There's not going to be a lot of people lining up to buy these under these circumstances. It's not financially viable.

Don't know why anyone is "shocked" after the Surfside collapse.

Don’t btu ANY house in Florida, PERIOD.

Florida? NOPE.

A friend lives in one of those condo.. the view is beautiful! But yes the insurance is going up everywhere, I am glad I did not buy next to the water…

It's because of the big payout over surfside now they are scared to insure these condos.

Thats Florida. Want advice? Move!

"people are selling and leaving and it's just a shame." Wrong, people are waking up to reality and cutting their losses as soon as possible.

How can these oceanfront FL condos be nearly obsolete after just 30 years! There are stone buildings in Europe that were built a thousand years ago. My 3-story childhood home was built in 1899 out of wood, with a stone foundation and dirt floor basement, has made through 125 New England winters, and is still perfect.

Everyone is selling their condos? What fools would want to buy them?

Condos from Miami to Palm Beach were built in the 40's 50's and 60's. It was hard to find a spot to put one by the 70's. They were the millionaire's ocean view, and are all nearing the end of the useful life of the structure. Buy now and you will be the owner when value goes negative and you pay for the demolition.

As what has already happened up and down the FL coast, a developer will buy out all the owners of these older waterfront condo owners, demolish the building, and build a brand new luxury highrise.

It’s out of line….i demand that the government pay for my beach life

Oh boohoo! You want that Florida sunshine and location next to the water, ya gotta pay for it. This comes from someone that owned 2 homes in Naples, Florida, 1990/2014. I saw the writing on the wall and bailed out in 2014.

A 30 year old building is a new building. That last lady not only doesn’t know what she is talking about she added nothing to the story.

When the lights go down in the city 🌃 🎉😂

It's called pricing people out of here especially those who have lived here and grew up here their whole life. The real question is, is why are the news outlets not questioning our governor about spending billions of dollars to keep insurance companies afloat right before hurricane Ian. Once Ian was gone those insurance companies ran off with the money. Why? Where did our money go and why is no one in jail?

Yes but for 30 years, no one had to pay for repairs. What happened to all those savings??

uh, you guys voted for Desantis!

Planning to leave Florida for Colorado this summer. It's getting too expensive with all these fees + hidden cost in Florida. My monthly HOA went from $389, to $490 to $680 these past few years, and it's going up again this summer

The overall theme of this report is that condos are no longer affordable due to insurance costs. That’s a fairly broad statement. High rise condos near the beach and water are affected primarily. The new structural law requirements don’t apply to condos of less than three stories. So buy one of those and make sure you’re inland 3-5 miles. It’s still only a few minutes to the beach. Also, the first woman said “everyone’s selling.” Of course, that’s a major exaggeration. Plenty are not selling.

The government should be the insurance company For no profit

You roll the dice buying a condo, plain as that. Costs are unexpected and can break your budget with one assessment or premium increase letter. Predictable housing costs are rare these days, renting or buying.

This has corruption written all over it...building is doomed after only 30 years and insurace companies are hiking their rates like crazy? even after the engineers said they are in perfectly good condition? sounds like developers are eyeing these buildings sitting on prime real estate

Florida is retirement heaven, but in many condo that meant fixed income and little progressive maintenance to keep the build structure in good repair. Considering the rain, wind and salt, and the odd hurricane insurance premiums can't keep up to rising costs. Nor can the draw from other areas because they've also been hit with high crime, scams, and theft at all levels. Insurance can be maxed out and fail just like a bank. Insurance for the average US person doesn't make sense anymore.

Main issue is condo boards not keeping with the maintenance through out the years. A 35 year old building is not old. But repairs have to be made.

Condo values are declining rapidly in Florida and Georgia.

I love going to Florida, but too expensive to live there.😢

At long last, accountability. THIS is what you get when you defer maintenance for DECADES. THIS is the proper result when you purposefully kept maintenance fees artificially low, so that you could offload your poorly maintained unit, or building, to the next sucker. Say hello, because *reality* is here.

Insurance of any kind (health auto home life) is the biggest scam on the planet. If you put that money in savings you'd be rich like them..or instead of them.

The elephant in the room is this just isn’t going to stop, along with all of these condo repairs that are increasing, you have to remember mother nature is going to keep coming back, causing more more damage on top of everything else. The scenario for the future is not good. One must be realistic.

You thought they were going to use the stick. Force you into cities. But its the carrot. You will live in the cities because living any where else will be impossible.

Weather perfect ? Lol 😂

are the insurance companies being encouraged to put the pain on Florida homeowners?

God help anyone retiring to Florida. There's a reason there is up to a five year waiting list to get into subsidized senior housing. With increases in condo, mobile home park, and hoa fees on top of medical and drug co-pays, seniors eat through a lifetime of savings quickly.

Older buildings in Florida have survived hurricanes. Concrete high rises and commercial structures tend to hold up to hurricanes pretty well (surfside didn’t collapse because of a hurricane). That should be worth something, right?

How does a 30 year old condo building appreciate in value? Everything has a shelf life especially condo buildings.

Folks, everything made, even the material, is all the low bidder. Building codes are basically," least best" . Nothing is going to last, especially since the 90's. There was a time, quality spoke for itself, these days, it's a sales pitch.

Those that remain in the condo building have to pick up the slack.. which will push them out as well... it's a spiral and not a good one to have.

Part of it is re insurance. Insurance between major insurance companies. With all the theft occurring in major cities it's not just the odd hurricane, it's the hundreds of thousand in car thefts, retail theft, insurance scams hitting all insurance companies at once and sustained.For years you could rebuild after a hurricane, but now they are looking for no damage and new building codes or they won't insure anymore. Insurance is maxed out everywhere in the USA, so foreign insurance is the only remaining option. But it will be expensive.

So much for "Freedom".

Insurance companies do not want to pay for properties in a state with increased possibilities of a natural disaster. King tide flooding along he Florida coast along with sea level rise with shallow building foundations are susceptible to flooding would bankrupt insurance companies.

Fl sucks now - for condos and Mobile homes - hoa all across America is crazy

Dystopian Florida.

Most of these old Condos were built on the cheap. The builder at the time would say, we do are best and caulk the rest. These building will be raised and new ones will replace them. The owner will get 30 cents on the dollar. Kind of like buying a new car then trading it in after 6 years.

Finding out the true expence of not wanting building regulations or codes . Hey it was fun until it isn't anymore .

If you love socialism, there is a way to save these condos. If you like the free market, the high costs are simply reflecting the risk. Otherwise, other companies would swoop in and provide insurance at a lower cost.

Same happening in California. Bought a home here in 2015 and the insurance was $750 a year. Last year the insurance was $2650…and they canceled us due to no longer offering their services in California any longer. Damn mafia!,,

Nothing lasts forever, good or bad

Who is going to buy the units for sale? They may never sell because of the issues

If your in front of ocean, it will be immensely expensive. You have been lucky to escape the loophole for 30 years. You can't have your cake and eat it too ya know. Now it's just going to normalcy. Leave it to new buyers who can afford living beachfront.

Mine's $1,000 and I own my house not too long ago it was 315

The inflation made potential reconstruction costs to high for many condominiums. Get a private house without mortgage and do not buy anything, if you can afford it!

The United States is becoming cost prohibitive. Time to look at Colombia, or Brazil. God bless Ace Live.

Gee what a surprise. Now add in an almost non-repairable ev for good measure.

Not shocking they live in a barely above sea level state with Hurricanes they are one small disaster away from bankruptcy!! Who would want to insure here!!

i cry me a river to all the condo owners in florida!!!!!!

Good. The rest of the country is tired of subsidizing your ocean lifestyle through FEMA, federal food insurance, and increased insurance rates.

I got a cola from ssa at the beginning of the year my hoa stole it all

What are people doing, that have to have homeowners insurance, because their mortgage company requires it? There's no way I could afford to live in Florida!

Litigation and greedy insurance companies are the reason. DeSantis needs to fix this!

Don’t move to Florida. Especially Miami.

Snowbirds will fly away.

People that came down there 30/40 years ago, where enjoying cheap housing.

DeSatan's Florida !

How much is the insurance, all talk and no facts

Why y’all think I’m moving out this country?

Desantis Florida.

You voted for DeSantis, a man more concerned about little nonsense issues, than lowing the cost of living for Floridians.

She is crying all the way to the bank with her escalating home equity

~ Make America Florida ?? No WAY JOSE..

It’s really crazy! Where is the Florida Governor? He should be on this instead of ban books and attacking LGBTQ people! He needs to step up on get out!

Don't live in Florida

DONT BUY A CONDO!!!!!!!!!!

not the time to be a condo owner in FL. Insurance rate thru the roof for everyone. And with that collapse, reserve assessments at 10k 20k and more. I am not a big fan of condo associations either. can be cliquey and political and votes and majorities. stick with a single family home if u can.

Hey, if you can't afford climate change, living 1/4 mile from the is not what you should do.

Vote Republican and this will continue to happen. It will only get worse

Does this mean Bideonomics is not working for them, lol???

I blame Brexit 😅

Look at the bright side, Israel and Ukraine got another 95 billion when the same government wouldnt give you a penny if you had a natural disaster tomorrow. This welfare to both countries are approaching a trillion dollars. You must be so proud to give all your tax dollars to other when you cant even afford your own situation

well its technically a red state, so you must let free capitalism do its thing. If you try to intervene they will scream socialism! The condos will eventually come down in price

Poor colonizers

Building Back Better

j

Thanks desantis! You are the cause of all of this!

If you can’t afford it you have to go somewhere you can afford. I want a bmw but I drive a Honda. That’s life

~ Maybe DeSantis should stop fighting with “Mickey Mouse” and do something to help these Poor People ...

If everyone is selling then someone is moving in? Correct?

YOU ALL CAN THANK rhonda santis for taking $$$ for his presidential campaign from insurance companies