You won’t be able to give a condo away next year.

Why are owners surprised by this? You lived on the cheap for decades in an environment that erodes steel and concrete. Instead of saving for repairs, or keeping them up along the way, now it's a lump sum. It was a gamble and unfortunately you lost. No dumping it on a future owner. Or worse. A catastrophe.

They put off maintenance for years. Time to pay.

They're rushing to sell their condos, but nobody wants them.

People won't be able to even sell a condo with that millstone strapped to it.

This is a failure of the state Government at multiple levels. They know the environment and the stress and wear it can put on buildings. They should have made the Condo Association require to have much larger reserves for maintenance, but that would meant higher monthly HOA fees which impact sales of the units. It is the old pay me now or pay me later story. And paying later is always more painful.

They want to live there they need to pay for making sure it’s safe. Don’t expect us that don’t live on the water to pay for it. Should’ve stayed up north.

I am sure Blackrock will snap them up on the cheap.

I got lucky and unloaded my Tampa condo years ago. Special assessments were adding up back then too.

He's a snowbird I think he can afford it

Well HOA managers have been misusing those fees after decades instead of towards maintaining the buildings. Not rocket science

Wow! A news reporter who can break down an issue clearly with details in two minutes. Refreshing … WKMG hit the jackpot with this young lady.

Too many Condo Boards have been living “on the cheap” and deferring maintenance for so long… Sad part is those original owners are dead and new owners are getting stuck!!

I would never buy a condo. It’s not really yours. U are not the boss. F that.

“Deferred maintenance “. Always catches up with you.

Unfortunately, much of this is the fault of the condo management/boards of directors as they have passed the buck year after year and not fully funded their reserves as they have always been required to do. Now they have been caught with their pants down because the condo collapse in Surfside has resulted in this law where all of the condos have to be inspected and come into compliance NOW.

Disposable housing! Welcome to the garbage of Florida!

After, the assessments are paid, the condo association will sell the building, then everyone will be forced to sell out, at lowball offers.

Serviced elevators on the beach for years. We had a saying that you can spend your money or spend your elevators. Those who chose the latter were like the boards of many condos, kicking the can down the road until a HUGE expense happens. Little sympathy for those who certainly knew better but hoped they could sell in time and dodge the inevitable.

Your humor and wit make this video so entertaining to watch.😄

Teacher didn’t do her homework. AND she sure didn’t learn how to save for retirement.

What AVERAGE American has $100K laying around for a special assessment? That's ridiculous. So what happens to owners who CAN'T AFFORD TO PAY THE $100K? The retired teacher who went back to work is deluding herself if she thinks that coughing up $100K for the special assessment is going to somehow repay her back. But - we see every day how people can delude themselves into believing anything.

The first condo collapse was the canary in the coal mine. Why anyone would purchase a condo in Florida boggles the mind, defies logic. 😅

Nobody in their right mind would buy a condo in these times they are now worthless

Mother Nature will decide, that's something propaganda won't tell u?

This is why hiring a good real estate attorney is invaluable. They would have been able to find out there is a large assement coming up and the buyer could have backed out of the purchase.

Everyone should have expected this after the surface collapse! I don’t even live in a condo and saw this coming miles away!!

how could you not know it's been on the news for over 2 years. if you think it will be worth more you live in la la land. the market is going to be flooded with condo's. people should have been selling 2 years ago.

I’ve owned my condo in Florida for 15+ years. They’re two story buildings, beautifully kept, new roofs last year, new paving this year. Only one assessment in that 15 years of 2K . Property values have soared in this community because we’ve always had a responsible and properly run HOA. Not a bunch of retirees that are afraid to approve an annual increase of 20 bucks lol. Good luck to all the people in three stories and higher that have chosen to neglect the reserves…

Many knew this was coming why didn't they plan ahead - Were the BOD and management companies sleeping?

Blindsided....I think it's been common now.

Wow $100k in Volusia County is crazy as that isn’t even an upscale area. I am in a tiny 1988 built Florida home and my monthly mortgage and homeowners insurance come to about $1,300 per month, no assessment fees, no HOA fees! At one point I thought maybe getting a condo as my yard is hard to maintain but so glad I did not get a condo. With skyrocketing insurance costs and crazy condo HOA assessments and monthly fees I would never consider a condo in Florida. IMHO you are better off renting or saving for a small home with no HOA.

We researched retiring in Florida. Bottom line was we couldn't afford it even if the condo was free. We are very comfortable in a Midwest state and we don't even need to touch our savings.

The problem with these is that after 10, 20, 30+ years to put away money in your reserve for "just in case" measures. They neglected the idea that major repairs might be forced, thus why this situation is happening

I do feel bad. Kinda sucks. However, if I owned a condo in a High rise In Florida after the June 2021 collapse of Champlain Towers, I would have sold 6 months later. It was only a matter of time before the hammer came down and new laws were passed, inevitably leading to major assessment and repair fees.

Wonder what will become of the buildings. I think a lot of people are going to move or default on the assessment. Asking each person to cough up $100K in a lump sum out of thin area with so many living paycheck to paycheck is unreasonable. I also wonder what happens to the building if the majority of owners cannot pay? Foreclosure? The building becomes abandoned? It gets turned into apartments? Other?

These people have lived very cheap on the beaches in Florida over the years. That’s all over now. Other citizens will not be picking up the tab. You want to wake up everyday by the beach you got to pay up.

Beachside condos are good for about 20 years before requiring a lot of maintenance. The $100K+ assessment buys time, but eventually the work needs to be done again. Way to avoid such large assessments in the future is paying much higher monthly fees to build up a large, sufficient reserve.

Mine was just checked out this past year. No where near that cost. Yes is did cost us all a new assessment but it was well worth it. Next will be sprinklers in the common areas and one inside each of our doorways. The building was built in the 70s so you have to maintain things and bring them up to new codes.

Sure $100,000 for the report and then what hundreds of thousands to bring them up to code.

I guess they couldn't really afford to live there in the end.

Sorry but if you have 2 homes, can't feel sorry for you. Many people struggling with the idea of never being able to own a home. At least if you rent, walk away!

This is exactly what greed looks like. Every company is doing it so prepare to live in debt forever.

If these boomers would stop wasting their money on avocado toast and starbucks they could afford their condo assessment fees. They just need to work harder like I do.

if she is a retired teacher, she should be smart enough not to live in a HOA condo, I would not want her teaching me anything

It is almost as if the Previous owners of the Condo's where slum Landlords in the Monies where not set aside to cover emergencies. The newest owners now in a real bind.

These assessments I'm hearing about seem grossly inflated. Has there been a bidding process for the actual work that needs to be done now? How is the amount needed for future repairs determined, how far out are the current owners expected to cover, and why aren't the HOA fees going toward the future costs (raise the fees if needed)? It just seems like either the law is poorly written, condo associations are misinterpreting the law, or some kind of fraud is occurring in order to steal these condos out from under people and sell to developers. The building doesn't look poorly maintained.

That's pretty funny. The outrageous assessments will add value to the condos? Or will it scare away future buyers because they are afraid of additional special assessment fees down the line.

When the government makes things mandatory the cost skyrockets.

I used to love visiting and wanted to move but just unreal whats happening to soo many people

Are commercial buildings like hotels, office, etc included in being inspected and funded?

A condo is the worst investment you will ever make. Better off to rent as needed.

They weren’t built correctly in the first place…..😂😂😂

This is what happens when you defer maintenance on a building

Stop moving to Florida

I bet the previous owner is breathing sigh of relief he dodge a falling knife.

They can subtract the amount of the assessment from their asking price and maybe they will sell.

Hardly blindsided. This has been coming since Sunny Isles condo collapse. Smart people sold 2 years ago.

Now I can show my mom these videos so she doesn’t buy one of these condos.

Condos are trash. Always a fee for this and that. Owning a home is priceless.

Awe you got another home

People living so close to the edge they can't pay a $100,000 fee have NO BUSINESS AT ALL retiring early -- or even THINKING about doing that.

How many condos have fallen down since the illegally poorly built with multiple visual defects condo in Miami?

Some of these expenses should be gifted/sponsored by the state .

How is DeSantis going to fix this one?

The first guy is complaining from his other home in Colorado 😅

There goes my dream of buying a vacation beach front condo. Why would I want to gamble with a crazy assessment fee someday?

I always thought condos were insane. Too much risk re uncontrollable fees, especially for what you get. If you want to rent - rent. If you want to buy - buy. At least if you actually OWN the real estate, you have SOME control.

Florida is a nightmare but nothing a few more hurricanes won’t take care of 😮

These HOA's have voted for years to not fully fund the reserve. Now, they are being forced to pay the piper. Unfortunately, many of the people who owned then have sold out over the years. They reaped the benefit and the current owners are left holding the bag.

You talk about a Gold Rush for engineering firms. What a bag over the head on condo owners. Run people run!!

Whoever sold them these condos knew what was coming up.

Good Lord.... go after the builders with bottomless pockets Leave the seniors alone

I hate to say but condo owners have been allowed to not have money in thr bank. After a tragic event they now they have too. Personally it can suck, but it needs done

in some cases, you arent allowed to pass on the assessment to the new owners if one decides to sell.

I keep telling everyone don’t move to Florida or Texas the two worst states to live in

The board is being unreasonable and insane. The building that has stood for 30 years is not going to fall down tomorrow unless they have been ignoring regular maintenance for decades. That condo that collapsed had obvious spalling that showed the concrete was failing and they ignored it. So do the structural assessment and repair what needs attention in order of seriousness. $100K right now is insane, but $5K/year over the next 20 years would probably be doable by most residents. Also, some regular maintenance issues like refurbishing the elevator the board should have been collecting reserves over the expected life of the equipment.

I wouldn't buy a house or a condo with HOA's.

This is not a new story in respect to condos. It’s been happening ever since there has been condos.

people are saying they have to sell, the problem is because of all the assessments, everywhere in the state of Florida, what’s going to happen? Is people are not going to buy the condos, so the people who live in them are going to be stuck, staying in them, and having to pay for all that. What would happen if they can’t move but they refused to pay the hundred thousand dollars for the stuff?

Don't worry. Some institutional investor parasites will swoop in and gobble up the units.

For those that recently purchased, don't have enough equity in their condos and don't care about their credit for 7 years might be better to just walk away and let the HOAs and insurance companies eat the expense! I went to a RE auction in SOFLA in 2007 and oceanfront/close to the ocean 1 bedroom condos in 40 year old buildings the starting bids as low as $20K with back then only $500/mo HOAs. Math never worked then since HOAs only going to go up especially in older taller structures. Now proly even if they give away for free won't make $ and sense.

Solution, do not build anything over 4 stories by the ocean! 4 stories and under are more manageable and easier to maintain. Especially near saltwater,

They units would cost more but they wont worth more! They will worth whatever the market price will be and NOT what the owner wants to sell for!

How you going to sell when it’s underwater from the increased flooding in the future? Miami is losing inches of land every year. It’s a last run to launder money before everything is ruined

It's Wonderful!

WHY anyone buy condos in Florida in 2021 or after? I can see 1991 but never 2021 or after

Ironic. Many people stuck their heads in the sand and bought condos based on the false assumption that they are cheaper than traditional homes because they do not have to save up money to pay for major repairs. Apparently they thought the relatively small monthly association fee was going to be enough to make major repairs, or they thought that the repairs would not be needed until after they passed away. When neither turned out to be true, then they blame the condo BOD rather than themselves. I wonder if many of them also bought timeshares thinking they were also too good of a deal to pass up or bought EVs thinking their batteries would last the rest of their need to drive.

Condos are a necessity where land becomes scarce , thus making the cost of acquiring a free standing home beyond reach for most home buyers. And for people who do not get to spend time around the house much. Hence, they fit a purpose. Not sure if this rationale applies to that pile of sand, I am not from there anyways . But that is pretty much how it suits. The problem is not the condo itself. It is what one is buying into. A lot a home buyers are not good at due diligence, spotting red flags, and lack forward thinking. . And real estate brokers in Florida, most , with few exceptions , are just glorified pushers of Florida Swampland preying on unsuspecting guilible buyers. And on condo association buildings , the least common denominator is that elderly couple or widow on limited income. Whenever the monthly meetings convene to discuss some repair or upgrade , she/he will be dragging the vote count , because every extra penny spent on dues , is a penny less on groceries. That pretty much sums it up.

I wonder if Florida will get hit by some major hurricanes this year. That should add to their woes down there.

The cost is prohibitive but it makes a difference. What ?? 😅😅 Nonsense lady!

When I lived in my old apt in Ft.Lauderdale I was told it was going to go condo and I got first choice of buying it. I said it's not worth $275k ... not with all the work the building needed, it would have cost close to $400k. I moved out, I ened up buying a home out side of Florida for around $225k with a lot more sq footage.

Where will the nice lady be able to make $100,000 a year.Sell remove elephant 🐘.

maybe desantos would like a little regulation in the insurance industry. Or are the rest of us supposed to pay for your beach vacay

Where's DeSantis?

Great "new" law (except), *the state* forgot to put: That *no single condo owner* would have to pay (individually or collectively); for the "condo board" (so-called) "independent assestement" fee/charges/etc!!! 🤔/🤦

I HATE this state, ready to move, my rent is ridiculously high and it’s a dump, I will NEVER buy a home or Condo stupid high fees, plus crowded state inflation costs, stupid weather conditions hurricanes add more cost, more CONS than PROS

That is an older condo building so they are definitely going to find issues with that building. Also, the building owner and the HOA people are taking a little money off of the top put in their pockets. This is a damn if you do a damn if you don’t situation

Florida is such a train wreck...get out while you can.

It's $100,000 per building. How stupid are these people? As for maintenance: roofs, windows, plumbing, electrical, etc have to be updated periodically and the condo owners should have been paying into a fund since the day building owner started leasing or selling units.