Florida's condo market is transitioning in a BIG way. But with tenacity, desire, focus... this too shall pass. Bumps in the happen. We slow down, analyze the situation and move forward. Key work, FORWARD. This video is about the muddy waters we're in now. But 5 years from now we'll be grateful for this moment and what it'll look like then...
What if the condo buildings are 3 stories or lower? I'm sure these buildings have similar problems: deferred maintenance, inadequate insurance, inadequate reserves, etc. Where I live (Greater Boston, MA Area), we certainly do have condo associations that engage in these shady practices.
@bonnyd.5334 - great question Bonny. If 3-stories or less, they are not mandated by the new laws. However, it's equally important to perform due diligence as if it was 3+ stories - that's just good business. There's plenty of work to be done in the due diligence phase - that's where I come into play to ensure you're protected and make a good decision. When are you coming down?
It's hard to understand why concrete structures are failing after 30 years. The Romans started concrete construction 2000 years ago and a lot are still standing. I grew up in a 3 story brick house built in 1877 and it was demolished in 1992 to expand a hospital not because it was falling down! Most homes of the same period in the neighborhood still exist and command over $600,000. I suspect that the people in these condos are as shocked as I am that the construction is so shoddy. Who would dare buy a condo when you don't know how many future assessments will come down the line in the next ten years and at what price. At least a new build with a high HOA has the potential to prevent future budget busters if managed conservatively.
I'm with y a @garybennett2001 - Somehow we could building them sustainably and toss some quality in the plans to boot. Quality real estate where most of these are warrants the best built...
Not true! I pay for 2 condos! One is a 1/1.5 used to be $400.00 next year will jump $880.00 Taxes used to be $2,000 now $3,500! My 2/2 started from condo fee $600.00 now $1,200. Taxes used to be $3,000 to $4,500! Plan crazy in Pembroke Pines Broward FL in a 55 year old Cougar Village
Greetings from NYC. We used to visit Florida when my parents were alive. The people there were wonderful to us, and we made lifelong friends. Maybe someday we'll purchase something there. Good luck through this crisis. People will always need places to live. In time this will pass.
Due to the inflated prices post-Covid and the HOA madness, I have put my search for a TH/Condo on hold. I live in NJ and will stay in hotels in DR/Boca for a portion of the 2025 winter I believe better deals will be out there in the next 2 - 3 years
Unless people are convinced their lives are in imminent peril, they will never be willing to incur the tremendous costs of remediation. The Surfside Condominium collapse convinced people that costly action had to be taken NOW--not in the distant future. The financial devastation condo owners are experiencing is preferable to the fate the Surfside residents. Improving society is often the result of learning from mistakes.
Wake up calls like this one are a good thing in the broader picture. HOA's kicking the can down the road is poor management and no good for anyone. As a landlord, I jump on and repair anything that could end up as deferred maintenance. Costs much less to address it now than to let it fester into a much bigger issue later. Thanks for this great comment!
Step ONE needs to be to BRING THE RENTS DOWN in places like MIAMI, until there is 100% occupancy! I am SO TIRED of seeing ONE bedroom condos with rents starting with a 2 or higher! ONE BEDROOM RENTS NEED TO START WITH A ONE!
So what happens to the properties that don't have adequate reserves or have the structural integrity study done by the end of the year? Are they gonna be fined by the state? Maybe banks won't lend 8n them?
The govener this month has been calling for a Special legislative session by end of year it is being teed up to deal with the assessment issue created by surfside incident… deadline will be pushed back for full reserves and no interest loans are being proposed… your post is intentionally lacking information to create fear in the market for views on your channel
@heyletitgo I have a great Delray Beach Townhome Guide you might find useful. Here's where to get it mrdowntowndelray.com/delray-beach-distinctive-townhome-guide/ 👍👍👍
I live in S Florida, you would be a fool to buy now. There are so many condos on the market and it’s no surprise. The market is going to crash at least 60% guaranteed
Yikes, 60%? I don't ever use the word "guaranteed." Nothing is that in this world except death. I'd buy homes as inventory in Broward & PB Counties is now up 258% since this time 2022. That's a flood of supply and not enuf demand - good negotiating season now.
Condo owner. Special assessment for individual projects are the way to go. Money earmarked for a project are used for the project and on to the next project. Shit needs to be fixed. Don't be stupid.
The fundamental theory of a condo or HOA is to give someone else full authority over your finances. People know this and still join them and then complain. Never buy a condo or join an HOA. Tomorrow people will buy condos and join HOAs😂😂😂
Good points. And after showing customers 7 homes this week w/no HOA and not gated... they are buying an HOA Condo from me. We never know what we want when something falls in our lap. Choices are good. 🙌
Florida's condo market is transitioning in a BIG way. But with tenacity, desire, focus... this too shall pass. Bumps in the happen. We slow down, analyze the situation and move forward. Key work, FORWARD. This video is about the muddy waters we're in now. But 5 years from now we'll be grateful for this moment and what it'll look like then...
What if the condo buildings are 3 stories or lower? I'm sure these buildings have similar problems: deferred maintenance, inadequate insurance, inadequate reserves, etc. Where I live (Greater Boston, MA Area), we certainly do have condo associations that engage in these shady practices.
@bonnyd.5334 - great question Bonny. If 3-stories or less, they are not mandated by the new laws. However, it's equally important to perform due diligence as if it was 3+ stories - that's just good business. There's plenty of work to be done in the due diligence phase - that's where I come into play to ensure you're protected and make a good decision. When are you coming down?
Omg😮 !! What a nightmare !!! Good job Mr. Downtown Delray!!
It's hard to understand why concrete structures are failing after 30 years. The Romans started concrete construction 2000 years ago and a lot are still standing. I grew up in a 3 story brick house built in 1877 and it was demolished in 1992 to expand a hospital not because it was falling down! Most homes of the same period in the neighborhood still exist and command over $600,000. I suspect that the people in these condos are as shocked as I am that the construction is so shoddy. Who would dare buy a condo when you don't know how many future assessments will come down the line in the next ten years and at what price. At least a new build with a high HOA has the potential to prevent future budget busters if managed conservatively.
I'm with y a @garybennett2001 - Somehow we could building them sustainably and toss some quality in the plans to boot. Quality real estate where most of these are warrants the best built...
Salt water and air.
@@jbucciny Both of those good. I'm in.
You built on sand and swamp. Are you a dummy 😂
Not true! I pay for 2 condos! One is a 1/1.5 used to be $400.00 next year will jump $880.00 Taxes used to be $2,000 now $3,500! My 2/2 started from condo fee $600.00 now $1,200. Taxes used to be $3,000 to $4,500! Plan crazy in Pembroke Pines Broward FL in a 55 year old Cougar Village
Sounds like a fun place! Great inputs. Local knowledge like that is priceless. And interesting to note. Thx @Sutterpark... ✌
This is what happens when you don't keep up with yearly maintenance on buildings.
Yes, that's quite the understatement and so true!
I can help check out my shocker of the week
Panic, turmoil, death, flood, famine. Still gotta live somewhere.
Yes, it's nice to have options!
Greetings from NYC. We used to visit Florida when my parents were alive. The people there were wonderful to us, and we made lifelong friends. Maybe someday we'll purchase something there. Good luck through this crisis. People will always need places to live. In time this will pass.
I agree. It's a rough patch for now. We'll get thru it in time...
It is the same story over and over. It would be very interesting to hear about the impact of condos
Great idea @joelmurphy4368 - you just gave me a new idea to pursue. There are plenty of condos in this data bracket. Thanks for the idea tip! Cheers!
Due to the inflated prices post-Covid and the HOA madness, I have put my search for a TH/Condo on hold.
I live in NJ and will stay in hotels in DR/Boca for a portion of the 2025 winter
I believe better deals will be out there in the next 2 - 3 years
Smart decision @richfish823 - patience. Let the game come to you. And if I can help you in your journey, call me at 561-777-4089. Cheers!
Unless people are convinced their lives are in imminent peril, they will never be willing to incur the tremendous costs of remediation. The Surfside Condominium collapse convinced people that costly action had to be taken NOW--not in the distant future. The financial devastation condo owners are experiencing is preferable to the fate the Surfside residents.
Improving society is often the result of learning from mistakes.
Wake up calls like this one are a good thing in the broader picture. HOA's kicking the can down the road is poor management and no good for anyone. As a landlord, I jump on and repair anything that could end up as deferred maintenance. Costs much less to address it now than to let it fester into a much bigger issue later. Thanks for this great comment!
Are there any condo buyers left? Outside of snake's developers?
Lots. For some, this isn't bothersome as they want to live out their dream to be on the beach.
Thank You, Mr. Wieland, for revealing how awful things are in FLORIDA!
Signed,
A South Florida Resident.
You're welcome! It is what it is...
Step ONE needs to be to BRING THE RENTS DOWN in places like MIAMI, until there is 100% occupancy! I am SO TIRED of seeing ONE bedroom condos with rents starting with a 2 or higher!
ONE BEDROOM RENTS NEED TO START WITH A ONE!
Agree with that. This rubber band is stretched to tight. Having things return to their mean would be a great thing!
Condos in South Florida are no longer going to be for retirees on fixed incomes.
Agree with you Kevin. It's getting harder to own these now, not easier. But one day, this too will be history..
So what happens to the properties that don't have adequate reserves or have the structural integrity study done by the end of the year? Are they gonna be fined by the state? Maybe banks won't lend 8n them?
The govener this month has been calling for a Special legislative session by end of year it is being teed up to deal with the assessment issue created by surfside incident… deadline will be pushed back for full reserves and no interest loans are being proposed… your post is intentionally lacking information to create fear in the market for views on your channel
Thx Jonathan! I'll be updating this with another soon as new info comes out. It's a rather dynamic situation going on..
I was planning on buying a condo in Florida...no more
Good for you @markcormier3669 - being informed so we can make good business decisions is key. This is not for everyone. Cheers!
@heyletitgo I have a great Delray Beach Townhome Guide you might find useful. Here's where to get it mrdowntowndelray.com/delray-beach-distinctive-townhome-guide/ 👍👍👍
I live in S Florida, you would be a fool to buy now. There are so many condos on the market and it’s no surprise. The market is going to crash at least 60% guaranteed
Yikes, 60%? I don't ever use the word "guaranteed." Nothing is that in this world except death. I'd buy homes as inventory in Broward & PB Counties is now up 258% since this time 2022. That's a flood of supply and not enuf demand - good negotiating season now.
Condo owner. Special assessment for individual projects are the way to go. Money earmarked for a project are used for the project and on to the next project. Shit needs to be fixed. Don't be stupid.
Well said! 👊
The fundamental theory of a condo or HOA is to give someone else full authority over your finances. People know this and still join them and then complain. Never buy a condo or join an HOA. Tomorrow people will buy condos and join HOAs😂😂😂
Good points. And after showing customers 7 homes this week w/no HOA and not gated... they are buying an HOA Condo from me. We never know what we want when something falls in our lap. Choices are good. 🙌
@@johnmwieland After you’ve further destroyed the resale values from your revelations, I’ll bet your so proud of your accomplishments. Not cute.
So true. About 75 million Americans reside in an HOA community. Or about 30% of all housing inventory. It is what it is..
No way, even a new condo will probably face the same issues thirty years from now.
Everything has a shelf-life. But 30 yrs for some could be their resting place. It's a personal decision... 🙌
Old news !!
True, but not for everybody... It's a dynamic issue that's yet to be resolved.
The background music and sounds killed my interest in your video. I gave a thumbs up for your content but will not be back.
Thanks for stopping by and commenting @2023Red - I appreciate your time viewing it...
With stagnant wages and the risk of not knowing what will happen with these assessments only the very rich can afford at these prices
True that. Affordability across the country is low. And this situation doesn't help.
Make America like Florida ! lol
😂Don't we need some balance? Or did you mean the other way around? Cheers!
Florida is sinking
I hear what you're saying, but not really.
Is that panicked thumbnail a requirement?
Not at all. Did you like it? I'm thinking of changes it's font colors. Thoughts? ✌
There’s going to become a condo wasteland full of empty buildings, lots and bought out buildings with no shops! 🎉😢
Sounds like some opportunities may come from this mess @paul2081ok - stay informed.
Condos are done
Ya think so? Or will this, too, pass. I think it's a rough patch that we'll get thru... 🤔