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Let's not forget that when these condos were originally built they were displacing people who could could no longer afford to live in that neighborhood. It's the same game just on repeat.

Those people who got bought out dodged a very large bullet here. My grandmother used to tell me, own the dirt. I don't care about the views, I'd rather own the dirt.

It is unfortunate but let’s be honest they need to get rid of these dangerous structures.

This is why so many people now live in their cars, in shelters, on the streets, on the beaches, in the subways, in the store parking lots or living 2 and three families in 1 apartment.

I live in southern California --- once upon a time, it was middle-to-upper-class areas. I watch another vlog - where the host shows people living in their cars, SUVs and motor homes. So many homeless - from San Diego all the way up the coast to Ventura County - and beyond. Many homeless sleep in the streets, under freeways, under bridges. In Los Angeles - the streets surrounding the Government Center --- are filled with people living in small tents. There are also many families with children on the streets - and in parks - there is no media coverage. Our politicians/leaders - "elites" - don't care - they go home to their mansions and beach houses. So Shocking!!!!!

Whenever a Michael Bordenaro video is up, you can count on many things: Real estate info, economy info, some Miami Vice feeling, good looks and those stellar shades. 😄

I feel like I live in an alternative universe. Apartment buildings, regardless of the view, selling for 700,000 a unit was an 'affordable neighborhood'. The number of people with a lot of money boggles my mind.

If you are offered a nice buy-out, you are one of the lucky ones.

Those implosions may well affect the foundations of those surrounding old buildings.

This video touches gold and people have no idea what you just did here. Condos are risky in general but this example makes them more risky. HOA prices will soon be as high as a single family home mortgage.

this happened to me in NJ I rent a condo and the owner sold it, I was only paying $700.00 a month well to stay in the condo building the people who run it said that there was only one unit available and the rent was double. Yes I am a retired senior and not at all prepared for that, this unit I live in now is 100% down grade in ever aspect of what I had. nothing works and the owner does not care and the people who run the building do not care. I am not looking forward to the up coming year for sure the rent will go up and after looking else where for a place the rents are even higher. I pray all the time,

In the mid 70s DADE , PALM BEACH AND MONROE counties allowed developers to mix salt water in the concrete to SAVE WATER Expect all of those old condos to PANCAKE and lots of people will perish.

The greed in this country has Gotten out of hand. Foreign investors should not be allowed to buy up Everything in our country and the average person can't afford to live or work there. Florida used to be such an affordable place To live and vacation in. Not anymore

The sad thing about these condo's is that if there never was that tragedy at the surfside condo's this new law would probably never would have been enacted

Miami is following The Villages lead. Removing all forms and types of any affordable housing for the working class and then they can't find anyone to hire in order to work in their restaurants and small local shops.

This is what happened to me. I was born in San Diego and I've been pushed out.

Thanks Michael for great info. It's saddening to see how people lose their life styles for these big builders and big corporations. Rent is going up, mortgage is not affordable, buying groceries is really painful, cost of living is through the roof... so where would ordinary people go?

Well, in Europe you have buildings that are hundred of years old right on the ocean/Mediteranian see and they are just fine. i lived in Florida and the construction quality of these buildings is so bad as the materials used are not up to standard. This starts at the iron bars used and ends with the concrete. Over the last 20 years I looked at many of those and just by looking at them you get the feeling they are falling apart. Just hoping that the new buildings are built better.

Yay! This is wonderful for big developers. They're the only ones who matter now in today's market. Good for them!

I really like your compassion.

This is my biggest fear in buying a condo in FL: spiraling monthly maintenance costs plus needing hurricane and maybe flood insurance. Thanks for your perspective on rent control disadvantages too, Michael.

I love this guy's videos. And he doesn't push you to subscribe to his channel. Keep up the good work dude. I just subscribed

That condo built in 1964, concrete structure, it's now uninhabitable, and it's only 58 y/o. My 3-story childhood home, in New England, was built in 1900, all wood, with a dirt basement and a foundation built out of stone sourced on site. Still standing, looks great, and recently sold for $600K.

And the condo owners have to pay for all the improvements necessary, if they decide to improve. Middle Class Gentrification takes place in most desirable urban locations. Tax increases and inflation are driving retired people out of their homes.

After the Surfside building collapse the county required new inspections on all those older condos and most of them don't have the reserves in their HOA's to do the inspections or the repairs, so especial assessments are handed out to the building residents and they have to cover all the cost. Well most of them in those older buildings are older people living on fixed income so they are left with no choice but to sell. Also I'm sure insurance rates have shot way up for those older buildings. So, yeah, there is going to be a surge of inventory for those all condos.

Thanks for all the info. I wanted to move to FLORDIA. I’m gonna move to ITALY 🇮🇹.

As a Surfside Florida ocean front condo owner I will tell you that we are constantly being contacted by developers wanting to buy out our condo buildings. Developers have been contacting us since my condo bldg was only 10 years old. It is because they have run out of land to build and they can sell these units for $$$ millions. I just sold two units for over listing price. One was sold in 1 hour and the other in 8 hours. All cash even without seeing the properties in person. The return on investment that those owners got from the building that you showed on this video is great. I have lived in NYC & California and would never leave Florida. South Florida - Miami Dade & Broward have the strictest codes for building. Is it perfect no there is always room for improvement but at least we are building with wood like in many places in the US.

Gentrification is all over Miami and Florida in general. In Miami due to re-built and in the rest of Florida due to overpricing and home insurance.

I know a guy that lucked out in Chicago. He bought a modest home for $150k a month later COMED offered him $300k , because they wanted to expand their infrastructure. He’s like okay. Took the money and ran. He said it was the easiest money he ever made lol

Regular citizens paid $400k for a condemned condo home. That hurts.

Another Great Video Michael. So glad you never run out of material.

Sounds like a great buyout deal for the condo owners. They get a big payment to move and don't have to pay for the big repair job if they stay in an old place. The renters get screwed out of the area.

Eye-opening, but to be expected with climate conditions in Florida. Thanks for the informative and revealing video, Michael. You are doing "boots on the ground" reporting.

Such interesting video's, delivered well by a top bloke. Really enjoyed this one

Love you youtube videos...im always learning something new about the market ❤️

You know were screwd when the cost to buy an old mobile home and the right to pay rent in the park is $150,000 or more.

Michael, Another informative video. You are so right about everything ---- People should Never get an adjustable loan or a HELOC. They will lose their money and property. Also, people don't know if they'll have the same good-paying job several years up-the-road. Life in America has changed so much in the last10/20 years. When the banks/mortgage companies start raising ur mortgage payments - after the teaser rates expire --- it will be several hundred $$$$$ more a month. Very few people could afford that. The banks/mortgage play with people's desire to own a home/condo --- but buyers will be the losers!!!!

Thank you…great advice!!!!!!

I enjoy your videos man. Don’t stop! 🤙🏽🤙🏽

I retired this year and moved to Florida from Reno, NV for a dozen reasons. Of course, we considered a lot of different areas in Florida, but finally decided on North Central Marrion County. Prices per sqft. were more attractive, local services and retail was still top notch, demographics and crime statistics were similar to Northern Nevada. There is no storm surge and less flooding and we like the close proximity to Tampa, Orlando, Daytona, Gainesville and Jacksonville, when we're in the mood to go somewhere.

Hi Michael, Greetings from Europe! I’m a big fan of your content and delivery, on target every time! 🙏

I think this is a pretty unique situation where the land had significant value… what about failing condos not on the beach? I don’t think “let’s sell this dump and get rich” will work for most old condos in the future.

$4mm WTFFFFFFF. Where do people get this kind of money?

Thanks Michael. Always interesting and informative.

Good one, thanks . Things are getting tricky with geo/ enviornmemtal and climate variables.

I throw a handful of salt in the bathtub and imagine I live oceanside as I bathe. Keep in mind I keep a stack of cash nearby per I don't live oceanside! 😆

They'll never be able to sell for $10M+ It'll end up like 2008. They'll sell at a discount around $400k.

The super rich will be buying those super expensive condos. Average citizens are going to be living out of their cars or in trailers.

Thanks Mich!!

Any "Older" waterfront 2 story Condo (or less) are GOLD! They are safe and in the BEST waterfront areas and RARE! Older HIGH Rise (60-70 even 80's) Condos...stay away! Location and LOW RISE is the way to go! Pricey though. I found SW FL has some of these RARE older waterfront Condos left. Naples, Ft. Myers, Cape Coral.

Thanks Michael for another eye opening video. There are homes in Michigan 100 years old and not unsafe, but that salt water, humidity, and sand base may be the contributing factor.

When the market tanks the developers will be nowhere to be found. Many of these projects will become empty lots just like after 2008. There are simply enough buyers to buy all those "luxury" condos. The new trend is rural living, not pidgeon hole stack and pack white elephants. The smart people (like me) will be getting the hell out of this dump and going somewhere else to live. Key Largo is where I built a home and unlike a condo I can fix it up myself. Thankfully not on the ocean but even there the concrete rebar likes to rust.

Love the sound of the bugs as you walk around

thanks man. I like your forward thinking and provide some of the consequences.

Thank you for the update AMZR12 is done right, and waiting is part of the process,

Great KZfaq channel, Mike. Thanks

Thanks for sharing.

Grateful we bought in the early 2000’s. It is tough out there! Thanks for this video in the pretty area.

Very good point!

Great content. Affordability is key.

I wouldn't live beachside for all the tea in china due to car exterior damage. I reside in broward - literally about a block away from my old town boca in palm beach. Moved into an old - 20 unit - condo, built in the mid 70's, upgraded all the way around but was missing a decent a/c. Spent 9k on a dual zone which solved that issue. My old building - in Boca which btw, palm beach does NOT have the 40 year building inspection - until recently - that broward has in place. As a result (when I left and before the building inspection law) building jacks were all over the place i.e., in hallways, and propping up patios because of the rusted out re-bar. When I was on the board at boca and I would mention "building re-bar" inspection because I spotted some serious water damage. Sadly, I would always get shot down and told: "there's no law on that here." we'll just hire a "handy man" to patch it up - which that answer didn't sit well with me. Meanwhile, I've been gone from that place for over 17 months and they're still working on that building and I know as a fact they don't have reserves. Here at my new building they have plenty of reserves, had our building inspected last year (one minor repair) AND strange as this may sound, our insurance decreased! I have no idea where the "cut off" mileage would be for a building to not get minimal or zero rebar/metal damage. Both buildings (broward and palmbeach) were maybe a mile away from the ocean. Love your videos! You always provide people with EXCELLENT - take to the bank - info.

I hope you are right about Fresno, CA...Houses in Fresno is way over priced by like $60-150k

People want to come to Miami for the culture and atmosphere. But what happens when the people who created that culture and atmosphere get priced out of their own city?

I bet the HOA fees are going to be expensive.

Another good one! I lived in Kendall back in the glory days.

Hey buddy ! l'm following your youtube channel in Brasil. I like your comments.l Think those informations are very good to the people don't know the area. Keep doing the goog job.GOD bless you.

I was lucky in Hallandale.We passed the 50 year.Thanks for your Videos.

Yes I saw Amazon AMZR12 they announced a partnership with huobi

I just want to see valuations drop as those properties are referenced as comps. On the way down the ridiculousness that are comps should have the opposite effect they did on the way up.

Why did everyone decide to retire in Florida at the same time? As a young boomer, it seems I’m always a day late, and now a dollar short. I guess, I’ll have to wait another 4-5 years for things to cool down and get back to reality.

Brooklyn is huge and most of the best areas are still going up in price. Perhaps the bad areas like Bensonhurst that gentrified are hitting the flatline, but Park Slope and other good areas still going up in price.

This may be a niche to look further into. Old building's that are coming up on their 50 year inspections.

I always wondered about the upkeep. the owner gotta keep cash ready to refurbish every 25 years or so

I just wanted to say THANK you.🌻😊

Excellent content. I used the last dip to stock up, buying AMZR12 now its cheap, can't miss the presale.

Michael, I wouldn't buy at those prices for those new condos. I think the reason people would buy is for the fear of missing out.....or FOMO, and this method poses a high risk of being underwater on the investment. But then the saying goes they are not making any more waterfront land are they? I am with you Mike I think prices will not remain lofty as they are.

It’s good thing that building is getting buy out. Most buildings in Miami beach are very old they need to rebuild most of them.

The deveoloper is right and for the other buildings that haveto come down what the market will bare.

I live in San Bernardino county and yes,, it’s happening! I check Zillow every single day!

You really do have a good channel...I'll say it again if your young or willing get a job in the construction industry youll be better off then most...show up and be the best employee you can be.

Since the start of 2022, we have been in a recession, but major media outlets and governments around the world refused to acknowledge it. We must exercise wisdom and intelligence. Since knowledge is power, I want the entire family to be strong! I recently bought some AMZR12. We appreciate you keeping us informed during these uncertain times.

FL high rise condos serious risk due to elements (seaside, rust, deterioration, etc....) high structural safety and investment risk...! You have n control over HOA and if they have adequate reserves. It's for the birds.

And what about affordable housing for the people working in that building? You know, the restaurant workers, shuttle drivers, message/ spa workers,etc?

It's prime real estate. It was only a matter of time before big developers notice these areas in Florida and begin turning these coasts into even more high-end highly expensive properties. I don't mind seeing the high end developments. There's a lot of "old Florida" that just isn't going to last as we move further along in this century.

Great educational video. My husband and I are planning to buy a condo somewhere in Florida.

Very interesting , I am sure some deep pocket investor may want to buy condos that in that situation ,,,,if then can turn a profit..by a developer take over of the old building , But if too many of these places come on the market builders may have below market low offers, . If the condo is locked down and the owners cannot live there ,,,they would be forced to sell cheap . The prices in Miami are crazy. I am sure there will have to be some creative lending in the future where you never pay off the total mortgage amount , shared ownership with the lender are who owns the mortage ....It would be like renting with an equity ,,,,

I hope you film the implosion and share with us....but from far away so you stay safe.

Wonder why you rarely ever hear of these old condos rebuilding in a new structure. Expensive but you can wind up with a very valuable unit.

One building with severe problems collapsed. Now all of the seniors living in a condo over 15 years are going to hardly able to survive, if they can. Sad and shame.

Taking the buyout is wise.

New week up as many FOMO in. But the AMZR12 story isn’t over yet. The only strat that works under all circumstances is DCA all the time with solid, large companies (not hyped ones).

If you’re using an ARM to buy a second home, at least you can try to sell the place if the rates don’t work for you when the interest reset comes. Of course, as Michael said, the price in five years might be down. And if you have an ARM on the only home you own, you’re stuck if the new interest rate s too high. Foreclosure city.

Cicadas are horrendous at the end of the video. Hoping for a mild season with them in GA but it’s unlikely, lol. 😂

Michael I think you’re pretty great you’re bringing a great point polite to the people of South Florida to let them know that you don’t want to take these files because you’re just gonna push you right out of Miami and then I’ll I got to collect all the big money take care of all these ballots that happen they should just get all together and build a condo themselves I wouldn’t let the big developers come in it’s a good thing you should and laid on the big all the gods of the developers not being kind to believe me

Michael is always entertaining to listen too . I think as A. I. becomes more a factor in every day living the price of high skill labor will go down . Instead of going to my local Attorney and paying them thousands of dollars , I will ask A.I. and get the same results for hundred of dollars , instead . So the demand will go down paying those high H O A and higher taxes along with the housing markets . The High Tech in Calif. is seeing this play out in real time . I would be checking on Miami 2 , Panama City , Panama as my next move where living can be very similar but cheaper . Until other people get the same ideas . Thanks for the 20/20 advice Michael .

Come to Pensacola! Nice 1,800 sqft two house for under $700,000.00

Gentrification's movin' South

Renters have very few rights in some states. I think maybe the trend will be to continue to give them more. It adds stability to neighborhoods and lives that may be worth more than profits for the owners. Where I live if your building is sold out, they literally have to negotiate with you, people walk away from these things with sometimes up to 100k as compensation for being kicked out of their home.

Capital gains on a million if the condo was value at 300k they will have to pay almost half so they still getting rip off. What if the owner doesn’t want to move ? He gets kicked out ?