Condos In South Florida Are In Trouble What You Need To Know
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- เผยแพร่เมื่อ 16 ก.ย. 2024
- Condos in South Florida are in trouble, as a matter of fact it's all in condos in Florida! But you're probably wondering what's the big problem? Ever since the condo collapse in Surfside there has been a huge focus on never allowing that to happen again. In an effort to do so condos now have to undergo a 40 year recertification to help maintain the integrity and help keep up with any maintenance before it becomes a problem. On top of that starting in 2025 a new law goes into effect in which all condos in the State of Florida must have fully funded reserves. This all sounds great until you start to realize where this money is going to come from...the residents. So in this video we'll cover everything you need to know about the issues Florida condos are facing and how they are working towards fixing them. We'll also cover if it's still a good idea to buy a condo in Florida in 2023!
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Hey Joe - Excellent video - an interesting question that is never asked "What is the economical + structuall "useful life" of a multistory residential building ? Certainly after 100 years the expected useful life of multi-story residential buildings is approaching or past the point of structurally "fixing up" ! Although it will never be stated "out loud" many if not all multistory buildings constructed pre WW2 should be condemned and demolished. A very sobering reality. Peace and safety ro all. 🙂
Owning a condominium in Florida is like attaching your bank account to a high-suctioning vacuum cleaner.
My Miami condo, condo fees are now $2800/mo., up from $1600/mo just 3 years ago. Our insurance cost went from $120K/yr to $750K/yr. The 40 year recent special assessment was $4MM, plus a new roof at $750K, rebuild the marina ($1MM) and new elevators at $350K. The unit owners finally came to their senses and elected to sell our building to a developer.
Exactly as they planned
Owners of single family homes in Florida (and elsewhere) often have to pay HOA dues, and they have a lot of the same problems as the owners of condos. Insurance rates, flood insurance, fraud-these things ripple across the state of Florida. For years life in Florida was paradise on the cheap. Now the bill is coming due, and it’s getting really ugly.
Homeowners associations have made condo ownership the equivalent of buying a time share. No controls, no supervision, total autonomy over the owner's. I've seen friendlier prison guards.
What were you doing in prison?
Nonsense. Owners vote in their boards.
The residents are mostly to blame as they typically vote to keep HOA fees low. If you don’t maintain your building, your 40 year restoration will be very expensive.
At this point it won't matter. You're screwed if you have a condo
If you're only going to own the condo for 10 years, then you're okay deferring maintenance
@@spacecoyote6646 and what if you own then can't sell because of the maintenance?
@@nesq4104 then your price is too high
@@spacecoyote6646this is the problem with condos … you plan to hold the property for 10 years so you vote against any maintenance costs. Eventually, someone is left holding the bag. Now multiple that across every building. Greed screws everyone.
Maybe the most honest and full assessment of the situation on TH-cam. (May I say one thing? As I understand, one issue is that these constructions -- i.e., condo complexes -- in South Florida has been built on limestone bedrock, not proper bedrock itself, and now due to various reasons they are cracking. It is a a controversial topic, but worth noting.)
So I dug into that, but I couldn’t find anything that supported it one way or another
@@TheVairoGroup Developers often employ equivocal language when describing their construction methods. They claim to have anchored their construction into the 'bedrock', but in many cases, they've only reached the limestone layer, not the more solid foundational bedrock. I'm uncertain whether this choice of language is intentional for deceptive reasons or simply due to a lack of knowledge. But I advice anyone to be alert when people talk about bedrock in South Florida context.
Hey @niles - Excellent comment on a timely video - an interesting question that is never asked "What is the economical + structuall "useful life" of a multistory residential building ? Certainly after 100 years the expected useful life of multi-story residential buildings is approaching or past the point of structurally "fixing up" ! Although it will never be stated "out loud" many if not all multistory buildings constructed pre WW2 should be condemned and demolished. A very sobering reality. Peace and safety ro all. 🙂
@@niilespunkari8832that is what we call the cap rock layer in Iowa. Deteriorated cap layer of limestone sitting on the thicker more stable monolithic layers of limestone. A must for building foundation stability.
You do not need bedrock to have a structurally sound foundation.
Miami will be underwater in a few years anyhow so don't worry about long term maintenance
Just like California....the Obamas bought a place on the water in the Hamptons ...
Al Gore said the same thing ...40 years ago...
"There is "no such thing as a free lunch". M. Friedman
I heard recently that almost all insurance companies have moved out of Florida and not renewing policies, so even if I was to buy any property I couldn’t get it insured. We have to look elsewhere
Yes indeed. But right after DeSantis gave them $3.5 billion from the federal government for housing insurance. He gave them a blank check and they pulled out of Florida.
Plus if people start selling, or (bailing out*) they leave the existing owners holding the HOA Dues/Assessment/Reserve Fund Bag.
*Especially if they have no money down and nothing to lose on the property. My building needs a new roof, $250K. We have 36 Units, what to do? Plus HOA must start Increasing the Reserve Fund. Another negative is 25% of the Units are either Investments or owned by Foreigners.
I live in an HOA in Georgia. Only 28 units. Some residents do not understand why the HOA fee is $380. Well every expense has to be divided by 28 units not 200 or 300. Compared to this video our payment and our reserves are very good.
A condo for $400 k is no deal! I own a winter condo in fort Myers . Insurance has killed us especially due to Ian. My building was unscathed (its own condo asoc.) but still insurance has sky rocketed. Also, contractors are thiefs! I’d also advise (like we did) only buy a newer condo (better construction, more updated looking, newer appliances). Ours was built 2019.
Imagine someone not aware of this and buys a condo within a couple of years of the condo building recertification and the cost for that condo owner is due and imagine your recertification cost is $175,000 that’s due soon!!! Buy a stand alone property!!!!!!!
With a condo, the only thing you own is the air between the walls. But you are responsible for the maintenance of everything. Such a deal…!! What happened to the water? It used to be clear, but now it’s green.
That's false. You are confusing condos with coops. Ownership of units/apartments in a condo building is in fee simple. The same as most single family homes.
Forcing the reserves is painful right now but will pay off in the end -- will allow more buyers to qualify for traditional financing finally.
Greed , the real destroyer!
DeSantis should addressing the issues instead running around the country trying to be president 🤬
Frequent hurricanes, the worst governor in the USA, pulling great works of literature off library shelves, this condo crisis....why would anyone want to live in Florida?
The engineering reserve funding and 40-year inspection requirements under the new law are required for condos 3 stories or higher. Consider buying condos of 2 stories or less.
Yeah and then let shit collapse on you
@@pi5pnj Not likely to happen with a maximum of 2 stories. Just like any 2-story house, and they’re not required to have an engineering study and reserve either.
Try selling when the HOA is so high...
Special assessment are by definition "special". As in they are one off expenses that were not foreseeable. Replacing roof, exterior repairs, replacing mechanical equipment like elevators and boilers should all be paid for by maintaining proper reserves. This problem was a result of negligent state regulations. That allowed owners and condo boards to get around maintaining adequate reserves and deferring necessary repaires and maintenance.
Are you kidding! Condo's have been a rip off for years!
With all of these problems, you couldn’t give me a condo in Florida.
We the FLORIDA residents have the POWER to bring policy change….the majority off the residents are the low income and retirees OUR VOTES and demand changes will work stick together we can do this!! 💙🇺🇸⚖️🦉🗳️
Living in a condo by the beach is a life style, broadwalk, restaurants, grocery shops everything within walking distance. If you want to live in Miami Beach you should either buy a house for $10 million because there are no houses for less, or buy a condo that is much cheaper with beautiful views, but high HOA. I hate HOA (we pay $800/month) and the SA for $60,000 that we were just assessed for each unit, but don’t forget that HOA also includes water, sewer, garbage pick up, insurance of the building itself (not inside of your condo), cleaning, cutting grass and other.
There are hardly any houses in Miami Beach and through the beach , mostly condos.
Your hubby paying top dollar to keep you happy, I'm guessing.
are you able to save any money, retirement plans, stock market, etc?? So you live within walking distance of Gianna Versace's mansion, but who cares?? At the end of the day the weather is the same in Homestead as it is in Miami Beach. Is it worth it??
@@Gardis72
Actually, I rented out my condo 2 years ago.
In 2017, we bought a 4 bedrooms 2,5 bathrooms single family house in Princeton (Homestead) and it was just seating there. Since we had twins we needed more space, so we decided to move to the house even though I always thought I never would.
The weather is not the same in Miami. Even driving sometimes you can see the one side of the road is completely dry while it’s pouring on another.
The ocean breeze is good for health and clears up the air and is a completely different smell rather than in Homestead. If you live in Homestead you would know that it smells like garbage and sewer very often.
Homestead is a quiet and more family oriented area where you have to drive everywhere while living in Miami Beach feels like you are always on vacation with everything within walking distance.
Since moving to Princeton my life style changed. I stopped walking every day since I find it not as exciting to walk here and I gained extra pounds, but I happily walked every day in Miami Beach.
I also find myself more happy and positive when lived in Miami Beach.
Schools in Princeton are bad. And if there are a better ones it’s impossible to get in.
Homestead is growing and I find it as a good area that still needs development and improvements which I believe will happen.
I love the house in Princeton, it’s big, and spacious, also we bought it brand new. I already used to this area as well. But still, I rather to live in my 2 bedrooms 2 bathrooms condo in Miami Beach than here in a big house.
The tenant’s lease expires next year and we will move there soon after the renovation.
Investment wise it’s smarter to buy a single family house. The condo price only increased on 30% since we bought it in 2015, while the single family house doubled in price which is 100% since we bought it in 2017.
Living in a house is also expensive since things break. We already had to replace the AC, the fence, the gate and it adds up. The taxes are also more than a double.
People are different and the preferences are different. It’s everyone’s choice where to choose to live.
And no, we don’t have a retirement plan. We are still in our 30th and our properties are paid in full. But we do invest in crypto.
I prefer Hallandale beach Florida beautiful city good beaches and restaurants and growing businesses and communities, and good night life. And the condos down there is going for good prices in the market.
No thanks to a condo with a $2k association fee a month.
Who's going to buy your condo when the HOA fee is 800 a month and your facing recertification fees plus your home insurance. You can't afford to live in your condo and now no one will buy your condo-these people are screwed. These condo buildings that kept the hoa fees low for decades are now going to pay the price. Old people on fixed incomes are never going to be able to afford these increases-a whole lot of elderly people will be facing eviction.
I left Miami my home raised there and I retired and moved to Melbourne Florida as it got way way too expensive even renting I miss my home but I’m so happy 😁 here
The more videos I'm watching about the "disaster" known as Florida Living, the more we've started to talk about NOT moving down there!! The longer Tallahassee spends their efforts telling kids what bathrooms they cannot use, or what books they cannot read, the worse the housing crisis will become in Florida. Luckily, we can vacation in Pompano Beach/Fort Lauderdale but that's about it as far as traveling to the State until the cost of living there turns around. We know a few folks who moved down there during the pandemic and are already moving back home to NJ!! Amazing how it's now cheaper to live in NJ (we're outside Philly, not the NYC area) than FL -- and our weather isn't so horrible anymore (thanks Climate Change).
Forbidden books that show beastiality and Climate change has ZERO importance to this Reserve Funds in Florida. Nada. 😂
Yeah, because a boy taking a crap in the girls bathroom is just so crucial. Lol. And of course graphic books in school libraries are just soooo crucial. Good grief. Fix your head.
Do not move here, its even worse than you can imagine. if you will excuse me the grands are in the pool and we need to get moving.
@@Artoconnell don't leave those kids unattended, gramps.
@@GUITARTIME2024 My kids are watching their kids, however no ones watching me...hahahhahhahhhhah :)
Imagine 40 million dollars in repairs for a 60 year old building , demo and rebuild would be 65 million
Not to mention one condo building in Miami to where a developer purchased most of the units and are pushing out a few owners who live there. Seems that you really don't own your own unit. There is nationwide push for multi family dwellings and that should be interesting in the years to come.
Pretty sad when buying a $800k condo is the cheap part!
In a situation where the owners of the Condo's have had enough a building sale can be arranged with 85% of the vote. ( If included in Bi-Laws)
After watching this video why would you want to move to Florida?
Can still live in inland such as Ocala, Orlando, or even buy a house in Gainesville…..still it is paradise living far away way from the beach
It isn't one of the fastest growing states in the country for no reason.
The governor is too busy running for an office that gets him out of Florida to give a crap about the people that elected him in Florida!
Hi - great video! I'm researching this situation also, and I'm getting the feeling that its a certain portion of the condo-owning population that will feel the pain and will have the most devastation as these reserve laws kick in: and it's the owners of condos that are valued at less than $1 Million. It seems to me that these are the older developments, and the ones with the highest amount of retirees and middle-income owners (the ones who are most likely to vote for deferred maintenance). The situation seems unfair in many instances, as these retirees etc. came to florida for the cheaper cost of living, etc. However, deferring maintenance can have fatal results, as witnessed in the Condo collapse in Sunny Isles. [did I just refute my own argument? Were the Sunny Isles condos expensive?] So I'm wondering if the new reserve laws will affect the condo prices and glut the market, for higher-end developments? If they have been maintaining the structures and also have some cash reserves, as well as a moneyed residency, then there will be no panic, and there will only be typical selling/buying cycle. Also, I believe the reserve law is different, or much less stringent, for developments that are 4-stories or less in height. Your thoughts?
Hold on concerning the hoa fees... im not suprised that all the hoa fees went to someone elses pocket and nothing was being done... thats normal life...
Yep, for so long as the owners refuse to attend monthly and annual meetings that is what happens.
Wait till it hits pension funds. How many pensioners attend their funds annual meeting? I believe NPR did a special on pension funds, they panned the camera to show the entire room. There was space enough for perhaps 40 or 50 guests and present were perhaps 10 folks.
If you don't care about your "stuff " why the hell should everyone else care about YOUR business?
$1200 HOA fees for high rise condos is for the top 1% of earners. Usually top earners with passive income.
I love the Galt Mile area of condos in Fort Lauderdale....How are those buildings faring in the midst of all of this. During a fairly recent visit, I noticed a lot of balcony repair work going on..
I just do not want to imagine to live a hurricane in one of those towers.
Those HOA are usually run by bored retirees who need drama in their Life. It’s very immature. A popularity contest without any regard to laws and preventive maintenance and austerity.
The sad reality is most of coastal Florida property market is doomed. Flooding from sea rise over the next 15 years will cause property market to calapse.
Great information. Is a beach townhouse better than a tower? Great information
Just depends, both could potentially have assessments. However, then it just comes down to which one you prefer to live in
If I wanted to live in an apartment, I think I'd look at renting rather than buying.
I live here in miami, and I would never buy here , HOA is a scam !! They steal your $!! and you will never see where the $ goes , my family and friends are going through this , is crazy !! in Fl the scam and fraud is huge !!!we love it here because we love the beach but we are relocating to another state soon , I rather come to miami 6 times a year than buying here , no thank you
Laughing here in North Carolina.
They’re all moving up here, live around RDU and Floridians are everywhere now, don’t think we’ll be laughing for too long 😢
@raggedybag45 I live in a paid off house. Let em come. Lol
@@GUITARTIME2024 damn you’re lucky, I’m trying to be more like you lmao
There is a lot of people saying the same thing as you on you tube there must be something serious coming down the line sell now sell now.
Man worked so hard to get my salary over $100k, and now that I get there, the price of everything triples. I give up man.
If for whatever reason my condominium Bldg gets condemned, would my home insurance cover the loss of my apartment $$ ?? or would I be out in the street Homeless ???
I live in Tampa Bay area now, but have recently been considering relocating to South florida somewhere around West Palm Beach, Fort Lauderdale or possibly even Miami Beach?
The Florida real estate market is hot....u don't buy houses and condos u over bid on them....
How do you determine what is good reserves? Is there a certain percentage of the total budget they the reserve should be?
It varies by building. I believe it’s based on its most recent structural integrity tests and useful life. Essentially varying building by building depending on life expectancy of big ticket items along with how large the building is
Hey Joe. :)
Hi!
Buy 10 mi from water then go 2times a month much cheaper
Condo Boards think they know what their doing. What a joke.
Condo living is over. People who owns one will have a hard time selling. Single family home is the only way to go.
Add unnecessarily high INFLATION to upkeep costs and that creates a future financial disaster.
We sold our house on Sunset island 2 during the lockdowns and moved to Maine. Best thing we ever did. Florida is a disaster.
Why would anyone buy property in a cesspit like Florida?
Eventually only the very rich will be able to have a condo on the beach.
Maybe if Gov. DeSantis and Florida voters were a more WOKE they’d figure out a way to help homeowners from sky high fees and insurance rates.
🤣 I wish they though the Insurance prices were "WOKE" then maybe they'd attack that and get the pricing down.
Insurance company is leaving CA because of WOKE policy and all the wildfires
Affordable housing is kind and therefore, woke
DeSantis is too busy fighting with Disney, banning books, and paying for immigrants to be sent from Texas to blue states. His wife is busy asking for people to illegally go to Iowa to participate in their caucus.
We should pay for people who live on the beach, lol. anyone else need my retirement account?
The problem is that most of these buildings are made of reinforced concrete and have a designed life of 50-70 years. Steel and concrete have different coefficients of expansion and will deteriorate no matter how carefully maintained. Actual steel framing would last for centuries and be easily repaired if necessary, but would cost several times more than reinforced concrete to build.
You get what you pay for. Buying an old condo is foolish. You will end up selling it to a developer who will tear it down and repeat the process for the next round of fools.
As long as the rebar is protected from moisture, it will not expand.
@@billschillerstrom583 You are correct if it is truly sealed, which few of the Florida condos are, even with good intentions. However, the further problem is what I mentioned which is that the coefficient of expansion of steel is 7.2 x 10 -6 whereas concrete is 5.5 x 10 -6. This is actually less of a problem in Florida where the range of temperatures is narrower and the cycles of change are fewer than farther north. However, when there is corrosion, it is worse at higher temperatures, which is why Florida condos fall apart so soon.
This is why steel-reinforced concrete is doomed to failure at some point in any climate. No matter how well maintained, they are short-term structures, something we should be considering in how we build public infrastructure. Steel, if properly maintained, will be repairable and replaceable piece by piece for centuries, witness the remaining bridges from the 19th and early 20 centuries. The rest of it will just crack apart after a certain number of cycles of temperature which will defeat any attempt at waterproofing. Planning horizons are for 50 years, but we keep trying to get much longer service.
For all its durability, steel is both lighter in weight BUT vastly more expensive than reinforced concrete. So the calculation is over what period of time do we amortize the cost. Anyone buying a condo more than 2-3 stories tall will face this at some point, where the cost of remediation is greater than the cost of selling, razing, and rebuilding.
Remember when Trump said FLA is a xhell holex. This what he was talking about.
Flori-duh is never a good idea.
This is why home insurance is going up, it’s socialized insurance
Condo forget about it. Worthless
Hi Joe
What do you think about buying a condo in Daytona Beach Shores?
Cost/expenses?
Hi! I think Daytona is poised for growth. They are undergoing assessments on many buildings but price point wise they still are relatively lower especially on the beachside
@TheVairoGroup thanks Joe for the quick response. I seen 2 bdrm/2 bath condos in Daytona Beach Shores, on the beach for $350 and up.
@@user-co6jl1mt6i there’s some deals out there for sure. Shoot me an email and we can talk further on it!
Snow birds stay home.
Condomonium !!!
The cost to live in paradise
Alligator paradise! 🐊
A step in lowering insurance rates for Floridians would be to have a maximum allowable payment/sq. Ft. of roof.
You need to tilt your camera so your eyes are in the top third of the screen. Right now they're dead center and it makes it look like a hostage video. You're better than this!
Lololol 🤣😂
Have any more condos collapsed recently?
I dont have a condo. I have a house on the water in plam beach.
Soon to be a house in the water in Palm beach
@@nesq4104Not true at all. Stop believe John Kerry. Utterly ridiculous, the Champlain Towers building is being rebuilt as we speak, right on the beach, and there will be no shortage of buyers to snap up those apartments. No one is worried about global warming except Davos. MAGA!
That Miami condo collapse also happened to be the building where someone close to the notorious p@y-do J.....E .... had a condo and they were looking for a flash drive.
Now that problem has been solved... In the dust . 🧐🤔
Woke is the reason !
Hi and you make me laugh. I live in Pembroke Pines Broward FL (North of Miami Dave FL or more inland of Fort Lauderdale Broward FL) I live with my mom in a COUGAR VILLAGE (senior village) my mom owns 2 condos and our first condo I do rember used to be $400.00 that back in 2009 and later my mom and I outgrew it and my mom got a 2/2 condo and gut it to bare bone. Our old condo 1/1.5 condo we rent it very low in 2010 for $900 and we raise it every 2 or 3 years depending how the real estate market is! We are NOT greedy people like other realtors or other people find raising the fee that no one wants to Pay! It's better to lower up to a point and place nice items to the have a good future rental. We gut it and update the kitchen, bath and re paint the old condo tile thought out tan in color no wood look tile of 18" by 18". Our 2nd condo next door floors is no wood tile floors and its slightly bigger tile imported in Italy 24" by 24" tan tile. each tile come in a package per tile cost $500.00 per package each tile while other can't afford we spend we have. Other people LOVES UGLY fake floors and look like SHIT! few my ex-neighbors place fake wood floors that don't sale well. however, others who did add tile on few units in my building has a small 1/1.5 sold for upper $200,000 and a bigger 1/1.5 sold mid $350,000 to a small inner apts $300,000 and the end units vary 2/2 mid $375,000 and up $500,000 the building was build the late 1990'sh!
Most anyone reading this lost consciousness at some point around "COUGAR VILLAGE"...
@@richardgreen2200 Please read it again! Slowly or you want I feed you step by step REALLY?
@@sutterpark Does mom know you are online ?
Hawaii is far better to retire to, than sweaty floriduuuuh with a goon dictator in go go boots running the state into the ground.
Can you say TIMBERRRRRRRRRR...for floriduuuuuh?
@@sarahann530 😆😄🙃