Florida Condo Crisis: Rising HOA Fees and What You Need to Know
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- čas přidán 24. 07. 2024
- Florida Condo Crisis: Rising HOA Fees and What You Need to Know
In this informative video, Larry Mastropieri, the broker and owner of The Mastropieri Group, shares a comprehensive analysis of the rising HOA fees and fluctuating condo market in South Florida. The video features Jim Burke, a local resident who reveals that his HOA fees have almost doubled over the last few years, pushing him to sell his condo.
Larry identifies three main factors driving the soaring fees: insurance costs, inspection requirements, and new reserve fund regulations. Homeowner's insurance premiums in Florida surged by 40% in 2023, largely due to past hurricane claims and legal complexities, which drove many insurance carriers out of the state. However, recent legislative reforms have begun attracting new insurers, offering a glimmer of hope for stabilization.
The video touches on stricter building inspections imposed after the 2021 Miami Surfside collapse, which led to costly engineering and renovation work for older buildings. Additionally, a new regulation now requires condo associations to maintain adequate reserve funds, further impacting condo owners financially.
Despite increasing HOA fees, Larry points out that condo prices remain relatively stable but notes a substantial rise in the time it takes to sell units and a growing inventory, both signs of a market slowdown. He forecasts a temporary dip in prices during the slower summer months but anticipates a possible turnaround in the fall and winter due to fluctuating interest rates and higher demand.
Larry advises condo sellers to consider selling now to stay ahead of the market and encourages prospective buyers to conduct meticulous due diligence on condo documents and HOA finances to ensure a sound investment.
He concludes the video by inviting viewers to subscribe and stay connected for more real estate insights.
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00:00 Condo HOA Fees Rising In South Florida
00:30 3 Main Reasons For Rising Condo HOA Fees
03:27 Who Is Most Affected By Rise In Condo HOA Fees
04:06 Indicators To Sell Condos Now
05:22 Advice For Condo Sellers And Buyers
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Nothing is gonna come down.
🤣
I own a home in Florida and recently reviewed the expense of ownership, maintenance and it’s around 9K annually. Insurance is 4K and insurance is paid in the condo fee. You could buy an acre outside of town and put a camper, tent, or live in your car on the land to save money but I’m sorry shelter is just expensive period.
The Florida R/E is a diaster. It does not matter at all that Insurance Carriers come into the market if Natural Diasters continue ( hurricanes, floods or fire). Beryl just become the first Cat 4 hurricane in history for June. It is big time gambling so the real question is can you handle the entry fees, on going costs and ultimately the losses?
Best info about upcoming condo fee's and rules...Insurance Co are sending out cancellation notices like crazy in Boca, it seems like everyday someone is posting on nextdoor in East Boca...Thanks for keeping us informed, it's appreciated.
Thanks Lynda! This debacle feels unprecedented, for sure.
Very informative!
Thanks Peter
Thank you
My searches on condos is showing a 33% decrease this year due to the HOAs. Question is will they continue to go down or should I buy now?
insurance will never go down , they will only increase , even if more insurance companies come to florida they work together with politicians to make money , its allways about the money , do not think they are there to help you
The problem is these people paying times 3. Insurance for the Building, Insurance for the unit the own, and any assessments for Building/Maintenance Projs.
Good luck with that!
Mediator at DFS and to learn that $36.2 billion dollars out of $51 billion has gone to Public Adjusters and lawyers who I work with on a weekly basis and ONLY $5.68 billion has gone to Claimant victims in Hurricane, water or flood damage is criminal. I will be raising this with the DFS Hierarchy.
Land grab for condo buildings. I am sure the developers are waiting in the wings to purchase these units for pennies on the dollar. In florida condo owners are receiving 200K assessment fees.
Yeah, those $200,000 special assessments are the fault of the owners because they refuse to maintain their own buildings or keep reserves. Though I guess Florida could just let the buildings collapse on their own.
But yes, if you have a building in terrible condition that requires hundreds of thousands of dollars per owner to fix if it’s in a good location then maybe the land is worth something
That is awesome. I guess it is just one of the perks of being a Java Developer.
I would rather rent than buy a condo that is within 3 miles of the coastline in Florida.
Prices need to drop by 50% ..
You mean the HOA fees?
Couldnt pay me to live in an HOA, Condo
I know...I'd buy a plot of land and put up a tent before I would buy a home in an HOA or a condo of any type.
@@TheHiredGun187Do you have room for my travel trailer?😂
No one’s paying you at 11 anywhere, problem solved
HOAs SUCK!
Dude, buy a bigger jacket.
Done & done.
Condo = all the benefits of renting coupled with the obligations of owning
So apparently don’t understand why people buy condos so you just decided to make something up. If you don’t want one then don’t buy one.
Condo owners are suffering from delusions.
Aye holes had 3 year notice no sympathy hahahahahaha
Woah, don't be so heartless Harry! 😅
Just say NO to HOAs.
Those politicians are bought buy the insurance ask Desatan and his disciples.
Yes, but when the politicians were owned by the real estate industry, and we’re strangling the insurance industry, you had nothing to say.
Insurance is a business if it loses money, it goes out of business. And Florida lead the nation with bankrupt insurance companies. In fact the state of Florida is now the largest insurer in Florida and growing.