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I first saw condominiums (now known as condos) in Ft Lauderdale 50+ years ago (circa 1971). I wondered why/how you could “buy/own” a “part” of a building without loose end risk (maintenance/life cycle of the building). As I first thought, It turns out to be a very bad idea.

nice

Wonder how much is price gouging the owners on the repairs?

Never Never NEVER buy anything that has an HOA associated with it. Not even a single family home. These HOA entities are EVIL.

Yeah Michael Bordonaro. also talked about the cricket club as well. Apparently, apparently that’s a popular place!

The law takes effect 2025?

Oh no, the owner class is getting taxed and they can't afford the lifestyle they like anymore? Welcome to my generation.

Aloha from Hawaii… We just had a $4k insurance assessment and people are freaking out. Of course, those that are freaking out don’t understand how we calculate our budget and fund our reserves.

Condos are the worst investment, the HOA fees alone should be a huge red flag for prospective buyers.

Bet the "reverse mortgage" vultures are circling.

Personal responsibility comrades. If'n you be too broke to live in Florida move your stinky butt to Guatemala. Or Angola.

This is another example of the perils belonging to a collective whether it is condo or socialism/communism.

Is it worth buying any type of real estate in Florida? I heard lots of insurance companies are not renewing policies and are not writing new policies at all.

Boat owner doesn't respect speed limit for wake control?

the new american is dream is leave the american dream

Florida is for people who are scared to leave the country

Potential buyers should review the minutes of recent board meetings to see what's going on before purchasing.

This is one of the better videos on this situation. Clear and succinct, thanks Paul.

I bought a condo in CA and the previous owners neglected many things, including roof replacement. When it came down to the assessment, an over-entitled owner refused to dish out money and we were happy to serve him with lien. This Florida situation is absurd however. I hope these seniors find a home.

I’m only 61 years old and have been watching this for many years. Just like people we age and decay - bottom line. People grow old - buildings get old and decay. That’s it plain and simple!!

NOTE to SELF: Never purchase real estate in Florida and never buy a condominium or HOA controlled property.

This is basically a republican mindset which is NO REGULATIONS as if people will do what they should when they should. BUT THEY DONT!! Instead, nobody wants to pay for necessary maintenance and make the responsible choice. Now it’s time to pay the piper.

Isn’t it better to just buy a sailboat and live aboard and move around when you feel like it .

I would not allow someone else to determine how my home is maintained. I lived in managed communities with HOA. One had a small assessment to fix defective coping on the pool early on but it was done before other damage could occur. All of them had issues with non residents using the playgrounds and pools and violating the rules in antisocial ways.

Problem is that condo boards are amateurs, neighbors. If they raise the Charges, they fear getting voted out. the law should require a 3 to 5% annual increase to produce sufficient reserve. Take it off the shoulders of the amateurs.

it's not just south florida, i'm in central florida and we got hit with an assessment too. it would have been $11k for my condo. we had to kick out the scheming board and replace them with actual homeowners so we could figure out how to figure things out.

How did anyone think these building would last forever you can't put your heads in the clouds and say everything is wonderful

Make the people who try to escape by selling pay their share at closing. The new owner should not be burdened with it.

Suddenly my tiny one level beach bungalow with NO HOA! is lookin preeeety darn good. 😊 Btw.. living at the ocean is brutal. Things like air conditioner units, washing machines, etc. barely have a half life.

Emptying out your 401K for a Florida condo is not a good idea to begin with. Condos are expensive to live in. 40 years I've been analyzing condo budgets. It's always been a disgrace on the part of the real estate community for not making this clear to their clients. "Do not buy, there are no reserves, the roof is a mess..." and it goes on.

As a life-long Florida resident, I always wanted to live on the beach or on a barrier island. Did not do this because of hurricane risk and salt water damage. Never considered a condo, too much like an apartment. Happy in Central Florida.

Lack of proper state regulations to protect life and property. Poor governance and where’s the governor with the condo and insurance crisis.

Buyer's agents... Here we go again. You should have been made aware BEFORE you purchase a condo that the Buyer's agent analyzed the budget and the minutes from meetings. This would take about an hour on the agent's part. They do not want you to know. Buyer's agents are the worst.

When I go to Boca I bike from Palmetto to Atlantic... the area is amazing

When I lived in Brickell this was already happening post 2008. We were getting hit with assessments every year. It is very important to see the financial health of the building, if you do not want to get hit with assessments just for bad loans and financial decisions in the past. But it is not just assessments, it is insurance too. The bubble will pop sometime. And it is not just the real estate market, but the financial market is not doing so well, and the stock market is overvalued, while most people are maxing out cards and government spending through debt is off the charts. Tough times ahead for the western world

In what world does it make sense to build a huge building on sand?

9:27 talks shit on Florida condos for ten mins and then try’s to sell you on how great they are. You realtors are all the same.

For the client that just bought that condo (in the early story)... if the seller paid off the current assessments, then is there a way that the buyer can see the list/history of assessments and repairs and issues that were/were-not taken care of -- so they don't get hit with a new surprise bucket of mandatory fixes? Like would the condo-board have to provide a history of documentation on stuff in previous reports (and stuff they declined to fix) and inspections to a potential buyer?

Won’t someone please think of the boomers?!!!! 🥲🥲🥲🥲

Oh no. Boomers finally getting screwed over. Play the worlds smallest violin

Where’s the governor

😂😂 bye-bye Boomers! you had your easy life. Game Over

In the world of organized crime this is known as RACKETEERING.

That's poor planning on your part cry me a river

Pretty soon, FL condos will be empty.

Stop this!

They can cry in there caviar 😂

That storm has been in Florida for the last 25 to 33yrs it only get worst

Making way for illegals

They will extend it and finally change this law. Desantis is about to lose next election. People are coursing him every single day