There’s also a ton of graft, a friend of mine is owns a large contracting business, he told me board members often require a kickback or “free” work done on their own unit as bribery to get the contract.
It is unfortunate that the current owners of a Condo in an Older High rise Building are under so much Pressure. My Parents had a Condo in Boca in the 80's, and for them it was a Golden Goose as they enjoyed it for 15 years, and had little out of pocket then sold for a Big profit.
For years the apartment owners opposed any property repairs and maintenance and they made the lives of volunteer Condo Board members miserable. Now pay up or get out.
I can only image knowing that your home needs repairs and the rest of the community doesn’t care and delays it as much as possible. It would be interesting to hear more of these former condo board members share their experiences.
Yeah! I still have people specifically want an HOA when they move to Florida. But, I strongly prefer for myself no HOAs due to horror stories that I have seen over the years. I completely understand.
I saw this clip a couple days ago. Notice how large the land is with the condos. There’s maybe 6 or 7 bldgs to me the landscape cost isn’t that much considering how much land they have. I’ve seen single family homes spend $100K in landscaping.
@@BocaRatonLiving$3k a month is two mortgages for life on that condo. No way. People are grossly obsessed with Florida to be paying these ridiculous prices
Prices are still high in a lot of areas in south Florida. If the building is older, make sure their agent looks for special assessments and see if the seller is able to pay them at closing. There is always room for negotiations.
I thought part of the HOA's fees goes to repairs and maintenance of the buildings? I don't have any knowledge of managing the buildings, so I don't know how much it costs to manage it. But if you collect $1,500 per month from each unit in the building, I think that should be enough. I doubt that it costs that much to keep the place clean and nice (landscaping).
You will be surprised by how much delayed maintenance a building like this can have. Also, the poorly managed ones are even worse. The salt water and the metal used inside the foundational structures in the building do not go well. The structure can literally rust away from the inside.
It seems to me insurance companies are now tapping into mandated markets !!! Which guaranteed their companies acceleration profit margins for life...the government regulatory markets should have caps on all and any of these companies that are mandated by government to insure consumers...
Add all the very pricey new regs +33% (real number) inflation= 60% price increase in 25. which means a $300k condo today in Q3 of 25 will be close to $500k!
Why can't goverment put a cap on HOA fee's !!!!!...if your are mandated by law to pay the fee's why do HOA management corporation need to increase their fee's for profits. They are guaranteed a job for life they will be guaranteed an income for life...a COLA would be adjusted by the goverment standards of inflation costs
A cap would sound nice but a lot of these special assessments are under the lines of resident safety. There has been buildings not agreeing on repairs and the gov makes them evacuate the building for being unsafe.
Extremely relevant..my partner just represented a buyer from New York for a condo in Aventura. The seller paid the special assessment just to sell the condo and get out. Thanks for bringing this up.
For people who are debating between an older condo or house…. I would almost always lean towards a house especially a none HOA one myself. Everyone is different though.
@@BocaRatonLiving problem in boca most houses in non-HOA are from 60s-70s and not easy to find one in good conditions for a reasonable price. There are some cheap HOA around (under 100/mo) and not all HOAs are annoying, I live in one which I never had problems. Sometimes it's actually good, avoiding having a neighbor who paint his house pink and let the grass look like crap devaluate your property too
There’s also a ton of graft, a friend of mine is owns a large contracting business, he told me board members often require a kickback or “free” work done on their own unit as bribery to get the contract.
Wow! Thanks for sharing!
There is price gauging for sure.
It is unfortunate that the current owners of a Condo in an Older High rise Building are under so much Pressure. My Parents had a Condo in Boca in the 80's, and for them it was a Golden Goose as they enjoyed it for 15 years, and had little out of pocket then sold for a Big profit.
There is a condo for sale in Kensington walk 33433 for sale 4 months already , not being sold but the price stays around 300k USD
Owners Run! It will only get worse!
For years the apartment owners opposed any property repairs and maintenance and they made the lives of volunteer Condo Board members miserable. Now pay up or get out.
As a former Condo Board member I agree. Sold my condo 2 years ago. They were introducing new Fla condo laws years ago.
I can only image knowing that your home needs repairs and the rest of the community doesn’t care and delays it as much as possible. It would be interesting to hear more of these former condo board members share their experiences.
I lived in Sunny Isles for years, Williams Island is one of the very ritzy and expensive developments.
I wouldn't buy his condo for one Dollar if they offered it to me, there is still the horrific HOA fees that have no limit
Yeah! I still have people specifically want an HOA when they move to Florida. But, I strongly prefer for myself no HOAs due to horror stories that I have seen over the years. I completely understand.
Hahaha me too!
I saw this clip a couple days ago. Notice how large the land is with the condos. There’s maybe 6 or 7 bldgs to me the landscape cost isn’t that much considering how much land they have. I’ve seen single family homes spend $100K in landscaping.
@@BocaRatonLiving$3k a month is two mortgages for life on that condo. No way. People are grossly obsessed with Florida to be paying these ridiculous prices
They will have to give it away
Yet my son is looking for a condo and they are all overpriced. We live in the Fort Lauderdale area. Prices are still ridiculous.
Prices are still high in a lot of areas in south Florida. If the building is older, make sure their agent looks for special assessments and see if the seller is able to pay them at closing. There is always room for negotiations.
I thought part of the HOA's fees goes to repairs and maintenance of the buildings? I don't have any knowledge of managing the buildings, so I don't know how much it costs to manage it. But if you collect $1,500 per month from each unit in the building, I think that should be enough. I doubt that it costs that much to keep the place clean and nice (landscaping).
You will be surprised by how much delayed maintenance a building like this can have. Also, the poorly managed ones are even worse.
The salt water and the metal used inside the foundational structures in the building do not go well. The structure can literally rust away from the inside.
I have to wonder if developers aren't behind it. They can clear out a building at bargain prices and then tear it down to build new.
They already have plans to build a new building where the last condo fell in the Miami area.
It will be a triple financial disaster of increasing HOA fees, added assessments, and increase in home insurance rates.
No kidding…. 😭
It seems to me insurance companies are now tapping into mandated markets !!! Which guaranteed their companies acceleration profit margins for life...the government regulatory markets should have caps on all and any of these companies that are mandated by government to insure consumers...
Add all the very pricey new regs +33% (real number) inflation= 60% price increase in 25.
which means a $300k condo today in Q3 of 25 will be close to $500k!
Inflation is hard for some to grasp. To have the same lifestyle, you would need to have your income to increase by that much as well.
Why can't goverment put a cap on HOA fee's !!!!!...if your are mandated by law to pay the fee's why do HOA management corporation need to increase their fee's for profits. They are guaranteed a job for life they will be guaranteed an income for life...a COLA would be adjusted by the goverment standards of inflation costs
A cap would sound nice but a lot of these special assessments are under the lines of resident safety. There has been buildings not agreeing on repairs and the gov makes them evacuate the building for being unsafe.
Extremely relevant..my partner just represented a buyer from New York for a condo in Aventura. The seller paid the special assessment just to sell the condo and get out. Thanks for bringing this up.
That buyer got represented well then! I am stunned at some of these special assessments. Highland Beach area had some $$$ pricer ones too.
my condo in marco is 2 years old first floor parking 2 liveing floors is that 2 story building under the florida law of stories
The newer buildings are doing much better with the special assessments currently. Thanks for sharing!
Dont buy condos. It not worth in a long run
For people who are debating between an older condo or house…. I would almost always lean towards a house especially a none HOA one myself. Everyone is different though.
@@BocaRatonLiving problem in boca most houses in non-HOA are from 60s-70s and not easy to find one in good conditions for a reasonable price.
There are some cheap HOA around (under 100/mo) and not all HOAs are annoying, I live in one which I never had problems. Sometimes it's actually good, avoiding having a neighbor who paint his house pink and let the grass look like crap devaluate your property too
Are they doing this there to townhouses also?
Everything you see is mainly just condos due to the age, height, and distance from the ocean. Townhomes are less affected by this issue.