Condo Life Gone! It's game over for condo owners as HOA fee's triple.

Рет қаралды 272,325

6 ай бұрын

#condocrisis #floridarealestate #condofees
Condo life gone! Yes, it's game over for condo owners in Florida as the condo fees will double or triple for most. Condo owners in Florida will feel major pain as condo insurance rises and new laws come into place forcing condo repairs to take place in 2025. Many Florida condo owners will have increased condo fee and special assessments in the thousands and in some cases hundreds of thousands. So condo life may be gone for many.
Need help finding the perfect Florida home? I can be reached by email at the address below.
Lisa.Ammons@comcast.net
Or you can call me at 772-678-0566
******SEARCH FLORIDA PROPERTIES - "ALL" Listings - Treasure Coast
772living.com GO TO THE "SEARCH" TAB
BUY LISA's RETIREMENT LIFE MERCHANDISE 😎
teespring.com/stores/772livin...
~~~ What to watch next~~~LEARN MORE ABOUT FL🌴
TOP 55+ communities in the Treasure Coast
• Top 55 plus Communitie...
Moving to Florida Everything you need to know!
• Moving to Florida Ever...
TRADITION Port St Lucie
• Tradition Port St Luci...
HOW TO PICK A 55+ COMMUNITY
• How to choose a 55 plu...
Buying a condo | 6 important things to know.
• Buying a Condo | 6 Imp...
____________________________________________________
MUSIC for my videos are purchased through:
EPIDEMIC SOUND www.epidemicsound.com/
AUDIO BLOCKS www.audioblocks.com/
________________________________________________________________
All images and additional video segments contained in the Thumbnails and/or B-roll segments are used in strict compliance with the appropriate permissions and licenses required and in accordance with the KZfaq Partner Program, Community guidelines & KZfaq terms of service.
The information provided by Ammons and Company (aka) 772Living With Lisa (“we, ”us” or “our”) on the 772Living With Lisa PLATFORM (this channel) is for general informational OR EDUCATIONAL purposes only. All information on the channel is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this channel. Under no circumstance shall we have any liability to you for any loss or damage of any kind incurred as a result of the use or consumptions of materials published on this channel or reliance on any information provided on this channel. Your use of this channel and your reliance on any information in any video is solely at your own risk.
*Fair use*
Copyright disclaimer under section 107 of the Copyright Act 1976, allowance is made for “FAIR USE” for purposes such as criticism, comment, news reporting, teaching, education, and research.
Clips in this video are for educational purposes. Fair use is a use permitted by copyright statute that might otherwise be infringing.
LISA's BLOG.. for additional Florida information
772living.com
👉 FOLLOW LISA
/ stuartrealtors
/ lisaammons
/ lisaammons
/ 772living
Business Inquires:
lisa.ammons@comcast.net
Lisa Ammons
Direct: 772-285-7611

Пікірлер: 1 300

@koolz4094 5 ай бұрын

Lived in a Condo i(HOA operated) at St. Pete Beach , FL for over 11 yrs. With out writing a "book" to tell you to avoid HOA's/Condos , I will say it in two words ---NEVER AGAIN .

@rrmackay 4 ай бұрын

I have owned in gated communities and condos in various states and I agree, never again.

@emilianogabriel9613 4 ай бұрын

HOA never go down always go up

@lkytmryan 3 ай бұрын

Taxes are the same

@JKinLVN 3 ай бұрын

Many condos look cool. But the house I now live in is a typical boring suburb home. Kind of like buying a Toyota Camry. BORING! However, I've learned in my lifetime that boring is good. No surprises. No drama. I'm happy!

@BlueGoat682 3 ай бұрын

Now thats what you call "getting to the point" 🙂

@yorsan2240 6 ай бұрын

Not only stay away from condos but for properties in HOAs too

@gregorylyon1004 6 ай бұрын

My sister and brother in law are in a HOA in Florida. And they own their house

@william-fla-321 6 ай бұрын

Stay away from HOA’s.

@Greenhornet411 6 ай бұрын

Out of 8.9 million homes in Florida, 3.9 million of those are in HOAs-which is about 45%. So that sure cuts down your home inventory for purchase. Not very realistic real estate goal especially if you want amenities built in maintenance. Although I agree HOA fees are starting to get ridiculous. Let’s face it, the cheap easy Florida living days are over.

@yorsan2240 6 ай бұрын

@Greenhornet411 finding a property out of HOA is mandatory or else isn't even worth buying it to me

@yorsan2240 6 ай бұрын

@gregorylyon1004 they own being controlled and even pay to be controlled

@dougk2932 6 ай бұрын

Just sold My Florida condo I feel like I got off the Tiranic before it left the dock.

@TheRealLivingWithLisa 6 ай бұрын

I feel ya!

@kimscott8176 5 ай бұрын

Good for you. You are right.

@MrDCMiami 4 ай бұрын

So did I. Your expression is great!!

@07eperez21 4 ай бұрын

Yep! We just sold our Daytona Beach condo about 6 months ago for these reasons. Between crazy "extra mortgage-like" HOA increases and the insurance premiums going nuts, we decided it was not for us. No way.

@FinarfinNoldorin 4 ай бұрын

This native is out of there...gone. See ya. Wouldn't want to be ya.

@ralphholiman7401 6 ай бұрын

A lot of people are discovering that while their HOAs were busying themselves with the important job of hall monitoring,, they neglected their main job that they were supposed to be doing; of actually maintaining the property.

@tomsmith-rj3vw 5 ай бұрын

YesfloridA is a ..ess especially the 6 months of 88 degree heat with 68 percent humidity. ...glad I live in ellsworth Wisconsin with 4 months of cold weather.

@tomsmith-rj3vw 5 ай бұрын

No one talks about 100 degrees heat for 6 months..it's really strange..the weather is crappy in Florida .overall..but the fishing is the best in usa..but hardly any one fishes there.thier too busy trying to pay thier. Living expenses..

@info781 5 ай бұрын

Don't forget people vote against any repairs especially if they are not going to be there for much longer. The new laws will change that.

@user-is6vc9rf4i 5 ай бұрын

You missed the part of the video where homeowners in an association could vote down the proper maintenance schedule to maintain the building. Now when an inspection is done by an engineer, the homeowners can no longer vote down the recommended maintenance. It is about time and it will take probably 10 years to get the buildings back on a proper maintenance plan.

@ralphholiman7401 5 ай бұрын

@user-is6vc9rf4i , glad I'm not in one of them.

@richardordonez8331 6 ай бұрын

I worked on a 6 story condo built on a sand dune to clean a drain. The clean out in the breezeway way broken. Manager said fix it. When the jack hammer broke through the concrete i almost fell through into a cavern under the building caused by a broken drain. The waste water undermined a cavern the size of a delivery van. Beach condos are ticking time bombs.

@jessik-1818 4 ай бұрын

😮😮

@Cybersawz 4 ай бұрын

Whoa!

@calgal5752 4 ай бұрын

So are single family homes….remember Land O Lakes Florida?

@vanguy9780 4 ай бұрын

tick tick, tick

@GD-ru7xr 5 ай бұрын

I gave up looking to buy a retirement condo in Ft. Lauderdale. I was shocked by the poor physical condition and zero reserves of the buildings. Owners have been milking these buildings for decades, but no more.

@Nournourhayati409 16 күн бұрын

Single home for sale by owner HOA 52% monthly no realtor involved on zillow FSBO (1074 hamlet dr maitland Fl )

@ryanwilliams989 3 ай бұрын

In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.

@StellaMaris-lv2uq 3 ай бұрын

The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.

@maryHenokNft 3 ай бұрын

Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.

@maggysterling33254 3 ай бұрын

@@maryHenokNft Amazing! I hope it's okay to inquire if you're still collaborating with the same fiduciary and how I can get in touch with them?

@maryHenokNft 3 ай бұрын

Wright promptly do a web check where you can connect with her *Gertrude Margaret Quinto* and do your research with her full names mentioned..

@BiancaSherly-qt6sb 3 ай бұрын

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

@johnericfirst 6 ай бұрын

Hi Lisa, thank you for the warning! I was thinking about buying a condo but I changed my mind.

@william-fla-321 6 ай бұрын

Best decision you could make at this time.

@mmmotives7452 5 ай бұрын

Don't you dare buy a Condo!

@angelafariscal8020 4 ай бұрын

I was there please do your homework Condo is not sustainable extra fee like HOA

@joniangelsrreal6262 4 ай бұрын

Smart move we sold our “dream retirement condo on the beach mid 2021 just in time ….HOA Fees- 2015 $1650/mo - 2021 $3600. Bye bye suckers Got out just in time…whew…!

@matt7iron 4 ай бұрын

@@joniangelsrreal6262in the 70's and 80's the country was great, we had Kojak, Fred Sanford, Archie Bunker, MASH, on TV, we had Ronald Reagan as President, and Don Rickles telling jokes, everything started going to hell when they started letting people from everywhere into the country, then building a bunch of crap houses and Apts, then every greedy person around started getting into real estate and running for political office to get a share of the dirty money, thats why were here today.

@jeffeby2218 6 ай бұрын

I suspect we will see a return to multigenerational families living together as housing costs continue to rise. Florida is not an outloier, it is the canary in the coal mine.

@TheRealLivingWithLisa 6 ай бұрын

I think you're right~~

@amrice62 6 ай бұрын

I agree

@william-fla-321 6 ай бұрын

I’m already seeing this in my neighborhood. 30 year olds moving back into mom and dads home. Most have financial problems or divorces. It’s the new America we’re living in.

@robertgallagher7734 5 ай бұрын

Wife's parents lived with us part time, her mom will probably move in with us permanently if she can sell their retirement home in Tagatay. P.I.. & her aunt lived with us for 16 years. Multigenerational living will definitely make a comeback.

@TheRealLivingWithLisa 5 ай бұрын

I think you are right about families living together. And... I'm sure it could get a bit dicey for some. Just buy a big house so you can notch out some personal space. Thanks for watching~~

@dbrew2u 6 ай бұрын

Lot's of Floridians are just one Cat 5 Hurricane away from having to consider moving to another State .

@user-gi4wh6qd9y 5 ай бұрын

But until then we will continue waking up to beautiful weather with smiles on our faces(extending our lives) while others are waking up with a shovel(pissed and stressed) in there hand freezing their butts off.

@safeandeffectivelol 4 ай бұрын

Cat 4/5 hurricanes have hit Florida for thousands of years. The difference is people didn't use to build multi-million dollar homes 50 feet away from the shore. There's a reason why those beach towns used to be cheap and had smaller brick or cinderblock houses.

@johnrobinson7336 4 ай бұрын

My mother was stationed there in WW2., when the storms came they all moved to the second floor. It flooded there then and long before. Yet people keep moving too Florida.The highest amount of insurance claims is California flowed by Florida in the number two spot out of 50 states. People that live in the mountains of California have high fire insurance. You can get earthquake insurance and it costs a lot with up to a 30% copay on the total amount of the damage.

@safeandeffectivelol 4 ай бұрын

@@johnrobinson7336 Those are 2 of the 3 most populous states

@bevalindaj.443 4 ай бұрын

Alot of new residents that I call newbies. Have never been thru a hurricane or even a bad tropical storm. And when they tell me home on water is insured I just smile. If the heavy populated gets direct hit from a cat 3-5 you won't be able to rebuild for over a year at the earliest. Just ask the residents in ft Meyers. Fema works at one speed and insurance companies at another slower speed.

@kathylee1261 6 ай бұрын

Reality isn’t fading away; the fantasy is fading

@nicholaslugo9451 4 ай бұрын

You are absolutely amazing. We sold our Condo in Plantation Florida back in 2021. The assessments were starting to add up to more than our mortgage and that was before the insurance issues of today.

@Gardis72 4 ай бұрын

well that was in the height of the buying frenzy down there....I bet the people who over paid for the units regret paying that much.

@takamex 6 ай бұрын

Condo owners have been irresponsible voting year after year against reserves. Forcing them fo fund reserves by law is the only way. The market will go through a major adjustment with many condo owners having to sell at lower prices and eventually prices will recover as these are unique locations attracting wealthy buyers around the world.

@maryrenaud6732 5 ай бұрын

Actually the owners have no legal right to vote on reserves in general, unless the Board seeks a vote by owners OR the annual reserve level contribution exceeds about 15% of annual operating expense; even then the Board is not required to submit it to a vote unless the Association documents require it. By statute, Florida considers 10% of operating expenses to be the minimum prudent level for annual reserve contributions. Insurance increases have made this difficult for most. A WAIVER of reserves has to be voted on by the owners each year, wherein owners vote NOT TO FUND the recommended reserve level. New laws eliminate the Waiver option and will require fully funded reserve accounts in the future (2025). Thus, the underfunding due to waivers is due to the actions of owners and the lack of available funding rests squarely on them. Reap what you sow…

@TampabayTodd 4 ай бұрын

I own a new built condo in Philippines over looking the ocean. My monthly condo fees are 810 peso or $15 US dollars. Condo life not over, just in America

@nowlaterkiss9811 4 ай бұрын

Are you American? How did you do it?

@TampabayTodd 4 ай бұрын

@@nowlaterkiss9811I am American but my wife is Filipina. We’ve been married 15 years but you can own a condo in the Philippines as long as 60% of the units are owned by Filipino. I can’t own land but my wife can.

@1FlyingSolo1 4 ай бұрын

That's plan B for me as well if Florida becomes too expensive down the road when it's my turn. Mexico, Costa Rica, and Panama are plan B for lots of Americans who want the beach lifestyle at a fraction of the cost. When I visited Thailand, you could rent a luxury apartment for $300 / month in a beach resort town a few blocks from the ocean. In the USA, those don't exist anywhere.

@Wisepati 4 ай бұрын

But you have to live in the Philippines. There are some downsides to their society and since I’m an animal lover, I know their society is sometimes cruel to them, so that would be a no go for me..

@1FlyingSolo1 4 ай бұрын

@@Wisepati I lived in Ecuador for 15 years before returning to the USA. Some of what I see in Manilla reminds me of Quito. My Aunt is from the Philippines. She told me I should visit Cebu. I plan to check it out.

@michaelsimon7414 6 ай бұрын

I heard this problem is nationwide. The fall of one Florida condo has all condominium buildings nationwide under inspection.

@johnhender 6 ай бұрын

Exactly Floridia's incompetence screwed everyone else

@brianreilly6523 6 ай бұрын

In California a balcony collapse a few years back has resulted in a state law requiring inspection and correcting exterior elevated balconies and stairwells. I know a condo that got hit with a $20k special assessment for these repairs. It was a 50 year old complex and a needed overhaul.

@johnhender 6 ай бұрын

@@brianreilly6523 Luckly where I am we have always fully funded the reserve study and have never had a special assessment , Fees have to go 3-4% up every year just to match inflation - I am the president of my HOA last year 2023 when monthly dues went up 16% to meet the new reserve requirements - I hit a 1 million dollar budget within 6k everyone wanted my head on a pike - but the numbers were correct - this year was only a 4.8% increase- My term is up in July so this may become someone else's headache unless I run again - it is a thankless job

@user-bp6pd2is7i 4 ай бұрын

It’s ubiquitous

@andreag8666 4 ай бұрын

I think it’s part of the plan to get rid of owners with mortgages.

@johnnastrom9400 5 ай бұрын

Was thinking about buying a condo in Florida for when I retire in 10 years. Thanks for the info. Looks like the high-rises made reinforced concreate near the coast are now off limits. Each and every day, tiny houses are looking more and more appealing.

@koolz4094 5 ай бұрын

HAVE YOU SEEN THE PRICES OF THOSE "TINY" BEACH HOUSES ?

@lulitallulah 5 ай бұрын

Make sure you're not in a flood zone.

@mmmotives7452 5 ай бұрын

Don't do it....never ever!

@CroisMoi 4 ай бұрын

Funny. I’m trying to figure out where to live as I age. I don’t own a house now and it makes no sense to buy one now. You can just rent an apartment or smaller house and be in the same financial situation. You don’t spend all that money on repairs and making it your dream home. I could have lived off the money I lost on repairs on my house for a year. Fence blew over, air conditioner died. It was a nightmare. 🥺

@richardordonez8331 6 ай бұрын

I was a plumber in St.Johns County. I dreaded being called by the beach condos. They have cast iron drain lines that are so clogged with scale rust it cannot be cleaned. Best case senario, you get the drain opened to diameter of a bottle cap. Worst case senarios, the machine gets stuck in the scale rust and plumber has to leave it in the drain. Or the fragile pipe breaks and walls need to be opened to replace what they can. $$$$$ Nobody wants this.

@rolandthethompsongunner64 6 ай бұрын

My god cast iron near the beach? 😂

@ralphholiman7401 6 ай бұрын

@@rolandthethompsongunner64 , they don’t build them to live in them, they build them to sell them.

@dougk2932 6 ай бұрын

Same story with the sewers all cast iron completely rusted away and failed in multiple sectionss for a small 40 condo building to replace with PVC will cost close to $200k to repipe all the water lines with copper will cost $450k and the clock is ticking for all these buildings 70s-90s vintage. .

@user-sd5ow2lz9o 6 ай бұрын

So as little as $5,000 to as much as 11,000 per condo? Not so horrific for most owners, if everything else is in great shape not necessitating more surprise bills anytime in the near future. If condo association can get the loan to pay for the repairs, then allow owners to pay their share of say, the $11,000 assessment over 48 months, interest free, that would add only about $229 to the monthly housing costs, which most would grumble about, but could manage to keep their building safe. Of course, some lower income owners will not be able to obtain even that extra $230 a month and will need to sell. But that is for at most an $11,000 repair assessment, and many bills will be much, much higher, forcing many more to have to sell, and profits will be lower, if not gone, as buyers will be scarce, if not also gone completely.

@dougk2932 6 ай бұрын

@@user-sd5ow2lz9o That's on top of everything else and keep in mind the escalating cost of living in South Florida most people work in Hospitality or Services not top paying fields if you know what I mean.

@bryanspayde5681 6 ай бұрын

I lived on the beach in a single residential unit on the beach in Pensacola Florida. …! In 2010. I was paying 1k a month .. in 2011. They doubled it ! I laughed went back to Ohio ! Now I own acreage! It’s paid off. .. my taxes and insurance is 225 a month…. Only fools move to Florida!

@rolandthethompsongunner64 6 ай бұрын

Enjoy your beach in Ohio 😂

@bryanspayde5681 6 ай бұрын

@@rolandthethompsongunner64 I do enjoy our beach in Ohio

@davidtodd1037 6 ай бұрын

Fools with money. I second the cheap living in Ohio though!

@RickAP 6 ай бұрын

I hate to agree, but today, your statement holds true. I'm a Florida native, relished the relatively lower cost of living. Those days are long gone

@catpaladin1 6 ай бұрын

@@RickAPinevitable. Followed California.

@kevinschlosberg7124 6 ай бұрын

Condo owners in Florida without means are basically screwed….

@YeshuaIsMyKing79823 4 ай бұрын

I sold my condo 3 years ago and bought a house in a small town for the same price. It's actually worked out to be way cheaper than the condo. Plus I have my privacy, I can do what I want. It's a bit more sweat equity but I love working on my property. I heard from friends that the fees skyrocketed after I left. Insurance is a big culprit.

@billspencer8540 6 ай бұрын

Remember.: "You will not own anything and be happy"

@camlacasse3760 4 ай бұрын

NEW WORLD ORDER

@kimmer6 4 ай бұрын

Shott opp! Zer is nossink to zee here! Eat your zolar cooked inzect sandvich und be happy!

@billspencer8540 4 ай бұрын

@@kimmer6...while you freeze....

@Wisepati 4 ай бұрын

Only humans try to be happy by owning things. And once you die, you can’t take it with you.

@christophercharles3169 4 ай бұрын

I owned a condo in the 90s and after the experience, swore I would never own another one. I've stayed true to that. The frustration of having no control over how fees are spent and the frequent unexpected fees, usually to pay for mismanagement, were more than I could take. I will never put myself in that situation again.

@johndubose1395 4 ай бұрын

sue the HOA officers

@mercywilliams2698 4 ай бұрын

Ditto

@ramlinshoes 4 ай бұрын

Me too. Bad experience w controlling board members getting rid of amenities we had plus condo fee kept going up and up.

@garrettlucas1965 3 ай бұрын

Sounds a lot like the Federal government.

@MrSchnarf 2 ай бұрын

I loved living in condos twice as a single parent- so many amenities for a low price. I loved it. There was a gym, pools, hot tub, lakes, tennis courts, basketball courts and all equipment supplied, library, walking trails, theater with acts for $10 in 2018, etc. Very nice. But lots of scammers in Florida so I decided it best to get away from criminals, extremely low salaries, traffic and heat. Hello USA's west coast..btw my beautiful condo on the river sold in one day in 2018.

@Mitzi73 4 ай бұрын

The cycle: special assessments improve your building, the upgrade triggers higher property taxes, the higher taxes force people out, someone new moves in. I was on this train for 20 years. Before I moved out we had to buy new elevators for our building (per new city mandates). The new elevators triggered higher taxes because it was an upgrade. What a scandal.

@gregorylyon1004 6 ай бұрын

You can't triple HOA and expect people to buy.

@Bitcoin_Gold 6 ай бұрын

Black rock will buy it lol

@user-oe5ey3ex8b 6 ай бұрын

@@Bitcoin_Gold That's the plan. Black Rock forced insurance companies using their ESG tools to jack up rates. Black Rock is standing by waiting to snatch them up for pennies. Black Rock also self insures.

@masontullier5318 6 ай бұрын

Black rock wants to buy it all out and force you to rent

@gregorylyon1004 6 ай бұрын

@@masontullier5318 Yes that is true. But I don't think that it will work. Most of their capital they used to buy these overpriced homes was obtained from pension funds managers. So when the market collapses, it's the pension funds who are gonna get hit

@williamtiffee3799 6 ай бұрын

Every 8- 12 years... they have a new "reason," to pull the rug OUT from under the 99.99%'s life savings! (Although this crime around... they are pulling OUT the dam stops, pre 2030.) However their MISTAKE the past several years... was making it ALL just too, damned OBVIOUS! @@masontullier5318

@als7594 6 ай бұрын

I sold my condo on the beach in Naples back in 2021. I saw the writing on the wall as they say. A year and half after I sold it the first floor was under 10-12 feet of water with hurricane Ian. BTW the building turns 50 years old next year.

@Patty747 6 ай бұрын

You had very lucky timing. I have a friend who lives in Naples and she loves it there. I'm scared for her with these new rules. She just had a new grandchild and her son lives across the country. I wouldn't be surprised to see her move there. Who can resist the grandbabies?

@als7594 6 ай бұрын

@@Patty747 When I bought there in 1987 it was a wonderful place. It's just gotten too big and crowded. The nick name the long tem residents gave my building since I left, is the Redneck Riviera. Roseanne Barr when she was married to Tom Arnold said it best. We're America's worst nightmare White Trash with money.

@paulgiusto4831 6 ай бұрын

You lucky btrd😅

@leezap 5 ай бұрын

What timing!!!

@rick-be 4 ай бұрын

My buddy was gonna flip his in 3 years but when offered double what he paid,he sold just before the Hurricane.

@kylehotchkiss1491 6 ай бұрын

I do repairs in condos as an a/c guy . Retires can barely afford it. They could 3years ago. Now they are starting to be sold at major discounts. Some still holding out hope to get more. If they can afford it they still want to leave because they know there are better places for less.

@mikeifyouplease 6 ай бұрын

A ton of people are going to have to sell, starting in 2025-2026. They will have NO choice unfortunately. This is especially "unfair" to people, who planned everything out to retire and live their lives out in Florida. This will be rocking the Florida real-estate world. I believe that this is the FIRST time in America where such massive condo and residential real estate costs and repairs have been legislated! I always wondered what would eventually happen to these giant condo skyscrapers on the beach, because they're so tall, and also subject to hurricane winds and massive oceanic salt spray. One day they would reach the end of their useful life and then what! Well, (unfortunately) it looks like Florida and the rest of the country will be quickly finding out.

@manbtm1 6 ай бұрын

Yes, and people will learn a very harsh lesson of life, it isn’t always fair!

@GoogleGoogle-fy3cj 5 ай бұрын

There are many pitfalls to condos: the unmitigated greed of HOAs, the waiving of assessments, failure to maintain and repair the building and premises. In addition, the property insurance increases. The only thing that could help is regulations. And Floridan's don't want that. In absence of regulations, the only option is to move. If you can sell it, that is.

@CroisMoi 4 ай бұрын

In fort myers the hotels and condos on the beach have been condemned after the hurricane. It is a total loss. Sanibel island was wiped clean by the storm. The high rises are no longer stable.

@mikeifyouplease 4 ай бұрын

@@CroisMoi Wow! So sad for all involved.

@steveg6978 Ай бұрын

Seriously, Unfair that building be maintained in good order and safely.

@davidwell686 4 ай бұрын

It makes sense because of higher insurance claims in Florida. I lived near the beach 20 years ago and my insurance agent warned me of the insurance problem caused by fake claims from home owners and contractors. I sold and got out.

@matthewmurray7428 4 ай бұрын

Yes, it's definitely increased fraud and not climate change...

@mrobfuscation2765 6 ай бұрын

In 2008 we saw a brand-new condo in Singer Island, just under 4000 sq-ft, asking $1.2M, doorman, pool, less than 100ft from the ocean, and $1340/month in HOA fees! We did not make a purchase. Recently we saw on Zillow a smaller unit in same building for sale at $3.8M. RE tax $42k/year, and $3840/month in HOA fees.

@RN-mn3jn 4 ай бұрын

😮 Good grief! Even if you are wealthy that seems gouging!

@bweaver760 4 ай бұрын

Time to foreclose on the condo mortgage and get the he!! Out!

@jonathanjacques7250 4 ай бұрын

Sick

@joniangelsrreal6262 9 күн бұрын

Singer Island is sinking and the government will not bail them out it’s over

@prettygirlus9008 6 ай бұрын

The condo special assessments are worse than the monthly condo fees.

@fdm2155 6 ай бұрын

Years ago a friend bought in a building that converted from rentals to condos. It was known for reasonable monthly fees. As soon as the last unit sold, they raised the fees AND started hitting owners with assessments for long delayed updates and repairs. Elevators, windows, swimming pool... This was in the 90s. It was eye opening for me!

@user-zh8kx6oh1i 6 ай бұрын

Twenty years ago my deceased mother said that living in a condo is NO WAY TO LIVE. As usual, she was right.

@Wisepati 4 ай бұрын

So who do you think would pay for the roof or other repairs? If you own a home, you’re responsible for all of those things. When you own a condo, you are still responsible for a part of all those things, including the maintenance of the grounds and the pool.

@mikeca98 6 ай бұрын

Don't get stuck owning a condo, period. The laws are getting worse for the owners of them every year.

@rick-be 4 ай бұрын

Buying a condo was always stupid, but now it has become obvious to all.

@Wisepati 4 ай бұрын

What do you mean by the laws? Florida did change the laws so that condo associations have to save for repairs. People who buy condos forget that they are responsible for the whole building not just their unit. And of course insurance is crazy because Florida has a lot of bad weather and the salt air is tough on the condos.

@rick-be 4 ай бұрын

@@Wisepati I predicted 2008 and now foresee condos being dumped like old shoes.GET OUT QUICK!

@andpeggy532 4 ай бұрын

We make good money from our vacation condo rentals in Florida even with the outrageous HOA fees and insurance increase.

@rick-be 4 ай бұрын

@@andpeggy532 I hear this often and congratulate you and them. There are still people buying Timeshares and many wanting to keep theirs.

@smokeylake3150 6 ай бұрын

It sounds like BlackRock trying to kick out condo owners so they buy up the properties and build luxury condos.

@user-oe5ey3ex8b 6 ай бұрын

That's the plan. You will own nothing and be happy.

@martymarty2701 6 ай бұрын

My friend you are 100% on the money. Blackrock Vangard and their so called third parties

@info781 5 ай бұрын

lol that would be the dream, values have greatly increased , so people would make money when they sell and the building would be torn down as many +40 year old building near the water need to be. These buildings on the beach will not last forever.

@coffeecup3177 5 ай бұрын

But but but BlackRock doesn't want to buy the properties from the owners. They only want to kick people out of their property without paying them, tear the building down and build new Luxury Condo's and sell the them to rich people (Billionaires who inherited their money). @@info781

@brandonburns5365 4 ай бұрын

Only problem with this is who is going to be able to afford them. Every condo cant be for the uner wealthy

@1969bones69 6 ай бұрын

Not to be a jerk but this always gets me going. Condos....I remember in the 80's telling my parents to stay out of condos.. why? Because you RENT apartments....you don't BUY them. When the building needs 1 million in repairs ...you move out. Simple. If for some reason you MUST Own your apartment. Buy an entire small apartment complex and live in it then.

@ladybistre9596 Ай бұрын

Not a jerk. That is excellent advise.

@prettygirlus9008 6 ай бұрын

Ever-increasing property tax increases are worse than the condo fee increases!

@clagueb3686 6 ай бұрын

If the condo building structure has issues the market value of the units should be zero meaning no property tax.

@techworld-kc6lt 6 ай бұрын

Owning a house in this century isn’t a dream anymore but a burden to keep worrying about raising taxes, insurances etc.; it’s hell

@josp8915 5 ай бұрын

long time Florida residents have the advantage of the Save Our Homes legislation. this limits their property tax increase to no more than 3% per year. many condo owners are not residents and can't claim homeowners deductions. also the State legislature doesn't care about non-residents...

@prettygirlus9008 5 ай бұрын

@@josp8915 Yes, as it's designed, SOH helps long-time property owners. "Florida residents have the advantage of the Save Our Homes legislation. this limits their property tax increase to no more than 3% per year." No - SOH limits the increase of the assessed value of a homesteaded property to the greater of 3% of annual change in CPI. If the assessed value increases by the usual 3% and millage rate increases, then the homeowner will see property tax increase by more than 3%.

@tadroid3858 6 ай бұрын

You're correct! That's why were building 7 miles inland. New construction and miles from the beach. Older condo units and houses along the shore are getting creamed by insurance. The rental units drove the prices to ridiculous levels before the insurance companies started taking hits. It's the litigation after the storm that killed the insurance business.

@mrparts 4 ай бұрын

Living so close to the coast is only for the very wealthy. The idea that middle class people could live for cheap in an area under high impact from the elements, was only possible with deferred maintenance.

@novaman7100 4 ай бұрын

Keep installing heavy tile floors and countertops in most units and guess what? Structure can’t handle all that load.

@tiggs5591 4 күн бұрын

Especially the older condos

@philt1658 4 ай бұрын

I inherited my mother's Florida condo in June. It is 5 miles from the beach on a golf course. We planned to clean it out gradually, do some remodeling, use it as a vacation home, and possibly move into it when we can't maintain our northern home anymore. Since June the condo fee nearly doubled to $650, the insurance went up about 300 percent. If it were a single family home I would drop it and self insure, but the HOA requires it. They also hit us with a special assessment for repairs to the building and put the roof on a 3 year replacement cycle, which means more fee increases down the road. Meanwhile many elderly people living there full time are being forced to sell and move in with relatives back home in the north. There are about 25 units on the market this past month with only a few sales. Prices are going down.

@HOTWHEELSCOTT 5 ай бұрын

Thank the people that voted against regular maintenance and raising HOA fee’s.. We had condo’s at the lake of the Ozarks and the same situation is happening. We were lucky and got out..

@unclewazza777 5 ай бұрын

The Great Aussie sun belt ''Surfers Paradise'' is going through the same thing. This is world wide now and i'm beginning to worry that it will be far worse than 20008.

@alisonadams8863 4 ай бұрын

Even the mobile home parks are ridiculous with their hoa fees. I bought one cash and had to fix it up, but the hoa fee was the same as my mortgage from the house i sold back home. Then it started going up. I sold and got most of my money back. I consider myself lucky.

@thomasfranco5997 6 ай бұрын

I bought a condo in California for a $110,000 a 2bd & 2bth. 2 level. and when I moved in the Association fee was $160 a month. Now I pay $300 a month. I always have to call them about the roof that is leaking, and they inspected it and they said it was a small leak. It leaks in my closet where I have my clothes. They fixed it but it took a while. Some tenants are telling me that they are having problems with the water, and say they cannot get through to the Association. I have no problems with the water. I rented out now and the tenants are very good on paying on time the full amount. Thank God! because I hear some stories about tenants that are always behind on the rent, or they do not want to pay at all.

@eddie9076 6 ай бұрын

Game, set and point for condo living. Even at a fire sale, I doubt buyers would want to take on the risk of more increases and cost coming. I'm afraid that condo living is over.

@mikeflair6800 6 ай бұрын

They may even go empty 'for free', if the cost of the reserve is just too staggering. I feel for fixed income people who are stuck here, can't afford to move or stay now.

@kennixox262 6 ай бұрын

What will happen is that large companies will come in and buy the units to use as rentals. Much like the housing crash when corporations swooped in and purchased hundreds of thousands of homes only to turn them into rental properties. These large companies are the only ones who can afford the repair costs or to just buy out the property outright, demolish and redevelop into more luxury condos.

@sactopyrshep 5 ай бұрын

I think you might be surprised.

@BondServant1110 6 ай бұрын

Florida needs to ban Public Adjusters; it would reduce the amount of insurance fraud drastically.

@mynock250 6 ай бұрын

Insurance fraud is a huge problem in Florida.

@adiospobreza 6 ай бұрын

@@mynock250 Why have congress and senate when we can do away with them all and place the very people who are really in control of lawmaking such as Insurance industry lobbyists? The solution: Make insurance and healthcare non-profit industries again.

@ralphholiman7401 6 ай бұрын

What we need, are insurance coops, similar to credit unions. Where the people being insured, are the owners of the insurance company. Essentially, exactly the way Lloyd's of London came to be.

@timporter2850 4 ай бұрын

Public Adjusters exist because Property Insurance denies or lowballs a lot of legitimate claims.

@nesq4104 2 ай бұрын

No. Insurances are not paying when they should. Adjusters allowed 3 family members to get new roofs. Otherwise insurance lied saying damage was minimal.

@stevetonnesen3666 6 ай бұрын

Steel reinforced concrete structures have what is called "A Design Life". The design life is NOT forever, but finite. Steel reinforcement bars will at some point, corrode and become not only useless, but destructive to the very concrete they are supposed to strengthen. Think of large condos as if they were loaves of bread, or bananas. They do not last forever, nor were they engineered to last forever in the first place.

@user-oe5ey3ex8b 6 ай бұрын

A proper inspection will catch and corrosion. The problem with surfside is that these owners knew they were unstable because of the major foundation cracks days before the collapse. They knew the building needed retrofit and repair but decided not to pay for it. Okay, they paid the price and now the government had to step in and force these greedy cheap owners to do the right thing.

@stevetonnesen3666 6 ай бұрын

Correct! We are on the same page. @@user-oe5ey3ex8b

@JoeKubinec 6 ай бұрын

@@user-oe5ey3ex8b I'm not sure whether most "non-technical" people are aware of the risks that they are assuming. Could be that "everybody" should be aware and it's just raw greed as you suggest, but I'm skeptical of your assertion.

@user-oe5ey3ex8b 6 ай бұрын

@@JoeKubinec No, they had a meeting to discuss the structural issues especially around the pool area. They were cheap and didn't want to pay the retrofit so they died.

@kennixox262 6 ай бұрын

Many elderly homeowners in these condo complexes prefer to kick the can down the road because they assume that the major issues will arise after they die and the next owner can deal with it. @@user-oe5ey3ex8b

@rippleyaliens8275 6 ай бұрын

Condo.. Townhouse's.. Anything that is a Shared Wall, is not worth it. ZERO control. Too many rules, HOA fee's, Taxes. Like a neighborhood collection, just to keep the roof fixed.

@fdm2155 6 ай бұрын

I've live in a "townhouse" for decades. It's nothing like a condo.

@rippleyaliens8275 6 ай бұрын

@@fdm2155 Condo\Townhouse=HOA, Shared maintence, shared walls, ceiling, floor. Zero control of your view, over the years. Zero opportunity to expand. Assigned parking.. and the infamous.. Racked and Stacked.

@fdm2155 6 ай бұрын

@@rippleyaliens8275 LOL the idea that you have 'zero control' is just false. I get that it's apparently not what YOU want... that's fine, of course. But why are you putting out claims that are clearly not at all universal? Did it occur to you that not everyone shares your preferences? I have little interest in a single family home with a large yard that requires hours of maintenance, for example. I also don't want to be in the burbs or a rural area. I don't need to 'expand'. My family of three lives in a 2,500 sq ft home. That's plenty. I want to be in a large city, close to downtown amenities, easy transit, lots of cultural institutions and activities. I can walk to my office in 30 minutes. And, those are just some of the reasons why I bought a house here. Different strokes for different folks, right?

@Fishflorida59 6 ай бұрын

@@fdm2155You ever live in an HOA? The “idea” that you have no control isn’t an idea, it’s fact. You can’t do anything without permission, it’s pure bs.

@fdm2155 6 ай бұрын

@@Fishflorida59 I have always avoided HOAs. You do realize that there are plenty of HOA free options in the world, right? I realized HOAs could be a problem way back in the 1990s.

@curliefro 5 ай бұрын

I love my condo HOA in NY. They would do a good job getting repairs early so our assessment fee for 1 year would be a couple hundred a month. Since having a home there for over 20 yrs, we have had 2 assessments for repair. The problem in FL is that repairs kept getting deferred 'till it got too big...

@justme-tu5ov 6 ай бұрын

It is interesting to note that Champlain Towers had a sister building, that was found to have no danger of collapse as the unfortunate sister building did. They had maintained that building diligently. The weather is challenging as mentioned, buildings exposed to corrosive elements. The combination of unfortunate HOA voting rights to sabotage vital repairs and the unprecedented collapse of Champlain, along with the concomitant insurance fee hikes, the result is not pretty.

@hymanbjorn6768 4 ай бұрын

Regardless of affordability, I see a lot of empty shoreline condo buildings coming because NO BODY wants to pay those ridiculous fees & assessments. 🤨

@MrDCMiami 6 ай бұрын

After running these properties similarly to having a negative amortization, it is becoming increasingly clear that condos are a failed concept in home ownership. Yes, for a while "the rich" will buy them but will come to realize they are paying upper class costs for middle class (at best) quality and user experience. That is when things will reach critical mass. Mostly investors are buying these 40-yo condos and eventually they will come to realize their mistake. There will be great upheaval in the next 2-5 years and many of these places will be terminated or go through condo reversions when they are no longer financially viable and/or become little more than boarding houses with few owner/occupants. It will be similar to having that old car that's just not worth fixing. New condos along the beaches will become rich people's toys, but generally speaking, condos will no longer be viable housing instruments for the middle class due to the factors outlined by Lisa, plus the massively inflationary pressures in the broader economy that affect other aspects of condo common element maintenance. I'm a multi-year 400-unit condo board president, so I'm talking from the inside.

@rolandthethompsongunner64 6 ай бұрын

The “ rich “ weren’t all buying them. 40 years ago you could buy an ocean front condo for around 40k. Depends where of course but quiet affordable I bought one and rented it out. Luckily I got out of the condo buying rental business. But it was certainly profitable. Now most of those buildings are dilapidated and need major renovations.

@cbx500cbx 6 ай бұрын

Good reality check.

@mikeflair6800 6 ай бұрын

Interesting input thank you. But many of these condos won't be redone, littering the landscape with expensive, gleaming new condos scattered among closed down rotting away condos. They would not all be redeveloped, not that many 1% people to go around.

@fdm2155 6 ай бұрын

The lack of timely maintenance leading to massive assessment is the very reason I never wanted a condo anywhere!

@MrDCMiami 6 ай бұрын

@@rolandthethompsongunner64 You misinterpreted my statement on the rich buying them. I'm saying that given the current state of affairs, it will mostly be rich people buying them. I say that because I'm in contract to sell mine, and the only two buyers who stepped up and were ready to pay fair market value were rich investors. I had considerable interest from middle class owner occupants, but most of them backed away due to the uncertainties and massive costs going forward. I think my situation was very telling about how this will play out in the coming years. Investors will buy them individually, thinking it's the path to wealth, but under the new scenario I believe they are mistaken. That's why I say they will turn into boarding houses, except for the oceanfront high-rises, which will be rich people's toys because for them, money is no object.

@QSnarf 6 ай бұрын

The trailer situation is even worse for the elderly, and you have to sell the trailer in order to stop paying the lot rent even after you move. The lot rents on trailers are so inflated that people are jumping ship right and left, and it is getting harder to sell. My retired friend moved back to PA and while she might not enjoy the cold, it's so unaffordable to live in Florida that she had no choice.

@Comm0ut 5 ай бұрын

Plenty of people OWN the land they place trailers on. Never rent a lot for a trailer you own. I never would and never did. Not hard. Also note there is plenty of land between FL and PA that's cheap and outside cities. I escaped the frozen hell of NJ decades ago and unlike Bergen County acreage is cheap.

@dianabehr3169 3 ай бұрын

She should move to Puerto Rico or Mexico and live very reasonably!

@nazimorakzai8166 6 ай бұрын

I live in a rental apartment in Denmark . I am watching these videos for almost a year now about the rents going up and down, insurance prices are going up fees are going up etc . I wondered such changes will happen here in Denmark too but my rent is the same as 7 years ago although other prices like food and energy are gone up. Now I am thankful for what I pay in rent .

@generessler6282 6 ай бұрын

This video isn't very good. The issues are 1) insurance companies are leaving the state because so much of Florida is subject to storms that are increasing due to climate change. The ones that are left are jacking up their prices. 2) The recent condo collapse led to new laws requiring inspections and upgrades that are very expensive. 3) Florida politics have become crazy. 4) Florida's cost of living has increased due to years of retiree migration there. These root causes probably don't apply to Denmark.

@stevegordon8090 5 ай бұрын

Insurance fraud is a major problem that is often overlooked

@kookietherapy9398 5 ай бұрын

HOAs also seem to 'disappear' money !!! Proof ... Gone !!!

@GUITARTIME2024 4 ай бұрын

No one wants to live in Denmark unless they are illegal. Lol

@shurlanelsonmcmanus5697 4 ай бұрын

That is the best info on the new condo laws I’ve heard, thx!

@H2R5GSXR 6 ай бұрын

Sounds like 2009 prices will return but no buyers in their right mind would take on that debt. Even if they were free. I sold last April.

@jakemorris-ot9kt 6 ай бұрын

As a board member for 10 years I think condos are in big trouble. I am a little surprised that they seem to be selling in the Daytona area. I don’t think buyers know what is coming in 2024.

@altalena123 6 ай бұрын

excellent video- easily one of your best!

@michaelhawkins5530 Ай бұрын

A good, and important presentation. Thank you Lisa.

@justcruisinmom1682 6 ай бұрын

Love your video! You have clearly spelled out the condo owning reality….

@crossroadsrvtravels 6 ай бұрын

Love your honesty!

@TheRealLivingWithLisa 6 ай бұрын

I appreciate that!

@judyg9976 6 ай бұрын

Thank you! Your condo assessment is the best one I have found online or anywhere. You nailed it explaining how it started, where it's at, and where it's going. Excellent video. I sent this to my friend who retired here from Ohio 5 years ago, already seeing it at his condo where rumors are his HOA will go from $450 to $1500 a month.

@elizabethcuevas-neunder6158 24 күн бұрын

Thank you so much. I’m the Florida Chair for the National HOA Reform. We worked very hard to pass HB 1203.

@terrylutke 6 ай бұрын

We have a place up north and a mobile home in FL (Brevard County/8 miles from the ocean/public beaches); we stay about 6mos in Florida. Mobiles here are older, relatively inexpensive and usually cash purchased; lot rent and other services run +-$5000 annually. Mobile home insurance is costly and not required on non-financed homes; many/most(?) residents roll the dice and don't bother with home owner ins policies. We stayed here during a sporty Cat1 storm in Nov 22, the mobile home shook and shivered but no damage. We won't hang around to ride out the next one!

@ltcmoose2001 6 ай бұрын

You lucky with such low lot rent. Unless the property is resident owned, investors come in and buy these parks and raise the rent. Since you can not move the home you are suck. We, as residents were able to buy our park. Had to take the new buyer to court to get our purchase through. In my state, the residents have the first right of refusal to buy their park. In most states, state law does not provide the residents that level of protection. Enjoy the cheap rent while you can because the investors will win n FLA.

@terrylutke 5 ай бұрын

@@ltcmoose2001 That scenario is possible for sure. Worst case might be that lot fees become unaffordable making the mobile become un-sellable; it's possible I could lose 100% of my investment in the mobile home. Being un-insured the same could happen during a hurricane. My cash purchase investment wasn't that much and I consider the financial risk to be worth having a spot to get away from northern winters. Risk/reward is a thing for sure.

@jimwolfe4286 6 ай бұрын

Lisa, I think the condo owners are going to be bought-out by the Big Developers . The old condo buildings will be knocked down ( not cost effective to repair ) and New "state-of-the -art" Condo Buildings will be build on this very vialuable land . The units will be priced at 7 to 8 digit price points !!....However, I believe a new "class" of housing is coming to the USA ( esp. Fl.) ; "rapid deployment housing"....Really nice "bug-out vans" ( will be very popular with retirees).....In Fl. , you can now Drive away from a Hurricane.....Sorry, this reply is running on , anyway ...Thank you for another Terrific Video , Lisa.....Happy New Year !

@TheRealLivingWithLisa 6 ай бұрын

Happy new Year Jim! I do agree.... I have clients who are in condos and have pending offers from developers. And what will be replaced will be for those who can afford spending a BUNCH. 1mm and up.... things are always changing.

@glennbeadshaw727 6 ай бұрын

@@TheRealLivingWithLisalove your haircut Lisa it suits you

@ralphholiman7401 6 ай бұрын

I would imagine that you can build better condos now, with all the knowledge acquired of what has gone wrong in condos built in the past in Florida. But, that doesn’t help the people living in these crumbling, ticking time fifty year old time bombs.

@mikeflair6800 6 ай бұрын

Not really. In big picture terms, if the marginal cost going forward is too great to recover, and investors cannot financially justify, even if they were given the buildings for free, then the buildings will simply rot away. Walking away is always an investor's choice, and a wise one here.

@kirillkolesnikov566 6 ай бұрын

Yes but what’s gonna happen to the areas designated as historic with shitty falling apart condos like the one I live in?

@MrCbrehaut 6 ай бұрын

HOA boards don’t understand the maintnance of a building system and structure. Therefore they kept the monthly dues low and did not do the preventative maintenance on the building. It just like a car. You have to change the oil.

@TheRealLivingWithLisa 6 ай бұрын

Good point!

@genxx2724 4 ай бұрын

The only understand flowers and paint. They go around in circles about CC&Rs they don’t understand. Structural elements are a universe completely beyond their capacity.

@MarkWickenheiser-yg7ny 5 ай бұрын

Great video Lisa, well said!

@msmissy143 4 ай бұрын

This wss a very informative video. Thank you for the content. ⚘

@kdtune33 6 ай бұрын

Condo Assc. raising fees and then quietly pocketing the cash, ez money, who's gonna know. You're being played, You better ask questions before you cut that check.

@TheRealLivingWithLisa 6 ай бұрын

Condos go under regular audits yearly... for this very reason. So.... it's a hard thing to pull off.

@jdmather5755 6 ай бұрын

What does the HO in HOA stand for? Up to Home Owners to take responsibility and be involved. How can you be “played” if you are responsible?

@dhowto3005 6 ай бұрын

Condolences to all the people who lost loved ones in the Champlain Towers. I HATE HOA in single family communities.

@someguy95376 6 ай бұрын

depends on the HOA rules, it's nice not to have someone have a home auto repair biz next door to you

@brianmurphy7372 6 күн бұрын

No one in their right mind will buy!Condo living in Florida is OVER!!

@NikiGaliano 6 ай бұрын

The condos will probably sell out to the big developers, who will knock them down and turn them into ultra-luxury condos that will cost millions of dollars for each unit,, becuase only the rich won't mind paying $1000 a month HOA fees and special assessments. And then the rest of the property in Florida near the new, luxury condos will go sky high, and then only the rich will be able to afford to live in any part of Florida. That's just my best guess, though. It's too bad, though, beecause if they did just knock down all the empty condos, the land could be used to create a national bike path and campgrounds or something fun like that. But there's probably too much money at stake for the state to buy it, because the state would miss out on all that property tax.

@tonyn3227 6 ай бұрын

They will make florida state for rich only, forcing average people out, I think it's all intentional

@Juan-os4hs 6 ай бұрын

But... will there be enough rich people to but those "luxury condos"? Rich people don't grow on trees you know.

@tonyn3227 6 ай бұрын

@Juan-os4hs I am sure they'll bring them from all over the world, to buy these properties. DeSantis did his job ruining the state, now he can move on.

@mikeflair6800 6 ай бұрын

Very scary on many fronts. If it's not a physical hurricane, then it is a huge financial hurricane, and hitting the state all at once. Best to sell ASAP, don't be the last one walking the plank. I feel bad for Florida homeowners, and the condo ones may be the worst off. At worst scenario, you may lose more than your equity, if the cost of reserve is higher than the building value, in theory the building has no value until substantial costs updates it. It is a future cost / equity disaster, I would not want to be the HOA finance guy.

@operasinger2126 4 ай бұрын

Thank you for making this video.

@gijanetexas5770 4 ай бұрын

I live in Texas in a 54 year old HOA community with not enough in the reserves. So as everyone’s pipes went bad under the buildings, they learned the hard way we should have had higher reserves. Now we have plumbing special assessment fees for 5 years and much higher HOA monthly fee. Also we can’t get cheaper insurance.

@andrea180871 6 ай бұрын

Wonderful update about the condos situation today. Thank you so much for this information. However, commercial buildings within 3 miles of the coast line and with more than 3 stories located on the intercoastal are excluded, how convenient for them. One question is, this new law doesn't apply to condos with more than 3 miles from the coast, right?

@TheRealLivingWithLisa 6 ай бұрын

Yes, this rule DOES apply.... all condos have to be inspected once they are 30 years old.... condos 3 miles or less from the beach get inspected once they reach 25 years. ( 5 years sooner)

@andrea180871 6 ай бұрын

@@TheRealLivingWithLisa Thank you again!

@rcusto1999 6 ай бұрын

Eventually only the super wealthy will own that prime real estate. I believe big developers will go in an offer deals to each condo owner to sell and move. Then they will build Dubai quality hotel and resorts and residential units for the rich 😢. At the same time and near by, they will build modest residential units for those who will be working at those more luxurious areas by the beach! 🏖️

@rayn3038 6 ай бұрын

YA IF PEOPLE ARE LUCKY but i doubt such a generous plan is in the Works

@legalbeagle295 5 ай бұрын

This is exactly what I think too, the elites don't think commoners are good enough for this lifestyle. There are more millionaires now than 30 years ago, they want this prime real estate for themselves

@CondorSkyGhost 5 ай бұрын

Yes,maybe. The rich cannot live without slaves to work for them. Housekeeping,.landscaping, mans along, woman scaping, tailoring, dry cleaning, auto detailing, valet, food servers and hosts, cooks. That's probably part of the rich plan also to open the borders wide.....bring more slave labor in. Pay lower under the table wages.....but seems like a lot of these new immigrants want free stuff, but whatever they like through their lawyer representatives, who care for them..Biden needs to be gone. This country is being choked out. Everything is becoming unaffordable for everyone. The deep state will kill the working class and kill our young by producing proxy and hot wars..... fentanyl across the borders and pro abortion policies that kill of more of the citizens while the deep state replaces those people with the new immigrants and thsir children so they can start fresh with the brainwashing.

@CondorSkyGhost 5 ай бұрын

San Diego has become such a model for those gentrified. Our downtown buildings used to be some banks and various other businesses. Now they are leasing rentals....maybe condos, but residences for the rich...the mayor too, while the downtrodden die below. The recent San Diego floods brought the mayor out to the streets of the common man with damaged older neighborhoods.....he did an assessment.....said, san diego needs more housing! .next thing you know, realtors showed up trying to buy their homes for pennies on the dollar! There you go. Push the peasants out.....time for more high rises and expensive rentals for the rich. San Diego is only for the rich now! That's a fact!

@CondorSkyGhost 5 ай бұрын

@@PD-bg2zj Oh a nuclear wasteland at this rate. Ever hear of the Poseidon Nuclear torpedo that produces a 1,500 ft..tsunami wave?

@CroisMoi 4 ай бұрын

This is really good to know. I knew condos could be bad news, but this is unreal. I have never been so happy to be a renter. I can sit out this market crash.

@99somerville 4 ай бұрын

SC too. Monthly HOA and special assessments are going crazy.

@atassaro 6 ай бұрын

With all these new fees I expect there will be a lot of abandoned units that the HOAs will be begging people to take off their hands just for the cost of the assessments and fees that are owed.

@TheRealLivingWithLisa 6 ай бұрын

That could potentially happen....

@matthewsmith2362 6 ай бұрын

I think a lot of people own the units outright tho. I’m in Dunedin fl and a lot of the units here get sold all cash.

@atassaro 5 ай бұрын

@@matthewsmith2362 Whether they own their units or have a mortgage, they are still subject to HOA fees.

@Chicago_Clout 6 ай бұрын

Crooked Creek in Sarasota waste all the roof reserves on repairs instead of replacement. Massive assessments by Board wiping out values.

@annegreenGG 4 ай бұрын

Thanks, Lisa, great video!

@pauld315 25 күн бұрын

The problem is that all these HOA's underfunded their reserves for years and now the current owners have to pay for it.

@XX-dj3px 6 ай бұрын

This is incredibly bullish for non-condo real-estate in Florida. There will be hundreds of thousands of people unable to afford their condos, dumping them for pennies on the dollar, and then looking for a more traditional house/townhouse/land+trailer elsewhere in Florida.

@1969bones69 6 ай бұрын

I have a family member trying to sell their trailer. At $925 lot rent (With increases penciled in for 2024) she isn't having any luck. If she gives it away free, someone MIGHT want it. After many of these condo people get ripped off and sell at a loss if at all, I doubt they will be in a rush to buy overpriced dogshit in FL at all.

@XX-dj3px 6 ай бұрын

$925 for a trailer lot, lol no wonder. Trailers on a few acres are getting snatched up like crazy.@@1969bones69

@info781 5 ай бұрын

Anytime you own the land , that has value, but there are so many condos and people want to be near the beach, you are talking about 10,000's of condos.

@johnolson4868 6 ай бұрын

Interesting throughout, but her conclusion indicates that she learned the wrong lesson; the laws that require more expensive repairs are not and have not been the problem. The problem is that people chose to “save” money early in the building’s life cycle by not investing in their homes. The owners chose to let their properties deteriorate to the point that backlog maintenance and repairs have reached the point that they cannot afford them. Over the life cycle it is almost always more effective and cost efficient to fully fund maintenance and repair program as calculated by a professionally prepared Reserve Study.

@brianmclean7576 6 ай бұрын

My wife and I see this all the time going to estate sales - some homes are meticulously maintained / others in total disrepair. Need to do yearly upkeep or pay consequences

@info781 5 ай бұрын

With a house in a yard, an old couple can just stop doing maintenance for their last 10 years. It can then be sold at a discount when they move. You can not do that with a shared building, like a condo, but people will try.

@kopper7509 5 ай бұрын

And often people will vote for board members who keep the fee low and vote out anyone who wants to replenish the reserve fund. Not in Florida, but I’ve known many coworkers who had special assessments for roofs because the replacement class had not been budgeted for over the years.

@tenkill 5 ай бұрын

Well said. I feel sorry for the ordinary folks who live in these condos but IMO, This woman wouldn't say shit if she had a mouthful. It's way easier to blame the government than the people who could "affordably" live in condos for a reasonable fee while shorting ramping up maintenance fees. Isn't this what they blame people in public housing for?

@Gamesso1slO0l 5 ай бұрын

The laws that require inspection and repairs hadn't started yet, you won't feel the pain til 2025,then hoa fees will go insane

@user-sr8mf2vg9p 3 ай бұрын

Wiw! Great info. Ty

@garymunson2493 5 ай бұрын

Regarding maintenance on condos: In the elevator service business we had a saying about the cost of maintaining the building elevators when a customer would tell us how much money they would save by switching to a small, bare bones company service contract... "You can spend your money or you can spend your elevator". The same mantra applies to the entire building and for many decades that is how too many condos have done business. Same as your car. Will it keep running if you never change the oil? Yes, for a while, but the resultant eventual repairs to the engine will far outrun the cost of oil changes.

@larryusagmail4751 4 ай бұрын

Stupid saying parasites thing is genius

@jn8559 6 ай бұрын

Mexico is looking better every day.

@TheRealLivingWithLisa 6 ай бұрын

lol... just remember...the building code there is not the same... potentially more risk. Approach with caution. 😉

@lavida57 6 ай бұрын

You probably never lived in Mexico? High-rise and Latin America = run.

@craigkoch4585 4 ай бұрын

Nice job! Thank you

@alekpd2940 6 ай бұрын

Very informative, thank you

@HialeahRefugee 6 ай бұрын

One of those two county's that previously required inspections ironically is where the Surfside collapse was, go figure.

@avayu2289 6 ай бұрын

Beach living is seasonal never year round. Winters are soggy and dangerously precarious due to storms and tides. Just book a hotel for summer vacations. Not worth the headache!

@mydiypr 6 ай бұрын

Very, informative and I enjoy your video. 😊👍

@TheRealLivingWithLisa 6 ай бұрын

Glad it was helpful!

@charlesrogers8420 6 ай бұрын

Excellent analysis.

@rickagulia3767 6 ай бұрын

Well because of inflation building materials are very expensive. Go into any home improvement store and see what a bucket of paint cost !!

@MariaGarcia-by8yg 4 ай бұрын

I love the desert, same thing happening in Palm Springs CA, HOAs quadrupled bc they build a flimsy fence around them, highway robbery. Ridiculous.

@joep5358 6 ай бұрын

Florida legislature ought to have brought condo repair reserves over time from 5 to 8 years to reach 100%. As far as home ownerships and condo insurance there are undoubtedly ways this can be reduced with government regulation and policies. The citizens needs are always last at the f, state and local level because the people elected are not accountable and never have been scrutinized by the public in many public events of questions and answers by candidates,

@tcjatko7964 6 ай бұрын

When have "government regulation and policies" EVER reduced the price of anything?

@jonathanjacques7250 4 ай бұрын

Only way to survive there is to own a detached home out right and be self insured.

@tiochio8476 6 ай бұрын

Happy New Year Lisa!! Thanks for sharing this information!!

@jackm.bennett2578 6 ай бұрын

Appreciate that you speak in a slow and reasonable pace

@RoseBornagain 4 ай бұрын

I sold my condo 22 years ago by the ocean in Fort Lauderdale used to be $ 150 HOA , now is $1000.

@alannemeth3293 5 ай бұрын

Wow thanks for sounding the alarm.

@DixieGeezer 6 ай бұрын

I think, like most of us living in a condo in Florida, it's going to be a disaster. With huge assessments and insurance going up 100% people can't afford the life style. So since they can't sell the place, many if not most, will walk away and give it back to the bank. Now were looking at a 2008 type financial crisis. But this one will be much worst. The banks have no money for a bailout. Remember, do to Congress were 34 trillion in Debt.

@matthewsmith2362 6 ай бұрын

The Fed will print whatever they think is enough to keep kicking the can, they printed 6 trillion for the flue. They’ll print 12 for a banking “crisis” then we’ll really know nasty inflation feels like. We’re gonna have some things in common with Argentina and Venezuela in the next decade. Never underestimate the government desire to keep things afloat. When the inflation gets so bad that people can’t take it… there’ll be war. That’s the cycle of the world order. Been going on for a thousand years

@infinitytricks3716 6 ай бұрын

Bail ins maybe applied to account holders. Title 2 Dodd Frank…wasn’t implemented in Ca.banking crisis though. Yellen , Powell bailed them out again.

@ralphholiman7401 6 ай бұрын

And, the Surfside disaster demonstrated what the worst case scenario for the owners of these old, poorly built and maintained, condos, really is.

@mikeflair6800 6 ай бұрын

Many folks paid cash or bank loan paid off by now. I don't see a bank crisis here, it is more the owners equity at stake.

@thomasbeslanovits1343 6 ай бұрын

@@infinitytricks3716 Too many Jews would of lost their money jew yellen tax payer bail out non jews are going to find out what bail in are.

@Eyeris625 6 ай бұрын

I am really sorry for this because so many people will be affect. I wanted to retire to Florida.. no more. I also think that plenty of the insurance issue has spread to the rest of the states. Insurance companies are now providing assessments of water table changes and when to expect the areas to become flood zones... their fees are based on these assessments that they make. How would anyone feel when the plot of land they are living in is going to be underwater in ten years??

@JS-jh4cy 3 ай бұрын

Get more sand and rocks to build up the level of the yard

@tomjones2348 2 күн бұрын

When I first moved to Florida 11 years ago, we rented a very nice condo in a high end golf community, on the beach. As far as I knew, we were the only renter in the entire complex. One of my neighbors asked what we paid for rent. When I told him, his laughed out loud. "OMG....it costs me 3 times that amount to own". We enjoy living there for 8 years, then moved off the island. Now, friends living their are telling me about the financial nightmare that's happen to them. Costs are skyrocketing. Many have put their units up for sale....and the market is very very slow for condos right now.