Condo owners blindsided by $100K assessment fees in Volusia County

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  • čas přidán 25. 06. 2024
  • There are now just six months left before the state-wide deadline for condo buildings to get their mandatory engineering assessments done. In Volusia County, this costs over $100,000 per condo owner at one building.

Komentáře • 260

  • @MichaelBrown-ny3et
    @MichaelBrown-ny3et Před 2 dny +50

    You won’t be able to give a condo away next year.

    • @righteousone1
      @righteousone1 Před dnem +2

      Reap what you sow!
      Florida housing market always crashes hard.

  • @stockey
    @stockey Před 2 dny +68

    They're rushing to sell their condos, but nobody wants them.

    • @whelmanlandry
      @whelmanlandry Před 2 dny +7

      Insurance won’t write new policy’s either

    • @Phil-G1075
      @Phil-G1075 Před 2 dny +6

      If I was an owner of a condo in Florida, I would start an owners affiliation club and fight back against the building owners for my rights. Building inspections or limited building life expectancy was not in my contract of purchasing sales. I purchased a unit within a building associated with fees to maintain buildings, but not, structural engineering. Period End of story.

    • @righteousone1
      @righteousone1 Před dnem +3

      But I thought moving to Florida was the greatest thing in history?

    • @steven4315
      @steven4315 Před dnem +1

      @@Phil-G1075 Building owners are the condo owners, they gonna sue themselves?

    • @ifihadsmesumchicken6276
      @ifihadsmesumchicken6276 Před 18 hodinami +1

      @@steven4315 I would! Teach myself a lesson!🙃

  • @bruceclement9357
    @bruceclement9357 Před 2 dny +65

    Why are owners surprised by this? You lived on the cheap for decades in an environment that erodes steel and concrete. Instead of saving for repairs, or keeping them up along the way, now it's a lump sum. It was a gamble and unfortunately you lost. No dumping it on a future owner. Or worse. A catastrophe.

    • @user-kk3qg5el1m
      @user-kk3qg5el1m Před 2 dny +10

      Yep and off the backs of us that don’t live on the beach. They are the reason insurance has skyrocketing. They need to ban where these homes and condos can be built

    • @mikewinston8709
      @mikewinston8709 Před 2 dny +4

      Entirely correct….they were greedy and got caught out.

    • @emichels
      @emichels Před 2 dny +3

      Yup, it has to be paid and it can't be passed on to a new owner. They just need to drop the price and cut and run. Crazy that they didn't mention the name/address of the building for viewers to be wary of.

    • @tringuyen7519
      @tringuyen7519 Před 2 dny +3

      Most condo associations have been preparing for inspections & renovations deadlines for 3 years already. Why did these condo owners ignore the deadline?

    • @UpUpDnDnLtRtLtRtBAStart
      @UpUpDnDnLtRtLtRtBAStart Před 2 dny +2

      @@user-kk3qg5el1m​​⁠location on the beach is not what’s causing insurance increases. It’s being in the storm territory that consumes all of Florida. It will soon happen to the lower midwest states as they keep getting pumped w tornadoes. Insurance is a failed dying industry.

  • @viningscircle
    @viningscircle Před 2 dny +12

    People won't be able to even sell a condo with that millstone strapped to it.

  • @bricks-mortar
    @bricks-mortar Před 2 dny +31

    After, the assessments are paid, the condo association will sell the building, then everyone will be forced to sell out, at lowball offers.

    • @bubbajones4522
      @bubbajones4522 Před 2 dny +9

      These owners all voted to underfund their reserves and to put off doing needed repairs. I feel zero remorse for them.

    • @jasoncrandall73
      @jasoncrandall73 Před 2 dny +3

      ​​@@bubbajones4522
      Totally agree. Not all do that. But the ones that do are now finding out they are caught with their pants down. I lived in a 89 unit condo association for ten years in Bradenton FL ('02-'12) they had a detailed budget with reserves.

    • @isocarboxazid
      @isocarboxazid Před 2 dny +1

      @@bubbajones4522Yep. Sucks to be them.

    • @michaelchavez9094
      @michaelchavez9094 Před 2 dny +4

      The condo association does not own the building, they cannot sell it. If the building is sold it will be the decision of the owners.

    • @jasoncrandall73
      @jasoncrandall73 Před 2 dny +1

      @@michaelchavez9094
      If a majority of the owners vote to sell.

  • @user-kk3qg5el1m
    @user-kk3qg5el1m Před 2 dny +16

    They want to live there they need to pay for making sure it’s safe. Don’t expect us that don’t live on the water to pay for it. Should’ve stayed up north.

    • @eddieBoxer
      @eddieBoxer Před dnem +2

      Don't live in Florida, it's way more expensive than NYC.

    • @righteousone1
      @righteousone1 Před dnem +4

      @@eddieBoxer It's also a cesspit for fraud, even though it's a police state.

  • @WasThatWong
    @WasThatWong Před 2 dny +11

    They put off maintenance for years. Time to pay.

    • @carolynwheaton8547
      @carolynwheaton8547 Před 2 dny +2

      They did not put off paying money for repairs.People use it for other things.

  • @justinrus1823
    @justinrus1823 Před 2 dny +28

    Well HOA managers have been misusing those fees after decades instead of towards maintaining the buildings. Not rocket science

    • @cheesecakefan4880
      @cheesecakefan4880 Před 2 dny +4

      Right
      But now owners are liable?
      What a scam

    • @Gk2003m
      @Gk2003m Před 2 dny

      That’s what you get when you’re looking to scam everyone yourself. Real estate priced too good to be true? Well guess what? It was too good to be true. Hate govt regulation? Bet you now wish, after that condo collapse, there had been more regulation.

    • @EarthSurfer
      @EarthSurfer Před 2 dny +2

      Prior to the CTS collapse, OWNERS could vote to NOT fund Reserves separately from the Operating budget. It was common practice to not fund Reserves and manage major repairs & replacements by Special Assessments. Florida law changed as a result of the CTS collapse, and many other states are looking at similar Reserve funding requirements.

    • @Gk2003m
      @Gk2003m Před 2 dny +1

      @@EarthSurfer Thus realizing the **true** cost of housing in those states. As opposed to the fictional “lower cost of living” routinely claimed by those states in order to get folks to move there.

    • @Erin-rg3dw
      @Erin-rg3dw Před dnem +1

      ​@EarthSurfer Living in a condo association elsewhere, that practice baffles me. I'd rather pay small increments over the long term to have reserves and such covered for when things do need repair/replacement, rather than surprise lump sums for everything. My HOA had a special assessment last year because excessive rain had caused damage and parts to fail much earlier than anticipated. Nothing anyone could do, but we'd been gathering reserves for that project.

  • @JBoy340a
    @JBoy340a Před 2 dny +10

    This is a failure of the state Government at multiple levels. They know the environment and the stress and wear it can put on buildings. They should have made the Condo Association require to have much larger reserves for maintenance, but that would meant higher monthly HOA fees which impact sales of the units. It is the old pay me now or pay me later story. And paying later is always more painful.

    • @saneasthenextguy196
      @saneasthenextguy196 Před 2 dny +5

      Why is it the governments job to make people maintain their properties? I thought Florida was all about getting the government off the people's backs. I keep hearing people in Florida are sick of the government telling them what to do.

    • @stevekru6518
      @stevekru6518 Před 11 hodinami

      Paying later is not “always more painful” as shown by studying the vast majority of entrepreneurs who borrowed money and deferred payments while building Microsoft, Alphabet, Apple, Meta, Fed Ex, as well as the vast majority of independent small businesses.

    • @bruceclement9357
      @bruceclement9357 Před 6 hodinami

      They wouldn't get votes if they did that.

  • @Dog.soldier1950
    @Dog.soldier1950 Před 2 dny +6

    “Deferred maintenance “. Always catches up with you.

    • @rosemary6907
      @rosemary6907 Před dnem +1

      My current Condo Board uses the PADDED Deferred Maintenance line item in Budget like PETTY CASH 😡

  • @wd8085
    @wd8085 Před 2 dny +7

    This is exactly what greed looks like. Every company is doing it so prepare to live in debt forever.

    • @righteousone1
      @righteousone1 Před dnem

      Greed and corruption.
      Florida's housing market always crashes hard, and this time around will be no exception.

  • @mikemann1638
    @mikemann1638 Před 2 dny +7

    Nobody in their right mind would buy a condo in these times they are now worthless

    • @jannibal9273
      @jannibal9273 Před hodinou

      People in their right mind wouldn't buy a condo in Florida - or any other coastal areas for that matter. People have been flooding to beach areas in North and South CArolina - and guess what, the same issues are developing there as developed in Florida. Potential buyers just don't educate themselves about what is actually happening with climate change, insurance costs, coastal erosion, land subsidence, ocean rise, etc. before deciding "Oh honey, I want a beautiful condo (or house) on the beach." Does anybody think a real estate broker desperate for a deal and a commission is going to tell them the truth?

  • @psjasker
    @psjasker Před dnem +1

    Wow! A news reporter who can break down an issue clearly with details in two minutes. Refreshing … WKMG hit the jackpot with this young lady.

  • @jakel3424
    @jakel3424 Před 2 dny +11

    Stop moving to Florida

    • @cudafish9594
      @cudafish9594 Před 2 dny

      Yes, please stay up north with your crime and high taxes and progressive values! 😂

    • @purplesprigs
      @purplesprigs Před 2 dny +2

      Bite your tongue. EVERYONE needs to move here. Get those condo people house hunting. Drive up my home value so I can sell.

    • @mistiinseattle
      @mistiinseattle Před 2 dny

      It's not only florida. I stupidly bought a condo in Seattle and same thing was happening. Fortunately the market got hot and I was able to sell.

    • @rosemary6907
      @rosemary6907 Před dnem

      @@mistiinseattle The ANTIFA Seattle????

    • @mistiinseattle
      @mistiinseattle Před dnem +1

      @@rosemary6907 lol actually I left that disaster and moved to the Midwest. :)

  • @MrTeamFoolish
    @MrTeamFoolish Před 2 dny +11

    He's a snowbird I think he can afford it

    • @benlevy48
      @benlevy48 Před 2 dny +7

      Not all snowbirds have that much money 💰

    • @mcc-us
      @mcc-us Před 2 dny +2

      @@benlevy48 Yea, it's called living above your means. Common American mistake.

  • @carymarshallfelton9188
    @carymarshallfelton9188 Před 2 dny +3

    I got lucky and unloaded my Tampa condo years ago. Special assessments were adding up back then too.

  • @cocoa_pacific
    @cocoa_pacific Před 2 dny +3

    This is why hiring a good real estate attorney is invaluable. They would have been able to find out there is a large assement coming up and the buyer could have backed out of the purchase.

  • @UpStreamLivn
    @UpStreamLivn Před 2 dny +3

    Mother Nature will decide, that's something propaganda won't tell u?

  • @specialized29er86
    @specialized29er86 Před 2 dny +3

    Sure $100,000 for the report and then what hundreds of thousands to bring them up to code.

    • @jannibal9273
      @jannibal9273 Před hodinou

      Why would it cost $3 million plus for just an engineering report? Something smells to high heaven here. Welcome to Florida, folks!

  • @goldgeologist5320
    @goldgeologist5320 Před 2 dny +22

    Disposable housing! Welcome to the garbage of Florida!

    • @subicstationditosailor4053
      @subicstationditosailor4053 Před 2 dny +2

      Do you live here or are you talking out your 🫏?

    • @eddieBoxer
      @eddieBoxer Před dnem +2

      This is the reason i only rent an apartment, no HOA, no assessment.

    • @goldgeologist5320
      @goldgeologist5320 Před dnem

      @@subicstationditosailor4053 I lived there in past and have family that are suffering.

    • @rosemary6907
      @rosemary6907 Před dnem

      @@eddieBoxer FREE RENT???????

    • @righteousone1
      @righteousone1 Před dnem +2

      They said move to Florida, you'll be better off LMAO

  • @buckiemohawk3643
    @buckiemohawk3643 Před 2 dny +3

    They need to sue the company for using algorithms to price things

  • @fldon2306
    @fldon2306 Před 2 dny +2

    Too many Condo Boards have been living “on the cheap” and deferring maintenance for so long… Sad part is those original owners are dead and new owners are getting stuck!!

    • @jannibal9273
      @jannibal9273 Před hodinou

      Anybody contemplating buying a property - or any other costly item (such as a motor vehicle, a motor boat, etc.) needs to do their due diligence. Most Americans don't bother and then they're stuck. Consider some of the owners in that condo with the $100,000 assessment hanging over their heads. They're not millionaires, they can't find a buyer for the kind of money they want, they'll get ONLY low ball offers - so they're stuck. They can't sell unless they potentially take a loss, unless they paid a really low low price for those condos back in the "la la" days, so they stand to lose everything AND possibly have to file for bankruptcy if they're carrying a mortgage on their unit.

  • @stphinkle
    @stphinkle Před 2 dny +2

    Wonder what will become of the buildings. I think a lot of people are going to move or default on the assessment. Asking each person to cough up $100K in a lump sum out of thin area with so many living paycheck to paycheck is unreasonable. I also wonder what happens to the building if the majority of owners cannot pay? Foreclosure? The building becomes abandoned? It gets turned into apartments? Other?

    • @kd6281
      @kd6281 Před 2 dny

      The next new "OVER-PRICED high rise" will replace it (land grab). Rinse repeat !

  • @MoonlightSonata214
    @MoonlightSonata214 Před 2 dny +16

    Unfortunately, much of this is the fault of the condo management/boards of directors as they have passed the buck year after year and not fully funded their reserves as they have always been required to do. Now they have been caught with their pants down because the condo collapse in Surfside has resulted in this law where all of the condos have to be inspected and come into compliance NOW.

    • @MS-ty8eq
      @MS-ty8eq Před 2 dny

      They did what the Boomers wanted them to do.

  • @eyelovecolorado2195
    @eyelovecolorado2195 Před 2 dny +1

    Everyone should have expected this after the surface collapse! I don’t even live in a condo and saw this coming miles away!!

  • @danielterry382
    @danielterry382 Před 2 dny +1

    It is almost as if the Previous owners of the Condo's where slum Landlords in the Monies where not set aside to cover emergencies. The newest owners now in a real bind.

  • @missinformed9550
    @missinformed9550 Před dnem +2

    The first condo collapse was the canary in the coal mine. Why anyone would purchase a condo in Florida boggles the mind, defies logic. 😅

    • @rosemary6907
      @rosemary6907 Před dnem

      Not all condos are by the Ocean or built on SAND!!

    • @missinformed9550
      @missinformed9550 Před dnem +1

      @@rosemary6907 True but contractors cut corners where they can and this shows up decades later, often when the contractor is retired or deceased. Same is true for many developments in the desert, where again the contractors cut corners and build homes that are far from up to code.

  • @moneyindabank
    @moneyindabank Před 2 dny +15

    Condos are trash. Always a fee for this and that. Owning a home is priceless.

    • @cheesecakefan4880
      @cheesecakefan4880 Před 2 dny +1

      I grew up in Fla
      I left 13y ago
      Fla is a mess now
      I dont even visit anymore
      I miss old Fla
      Before Disney

    • @half-breed
      @half-breed Před 2 dny +4

      Yeah in Florida your house will get flooded and blown apart on a regular basis while you can't get insurance. That's priceless LMAO 🤣😂

    • @langhamp8912
      @langhamp8912 Před 2 dny +2

      Condos are just trailer parks in disguise. Exactly like a trailer park contract, you own the home but never the land underneath it. Thus, the person who owns the land underneath you has de facto rights to change the rules for any or no reason.

    • @checkoutmyyoutubepage
      @checkoutmyyoutubepage Před 2 dny

      @@cheesecakefan4880are you over 60 years old to remember Disney not being there?

    • @eddieBoxer
      @eddieBoxer Před dnem

      Condo valet trash pick up cost $200 dollars per month and going up.

  • @Buy_YT_Views.610
    @Buy_YT_Views.610 Před 2 dny

    Your humor and wit make this video so entertaining to watch.😄

  • @altheacbarnes2522
    @altheacbarnes2522 Před dnem +1

    Many knew this was coming why didn't they plan ahead - Were the BOD and management companies sleeping?

  • @paulboring9053
    @paulboring9053 Před 2 dny +3

    I would never buy a condo. It’s not really yours. U are not the boss. F that.

    • @rosemary6907
      @rosemary6907 Před dnem

      GET ON THE BOARD!!! You are everyone's BOSS!

  • @TheCreoleSon89
    @TheCreoleSon89 Před 2 dny +1

    Now I can show my mom these videos so she doesn’t buy one of these condos.

  • @donnicholson3170
    @donnicholson3170 Před 2 dny +2

    I guess they couldn't really afford to live there in the end.

  • @zcvxs
    @zcvxs Před 2 dny +1

    I used to love visiting and wanted to move but just unreal whats happening to soo many people

  • @user-jn9gv9ve6e
    @user-jn9gv9ve6e Před 2 dny +1

    how could you not know it's been on the news for over 2 years. if you think it will be worth more you live in la la land. the market is going to be flooded with condo's. people should have been selling 2 years ago.

    • @JBoy340a
      @JBoy340a Před 2 dny

      Some did right after Surfside. These people are waiting to the last few months.

  • @ag-bk5wf
    @ag-bk5wf Před dnem +1

    Blindsided....I think it's been common now.

  • @newkirk7591
    @newkirk7591 Před 20 hodinami

    in some cases, you arent allowed to pass on the assessment to the new owners if one decides to sell.

  • @user-ty2yb1iy2o
    @user-ty2yb1iy2o Před 2 dny +2

    Sorry but if you have 2 homes, can't feel sorry for you. Many people struggling with the idea of never being able to own a home. At least if you rent, walk away!

  • @davidbutton880
    @davidbutton880 Před 2 dny +1

    I do feel bad. Kinda sucks. However, if I owned a condo in a High rise In Florida after the June 2021 collapse of Champlain Towers, I would have sold 6 months later. It was only a matter of time before the hammer came down and new laws were passed, inevitably leading to major assessment and repair fees.

    • @rosemary6907
      @rosemary6907 Před dnem

      My Florida County HEIGHT is 3 stories, no high rises!!!

  • @vulcan2882
    @vulcan2882 Před dnem

    When I lived in my old apt in Ft.Lauderdale I was told it was going to go condo and I got first choice of buying it. I said it's not worth $275k ... not with all the work the building needed, it would have cost close to $400k. I moved out, I ened up buying a home out side of Florida for around $225k with a lot more sq footage.

  • @Caocao8888
    @Caocao8888 Před dnem

    Teacher didn’t do her homework. AND she sure didn’t learn how to save for retirement.

  • @davidfenton109
    @davidfenton109 Před dnem

    For those that recently purchased, don't have enough equity in their condos and don't care about their credit for 7 years might be better to just walk away and let the HOAs and insurance companies eat the expense!
    I went to a RE auction in SOFLA in 2007 and oceanfront/close to the ocean 1 bedroom condos in 40 year old buildings the starting bids as low as $20K with back then only $500/mo HOAs. Math never worked then since HOAs only going to go up especially in older taller structures. Now proly even if they give away for free won't make $ and sense.

  • @vikinghog
    @vikinghog Před 2 dny

    Ironic. Many people stuck their heads in the sand and bought condos based on the false assumption that they are cheaper than traditional homes because they do not have to save up money to pay for major repairs. Apparently they thought the relatively small monthly association fee was going to be enough to make major repairs, or they thought that the repairs would not be needed until after they passed away. When neither turned out to be true, then they blame the condo BOD rather than themselves. I wonder if many of them also bought timeshares thinking they were also too good of a deal to pass up or bought EVs thinking their batteries would last the rest of their need to drive.

  • @markmallett7521
    @markmallett7521 Před 2 dny +2

    That's pretty funny. The outrageous assessments will add value to the condos? Or will it scare away future buyers because they are afraid of additional special assessment fees down the line.

    • @ronbennett7885
      @ronbennett7885 Před 2 dny +2

      Yeah, special assessments aren't adding value. With that said, there are still plenty of buyers with money buying them. The typical retiree is being priced out. Florida used to be cheap. Now it's among the most expensive states.

    • @jannibal9273
      @jannibal9273 Před hodinou

      Even without the threat of gigantic assessments in the future, why would ANY PERSON IN THEIR RIGHT MIND buy ANY property in Florida. We know what's going to happen to two-thirds of the state - sinking into the ocean, for pete's sake. There's already issues in the interior with salination of underground water aquifers, and despite people claiming "oh, it's only the coastal areas that are dangerous to live in," tornadoes and flooding are increasing in interior areas and in northern Florida. The state is Exhibit A for the case proving global climate change. It's not going to get better, folks.

  • @condew6103
    @condew6103 Před 2 dny +2

    The board is being unreasonable and insane. The building that has stood for 30 years is not going to fall down tomorrow unless they have been ignoring regular maintenance for decades. That condo that collapsed had obvious spalling that showed the concrete was failing and they ignored it. So do the structural assessment and repair what needs attention in order of seriousness. $100K right now is insane, but $5K/year over the next 20 years would probably be doable by most residents.
    Also, some regular maintenance issues like refurbishing the elevator the board should have been collecting reserves over the expected life of the equipment.

    • @half-breed
      @half-breed Před 2 dny

      Meatball Ron's law, making America great 😃

    • @wbay3848
      @wbay3848 Před 2 dny +1

      You’re missing the very obvious point, and I’ll let you ponder the very obvious reason why this is being implemented. (Hint: property developer Wolfpack waiting to scoop up for pocket change)

    • @half-breed
      @half-breed Před 2 dny

      @@wbay3848 exactly, meatball ron knew who would profit when he made that law 🤑

    • @jannibal9273
      @jannibal9273 Před hodinou

      Um - a building that stood for 30 plus years DID FALL DOWN AND KILLED 98 PEOPLE - in Florida - in the middle of the night. Some of those deceased people's bodies were not recovered out of the massive amount of rubble of collapsed Champlain Towers South.

  • @jokerfeed839
    @jokerfeed839 Před 2 dny +1

    How you going to sell when it’s underwater from the increased flooding in the future? Miami is losing inches of land every year. It’s a last run to launder money before everything is ruined

    • @jannibal9273
      @jannibal9273 Před 8 minutami

      People don't want to acknowledge that 90% plus of Miami, for instance, is at best 10 feet above CURRENT sea level. They're losing approximately 6 inches of land every year due to accelerating ocean rise. And that doesn't account for sink holes and land subsidence, aquifer water pollution from salt water infiltration and the quite evident increase in billion dollar plus damage causing storms a/k/a hurricanes, tornadoes, torrential downpours leading to massive flooding, etc. Even if Florida never gets hit with another hurricane or "tropical storm" again, at least two thirds of it will be under salt water. Miami is estimated to be under water by 2050, and other key Florida cities under water by 2060 (you can find studies online). Do the math. That retired teacher should keep her $100K, but it's probably too late.

  • @davidlundy5007
    @davidlundy5007 Před dnem

    This is not a new story in respect to condos. It’s been happening ever since there has been condos.

  • @gdt5430
    @gdt5430 Před dnem

    You talk about a Gold Rush for engineering firms. What a bag over the head on condo owners. Run people run!!

  • @mikewinston8709
    @mikewinston8709 Před 2 dny +1

    They weren’t built correctly in the first place…..😂😂😂

  • @dens3096
    @dens3096 Před 2 dny +4

    They units would cost more but they wont worth more! They will worth whatever the market price will be and NOT what the owner wants to sell for!

  • @user-kk3qg5el1m
    @user-kk3qg5el1m Před dnem

    These people have lived very cheap on the beaches in Florida over the years. That’s all over now. Other citizens will not be picking up the tab. You want to wake up everyday by the beach you got to pay up.

  • @JohnPeter-yf5jf
    @JohnPeter-yf5jf Před 2 dny

    Peace of mind until they condemn the building

  • @steven4315
    @steven4315 Před dnem

    We researched retiring in Florida. Bottom line was we couldn't afford it even if the condo was free. We are very comfortable in a Midwest state and we don't even need to touch our savings.

    • @jannibal9273
      @jannibal9273 Před 59 minutami +1

      And you'll be generally safer in whatever Midwest state you are living in - climate wise. Yes, there will be increased heat and humidity, and more potential flooding due to increasing shifting and more violent and severe storm patterns, but overall, the Midwest is one of the best places to remain in the USA and have the ability to survive and live a fairly reasonable life. There are Midwest areas where retirees (such as me) also have easy access to top rate medical care and housing costs are still reasonable. I live in a city, there is entertainment - a symphony, opera, live theatres, museums, great family neighborhoods at still reasonable prices, and Lake Michigan - so beautiful and gives us fresh clean water.

    • @steven4315
      @steven4315 Před 24 minutami

      @@jannibal9273 Sounds great. Not sure if I would drink water out of Lake Michigan.

  • @smoochdawg4547
    @smoochdawg4547 Před 2 dny

    The cost is prohibitive but it makes a difference. What ?? 😅😅 Nonsense lady!

  • @flowalsh5248
    @flowalsh5248 Před 2 dny +2

    people are saying they have to sell, the problem is because of all the assessments, everywhere in the state of Florida, what’s going to happen? Is people are not going to buy the condos, so the people who live in them are going to be stuck, staying in them, and having to pay for all that. What would happen if they can’t move but they refused to pay the hundred thousand dollars for the stuff?

    • @emc6511
      @emc6511 Před 2 dny

      My guess lawsuits plus lein on the condo. Owner signed the HOA docs / contract; grounds for lawsuits. No doubt will bankrupt a lot of owners; especially if they cannot sell for the amount they still owe on the mortgages. OR somehow corp america will step in and buy the buildings ... aka 2008 collapse of housing ... and convert to rental property. Just guessing ......

    • @half-breed
      @half-breed Před 2 dny +3

      Foreclosure

    • @JBoy340a
      @JBoy340a Před 2 dny

      @@half-breed yes, followed by eviction.

    • @half-breed
      @half-breed Před 2 dny

      All those magots that had to move during COVID are going to lose their AZZ with meatball Ron's leadership. Pretty damn funny actually 😁

    • @jannibal9273
      @jannibal9273 Před 54 minutami

      The HOA will sue the owner for the money, and the owner will have to try to sell (good luck with that!) or file for personal bankruptcy. Not a nice thing to deal with in what are supposed to be a retiree's golden years. But there isn't anything most of them will be able to do if they (1) don't want to pay the $100K for JUST AN ENGINEERING ASSESSMENT they will file for bankruptcy; (2) don't have to money to pay $100K or if they pay it, that would leave them with little to nothing to live on besides Social Security (which a certain political party wants to eliminate, but that's a different story) - what person in their right mind would pay the $100K in such a situation? It's a no win situation for a majority of those owners, that's my guess. Now - go ahead and vote for more Republicans who let this happen in the first place until a horrific tragedy struck - 98 people dead from a condo collapse in the middle of the night.

  • @navajojohn9448
    @navajojohn9448 Před 2 dny +1

    How many condos have fallen down since the illegally poorly built with multiple visual defects condo in Miami?

    • @rosemary6907
      @rosemary6907 Před dnem

      NONE!!

    • @jannibal9273
      @jannibal9273 Před 23 minutami

      Wrong question. You should ask whether Vegas is running a betting line of when the next collapse will occur.

  • @serafinacosta7118
    @serafinacosta7118 Před 2 dny

    Condos are a necessity where land becomes scarce , thus making the cost of acquiring a free standing home beyond reach for most home buyers. And for people who do not get to spend time around the house much. Hence, they fit a purpose.
    Not sure if this rationale applies to that pile of sand, I am not from there anyways . But that is pretty much how it suits.
    The problem is not the condo itself. It is what one is buying into. A lot a home buyers are not good at due diligence, spotting red flags, and lack forward thinking. .
    And real estate brokers in Florida, most , with few exceptions , are just glorified pushers of Florida Swampland preying on unsuspecting guilible buyers.
    And on condo association buildings , the least common denominator is that elderly couple or widow on limited income. Whenever the monthly meetings convene to discuss some repair or upgrade , she/he will be dragging the vote count , because every extra penny spent on dues , is a penny less on groceries.
    That pretty much sums it up.

  • @ronbennett7885
    @ronbennett7885 Před 2 dny

    Beachside condos are good for about 20 years before requiring a lot of maintenance. The $100K+ assessment buys time, but eventually the work needs to be done again. Way to avoid such large assessments in the future is paying much higher monthly fees to build up a large, sufficient reserve.

  • @gregwood1491
    @gregwood1491 Před 2 dny

    Why would anyone buy a Condo???????????

  • @cudafish9594
    @cudafish9594 Před 2 dny +2

    A condo is the worst investment you will ever make. Better off to rent as needed.

    • @rosemary6907
      @rosemary6907 Před dnem

      Horrific advice!! Renters are treated disrespectfully, always, everywhere!!!!
      Try for a small Single Family?
      NEVER A TRAILER even if you can own lot!!!
      A trailer gets a License plate, not a DEED!!
      Landlords are GREEDY SOBs

    • @cudafish9594
      @cudafish9594 Před dnem

      @@rosemary6907 yeah brainless, tell that to all the condo owners who are being forced out of their homes because of high insurance, HOA, repair costs that are killing them! Save your stupidities for someone who doesn't know better, like a 2nd grader.

  • @americanedokko2782
    @americanedokko2782 Před dnem

    No Florida for me.

  • @jannibal9273
    @jannibal9273 Před hodinou

    What AVERAGE American has $100K laying around for a special assessment? That's ridiculous. So what happens to owners who CAN'T AFFORD TO PAY THE $100K? The retired teacher who went back to work is deluding herself if she thinks that coughing up $100K for the special assessment is going to somehow repay her back. But - we see every day how people can delude themselves into believing anything.

  • @erickanter
    @erickanter Před dnem

    They will sell for pennies on the dollar.

  • @navajojohn9448
    @navajojohn9448 Před 2 dny +1

    Are commercial buildings like hotels, office, etc included in being inspected and funded?

    • @rosemary6907
      @rosemary6907 Před dnem

      Did not hear that!!!

    • @jannibal9273
      @jannibal9273 Před 15 minutami

      SB 154 only applies to "condominium and cooperative associations." And the building must be 3 stories or taller. So - no, commercial buildings are NOT covered by SB 154. Gee, I wonder why...

  • @jackwilson3121
    @jackwilson3121 Před dnem

    This is what happens when you defer maintenance on a building

  • @easyb622
    @easyb622 Před 2 dny

    That is an older condo building so they are definitely going to find issues with that building. Also, the building owner and the HOA people are taking a little money off of the top put in their pockets. This is a damn if you do a damn if you don’t situation

    • @jannibal9273
      @jannibal9273 Před 18 minutami

      Who the hell in their right mind would buy a unit in a building that is supposed to be THEIRS, but the "building" is owned and controlled by somebody else? Well, you get what you deserve if you don't do your due diligence ahead of buying ANY kind of real estate property, investing your money in stocks, bonds, whatever, buying a motor vehicle, or purchasing health care insurance. It's too bad people aren't learning from the sorry lessons that others have learned. It's not as if these things haven't been publicized over and over again for years. And we knew about climate change and what was projected to happen back in the early 1970s. Nobody wanted to believe the experts, they fell for "smoking doesn't cause lung cancer" and "there is no such thing as air and water pollution" and "carbon dioxide build up in the atmosphere is nothing to worry about - it will just float away into outer space!"

  • @Lele-lq3tx
    @Lele-lq3tx Před dnem

    Why would people buy condo what is the benefit of purchasing condo?

  • @user-kk3qg5el1m
    @user-kk3qg5el1m Před dnem

    I bet the previous owner is breathing sigh of relief he dodge a falling knife.

  • @josephnessschmoe2864
    @josephnessschmoe2864 Před 2 dny

    It's bs
    They're riding this excuse of Miami's tragedy on everything

  • @carolynwheaton8547
    @carolynwheaton8547 Před 2 dny +8

    Where will the nice lady be able to make $100,000 a year.Sell remove elephant 🐘.

    • @Mitzi73
      @Mitzi73 Před 2 dny +1

      She might have to take it out of her retirement.

    • @miroslavtomic8974
      @miroslavtomic8974 Před 2 dny +1

      She doesn't, she can take out a 30 year loan, pay it monthly.

    • @Mitzi73
      @Mitzi73 Před 2 dny +3

      @@miroslavtomic8974 30 year loan at 65 years old? Lol

    • @ronbennett7885
      @ronbennett7885 Před 2 dny +1

      Withdrawing retirement savings, mortgage loan, or barring that, selling and moving elsewhere cheaper. Sadly, for many, that will likely be a small apartment at best or moving in with their children. Very common scenario.

    • @carolynwheaton8547
      @carolynwheaton8547 Před 2 dny +1

      @@Mitzi73 Sad.5 years ago never thought of paying $100,000 for repairs on building.

  • @THEhorihito
    @THEhorihito Před 2 dny

    Lisa Bell would get it, son.

  • @warriorpj8554
    @warriorpj8554 Před 2 dny

    retired teacher........the taxpayers of your home state will pick up the tab

  • @eyelovecolorado2195
    @eyelovecolorado2195 Před 2 dny

    Is it really blindsiding when every condo building has made a special assessment?? I see videos like this every day for the past 1 year! LOL

    • @erikh9991
      @erikh9991 Před 2 dny

      A friend of mine lived a 10 building 350 unit condo association. They were assessed $12,000 each to replace the fire doors where the gas water heaters sit. There was more assessments after that too.

  • @maryparis576
    @maryparis576 Před 2 dny

    Awe you got another home

  • @pauldietzmann5610
    @pauldietzmann5610 Před 2 dny

    Need live in rv in Florida in winter

  • @pauld315
    @pauld315 Před 20 hodinami

    These HOA's have voted for years to not fully fund the reserve. Now, they are being forced to pay the piper. Unfortunately, many of the people who owned then have sold out over the years. They reaped the benefit and the current owners are left holding the bag.

  • @laneo
    @laneo Před 20 hodinami

    It's Wonderful!

  • @rosemary6907
    @rosemary6907 Před dnem

    Please do NOT call a condo, an HOA😡
    HOA= HOME OWNERS ASSOCIATION
    COA=CONDOMINIUM OWNERS ASSOCIATION

  • @subicstationditosailor4053

    Developers are licking their chops at pennies on the 100 dollars.

  • @2true359
    @2true359 Před 2 dny

    What happens when the Government says "I'm here to Help"

    • @jannibal9273
      @jannibal9273 Před 23 minutami

      As long as it is not my federal taxpayer dollars, I don't care what the Republicans do the people who vote for them. As for everybody else, they are (1) deciding not to move to Florida for "cheap" living after all and (2) increasingly leaving the state - for those who can afford to do it. The newspapers in Florida aren't covering those stories - right now - but they will, when it's too late and the people who can't afford to leave are stuck there in financial and climate Hell.

  • @miche568
    @miche568 Před 2 dny

    The first guy is complaining from his other home in Colorado 😅

  • @nel716
    @nel716 Před 7 hodinami

    I keep telling everyone don’t move to Florida or Texas the two worst states to live in

  • @pirate9154
    @pirate9154 Před 2 dny

    Higher Interest Rates, Cost of Maintenance, HOA's, Massive Special Assessments, Huge Tax Increases, Huge Insurance Increases, and the BIG ONE......OVER SUPPLY! Condo Armageddon is here! SELL! SELL! SELL!

  • @katjones2781
    @katjones2781 Před 2 dny +1

    How is DeSantis going to fix this one?

    • @THEhorihito
      @THEhorihito Před 2 dny

      He's gonna put his big boy boots on, climb a stack of phone books and deliver a speech about it.

    • @patrisio3
      @patrisio3 Před 2 dny

      Who can fix it? A lot of those HOAs and building managers were neglecting proper maintenance for years....some for decades. Now it's caught up.

    • @jannibal9273
      @jannibal9273 Před 5 minutami

      He doens't care - he can't run for Governor again under Florida law.

  • @charliebrens3349
    @charliebrens3349 Před dnem

    Florida

  • @BlackandBlessed100
    @BlackandBlessed100 Před dnem

    WHY anyone buy condos in Florida in 2021 or after?
    I can see 1991 but never 2021 or after

    • @dorothyharris6596
      @dorothyharris6596 Před dnem

      Sold mine in 2017. It was becoming a rental haven. Most of the owners had left, and renters don't take care of the property like owners. Dodged a big bullet

  • @encompassvideo5429
    @encompassvideo5429 Před 9 hodinami

    It's simply the actual cost of ownership, coming at you all at once

    • @jannibal9273
      @jannibal9273 Před 6 minutami

      That in Florida is the cost of ownership in FLORIDA. Miami will be under water by 2050 according to multiple scientific studies - it's not a joke. People who refuse to face reality get what they deserve. Unfortunately, the rest of us may end up paying to bail those idiots out.

  • @PelosiStockPortfolio
    @PelosiStockPortfolio Před 2 dny

    If these boomers would stop wasting their money on avocado toast and starbucks they could afford their condo assessment fees. They just need to work harder like I do.

  • @RelaxationMusic495
    @RelaxationMusic495 Před 2 dny

    Time to move

    • @THEhorihito
      @THEhorihito Před 2 dny

      Would you agree to buy a condo unit that has deferred maintenance to the point where you will be expected to agree to pay an extra 100k before you even close the deal?

  • @BillionaireTaxEvader
    @BillionaireTaxEvader Před 2 dny

    Don't worry. Some institutional investor parasites will swoop in and gobble up the units.

    • @jannibal9273
      @jannibal9273 Před 3 minutami

      Yeah, there are always suckers and losers waiting to have their pockets picked by thieves and Republicans.

  • @Sam-gv6lo
    @Sam-gv6lo Před 2 dny +2

    Realtors are supposed to inform the potential buyer about assesments

    • @slynn246
      @slynn246 Před 2 dny +1

      The bought in 2021. New law passed 2022. Assessments 2024

    • @Sam-gv6lo
      @Sam-gv6lo Před 2 dny

      @@slynn246 assessments are not new

  • @Skycouncil_Sentinel_777

    Florida is such a train wreck...get out while you can.

  • @markwred
    @markwred Před dnem

    Ron DeSantis did this to you. Florida you allowed it to happen dont cry now !

  • @user-ln8hp4vt5z
    @user-ln8hp4vt5z Před 2 dny

    Charge DeSantis 🇺🇸🙏🇺🇸.

  • @may86bear
    @may86bear Před 2 dny

    The death of condo living; except for the ultra wealthy 😮

  • @jamesd5463
    @jamesd5463 Před 2 dny

    welcome to free floriduh

  • @iveyhealth2266
    @iveyhealth2266 Před 2 dny

    Karma, for discrimination against the black man.
    KARMA 😊

  • @half-breed
    @half-breed Před 2 dny +2

    Florida the swamp

    • @benlevy48
      @benlevy48 Před 2 dny +1

      Better than blue cities I prefer the swamp than the dump

    • @josephaltman460
      @josephaltman460 Před 2 dny +2

      Thanks to desatan and the republiCONS.

    • @half-breed
      @half-breed Před 2 dny +1

      @@benlevy48 drain the swamp !

  • @steveg6978
    @steveg6978 Před 2 dny

    Go Maga GoBroke

  • @user-qr5bm7ek6r
    @user-qr5bm7ek6r Před 2 dny +1

    Yeah 😂😂😂😂 expensive