People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
That is correct. Florida allowed this loophole where all owners could vote to partially fund reserves. Do you think an elderly person who will live 10 years will vote to fully fund a 30 year reserve for the roof?? Nope.
But this looks like a 2 story condo building and those are not required to have these reserves and studies, only three stories and higher. Aside from that $1200 dollars is nothing compared to what I've seen stories about assessments of hundreds of thousands of dollars.
Exactly, why would anybody sign up for that? Even if you had a million would you want to let go $100,000 for a special assessment. The condo is only worth maybe $250,000 anyway.
That's not that much of an assessment compared to everywhere else in Florida I've heard on the news. Hope she worked and saved up for a rainy day because it's all rainy days from here on.
@@donvilocheNo. It's only $1,200. Expand the video you can do so by just stretching it out with your fingers and you can see on her letter it's about $1,200.00 for her unit. That's probably why she has only until July 1st to pay it, it's not much.
You can always go and live in the paradise state of California with Gavin! It’s always the people who do not live in the state that want to criticize when they don’t know what they are talking about! Trump 2024🇺🇸
I bought my 2nd property in San Diego of August 2022 for 685k with rate of 4.375. Now the property current value is 895k. In LESS than 2 years I’m already up over 30% in equity. No reason to sell because I’m cash flowing on 2 ADUs studio and I already made over 90k in rental cash flow which covers my monthly mortgage. Not to mention my rate is freaking low and I consider it as asset
I feel sorry for 1st time homebuyer who were never able to afford it to start. I don’t feel sorry for 1st time home buyers who were able to afford it but choose to wait thinking market is crashing and now priced out
I've recently been thinking about getting in touch with consultants. I'm an adult, therefore I need direction, but I'm not sure if their services would be very beneficial.
@@Tugela60 yes, but you can’t blame the old lady, it’s the condo boards that were responsible for the messes going on now. A lot of them are corrupt. Drastic changes need to be made to the laws governing them and these people on the boards need to be held legally responsible for their mismanagements.
@mickeyhead9770 Dude, she has almost certainly been voting down any expenditures, so yes, I can blame her. If $1200 (which is very modest as special assessments go) is too much for her, she is very unlikely to have approved anything. It sucks for her, but you can't let the whole development fall apart because fixing problems costs too much for a few residents.
It is a shame the former owners did not create a strong fund for maintenance. I guess they thought the Building would last forever. The Old Lady in question had it easy for 30 years, and now it is time to pay up. They could sell the building if needed.
They never will. Florida allowed a loophole in funding reserves whereby all owners could vote to partially fund them. This has been going on for decades and now the bill for major projects like roofs and structural repairs is due. Big big problems for older places.
My Parents had a Condo in Boca in the 80's, and my Dad voted against every spending request. He and his friends kicked the can down the road. I am thinking the Building in that unit now are facing Reality.
@@danielterry382 No one who is 70-80+ wants to fund anything long term. It's a big problem. Or was. I'm lucky and our condo was built in 2001 and is still in ok shape.
Some blame probably should be levied on the residents because I willing to bet anytime a raise in dues was suggested to put more money into reserves or overdue maintenance, they probably voted it down. They were just kicking the can down the road.
This is the REALITY !! They hit us every year right b4 Christmas & now we pay 1,460.00 in assesments alone in miami & lots of people are forced to leave since they cant pay!! It is bullshit.., b/c even if u paid off ur apartment .., u still need to pay for all these assesments!!
@@frankmacleod2565 No it's a Florida reserve loophole that allowed owners to vote to not fully fund long term projects. Loophole is closed. Time to pay the piper.
@@jlam3927 Gentrification is the process where wealthy people move into an area and force out the not-wealthy. While that is happening in Florida, it doesn't really apply to this situation.
These owners are delusional. It's not like you can buy a single family home, live in it for 40 years, and never have any major repairs. New roof, foundation cracking, new windows, hvac, and on and on... These assessments are accrued deferred maintenance costs, and they are higher because of the extremely corrosive marine environment, and a building built on SAND! These owners, with exceptions, bought these units for reasonable prices and want to enjoy the monster appreciation of the unit, but don't want to pay to maintain it.... Guess what, a potential new buyer doesn't want to pay for your neglect AND the monster appreciation.
What do you expect you have not been maintaining the building properly. What happens if you don't take care of your car. How many years can you ignore maintenance. How many years can you kick the can down the street. How many times I've heard this I used to be a condom manager. The always voted to waive their reserves and not find anything for any repairs.
What is worst is that some condos residents will pay these fees for inspections and there will be nothing wrong with the buildings. They will still have to pay or sell and move when nothing was wrong with the property because of a new regulation.
I moved to Vegas 3 months ago, it's been fantastic, so much cheaper than miami-dade county. Feels unreal not to have to pay a HOA fee and I can do whatever i want with my property!
The artificial rates held up by investment properties are finally driving out condo owners. Saw it with all the apartments in the past two years leading up to this. It's the next domino to fall in the housing market. We are approaching critical mass - sub-prime mortgages will finally make their grand return to the stage. This time they'll be double the market share of The Great Recession. That should take a dent out of inflation lol
@P2HTUSYP - This has nothing to do with interest rates, and everything to do with partially funding reserves for big projects. That loophole just closed in Florida.
@@jlam3927 - free debt flooded Trump's housing market, as we transitioned to Biden, inflating the housing market so rapidly and drastically that rent and property values were sent soaring. The same forces pushed out Downtown locals, and continues creeping down Central in St. Pete. When the Fed was the mercy of a lunatic that wanted his big, beautiful economy to "look" good at the end of his term, only to utterly fuck the WORLD ECONOMY for minimally a decade. Now he's a Convicted Felon on Fraud charges, and he's one of two fucking choices our country currently has for president. Can we re-roll for candidates at this point, since both are utter garbage?
Painful as it is, maintenance does not go away. Its usually the cost that gets kicked down the road until their are no other choices. Eventually the building components need replacing. Their have a useful life. They do not last forever. There will be if not already very stringent reserve requirements with accountability with these HOA boards. Some owners will have no equity left to finance needed costs. If so, time to sell and cut your losses. However, no smart buyers want to be saddled with these costs unless they are compensated. The free market will address accordingly. Prices are coming down in most areas. I feel sorry for our seniors.
U sign some kind of contract. Read the fine print. Look. Owners r getting slammed by property tax, insurance premiums, etc. that will be passed on. They don’t want to have to F you, but they r actually being Fd’. Unfortunately. Shit rolls down hill. Rings true.
That’s what they thought. They better pack some bags and get out. If you own a condo put it on the market tomorrow and take the first offer and get out. Because soon the buyers will find out that the special assessments are coming and only fools will be left to buy not knowing the costs.
Once you know about the special assessments that have to be disclosed. If they buyer finds out that you knew about them and did not disclose them they can sue you.
HOAs (single houses) can be ok, just make sure there aren't any common area at all. No clubhouse, pools, tennis courts etc. to maintain by BONEHEADS. Everything is under your control. Never by a COA - Condo.....NEVER.
How many people voted for HOA board members who promised to reduce their HOA fees and pressured existing board members to keep the fees as low as possible. THen never question if their was enough in the reserves or if maintenance was being doing or continually being pushed back. I don't think this situation is unique to Florida. I think that if all states required that multistory condos also have the same checks and reserve requirements, a lot of condo owners would find themselves in the exact same predicament. Delayed maintenance often means the work simple doesn't get done or gets done on the cheap.
Problem is, if they forclose on these people, the home price will plummet because the next person will inherent this debt and future assessments which are sure to follow.
$1200 isn't that high and you really need to pay more attention to your boards and what you are doing each year. There are annual meeting, newsletters etc. Most owners just don't pay attention.
A $1,200 extra assessment? That’s nothing. After 30 years in a building you gotta expect something like this was gonna be needed. I mean, I feel bad for people who are going to lose their homes over this, but really, does no one keep a rainy day fund any more? Car repair, health issue, that’ll put you underwater quick if you don’t have one.
Most buy a home to lock in housing cost to be affordable for their future so do not buy into HOA’s or condo’s because over time you can be priced out of a home that you supposedly owe… also being told what you can or can not do on your own property; an HOA foreclosed on a house because she parked on the grass due to fines, small driveway with three cars… wtf
the fl state legislature will cave in and amended the law for the fully funded special assessment fees to be deferred to a later date that won't be specified. the fl state legislature will be hedging their votes that another total collapse of an aged condo tower won't happen in the near future.
@@buzz5969 Your home sounds great, but Surfside was concrete and rebar and it fell over. Salt water in the air can rust things. You can not defer maintenance.
It’s so ridiculous that it’s almost hilarious that the news reporter seems to think that it’s just a matter of selling your condo to solve the reserve fund problem that these condo owners have. Not only will it be difficult for a lot of these owners to come up with the money that is now being demanded in special assessments to fund the reserve, it will be very difficult for these owners to sell their unit because they will have to disclose what the condo fees are and what is owing for their unit to the reserve when they sell. This kind of information doesn’t make buyers happy and if a buyer does decide to buy into a condo That has not been properly managed and maintained they certainly are going to want to pay the lowest possible price to get in because they’re going to need all of their money to fund the reserve to get the work done and the maintenance that will be necessary to protect their investment in the building once they become owners. It’s always a difficult situation and minium when boards try to keep everybody happy with low fees but eventually you have to pay and it’s better to do that on it. Ongoing incremental basis year after year then to be hit with thousands of dollars in special assessments in financial year, especially when you’re still paying a mortgage on that condo or you own it but you’re in retirement. It’s shocking to hear that it’s 2024 and Florida is only now legislating that condos have to be inspected by engineers and prove that they’re fully funded in order to maintain those buildings when Florida has had thousands if not, millions of condos For decades and decades just kicking this problem down the road. Florida is somewhere that people should avoid and if they are already there and they can they should escape.
The only way to sell would be to subtract the assessment from the selling price. You can find idiots that don't care or know but most savvy buyers will see it as a major red flag that the place has been mismanaged.
Gov. deSantis could care less. He's only interested in being a member of the Trump Cult, fighting Disney, making sure bridge lights are only red, white and blue (no rainbow colors) & today he announces...no balloon releases. FL has the highest auto insurance rates, highest home insurance rates, highest flood insurance rates, HOA's are in trouble, homeless is a major issue and elderly people on fixed incomes who are struggling. Florida = paradise lost. Time to moved back to Ohio.
Never should have bought a condo in the first place you are forever renting what you own from the board and they can charge you whatever they want. She could easily have bought a house for what she paid for the condo when she bought it 30 something odd years ago. Then all she would have to worry about is the state renting her property to her via property taxes and the outrageous insurance costs in Florida.
This is a stupid law that punishes the condo residents for the failures & greed of the building owners and management. It is sad to watch what is about to happen in Fl.
@@mikew.to1 I am a US Army Army Veteran and am retired. I got rid of my SUV and live in a city where the city bus route I am on runs every 15 minutes. The VA helps with my rent and I pay only $2.00 to ride the bus even with transfers all day long if I like. There are a lot of seniors put out of their rents. I feel sorry for them. Some have felonies which cannot get Section 8. Besides that the Housing unit in the city have taken over 10K applicants and have closed their doors until those applications are dealt with.
Pay attention to your board agendas!! Make sure you get them. These things must be voted on long before they go into effect. That is the time to deal with it. The boards cannot keep them 100% quiet, like they would like to do.
That was the problem. The owners have to vote on special assessments. The board can't just pass them by themselves. And no one voted yes for special assessments down through the years. It's like you voting yes for special taxes to be levied on yourself.
@@exoressdelivers70 The problem is owners voting on regular montlly assessments and only partially funding the reserves. It was a loophole in the law that never should have been.
@jlam3927 it wasn't a loophole. It was common sense thinking. Now common sense is gone in this new law. Condo buildings are privately owned buildings just like a house. The new law requiring condos to have reserves for repairs is like a law requiring all homeowners to have money in a savings account for repairs such as for a new roof (old roof may come down and kill a family member or visitor inside). A better law would have been requiring all condo buildings without reserves or inspections to post a sign outside reading 'BUILDING HASN'T BEEN INSPECTED IN X NUMBER OF YEARS AND MAY COLLAPSE AT ANY MOMENT. ENTER AT YOUR OWN RISK'. That way, those owners who want to get the repairs done would do so. Those who don't won't have to.
That's what happens when you have total unregulation, corrption, and lackadaisical attitude by the state (Republicans). And all of a sudden, after a building collapses due to the aforementioned reasons, the state scrambles and regulates with an iron fist....even though the Republicans always complain about "too much government". Y'all wanted capitalism, so that is the result. Well, that's what you get in the end stage of unfettered predatory capitalism! The goal is basically to get the poor seniors and middle-class people out of highly desirable areas (usually along the ocean), buy their properties on the cheap, tear them down and build luxury properties for the very wealthy. Don't whine, you all voted against your interests, and now you have the consequences!
The future is not looking good for non wealthy citizens and it's a lot more challenging for elderly people 😟.
That is the "intention." America is now "the land of the GREED."
Lol when has life ever been good for non wealthy
@@superior120v5there is a difference between struggling and drowning
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Buy now, home prices will not go lower. If rates drop, you can refinance.
The government will have no choice but to print more notes and lower interest rates
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Her name is Annette Marie Holt can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
Florida is a mirage.
But a nice one...
@@marknewton6984 You got a point, Disneyland ain't too bad.
Not for millionaires and billionaires.
Disney World.
@@GoogleuserToday-oh9qf Potato potatoe, You are correct
Unfortunately this is what these people voted for and got.
Exactly. But they don’t see that. They just think you have to work hard and everything will be fine.
Yep Republicans have been in control of Florida for 30 years
This is what happens when years of neglect are allowed to go unchecked
That is correct. Florida allowed this loophole where all owners could vote to partially fund reserves. Do you think an elderly person who will live 10 years will vote to fully fund a 30 year reserve for the roof?? Nope.
@@jlam3927bingo, lots of old folks love the equity but don't want to maintain it.
@jlam3927 Challenge is many of these older folks did not die when they thought they would.
@jlam3927 Challenge is many of these older folks did not die when they thought they would.
@@xyz987123abc No they died and left the bill!
But this looks like a 2 story condo building and those are not required to have these reserves and studies, only three stories and higher. Aside from that $1200 dollars is nothing compared to what I've seen stories about assessments of hundreds of thousands of dollars.
Exactly, why would anybody sign up for that? Even if you had a million would you want to let go $100,000 for a special assessment. The condo is only worth maybe $250,000 anyway.
Private equity companys waiting to buy condos for less
@@quinnh9107 Why would they buy them?
Bingo. An asset co ploy to becomes the nations landlord. First real comment.
That's not that much of an assessment compared to everywhere else in Florida I've heard on the news. Hope she worked and saved up for a rainy day because it's all rainy days from here on.
What a mortifying sentence…
Besides I see where the figure was really $12,000.
@@donvilocheAnd even that’s significantly lower than other places with six-figure assessments.
@UncleDavesKitchen
- Not too bad, but this could be only one of many assessments.
@@donvilocheNo. It's only $1,200. Expand the video you can do so by just stretching it out with your fingers and you can see on her letter it's about $1,200.00 for her unit. That's probably why she has only until July 1st to pay it, it's not much.
Why the hell do you keep calling it paradise? Heat, humidity, insects, and the worst: DeSantis.
You can always go and live in the paradise state of California with Gavin! It’s always the people who do not live in the state that want to criticize when they don’t know what they are talking about! Trump 2024🇺🇸
Still better than the crime ridden blue cesspits.
I bought my 2nd property in San Diego of August 2022 for 685k with rate of 4.375. Now the property current value is 895k. In LESS than 2 years I’m already up over 30% in equity. No reason to sell because I’m cash flowing on 2 ADUs studio and I already made over 90k in rental cash flow which covers my monthly mortgage. Not to mention my rate is freaking low and I consider it as asset
I feel sorry for 1st time homebuyer who were never able to afford it to start. I don’t feel sorry for 1st time home buyers who were able to afford it but choose to wait thinking market is crashing and now priced out
Real Estate is still a very LOCAL Market.
Prices in one City do not reflect the Prices in another City.
I've recently been thinking about getting in touch with consultants. I'm an adult, therefore I need direction, but I'm not sure if their services would be very beneficial.
The information you need to work with a letter to schedule an appointment would be included when you search *Leah* *Foster* *Alderman*
For those in need of direction, consulting with an experienced, independent financial counselor is advised.
They need to allow more time for these people to pay the fees.
They already had 30 years, but keep putting it off.
@@Tugela60 yes, but you can’t blame the old lady, it’s the condo boards that were responsible for the messes going on now. A lot of them are corrupt. Drastic changes need to be made to the laws governing them and these people on the boards need to be held legally responsible for their mismanagements.
@mickeyhead9770 Dude, she has almost certainly been voting down any expenditures, so yes, I can blame her.
If $1200 (which is very modest as special assessments go) is too much for her, she is very unlikely to have approved anything.
It sucks for her, but you can't let the whole development fall apart because fixing problems costs too much for a few residents.
It’s unfair that people on fixed income may loose there homes and DeSatan does not care. It’s criminal
This is atrocious
Is it 2008 in Florida again?
It is a shame the former owners did not create a strong fund for maintenance. I guess they thought the Building would last forever. The Old Lady in question had it easy for 30 years, and now it is time to pay up. They could sell the building if needed.
They never will. Florida allowed a loophole in funding reserves whereby all owners could vote to partially fund them. This has been going on for decades and now the bill for major projects like roofs and structural repairs is due. Big big problems for older places.
My Parents had a Condo in Boca in the 80's, and my Dad voted against every spending request. He and his friends kicked the can down the road. I am thinking the Building in that unit now are facing Reality.
@@danielterry382 No one who is 70-80+ wants to fund anything long term. It's a big problem. Or was. I'm lucky and our condo was built in 2001 and is still in ok shape.
Condos need decentralized financial management. Florida condos owners are getting all types of screwed.
Some blame probably should be levied on the residents because I willing to bet anytime a raise in dues was suggested to put more money into reserves or overdue maintenance, they probably voted it down. They were just kicking the can down the road.
This is the REALITY !! They hit us every year right b4 Christmas & now we pay 1,460.00 in assesments alone in miami & lots of people are forced to leave since they cant pay!! It is bullshit.., b/c even if u paid off ur apartment .., u still need to pay for all these assesments!!
GENTRIFICATION
Capitalism!! Huge win
@goldengoose97
LMFAO what? Please do explain that.
@@frankmacleod2565 No it's a Florida reserve loophole that allowed owners to vote to not fully fund long term projects. Loophole is closed. Time to pay the piper.
@@jlam3927 Gentrification is the process where wealthy people move into an area and force out the not-wealthy. While that is happening in Florida, it doesn't really apply to this situation.
@@steven4315 Yeah I know, is your name @goldengoose97?
This is really sad.
Next generation in Florida won't even know what a condo was.
Respectfully, a one time $1,200 special assessment is not that much
It is sure less than the $60K some people are facing. But I suspect for the people in this community $1,200 is a lot of money.
That poor old lady probably going to be living in her car soon.
I wouldn't touch condos with a 10-foot pole.
This is terrible! What is going to happen to this lady? Is she going to become homeless at this age! Shame on you!!!
These owners are delusional. It's not like you can buy a single family home, live in it for 40 years, and never have any major repairs. New roof, foundation cracking, new windows, hvac, and on and on... These assessments are accrued deferred maintenance costs, and they are higher because of the extremely corrosive marine environment, and a building built on SAND! These owners, with exceptions, bought these units for reasonable prices and want to enjoy the monster appreciation of the unit, but don't want to pay to maintain it.... Guess what, a potential new buyer doesn't want to pay for your neglect AND the monster appreciation.
A gift to the investors…get those condos for pennies on the dollar. So what do you think will happen then?
Huge win for capitalism
What do you expect you have not been maintaining the building properly. What happens if you don't take care of your car. How many years can you ignore maintenance. How many years can you kick the can down the street. How many times I've heard this I used to be a condom manager. The always voted to waive their reserves and not find anything for any repairs.
What is worst is that some condos residents will pay these fees for inspections and there will be nothing wrong with the buildings. They will still have to pay or sell and move when nothing was wrong with the property because of a new regulation.
I am banking on scam appraisals to go along with the scam property managers that are implants as well.
I moved to Vegas 3 months ago, it's been fantastic, so much cheaper than miami-dade county. Feels unreal not to have to pay a HOA fee and I can do whatever i want with my property!
Governor DeSantis needs to stop this immediately.
Housing shouldn’t be a commodity at all. Neither should health care or education.
Sad story. Great report by Linnie ❤.
The artificial rates held up by investment properties are finally driving out condo owners. Saw it with all the apartments in the past two years leading up to this.
It's the next domino to fall in the housing market. We are approaching critical mass - sub-prime mortgages will finally make their grand return to the stage.
This time they'll be double the market share of The Great Recession.
That should take a dent out of inflation lol
@P2HTUSYP
- This has nothing to do with interest rates, and everything to do with partially funding reserves for big projects. That loophole just closed in Florida.
@@jlam3927 - free debt flooded Trump's housing market, as we transitioned to Biden, inflating the housing market so rapidly and drastically that rent and property values were sent soaring. The same forces pushed out Downtown locals, and continues creeping down Central in St. Pete.
When the Fed was the mercy of a lunatic that wanted his big, beautiful economy to "look" good at the end of his term, only to utterly fuck the WORLD ECONOMY for minimally a decade. Now he's a Convicted Felon on Fraud charges, and he's one of two fucking choices our country currently has for president.
Can we re-roll for candidates at this point, since both are utter garbage?
Keep voting Republican 😄
Florida ban HOA's not books!
Painful as it is, maintenance does not go away. Its usually the cost that gets kicked down the road until their are no other choices. Eventually the building components need replacing. Their have a useful life. They do not last forever. There will be if not already very stringent reserve requirements with accountability with these HOA boards. Some owners will have no equity left to finance needed costs. If so, time to sell and cut your losses. However, no smart buyers want to be saddled with these costs unless they are compensated. The free market will address accordingly. Prices are coming down in most areas. I feel sorry for our seniors.
U sign some kind of contract. Read the fine print.
Look. Owners r getting slammed by property tax, insurance premiums, etc. that will be passed on. They don’t want to have to F you, but they r actually being Fd’. Unfortunately. Shit rolls down hill. Rings true.
That’s what they thought. They better pack some bags and get out. If you own a condo put it on the market tomorrow and take the first offer and get out. Because soon the buyers will find out that the special assessments are coming and only fools will be left to buy not knowing the costs.
Once you know about the special assessments that have to be disclosed. If they buyer finds out that you knew about them and did not disclose them they can sue you.
What is it with the media constantly calling Florida paradise?
I think it's because of the natural beauty but only the wealthy can enjoy a good quality of life.
I thank you people that has horror experience with HOA and share your experience so other people can learn from you not to buy property that has HOA.👌
HOAs (single houses) can be ok, just make sure there aren't any common area at all. No clubhouse, pools, tennis courts etc. to maintain by BONEHEADS. Everything is under your control. Never by a COA - Condo.....NEVER.
At least they are doing installments. Some HOAs just demand the balance up front with minimal notice.
Im confused as to who supposed to live in thewe places if everyone is priced out
Dumb rich people that like throwing away money
NO ONE. Population control incoming
A One time payment of $1200
Just another reason why people are leaving Florida, I did just about 2 years ago and I don't miss it.
DeSantis’ woke-free MAGA paradise.
How many people voted for HOA board members who promised to reduce their HOA fees and pressured existing board members to keep the fees as low as possible. THen never question if their was enough in the reserves or if maintenance was being doing or continually being pushed back. I don't think this situation is unique to Florida. I think that if all states required that multistory condos also have the same checks and reserve requirements, a lot of condo owners would find themselves in the exact same predicament. Delayed maintenance often means the work simple doesn't get done or gets done on the cheap.
No more condo for me .
Problem is, if they forclose on these people, the home price will plummet because the next person will inherent this debt and future assessments which are sure to follow.
$1200 isn't that high and you really need to pay more attention to your boards and what you are doing each year. There are annual meeting, newsletters etc. Most owners just don't pay attention.
Also monthly meetings. Get off your as* and attend. You don't have to be an officer but attend.
Also monthly meetings. Get off your as* and attend. You don't have to be an officer but attend.
jew psyop in surfside, this is the fallout, they buy it all up on the cheap
If they would have voted to do the repairs as they were needed, they would not have been stuck with large assessments now.
The Carlyle Group has entered the CHAT.....🤤🤤🤤🤤🤤🤤🤤🤤🤤
A $1,200 extra assessment? That’s nothing. After 30 years in a building you gotta expect something like this was gonna be needed. I mean, I feel bad for people who are going to lose their homes over this, but really, does no one keep a rainy day fund any more? Car repair, health issue, that’ll put you underwater quick if you don’t have one.
fix the audio. Way too low.
Most buy a home to lock in housing cost to be affordable for their future so do not buy into HOA’s or condo’s because over time you can be priced out of a home that you supposedly owe… also being told what you can or can not do on your own property; an HOA foreclosed on a house because she parked on the grass due to fines, small driveway with three cars… wtf
The Red hats would have us believe that Floorida is a paradise! haha...
St. Petersburg is paradise? Florida, you crazy
That old lady 20 grand plus a month from all those damn condos she owns boohoo she has to pay a little old 1200
Take out a home equity loan and pay the assessment.
Reverse mortgage it
the fl state legislature will cave in and amended the law for the fully funded special assessment fees to be deferred to a later date that won't be specified. the fl state legislature will be hedging their votes that another total collapse of an aged condo tower won't happen in the near future.
They should dial it into only "major structural issues" must be immediately funded, and the rest can be added in slowly over more years.
Can they just get a HELOC? Most of these condos have equity
Association have been putting liens against them
You have maintain things, if you own a house you have to buy a roof once in a while.
Not in a cement home, my roof wont be repalced in my kids lifetime, build cement and rebar.
@@buzz5969 Your home sounds great, but Surfside was concrete and rebar and it fell over. Salt water in the air can rust things. You can not defer maintenance.
Problems in Florida
Increased fees= vacant units = less money for HOA= increase fees = vacant units = increased fees= deferred maintenance = increased fees = vacant units…..
It’s so ridiculous that it’s almost hilarious that the news reporter seems to think that it’s just a matter of selling your condo to solve the reserve fund problem that these condo owners have. Not only will it be difficult for a lot of these owners to come up with the money that is now being demanded in special assessments to fund the reserve, it will be very difficult for these owners to sell their unit because they will have to disclose what the condo fees are and what is owing for their unit to the reserve when they sell. This kind of information doesn’t make buyers happy and if a buyer does decide to buy into a condo That has not been properly managed and maintained they certainly are going to want to pay the lowest possible price to get in because they’re going to need all of their money to fund the reserve to get the work done and the maintenance that will be necessary to protect their investment in the building once they become owners. It’s always a difficult situation and minium when boards try to keep everybody happy with low fees but eventually you have to pay and it’s better to do that on it. Ongoing incremental basis year after year then to be hit with thousands of dollars in special assessments in financial year, especially when you’re still paying a mortgage on that condo or you own it but you’re in retirement. It’s shocking to hear that it’s 2024 and Florida is only now legislating that condos have to be inspected by engineers and prove that they’re fully funded in order to maintain those buildings when Florida has had thousands if not, millions of condos For decades and decades just kicking this problem down the road. Florida is somewhere that people should avoid and if they are already there and they can they should escape.
The only way to sell would be to subtract the assessment from the selling price. You can find idiots that don't care or know but most savvy buyers will see it as a major red flag that the place has been mismanaged.
Many retirees gonna be on the streets 🙁
Why did they vote for this? Feel bad for Floridians. Where the governor? Just when the hurricanes are coming. This is terrible.
I have a feeling they will have to amend the law. They suspected, but didn't know that condos where this badly managed.
Gov. deSantis could care less. He's only interested in being a member of the Trump Cult, fighting Disney, making sure bridge lights are only red, white and blue (no rainbow colors) & today he announces...no balloon releases. FL has the highest auto insurance rates, highest home insurance rates, highest flood insurance rates, HOA's are in trouble, homeless is a major issue and elderly people on fixed incomes who are struggling. Florida = paradise lost. Time to moved back to Ohio.
Maintenance is a good thing.
Never should have bought a condo in the first place you are forever renting what you own from the board and they can charge you whatever they want. She could easily have bought a house for what she paid for the condo when she bought it 30 something odd years ago. Then all she would have to worry about is the state renting her property to her via property taxes and the outrageous insurance costs in Florida.
This is a stupid law that punishes the condo residents for the failures & greed of the building owners and management. It is sad to watch what is about to happen in Fl.
It's not a STUPID LAW. It's a law that's way overdue. Should have been funding maintenance all along.
You get what you vote for
People own condos. They are the owners. They did this to themselves by partially funding reserves for decades.
The condo residents ARE the building owners, lmao, what do you think a condo is?
This is why I wish I didn't buy a condo. Eventually, the maintenance fees and special assessments will be unpayable.
Sell you say? Sell to who?
So nobody wants to live in Florida?
Who wants to buy someone's albatross? I don't.
I have never bought Properties. I think I am better off.
@@mikew.to1 I am a US Army Army Veteran and am retired. I got rid of my SUV and live in a city where the city bus route I am on runs every 15 minutes. The VA helps with my rent and I pay only $2.00 to ride the bus even with transfers all day long if I like. There are a lot of seniors put out of their rents. I feel sorry for them. Some have felonies which cannot get Section 8. Besides that the Housing unit in the city have taken over 10K applicants and have closed their doors until those applications are dealt with.
GOP, another 2 trillion dollar 1% tax cut should fix this
Pay attention to your board agendas!! Make sure you get them. These things must be voted on long before they go into effect. That is the time to deal with it. The boards cannot keep them 100% quiet, like they would like to do.
That was the problem. The owners have to vote on special assessments. The board can't just pass them by themselves. And no one voted yes for special assessments down through the years. It's like you voting yes for special taxes to be levied on yourself.
@@exoressdelivers70 The problem is owners voting on regular montlly assessments and only partially funding the reserves. It was a loophole in the law that never should have been.
@jlam3927 it wasn't a loophole. It was common sense thinking. Now common sense is gone in this new law. Condo buildings are privately owned buildings just like a house.
The new law requiring condos to have reserves for repairs is like a law requiring all homeowners to have money in a savings account for repairs such as for a new roof (old roof may come down and kill a family member or visitor inside). A better law would have been requiring all condo buildings without reserves or inspections to post a sign outside reading 'BUILDING HASN'T BEEN INSPECTED IN X NUMBER OF YEARS AND MAY COLLAPSE AT ANY MOMENT. ENTER AT YOUR OWN RISK'. That way, those owners who want to get the repairs done would do so. Those who don't won't have to.
@@exoressdelivers70 You don't understand condos very well.
Easy solution, DO NOT BUY A CONDO.
🌴 Florida is the new California 🤔
Then sell at a lower price
This is a clear sign that the insurance industry should be regulated. They are the only ones who win their games of calculated risk.
It has nothing to do with insurance. The assessments are for repairs they have been putting off for decades but now have to do.
Ahh, at least this is letting us know who the Communists here are.
Dont worry Florida governor has all the answers,
Blame desantis
"Blame desantis" What an ignorant comment.
Why can't there be a City for all Rich people and all the other cities only for middle class! and poor people!.
The city is called Miami, they are in the process of running off the not-rich.
Very sad..
CENTRAL BANKS
Wait didn't ya'll vote for this ???
And why should this surprise us ? INFLATION
Worse than communism , what country is this .... nightmare.
Quit voting Republican
@@trumpwon8064 ask fox"news"they'll tell you what to think
Special assessment-it's legalized racketeering, and no one can't do anything about it. This is your capitalism or American dream-I mean nightmare.😢
That's not even close to what this is.
EXTORTION
Mean while President Biden said that he is helping the elderly!!!
you mean nice while? lol
That's what happens when you have total unregulation, corrption, and lackadaisical attitude by the state (Republicans). And all of a sudden, after a building collapses due to the aforementioned reasons, the state scrambles and regulates with an iron fist....even though the Republicans always complain about "too much government".
Y'all wanted capitalism, so that is the result. Well, that's what you get in the end stage of unfettered predatory capitalism! The goal is basically to get the poor seniors and middle-class people out of highly desirable areas (usually along the ocean), buy their properties on the cheap, tear them down and build luxury properties for the very wealthy.
Don't whine, you all voted against your interests, and now you have the consequences!
@@trumpwon8064 Oh, please elaborate then. What exactly caused all of Florida's real estate problems then?
@@gabyfields3235 RON DESANTIS
Welcome to trumps florida
🤣🤣🤣 You aren't all that intelligent, are you...
@@22trem trumpers ALWAYS blame the people who tell the truth dont ya? hope you lose YOUR condo !
@@22trem Anonymous Knuckle Dragger
I don’t know why condos are popular. Kind of like renting only worse .
That's soooo much bull!!!! Not fair at all!