MAJOR CONDO PROBLEMS! OWNERS IN FINANCIAL RUIN!
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- เผยแพร่เมื่อ 14 พ.ค. 2024
- We've covered a lot of the issues surrounding purchasing a condo over the past couple of years like HOA fees that are skyrocketing, upcoming reserve requirements, but one thing we haven't touched on much, is corruption, and theft. This is something you really gotta watch out for when you're purchasing in any HOA community not just condos because the people who are in charge have the ability to steal if you're not pay attention.
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The END OF FAST FOOD IS HERE! We'll Just EAT SOMEWHERE ELSE... th-cam.com/video/y3B5a8lRM2U/w-d-xo.html
P.S. - Depending on law, and traditions - a clever one can keep minutes can give one view that has little in common with what actually happened.
Board secretary locked himself in the office. That is hilarious. Guy needs to be in jail.
Iguana is fast food!
Arby's just came out with a 2 for $5 meat wrap...fast food places will drop prices
It's crazy how the press secretary comes out saying that wages are out pacing inflation and that Americans are feeling how great the economy is doing. What a disgrace
And yet ppl will still vote for this disaster of an administration
pure propaganda
Politics is a disgrace. They openly lie without any consequences
KJP is not intellect.
@@guzmancharles7 She is ANTI intellect lol
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I appreciate this. After entering her full name into my search bar, her professional web page surfaced as the top result. Her impressive qualifications undoubtedly speak volumes about her expertise
I was on the strata (HOA committee) and one young lady seemed to be hiring all the contractors for the building. When I came on and started saving money by getting multiple quotes she got angry and quit. People get kick backs or fees from the contractors they hire. Imagine living next door to people like that. Pure greed.
Did you hear the one all the fix contractors and maintenance contractors are the president’s relatives?
Same in regular neighborhoods. My Ex was a contractor, he sent the plans to build an addition. No these aren't right, nope these aren't good. After the 3rd time he said. What will be exactable plans? She pointed to the wall with 3 people to hire to make the plans.
@@chris882211😮
Exactly..we needed a cleaning company and she said she had a “friend” she wanted to hire. We went with a professional company after getting three quotes. We hired them before she knew it and she quit. I bet she would have had a regular couple hundred bucks every month.
100%
We live in a dystopian hellscape. I cant imagine a situation where everything doesnt go completely FUBAR in the next 10 years. Everything is corrupt, a grift, or a scam. It never ends.
This is the warm up show my friend. Wait till that hellscape actually does get here…
Have a nice apocalypse.
❤️🌴🐈🐈🐈🌴🏴☠️
I agree.
10 years?? im think less than 2
As long as I got my Super Bowl I'm good
Well said and 100% agree. You can feel it coming closer every single day. The agenda rolls on whilst most are not even aware there is an agenda. We were never really free, just at different times the prison bars have been closer/more obvious. We are heading towards another time where the bars are right up to your face.
HOAs should be made illegal. That’s what city code enforcement is for.
Nope, cities love HOA's because they can push off road maintenance on them. But that's neighborhood HOA's more so than condos.
@@drc3poCities are still liable for road maintenance. They only way they aren’t liable if the subdivision is gated 24/7 mu community is gated but only from 10pm- 5am this is so we aren’t liable for road maintenance.
Isn't it so everyone pays for the roof and basic building upgrades? But they abuse it.
Our development now have an excellent property management company, (Scotland UK) but we had to sack the previous management company who were dong everything that this guy is talking about.
👍🌅
Another form of corruption by the HOA is through their procurement/contracting process. Rather than soliciting for competition bids, the HOA Board simply hires relatives and friends to provide needed maintenance and repairs.
Corruption and stealing never ends. It happens everywhere and all the time.
It's pervasive and very few are ever held accountable. And no one at any level of govt. takes responsibility.
Never buy a condo, townhome, or in an HOA community. There are only two types. Ones that are already corrupt or ones that will become corrupt.
Don’t buy low end condos and you might do better.
I agree 100%
I live in a nice condo in CT and there's no problem whatsoever. Our board is honest and not corrupt. That's too broad a statement by far. Of course you are quite right to be careful as we all should be.
I used to live in a Townhouse Community, I went to one of their meeting when I confronted the community board asking where the money was going, I turned into the Community enemy. Never again HOA community for me. We need more Carpenters, Plumbers & electricians.
Same. Then found these board members had been neighbors for twenty years and they weren’t going to let anyone with a substantial percentage interest vote against their little clique.
Try that at a school budget meeting. Notice the millions parked somewhere WITH NO INTEREST. Like they get the money from the taxpayer and spend every dime on bills immediately with no chance for an interest payment.
I have had a very similar experience. Just remember one thing. When you ask a question like that, and they hesitate, they are hiding something, and your hunch about corruption is correct.
I was in a townhouse HOA. The President of my bank looked at the financials and said 3 people were not paying for their HOA dues or their insurance.
I asked to see bank statements and I was given a handwritten statement. I asked to see the bank statements and was refused. At this point the President quit taking my HOA payments and tried to foreclose on my unit. I had to hire an attorney to make her cash the checks. It got worse and the other people living there were afraid that she would do to them what she was doing to me.
After $20k in attorney fees to get no where I sold because there was mold under the siding and it was making me very sick.
When I sold I talked to the title agent when she called me the night before and said the association President had paid the $5k lien against the property. WHAT!?!?
The President had stolen our last payments for the new roof and each unit had a $5k lien against it. She paid mine so I would just leave.
Turned out her and two other board members had three mortgages on their units. 3 mortgages a piece. About six months after I sold all three units went into foreclosure and they moved on. The City Attorney, the DA, no one would help and hiring an attorney was throwing money away. The President simply refused to talk to the attorney and I got no where.
After I moved out a couple other owners asked if they could see all the documents that showed they were embezzling. I politely said yes, but you can’t have them. You would not help me when I asked and still owned my unit. To bad, so sad. They all had to pay that $5k lien on their units at sometime or another.
We need ROBUST legislation to control HOAs and hold them accountable.
If that were to happen, your HOA fees would go even higher!
Lol the govt...The Govt will just keep all the money and you'll still need to fix everything yourself.
@@1969bones69that’s not what he said.
Surfside is the reason why HOA fees are going up; HOA's are trying to comply with new laws that mandate inspections of the buildings.
I think you need to trash the whole political system along with the lobbies and replace it with something that ensures the needs of citizens are met first and foremost.
I live in a condo building run by nothing but corruption. Nothing gets fixed, projects are left incomplete, they keep charging assessment fees with no proof of invoices or paperwork to prove why these fees are being charged. It's awful. I'll never buy one again. We never get bank statements ever. It sucks.
Time to get them investigated
@MichaelBordenaro absolutely. I plan to sell when my son graduates from high school in June 2025. Condos these days are pretty much all corrupt and nontransparent for a reason.
Exactly why I always wonder why people BLINDLY buy into HOAs and trust random people across the street to collect fees and then tell you how to live on your own property. You give idiots a little bit of power... they will become Hitler. I will never understand how people trust these HOAs and buy property there. I rather live in my car than HOAs. At least I will have freedom and save money instead of giving it to Karens who are using it to pay for their highlights and vacations.
@@MichaelBordenarothey’re above the law.
I've seen all this corrupt condo association up close and personal.
Every level of government comes with corruption...this is why an HOA is insane. Why would i choose to add A 5TH layer of government on top of all the others????
If I can get rid of the condo I’m in. I’ll never have another and definitely no HOA!
Me too! I don't ever want to be in a connected housing unit or HOA again....
HOA = clowns in Congress
@@amandag4940I'd rather be in a connected housing unit on a single floor istead of an apartment with someone living above me stomping around all hours of the day.
You might have to take a hit moneywise. However, there is only a certain buyer who would purchase a condo right now and be willing to face what you are experiencing.
There's never a good time to buy a condo....
You got that right. If you do, you might as well by a timeshare too
I would have to disagree. Bought our first place in 2015 for 250. Two bedroom one and a half bath. Sold in 2020 for 315. Got into a house with 2.9 rate. Oh and we used the first time home buyers program even though people say that doesn’t work.
The same goes for a house. 😂
@@ryansoos4903 Yes, that was in 2020. Things and interest rates have changed. And stay where you are unless you plan on using cash if you want to move again right now.
@@BREEZYM6015 a house can be an excellent investment, but it can also be a huge money pit. To give you an example my 15 year mortgage is $1100/month while rent is well north of $1500 for a 2 bedroom in my area. I have a friend who bought a fancy house due to his demanding wife for $500,000 in this sky high market so he's screwed. The time to buy was right after 2010. Another opportunity is gonna show up but it's gonna be distorted by super high inflation.
ANY and EVERY HOA is a deal breaker: I do not want neighbors like HOA operators who are the very neighborhood trash people HOAs were supposed to have been preventing from "polluting" the neighborhood.
Wait you don't like having a neighborhood brownshirt roaming around??
I was so glad to sell my Condo in San Diego area. I got in trouble for keeping surfboard and bicycle on 2nd story balcony. No drying of wetsuit on railing. Really! Fortunately, it sold in 4 hours at a nice profit. Never again.
I feel ya. They stickered my crotch rocket so I put it in the elevator and parked it on my balcony. Yeahhhhh. They weren’t happy about that.
😂❤@@mowtivatedmechanic1172
Either it was in the CCRs or it wasn’t. If it wasn’t they can’t say anything.
Lucky you for getting out while the getting out was very good. People waiting now? They are going to be screwed
@@katydid2877CCR??
When I was living in Miami, one of the HOA board members had a roof washing business and was also responsible for identifying who needed a roof cleaning. He would leave a fine warning along with his business card lol. Such a mafia.
I graduated HS in 1976. Worked at a local restaurant. Back then, 90% college students were wait staff. They could pay for everything without going in debt. This was University of Michigan, not exactly a community College. Now you may pay forever.
Ah, the good old days when being a college student meant you were automatically rolling in cash. I mean, why bother with student loans when you can just work a part-time job and pay for everything? It's not like the cost of education has increased exponentially or anything. Who needs financial struggles when you can just rely on the sheer power of nostalgia to pay your bills? If only we could all go back to those golden years, where money grew on trees and debt was just a figment of our imagination.
Best financial decision of my life was choosing to go to a state school with a full ride scholarship. So happy I figured it out before making the decision
@@theempirestrikesback , I did that for my son after I figured out education is education and it depends on the individual motivation and hard work.
@judymckee5992 Well done! My advice for any high school student looking at college is 2 options: 1) check out Southern public schools. They have aggressive scholarships for out of state students and have really strong individual colleges/programs that are well respected. 2) One option to save money without scholarships at a state school is to research the nearby JUCO (almost every major state school has a junior college in the same town). Confirm all their credits are transferable. Apply additionally to that Juco, live in off campus apartment with friends, attend the Juco for a year while working full time to build residency in-state. Grind hard for all As in Juco. Apply to transfer to the state school at end of year. If you've got straight As, you should get in, credits will apply so you come in as a sophomore. You will also get the instate tuition saving 10s of Ks. Apply for Fafsa, which will be based now on your taxes alone, not your parents, making you eligible for way more support (if needed).
I remember my dorm had no AC lol. And now they have climbing walls , lazy rivers, huge phones, SUVs, luxury apartments , Starbucks, subscription apps, Kardashians, etc.
So I’m originally from Miami Florida, moved to Gainesville Florida, nine years ago. I can tell you this, the cost of living here in Gainesville, Florida matches the cost-of-living 10 years ago in Miami Florida. A 1/1 apartment, a decent apartment is going for 1400 to 1800 a month. Everything in the city limits is priced higher than 15 miles north, south, east, west of Gainesville, Florida. Now, six years ago here in Gainesville everything was cheap. That’s not the case anymore, ever since Covid things just went, insane. Hopefully this helps someone reading the comments.
who want's to live in a HOA jailhouse.
People who don’t want to deal with maintenance.
Insurance premiums out of hand
I rather have freedom. No HOA !
some condos are great and most HOA are good . Florida has its own problems . but in sc i have 2 houses in HOAs both great with pools
@@ayo9057maybe so, but you never know how much these HOA fees will go up to! I’d rather hire someone to do maintenance on my home, or work with neighbors to jointly hire landscapers, etc. My friend was in a condo with a board and they had to take them to court to get the stucco replaced on their condos. The board had ‘moved’ that big cost from maintenance to wages and paid themselves!!
I looked for a small place in central Florida. I had a choice between a Condo community and a small bungalow, with no deed restrictions (on a quarter of an acre a few blocks away). I bought the bungalow. I pay city water/sewer and hired a nice, local gentleman who mows the lawn and looks after the house (and uses the income to help support his family). Avoiding the Condo was a good decision. This informative video tells it the way it is. Great advice.
Remember all the Short Sales back in 2009/2010? Here we go again.
We moved from Florida to Ecuador. Here, we literally have three deeds for our property: one for the apartment itself; one for the parking space; and one for the bodega. Nice to know we can't ever get scammed the way condo owners are in this video.
Who fixes the building when it starts falling apart and needs maintenance?
@@cannotwest It's new and very well built. Each month's HOA includes a fund for future maintenance.
Condos are gross basically buying an apartment
You can't buy an apartment. 😂
@@BREEZYM6015 Yes you can they're called condominiums in the USA. At least the Brits are more honest.
At least if I rent an apartment, it is a lot easier to move if I decide I hate the place. All I have to do at the least is wait for the lease to expire and not renew.
I own a condo and it costs me $600 a month with all taxes and HOA fees. Average cost of apartment where I live is $1,500.. and RISING. Condos are great for minimalists like me :)
@@user-uo7fw5bo1o
Actually regular apartments don’t have a condo association. You just pay rent.
My 2bed/2.5 bath condo is Italian style with island kitchen,laundry room,with two car oversized garage on secure gated private property with over 35 floor plans from 1500-2400 sqft.
Look nothing like apartments.
Don’t need to make everything a high rise building in the U.S..
South Florida from Ft Lauderdale to South Miami has corruption on MOST HOA boards-nobody wants to serve, those that do, spend for their liking… I’m a lawyer- Florida lawsuits involving HOA communities are clogging up the court systems-insurance companies pay & settle quickly in most cases- imho, condos are becoming more expensive than homes and that hasn’t happened in over 70 years… where’s uncle Bob, he needs to come lay 100 bails & because I’m the HOA treasurer-I’m told to pay him $3500 for landscaping or where is aunt Molly who runs a carpet ckea company to take care & clean our community hallways for $20,000 each month, community upkeep…. Corruption is a strong word! Let’s say most don’t inspect what they expect so volunteers called board members find a way to pay themselves!!!
You are totally correct.
What did we learn in class today kids? 🙋♂️”Don’t buy a condo!” You get a gold star. ⭐️
😂
I bought a townhome. Where's my star? 😂
@@BREEZYM6015💫💫😆
HOA = Home Owner's Asphyxiation
Good one!!!
To sum it up.....don't buy a condo because what you THINK you purchased may not be what you end up with. The horrible part is that you may not be able to unload it....thats enough to keep you up at night.😢
I can't imagine who'd buy a FL condo, what with all the new assessments and high fees.
@@commonsense6967 Buying a condo is risky business in other parts of the country along with high insurance premiums, assessments, taxes and let's not forget those pesky HOA fees.
And then it could collapse on top of you while you're tossing and turning in bed worried about your horrible purchase decisions 😭
@@commonsense6967 people won’t buy condos, but investors will buy them…
I sold mine 3 months ago and feel like I escaped from prison. I would never want to own one and have to find some sucker to come and take it off my hands .... and give me MONEY for the damn thing. They are pure poison. I know because I was president of my ex-condo so you're hearing this from the inside.
Sold my condo last year, very happy I got out when I did. Renting now until we find something to buy, definitely not another condo! Thanks for the vid...looking forward to watching it.
Don’t buy anything for at least 18 months.
Smart! I wish you luck on your future endeavors
@@heystarfish100good idea, wait till the prices increase first
@@heystarfish100more like don't buy anything between 3 to 5 years.
@@evhvariac2 The Real estate market is about to collapse. Collapse brings lower prices. Th prices of much real estate around the country is in a giant bubble. Waiting for a correction in the housing market is sound business advice.
🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉
LETS ALL CELEBRATE @MICHAEL BORDENARO REACHING 200K SUBSCRIBERS!!! CONGRATS, MICHAEL!!!
🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉
🥳 Throws confetti 🥳 YAY
Congratulations ❤
Congratulation to 200 K Subscribers on TH-cam Michael!
You added so much more to my knowledge about the housing market and the economy and helped me a lot by making the right decision!😊
I appreciate that! really makes me feel good knowing that you’re getting value out of each and everyone of these videos
Condos are worse than living in an apartment
Thank you to our host for these outdoor walk-around RE tours. Always learn a lot.
More to come!
This reminds me of my previous condo community. When I first moved in, everything was great. The community was pristine. Then a board member who was recently elected convinced the board to switch to a management company owned by his friend. He and his friend would buy units that were underwater and flip them for a profit. They also made all of the decisions in the community and the rest of the board was eventually phased out. Board meetings were nonexistent and the community deteriorated very quickly because no upkeep was done. I’m happy to say that the community joined forces to have a moderator from the state of Florida attend the board election of 2023 and convinced the rest of the community to vote out the corrupt board member. When he was voted out, the corrupt management company was immediately terminated and a new one was selected. However the previous management company stole all the reserves and owed about $100,000 to vendors so it will take years for the new board to recover from this.
First! These rent prices are too damn high!
Trickle down sadly. Thing is is if no one owns homes the towns cities won’t collect those taxes. Then what they lay-off 90% of their staff / employees??? 🤷♂️ gov bails it out now gov owns it all
It's actually less expensive to rent than Owning unless you can find something that's within the rent range but hardly any
You dont rent condo's
@@adanblas2451 this depend on when you got the house . if you got a house- condo before 2020 it much cheaper to own
Rent is too high for the lack of benefits
I am so grateful I bought my house years ago. I couldn't afford to get into the house buying market in 2024.
Our average homes here , used to be around $200K , now they are $480K , it's either double or triple amounts to buy a home . The New Homes cost in my subdivision now , $650K and they aren't
any better than the older homes . There property taxes are higher too .
This is happening throughout The USA.
Very sad for young couples just starting out. The may be able to buy a place, but only if the mom continues working. Little babies will be left all day at daycare so they can pay a mortgage. Not good for our society!🤷🏼♀️
@@davisholman8149daycare is very expensive . If you can’t be at home to take care ofYour Child don’t have any unless grandma’s take care of it.
You Will have a good deal in the next years
@@cccp2007yeah because these prices are unsustainable
I agree, if you get student loans you should pay for it. Not taxpayers.
It's bad enough when you have no children but have to pay for other's kids and schools 😢
And no tax money building stadiums.
But yet, silent about the Billions sent overseas to launder for the millionaires in DC ? Isn’t it striking how Americans are so brainwashed against their own citizens. Yet, don’t say a thing about paying for another country’s pensions “UKRAINE “ !!!
Some how people honestly think it's the Students fault they have to pay a student loan and not the banks. The debt forgiveness was meant to curb the interest rate that these banks were charging. Students who borrowed 20,000 now have paid $40,000. So stop blaming students.
We are about to close on our condo in Hallandale for way below the Zillow price. It was costing nearly $1500 a month in maintenance, insurance and assessments. We gave the buyer a great deal just to get out. Good riddance.
These videos literally describe the last 10 years of my life. Beam me up Scottie.
Ya, if your condo is on a inland waterway, you could get hit with a special accessment for the retaining wall.
Easily 15-20 thousand per unit.
An inland waterway...
.. a special assessment.
They live off owners then run. Scammers.
Great info! You hit the nail on the head Michael. HOA’s get a free pass to do what they want. Sickening and heartless.
HOA will have to ban all EVs from parking EVs anywhere in the complex or Insurance will be cancelled.
HOA's seem to be out of control
Legislation.
Histrionic neighbors form a clique and it’s like living in a building with a gang of bullies. A real adult playground. 🙄
The whole country is out of control. Abandon ship.!!!
Hearing about a default cycle in the housing market is certainly alarming. Defaults can trigger foreclosures, which in turn can have a cascading impact on the broader real estate landscape.
While it's concerning, it's important to look at the broader economic context. A default cycle doesn't necessarily mean the housing market is completely finished; it might signal challenges, but markets are dynamic, and they can recover.
But if more people are defaulting on their mortgages, doesn't that mean home values could plummet?
Yes, that's a possibility. An increase in foreclosures can lead to an oversupply of homes in the market, putting downward pressure on prices. It's the basic principle of supply and demand.
what can individuals do if thev're worried about the potential impact on their property values?
It might be a good time to reassess your financial situation. If you're concerned about the value of your home, consider talking to a real estate expert or a financial advisor, someone like Jennafer Beaver Turner They can provide insights into the local market conditions and help you make informed decisions.
You can request the minutes but I witnessed board members discussing keeping certain “issues” out of the minutes. It actually happened a lot. Total corruption.
This right here!!
Why does that not surprise me…
🎉🎉🎉 You passed up 200,K already???? Let’s party 🎈.
Thank you Sir for what you do for us. Blessings,Carlos ✝️🙏❤️😊🇺🇸
i’m just building my liquidity and taking Warren Buffets advice “you don’t make money when you buy, you don’t make money when you sell, you make money when you wait”
I will never show wealth. No matter the level. Never have never will.
Well this skipped past the video I was watching into this one. But I guess it works here.
Same here. By some standards I’m wealthy. By W. Buffet standards I’m ok if not poor. (He understands money so he’d say I’m fine) The only people who know how much money I have are my daughter and her husband. I live in an area where many, if not most, are all about social status. Most assume I’m struggling. I don’t deprive myself but I’m not a spend thrift or a status seeker.
@@mR-dc4oq My Dad became a millionaire......still he worked 7 days per week and never once took a vacation or had some fun of any kind.....just work work work non-stop.....What good was the money for? Why bother working for money when you cannot even enjoy it? What is the purpose of this kind of life?
Older condos will be ruined by the update costs,special assessments. Eventually the building will be vacant and don't be the last guy standing.
Vacant and becoming state, county or city property. If you don't know what sort of environment that would create look no further than Detroit and other rust belt cities.
I live in a HOA community. One of the reasons we moved here was due to the large number of homes in the complex,making the HOA less than most surrounding neighborhoods. They also built numerous condos housing hundreds if not thousands of additional ppl paying into the HOA. You would think adding more ppl paying in the costs would at least remain the same right. WRONG, the HOA fees have gone up 400% + we were charged an additional special assessment after being hit by both hurricanes IRMA & Ian.This will likely be my last home so it likely won’t affect me for much longer. I wonder how much longer this can be sustained. The taxes & insurance takes up my entire SS check plus some. Whoever buys my house next will pay 25/30k in taxes & who knows what the insurance will be. When is this going to stop ?
When the revolution succeeds. That’s when.
absolutely fascinating . I do not live in the USA, I am in UK, and this is crazy. We have property maintenance in multiple residential properties, but that is for cleaning, and maintaining the communal areas. Always an outside company, so no one in the building is in charge or can take over! I have never heard of parking spaces being taken back, that is crazy!! Once a parking space is allocated to a property, it should never change. You should be able to sell the condo and space together!!
We own a service company specializing in generator sales service and repair. We can’t find people who want to make 70-100k per year. They don’t want to get their hands dirty these days. We wouldn’t even consider a college educated person due to the DEI they learn in college these days.
You make me wish I was 40 again as I repaired RV generators for 20+ years. I would have applied in a heartbeat, but I am part of the over the hill gang. My grandchildren work the trades as our community college has welding, electric and HVAC courses all making boo coo bucks. Any school teacher can be hired to teach your child, but a good welder is worth 175 hr.
61 K for taxes? Is everyone getting a check from Miami / Dade? Where does all that money go? Thanks for the show.
I just went to an auction where a house that should have sold for tops 250k went for 360k. People have money to burn! These were Amish folks and they don’t borrow from the banks.
It seems that greed here has replaced common sense and decent pricing!
Thumbs up for the iguana
The HOA members discussed building issues via text messaging so they wouldn’t have to discuss at a meeting where the issue would be in minutes. Never underestimate the greed and slyness of these power hungry psychopaths who get on the board.
If you were to make it a study you would find that these "woman" who are on these boards are all the same race as eachother......
They have been charging tractor trailer semi’s, for premium parking in truck stops, 20 plus dollars per night. Must of took the cue from this industry.
Older Florida condo prices will drop severely.
Not if - and tnere definately is - there's a lot of demand
Only older condos?
@@kingscairn Single family homes will hold their value much better. 50 year old condo in Fort Meyers, Timbaa!
Underfunded condos are going to be dirt cheap....
Older Florida condo prices will drop severely. And with concrete rebar rusting - the entire building may drop.
Strata managers can be dodgy / greedy too.
A big expose on a major strata manager in Sydney Australia) I watched recently, they also owned maintenance companies that did repairs, painting, etc on properties they managed, at inflated rates of course.
Also, insurances were like doubled to what actual costs were as a 'mark up'.
A lot of maintenance type costs would no doubt be passed on to relatives of such managers, at greatly inflated pricing, and / or kick backs are paid to managers or individuals.
Very shaky ethics, if not illegal.
Miami, the sunniest, shadiest place on earth possibly!
I don't get the draw to Miami. I am in Fort Lauderdale and it's so much better.
I work for the VA doing disability claims for veterans. My job is 100% remote and it is great.
You hiring?
He may not be, but the government on all levels, feds, state, and local are. Apparently in NYC the mayor wants to hire illegals as life guards, cause they can swim....
@michaelsnively3621 LOL...I heard about that.
@justinlowry6522 I don't work in HR, so I dont do any hiring.
I got approved for 0%! People now get 50% for diarrhea.
Got my condo up for sale outa Ft. Lauderdale after we got hit with a 25,000$ assessment on top of a major insurance hike. Omg get me outa here!! I’m looking at raw land now away from the city.
My situation was far, far worse. The developer was the ran the homeowners association until he was sued and removed from the position. His "story" was that he was going to turn it over to a BOD when they were in a postion to run the complex. He stole hundreds of thousands before being removed and was never prosecuted. Condos can be a real witches brew. Not for me.
Property tax is $61,000 a year for the featured home. That dollar amount is mindblowing to me. That owner lives in a different world than I do.
Yes that other world is working for the cartels. They own many homes in Miami area. And have BIG $$$$$.
Crooked AF condo operators. It's pretty brazen for them to think that they can make up their own rules to raise money for their association, while putting the condo owners out (confiscating their parking spaces - WTF). Especially when you consider that the money they collected from "selling" all of the parking spaces and not hiring the new, private trash company likely went into their pockets. I hope the police get involved, arrest and charge these people. What a bunch of corrupt mofos. Sickening.
The Police are 100% on their side....And the Police work for them and are paid by them and were even chartered by them to begin with......The Police are the enemy not the friend.....Police are 100% criminals by their very natures as our the people who pay their paychecks.....
michael is the king of anecdotal proof to support his premise.
Lol...I see what you did there... 👍
"Anecdotal"- you say. Unless you are being victimized, then it's less anecdotal, as you say.
I'll take anecdotes from someone on the ground over an academic study by some douche
I don't know what anedotal even mean. I'm stupid.
@@marblox9300 no worries you have a lot of company here.
In Australia, car parks get sold as part of the title of the apartment. I find this outrageous!!!
Watch who swoops in to "save" these condos. They'll be demolished to make way for ultra rich condos.
This is my fear of what will happen to South Beach. Thinking I will have to adjust my dreams of my life. No biggie. All good.
Thanks for the updates, Michael. 👍
Thanks for re-doing the 2nd half!! That was very nice of you. I’m sorry that happened with your camera. Definitely bonus points!!👏🏻
This is good advice for ANY community that has an HOA.I live in TN on the Mississippi River. There are multiple HOAs in my neighborhood. One HOA has an issue where there's been some subsidence into the river. And the homes in that HOA are currently being assessed thousands of dollars to fortify the ground so as to protect a couple of homes. Do your homework before you move into an HOA ... I don't care how beautiful it is. Check the books!
Absolutely this applies to any HOA
You live ON the river.??? So you on a boat.???
@@marblox9300 Its worse. I live in the river. Literally.
I saw a video yesterday where a private think tank ran the numbers and said that the real unemployment is 6.5% to 8.0%. Yesterday I saw that Indeed laid off another 1,000 employees in the U.S..
What is the real inflation# as well?
@@jessicacato1551 exactly. it's well into the double digits.
@@jessicacato1551 Not that it matters, but food prices have gone up 40% in two years... however, it doesn't matter because the way inflation is counted does not include food.
Excellent information and advice, Michael. Helps one to navigate this crappy market.
The amount of theft is unreal in Sarasota
I know developers are robbing people blind
Do they drink soda in Sarasota.???
Mike has recommended paying down debt. People should consider paying their mortgage bi-weekly. This makes 26 payments (13 months) per year, but cuts the 30 year loan to 20 years, and saves 33% of the interest. One of my HOA's previous presidents funneled all work bids to her family members and had every lawyer in town on retainer so nobody could sue her.
Yeah, that happened in my corrupt Democrat-run FL city, too!
I paid our debt off years ago !!
I've read it works the same as bi-weekly just paying monthly and adding that extra to principle.
@@LittleMopeHeadI’ve done that too. I called it ‘the rule of twelve’. You take your payment, divide by twelve (months/payments in a year), add that 1/12th of a payment to each payment you make thru the year. That means you pay one extra house payment per year, working the same as making bi-weekly payments. When I went to another state to care for my elderly mother, I put my house up for rent. Using the tenant’s rent payments, I pay two monthly payments extra per year, as extra principle and it’s amazing how quickly that loan payoff amount is falling!
of course, refinance people want you to refinance into a 15 yr or 20 year note, but as long as your loan allows for early payoff, do the ‘rule of twelve’ and there’s no fees or closing costs to pay the refinance company. Knowledge is power!! 💪🏻
Bad math there buddy, and you already re-edited.. heh. 13? No, its 24. Also most people do not make double their monthly payment typically. 16 x 40, do the math if you can ha
Congratulations Michael on your 200,000 mark🎉
Congrats on 2K plus. Thanks for this info on corruption HOA’s. Had no idea. Buyer beware❤
Facts bringing to the Ground , others dont like to speak about. thank you again Michael
Really appreciate your commentaries.
I appreciate that!
This was well narrated and put together. Thank you.
Looking forward to the upcoming video, Michael! It will be great to learn more about the Written Buyer Representation Agreement that will become effective nationwide in August. Thanks in advance!
Congratulations 🎉🍾 on 200,000 subscribers well done
Thank you!!
14:15 Was that a high speed gun battle we just heard? Lol...
I moved to Miami Beach in 2008 right after the housing crash and it was the best time to be there. I lived cheaply in a brand new condo 2 blocks from Lincoln Mall Road for only $1,100 a month!
I feel bad for anyone paying the current prices in Miami!
Congrats! 200K + to your channel! Keep up the great, REAL DEAL REPORTING MICHAEL!
With Buckley Towers new board these issues are changing, such as the garbage collection and the parking which are already fixed and. A few other points are in the working. Condos such as BT also have quite several items and services covered in the association fees which you would have to pay extra if living elsewhere. Items like water bills, hot water, garbage collection and extra power consumption from laundry and other may add several hundreds a month and in BT that's all included in the HOA. These are just some items that show how details are important at the time of choosing what property to buy.
Thank you for the advice for the young people.
Love the Truth that your telling. I have been telling others exactly what your saying. The false sense of security is crazy. Really enjoyed this video 👍
congrats on 200k bro!!
Appreciate it!!
that HOA is taking advantage of people living there 😮
Another great video Michael 😎
Congratulations on over 200k subscribers
Judgement’s are rarely enforced.
Love your videos, keep up the great work
Glad you like them! I’ll keep them coming
Great video. Thank you.
Very informative. Thanks.
I live in a midwest neighborhood built in the 1950s. We all have wells and can park in our yards should we want to. Most of us have boats in our driveways (close to the river). It is quiet and clean and people mind their own business. I love it. Property taxes our low too and the schools are good. You can have your condo politics and corruption. My brother lived in a condo for a few years and said he would never do it again.
How tacky!
Congrats on 200,000+ subscribers!
Thank you!