Orlando condo owners priced out by assessment fees
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- เผยแพร่เมื่อ 1 พ.ค. 2024
- Residents of Regency Gardens Condominiums are worried they'll either lose or have to sell their properties after a recent notice revealing a shortfall of over $17 million in the condominium association's reserves.
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Soon no one will buy a condo in Florida when their their monthly condo fee, assesements, property taxes and homeowners insurance are more than their mortgage.
I'm convinced that's the idea.
Oh you’re wrong about that. Someone will buy the condo, just not you. Maybe a hedge fund that will rent it to you. This is the world we now live in.
@@kingjustice1831 Gotta love DeSantos for making it possible
@@Matt-fl8uy I hear you, but I think it’s bigger than the failed Trump clone.
not over 3 stories high anyway
Never buy a condo or go into an HOA.....the fees and assessments NEVER end...and only go up...and up...and up....and up....and up.
Many years ago I looking at buying into a HOA of free standing units that started at $360,000! I was told the HOA fees would be $400 a month. I was also told that your garage doors have to remain down all the time. And no parking was allowed in your driveway overnight! The sales agent didn't need to tell me anything more, I heard enough!
Correct
I got news for you. No matter where you live it keeps going up.
@@AStanton1966 good for you. That is insane. Why would I pay someone to tell me what I can, and can not do with MY property.
@@teddyjam8134 It goes on just about anywhere you pay maintenance fees. People are told when and how big a flag they can fly outside their units. If they allow pets, they want you to measure some from the floor to shoulder. It's insane!
Those are not proper condos. They are in fact apartments sold as condos.
The ONLY difference between a condo and a hotel/apt. is that you own the unit if it is a condo and pay a mortgage on the unit and condo fees for community maintenance. If you live in an apartment, you rent the unit and the landlord is responsible for the maintenance of the unit and community maintenance.
@@lisasaunders4835
So if I buy a condo & rent it out to someone else then it becomes both , still a condo to me but an apartment to the other guy.
@@darthdaddy6983 Yes
That's what a condo is. It's just a glorified apartment.
@@teddyjam8134 for glorified crews 😉
It won’t be long till everyone will need a section 8 voucher
That’s the plan…..
Of course the dog dad would say that
Lol 😂
That's the idea. You will own nothing and be happy about it. - WE.F
Universal income
This is why I’ll never buy a condo or join a HOA
Just don’t buy a condo
HOA are just a problematic. Very smart not to buy a home with a HOA
@@mr.a. it all depends. High rise and condos are the worse. Single family detached homes are best. But any way I went to visit my former neighborhood where I sold my first house and it was not HOA. What I saw shocked me. Unkempt lawns and front yards, dirt and weeds, and even at one home its front yard was being used as a mini salvage yard for derelict cars and auto parts. These are nice homes, with up to 3700 sq. Ft.
Agreed. Ripe for corruption and kickbacks.
@@james82159in the last 20 years that I own my house all I spend is $5,000 for a new roof.
My husband and I are from Miami, FL … We moved to Colorado and now own 7 acres of land. Best decision ever.
Do you pay property taxes on your land? No one "owns" anything anymore.
I was born and raised in Miami. I was about to buy right before Covid but I lost my job. Now I can't afford anything. I'm seriously considering leaving as well.
Hey, look at me!! 🙄
I love Colorado. But it’s not for everyone, coming from Florida.
Who cares about seven acres of land if someone doesn’t make use of it, or enjoy it.
So you brag on TH-cam?
Everyone wants their house to increase in value...until they get the new tax bill...
Right. You don’t even have to sell your house.
St Lucie county Property taxes are higher then New Yorks it’s ridiculous 🤬
They have live meetings and it’s filled with citizens complaining
They are talking about HOA fees in this video lol.
Or it needs a new roof
@@infinitexps It's actually about a Bill the State passed after a coastline condo complex collapsed. It requires a huge sum of money be held in reserve in the off chance your building collapses so they can repair what's left. For once it isn't an HOA doing something scummy, it's the Government forcing an HOA out of existence. Residents cant cover those costs so the whole building is going to get shut down and the HOA goes out the door with them.
@infinitexps an HOA is a public entity, it’s a tax.
No one saw this coming? When we were thinking of retiring to Florida and doing basic research, the condo fee problem was one of the first things we learned about. Bottom line, we learned even if we paid cash for a Florida condo, we couldn't afford to keep it.
Now that is INSANE!!!!! WOW!!!!
HOAs are corrupt and embezzle funds.
If you did nothing to investigate the fiscal health of the association I can see where this might be a problem.
@@bubbajones4522 the HOA is supposed to share this info with homeowners in letters or HOA meetings. But if you buy a condo you're not going to know until after the fact, then it's too late. One would need to investigate the health of the HOA PRIOR to consideration of buying for it to do any good.
@@Cerez78 I buy, sell and rent condos. The first thing I do when considering buying in a new community is to get the community financials from the realtor or seller.
Also, all owners should know what the people controlling their investment are doing. Attend the meetings and listen to the financial reports. No excuse...
I like my 5 acres in the farmland of Alabama. Nobody bothers me, I don't bother them.
While I appreciate what you said, they will come for you in other ways soon as well. The government is out to ruin homeownership no matter where you live.
They are coming for you to, corruption being priced out of your home is the new norm, and guess what does not matter if you are in a blue or red state. That is the new form of governing. Just take people home and transfer them to corporations. That's a new form freedom.
@theadjuster6760 And the fewer homeowners there are, the less power they'll have as a collective to do anything about it. This is how "divide and conquer" strategies succeed.
Congratulations 🙄
@@vidaacheampong2563 You Jelly
I have worked maintenance at 6 apartment complexes, in Orlando for over 20 years, I can attest that owners, and managers care nothing for maintenance in reality, just the money.
Most of the older complexes in FL have so many issues that if building codes were enforced they would be shut down immediately, and torn down.
Having rented in Orlando for the past.... *omg its been 8yrs holy #### time has gone by so fast*.... I can personally attest to this. I've had great relationships with some of the managing offices and maintenance teams (you've always got a cold water / energy drink waiting for you) but despite that it was observable that corporate management only saw money while everyone else working there wanted to make something nice for people to live at.
I will give "South Oxford Management" credit though - when they took over one apartment complex I was staying at things actually got better. Well at least until they started using RealPage software like all of the other management companies across the nation to artificially drive up rent prices.
I digress (hot dang you've got me reminiscing the good and bad times from a YT comment - well done!) yeah management groups suck. lmfao
@@QuantumImperfections The world we live in now is definitely "Profits over People" for sure.
👏🏻👏🏻👏🏻👏🏻
@@michaelyork4554 Do these condors you had worked have termite issues?
A $900 a month addition to the current condo fee? LOL. That's a full mortgage payment here in the Midwest.
You should see how much is Flood insurance in Florida and parts of Texas are going for ! 🌪️🌀🌧️
@@ProfessorFicklehow much? I’m curious about the range…
@@Judgedsafe195 : That’s the joke/punch line , They won’t insure homes, home insurance companies have left those
2 disaster prone states.
Went from 1600 a year to 2000 to 6000 a year to Not insurable.
@@ProfessorFickle wow that’s insane…I wondered why so many beach houses were popping up on the market and sitting.
I'm more curious how a RED STATE is allowing this to happen.
Vacationing in Florida is much different than living in Florida.
We need to stop HOA’s in Florida. They are getting out of control!!!!!
Stop republicans who are ruining your state
Condo assessments are to pay for things like structural fixes, roofs,.parking lot paving.
@toomanymarys7355
That is what HOA fees are for.
This situation is not the fault of the association but rather the owners chose to kick the can down the road and not fund their reserves. This debt is just and owed by the owners.
stop moving to florida. There, fixed it.
One of the big problems and I’ve seen it play out too many times is the HOA boards are completely incompetent and the practice of using a popularity contest to fill the positions is extremely flawed.
Oh like our current system to pick presidents.
@@nhoegler don’t get me started on that one
HOA boards are made up of volunteers, meaning no one gets paid. The problem is the right people for the job don’t want to volunteer their free time, they’re busy living their lives.
Many of the people who have the spare time to get political are the least qualified to oversee something that takes a large responsibility to other peoples significant investment.
@@mikew.to1 100%
Come up with $22k by July?? That’s gonna be pretty impossible for most people considering most people don’t have a lot of saving or emergency fund.
estimated 50 percent of Americans can't come up with 1000 dollars cash for a emergency
These people chose to kick the can down the road and not fully fund their reserves. This is their debt and the law is forcing them to be responsible. The owners can either get financing on this debt, sell or get foreclosed.
ummmm they will go to a bank and borrow it like a car or boat....
That’s crazy. Who got $22k they can fork over at a drop of a hat 🎩?
@@jogmas12Responsible people
HOA fees are giving someone a license to steal. I owned a condo never again.
If HOA condo owners REFUSE to vote to raise their fees as the condos age, THEY ARE at fault for the shortfall. Most owners think they will only live there a short time while they save for the "home of their dreams" so don't care what happens afterwards OR are older seniors that don't care about the long-term welfare of the buildings because they think they won't be around for that so won't vote to raise the fees.
i bought a place in gulfport, but decided on a small house instead of a condo. so glad I did. No HOA and insurance only 1200 a year. Condos are a trap
This is one reason why I would never by a condo.
Have you looked at Century Village? Cheap and 2 stories.
@@Patrick-yh5yd
How much is hoa?
@@chinaboss6683 $350.00 a month
Buying a house in State of Florida has just as many fees also.
One of the biggest mistakes of my life was buying a condo 10 years ago. Equity flatlined, monthly costs have more than doubled. I would have been better renting.
So now its either get collapsed or get evicted. Two wrongs dont make a right.
These are not wrongs, these are called consequences.
"Two wrongs dont make a right". But 3 lefts do 😂😂😂
@@daintyminnie9270 Funny you say consequences when the there was no consequence for who arbitrarily jacked up the fees.
It's not the taxpayers fault, it's the condo owners fault for not having a repair fund good enough. Same crap in our area with water. The town was cheap for like 15 years and not doing repairs and not collecting money from residents for like 15 years to keep pricing down. Not they just yanked up the prices like 2x.. So they can do repairs over the next 2 years.. It's insanity.
@@lextacy2008 "jacking" up the fee is necessary. Building require maintenance and upkeep and people are too cheap to pay whats required to do inevitable repair because they always want low hoa fee. So now they can let the building collapse (consequence) or get evicted (consequence) or simply pay whats required to maintain the structure.
My wife and I were thinking of retiring to Florida in a couple of years but not anymore. Too many negative variables now.
I retired out the USA too expensive to live there anymore
Yeah good choice. Florida will part you with your money and leave you in a state run nursing facility where your diaper isn’t changed for days. You’re better off moving out of the country when you retire.
Good. Florida is full!
@@Orlando_Steve Florida needs leadership change. Florida's mess is because too many vote Republican.
Just wait until the market bottoms in a couple years and then carefully look at the fiscal health of the community before deciding which condo to buy. It'll be okay.
Crazy those are condos. They are straight up apartments. I remember they tried the whole converting apartments to condos in Tampa in the 2000’s. Didn’t work..most ended up reverting back to apartments. Those are so old and can’t imagine the maintenance cost on them. Would never buy a condo. Really sad.
I remember when that happened in Tampa.
Exactly
They were doing that in Orlando too back before the 2008 collapse.
Remember they did that in a Palm Harbor apartment complex, before they converted I considered renting but walked away. To think someone would buy one of those units after they converted to condos made me laugh.
@@miketuttle9319 After the 2008 collapse there were some that went from $150K asking to under $30K. I went and looked at a few at one such converted complex but the problem was only 50% of units were occupied. There were rat droppings all over the place. I did not want to get hit with some big assessment so I decided not to buy.
You truly never own your home in America. Even if that condo is paid off, if you don't come up with that money they can forclose on you. You might as well just rent.
worst advice ever; never rent if possible; that is a bigger trap; avoid loans and debt; stop lliving above your means; do not live on someone else's land as you will be at their mercy or worse.
I live in a van down by the river 🚚 🏞
@@AK-47ISTHEWAY😂😂😂
I bought my house and got a low price and a low rate, we overpay the principal every month, we have the double homestead exemption and certain people are tax exempt.
Even when you pay a landlord those property taxes and insurance are coming out of your rent, then the maintenance costs plus the landlord's cut. You have longer to resolve a foreclosure versus an eviction, in hard times. Lower income individuals shouldn't be taxed on the home they live in though, I agree on that.
As a former President of a co-op board, I get it, but this is no way to run a building. In this particular complex, the board didn’t plan ahead for future repairs and maintenance, even before Florida passed this bill. For a condo to be $17,000,000 short on its reserves (assuming that this is not a new building), that is just just crazy! BTW, running an HOA is a hard, completely thankless job. While some HOA boards might be corrupt or incompetent, the majority of board members are just trying to serve their communities under very difficult circumstances.
These kinds of stories always have someone who was stealing the money.
I don’t know about majority! I think you are overestimating that.😂
Most HOA's and POA's are run be ego maniac jerks
Exactly. This former president board member is full of it. If this condo is 17,000,000 in the hole, there's massive corruption going on
Bwahahaha!!! NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
"no one saw this coming". No, you refused to see it after kicking the can down the road for years, keeping condo fees low.
This literally happened to my good friend in miami. Her dues went up $750! She is a teacher who lives alone and had to sell the condo and move home to NY. To be fair she hasnt been happy in FL in a decade but this was the nail in the coffin. Deapite what folks think most colleges pay teachers garbage (40-50k in a city. I made 28k in a small upstate NY town). So she wasnt raking in the cash. Now shes coming back to live with her elderly parents and look for work subbing in NY. I think in the long run this is going to be good for her but its still a blow to your confidence that despite having a fulltime "good job" and owning your own home you got priced out and couldn't make it. Unbelievable.
In a lot of condominiums unit owners voted no year after year to beefing up their reserves. Now the can can't be kicked down the road any longer.
This is absolutely true. When I bought my first home, a condo, a key item I checked was that their annual budget provided at least 10% of their annual revenues into a reserve fund. That's a clear sign of an HOA Board that is trying to be responsible to their members.
Florida is about to have a whooooole bunch of vacant/foreclosed on condos! Good luck finding NEW buyers willing to purchase under the new assessment fees! WHAT A NIGHTMARE!!!!!!!!
They'll just tear em down, build new and sell them
The idea is to bring in developers. Implode those old buildings close to the ocean front and build modern structures. Florida won't remain a retirement state.
@@zatosan729 Good. Get these rude geezer snowbirds out!
Good, this is the free market at work. Those owners who chose not to fully fund their reserves and instead kick the can down the road get what they deserve. Now either pay your debt or sell/foreclose. The new owner will pay your debt and deduct it from the purchase price.
@@bubbajones4522 Yes, that's what losers hate about capitalism. When people do stupid things they are SUPPOSED to lose. Buying a condo is one of those stupid things. Just one level up from buying a timeshare.
“You will have nothing and be happy…”
You will own nothing and be happy. People will be able to rent all sorts of things, if they can afford them.
You will own nothing and be homeless.
Capitalism buddy. You're either eating or getting eaten. Sounds like you need to buckle down and work harder there, doughnut! Stockmarket is ROARING! Job market ROARING! If you aren't making money than that's because you suck. I'm by no means rich and i made 32k THIS MONTH ALONE on stocks and crypto. Seriously, you suck if you aren't making dough right now.
I didn't become financially independent until I was in my late 30's, and I'm still in my 30's. In addition to having purchased my second home and earning money on a monthly basis through passive income, I've also achieved three out of five goals. I just hope this inspires someone to realize that it doesn't matter if you don't have any of these things yet, you can start today no matter your age. Change your future by investing! I made a rather big decision by investing in the financial market.
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks.
I keep wondering how people earn money in financial markets, i tried trading on my own made a huge loss and now I'm scared of investing more.
@@divlweb Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances.
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the expertise that assisted you and how to get in touch….
@@divlweb I get guidance from *Susan Tori Davis* Most likely, the internet should have her basic info..
After the condo collapsed, everyone should have seen this coming a mile away.
" thanks " 😢 evil " elite " 😢
Ridiculous - the rich get richer and they out the poor - then cry when there is no one around to serve them.
Who's getting rich?
Those people get migrants to serve them.
*rich people move in and revitalize a decaying, irrelevant city "
Poors: NOOOOOOOOOO! That's literally gentrification!!!!! Noooo I won't be able to afford rent!!!!!
When the rich get tired of your whiny, parasitic ways and bolt.
Poors: nooooooo not my food desert! Corporate greed! Corporate greed! Corporate greed!
What are you talking about??? The owners didn't pay for maintenance for years. Now they have to pay all at once or the building falls down
@@toomanymarys7355exactly. Admittedly I don’t know the details in this particular case. But all too often condo owners vote to keep their costs low, which essentially kicks the can down the road until a large bill is due.
I would demand an audit on the association.
do you even have a brain? this has nothing to do with mismanagement and everything to do with a new law. it’s like you don’t even think, you just post the same dumb 7 comments even if they don’t make sense
You totally missed the reason for this happening.
THEY ARE the association, the owners, that failed to vote to raise their fees for years so they wouldn't have a shortfall.
And you would look like an idiot
It's not just Florida. I sold my condo in Atlanta after they increased my fees from $205/mo to $420/mo.
That's a pretty cheap increase compared to increase we have seen in the Tampa Bay area. Pinallis County.
@@iworkout6912 Yep, but I saw the writing on the wall. The more the fees go up, the less I was gonna be able to sell my condo for.
I’ll take that over a $900 increase any day.
@@MeagRamtheman Right. I saw the writing on the wall and the more the HOA increased, the less I was going to be able to sell for.
Where are all the people commenting that once you payoff your mortgage “you own” your place? People have this idea that mortgages are always the best way to go forgetting maintenance, taxes, insurance and potential HOA fees and city fines that are perpetual, not to mention that if your property gets destroyed by hurricanes, tornados, fires, flooding, earthquakes depending on where you live, you essentially start again (good luck your insurance covering for all the loss).
You never really OWN a property. You might pay off a mortgage but there will always be property taxes that if remain unpaid, could end in foreclosure.
True, you don't ever really own it, but paying 2k a year in taxes is way nicer than 2k a month in rent. Just don't buy a condo or hoa
Don't forget the occasional eminent domain. I've known a few people who were pushed out of their homes like this. In one case, for instance, it was to make room for the expansion of an expressway. Her home and land had been in the family for a few generations on the outskirts of town, but as the city grew and expanded, so did the demand for highways. Her home along with a few other people's homes in that area had become obstacles, in the way of where they wanted to expand on the expressway.
@@om-nj2hw $2k in taxes? Is that in Dakota or what neighborhood you are referring to? Also, don’t forget your insurance premium, which at least in FL has skyrocketed, not to mention the maintenance of that house, otherwise, the city will come with juicy fines even for your backyard or roof (at least in Miami the city uses drones, telling you from experience).
@@Enki1013That happened to my aunt and uncle in Louisville, Kentucky when they built I-265 in 1980. The neighbors went to court to fight it but lost. My aunt and uncle ended up losing most of their huge backyard. They did pay them but I don’t know if it was at property value or not.
my grandparents stopped vacationing in florida because they said the airbnb prices were through the roof. i cannot imagine having to live there
The only affordable place to live in Florida is the northern part and further inland. Basically lower Alabama or Geogia.
It's awesome. Wouldn't live anywhere else.
@@Teri_B. florida is pretty, i say i can’t imagine having to live there bc it’s expensive and i’m not made of money unfortunately lmao
@@mm-ln9sw
It's not as bad as people try to make it out to be. 😅 The main problem is blue state residents moving here in mass. There's no way to build enough places for everyone, so the price of housing has gone up. 🏡 Most red states are experiencing the same problem. Dems should be forced to live with the consequences of their voting. 😫 Things would improve significantly. 😊
No blackrock and house flippers
Blackrock brought a whole neighborhood a year ago
And people.who wanted to buy and flip it.for.more money
"....Florida law previously authorized chronic underfunding of reserves..." It sounds like the lack of regulation/deregulation in Florida is backfiring.
Yes, the law is forcing fiscal responsibility.
@@bubbajones4522
Coming from the party of “personal responsibility”
Pretty soon they are going to be crying for the blue states to bail them out again
yes. People don't realize who they vote for actually affects their lives.
But look how much money they saved up to this point.
@johnp139 who, the tenants? They didn't save enough to cover these additional fees
The FL condo market is toast.
Nope.
This is really on the Association board. They knew they weren't collecting enough money but didn't want to be the bad guys so now they want everyone to pay at once.
I’ll bet very few of the HOA members (condo owners) previously voted to increase the rates for this.
dammed if they do dammed if they don't
You can and will never be prepared for incompetence or greed.
I learned never to own a Condo back in the 80’s. They have always been hard to resell and with the HOA fee that can change annually, it is a no win situation.
Wow! This is insane!! How much longer before everything crashes out???? This is freaking ridiculous
It should be illegal to price people out of their homes
The system is designed to keep people poor. Government both federal and state are either working together or they both are dumb as hell. All your major cities have a homeless problem and this is one example of why. You can’t make this stuff up.
Stop with the conspiracy theory fear mongering. They are dumb as hell.
America is one big scam about to eat itself alive.
Actually, associations are notorious for underfunding reserves to keep monthly fees down and management companies just stink. This law
Should have been put into effects decades ago.
@marksherman1887 So you don't think the people who control those things spend the money on six packs of White Claw, visits to Golden Corral and commemorative edition vintage boxed sets of Judge Judy episodes? Cuz that's wut I heard.
Government is colluding to keep your building safe
so it doesn't collapse on your head.
There was a homeless problem 20, 30, and 50 years
ago as well, your point would be?
Call them what you will but these fees are actually a form of EXTORTION !
Only themselves to blame for kicking that can down the road till you need an emergency assessment. THEY are now being held accountable by the state for being reckless & irresponsible. Thousands of other developments did just fine.
Yep, legalized extortion!
EXACTLY. Welcome to the downside of buying into a Condominium complex. You're all in it together. If money is needed to protect the building, y'all gotta pay it. The association can legally extort it out of you if you don't pay.
Property tax can also push an owner out of their condo.
At least there is a yearly percentage limit on how high a Property tax increase can rise unlike HOA Fees.
Yes, we need to demand that our state reps work to update and increase the homestead exemption from the old $50K to $500K.
Not in FL. There's a limited amount property taxes can increase yearly. It's called Save Our Homes & has been in place for yrs.
@@Teri_B.I guess I should get an attorney with St Lucie county
It’s ridiculous
And insurance
These HOA’s have been pocketing monthly profits from fees! Only doing the bare minimum to maintain the property, paying themselves crazy salaries. This may tank the condo market in Florida!
This happened to me back in 2018 , nothing new with condos and I’ll never touch another one
if you own a condo leave run do not walk to the exit and never look back
Where should you go? Rent is high too!
@@beautyRest1 i know easy for poeple to say run, but that cost money and go where?
@@annmarie1689 yes, oI own a condo, it’s paid off. My monthly fee is 500 $. It’s 1,300 sq feet, where should I go? So far the board is good and we past that building inspection. I don’t want to rent either, because it’s very high.
@@beautyRest1 You have several options, but most important do your research and fine a reasonable rent it may not be in the best of areas but you will have a place, long a go when I was in college I rented a room from a very kind older lady , maybe you could do the same.
@@user-jf6pz5jx8g oh please, he’ll no!!! I’m not renting a room! I have 1,309 sq foot condo, why should I Lleave? Rent is going up too. Thanks for the advice, but NO THANKS!
This is CORRUPTION. Someone is getting rich with these regulations…
No, they are just forcing them to have money for the repairs after years of neglect
You don't understand how a condo works do you?
Moron.
If you have special assessment insurance on your homeowners insurance, you can avoid these fees out of pocket less your deductible.
Owners knew of the structural problems in the Surfside condominium but they kept delaying and shopping around for some contractor engineer to tell them what they wanted to hear. RIP
The problem in Florida is the governor and mayors.The problem in America are the politicians who do not care to make anything affordable and companies miss managing funds and money hoarding and everything falls on the American people.
This is absolutely catastrophic and a lot of people will end up losing their homes. However, it seems as if it was a longstanding problem that buildings aren't being maintained to safety standards and condo associations are chronically underfunded. What other solution is there other than these ridiculous special assessments?
It’s absolute garbage to treat people this way. A person with no heart hustling people into the streets. 😖😠🤨
When purchasing the condo, did these people ever wonder how the maintenance and repairs would be made? In PA, a portion of my townhouse HOA fees was put into a Capital Fund which was set aside to replace roofs, siding, etc. and we didn’t live in a natural disaster zone. Every quarter, reports were produced for transparency. Did Florida not require this?
nope and people overpayed for the condos. Did you know that Surfside was a total dump and people were still buying into the place for millions of dollars? all the money gets misspent. Then most of central floridas units and such are all over 30 years old. The problem with Florida is they have no luxury law and they dont care if they are pricing out the lower and middle class
There was a law in Florida before that condo collapsed that they could waive putting money into the reserve fund. That's what the condo that collapsed did. They didn't fund their reserve fund really at all.
@@carolr7823 Ah…that makes sense. It’s a lot of money, so they basically just kicked the can down the road. I live in Lake Nona and I virtually have to do the same thing (pay for maintenance and structural repairs) except I have to pay for it myself as a homeowner. If I don’t budget for it, I’m at risk as well. I don’t know what the solution is for these people, it’s unfortunate for sure. I don’t envy their circumstances.
this all came because the CITY ALLOWED a condo to collapse. has nothing to do with your dumb statement
No there were people who were trying to litigate with the condo during this whole debacle. They had an engineer report that said they needed to fix the building done in 2019 and the people who lived there didn’t wanna pay. Now look what happened. I won’t speak ill of the dead but If they had saw their future, they probably would have gladly paid. RIP to the people who lost their lives.
I'm still amazed people still buy condos and townhouses. If you don't buy a single family home this is all normal and expected. Nobody competent ever runs these boards as they are all volunteer based. So expect to burn your money when you buy a condo.
many condo, even with reserve funds, never included structural maintenance in their fees. All of them are 'on going' maintenance with assessments for costs outside of the reserve study. Hardly anyone looks and asks questions of a reserve plan, but if they did they would have been better prepared. 1.6M is not unusual, but when major structural is included such as foundation, balconies, it's a different story. Also, many management companies don't bid assessments or hire an engineering firm and award work to associated vendors and not open contract bidding. Many condo boards in florida, kicked the costs down the road if there were many on the board with fixed incomes. Now others are forced to pick up the costs. In a condo, voting to increase reserves often will fail if they are short term owners. The only solution is to sell, and I'd guess many will.
This is correct, but was often ignored by the owners or even looked at on the financial statements. It is brought up by the management company and board, but no one wants to hear it.
In California, 70 percent funding is considered ideal. Last time I checked many years ago, typical funding was closer to 50%. If California were to suddenly require full funding, there would be a lot of concern out here as well
@@VictorGeorgiou reserve funding should be spread according to a reserve study and be required to be fully funded. that would mean on a new condo what's required to be replaced in the next 5 yrs is fully funded, those in 10 yrs are less, and those in 30 even less so. What happened in Florida, many building now are inspected and what would normally have been spread are now due withing a 5 yr window. Full funding has to be a log curve to the date of expected life time replacement. A gradual annual increase in monthly fees. The Florida shock only happens because of a major inspection due within a 5 yr period and no funds set aside since the condo was built. if they had proper funding since the beginning at any given 5 yr period, funding would actually be 100% otherwise an assessment for 100% costs would be issued as in the case in many Florida's condos. Some Florida condo borrowed instead of assessment, and further reduced contributions while incurring interest making the situation far worse for future owners. 17M$ sounds like end of life replacement costs.
@@mikew.to1 Very helpful - Thank you Mike
If you could only afford a condo because they never planned on doing building upkeep, you were set up to fail and couldn't afford it in the first place. It sucks all that money has to be collected in a short time period, but this was a lack of long term planning from the beginning.
Just as fast as people moved down there during the pandemic is as fast as they will be leaving.
Hardly. 🤣
@@Teri_B. Right wingers are in denial people are running for the exits in Florida cause it's terrible place to live, I live in Olympia WA where it has better weather and mild summers, it's great
Florida is a terrible place to live? Now, THAT'S funny. 😂 It's also a PERFECT projection. Well done.
🏆 I wish people would move. We can't take in the whole country. 🌞🏖🍹And, L wingers should be forced to live with the consequences of their 🗳. 💩🕳🗑
@@twostop6895
Florida is a terrible place to live? Now, THAT'S funny. 😅🏖🍹 EXCELLENT projection. Well done. 🏆
@@Teri_B. it only took 10 years for Rick Scott and Ron Desant both Republicans to destroy Florida
The joys of "ownership".
Hardship!
I saw so many retirement parks get sold during lockdown and now the hard working retired folks can’t afford the lot fees in places they lived for years and carefully budgeted their hard earned retirement .
That has nothing to do with it. Did you even watch the video?
@@stevenmorrison4692 yes. It’s a mess . Lots of unexpected expenses for housing in Florida everywhere you turn.
So where in the video did it say anything about lockdowns?
@@stevenmorrison4692
He was using the lockdown as an example, chill out mate. 😅
and they restricted black americans from having the opportunity of lower cost housing. how does it feel.
This is why I'd never buy a condo. You never know when you're going to get a big assessment and hoa fees increase every year. No thanks.
But owning a home in Florida means you own the rough. Enough said!
This is obscene and predatory, plain and simple. Condo owners not only have to come up with the money to buy their places but they are hit over the head with excessive HOA fees, homeowners insurance, and property taxes. What, none of these "fees" pay for the upkeep of these condos? This is corruption through and through. As far as I'm concerned, all of these fees are principally supposed to be used for the upkeep of these buildings. Someone is stealing money and living high on the hog. Also, these condos are very average. They are fairly new and there's nothing special about them. It's sick that middle class people who work jobs that keep the economy working can't afford to stay in them. I hope they fight like HELL !!!
They are pricing people out of the market which is foolish. Who will fill these spots? Owning rentable/buyable property that is standing empty for long periods of time is not profitable.
In two years time, what will Florida become? It is going to be rough.
All those that did not come in legally will be put in these vacant unit.
I think corporations will end up buying most of these and rent them out,just like they're doing when buying houses. This is all intentional. This is happening in PR too where corporations are buying properties at a fast rate and renting or as ARBNB
@@08turboSS Paid for by the US tax dollars.
I am SO SO SO SO glad I never bought a condo in Florida when my best friend did 20 years ago. hes sweating bullets now.
Baby boomers for decades enjoyed excellent low prices with massive appreciation. Now YOU have to pay for everything. The updates, the overdue maintenance, the taxes, the reserves. Thank your parents and grandparents
Exactly! Fkin boomers wrecked this country, and they get all of the handouts.
Yuuuuuup
It is common practice for owners in old condo associations vote to defer maintenance and repair annual assessments for more than 15-20-30 years. Then the chickens come home to roost.
What happened with my HOA was discovering Board members were stealing money for years and delaying maintenance.
They will borrow against the equity in their homes, which is rough at current interest rates. Many will foreclose.
The state will force people without the ability to pay to sell, huge investment firms like Blackrock will swoop in and gobble them up, then the state will most likely reduce the requirements.
DeSantis is probably getting huge campaign donations from financial institutions.
The home crisis in Florida is bad. Their HOA and mobile home entities are squeezing and pricing people out and home buyers can get insurance. Where is Desantis on this ? Def on the side of entrepreneurs which isn’t the consumer. Ever.
DeSantis & the GOP Lawmakers thought this was a Solution to the Condo collapse in Surfside but it was not. That collapse was a Structural problem from the beginning & had nothing to do with lack of maintenance in Condos. Buildings in Florida don't just suddenly collapse & they should have gone after the building company that cut corners while building this Condo instead of this legislation that will create another crisis instead.
@@xoxxobob61 DeSantis is busy getting kickbacks from developers and construction companies.
@@BradgilliswhammymanYou don’t know this.
The "home crisis" is throughout the country. Can't let 30 million stroll in & not have a housing shortage. It's happening in ALL other western nations, as well.
Desantis is more of a culture war politician. His legislative agenda tends to focus on transgender athletes, and don't say gay bills. I've never heard him mention Floridians being priced out.
They aggressively take down that old man but treat violent criminals with such respect
All by design
My guess is that they weren't assessed maintenance fees for decades. The building that collapsed waived collecting maintenance fees for a reserve fund. I assume that these condos didn't fund their reserves properly for decades. The free ride is over. Around this area, they have structural engineers inspect condos every 5 years not every 40 years.
The fees are rediculous. Ppl can't afford that on top of condo fees, taxes, insurance....they are Collapsing home ownership and creating homelessness.
This was the case in the Champlain Towers collapse. Those owners were mostly of the demographic that chose to be cheap and not fully fund their reserves. The building also gave warnings days head of the collapse and even hours before loud popping and groaning could be heard but was ignored. Now because of the billions of dollars in litigation (also a trait of this demographic) we're forced by law to fully fund our reserves and have certified inspections. This is not a bad thing.
What about the ones who just bought a few years ago? Are they to blame for the mismangement of the HOA board, too? You should learn to think before speaking because you sound dumb.
Every time you turn around some business/company in Florida is pricing people out of their homes or just literally destroying them
Recession looming. Prices are just too unrealistic
Welcome to the American nightmare. It’s over folks!
Time to look at alternatives such as Brazil or Colombia.
Pro Tip: Never buy a Condo. They always have outrageous Assessment fees. Sometimes even over a $1000/Month. Ridiculous to say the least.
If you can't afford $1,000/month in fees, you failed at life. Sry not srry
@@pearlsswine that is $1000/month fee in additional to everything else. Slow down your hands
Paying $1000.00 @ month in fees is like throwing that money down the toilet bowl. Much rather pay myself. You should buy stock in toilet paper.
@@pearlsswine I can personally afford a whole lot more than that. But I don't like to waste money on scams. Out of principle, I wouldn't even pay $5 if I believe it is wrong.
Ask DeSatan to help you. Oh wait, he's the one passing the laws to make this happen.
People all over Florida are getting priced out, not just condos 😢 Who remembers when living in Florida was affordable???
We live in Florida, in a house. YES, HOA is the biggest issue here.
You’ve been paying too little for too long and now you pay the price for kicking the can down the road.
I live in North Orlando - Lake Mary in a single-family home, with a cheap HOA on a 0.25 acre of land. The neighborhood is mature and about 40 years old, and the HOA hasn't shifted in over 15 years, very happy with where I am.
Shouldn't be property taxes
Build back better
Don't blame the condo association, they are simple abiding by the state rules. This is a result of under regulation by the state. That resulted in death and now they are trying to fix a problem that has been brewing for decades in less than 12 months. Poor resident...
Come on ... Can we make sensible policy in consideration of other stake-holders like the actual residents, instead of insurers and lawyers?
Wait, so the association is saying it's not their fault, because the government allowed them to be underfunded before this?
So, they knew they were underfunded, but since the government allowed it, it was OK?
But only when the government "required" it to be fully funded, that's when the problem started?
Basically, they are admitting they weren't doing what they should, but it was OK before because they didn't have to do what they should?
That's their argument?
The association is made up of the owners. The owners chose this.
@@toomanymarys7355 Well, the association is most likely made up of a subset of the owners. Who knows how much the association communicated with the full owner population?
But yeah, this is most likely self inflicted.
Looks like Florida's housing boom is about to come to an abrupt end
high " elite " rules
"Florida authorized chronic underfunding" is really comical to here. Placing blame on the state for the Association's NEGLIGENCE to properly fund their reserves is CRIMINAL! Owners should SUE each board member for the amount due!
In my opinion the old people have been living in these condos for decades paying absolutely nothing to maintain them. Now it's time to pay the piper and they're going to pass all that on to the next buyer.
The free ride is over. I'm guessing that they didn't pay into the reserve fund for decades but waived it like the condo that collapsed. My friend here in Arlington that owns a condo they have a structural engineer inspect it every 5 years not every 40 years like in Florida.
paying nothing because some other janky building fell? send them your money then
That’s false. The current owner has the liability. They can’t pass it down to the next buyer, as you say.
It was time to move anyway
Number one tip
Never buy a condo nothing but a glorified apartment
How is there a $17M shortfall??? Who’s stealing the fees within the HOA?
Time to get out the States and go overseas
I just had a conversation with my wife this morning. I told her in 5 years I want to get out of this country. Things are only going to get worse.
@@brendanpaul3390 I agree. I’m right there with you
When it comes to heavy financial levies and tax burdens to ordinary citizens, no leadership at the municipal, state or federal level can offer any meaningful remedy. Red or blue leadership, the wash water always looks the same, dirty.
This is going to destroy the condo market in Florida
My HOA tried to increase our dues (we’re *STILL* under developer control) mainly because THEY did their math WRONG & didn’t have all of the fields filled out correctly on the spreadsheet. I pointed out all of the errors (they showed it on zoom) & blatantly said that they really screwed up & that my math says that we actually have MORE going into the HOA than it actually needs EVEN AFTER THE RESERVE FUND WAS FUNDED PROPERLY! They got flustered (hundreds of us in the zoom call) and said they would work on it and get back to us. On the follow up meeting a month later it turns out we DONT need to raise our dues after all! Freaking IDIOTS! 🤦 and the worst part? I don’t even have ANY HOA experience or accounting experience and even I could do a better job. 🤦
Meanwhile Ukraine got billions
What stupid comment. One has nothing to do with the other. Ukraine defense is money well-spent. The condo situation is a wholly owned, home-grown GOP debacle.
Florida is NOT getting military invasion from Russia.
Florida condos are a money-burning-PIT🔥.
And getting richer
@@jogmas12 :
Ukraine is Getting Attacked by Cruse missiles daily .
@@ProfessorFickle and getting billions to rebuild?
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life too.
You're right, you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too". This sentence is the secret of most successful investors. I once attended similar and ever since then been waxing strong financially, and i most tell you the truth..investment is the key that can secure your family future.
That's true, there is never any culture of wealth gathering or wealth creation to keep multiplying your finance that lacks an investment value Instead of saving money in the bank . This means, if you want to be successful you must be an investor,
I agree with you had a senior colleague at work who was doing well but never had an investment. Unfortunately he lost his job and went from living a comfortable life to hardship. There would had been something to fall back on if he had an investment