Owners asked to pay $175,000 each toward Miami condo 40-year recertification

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  • čas přidán 6. 02. 2023
  • Owners are being asked to pay $175,000 each towards their 40-year recertification and this is a story we have been hearing more and more across South Florida.

Komentáře • 4,1K

  • @alexsteven.m6414
    @alexsteven.m6414 Před 11 dny +516

    From my analysis, people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

    • @yolanderiche7476
      @yolanderiche7476 Před 11 dny +2

      I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!

    • @edelineguillet2121
      @edelineguillet2121 Před 11 dny +1

      Anticipate rising home prices due to inflation, potential economic fluctuations, and Federal Reserve actions, emphasizing the need for expert financial advice amid uncertainties.

    • @bernisejedeon5888
      @bernisejedeon5888 Před 11 dny

      I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?

    • @edelineguillet2121
      @edelineguillet2121 Před 11 dny

      Sharon Marissa Wolfe is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

    • @fresnaygermain8180
      @fresnaygermain8180 Před 11 dny

      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.

  • @ryanbarker5217
    @ryanbarker5217 Před rokem +1128

    i wish we lived in a world where people committing fraud went to jail.

    • @mattbrew11
      @mattbrew11 Před rokem +5

      Its not fraud unless someone paid already.

    • @MorgueRat
      @MorgueRat Před rokem +38

      If only. A lot of political figures and politicians would be sitting behind bars. As they should.

    • @highlow6671
      @highlow6671 Před rokem +45

      It's only fraud if you rip off someone richer than you

    • @the2ndamendment
      @the2ndamendment Před rokem +14

      You have the right to wish for whatever you want but that wish is delusional as that's not a possibility. We live in a world where the exact opposite happens- a fraudster lying con artist gets elected to the highest office to lead the people. I used to be like you but I saw the light. When you do you'll no longer wish for that but instead, you'll live your life according to that reality. Even the people you would least/never expect can and will betray you.

    • @paddington1670
      @paddington1670 Před rokem +10

      @@the2ndamendment went on bit of a tangent there, you ok?

  • @whatsreal7506
    @whatsreal7506 Před 9 měsíci +52

    Never live under the thumb of an HOA!

    • @marknewton6984
      @marknewton6984 Před 2 měsíci

      No way.

    • @chrischamberlain7628
      @chrischamberlain7628 Před 7 dny

      I’d rather live in a small, old house over living in a condo that is a glorified apartment. The HOA’s are worse than landlords. Anytime there are adjoining walls and balconies you can hear your neighbors. There is no yards, you have to use an elevator to bring up groceries, you have to park in an underground garage and walk to your condo. The list goes on. NO THANKS TO HOA’S.

  • @endlessadventure541
    @endlessadventure541 Před 9 měsíci +325

    Having lived in Miami for several years in the past, I can say with certainty that the entire metropolitan area attracts grifter and scam artists from all over the world. None of this internal corruption surprises me. I am glad I sold my condo at the top of the market years ago and got out (20 years ago). I miss the beach, but I would miss my financial security more.

    • @AP-eh6gr
      @AP-eh6gr Před 9 měsíci +12

      This, I purchased a car from an SF dealer, he was ok as he was getting older, the car sold to me was sound mechanically but not so great electrically. Did a little digging found he was arrested for money laundering years ago

    • @endlessadventure541
      @endlessadventure541 Před 9 měsíci +1

      @@AP-eh6gr Try being sick in Miami. The medical grifters will gladly kill you for your cash. I could write a book.

    • @wholeNwon
      @wholeNwon Před 9 měsíci +5

      . Yup.

    • @darcymoon2109
      @darcymoon2109 Před 9 měsíci +7

      And your life.

    • @alexjacobs3189
      @alexjacobs3189 Před 8 měsíci +5

      You got that right

  • @RJRussoVids
    @RJRussoVids Před rokem +2735

    That management company needs to be investigated. Sounds like a blatant money grab.

    • @anthonymartinez4307
      @anthonymartinez4307 Před rokem

      Stop over paying and stop moving in hoa type mob organization to steal from you. Seriously crazy like everyone is going to the bathroom and dumping wads of hundreds once they finish.

    • @Tko_Seven
      @Tko_Seven Před rokem +100

      Don't bother with Co-op, townhouse, etc. Just get your own house even if it is a small one.

    • @neilkurzman4907
      @neilkurzman4907 Před rokem +57

      Sounds like the people of the condo need to replace the management company. And if the board will not fire them, they need to elect one that will.
      People seem to forget that the HOA board is an elected government.

    • @SeeLasSee
      @SeeLasSee Před rokem +8

      Yes. There must be a reasonable medium between zero safety buildings in Turkey and this.

    • @KB-ke3fi
      @KB-ke3fi Před rokem

      It's the NYC banks.

  • @joshstoffel9455
    @joshstoffel9455 Před rokem +2023

    This is why I will never live in any home that has an HOA. I will have 100% control of my residence. I pay the bills can decide what goes/stays and also what needs to be fixed.

    • @hansblitz7770
      @hansblitz7770 Před rokem +1

      Exactly. I like my rural area, also no pants sagger crime, no army of overzealous, overfunded cops either. These people can live in their rat box in their urbanite scumzone away from me.

    • @dianebaugher3919
      @dianebaugher3919 Před rokem +40

      Exactly

    • @VoteForBukele
      @VoteForBukele Před rokem

      @@meep2253 nothing of any importance happens in your stupid backyards. Your Google search history is another story.

    • @caitlyngendersmeatsack
      @caitlyngendersmeatsack Před rokem +32

      I personally want a gold plated toilet, so I can smear my chocolate drops all over it

    • @mayhemmike1789
      @mayhemmike1789 Před rokem +15

      ✊️✊️✊️✊️✊️YOU TELL THESE M'FERS JOSH.....

  • @mikeb3936
    @mikeb3936 Před 4 měsíci +37

    The greed is disgusting.

  • @southendbos
    @southendbos Před 9 měsíci +132

    Board members should be sued for not saving for this beginning 40 years ago

    • @dan797
      @dan797 Před 5 měsíci +14

      Because the owners don’t want to spend any money -and vote no on any type of improvements and by the time they finally got an inspection, it’s too late they do it to themselves my building has an on-site building manager who is on salary. The HOA members are voted to the board by the members. We vote on every penny that we spend, and we have mandatory three-year inspections. We got three or four prices for every trade, and review each bed carefully and present to the owners.

    • @southendbos
      @southendbos Před 5 měsíci

      As it should be. Since the collapse, each HOA is required to be fully funded. It is what it is. Insurance doubled because whiny p.a.b. DeSantass was too busy going after Disney and drag queens, and got laughed out of the primaries because he's so uncomfortablein his own skin, he needed to hire a consultant to teach him how to smile. Maybe if he wasn't bitching all the time he could relearn how to smile. @@dan797

    • @arcadion448
      @arcadion448 Před 4 měsíci +5

      @@dan797- did you bother to watch the video? AKAM's engineer over-inflated prices and it's suspected that was because they wanted to contract the repairs to their sister company.

    • @dan797
      @dan797 Před 2 měsíci

      Like I said, none of the owners would vote for any improvements we vote on every penny spent I don’t care about this stupid videos. We’re being fucked now.

    • @arcadion448
      @arcadion448 Před 2 měsíci +2

      @@dan797 , so basically no. You didn't watch the video so have nothing useful to add to this siutation.

  • @melodeev5487
    @melodeev5487 Před rokem +1249

    The very fact that the Property Management's engineer wanted to give the contract to their sister company should be more than enough info to tell you what's going on here.

    • @nathanieltalcott8171
      @nathanieltalcott8171 Před rokem +5

      Depends on the commission. A property managers job includes all of the duties of a general contractor and more.
      If you already have a property manager who hires subcontractors, schedules their work, coordinates with tenants, provides site access, monitors the work, ensures the quality, pays the invoices, etc. then why hire a general contractor to do the same thing instead of paying a commission?
      If the presumption is that people are corrupt then this applies equally to general contractors. I just had one contractor bid $3000 for windows cleaning I managed myself for $450 and power washing $1500 I managed myself for $350.
      I'd rather pay a 20% commision to a property manager to manage the work than deal with it myself. But the bids I get from general contractors are 400% commission lol. Also, I think a property manager should be rightfully pissed if they're getting cut out of an existing commission agreement.

    • @5to1-w6d
      @5to1-w6d Před rokem +6

      As the cost of re-certification skyrockets, it appears that the only solution would be for owners to kick residents to the street and let the federal government subsidize illegal immigrants as the new occupants. A word of warning: watch out for empty beer cans falling down from the upper floors. 😂😂😂

    • @nathanieltalcott8171
      @nathanieltalcott8171 Před rokem +3

      @robertklein007 A lot of buildings the HOA are selling out to developers and the buildings are being demolished and replaced.

    • @mayshack
      @mayshack Před rokem +1

      This is not a fact at all-- it was simple conjecture by clearly biased condo owners. There was absolutely no evidence presented for, nor did the news segment say, that was the condo board was going to use their sister company.

    • @dboyette42
      @dboyette42 Před rokem +3

      Management acts on the instruction from the President of the Board, Period. They do not have the power to hire vendors for the association

  • @blackrain7465
    @blackrain7465 Před rokem +1901

    Many homeowner associations are mismanaging funds. We had reserves of almost $1 million but the association, on behalf of all of the homeowners, took out a $5 million loan, and raised our monthly association dues. There needs to be regulations prohibiting such.

    • @robertherman1146
      @robertherman1146 Před rokem +32

      LOL “Many”?? That’s pretty funny!

    • @BashoStrikes
      @BashoStrikes Před rokem +123

      @@robertherman1146 Actually it's not "many", it's "most".

    • @tickytacky8078
      @tickytacky8078 Před rokem +23

      There are! It's called not going into one!

    • @danieldipalma704
      @danieldipalma704 Před rokem

      @@francismarion4450 you want to be gouged without the government protecting you?

    • @hansblitz7770
      @hansblitz7770 Před rokem

      That's why anyone who buys a home in a place with a HOA deserves what they get.
      We already get trampled by the government, toxic workplace leadership, and then you want to come HOME and deal with MORE BS voluntarily?
      Most Americans do not even like their spouses either.
      Most toxic society on Earth.

  • @mtwain1674
    @mtwain1674 Před měsícem +7

    Good on the residents for doing their due diligence. The HOA’s conflict of interest is outrageous.

  • @dragonlover2085
    @dragonlover2085 Před 5 měsíci +14

    I've been doing property managment for 30 years now and here in germany you need a resolution for almost every repair over a certain amount of costs.
    It's up to the owners. They decide, not the manager.

    • @friedrichjunzt
      @friedrichjunzt Před 4 měsíci

      Hier scheint es in der Tat deutlich weniger bekloppt zuzugehen im Vrrgleich zu den Staaten 😮

    • @CalienteDesign
      @CalienteDesign Před 4 měsíci

      Its the same here. The board members have to approve. The issue is why the structural repairs we not evaluated and done sooner and perhaps staggered so the costs could be staggered and more affordable and the contracts for work should always go out to bid to reputable firms with no middleman.

    • @magnumxlpi
      @magnumxlpi Před 3 měsíci

      I would like a döner with cheese, no onions, herb and spicy sauce.. and an Augustiner please

    • @friedrichjunzt
      @friedrichjunzt Před 3 měsíci

      @@magnumxlpi Disliked you for the Augustiner.

    • @magnumxlpi
      @magnumxlpi Před 3 měsíci

      @@friedrichjunzt why? It's the best widely available beer in Germany

  • @apumpkinsmom
    @apumpkinsmom Před rokem +953

    Repairs should be done at the time they are first needed, and paid for by the monthly HOA dues that are already being paid. This definitely needs to be investigated.

    • @shutupstupid7710
      @shutupstupid7710 Před rokem +7

      True but the woman saying it would cause people to lose their home needs yo be forced to sell by the hoa and go live in the burbs on the money she has not the money she pretends to have

    • @mrdan2898
      @mrdan2898 Před rokem +3

      Yes, absolutely YES!

    • @pareeshaslaughter6798
      @pareeshaslaughter6798 Před rokem

      Yes THE WHOLE WORLD bumbed up scamming and sketchy business by 68% since the pandemic locked us up for a year. Now all of a sudden these unnecessary fees are coming out of nowhere

    • @monicarenee7949
      @monicarenee7949 Před rokem +26

      Yes because if not then what are the point of the fees?

    • @roachtoasties
      @roachtoasties Před 9 měsíci +19

      But HOA's don't work that way. If these assessments were part of the monthly HOA dues, dues might be $1,000 per month higher. Condo owners don't want to do that. They want to live in a fantasyland where HOA fees are cheap, but then complain when the bill comes due for needed repairs.

  • @nonawolf7495
    @nonawolf7495 Před rokem +222

    I had a condo for 16 years. We hired & fired 4 different HOA management companies in that period. Same story every time... HOA identifies a problem, quotes an exorbitant price, and wants to give the contract to a subsidiary. Every. Single. Time.

    • @alexanderchenf1
      @alexanderchenf1 Před 5 měsíci +1

      Well. Then you people need to form your own company

    • @solarlight10
      @solarlight10 Před 4 měsíci +2

      Classic move 🥲. Excessive greed will destroy us

    • @encinobalboa
      @encinobalboa Před 4 měsíci +1

      They all do that. This same kickback dynamic occurs in apartment buildings.

    • @arcadion448
      @arcadion448 Před 4 měsíci +3

      Have the HOA management company sign a fiduciary contract. On the flip side, my neighbors is an HOA ran by a HOA management company. The property manager had been assigned to the unit for 2 years, and not once in those 2 years had he even been on site. I think to this day, he hasn't done a walk around on the property.

    • @rodrod383
      @rodrod383 Před 4 měsíci +2

      @@encinobalboa how exactly does that work with apartments....what you are saying makes no sense.....with apartments the owner of the apartment building is also the "HOA" and they are the "Management Company" and of course they are the OWNER......so if they decide to use a company that they also own or they are affiliated with to do major repairs or renovations and to over charge (or under charge) for than it makes no difference to anyone else.....because the owner of the apartments is the one deciding what company to use and what bids to accept......with a condo building made up of individual owners and an HOA that takes care of repairs and renovations it does make a difference to the individual owners who gets the bid and if the bid is competitive or if there is double dealing and over charging

  • @AK-47ISTHEWAY
    @AK-47ISTHEWAY Před 4 měsíci +5

    This is why I live in an RV out in the woods. Nobody bothers me or asks for money.

  • @bruceharkness4497
    @bruceharkness4497 Před rokem +38

    Sad thing is, these types of buildings are going to keep needing these repairs. The life expectancy of a unprotected steel reinforced concrete structure in a salt spray zone is limited. It’s kind of amazing that these designs were allowed from a materials perspective, but not so from a profit motive. I don’t know about current building codes, but I hope the lessons learned from looking at the problems historically would spur them to update the building codes to prevent this in the future. Coated rebar, maybe not the whole structure, may have saved or certainly delayed the need to do such expensive repairs.

    • @dmitripogosian5084
      @dmitripogosian5084 Před 8 měsíci +3

      It is limited even in better climates. Steel reinforced concrete of second half of 20-s century is not that durable, time has shown

    • @mariesmith1616
      @mariesmith1616 Před 5 měsíci +1

      First reasonable comment.

    • @bruceharkness4497
      @bruceharkness4497 Před 5 měsíci +1

      To be fair, it seemed like a good idea at the time.

    • @DailyStalkerUpdate
      @DailyStalkerUpdate Před 4 měsíci +1

      Hindsight is 20/20 as they say. They probably didn't have the body of knowledge or the building codes at the time

    • @justalaymangoodatthings
      @justalaymangoodatthings Před 4 měsíci

      You have Good Knowledge I assume

  • @bigmamassoul8323
    @bigmamassoul8323 Před rokem +689

    I was considering a condo, thanks for putting it out of my mind

    • @GeminiCloudTech
      @GeminiCloudTech Před rokem +43

      Yes!! Me as well. A nice one on the beach when the boomer Karens start dying off. Not getting a condo in Florida. Screw that...

    • @cb4664
      @cb4664 Před rokem +8

      For real…😂

    • @MegaSunshineyday
      @MegaSunshineyday Před rokem +28

      If you buy any property with an HOA, review the financial statements . If it looks like they need to make an assessment, use it to negotiate the price.

    • @hansblitz7770
      @hansblitz7770 Před rokem +15

      I'm cool with my rural farmhouse. Thinking of getting a hunting cabin. You urbanites can live in your rat cage among the rats. Please stay there away from me.

    • @lunasol8215
      @lunasol8215 Před rokem +4

      Really do your research . On top all of their rules where you don’t feel like you own your property , they do .

  • @smckay6438
    @smckay6438 Před rokem +633

    Sue the hoa for negligence and endangerment as the repairs should be addressed yearly!
    And the hoa has a responsibility to do structural repairs immediately!

    • @MegaSunshineyday
      @MegaSunshineyday Před rokem +32

      Owners are the HOA. Wouldn’t they be suing themselves?

    • @maxmess1235
      @maxmess1235 Před rokem +23

      The tenants own their condo not the building it’s in which makes the building owners the HOA.

    • @smckay6438
      @smckay6438 Před rokem +8

      @@MegaSunshineyday depends, on if they hired a company to act as the hoa !or preform maintenance
      But its a good question !
      Also insurance could be involved !
      As usual the news has no idea how to ask pertinent questions!

    • @smckay6438
      @smckay6438 Před rokem +1

      @@MegaSunshineyday looks like max answered our questions ! Thanks max !

    • @HingleMacCringleberry
      @HingleMacCringleberry Před rokem +12

      If your HOA fees are low or if your HOA doesn’t have a savings account for expenses like this it is best to move. HOA fees that residents pay over time should cover this instead of pushing such a large bill all at once.
      Low HOA fees for such a large building are a red flag.

  • @tonystark19631
    @tonystark19631 Před rokem +39

    A major issue that no one mentions is HOA's hire management companies. Those companies derive their main income from the $ receivable (usually 10%). So what do management companies do, hire CPA's and lawyers to tell them their reserves are not enough and up goes the assessments. The laywers get their money, the management companies skim the top off a huge amount, and the cycle continues.

    • @tw8464
      @tw8464 Před 4 měsíci

      Nailed it.

  • @jaylewis5035
    @jaylewis5035 Před rokem +21

    In my condo the management company presented the Board with a $1.1 million estimate for exterior repairs. Board members then took it upon themselves to talk to contractors and got the same work plus a few more things done for $503,800.

    • @blessall8856
      @blessall8856 Před 9 měsíci +4

      Excellent work by those members!

    • @bernaclischurchill4463
      @bernaclischurchill4463 Před 6 měsíci +2

      That is still too much money. If you can pay that, then why not just 'buy' a regular home, which you will have to pay for repairs and upkeep anyway, and you will own the bldg itself, not a piece of it, that will be at the whim of these crooks.

    • @John-ft1oc
      @John-ft1oc Před 6 měsíci +1

      ​@bernaclischurchill4463 some people do not want a house.

    • @CalienteDesign
      @CalienteDesign Před 4 měsíci

      Way to go

  • @nickbeaucage4711
    @nickbeaucage4711 Před rokem +372

    As someone with more than 20 years experience doing structural engineering and currently living in Florida I think that’s a total joke! Glad I have my little house

    • @jamesnguyen_1
      @jamesnguyen_1 Před rokem

      Florida… the dumbest state?

    • @nickbeaucage4711
      @nickbeaucage4711 Před rokem +15

      Anyone else notice the algorithm tells me I have a reply but there’s nothing there. For a long time I’ve suspected my replies or just deleted or hidden-dead Internet theory

    • @HarshKumar-tw3st
      @HarshKumar-tw3st Před rokem +6

      @@nickbeaucage4711 Can't see a reply, but yeah It happens with me as well

    • @Timeculture
      @Timeculture Před rokem +7

      @@nickbeaucage4711 CZcams been deleting replies for ages around here

    • @simplysarah0310
      @simplysarah0310 Před rokem +3

      @@nickbeaucage4711 Yes that’s been happening to me as well! Also if I have a notification I can click it and see a reply to a comment thread I’m on but when I go back to the entire comment thread I can’t see that comment anymore. Or I’ll see a comment thread that says 4 replies yet when I click on it only 2 will be there. It’s really weird how CZcams operates anymore.

  • @rockpadstudios
    @rockpadstudios Před rokem +253

    I talked to a guy that owned a nice condo, elevator repairs $13k each. Front brick repairs $10k each, garage repairs $8k each all in a 3 year period. Be really careful with condo's and townhouses.

    • @TheCatD
      @TheCatD Před rokem +6

      Ouch!

    • @comradewolf4901
      @comradewolf4901 Před rokem +25

      AND SOMEHOW, just buying a house didnt make sense?? WOW.

    • @phonymontana4254
      @phonymontana4254 Před rokem +11

      @@comradewolf4901 they want to live high in the sky

    • @neilkurzman4907
      @neilkurzman4907 Před rokem +17

      What you really mean is be careful about buying into a neglected building. All those repairs are going to come up eventually one of your first hence will be the common charges are unusually low on an old building.

    • @rockpadstudios
      @rockpadstudios Před rokem +11

      @@neilkurzman4907 Exactly, it requires looking and reading the HOA meeting reports which most people don't do. I bought into a brand new complex years ago and there were issues but not huge ones like $175,000 per. The condo only cost $180k at the time. Elevators, fancy brick, underground parking, etc. are red flags if you are going to retire.

  • @Ministry_Of_Silly_Walks
    @Ministry_Of_Silly_Walks Před rokem +9

    That type of corruption is far more common than people realize. A friend of mine lived in one such condominium, and when he spoke out, the building management company obtained some type of gag order and threatened him with legal action.

  • @MisterM-ow6qk
    @MisterM-ow6qk Před rokem +11

    That's insane. They are being ripped off. They already pay maintenance costs. Major lawsuit and conflict of interests.

  • @V.E.R.O.
    @V.E.R.O. Před rokem +295

    I would never buy anything that involves an HOA.

    • @victoriavs7470
      @victoriavs7470 Před rokem +16

      Idk if you live in FL, but it’s rare for communities not to have an HOA or even a CDD as well.

    • @shadowmoon3223
      @shadowmoon3223 Před rokem +14

      Don't live in Florida then! Those HOA scammers are in all the nice areas and gated communities.

    • @cynthiabailey1021
      @cynthiabailey1021 Před rokem +2

      That is so true. My HOA chatting ove$ 10 and k another 1 year over $500 to pay immediately and less than 1 year and HOA increase. If y pau special assessment y are not credited for what y pay. It is very bad in Florida

    • @szhinkoszhinko5006
      @szhinkoszhinko5006 Před rokem +4

      i live in florida and you can find communities that doesn’t have hoa its not rare. in fact you can find communities that doesn’t have hoa in every state and there is a lot of them in every state.

    • @V.E.R.O.
      @V.E.R.O. Před rokem +2

      @@victoriavs7470 I don't live there.

  • @Alaric2030
    @Alaric2030 Před rokem +78

    The fleece is on! They are hiring their brother-in-laws company and robbing all the condo owners. This is criminal.

    • @thispersonrighthere9024
      @thispersonrighthere9024 Před rokem +2

      @@timtebowfan628 just because they can afford it doesn't mean they deserve to be conned.

    • @Mogardie
      @Mogardie Před rokem +3

      @@timtebowfan628 their condos might only be worth $500k each. That’s 40% of the price they paid. They can’t afford that

    • @marknewton6984
      @marknewton6984 Před 2 měsíci

      Scam.😮

  • @bigcahuna42366
    @bigcahuna42366 Před 4 měsíci +1

    Someone(s) on this board need to be arrested and charged with fraud

  • @hokeywolf3416
    @hokeywolf3416 Před 6 měsíci +2

    Higher HOA fees are needed to pay for future expenses. Roof fund, exterior repair fund, and many more. Every building needs to address this ahead of time.

  • @BashoStrikes
    @BashoStrikes Před rokem +333

    Exactly why one should never pretend to buy an apartment.

    • @Herbie11
      @Herbie11 Před rokem +19

      Haaaaa! I've always thought that too!

    • @Tekniq182
      @Tekniq182 Před rokem +26

      Based on that logic, no one should 'pretend' to buy a house.

    • @johnt7343
      @johnt7343 Před rokem +60

      @Frank G you’re buying airspace when you buy a condo, not actual land frankie boi

    • @megansands2861
      @megansands2861 Před rokem +4

      Should never pretend to..? Pretending how

    • @BashoStrikes
      @BashoStrikes Před rokem +23

      @@megansands2861 It's a pun; a silly play on words; a joke - some folks get it, some don't.

  • @jdb79jdb79
    @jdb79jdb79 Před rokem +409

    How the management company thought they would get away with this is beyond me. That's pure arrogance to assume that their little master plan would go unnoticed.

    • @bubbajones4522
      @bubbajones4522 Před 9 měsíci +12

      No, the new rules require a fully funded reserve account. These owners have been getting away with partial or no reserve funding for years and now the law is forcing them to do the right thing. Also, you should have an inspection of not only the physical building but also association financials. If you don't pay attention before buying or deciding to continue to own then you end up like this.

    • @MASTERPPA
      @MASTERPPA Před 9 měsíci

      you are assuming there was not money in that account. 46M / 175 is around 260. That building does not look like a 260 unit building.. Meaning there was money from somewhere else. Sounds more like they inflated the cost to hire their sister company to do the work@@bubbajones4522

    • @MessyPointedBlob
      @MessyPointedBlob Před 8 měsíci +4

      I'm still confused by details here. The HOA itself isn't the property managers. There should be building residents on the HOA board. Those residents should be able to exercise the option to reject what the property managers are proposing and/or demand property managers present multiple quotes for work.
      Here in NY, I have never seen a property management contract such that it couldn't be vetoed. In fact many have walk away clauses where either side can quit their property manager with 60-90 day notice.
      Florida must be special.

    • @juzoli
      @juzoli Před 8 měsíci

      @@bubbajones4522A fully funded reserve account is bot helping you if the management company commits a fraud, and wants to charge double price for the fixes…

    • @_PatrickO
      @_PatrickO Před 8 měsíci +3

      The condo owners pick their management company. This story makes zero sense. They can vote to fire the current company and do it themselves or hire a new management company. The management company has zero power to do anything because the condo owners give them power that can be just as easily taken away.

  • @Zzrdemon6633
    @Zzrdemon6633 Před 4 měsíci +2

    It does not need to be brought up to current code, only the code when it was built

  • @l.c.3150
    @l.c.3150 Před 6 měsíci +4

    This happens a lot. We have presidents, VP etc of the strata council here in Vancouver, BC, Canada and they get kickbacks from companies to implement things in the building and charge us. Example: they entered an agreement with our water treatment and the residents were outraged and voted against it but still had to pay the company for breaking contract. Many buildings were built shoddily that there was a flurry of leaky condos and special assessments to the tune of $50k plus. This property management company needs to be fired and investigated

  • @tuck6464
    @tuck6464 Před rokem +246

    They're being robbed ,even at 23 million. In a condo you own only the interior of your space, the association owns the building and all common areas. This is supposed to be maintained/ repaired, buy the association in lieu of condo fees, PERIOD. Clearly, fraud/ negligence is/ has been committed here.

    • @erich6860
      @erich6860 Před rokem +24

      I agree. You would of had to have ignored every single problem over the last 40 years to justify 23 million dollars in repairs,,, unless of course the problems are the result of original construction failures. I think they need to sue the heck out of this place.

    • @mrparts
      @mrparts Před rokem +13

      The association is the homeowners. Ultimately They still need to come up with at least 15 million at least it seems. As is the property is worthless until it’s certified,

    • @redwolfexr
      @redwolfexr Před rokem +20

      Not really true - you individually own the interior but you are part of the collective that owns the common spaces too.

    • @jimtekkit
      @jimtekkit Před rokem +8

      No doubt. Imagine there's only one resident in the entire building, would that mean they need to pay the full $23 million? This doesn't make any sense.

    • @DocNo27
      @DocNo27 Před rokem +17

      The owners are the association! It's mind boggling that people don't understand there isn't some magical, mystical pot of money that can appear out of thin air.

  • @DanFreeman723
    @DanFreeman723 Před rokem +233

    This isn't about money. It's about pricing people out.

  • @mmcgahn5948
    @mmcgahn5948 Před 9 měsíci +2

    What it seems to be is a “kicking the can down the road” approach to maintaining the building and now, with a mandatory 40 year inspection looming, the neglected repairs must be made. Be Leary of extremely low monthly HOA fees when looking to buy a condo.

  • @BillonBass
    @BillonBass Před 4 měsíci +1

    If I were a board member of that HOA I’d be checking under my car before starting it!

  • @user-xs5bl9dy6d
    @user-xs5bl9dy6d Před rokem +164

    At those prices people might as well buy a regular house.

    • @nathanieltalcott8171
      @nathanieltalcott8171 Před rokem +8

      A studio in Miami Beach starts at $225k and you still have HOA dues.

    • @AmoebaCulture
      @AmoebaCulture Před rokem +4

      Where can you buy a house with $175k?

    • @isocarboxazid
      @isocarboxazid Před rokem +11

      @@AmoebaCulture Methville, Ohio. Fentanylston, Indiana.

    • @CharlieBoiiTV2
      @CharlieBoiiTV2 Před rokem +4

      With the homes in Florida the Insurance is high as hell

    • @lelandgaunt9985
      @lelandgaunt9985 Před rokem

      @@AmoebaCulture
      Wood frames in the south.

  • @femmebrulee5053
    @femmebrulee5053 Před rokem +79

    You can build a whole new building for $46 million. WTH.

    • @francismarion4450
      @francismarion4450 Před rokem +4

      Maybe just the shell. Each unit could be worth 2 million or more if currently remodeled.

    • @nathanieltalcott8171
      @nathanieltalcott8171 Před rokem +9

      A typical renovation is 10% of value every 10 years. If they haven't regularly improved the property then this is not surprising.
      I bought a 10 unit Class C building in Miami Beach for $2.5m. A full renovation will cost $1.25m or 50% of the purchase price because the previous landlords did not do any improvements.
      That comes out to $125k per unit a one-story building with concrete block foundation! Welcome to being a property owner: You have to constantly reinvest 40% of net income to maintain value.

    • @erikh9991
      @erikh9991 Před rokem

      @@nathanieltalcott8171 My brother's tenant was there for 5 years. My brother thought he was a good guy for not raising the rent but he did not keep up with the repairs either. Now, he is $500/mo under market and the tenant says he should reduce her rent because the house if falling apart. She left and he now has to spend $65,000 before the next renter can move in. You got to keep the monthly rent at market.

  • @miked886
    @miked886 Před 11 měsíci +2

    I think it’s absolutely insane how many icons that guy has on his desktop

  • @tallbrian100
    @tallbrian100 Před 6 měsíci +1

    The condo board members are owners in the building and they kicked the can down the road for 40 years and now the deferred maintenance is a big number. Doing repairs on a building is no small task and is not cheap.

  • @catholicfemininity2126
    @catholicfemininity2126 Před rokem +151

    After what happened in Florida and hearing this, I'm never living in a high rise condo/appartment... especially by the ocean, that's way too scary for me.

    • @1575murray
      @1575murray Před rokem +11

      Those areas near the ocean were never suitable for the construction of high rise buildings. The developers literally got away with murder getting permits to build these buildings. The natural motion of the ocean itself can easily undermine the foundations and cause all kinds of structural damage and in extreme cases as we have seen buildings can collapse with disastrous results.

    • @marcushennings9513
      @marcushennings9513 Před rokem +1

      They've been getting pummeled by hurricanes and ts for decades.

    • @aycc-nbh7289
      @aycc-nbh7289 Před rokem

      @@1575murray Didn’t the recent earthquake in Turkey demonstrate just that?

    • @kennixox262
      @kennixox262 Před rokem +1

      @@1575murray Imagine the many condos in south Florida that are well over 50 stories or the complexity of a car elevator in that Porsche Design Tower condo. Why does one need to park their car 40 floors up? The maintenance on those elevator systems will be expensive.

    • @johnstuartsmith
      @johnstuartsmith Před rokem

      @@1575murray Salt air corrodes steel, water seepage corrodes rebar. Remodeling of high-rise condos eventually results in formica and linoleum being replaced by tons of granite that perhaps weren't factored into the original plans. Years of wear from sun and temperature expansion and wind damage from hurricanes take a toll. One hopes that the long-gone contractors didn't cut any corners on materials, that the now-dead or retired building inspectors were honest back in the 70's or 80's and that whoever drove the piledriver for the foundations got far enough through the sand and seashells to reach bedrock before saying "close enough."

  • @ginathacker6207
    @ginathacker6207 Před rokem +155

    My condo, 2nd home, is in Miami Beach. Like most all condo HOA’s, the Board is elected by condo owners and is comprised of the condo owners. They serve voluntary, no compensation. For years, we had a corrupt and self serving board. Finally, we have an honest professional board. Yet, our current re-certification and code requirements is $19M. Why??…because owners refused,for years, to vote to set reserve money for deferred maintenance. Of the $19M, $5M is for all windows to be replaced to meet hurricane codes-we’ve known this for 5 years but no reserve was set up. $5M for meeting fire suppression code-we’ve known this for 5 years but no deserve was set up. Stupid owners elect stupid boards who make stupid (no) planning decisions. Now, tough love!

    • @Ken-er9cq
      @Ken-er9cq Před rokem +23

      It is very annoying to see owners, especially investors, whose sole aim is to minimise spending of money, even if it is best in the long term to spend the money.

    • @Khanfuzed1
      @Khanfuzed1 Před rokem +9

      You are spot on, but i don’t think it’s all stupid people. There’s a lot of desperation and bad understanding of the costs/expectations of managing buildings

    • @Khanfuzed1
      @Khanfuzed1 Před rokem +6

      @@Ken-er9cq it’s systemic, most people on live somewhere a handful of years. So they want to avoid anything long term. It’s selfish and wrong but that’s how it’s done

    • @HOTWHEELSCOTT
      @HOTWHEELSCOTT Před rokem +2

      Spot on! Happens at condo complexes everywhere.

    • @richardbullwood5941
      @richardbullwood5941 Před rokem +6

      We also do the same thing with our local, state, and federal governments. Higher irresponsible people who are going to pass the buck. Or put the buck in their pocket.

  • @anthonymorris1723
    @anthonymorris1723 Před 6 měsíci +1

    The Engineers report and the necessary scope of work is what determines the cost. NOT THE BOARD

  • @DUxMORTEM
    @DUxMORTEM Před 4 měsíci +1

    I'm baffled that you can buy a home in a building and the repairs to said building come out of your pocket...

  • @TotesMAGoats69
    @TotesMAGoats69 Před rokem +70

    I was looking to buy a 1BR condo in Miami. Then the Champlain Towers collapsed during my home search. It made me rethink why would I want to live in tuna can on the 16th floor and paying absurd HOA fees and now a reassement fees. Il keep the farm

    • @nathanieltalcott8171
      @nathanieltalcott8171 Před rokem

      You sound like a liar.

    • @arribaficationwineho32
      @arribaficationwineho32 Před rokem

      You can rent.

    • @paxundpeace9970
      @paxundpeace9970 Před rokem +5

      The fees aren't just the issue int his case.
      The property manger asked as sister company to make the repairs and therefore increase and share profits.
      The initial 46 Million repair bill seems pretty large to me too.
      But the 23 Millions bill is still huge but reasonable for building of that size and age.

    • @nathanieltalcott8171
      @nathanieltalcott8171 Před rokem

      @paxundpeace9970 I only manage my own properties so no conflict of interest. If I hire someone to powerewash it might be $350. If I hire a contractor to sub the same job it will be closer to $500.
      Why have a general contractor manage subcontracts if you're already paying a property manager to do this work? And by this work I mean hiring subs, scheduling them, coordinating with tenants, supervising the work, checking the quality, paying the invoices, and dealing with complications.
      If you're already paying a property manager to do these things then hiring an outside contractor to do the same work is dumb.
      I manage my own properties but I know other managers charge a commission on work done. You either pay the property manager or you pay the general contractor. I wouldn't assume one is better than the other; it is very situational. But noone manages construction projects for free.

  • @georgeh6856
    @georgeh6856 Před rokem +256

    I lived in South Florida for 8 years. Out of all the people I met, hundreds of people, I can count the number of honest people on one hand. I am so glad I left that hellhole years ago.

    • @YagirlM
      @YagirlM Před rokem +1

      It truly is hell. The people are manipulative, lying, greedy garbage 💯

    • @Mexicobeanpole
      @Mexicobeanpole Před rokem +13

      I’ve lived in 5 states over 42 years because of job relocations.
      I’ve met honest and dishonest people everywhere.
      I’m now in Florida. Good people and bad people. Just like every other state and all over the world.

    • @georgeh6856
      @georgeh6856 Před rokem

      @@Mexicobeanpole Here are some of the things which happened to me in the 8 years I lived in Florida. 1. The guys who owned the condo above mine were drug addicts with a rap sheet. One of them got elected to the condo board, then fired the lawyers and manager, and with another board member, hired their cronies instead. They dropped stuff at all hours of the night, waking me up just about every night. The cops sided with them and said they were "model citizens"! 2. An older guy at the LGBT center and his friends almost drove their car into mine. I had to brake hard to avoid hitting them. Then he got out and walked over laughing at me. 3. Another guy at the LGBT center shoved me into a door as I politely tried to exit around him. He wasn't even thrown out of the meeting for his violence. 4. A cop rear-ended my car. The cop who came out failed to assign fault, but the other guy's insurance quickly paid all of my bills so long as I didn't sue. Years later, looking through old papers, I Googled the guy who rear-ended me. He made the local news because he was a fake cop! 5. I was hit while walking by a car which made a right-hand turn from the left-lane directly behind another car to enter the CVS at the last second. Luckily I wasn't seriously injured. 5. Several of my "friends" including many older guys I was dating would trash me behind my back. I found out about it because I did computer work and sometimes saw the message they sent about me to other people. 6. A drunk guy at my friend's condo yelled at me for parking in the guest spot. When I started recording him with my phone, he physically attacked me trying to steal my phone away. He later told the cops that he was saving that only guest spot for one of his guests. 7. An older guy who just moved there yelled at me because I was calling the score when serving at doubles tennis. So I stopped calling the score to appease him. Then my longtime tennis partner started yelling at me because I wasn't calling the score. Then they both yelled at me at the same time for completely opposite reasons. 8. I got yelled at for about 10 minutes for kissing my boyfriend before he went back to Boston for the summer, by a homophobic employee at the LGBT center. The center's director stood by his homophobic employee. 9. I was crossing the street with the Walk signal. A minivan failed to yield and turned in front of me! I tapped their back window to alert them that they almost hit me. The cop who came out sided with the driver of the minivan, who falsely claimed that I was on drugs. The cop lectured me that if I had broken their window, I would have to pay them $600. No concern that they failed to yield and almost ran me over which likely would have seriously injured or killed me.
      Florida is renowned for being a crazy state, if not the craziest state. Do a search for "Florida man" to find out.

    • @georgeh6856
      @georgeh6856 Před rokem +42

      @@Mexicobeanpole Also, I have lived in 6 states and two countries over 53 years. Florida is by far the worst.

    • @mimi1o8
      @mimi1o8 Před rokem +21

      @@georgeh6856 i lived in 3 countries, 2 continents and 3 States, I’m very glad to be away from Florida, the worse place in so many ways.

  • @rjakiel73
    @rjakiel73 Před 4 měsíci +1

    Even at $23 million it’s ridiculous. The "fees" being paid are to go to maintenance of the structure. Apparently that didn’t happen either.

  • @ocean12
    @ocean12 Před 6 měsíci +2

    Sounds like another property grab from the owner of the building. Force homeowners out so you can do a few repairs. Then triple the cost for new tenants.

  • @thoughtstorn854
    @thoughtstorn854 Před rokem +236

    That's why owning a condo is a SCAM SMH 🤦‍♂️

    • @La-familia-de-Fazio
      @La-familia-de-Fazio Před rokem +13

      Need to do research before you buy is all!
      If you can afford to own and or rent the condo; condo ownership can be very profitable If managed properly!

    • @cle-chi
      @cle-chi Před rokem +4

      @@La-familia-de-Fazio
      HOA

    • @keetahbrough
      @keetahbrough Před rokem

      that's the illusion lol. you don't actually OWN anything. they can take it from you, ANY TIME. it's all a scam. most homeless people HAD a home, a family, a future so bright. Until they encountered SOCIETY.

    • @kensmechanicalaffair
      @kensmechanicalaffair Před rokem +1

      Slaw brained, lol.

    • @caitlyngendersmeatsack
      @caitlyngendersmeatsack Před rokem

      For me, owning a butth0le is a scam, because many people are full of sh!t.

  • @truthteller4442
    @truthteller4442 Před rokem +146

    That's absolutely INSANE. That's literally almost an entire new mortgage.

    • @dersturmerofjewery6038
      @dersturmerofjewery6038 Před rokem +4

      Hey Henry Ford I loved his book the world's foremost problem

    • @lmjo4660
      @lmjo4660 Před rokem +2

      They shouldn’t pay a dime! What can they do besides have a lawsuit!

    • @juanvaldez7279
      @juanvaldez7279 Před rokem +2

      @LM Jo the signed up to live in a HOA. It's a contract not much else they can do unless the have a time machine. But this is why people buy into HOA so they know only other people like themselves will be able to afford to live near them and protect property value.

    • @Khanfuzed1
      @Khanfuzed1 Před rokem +12

      its a 40+ year old building on the edge of the water with decades of under budgeting for repairs and deferred maintenance like most of the buildings from that time period in florida. It probably needs to be mostly rebuilt. No surprise there. People just assume structures last forever. They don't. Especially if you aren't constantly taking every precaution to protect them, which MOST Hoas do not because it -is- expensive. Most people dont know what theyre getting into and dont understand what theyve bought.

    • @chrisfoxwell4128
      @chrisfoxwell4128 Před rokem +5

      @LM Jo , if one doesn't pay fees or assessments, the condo association can likely foreclose on the property and sell it leaving the former owner with nothing but bad credit.

  • @gobbletegook
    @gobbletegook Před 3 měsíci +1

    You cannot live in a condo/high rise like this without some sort of HOA, no matter what you call it. Who is going to clean the common places. clean the pool......water the flowers, fix the roof, or fix the plumbing. You cannot just say you will use your own plumber or something when pipes and drains go though common walls and stuff. or the roof leaks

  • @larryburns3561
    @larryburns3561 Před 6 měsíci +1

    The steel rebar in the concrete is the problem. It will eventually fail after being exposed to the salt water over time.

  • @observer8736
    @observer8736 Před rokem +65

    Mismanagement of properties are notorious in Miami area. Ridiculous. Someone has to stop some thieves.

    • @ashleydaniel3215
      @ashleydaniel3215 Před rokem +6

      Like a governor?
      You get what you vote for🤷

    • @kennixox262
      @kennixox262 Před rokem +4

      Perhaps if the Governor of Florida would spend less time on his anti-Woke policies and focus on the real problems that Floridans face, things would be better. You get what you vote for.

    • @juanvaldez7279
      @juanvaldez7279 Před rokem +3

      It's all of FL. Property management companies energy and Sugar monopoly are some of the biggest Republican donors.

    • @markrichards6863
      @markrichards6863 Před rokem

      Unfortunately, a lot of property has been mismanaged, with lots of deferred maintenance. My condo bylaws stipulate that 5 percent of the sale price of each unit gets claimed by the building. It keeps our monthly fees low and our prudent reserve flush with cash. It also discourages property flipping. We recently did our facade and balconies refurbished and our assessment is only 110 dollars a monthly for 4 years. We also have money set aside to replace both elevator controllers. Most of our condo board members have backgrounds in finance. If you are buying a condo and see any deferred maintenance in the common areas, don't buy. It's a huge red flag. The building I live in was built in the late 60s. Everything looks pristine. Hallway carpeting is replaced on a rotating schedule. I've been here for 9 years. It has been a good experience, quite different from the horror stories you hear.

  • @icyhotmike
    @icyhotmike Před rokem +75

    Don't live in a condo and run away from anything HOA/rented land. There are some really shady property rules in most states they get away with robbery

    • @larrybruce4856
      @larrybruce4856 Před rokem +2

      What about hundreds of housing subdivisions with HOAs. Beverly Hills has HOAs, as does homes in Detroit.
      Research before you buy.

    • @mikloridden8276
      @mikloridden8276 Před rokem

      So rob them back. If caught claim you are a crackhead and the law will let u go. This is the perfect loophole

  • @nohopeequalsnofear3242
    @nohopeequalsnofear3242 Před rokem +2

    This is why you never move into a home with an HOA....NEVER!!!

  • @markloroff
    @markloroff Před 3 měsíci

    This makes total sense to me. Half for the repairs half for their pockets.

  • @michaelyoung1502
    @michaelyoung1502 Před rokem +55

    This is happening all over Florida. Rent is completely outrageous and getting to the point being homeless is a very good possibility. You can’t make a car payment and insurance and utilities then pay a rent that’s 300-500 to 2000 more than it’s worth and should be able to charge. Oh did I mention food??
    It’s really does amaze me what one person will do to others for money. Sickening world

  • @debjh8983
    @debjh8983 Před rokem +14

    If you live in a condo in Florida you’d be wise to sell it.

  • @ronaldcole7415
    @ronaldcole7415 Před 4 měsíci +1

    This is an expense every single condo owner in Florida will face sooner or later.

  • @walkingstick6655
    @walkingstick6655 Před 4 měsíci +1

    Owners likely have voted down contingency and maintenance fees for many years. They chickens have come home to roost. It's likely not the management company being shady.

  • @gpg9516
    @gpg9516 Před rokem +138

    How does a 50 million dollar building need 26 million in repairs? 😮

    • @Weasel_NM575
      @Weasel_NM575 Před rokem +42

      And how did it even pass inspection from the get go 😂😂

    • @charljrhode2
      @charljrhode2 Před rokem +31

      The numbers make no sense , I would think a million max like what are those repairs cause at 46 million even 23 million you could just build a new building almost

    • @lesterlammers9463
      @lesterlammers9463 Před rokem +9

      @@charljrhode2 You don't have no idea what these buildings need.

    • @drewh3224
      @drewh3224 Před rokem +10

      With all these, what's the point owning a condo?

    • @liljohn5070
      @liljohn5070 Před rokem +2

      Whoever put that 50 up tryna get they money back 😂⏰

  • @johnsteward132
    @johnsteward132 Před rokem +15

    Inflated repair costs= kickbacks...

  • @julfeng
    @julfeng Před 9 měsíci +1

    My first home was a condo, glad I learned early on.

  • @mariajones8304
    @mariajones8304 Před 6 měsíci +1

    Don’t they already pay condo fees that supposed to cover these costs? Where did all this money go? Repairs like that happen overnight. Owners pay monthly hefty fees.

  • @Chicago48
    @Chicago48 Před rokem +51

    $23Mil is only 1/2 of the $46Mil, which is $80,000 each. It's still too high.

    • @Mac-xo2zj
      @Mac-xo2zj Před rokem +6

      beats having the building fall over like that other condo in Florida

    • @jayd1687a
      @jayd1687a Před rokem +7

      80k each to repair forty years of neglect really isn’t terrible; that’s 2k per year which is pretty much the cost of maintenance on a home.

    • @efonwang
      @efonwang Před rokem +2

      @@jayd1687a yea but nobody lived or owned that place for 40 years. What about someone who may have just bought it?

    • @tspcocktail
      @tspcocktail Před rokem +4

      @@efonwang that's why you ask pertinent questions when buying a condo in Florida. Get the HOA financial statements, how much is in the reserves, are there any special assessments, get the minutes of last HOA meeting, talk to current residents.

    • @francismarion4450
      @francismarion4450 Před rokem +1

      How could you possibly determine if that is too high or not? Are you a structural engineer that assesded this building?

  • @johnhmielewski1230
    @johnhmielewski1230 Před rokem +52

    Condo's are just glorified apartments that you own and are able to sell like a house, but the same financial bs comes with it. Just like apartment management raises rent and other bs fees and drama you get the same with condos.

    • @trainsandlocomotives
      @trainsandlocomotives Před rokem +8

      Yup, those high HOA fees make them unattractive

    • @alexskatit4188
      @alexskatit4188 Před rokem

      It's not the same. You can just leave an apartment if the rent is too high. You are the owner of the condo, so you would have to put it on the market and hope to find a buyer at a profitable cost.

    • @garyyuen3183
      @garyyuen3183 Před rokem +2

      a stand alone house better, more private

  • @michaeltutty1540
    @michaeltutty1540 Před 4 měsíci

    The Board Of Directors has been negligent. The annual budget should have allowed for contributions to a reserve fund intended to cover expected major repairs without needing a massive special assessment. The Board should also be aware of and on top of the actions of the Property Manager.

  • @jonk9977
    @jonk9977 Před 9 měsíci +1

    They just did this at my moms condos for repairs and charged everyone 1500 ,they didnt even pay for the work ,now the condo has a lien

  • @nyankanakitty
    @nyankanakitty Před rokem +39

    It's a common thing for HOA to hire the most expensive contractors available, the property managers most possibly get some kickbacks for the inflated costs, and the sketchy contracting business probably pocket the rest

  • @sabinaflapperina1300
    @sabinaflapperina1300 Před rokem +19

    If there's one thing that I learned from living in a condo it's never buy one

  • @sfloridapatriot5572
    @sfloridapatriot5572 Před 3 měsíci

    The residents should ask for a copy of the 40 year inspection report.

  • @troymyck6519
    @troymyck6519 Před 9 měsíci

    This is not just. It is not just is not legal. Just in Miami or USA you see things like this. Thanks for the "law makers" That protect wealthy people

  • @ronjohnson9032
    @ronjohnson9032 Před rokem +68

    Basically a timeshare that you live in full time because the fees never end.

    • @caitlyngendersmeatsack
      @caitlyngendersmeatsack Před rokem +1

      You don't love never ending fees? KAREN!!!!

    • @dannylengyel5830
      @dannylengyel5830 Před rokem

      Homes are moneypits regardless if they are condos or SFH.

    • @irina383
      @irina383 Před rokem

      The fees are there for a reason. You haven’t seen a condo collapse in Miami? Because of shady construction and owners were stalling repairs for a decade. Truth is if you are not willing to deal with repairs you can’t afford to own anything. In collapsed condo repairs were also worth 200 k each owner but people stalled, the more you stall the more damage there is ,the more expensive repairs become

  • @bye7555
    @bye7555 Před rokem +91

    It is crazy that 1 building fell down to show that they all is living in a house of cards 😳

    • @billydakid9814
      @billydakid9814 Před rokem +7

      it was built by Latin Americans

    • @caitlyngendersmeatsack
      @caitlyngendersmeatsack Před rokem +3

      @@billydakid9814 🤣🤣🤣

    • @trentbateman
      @trentbateman Před rokem

      It was the Colombians laundering the coca money through the 70s into the 80s

    • @drigocrews
      @drigocrews Před rokem +7

      @@billydakid9814 thats what happens when you pay them $4 like tru mp when he hired undocumented immigrants

    • @CoolMoeG
      @CoolMoeG Před rokem +4

      That’s a building defect, you shouldn’t talk about things you don’t know anything about. I live a few miles from that building

  • @michaelw9780
    @michaelw9780 Před 4 měsíci +1

    Here's how the game works, A 40 year recertification is standard. The Owners bring in their own engineer and he says 50 million. The condo owner can't afford it. Maybe they bought the condo for 150k nearly 30 yrs ago. They will be forced to give up their condo. But the owner will be "benevolent" and give them 300k for them to leave quietly. Once most of them are gone, they will get a new engineer estimate of 30 million. They will upgrade the building and the empty condos and resell them. Say 400k invested and get 1.4 mill a piece. One million clear profit on each empty condo. Also it is completely legal.

  • @Rune__
    @Rune__ Před 4 měsíci +1

    Surely the residents has been paying into a fund for this 40 years recertification, each single month for the past 40 years?
    That is how you would do it in my country, so you wouldn’t get a shock every 40 years.
    Plus without it you would have a hard time selling the apartment when you get close to that 40 year mark.
    Do you really just close your eyes and hope for the best in USA? 🙅🏼‍♀️

  • @pinkparasollise9646
    @pinkparasollise9646 Před rokem +139

    My late uncle had belonged to his HOA in Los Angeles county. 48 townhomes in a gated community with one shared swimming pool and tennis court. Each were forced to pay $18,000 for a new roof. Years later, my real estate friend visited my uncle's home; he told me he could have gotten it repaired for $3,000.

    • @armchaireconomist8648
      @armchaireconomist8648 Před rokem +21

      Pink Parasol Lise- Let me know where I can get a roof for $3,000.00

    • @2wheel_freedom
      @2wheel_freedom Před rokem +10

      @@armchaireconomist8648 I would say read that comment slower.
      New roof versus a simple repair, yes i could picture the difference in amount. Imagine replacing an area of shingles for example from tree damage on part of the roof for less where maybe an HOA would say they prefer a whole new roof for what ever reason.

    • @armchaireconomist8648
      @armchaireconomist8648 Před rokem +7

      @@2wheel_freedom so years later a realeatate friend examined each of the 48 townhomes and determined that these roofs could have been repaired for $3,000.00 each instead of being replaced for $18,000.00 each.
      The realestate agent is either a genius or a liar.

    • @viadharmawheel
      @viadharmawheel Před rokem +2

      So are you saying some KB action? As in Kick Back...

    • @DSC800
      @DSC800 Před rokem +4

      Repairing a roof for $3k is much different than a new roof for $18k. A $3k repair may need to be done again next year, then again and again. A roof that is 30 years old may need new underlayment, all new tiles, etc then it is good for another 30+ years. Repairs are just putting off the inevitable for an old roof.

  • @chrisjackson1215
    @chrisjackson1215 Před rokem +28

    46 million? How the hell did it get that bad? HOA needs to be investigated for letting it get so bad (or committing fraud/whatever). At 46 million they may as well build a new complex from scratch.

    • @girlygirl1890
      @girlygirl1890 Před rokem +1

      I was thinking the same thing. At that price, just tear the whole thing down and start over. What the heck?

  • @samanthalake5011
    @samanthalake5011 Před 9 měsíci +1

    I would never want to live in a multi condo unit like that. Seems problematic for tenants alot from the videos I've watched. 😮

  • @imxploring
    @imxploring Před 4 měsíci +1

    All those years and "deferred maintenance" and artificially suppressed HOA fees add up! Living cheap catches up with you. Remember the Florida condo building that simply fell down a few years back because of lack of maintenance.

  • @jamescoleakaericunderwood2503

    THANKS FOR THE LIFE LESSON.... REALLY APPRECIATE IT 🙉🙈🙊

  • @wiseman2748
    @wiseman2748 Před rokem +47

    They should be charged with attempted theft.

    • @michaeltrevino201
      @michaeltrevino201 Před rokem +1

      What's attempted theft, how would you define that

    • @neilkurzman4907
      @neilkurzman4907 Před rokem

      So what you’re saying is they should allow the building to collapse, then collect the insurance and sell the property?
      It’s people exactly like you that caused the building to collapse in Miami.

    • @neilkurzman4907
      @neilkurzman4907 Před rokem

      @@Unpopularity
      Tenants? no the condo owners decided that instead of running the building themselves, they would hire a management company. they are not tenants. Extort? The status extorting them. They told them if they don’t inpect their building, and correct, the faults, they’re going to lose their certificate of occupancy.
      The building needs millions of dollars in repairs. The question is how many millions.
      If they don’t like the management company, they can hire a different one. Or they can manage the renovations themselves.
      Capitalism? They are free to get as many quarts is they want. And they want to pay for.
      If they want shoddy, barely passing work, that’s their choice.
      Basically, they hired a contractor to do the repairs. And don’t like the price. I don’t see how that’s extortion. I’m not sure where the defending themselves from. They own the building.

  • @pegcity4eva
    @pegcity4eva Před 3 měsíci

    This happened at my families condo in Ft Myers. The condo board refused to put any money into it until it was almost too late. Luckily they got it repaired but the entire building almost needed to be leveled.

  • @funguy4utube
    @funguy4utube Před 6 měsíci +3

    This was 11 months ago - anyone have an update?

  • @honeyblu1586
    @honeyblu1586 Před rokem +47

    The association are made up of people who don't live there they extort the fees and invest in other projects. It's messed up and its alot of cover ups happening

    • @SureYoureRight
      @SureYoureRight Před rokem +4

      Nailed it

    • @jeweledbyjazzz3030
      @jeweledbyjazzz3030 Před rokem +2

      Exactly what I was going to comment as well!!!

    • @shadowmoon3223
      @shadowmoon3223 Před rokem +1

      That's the real story

    • @jonm4501
      @jonm4501 Před rokem

      Actually, the HOA is run by an elected board of the owners. In this case the Board hired a management company to manage the day-to-day business of the HOA. The Board can fire them and do the management themselves (here in Florida, a lot of HOAs/COAs do), or replace them with another management company of their choosing.

  • @trainsandlocomotives
    @trainsandlocomotives Před rokem +12

    That one building collapse basically turned many other condos into a money pit and trap.

  • @williamv9058
    @williamv9058 Před 9 měsíci +2

    frankly, 20 million is way off. these people are paying thousands each year for fees to keep the building in shape. sounds like these didn't get done.

  • @iTuneplus
    @iTuneplus Před 9 měsíci +1

    Whether it's a single family home or multi family home, a home will need a major investment if it's 40 years old. This is especially true if the home is on Florida's sinking coastline. At the end of the day, these owners are left with only 3 choices, either to refurbish, rebuild, or abandon these condos. By the way, abandonment is a rarely an answer, but since the scientists and insurance companies are predicting that Florida will be under water within this century, it might be in this case.

  • @user-vf6ru8gm9p
    @user-vf6ru8gm9p Před rokem +92

    Why anyone wants to have others in charge of their property is beyond me.

    • @kensmechanicalaffair
      @kensmechanicalaffair Před rokem +5

      Some peeps are into that kind of thing.

    • @nathanieltalcott8171
      @nathanieltalcott8171 Před rokem +3

      Why anyone wants to manage their own properties is beyond me. I own and manage an apartment building in Miami Beach. And I live in a rental.
      I bet you do your own lawn care and painting too! Because someone doesn't understand basic economics. Why would a software engineer making $150 an hour not pay a property manager $25 an hour to do the job faster and better?

    • @user-vf6ru8gm9p
      @user-vf6ru8gm9p Před rokem +8

      @@nathanieltalcott8171 I apologize for the confusion when I said property I meant ones residence. Meaning putting the welfare of my home in the hands of others leads to this kind of situation.

    • @calvinmelaney9942
      @calvinmelaney9942 Před rokem +3

      Unfortunately we have become a soft society always looking for convenience and easy.

    • @williamhaynes7089
      @williamhaynes7089 Před rokem +2

      Be on the board yourself... you can run for seats too

  • @PheonixBluez
    @PheonixBluez Před rokem +24

    I remember when we stayed in a condo when I was a teenager and the lady in the office in charge of collecting rent stole over $150k and ran to Cuba. That's when I knew I would never buy a condo.

    • @hansblitz7770
      @hansblitz7770 Před rokem

      There's a dozen ways to transfer a large amount to a crooked commie country.

    • @thewwmm25
      @thewwmm25 Před rokem

      Lmao ran to Cuba with that money? You have no idea

    • @billydakid9814
      @billydakid9814 Před rokem

      @Rich Casino they could pay a boat to take em to cuba and im sure they are still connected there .. they are loyal to them and are like spies

  • @alksjda
    @alksjda Před 8 měsíci

    Thanks Ron

  • @ask-128
    @ask-128 Před 4 měsíci +1

    remember ..trust....but verify.....how much is going in the property manager and their families & associates pockets....

  • @adelewolff6484
    @adelewolff6484 Před rokem +8

    50 million dollar building -46 million repairs = condemned building not sound and needs for closed. That other building that collapsed was around 46 years old in Florida on beach.

  • @tunemaking
    @tunemaking Před rokem +27

    What a lot of people don’t realize is that anytime they buy property governed by an HOA, whether condominiums or homes, hey may be on the hook for any assessments that may be incurred by the HOA. I’ve always said that I won’t belong to an HOA even though there are some benefits.

    • @Tugela60
      @Tugela60 Před 5 měsíci +1

      The HOA is the owners dummy, the assessments are not incurred by the HOA, they are incurred by the owners.
      There is not some giant tooth fairy that pays to maintain your property, you do.

    • @marknewton6984
      @marknewton6984 Před 2 měsíci

      HOAs are a scam.😮

  • @Matt-yg8ub
    @Matt-yg8ub Před 4 měsíci

    Years ago I owned a home in an HOA, mine was on the interior of the neighborhood. Every year they kept raising the dues to pay for snow removal on the exterior sidewalks….. and the homes on the west side of the development that utilized those sidewalks. Every year I kept getting charged more and more and more so that the people living on the west side of the development didn’t have to shovel but I got zero benefit from it.
    The final straw for me was the park, the development had a private park that was literally surrounded on all sides by homes with no public access. The only way to get to this park was through your backyard (Note, one of the homes had an emergency services easement up their driveway and into the park…. But it was not public access.)
    That literally meant that of the 500 homes in this development 100 of them had a private park that the other 400 were paying for.
    I raised the issue at the HOA meeting when they wanted to put in half $1 million worth of playground equipment. Why the hell should I pay for it? If my kids can’t play there and the response was basically make friends with someone who lives on the park and then you’ll be able to use the park

  • @ChuckleHoneybear
    @ChuckleHoneybear Před 8 měsíci

    As the fiduciary they have breached the no-conflict rule and duty towards the tenants. Illegal.

  • @GodwinWoo
    @GodwinWoo Před rokem +22

    We had the same issue but not as much. I quickly gathered owners contacts and we formed a chat group and started many private meetings. Got the price down to 1/3 by finding a different contractor.

  • @Me97202
    @Me97202 Před rokem +9

    Before anyone agrees to pay a special assessment like this, they should ask for a full audit of where the HOA money is gone in the past. The people in charge of the HOA where I lived, treated it as their own personal bank account for home projects.

  • @NYRM1974
    @NYRM1974 Před 3 měsíci +1

    46 million you should be able to build a brand new building for that amount of money

  • @marilynnschroeder4436
    @marilynnschroeder4436 Před 4 měsíci

    Stronger state laws around how much HOA’s should be collecting from owners and how much is needed in reserves so that owners down the line don’t wind up paying for 60 years of lack of proper maintenance!