you know true ownership doesn't exist in America. All you are doing when you buy a home is that you have the right to lease the your home the government until you end the contract or until they rise the leasing fee to a point you can't afford it!
You might not believe this, but people who are escaping turmoil that only happens in democrat cities, are causing the prices to go up in my community. This is insane. On December 29 of 2022, someone bought a place here for $325K and just listened it at $410K. A friend of mine just listed hers at $385K and sold it within minutes. These are condos that a year ago were priced around $450K and in August through February were selling in lower $300K. What on earth is going on? Haha
@@TimeToBeKind it's the 90s condo market all over again. Once people realize that in condo you don't own anything expect the HOA fees the market will collapse!
Happy Easter, my brothers. Just remember, it all started by convincing kids that rabbits 🐇 lay eggs, and now we’re wondering how can people believe men can get pregnant.
Thank you for always being so honest about the real estate market with us. We always hear about people from other states flocking to FL but no one wants to talk about increasing HOA’s and homeowners insurance
@@paula4910 capitalism its geared those who have the means pushing aside those that don't. in years past if the original owner didn't sell into frenzy their families or designated heir's would still have control of the cost i know it fun to blame the government for such things but its really me you and everyone chasing the mighty dollar.
Especially if they come from Blue states, stay home in your state and enjoy the policies you voted for. Do not come to Florida bringing that liberal mess with you.
Who else would end up with the bill? The Govt? The Govt IS THE People. If you don't pay for it in suffering you'll pay for it in cash. Either way the U.S. Govt does not care. Govt exists to serve Govt. If Govt is trying to help you , its because it's trying to expand it's influence and power and using you to that end. That's it. It's that simple.
And the sad thing is, the consumers that are blatantly contributing to the issues in the market, are going to want you to feel bad for them when the bottom falls out of this thing. I'm not going to feel bad one bit. Play stupid games (gambling in the housing market) win stupid prizes (foreclosure, short sale, bankruptcy, etc).
For a 5 unit residential property insurance premium went from 8k to 17k with this new renewal. Ins companies are looking for ways to save their arses. They have expenses other than policy payouts. Some have to shore up their balances so when 1M+ people start cashing their annuities in it won't be another 08.
I'm near Orlando and bought in 2007. Property taxes are the one thing that hasn't gotten out of control. You get homestead exemptions and the Save Our Homes act which limits property tax increases to 3% per year. I'm still paying just over $1200/year. Much more managed than the property insurance which has tripled in the last 5 years.
@@danpan001 Property taxes have gone up only for those purchasing homes because the value is reassessed then. Since prices have doubled since around 2016, the property taxes have gone up proportionately. I only pay $1200 a year which is cheap.
Yeah this is crazy, I was just hit with a $85k Assessment for 10 years plus HOA increase and they will probably ask for more for reserves. Thank you for making people aware of all these things!
Glad you did this video! I bought my 1st house at 17 & flipped it before flipping was a word in real estate. I’m now 72 & so many young ppl look at me like I have 2 heads when I try to explain all this to them.This is one of the many things new homeowners don’t look at. I am likely old enough to be your grandma. If I was I would be very proud of your common sense attitude towards money & real estate. Keep making great videos. I have been in my house 20 yrs but my new neighbors will be paying 4 times more than I am for their property taxes. Not to mention all the other expenses you often mention in your videos. Keep up the great work. You are an asset to those looking to buy a home.
This is one of your most interesting videos. You covered the topic from the personal to the statistical and really showed the state of the market, as you do with all your videos, each covering a different aspect.
Michael My mortgage was going up $300.00 a month, and I took down my insurance to minimum coverage, so my mortgage is going up $100.00 a month. Being elderly on a fixed income, this really hurts. If I could pay off my mortgage, I would not have homeowners insurance, since you can never put in a claim. If you do the insurance company will drop you like a hot potato. I put on a new roof, impact windows and doors, and put a $50,000 lean on my property that goes away in 15 years. Since the insurance increases may make it impossible to stay in my home, I will get $50,000 less when I sell it. Insurance companies are robbing Floridians blind, and no one is help us.
Have Someone LOOK at all ur Bills. I cut $300 per month off of my Bills then GOV pay went up $200 a month so $500 a month CASH after Taxes so $800 before.🤑🤑🤑
I’ve been watching your videos for a while. Miami was my life for years. This is your best video. You preached the south Florida reality of true costs. It’s all about taxes and insurance.
Lived in Land O Lakes (Pasco County), for ten years. Finally bailed out when the HOA fees, insurance and other fees exceeded the true value of the property. Add to that the heat, humidity, critters, storms I realized this was no way to live the “retirement” years😂
Property taxes and Insurance here in Florida is insane and has doubled and tripled in many cases over the past three years. I am not sure all the new residents are helping or hurting those of us who grow up here.
@Steve Morlock Obviously you're not. The only place they want to move to is Austin, but now it's just as expensive as the place they left. Now they move to Florida. *Look at us 🤪 talking about them like they aren't human* Any who! To those -California's- FLORIDA IS A GREAT PLACE TO LIVE. 👌 COASTLINE, FAIR CLIMATE, CHEAP, FRIENDLY PEOPLE. 🙌
Yup, I am one of them. As soon as I priced out some houses there, I was in/out of Florida really quick. Spent a week there and decided it wasn't for me. Even as a upper middle class status person, Florida is too expensive for me at this point
Congratulations on your purchase. Your home is not an investment- it doesn’t pay you anything but know you can make improvements that you would not have done had you been renting. Enjoy your home !
Wow Michael, that was super transparent on your situation. I'd sell it and RUN while there's still a chance to make a profit. I wouldn't care how much I'd dread the move. There are always dogs that need to be walked in any location. The dollar is going to tank with BRICS not using the US dollar very soon, not to overlook the inevitable recession.
Watch Texas as well. The average property tax payment is over 10,000. So the no state taxes may be completely eating up by that number. In 2021 when I was looking to jump from AZ to TX. I was paying 1500 in property taxes for a 3 year old 1660 sq ft home on 1.25 acres in North Phoenix. The same size home in Texas in a small residential lot that was new cheaper than what I was selling mine for was 8700. I looked up what I paid in AZ income tax for the year @ 2700. Oh boy I would have lost big time on that move.
My example shows that you can see a rise in property taxes without purchasing a house. My cousin bought our house in 1983, when the price was hundreds of thousands of dollars less. He paid the property taxes based on that amount. He gifted the house to me and my mother in January 2022. Over a year later, the county reassessed the value of our property and sent us supplementary assessment taxes based on that new value. I wish I had known about this channel earlier for I would have understood better what it means to be a homeowner. Thank you for the education, Michael, for I understand better why our property taxes did increase.
I have no idea how younger people will ever be able to afford a home in this country ever again. Add to that what is happening in the car market. Soon no one will be able to afford a car or housing....Is this a third world country now....?
Hi Michael, thank you for your videos. Our homeowner's was $1533 last year, went up to $1883, an increase of $350. We bought it last year; haven't heard anything on taxes yet.
Glad I unloaded my property in Denver at nearly 4x the profit. The home was in a bad area built on poor soil. Rising Crime, etc etc. I sold it at the top of the market and laughed all the way to the bank. Now the interest generated from that capital invested pays all my bills each month in a cheaper state.
@@swingman50 Fires. Marshall Fire in Boulder burned down about 500 expensive homes. And, there have already been two minor fires on the foothills in the past couple of weeks, or so. Although we've had good snow, the wind dries it out and high winds flame the fire.
@@357-s6f same. I lived in Colorado 2005-2013. It's changed so much. Lots of drug issues now. Crime in Denver. Legalization of Marijuana didn't help. Very liberal now. And yes, californicated
The influx of people during Covid and increases in taxes/insurance had put us out of the market. We will rent for a few weeks here and there and stay in the Midwest most of the time
Great episode Michael. Appreciate the details of your real life. Even though your housing costs have increased dramatically, you definitely made the right call.
First, i appreciate you sharing your personal situation. Second, paying $5000 for a condo is crazyyyyyyyy! Plus the 40% plus rise is crazyyyy! This si why Miami is no longer for regular people.
I just paid my truck off yesterday. I plan to still keep putting the 500$ a month into index stocks through my Webul acct or open a IRA that I can invest in an index fund. Not sure which is the better way to go.
The increase in homeowners insurance seems especially problematic, not just for the homeowners themselves, but also for the overall economy as the increase show no sign of abating. And due the principle of exponential growth, if homeowners insurance continues to increase at the rate it has been for the last few years, no one but the extremely wealthy will be able to afford it. And it's not just in Florida where the increases have happened. I own a home in Minnesota and in 2020 my homeowners insurance bill, with a 5k deductible, was just over $1000 for the year. I just received my 2023 insurance bill and it is just under $2000 for a year; it's been going up consistently about 25% since 2020. I did some calculations and figured that if it continues to go up 25% a year, my homeowners insurance will be around $30,000 in 12 years, 2035. Incomes are not going up nearly fast enough to cover those kinds of increases. While I inherited my house fully paid off, so, if worst comes to worst and there comes a point where I can no longer afford homeowners insurance, I have the option of just not buying it, but those with a mortgage generally don't have that option. So what will those that do have a mortgage but can't afford to pay their homeowners insurance be able to do? We have such a financialized economy, and given that finance, insurance and real estate are so closely tied together, I wonder if a mass inability to afford homeowners insurance could cause a collapse of the overall US economy.
@@stevearcher6100 , Good points. I suspect the only reason that health insurance inflation hasn't completely crashed the economy in the US is there are some publicly funded fallback health coverages for society. For low income folks under 65 there is either state medical assistance or subsidies. After a person turns 65, there's Medicare to the rescue. And for property taxes here in Minnesota, lower income people get a significant portion of their property taxes returned in the form of a refund. But with homeowners insurance, there is no recourse regardless of age or income level. I'm not sure of a solution, but I suspect we may need a combination of: insurance litigation reform, a greater number of a la cart options for insurance consumers such as, for example, being able to opt out of hail damage coverage, along with state and federal public subsidies.
It's worth noting that a large part of the insurance cost increases are due to so many insurance companies being reinsurance companies. Locally we had tons of property insurance increases after the COVID death spikes. Now with death rates running ~40% higher than pre-COVID in a lot of areas, the amount of life insurance payouts continue unabated, and insurance companies need to collect revenue from somewhere. They will figure out how to justify huge increases, until they no longer need the funds.
Getting older has some benefits where we live. When I turned 65 our annual property taxes went from $3400 to $560 on a $250K townhouse style condo. And, free permanent vehicle tags for one vehicle and the travel trailer…..and free/permanent hunting/fishing license.
I moved to Jacksonville FL 9 years ago. Back then rents and home prices were very reasonable. But even in affordable Jax, rents have skyrocketed along with ridiculous low quality housing placed in a good zip code.
Michael, thanks for giving us your real-life example of the cost of your condo. It really helps me to understand the situation in Miami and I guess it applies to many other areas in Florida. Thank you.
I lived on the Galt Ocean on FT Lauderdale Beach. 2/2 28th floor penthouse for $1,000 mnth. My friend purchased a highrise condo in Adventure when it was new. He couldn't give the place away. Had to rent for less than his monthly mortgage. DON'T THINK CAN'T HAPPEN AGAIN FOLKS...😮
Same here, nassau county, south shore Babylon Line (if u know, u know 😉) tried the Florida public school education my son refused to read in 3rd grade (2014). I high tailed in back to NY.
Living on the water as you and your wife do is great. I wouldn't move either if I was in the same position as you. If and when you decide to sell, you will still make a hefty profit. I was going to buy inland by Ocala and decided to hold off because of the prices. 2024-25 is a better wait and see for prices and Ins. Great video.
Yeah, that's why we're still here because the positive still outweigh the negatives and if we were struggling to pay, then we would definitely be out of here. Trying to enjoy the beach as much as we can since that's the main feature here.
With all the very High Expenses going up and ⬆️ THINGS WILL HAVE TO CRASH 💥❗️ This economy hasn’t seen anything yet. Thank you for another great video. Blessings, Carlos ✝️🙏❤️😊❗️
This must be a combination of both HOA’s not reserving or deferring maintenance as well as new legislation mandates plus cost inflation. At least you are an informed buyer at the start . I have a friend in Hawaii I stay with and her condo was built as affordable housing - ocean front but very modest . She has to live in the living room and Airbnb her only bedroom to pay the new mortgage she had to take out for a new sea wall assessment and to pay the skyrocketing maintenance fee!
Thank you Michael for discussing property tax and insurance. So many first time buyers don't ever think about that and I'm amazed that no one cares to look out for the small guy
Welcome to Florida! We do a lot of "freedom happy talk," while sticking it to anyone who doesn't have a trust fund. This is the across-the-board attitude of Governor DeSantis & Legislature. A lot of "Heads I win, Tails you Lose!" But we're really good at pushing the low tax, lot of sunshine brand. Just never let you know that our "fees" continue to skyrocket on a yearly basis, while our services crater!😳🤔
Thank you for being so transparent with us Michael I'm from Miami I never imagined prices would sky rocket the way they have. Your a good husband God Bless you.
The word of the day. “Unsustainable” it just feels like America has all ten fingers in the dike! In the infamous words of Capt Kirk, “Scottie, what’s left!!!?” We’re not going to survive at these costs! On the bright side, love the channel and content.
There is a house Im interested in in Alabama. It has been for sale for about a year with no takers. Asking price was 640k. Got a new realtor and raised the price to 657. I contacted the realtor and offered 575k cash. She got rude with me and said the market is doing great and that she sold 40 million a year two years in a row etc. All lies of course. My realtor in that area said the market is DEAD!
Hey Mike I agree with you. I’ve been immersed in this field for quite a long time. I’m a general contractor roofer here in Florida. We do everything from new construction, renovation, roofing etc. and we do quite a lot of work to help people reduce their insurance rates by installation of new roofing systems or offering four-point inspections. It’s always been my analysis that condos and town houses specifically in Florida have been very risky and bad investments.
I liked Coconut Grove. That's a stable upscale community. The problems with increasing cost of home ownership are State wide. Pondering a fantasy. You're making sacrifices. Stay where you're happy.
Thank you for being so honest. I really like your videos. Sell your condo if it is not too late and get out of that area. You'll be better off. Chances are your HOA, taxes, and insurance will only continue to go up.
Hi Mike! I'm a "native" of Miami, now living in a condo in West Broward.. Our condo has been hit with increases too: 1) Insurance company would only insure our building if we were under contract to put on a new roof (even with a partial amount in escrow, each unit was assessed $3,055.50); 2. Our Florida Legislature recently passed a new law requiring all condos to have a "fully funded" for line items covering major areas (roof, building integrity, etc.) by next year, so while our building has partial reserves, we expect another special assessment for that as well. 3) Our building is geting ready for our 30 year inspection...we have done a pre-inspection and completed known repairs, but if there are any newly found needed repairs BOOM: Another assessment!
Thanks so much for sharing your personal experience. I needed to hear this. HOA’s scare me and definitely need to consider the property tax when looking. Have been loving your content.
I live in San Francisco and my current condo mortgage and HOA combined is less than $2,500/month. I lived in Sarasota, FLA from 1973- 1989 and didn't think at the time the low wage to house prices made sense, hence the move in 1989 for better wages. Always thought I would move back when I retired remembering the beautiful beaches (true) and the crystal clear water (somewhat true, but not loving the green algae when it rains), but now having second thoughts. Traffic? Three hours to get from SR72 to Tampa airport on I75 during commute time during February in season? I travel to FLA at least twice a year to see my 90+ old mother and in-laws in Wellington every year, so I do get to see changes in FLA in somewhat real time. No place is perfect including SF, but Sarasota does not hold the vaunted position it used to in my mind.
let me tell you something right now. that kind of increase hitting me? we are headed to the nearest bridge, gathering newspapers, cardboard boxes, mapping out neighborhood dumpsters and calling it home. not even remotely possible to families like mine.
5k a month total housing cost for a 3/3 on Miami beach is actually a good deal. Certain locations will always fetch that kind of premium. Manhattan, Miami Beach, L.A. Etc.
@Steve Morlock Totally agree with u buddy lol I just meant thats the price there and there always people who pay a premium to live in those places for whatever reason.
Oh my goodness Michael with our property taxes increases after our california home purchase in 2020, our mortgage went from 2360 to 3200. But your mortgage is going to higher than mine and your in Florida....crazy.
@chiragmehta8212 Yeah, we didn't have the homestead exemption at the time. But my uncle in San Diego who had a homestead exemption also had his property taxes go up. So no idea how it happened lol.
Omg those figures are crazy! If that is happening to everyone then housing could begin to crash. Not many people could afford $5000/mo for rent or mortgage.
Holy crap Mike! Your property taxes are going up as expected I guess.. Cool that you have planned for this by keeping debt low and being financially responsible. The way you diversify your revenue stream is an inspiration. Love the glasses! Trying to do the same in having multiple review streams.. appreciate your insight brotha👍🏽
@@patricknoonan3754 the point is to hedge your finances prior to them being out of control. If your late in the game, don’t get mad, just adjust your planning and approach. Pillars of prosperity are preparation and income☝🏽👍🏽
For a picturesque 20 acres with a large pond and a 2500sf modest house in rural Texas I bought two years ago I’m paying a little over $3000 a month for mortgage and property taxes. No HOA, no close neighbors, no crime, no traffic.
What are the property values and taxes like in rural Florida? I would love to see a video on that. I live in rural Texas. I own 50 acres and a doublewide free and clear. I pay less than $200/year in property taxes. It's not Buckingham Palace but when I watch your videos I am sure glad I have it!
Best video I have seen from you. I was a real estate appraiser since 1977 and did not understand half of what you are talking about until 2007. You have the benefit of that crash to postulate on. I did not.
In my opinion, I consider it 'control of the property/land' not 'ownership of the property/land'. Hence the fact property taxes are paid to the actual owners, the government.
Like stoplights, paved roads, water lines, telephone poles, I mean the list is endless. Heck I don't even have any kids and gladly pay property taxes for schools. Property taxes go to LOCAL government.
Super scam, then they keep raising it, sometimes kicking people out who inherited a house but cant afford the taxes, shameful. Howndid it get this way and how do we get away from it
This all makes me glad to be older. Here in Maine my property taxes are fixed because I am over 65. Unless the state changes the law they won't change unless they go down. Also I am glad to be here since my insurance has actually gone down in each of the last two years. Yeah, we don't have the tropical weather, but I am fine with that since I hate hot (>80F) weather. Also we don't have an HOA, so no fee for that.
We have a Summer place we’ll call home year round in Maine. Fortunately the little Town is managed pretty well. It’s not a “booming” area that has slow growth which is easier for the Town to absorb. Will try to spend some time in Florida during the winter 🥶… Best wishes.
Just went with a single family home in south Florida no hoa. 1100 to 1600 to 2200 is insanity. Basically your monthly hoa is your old rent, basically money down the drain. Hopefully the dog walking business makes up for it.
20 year real estate developer. Commercial broker. Owner of several SFH rentals with no mortgage. Have 2 SFH development projects - land owned free and clear, finished designs, permits pulled, but put projects on hold. There is something very, very wrong with the RE market in the US right now in all sectors. Very few things make sense especially with interest rates. My insurance company has me re-roofing one of my houses - I bid out a new roof and the price is 3X what i paid for a new roof just 4 years ago. If you are a property owner you need a stack of cash to ride out the next two years and maybe pick up some distressed assets in 2024 but Michael is pointing out the TOTAL COST OF OWNERSHIP means you will need to buy at discount. Good luck all, we are going to need it.
If you're on the water HOA fees on properties close to the beach or the intracoastal go around a dollar per sqf If your condo is about 1500 sqf then you're fine
nope move farther away.. He admitted he could have lowered his expenses but he justified it with EMOTIONS. Wait until the value starts going down. Momma makes more money lol. Love your channel bro...all the best
I've decided not to buy in Florida because of the insurance issue. I'm not paying for rich people's waterfront homes. Not gonna be my problem. Florida living just isn't worth it anymore. I'm looking at West Virginia, near Pennsylvania or Arkansas. I'll wait 2 years to get the best value.
I am a 100% Service Connected Vet so I'm exempt from Property Tax. My wife and I are having a hard time deciding whether to move to a high tax area and get a nicer house for our budget, or move to a smaller not as nice house but in a low tax area as nit to have selling issues when and if we decide to..... In Austin Texas now (from here and born here) we wanted to get to Fla eventually, but that's looking impossible for the fact home prices are even more expensive there than here. I really enjoy your content as well as @Realeststemindset so much. TY very much for you insight and purview as they are always very insightful.
How on earth can you be exempt from paying property taxes in Austin? Vets pay the exact same property taxes as everyone else, our property taxes are so high ..25 yrs military …and live in your area?
@MeadowDay you have to be 100% Disabled from combat injuries to receive the 100% tax exemption. However, you can also get a discount if not 100% it just isn't a total exemption as it scales with your disability %. I was deployed as a Marine and a Soilder 4 times between 2003 and 2011. Sustained injuries on 2 of the 4 deployments. (I would happily trade paying taxes for my health back for the record)
I didn't buy anything I couldn't move with my Jeep Liberty for years in the San Diego area. I would buy a cheap glass desk and other furniture that I would just through away. But moving is a hassle.
That is incredible Micheal! Wow! We could not afford to pay that! Condo’s are difficult because of all the fees! You guys are doing great! We just want the best for you guys! You’ re great & your family is wonderful! You will continue to be very successful Michael! I wish you were here in California, I would hire you in a second as my realtor. ❤
![일상 속 기분 좋음 [Proto disco meme]](http://i.ytimg.com/vi/DwmEIaZ7XGQ/mqdefault.jpg)
Real Estate Is Officially UPSIDE DOWN! Investors Calling It Quits th-cam.com/video/D2JuC7gONhM/w-d-xo.html
But Micheal ! why should YOU and the people be charged all these fees on a home YOUpaid for.?
you know true ownership doesn't exist in America. All you are doing when you buy a home is that you have the right to lease the your home the government until you end the contract or until they rise the leasing fee to a point you can't afford it!
You might not believe this, but people who are escaping turmoil that only happens in democrat cities, are causing the prices to go up in my community. This is insane. On December 29 of 2022, someone bought a place here for $325K and just listened it at $410K. A friend of mine just listed hers at $385K and sold it within minutes. These are condos that a year ago were priced around $450K and in August through February were selling in lower $300K.
What on earth is going on? Haha
@@TimeToBeKind it's the 90s condo market all over again. Once people realize that in condo you don't own anything expect the HOA fees the market will collapse!
Happy Easter, my brothers.
Just remember, it all started by convincing kids that rabbits 🐇 lay eggs, and now we’re wondering how can people believe men can get pregnant.
Thank you for always being so honest about the real estate market with us. We always hear about people from other states flocking to FL but no one wants to talk about increasing HOA’s and homeowners insurance
You're welcome people need to know this stuff !
That is also true for cars in most states which is really a wealth tax. Unconstitutional.
@@paula4910 capitalism its geared those who have the means pushing aside those that don't. in years past if the original owner didn't sell into frenzy their families or designated heir's would still have control of the cost i know it fun to blame the government for such things but its really me you and everyone chasing the mighty dollar.
@@santiagovasquez1404 👍👍
Especially if they come from Blue states, stay home in your state and enjoy the policies you voted for. Do not come to Florida bringing that liberal mess with you.
This is insane.. The whole financial system is in a death spiral and the people are supposed to pick up the tab.
@Steve Morlock He did it. He figured out the whole world economy.
Just go look up the WEF. People have very little to do with it.
Who else would end up with the bill? The Govt? The Govt IS THE People. If you don't pay for it in suffering you'll pay for it in cash. Either way the U.S. Govt does not care. Govt exists to serve Govt. If Govt is trying to help you , its because it's trying to expand it's influence and power and using you to that end. That's it. It's that simple.
And they currently are...with a smile. These people are insane.
And the sad thing is, the consumers that are blatantly contributing to the issues in the market, are going to want you to feel bad for them when the bottom falls out of this thing. I'm not going to feel bad one bit. Play stupid games (gambling in the housing market) win stupid prizes (foreclosure, short sale, bankruptcy, etc).
For a 5 unit residential property insurance premium went from 8k to 17k with this new renewal. Ins companies are looking for ways to save their arses. They have expenses other than policy payouts. Some have to shore up their balances so when 1M+ people start cashing their annuities in it won't be another 08.
I always tell my real estate agent when I buy a home, "I want a home without an HOA"!
WTF is a HOA?
No HOA.
I'm near Orlando and bought in 2007. Property taxes are the one thing that hasn't gotten out of control. You get homestead exemptions and the Save Our Homes act which limits property tax increases to 3% per year. I'm still paying just over $1200/year. Much more managed than the property insurance which has tripled in the last 5 years.
Why the property tax went up so much? I am paying $800 a year which I think it is expensive. I Pau double what you pay for property tax. I am in L.A.
@@danpan001 Property taxes have gone up only for those purchasing homes because the value is reassessed then. Since prices have doubled since around 2016, the property taxes have gone up proportionately. I only pay $1200 a year which is cheap.
Not to mention repairs, labor, upgrading and maintaining HVAC equipment, water & sewer and cost of cost of all materials like nails!
Exactly!! Not to mention...
@@stevearcher6100 I do a lot of "fixing" myself since often parceling it out to a stranger...
Yeah this is crazy, I was just hit with a $85k Assessment for 10 years plus HOA increase and they will probably ask for more for reserves.
Thank you for making people aware of all these things!
ONE word UNSUSTAINABLE just a matter of time before this all collapses like the house of cards that it is
Interesting to see how this all ends
@@jasonsmith530 same way it always does. The rich will get richer and the poor will get poorer
I'm excited, I been waiting for real life to come back.
Ya put yer money in when we tell ya. Ya take it out when we tell ya.
It's already happening.
I'm feeling really good about selling my Condo in Florida. I would be freaking out if my HOA doubled.
Condos that don't have fully funded reserves will have big special assessments to meet the new Florida laws by 12/24.
Hey, hey; NO NO! Both you stay. Y'all need to stay, and invite 5 people from California to move in.
This is why I will never buy another HoA property again
Get the hell out of there. This will not end well.
Going from $80 to $150 a month to pay for building inspections so the termite house does not fall in is such a huge cost to the average Floridian.
I have to add that those kinds of prices make that a very uncivilized place to live.
Glad you did this video! I bought my 1st house at 17 & flipped it before flipping was a word in real estate. I’m now 72 & so many young ppl look at me like I have 2 heads when I try to explain all this to them.This is one of the many things new homeowners don’t look at. I am likely old enough to be your grandma. If I was I would be very proud of your common sense attitude towards money & real estate. Keep making great videos. I have been in my house 20 yrs but my new neighbors will be paying 4 times more than I am for their property taxes. Not to mention all the other expenses you often mention in your videos. Keep up the great work. You are an asset to those looking to buy a home.
This is one of your most interesting videos. You covered the topic from the personal to the statistical and really showed the state of the market, as you do with all your videos, each covering a different aspect.
Michael My mortgage was going up $300.00 a month, and I took down my insurance to minimum coverage, so my mortgage is going up $100.00 a month. Being elderly on a fixed income, this really hurts. If I could pay off my mortgage, I would not have homeowners insurance, since you can never put in a claim. If you do the insurance company will drop you like a hot potato. I put on a new roof, impact windows and doors, and put a $50,000 lean on my property that goes away in 15 years. Since the insurance increases may make it impossible to stay in my home, I will get $50,000 less when I sell it. Insurance companies are robbing Floridians blind, and no one is help us.
Have Someone LOOK at all ur Bills. I cut $300 per month off of my Bills then GOV pay went up $200 a month so $500 a month CASH after Taxes so $800 before.🤑🤑🤑
I’ve been watching your videos for a while. Miami was my life for years. This is your best video. You preached the south Florida reality of true costs. It’s all about taxes and insurance.
Lived in Land O Lakes (Pasco County), for ten years. Finally bailed out when the HOA fees, insurance and other fees exceeded the true value of the property. Add to that the heat, humidity, critters, storms I realized this was no way to live the “retirement” years😂
Nobody can realistically absorb 25% increases
Thats why I made this video as a big warning for anyone looking at purchasing right now
Sure they can,just print it..lol jk
Ah yes I remember back in the good ole days of 2020 all Michaels videos included how affordable everything was
Michael can
That's the plan
Property taxes and Insurance here in Florida is insane and has doubled and tripled in many cases over the past three years. I am not sure all the new residents are helping or hurting those of us who grow up here.
To be fair Michael destroyed your area as did mine. Prices have tripled here in Panama City since then.
Welcome to Texas ditches. Well, minus Michael. We see them California plates we just keep waving them East to the Atlantic.
Wow, that’s a lot of financial hurt. Bummer.
@Steve Morlock
Obviously you're not. The only place they want to move to is Austin, but now it's just as expensive as the place they left. Now they move to Florida.
*Look at us 🤪 talking about them like they aren't human*
Any who!
To those -California's- FLORIDA IS A GREAT PLACE TO LIVE. 👌 COASTLINE, FAIR CLIMATE, CHEAP, FRIENDLY PEOPLE. 🙌
Welcome to the new Cali-hole and York..My 57year born and raised Florida is toast now! Sad to see Florida going to hell..
Depending where you live , some counties offer discounts to seniors on their property taxes. But you have to ask. They do not tell you.
Thk u for supporting your wife!
177k annual property taxes. You would have to rent that out for 15K a month just to cover that.
More than that because of the money you need to escrow to cover insurance and emergency expenses should they occur. Oh yeah profit money. LOL
@@l.ls.8890 the 15k is just for taxes
How much money laundering is going on in Florida?
They can rent it for this. It’s Florida. When do the supplemental assessments kick in for these folks? When there is no sinking fund reserve left.
@@ipenguin3918 a lot
I agree, moving is for the birds. The water and homes are beautiful.
I can't imagine haviing a mortgage payment that high. You are 100% right, many are going to get their pants pulled down.
thats bananas - love the market data charts too. you da man thank you!
Michael,
Thanks for being a straight-shooter. I also appreciate the time you put into making high-quality audio and video content.
People moving down to Florida will slow down when they find out how much prices have increased.
Yup, I am one of them. As soon as I priced out some houses there, I was in/out of Florida really quick. Spent a week there and decided it wasn't for me. Even as a upper middle class status person, Florida is too expensive for me at this point
@Censored Everyday yup, I thought I would buy down there in a few years but doubt it now. Those prices are crazy😬
The same home I bought in December 2019 is over twice the price now.
@Clague B crazy. Something's got to give.🤷♂️
Hopefully soon..Florida is infested now
Congratulations on your purchase. Your home is not an investment- it doesn’t pay you anything but know you can make improvements that you would not have done had you been renting. Enjoy your home !
We love it very much!☺️ Thank you for watching!🙏
It’s an investment if you’re payment is lower then what a landlord would charge allowing you to invest what your saving.
Wow Michael, that was super transparent on your situation.
I'd sell it and RUN while there's still a chance to make a profit. I wouldn't care how much I'd dread the move. There are always dogs that need to be walked in any location.
The dollar is going to tank with BRICS not using the US dollar very soon, not to overlook the inevitable recession.
Michael lives on the beach! Ocean front view. In Miami! Nothing compares. If he can afford it, money well spent.
You worry about Michael. He will make youtube video and live on beach why would he move
This all sounds like the Life of the Rich, and Famous - Going Bankrupt Version.
EASY to give advice all day, HARD AS HELL to take your OWN ADVICE
@@InMyBrz No matter how you slice it having a Dog Walking partner isn't a real sense of financial security.
Also I love your honesty regarding your personal real estate situation.
You ROCK❗️💥❗️💥❗️
Thanks Carlos!
One of your best videos, was going to move to Florida from New Jersey. Now I will be rethinking the move.
Pick your poison, I lived in FL and now live in Edgewater NJ .
Watch Texas as well. The average property tax payment is over 10,000. So the no state taxes may be completely eating up by that number. In 2021 when I was looking to jump from AZ to TX. I was paying 1500 in property taxes for a 3 year old 1660 sq ft home on 1.25 acres in North Phoenix. The same size home in Texas in a small residential lot that was new cheaper than what I was selling mine for was 8700. I looked up what I paid in AZ income tax for the year @ 2700. Oh boy I would have lost big time on that move.
@@llew-AZ That’s what I’ve noticed, where Arizona has pretty cheap property taxes overall compared to the rest of U.S. states.
@@llew-AZ that whole “no tax” on this or that is really BS. They get you in other ways.
Go to Delaware
My example shows that you can see a rise in property taxes without purchasing a house. My cousin bought our house in 1983, when the price was hundreds of thousands of dollars less. He paid the property taxes based on that amount. He gifted the house to me and my mother in January 2022. Over a year later, the county reassessed the value of our property and sent us supplementary assessment taxes based on that new value. I wish I had known about this channel earlier for I would have understood better what it means to be a homeowner. Thank you for the education, Michael, for I understand better why our property taxes did increase.
I have no idea how younger people will ever be able to afford a home in this country ever again. Add to that what is happening in the car market. Soon no one will be able to afford a car or housing....Is this a third world country now....?
@neal cassady nope. Not even close.
@neal cassady Big drops from ridiculous is not unusual. When/if you see 20/30% that would be BIG.
@@makdaddy8399being underwater isn’t just about the value of your home when property taxes and insurance is so expensive you’re losing money
Hi Michael, thank you for your videos. Our homeowner's was $1533 last year, went up to $1883, an increase of $350. We bought it last year; haven't heard anything on taxes yet.
You're welcome, Brad! The tax bill will surely be next
Front Range area of Colorado. Our home insurance premiums jumped by $1000 in two years. It's an increase of 69%. It's infuriating.
Glad I unloaded my property in Denver at nearly 4x the profit. The home was in a bad area built on poor soil. Rising Crime, etc etc. I sold it at the top of the market and laughed all the way to the bank. Now the interest generated from that capital invested pays all my bills each month in a cheaper state.
Why so much? You guys aren't in a storm area?
Dang you guys too? Theft
@@swingman50 Fires. Marshall Fire in Boulder burned down about 500 expensive homes. And, there have already been two minor fires on the foothills in the past couple of weeks, or so. Although we've had good snow, the wind dries it out and high winds flame the fire.
@@357-s6f same. I lived in Colorado 2005-2013. It's changed so much. Lots of drug issues now. Crime in Denver. Legalization of Marijuana didn't help. Very liberal now. And yes, californicated
I payed $777 a month, House payment /Insurance/ Taxs and live in N.C., you people are crazy living the high life!
Go there on Vacation like I do very complex to understand.🤗🤗🤗
I can't imagine having increases like that on my mortgage payment. Yikes.
The influx of people during Covid and increases in taxes/insurance had put us out of the market. We will rent for a few weeks here and there and stay in the Midwest most of the time
Here in NJ my property taxes and insurance is more than my mortgage.
Wow prices usually don’t go down after they go up good luck with that next year especially with the insurance issues in Florida
Great episode Michael. Appreciate the details of your real life. Even though your housing costs have increased dramatically, you definitely made the right call.
First, i appreciate you sharing your personal situation. Second, paying $5000 for a condo is crazyyyyyyyy! Plus the 40% plus rise is crazyyyy! This si why Miami is no longer for regular people.
I just paid my truck off yesterday. I plan to still keep putting the 500$ a month into index stocks through my Webul acct or open a IRA that I can invest in an index fund. Not sure which is the better way to go.
Thanks for all the time you spent into this video man. You packed a ton of information in a 28m window. Absolutely awesome!
The increase in homeowners insurance seems especially problematic, not just for the homeowners themselves, but also for the overall economy as the increase show no sign of abating. And due the principle of exponential growth, if homeowners insurance continues to increase at the rate it has been for the last few years, no one but the extremely wealthy will be able to afford it. And it's not just in Florida where the increases have happened. I own a home in Minnesota and in 2020 my homeowners insurance bill, with a 5k deductible, was just over $1000 for the year. I just received my 2023 insurance bill and it is just under $2000 for a year; it's been going up consistently about 25% since 2020. I did some calculations and figured that if it continues to go up 25% a year, my homeowners insurance will be around $30,000 in 12 years, 2035. Incomes are not going up nearly fast enough to cover those kinds of increases. While I inherited my house fully paid off, so, if worst comes to worst and there comes a point where I can no longer afford homeowners insurance, I have the option of just not buying it, but those with a mortgage generally don't have that option. So what will those that do have a mortgage but can't afford to pay their homeowners insurance be able to do? We have such a financialized economy, and given that finance, insurance and real estate are so closely tied together, I wonder if a mass inability to afford homeowners insurance could cause a collapse of the overall US economy.
@@stevearcher6100 , Good points. I suspect the only reason that health insurance inflation hasn't completely crashed the economy in the US is there are some publicly funded fallback health coverages for society. For low income folks under 65 there is either state medical assistance or subsidies. After a person turns 65, there's Medicare to the rescue. And for property taxes here in Minnesota, lower income people get a significant portion of their property taxes returned in the form of a refund. But with homeowners insurance, there is no recourse regardless of age or income level.
I'm not sure of a solution, but I suspect we may need a combination of: insurance litigation reform, a greater number of a la cart options for insurance consumers such as, for example, being able to opt out of hail damage coverage, along with state and federal public subsidies.
It's worth noting that a large part of the insurance cost increases are due to so many insurance companies being reinsurance companies. Locally we had tons of property insurance increases after the COVID death spikes. Now with death rates running ~40% higher than pre-COVID in a lot of areas, the amount of life insurance payouts continue unabated, and insurance companies need to collect revenue from somewhere. They will figure out how to justify huge increases, until they no longer need the funds.
Getting older has some benefits where we live. When I turned 65 our annual property taxes went from $3400 to $560 on a $250K townhouse style condo. And, free permanent vehicle tags for one vehicle and the travel trailer…..and free/permanent hunting/fishing license.
May I ask what City or County and State this is in? So important for retirees to know where they can affordably retire. I chose Reno, NV.
@@krisb7465 Anchorage, Alaska. Summers are good. But, in the winter just a plane ride away from ☀️.
Oh jeez, no comparison. I am glad for you.
The 2 certainties used to be taxes and death , now 1 certainty , taxed to death !
No kidding!
@@MichaelBordenaro the best of luck to both of you , at least you have plan B and C ! Maybe time to think about D and E ? 🤔🤷♂️
You keep paying Ceasar even though he has been Dead for 2000 years 😆🔥💵🏛🔥
I moved to Jacksonville FL 9 years ago. Back then rents and home prices were very reasonable. But even in affordable Jax, rents have skyrocketed along with ridiculous low quality housing placed in a good zip code.
Michael, thanks for giving us your real-life example of the cost of your condo. It really helps me to understand the situation in Miami and I guess it applies to many other areas in Florida. Thank you.
Everything there in Fl is insane. Glad I am in New England. And guess what, we have sun 7 months out of the year too. And the ocean nearby.
New England weather builds character
@Steve Morlock You are so funny you should be on a stage. There is one leaving soon and I'll buy you the ticket.
And snow...😮
I lived on the Galt Ocean on FT Lauderdale Beach. 2/2 28th floor penthouse for $1,000 mnth. My friend purchased a highrise condo in Adventure when it was new. He couldn't give the place away. Had to rent for less than his monthly mortgage. DON'T THINK CAN'T HAPPEN AGAIN FOLKS...😮
Our property taxes here on Long Island are 23k a year for a 3200 sqft home.
Wow!
@@krisb7465 same size house for me $1800/year. Buy you probably wouldn’t want to live where I do
Same here, nassau county, south shore Babylon Line (if u know, u know 😉) tried the Florida public school education my son refused to read in 3rd grade (2014). I high tailed in back to NY.
@@MB-oj7ds luckily we have family down south so we get our fix of nice weather in the winter.
@@krisb7465 yea it’s ridiculous what we pay here.
Living on the water as you and your wife do is great. I wouldn't move either if I was in the same position as you. If and when you decide to sell, you will still make a hefty profit. I was going to buy inland by Ocala and decided to hold off because of the prices. 2024-25 is a better wait and see for prices and Ins. Great video.
Yeah, that's why we're still here because the positive still outweigh the negatives and if we were struggling to pay, then we would definitely be out of here. Trying to enjoy the beach as much as we can since that's the main feature here.
With all the very High Expenses going up and ⬆️
THINGS WILL HAVE TO CRASH 💥❗️
This economy hasn’t seen anything yet.
Thank you for another great video.
Blessings, Carlos ✝️🙏❤️😊❗️
This must be a combination of both HOA’s not reserving or deferring maintenance as well as new legislation mandates plus cost inflation. At least you are an informed buyer at the start . I have a friend in Hawaii I stay with and her condo was built as affordable housing - ocean front but very modest . She has to live in the living room and Airbnb her only bedroom to pay the new mortgage she had to take out for a new sea wall assessment and to pay the skyrocketing maintenance fee!
Paying off my mortgage quickly is my best option. Then, I will feel better prepared for the expenses to come.
Great Info !! Well done !👍
Yup that would be it for me. I’d be selling. Goodbye Miami. It was nice while it lasted.
Me too I bet no commission for don..RIP Miami till next year 🤑🤑
That would be the case if it wasn't for the situation I explained.
Many will have to sell at a loss
This is simply not sustainable. Happy Easter everybody!
Thank you Michael for discussing property tax and insurance. So many first time buyers don't ever think about that and I'm amazed that no one cares to look out for the small guy
Got out of Miami in Nov 2018 and I am so glad we did. Moved back home and cut living costs by 50-60%
People in Flotida do not have the income to cover the cost of housing
Welcome to Florida! We do a lot of "freedom happy talk," while sticking it to anyone who doesn't have a trust fund.
This is the across-the-board attitude of Governor DeSantis & Legislature. A lot of "Heads I win, Tails you Lose!"
But we're really good at pushing the low tax, lot of sunshine brand. Just never let you know that our "fees" continue to skyrocket on a yearly basis, while our services crater!😳🤔
Thank you for being so transparent with us Michael I'm from Miami I never imagined prices would sky rocket the way they have. Your a good husband God Bless you.
Yes, he is!💕☺️
Thanks for watching!🙏
The word of the day. “Unsustainable” it just feels like America has all ten fingers in the dike! In the infamous words of Capt Kirk, “Scottie, what’s left!!!?” We’re not going to survive at these costs! On the bright side, love the channel and content.
Thanks for telling your story Michael 👍🏻 43% increase , brutal !
I live in my Toyota Prius in the Miami Beach area so I don’t have to deal with any of this
There is a house Im interested in in Alabama. It has been for sale for about a year with no takers. Asking price was 640k. Got a new realtor and raised the price to 657. I contacted the realtor and offered 575k cash. She got rude with me and said the market is doing great and that she sold 40 million a year two years in a row etc. All lies of course. My realtor in that area said the market is DEAD!
Thank you, Michael, for sharing your personal experiences with us.
Hey Mike I agree with you. I’ve been immersed in this field for quite a long time. I’m a general contractor roofer here in Florida. We do everything from new construction, renovation, roofing etc. and we do quite a lot of work to help people reduce their insurance rates by installation of new roofing systems or offering four-point inspections. It’s always been my analysis that condos and town houses specifically in Florida have been very risky and bad investments.
I liked Coconut Grove. That's a stable upscale community. The problems with increasing cost of home ownership are State wide. Pondering a fantasy. You're making sacrifices. Stay where you're happy.
Coconut grove floods often though. That's the problem
Maimi floods too.
Yes. Stay where you are happy. Wait it out.
Maintenance fee jump , special assessment tax up I’m freaking hoping that I don’t get that kind of blindside
I love these rants. It’s all true, that’s the sad part…..👍👍👍
Thank you for being so honest. I really like your videos. Sell your condo if it is not too late and get out of that area. You'll be better off. Chances are your HOA, taxes, and insurance will only continue to go up.
Hi Mike! I'm a "native" of Miami, now living in a condo in West Broward.. Our condo has been hit with increases too: 1) Insurance company would only insure our building if we were under contract to put on a new roof (even with a partial amount in escrow, each unit was assessed $3,055.50); 2. Our Florida Legislature recently passed a new law requiring all condos to have a "fully funded" for line items covering major areas (roof, building integrity, etc.) by next year, so while our building has partial reserves, we expect another special assessment for that as well. 3) Our building is geting ready for our 30 year inspection...we have done a pre-inspection and completed known repairs, but if there are any newly found needed repairs BOOM: Another assessment!
LUCKY YOU !
@@InMyBrz it always takes a smart alec to contribute zero.
Keep us posted but isn't going to TEN years for a Look See ??
I'll Rather sale while I still can
Yeah they call that an investment. Ha ha.
Michael, thanks for the Transparency.
My pleasure I hope a lot of people can learn from this
Thanks so much for sharing your personal experience. I needed to hear this. HOA’s scare me and definitely need to consider the property tax when looking. Have been loving your content.
The diference is as a renter you can up and go as an owner you are stuck wth all those bills
I live in San Francisco and my current condo mortgage and HOA combined is less than $2,500/month. I lived in Sarasota, FLA from 1973- 1989 and didn't think at the time the low wage to house prices made sense, hence the move in 1989 for better wages. Always thought I would move back when I retired remembering the beautiful beaches (true) and the crystal clear water (somewhat true, but not loving the green algae when it rains), but now having second thoughts. Traffic? Three hours to get from SR72 to Tampa airport on I75 during commute time during February in season? I travel to FLA at least twice a year to see my 90+ old mother and in-laws in Wellington every year, so I do get to see changes in FLA in somewhat real time. No place is perfect including SF, but Sarasota does not hold the vaunted position it used to in my mind.
Yup Florida is Toast now..Born and raised in Lakeland 1965
let me tell you something right now. that kind of increase hitting me?
we are headed to the nearest bridge, gathering newspapers, cardboard boxes, mapping out neighborhood dumpsters and calling it home.
not even remotely possible to families like mine.
5k a month total housing cost for a 3/3 on Miami beach is actually a good deal. Certain locations will always fetch that kind of premium. Manhattan, Miami Beach, L.A. Etc.
@Steve Morlock Totally agree with u buddy lol I just meant thats the price there and there always people who pay a premium to live in those places for whatever reason.
All the essential needs. This is crushing the elderly
justl ike the 1970s history repeats itself.
Lol serves them right for voting to limit housing stock
Can you image what this is doing the folks born much later in the 20th and 21st century?
They made their bed.
Good. They're fucking greedy
Oh my goodness Michael with our property taxes increases after our california home purchase in 2020, our mortgage went from 2360 to 3200.
But your mortgage is going to higher than mine and your in Florida....crazy.
All the inc was due to inc in taxes? I thought taxes in cali are capped
@chiragmehta8212 Yeah, we didn't have the homestead exemption at the time.
But my uncle in San Diego who had a homestead exemption also had his property taxes go up.
So no idea how it happened lol.
@chiragmehta8212 apparently they reassessed the value of our home.
So our taxes went up, not too how that works.
@@timothyhobbs5256 wow. Ty for answering. I guess america has turned into third world hell scape which I left when I was young. :(
Yep!! Its happening to many of us!
Your vids are terrific …. Liked and subscribed
Omg those figures are crazy! If that is happening to everyone then housing could begin to crash. Not many people could afford $5000/mo for rent or mortgage.
More people are piling into homes
I'm so glad you guys locked in on your new property...good for you!
Thank you!☺️We are really happy and grateful!🙏
Holy crap Mike! Your property taxes are going up as expected I guess.. Cool that you have planned for this by keeping debt low and being financially responsible. The way you diversify your revenue stream is an inspiration. Love the glasses! Trying to do the same in having multiple review streams.. appreciate your insight brotha👍🏽
I'm doing the best I can just like everyone else and living on the cheap for many years has really helped!
@Michael Bordenaro learn public vs private. You need to reclaim your Securities aka birth certificate Securities
You call $ 60,000 a year low expenses are you blind
@@patricknoonan3754 the point is to hedge your finances prior to them being out of control. If your late in the game, don’t get mad, just adjust your planning and approach. Pillars of prosperity are preparation and income☝🏽👍🏽
For a picturesque 20 acres with a large pond and a 2500sf modest house in rural Texas I bought two years ago I’m paying a little over $3000 a month for mortgage and property taxes. No HOA, no close neighbors, no crime, no traffic.
What are the property values and taxes like in rural Florida? I would love to see a video on that.
I live in rural Texas. I own 50 acres and a doublewide free and clear. I pay less than $200/year in property taxes. It's not Buckingham Palace but when I watch your videos I am sure glad I have it!
Les than half the rate when I researched a year ago.
Best video I have seen from you. I was a real estate appraiser since 1977 and did not understand half of what you are talking about until 2007. You have the benefit of that crash to postulate on. I did not.
The idea that you even have to pay taxes on what you supposedly own in the first place is ridiculous
If you rent the property tax is included in your rent, you just don't see it.
You rent you home from the government. If you don’t believe that try not paying your property taxes.
In my opinion, I consider it 'control of the property/land' not 'ownership of the property/land'. Hence the fact property taxes are paid to the actual owners, the government.
Like stoplights, paved roads, water lines, telephone poles, I mean the list is endless. Heck I don't even have any kids and gladly pay property taxes for schools. Property taxes go to LOCAL government.
Super scam, then they keep raising it, sometimes kicking people out who inherited a house but cant afford the taxes, shameful. Howndid it get this way and how do we get away from it
This all makes me glad to be older. Here in Maine my property taxes are fixed because I am over 65. Unless the state changes the law they won't change unless they go down. Also I am glad to be here since my insurance has actually gone down in each of the last two years. Yeah, we don't have the tropical weather, but I am fine with that since I hate hot (>80F) weather. Also we don't have an HOA, so no fee for that.
We have a Summer place we’ll call home year round in Maine. Fortunately the little Town is managed pretty well. It’s not a “booming” area that has slow growth which is easier for the Town to absorb. Will try to spend some time in Florida during the winter 🥶… Best wishes.
Snow.
@@marknewton6984 none on the ground today, March 2. Plus it is a comfy 42 F.
42 F sounds cold to me. 77 F here.
@@marknewton6984 77F is life threatening heat to me.
Just went with a single family home in south Florida no hoa. 1100 to 1600 to 2200 is insanity. Basically your monthly hoa is your old rent, basically money down the drain. Hopefully the dog walking business makes up for it.
20 year real estate developer. Commercial broker. Owner of several SFH rentals with no mortgage. Have 2 SFH development projects - land owned free and clear, finished designs, permits pulled, but put projects on hold. There is something very, very wrong with the RE market in the US right now in all sectors. Very few things make sense especially with interest rates. My insurance company has me re-roofing one of my houses - I bid out a new roof and the price is 3X what i paid for a new roof just 4 years ago. If you are a property owner you need a stack of cash to ride out the next two years and maybe pick up some distressed assets in 2024 but Michael is pointing out the TOTAL COST OF OWNERSHIP means you will need to buy at discount. Good luck all, we are going to need it.
Great report. Your offering an inside view of the increasing costs to rent or own. This is real life information
If you're on the water HOA fees on properties close to the beach or the intracoastal go around a dollar per sqf
If your condo is about 1500 sqf then you're fine
nope move farther away.. He admitted he could have lowered his expenses but he justified it with EMOTIONS. Wait until the value starts going down. Momma makes more money lol. Love your channel bro...all the best
Ridiculous! Good luck! Beautiful area. You’re both young ; you’ll make it.
I've decided not to buy in Florida because of the insurance issue. I'm not paying for rich people's waterfront homes. Not gonna be my problem. Florida living just isn't worth it anymore. I'm looking at West Virginia, near Pennsylvania or Arkansas. I'll wait 2 years to get the best value.
I am a 100% Service Connected Vet so I'm exempt from Property Tax. My wife and I are having a hard time deciding whether to move to a high tax area and get a nicer house for our budget, or move to a smaller not as nice house but in a low tax area as nit to have selling issues when and if we decide to..... In Austin Texas now (from here and born here) we wanted to get to Fla eventually, but that's looking impossible for the fact home prices are even more expensive there than here. I really enjoy your content as well as @Realeststemindset so much. TY very much for you insight and purview as they are always very insightful.
How on earth can you be exempt from paying property taxes in Austin? Vets pay the exact same property taxes as everyone else, our property taxes are so high ..25 yrs military …and live in your area?
@@MeadowDay I believe he means 100% disabled Veteran with a service connected disability.
@MeadowDay you have to be 100% Disabled from combat injuries to receive the 100% tax exemption. However, you can also get a discount if not 100% it just isn't a total exemption as it scales with your disability %. I was deployed as a Marine and a Soilder 4 times between 2003 and 2011. Sustained injuries on 2 of the 4 deployments. (I would happily trade paying taxes for my health back for the record)
I didn't buy anything I couldn't move with my Jeep Liberty for years in the San Diego area. I would buy a cheap glass desk and other furniture that I would just through away. But moving is a hassle.
And most of the time what I see people moving is pure junk. An old stained mattress, etc...
That is incredible Micheal! Wow! We could not afford to pay that! Condo’s are difficult because of all the fees! You guys are doing great! We just want the best for you guys! You’ re great & your family is wonderful! You will continue to be very successful Michael! I wish you were here in California, I would hire you in a second as my realtor. ❤
Thank you, thank you, thank you!🙏💕🙏
I too agree with you. Michael is great!
Thank you Michael 👍