They have not taken care of their buildings - have enjoyed low HOA fees for too many years with no reserves....A single family home owner pays for roofs, updates, etc....Condo owners have paid nothing for upkeep and they are lucky to have enjoyed their view for so cheap for so long...
insurance will never go down , they will only increase , even if more insurance companies come to florida they work together with politicians to make money , its allways about the money , do not think they are there to help you
I own a home in Florida and recently reviewed the expense of ownership, maintenance and it’s around 9K annually. Insurance is 4K and insurance is paid in the condo fee. You could buy an acre outside of town and put a camper, tent, or live in your car on the land to save money but I’m sorry shelter is just expensive period.
No one would have believed that a condo building could totally collapse, so a lot of maintenance was delayed or just ignored. And then the worst happened. Now everyone is scrambling to avoid another disaster. Unfortunately, owners are being caught with terribly high repair maintenance costs. Many retirees are being forced out because they just can't afford to pay to live in the unit that they thought would be theirs for the rest of their lives.
The Florida R/E is a diaster. It does not matter at all that Insurance Carriers come into the market if Natural Diasters continue ( hurricanes, floods or fire). Beryl just become the first Cat 4 hurricane in history for June. It is big time gambling so the real question is can you handle the entry fees, on going costs and ultimately the losses?
Best info about upcoming condo fee's and rules...Insurance Co are sending out cancellation notices like crazy in Boca, it seems like everyday someone is posting on nextdoor in East Boca...Thanks for keeping us informed, it's appreciated.
Florida that I love, have been here for 40 years, is getting a lot more like the politicians in California. The Florida legislatures are more interested in bedroom behavior than keeping the state affordable.
The problem is these people paying times 3. Insurance for the Building, Insurance for the unit the own, and any assessments for Building/Maintenance Projs.
First of all, many people in the USA don’t want regulations. The lack of regs has allowed condo owners to vote to put off major repairs. Of course government is just as culpable as the homeowners. I highly doubt insurance will drop much for many years. The cost of payouts due to national disasters has skyrockeded. If it is not profitable insurance companies will not stick around. Greed may also be a contributing factor. In desirable areas people are selling to companies who are trying to own 51% of the building. This allows them to control the board and the remaining owners are pushed out. Basically the new owners want the land and not the condos. Years ago I considered buying in Florida. So glad I didn’t.
I moved to Florida 1 year ago, at a waterfront condo. Yes, foreclosures will increase significantly. Home prices, already disproportionately high, are increasing. I think its a 6 or 7% increase in Condo sales. SIRS and assessments are crippling sales. Don't forget insurance premiums: master, in-wall, and hazard policies. I will be moving back. It's beautiful, but being smart is realizing when you need to back off.
I'm sorry it didn't work out for you. I know the magnitude of the situation has the attention of state lawmakers so hopefully they can put something in motion to remedy these issues.
We know how to design for long life but it costs much more. Initially financiers and original builders strive to build for the lowest cost techniques and materials that will last for the original mortgage length. In all these cases it is the permeability of cheap concrete and the steel rebar that corrodes that can be improved upon. Today for critical structures the GOVT with its deep pockets builds with fortified concrete that is air and water proof and with fiberglass and galvanized rebar that will not corrode because moisture and salt oozed into the concrete and rusted the reinforcement. Remember the old " AN OUNCE OF PREVENTION IS WORTH A POUND OF CURE " ..... If in the original design the more expensive build techniques and materials were required by code, we would not have the structural deterioration. Yes the original costs would be more but 30 years later we would not have to demolish the building. How can we convince developers to spend a lot more money up front to save the buildings from degrading years in the future when they are long gone? Only Govt required Code can accomplish that but not with the developers padding the wallets of politicians who approve of the cheapest build laws.
Mediator at DFS and to learn that $36.2 billion dollars out of $51 billion has gone to Public Adjusters and lawyers who I work with on a weekly basis and ONLY $5.68 billion has gone to Claimant victims in Hurricane, water or flood damage is criminal. I will be raising this with the DFS Hierarchy.
Land grab for condo buildings. I am sure the developers are waiting in the wings to purchase these units for pennies on the dollar. In florida condo owners are receiving 200K assessment fees.
Yeah, those $200,000 special assessments are the fault of the owners because they refuse to maintain their own buildings or keep reserves. Though I guess Florida could just let the buildings collapse on their own. But yes, if you have a building in terrible condition that requires hundreds of thousands of dollars per owner to fix if it’s in a good location then maybe the land is worth something
Value of the property soars so do insurance costs. Build quality must be improved as well because of #Surfside_collapse so good lesson in the stunning risk always been present in unique to Florida...for now...condo market. Definitely a good time to be a Realtor but yes biggest real estate collapse in Human History has only just now hit the USA after starting in China #fiat_money short gold strong sell if you really want to go full on contrarian to make a fortune.😊
Yes, but when the politicians were owned by the real estate industry, and we’re strangling the insurance industry, you had nothing to say. Insurance is a business if it loses money, it goes out of business. And Florida lead the nation with bankrupt insurance companies. In fact the state of Florida is now the largest insurer in Florida and growing.
They have not taken care of their buildings - have enjoyed low HOA fees for too many years with no reserves....A single family home owner pays for roofs, updates, etc....Condo owners have paid nothing for upkeep and they are lucky to have enjoyed their view for so cheap for so long...
Nothing is gonna come down.
🤣
insurance will never go down , they will only increase , even if more insurance companies come to florida they work together with politicians to make money , its allways about the money , do not think they are there to help you
I own a home in Florida and recently reviewed the expense of ownership, maintenance and it’s around 9K annually. Insurance is 4K and insurance is paid in the condo fee. You could buy an acre outside of town and put a camper, tent, or live in your car on the land to save money but I’m sorry shelter is just expensive period.
Except that's illegal in most places
No one would have believed that a condo building could totally collapse, so a lot of maintenance was delayed or just ignored. And then the worst happened. Now everyone is scrambling to avoid another disaster. Unfortunately, owners are being caught with terribly high repair maintenance costs. Many retirees are being forced out because they just can't afford to pay to live in the unit that they thought would be theirs for the rest of their lives.
The Florida R/E is a diaster. It does not matter at all that Insurance Carriers come into the market if Natural Diasters continue ( hurricanes, floods or fire). Beryl just become the first Cat 4 hurricane in history for June. It is big time gambling so the real question is can you handle the entry fees, on going costs and ultimately the losses?
There are certainly many factors to consider.
Best info about upcoming condo fee's and rules...Insurance Co are sending out cancellation notices like crazy in Boca, it seems like everyday someone is posting on nextdoor in East Boca...Thanks for keeping us informed, it's appreciated.
Thanks Lynda! This debacle feels unprecedented, for sure.
Florida that I love, have been here for 40 years, is getting a lot more like the politicians in California. The
Florida legislatures are more interested in bedroom behavior than keeping the state affordable.
The problem is these people paying times 3. Insurance for the Building, Insurance for the unit the own, and any assessments for Building/Maintenance Projs.
My hoa went from $2000 per month to $4200.
Lucky to have sold .
First of all, many people in the USA don’t want regulations. The lack of regs has allowed condo owners to vote to put off major repairs. Of course government is just as culpable as the homeowners. I highly doubt insurance will drop much for many years. The cost of payouts due to national disasters has skyrockeded. If it is not profitable insurance companies will not stick around. Greed may also be a contributing factor. In desirable areas people are selling to companies who are trying to own 51% of the building. This allows them to control the board and the remaining owners are pushed out. Basically the new owners want the land and not the condos. Years ago I considered buying in Florida. So glad I didn’t.
I moved to Florida 1 year ago, at a waterfront condo. Yes, foreclosures will increase significantly. Home prices, already disproportionately high, are increasing. I think its a 6 or 7% increase in Condo sales. SIRS and assessments are crippling sales. Don't forget insurance premiums: master, in-wall, and hazard policies. I will be moving back. It's beautiful, but being smart is realizing when you need to back off.
I'm sorry it didn't work out for you. I know the magnitude of the situation has the attention of state lawmakers so hopefully they can put something in motion to remedy these issues.
Thank the attorneys and roofers for insurance costs - do your research..
We know how to design for long life but it costs much more. Initially financiers and original builders strive to build for the lowest cost techniques and materials that will last for the original mortgage length. In all these cases it is the permeability of cheap concrete and the steel rebar that corrodes that can be improved upon. Today for critical structures the GOVT with its deep pockets builds with fortified concrete that is air and water proof and with fiberglass and galvanized rebar that will not corrode because moisture and salt oozed into the concrete and rusted the reinforcement. Remember the old " AN OUNCE OF PREVENTION IS WORTH A POUND OF CURE " ..... If in the original design the more expensive build techniques and materials were required by code, we would not have the structural deterioration. Yes the original costs would be more but 30 years later we would not have to demolish the building. How can we convince developers to spend a lot more money up front to save the buildings from degrading years in the future when they are long gone? Only Govt required Code can accomplish that but not with the developers padding the wallets of politicians who approve of the cheapest build laws.
My searches on condos is showing a 33% decrease this year due to the HOAs. Question is will they continue to go down or should I buy now?
Very informative!
Thanks Peter
Couldnt pay me to live in an HOA, Condo
I know...I'd buy a plot of land and put up a tent before I would buy a home in an HOA or a condo of any type.
@@TheHiredGun187Do you have room for my travel trailer?😂
No one’s paying you at 11 anywhere, problem solved
Mediator at DFS and to learn that $36.2 billion dollars out of $51 billion has gone to Public Adjusters and lawyers who I work with on a weekly basis and ONLY $5.68 billion has gone to Claimant victims in Hurricane, water or flood damage is criminal. I will be raising this with the DFS Hierarchy.
It's insane!
And, I won’t say it too loud, but we aren’t half-way through our hurricane season.
HOAs SUCK!
Thank you
Hold on 51 billion paid out but the USA taxpayer spent over 300 Billion to Ukraine. Where is the help for usa citizens
Land grab for condo buildings. I am sure the developers are waiting in the wings to purchase these units for pennies on the dollar. In florida condo owners are receiving 200K assessment fees.
Yeah, those $200,000 special assessments are the fault of the owners because they refuse to maintain their own buildings or keep reserves. Though I guess Florida could just let the buildings collapse on their own.
But yes, if you have a building in terrible condition that requires hundreds of thousands of dollars per owner to fix if it’s in a good location then maybe the land is worth something
That is awesome. I guess it is just one of the perks of being a Java Developer.
I would rather rent than buy a condo that is within 3 miles of the coastline in Florida.
Good luck with that!
Prices need to drop by 50% ..
You mean the HOA fees?
Good 🗞️
Just say NO to HOAs.
Value of the property soars so do insurance costs. Build quality must be improved as well because of #Surfside_collapse so good lesson in the stunning risk always been present in unique to Florida...for now...condo market. Definitely a good time to be a Realtor but yes biggest real estate collapse in Human History has only just now hit the USA after starting in China #fiat_money short gold strong sell if you really want to go full on contrarian to make a fortune.😊
Those politicians are bought buy the insurance ask Desatan and his disciples.
Yes, but when the politicians were owned by the real estate industry, and we’re strangling the insurance industry, you had nothing to say.
Insurance is a business if it loses money, it goes out of business. And Florida lead the nation with bankrupt insurance companies. In fact the state of Florida is now the largest insurer in Florida and growing.
Condo = all the benefits of renting coupled with the obligations of owning
So apparently don’t understand why people buy condos so you just decided to make something up. If you don’t want one then don’t buy one.
Condo owners are suffering from delusions.
Dude, buy a bigger jacket.
Done & done.
Aye holes had 3 year notice no sympathy hahahahahaha
Woah, don't be so heartless Harry! 😅
Crumbling condos don’t sell in Fla new insurance companies coming to Fla to finish you off