I would go as far as to say to never even live in Florida! It's a crazy state with awful weather, hurricanes every season, gators and other critters, delusional rednecks, sky-high insurance rates, etc. It sucks
@pkal244 Homeowners insurance is a ripoff. I lived in Florida for 40yrs, insurance companies are the biggest thieves. If you file a claim, your company will drop you and you can't get a new policy for 10yrs
Why? I’ve owned one(actually 2) for 15 years in South Carolina. The HOA board was honest, we looked at the financials and we paid a moderate amount for a lot of amenities. It’s been great.
@@DWilliam1 south Florida is a different animal. Lamborghinis and Ferraris parked next to rust buckets, transient immigrant families packed into studio sized apartments, special assessments maybe now in high five figures, steady increase of maintenance fees, congestion construction making traffic even more congested, higher and higher real estate taxes, and corrupt condo associates along with maintenance companies, I moved to the boonies in Central Florida for half the price into a 1/4 acre 3/2 home with no HOA
This just shows how many condo associations were deferring maintenance and not doing their job. All of these high fees are simply smaller fees that should have been collected years ago. I am sorry for the owners
Mismanagement mismanagement mismanagement mismanagement! They never took care of the buildings in the first place! This is the fraud in Florida! The pocket the money!
I lived in a 89 unit ground level condo association for 10 years ('02 to '12) but we kept up with things & had reserves. I understand the need for the new law. But it was also written to bankrupt as many older buildings as possible. If buildings kept up with their maintenance they should be grandfathered in. More time for reserves build up if they are also in good standing etc.
exactly, I have never understood the appeal of a condo, you get the worst of renting and the worst of home ownership and none of the benefits. The primary benefit of being a homeowner is that you have full control of the destiny of your space! Avoid condos, always buy a single family home.
@@discovery781 It's basically a share in a corporation. At any time the condo can be condemned and you thrown into jail if you try and get your property inside. You don't own it at all.
@@RocLobo358 That is exactly correct. You can only ignore maintenance and do painting and caulking to cover things up. Eventually someone has to pay to maintain.
Also after they collect the special assessment they will probably go up on the monthly HOA fees to keep the reserve on track according to the new laws. Bottom line is stay away from theses condos.
Based on reporting, this indeed pretty much seems like an issue where many of these condo owners have been collectively living above their means for years or decades, by shirking on maintenance and underfunding renovation reserves and kicking the can down the road year after year in order to avoid raising HOA fees at all costs. And now they're finally facing the music because the state of Florida legally cemented the can down in the wake of the Champlain Towers South collapse which was directly attributed to years of neglect and refusal by the condo owners to renovate a crumbling building which was already poorly constructed to begin with.
Condos are attractive because they’re usually way cheaper than houses and you don’t have to worry about the upkeep on the outside. Unfortunately over the last 10 years the prices don’t make any sense anymore. I remember condos in South Florida for around 60k - 80k for a 2 bedroom and low hoa like $150 a month
I'm in a condo in Sedona, Az for nearly 50 years. Our HOA has a large reserve in place which we've paid into over the years in small assessments. ALL of these condos had that opportunity but they chose to kick the can down the road until now it's due at once.
The salt air is very damaging to these condos. Many have been exposed for decades to the wear and tear of the ocean and weather and are not safe anymore to live in. The structure of the buildings has been eroded to the point where they are no longer safe.
With inspections only required every 40 yrs, it is clear buildings are not being well kept. And I just bet any time an association asks for more money for a repair, home owners balk at it.
Even though you personally have to paint the exterior, cut the grass, trim the landscape etc you still need to do the work by attending your condo board meetings or watch them if they are on youtube. You have got to know what the board is doing spending your money. You have got to hold the management company accountable. However, if the residents vote to not fund the reserves every year there is nothing you can do but sell and find an HOA that is well run. Yes, there are HOA's that are well run.
by everybody best interest he means investors and developers that will buy these buildings and turn them into high priced apartments for rich people around the world pushing out the middle class, working class, and retires on limited income here in Florida most low income residents have already been moving out of Florida or up to North Florida since 2014
I'm grateful I bought into an HOA that is competently managed. My monthly fees have gone up, but nowhere near as much as many others and it's mostly due to insurance. And thanks to the fact that they maintained an active reserve fund of 10% annual revenues, they were able to do repairs and maintenence regularly. Now that the 40-year Certification is here, they will only need to do a small assessment to cover those repairs. Never buy into an HOA without reserve funds.
@@Plutogalaxy I don't have to worry. I'm an engineer and I told the Board who to pick to do the engineering assessment, and knew everything that was coming and that none of it was BS to pad the engineer's report.
The issue here is if condo's become vacant and tax revenue can not be collected then the state will lose a great deal of tax money, This lady will not be able to sell her condo because of the lien on the property and the fact that she still owes over 20k i special assessments thousands and thousands of condo owners will need to make a decision on when to just walk away or pay the money and then later pay more. Common sense would say to just walk away now because if you pay the 20k now and next year or after that another special assessment is done you may be paying 40k to 80k
We have normalized the idea that you buy a portion of a building even though one day that building and others in the same complex will need, new roofs, elevators, parking lot pavement, windows, etc. Imagine the cost of JUST a new roof built to Florida hurricane standards! One ONE building, when her complex appears to have multiple ones.
So, the non-payers are free-loading on the condo owner that paid the special assessments. The condo HOA will, in fact, has a duty to foreclose on the owners that don't pay the assessments or even the monthly HOA fee.
If they have a 20k special assessment this month, is there any reason they cant have another special assessment next month? Or in 3 months from now? When does it actually end?
It doesn't. Can be anytime for any justifiable amount. Sometimes with very little notice. Less reserves, more frequently such special assessments will be.
Miami is a disaster... first off homes and condos have a hard time even getting insurance, then you have this, and to put icing on the cake these properties are asking absurd prices that are 4x or 5x what they were just 10 years ago, ridiculous! One must be a sucker to fall for this scam.
Supply and demand. People are still buying. There are many HOA owners who can easily afford the sales price and special assessments that can potentially come up.
After surfside ,these lawmakers think every building is going to fall. Surfside was built on the BEACH with construction next door of a luxury building with dynamite blasting for more than 1 year. Their law is absurd.
The cold hare reality here is that there are quite a few condo buildings that are structurally unsafe. These items must be addressed as there is a very real possibility that this could happen again. It's no different than owning a single-family residence where you have a major issue that needs to be addressed. Take a new roof for instance - if your roof is over 25 years old, you can't get reasonable insurance, so you put on a new roof. Who pays for that? If you live in a condo and the rebar inside the concrete has rusted out and no longer able to handle the load, the place falls down. Who pays for that? A lot of folks here think that HOA's and Condo associations are evil people. Keep in mind that it is your neighbor that volunteered to be on the board. When you bought your unit 40 years ago, did you think it was never going to need any maintenance? Of course not. The biggest problem that I see with Condo boards is that they rarely charge nearly enough to build enough reserves to fund major repairs. Owners constantly complaining about having to spend the minimal amount to keep the place going, so that when something big does need to be addressed, the bank account is inadequate. Does this suck? Absolutely. It's part of being a property owner. I feel for these people, but not enough to pay their bills for them.
How the hell would anyone that lives in that condo be able to ever afford those kind of fees? Insanity. This is just a lesson that people should never buy a condo in Florida.
Amazing how all the city inspectors are finding massive problems in all the waterfront old buildings and the developers are waiting in line to purchase them!🤬🙏🇺🇸🌏
My cousins knew what was coming after the collapse and sold two months after the collapse. They were able to sell high. They warned their neighbors but none wanted to sell, now their neighbors are hit with a $95k-105k fee and none can afford it and regret not listening to my cousins.
I bet adding to the costs is the fact the state mandates the action. When people are forced to buy things by edict the prices go up because you have no option. It is like a tax.
Let's say there's a 100 unit condo complex and only 15% can afford the assessment. What happens to these 15%? Clearly, more money is needed. I would be hesitant to pay any assessment if all the money required is collected, otherwise HOA will pocket the money.
No. Since HOAs weren’t legally required to be significantly funded, monthly dues were low, which is what attracted buyers. However, as usual, it takes a disaster for people to rethink things, which the state did in spades after Surfside. Now people stand to lose their homes because HOAs weren’t proactive in funding their reserves. Dwellings exposed to sand, salt, humidity, and tropical storms/hurricanes won’t last forever and be maintenance-free. Meanwhile, the Governor is busy trying to vanquish The Mouse and The Woke.
Many are faulting HOAs, but the underlying issue is the type of structure. Slab concrete construction is a poor choice for coastal areas due to corrosion (concrete cancer). Steel frame would be better, but more costly.
Although building maintenance is necessary, steep increases aren’t ideal for most people. I hope this lady can find a solution. Also the “realtor” wearing a T-shirt would look more credible behind a desk vs in a parking lot using his shaky phone for an interview. It only takes a minute to prepare to look professional.
Different way ....same situation.....Banks take the condos ...2008.when you buy a condo you do NOT own the condo...you pay rent to the BANKS and wherever they want they created another rule and you are OUT!!! With no place to go
20k isn’t very much. Lots of horror stories of assessments going over 100k. She should be able to get a 2nd mortgage. It’s a reasonable option. Better than packing up and living in your car.
The best move here is for all the condo owners vacant the property and the person or persons who hold the deed to the property have the building demolished and sell the land to someone. This would be the best common sense move and in completing this move the state and country would lose a lot of tax money. because the tax on a building would be more then the tax on just the land. What do you think ??? Thanks
there is no evidence that such drastic chaotic measures will help in any way. Champlain tower had structural problem that has nothing to do with maintenance. I hope people vote out their state representatives, at least some of them.
We lived in Florida and our community had an HOA which we liked. The landscape was beautiful! The pool, tennis courts and other amenities were nicely maintained. Of course this all came at a price. Read your contracts people and stop whining.
Developers are historically notorious for building a building and then renting it out until the major repairs start to come due. Then they unload it well ahead of any loss to unsuspecting buyers and dump the units as condos and walk away from their problem property. The Florida Legislature could solve this problem by making laws that would require full disclosure to any prospective buyers showing ALL the potential repairs and code violations before a sale offer. But Florida is iin crap shoot mode currently. Housing costs escalating, home owners insurance costs skyrocketing or unavailable, a state where the ground level over most of the state is below sea level, the constant threat of major storms with high damage, insurance companies leaving the state or not paying legitimate claims at all and a state government that caters to the wealthy and real estate developers. It’s a great place to visit just not live there.
Low monthly HOA , Maintenance unheard of and Insurance has skyrocketed . Management companies not doing their jobs and the best are the Board Members not wanting to spend money or stealing it . Inspectors not doing their jobs and looking away .
This is a freaking mess and a truly under reported story. Evver since the collapse of Surf side heights all condo repairs have to be inspected by a third party. Now what's happening is a lot of property managers are raising condo fees thru to roof to catch up on repairs that probably should have been done long ago. People can't refinance or buy in because now all the lenders require 3 party inspections reports to purchase or refinance. As a result the condo owners are stuck. They can only sell to an all cash buyer without the 3rd party inspections reports. I know the rule was implemented to improve safety but it was an overreach.
I recommend that she get a Roomate , even if she has to turn her dining room into a sleeping area . She could pay of the loan in a few years . Perhaps she can rent her unit out a few times a month as a vacation rental while she stays with friends or family . You have to be creative. Don’t sell .
@@me4g862 I beg to differ . I have sold condos and homes for 30 years . Some but few don’t allow you to rent your unit out but none don’t allow you to have a Roomate . I have only seen one that has a strict owner occupant clause but never do they restrict you having another person live with you . That’s illegal .
This is America right here no one would have seen that coming you know what's crazy in our country how can lower the courts allow people to hurt others like this
So if the assessment is paid in full by one owner and the owners sells their unit, is that unit worth more? Do they get their assessment back once it’s paid by the one owner and she sells it. Does the next owner still have to pay it even if it stays in their coffers. Is the state legislature target homeowners next and single-family dwellings townhomes and villas?
@@jungletension2835 Why would the seller get that money back? Once the bill is paid, it's paid. The condo can't be sold without ot being paid. Seller's responsibility.
@@rubyannr6898 apologize I am legally blind and it’s very hard for me to read this tiny print. I thought your first answer said why would the state give it back? Is what you said was why would the seller get it back or something to that effect?
@@rubyannr6898 I own several pieces of real estate. I know plenty but thank you for your ugly advice for you to say something like that about somebody that that I don’t know. Nothing speaks volumes about yourself.
Assessments will still happen unless the board already set aside funds for emergency because of issues like structural damage from hurricane, storms, etc. Roof and any expected replacement or regular maintenance are required to be in HOA budgets. This current condo crisis is due to extreme response of lawmakers to Surfside collapse that require all associations budgets to be fully funded by 2025. That why those ridiculous high $14k to $25k assessments will have most owners in default or lien on their place but if allow to pay over 5-10years, it’s more doable but will stress most budget but not put most into losing their place! the way our condo budget for roof is over 10 years. Other condos do it as an special assessment to be paid for over 2-3 years. This is a crisis caused by greedy lawmakers who were lobbied by developers since they are the ones buying out owners in prime waterfront areas.
Residents can't pay these huge assesments then Blackrock will buy all the buildings for cheap tear them down, and build new luxury building.That is the idea.
I’ve lived in my condo 8 years. There are two kinds of owners: 1) Those who know how to live within their means, and who plan for repairs and inflation. 2) Those who’ve scraped every last penny to buy into a building simply because they wanted it now. I waited over 5 years to save and invest enough to buy a condo here. We’ve had modest HOA increases, because most people naturally preferred their new BMW or SUV over needed bldg. repairs. Our reserves are barely within guidelines. But now, we’re facing a LARGE building-wide water pipe repair issue that will cost about $1.5M. Luckily, this is a large building with 100s of condos, so the special assessment won’t be that bad, IMO, but for those who spend, spend, spend, they’ll have to move, move, move, but only if they can sell, sell, sell.
Highrise DENSITY is costly. Condos are costly to maintain. Californians should look at Florida's failures before we head headlong into pressured DENSITY.
@@RemboUSMC I most certainly is. High density are multi-unit buildings that must be maintained by the residents with HOA's that have no CAPS. So, they will never be "affordable".
![ALLY - OH MY! [ REACTION ] 'Amarin Nitibhon' #ALLY_OHMY #ALLY #allynitibhon #แอลลี่](http://i.ytimg.com/vi/nX9qpHjVfbQ/mqdefault.jpg)
Never, ever buy a condo in Florida. It’s like hooking your bank account up to a vacuum cleaner.
I would go as far as to say to never even live in Florida! It's a crazy state with awful weather, hurricanes every season, gators and other critters, delusional rednecks, sky-high insurance rates, etc. It sucks
Stay away from condos
@@Gone_huntingg central Florida, the boonies ain’t bad
@@Bronx_Yankee is it still hard to get home insurance out there? Been curious how it is
@pkal244
Homeowners insurance is a ripoff. I lived in Florida for 40yrs, insurance companies are the biggest thieves. If you file a claim, your company will drop you and you can't get a new policy for 10yrs
Why? I’ve owned one(actually 2) for 15 years in South Carolina. The HOA board was honest, we looked at the financials and we paid a moderate amount for a lot of amenities. It’s been great.
@@DWilliam1 south Florida is a different animal. Lamborghinis and Ferraris parked next to rust buckets, transient immigrant families packed into studio sized apartments, special assessments maybe now in high five figures, steady increase of maintenance fees, congestion construction making traffic even more congested, higher and higher real estate taxes, and corrupt condo associates along with maintenance companies, I moved to the boonies in Central Florida for half the price into a 1/4 acre 3/2 home with no HOA
This just shows how many condo associations were deferring maintenance and not doing their job. All of these high fees are simply smaller fees that should have been collected years ago. I am sorry for the owners
💲💲🚽🧻📈
I’m not sorry for the owners. They wanted low fees and got it. Now it’s time to pay the piper.
Mismanagement mismanagement mismanagement mismanagement! They never took care of the buildings in the first place! This is the fraud in Florida! The pocket the money!
I lived in a 89 unit ground level condo association for 10 years ('02 to '12) but we kept up with things & had reserves. I understand the need for the new law. But it was also written to bankrupt as many older buildings as possible. If buildings kept up with their maintenance they should be grandfathered in. More time for reserves build up if they are also in good standing etc.
@@jasoncrandall73 sell it🤑🤑
Never, ever buy a property that someone else has financial control over. No condos. No HOAs.
Bingo
exactly, I have never understood the appeal of a condo, you get the worst of renting and the worst of home ownership and none of the benefits. The primary benefit of being a homeowner is that you have full control of the destiny of your space! Avoid condos, always buy a single family home.
Condo is not even real property, it is merely a share in a collective. You own absolutely nothing and can be evicted in seconds.
@chargermopar wrong, you're thinking of a co-op
@@discovery781 It's basically a share in a corporation. At any time the condo can be condemned and you thrown into jail if you try and get your property inside. You don't own it at all.
So the boards ripped off the condos for decades and now the current owners have to foot the bill.
No, Watch the story again.
No, he's right. They kept fees lower than they should have been. They didn't do the maintenance until now when they have to.
@@RocLobo358 That is exactly correct. You can only ignore maintenance and do painting and caulking to cover things up. Eventually someone has to pay to maintain.
The board is vote in by the owners!!!
@@paxundpeace9970 Yeah, and many end up being dishonest conman that rip everybody off, just like politicians.
Also after they collect the special assessment they will probably go up on the monthly HOA fees to keep the reserve on track according to the new laws. Bottom line is stay away from theses condos.
Owners neglected their maintenance. They aren't footing the bill they are just paying what they should have paid over the years
Based on reporting, this indeed pretty much seems like an issue where many of these condo owners have been collectively living above their means for years or decades, by shirking on maintenance and underfunding renovation reserves and kicking the can down the road year after year in order to avoid raising HOA fees at all costs.
And now they're finally facing the music because the state of Florida legally cemented the can down in the wake of the Champlain Towers South collapse which was directly attributed to years of neglect and refusal by the condo owners to renovate a crumbling building which was already poorly constructed to begin with.
100% agree
More like the association ripping them off….
@@toprankintv9122 the association is literally the condo owners they ripped themselves off by neglecting the maintenance
Plus interest and inflation.
I would get a loan on my mortgage and pay that bill to the HOA. Then sell the place. That's the only way I see to do it.
Yep. Refinancing is exactly how to get things fixed.
At least they will hopefully have something to show for it eventually with some equity again.
Condos are attractive because they’re usually way cheaper than houses and you don’t have to worry about the upkeep on the outside. Unfortunately over the last 10 years the prices don’t make any sense anymore. I remember condos in South Florida for around 60k - 80k for a 2 bedroom and low hoa like $150 a month
That low HOA was a myth. They deferred the maintenance
@@Galworld761 The times we live in are the crashing out of myths
Condo are as much as houses now it’s insane to me
Do. Not. Buy. A. Condo.
I left five years ago, thank god!
I'm in a condo in Sedona, Az for nearly 50 years. Our HOA has a large reserve in place which we've paid into over the years in small assessments. ALL of these condos had that opportunity but they chose to kick the can down the road until now it's due at once.
Your Time's Coming When the Roof Need's Replaced Set You Back About 75,000 Each Sell It
@@gypsyvrod You are so delusional. Our HOA has a large reserve for expenses.
If you own a house, you know a 20k repair comes up every decade just part of owning.
I just saw a video of a person who was told by their insurance to get a new roof …and so they did…then the insurance company canceled them 😮
@@SuperMachead1 So what did you learn from that video?
@@PelosiStockPortfolio …I guess that insurance companies are just crooks 🤣🤣🤣
@@PelosiStockPortfoliosomething you didnt. Figured it out yet?
@@ka0s-j1g Nice reply. I havent learned anything from you. I am betting no one else in this world has either
The salt air is very damaging to these condos. Many have been exposed for decades to the wear and tear of the ocean and weather and are not safe anymore to live in. The structure of the buildings has been eroded to the point where they are no longer safe.
The sad part is that the people at Surfside who cheaped out on maintenance which triggered this entire mess, their families sued and won the lottery.
With inspections only required every 40 yrs, it is clear buildings are not being well kept. And I just bet any time an association asks for more money for a repair, home owners balk at it.
Agreed. What do you think is the right amount of time for assessments? 5 years, 10 years?
@@pkal244 Given it's Florida with hurricanes & flooding showing up regularly, 10 years minimum.
Even though you personally have to paint the exterior, cut the grass, trim the landscape etc you still need to do the work by attending your condo board meetings or watch them if they are on youtube. You have got to know what the board is doing spending your money. You have got to hold the management company accountable. However, if the residents vote to not fund the reserves every year there is nothing you can do but sell and find an HOA that is well run. Yes, there are HOA's that are well run.
Greedy developers lining up to buy and demolish these buildings to build even more condos. Hopefully people wake up and stop buying these scams.
Absolutely true New development
In a lot of cases, having a developer wanting to buy your old Florida condo is your best chance of selling.
@steven4315, just restart the process again.
They aren't greedy the owners are greedy for not painting their buildings. Developers are the only chance these people have to get someone to buy it
@@ashishpatel350 Them they build even more overpriced condos in the same place. This seems like the ultimate Ponzi scheme.
Too late to sell. Ridiculous for two story condo? I thought it was 3 stories and up
All buildings require maintenance, repairs and insurance.
by everybody best interest he means investors and developers that will buy these buildings and turn them into high priced apartments for rich people around the world pushing out the middle class, working class, and retires on limited income here in Florida most low income residents have already been moving out of Florida or up to North Florida since 2014
Condos are the new time shares
I'm grateful I bought into an HOA that is competently managed. My monthly fees have gone up, but nowhere near as much as many others and it's mostly due to insurance. And thanks to the fact that they maintained an active reserve fund of 10% annual revenues, they were able to do repairs and maintenence regularly.
Now that the 40-year Certification is here, they will only need to do a small assessment to cover those repairs.
Never buy into an HOA without reserve funds.
YOUR DAY'S COMING HOA💩💩💩💩🏚🌋
@@Plutogalaxy I don't have to worry. I'm an engineer and I told the Board who to pick to do the engineering assessment, and knew everything that was coming and that none of it was BS to pad the engineer's report.
SELL IT FAST 🤣
The issue here is if condo's become vacant and tax revenue can not be collected then the state will lose a great deal of tax money, This lady will not be able to sell her condo because of the lien on the property and the fact that she still owes over 20k i special assessments thousands and thousands of condo owners will need to make a decision on when to just walk away or pay the money and then later pay more. Common sense would say to just walk away now because if you pay the 20k now and next year or after that another special assessment is done you may be paying 40k to 80k
Yes, cut your losses now.
We have normalized the idea that you buy a portion of a building even though one day that building and others in the same complex will need, new roofs, elevators, parking lot pavement, windows, etc. Imagine the cost of JUST a new roof built to Florida hurricane standards! One ONE building, when her complex appears to have multiple ones.
Basically negligence from the owner for not repairing
Sorry - zero sympathy. She was probably one of the owners who pushed back on higher assessments over decades.
Exactly!
So, the non-payers are free-loading on the condo owner that paid the special assessments. The condo HOA will, in fact, has a duty to foreclose on the owners that don't pay the assessments or even the monthly HOA fee.
I like how they are telling u what u should do. Bur the management throughout the years just racked in profits while neglected the maintenance.
Well, she bought the condo 12 years ago. I’m sure it has plenty of equity in it so she can find a new place hopefully
If they have a 20k special assessment this month, is there any reason they cant have another special assessment next month? Or in 3 months from now? When does it actually end?
It doesn't. Can be anytime for any justifiable amount. Sometimes with very little notice. Less reserves, more frequently such special assessments will be.
Do hotels have to do the same inspections and reserves as condos in Florida?
Miami is a disaster... first off homes and condos have a hard time even getting insurance, then you have this, and to put icing on the cake these properties are asking absurd prices that are 4x or 5x what they were just 10 years ago, ridiculous! One must be a sucker to fall for this scam.
Supply and demand. People are still buying. There are many HOA owners who can easily afford the sales price and special assessments that can potentially come up.
The older the property is, the higher the cost of maintenance。 At least this baldhead is honest on this one.
Condo a pretty way of saying apartment , all,you own is run by someone else
Never buy a condo
Say it clearly: Miami is not for poor people. Real life.
After surfside ,these lawmakers think every building is going to fall. Surfside was built on the BEACH with construction next door of a luxury building with dynamite blasting for more than 1 year. Their law is absurd.
The cold hare reality here is that there are quite a few condo buildings that are structurally unsafe. These items must be addressed as there is a very real possibility that this could happen again. It's no different than owning a single-family residence where you have a major issue that needs to be addressed. Take a new roof for instance - if your roof is over 25 years old, you can't get reasonable insurance, so you put on a new roof. Who pays for that? If you live in a condo and the rebar inside the concrete has rusted out and no longer able to handle the load, the place falls down. Who pays for that? A lot of folks here think that HOA's and Condo associations are evil people. Keep in mind that it is your neighbor that volunteered to be on the board. When you bought your unit 40 years ago, did you think it was never going to need any maintenance? Of course not. The biggest problem that I see with Condo boards is that they rarely charge nearly enough to build enough reserves to fund major repairs. Owners constantly complaining about having to spend the minimal amount to keep the place going, so that when something big does need to be addressed, the bank account is inadequate. Does this suck? Absolutely. It's part of being a property owner. I feel for these people, but not enough to pay their bills for them.
How the hell would anyone that lives in that condo be able to ever afford those kind of fees? Insanity. This is just a lesson that people should never buy a condo in Florida.
Same girl. 1.8 M assessment for us 40 condo owners.
What were your HOA costs before the assessments? Mine weren’t cheap, but we aren’t in a bind now.
YOU OWN IT YOU FIX IT 🤣🤑🤑💰💰💰➖🧻
Amazing how all the city inspectors are finding massive problems in all the waterfront old buildings and the developers are waiting in line to purchase them!🤬🙏🇺🇸🌏
Years of deferred maintenance is going to bankrupt a lot of condo owners. @3:15, what is that?
My cousins knew what was coming after the collapse and sold two months after the collapse. They were able to sell high. They warned their neighbors but none wanted to sell, now their neighbors are hit with a $95k-105k fee and none can afford it and regret not listening to my cousins.
This is horrifying!!! Who has 20K in the bank???
I bet adding to the costs is the fact the state mandates the action. When people are forced to buy things by edict the prices go up because you have no option. It is like a tax.
Let's say there's a 100 unit condo complex and only 15% can afford the assessment. What happens to these 15%? Clearly, more money is needed. I would be hesitant to pay any assessment if all the money required is collected, otherwise HOA will pocket the money.
Weren’t they already required to have a reserve fund??? Where did THAT money go?
No. They were allowed to go no reserve if the residents voted for it. Now it's required.
No. Since HOAs weren’t legally required to be significantly funded, monthly dues were low, which is what attracted buyers. However, as usual, it takes a disaster for people to rethink things, which the state did in spades after Surfside. Now people stand to lose their homes because HOAs weren’t proactive in funding their reserves. Dwellings exposed to sand, salt, humidity, and tropical storms/hurricanes won’t last forever and be maintenance-free.
Meanwhile, the Governor is busy trying to vanquish The Mouse and The Woke.
There is a vacuum on businesses that provide services for this specific problem 💡
so are these units still retaining their value???
Likely yes. $20K is a lot of money, but little in relation to the value of the property.
Hotels should be doing this up date in Florida to
I was forced out of Miami, Florida, in 2013 due to a lack of jobs.
Well, as a former homeless military veteran, it's better to be alive and homeless than dead and crushed because a building collapsed and killed you.
Like attaching a toilet to your back account
Many are faulting HOAs, but the underlying issue is the type of structure. Slab concrete construction is a poor choice for coastal areas due to corrosion (concrete cancer). Steel frame would be better, but more costly.
who ever owns the property (the people who purchased the building ) will eventually be left with a mountain of debt and an empty building
I have no desire to live in Florida or a condo. My next move is home ownership.
So if I pay this new safety fee and the condo collapses, I get my my money back right? 🧐
Although building maintenance is necessary, steep increases aren’t ideal for most people. I hope this lady can find a solution.
Also the “realtor” wearing a T-shirt would look more credible behind a desk vs in a parking lot using his shaky phone for an interview. It only takes a minute to prepare to look professional.
I sold my condo in Florida two years ago and moved to Asia !! Beautiful state but would never ever move back
I am selling my house in SW Florida and also moving to Asia. Asia is the new center of civilization.
@@robertdz2381. Where are you moving to ?
@@robertnunn3015 Udon Thani Thailand.
Different way ....same situation.....Banks take the condos ...2008.when you buy a condo you do NOT own the condo...you pay rent to the BANKS and wherever they want they created another rule and you are OUT!!! With no place to go
20k isn’t very much. Lots of horror stories of assessments going over 100k. She should be able to get a 2nd mortgage. It’s a reasonable option. Better than packing up and living in your car.
Agreed
Or do a reverse mortgage
A bank agreeing to do a second mortgage on an old Florida condo would be acting irresponsibly.
@@steven4315 I frequently get offers on my condo which was built in 1980.
Or Go back to work
Can't give those things away .
The best move here is for all the condo owners vacant the property and the person or persons who hold the deed to the property have the building demolished and sell the land to someone. This would be the best common sense move and in completing this move the state and country would lose a lot of tax money. because the tax on a building would be more then the tax on just the land. What do you think ??? Thanks
What they should do is ask the legislator who passed the law what they going to do for them getting them a new home
Condo market might crash.
there is no evidence that such drastic chaotic measures will help in any way. Champlain tower had structural problem that has nothing to do with maintenance. I hope people vote out their state representatives, at least some of them.
Quick! Call Tom Selleck, he has a reverse mortgage that could possibly pay your assessment. He staked his reputation on it ...
Its their property Who else should foot the Bill !
Good. You need to maintain your Condo
This is a tragedy in our country what a tragedy
We lived in Florida and our community had an HOA which we liked. The landscape was beautiful! The pool, tennis courts and other amenities were nicely maintained. Of course this all came at a price. Read your contracts people and stop whining.
1:18 meanwhile he’s living lavish
Developers are historically notorious for building a building and then renting it out until the major repairs start to come due. Then they unload it well ahead of any loss to unsuspecting buyers and dump the units as condos and walk away from their problem property. The Florida Legislature could solve this problem by making laws that would require full disclosure to any prospective buyers showing ALL the potential repairs and code violations before a sale offer.
But Florida is iin crap shoot mode currently. Housing costs escalating, home owners insurance costs skyrocketing or unavailable, a state where the ground level over most of the state is below sea level, the constant threat of major storms with high damage, insurance companies leaving the state or not paying legitimate claims at all and a state government that caters to the wealthy and real estate developers.
It’s a great place to visit just not live there.
And all the selfish people were thinking oh we can get on this now yeah you going to get on the right of vacant buildings
Low monthly HOA , Maintenance unheard of and Insurance has skyrocketed . Management companies not doing their jobs and the best are the Board Members not wanting to spend money or stealing it . Inspectors not doing their jobs and looking away .
This is a freaking mess and a truly under reported story. Evver since the collapse of Surf side heights all condo repairs have to be inspected by a third party. Now what's happening is a lot of property managers are raising condo fees thru to roof to catch up on repairs that probably should have been done long ago. People can't refinance or buy in because now all the lenders require 3 party inspections reports to purchase or refinance. As a result the condo owners are stuck. They can only sell to an all cash buyer without the 3rd party inspections reports. I know the rule was implemented to improve safety but it was an overreach.
We're having a crisis, a Florida condo crisis!
They are trying to make it safe
The cage industry is about to BOOM!
Wicked set of people, that's the whole point of paying HOA'S. Management stealing owner's money. Madness
I recommend that she get a Roomate , even if she has to turn her dining room into a sleeping area . She could pay of the loan in a few years . Perhaps she can rent her unit out a few times a month as a vacation rental while she stays with friends or family . You have to be creative. Don’t sell .
many condo hoa's dont allow roommates like that
@@me4g862 I beg to differ . I have sold condos and homes for 30 years . Some but few don’t allow you to rent your unit out but none don’t allow you to have a Roomate . I have only seen one that has a strict owner occupant clause but never do they restrict you having another person live with you . That’s illegal .
This is America right here no one would have seen that coming you know what's crazy in our country how can lower the courts allow people to hurt others like this
So if the assessment is paid in full by one owner and the owners sells their unit, is that unit worth more? Do they get their assessment back once it’s paid by the one owner and she sells it. Does the next owner still have to pay it even if it stays in their coffers.
Is the state legislature target homeowners next and single-family dwellings townhomes and villas?
@@jungletension2835 Why would the seller get that money back? Once the bill is paid, it's paid. The condo can't be sold without ot being paid. Seller's responsibility.
@@rubyannr6898 are you telling me the state holds onto this money?
@jungletension2835 where did you get that idea? It goes into the building costs or reserves. Don't buy Real Estate. You know nothing.
@@rubyannr6898 apologize I am legally blind and it’s very hard for me to read this tiny print. I thought your first answer said why would the state give it back?
Is what you said was why would the seller get it back or something to that effect?
@@rubyannr6898 I own several pieces of real estate. I know plenty but thank you for your ugly advice for you to say something like that about somebody that that I don’t know. Nothing speaks volumes about yourself.
This is nobody’s fault but hers.
Nah nah nah that's going to happen on the streets! 🤲
I’m waiting for the crisis to hit full force and those foreclosures to start hitting the market. I’ll be buying.
Assessments will still happen unless the board already set aside funds for emergency because of issues like structural damage from hurricane, storms, etc. Roof and any expected replacement or regular maintenance are required to be in HOA budgets. This current condo crisis is due to extreme response of lawmakers to Surfside collapse that require all associations budgets to be fully funded by 2025. That why those ridiculous high $14k to $25k assessments will have most owners in default or lien on their place but if allow to pay over 5-10years, it’s more doable but will stress most budget but not put most into losing their place! the way our condo budget for roof is over 10 years. Other condos do it as an special assessment to be paid for over 2-3 years. This is a crisis caused by greedy lawmakers who were lobbied by developers since they are the ones buying out owners in prime waterfront areas.
Residents can't pay these huge assesments then Blackrock will buy all the buildings for cheap tear them down, and build new luxury building.That is the idea.
Don't trust the rich man. Lessons learned
Down in Florida you vote them into office.
if u want to live in a high rise and be safe then u have to pay up.
I hope someone steps in and helps these people on fixed incomes so they can stay in their homes.
I bet blackstone swoop in and buy it. It’s all rigged.
U better off renting!
That's not a special assessment that's a robbery that is a actual robbery legal robbery
I’ve lived in my condo 8 years. There are two kinds of owners: 1) Those who know how to live within their means, and who plan for repairs and inflation. 2) Those who’ve scraped every last penny to buy into a building simply because they wanted it now. I waited over 5 years to save and invest enough to buy a condo here. We’ve had modest HOA increases, because most people naturally preferred their new BMW or SUV over needed bldg. repairs. Our reserves are barely within guidelines. But now, we’re facing a LARGE building-wide water pipe repair issue that will cost about $1.5M. Luckily, this is a large building with 100s of condos, so the special assessment won’t be that bad, IMO, but for those who spend, spend, spend, they’ll have to move, move, move, but only if they can sell, sell, sell.
Too bad too sad they had plenty of time
If you live there, pay up! Duh 😮
Never buy a condo in Florida. House in central Florida or no where
Highrise DENSITY is costly. Condos are costly to maintain. Californians should look at Florida's failures before we head headlong into pressured DENSITY.
This is not a density issue whatsoever.
@@RemboUSMC I most certainly is. High density are multi-unit buildings that must be maintained by the residents with HOA's that have no CAPS. So, they will never be "affordable".
Eroded by the Saline foundation or structural.... Ouch.... file bankruptcy or just move !
Just another good excuse to weed everyone out to raise the rent or to flip