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But some of the people living there have lived there for so long, they’re now retired and on a budget, which would be awful to not be able to afford to stay in your home anymore
Good video. Many people in these water front condo's have or had HOA's that did not plan for the long term. Many of these owners voted against properly funding the reserves for the building. As the video states, some people knew that they would not be an owner 5 years from now so they voted know to fund the repairs. So what is going to happen is that buildings that have a big repair bill that does not make sense to repair will be raised and a new developer will buy the land and start over. Owners, may get 20 cents on the dollar for there units but is better than nothing. I feel for the seniors that do not have the money or family to help them. They had a good ride to live near or on the ocean but it is time to pay the bill.
It is time to pay the bill. It would be very difficult to plan for things turning out this way. I agree that it in some cases it is going to be more cost effective to start new than try to make the repairs needed! It’s a complicated multi faceted issue, that’s for sure.
First world problems. I'm 67, after being wiped out in a divorce I bought a $14k abandoned house 10 years ago. I live on less than $15k annually. I've fixed my house up and owe nothing to anyone. I look in awe at what you're describing and don't feel the least bit bad for these people. I barely had any options while all I see for these people are nearly unlimited options. They may not get what they want but they can certainly get what they need and then some.
That’s awesome that you were able to do that, Claude. I just think it would be really difficult if someone has lived somewhere a long time and then the costs increase dramatically - change is hard! Congrats on making such a great situation for yourself. That is admirable.
Good thing you have millions of sub divisions being built across the state right now. If you can't afford something or planned poorly then that is on you. Some people will need to adapt and adjust. Some buildings will be outright destroyed due to the maintenance required a new safer building will take it's place. These things are being FORCED to increase the safety of these buildings due to the HOA's FAILURES in taking the steps they should have been taking anyway. This will expose some major life threatening issues and have those issues fixed before more life's are lost.
I watch house hunters & the people that want a condo inches from the ocean. They never think ahead. They only want to walk out their door & step right in the ocean. It’s insane!😵💫
I've read that 4 modern residential apartment blocks in Sydney, Australia have been deemed uninhabitable due to structural failures. I think these issues are something to do with the mineral content of the concrete.
i;m glad the legislation has finally caught up with the ability to correctly carry out scheduled maintenance and constant survey of thes condos . yes its a huge impact on owners . yet the problem was building up for many many years
Before the condo in Surfside collaped I had been eying a unit on the south tower it was $348 K, if I had gone thru with it I would have likely been killed in the collapse. Right next door is 87 Park a completly new 5 yrs old construction. In the future a big problem will be from tenents walking away from their condo's, the developments all have a breakeven point to cover expenses if the money coming in falls below that threshold entire developments could go into bankruptcy. Will areas in and around Miami start to look like Detroit? Only time will tell.
It’s possible since people who would otherwise buy may not want to. But demand for short term rentals was down last year with less people traveling and more supply of short term rentals in many areas so I wouldn’t bet on it.
Florida is such a popular place to live and move and I’m sure there are! Also, not all buildings have these issues - I would say most don’t but it’s still so important to be aware of.
I remember having seen this video with the same narrative an scenes( Miami's HOH meeting) 1 month ago.But it was a guy talking.Good to watch it again.There will be a lot of condos for sale.Just like in China.
There are many videos with the Miami association meeting video clip in it - it’s too wild not to share. I’m not familiar with the real estate market in China at all so can’t comment on that.
The rising insurance premiums in Florida will make single family home ownership more expensive. I can’t say for sure how the Florida Condominium Act will impact single family home prices - it could make coastal single family homes even more desirable and bump up the pricing.
Insurance is massively out of control here in Florida, no help from Legislators and Governor. Most condo HOA fees are doubling or tripling. No issue if you are wealthy, but need to check first if you are middle class. " Fire Sale" coming in Condo market very soon.
Insurance is so out of control there - hard to see a solution! I’ve seen some condos with association fees that are $4k plus PER MONTH 😵💫 definitely some fire sale situations coming
I think the CURRENT condo owners should have to pay for the repairs they voted against if they refuse to pay, their condos should be leaned and sold to pay the assessments they voted against for the last 25 years. No reason new owners should have to pay for old assessments!
These condos built on sand were never meant to be, as there were no structures built right on the beach when I grew up on a S. FL island in PB county 65 years ago. FOR GOOD REASON, lol! And when you consider how heavy these condos are, how rebar and steel rust so quickly on a beach, and how FL's shores change constantly over time....makes you wonder how anyone with common sense would ever buy a beachside condo in the first place?!
It seems one of the worst jobs in Florida is the HOA Finance Guy. If the study must be done by 2024, and the reserve funding beginning in 2025 (by law) the cost rise 2025 over 2024 is likely to be very high...could you imagine having to actually collect this money? Who would buy a seaside condo with such extended liability staring them in the face?
That is a terrible job. People who aren’t aware of any of this would buy a seaside condo, and there are plenty of out of state buyers who are completely unaware of these dynamics.
Guess who will be buying up all those cheaply priced condos? Not ordinary buyers, private equity firms will by them, potentially take over HOA boards if they purchase the majority of units in a given complex. These outfits will either rent and then flip or in some cases if the math works out, demolish the property and replace with high end units that meet today's higher building standards.
I agree that this is a possibility of what will happen in some cases. I could also see some couple from up north, seeing a great deal on Zillow and contacting the listing agent directly and the full information not really being disclosed. People need to be protected - due diligence, research, represented by their own agent, have a plan A, plan B, plan C.
Yes, that’s an interesting point. However, in Mexico, unless you are a Mexican citizen, you can only get a 99 year lease. I don’t know about South American countries.
@@stephaniecheckleyrealestate This is a saying in the industrial safety industry. There are safety rules and regulations that workers thought were ridiculous but they were written after someone died doing something that was previously allowed. The new condo rules were written with the blood of the Surfside victims.
I’m actually trying to help people become educated to make sure they avoid expensive mistakes but you’re welcome to purchase real estate wherever you want!
Make sure to do tons of due diligence if you’re going to buy waterfront and engage the top of the line professionals to assist with the due diligence of this purchase
![PASULOL รามเกียรติ์ ตอนที่ 4 นนทกพบรัก [Ramakien Ep.4: Nonthok in love]](http://i.ytimg.com/vi/tMUQgmZzf_A/mqdefault.jpg)
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Ocean front property not for the poor or people on budget, obviously 👈 it’s for the mighty
But some of the people living there have lived there for so long, they’re now retired and on a budget, which would be awful to not be able to afford to stay in your home anymore
Good video. Many people in these water front condo's have or had HOA's that did not plan for the long term. Many of these owners voted against properly funding the reserves for the building. As the video states, some people knew that they would not be an owner 5 years from now so they voted know to fund the repairs. So what is going to happen is that buildings that have a big repair bill that does not make sense to repair will be raised and a new developer will buy the land and start over. Owners, may get 20 cents on the dollar for there units but is better than nothing. I feel for the seniors that do not have the money or family to help them. They had a good ride to live near or on the ocean but it is time to pay the bill.
It is time to pay the bill. It would be very difficult to plan for things turning out this way. I agree that it in some cases it is going to be more cost effective to start new than try to make the repairs needed! It’s a complicated multi faceted issue, that’s for sure.
Stay away from older units 30 up . 😮 Go figure .
First world problems.
I'm 67, after being wiped out in a divorce I bought a $14k abandoned house 10 years ago. I live on less than $15k annually. I've fixed my house up and owe nothing to anyone. I look in awe at what you're describing and don't feel the least bit bad for these people. I barely had any options while all I see for these people are nearly unlimited options. They may not get what they want but they can certainly get what they need and then some.
That’s awesome that you were able to do that, Claude. I just think it would be really difficult if someone has lived somewhere a long time and then the costs increase dramatically - change is hard! Congrats on making such a great situation for yourself. That is admirable.
Good thing you have millions of sub divisions being built across the state right now. If you can't afford something or planned poorly then that is on you. Some people will need to adapt and adjust. Some buildings will be outright destroyed due to the maintenance required a new safer building will take it's place.
These things are being FORCED to increase the safety of these buildings due to the HOA's FAILURES in taking the steps they should have been taking anyway. This will expose some major life threatening issues and have those issues fixed before more life's are lost.
Thank goodness they’re having to address the safety of the buildings now!
Thank you ,was panning on buying into century village,not now will look in another state
I think there are still some good investments in Florida as long as buyers are aware of these issues and know what to look out for!
I watch house hunters & the people that want a condo inches from the ocean. They never think ahead. They only want to walk out their door & step right in the ocean. It’s insane!😵💫
In theory it sounds dreamy but the reality and long term implications is really different
I've read that 4 modern residential apartment blocks in Sydney, Australia have been deemed uninhabitable due to structural failures. I think these issues are something to do with the mineral content of the concrete.
When we lived in Sydney years ago, there were a few instances of houses collapsing into the ocean.
Excellent presentation. Thank-you.
Glad it was helpful!
i;m glad the legislation has finally caught up with the ability to correctly carry out scheduled maintenance and constant survey of thes condos . yes its a huge impact on owners .
yet the problem was building up for many many years
It has been building up for many years! Thanks for watching
Xlnt xlnt video !!!!! Mark, R.E. Broker
Laguna Beach, Calif. 45 years of watching
The evolution of all the issues. Wow !!
Lot of evolution to watch that happens in that timeframe!
Before the condo in Surfside collaped I had been eying a unit on the south tower it was $348 K, if I had gone thru with it I would have likely been killed in the collapse.
Right next door is 87 Park a completly new 5 yrs old construction.
In the future a big problem will be from tenents walking away from their condo's, the developments all have a breakeven point to cover expenses if the money coming in falls below that threshold entire developments could go into bankruptcy. Will areas in and around Miami start to look like Detroit? Only time will tell.
That is so scary! South Florida is very desirable because of the climate so I doubt it’ll suffer too much.
Well it probably won’t look like Detroit but it is guaranteed to look like Venice Italy only with taller buildings
If the building has insurance why the insurance doesn’t pay for that..?.
Can you please specify - why doesn’t the insurance pay for what exactly?
So are rent and airbnb prices going up on waterfront rentals?
It’s possible since people who would otherwise buy may not want to. But demand for short term rentals was down last year with less people traveling and more supply of short term rentals in many areas so I wouldn’t bet on it.
Looks like a good opportunity for those in construction and concrete.
Indeed
Are there enough workers in Florida to do the work?
Florida is such a popular place to live and move and I’m sure there are! Also, not all buildings have these issues - I would say most don’t but it’s still so important to be aware of.
I remember having seen this video with the same narrative an scenes( Miami's HOH meeting) 1 month ago.But it was a guy talking.Good to watch it again.There will be a lot of condos for sale.Just like in China.
There are many videos with the Miami association meeting video clip in it - it’s too wild not to share. I’m not familiar with the real estate market in China at all so can’t comment on that.
how will this problem affect single family house price?
The rising insurance premiums in Florida will make single family home ownership more expensive. I can’t say for sure how the Florida Condominium Act will impact single family home prices - it could make coastal single family homes even more desirable and bump up the pricing.
thank you @@stephaniecheckleyrealestate
You betcha
Great content!
Thank you! I’m glad you enjoyed it!
I wonder what the penalty is for condos that do NOT fund the reserve.
I came across this when I was researching it but have to double check - I’ll mention it in my next video about waterfront condos
@@stephaniecheckleyrealestate Thank You
The penalty is, they fall down.
Basically All Older Condo's need Updating at present Owners Expense! CYA!
Probably a lot of them do!
Insurance is massively out of control here in Florida, no help from Legislators and Governor. Most condo HOA fees are doubling or tripling. No issue if you are wealthy, but need to check first if you are middle class. " Fire Sale" coming in Condo market very soon.
Insurance is so out of control there - hard to see a solution! I’ve seen some condos with association fees that are $4k plus PER MONTH 😵💫 definitely some fire sale situations coming
I think the CURRENT condo owners should have to pay for the repairs they voted against if they refuse to pay, their condos should be leaned and sold to pay the assessments they voted against for the last 25 years. No reason new owners should have to pay for old assessments!
It’s a very complicated issue, that’s for sure. Lots of different parties with lots of different view points!
These condos built on sand were never meant to be, as there were no structures built right on the beach when I grew up on a S. FL island in PB county 65 years ago. FOR GOOD REASON, lol! And when you consider how heavy these condos are, how rebar and steel rust so quickly on a beach, and how FL's shores change constantly over time....makes you wonder how anyone with common sense would ever buy a beachside condo in the first place?!
Good point with the impact of the corrosive salt air and elements on these buildings!
It seems one of the worst jobs in Florida is the HOA Finance Guy. If the study must be done by 2024, and the reserve funding beginning in 2025 (by law) the cost rise 2025 over 2024 is likely to be very high...could you imagine having to actually collect this money? Who would buy a seaside condo with such extended liability staring them in the face?
That is a terrible job. People who aren’t aware of any of this would buy a seaside condo, and there are plenty of out of state buyers who are completely unaware of these dynamics.
Progressivism. Im sure that trade associations lobbied hard for more HOAs spending, whether its really necessary or not.
You could be right.
Guess who will be buying up all those cheaply priced condos? Not ordinary buyers, private equity firms will by them, potentially take over HOA boards if they purchase the majority of units in a given complex. These outfits will either rent and then flip or in some cases if the math works out, demolish the property and replace with high end units that meet today's higher building standards.
I agree that this is a possibility of what will happen in some cases. I could also see some couple from up north, seeing a great deal on Zillow and contacting the listing agent directly and the full information not really being disclosed. People need to be protected - due diligence, research, represented by their own agent, have a plan A, plan B, plan C.
better to rent
From what I’ve seen, renting a waterfront property can be incredibly expensive.
If I was determined to get into an ocean-front apartment block, renting would be my preference - primarily as a risk-management measure.
Duh. How do people think insurance and risk pools work? Oh, that's right, they don't know jack and get blindsided.
I think a lot of people don’t know or don’t understand but this video is about a whole lot more than just rising insurance!
If you really want affordable waterfront buy in Mexico or South America.
Yes, that’s an interesting point. However, in Mexico, unless you are a Mexican citizen, you can only get a 99 year lease. I don’t know about South American countries.
yup all those people will get jammed up
It’s a real shame! It’s going to be a doozy for some people.
Buying anything right now is a bad move, investors are dumping their real estate as fast as they can and jumping back on the stock market
We’re not seeing that where I live and sell real estate!
@@stephaniecheckleyrealestate what state are you in?
Planet Earth.
🌍
so sad for the elderly
Yes it is - and anyone else who owns in a building that is impacted, a lot of them are older when we’re talking about Florida.
The new Condo laws requiring a structural assessment of the buildings were written in blood.
How so?
@@stephaniecheckleyrealestate This is a saying in the industrial safety industry. There are safety rules and regulations that workers thought were ridiculous but they were written after someone died doing something that was previously allowed.
The new condo rules were written with the blood of the Surfside victims.
I get what you’re saying now! So awful and tragic 😔
When the realtors like this tell you NOT to buy….thats exactly when you purchase. These talking heads all lie to make themselves rich
I’m actually trying to help people become educated to make sure they avoid expensive mistakes but you’re welcome to purchase real estate wherever you want!
Don’t buy anything waterfront
Make sure to do tons of due diligence if you’re going to buy waterfront and engage the top of the line professionals to assist with the due diligence of this purchase
OH MY GOD a DISASTER
This emoji 😆 yes for some it will be very difficult to find a path moving forward