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.
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.
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!
@@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!
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.
@@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 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.
@@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.
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
@@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.
That's one reason why CA was so desirable for so long. They have Prop 13, which limits increases in assessed value to 2% per year max. It's still a great deal, but not when you have to pay over $2 million for a nice place in a nice area.
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
You are 100% there collecting money, bulding maintenance zero. They are greedy. Hoa managing bulding for 20 years ask them much saved for maintenance. No money at all.
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.
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.
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.
@@mikew.to1That's very close to what this author named. Frank Herbert said he wrote a series of books called Dune. That's basically the lesson. Leaders can be dangerous to your health.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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
*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!
@@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.
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.
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).
@@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.
@@deskubrirWe pay $2K in taxes for the house we built in 2002 on an acre of land in Land O’Lakes, Florida. No HOA and we haven’t had homeowners insurance since 2004 when we were notified that our insurance was dropping everyone in our zip code, because they predicted that summer would be bad and it was but we had no damage. They notified us in March of that year that we’d be dropped beginning in June 2004. We had three months to find new homeowners insurance and just never bothered getting a new policy.
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.
@@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. 😊
"....Florida law previously authorized chronic underfunding of reserves..." It sounds like the lack of regulation/deregulation in Florida is backfiring.
@@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.
@@JohnSmith-k1x 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!
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!
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.
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.
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?
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.
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.
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.
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.
Don't blame the association board, they are atleast trying in most cases to properly and responsibly represent the owners. They do not control the budget, that, goes before the unit owners at the annual meeting for a vote. The owners are the responsible party. I was on our board for 10 years, we were never appreciated or respected for our contribution to the commujnity. It's a thankless voluntary position requiring a lot of personal time and effort.
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.
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
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 .
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.
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?
This is intentional . They want to turn these condos into rentals . Remember the phrase “ you will own nothing and be happy” a lot of truth to this . Once they have a certain percentage of rentals in this building, then they can force the remaining owners to sell .
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
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.
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.
My condo had very high special assessment and we all agreed to pay it off in 36 months through installments. This condominium doesn't have functioning board . Very few people have 20K to spare. How do they expect anyone to come out with such money in 2 months.
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.
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.
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?
@@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.
wait! who is the politician(s) that approved this law? What is their name(s)? Why didn't they allow HOA's to gradually increase their fees if an inspection said they weren't in immediate danger of collapsing? 🤦♂
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.
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...
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.
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.
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.
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.
@@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 🗳. 💩🕳🗑
My friend's condo assessment was $39,000, a small 1/1. He did pay it off a few years back but it was still a financial hit. They are doing serious repairs/ maintenance since the towers were built in 70s.
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
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.
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
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 😉
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!
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...
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
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!! 🙄
So you brag on TH-cam?
Gotta keep up
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.
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.
That's one reason why CA was so desirable for so long. They have Prop 13, which limits increases in assessed value to 2% per year max. It's still a great deal, but not when you have to pay over $2 million for a nice place in a nice area.
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?
You are 100% there collecting money, bulding maintenance zero. They are greedy. Hoa managing bulding for 20 years ask them much saved for maintenance. No money at all.
Vacationing in Florida is much different than living in Florida.
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
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.
@@mikew.to1 100%
@@mikew.to1That's very close to what this author named. Frank Herbert said he wrote a series of books called Dune. That's basically the lesson. Leaders can be dangerous to your health.
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
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.
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.
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.
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.
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
"no one saw this coming". No, you refused to see it after kicking the can down the road for years, keeping condo fees low.
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.
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
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.
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.
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.
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
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?
*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 dont think you understand what condos are.
If you have special assessment insurance on your homeowners insurance, you can avoid these fees out of pocket less your deductible.
“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.
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
@@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.
@@deskubrirWe pay $2K in taxes for the house we built in 2002 on an acre of land in Land O’Lakes, Florida. No HOA and we haven’t had homeowners insurance since 2004 when we were notified that our insurance was dropping everyone in our zip code, because they predicted that summer would be bad and it was but we had no damage. They notified us in March of that year that we’d be dropped beginning in June 2004. We had three months to find new homeowners insurance and just never bothered getting a new policy.
You can and will never be prepared for incompetence or greed.
After the condo collapsed, everyone should have seen this coming a mile away.
" thanks " 😢 evil " elite " 😢
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.
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.
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
The FL condo market is toast.
Nope.
"....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
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.
@@JohnSmith-k1x 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!
Wow! This is insane!! How much longer before everything crashes out???? This is freaking ridiculous
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!
I used to live there when they were apartments, it was a beautiful area so sad to see this
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.
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?
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.
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.
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
Don't blame the association board, they are atleast trying in most cases to properly and responsibly represent the owners. They do not control the budget, that, goes before the unit owners at the annual meeting for a vote. The owners are the responsible party. I was on our board for 10 years, we were never appreciated or respected for our contribution to the commujnity. It's a thankless voluntary position requiring a lot of personal time and effort.
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.
This happened to me back in 2018 , nothing new with condos and I’ll never touch another one
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.
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?
This is intentional . They want to turn these condos into rentals .
Remember the phrase “ you will own nothing and be happy” a lot of truth to this .
Once they have a certain percentage of rentals in this building, then they can force the remaining owners to sell .
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
Even if people come up with the money it will continuously increase.
They will borrow against the equity in their homes, which is rough at current interest rates. Many will foreclose.
Does Florida have ANYTHING going for it?
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.
But i dont get it, Orlando is not near the coast?
What distance is being considered as "near the coast"?
It should be illegal to price people out of their homes
Come on ... Can we make sensible policy in consideration of other stake-holders like the actual residents, instead of insurers and lawyers?
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.
My condo had very high special assessment and we all agreed to pay it off in 36 months through installments. This condominium doesn't have functioning board . Very few people have 20K to spare. How do they expect anyone to come out with such money in 2 months.
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.
So the OWNERS don’t OWN their “homes” smh? I hate renting but non renters are still technically renters too. You own NOTHING in this country.
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.
wait! who is the politician(s) that approved this law? What is their name(s)? Why didn't they allow HOA's to gradually increase their fees if an inspection said they weren't in immediate danger of collapsing? 🤦♂
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.
I don't know why anyone would move to Florida when you get a massive hurricane almost every year now. Cost of global warming has come to roost
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!
Welcome to the American nightmare. It’s over folks!
Time to look at alternatives such as Brazil or Colombia.
It’s absolute garbage to treat people this way. A person with no heart hustling people into the streets. 😖😠🤨
The price you pay to live in Florida. No free lunch.
The joys of "ownership".
What is wrong with people paying HOA fees. Get together as a group, get a lawyer, and disband the HOA.
You’ve been paying too little for too long and now you pay the price for kicking the can down the road.
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.
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...
Are these inspections required for all apartment buildings meeting this criteria or just condos?
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
Every time you turn around some business/company in Florida is pricing people out of their homes or just literally destroying them
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.
If you come here from another country every thing is free .
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.
Because insurance companies won’t carry the risk, even though that’s what insurance is for.
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.
Homelessness... On the rise very soon.
All by design
How is there a $17M shortfall??? Who’s stealing the fees within the HOA?
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.
What happened with my HOA was discovering Board members were stealing money for years and delaying maintenance.
We live in Florida, in a house. YES, HOA is the biggest issue here.
But I thought Klanpublican led states were so well run with no taxes, while the rest of us subsidize them.
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
My friend's condo assessment was $39,000, a small 1/1. He did pay it off a few years back but it was still a financial hit. They are doing serious repairs/ maintenance since the towers were built in 70s.
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
Regulations like those are already the law. Florida chose not to enforce them because republican politicians are easily bribed to look the other way.
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.
DeSantis will cash another insurance lobby check to make it better.
Looks like Florida's housing boom is about to come to an abrupt end
high " elite " rules
17 million? What the was the board doing with all of their money