Another Condo Collapse BARELY Avoided?
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- เผยแพร่เมื่อ 29 ก.ย. 2024
- On Thursday 10/27/22 the Port Royale Condo in Miami Beach was ordered to be mandatory evacuated by 7pm. This building is in my neighborhood, and I have a personal connection with this building. What will happen if the building gets condemned?
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Real Estate is In TROUBLE and Companies Know It! th-cam.com/video/ss12j9LVQ90/w-d-xo.html
You married above yourself, Michael. 👍
Inflation in America is closer to 30% than it is to 10%
Everything has gone up a minimum of 20%, since 2020. Even the cheapest things have gone up 11%, but other things have gone up 100%. I was buying 18 eggs for $2.29, same exact package is now $6.99.
8.3% inflation my sister’s asssss.
I don’t miss my condo living tbh -the HOA was irresponsible and people are annoying
HOAs are a scam for the builders to forever make money
I am sick of condo living too … but where else can you go … other sh1t is too expensive
couldn't stand my neirbors in condo
why are people such morons
I lived in a massive condominium tower with 1000 units. No washer dryers allowed in the units. There were laundry rooms on each floor - 4 washers and 4 dryers. That was a nightmare!
People are annoying - no kidding
A live stream would be kewl to watch! Your information is very valuable to many and you do your due diligence with I along with many appreciate! Thank you 🙏
Thanks for letting me know Cyndi. Glad you’re enjoying the channel.!
The reinforcing looks like it rusting. If the post tension reinforcement is rusting there is nothing they can do. I believe that this building will be condemned.
Thanks
I'd love to see the implosion cuz it'll make me forget about my imploding life for a few minutes.
ALL economic numbers reported now are total horseshit Michael. I live a little north of Tampa and I say that 2019, 2020, and 2021 all had much higher inflation than the government claimed, when I say much higher I am talking double what the social security COLA was. And the pity for me as a disabled vet is those were my raises. For 2023 I am getting 8.7% increase but it will not be enough. I am very likely going to have to sell and go homeless, I moved from Oregon to Florida because rents there were just unpayable on what disabled vets are compensated, now rents are still outrageous but house prices are going down though house PAYMENTS are not. That is because between higher taxes, higher interest rates, and MUCH higher insurance, house PAYMENTS are going through the roof. Fortunately the RE sales in my neck of the woods are still strong, I think about 30-40 thousand off the high on my house value, but still I paid $257k in April 2020, and still could sell for $415ish. Maybe a bit more. So I could walk away with a chump change but not enough to reinvest in RE. I could get debt free and have some little cushion but moving back to Oregon and almost $2,000 per month rents and that would be gone in no time. Must seriously consider someplace like Malaga. I should also say, this region is still growing fairly fast, I see one month a 40 acre plot next to the Suncoast Parkway cleared and prepped for building an a couple months later go down that way and there are thousands of units, apartments or condos on it. Whole neighborhoods going up overnight. One thing I have noticed is we have gone from half the homes selling with 0, 1, or 2 days on market to anywhere from 10 to 30 days on market, and for the most part you rarely see anything go for higher than list price now, 7 months ago half the homes sold were fetching more than they listed for. But, there is still a net inflow of 1,500 people per day into Florida, and you might not notice it that much for two reasons, one is Miami is already so expensive you are not catching as many of those net inflow, and also because Miami is so large those moving in are just absorbed without it being noticeable. You should see the way The Villages is growing, it is nothing for them to build a 1,000 acre new "Village" virtually overnight. But there is another thing to consider, when the economy sours in the rest of the country people lose work and they uproot and head to where there are jobs, as long as Florida keeps growing like this it will attract more growth. And the baby boomers are yet to reach those peak moving years. 1957 and 58 were the peak years of that boom. I was born 1958 and am only 64 so we are still looking at retirees increasing for another 2 or 3 years maybe 4, then add a year for them to get down this way, meaning the peak years for them to arrive are still not at least till about 2028 or '29. Tampa/St. Pete and Orlando, Sarasota/Bradenton, The Villages, and now the Pasco/Hernando/Citrus regions are all growing into one megalopolis where you will have to have signs to tell you when you left one and entered another. I am lucky that my house is at 90 feet elevation, and there really is not higher ground to flood me out. The Gulf is 3 miles as the crow flies of just swampy guessing where the Gulf ends and the land begins, it is preserved and will never be built upon. I am hoping to hang on, but insurance has got to be fixed or I am going to lose my house. $1,532 in 2020-2021, then $1,894 last year, now St. Johns went under and that new bill was supposed to be almost $3,000. Had a quote at State Farm's affiliated homeowner company for $3,450. I did manage to get in with Citizens but upon renewal in the spring they are going to say I can only get a one year non renewable policy till I replace my 11 year old roof. It does not leak and is probably good for another 10 years but insurance will not insure you now if your roof is not new.
Why is Venice ok
I saw a whole documentary on Venice once. Just starting with the quality of construction there versus what is built today is on another level. Also probably much more diligent at maintaining then here in Florida.
My home is reinforced concrete and although we completed it in 1990, it has been a constant source of repairs over the years. I can only imagine how bad it can get in a large building. No way in hell I could ever live in anything other than a single family home. I bet these buildings are allowed to deterriorate so they can be demolished and sold to developers for new more expensive buildings that no one can afford.
I would not be surprised one bit if this indeed would be the case. People will do anything for greed.
Maybe a Ukrainian President will be developing a site on the beach........
This is what happen when you want smaller government, less regulations and low tax. Sounds nice at first, until your condo start collapsing.
My 100 year old house has update and nuisance repairs nothing structural. Things like electric and plumbing needed to be updated and walls has to be opened BUT a structure problem is not my concern.
@@michaelrains2268 this happens literally because the people who live there for decades didn’t not take care of things.. it’s HOAs fault and the ocean lol
One thing to consider about these old towers coming down, is because they are on primo real estate. They get poor and old people out, destroy the building and build a brand new one that none of the people that were told to leave, could ever afford to live there. It's all about money.
I love Miami- been living here 18 years… but the whole place is unsustainable now, even without these kind of incidents(which are the canaries in the coal mine) , it can’t go on. Very sad. I remember how it was in the 70s , much more like ‘old Florida’… but now, over development and catering to the foreign money speculators has destroyed it.
@@bigalsbikeandauto -- Destroying the whole USA... in my opinion
I know what you mean. I may only be here for a few more years myself will see. I don’t see this being my final resting place
I have been in this building numerous times. The neglect of the HOA board to fix this issues thru out the years is very irresponsible. Owners should take legal action against the board.
I agree, and this is one of those places that they have just done the bare minimum over the years and this is what it gets you
considering the unit owners are the HOA, and pay all the bills the HOA incurs... wouldnt they just raise their hoa fees to pay the lawsuit and settlemnets ?
Just watched Moon Over Miami (1941) the other day. So nice to see how Miami was depicted back in the day. I can't even imagine what these people are going through. Prayers are with them and the hurricane victims as well.
I feel bad for anyone who live in this Condo. Hopefully management can compensate them but i dont think they will have money to give to everyone.
Thank you Michael. Thank you for your effort keeping us current.
I never liked hi-rises. Mainly because of that gravity thing. Three stories is my limit.
I remember back in 2007 I was renting a 2bed 2 full bath condo on the beach in Ft Lauderdale and back then, in 2007, my rent was $1000 too… when back then in Florida outside of renting on the beach rent was normally going for like $450-$600. So back then in 07 my $1000 rent was expensive!!! I often think about that condo I was renting thinking I bet nowadays it’s probably $3000 now!! I left Florida, I’m in GA, and closed this July 2022 on a brand new construction townhouse $152k 3 bedroom 1712 sqft and my mortgage $1,005.24.
Awesome story congrats on your purchase. You have a really good deal! I know what you mean too back then $1000 a month was a mortgage payment and seemed expensive at the time.
Exactly why I'll never live in a condo or HOA, nothing but greed and they don't do proper maintenance as needed...
I'm seeing a lot of corporations buy up factories and taking away shut down days cuz they want as much production as possible but yet the lines are always breaking bc those shut down days were for plant maintenance.....
In appraisal terms it’s called economic life…most concrete and steel buildings have a 50-60 year economic life expectancy with proper maintenance and repairs. I predict this is going to be a problem all over coastal Florida. We’re starting to see the same issues in the Tampa Bay Area.
It's sad that it takes a catastrophe for people to wake up to these "ticking time bombs" We have a couple problem buildings in San Marcos, Texas. They are new, 7 storey private dorms built near Texas state university. They have foundation problems because there is a 40 foot thick layer of squishy clay in between harder limestone layers underneath them. In one case the engineers totally misinterpereted the core samples and designed a very inadequate foundation. It is on a hill slope where the clay slides down the hill. That building took 7 years to complete and a number of contractors declared bankruptcy and walked away. Problems started in the beginning when the expansion joints in the bottom level parking garage floor kept getting wider and wider. Since the bank in San
Antonio was stuck with it our city council keep trying to find someone to finish the project. I got a copy of the foundation core sample report and told them it would never work and they ought to do a tear down ( I am a licensed geologist) lots of problems ensued due to the shifting foundation. Like I had predicted. On a Friday before thanksgiving the fire marshal found out that enough treads had fallen out of the stairwells that the only way in or out was the 1 working elevator and he ordered immediate evacuation that night. A couple years before 1 and a half units of a 1970s lowrise a couple blocks away burned down and we lost some kids so the firemarshal is very protective.
There one going through this right now in myrtle beach called renaissance tower. ...not very old. 322 units and they kicked everyone out. This is just the beginning.
Wow..
I think it’s brilliant that they’re making it a legal requirements regarding the maintenance fees etc, I know it’s going to cost home owners more but it Will definitely make HOA think twice about cutting corners and misusing funds/not keeping ontop of preventative maintenance. I lived in an estate previously and paid monthly HOA fees and they couldn’t even maintain the gardens properly and plant cheap flowers, ensure water diversion because our under ground parking would flood etc. when we asked for the yearly figures, budgets and maintenance plans there was always a delay and and excuse. There was serious mismanagement of funds going on and the incorrect prioritising of maintenance works. I’m not saying all places are this poorly managed but when you see the amount of work not being done compared to the millions they get in the year from fees, some places just take the absolute piss. Surely that building must have had a maintenance and building manager that walk around and take pictures and put plans in place. Where did all those HOA fees go? As little as they might be, they still do add up. You’d expect that degradation in third world, not in one of the most prune locations in a first world country. Shocking.
Sad, instantly homeless, no belongings, law suits probably
This should be a big wake up call for building management and owners all around. Can you imagine the liabilities and lawsuits over neglected or deferred maintenance issues going forward? An absolute horror show! And I bet there are many more buildings like that on the verge!
But in Codos. the unit tennants are the owners... so this just means that they have a BIG assesment coming their way.
Florida is a mess right now. This will exacerbate the housing crisis in Florida.
It's the same in California. Beach life used to be bohemian. Like all the old cultures everywhere, Europe, Africa etc. Now it's being gentrified under Late Stage Capitalism. Look what they did to Greece.
The rich people stay wealthy by spending less and investing more without stopping then most poor people stay poor by spending like they are rich yet not investing but impressing.
You're right sir
You see many people remain poor because of ignorance
When developers have their eyes on a space, the safety code story will work and the gullible are sold from the first sentence. Brilliant😆
I love your channel because you keep it real! After the Surfside collapse I don't know why anyone would purchase or let alone live in those older Miami condos on the beach. It's another disaster coming soon!
Thank you, Daisy!
Thank you for this video! I live at The Collins next door and park(Ed) my car in the space right where you walked to the back and showed the pool of The Royale. In July 2020 a large chunk of plaster fell from that building and damaged my Maserati car, costing over $22k in repairs (insurance covered it). But, I noticed then, by walking around, and inside that building, just how severely damaged that building was. I walked through the garage to the pool and thought the place was a nightmare then. When I walked with the Property Manager to try and figure out what caused damage to my car, she noticed how damaged the building was, but non-chlantley said, “we need to take care of that.” I said to her, it looks like something should have been done about all of these areas this years ago! But when owners can’t afford higher maintenance fees, and there is poor property management and HOA members with poor oversight, this is just a duplication of what happened up the street. Glad we now have new State legislation to help protect against these kind of problems from continuing. The building needs to be demolished, in my opinion. And, I just hope the residents are allowed back in to collect their valuables.
So sad to see old Miami condos coming to this end , thankfully Fla is paying attention now . prayers for those owners
There’s a strategy behind demolishing historic buildings like the Deauville. 1. Let the building sit for several years so that it falls apart 2. Engineers say it’s unrepairable in order to silence public outcry about losing more Miami history 3. Demolish and replace with modern eyesore.
The county has been trying to do the same with the Coconut Grove playhouse. It was a fully functional maintained building until they shut its doors without notice. Let it sit all these years and now say the building is unrepairable and needs torn down.
Yeah, that’s definitely the playbook. The question is if it’s intentional or not. I know that the owners of the Deauville have been involved in lawsuits with the city of Miami Beach for failing to make the necessary repairs in time. But I’m sure it’s easier for them to just pay any fees that have come along and collect a large lump sum from a developer instead.
@@MichaelBordenaro in many scenarios the penalties are not strong enough. As you said in the video regarding another property, it was supposed to be torn down with wrecking balls but they just imploded it and paid the fine. It probably would have been less expensive to pay the fine than do it the correct way had there not been loss of life.
@@bigalsbikeandauto that’s exactly right. As you know, they do things in Miami two ways either with a Band-Aid or with a short cut.
I vacationed MB in 60s and 70s. What a change with high rises which block your ocean view and sun when riding on Collins Avenue.
When I was condo shopping earlier this year, the Port Royale and its next-door neighbor were on my list of buildings to check out. Two things about the Port Royale stood out for me: 1) it's ugly. 2) there were a lot of units for sale in the building and they were, by far, the cheapest oceanfront units in the area. I didn't immediately assume a Surfside-like situation, but I did suspect something was amiss. I also wasn't thrilled about the neighborhood (sorry!), which seemed to lack the streetlife of other parts of MB, and the beach itself was narrow compared to other areas. Anyway, suffice it to say, I crossed the Port Royale off my list and never gave it a second thought.
Well it looks like you dodged a bullet! And of course the beach is narrow where the ocean is getting closer every day.
Interesting. I have to wonder if the 'build quality in the 70's was actually up to as designed. I lived in So Fl/Central Fl for 30 years; and, as a land surveyor sometimes dealing with high rise construction, it was noticeable to me, as that the quality of construction in some buildings were appeared to be a bit 'suspect'.
I am an engineer and architect lived 50 years in Germany and now here North of San Antonio TX. The building has a poor quality of concrete and the steel reinforcing bars are too close to the outside. Water enters in the concrete. Rust builds up and rust destroyed any concrete. Hairline size cracks suck in the water and salty humidity is another big problem. The bad concrete around the steel reinforcing bars has to removed. The steel has to be sandblasted and covered with a special material. After a chemical stucco material has to replace the concrete and painted. Works like a glue. You can see this kind work on bridges, too. On the side a short info about concrete. Steel concrete has very special rules. Rocks, sand, cement water get mixed by weight together to match the classification of concrete for each building which is required. The rock material has to be washed.... dirt would build some kind acid over the years and weaken the concrete. All sand and rocks have certain diameters and sorted and add by weight....... less empty space between the rock and sand particles !. .... Less water in concrete makes it stronger .... more water makes concrete more waterproof but less strong. Here is the problem ... the steel bars have not the right cover on concrete & quality and distance to the outside. demolition??? ... better run ... you get a blast of concrete dust in your lung, eyes.... may they let you not be there.... your TH-camr can watch other blasts on the channel. Hope you be safe....
I appreciate all the info about the repairs and the demolition. I’m not even sure if I’ll be able to be anywhere near it but for sure I’ll be able to put up a camera for the live stream, but I just won’t be able to be near the implosion most likely.
Oceanfront+salt+rebar - major restoration on a regular basis. Buyer beware. Boy, the sale a year ago was good timing. Not good due diligence for the buyer.
Water leaks into the Lakes of Inverrary electrical box all the time. Building 10 is the worst. The residents claim they can't afford to pay for any services like their 40 year or their 50 year certification. Engineershave looked at the buildings and the multimillion dollar cost has stop anything from being fixed. Built in 1972 and not any substantial repairs ever. Rebar showing and balconies have been falling off for 6 years now. Lauderhill has been letting them get away with all kinds of violations. I'm sure those buildings are going to crumble and become a news story soon. So sad.😪
Those places will definitely be next on the chopping block
Another apartment building on my street was vacated as well the building looked very old and the balconies looked sloped. I ways looked at it for a long time while people were still living there and kept wondering am I blind or the redidents are blind but a little after the surfside collapse it was closed also. I believe there are a lot of unsafe buildings in miami beach. I lived on carlyle like 4 years ago and the roof of one of apartments collapse but luckily no one was home. I moved to bay drive now and a section of the inner ceiling collapse while my mom was on the bed. Good thing nothing fell on her and the roofs in the living room and one of the room was leaking very hard. Nost of the landlords are mean and don't want to pay for quality repairs. Be careful were you live in miami beach don't let the view or amenities fool you.
Yes, it’s definitely a big problem in the area because so many buildings here are very old and a lot of them poorly maintained over the years
The side of Miami Beach people don’t see. Thanks for this video, Michael.
Thank you, Ralphie
Enjoy the content and videos…Envy you living in such a beautiful place….
I very much enjoyed your video. I would love to see the implosion. Also, I’d love to see the Fontainebleau Hotel on one of your walks. Ever since James Bond/Goldfinger, I’ve been intrigued. I feel badly for the people in these buildings that are crumbling.
Thank you very much! Good idea on the fountainbleu. I’ll have to walk by there for one of my Videos👌
More insurance increases for those people. Miami is becoming like a Beverly Hills....
Unless these building can be strengthened and/or retrofitted, they should be torn down.. The main problem is when you build new,the cost to build new is extremely expensive. Expect extremely expensive new condos. In the long run, it’s good. However, it will be for super rich. If a developer offers you a good buy out, take it, cut your losses, get the h… out. Too dangerous.
That’s exactly right. Every single new development they have built since I have lived here for the last 15 years has been super expensive.
Oh my Soul And Body this is so reminiscent of what happened to us in New England when I was in Massachusetts taking a break from my home state of Maine. One of my neighbor friends was put in jail for watering down cement. Contractors once upon a time were on the scene (as an architect was, too), when something was designed - to prevent a contractor from using watered down cement, etc. I guess this could be called watered down something-else… responsible-building -practices
how can I say THAT in one word?
Not only that, but my contractor neighbor had built the high end house on a ridge hill in an upscale neighborhood so the house was teetering. That’s why the tragic flaw was noticed, just as this apartment house you’re talking about is built on shifting sand. That’s irresponsible Just below murderous. Honestly. You don’t need religion to understand irresponsible actions
Note: this was in Framingham North,
Massachusetts , 40 years ago.
We were about forty years old then . We’re still alive but we wonder why or how
Hey Michael! Yes show us the explosion on D Day!! 🏴☠️🏴☠️
These Re-certification statutes were planned by developers. This is the Florida Condo Re-Set Program which will bring in tons of foreign investors.
I work in construction engineering, so from what I've seen it's probably safer to demolish the building. Structural integrity is compromised, and even with assessments, it's hard to tell.
Hey Michale, I've mentioned this in a previous post. Look at your condo insurance policy documents and see if you can make a claim under the "Loss of use" section of your policy. Some insurance policies will cover up to a specific dollar amount for loss of use, other insurance policies will be based on time with no dollar cap. Typically it applies for named perils (like wind, hail, fire, lightning, etc, etc), Since the deterioration of a property isn't really a "peril" per se, it might not over loss of use. But you never know, it sill might cover someone in this case. Some policies have what is called "open perils", meaning that it covers you for any loss unless it is specifically excluded. The thing to do is ask your insurance company for a copy of your full insurance policy, if you haven't retained a copy. Go to the section in your policy documents under "loss of use" and see what it says. Also look under the section entitled "perils" to see what perils the policy covers, both included and excluded. See whether your policy is named perils or open perils.
Very good tip Ben I’m gonna have to look into this for myself
THE BEATLES stayed at the Deauville Hotel-before making their Ed Sullivan show TV debut.
As someone who works in large scale commercial construction like this, it's my personal belief that there's going to be A LOT more situations like this in the upcoming years. The quality of designs and construction is in a very questionable state.
Buildings are being pumped out in record speed to cash in on the easy money and the housing boom.
It is an astronomical risk in buying condos, whether old or new for an end-user or rental. I think twice staying at fancy high-rise hotels these days, lack of maintenance, seismic and global warming. Oh, and the look on those residents rolling out suitcases and few belongings on their hands with ONLY few hours notice of mandatory evacuation. Let that sink in before throwing out lumps of hard-earned money for a high-rise condominium.
no more easy money
By me in south suburban chicago the city is cracking down on The housing conflict and condemning houses alot of them.
Thanks for the Great Enlightenment, the livestream implosion would be interesting. My question is whose the investor's rebuilding this beach front in this economic implosion??
Thanks for letting me know. There’s no shortage of developers that would buy a place like this in a heartbeat and put something new there just like they did with Champlain towers. A new developer already owns the lot.
Inflation is so bad the middleclass is getting downgraded. For many home ownership is going away. For some rent is going to be unaffordable.
really awesome video...and flash back with the old pics and prices. Yes demo video...live or later.
This is why I sold my condo. Foundation was crumbling and we have earthquakes here too.
The news lied about that people only had 2 hours to leave. I am a resident and everyone received an email from the association asking residents to get ready to evacuate. That was 24 hours advance notice. But many didn't get prepared.
It's less expensive to maintain than major repairs, one does maintenance on one's vehicle, home , health ect ...... You can pay me now or pay me later ! Hint (pro tip) pay now with regular maintenance is less expensive than a major repair assuming it's repairable.
Totally agree
Thanks for the update Michael, this is crucial for whats to come. The concrete spall repairs you question are typically done at a minimal and generally band aided over. Condo and other luxury high rise building owners tend to ignore some of these repairs due to extensive repair costs, essentially kicking the can down the road. I doubt the Condo ownership had any significant repairs performed to the concrete, perhaps cosmetically repaired in the common areas. I wish the tenants. the best...
Yes, this is definitely a case where the deferred maintenance has gone on for far too long
Michael I think the same thing will be happening in many concrete hi-rises near the beach. Waikiki comes to mind.
I was evacuated last year on July 2nd in NMB, given 2 hours to get out. No one can move back in still. So glad I was a renter, not an owner. It was a nightmare. We were in a hotel, thank God, for almost 4 months. We paid for climate control storage and our furniture was covered with mold. Moving company scammed us. So glad we have moved on.
May I ask what the building name was? I'm moving into this area and want to do more research on my bldg
Oh wow that sounds horrible. I remember that evacuation as well. I’m not sure if the people here will suffer the same fate or not.
This is interesting. I think a lot of this has to do with the pilings supporting the building. It's salt water getting into the rebar and the ground shifting underground. You all are not familiar with the old Clearwater, FL Pass bridge. When I was young, I anchored my boat underneath it to get out of the rain. I looked up at the bottom of the bridge and I told my friends that the thing was falling apart. No kidding, the next day, as engineers were inspecting it from the top, it started sink down and crack. This was a big bridge. So these older buildings on the beaches here in Florida are in big trouble.
Really eye-opening. Thinking that realistically the old buildings will get demo'ed then Devs will come in and build new. Probably makes the most sense. The condo fees are crazy tho. I would imagine between that and the increased insurance (+ liability) that will make a lot of these older condos economically unviable vs. demo & building new.
Yes, I’m pretty sure a lot of condos in the future that end up in this situation will probably end up getting sold to a developer and re-developed
Think about this! These trucker's can't afford Diesel fuel same with farmers! It's scary times, that needs a President like Trump! They will beg Trump to come back!
That's why i live in a single story dwelling.
@@darekm6859 That seems overly paranoid.
@@darekm6859 Can't tell nowadays
I live in my sister's basement.
Omg, that is just awful!!! My little house needs some work, but it’s safe.
Many of these condo high-rise buildings will suffer the same fate as the old casinos hotels and condos in Las Vegas. One by one being demolished. Or imploded. And I think the behind the scenes criminal level of misappropriation of money activity is pretty much the same gangster Mafia level. And unfortunately who suffers the most is the residence of the buildings. Being suckered all the way through.
Love the throwback pics of you Michael. ❤️
Thanks Ken it was fun to dig those up
Ignore the problems for 40 years, then suddenly take the blinders off and tell folks they have an hour or so to evacuate... Someone in Miami-Dade County isn't doing their job.
Totally agree. Just wait for the lawsuits and investigations. What a mess. Wouldn’t want to be involved
That is a funny way to put it! Problem is only now it has become law to start prying into this. before the Surfside collapse, all these buildings were left to their own devices to hopefully do the right thing.
@@MichaelBordenaro So, Government wasn't governmenting... I lived in Florida for nine years, I can totally see that happening. At least they are starting to take those 25/10 year milestone inspections seriously. Especially when the unit owners have absolutely nothing left after a building fails, own the dirt whenever you can.
I'd like to see a Livestream.
Where will they put their things what a tragic situation, it’s not easy to
Move for many people … 😢
I know, but it would be even worse if they could never get their things out
I’ve never lived in a condo or an apartment building & I never will! Subscribed 11-14-22 👍🏼
This will be the case for the majority of condos on the East Coast. Florida is no longer affordable. Can’t get insurance without getting ripped off.
a lot of erosion from IAN in Volusia County. I moved here in the 70's and the same condos are still selling.
Despite the justified warnings against condos, they do provide a unique space in the real estate market - the only way a moderate income person can afford a beach front property. Thus there will always be a market for them. The key now is making potential buyer's comfortable with the purchase. I believe you are a realtor? Marking yourself as a condo expert, highlighting the concerns, not diminishing them, buy walking customers thru the process (vs. like most realtors, making the sale is the only priority). Could be a great marketing strategy for potential buyers who are shying away due to the bad-condo news. You know the issues: is the reserve adequate for the building based on its age, engineering reports, past renovations. Occupants, live in or rented, tourists... If I were in the market, someone who would bring up all of these issues (not hide them) and provide data (what a realtor should be doing) would be gold.....
I read a brief news article last night about the Port Royale and immediately thought of you Michael. I knew you were going to mention it in your next video but I did not expect the complete and detailed on the scene reporting which was a very pleasant surprise. I should not be surprised though. You are always very real and thorough with everything. I would love to see that implosion, thank you. I know exactly what you meant by being annoyed when they were doing construction work on your building. I am going through that right now. I live in a very old apartment complex North of Seattle that was built in the late 60s maybe early 70s. There are 5 buildings each 3 stories high. I live on the 2nd floor. They are doing major construction, removing the old siding and replacing them, repairing all the patios, removing and rebuilding them when needed. Mine have been unusable for the last 2 years because one side is detached from the wall and I'm afraid if I step outside on it it would fall down. Then they're going to paint the whole place. The noise is very bad. Monday- Friday 8am-5pm. And it's going to take months for them to finish everything. I work graveyard shifts 4 nights a week. I need to sleep during the day but now I can't. Only a few hours after 5pm. You'd think they would give us a discount on the rent because of all the inconvenience but of course they don't. I feel bad for all the tenants in the Port Royale. They will have a hard time finding another affordable place to live in that area.
Thank you Lexie happy to provide a detailed report. I know exactly what you mean. I used to work until about three in the morning when I lived there, and I could not get a full nights sleep ever because of the noise.
on June 7, 1692, Port Royal, Jamaica, was consumed by an earthquake and two thirds of the town sank into the sea. Bad omen for a building called after a destroyed place.
Deauville Beach Resort opened 1957. Time to go baby.
The once-luxurious Deauville Beach hotel that hosted the Beatles and President John F. Kennedy during its 1960s heyday was imploded Sunday.
It is an astronomical risk in buying condos, whether old or new for an end-user or rental. I think twice staying at fancy high-rise hotels these days, lack of maintenance, seismic and global warming. Oh, and the look on those residents rolling out suitcases and few belongings on their hands with ONLY few hours notice of mandatory evacuation. Let that sink in before throwing out lumps of hard-earned money for a high-rise condominium.
The globe is not warming
A live stream of the implosion would be very cool to see. Thanks Michael!!
Wow! This is sad & scary. But at least the residents made it out with their lives, if not their possessions.
Definitely yes on the implosion!
I would never live in a condo.
A person I know, just posted on FB, that he had to evacuate!
That’s sucks. Where are they staying In the meantime?
@@MichaelBordenaro Not sure. Will chk. Maybe give you a referral. I'm a licensed realtor in Houston, TX, BTW. Licensed here since 1980. Fix and Flipped 400-500 SFR's during that time.
Seen lots of ups and downs.
Yeah man..! If you’ve got the time, video that implosion ! 😊.. that would be bad as_ !
It's sort of like all of the public infrastructure that has decayed. But in this case there's a profit someone can make in replacing it w a gentrified (luxury) version.
Everything has gone up double in one year??? 50% in one year? I call BS on that. 👎🏻
That building must go....time for old buildings to go bc they are unsafe and look depressing
If the folks in that building can grab a good payout from a developer right before a potential market crash that would be a lucky situation. The problem will then be finding ocean front condos at that price again!
If they do get a buyout, it’ll be interesting to find out how much and where everyone is going and doing with that money
Hey Mike, l just ran across s vid of you jamming on a electric guitar...that's Awesome...multi talented!!!
Awesome! Those desert guitar videos were a trip to make😀
I live not far from the area with 6969 collins. My building's garage has some really sus cracks and water leaking often. Have close friends in different buildings all across Miami Beach and theirs is similar.
Not good
i would love an updated video on what areas in miami you would recommend depending on different desires- low price areas, high price areas, close to the beach and good houses that are near the action yet secluded for example. i love your videos!! i’ve been watching you lately, and am looking to move in the area within a year🎉
Inflation in America is closer to 30% than it is to 10%
Everything has gone up a minimum of 20%, since 2020. Even the cheapest things have gone up 11%, but other things have gone up 100%. I was buying 18 eggs for $2.29, same exact package is now $6.99.
8.3% inflation my sister’s asssss.
That’s right anyone who doesn’t realize that is clueless
Yes on live stream on implosion of building
That will be insane if these people can’t get back in to get their things. IF they’re allowed to sign a waiver to get back in, I wonder if moving companies will actually agree to go in to get furniture out.
Even if they can’t get the furniture out because movers don’t want to take on the liability, they could still move it themselves, or at the very minimum grab their most prized possessions
really enjoyed this video like all the others. just saying to my wife last night if you would be speaking about the royal palms in your next video. great job. thanks for keeping all of us informed
The city politians held on as long as they could, to their favorable relationship w the building owner.
Funny how a home inspector didn’t see all the wrongs of that building before he signed off for the mortgage loan to go thru escrow. Too sketchy for me
As far as I know when you hire an inspector to inspect a condo you’re going to purchase I’ve never seen them check the garage area before. And it looks like that’s where most of this damage is. Now that you mention, it doesn’t make a lot of sense because they do check the roof🤷♂️
@@MichaelBordenaro when I purchased my condo in Tijuana Mexico the home inspector actually looked at the entire building before signing off , it’s crazy how a poor country vs a rich country would over look that. Goes to show greed is higher then safety.
That's why I think it's HILARIOUS the asking prices for these place. They're LITERALLY falling apart. They're on the water, they say. Well. That's the last place I would want to be. The erosion is common sense obvious. I love the beach. But living in a Old, dingy Laughably overpriced money/Death Trap, I'm totally good on. I'll pass. All this is out of control in Florida.
Keep in mind it’s not like this everywhere. Only old buildings that have not kept up with repairs over the years. I know a couple buildings here on the beach that are 20 years older than this place and look brand-new.
How about do a video about a steel structure vs a concrete structure ? Miami's beachfront property ought to be all steel made.
Hoa home owner associations are all about the people that run them. I used to live in a condo and our fee was 50$ a month. 28 units. We replaced structures and got a new roof and painted in the 15 years I was there without any assessments. The hoa association was run very responsibility. I would say People are probably stealing! . Think about it, 28x50$ is 1400 a month x 12 is 16800$. That’s a boatload of money. 16800x3 years is 50,000$ . X 5 years is 84000$. Just think about it. Plus the hoa people were voted onboard. They were people who lived there. They took no pay. That’s a lot of money to care of most anything!! For a building the size we had. The condo boards are not run properly now.
Sometimes stealing is involved. However, what I have noticed in a lot of these buildings is that the cost to repair things is just so expensive that they often vote against doing necessary maintenance in order to keep the fees low. Especially since there’s a lot of elderly people that really cannot afford a major increase.
If a condo building gets condemned by the city, where does this leave the owners of the condos?
I would love to know the answer to that question to Len. Last time this happened the building that got condemned had all the units bought out by a developer. But for this place, it’s still too soon to know what will happen.
H MICHAEL FROM THE UK . The Difference in rent /mortgages Increases ' since you lived IN THE BUILDING is a vast indication to people Today of the way the WHOLE Idustry has got out of hand in INCREASES IN JUST 12 years .. in opinion has became EXPLOITATION .
People who watch you and put negative comments [about disbeleif in the markets ] if they are not GETTING IT NOW ...NEVER EVER WILL .
ANOTHER THING ' BULIDINGS near the sea front is a RED FLAG To buyers . BECAUSE Of Salt AIR 'And WIND . degredation ... GREAT POST AGAIN MICHAEL . VERY GENUINE DEREK .
You’re totally right Derek, so many people I see in the comments just want to deny the reality that this economy and housing market is a complete joke and needs to come back to reality. I guess they will find out the hard way soon enough.