They have that completely backwards. "The family settled for $50,000 less than it was listed for". No, you listed it for $50,000 more than it was worth. Something is only worth what someone else is willing to pay for it.
It’s ok….”the government will step in”…that’s how we got in this economic salad. The government ‘unburdens’ people who take no responsibility or consequences for their actions.
Realtors are absolutely worthless. Imagine paying someone tens of thousands of dollars for doing nothing but providing unrealistic expectations and a six-month delay filled with headaches.
I paid $5 million for a cardboard box on a 10 foot by ten foot slice of swamp land that’s under a foot of water. I hope to resell it and turn a profit. Welcome to Florida
The current condo board members of each of the Sunrise Lakes condo phases are an absolute disgrace. They voted out all of the board members who wanted to try to fix these issues a year or so ago because they didn’t want to pay the cost. That has just put the whole development in deeper trouble and debt. They are in for a lot of hard times.
@@Newlinjim That's the Floriduh way. Deny climate cange and hold your hand out for free money from the other states and taxpayers. It's why I like to run cars with floriduh plates off the road in my state. One when about 100' down into a ravine. 🤣🤣
This is a result of decades of building construction deregulation and the down shifting of responsibilities from governments to real estate developers, condo boards and HOAs. Government regulations and red tape are often there for a reason -- it is to make sure buildings are safe, residents are treated equitably, and to avoid disastrous outcomes. But too many people in Florida equate small government to good governance and lower costs to taxpayers. Now they are realizing how wrong they have been.
Starting from the governor,property insurance will definitely quadruple and blame due to all the claims,HOA need to be abolished,FPL one of Deathsantis biggest campaign donors keep rising its rates…keeping Florida safe but it’s going to cost you thousands
@@SamWilkinsonntomorrow’s climate will be different than today and the day after that it will be different again….but you will still be driving your car. Why? Because you have to. Am I right?
Every report I see about Florida, just reinforced my decision to not move to Florida! I'll take snow and cold anytime, don't have to rebuild my life every time a storm strikes!
This is all a self made mess! Grandpa bought this condo for less than 50k back in the day I am sure… ha! Wanting almost 200k for it now in Sunrise… you people are all out of your mind!
Nobody wants to buy or live in a condo thats over 20yrs old. Sell those buildings to developers and rebuild them. Otherwise risk of going bankrupt or god forbid getting hurt.
@@windsofmarchjourneyperrytr2823 I lived in Las Vegas for 22 year, never was bit by a mosquito, now in Tucson, very few of any mosquito's. I lived for a summer on Captiva Island working at a resort, that cured me of Florida, bugs, bugs, bugs!
My current HOA president used to drive a Ford Focus station wagon. He was basically self employed. A year into his reign he was driving a $50K Jeep Cherokee, he moved out and changed the rules so he could serve without living here. His unit stood empty for months. He hired his brother in law to work as the property manager despite the fact that we pay the Foster Company to do just that. During a condo meeting he abruptly left when he was called out for his corrupt leadership. You can't "campaign" for a board seat. It's hell. They charge upwards of $600 a month in fees and we don't even have full time security.
Huh? Vote him out. Sue the HOA if you have to. "My current HOA president used to drive a Ford Focus station wagon. He was basically self employed. A year into his reign he was driving a $50K Jeep Cherokee" So? "he moved out and changed the rules so he could serve without living here." One person isn't allowed to change rules like that. Other people would have had to have also voted for that.
You guys know what you have to do. he hasn't squeezed you enough to realize it or accept it yet. he is only doing what you and the other owner allow. simple.
Sounds like these condos are still overpriced given lack of maintenance/ kick the can down the road by condo owners. The cost of living in sunshine state is a lot higher than what most retirees had assumed. Those low hoa fees were artificially low in the hundreds but they really need to be in the 1-2k from the get go. Hope people will remember this going forward before deciding to retire in Florida. All that sunshine isn’t gold.
I live in the St Pete/Tampa Bay area. The same situation seems to be starting here. Personally, I feel the condo collapse is inevitable. I think it will spread to other condo saturated communities in Florida.
Damn, where you been? By the time real estate issues hit the news, it’s already a crisis. Condos are becoming unsellable. The market in Florida as a whole is declining because of so many issues… high condo assessments & HOA costs, high insurance premiums, tougher condo regulation, so much rental new construction, so much SFR construction, natural disasters, migration out of florida, and greed. In most towns in Florida, locals can’t afford to buy. Anyone who bought high from 2021-2024 at close to 6.5-7% is already negative in equity. Lowering mortgage interest rates seem to be a good idea, but in reality we need sellers to wake up and lower their asking price. For most Floridians, homes over $300,000 at 6% interest is not viable. rents are now declining, making renting a more affordable option. This is why homes are sitting on the market for longer periods of time. If you are a buyer, wait til December and January, and then start to look again. The real estate market in Florida is starting to see many, many price cuts from sellers as inventory continues to increase. We are now in a buyers market.
The guy said there are currently SIXTEEN THOUSAND condos over 20 years old for sale. Right now. The bubble has already burst. Has anyone seen the number of new buildings going up and then sit half empty. Florida is a total real estate bubble.
@@MrShiningTyme The pandemic bubble caused a lot of this. You should never pay MORE than what the buyer wants. Why would you offer one cent over asking?? It was a hysteria and no tears at all for those of you who participated. Now the chickens are coming home to roost. Florida is lovely, don't attack the messenger.
No one should blame the new high condo fee increases and once-off assessments to fully fund reserve funds as a result of new State Legislation. The issue is prior owners in the past decades who constantly voted down annual fee increases to pay for large capital projects because they didn’t want to pay them. That has finally caught up with the whole industry - it’s very poor budgeting and hiding your head in the sand. At some point, someone has to pay for and fund the reserve bank balances (sinking funds) to pay for large capital projects like new roofs, asphalt replacement, new chillers, elevator modernizations, lobby upgrades etc etc. I just feel sorry for those people who have entered the market recently and are stuck with the burden. Such reserve fund legislation has been present in Ontario, Canada for decades, and the vast majority of condo corporations are fully funded through regular monthly fees.
Exactly. Thanks for your common sense. I love Florida and am looking for a nice 2 BR condo somewhere on the east coast. I will be very happy to take over one of these lower priced places being vacated.
All thanks to the Surfside condo collapse. SoFlo condos? You’re better off digging a hole and throwing your money in it. I’ve see assessments of $300,000 per unit. This is a problem.
Unrealistic expectations leads to sadness. The value is what someone will pay for it, not what you believe it to be worth. Insurance pricing + deferred maintenance + condo glut = values far below seller expectations.
All these older buildings have special assessments due to either neglected maintenance or regulations. Either way, you're not gonna be able to sell a condo to someone when u gotta disclose a special 20k assessment that's due, which is NOT allowed to be covered by the buyers mortgage
I’m looking at homes and yes condos are cheaper than some homes that sold in 2016 BUT HOA fees are crazy. Not worth it. There are old buildings with cracks. Who wants to buy an apartment in an old building?
These seems like a uniquely American problem of kicking the maintenance can and maintenance money can down the road. I’ve owned a condo in another country and maintenance was always taken seriously and the local government was always on top of inspections so we didn’t have these problems.
Florida is a very harsh environment. The types of buildings here aren't normally built in this type of climate. It's expensive to maintain. The moisture rots everything.
I was looking for a beach condo for the last 4 years. Came to my senses and put in an offer on a house with a pool. Why take the risk with these condos. I am out.
In the past, many HOAs were not collecting enough money to build reserves. The new laws are intended to build reserves. Some buildings require new elevators, new roofs, repairs from the 40 year certification and insurance that costs more every year. Home owners need to cover 100% of those expenses. Pretending the government to bail out HOAs poorly managed is absurd. HOAs should relax some purchase requirements so more buyers are eligible to buy a condo.
The government will bail us out…is it absurd or has it become so commonplace in the U.S. that people think it’s their right to force their neighbors to pay for their F-ups.
I'm 71 YO and our family lived in Casselberry for a few years. I was 10 (1963) when my father decided to leave. We ended up in Santa Clara, CA. It turns out to be a great move to get away from Florida and live in great weather. Florida...it's a giant mess with "EVERYTHING" there. Now, here comes hurricane Milton for another round of devastation.
I saw the handwriting on the wall after that tower collapsed, smoking gun. I had 4 contracts pending in May 2022, sold in 44 days and bought a 1/4 acre 2/2 1 car garage in small town Central Florida. I could not have gotten one half of that now
Risk? They will be empty after this next hurricane. Condos were once so affordable, but not any more. Thousands need remodeling, snow bird not coming back no more. They should rather have snow than sand. Those condos are way to big and to expensive. With inflation so high, I'd rather sell low price and get out of Florida all together
Condos at risk is a better title. No one wants to move to Florida with collapsing condos, an active hurricane season, and a governor in go go high heeled boots.
Been wanting to move to Florida since last year. I have been going hard looking at nice condos in North Miami Beach. After research and hurricane Milton news I’ve decided it’s not the place for me. Strangely, the realtors out there won’t stop hounding me about what a great investment it will be 😳🙄
One of the interesting problems is that salty ground water can erode concrete foundations. And sea levels are rising so coastal groundwater levels are rising. How structurally sound are the 25 year old and older condos?
It was overpriced to begin with. People just expect to profit from real estate. It's about time they get a taste of reality. If you overpaid - then lower the price and take the loss.
Bottom line is that virtually every condo in Florida is a ticking financial time bomb that will soon likely explode with special assessments that exceed the value of the condo. Mandatory inspections are finding structural problems all over the place. This is a period of hot potato where people are trying to pass off there condos before those special assessments are made.
@@karlnordinger5968We are going to see a repeat of the 2008 Great Recession where people stopped paying their mortgages and HOA fees. They stayed there for years until they could be evicted or got loan modifications.
The system is working as expected… When supply exceeds demand, you get a market surplus which typically leads to a decrease in price as sellers try to gain an advantage by lowering the price to attract buyers. Nothing surprising there. What they didn’t talk about, in this video, is the fact that Floridian “leadership” has had scientists predicting what is happening, right now, for decades. We have known sea levels were going to rise. We have known flooding was going to become a big issue for coastal areas. Floridian “leaders” called it a hoax and did nothing to prepare. So, at this point, we should have no sympathy for Florida. You get what you vote for…
I don't understand why anyone would want to buy into a condo situation. Watching friends deal with horrible boards of director politics, neighbors who won't get involved in governance no matter how bad it is, and uncontrollable maintenance/management fees scared me off decades ago.
They take advantage of people that don't understand money. Those condos down there would be considered apartments anywhere else. They categorize them as condos so they can tag on fees that they otherwise couldn't do. The fact that most of the buildings down there are usually more than 30 to 40 years old is crazy. It's common that you'll find houses that are remodeled going for 500k plus that were built in the 60s and 70s with a list of structural issues. The city and county governments have been allocated I'm sure somewhere close to a billion over the past decade or two to help solve this problem, but this is where it's at. Also, one thing that goes underreported is the corruption that goes on in real estate in South Florida. It's known as an area where people internationally wash their money in real estate, which in turn increases the cost over time for regular people. Usually, the landlord or property owner doesn’t even live down there. More cash deals are done on property from unidentified sources in South Florida than almost anywhere else around the country.
Panama papers , crooked politicians and cocaine cowboys in the old days [ 1980's ] , local Federal Reserve Bank used to have a billion and a half in excess funds nobody knew where it came from . Miami Dade County was the most crooked county in US - river cops , crooked judges ...
Great! Hasn't the media been complaining about excessively high rents (and "greedy" landlords!). If a bunch of unsold condos come on the market as rentals then rental rates will drop. Good news for renters.
How do you expect those units to ‘come on the market’ cheap? Those assessments/insurance premiums will have to be included in the monthly rent. If the building loses its certificate of occupancy after the structural engineering inspection it will remain vacant until it meets compliance standards.
@@Newlinjim Never said they'd be "cheap." But cheap or not cheap is dependent on the renter. What's cheap to one renter might be not cheap to someone else. Nonetheless, more rental inventory will help limit rent prices, and that's good.
Problem is Ocean Front Salt Rust Condos 🧐 Suburban Condos No Problem 😇 Vulture Realtors like this Realtor are the biggest problem Pumping Prices Up and Down so they can make their Greedy Commission 🤮
That's a great price for the condo except considering the assessments, taxes and insurance. I totally believe government is involved to serve the REIT corporate buy up for these condos for next to nothing.
i think DeSantis should be given a bonus. his budget cutting may have been good for the short run but left a shortage of inspectors for preventing the crisis that exist today. good job ron. i had seen him slamming the government for in his opinion f.e.m.a. showing no concern for the residents.
People are done with paying house prices for a glorified apartment. Then having to pay for maintenance and upkeep that the building owner was responsible for.
Condos in FL are no longer worth buying at any price. It's not the cost of the mortgage that will sink the owners - it's the soaring cost of insurance, HOA fees, and never ending special assessment fees that together add up to many thousands more than the owner must pay every year over and above the cost to service the mortgage. FL's condo market is DONE for the average would-be buyer. Going forward, only the very wealthy will be willing and able to stomach the costs. South FL is set to become a playground for the rich and that's all.
Florida real estate is dead. Cost of living, anywhere in the state, is out of sight. Only multi-millonaires and billionaires will be able to afford Florida living.
@@neilkurzman4907 When the building falls down [ Surfside ] you can always go on TV and say the families need more money [ after collecting 100 million in insurance ] for two yrs CBS channel 4 ran these commercials ... they lived on the beach and already had more assets than most Americans .
The listing price is the asking price, Not necessarily what it’s worth. They probably thought the market would always be on an uptrend with home prices increasing but if nobody is willing or able to buy, is it really worth that much?
That building type is out of style. They aren't building those flat dense type condos anymore. Not surprised at all. I wouldn't pay $200k to live in that type of building. Old. Noisy. Probably full roaches. No natural light. No way, I'd buy there.
First anyone who purchases a home with an HOA attached to it is a fool. Floridians voted for a Governor that doesn’t believe in bailouts and he even voted against funding FEMA which his state relies on heavily every year. So basically they got what they voted and paid for and they will do the same every year going forward. Once big companies buy out these properties they will be awarded a bailout for the repairs and HOA will be a thing of the past.
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They have that completely backwards. "The family settled for $50,000 less than it was listed for". No, you listed it for $50,000 more than it was worth. Something is only worth what someone else is willing to pay for it.
The assessments can be $10,000+ so that becomes $40,000.
A Saudi would have paid a billion dollars for it, if there were political advantages.
Exactly
Well put
It’s ok….”the government will step in”…that’s how we got in this economic salad. The government ‘unburdens’ people who take no responsibility or consequences for their actions.
Sounds to me like she bought into a realtor giving her unrealistic expectations. Realtors do lie to get listings.
Shhh.dont tell anyone 😮
No, deregulation created this. Realize that this isn’t happening anywhere else in the country..
No, it’s deregulation
They'll lie about the day of the week, are you kidding?? ONLY buy straight from owner so you can smell the BS right from their mouths.
Realtors are absolutely worthless.
Imagine paying someone tens of thousands of dollars for doing nothing but providing unrealistic expectations and a six-month delay filled with headaches.
I paid $5 million for a cardboard box on a 10 foot by ten foot slice of swamp land that’s under a foot of water. I hope to resell it and turn a profit. Welcome to Florida
The California version called a land slides
Sounds awesome. Direct me to a loan application please.
... under a foot of water with tornadoes and hurricanes just over the horizon
Nobody wants an over-priced money-pit that will make them poor. Keep them.
Bingo.
The current condo board members of each of the Sunrise Lakes condo phases are an absolute disgrace. They voted out all of the board members who wanted to try to fix these issues a year or so ago because they didn’t want to pay the cost. That has just put the whole development in deeper trouble and debt. They are in for a lot of hard times.
The condo owners(residents)are the ones who voted down maintenance cost increases,but it’s ok…’the government will step in’.
Blame your government; specifically Ron de Sanctamonious 😂
@@Newlinjim That's the Floriduh way. Deny climate cange and hold your hand out for free money from the other states and taxpayers. It's why I like to run cars with floriduh plates off the road in my state. One when about 100' down into a ravine. 🤣🤣
Florida is increasingly just a mess
This is a result of decades of building construction deregulation and the down shifting of responsibilities from governments to real estate developers, condo boards and HOAs. Government regulations and red tape are often there for a reason -- it is to make sure buildings are safe, residents are treated equitably, and to avoid disastrous outcomes. But too many people in Florida equate small government to good governance and lower costs to taxpayers. Now they are realizing how wrong they have been.
The real blame for this situation lies with the governor and legislature. They need to fix it.
Starting from the governor,property insurance will definitely quadruple and blame due to all the claims,HOA need to be abolished,FPL one of Deathsantis biggest campaign donors keep rising its rates…keeping Florida safe but it’s going to cost you thousands
This is what republicans do to things. Help the wealthy, deny climate change.
@@SamWilkinsonntomorrow’s climate will be different than today and the day after that it will be different again….but you will still be driving your car. Why? Because you have to. Am I right?
Every report I see about Florida, just reinforced my decision to not move to Florida! I'll take snow and cold anytime, don't have to rebuild my life every time a storm strikes!
I agree. I moved here in 2018 and now I really miss Wisconsin.
Yes. I had thought of moving there, but you can lose everything you own in one storm. Anything is better than that.
News is designed to activate the fear response
I'd like to see Florida once, never been there but difficult to find time lately between a storm or the clean up of a storm.
You can rent, lots of people do.
I am so glad I sold my Miami Beach condo several years ago when people were over paying for condos.
You got out at the right time!!
Did you receive your asking price?
This is all a self made mess! Grandpa bought this condo for less than 50k back in the day I am sure… ha! Wanting almost 200k for it now in Sunrise… you people are all out of your mind!
They gone learn…
You couldn't GIVE me a condo or home in Sunrise! VERY BAD AREA! It's a ghetto!
Nobody wants to buy or live in a condo thats over 20yrs old.
Sell those buildings to developers and rebuild them.
Otherwise risk of going bankrupt or god forbid getting hurt.
So as investment goes, they are more like an RV than a house. 🤔
Absolutely.
You mean the condos are gonna be going for 45,000 which is exactly what they’re worth lol
Let the bubble burst... Finally.
You will not be able to sell AFTER Milton.
warm winters are not worth the hassle of Florida
@@UncleDavesKitchen And the bugs, bugs, bugs!
@@michaelellringer5600In a snow state, you STILL get lots of bugs. In Wisconsin, they're half the size of your palm and come AFTER you.
@@windsofmarchjourneyperrytr2823 I lived in Las Vegas for 22 year, never was bit by a mosquito, now in Tucson, very few of any mosquito's. I lived for a summer on Captiva Island working at a resort, that cured me of Florida, bugs, bugs, bugs!
It will be interesting to see how hurricane Milton will affect this situation.
Bankrupt Floridas state insurer of last resort ‘Citizens’ and you’ll be unable to insure or sell as owner occupied and face mortgage foreclosure.
Milton will hurt things more. Most condos in Florida are not mortgaged, though.
You mean it'll be hilarious to see how Hurricane Milton affects this situation
More insurance companies leaving the state
My current HOA president used to drive a Ford Focus station wagon. He was basically self employed. A year into his reign he was driving a $50K Jeep Cherokee, he moved out and changed the rules so he could serve without living here. His unit stood empty for months. He hired his brother in law to work as the property manager despite the fact that we pay the Foster Company to do just that. During a condo meeting he abruptly left when he was called out for his corrupt leadership. You can't "campaign" for a board seat. It's hell. They charge upwards of $600 a month in fees and we don't even have full time security.
💯
Eliminate the fence. No more HOA
BOARDS CORRUPTION IS THE MAIN PROBLEM IN FL
Huh? Vote him out. Sue the HOA if you have to.
"My current HOA president used to drive a Ford Focus station wagon. He was basically self employed. A year into his reign he was driving a $50K Jeep Cherokee"
So?
"he moved out and changed the rules so he could serve without living here."
One person isn't allowed to change rules like that. Other people would have had to have also voted for that.
You guys know what you have to do. he hasn't squeezed you enough to realize it or accept it yet. he is only doing what you and the other owner allow. simple.
I wouldn’t touch one in an area where insurance is growing exponentially and the buildings have safety issues and some are collapsing.
That's why values are falling.
Between HOA fees, insurance and property taxes, I don't know how anyone can justify buying a condo in Florida.
Sounds like these condos are still overpriced given lack of maintenance/ kick the can down the road by condo owners. The cost of living in sunshine state is a lot higher than what most retirees had assumed. Those low hoa fees were artificially low in the hundreds but they really need to be in the 1-2k from the get go. Hope people will remember this going forward before deciding to retire in Florida. All that sunshine isn’t gold.
Actually do away with all HOA ‘s and their “fees”.
I live in the St Pete/Tampa Bay area. The same situation seems to be starting here. Personally, I feel the condo collapse is inevitable. I think it will spread to other condo saturated communities in Florida.
Damn, where you been? By the time real estate issues hit the news, it’s already a crisis. Condos are becoming unsellable. The market in Florida as a whole is declining because of so many issues… high condo assessments & HOA costs, high insurance premiums, tougher condo regulation, so much rental new construction, so much SFR construction, natural disasters, migration out of florida, and greed. In most towns in Florida, locals can’t afford to buy. Anyone who bought high from 2021-2024 at close to 6.5-7% is already negative in equity. Lowering mortgage interest rates seem to be a good idea, but in reality we need sellers to wake up and lower their asking price. For most Floridians, homes over $300,000 at 6% interest is not viable. rents are now declining, making renting a more affordable option. This is why homes are sitting on the market for longer periods of time. If you are a buyer, wait til December and January, and then start to look again. The real estate market in Florida is starting to see many, many price cuts from sellers as inventory continues to increase. We are now in a buyers market.
Talk about a day late…this is exactly why people don’t watch the news anymore.
The guy said there are currently SIXTEEN THOUSAND condos over 20 years old for sale. Right now. The bubble has already burst. Has anyone seen the number of new buildings going up and then sit half empty. Florida is a total real estate bubble.
@@MrShiningTyme The pandemic bubble caused a lot of this. You should never pay MORE than what the buyer wants. Why would you offer one cent over asking?? It was a hysteria and no tears at all for those of you who participated. Now the chickens are coming home to roost. Florida is lovely, don't attack the messenger.
hahaha.. 25 yr old condo.. the special assessment is prob $100k
Place looks cheap.
Exactly. And other are at 200K , 300K and the old house 50 years old 600K. Stop smoking cocain!!!
Definitely around 100k
No one should blame the new high condo fee increases and once-off assessments to fully fund reserve funds as a result of new State Legislation. The issue is prior owners in the past decades who constantly voted down annual fee increases to pay for large capital projects because they didn’t want to pay them. That has finally caught up with the whole industry - it’s very poor budgeting and hiding your head in the sand. At some point, someone has to pay for and fund the reserve bank balances (sinking funds) to pay for large capital projects like new roofs, asphalt replacement, new chillers, elevator modernizations, lobby upgrades etc etc. I just feel sorry for those people who have entered the market recently and are stuck with the burden. Such reserve fund legislation has been present in Ontario, Canada for decades, and the vast majority of condo corporations are fully funded through regular monthly fees.
Exactly. Thanks for your common sense. I love Florida and am looking for a nice 2 BR condo somewhere on the east coast. I will be very happy to take over one of these lower priced places being vacated.
All thanks to the Surfside condo collapse. SoFlo condos? You’re better off digging a hole and throwing your money in it. I’ve see assessments of $300,000 per unit. This is a problem.
If Sunrise Lakes Phase 4 looks this depressing, I'd hate to see Phase 1! 🤣🤣
Realtors are great at LYING!
yes they are, this guy they interview is creepy
Nobody wants those condos. Monstrous HOA fees, deferred maintenance costs, and outrageous insurance costs!
This is old news to me, and I don't even live in Florida!
Unrealistic expectations leads to sadness. The value is what someone will pay for it, not what you believe it to be worth. Insurance pricing + deferred maintenance + condo glut = values far below seller expectations.
Wow desaints sure looks after his constituents lol
All these older buildings have special assessments due to either neglected maintenance or regulations. Either way, you're not gonna be able to sell a condo to someone when u gotta disclose a special 20k assessment that's due, which is NOT allowed to be covered by the buyers mortgage
Ain't no way I'll buy a condo.... that's a dub
I would for a $1
@@martinhimself Sold for $1 with a $10K/month HOA.
@@martinhimself Can you afford all the special assessments and increased monthly condo fees?
@@steven4315 +the cost of living offsite while waiting for the building to re-qualify for a certificate of occupancy.
I’m looking at homes and yes condos are cheaper than some homes that sold in 2016 BUT HOA fees are crazy. Not worth it. There are old buildings with cracks. Who wants to buy an apartment in an old building?
These seems like a uniquely American problem of kicking the maintenance can and maintenance money can down the road.
I’ve owned a condo in another country and maintenance was always taken seriously and the local government was always on top of inspections so we didn’t have these problems.
Florida is that scam capital of the United States.
Vote the economic genius Trump and the condo prices will drop when he banned more regulations.
Bingo
Florida is a very harsh environment. The types of buildings here aren't normally built in this type of climate. It's expensive to maintain. The moisture rots everything.
LOL, you've never been to thailand
Their choice to live there, their problem.
How much were the fees? I hate when news doesn’t just tell you how much everything actually cost.
Depends on the condition of the individual building.
Hurricanes and H.O.A.s and collapsing buildings.
and alligators and snakes - especially the two-legged kind.
I was looking for a beach condo for the last 4 years. Came to my senses and put in an offer on a house with a pool. Why take the risk with these condos. I am out.
I remember in 2007 apartments kicking out tenants and staeted selling them as condos. They were worthless after the crash.
The ‘real estate Bros’ seem to have forgotten that little incident….
In the past, many HOAs were not collecting enough money to build reserves. The new laws are intended to build reserves. Some buildings require new elevators, new roofs, repairs from the 40 year certification and insurance that costs more every year. Home owners need to cover 100% of those expenses. Pretending the government to bail out HOAs poorly managed is absurd. HOAs should relax some purchase requirements so more buyers are eligible to buy a condo.
HOA reserves lol, u made my day 😂
The government will bail us out…is it absurd or has it become so commonplace in the U.S. that people think it’s their right to force their neighbors to pay for their F-ups.
"I don't believe in government intervention. I'm not helping," said DeSantus.
I'm 71 YO and our family lived in Casselberry for a few years. I was 10 (1963) when my father decided to leave. We ended up in Santa Clara, CA. It turns out to be a great move to get away from Florida and live in great weather. Florida...it's a giant mess with "EVERYTHING" there. Now, here comes hurricane Milton for another round of devastation.
California isn't heaven either 🤔
After Milton insurance companies are going to run far away from Florida
I saw the handwriting on the wall after that tower collapsed, smoking gun. I had 4 contracts pending in May 2022, sold in 44 days and bought a 1/4 acre 2/2 1 car garage in small town Central Florida. I could not have gotten one half of that now
Seeing "Miami Condo Collapse" in the same sentence activates my fight or flight
Yah the government will fix it🤦♂️
Between home owner association and the tax’s and insurance it’s not worth it in the slightest
Sellers in Miami slept during High school economics. An increase in supply followed by a decrease in demand leads to a decrease in prices.
Risk? They will be empty after this next hurricane. Condos were once so affordable, but not any more. Thousands need remodeling, snow bird not coming back no more. They should rather have snow than sand. Those condos are way to big and to expensive. With inflation so high, I'd rather sell low price and get out of Florida all together
Condos at risk is a better title. No one wants to move to Florida with collapsing condos, an active hurricane season, and a governor in go go high heeled boots.
👍👍
He seems to be the best governor in the USA! looking from the EU here….
@@collette6103 No he isn't and no you aren't.
@@higgs923 I live in SoFlo and, without a doubt, he's the best governor in the country. You must be a liberal.
@@higgs923 eh yes I am actually! And yes he is!
Been wanting to move to Florida since last year. I have been going hard looking at nice condos in North Miami Beach. After research and hurricane Milton news I’ve decided it’s not the place for me. Strangely, the realtors out there won’t stop hounding me about what a great investment it will be 😳🙄
"YOU WILL OWN NOTHING AND BE HAPPY!" i think we might have took those word too lightly smh
It looks like all the condos will become Rental vacation homes.
This Thursday, after hurricane Milton hits Florida, a lot of condos are never going to sell.
Yup and keep building them smh
I don't think there will be anything left after Milton. Stay Safe FL
Is Mar-a-Lago on fire sale too?
😂😂😂
How many buildings going to collapse with Milty coming to visit.
One of the interesting problems is that salty ground water can erode concrete foundations. And sea levels are rising so coastal groundwater levels are rising. How structurally sound are the 25 year old and older condos?
It was overpriced to begin with. People just expect to profit from real estate. It's about time they get a taste of reality. If you overpaid - then lower the price and take the loss.
Never buy a condo or HOA property. Don't move to Florida!
You'll save yourself a world of hurt.
It's only a question of how big the bag will be that they will end up holding
Older condos seem to be the problem, what about new units in brickell? I got a unit
Bottom line is that virtually every condo in Florida is a ticking financial time bomb that will soon likely explode with special assessments that exceed the value of the condo. Mandatory inspections are finding structural problems all over the place. This is a period of hot potato where people are trying to pass off there condos before those special assessments are made.
The day is coming when they will all be slums - people can't afford the maintenance .
@@karlnordinger5968We are going to see a repeat of the 2008 Great Recession where people stopped paying their mortgages and HOA fees. They stayed there for years until they could be evicted or got loan modifications.
50K less means it sold for 30K too much. that condo shouldve been 110K-125K max.
Good to hear, about time we saw a correction in unsustainable jurisdictions
Massive supply, little demand
Not sad news!
The system is working as expected… When supply exceeds demand, you get a market surplus which typically leads to a decrease in price as sellers try to gain an advantage by lowering the price to attract buyers. Nothing surprising there. What they didn’t talk about, in this video, is the fact that Floridian “leadership” has had scientists predicting what is happening, right now, for decades. We have known sea levels were going to rise. We have known flooding was going to become a big issue for coastal areas. Floridian “leaders” called it a hoax and did nothing to prepare. So, at this point, we should have no sympathy for Florida. You get what you vote for…
I don't understand why anyone would want to buy into a condo situation. Watching friends deal with horrible boards of director politics, neighbors who won't get involved in governance no matter how bad it is, and uncontrollable maintenance/management fees scared me off decades ago.
They take advantage of people that don't understand money. Those condos down there would be considered apartments anywhere else. They categorize them as condos so they can tag on fees that they otherwise couldn't do. The fact that most of the buildings down there are usually more than 30 to 40 years old is crazy. It's common that you'll find houses that are remodeled going for 500k plus that were built in the 60s and 70s with a list of structural issues. The city and county governments have been allocated I'm sure somewhere close to a billion over the past decade or two to help solve this problem, but this is where it's at. Also, one thing that goes underreported is the corruption that goes on in real estate in South Florida. It's known as an area where people internationally wash their money in real estate, which in turn increases the cost over time for regular people. Usually, the landlord or property owner doesn’t even live down there. More cash deals are done on property from unidentified sources in South Florida than almost anywhere else around the country.
Panama papers , crooked politicians and cocaine cowboys in the old days [ 1980's ] , local Federal Reserve Bank used to have a billion and a half in excess funds nobody knew where it came from . Miami Dade County was the most crooked county in US - river cops , crooked judges ...
Rent them out many people in Florida have lost homes.
Had the building never collapsed this would have never been considered !
The buyer should have considered it. But hey,money never stays in weak hands.
You forgot people tired of living in a state with constant hurricanes
Great! Hasn't the media been complaining about excessively high rents (and "greedy" landlords!). If a bunch of unsold condos come on the market as rentals then rental rates will drop. Good news for renters.
How do you expect those units to ‘come on the market’ cheap? Those assessments/insurance premiums will have to be included in the monthly rent. If the building loses its certificate of occupancy after the structural engineering inspection it will remain vacant until it meets compliance standards.
@@Newlinjim Never said they'd be "cheap." But cheap or not cheap is dependent on the renter. What's cheap to one renter might be not cheap to someone else. Nonetheless, more rental inventory will help limit rent prices, and that's good.
If you don’t own actual land then you actually own nothing.
That's why I never understood this condo craze. You basically are renting a glorified apartment and paying property taxes and condo fees to do it.
Problem is Ocean Front Salt Rust Condos 🧐
Suburban Condos No Problem 😇
Vulture Realtors like this Realtor are the biggest problem Pumping Prices Up and Down so they can make their Greedy Commission 🤮
That's a great price for the condo except considering the assessments, taxes and insurance. I totally believe government is involved to serve the REIT corporate buy up for these condos for next to nothing.
What's the difference between a 3rd store condo and apartment? Apartments are safe but condos no? Somethings smells fishy.
i think DeSantis should be given a bonus. his budget cutting may have been good for the short run but left a shortage of inspectors for preventing the crisis that exist today. good job ron. i had seen him slamming the government for in his opinion f.e.m.a. showing no concern for the residents.
People are done with paying house prices for a glorified apartment. Then having to pay for maintenance and upkeep that the building owner was responsible for.
They are the the owners,they voted to not fund maintenance premiums.
HOA market needs to crash.
Condos in FL are no longer worth buying at any price. It's not the cost of the mortgage that will sink the owners - it's the soaring cost of insurance, HOA fees, and never ending special assessment fees that together add up to many thousands more than the owner must pay every year over and above the cost to service the mortgage. FL's condo market is DONE for the average would-be buyer. Going forward, only the very wealthy will be willing and able to stomach the costs. South FL is set to become a playground for the rich and that's all.
Not that many rich are gonna have that mindset or they wouldn’t be rich.
The government can't stop the building from needing to be fixed. It gets fixed or it's over sad to say.
Florida real estate is dead. Cost of living, anywhere in the state, is out of sight. Only multi-millonaires and billionaires will be able to afford Florida living.
99% of people want it to crash, 1% own the condos.
HOA fees and insurance rates is 100% the problem.
And that bubble has been very long overdue to pop.
Yes, HOA fees being low too long is a problem.
There’s only so far you can kick the can down the road
Or maybe after the massive run-up in housing prices since 2009, they can stagnate a bit.
@@briangasser973 we need a price crash desperately
@@neilkurzman4907 When the building falls down [ Surfside ] you can always go on TV and say the families need more money [ after collecting 100 million in insurance ] for two yrs CBS channel 4 ran these commercials ... they lived on the beach and already had more assets than most Americans .
The listing price is the asking price, Not necessarily what it’s worth. They probably thought the market would always be on an uptrend with home prices increasing but if nobody is willing or able to buy, is it really worth that much?
Selling a condo for just as much as a house is crazy
The grandfather's family should be arrested for elderly abuse for making him live at Sunrise Lakes Phase 4. 😂😂😂
"Governments involvement..." Thoughts and prayers.
I wouldn’t buy one for $1
That building type is out of style. They aren't building those flat dense type condos anymore. Not surprised at all. I wouldn't pay $200k to live in that type of building. Old. Noisy. Probably full roaches. No natural light. No way, I'd buy there.
Wow, this deserves a Pulitzer just for the title!
I feel that the roaring 20’s is over for Florida.
They are worth what people are willing to pay for them. Now what people are listing them for. BUYERS have all the power.
What a mess 😮
I am a realtor in Miami and the key is the age of the condo. New construction condos and new condos 20 years or less are better investments.
How come there was no warnings about this ? /s
This has been an issue since Ian, people just too busy with the Kardashians in America.
Always good reporting from Joe Gorchow.
free markets don't always go up.
First anyone who purchases a home with an HOA attached to it is a fool. Floridians voted for a Governor that doesn’t believe in bailouts and he even voted against funding FEMA which his state relies on heavily every year. So basically they got what they voted and paid for and they will do the same every year going forward. Once big companies buy out these properties they will be awarded a bailout for the repairs and HOA will be a thing of the past.
FLA is a welfare State supported by Calif & NY , Fla takes more from the US Treasury than it contributes in taxes .