PEOPLE CAN NO LONGER AFFORD THIS CRAZINESS!
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[00:01]( • PEOPLE CAN NO LONGER A... ) The Cricket Club in Miami has a disastrous special assessment for its condo owners.
[01:48]( • PEOPLE CAN NO LONGER A... ) Cricket Club faced a $175,000 special assessment
[03:27]( • PEOPLE CAN NO LONGER A... ) Concerns about excessive profits in construction projects
[05:08]( • PEOPLE CAN NO LONGER A... ) Default rates on loans causing financial trouble
[06:48]( • PEOPLE CAN NO LONGER A... ) Unaffordable prices and financial loss at Cricket Club
[08:28]( • PEOPLE CAN NO LONGER A... ) Understanding the importance of reserves before buying a condo.
[10:12]( • PEOPLE CAN NO LONGER A... ) Review meeting minutes for important condo decisions.
[11:47]( • PEOPLE CAN NO LONGER A... ) Consider condo age, proximity to water, and number of stories
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"2024 06 15 - The Cricket Club's Shocking Special Assessment | Florida Real Estate TV"
[00:01]( • PEOPLE CAN NO LONGER A... ) The Cricket Club in Miami has a disastrous special assessment for its condo owners.
- The condominium complex has 220 units with beautiful views on Biscayne Bay in South Florida.
- A couple purchased a 7th-floor condo unit in 2022 for $499,000 and are now facing a hefty special assessment.
[01:48]( • PEOPLE CAN NO LONGER A... ) Cricket Club faced a $175,000 special assessment
- Cricket Club spent an additional $100,000 to upgrade to their standards
- New laws required structural upgrades leading to the large special assessment
[03:27]( • PEOPLE CAN NO LONGER A... ) Concerns about excessive profits in construction projects
- These special assessments may be inflated, leading to excessive profits for contractors
- Suggestions for possible government intervention to ensure fair pricing and prevent exploitation
[05:08]( • PEOPLE CAN NO LONGER A... ) Default rates on loans causing financial trouble
- Banks are losing money due to defaulted loans, impacting credit scores and leading to financial distress for car owners
- Condo owners at Cricket Club facing financial loss with the doubling of condo inventory and $30 million special assessment
[06:48]( • PEOPLE CAN NO LONGER A... ) Unaffordable prices and financial loss at Cricket Club
- Prices have surged by 100% since 2019, making it difficult for residents to afford payments and assessments.
- 40 out of 220 units at the Cricket Club are currently for sale due to unaffordable expenses, leading to significant financial losses for the sellers.
[08:28]( • PEOPLE CAN NO LONGER A... ) Understanding the importance of reserves before buying a condo.
- The Cricket Club situation is just the beginning of the challenges for condo associations in meeting the new law's standards in Florida.
- Monthly minutes of condo association board meetings should be thoroughly examined before buying a condo.
[10:12]( • PEOPLE CAN NO LONGER A... ) Review meeting minutes for important condo decisions.
- Inquire with the association about specific decisions and their status.
- Consult a forensic accountant for analyzing financial statements.
[11:47]( • PEOPLE CAN NO LONGER A... ) Consider condo age, proximity to water, and number of stories
- Condos less than 25 years old avoid milestone inspections
- Prefer condos more than 3 miles from the water
- Avoid condos with more than two stories to avoid potential issues with special assessments - บันเทิง
4:19 dude….. stop asking the government to help you. The government is too big. They are part of the problem if not the main problem.
I was merely suggesting that they can limit the profit so that condos can get back on their feet. But then again, every time govt steps in, they break it even further.
@@floridarealestatetv have you watched Florida TH-camr Michael Borden’s channel? Similar to your channel but your channel can be more informative. Good luck
@@floridarealestatetv Are you going to limit the profit of the owners when they eventually sell because they got no profit repairs? Why should my tax dollars somebodies bad real estate investment, so they can remain profitable on it?
Really ignorant idea.
The government has already beat you. They will tax unrealized gains.
Blame the cheapos who skimped on the maintenance till the place collapsed. Looks like the days of kicking the can down the road with regards to maintenance are over.
Those days aren't over for 1 or 2 story condos... they keep voting it down the road.
Yup ... Defferd Maintenance
they are in this predicament because they refused to pay for the normal upkeep of the building.
EXACTLY!
Exactly. Probably 25 years of deferred maintenance. Now everyone feels sorry for them
@@thomasmontefinese2464 A lot of people have NO SYMPATHY for the situation. I have sympathy to the people that bought recently and never even had a chance to vote.
Pacific Winds condos in Depoe Bay, Oregon recently got a $175,000 special assessment, and they are getting another one. It is not just Florida.
Thanks for letting me know. I'm going to look it up.
Why have the condo owners not demanded a detailed cost analysis?? Oh, yea. They probably have. It's just that they don't want to face their neglect and negligence over the years by refusing pay for necessary maintenance and repair. And now it's time to "pay the piper." If I refuse to do necessary repairs to my house's roof and it caves in one day, I doubt if I'm going to get any sympathy from these cheap skate condo owners. And as far as the narrator's suggestion that the "government" (what he really means is you and I) should get involved, well, it's none of the governments business to subsidize condo owners' neglect and stupidity. It's the governments job to ensure that these condo owner's apartments don't fall on OTHER PEOPLES HEADS when they collapse due to stupid cheap condo owners. Maybe realtors should work for no profit?
Your 100 percent right.😮
The newer buyers got screwed
The buyers don't know how to analyze a cost analysis... that's part of the problem. Being a forensic accountant specializing in condos is not just had by reading documents. BUT I will say that not maintaining the building, like your example of your houses' roof, is negligence and won't get sympathy from anybody. Unfortunately, the government stepped in and is making people maintain, and that's causing a huge disruption for the current owners. Previous owners got away scott free, and yes, the newest owners are suffering the most.
Yep
Owners deferring cost for decades. If this were your home you’d have the same issue.
Very true! Maintenance is required no matter where you live, even a trailer.
Exactly! I'm going through this right now with my home home.....I let things go too long and I'm spending big $$$$ to repair and bring things back.
@@bmwlane8834 Every property has maintenance. Even vacant land! But especially buildings.
The GREED is so out of control in FLORIDA it’s happening everywhere, nasty little apartment’s and they are asking a ridiculous price to rent, and even sales are extremely priced!!!
Greed and unrealistic wants of people based on lofty selfish expectations. Usually precipitated by creative marketing by those that want and get your money..
Salt air is hard on concrete Salt air hard on ac
Salt air is hard on any metal component.
Oceans Five condo Daytona Beach Shores $27.000.00 assessment. Recently paid $3000 assessment for insurance only.
Holy crap. Thanks for letting me know.
He is definitely right, I heard Daytona Shores and adjacent communities in Volusia County, have had enormous special assessments in the beach area in the last few years. Knew someone from my small town here in PA who had to sell their condo there recently because of it.
Pittsburgh has the most affordable real estate in the country.
My friend lives in the galt ocean club.. (fort lauderdale) he’s currently paid 60,000 plus, his hoa went up $500 a month and he has another $30,000 assessment coming. 1 bedroom apartment. We estimate at least 50 percent of his building cant pay.. years away from completion, its an absolute joke.. i dont understand how these board members and management companies aren’t being arrested for stealing all the reserve capital
They’re not stealing it. The owners chose to delay repairs indefinitely and now they are paying the piper.
@@happymomma7043 little more complicated than that as you can see in miami HOA board members have been arrested for misappropriation and im assuming as the tenants contemplate hiring an attorney to audit the building. Well see how much of this is residential responsibility and how much has been misappropriated
I agree sticky fingers?
Apparently at $110k for a condo in Florida didn’t dawn on the buyer to do due diligence. I’m a realtor too, what realtor
Would have sold this without assisting in the due diligence process. In any event, everyone knows there are possible assessments in condos. Obviously this was a very extreme example of the mismanagement that went on, but this person should have known if it’s too good to be true ITS TOO GOOD TO BE TRUE!!!
Sorry but HOA mismanagement is nothing new. That goes on constantly
In the story, the seller sold it for $110K after buying it in 2019 for $190K because nobody would buy it for $350K, his original list price because of the assessments. I think the buyer who got it at $110K knew everything that they're getting into... it's the seller who got screwed because his 190K 401K turned into 110K... but I wonder if that guy voted not to make repairs in those years that he owned it.
@@tikitinatv1420 Indeed it does. Non professionals are on the board, voted in by a popularity contest, and then they tell their friends how to vote... not too smart.
Well, that what happens when you choose to underfund repairs for decades. Pay now or pay later
Yes exactly. And the sad thing is, the people who voted to kick the can down the road have all sold, and ran with the money.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
@@MelissaHobbs-qm8wi My CFA, Desiree Ruth Hoffman, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. I must say, Desiree appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
I'm so thankful I didn't buy a condo in a high rise building. The real killer is that a law has been past saying building reserves now need to be 100% So TWO new regulations are going into effect at once, the reserve and deferred maintenance combined with insurance costs doubling is going to be an untenable trifecta for many. When taking all the above into account ....Who in their right mind would purchase a condo in this environment ? Units in these buildings are almost worthless
You're absolutely right, it's a compounding effect. Structural integrity, reserve requirements, insurance rates, more hurricanes, lots of inventory.... it's not good right now.
Purchase one 2 stories and under inland
@@pinschrunner Yes, that's a good strategy. Just no ocean/gulf views
For starters liquidating your 401k is absolutely a bad idea! Unless it's for an absolute emergency....not to buy a condo! Condo associations need to be held accountable!! Not the condo owner! Condo owner has no idea what's underneath the drywall and flooring! Or the builders who built these lean to shacks!
About liquidating a 401K... such a bad idea! And the condo owners of the past voted no, sold the condo, took the money and ran.
Why I would never buy a condo in the USA AVOID CONDOS and HOA
Where would you buy? Hanoi, Vietnam?
@@floridarealestatetv yes but only if its a good deal 80% are overpriced There are better deals now All over Japan and in Chengdu China In a 5 story house in Hanoi now, but in 2 years, it will be 9 story. Next 12 story. I prefer to custom build with my own managers and crew. Most condo develoers build cheap crap It is not tofu like China, but you have to be very careful. It is still a mine field.
@@mrbHanoi I just read yesterday that China didn't lower interest rates because their real estate market is in trouble also, just like ours. Except they have a situation that is closer to our 2008. People got loans and they had no business to get a loan approved. Their bubble for real estate is bigger than here.
Simple, most (NOT ALL) of these major assessments are hitting those in poorly managed, poorly built structures in areas where their locations expose these building to weather and ground movement situations that expose these buildings to greater failure risks. Again (most not all). You need to understand the risks you take in buying under these conditions. Imho I should not have to pay for your poor decisions as it is bad enough my rates are going to be impacted especially if a failure occurs at your building…
After all the comments on this video (I read and reply to them all), I've noticed that a bailout, or tax payer dollars paying is a BAD idea. Not sure what I was thinking in that video. BUT, I feel for the new/recent buyers who bought right before the law was changed and now have $175K assessments.
$175,000 per unit I believe you wanted to say
Did I make a mistake? Oops. It was a $15MM repair.
Quick story. I stayed in an Airbnb last week in Tampa at this building called "The mav". Luxury condos and apartments. We get there and are then told by the host not to tell anyone we are Airbnb renters. Understandably the people who live there are not happy about Airbnb renters, even got dirty looks from the doorman. But it is the quality of the work I would really like to talk about. Just for reference I am a construction worker, plumber.
Now "The Mav" in Tampa was built in 2023 and I was appalled by the craftsmanship of this building. Water stains on the ceiling, pencil measurements on the walls, damaged appliances, cheap linoleum flooring and a broken granite countertop. There was also a fruit fly infestation that was disgusting. I am a union plumber and know how this industry works. These building owners refuse to pay livable wages for quality work. I'm just upset that we paid for what we told was a luxury apartment and was served with a despicable dwelling. From what I heard they are charging a lot of money for these units/condos. The building looked like it was filled with mostly young professionals that probably had no idea what type of quality they were receiving. I feel sorry for them. Not the stuck up ones though. 😅
I have been in construction for 40yrs. I’ve worked under Union and non union controls. Both at times worked methodically and meticulously and other times not. The whole process in creating these structures is complex. Sadly the processes are performed sub standard or not evaluated in full before implementation. Unfortunately imho Mother Nature will always win in construction deterioration as sometimes this occurs faster in some structures than others. BUYER BEWARE!
Liquidating your 401k to buy a house is insane. Perfect example of why you should not be doing this, especially in this climate.
I think it totally defeats the purpose of having a 401K. It's for retirement, not to buy a retirement home!
yea its screwing every building of unnecessary repairs. but thats the new scam for florida.
Sad... although I wouldn't say all those repairs are unnecessary.
I really enjoyed listening to your analysis. However, you forgot to emphasize an important factor that you only mentioned at the end: inflation. If we experience hyperinflation, which is more than just a possibility, house prices will spike again. Consequently, selling right now might not be a wise idea. We are living in very interesting times.
I have been thinking about hyperinflation for a while now... and unfortunately I think that's exactly what will happen. Which also means that it would cause big problems with people's buying power not just for homes and condos, but for everything. The good news is that your old loan will be easy to pay off with the new increased wages.
😂I live In Marine towers east Lakewood ohio we are hit in 2015 with 4 milion dollars special assessment for heating and aircondintion system and lack of reserve fonds now we collected 2 mil in reserve but we need 6 instead because of new study....so for over now 10 years and still going strong they don't even think to stop this madness.
Approximately how many units are going to bear the cost of this? I think it's just crazy how high some of these prices are.
No sympathy for condo owners who never would consider paying higher HOA fees to maintain their building. They're getting what they deserve. As for contractors profits, if HOA doesn't like the quote, get another. As for getting government involved, can you be serious? Just stupid.
Here's my reply. Government help... you're right, it's stupid. I don't know what I was thinking when I made that video. Contractors: yes, get quotes and quotes and quotes. If the repair bill is $15MM, then get a few quotes! Regarding no sympathy: I have sympathy for the people who bought just a year or two ago and got hit with this GIANT special assessment for the poor voting of the prior people/owners. The ones who have owned and kept voting not to fix shit, NO SYMPATHY FOR THEM.
Arizona is now looking really good though it will be the next area hit by water access assessments
Walk through nice neighborhoods. People get bored easily
You mean for the videos? I tend to like parks, but that's just me. Nice neighborhoods are cool and all. Maybe I'll try it out.
I agree. Water views are boring!👎🏻
@@timslater566 real estate channel I think people want to see houses near the beach or historic neighborhoods. Not a park . Anything to bring a little excitement helps . I get bored easily
Wait, i'm confused! Is this assessment $175K for each condo owner or divided by the 200 owners. Help me understand.
Each
Per unit. This is only the start
For each condo owner!!!!!
You want gov (us) to supplement water front homes. No move and leave us alone, once the bottom feeders leave. Citizens who can pay their own way can move in, just my opinion
Honestly, I don't know what I was thinking when I said that. After only a little bit more thought, I realized that's a horrible idea. The government tends to make things worse, more expensive, and more regulations.... leave me out of that! My bad.
@@floridarealestatetv Its why we have each other as a sounding board. I do the same thing, Rants help. let it out brother..we got you
@@Artoconnellthanks!!
Palm Bay Tower:
"Palm Bay Towers, built in 1972 and located at 720 NE 69th St., is due for its 50-year recertification. As a result, residents are currently being forced to cover the costs of a $21.5 million assessment that they believe is overwhelmingly exaggerated and unnecessary. That amount translates to a price tag of anywhere from $221,450 to $337,550 per unit owner - even more than what residents at Palm Bay Yacht Club are in the midst of protesting."
Palm Bay Yacht Club:
"The Palm Bay Yacht Club stands 27 stories high at 780 NE 69th St., and real estate listings for its residences - with price tags between $338,000-$600,000 - boast of Biscayne Bay views, luxury amenities and an idyllic South Florida lifestyle.
What’s not included in those effusive property descriptions is that current owners are being told they must agree to cough up more than $175,000 each to bring the building up to snuff to pass its 40-year recertification - repairs the condominium association says will cost $46 million."
Unreal. Then what's the value of each?
@@stevenevangelist5221 Very little!!
What the actual fuck. Damn that is so messed up. $337,550 per owner!!!!!!!!!!!!!
Like I said, do the math. Add up value plus upkeep and ya might as well have bought a house. Owning a house puts you out of being at the mercy of an HOA that can agree on nothing. Fixed income ppl are typically the board officers and they alway vote no to regular upkeep. This way they maintain their fixed income budget. The younger people are busy working and usually leave these decisions to the older people to make. They are dumb because they are too trusting. They are too busy to get involved they are out working and are tired. Then get in a meeting and it’s like herding cats. Best to have a single ownership property and make your own decisions.
@@floridarealestatetv Yup, so their value has essentially depreciated to zero - economic obsolescence. But if a developer offered to buy them out at huge premiums, the people there would say:
"But wheeeere am I gonna GOOOOOOO?????!!!!!"
I know because that was the exact story of what happened at my former complex (which I was the President of and eventually sold OUT of in January of this year).
Stucco repair. 4,500,000. which Plus 2800 more for insurance each. fort lauderdale
That's way too excessive for stucco repair. Maybe to remove all old stucco and redo it all, but still. That's crazy.
Here's a calculation I haven't heard anyone address: If the 200 unit condo needs 175k from each unit just to remain habitable and legal, and 25% of the residents can't pay, then the other owners will have to pay up that difference. It won't be 175k for them. .25x200=50.50x175k=8.750m÷ the remaining 150 owners is another 58.3k each making it 175k+58k = 233k. In your example you already have 40 units out of 220 put up for sale. That's only 18% so far, but how long will it take buyers to come in? Will all of them be able to pay up? This is going to cost a lot more than you've figured before it's over. High rise condos are a bad investment because you need EVERYONE to do their part.
If they don't, the work will not get done. All of the above has to happen before work can be completed and how good of a job do think will really be done?
Residents that can't pay will be forced to sell their units. The HOA will lien the special assessment, and in FL you can foreclose a lien... so owners who won't/don't pay can either sell their units now and let buyer pay HOA, or wait to be foreclosed; either way, the HOA is getting paid.
If they don't pay, they'll get foreclosed on, sold at auction, and the proceeds will pay for it. Then the new owner will get billed for the rest. UGH
Well said
I think the law needs to be examined. How can you expect a company work for free? It’s that kinda screwed up thinking you have is wrong with this country 😢
Re examining that law would be the BEST solution. The current solution is going from one end of the spectrum to the other. Maybe they should have first passed the milestone inspection (structural integrity) portion of the bill, and then maybe in 5 years the reserve feasibility study law (having enough reserves). Too late now...
Florida is circling the drain.
Flush the toilet, we're going down!
Why would a contractor do something for free. And profit is probably closer to 20%. Check how they did their bids an open bid would have brought the price down.
If the associations would do some research and get multiple quotes and really work it, maybe these association special assessments wouldn't be so bad.
It is called good old fashioned greed. Why? Because they can, they know where to find you.
It's a shame.
Are special assessments and reserve applicable to 3 story townhouses?
If they are within 3 miles of the coast, they are.
@@MrDCMiami correct me if I’m wrong but it seems that the incentive is to be outside of an hoa and 3 miles away from the coastline in a homestead in a non flood plane atm ? By this logic the worst deal would be old beachfront condos over 3 stories with poorly run expensive HOAs(bankruptcy and or de@th trap)?
@@kaioser Your understanding is correct. All home ownership is now a trap. It used to be you owning the home. Now the home owns you. An insurance company can fly a drone over your house and tell you to put on an $80,000 roof or face policy cancellation. So what control are you left with. Can you afford to rebuild if your home is blown apart and you're uninsured?
From my understanding, yes.
It's not just the units within 3 miles. If you're less than 3 miles, then the building age has to be 25 years or older to qualify. If over 3 miles, then over 30 years old. So ALL 3 story buildings qualify from my understanding.
Gonna be a lot of homeless seniors with 6 figure assessments.
They took a gamble they would die b4 their albatross came home to roost. They lost..
Did the to be homeless seniors care when we all had problems? No, so why should I care about them. F them.
not good.
If you want to buy a condo first thing is to check on how much of a contingency fund the condo corporation has. No or small contingency fund means you will have to pay
your portion of needed repairs. As buildings age they need repairs. Look over the building and see if has been maintained. What is the shape of the roof? Are leaks prevalent in the building? Is the condo association a voluntary one made up of residents or managed by a company? Managed by a company is expensive and they raise their fees yearly.
Lots to address in this comment. The reality is that if you got a financial statement for a random condo, how can you tell if the contingency fund is good enough or not? I can't. And I'm a numbers guy! Plus, if a condo saves $2MM for a roof, but then covid hit and the price of labor and materials doubled, what to do when it's time to replace the roof and you only have 50% of the cost. It's a shitty situation.
@@floridarealestatetv The first home I bought was a 2 brm condo. I knew people who lived in the condo. They did have to replace the roof and spray the exterior of the building's brick exterior with a special waterproofing sealant. There was enough money in the corporation's contingency fund to cover the consultant's fees and all work. So I would say check out the condo corperations contingency fund before you buy.
No way should the federal government get involved. I am not going to contribute to the lifestyle of someone in Florida. On the other hand I could care less what the state of Florida does.
Definitely not the federal government. However whenever there are large scale natural disasters, FEMA steps in, and they're federal, so your tax dollars are going to Florida all the time. Maybe instead of the government stepping in, the associations should be required to get 5+ estimates on any repair over a certain dollar amount.
@@floridarealestatetv a natural disaster is not the same as deferred maintenance on a condo. The latter is solely up to the condo owners in my opinion.
I’m guessing all the ones with 2 floors and under will become a hot commodity?
It's just a matter of time before they change the rules for them as well.
@@floridarealestatetv I disagree because the structural integrity of a 2 story condo is equivalent in Florida to a 2 story home, I think high rise hotels should be required to have inspections if they aren't already
Yes they are selling well in central west Florida. I have a 2 bdrm 2 bath I am selling shortly. 2nd floor of 2 floors
@@pinschrunner As of January 1 2025, they are required every 10 years!
@@pinschrunner There are pockets of Florida still selling very well.
3:49 take advantage of the little guy, threaten his security with this crazy inflation…… and then you call him over to give you a quote and you think it’s gonna be low? You can only hit a man so many times before he hit you back. Contractors are going to make everyone’s life hell in Florida.
In my opinion, I think inflation is going to get much worse. The jobs report is a sham and once the truth comes out, it's bad news from there.
Zero profit repair? Do you work for free? If you think that the Florida State Legislature will subsidize the contractors to provide the profit you clearly haven’t lived in Florida too long. 😂
Interesting video. Greetings from a central Florida former resident.
Why should the taxpayers subsidize contractors or condo owners who went decades underfunding their maintenance?
😂
I don't think they should work for free. I don't think anybody should. I knew that comment would get backlash. I just think these associations should get more than one quote! I get at least 3 roof quotes when I redo a roof.
Taxpayers are on the hook for everything for some reason.
Hearing a realtor complain about contractors making money when we just had all these seller lawsuits is weird. It seems like the whole real estate market needs an overhaul, including all sectors that support real estate.
Just like the medical industry.
@@floridarealestatetv I agree with you.
You won't be able to pay people to take Condos in Florida
It could definitely lead to that!!!!
Only buy a single family home. Don't get locked in with the problems of others.
A $175,000 repair bill on a single family home that's median priced (such as these condos) would give you a new roof, flooring, kitchen, windows, doors, drywall, bathrooms, everything!
Let's send them an award for maximum
The crazy thing is I asked people to comment about other situations like this, and I have a list of 1/2 dozen condo complexes that have it worse. Crazy. So they're only like 5th place. And in 2024 people get 5th place trophies so let's send that.
It's a shame Mr. Rodrigez didn't sell when prices skyrocketed. I hope he is able to recover.
Yeah, I feel for that guy.
GREED is the reason we got here and it is what is happening now
If we could only eliminate the greed factor of humans...
Even the wealthy do not want to pay these assessments. This is Champlain Towers Surfside, FL, all over again
What I was thinking. The one up the street is about to fall over.
It's funny because that building has experience a divide amongst the owners. The rich who can afford it mock the "poor" people who can't.
Which one is that?
The Federal Government has rung up 35 Trillion dollars of debt which impacts everything Add in local government their mandates and requirements and the individual who must make a decision , Is it worth the cost ?
There's barely able to keep this inflated bubble of an economy alive.
This has nothing to do with condos.
You are going to trust the government not to screw people ?
Nope. Sometimes I just have hope they can do something right... my mistake.
It’s irresponsible to liquidate your 401k for ANY reason. I feel for the guy but he took a huge risk
Right... I don't know what he was thinking.
Condos, townhouse, neighborhood subdivision, etc., HOA's. When have they not had assessments?
A $175K assessment is excessive. Especially for units that cost $250K
@@floridarealestatetv oh yeah. Most likely an inside job.
@@floridarealestatetv that is mafia. 😂 lmao. I'm serious. Would love to run the real numbers. I'm good at that. Like the collapse of the building. Right. It's all armigedon. Eventually they crush rebuild new a lot. Forced out. Where do those people go. What's called financial displacement. Is this all planned? Unreal, incredible, can see what's going on. Someone's making big money.
There are contractors by me that want $1000 an hour, some of these guys are delusional (and I can’t see how they stay in business).
Me neither. The reality of the contractors profit margins is crazy!!!!! I should get into that business.
Who’s delusional. Blaming contractors for HOA stupidity is what’s happening. It’s called shifting the blame. It taking responsibility is what’s really happening
@@tikitinatv1420 It's not even HOA stupidity, it's the owners of the buildings over decades that was stupid. Why keep voting not to repair required stuff? Crazy.
You think the government should bail you out?
No. Not anymore. The government has spent enough of our future generations money at this point. They need to let the system fail or the people fail.
Its almost as if Boomers ran their condos exactly like they ran the rest of the country 😂
FB
damn!
No offense, but how do we know rhis is true. Sounds unrealistic.
None taken. Call the association! It's messed up.
So basically those condos are worth 175k?
Not necessarily. The owners just don't have the extra cash laying around.
If that
@@SafeEffective-ls2pl the condo is only really worth the amount of the assessment at the most.
Once it's all repaired it will be more. But they're selling for less than in 2019!
That is what i meant.
Happy Father’s Day Sir.
Thank you kindly. You too!
Sad situation for the guy that sold for such a big lose. .
Price to live by the beach.. NY thinks it’s super cheap to them!
He took a chance... and rolled a 1
Zero profit repair is possibly the dumbest idea I have heard today. Who’s going to work for no profit?
I don't think it would ever happen. And I know if the government stepped in, it would get all messed up even further. But zero profit doesn't mean laborers don't get compensated for their work, it just means work is done for break even. Anyways, it was a bad idea on my part. My bad.
I had 3 friends finally be able to buy a home under Trump,and they were so happy they did. Had they waited for FJBs economy, they would never be home owners.
Policies matter.
You do realize that central banks set interest rates and economy is actually very strong under Biden. Inflation was/is a worldwide issue.
Funny you should say that. I just recorded a video today about the difference on this years election and where things can go.
Not sure you can blame central bank decisions and global inflation on Joe Biden. Very low interest rates for a long period of time got us in to a lot of this housing mess.
So THIS is where the dumb people hang out. Got it.
Same sort of thing will happen in CA soon. Balconies need to be inspected and fixed by 2025
Is there a law that is making them do the same thing?
@@floridarealestatetv yes. All balconies must be repaired and inspected by 2025. It was due to a balcony collapsing with kids on it at a ca uni
@@floridarealestatetv
th-cam.com/video/WC6xLbUor5E/w-d-xo.htmlsi=2Nmpz0qWAlii5kjE
So you want the contractor to work for less?
Not anymore. Not sure what I was thinking when I said that.
If you like flushing money down the toilet buy a condo and has a bonus you can hear your neighbor grunting in the morning relieving themselves first thing in the morning while drinking your coffee
Made me laugh. The high rise condos have reinforced concrete between the units not only between floors, but unit walls as well, so you won't hear anything. The apartment conversions that were popular in 2005, many are build out of wood so yeah, you'll hear some unpleasant sounds.
And also have to smell their putrid cigarette smoke! 🤮🤮👎🏻
Are you nuts? The government has never solved a problem. Why not ask the government about our homeless problems before moving on to screw up housing repairs. My gosh dude.
I was just thinking outside the box on how to solve this problem that is affecting about 1,000,000 condo owners in Florida. I agree, government usually fucks things up further.
People can’t afford it, However private equity firms can. They are waiting for the market to collapse so they can sweep in, buy it all and rent will be unaffordable for all but the very wealthy
They always do this.
You have no reference point. $175K for what? And contractors are making 30% profit. How do you know this? It could be a great deal. I think you may be Loony
That condo I talked about issued a $175,000 condo assessment bill to every owner within the community. Contractors make between 10% and 30% profit, it's the business. And you're right, it could be a great deal. I don't know what the other bids came in at, I just know the owners are getting hit with one of the highest assessments in Florida history.
Obviously they haven’t been funding reserves properly and apparently much deferred maintenance. I’m sorry for the homeowners, but this is what happens when they keep the monthly payments down at the expense of the plant. I serve on two boards and the HOA board must be steer the homeowners. Reserves reserves reserves.
@@bbbeck6573 And the crappy part is that if you do that, then you lose the popularity contest and people don't vote for you for next year's board. It's silly.
This guy is nuts, blame the contractor, blame the car dealers, blame everyone but the dumb buyers of condos.
Damn bro, I'm just talking. If there is anybody to blame is the prior condo owners who kept voting NO to maintaining the buildings... and now they sold and the new owners are getting f'd with the fees.
Palm Bay had similar assessment … a few miles South of the cricket club ….. $170k each owner. 3:09
Thanks for letting me know. I'll be looking into it.
This type of behavior should be illegal.
Well it kind of is.... now. It's too little, too late, but the condo fees are skyrocketing for almost everybody because they kept voting NO to fixing up their properties.
@floridarealestatetv Maybe they keep voting NO because they can't afford to. If HOA's were responsible to begin with, they would have the poper amount of reserves. This is going to destroy the condo market. Perhaps it is exactly what big investors want. Pay the government to push extrict laws and force people into foreclosure or cheap sales so they can scoop up premium properties at a cheap price, then tear them down and flip them for huge profits. South Florida is full of corruption, and it wouldn't surprise me if what is happening right now is by design. When the huge bubble pops there, it is going to be really ugly.
Great video new subscriber here
Will you be releasing a video every day
Looking forward to more of them
Dont worry,ronnie rubber boots will take care of you!😂
I guess that makes me feel better. Along with his cousin Redneck Jimmy.
This genre of video is getting tedious.
Any ideas on how to make them better? Or a new genre? I'd be happy to try out something new.
You would do zero profit on your job that you’re doing now is wrong with you you just said it in the damn thing there is a assessment and people are now bidden to have these people come fix the damn things just like how you bid on the house or the condo And bring it up to what the hell it is now you’re gonna be on the guys gonna fix the damn things highest it’s a butt no it’s a sellers market market
It would never happen. The inevitable end result is lots of people will lose money on condos they bought recently after the prior owners didn't repair and maintain and they ran off with the money. It is what it is.
@@floridarealestatetv as I understand the condo is made up of people live there and they are owners and they appoint a board to run the condo but since champagne tower fell to the ground it’s all new ball game and the video on the condo of $175,000 do not sound very safe to me I would move out of there as fast as I can per unit?
@@lharris274 I would move out of there as well! ASAP. Yes, it's 175K per unit special assessment. 220 units!
That’s what voting for D’santis gets u 🤷♂️
No that is what delayed maintenance gets you...or are you totally forgetting about the condo collapse that happened a few years ago.
No comment. hah
true
Great! Another walking and babbling real estate agent in Florida. 😂
You can't stop watching 🤣🤣🤣
Haha. Everybody has an opinion, and I'm willing to walk and babble about it.
the high cost of insurance and HOA fees is a small price to pay for living in a Non Woke paradise. stay in FL! don't bring your tired asses to drag down other states.
Haha. It's definitely not WOKE here. Keep that out of Florida.
@@floridarealestatetv agree and keep insurance companies out of FL too. have a Great Hurricane/storm season!
Condos are a ripoff! 🔥💰💰😈
I think the way they're run is a ripoff
sucks
Could be worse, but this is pretty damn bad!