FLORIDA CONDO CRISIS - WHO, WHAT, WHEN, WHY... AND THE FUTURE!!!!
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- เผยแพร่เมื่อ 18 ต.ค. 2024
- "Florida Condo Catastrophe: The Collapse of Champlain Towers and Its Legal Implications"
[00:02]( • FLORIDA CONDO CRISIS -... ) Florida condos facing crisis after Champlain Towers collapse
[02:47]( • FLORIDA CONDO CRISIS -... ) Structural deficiencies overlooked leading to collapse
[05:22]( • FLORIDA CONDO CRISIS -... ) Safety concerns in old condos prompted redevelopment into ultra luxury condos
[07:40]( • FLORIDA CONDO CRISIS -... ) Florida condos face new inspection and financial rules
[10:01]( • FLORIDA CONDO CRISIS -... ) Condos facing financial strain due to new inspection requirements
[12:13]( • FLORIDA CONDO CRISIS -... ) Condo fees increased due to insurance and additional expenses
[14:33]( • FLORIDA CONDO CRISIS -... ) Florida faces staggering increases in insurance rates
[16:56]( • FLORIDA CONDO CRISIS -... ) Insurance premiums have increased 2x to 5x, impacting current owners and potential buyers.
[19:03]( • FLORIDA CONDO CRISIS -... ) Condo associations must maintain reserves for common elements
[21:09]( • FLORIDA CONDO CRISIS -... ) Condo board assessments can be high and frequent
[23:03]( • FLORIDA CONDO CRISIS -... ) High association fees for newer luxury condos in South Florida
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"Florida Condo Catastrophe: The Collapse of Champlain Towers and Its Legal Implications"
[00:02]( • FLORIDA CONDO CRISIS -... ) Florida condos facing crisis after Champlain Towers collapse
Champlain Towers collapse led to new laws and lawsuits
Studies underway to determine causes and prevent future disasters
[02:47]( • FLORIDA CONDO CRISIS -... ) Structural deficiencies overlooked leading to collapse
Basement location and rusting of steel compromised structure
Delayed response and failed remediation efforts contributed to the tragedy
[05:22]( • FLORIDA CONDO CRISIS -... ) Safety concerns in old condos prompted redevelopment into ultra luxury condos
Investigation revealed structural issues and danger in old condos, leading to 98 deaths
Land sold for $120 million to developer for luxury condo construction
[07:40]( • FLORIDA CONDO CRISIS -... ) Florida condos face new inspection and financial rules
Statewide inspection program for buildings over 3 stories high and 30 years old starting 2025
Required financial reserves for future structural maintenance projects
[10:01]( • FLORIDA CONDO CRISIS -... ) Condos facing financial strain due to new inspection requirements
Older condos near coastline must meet specific age criteria for structural integrity checks
Legislation introduced allowing local jurisdictions to adjust age requirements for inspections
[12:13]( • FLORIDA CONDO CRISIS -... ) Condo fees increased due to insurance and additional expenses
Insurance rates skyrocketed after hurricanes and some companies left Florida, causing less competition and higher rates
Condo associations were required to replace roofs over 15 years old, leading to significant unexpected expenses for owners
[14:33]( • FLORIDA CONDO CRISIS -... ) Florida faces staggering increases in insurance rates
Examples from Tarpon Springs show insurance quotes rising by 13 times after Hurricane Ian
Condo owners faced additional costs through special assessments to cover insurance bill increases
[16:56]( • FLORIDA CONDO CRISIS -... ) Insurance premiums have increased 2x to 5x, impacting current owners and potential buyers.
Increased costs due to lack of competition, higher material and labor costs, resulting in a sense of greed among remaining competition.
Government intervention expected to bail out insurance companies, leading to rate hikes and impact on association dues.
[19:03]( • FLORIDA CONDO CRISIS -... ) Condo associations must maintain reserves for common elements
Structural integrity of carports, pool, clubhouse, balconies, and windows is crucial
Failure to maintain reserves can lead to increased condo fees and special assessments
[21:09]( • FLORIDA CONDO CRISIS -... ) Condo board assessments can be high and frequent
Some buildings have had assessments of $15,000, $30,000, or even more
Inventory of condos for sale is high, especially those over 30 years old
[23:03]( • FLORIDA CONDO CRISIS -... ) High association fees for newer luxury condos in South Florida
Association fees are high due to expensive amenities and high-value properties.
Significant increase in condo units for sale indicating a market trend towards liquidation.
Good video. One comment though, you imply the insurance companies are raising rates to increase profits, however, the insurance companies are regulated by the state of Florida which must approve rate increases. These increase must be justified by the costs associated with insuring. The inability to get sufficient rate increases to cover insurance losses is the reason so many carriers have left the state.
Yes that's true. And keep in mind that the rate increase request is mostly because the insurance companies have been sued by attorneys and the insured which caused a HUGE increase in the payout amount. So claims got paid out way more than they were supposed to... therefore they said see ya! And they left Florida.
Well delivered !
Thanks, I appreciate that.
Excellent and Knowledgeable…..
Many many thanks
I wonder why home does not have seller or basement. But a building is using bedrock soil as structural foundation support. Which in time it shift.
In Florida, we can't build basements. The water is 5' below the ground. The reason this building fell is because there was water intrusion in the concrete, and the metal rebar in the concrete structure rusted.
They DRILL down into the BED ROCK & fill that in with reinforced concrete & rebar. That’s what they’re SUPPOSED to do, but they don’t because to drill those 4 holes costs like $400,000. They only drilling 2 & By neglecting to do this, they CANT Build a basement or cellar… just a PARKING GARAGE for these REFUGEES CAMPS
Steel Reinforced concrete cannot last indefinitely. This is understood by anyone with a brain and the least bit of understanding of physics. There are solutions, but people need to actually want to understand and accept reality.
Maybe one day we will make a synthetic polymer stronger than concrete and steel, and build out of that.
Before you buy a CONDO or TOWNHOUSE, as an ‘investment’ property. Look for RAW LAND or something with FIXABLE issues. Do not invest in these REAL ESTATE PONZI SCHEMES. The Maintenance Required for these things are Astronomical. Instead you can Invest your money into Properties close to Downtown Wherever you live & fix that up. That’s for sure money & you only have to deal with 1 person for everything. CONDOS have so many ‘investors’ responsible for everything, and they will neglect their duties. Think about it, they signed up to collect checks every so often & don’t think about the Property. Problem… they are responsible to spend that money on ROOFS, instead they brought a BOAT. Never get involved with people like this, to have control over your money.
Although I agree with most of what you're saying, under that thought process you should never invest into stocks as you are not on the board making any decisions.
The problem with CONDOS is parking & CONDOS by nature are trying to recreate Refugee/Concentration Camps, by packing people in like sardines & maximizing Human Space. Now your structure has 1000 people, paying for a property that’s Rated Capacity is 400. So they build UP, the Higher you go, the WIDER & THICKER your SOLID foundation has to be. However, there’s literally ZERO SPACE for MANDATORY PARKING REGULATIONS. They did a government study & deemed a parking garage is = FOUNDATIONAL SUPPORT. You’re placing METEIC TONS of non- building materials on top of a structure RATED for a PARKING GARAGE & now there’s METRIC TONS of WATER, constantly assaulting your COMPROMISED FOUNDATION! Do you reasonably expect people like this, really care about the SAFTY of the SARDINES they tricked into NOT OWNING PROPERTY!
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