Condo owners blindsided by $100K assessment fees in Volusia County
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- เผยแพร่เมื่อ 5 ต.ค. 2024
- There are now just six months left before the state-wide deadline for condo buildings to get their mandatory engineering assessments done. In Volusia County, this costs over $100,000 per condo owner at one building.
You won’t be able to give a condo away next year.
Reap what you sow!
Florida housing market always crashes hard.
My Florida condo has soared in value. Two story buildings and the property is beautifully kept. New roofs last year, new pavement this year and plenty in the reserves. It just depends if the HOA is run by a bunch of retirees that don’t know what they’re doing or if it’s people that know how to manage a property properly.
@@chrisjenkins203 It will be worth 60% less after 5 years lol.
@@righteousone1 👌 sure it will 😂
@@chrisjenkins203 Nothing stays up forever. You're in for a shock of a lifetime.
They're rushing to sell their condos, but nobody wants them.
Insurance won’t write new policy’s either
If I was an owner of a condo in Florida, I would start an owners affiliation club and fight back against the building owners for my rights. Building inspections or limited building life expectancy was not in my contract of purchasing sales. I purchased a unit within a building associated with fees to maintain buildings, but not, structural engineering. Period End of story.
But I thought moving to Florida was the greatest thing in history?
@@Phil-G1075 Building owners are the condo owners, they gonna sue themselves?
@@steven4315 I would! Teach myself a lesson!🙃
They put off maintenance for years. Time to pay.
They did not put off paying money for repairs.People use it for other things.
@@carolynwheaton8547
Yes, the HOA’s of every building in Florida stole their money. Or the other possibility is they didn’t do the maintenance and they didn’t keep any reserves. You can push all the conspiracy theories you want they did this to themselves.
People see what they want to see so the owners chose to ignore things that clearly need repairs or replacement. Condo associations are usually run by people who know nothing about building maintenance and are looking out for their own self interests so they kept the fees far lower than they should have been.
@@markp.7165
Condo associations keep fees lower because that’s why they were elected.
I remember my association sending me a letter that they were saving me two dollars per month. My first thought was you wasted money sending me a letter saying you’re gonna save me two dollars. You should’ve used it to fix something.
Surfside and other condo associations are in the news because they’re fighting their assessments.
This one is complaining about huge assessment, but not a single part of the article or any of them said what the money needed to be used for other than defective roofs. Sounds like they were soft peddling the amount of damage.
Don’t blame it on the condo owners. They paid their required fees. Blame the association that knew there were issues but blew it off and used the money for things unrelated to the condo upkeep. Crooked scumbags
Why are owners surprised by this? You lived on the cheap for decades in an environment that erodes steel and concrete. Instead of saving for repairs, or keeping them up along the way, now it's a lump sum. It was a gamble and unfortunately you lost. No dumping it on a future owner. Or worse. A catastrophe.
Yep and off the backs of us that don’t live on the beach. They are the reason insurance has skyrocketing. They need to ban where these homes and condos can be built
Entirely correct….they were greedy and got caught out.
Yup, it has to be paid and it can't be passed on to a new owner. They just need to drop the price and cut and run. Crazy that they didn't mention the name/address of the building for viewers to be wary of.
Most condo associations have been preparing for inspections & renovations deadlines for 3 years already. Why did these condo owners ignore the deadline?
@@CraigC-h6blocation on the beach is not what’s causing insurance increases. It’s being in the storm territory that consumes all of Florida. It will soon happen to the lower midwest states as they keep getting pumped w tornadoes. Insurance is a failed dying industry.
This is a failure of the state Government at multiple levels. They know the environment and the stress and wear it can put on buildings. They should have made the Condo Association require to have much larger reserves for maintenance, but that would meant higher monthly HOA fees which impact sales of the units. It is the old pay me now or pay me later story. And paying later is always more painful.
Why is it the governments job to make people maintain their properties? I thought Florida was all about getting the government off the people's backs. I keep hearing people in Florida are sick of the government telling them what to do.
Paying later is not “always more painful” as shown by studying the vast majority of entrepreneurs who borrowed money and deferred payments while building Microsoft, Alphabet, Apple, Meta, Fed Ex, as well as the vast majority of independent small businesses.
They wouldn't get votes if they did that.
That’s just nanny state talk. The people of Florida are free. They’re allowed to not maintain their buildings if that’s what they want to do. Or at least that used to be true.
@@stevekru6518 apples and oranges. If you let a building sustain weather damage. It gets worse as water seeps 2:26 in. So it cost you even more long-term. Now, if you use the money that you didn’t spend on maintaining the building for a valuable investment sure you could come out ahead. But that doesn’t appear to be the case here.
I got lucky and unloaded my Tampa condo years ago. Special assessments were adding up back then too.
People won't be able to even sell a condo with that millstone strapped to it.
Most can't pass new inspection standards.
Sure you can you just sell it for less money and realize your investment is now worth $100,000 less.
They want to live there they need to pay for making sure it’s safe. Don’t expect us that don’t live on the water to pay for it. Should’ve stayed up north.
Don't live in Florida, it's way more expensive than NYC.
@@eddieBoxer It's also a cesspit for fraud, even though it's a police state.
“Deferred maintenance “. Always catches up with you.
My current Condo Board uses the PADDED Deferred Maintenance line item in Budget like PETTY CASH 😡
@@rosemary6907
Defer preferred maintenance is not a good thing. I can’t see how you would convert it to cash. But if you don’t like the way, your condo is managing your property then vote for someone different, or run yourself.
@@neilkurzman4907 Appreciate your reply!
Did not mean current Board changes Deferred Maintenance into CASH ☺, they use line item, LIKE Petty Cash, instead of putting in next year Budget.
Was on Board for 5 years, health reasons stopped me from running again, as I would be unable to handle FULL TIME, which a Board position deserves!
Most units are selling to INVESTORS, 🥲who do not run for Board, but hoping some new people do especially since a very competent Property Manager has been hired!!!
@rosemary6907 They can't. Extraordinary expenses outside of the budget have to be approved by the owners, even if the money is coming from the contingency fund and not a special assessment. The board can't just spend that money as they please.
If your board is doing that then you need a new board, since they are likely breaking the law.
Wow! A news reporter who can break down an issue clearly with details in two minutes. Refreshing … WKMG hit the jackpot with this young lady.
Is this your daughter or something?
These people have lived very cheap on the beaches in Florida over the years. That’s all over now. Other citizens will not be picking up the tab. You want to wake up everyday by the beach you got to pay up.
Too many Condo Boards have been living “on the cheap” and deferring maintenance for so long… Sad part is those original owners are dead and new owners are getting stuck!!
Anybody contemplating buying a property - or any other costly item (such as a motor vehicle, a motor boat, etc.) needs to do their due diligence. Most Americans don't bother and then they're stuck. Consider some of the owners in that condo with the $100,000 assessment hanging over their heads. They're not millionaires, they can't find a buyer for the kind of money they want, they'll get ONLY low ball offers - so they're stuck. They can't sell unless they potentially take a loss, unless they paid a really low low price for those condos back in the "la la" days, so they stand to lose everything AND possibly have to file for bankruptcy if they're carrying a mortgage on their unit.
@@jannibal9273 Agree! To the point, Florida just changed the rules/laws regulating condos, where an architectural inspection must be done, delinquent maintenance must be completed ASAP, and condo boards must have financial reserves at a high level (don’t quote me, but maybe the value of the property, so, essentially self insured). These changes require these huge assessments, and, yes, some solvent owners are just walking away since no one is buying!
I am sure Blackrock will snap them up on the cheap.
Yep
Well HOA managers have been misusing those fees after decades instead of towards maintaining the buildings. Not rocket science
Right
But now owners are liable?
What a scam
That’s what you get when you’re looking to scam everyone yourself. Real estate priced too good to be true? Well guess what? It was too good to be true. Hate govt regulation? Bet you now wish, after that condo collapse, there had been more regulation.
Prior to the CTS collapse, OWNERS could vote to NOT fund Reserves separately from the Operating budget. It was common practice to not fund Reserves and manage major repairs & replacements by Special Assessments. Florida law changed as a result of the CTS collapse, and many other states are looking at similar Reserve funding requirements.
@@EarthSurfer Thus realizing the **true** cost of housing in those states. As opposed to the fictional “lower cost of living” routinely claimed by those states in order to get folks to move there.
@EarthSurfer Living in a condo association elsewhere, that practice baffles me. I'd rather pay small increments over the long term to have reserves and such covered for when things do need repair/replacement, rather than surprise lump sums for everything. My HOA had a special assessment last year because excessive rain had caused damage and parts to fail much earlier than anticipated. Nothing anyone could do, but we'd been gathering reserves for that project.
The first condo collapse was the canary in the coal mine. Why anyone would purchase a condo in Florida boggles the mind, defies logic. 😅
Not all condos are by the Ocean or built on SAND!!
@@rosemary6907 True but contractors cut corners where they can and this shows up decades later, often when the contractor is retired or deceased. Same is true for many developments in the desert, where again the contractors cut corners and build homes that are far from up to code.
I’m sure there were plenty well-run condominiums in Florida. But you don’t hear about those because they don’t have problems and they’ve kept up with their maintenance. We only hear about the badly run ones.
Serviced elevators on the beach for years. We had a saying that you can spend your money or spend your elevators. Those who chose the latter were like the boards of many condos, kicking the can down the road until a HUGE expense happens. Little sympathy for those who certainly knew better but hoped they could sell in time and dodge the inevitable.
If these boomers would stop wasting their money on avocado toast and starbucks they could afford their condo assessment fees. They just need to work harder like I do.
He's a snowbird I think he can afford it
Not all snowbirds have that much money 💰
@@benlevy48 Yea, it's called living above your means. Common American mistake.
@@benlevy48
Yes they do. How many people can afford 2 houses? Most people can't even afford to own 1
@@benlevy48 then they shouldn't be snowbirds.
I would never buy a condo. It’s not really yours. U are not the boss. F that.
GET ON THE BOARD!!! You are everyone's BOSS!
@@rosemary6907cringe
how could you not know it's been on the news for over 2 years. if you think it will be worth more you live in la la land. the market is going to be flooded with condo's. people should have been selling 2 years ago.
Some did right after Surfside. These people are waiting to the last few months.
Unfortunately, much of this is the fault of the condo management/boards of directors as they have passed the buck year after year and not fully funded their reserves as they have always been required to do. Now they have been caught with their pants down because the condo collapse in Surfside has resulted in this law where all of the condos have to be inspected and come into compliance NOW.
They did what the Boomers wanted them to do.
What AVERAGE American has $100K laying around for a special assessment? That's ridiculous. So what happens to owners who CAN'T AFFORD TO PAY THE $100K? The retired teacher who went back to work is deluding herself if she thinks that coughing up $100K for the special assessment is going to somehow repay her back. But - we see every day how people can delude themselves into believing anything.
Well, if your property has equity, you can get $100,000 loan against the property. Otherwise you’re only choices to sell. And if you bought it recently, that means your mortgage is underwater and the only way you can get out of it is walking away and taking a loss, then it becomes the bank problem
You take out a second mortgage or get a loan from the bank.
After, the assessments are paid, the condo association will sell the building, then everyone will be forced to sell out, at lowball offers.
These owners all voted to underfund their reserves and to put off doing needed repairs. I feel zero remorse for them.
@@bubbajones4522
Totally agree. Not all do that. But the ones that do are now finding out they are caught with their pants down. I lived in a 89 unit condo association for ten years in Bradenton FL ('02-'12) they had a detailed budget with reserves.
@@bubbajones4522Yep. Sucks to be them.
The condo association does not own the building, they cannot sell it. If the building is sold it will be the decision of the owners.
@@michaelchavez9094
If a majority of the owners vote to sell.
This is why hiring a good real estate attorney is invaluable. They would have been able to find out there is a large assement coming up and the buyer could have backed out of the purchase.
They would have a hard time getting insurance anyway
These are charges that result from changes in the law after the Surfside collapse. If you bought prior to the law being enacted you (and your attorney) would not have known about the upcoming assessment since even the condo board didn't know about it.
Disposable housing! Welcome to the garbage of Florida!
Do you live here or are you talking out your 🫏?
This is the reason i only rent an apartment, no HOA, no assessment.
@@subicstationditosailor4053 I lived there in past and have family that are suffering.
@@eddieBoxer FREE RENT???????
They said move to Florida, you'll be better off LMAO
Nobody in their right mind would buy a condo in these times they are now worthless
People in their right mind wouldn't buy a condo in Florida - or any other coastal areas for that matter. People have been flooding to beach areas in North and South CArolina - and guess what, the same issues are developing there as developed in Florida. Potential buyers just don't educate themselves about what is actually happening with climate change, insurance costs, coastal erosion, land subsidence, ocean rise, etc. before deciding "Oh honey, I want a beautiful condo (or house) on the beach." Does anybody think a real estate broker desperate for a deal and a commission is going to tell them the truth?
Teacher didn’t do her homework. AND she sure didn’t learn how to save for retirement.
Mine was just checked out this past year. No where near that cost. Yes is did cost us all a new assessment but it was well worth it. Next will be sprinklers in the common areas and one inside each of our doorways. The building was built in the 70s so you have to maintain things and bring them up to new codes.
Everyone should have expected this after the surface collapse! I don’t even live in a condo and saw this coming miles away!!
Many knew this was coming why didn't they plan ahead - Were the BOD and management companies sleeping?
Usually when extraordinary maintenance that requires special assessments are proposed, owners vote them down, so the maintenace is never done.
What is different now is that changes in the law require them to get this all done now, so there is a huge sticker shock.
Stop moving to Florida
Yes, please stay up north with your crime and high taxes and progressive values! 😂
Bite your tongue. EVERYONE needs to move here. Get those condo people house hunting. Drive up my home value so I can sell.
It's not only florida. I stupidly bought a condo in Seattle and same thing was happening. Fortunately the market got hot and I was able to sell.
@@mistiinseattle The ANTIFA Seattle????
@@rosemary6907 lol actually I left that disaster and moved to the Midwest. :)
I do feel bad. Kinda sucks. However, if I owned a condo in a High rise In Florida after the June 2021 collapse of Champlain Towers, I would have sold 6 months later. It was only a matter of time before the hammer came down and new laws were passed, inevitably leading to major assessment and repair fees.
My Florida County HEIGHT is 3 stories, no high rises!!!
@@rosemary6907Low rises have huge issues as well, most of them are due for massive assessments at some point.
They have the same problem of owners not being willing to pay for maintenance that the high rises have, in fact many of them are even worse since it is easier to hide problems with them than it is with a high rise. Often all that is needed is a regular fresh coat of paint to conceal the fact that the structural support is rotting away.
Wonder what will become of the buildings. I think a lot of people are going to move or default on the assessment. Asking each person to cough up $100K in a lump sum out of thin area with so many living paycheck to paycheck is unreasonable. I also wonder what happens to the building if the majority of owners cannot pay? Foreclosure? The building becomes abandoned? It gets turned into apartments? Other?
The next new "OVER-PRICED high rise" will replace it (land grab). Rinse repeat !
Of course it’s unreasonable. What’s your solution? The government should give them money? Would that be the state of Florida or the federal government?
The owners of the building let the condition deteriorate and didn’t keep any reserves. Who do you think is going to save them from their bad decision
I guess they couldn't really afford to live there in the end.
Beachside condos are good for about 20 years before requiring a lot of maintenance. The $100K+ assessment buys time, but eventually the work needs to be done again. Way to avoid such large assessments in the future is paying much higher monthly fees to build up a large, sufficient reserve.
Thank you
That will never pass at the AGM. Owners don't want to spend money.
@@Tugela60 I agree owners donot want to spend money. But leaking roofs, pealing siding, broken sidewalks will surely limit value of the condos. BY the way what is AGM ?
@@irwinsaltzman979 Annual general meeting. Owners have that every year to elect the board, approve proposed rule changes, approve the budget and approve special assessments. In urgent circumstances there may be extraordinary meetings held as well to approve expenditures or bylaw changes outside of that.
Blindsided....I think it's been common now.
Sure $100,000 for the report and then what hundreds of thousands to bring them up to code.
Why would it cost $3 million plus for just an engineering report? Something smells to high heaven here. Welcome to Florida, folks!
No, it’s not $100,000 for the report. It’s $100,000 for the report and the repairs. But sure you can expect it to go a little over budget and have a couple of tens of thousands of dollars in the future and of course the common charges are going to go up to what they should’ve been to begin with.
I used to love visiting and wanted to move but just unreal whats happening to soo many people
The problem with these is that after 10, 20, 30+ years to put away money in your reserve for "just in case" measures. They neglected the idea that major repairs might be forced, thus why this situation is happening
It is almost as if the Previous owners of the Condo's where slum Landlords in the Monies where not set aside to cover emergencies. The newest owners now in a real bind.
Mother Nature will decide, that's something propaganda won't tell u?
Sorry but if you have 2 homes, can't feel sorry for you. Many people struggling with the idea of never being able to own a home. At least if you rent, walk away!
This is exactly what greed looks like. Every company is doing it so prepare to live in debt forever.
Greed and corruption.
Florida's housing market always crashes hard, and this time around will be no exception.
Your comment is *EXACTLY* what uninformed ignorance looks like 🤷
These assessments I'm hearing about seem grossly inflated. Has there been a bidding process for the actual work that needs to be done now? How is the amount needed for future repairs determined, how far out are the current owners expected to cover, and why aren't the HOA fees going toward the future costs (raise the fees if needed)? It just seems like either the law is poorly written, condo associations are misinterpreting the law, or some kind of fraud is occurring in order to steal these condos out from under people and sell to developers. The building doesn't look poorly maintained.
How many condos have fallen down since the illegally poorly built with multiple visual defects condo in Miami?
NONE!!
Wrong question. You should ask whether Vegas is running a betting line of when the next collapse will occur.
The Surfside condo was not illegally built.
How can they be blindsided? The warnings were on the condo walls for a couple of years!
Wow $100k in Volusia County is crazy as that isn’t even an upscale area. I am in a tiny 1988 built Florida home and my monthly mortgage and homeowners insurance come to about $1,300 per month, no assessment fees, no HOA fees!
At one point I thought maybe getting a condo as my yard is hard to maintain but so glad I did not get a condo. With skyrocketing insurance costs and crazy condo HOA assessments and monthly fees I would never consider a condo in Florida. IMHO you are better off renting or saving for a small home with no HOA.
Most people can’t afford a small home and with the way rent is now, they cannot afford to save either. The average apartment in many areas of FL is running around $1800-2k/mo
Are commercial buildings like hotels, office, etc included in being inspected and funded?
Did not hear that!!!
SB 154 only applies to "condominium and cooperative associations." And the building must be 3 stories or taller. So - no, commercial buildings are NOT covered by SB 154. Gee, I wonder why...
Tallahassee lawmakers intend on delaying the deadline in a special session which Desantis has already stated he will consider. In time, (1), the condo associations will foreclose on those who cannot pay the assessments, (2) Insurance will be too expensive to cover losses from all the man made storms of recent days.
They can subtract the amount of the assessment from their asking price and maybe they will sell.
No, the assessment has been made, they have to pay it, even if they sell the condo.
Condos are trash. Always a fee for this and that. Owning a home is priceless.
I grew up in Fla
I left 13y ago
Fla is a mess now
I dont even visit anymore
I miss old Fla
Before Disney
Yeah in Florida your house will get flooded and blown apart on a regular basis while you can't get insurance. That's priceless LMAO 🤣😂
Condos are just trailer parks in disguise. Exactly like a trailer park contract, you own the home but never the land underneath it. Thus, the person who owns the land underneath you has de facto rights to change the rules for any or no reason.
@@cheesecakefan4880are you over 60 years old to remember Disney not being there?
Condo valet trash pick up cost $200 dollars per month and going up.
I’ve owned my condo in Florida for 15+ years. They’re two story buildings, beautifully kept, new roofs last year, new paving this year. Only one assessment in that 15 years of 2K . Property values have soared in this community because we’ve always had a responsible and properly run HOA. Not a bunch of retirees that are afraid to approve an annual increase of 20 bucks lol. Good luck to all the people in three stories and higher that have chosen to neglect the reserves…
I’m new to all this housing stuff and trying to understand. I get what’s going on in the video. My question is, will people get a steal once people sell, or will this type of thing be an issue for the buyer as well?
This is what happens when you defer maintenance on a building
They weren’t built correctly in the first place…..😂😂😂
Not true
people are saying they have to sell, the problem is because of all the assessments, everywhere in the state of Florida, what’s going to happen? Is people are not going to buy the condos, so the people who live in them are going to be stuck, staying in them, and having to pay for all that. What would happen if they can’t move but they refused to pay the hundred thousand dollars for the stuff?
My guess lawsuits plus lein on the condo. Owner signed the HOA docs / contract; grounds for lawsuits. No doubt will bankrupt a lot of owners; especially if they cannot sell for the amount they still owe on the mortgages. OR somehow corp america will step in and buy the buildings ... aka 2008 collapse of housing ... and convert to rental property. Just guessing ......
Foreclosure
@@half-breed yes, followed by eviction.
All those magots that had to move during COVID are going to lose their AZZ with meatball Ron's leadership. Pretty damn funny actually 😁
The HOA will sue the owner for the money, and the owner will have to try to sell (good luck with that!) or file for personal bankruptcy. Not a nice thing to deal with in what are supposed to be a retiree's golden years. But there isn't anything most of them will be able to do if they (1) don't want to pay the $100K for JUST AN ENGINEERING ASSESSMENT they will file for bankruptcy; (2) don't have to money to pay $100K or if they pay it, that would leave them with little to nothing to live on besides Social Security (which a certain political party wants to eliminate, but that's a different story) - what person in their right mind would pay the $100K in such a situation? It's a no win situation for a majority of those owners, that's my guess. Now - go ahead and vote for more Republicans who let this happen in the first place until a horrific tragedy struck - 98 people dead from a condo collapse in the middle of the night.
There goes my dream of buying a vacation beach front condo. Why would I want to gamble with a crazy assessment fee someday?
What exactly have these HOA's been doing about restoration over the years to be facing these charges. Obviously not much. I guess these buildings are supported to maintain themselves over 40 years.
Hardly blindsided. This has been coming since Sunny Isles condo collapse. Smart people sold 2 years ago.
It's about time. There's no such thing as "maintenance free".
Where will the nice lady be able to make $100,000 a year.Sell remove elephant 🐘.
She might have to take it out of her retirement.
She doesn't, she can take out a 30 year loan, pay it monthly.
@@MedoExpress 30 year loan at 65 years old? Lol
Withdrawing retirement savings, mortgage loan, or barring that, selling and moving elsewhere cheaper. Sadly, for many, that will likely be a small apartment at best or moving in with their children. Very common scenario.
@@Mitzi73 Sad.5 years ago never thought of paying $100,000 for repairs on building.
People living so close to the edge they can't pay a $100,000 fee have NO BUSINESS AT ALL retiring early -- or even THINKING about doing that.
Then anyone not within in the extremely wealthy brackets would ever be able to retire.
How is DeSantis going to fix this one?
He's gonna put his big boy boots on, climb a stack of phone books and deliver a speech about it.
Who can fix it? A lot of those HOAs and building managers were neglecting proper maintenance for years....some for decades. Now it's caught up.
He doens't care - he can't run for Governor again under Florida law.
For those that recently purchased, don't have enough equity in their condos and don't care about their credit for 7 years might be better to just walk away and let the HOAs and insurance companies eat the expense!
I went to a RE auction in SOFLA in 2007 and oceanfront/close to the ocean 1 bedroom condos in 40 year old buildings the starting bids as low as $20K with back then only $500/mo HOAs. Math never worked then since HOAs only going to go up especially in older taller structures. Now proly even if they give away for free won't make $ and sense.
I always thought condos were insane. Too much risk re uncontrollable fees, especially for what you get.
If you want to rent - rent. If you want to buy - buy.
At least if you actually OWN the real estate, you have SOME control.
WHY anyone buy condos in Florida in 2021 or after?
I can see 1991 but never 2021 or after
Sold mine in 2017. It was becoming a rental haven. Most of the owners had left, and renters don't take care of the property like owners. Dodged a big bullet
The board is being unreasonable and insane. The building that has stood for 30 years is not going to fall down tomorrow unless they have been ignoring regular maintenance for decades. That condo that collapsed had obvious spalling that showed the concrete was failing and they ignored it. So do the structural assessment and repair what needs attention in order of seriousness. $100K right now is insane, but $5K/year over the next 20 years would probably be doable by most residents.
Also, some regular maintenance issues like refurbishing the elevator the board should have been collecting reserves over the expected life of the equipment.
Meatball Ron's law, making America great 😃
@@wbay3848 exactly, meatball ron knew who would profit when he made that law 🤑
Um - a building that stood for 30 plus years DID FALL DOWN AND KILLED 98 PEOPLE - in Florida - in the middle of the night. Some of those deceased people's bodies were not recovered out of the massive amount of rubble of collapsed Champlain Towers South.
These HOA's have voted for years to not fully fund the reserve. Now, they are being forced to pay the piper. Unfortunately, many of the people who owned then have sold out over the years. They reaped the benefit and the current owners are left holding the bag.
That's the risk you take.
It’s very sad what’s going on. However, you have to maintain real estate. Roofs, plumbing, painting, pools etc have limited useful lives.
When the government makes things mandatory the cost skyrockets.
When I lived in my old apt in Ft.Lauderdale I was told it was going to go condo and I got first choice of buying it. I said it's not worth $275k ... not with all the work the building needed, it would have cost close to $400k. I moved out, I ened up buying a home out side of Florida for around $225k with a lot more sq footage.
If you moved further into the swamp you probably could have found one for $225. You got ripped off.
@@Tugela60 .. oh ya I got ripped off. I bought a 3 bedroom 2 bath 2100sqft home outside of Florida in ANOTHER state. Please tell me how I got ripped off ?
@@vulcan2882 You paid $225k when you could have got some swampland for $225. You paid a thousand times more than you needed to.
A condo is the worst investment you will ever make. Better off to rent as needed.
Horrific advice!! Renters are treated disrespectfully, always, everywhere!!!!
Try for a small Single Family?
NEVER A TRAILER even if you can own lot!!!
A trailer gets a License plate, not a DEED!!
Landlords are GREEDY SOBs
@@rosemary6907 yeah brainless, tell that to all the condo owners who are being forced out of their homes because of high insurance, HOA, repair costs that are killing them! Save your stupidities for someone who doesn't know better, like a 2nd grader.
How you going to sell when it’s underwater from the increased flooding in the future? Miami is losing inches of land every year. It’s a last run to launder money before everything is ruined
People don't want to acknowledge that 90% plus of Miami, for instance, is at best 10 feet above CURRENT sea level. They're losing approximately 6 inches of land every year due to accelerating ocean rise. And that doesn't account for sink holes and land subsidence, aquifer water pollution from salt water infiltration and the quite evident increase in billion dollar plus damage causing storms a/k/a hurricanes, tornadoes, torrential downpours leading to massive flooding, etc. Even if Florida never gets hit with another hurricane or "tropical storm" again, at least two thirds of it will be under salt water. Miami is estimated to be under water by 2050, and other key Florida cities under water by 2060 (you can find studies online). Do the math. That retired teacher should keep her $100K, but it's probably too late.
Now I can show my mom these videos so she doesn’t buy one of these condos.
Awe you got another home
I hate to say but condo owners have been allowed to not have money in thr bank. After a tragic event they now they have too. Personally it can suck, but it needs done
I bet the previous owner is breathing sigh of relief he dodge a falling knife.
Please do NOT call a condo, an HOA😡
HOA= HOME OWNERS ASSOCIATION
COA=CONDOMINIUM OWNERS ASSOCIATION
You can’t buy a new car and never change the fluids, tires, and wash never wash it. That’s basically what happened here. You can only kick the can down the road for so long.
in some cases, you arent allowed to pass on the assessment to the new owners if one decides to sell.
The assessment is a lien & must be paid by the seller.
If the special assessment has already been levied it is the responsibility of the seller to pay it, not the buyer.
Solution, do not build anything over 4 stories by the ocean! 4 stories and under are more manageable and easier to maintain. Especially near saltwater,
Florida is a nightmare but nothing a few more hurricanes won’t take care of 😮
maybe desantos would like a little regulation in the insurance industry. Or are the rest of us supposed to pay for your beach vacay
Time to move
Would you agree to buy a condo unit that has deferred maintenance to the point where you will be expected to agree to pay an extra 100k before you even close the deal?
These owners are delusional. It's not like you can buy a single family home, live in it for 40 years, and never have any major repairs. New roof, foundation cracking, new windows, hvac, and on and on... These assessments are accrued deferred maintenance costs, and they are higher because of the extremely corrosive marine environment, and a building built on SAND! These owners, with exceptions, bought these units for reasonable prices and want to enjoy the monster appreciation of the unit, but don't want to pay to maintain it.... Guess what, a potential new buyer doesn't want to pay for your neglect AND the monster appreciation.
I wonder if Florida will get hit by some major hurricanes this year. That should add to their woes down there.
Some of these expenses should be gifted/sponsored by the state .
Why? Why should other property owners, taxpayers who elected NOT to own property, or anyone else NOT caught in this issue be responsible for the mis-management of maintenance and or funding of these buildings. I'm already paying for student loans I didn't take out, why should I pay to fix someone else's neglected property. No one is going to pay for my roof replacement, my HVAC replacement, etc. I guess I should expect the state to do my landscaping as well. I know the last is an exaggeration, but people need to be responsible for their decisions. These boards are in place to manage the funds of the collective. Apparently they weren't doing their job. Why is that my problem? I didn't CHOSE to live in a beach front condo. No taxpayer's money should be used for private property!
Why would people buy condo what is the benefit of purchasing condo?
I keep telling everyone don’t move to Florida or Texas the two worst states to live in
They units would cost more but they wont worth more! They will worth whatever the market price will be and NOT what the owner wants to sell for!
I wouldn't buy a house or a condo with HOA's.
Good Lord.... go after the builders with bottomless pockets
Leave the seniors alone
The first guy is complaining from his other home in Colorado 😅
He's got money.
Great "new" law (except), *the state* forgot to put: That *no single condo owner* would have to pay (individually or collectively); for the "condo board" (so-called) "independent assestement" fee/charges/etc!!! 🤔/🤦
The condo owners ARE the board dummy.
Ironic. Many people stuck their heads in the sand and bought condos based on the false assumption that they are cheaper than traditional homes because they do not have to save up money to pay for major repairs. Apparently they thought the relatively small monthly association fee was going to be enough to make major repairs, or they thought that the repairs would not be needed until after they passed away. When neither turned out to be true, then they blame the condo BOD rather than themselves. I wonder if many of them also bought timeshares thinking they were also too good of a deal to pass up or bought EVs thinking their batteries would last the rest of their need to drive.
This is not a new story in respect to condos. It’s been happening ever since there has been condos.
Whoever sold them these condos knew what was coming up.
Probably not. These special assessments in the news are a result of changes in the law after the Surfside collapse. The deadline for compliance is looming, which is why they are all happening now.
Go Maga GoBroke
It's Wonderful!
The cost is prohibitive but it makes a difference. What ?? 😅😅 Nonsense lady!
Don't worry. Some institutional investor parasites will swoop in and gobble up the units.
Yeah, there are always suckers and losers waiting to have their pockets picked by thieves and Republicans.