Time to GET OUT! INVOLUNTARY Condo Terminations

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Time to GET OUT! INVOLUNTARY Condo Terminations

Рет қаралды 103,832

Жыл бұрын

Over the past decade there has been a wave of condo terminations across the country, 400 of them just in Florida alone. And now that prime real estate locations are in the crosshairs of many developers, involuntary condo terminations are likely to become yet another problem facing the upcoming housing market.
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Пікірлер: 677

@MichaelBordenaro Жыл бұрын

LIKE It Or NOT Home PRICE CRASH Moving Full Speed Ahead kzfaq.info/get/bejne/md5ihqaW3pfKm58.html

@kargs5krun Жыл бұрын

You have to, HAVE TO, use that line again and again in your videos. ("thats just the way the cookie crumbles") Also, the "ssssit-sssit" you used was hilarious too. Kudos for entertainment Mike.

@gruntymunky4082 Жыл бұрын

i got a VA loan primed and ready im a first time home buyer with good credit im going to get a steal when the foreclosures start!!

@MR..181 Жыл бұрын

Typical jackasses and theives in your pocket and paperwork??? No non perpetuitys .

@marcamaral7870 Жыл бұрын

If you buy a condo. You’re part of a community. That community can turn on you and your rights.

@MichaelBordenaro Жыл бұрын

Absolutely

@thomasreynolds1530 Жыл бұрын

Hell its the same with florida HOAs

@jquint57 Жыл бұрын

Happens often.

@Userxyz-z2d Жыл бұрын

Any HOA.

@petestanton1945 Жыл бұрын

fake community

@rillesttalk Жыл бұрын

It’s a shame because most retired or elderly people usually downsize to condos due to physical ailments later in life after years of living in single family homes. This is worse than eminent domain.

@jimshoe402 Жыл бұрын

Quicker but Just like a TS in the long run..ALOHA

@MichaelBordenaro Жыл бұрын

That’s right there’s no upkeep to be had and there’s building services that can help you out in old age. concierge valet, pool, etc..

@oneemotiva4975 Жыл бұрын

@@MichaelBordenaro Yes and high HOA< Insurance ETC.

@deeb1636 Жыл бұрын

This happened to my friend in the western suburbs of Chicago. His condo was paid off, so he was one of the few that voted not to sell to the developers. Many of the other residents were under water because they did cash out refinances, so they wanted to sell. He had to move, and it was very difficult to find another condo in the area, as this caused a huge demand for housing in the same area with very limited supply. He eventually found a condo nearby, after a bidding war. I feel bad for the elderly residents who were forced to move out.

@AndiAndrea Жыл бұрын

😢ugh! How awful!

@MR..181 Жыл бұрын

In the age of voting for the continuance of invalid perpetuities trust ...???

@MR..181 Жыл бұрын

In the age of voting for the continuance of invalid perpetuities trust ...??? People monkeying with your ownership paperwork..hardly...

@justinagalindo7118 Жыл бұрын

Why he didn't buy a standing House, besides this horrible experience with condo?

@azmike3572 Жыл бұрын

In probably many states, perhaps including Florida, it's the developers who write the law, via huge campaign contributions to state politicians.

@bryceharper446 Жыл бұрын

BINGO!!! No state is safe from the plan

@sealisa1398 Жыл бұрын

Politicians ruin everything

@azmike3572 Жыл бұрын

@@sealisa1398 Regardless of what they say, getting reelected is their first priority. Their response to voters who criticise this first priority is something like, "I can't help you if I'm not in office".

@joycef8443 Жыл бұрын

Well, no, it was in the bi-laws of the complex. Read before you buy

@lindaberl3712 Жыл бұрын

It is so terrible that this is happening. Condo buying sounds pretty scary to me.

@ukulelebutterfly Жыл бұрын

RUN!!!

@Ghoxtfire Жыл бұрын

sound fine to me democracy majority vote

@joea5183 Жыл бұрын

Why are people so greedy?

@jerrymoore838 Жыл бұрын

Same thing is happening to people who own mobile homes in mobile home parks. Its a sad state of affairs

@MichaelBordenaro Жыл бұрын

Absolutely I made a video on that last month

@jerrymoore838 Жыл бұрын

@@MichaelBordenaro Thanks, just found your channel in the last week. Will definitely go watch it and many others I've missed. You do good work here. Respect and thanks

@MichaelBordenaro Жыл бұрын

@@jerrymoore838 thanks a lot Jerry I appreciate you taking the time to watch any of my videos when you can

@nuview1 Жыл бұрын

Absolutely. And we wonder why the homeless rate keeps rising. Its ridiculous.

@consumerdebtchitchat Жыл бұрын

When I purchased my condo I avoided anything fancy like a high-rise. My place is a three-story, one simple pool and an outdated gym. I didn't want a fancy place because I don't want to pay for someone else's vacation. As such I don't need pools with cabanas, a high-tech gym, a community movie theater and clubhouse, and don't forget the on-site post office and fancy dog run.

@censoredeveryday3320 Жыл бұрын

Why not just buy a house a bit more inland?

@consumerdebtchitchat Жыл бұрын

@@censoredeveryday3320 I just don't wish to purchase a home especially at 55 having undergone two knee surgeries with arthritic knees and I absolutely detest yard work of any sort. 😀 I wouldn't rake the leaves when I was growing up. I really hate exterior work. it's just not my thing and I don't care what color the building is . It's best for me to stay in my lane and let other people own a home. I'm just a condo gal ❤️

@censoredeveryday3320 Жыл бұрын

@@consumerdebtchitchat Those are very good reasons. I'm actually renting a small place myself and it is nice not having to do that type of maintenance for a change. I do miss the privacy though

@pinecone1321 Жыл бұрын

but ya still own a condo🤫

@photonbeams80 Жыл бұрын

@@pinecone1321 so what. Some people travel a lot, work remote and don't want to home every weekend to mow the lawn and pull the leaves from the gutters. Some condos are probably worth 3x times as much as your house.

@fornos123 Жыл бұрын

Michael, my Home insurance in Miramar Florida went up from $4,025 to $6,495.00 that is a huge jump man. Same thing happened to my car insurance. This is getting out of hand quick.

@legalbeagle4187 Жыл бұрын

Just retired, started looking at condos in Miramar Beach, past two years gone crazy, now HAS and insurance has, guess I won't be buying that part of paradise

@fosiko123 Жыл бұрын

a friend of mine was just informing me about the price increase yesterday ; he also live in Miramar just bought an apartment/townhouse. late 2021; kind of a shock to him; just really crazy down there in FL. i live in CA thou

@MichaelBordenaro Жыл бұрын

I know it's getting out of control! Video tomorrow will be on this

@rogerlewis3507 Жыл бұрын

Vote Desatan that's what you all wanted. Wake up people and see all they care about is rich wake of u all stupidly.

@bobbyhins Жыл бұрын

my insurance went up crazy too wtf we're becoming Venezuela thanks Biden🤡

@Administrator7 Жыл бұрын

This is exactly why you dont own shared walled properties. Buy Land, own a free standing house and the land under it

@canyonoverlook9937 Жыл бұрын

Couldn't the govt use eminent domain on your property? They did that to build expressways.

@cannotwest Жыл бұрын

Too much hassle with owning a house for some people.

@boyerbyr Жыл бұрын

Well, pay taxes on the land underneath 😂

@gypsygirl9 Жыл бұрын

Oh...one more thing I never quite got. Condos are not deeded fee simple (do not include any land parcel) You literally are buying air space and the walls floor and ceiling that contain that air space. And as you mentioned those walls are shared! Lol. How is this a good investment? Top that with the ridiculous Asdociation fees and I am mind blown that anyone wants a condo. You could have a sf house with land and pay to have yard maintained, pay to have house painted when needed that you detetmine when that is and still pay less than the yearly total of association fees.

@irenebykovsky5478 Жыл бұрын

House in Miami Beach ocean front is $20 millions and up. Condo in old building ocean front is less than a millions

@HayleyPond Жыл бұрын

Housing prices should never have been so high in the first place.

@chrispaul1117 Жыл бұрын

And we should have world peace,and women ride side saddle Ur point is what?

@jimcrawford3185 Жыл бұрын

@@chrispaul1117 It s raysiss to want world peace while there are so many white ppl

@realestatephotographyofcda5764 Жыл бұрын

Feds should have listened to us.. the people..

@greekperspective2076 Жыл бұрын

Citizens should be the only one that can buy property. Entities should not be allowed to buy properties. A maximum of three homes per married couple only. A maximum of two homes per individual. Why this should happen? Not enough homes causing homelessness. If this doesn’t happen then expect a revolution of the poor. And soon. It’s already happening with the left taking over the government. The poor are outnumbering the right and are voting for communism.

@TheAngelaDuke Жыл бұрын

Thank you for posting, Michael. It is a very sad situation for the elderly in Florida right now owning condos. You were spot on. Best, Angela

@MichaelBordenaro Жыл бұрын

It sure is. I cannot imagine being in my 80s and being forced to move.

@scottdorsey8220 Жыл бұрын

@@MichaelBordenaro It makes sense to me. The powers that be are killing us all by air, water, GMO and highly processed foods, allowed drug trafficing, big pharma and horrific injections, financially and economically. They'd take our spirits too, if we let them. Sad to say, the entire game is a lie and is rigged.

@goldlotus7831 Жыл бұрын

Florida may be attractive to people when the sun is bright and sky is blue. Come the unpredictable hurricanes ,the very same people would grumble and repent their poor choice of moving there. Now with high prices that's another reason for not moving there. By the way,many Canadians are buying homes and moving to Florida as Canada real estate has become unaffordable. So,it depends on who you talk to.

@auggieoutdoors3325 Жыл бұрын

IMO owners in these aged buildings should count their blessings when they get a generous buyout offer (vs a huge $$ maintenance assessment). It sucks to be forced to move for sure though, but these buildings and everything in them have life spans....

@censoredeveryday3320 Жыл бұрын

Aren't most of the buildings pretty old? I'm paranoid they would collapse

@MichaelBordenaro Жыл бұрын

Sure, if the buildings actually old and needs a lot of work

@jameslivergood348 Жыл бұрын

In your opinion.

@SuperCornic Жыл бұрын

I will never own a condo again. Dealing with the board was ridiculous, changed rules as they saw fit. Never made the building better, only worse. So happy the day I sold it. Same with HOA for homes, wouldn’t buy there either.

@VroodenTheGreat Жыл бұрын

My mother saw this coming several years ago. She owned a 1700sqft condo on the Gulf. As the people died off or moved out a developer would just buy the units. The last time I was there, I think there were literally 5 - 6 units that actually had people living in them out of a 40 unit building. She sold hers and got out of there.

@Boli4161 Жыл бұрын

As someone has already mentioned it, there's quite a lot of money from developers going to political campaigns. FL and specifically Miami, their government entities have to be scrutinized heavily all the way from Washington DC

@OceanLife772 Жыл бұрын

“Scrutinized heavily all the way from Washington DC”? The swamp? 😂

@rosspitca9142 Жыл бұрын

I have owned 2 condos,, loved both of them.. hated the BOD/HOA,, 1 was designed to no matter what,, nobody could get elected to the HOA,, and the president didnt even live there,, but he would 'borrow' money from the HOA to buy up the units as they came available. At every meeting the EXCEL spreadsheet had major errors in accounting (like $100k) and they HOA would always say it was a glitch in Excel.. (pretty sure the computer was correct. anyway,, every other year the HOA went up max allowed. the 2nd condo was managed by a company.. a corp slumlord who would not make repairs to the building unless if was a physical risk to a person walking by. (heavy wind storms weakening very old 2nd story balconies) we had a lower level unit and complained we had to be careful going out into our back yard looking/listening for the unit above's patio. -- I love the no chores aspect of condo's,, but you always get some crazy people who doesnt price shop for repairs etc....... we now own a small house.

@JeffreyWillis800 Жыл бұрын

Wow, I had no idea this is how condos worked. Difficult situation.

@larryeifler2994 Жыл бұрын

As an adult, I have lived in 7 different locations and have enjoyed each of them. Older people need to have access to medical facilities and transportation. I have lived in Thailand for the last 17 years. If I wanted to live near the ocean then I could move to Phuket.

@NoSpam1891 Жыл бұрын

Can't beat the prices there. Seriously thinking of going. Rent a house for $300 a month? Wow!

@larryeifler2994 Жыл бұрын

@@NoSpam1891 Most of the expat guys that I know have a Thai wife that they met back in their home country. Having a Thai wife simplifies many things here. Getting a retirement VISA is a bit difficult if your income is low.

@gregfawcett5152 Жыл бұрын

@@larryeifler2994 You just have to go to the next country over for a few days and then come back and you are good for another 6 months.

@flyntfoster4043 Жыл бұрын

im a new home inspector....im told its the worst 2 years in the last 40 for inspectors...im an APM in construction now...realestate people told new homeowners if you take time to get an inspector you just lost out to the next buyer....waiting for the flood of lawsuits.....NEVER TRUST SALES PEOPLE...AND NEVER TRUST THEM TO RECOMEND A HOME INSPECTOR!...would you trust a car dealers mechanic to check out a used car?????...NOPE!

@kookietherapy9398 Жыл бұрын

@Michael, all your old videos are showing up on my feed. Last night I met your Partner, Dad & Mom ! Good decent humans all around you ! 💗

@MichaelBordenaro Жыл бұрын

That's so cool! Yes, I'm very blessed with the people in my life 😊

@jimshoe402 Жыл бұрын

@@MichaelBordenaro I had that TOO and didn't like it !! Your others Didn't sign up for ur Website so DELETE that stuff .KEEP YOUR LOVED ONES SAFE..😁😁😁😁😁

@narlykid10 Жыл бұрын

Once student loan deferment ends later this year and people become delinquent we'll see things start to slide off rapidly

@astrahcat1212 Жыл бұрын

I used to own a home and had all kinds of problems. Your channel speaks the truth, this is why I rent and am happy to rent these days, will buy after the crash and would only buy a non-HOA property that's built after 2000 with a thorough inspection, hopefully also 1 story, simple and small basic property.

@Angelinaslifefl Жыл бұрын

Interesting though-your statement. I womder if this is why Schwab confidently made that statement.."you will own nothing and be happy."

@astrahcat1212 Жыл бұрын

@@Angelinaslifefl Well because you should be buying up gold and silver right now for the next 3-5 years then selling it after the crash for a home

@Galworld761 Жыл бұрын

I own a 100 year old house. It stood for a 100 years… it requires maintenance but I do a little each year. No HOA, stupid choices and budget busting surprises.

@lloovvaallee Жыл бұрын

I've often wondered about this. Once a homeowner's association is created it can't become immortal. These buildings simply aren't designed to last for centuries.

@NewOrleansSeptember Жыл бұрын

These companies buying up homes and making them permanent rentals is destroying home ownership and making rental prices too high.

@jimshoe402 Жыл бұрын

They did that to my 1K unit apartment complex 2001. they could get more from HUD Sec.8 so raised ALL. Then all the Good moved out over the next 5 years and it looked Good on paper. But just like Chicago then so how can u Sell Dung ..CRIME unreal !!

@Mitzi73 Жыл бұрын

Last year I sold my condo of 20 years. I could no longer afford it. They get more expensive over time. If you have a job, ok. But if you’re retired they are suffocating.

@TheSlashSlingingSlasher Жыл бұрын

I am glad I didnt go to Florida on a whim and rent a place. I think I would of been homeless by now

@fornos123 Жыл бұрын

It’s rough out here right now. The rents are extremely high and they don’t pay down here like other states do.

@YanilleCastillo Жыл бұрын

💯 I feel like it’s getting ridiculously expensive

@LL-wu8zt Жыл бұрын

You made the right decision. Florida has changed and is getting too expensive.

@rogerlewis3507 Жыл бұрын

@@LL-wu8zt What is the governor doing.. Nothing but focus on the wrong problems.

@consumerdebtchitchat Жыл бұрын

I'm in Tampa and the average one-bedroom apartment in a modest neighborhood like where I live is about $1,900. The price you see in the ad is never the true price because they don't tack on maintenance garbage sewer or pet.

@Mr.Helper. Жыл бұрын

Investors don't care about people, it's all about the bottom line ... it is what it is

@markadler8968 Жыл бұрын

The key is to know what your neighbors are thinking and to sell your unit just before you are forced to in order to get the highest price. Development is inevitable especially if you own in a desirable area and live in an older building. Holding out until the very end is not a smart move.

@mogheesadil7653 Жыл бұрын

Hi Mike: I really enjoy youe videos. I have been in the mortgage business for the last 30 years. FYI. All the mortgage lenders will do a flood cert before closing. If the property is in a flood zone, we will require flood insurance. The lender won't close the loan without a flood certificate.

@jimshoe402 Жыл бұрын

I saved my block from a Flood Zone in 2006..Got the city Out There unclogged the drain they paid Mills to put in..Off the record I got( 2) 12' trees in my back Yard. The Village takes care of the people who take care of the Village..😁😁😁

@MichaelBordenaro Жыл бұрын

Yes, I know lenders will require it. The problem is you don’t find that out until much later down the road into the transaction once you’ve likely already paid for a home inspection and an appraisal, etc.. But like I said, I don’t see them ever making this a real disclosure requirement, but who knows

@basha0810 Жыл бұрын

I own a waterfront townhouse. I've had pleasant dreams of a developer knocking on my door one day in order to buy me out. Fingers 🤞 And by the way, sellers have a right to know WHAT the details of the buyer are. That's always kept a secret. That needs to stop.

@andreaberryman5354 Жыл бұрын

They are buying out mobile home parks right and left. The developer DOES NOT HAVE TO BUY THEM OUT. This couple was at least bought out. People in mobile home parks have their homes stolen and destroyed. This is disgusting-that developers and "special essessors" throw the middle class out on the street.

@1000_Julys Жыл бұрын

My first "Super Like"! A wise contribution. Thank you, and your soul mate, for the effort, sacrifices (I've seen the road and property hazards - you navigate with notable patience), content, humor, candor, lovely scenery, and relevant and interesting data on the variety of topics you discuss. Thank you! I will support your efforts as long as I am able. 🙌

@Lisithedogwalker Жыл бұрын

Thank you soooo much Johanna!🤍🙏☺️

@elicash315 Жыл бұрын

I’m renting in Anna Maria area and citizen insurance just called us saying we are in a flood zone and need to get flood insurance to the tune of 400 per year which is 200x our renters insurance. My wife said we are on the third floor they said don’t care. We hung up.

@NotaSeaBass Жыл бұрын

Your renter's insurance is $2 per year????

@MichaelBordenaro Жыл бұрын

As a tenant that’s not your responsibility. Flood insurance is the landlords responsibility.

@jimshoe402 Жыл бұрын

@@MichaelBordenaro Con job...

@onemishelle Жыл бұрын

A friend of mine told me the insurance on one condo doubled. I have felt for years that Florida is a trap. Sadly, so many “locals” on fixed incomes are going to get hammered. I feel like I dodged a bullet by not buying in Florida, even though I grew up there.

@commonsense6967 Жыл бұрын

I refused to cave to the ridiculous insurance rates, and dropped my homeowners. Been here in N. FL for 34 years in this house. It's never flooded, and I've never even filed one claim! But then, I can do it because I have no mortgage. "The borrower is slave to the lender", and the insurance industry knows it.

@MichaelBordenaro Жыл бұрын

All Florida homeowners are getting smacked with high insurance premiums now. Doesn’t matter if it’s a house condo townhouse.

@MR..181 Жыл бұрын

@@commonsense6967 thats called ownership..all else..wiseguy bullshit devaluations...

@charleshammer2928 Жыл бұрын

@Common Sense At least half of my neighbors in this Condo Complex have dropped their home owner's insurance, I will be soon, not worth it.

@MR..181 Жыл бұрын

@@charleshammer2928 the "board" voted to fine owners 400$ a day for non compliance..fascist goon help keeping property values up while not being shot as theives..

@royhooper8080 Жыл бұрын

Wow….this episode was eye opening for sure…thanks Michael….love your “talks on your walks”. 😎

@MichaelBordenaro Жыл бұрын

Glad I could bring you some great value Roy!

@rayo1371 Жыл бұрын

Developer is doing them a favor if the building has not been properly maintained during its life ( as most have not). Getting 2x market value NOW without having to spend a dime on repairs and/or maintenance to meet 40 year recertification standards is a gift. What will be sadder is when the time comes to repair the building and most can't afford it OR they have to evacuate because the building gets cited as an unsafe structure by the County/City and they have then look for a place while still paying their old mortgages, taxes and maintenance fees. This has happened post Surfside. Grab the money ( most likely tax free gain ) and rent a nice townhouse out in the Western part of county that has green space, parking and pickle ball courts.

@davidholmes9643 Жыл бұрын

Hi Michael. If you hear Blackrock getting involved in anything that is the time to get worried.

@leeprice2849 Жыл бұрын

Investment firms will scoop up and buy those homes but not until they drop below probably 2017 prices. They stopped buying around 2014. They need to be able to rent the homes for more than the mortgage prices. Or it makes no economic sense.

@gypsygirl9 Жыл бұрын

Sadly, I think the condo calamity will eventually happen to everyone ( except if the building happens to be only a few years old). But Michael, you know condos are risky. When time comes you decide to move out of state or way north in the state, condos just don't sell fast like sf homes do. They are hard b to sell and now will be even harder to sell.

@JeffreyWillis800 Жыл бұрын

In my area, property taxes keep going up and up. For the last 3 years, the assessment of my house has gone up $30K each year.

@incognitoalias2808 Жыл бұрын

Ponzi Scheme......

@peterhumphrys Жыл бұрын

thank yo for covering this topic/situation, I was never a fan of condos and now this makes me even more against them though I do realize that for some people, condos are ideal.

@GetOffMyy Жыл бұрын

Condos are the main way I find private owners. Currently being forced out of mine (been here for 2+ years) that just got bought out and rent raised about 50%. This shit should be illegal.

@peterhumphrys Жыл бұрын

@@GetOffMyy Understandable, I was asking my friend what he thought about condos here in Toronto, he has his family home, I was a bit surprized as both his brother and sister had sold out of their condos and he said that they would have preferred to stay since they were really big units with plenty of land but some developers was looking to compact things at the end fo the day.

@JR_SupportOurHeroes Жыл бұрын

Just found out from USAA that Auto insurance is going to Nationwide significantly in cities and suburban areas. Glad I am moving to more rural area.

@In_con_ceivable Жыл бұрын

Who the hell can afford $15k/month rental…? That’s insane 😂

@13ChroniclesOfDagger Жыл бұрын

The Hispanics. They'll move in 20 family members all working minimum wage jobs, and live like 🤴! There goes the neighborhood 😆

@breesechick Жыл бұрын

@@13ChroniclesOfDagger I didn't think of family and roommates to afford it. That's a good idea to me actually.

@13ChroniclesOfDagger Жыл бұрын

@@breesechick that's how! 💯

@brianmatthews4149 Жыл бұрын

You work for the cartel or the government.

@censoredeveryday3320 Жыл бұрын

@@13ChroniclesOfDagger Most rental agreements don't allow for that many people to occupy the property. It is grounds for eviction

@amalhekmat3131 Жыл бұрын

I listen to many nowadays, you r one of the best realistic and very up to date, thank you.

@MichaelBordenaro Жыл бұрын

Thanks a lot I really appreciate that!

@jasoncrandall73 Жыл бұрын

I lived in a Condo Association (89 units) for 10 years in Bradenton FL. It was well run & they budgeted for everything. Dues went from $220/mo to $320/mo over those 10 years (2002 to 2012). The Board had to use Citizens for the last many years (structure). Residents had to pay for inside dwelling & unit liability. Residents covered utilities, premium cable chanels, internet & pest service. Basic cable was included in the monthly dues.

@user-rm8rc1xi8g Жыл бұрын

Miami will be hell on earth. Definitely, for those who left here at the end of times. The greed is out of control. Stay away from Miami if you are smart.

@collette6103 Жыл бұрын

Eminent domain can take your house any time if gov says area Needs schools or roads you won’t win against them. You’ll only get fair market value if you fight them. Some condos are on leased land too and cannot control the increases in land rent they sit on. I knew of a case in Laguna Beach in S Cali and land owner forced a buy out at millions above expected price. Two owners fought him and won. The other owners who bought him out saw an increase in their value of about a million each but it cost them!

@crabbyhayes1076 Жыл бұрын

As I recall, states like Ohio and Virginia already require sellers to disclose flood danger (requiring flood insurance). It sure seems like that provides really great protection for buyers.

@brianmatthews4149 Жыл бұрын

Yep they do in CA. It can be a pricey chunk for a policy.

@jimshoe402 Жыл бұрын

@@brianmatthews4149 IL too CHEAP $200 If Not in a Flood area..Only a FOOL buys in a KNOWN flood area..ALOHA

@CyndiOyea Жыл бұрын

As I recall AZ also. Yea, I know it’s a desert, but those monsoons drop alot of water and it does flood.

@kathyjakary7269 Жыл бұрын

Louisiana as well

@adriansummers3462 Жыл бұрын

I’m glad I got out of Florida when I did.

@brianmatthews4149 Жыл бұрын

I think it's funny when you see people follow each other to a state over load it and every thing goes up.look at Texas. The same thing.

@censoredeveryday3320 Жыл бұрын

@@brianmatthews4149 That's why I moved to a state nobody talks about

@jeffgilligan2004 Жыл бұрын

My guess regarding the condo association where a 100% vote was needed to see to a developer, is that that rule was in the declaration, rather than the bylaws, but I suppose some bylaws might require a unanimous vote. Most only require more than 50%.

@user-do2ev2hr7h Жыл бұрын

In my state, a supermajority seems to be the common threshold.

@mellowman247 Жыл бұрын

Once a investor has controlling interest he can make the place less desirable like shutting down the pool or exercise room or even the laundry. Or even make it difficult to get loans because too many investors own units rather than homeowners. He can kill the valuation so it’s hard for you to sell and he’s the only game in town and once he secures the whole property he can make it desirable again. So if somebody offers double the valuation you better take the money and run because if they want the property that bad you’re gonna lose in the end if you don’t.

@MichaelBordenaro Жыл бұрын

I agree, unfortunately

@nitemoves3157 Жыл бұрын

In my opinion bankruptcy is not a good option, unless you’re liquidating. Even then just liquidate independent of the courts. When McConnell and Bush changed the bankruptcy laws in 2007, all the good deals and ability to absolve debt went away.

@jimshoe402 Жыл бұрын

Can u do away with CC debit or is that Gone too.Never Had Any !!!

@williamlloyd3769 Жыл бұрын

Regardless of what states do regarding flood zone disclosure to buyers, Bank updated their mortgage loan processing work flow to include information about flood zone status and/or requirement for flood insurance. The Bank wanted to know about risks associated with the home site. Risk information about having a home in a wildfire risk area is also captured.

@jeffreydeuitch2146 Жыл бұрын

When you buy into any kind of association you need to know all the rules and obligations. They can be numerous.

@MR..181 Жыл бұрын

How they can come upon a contracted corporate expiration date and vote to influence your property.(steal)..wiseguy votes and bullshit "rulers" debtors in control.!

@lindakowal2502 Жыл бұрын

No control of maintenance fee increases and buy outs not wanted. I live in canada.

@curie3938 Жыл бұрын

Blackstone and Blackrock to merge new name = BlackHeart

@iraAlbucher Жыл бұрын

WOW- That's unbelievable - It's all about the Benjamin's for sure. Who gets hurt the middle class trying to retire in a nice climate. Could be a very rough year for everyone , except the 1%.

@jeffreyholland1135 Жыл бұрын

Thank you Michael for your continuous hard work making

@MichaelBordenaro Жыл бұрын

My pleasure Jeffrey thanks for being a channel member!!

@ginon.7329 Жыл бұрын

Another great real world scenario that no one would think about in advance. Always keeping us thinking about "curve balls" that could hose us.

@MichaelBordenaro Жыл бұрын

Absolutely this is a big one!

@SportModDriver88 Жыл бұрын

New developments also affect and change flood zones. Something to keep in mind.

@vickimishou4518 Жыл бұрын

This is happening to me right now on Hollywood Beach. Ten of us holding out & was just about to contact you for some advice. Ouch, but Thanks for giving me the truth. Rumor says buyer will send HIS appraiser & give me a price. Well to me it's priceless, so...😭

@MichaelBordenaro Жыл бұрын

I hear you it’s a tough spot especially if you don’t want to move. I’d be talking to all of your neighbors and see what they plan on doing.

@vickimishou4518 Жыл бұрын

@@MichaelBordenaro Glad you covered this topic! Investors pay by the square foot & not by my amazing location, Oceanview & secure parking spot. Offer was $130k! Ridiculous to try & replace it anywhere on HB ...as you know! Thanks also for the heads up on the 2025 mandates coming. Keep sharing your knowledge - it helps more than you know! 😎

@derekpersky8178 Жыл бұрын

I would still rather buy a condo rather than a house. I like being on the beach and would never be able to buy a house. Condo, yes, but not a house. And I personally enjoy the amenities that some of the high end condos offer! I doubt that condo sales on the beaches in Miami are going down!

@epuchildren8780 Жыл бұрын

I think the buyout will be less and less due to higher interest rates and non profitable investments. The cost of buyout, rehab, and resale of these units may not be attractive enough for investors to do this.

@renechang2406 Жыл бұрын

It depends if it's a 20 unit place and they can build a 100 ,200 unit building 300 . The location is what matters. You see 5 super luxury buildings and the next 4 are 100 year old low density buildings that are worth 1/10nth of the value of its current real potential. Developers are like vultures salivating at the chance to scoop it up

@Hirogen24 Жыл бұрын

Thank you for covering this topic, Michael. Great video as always. I think it is absolutely disgusting that the law even allows this... Well, this is one of the many "Freedoms" that we enjoy in Florida. Freedom to grab someone's desirable house, freedom to exploit the elderly, freedom to immorally profiteer, freedom to downgrade someone from an ocean-front condo to something much less. I am so tired of hearing about all the "freedoms" that we enjoy... I could easily do without these "freedoms".

@tomswierszczyk1162 Жыл бұрын

Well put, thank you.

@gregfawcett5152 Жыл бұрын

Move somewhere else then.

@Hirogen24 Жыл бұрын

@@gregfawcett5152 You are right. There are too many brainless people in this state.

@shizumaakiyama3129 Жыл бұрын

Despicable… how awful to do that to older people.

@prettygirlus9008 Жыл бұрын

According to the WSJ, 80% is the state law in FL, regardless of what the condo bylaws state.

@gypsygirl9 Жыл бұрын

Are you sure? So if the HOA doesn't mention it at all it means the 80% rule applies?

@prettygirlus9008 Жыл бұрын

@@gypsygirl9 Well, at least that's what I read in a recent WSJ article. And I think this KZfaqr is quoting from the same article.

@basharsg3672 Жыл бұрын

Man am learning a lot from your videos, thanks 👍🏼🙌

@MichaelBordenaro Жыл бұрын

That’s the idea👌 glad to hear that

@censoredeveryday3320 Жыл бұрын

Very interesting... I had no idea this was even possible. Great information

@nrich5127 Жыл бұрын

Actually with the new State law requiring that the condos maintain a "mandatory reserve fund" for repairs that creates an financial obligation into the tens of thousands for residents , they got out just in time. The value on condos in Florida will crash.

@MichaelBordenaro Жыл бұрын

, it’s too soon to tell if it will crash condo values but in the long run I’m willing to bet it will make them more expensive because the buildings that cannot afford. These increases will be bought out by developers and they’ll build something 10 times more expensive, and the buildings that can afford it will increase in value right alongside the brand new ones

@nrich5127 Жыл бұрын

@@MichaelBordenaro Some owners will bite the bullet and sell at a loss because they can't afford the astronomical new maintenance costs . This will cause values to decrease. The only solution I see is if they can remortgage the condo with the new cost imbedded in payments over 20 years - in this case they could afford to stay in the condo.

@jean-louislalonde6070 Жыл бұрын

While Michael was talking, an ad for condo on sale appeared on my computer screen! Makes you wonder...

@ag4allgood Жыл бұрын

I don't live on the beach front but really like my condo. I don't ever see a time when a developer comes in & buys controlling interest to tear it down. Living in a High PRICED BEACH FRONT Miami market is a totally different scenario. We had unit owners that rented but they are gone. In my condo its all owners living in here. I pay a FRACTION in Taxes compared to a Single Family Homer owner !

@jimshoe402 Жыл бұрын

An Arab !!!!

@MichaelBordenaro Жыл бұрын

They are definitely targeting prime locations above all else

@commonsense6967 Жыл бұрын

It makes no difference whether your FL property is in a flood zone or not, because come 1/1/26, all FL homeowners who have homeowners insurance will be REQUIRED to also carry flood insurance!

@mrsmith1339 Жыл бұрын

This article was in the Wall Street Journal. The condo was 3000 square feet with an ocean view. Michael could give a ball park estimate of value. The couple received "current market value". There must be tax consequences as the value since they bought it has increased more than $500,000. They must pay moving expenses, but the developer might contribute. They are in their 80's and may want to downsize, but they must pay current market price plus commission. Not a good situation not of ther making. I will be worse on condo tenants The unit could be sold and they won't benefit. my friend lives in a mobile home park where he owns the lot. A developer approached the assoc and 80% had to approve a complicated deal where they would be paid over years. It failed.

@NotaSeaBass Жыл бұрын

FYI, a married couple would not pay any federal taxes on a gain of $500,000. Zero. But I do think the situation is completely unfair for people who have followed the rules and tried to do the right thing. That's capitalism for you.

@mrsmith1339 Жыл бұрын

@@NotaSeaBass A 3000 sq ft ocean view condo purchased years ago could certainly produce capital gains exceeding $500000., especially of the developer paid unit owners more than market value.

@1000millionbillion Жыл бұрын

I would rather live in a Van than a condo or townhouse. HOAs are a hassle.

@chanaheidtman3381 Жыл бұрын

We live in a condo that is 40 years old. We just got a special assessment of 26,000. It is so bad that several board members have received death threats. I am afraid that some that cannot afford the assessment, might end up homeless, and many in our neighborhood are elderly and retired.

@nickthequick Жыл бұрын

Some call it opportunism others call it creative destruction; things have to die for other things to live, it's just part of the entire life cycle. Of course dying is hardly ever very fun ... As tragic as the Surfside collapse was, it was also partly the result of decades of neglect by owners who year after year decided they did not want to spend money on maintenance (it is still not clear if building codes were breached by the original developer). If you don't maintain your car it's going to break down and be next to worthless, if you don't maintain your property it will deteriorate until the land it stands on is worth more than the building, and if you don't maintain your physical and mental health you are going to break down too, faster than necessary ..

@MichaelBordenaro Жыл бұрын

The Surfside collapse was definitely an eye-opener for people, and these new condo laws are going to prove just how many condos have not been well-maintained over the years.

@juanbengochea1534 Жыл бұрын

The house to be rented for $15,000 if it was $25,000 I would go for it, but $15,000 is too cheap for me 😂

@MichaelBordenaro Жыл бұрын

😆

@jimshoe402 Жыл бұрын

Doc was renting out at Fontainbleau Condo for $40k a month.. A Russian she couldn't speak English..LOL

@MrDCMiami Жыл бұрын

Sometimes a building reaches a point where it's like an old car that's just not worth fixing any more. Between that and the "business models" of condos drastically changing, aging, decaying highrise condos are the financial death traps of the future. And no improvement in the "user experience" after all that fix-up money. My condo got such an offer but the opposition turned it into an uproar and the developer eventually walked off after two attempts at a bulk purchase. Now lots of people are selling individually as reality rears its ugly head, after claiming my financial projections were pro-sale propaganda. Even the holdouts will eventually realize they ended up with a huge missed opportunity.

@illiniEE Жыл бұрын

Not if it is built properly and maintained. I have an apartment in Paris in a building from 1880.

@MrDCMiami Жыл бұрын

@@illiniEE A Paris building from 1880 is a world apart from the South Florida condos built 40-50 years ago. These were done in "build and run" manner by profiteering developers. Once things come apart, you'll be pouring in money endlessly. Between that, increased regulatory oversight, and a worsening insurance crisis, the days of getting away cheap are OVER. The game has changed permanently.

@censoredeveryday3320 Жыл бұрын

Same goes for some single family homes as well. I sold a SFH last year that was sitting on "loose" soil. Had to put in a new driveway every 5 years. They cost $10,000 each and probably a lot more now.

@MichaelBordenaro Жыл бұрын

I agree that in some cases, a buyout certainly makes sense. If the building has too many problems that aren’t worth fixing it’s exactly like an old car. But not every building fits their criteria that gets a buyout. Sometimes it gets the buyout just because of its location.

@Jeannified Жыл бұрын

This is so wrong on so many levels, but I am not at all surprised. Developers are gonna get the big money, no matter what. They will not let anyone or anything stand in their way of getting prime property…even owners! Very sad.

@MichaelBordenaro Жыл бұрын

Yep that’s where we stand right now. I know a lot of people are happy to receive these buy outs but not everyone wants to move.

@gypsygirl9 Жыл бұрын

Well..if investors can get it cheap enough, they will buy. But , I think many investors actually overpay. They think they got a good deal but they formula I learned to determine the most to pay for any property must be different.

@alyross2850 Жыл бұрын

I think the government gets a cut of forced flood insurance. I had a home that was flooded and our neighbor had flood insurance. It ended up paying for a door of his and a couple of other small cost items. That’s it. They were forced to buy this expensive insurance, that didn’t even help them when the time came. I fought them for years to not get flood insurance.

@junserafin5241 Жыл бұрын

It's not just with insurance, taxes in real estate. Any item or service where the price can be raised they will do it- guaranteed! Even groceries, prices keep creeping up by a few cents every time I shop. It's the new America!

@nickthequick Жыл бұрын

It's happening all over the world, it's not just the US although some politicians would like to make you believe that

@KevinintheUSA Жыл бұрын

I appreciate your perspective. Much gratitude 😊

@richardventus1875 Жыл бұрын

Thanks Michael - it's nice to get a dose of reality every day.

@williamread8186 Жыл бұрын

Last statement is so true. Life is often a zero sum game.

@gailmeye4989 Жыл бұрын

My house is designated in a flood zone as per the fema map. The map does not recognize that the land was filed and my house was built so high it will never flood. Yet it is up to me to get a survey, submit the paperwork to fema to get it considered for changed, with all costs borne by me. Government over reach.

@reneeemigree9004 Жыл бұрын

Yes, now a days, 70’s, 80’s, it’s different now, little older but not quite geriatric.

@timelessmusicfamilymusic9175 Жыл бұрын

I own a condo in a nice neighborhood in North Dallas, the condo is not in the best shape, however I'm constantly getting calls, texts, emails & even letters from investors to buy my unit even though I never put it up for sale. They're even worst than telemarketers, this video just opened up my eyes 👀, thanks for the information.

@tony-ce7qp Жыл бұрын

Well because of your perfect info and warning for the poor people losing there homes we can im sure with time put in affect a federally mandated Act to protect people from large developers so that older and younger owners can not be pushed out by greed.Time for the Government to pass new laws and it can be done!

@joels1234 Жыл бұрын

Coffee and Sunday morning real estate talk... I enjoy it very much... you have excellent informative videos... It's why I'll never buy a condo...

@M3LTUP Жыл бұрын

I think these condo buy outs may be hard to accept if you dont want to move. But they might be in the best interest of the Majority of condo owners. Also the City of MB benefits because they get a brand new building that is safer(up to codes) and it generates higher property taxes too. I see no problem as long as the residents get a fair market offer on their unit.

@BrandonSchleifer Жыл бұрын

I don't know if the developer would go for it, but if I were offered a buyout, but didn't want to leave, I'd ask for a unit in the new building. Although I guess some of these people are too old to wait for that.

@MichaelBordenaro Жыл бұрын

Not only that , but it gives you the next problem of where are you going to go? In the meantime. By the time they knock down the old building and have the new one ready for occupancy, you could be looking at 5 to 7 years

@catherinep2034 Жыл бұрын

You would need to come up with the difference between the buyout & the price of the new apartment, definitely wouldn't be a straight swap.

@arribaficationwineho32 Жыл бұрын

I would ask for relocation to a comparable unit, paid by developer. Immediate relocation

@postscript5549 Жыл бұрын

About half the states, mainly in the West, have a declining residential real estate market. The commercial market is probably worse.

@markmadrid7476 Жыл бұрын

Moved into my place on Miami Beach couple of years ago..special assessment was 54,000. Then they pushed it up to 113,000 !!

@ricks8127 Жыл бұрын

Being forced sold at a time when sellers are having difficulty is actually a great position, not a bad position. Had this occurred to me, I would jump into the rental market for the next 9 months and buy back after the market softened a bit. So, in a way they're "lucky" they got forcibly bought out. It's really a matter of perspective.

@FeScully Жыл бұрын

Wait! What?! Take over? I’m shocked! I live on Brazil - we pretty much live in condominiums in the city - and I’ve never heard of anything like that on my life. It’s outrageous. About people having to pay a lot of money for safety renovations after the Surfside collapse you should check what’s happening in London after the Grenfell fire. People’s property have now zero value and they can’t sell without the repairs. They also can’t get another mortage.

@dem7615 Жыл бұрын

My flood ins went from 500 to 5000 For an old garage with one corner rated in flood zone.. town said your ok. Fema said no.. trying to get that resolved forget it.. I tore down the garage. Cancelled ins.