingeborgpadgett7079
    @ingeborgpadgett7079 ปีที่แล้ว

    Thank you great reporting !

  • @shizumaakiyama3129
    @shizumaakiyama3129 ปีที่แล้ว +1

    Despicable… how awful to do that to older people.

  • @censoredeveryday3320
    @censoredeveryday3320 ปีที่แล้ว +2

    Very interesting... I had no idea this was even possible. Great information

  • @amalhekmat3131
    @amalhekmat3131 ปีที่แล้ว +3

    I listen to many nowadays, you r one of the best realistic and very up to date, thank you.

  • @peterhumphrys
    @peterhumphrys ปีที่แล้ว +19

    thank yo for covering this topic/situation, I was never a fan of condos and now this makes me even more against them though I do realize that for some people, condos are ideal.

    • @GetOffMyy
      @GetOffMyy ปีที่แล้ว +1

      Condos are the main way I find private owners. Currently being forced out of mine (been here for 2+ years) that just got bought out and rent raised about 50%. This shit should be illegal.

    • @peterhumphrys
      @peterhumphrys ปีที่แล้ว

      @@GetOffMyy Understandable, I was asking my friend what he thought about condos here in Toronto, he has his family home, I was a bit surprized as both his brother and sister had sold out of their condos and he said that they would have preferred to stay since they were really big units with plenty of land but some developers was looking to compact things at the end fo the day.

  • @elicash315
    @elicash315 ปีที่แล้ว +7

    I’m renting in Anna Maria area and citizen insurance just called us saying we are in a flood zone and need to get flood insurance to the tune of 400 per year which is 200x our renters insurance. My wife said we are on the third floor they said don’t care. We hung up.

    • @NotaSeaBass
      @NotaSeaBass ปีที่แล้ว +3

      Your renter's insurance is $2 per year????

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว

      As a tenant that’s not your responsibility. Flood insurance is the landlords responsibility.

    • @jimshoe402
      @jimshoe402 ปีที่แล้ว +1

      @@MichaelBordenaro Con job...

  • @jeffreyholland1135
    @jeffreyholland1135 ปีที่แล้ว +7

    Thank you Michael for your continuous hard work making

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +2

      My pleasure Jeffrey thanks for being a channel member!!

  • @leeprice2849
    @leeprice2849 ปีที่แล้ว +2

    Investment firms will scoop up and buy those homes but not until they drop below probably 2017 prices.
    They stopped buying around 2014.
    They need to be able to rent the homes for more than the mortgage prices. Or it makes no economic sense.

  • @iraAlbucher
    @iraAlbucher ปีที่แล้ว +5

    WOW- That's unbelievable - It's all about the Benjamin's for sure. Who gets hurt the middle class trying to retire in a nice climate. Could be a very rough year for everyone , except the 1%.

  • @ginon.7329
    @ginon.7329 ปีที่แล้ว +31

    Another great real world scenario that no one would think about in advance. Always keeping us thinking about "curve balls" that could hose us.

  • @jasoncrandall73
    @jasoncrandall73 ปีที่แล้ว +1

    I lived in a Condo Association (89 units) for 10 years in Bradenton FL. It was well run & they budgeted for everything. Dues went from $220/mo to $320/mo over those 10 years (2002 to 2012). The Board had to use Citizens for the last many years (structure). Residents had to pay for inside dwelling & unit liability. Residents covered utilities, premium cable chanels, internet & pest service. Basic cable was included in the monthly dues.

  • @JeffreyWillis800
    @JeffreyWillis800 ปีที่แล้ว +9

    In my area, property taxes keep going up and up. For the last 3 years, the assessment of my house has gone up $30K each year.

  • @onemishelle
    @onemishelle ปีที่แล้ว +14

    A friend of mine told me the insurance on one condo doubled. I have felt for years that Florida is a trap. Sadly, so many “locals” on fixed incomes are going to get hammered. I feel like I dodged a bullet by not buying in Florida, even though I grew up there.

    • @commonsense6967
      @commonsense6967 ปีที่แล้ว

      I refused to cave to the ridiculous insurance rates, and dropped my homeowners. Been here in N. FL for 34 years in this house. It's never flooded, and I've never even filed one claim! But then, I can do it because I have no mortgage. "The borrower is slave to the lender", and the insurance industry knows it.

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +3

      All Florida homeowners are getting smacked with high insurance premiums now. Doesn’t matter if it’s a house condo townhouse.

    • @MR..181
      @MR..181 ปีที่แล้ว

      @@commonsense6967 thats called ownership..all else..wiseguy bullshit devaluations...

    • @charleshammer2928
      @charleshammer2928 ปีที่แล้ว

      ​@Common Sense At least half of my neighbors in this Condo Complex have dropped their home owner's insurance, I will be soon, not worth it.

    • @MR..181
      @MR..181 ปีที่แล้ว

      @@charleshammer2928 the "board" voted to fine owners 400$ a day for non compliance..fascist goon help keeping property values up while not being shot as theives..

  • @richardventus1875
    @richardventus1875 ปีที่แล้ว +3

    Thanks Michael - it's nice to get a dose of reality every day.

  • @joshuadolan3811
    @joshuadolan3811 ปีที่แล้ว +1

    Great vid...I had no idea of these buy backs in the HOA bylaws

  • @dennynisevic7848
    @dennynisevic7848 ปีที่แล้ว +1

    One more nice video , thank you M.

  • @LMays-cu2hp
    @LMays-cu2hp ปีที่แล้ว

    Thank you for sharing.

  • @crabbyhayes1076
    @crabbyhayes1076 ปีที่แล้ว +7

    As I recall, states like Ohio and Virginia already require sellers to disclose flood danger (requiring flood insurance). It sure seems like that provides really great protection for buyers.

    • @brianmatthews4149
      @brianmatthews4149 ปีที่แล้ว +1

      Yep they do in CA. It can be a pricey chunk for a policy.

    • @jimshoe402
      @jimshoe402 ปีที่แล้ว

      @@brianmatthews4149 IL too CHEAP $200 If Not in a Flood area..Only a FOOL buys in a KNOWN flood area..ALOHA

    • @CyndiOyea
      @CyndiOyea ปีที่แล้ว +1

      As I recall AZ also. Yea, I know it’s a desert, but those monsoons drop alot of water and it does flood.

    • @kathyjakary7269
      @kathyjakary7269 ปีที่แล้ว +1

      Louisiana as well

  • @jerrymoore838
    @jerrymoore838 ปีที่แล้ว +5

    They'll save the housing market from crash. Translation: You will own nothing and you will be happy

  • @danieldesimonedanny1827
    @danieldesimonedanny1827 ปีที่แล้ว +1

    Good boots on the ground info,,thanks.

  • @basharsg3672
    @basharsg3672 ปีที่แล้ว +9

    Man am learning a lot from your videos, thanks 👍🏼🙌

  • @collette6103
    @collette6103 ปีที่แล้ว +1

    Eminent domain can take your house any time if gov says area Needs schools or roads you won’t win against them. You’ll only get fair market value if you fight them. Some condos are on leased land too and cannot control the increases in land rent they sit on. I knew of a case in Laguna Beach in S Cali and land owner forced a buy out at millions above expected price. Two owners fought him and won. The other owners who bought him out saw an increase in their value of about a million each but it cost them!

  • @jean-louislalonde6070
    @jean-louislalonde6070 ปีที่แล้ว +3

    While Michael was talking, an ad for condo on sale appeared on my computer screen! Makes you wonder...

  • @SportModDriver88
    @SportModDriver88 ปีที่แล้ว +3

    New developments also affect and change flood zones. Something to keep in mind.

  • @philsareil9934
    @philsareil9934 ปีที่แล้ว

    Dude, you're the best. Thanks for laying it out as you do. You should drive further north to Broward and film in some nice locations outside Miami

  • @tomswierszczyk1162
    @tomswierszczyk1162 ปีที่แล้ว +1

    Thanks!

  • @williamread8186
    @williamread8186 ปีที่แล้ว +1

    Last statement is so true. Life is often a zero sum game.

  • @juanbengochea1534
    @juanbengochea1534 ปีที่แล้ว +9

    The house to be rented for $15,000 if it was $25,000 I would go for it, but $15,000 is too cheap for me 😂

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว +1

      😆

    • @jimshoe402
      @jimshoe402 ปีที่แล้ว

      Doc was renting out at Fontainbleau Condo for $40k a month.. A Russian she couldn't speak English..LOL

  • @gypsygirl9
    @gypsygirl9 ปีที่แล้ว +30

    Sadly, I think the condo calamity will eventually happen to everyone ( except if the building happens to be only a few years old). But Michael, you know condos are risky. When time comes you decide to move out of state or way north in the state, condos just don't sell fast like sf homes do. They are hard b to sell and now will be even harder to sell.

  • @lindakowal2502
    @lindakowal2502 ปีที่แล้ว +1

    No control of maintenance fee increases and buy outs not wanted. I live in canada.

  • @timelessmusicfamilymusic9175
    @timelessmusicfamilymusic9175 ปีที่แล้ว

    I own a condo in a nice neighborhood in North Dallas, the condo is not in the best shape, however I'm constantly getting calls, texts, emails & even letters from investors to buy my unit even though I never put it up for sale. They're even worst than telemarketers, this video just opened up my eyes 👀, thanks for the information.

  • @jeffgilligan2004
    @jeffgilligan2004 ปีที่แล้ว +5

    My guess regarding the condo association where a 100% vote was needed to see to a developer, is that that rule was in the declaration, rather than the bylaws, but I suppose some bylaws might require a unanimous vote. Most only require more than 50%.

    • @user-do2ev2hr7h
      @user-do2ev2hr7h ปีที่แล้ว

      In my state, a supermajority seems to be the common threshold.

  • @chanaheidtman3381
    @chanaheidtman3381 ปีที่แล้ว

    We live in a condo that is 40 years old. We just got a special assessment of 26,000. It is so bad that several board members have received death threats. I am afraid that some that cannot afford the assessment, might end up homeless, and many in our neighborhood are elderly and retired.

  • @victorialadybug1
    @victorialadybug1 ปีที่แล้ว

    My parents live in a condo in an old Florida and they are elderly. This is worrisome.

  • @mattanderson6672
    @mattanderson6672 ปีที่แล้ว

    Thanks Mich

  • @grilablitznet3574
    @grilablitznet3574 ปีที่แล้ว +1

    Thanks for good content

  • @jeffreydeuitch2146
    @jeffreydeuitch2146 ปีที่แล้ว +5

    When you buy into any kind of association you need to know all the rules and obligations. They can be numerous.

    • @MR..181
      @MR..181 ปีที่แล้ว

      How they can come upon a contracted corporate expiration date and vote to influence your property.(steal)..wiseguy votes and bullshit "rulers" debtors in control.!

  • @puravida5683
    @puravida5683 ปีที่แล้ว

    Wow! I never, and I mean never, bought any of my properties in Costa Rica and Panama, that were in HOAs!

  • @sterlinggrier734
    @sterlinggrier734 ปีที่แล้ว +1

    Welcome to Florida!

  • @markmadrid7476
    @markmadrid7476 ปีที่แล้ว

    Moved into my place on Miami Beach couple of years ago..special assessment was 54,000. Then they pushed it up to 113,000 !!

  • @nitemoves3157
    @nitemoves3157 ปีที่แล้ว +5

    In my opinion bankruptcy is not a good option, unless you’re liquidating. Even then just liquidate independent of the courts. When McConnell and Bush changed the bankruptcy laws in 2007, all the good deals and ability to absolve debt went away.

    • @jimshoe402
      @jimshoe402 ปีที่แล้ว

      Can u do away with CC debit or is that Gone too.Never Had Any !!!

  • @dem7615
    @dem7615 ปีที่แล้ว

    My flood ins went from 500 to 5000
    For an old garage with one corner rated in flood zone.. town said your ok. Fema said no.. trying to get that resolved forget it.. I tore down the garage. Cancelled ins.

  • @a_anonymous_m
    @a_anonymous_m ปีที่แล้ว +11

    The flood zone thing is a money grab from insurance companies

    • @renechang2406
      @renechang2406 ปีที่แล้ว +1

      Post covid instead of economy bouncing back. What have we seen. Inflation, higher interest rates , layoffs, price hikes everywhere except what? Except wages going up. I can guarantee the wage increase does not balance the price increases everywhere.Which basically mean less buying power.

    • @breesechick
      @breesechick ปีที่แล้ว

      ​@@renechang2406 I agree with you.

  • @gemablanquer91
    @gemablanquer91 ปีที่แล้ว

    What a nightmare....

  • @joels1234
    @joels1234 ปีที่แล้ว

    Coffee and Sunday morning real estate talk... I enjoy it very much... you have excellent informative videos... It's why I'll never buy a condo...

  • @reneeemigree9004
    @reneeemigree9004 ปีที่แล้ว +1

    Yes, now a days, 70’s, 80’s, it’s different now, little older but not quite geriatric.

  • @shanagirl33
    @shanagirl33 ปีที่แล้ว

    Excellent video!

  • @nitemoves3157
    @nitemoves3157 ปีที่แล้ว +1

    The smaller investors are dumping the bachelor pad on the mls in Denver. 1/1 units are all over the map.

  • @1000millionbillion
    @1000millionbillion ปีที่แล้ว +1

    I would rather live in a Van than a condo or townhouse. HOAs are a hassle.

  • @jorgejunco4907
    @jorgejunco4907 ปีที่แล้ว

    Good information, thanks!

  • @nickthequick
    @nickthequick ปีที่แล้ว +2

    Some call it opportunism others call it creative destruction; things have to die for other things to live, it's just part of the entire life cycle. Of course dying is hardly ever very fun ...
    As tragic as the Surfside collapse was, it was also partly the result of decades of neglect by owners who year after year decided they did not want to spend money on maintenance (it is still not clear if building codes were breached by the original developer).
    If you don't maintain your car it's going to break down and be next to worthless, if you don't maintain your property it will deteriorate until the land it stands on is worth more than the building, and if you don't maintain your physical and mental health you are going to break down too, faster than necessary ..

    • @MichaelBordenaro
      @MichaelBordenaro  ปีที่แล้ว

      The Surfside collapse was definitely an eye-opener for people, and these new condo laws are going to prove just how many condos have not been well-maintained over the years.

  • @TrangHuynh-hz9vb
    @TrangHuynh-hz9vb ปีที่แล้ว

    Wow , this is sad 😢. I was thinking to down size once I'm older .

  • @oidirk
    @oidirk ปีที่แล้ว

    Love Florida but so glad I live in NW Florida. I own my own one acre home right on the gulf for less than 140k.

  • @prettygirlus9008
    @prettygirlus9008 ปีที่แล้ว +4

    According to the WSJ, 80% is the state law in FL, regardless of what the condo bylaws state.

    • @gypsygirl9
      @gypsygirl9 ปีที่แล้ว +1

      Are you sure? So if the HOA doesn't mention it at all it means the 80% rule applies?

    • @prettygirlus9008
      @prettygirlus9008 ปีที่แล้ว

      @@gypsygirl9 Well, at least that's what I read in a recent WSJ article. And I think this TH-camr is quoting from the same article.

  • @FeScully
    @FeScully ปีที่แล้ว

    Wait! What?! Take over? I’m shocked!
    I live on Brazil - we pretty much live in condominiums in the city - and I’ve never heard of anything like that on my life. It’s outrageous.
    About people having to pay a lot of money for safety renovations after the Surfside collapse you should check what’s happening in London after the Grenfell fire. People’s property have now zero value and they can’t sell without the repairs. They also can’t get another mortage.

  • @gypsygirl9
    @gypsygirl9 ปีที่แล้ว +2

    Well..if investors can get it cheap enough, they will buy. But , I think many investors actually overpay. They think they got a good deal but they formula I learned to determine the most to pay for any property must be different.