CAN FLORIDA CONDO OWNERS SURVIVE THIS CRISIS?

Рет қаралды 1,552,122

Күн бұрын

Florida condo owners are about to get hit by the perfect financial storm. With insurance rates already going up as much as 300% for some buildings along with recent changes to the Florida Condominium Act and new changes going into effect in 2025, many are going to face tough times in the coming months and year.
ENJOY PARADISE,
Watch These Videos For More Condo Info:
• Is Buying a Florida Co...
• DON'T BE SORRY! ASK TH...
• DO NOT BUY A CONDO IN ...
• Is The Spot Loan A goo...
Video Credit To: CBS Miami-www.youtube.com/@CBSMiami
Paul G. Lykins
Broker Associate
True Floridian Realty
Direct: 561-877-3074
Email: palmbeachespaul@gmail.com
Ready to find your piece of paradise? Let's connect!
BEST WAY TO CONNECT WITH ME AND GET MY FREE UPDATES ON SOUTH FLORIDA REAL ESTATE.-lp.constantcontactpages.com/s...
True Floridian Realty: Company Website: TrueFloridianRealty.com
Search Florida Homes: homes.truefloridianrealty.com...
Buy Me A Coffee: www.buymeacoffee.com/palmbeac...
Let’s Meet Over Video: calendly.com/paulglykins
Disclaimer: I am not a lawyer, CPA, or financial advisor and any info in this or any of Palm Beaches Paul's videos are my opinion only and for entertainment purposes only. I am a licensed Florida Realtor (BK-3265266) and can only advise you about buying or selling in the state of Florida; however, I can refer you to an agent in your state if needed. Do not base your decision to buy or sell real estate solely from watching any of Palm Beaches Paul's videos and always consult a licensed professional or lawyer.
This post may contain affiliate links. From time to time, I recommend only products or services that I have used or know well, and, as a result, I may receive a commission if you purchase them through my affiliate URL links. Purchasing through my affiliate links is at no extra cost to you and will help support my growth of this channel or just buy me a beer or coffee. Thank you! www.amazon.com/shop/palmbeach...
THE AWESOME AND EASY TRIPOD I USE: switchpod.co/?rfsn=7867906.03...
ORDER SOME PARADISE GEAR: www.cafepress.com/palmbeaches...
GET A FREE MONTH OF MUSIC: www.epidemicsound.com/referra...
FIND SCHOOLS IN SOUTH FLORIDA: www.niche.com/
#Realtor #PalmBeach #TrueFloridianRealty #WeKnowWhereTheBestViewsAre #TRUEexperiencethatmovesyou #DelrayBeach #OceanRidge #LakeWorth #Lantana #BoyntonBeach

Пікірлер: 3 000

@PalmBeachesPaul Ай бұрын

I had a lot of people ask who will be affected by this new condo lol and this is what I found. Florida's 2023 Senate Bill 154, also known as Florida Statute 553.899, affects condominium and cooperative buildings that are three stories or more. The law requires buildings that are 30 years or older and have a Certificate of Occupancy issued before July 1992 to complete a milestone inspection by December 31, 2024. Buildings that reach 30 years of age on or after July 1, 2022, and before December 31, 2024, must complete their inspection by December 31, 2025.

@cindybarnes1533 28 күн бұрын

So this will only apply to three story or taller condos?

@PalmBeachesPaul 28 күн бұрын

@cindybarnes1533 I think there's a little more to it I think there's the age of the buildings and how far they are from the ocean but do a google search to be sure

@MrCarolynCarver 21 күн бұрын

The board is made up of homeowners. Those who are so angry probably never attended. A board meeting. Boards could not charge what was needed because nobody wanted to pay higher fees. That’s what happened to seaside condos. Those policies catch up with you. It costs to keep up your home whether it’s a house or condo.

@charlesstockford6003 14 күн бұрын

@@MrCarolynCarver most of the Condos are really just rental properties and landlords are traditionally cheap. I was a landlord and licensed builder for 25 years. I saw the value in fixing now instead of later. Many people got sucked into buying at high price thinking they were going to go higher but they didn't.

@commonsense6967 6 ай бұрын

I'm 72 and grew up in Palm Beach County in the '50's and 60's. Buildings of any kind were NEVER built right on the beach like many condos were in the '70's, '80's and beyond, because everybody knew that was foolish! Houses were set back a good block or two from the beach, made of concrete block covered by stucco, with floors of terrazzo, in case of flooding. People are getting dumber with each generation, it seems. Condos and mansions being built right on the beach prove it.

@PalmBeachesPaul 6 ай бұрын

I never realized that's why so many of the old homes had Terrazzo floors. Makes sense plus they were a lot cooler than carpet when there was no AC correct?

@alyross2850 6 ай бұрын

You are so fortunate to have had that time in that area. I think the Florida so many of us close to retirement have dreamt of, is the Florida of that time. I don’t know that it exists anywhere in FL now. I was bent on retiring to the beach but now, if I retire to FL at all, it will probably be a rural area. A lot of us are nostalgic for the good times of our childhood vacations. But a vacation is never the reality of living somewhere, so it may have been wishful thinking to begin with.

@legalbeagle295 6 ай бұрын

@@alyross2850 yes to everything you said.....times do change, but some changes are sad

@davidbutler9808 6 ай бұрын

Good ‘ol expensive Florida!

@davidwelty9763 6 ай бұрын

@@davidbutler9808only if you live right on the coast. I liv in central FL and it’s much more affordable here.

@johntatman9168 6 ай бұрын

Not only do the HOA fees go up but the value of the condo goes down as no one is going to buy this liability.

@eattherich9215 6 ай бұрын

'... no one is going to buy this liability.' Step forward the vulture capitalists with billions of dollars in the kitty. They are buying up whole buildings with a view to knocking them down and rebuilding "luxury" units. The tenants will be finessed out with barely enough to relocate.

@villagaiac55 6 ай бұрын

Exactly....

@SeattlePioneer 6 ай бұрын

Why wouldn't people buy, once all the bad news is public and the costs of repair are known? Just deduct the assessments from the price of the condo ----plus a generous margin for uncertainties and such. Suppose the assessment is $65,000. The owner defaults and bails out. The bank takes the hit and sells "at the market." The new buyer gets a repaired building for the cost of the $65,000 assessment. The bank takes the additional losses. I'd much rather buy into that deal than a condo in China...

@johntatman9168 6 ай бұрын

@@SeattlePioneer I agree with your China assessment but the big issue I see buying in FL is these costs are going to contiue to skyrocket. The insurance, HOA fees and repairs could 2x,3x,5x every year. It looks like a losing scenario to me.

@toddlavigne6441 4 ай бұрын

Many people will start selling and nobody will be there to buy

@Soosan7981 5 ай бұрын

I am a licensed condominium manager in Ontario Canada. We are required to do Reserve Fund Studies every 3 years. This includes an audit by an engineering firm. I can't believe it wasn't required in Florida. Very scary.

@richardjohnson6628 5 ай бұрын

Thanks to Conservatives deregulation of the Industry... and State of Florida Building Codes allowing this stuff to happen.

@socman3988 5 ай бұрын

I can believe it, its full of MAGA scumbag REPUGLICANS!!

@mariecameau097 5 ай бұрын

Because corruption,start getting kickbacks foundations to building is complete finished

@kevykevTPA 5 ай бұрын

@@richardjohnson6628 When exactly did that happen, who did it (specifically, please), and how? Very broad, sweeping accusations against a poorly defined segment of people that, in my experience as a non-condo owning Floridian, I am completely unaware of.

@richardjohnson6628 5 ай бұрын

@@kevykevTPA when did what happen? Conservatives have consistently controlled Florida State Legislature for decades and decades now going back to the year 2000. ANYTHING and everything about the Construction or Property Management, Building Codes and such...is all Conservative Party politics and such. As to exactly what happened when...do your research. Facts: even though County Government Systems may be involved with Approval of Building Permits and such. .. the stipulations and guidelines of the Building Codes determines what can be approved for Construction and such... Florida Republicans are supporting the building everywhere for profit ... Regardless of how much damage may occur long-term.

@dylanmoris6211 4 ай бұрын

It is hard to nail down specific predictions for the housing market because it's not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars

@KelvinWallace 4 ай бұрын

A lot of folks have been going on about the bull rally and said stocks that would be experiencing significant growth, any idea which stocks this may be? just sold my home in the Boca Grande area and I'm looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?

@LionTowercoporation 4 ай бұрын

Such market uncertainties are the reason I don't base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, had to revamp my entire portfolio through the aid of a planner, before started seeing any significant results happens in my portfolio, been using the same advisor and I've scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you're looking.

@williamsbrown4026 4 ай бұрын

@@LionTowercoporation I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

@LionTowercoporation 4 ай бұрын

Finding financial advisors like Colleen Janie Towe who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@williamsbrown4026 4 ай бұрын

@@LionTowercoporation Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

@robd9819 6 ай бұрын

You're absolutely correct! Mom bought a beach front condo in 1987 for $88k with HOA fees of $300 per month. Her assessments have totaled more than she paid for the condo since 1997, most recently, this month $6k. HOA fees are now $950 per month. Florida s a mess! Oh, not to mention car insurance prices now to. Update as of March 2024, the HOA monthly fees are now, $1,125.00 and we're putting condo on the market for sale.

@naturelover2292 6 ай бұрын

Wow! I would say she needs to sell, but they can hardly give them away in South Florida.

@neilkurzman4907 6 ай бұрын

So what you’re saying is the building wasn’t properly maintained since she bought it. And now, all of that deferred maintenance is coming up. Big ass assessments mean unplanned repairs or unfunded repairs.

@robd9819 6 ай бұрын

@@neilkurzman4907 There's various things that occur over time. it's a common problem, with concrete deteriorating on beach front condos, beach erosion, and the overall wear of a 50yo beach front property. Also, In the 70s impact windows and doors weren't a thing and now updates were required to maintain insurance. Probably some improper management of maintenance overtime as well. Most of the beach front condos in that area have had similar issues and assessments. Her place only has 80 units so cost are spread over less unit to. I do want her to sell, cash and move on.

@neilkurzman4907 6 ай бұрын

@@robd9819 It means since 1987. Her building has skimped on maintenance, pushing it forward into the future. Some buildings even go out of their way to keep comment charges low. My development in New York did this for many years. Fortunately, after a large assessment, they haven’t been doing it anymore. The common charges cover the maintenance of this 50-year-old complex. And they didn’t come up with impact resistant windows last year. They could’ve been saving up for windows for decades, but the people that live there probably voted for lower common charges instead. And yes, being by the shore means you should’ve been maintaining the concrete for a long time. My development it’s just sidewalks. After several lawsuits for people tripping over cracked concrete our insurance company read us the right act and we spent tens of thousands of dollars a year maintaining the concrete sidewalks.

@info781 6 ай бұрын

@@naturelover2292 You are kidding right? Real estate prices in FL are at a all time high, anyone who bought before 2020 can sell for a gain.

@SomervilleBob 5 ай бұрын

I owned a condo in Boston for a few years as an income property. I owned one out of three. What a pain in the ass! The 1st floor owner stopped paying condo fees. We took her to court. Still nothing. Finally, she died (I didn't do it) and we attached her estate. As soon as I could, I sold. Too many problems! I was done at being a landlord. I have my single family house now and that's it.

@mammoth123. 3 ай бұрын

Smart being a landlord sucks

@christinewimer5523 3 ай бұрын

I had a rental home once. I evicted them because they stopped paying rent. Then i saw the damage. It was a nice place in the country. They removed all the wooden closet doors and burned them in the fireplace to save on heating costs. There were holes ripped in the carpet. They had a dog which they said was house broken, it wasn't. Had to tear up all the carpet and padding. The house stunk so bad I freaked on them when they were moving out and I went to check home home. Ended up selling as is for loss. No more rentals for me.

@skarhead7597 3 ай бұрын

@@christinewimer5523 òo

@jalqassar Ай бұрын

I rented my cabin home to my daughter's friend and fiancee. The finacee brought his younger rother. They all lived there free, off of my daughter friend. They were supposidly5 respectable. They brought in her gown daughter with a winnebago, 2 kids, hooked the electricity to it. She used the water too. She had men over all the time, 2 tots and a big dog. My daughters friend quit paying. My daughter started paying for a while, months. Then told me I owed her money. They all began squatting. I dispise people like this. I was ready to burn the place down to get them out. They heard I was coming and left. I'm still selling it. NO one gets to live I. It till I do. I'm learning not to .Ike. most people. Now I scrutinize their manners. Their background. Their education, just everything.

@davidgentz1731 Ай бұрын

You have been down that dusty road of rental property the problem is people don't care about your property it's not there as they could care less they don't pay and they don't generally take care of it so I'm done with my rentals but I made some money

@yveeriksson7437 5 ай бұрын

I own the condo where I live (in Sweden). When I compare with Spain, Italy and now the US, I can see that we in my country pay a lot more in monthly fees to our condominium than people do in other countries. We whine sometimes about this, but in exchange our buildings are in good shape. The condominium has a 5 - 20 year plans on what needs to be done and when. We then set aside money to manage these costs, besides the daily running of the houses, janitor, landscaping etc. I'm a pensioner now and have a low fixed income, so to me it's necessary for my nerves and my economy to have it this way :)

@rick-be 5 ай бұрын

You'll be very lucky if this continues,the lack of morality today may cause that money to be misappropriated.

@minimaxmiaandme.4971 4 ай бұрын

Same as in Canada, as our condos age our fees increase, I am OK with that - it would be the same if you lived in a house. Repairs need to be done.

@minimaxmiaandme.4971 4 ай бұрын

@@rick-be We have condo owners on the condo board so nothing can be misappropriated.

@rick-be 4 ай бұрын

@@minimaxmiaandme.4971 Condos especially newly created ones can be dominated by the builder who can upgrade his shoddy work with other owner's money...or by owners of multiple units.

@wb1738 4 ай бұрын

The condo board in Kendall, Miami stole over two million dollars from their HOA. Those board members are now in prison serving time for their crimes. Many boards don't tell you everything they are doing and leave owners out of their secret meetings.

@temarikel8674 5 ай бұрын

Not an engineer but as a demo guy in FL, I've demolished my share of structures that were too far gone to be repaired so the owners decided to demo and build new. With experience, I've learned a few things along the way. The one thing folks can do to help themselves is identifying cracks in the concrete, no matter how small, and fixing them asap. Cracks allow water and air intrusion, which causes the rebar to rust. As it rusts, it expands and the concrete spalls. Some of you have probably seen chunks of concrete come off a column, or elevated slab, leaving behind a brown rusted rod. If the engineer sees that (and he will), get ready to open your wallet. If your building is really bad, the engineer will report it to the CIty, after which time your building can be condemned, and you may have to move out for the duration of the repairs (at your own cost). Remember, a good engineer will always always err on the side of caution, so you can figure that his survey may call for a bit of additional reinforcement here and there, just to be sure (added cost). And honestly, you can't blame him. At the end of the day, it's his word that your building is safe to be occupied. Concrete restoration is big business in FL, and they are overwhelmed with limited hiring options and rising costs. It's extremely labor-intensive work so you end up paying very high prices. It's good to make a habit of paying attention to all aspects of your building. Even if you're not a pro, you can see when something is out of place, and you can report it to your board members. A small crack is cheaper to fix than a bigger crack.

@cecilr7986 5 ай бұрын

Thank you sir. This is the type of common sense advice that should be given. Fix the small problems so they don't become big problems.

@tracyjohnson5023 5 ай бұрын

Great advice! Concrete ALWAYS cracks somewhere eventually! Ground and structures settle over time. I live in red clay and limestone country so not as bad, but I imagine sand is the worst

@dianakidd4219 5 ай бұрын

@@tracyjohnson5023 Sand is the worst. In SC they build decks and foundations a bit different , I lived there. This past year we had over 100 earthquakes in the midlands. Foundations have to be able to move a bit.

@aFoundingYouTuber 5 ай бұрын

Engineers today are painfully remembering the Surfside tragedy; firm partners noting that when the lawsuits started flowing a number of their respected engineering brethren were named defendants. And nightmare of nightmares, they read the news: soon thereafter the class action quickly settled for over $1 BILLION. Many of Florida's coastal buildings (the condos) potentially face the same fate as Surfside, especially since those buildings are in the same sorry condition, the warnings of the professionals ignored, critically needed repairs were shelved, or building management/administrators turtle-walked high-cost solutions. And it doesn't help that climate change (global warming) is causing sea levels to rise (by 6 to 10 feet at the end of this century), and increasing the frequency and intensity of hurricanes. The predictions are so grim I would not live in a coastal Florida condo, even if it was free.

@temarikel8674 5 ай бұрын

@@aFoundingKZfaqr Do you, by chance, have any idea how 87 Park next door ended paying a substantial sum? It just seems that Surfside would've had a hell of time trying to prove their case against 87 Park. Did they just settle?

@cmscms123456 6 ай бұрын

Im an engineer, I would never go into a steel reenforced concrete building that was more than 20 years old. (not in your climate) You are right, there is no way for engineers to even guess whats going on in the concrete floors or concrete columns... Again, due to the climate, my guess is 20% of condos more than 20 years old, strength has degraded more than 30%. Once the regulations of 2025 arrive, watch for Condo owners to walk away from the really rough buildings. Again my guess, 10% of buildings 20 years and older, probably need to be red tagged and demolished. The Federal Government, FEMA will no longer bail Florida out of hurricane disasters that happen every nine months.

@colin-nekritz 6 ай бұрын

Yep. I lived right on the water in a condo in St Pete’s beach in the early 90s but even then I saw cracking concrete and some exposed rebar. Being in my early 20s and not aware of construction or much of anything I was like “is that safe? LOL!” Not-so LOL now. Honestly that condo building was like a card house with the cheapest build quality in the world. If a neighbor two floors up and three units over was playing Freebird I could hear it note for note INSIDE the building all the walls and floors being so cheap. Amazingly, the building is still there and I stopped by it on a trip a couple years ago and they just keep slapping paint on it but not before slapping QuikCrete quick hardening cement in holes. It’s just not sustainable and there’ll be another condo collapse in our lifetime.

@Artoconnell 6 ай бұрын

Its nice how the building gently rocks you to sleep when the wind is over 16 mph. :)

@sflasaint811 6 ай бұрын

FEMA isn’t bailing Florida condos out. We have insurance. What the hell are you talking about?

@firstlast1732 6 ай бұрын

It’s their own fault not having any common sense thinking they could live in a building on the water believing that nothing will happen to it it’s just stupidity and people are victims of their ignorance similar to the way they vote

@Artoconnell 6 ай бұрын

They use a sonar based non destructive testing protocol. works fine.

@yeseniapastor7165 4 ай бұрын

I work for a lender and condo assoc are not getting approved for mortgage loans because cono associations are not doing the repairs are not properly insured and don't have enough reserves. Your video is the best I have seen. Well explained and 100 % on point. Thank you sir

@g.c.3.6.05 5 ай бұрын

I agree with 99% of what you said except for the fact that I moved to SE Florida in 2022 and moved back to New Jersey in 2023!! I am very much in my right mind!!! 😉

@PalmBeachesPaul 5 ай бұрын

😅

@PalmBeachesPaul 4 ай бұрын

Stay warm and thanks for watching

@dvbernard 3 ай бұрын

I live in NJ too and you also couldn't pay me to move to Florida. For some reason, people think Florida is cheap. There may not be income tax, but the housing and insurance rates definitely make up for it -- along with the knowledge that sooner or later a hurricane is probably going to wreck your property.

@mariuquidiello 3 ай бұрын

I agree with you

@josenegron9304 3 ай бұрын

Same here. We moved to the Orlando area in 2021, and moved back to New York in 2023. Florida is a nice place to vacation, but living there full time is another story. It’s not for everyone.

@bugginout3169 5 ай бұрын

Great content! This is EXACTLY why my wife and I, and my mother-in-law, sold our 2/2 condo’s in September 2023 to cash buyers that wanted furnished condos. We raised the prices to include furnishings. Buyers didn’t flinch and both sold within 15 days. We made a little money, not a lot, but we didn’t lose money. We moved to North Carolina and bought a 4/3 home on .5 acres for cash with no HOA. We avoided the new increase in HOA fee increases from $388 to $900 a month in FL. I’ve never felt more confident in our decision to leave Florida after 18 years on the beach. For us, it is a win win.

@MrSaadia27 5 ай бұрын

900 hoa is insane 😢

@2gameplan 5 ай бұрын

What happened in Florida will happen in North Carolina. There is no free lunch.

@Patrick-yh5yd 5 ай бұрын

Get rid of the doormen!

@rick-be 5 ай бұрын

Having a HOA takes all the value out of owning your own home.

@davegerald1422 5 ай бұрын

@@Patrick-yh5yd That def. will be happening

@bryant6524 6 ай бұрын

The condo thing in FL was a financial time bomb that has been waiting for years to blow.

@brunoflmg 6 ай бұрын

BlackRock is waiting patiently to get their hands on this condos. They create the chaos and they are the first and to climb the ladder.

@howardramkissoon2389 4 ай бұрын

Big banks, insurance companies, and investors are working in cahoots to deprived home owners of their property. What a sick and demoralized world 🌎 it has become, money is their God. No conscience or respect for humanity.

@BuckNuttage 4 ай бұрын

They have literally nothing to do with this take off your tin foil hat and put down the shoehorn.

@luxuryseaviewvillas6744 3 ай бұрын

They didn't cause the issue, but he's right that they're waiting to pounce on it. @@BuckNuttage

@juliettejamour5484 3 ай бұрын

YOU"RE WRONG! Blackrock has their greedy mitts all over the market - stop lying to people.

@Chatta-Ortega 3 ай бұрын

@juliettejamour5484 Not just condos. They are buying a lot of single-family homes. Corporate greed runs amok.

@PalmBeachesPaul 5 ай бұрын

Thank you everyone for making this the most successful video I've ever made. You helped me grow to over 13,000 subscribers and counting and we're sitting at 785,000 views. Please subscribe and keep watching my other videos about buying selling and living in South Florida. 😍

@LoveLightVibration 5 ай бұрын

Thank you for posting this information, and congrats on the growth with your channel. @8:05 really shows you how the weather can fluctuate in Florida! wow

@stewart8127 5 ай бұрын

Broward and Dade are the same problems are coming

@grabir01 4 ай бұрын

Can they not go self insured?

@eyesopen2826 5 ай бұрын

My husband and I just bought a condo in Sarasota a month ago, we just got an email that HOA fees have gone from $600 to $1100! We had no idea this was going to happen!

@kimappreciateslife 4 ай бұрын

Yikes!

@Sirach144 4 ай бұрын

So sad

@xavierminchello8431 3 ай бұрын

How could you not know condo fees were not going up after that condo collapse that killed almost everyone in the building!

@Sirach144 3 ай бұрын

@@xavierminchello8431 because it was one building.

@Sirach144 3 ай бұрын

@@xavierminchello8431 None of us knew that they were going to change the laws and make us have to have the reserves fully funded.

@Bronx_Yankee 6 ай бұрын

When Champlaign went down, I knew the clock started ticking. I sold my condo in Miami in 44 days, bought a house in small tow Highlands County away from the ocean. My condo had Maserati's and Lambos along with 3 immigrant families living in one apartment, rents for transients went up to $3000 a month. I'm a ghost. We always had cops at meetings

@legalbeagle295 6 ай бұрын

Wow

@Bronx_Yankee 6 ай бұрын

@@legalbeagle295 people in my condo are trying to sell but they are getting hit with an assessment estimated to be large, they can’t get a contract. People bought and mortgaged up the ass, they are trying to break even but it’s like 40% higher than what I feel is market value. Me 44 days, them up to a year and a half

@Bronx_Yankee 6 ай бұрын

@@robertcooper1640 Condos are communist. 13 people's water consumption versus me 1 person, both same HOA fees, every year going up. I bought a 3/2 1 car on a 1/4 acre lot with no HOA in Highlands County for half the price of my sale . No more

@karensams994 2 ай бұрын

What a boss 👍

@Iconoclasher 6 ай бұрын

The costs of maintenance of a building is a matter of physics and economics. They've brought it on themselves with all the "NO!" votes for past maintenance projects. Now the piper is demanding payment. Life is tuff. 😮

@commonsense6967 6 ай бұрын

Yes. What is wrong with people? They'd expect to have to maintain a house, but not their condo?!

@danamyrocket 6 ай бұрын

There are a few homes in my neighborhood where the owners have abandoned maintenance. This isn’t a poor neighborhood. SFHs here are wood frame, with composite roofing. Steel reinforced concrete building fail suddenly and catastrophically. Usually taking a large fraction of the building at once with fatal consequences. Our houses, with large setbacks tend to slump down over years/decades, with little risk to neighbors. In FL, cheap & miserly neighbors will kill you. Here, they’re just eyesores.

@herlegz6969 6 ай бұрын

Unsustainable conservative greed costs society 1000x more, but lawmakers ensured this unregulated disaster just kept getting worse for the past decades.

@MrGbustamante 6 ай бұрын

Thats not how it was sold to them and the expenses, greed and corruptness has scales out of proportion. Do you repair the concrete structure of your home every 10-20 years? I doubt it.

@_PatrickO 6 ай бұрын

@@MrGbustamante When you own a free standing home, you can choose to neglect it and ruin it for yourself. In a condo, you don't get the choice to avoid maintenance. Don't buy a condo if you do not want a forced shared responsibility to fall onto you. That said, beach homes near salt water absolutely need active maintenance. Don't compare the maintenance near a saltwater beachfront with a house in the middle of kentucky.

@AloneInTheVoid 5 ай бұрын

Selling your condo isn't the problem. Finding a buyer who will buy all of your problems, is the problem.

@Baldwin321 4 ай бұрын

Every crash/collapse/inflation/recession provides an equal market opportunity if you are properly prepared and knowledgeable. I've seen people amass up to $800,000 during crises and even with ease in a bad economy. Someone has undoubtedly become extremely wealthy as a result of the crash.

@Christian67337 4 ай бұрын

I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience

@Alden457 4 ай бұрын

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

@Alden457 4 ай бұрын

Aileen Gertrude Tippy, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@Damon4324 4 ай бұрын

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

@billyballsup2685 4 ай бұрын

@@Christian67337you can do that if you are a politician or elite rich because they all know what is going on. Davos meetings are the mob running the world. You aren't part of there mob. This is all been planned.

@chaskpc 6 ай бұрын

I was, until the first week of November, President of an residential HOA located on a barrier island with almost 1,100 members. Our infrastructure consists primarily of 3 entry gates, 11 miles of roads and huge amount of landscaping. The scariest thing that I had to each year was get new quotes for the Association’s insurance policy. Seeing how much our premiums increased made me happy that we never bought a condo.

@dongshengdi773 5 ай бұрын

I want to buy all Florida properties and resell them

@yvonneforsman8649 5 ай бұрын

@@dongshengdi773 Blackrock is in line ahead of you and has much more money! LOL But according to statistics, the southern US states have one million unoccupied properties, each! Probably renovation objects or demolition objects so if you don't know what to do with your money, you can waste them on houses nobody wants, in areas nobody wants to live in.

@sula1529 5 ай бұрын

What's a HOA?

@stephengreen8986 5 ай бұрын

Housing owners association

@chaskpc 5 ай бұрын

@@stephengreen8986 Close. It’s Home Owners Association. So many uninformed people trash HOAs and POAs. They are established by the developer and managed by the residents after a predetermined density is achieved. Their primary responsibility is to maintain the property values of the owners. If someone doesn’t give a sh*t about their home’s value, then, by all means stay away from an Association.

@isoundinfo 6 ай бұрын

The truth is, these expenses have always existed but were delayed as much as possible. Now, delaying them is no longer feasible. Presenting this situation as a sudden, unforeseen event excuses property owners from admitting their deliberate oversight. The defacto system allowed property owner to ignore the major aspects of the potential costs and duties inherent in condo ownership. The assessments and responsibilities now being imposed on owners should have been in effect from the start.

@cibsim 5 ай бұрын

In Canada, Ontario, the reserve is mandatory. We pay more but the buildings are safe.

@maxamillion6958 5 ай бұрын

No, no, Florida condo owners are getting screwed. Trust me lol

@philipem1000 5 ай бұрын

You are quite correct but that's just human nature. In my HOA we have a member who is furious because we raised assessments by $5 over his (sole) no vote. I pointed out to him that we had the private road resurfaced a few months after he moved in and that he paid exactly none of that cost -- the previous owner had paid into our reserves for over a decade; and he was just paying for his use of it as long as he lived here. Made no impact on him btw.

@bigradwolf5001 4 ай бұрын

It was used as a selling point, low insurance and HoA. Now that the coast is fully developed, they are off the railings now.

@peter-pg5yc 2 ай бұрын

NOT an oversite they voted no to repairs, champlain for decades no extra dues..insanity

@zjyub 5 ай бұрын

Great video. I'm a new structural engineer in South Fla. And this is what I do, inspect the integrity of the exterior of the building. Business is booming!

@Livinglifetvee 3 ай бұрын

Amén 🙏 much blessings brotha 🙏

@Imoutoftheoffice01 2 ай бұрын

Good for you so we have less money for food etc

@ratherbeflying101 Ай бұрын

Living on a park bench close to the ocean will cost over 1k a month

@sttarch5150 5 ай бұрын

When you buy a condo, you are going into business with strangers. Your building is not owned by some unnamed entity. It is owned by you. If you are going to buy, you need to check what reserves they have and what repairs have been done recently. My cousin in Jensen Beach was just hit with a $35,000 assessment to rebuild all their balconies. An adjacent building was hit with $80,000 per resident to do the same. Residents themselves had already replaced their windows and sliding doors. These are huge costs considering the fact that they sell for $350-500k. I feel badly for a little old lady on a fixed income, but there is no free lunch.

@JohnMcCullough-wr9hj 6 ай бұрын

Over 30 years ago I became President of a HOA. After looking at the books I doubled the fees from $50 to $100. Meeting went fast as I had gone to 60% of the homeowners and absentee owners and got proxies - so passed the increase in 15 minutes. Sold my condo 4 years later with clear conscious as it was fiscally running in the right direction.

@rolandmontas8657 6 ай бұрын

Well John I can empathize with you. I spent 9 years of my life running a Condo (self managed) as a Secretary first and ultimately as the President of the Association. 2 years before the 40 years inspection I was voted out for requesting an assessment for termites control ( a mere $ 7 k ). As soon as I was liberated from the liabilities of running this building, I cried of joy when selling my unit at bargain price. Now 9 years later, I live in a private home with no HOA dictatorship. Unit owners for the most part are uninterested in real issues except low maintenance fees at any cost.

@philipem1000 5 ай бұрын

I bought into my HOA twenty three years ago and assessments were $10 a month. I built some consensus as a member of the board to start reserves and plan for the future. Today we pay $80 per month but it was last raised $5 in 2017. We have substantial reserves and the Board knows they don't have to come to the members for an emergency assessment if there's a pothole in our private roadway.

@rick-be 5 ай бұрын

Well put: HOA Dictatorship.@@rolandmontas8657

@jessicamegan5850 4 ай бұрын

Hello, I am in London and am considering investing in real estate as a way to get some passive income. A few years ago, my brother purchased a home in a county outside of London. Because he was unable to find tenants, the property was eventually repossessed. As a result of this experience, I'm concentrating on purchasing real estate in London, where it's quite challenging to obtain a mortgage because of the high cost of the properties. Would you kindly recommend an easy way, where one may try to sustain these cost on mortgage?

@jessicamegan5850 4 ай бұрын

Nice,It appears margaret is well established in the financial field. Would her advisory give access to more interest to offset my mortgage overtime?

@mondimlotshwa3958 4 ай бұрын

that's the only way to become debt free. I've already paid off two previous mortgages. Now I'm working on my third and I cannot wait since it has to happen before retirement in four years

@NeilPBrady 3 ай бұрын

Find wholely own property and ask the owner to carry. then your are not affected by Govt and the banks.

@peter-pg5yc 2 ай бұрын

pay cash

@jeffbguarino Ай бұрын

@greggbartel4501 I never pay off mortgages because they are the lowest price loans you can get. I currently have a 5 years mortgage until 2027 at 1.94% and I have some of the money invested now at 5.5% guaranteed. You can also put the money in the stock market in a safe index fund and be a little more risky. Now with lots of debt and higher inflation your borrowed money is actually being wiped out with inflation. For example I had $200,000 owing on my mortgage 2 years ago and with 2 years of about 5 % inflation , that means the effective amount I own is only $180,000. Inflation just made me $20,000. So to pay off a mortgage when inflation is high is a bad idea. Instead of paying it off , take the money you would have used to pay it off and invest it at 5%. Keep it in a separate account. If you have a lowish mortgage rate, you can't lose. I paid off my mortgage in 1989. Then I took out a new mortgage in 1995 and started investing. The interest you pay on your mortgage is tax deductible as long as you invest the money. (Canada). In 2008, I took out a line of credit for $236,000 and invested the whole amount in a 5 year term deposit for 5%. The line of credit was 3% and variable and went to 2.5% and 3.5% but I made more money on the term deposit and the loan of $236,000 was eroded by inflation and in 2013 , I was making more money and inflation at 2% for 5 years made everything about 10% higher in price, including my wages but my loan stayed the same and the effective value dropped 10% , so I effectively made 10% of $236,000, which is $23,600 on top of the interest on the deposit which was about $65,000 compounded. subtract the 3% for 5 years which is $35,000. So I made about $54,000 net gain , doing nothing risky and only paid tax on about $30,000. Your house is the best way and cheapest way to borrow money. You have to be careful to not mix your borrowed money with other money or you will get a headache at tax time. It is best to have you house paid off and then take out a de nova mortgage and just invest all the money. Only spend the income generated , don't touch the principle of your invested money.

@fedguy9182 5 ай бұрын

I live in Missouri and will retire in 3 years. Hard pass moving to FL or any coastal State. I will visit to enjoy the beach in winter but will remain in my affordable paid off house with no HOA

@thomasconroy6975 6 ай бұрын

a big problem is that many of the units in the older buildings have been renovated using heavier materials that the original structural engineers had not accounted for. Thats a place to start to determine the additional weight to the buildings

@PalmBeachesPaul 6 ай бұрын

Interesting, 🤔

@tomf9292 6 ай бұрын

That’s a great point! Not many granite counters in the 60s& 70s

@danamyrocket 6 ай бұрын

Weren’t designed for the rising obesity rates either.

@CarlWithACamera 6 ай бұрын

Yup, I ripped out carpet and put in tile. I did the work myself and can tell you after carrying all the bags of cement that I added about 4500lbs of tile and cement weight to a 5th floor 850sqft condo in a building built in 1978. And then added granite to the kitchen and both baths.

@PalmBeachesPaul 6 ай бұрын

I don't think you can even do that now in some condo buildings because everything has to be approved first by an architectural review board correct?

@amrice62 5 ай бұрын

As a Florida condo owner, I’m very tuned into what that risks are. The condos that are going to be in over their heads are multi-story, beachfront or near, with historically delayed repairs. Now they are in for over 100k to pay into assessments now to bring them up to code. My advice to all condo or potential condo owners- Check financials before buying. Reserves are going to give you a very good idea of impending assessments. I thank the Lord I live in garden style- two stories which falls below the three story classification of very strict requirements and scrutiny. I also live in central Florida which has protected the structure from sea water degradation. There are perks I have found after downsizing from a house to a condo AND there are cons as well. I would say, I have still come out with a higher benefit moving into a condo AND downsizing. All condo owners need to attend HOA meetings, read the yearly proposed budget before it is voted on and be actively involved- Hope this point of view helps someone!

@PalmBeachesPaul 5 ай бұрын

@amrice62 thank you for watching and thank you for leaving an educated and well thought out comment. You are absolutely correct. I never said all condos were in danger and there are plenty of good condos for people to purchase you just have to do your homework the same thing goes with Homes you have to do a home inspection you have to weigh the pros and cons of whether it's worth buying a house that has an old roof or not and you have to read the HOA documents and see what their rules are. Sounds like you made a wise investment.

@terry_willis 5 ай бұрын

@@PalmBeachesPaul So who is going to buy the "not so good" condos? It seems like those present owners are stuck. Even if they offered theirs for half market value, it seems only a fool would buy it.

@amrice62 5 ай бұрын

@@terry_willis I believe the plan is for big $$$ to buy them out, demolish and build new- I’ve seen this on a Florida realtors channel Michael bordenaro He lives in condo in Miami Beach… you’d have to go through his library to find them but I learned so much about Florida condo laws coming into effect, relevance to me, what to watch out for and how to be alert to things as a condo owner

@Defundthemasons 5 ай бұрын

@@terry_willis Florida Condo Owners = Future Homeless!

@Archangel_21 5 ай бұрын

It's not only the beachfront condos, it's the peninsula as a whole; the underground limestone is eroding.

@stargasm1000 5 ай бұрын

I grew up in Palm Beach County in the 70s and 80s. I was finally able to leave in 2004 and I haven't looked back. The state laws must be what allows all this stuff. The whole of South Florida is overgrown, overdeveloped, overhyped and now overpriced. The scam artists have been able to get away with waaaay too much over the years; South Florida has been known as a safe haven for scam artists for as long as I can remember. The cost of living there has been on the rise there for years; 50 years ago, nobody could've seen this coming. The zoning laws have to change or developers will continue to overbuild, the cost of living will continue to rise and the quality of life will go down. Palm Beach County seems to have had an addiction to allowing anything to be built anywhere, just as long as it doesn't bring in REAL industry. At least that's all I remember about it. They deserve what they're getting.

@jsd354 6 ай бұрын

I am/was on the board of a HOA (subdivision not condo) with a gate, private post building, roads, club pavilion, wharf, dock, boat launch etc. requiring repairs and upkeep. Members wanted the amenities but didn’t want the cost. Whenever an agenda item included a financial discussion on raising dues to cover the expenses the board meeting numbers filled the meeting chairs with angry people. I had to explain to the membership that we the board members were not responsible for the costs and educate folks there was no Santa Claus, tooth fairy or Peter Pan. Kinda sad really. People have to expect to pay for what they have. Many whined they didn’t have any idea the costs were so high. Sone said THEY didn’t use the dock or the runway, never came to the pavilion etc so they should get discounted dues. I feel bad for the stupid, the duped and the tightwads but folks, the Magic Kingdom is in Orlando. You just moved to the wrong part of Florida.

@user-em1sj5ph6h 6 ай бұрын

People who live in condos made a bad investment. The only worse investment is a time share. No sympathy for the stupid or the foolish. If the state old have allowed it, I’d have built a concrete bunker. Pretty doesn’t matter. Solid is the optimum.

@musashi4856 6 ай бұрын

This is an excellent case study on socialism.

@jayogee913 6 ай бұрын

I have lots of older boomers in my family who all moved into condos or developments with HOAs, and yes, they don't seem to understand that you have to pay for things if you want those things! Stuff isn't free, and people who build and maintain that stuff don't work for free! These people are so entitled! They let their neighborhood fall into disrepair and then get mad that the neighborhood/building isn't "nice" anymore!

@serafinacosta7118 6 ай бұрын

Most were probably buyers when there was a showroom onsite. Or pre construction. The majority, mostly Americans , and even Latin Americans , don’t grasp how steel reinforced concrete structures work. All they see is the swimming pool, the clubhouse , the guard check , the manicured lawns. They use the same mindset as if were buying a car. The feature creatures. Whistles and bells. Seasoned investors look into basements , plumbing , repair logs , tenancy rosters. I sold a derelict three family in Boston. Buyer made the offer right after visiting the property. Asked for the basement. Could care less about cosmetics. If the building is worth rehab money, cosmetics won’t matter at all.

@kingX777 6 ай бұрын

That is what somebody on the board would say.

@caneguy8735 5 ай бұрын

As a condo attorney in Broward Co FL, you are spot on. Thousands of buildings by the water and inland are from the 70s and 80s. Most have been neglected for generations and Boards have not reserved. Condos will be dissolving en masse, with developers snatching up the properties. They have the deep pockets to either rehab or tear down these structures. Over the next 10 years, there will be a rebuilding bonanza around South Florida. All of Hallandale, Hollywood, old FLL up through the Palm Beach coast. Miami is a bit ahead of the curve because of stricter local standards, tower collapse notwithstanding. Miami has much higher % of newer construction

@tylertyler82 5 ай бұрын

Florida will be underwater soon so all this is moot.

@maxamillion6958 5 ай бұрын

@@tylertyler82 They been saying that for decades now and it ain’t.

@liberatedwoman 5 ай бұрын

You assume there will be land to rebuild upon after 20 more years of oceans rising, and/or F5 hurricanes.

@maxamillion6958 5 ай бұрын

@@liberatedwoman That’s fully up to the federal government should they decide to solve the “climate change problem” since they are the ones causing it. Look up project Cirrus, or Project Storm Fury, or operation Popeye, or the HAARP program they have out of Alaska. They are intensifying these storms. And have been seeding hurricanes for the past 90 years.. lol

@usps7658 5 ай бұрын

@@tylertyler82 LMAO

@Kevin19700 4 ай бұрын

Excellent reporting here! Thanks so much for the heads up on this looming crises.

@rickmiller1429 4 ай бұрын

What this tells me is people were moving to Florida and living on the cheap. Well, now the bill is due and we don't like it.

@joehernandez5600 6 ай бұрын

I’m a real estate attorney with a specialty in condominiums. This video is accurate. Very difficult times for many condos are coming. Condo owners should educate themselves. Many older projects can never be financially feasible again because the cost to maintain will keep increasing each year while the value of the units decreases. As such, the way out is to organize, unite and sell their land.

@SeattlePioneer 6 ай бұрын

> My theory is that many condo owners will lose all their equity. The banks be unable to collect on the loans they made as well. That will leave the condo buildings subject to being bought by investors who will repair and resell them if that is practical, or demo and rebuild if it is not. If it isn't practical to rebuild, they may just be abandoned. Does that sound plausible to you? If not, what are likely end games when repair costs exceed condo own equity? That, of course, is multiplied by burgeoning insurance costs which just add to the woes of unmaintained buildings. I suppose insurance companies will want to see those engineering reports on the condition of buildings before they insure as well.

@joehernandez5600 5 ай бұрын

@@SeattlePioneer The value of the land underneath the building is very high and each unit owner owns a proportionate share of that value. That’s why I say that many older buildings should organize and sell their land to a developer before it’s too late. The process is a bit complex but it can be done. I have represented bulk buyers and selling groups. The transactions can be structured so both sides do well. However, the unit owners have to be united and act together. Otherwise, the transactions frequently fail.

@SeattlePioneer 5 ай бұрын

> Yes, that's been my conclusion as well. But that depends on how much equity might be left for the owners and banks to divide up ----if any. I've been guessing that the equity of owners will commonly be wiped out, and if a building has to be demolished, that of the banks as well. This seems to have similarities to the China real estate collapse. Thanks for your comments. It will be interesting to see this play out often enough so that a model is created that numerous others condos might follow.

@Newlinjim 5 ай бұрын

With the new regulations apparently mandating true maintenance costs what would an investor have to expect as a return on a new structure with a life of 30yrs. None of this seems rational given current costs verses demand.

@rubygreta1 5 ай бұрын

@@joehernandez5600 HI Joe. What percentage of the condo owners have to agree for a sale to happen?

@jeffreysmarr613 6 ай бұрын

I was in a luxury Kauai beach front condo last year and maintenance men were working on the spaulding where the rebar were rusting within the walls. You are spot on regarding the impending financial disaster facing Florida's aged condo owners.

@samking4179 5 ай бұрын

what a great video! great information! thank you for making/posting it!

@cjreynolds3251 4 ай бұрын

Excellent analysis Paul.

@MexicoBeachFloridaLiving 6 ай бұрын

Paul, I live on the Gulf coast in a single family home and we're getting slammed by insurance rate increases and auto rate increases too. I realize condos are in real trouble but we single family home owners are too. A housing collapse is ahead for Florida and I think when it happens it happens fast and dramatically. Thanks for the informed video.

@vWaLLBangz 6 ай бұрын

Absolutely. The influx of people in our state and the never ending fraud is shooting our rates up. Doesn’t help more folks are driving recklessly too. Ahh :(

@FamilyManMoving 6 ай бұрын

It'll be local. Prime coastal areas will do fine. Interior and less-desire coastal zones will fall. Places like Sarasota, Anna Maria, Longboat Key, Lido Beach, Palm Beach, Miami...all still rising (in the nicer coastal areas). Head over the bridges inland, and it's a different story.

@gregs8685 6 ай бұрын

@@FamilyManMoving disagree 100%. The high rise condos built in the 60s and 70s on or near the beach will be hit hardest, regardless of the name of the city.

@FamilyManMoving 5 ай бұрын

@@gregs8685 I agree. I think we're talking past each other a bit - the original post said "a housing collapse is ahead for Florida", which I took as a broad brush for all housing of all types, everywhere. My comment is a response to that. Yeah, those old condos are dinosaurs waiting for the asteroid to hit. We avoided them - bought properties with land and houses, even though more expensive. Do not regret it. Peace.

@PalmBeachesPaul 5 ай бұрын

@mexicobeachflorida So I know a lot of people assume realtors are sticking their heads in the sand and don't know what's going on and maybe some more but I'm not. Obviously I still try to work with people who want to buy and sell because that's my job but I make every one of my clients aware of the high insurance issues in Florida so they're not shocked, some buyers have to buy a house because they're being transferred here for work so I work on finding the best possible house that will get a low insurance price if possible. I really hope it doesn't come to that for people like you and me and everyone else, it is a very sad situation what's happening here to our beautiful state for our homeowners.

@Lexxie45 6 ай бұрын

Thousands of people would have to sell but who's going to buy these problem condos? Even if the prices will go down to dirt cheap, all the fees will still be way too high that most people will not be able to afford them. The rich who can, do not want to buy these shitty places. They can afford the brand new, safe, million dollar condos on the beaches with the maintenance fees in the thousands per month. What I think will happen is people will just walk away from these money pits or investors will come in and buy it from them for cheap, demolish the whole building and build brand new ones that only the rich can afford. The fixed income retirees who thought they would die in peace in their old little condos will be in the biggest trouble.

@danamyrocket 6 ай бұрын

The belief that you could just “die in peace” living by the sea is the ultimate con. The sea and the sand and the salt don’t care.

@PalmBeachesPaul 6 ай бұрын

Exactly what I think will happen.

@legalbeagle295 6 ай бұрын

I think you are correct

@MrGbustamante 6 ай бұрын

That is exactly what has already begun happening

@Zelielz1 6 ай бұрын

There are enough foreign buyers about to be scammed to buy all these crap as soon as the prices come down.

@1contemporary 4 ай бұрын

Brilliant report. Well done and well said.

@mamotivated 5 ай бұрын

Very useful video, makes you think much more about beach condos

@Phil-G1075 6 ай бұрын

Good video, I’m up in the New England area, and you just made my mind up on purchasing rather than renting when it comes to my retirement winters as a snowbird. I feel like renting is the way to go because you can pick different locations from year to year, no responsibility just absorb the rental fees and you’re good to go. I feel bad for some of those people that have no choice but to deal with inspections but honestly I’m in the construction field of elevators and I feel like everything has a service life . Buildings are no different, and some are in need of an expiration date period. Man-made structures can only absorb so much of the climates abuse over time. It’s sad that those people were sold a false sense of value.

@PalmBeachesPaul 6 ай бұрын

There are still plenty of communities that are villas which are single-story two bedroom two bath one car garage units that are reasonably priced and some have a reasonable HOA although some have gone up because of the insurance it just depends on whether the HOA covers the roof and outside or if it's strictly up to you to provide insurance for the whole unit.

@TheRm65 6 ай бұрын

@@PalmBeachesPaul Florida has an incredible number of trash buildings, including some of the villas you mentioned. Lousy construction, cheap materials, and you still have the very real problem of HOAs. Why anyone would buy any property with a HOA involved is beyond me.

@robertmanley2687 6 ай бұрын

Empire State Building and Golden Gate Bridge are still going strong.

@Sattrax 6 ай бұрын

@@robertmanley2687 not in Florida

@ushadigiacomo7213 5 ай бұрын

The problem is that maintenance is very expensive, and the owner say nay to it. They only want to spend in beautification. And only sometimes.

@MrScottr1958 6 ай бұрын

As a non Florida resident you can't expect me to subsidize your insurance risk.

@legalbeagle295 6 ай бұрын

Understand this comment, but virtually every area in US are subject to natural disasters, we pay for it all

@Newlinjim 5 ай бұрын

@@legalbeagle295not to that extent on a seasonal basis. Especially given the influx of population and replacement costs in your current market.

@glennwatson3313 5 ай бұрын

They can and do expect the federal government and taxpayers to subsidize them. Because the federal government and taxpayers always have.

@Defundthemasons 5 ай бұрын

@@glennwatson3313 You're Indoctrinated! This is a "programmed response" by a Indoctrinated, Programmed, Slave ... You Love Your TV, don't you, Glen!?! The TV has told you that "the fed govt and taxpayers always have" - And You Actually BELIEVE The Lies That You're Told and You PARROT those lies back to us! But, Not All of Us Are INDOCTRINATED and we SEE and HEAR YOUR PROGRAMMING! We call you "Sleepwalkers"!

@jhillestad 4 ай бұрын

I say the same thing about people that live on the Mississippi...

@foxtrot4597 23 күн бұрын

Very informative and well presented

@karimhamdi6637 5 ай бұрын

Nice job Paul 🎉 Thank you for the video 🎉

@the_derpler 6 ай бұрын

This kind of thing is happening all over. I have friends who live in a coop condo here in SF. The older people put off maintenance for so long, that now they need literally millions of dollars to bring it up to standard. Most of the people there are retired and don't have that kind of money. Now the decision is basically for everyone to move out, demolish the entire coop, build a high rise in its place, move back in and sell the other floors at market rate to pay for it all.

@user-uj3wk8vr2g 3 ай бұрын

If it ain’t broke…. Don’t fix it! NOT

@jeffbguarino Ай бұрын

That is probably a good idea because the news says that SF needs a lot more housing. Newsome should be on top of this giving incentives for demolition and building more units.

@Bradimoose 6 ай бұрын

I know one guy that can't retire and has to keep flying back to NJ to continue working and another driving uber after retiring to pay all the assessments. Costs alot of money to wake up and see dolphins.

@Lepek29 5 ай бұрын

Great material. Much appreciated.

@bobbycenoura9064 5 ай бұрын

Hi Paul, thank you for your candid commentary. I love the climate in Florida especially Southern Florida, but I like the peace that Palm Beach has in particular among the other South Florida areas. Subbed.

@chiarac3833 6 ай бұрын

The town is called Surfside. Also, this isn't the first time I've seen police called to a board meeting. I lived in a place where the board was stealing and things were quite heated at some of the meetings. That being said, if you own, it's your money. The smart thing is to see where the money is going. I wish anyone who is facing this all the best.

@PalmBeachesPaul 6 ай бұрын

Thanks for watching and yes I realize I called at Seaside on accident

@SeattlePioneer 6 ай бұрын

That means ATTENDING CONDO BOARD MEETINGS AND PAYIONG ATTENTION, at a minimum.

@chiarac3833 5 ай бұрын

@@SeattlePioneer absolutely. If you are able, run for the board and see it firsthand. My board is trying to recruit us to run, we are in construction so knowledgeable, just don't have time. Wish I could serve. Always willing to give neighbourly advice if asked though. I want our association to do well, it will keep our values up and our grounds will look nice.

@jayson657 6 ай бұрын

The state of Florida has been doing things half assed for years, no laws, rules, regulation and no serious enforcement of anything. Now it’s coming back to bite the residents in a Big way.

@neilkurzman4907 6 ай бұрын

It’s the libertarian ideal

@Newlinjim 5 ай бұрын

Politicians and their lackeys always favor ‘growth @ any cost’ and real estate promoters grease the wheels. But hey,Americans love shiny objects.

@edlatourette7958 4 ай бұрын

This is good info Paul thanks!

@patvosburgh9387 3 ай бұрын

Great video. It’s amazing to me how many Realtors don’t know about Milestone Inspections. It’s going to be scary out there for unsuspecting buyers who don’t have their own representation in their deal or hire someone who doesn’t know anything about it. It truly is going to be a crisis like you said. Condos unfortunately have not been keeping up with the maintenance of their buildings. I’ve seen $50,000-$100,000 assessments already. Thank you for this video. I’m grateful there are other Realtors like you discussing this.

@PalmBeachesPaul 3 ай бұрын

Thanks I appreciate the kind words. I had been hearing about it more and more than the news and decided I needed to let more people know about it.

@markp.7165 6 ай бұрын

Don't own a condo never have but blaming this on the condo boards is totally misguided in my book. Truth as I see it is the low fees and prices in the past especially the low HOA fees were never realistic. They never were enough to pay for the upkeep that was required to maintain the building. People do the same thing with single family homes. They ignore problems that don't hit them between the eyes and focus only on the eye candy until whoops something fails and all of a sudden they are faced with a crisis. I do feel bad for the old folks who this is hitting hard but there are costs to living by the ocean on shaky ground and now the time has come to pay or move out. Sorry it is just the way it is.

@RickTurnerSylvaniaRealtor 6 ай бұрын

Hey Paul, this is good information that you’re providing! I’m a Realtor in NW Ohio & having been hearing about the shockwaves condo owners are starting to feel. In fact I have a lady wanting to relocate back to Ohio because of the tripling of HOA fees.

@pikminlord343 28 күн бұрын

Great video!

@alfonsoportugal6754 5 ай бұрын

very interesting. Thank you for sharing this valuable information.

@JWFitness1 6 ай бұрын

The worst part about HOA fees is they NEVER go away. You could pay off your condo and still lose it because of that damn HOA fee. And they keep going UP!!!! Its infuriating.

@killerhurtalot 6 ай бұрын

It's the exact same for houses. You have all the maintenance costs that eventually comes due like roofing, siding, and etc... People act like houses doesn't have any upkeep.

@Zeus0886 6 ай бұрын

Same for houses. Its called property taxes. Dont pay it say bye bye

@JWFitness1 6 ай бұрын

@@killerhurtalot yes, unfortunately.

@JWFitness1 6 ай бұрын

@@Zeus0886 yes. Time to leave the country before it gets worse.

@SeattlePioneer 6 ай бұрын

You should always be a renter.

@mphil3051 6 ай бұрын

Condos which are only two stories will go up in value for sure, especially those with no pool, no guard, no lobby and near the beaches.

@marianmiller2802 7 күн бұрын

When i first visited Fl, in particukar Miami, in the 80's, i was shocked to see those tall buildings ( condos snd hotels) standing on narrow strips of sand. Surrounded by sand and accessible only by bridges. I thought it was crazy. I stayed at a hotel in Coral Gables.

@RobotsCanDoAnything 6 ай бұрын

I was looking for a house in the Saint Augustin area this past February. After I got a home owner's insurance estimate and all the BS associated with buying insurance I left Florida quickly.

@janetclark891 6 ай бұрын

This is a condo owner in Vancouver, BC, Canada. It is AMAZING how your condo owners are dealing with exactly the same items that are hitting our condo owners in the past few years. Insurance has gone up tremendously and we have fewer agencies to choose from. And, recently the BC Government (Provincial as opposed to your State) now requires a depreciation report and to be updated every 3 years. We, in Vancouver, experience serious problems with rain penetration (window ledges and stucco) and rotting walls. We, in my condo building, have been tackling most areas over time but boy it can be costly and surprising to some owners.

@jensholm5759 5 ай бұрын

You has barking mad systems for so many thing. Kapitasme is best to the price and not free private plundering. Compared to that you should trust Your state(s) and let it make sober limitations from Sslasko to Florida. USA is famous for so many things. Second class food twice our in Europe. Hosptals, Medical and Medicine double up and Ypu are in USA. You probatly learn in schools it he invading mexicans which plunder You. Its not. They are just minus.

@henrysantos7160 3 ай бұрын

Excellent video very well done

@haydenjrealestate9138 5 ай бұрын

Great Content. I am an appraiser in Palm Beach County. I live a few minutes from where you filmed this. (Lantana). I recently appraised a condo that is undergoing the updates per the new condo law. Luckily the management set aside enough in the budget to take care of it so the special assessments were low. I agree with your views. Its going to get crazy. 2008 all over again.

@TheRm65 6 ай бұрын

Every homeowner in the world knows there are very real expenses that go along with owning a home. Roofs must be replaced, plumbing breaks down, insurance must be paid, ordinary upkeep must be paid for. But Florida condo owners seem to have been living in La La Land, thinking that they're somehow exempt from these expenses just because they live in some concrete monstrosity by the ocean. The condo owners' lack of foresight is unfortunate, but there is no free lunch.

@Zeus0886 6 ай бұрын

The problem is condo boards keep expenses down to keep their seats on the board. They lie to the owners saying everything is ok for years. The owners think they are doing a good job as stupid as that is because everything goes up through out the years.

@NoahGlusenkamp 6 ай бұрын

@@Zeus0886 are people really that committed to being on the board? It’s pretty much a thankless job dealing with everyone’s complaints. In my experience, it’s the board members who understand the maintence situation the best and are trying as best they can to bring everyone else along into reality.

@lucywhitmore8337 5 ай бұрын

@@Zeus0886 they don't care about their seats on the board, these are non paying jobs, they just want to have a hand in decisions, and save themselves money.

@Zeus0886 5 ай бұрын

⁠@@lucywhitmore8337who cares if they are non paying jobs. These are what bad board members say. “ we dont get paid to do this”. Well you knew this when you took the job. I have had enough experiences with bad boards

@jeffreyantell7117 5 ай бұрын

@@Zeus0886 oftentimes it’s the exact opposite. Being a lawyer and sitting on a condo board for a building in Miami Beach, I tried unsuccessfully to increase the monthly maintenance to help build and maintain the requisite reserve. Guess what the majority of unit owners after being apprised of the necessary increase voted it down. As such the unit owners knew what was needed and didn’t want to pay for it.

@davidwelty9763 6 ай бұрын

Condo board members are like the government, kicking the financial can down the road. Seaside is a great cautionary analogy to government deficits. It works until it doesn’t.

@daviddemoya5650 5 ай бұрын

Great Video, we sold our condo's in Bonita before the last hurricane, but the insurance for our house going up as well. We live 6 miles away from the gulf, but the rates have gone up so much that we probably need to move out of the state. I doubt this will stop or reverse itself. Someone in insurance is making a ton of money until the next hurricane comes and sits over us.

@cvrart 4 ай бұрын

The board doesn't pay - the HOA pays. The board is just a small group of homeowners elected to help manage the affairs of the HOA, on behalf of all the homeowners in the association.

@patrickbryan02 6 ай бұрын

I just had my HOA fee go up at my condo from 385 a month to 565 a month. That’s a big jump for most people and the HOA meeting was heated.

@Gmac_Greg_M 6 ай бұрын

Mine went from 330 to 500 last year. Now it’s at 560. All because of the structural insurance since our condos are considered towers (7 floors). The wife and I decided we’re going to sell the condo this year.

@Newlinjim 5 ай бұрын

@@Gmac_Greg_MI wouldn’t dilly dally. This is going to happen fast.

@bigradwolf5001 4 ай бұрын

It depends on size. I live in a 53 sqm so only 250 a month.

@PalmBeachesPaul 4 ай бұрын

Let me know if you need my help selling it if you're located here in the East Coast between Palm Beach County and Fort Lauderdale

@Gardis72 3 ай бұрын

@@Gmac_Greg_M who's going to buy it? What happens when they ask you why you're selling? How will you answer?

@markdittbenner9949 6 ай бұрын

The condominiums are basically worthless in Florida now ... They'll just end up tearing down the ones that the people can't afford to pay the maintenance fees there will be a few left for the very rich people and that will be that... It's impossible the maintenance fees could go down it's just too expensive to keep a big building up on the ocean like that.... Probably the best thing that could happen is they all be gone give the oceanfront back to the people a lot of these condominiums are blocking the sun and the afternoon for the beach... Condominiums on the beach are a obsolete relic now

@brent4073 6 ай бұрын

Imagine if you bought one condo and put tons of money into making it nice and keeping it a great home and the rest of the condo owners let theirs fall apart and the whole thing just needs to be torn down. Condos dont make sense. Its better for one owner of a building to keep everything to the same level of standard and take responsibility for doing repairs or just tearing it down and starting new.

@_PatrickO 6 ай бұрын

Never going to happen. If a building gets torn down, the lot will be bought by a developer who will tear down the existing building and build a brand new subpar condo building to replace the old unmaintained one.

@MeadowDay 6 ай бұрын

Agree, these giant condos are an eyesore on the shoreline for everyone….leave them natural then thousands benefit, not just the few wealthy.

@dutchdna 5 ай бұрын

Thanks Ron!

@stephenburnage7687 6 ай бұрын

Canada passed a similar law, requiring that all condo's undertake a periodic structural review and to make this available to all prospective buyers. Suddenly, owners become interested in maintenance as it became hard to sell a condo without a clean report.

@RetireandGo 6 ай бұрын

I know this is coming to every coastal city … then every city. I’m in Hawaii I’m planning ahead and watching this unfold

@richard09able 5 ай бұрын

Gee I wonder why 😂

@tomaaron6187 5 ай бұрын

I don’t know if any such law. Any such law would be provincial and province specific.

@stephenburnage7687 5 ай бұрын

@@tomaaron6187 It was the case in BC.

@erniec5465 5 ай бұрын

the clean status certificate mean one less headache in a property sell/purchase.

@Donkor640 6 ай бұрын

I could see the writing on the wall right after Hurricane Nicole hit last year. I was working as a building consultant for the insurance and we had a bunch of condos on Daytona Beach. A lot of the owners are retired and on fixed incomes so we heard a lot of sad stories and declarations about how fed up they are. There was a good portion of those beach condos that were evacuated until the foundation and seawall could be repaired. They were given enough time to pack a suitcase and get out until the repairs were complete many months and 💵💵💵 later. It’s heartbreaking what they’re dealing with and just imagining how hard it’s going to be to sell with these assessments and rising HOA fees.

@alonguanama 4 ай бұрын

Wow man, thanks for avoiding me a huge headache!

@Lifeinbelize 4 ай бұрын

Good information. Thank you so much

6 ай бұрын

Paul stated, near the end of his excellent video, that this would come at EXTREME COST to condo owners. I would suggest that the bill is just coming due for underfunding the reserve funds for decades. Beware buying in a building with many seniors! When you retire at 65 and expect to die at 85 it is hard to maintain perspective on the 30, 40, or 50 year time frames necessary for prudent building management.

@AudiTTQuattro2003 6 ай бұрын

Condo owners had years of relatively cheap living expenses, while electing people who keep it that way. Now, surprized that the gravy train is ending. Poor management for the future is nothing new, and blaming others is useless. Why should anyone outside these owners care?

@Newlinjim 5 ай бұрын

There will be many ancillary effects within the economy, none of them good. Irresponsible allocation of capital shifts that capital to those more responsible.

@cl6757 4 ай бұрын

Excellent video… well researched

@olgatellomorrow5898 5 ай бұрын

Thanks for letting us know, very interesting.

@PalmBeachesPaul 5 ай бұрын

Before watching this video I already know I screwed up twice. I called it Seaside not Surfside even though I know the correct name and I said the fees were exuberant and not exorbitant. Sorry🤦🏻‍♂️🤷🏻‍♂️

@koyotekola6916 5 ай бұрын

When I was on a chatroom, I told them I lived in Seaside, TX. Next thing you know, two women told me that they went to Seaside to look me up, and nobody knew me. I never invited anyone to come see me. One was from Chicago, and the other from Dallas. I didn't know people were that desperate until that happened. And now I know people are desperate to get out of sea side condos! 🤪

@weaverdreams 5 ай бұрын

Good job! New sub

@doc.christopherthompson324 5 ай бұрын

Mostly because most Boord members are corrupt. I could do what they get done for Way less than half $ they take in.

@TomBTerrific 5 ай бұрын

You’re allowed to make mistakes. To error is human.

@nadjadavidson411 5 ай бұрын

😅 That’s okay 👌 We’re all human, and making mistakes makes everything more authentic. I don’t do YT, just FB reels and need a teleprompter 😂😂😂

@alyross2850 6 ай бұрын

I pay 1200 per month for my entire mortgage in PA. It’s a 6 bedroom house 12 miles north of a mid size city. For around here, it’s a desirable area. That’s including taxes, insurance. I can’t imagine paying 1200 a month for condo fees. I just wouldn’t.

@PalmBeachesPaul 6 ай бұрын

Sounds likes heaven, congrats

@powerbuoy 5 ай бұрын

You must have bought that 20 years ago 😂... $1200 rents you one bedroom nowadays in PA

@bris.e 5 ай бұрын

Thank you very much for the video. I hope this makes more people aware of the real situation. I owned one of this properties until one year ago as an investment. I made myself aware of the situation and I was able to be a board member of the community here in South Fl. I tried explaining this same you mentioned in your video to all the community, but simply they did not want to listen. Under their eyes I was just paranoid. Of course I understood the situation very well, I made my numbers and I had to sell. Maths never lies. Couple of months ago I was told they had passed a meting to discuss the cover of the funds and the proposal was to charge about $2k extra monthly to be able to have all the funds by 2025. Even though the number looks insane (this is a medium to low income community) I do not know any other way to actually have the money to cover for the building repairs. My wife works as a property manager and I am seeing this over and over again in multiple places. The situation is spreading very quickly, of course. This is a real deal and a lot of people just prefer to look away from it :(

@PalmBeachesPaul 5 ай бұрын

good for you getting out early. Some people just dont want to hear or believe it. If you ever need a Realtor in Palm Beach County let me know, I would be happy to help you.

@Yellowrose1119 2 ай бұрын

Hi Paul, my first time watching your video, as a condo owner in Dania moved here 2 years ago from MA. I def concerned as well... Thanks for sharing this truthful information... it's def getting ugly... Hope for the best to come! And Gov should put a stop on these uncontrolled people that decided to put people's lives in difficult situations...

@PalmBeachesPaul 2 ай бұрын

I hope it does get worked out for everyone as well nobody wins if he continues the way it's going.

@bensellin 5 ай бұрын

Excellent video Paul. Here on the West Coast in Charlotte County we just hit 8 months of condo inventory and people have no clue why. Great work.

@carlgriffith4660 6 ай бұрын

I got the heck out of South Florida in 2019 and never looked back. I know of no reason for anyone to move to South Florida and a million reasons not too. Hurricanes, traffic, cost of living, insurance, uninsured drivers, taxes, there is no positive side of living there. The folks that stay and have it collapse around them have no reason to complain.

@mikewatch1487 5 ай бұрын

Heck we left south Fla in 1979. Went back a few times for business trips. It’s a mess and never really understood the attraction. 12 years was enough for us and wanted to raise a family in a more family type environment.

@kimappreciateslife 4 ай бұрын

Where did you move to?

@carlgriffith4660 4 ай бұрын

@@kimappreciateslife South Carolina, a much more stress free and affordable state.

@kimappreciateslife 4 ай бұрын

@@carlgriffith4660 I will look into it. Seriously. What is a nice area to live in that’s affordable. I’m retired so I can live anywhere. My daughter is a public school teacher. I’d have to convince her to move with me.

@carlgriffith4660 4 ай бұрын

@@kimappreciateslife Kim, it depends on what you like, beaches or mountains or not. Most areas in SC are very affordable with the exception of south of Charlotte, NC and Charleston, SC. But if you like the coast there are tons of smaller beach communities that you can probably afford and in the northwest part of the state near Greenville you had all the modern conveniences with nice hills and mountain views. Good luck finding a nice spot!!

@christineboydstrongtower 4 ай бұрын

THANK YOU FOR THIS VIEDO‼️❣️

@permodgoyal6660 5 ай бұрын

thanks for update.

@cecilr7986 5 ай бұрын

If your goal was to terrify people then I think you did an excellent job. As you said, you have no answers, but you did a heck of a job outlining the problems.

@Fitzfish 5 ай бұрын

His goal is education. Some people would rather not know that this new type of "hurricane" is coming. I own a home on the water in Florida. I welcome information like this. I'd rather have knowledge now than a completely unexpected financial disaster later....

@toddlavigne6441 4 ай бұрын

The only answer is to fix the problems as required, and that is going to be VERY expensive

@PalmBeachesPaul 4 ай бұрын

It's not my job to have solutions,I'm a Realtor, it's my job to inform the public what I know is going on in my industry and that's exactly what I did.

@lissamccoy4535 4 ай бұрын

correct but it is not your job to incite panic. It's a cycle ...yes this is going to be a tricky season to navigate for owners...those who can afford to stay will stay and pay and those who can't sadly will have to sell...and further more the event happened in Surfside not Seaside.... it's click bait with the graphics of doom and gloom...let's find solutions and help our clients weather the storm rather than just scare them while they are already in a fragile place @@PalmBeachesPaul

@rodman50 6 ай бұрын

I worked at a condo association in Palm Beach County. Several months ago, it was deemed necessary to replace the seawall as they were on the intercoastal. The owners were assessed almost $65,000 each with possibly even more in the future as I believe it was an open end contract to have the work done. This on top of a $1,400 monthly condo fee has made it almost impossible to live there for some. Needless to say, many have or plan to sell their units.

@TheRm65 6 ай бұрын

Who would buy any of these condos under these circumstances? I see a lot of bankruptcies coming and a lot of tear-downs. Actually the tear-downs would probably be a good idea anyway.

@jameskozlowski5496 6 ай бұрын

No one would buy a unit in that building knowing the 65k on top of thebprice as well as potentially more becuse of that problem.

@SeattlePioneer 6 ай бұрын

Someone who will be able to pay $65,000 cash for the assessment. The condo owner and the bank get zip. Perhaps an investor will offer to buy everyone out for that amount, and rehab or demo the building.

@Newlinjim 5 ай бұрын

@@SeattlePioneerBlackrock perhaps, I hear politicians favor the climate as well.

@xoox7469 5 ай бұрын

I was there in South Florida. 1994 to 2012... The old buildings are falling apart. The climate eroads those buildings to dust or the could settle crack. N all cases ... could they fall down. Like, surfside. Maybe florida will have to tear All them down. N start over. I think they should do less build up the ocean..... N put lower condos more inland and keep them at less then 8 story's tall. Less weight build stronger.

@paolapaola5403 5 ай бұрын

Very informative!

@coreySLC 5 ай бұрын

Thank you for the info. I’m a HOA President and realtor in SLC Utah with family in Miami and appreciate the necessity of a reserve study. Special assessments have been part of our life for the last several years. I would love to pick your brain for additional insight.

@macpduff2119 5 ай бұрын

Condo fees and assessments are a gamble for owners, no matter where the condo is located. I lived in a complex where one commercial owner had bought the majority of the units and rented them out (often to criminal types just to get the rent money). That majority owner therefore had controlling votes and he always voted down any special assessments so metal stair cases were rusting off and rain was coming thru the roof We owned the top floor unit and our ceiling showed water stains). It was a H*ll Hole. Thank God a New England company bought out the old majority owner, replaced all roofs, rotting windows, stairways, required background checks for future renters, etc. ). The value of our condo doubled and we took the opportunity to sell! and escape!! I now own my own home without monthly fees. If repairs need to be done I am free to do them, and free to shop for the best value.. There are MANY pitfalls to condominiums - even more than listed in this good video. In my opinion owning a condo is almost as bad as owning a Time Share.

@jeffreyantell7117 6 ай бұрын

About 12 years ago bought and lived in a condo on Miami Beach built in the 60s and truly Mid Modern Architecture. However, the building at that time had a $650.00 maintenance and the building still had deferred maintenance. Each year the requisite number of owners waived out of keeping statutory reserves which was legal at that time. Come 2025 no more waiving out and the monthly maintenance will increase significantly.

@ahmadsharif1631 2 ай бұрын

Thanks, you are a very nice & logical person. You elaborated everything in a minute details, thanks.

@ddettore1 Ай бұрын

Interesting info. I'm actually planning to live my final years in a beach front condo, Good to know that there will be some bargains coning up, and I know now the things to look out for too... Glad to have found this video ...

@hollyrock911 6 ай бұрын

Greed always catches up and teaches us all lessons.

@lissamccoy4535 4 ай бұрын

right on! greed and ignorance!

@gaetanomontante5161 5 ай бұрын

I agree. It is a fucking disaster. My ex-wife, 70, decided 7 years ago to buy a "week-end retreat" Condo unit, just because someone she knew had bought one -- for same reason-- and now the tragedy is that she is not even aware of what will hit her. It makes me not happy. But, of course, my own advise against it was totally rejected on account of what she would have claimed to be "ex's" jealousy. Wrong. Unfortunately I, myself being both an engineer, a Financial Analyst, and a Political Economy student for a long time, see NO solution in the horizon for any of these catastrophes brewing in the near future. I guess condo owners they will see a replica of the Titanic in their personal situation and while many will go on to live, many others will just perish financially.

@jjuanmarin 5 ай бұрын

you dodge the bullet my friend