New Florida Laws Target HOAs | Condo Bailouts Begin?
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- čas přidán 7. 06. 2024
- New Florida laws and programs are set to take effect with the intention of dramatically reshaping the Condo and HOA landscape. Do they have any significance or is this just a PR Stunt to distract from the issues in the housing market?
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Ben Grieco
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Coldwell Banker Sunstar Realty
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No more bailouts… let prices correct themselves … this will make those 300% appreciations fall back to normal levels to account for hoa increases. Same with home bailouts… let them foreclose and correct.. thats what we need
All that deferred maintenance and living on the cheap has caught up with Florida condos.
I've seen several polls where most people living in a HOA disliked them and wished they didn't have a HOA. Try finding a new home that's not in a HOA. I got out of a HOA after putting up with all the drama and nonsense. Many of the problems arise because so many of the petty violations are subjective not objective. Also they become personal vendettas. I had a neighbor file a complaint on me because my flowers were too bright and hurt her eyes, NO LIE. Most HOAs allow anonymous complaints which is a hugh mistake. When complainers have to identify, surprise, complaints go way down.
Well, it sounds like the people complaining about them on contacting their representatives. Because a lot of communities kind of push for HOA because it takes services away from the higher levels of government so that they can keep taxes down. So remember when your politician promise you to lower your taxes, don’t forget to ask how
The idea of giving the offending party a week to correct the offence is a great idea. I doubt many people like HOAs.
Yes This is the same program for homeonwers called My Safe Florida Home, which was highly popular (and expensive) now being extended to Condos. $30 million is a tiny drop in the bucket, but its funny how Floridians don't want to pay payroll taxes but quickly want subsidies for their living situations.
Please don’t take your noodle out ,it’s a public beach 😂
😂 My thoughts exactly 😂
Good one! :)
Lol well played 👏👏
I’m not a bailout fan, but if they’re trying to give money to condo owners, you know, the people who knew the risks of condos, then at the very least it should only be for homestead owners. Meaning….it should only be for those who live FULL time in their condos. Not second home owners, not Air BBers, not companies owning dozens of units.
Those are the properties that need to shake loose in this coming downturn. They should not be bailed out. No. No. Never.
Excellent point.... particularly with business owned and Airbnb properties.
Ty
Great info Ben. I had no idea that’s going on. Just another way to prop up the market. Thanks for sharing your knowledge. Hope you enjoy that beautiful beach ❤. Much love from West Palm Beach.
Who's tax dollars are paying for this waste of money bailout? SMH
Reference 718.113 (5) regarding 2023 legislative update to the condo law. Hurricane protection is spelled out regarding condo associations.
The notice before fining just makes sense. I had two fines reversed because the Nazi who patrols my area wrote up two things that weren’t fines. I received a fine for painting my little open trailer on my front lawn. I had a permit to work on it. They negated the fine. I got another fine for building a fence without a permit. It wasn’t a fence. It was my old pool cage that had fallen down. I just cut it off at 48 inches and screened in the remainder as a temporary fence. (My new pool cage is going up as I write this. Woohoo!)
Haha, yeah I get it. People can get out of control.
Omg Ben you reached celeb status!!🎉
Also…I’m so glad I won’t be getting trash can violation emails and letters!!
Lol not within the 1st 24 hours at least!
Good video. Enjoyed the model home tour.
Glad you enjoyed it
These New laws are great!!!!! A win for property (shares) owners.
🤷🏼♂️🤦🏼♂️
Talk about HOA recertification. I understand that often it's overlooked.
So enough to bail out insiders.
Love your videos
Thank you!
The water looks fantastic today!
It is amazing this time of year
That house is so pretty.
Hey Ben, try taking one of your walks on Don Pedro Island (aka Palm Island). Beautiful place with nearly empty beaches. One of the "secret" places that even some locals don't know about. The ferry costs $55 to get there. Check it out.
Thanks I will look into it!
He said “ganked”. 😂 Love it.
Ban sliding glass doors!
Sound like someone had an unintended meeting with a closed one.
Ban hurricanes.
You showed the gorgeous home how much? Water is gorgeous too. I live in an HOA and some newly elected are strict others could care less on the rules. I have a vicious tethered dog next to me. Open patios. Barks at 6AM and wakes me up.
Each of those new HOA regulations sound great! Not sure why you are against any of these.
Some of these new laws in Florida I assumed were coming around the country, but I guess not
The big bills should go to existing owners who underpaid for years/decades… not the new owners.
There should be an assessment on what the HOA should have been for the past 30 years, and then charge accordingly to people who haven’t been paying enough.
Truly, don’t think it has anything to do with them charging enough. It’s about how they spent what they collected over the years.
Yeah, that’s not how reality works. You gonna hunt down all the former owners and decide how much to charge them? What if they passed away?
The new owner should’ve checked the financial health of the building before they bought in
Tell us the prices of the houses you show please. It gives us a better idea of what’s going on in the market
Condo HOAs have a history of fiscal mismanagement. Newly built, charge almost nothing as far as maintenance for years. Fast forward 20-30 years, new roof, new pool, etc needed, get slammed with thousands in assessments due now, because there are no reserves. This goes across the board
Part of the HOA problem is 0% interests for 20 years. Keep interest rates at 5% or higher and that will resolve the problem.
Give me Condo HOA in Florida have a history of low common charges because that’s what the owners of the units vote for.
Up until the point to when Surfside was told their buildings going to fall down, they dragged it out for three years before they started repairs
Other states have tied regulations on how poorly the condo was allowed to manage the property. And the owners of the unit are always free to vote in aboard that’s going to take their money and fix up the place.
Many years ago, my community did not keep the place up well when a new board came in and told us how much it was going to cost us. The board looked like they were bracing to be insulted. Instead, they got applause of its about time, apparently the former board didn’t read the room.
Early!
The water looks gorgeous!
We want to buy a second home in your area in southwest Florida. Around Cape Coral is this something you’d be interested in getting us on a daily MLS listings? Do we need a phone call first?
Our timeline is within the next few years FYI. Understand if this is too far out for you
Thank you,
Hugh Wegwerth
Hey Hugh, I do not have access to Cape Coral Mls at this time. That may change soon, but for now I don't service the area much.
I like to tell you that you are handsome , there might be cultural differences here, I just enjoy watching your content and just complement you cause I'm excited from my next condo in florida and you bring value to me, thank you my friend ☺️
The couple who moved may be renting, so you may not have missed out on selling them a property 😅
Very true lol
We had the same thought. Whoopsie! 🤐
No more bailouts.
Problem in FL is Citizens Insurance. It is a publicly backed insurer of last resort. Also, there is a reinsurance aspect for values exceeding an amount. Due to insolvency of several insurers the past few years, the guarantee fund is over a billion dollars in assumed losses. Citizens reinsurance adds an amount over and above the fund limits. Now the subsidies are to reduce future losses that would require the state to bond or to tax for the shortfalls in case of catastrophic loss of either Citizens or the insolvency of private market. insurers.
What is a a noodle?
No, the American chant is no bailouts for everyone else except me.
@@bruceiehl9953
Well, unless Florida can convince regular insurance to come back in and to convince that the reinsurers that it’s not a money pit, then citizens is going to be around a long time. And if citizens has claims over its reserves, then the citizens of Florida are going to get a tax increase .
i have a question i live in condo its 3 stories but first floor is parking dose that count as 2 storeies or 3 stories
Usually its just liveable floors. 1st floor garages are done for flood protection
@@nipperdawg1865 thank you so mcuh
You should check with your particular Condo board about what the situation of your condo is. And attend at least the yearly meeting.
@@nipperdawg1865 thanks
so now i believe the ass. will sue to keep the records ,if they kept any, from the eyes of the homeowners
This blue water is killing me!
No f'n way. I want a bailout for just being alive. Bailout for decades of neglect and irresponsibility? Tell me You're kidding.
I want to live in Florida where they socialize all their individual risk onto other taxpayers. No personal responsibility needs to be taken at all!
Fiscal conservatives indeed! Where is this money come? Its barely anything anyway and clearly virtue signaling which is the only thing our governor does. Our only real resource is tourism tax, and it wasn't pretty what happened after 08 to Florida tourism. I really don't understand why anyone childless even stays in this country anymore. What does it offer than ability to make money? If you can make dollars or retired just leave at this point, its what I'm doing, big world out there.
where are you - what beach?
Englewood Beach on Manasota Key
I am normally not for bailouts but after Surfside, Florida changed the laws - which weren’t in place when the majority of people bought- I think the government should have done more due diligence of the impact on homeowners before enacting their new laws.
Exactly! That's what I'm saying! They rushed to implement and impose those laws, they should have done a more thoughtful study and analysis
I believe its called personal responsibility - I left a condo building I was in because they kept voting down reserves. No one understood basic math on the board but loved keeping maintenance fees low so they could make more money from their rentals.
@@jvp2916 I can definitely agree with personal responsibility. I choose to live in a state prone to natural disasters and I live on a canal close to the coast. I accept my home could be damaged in a hurricane and don’t expect a government bailout to save me. I was amazed at how much money people got from FEMA.
I think lack of personal responsibility is truly a primary cause of so many issues we currently have as a society.
This proves that condos are a failed concept if they can't financially sustain themselves on their own. The bill for underpaying all these years (to make condos appeal to the middle class) has come due. You now have to pay for the sins of the past AND fund for the future, not to mention ridiculous insurance. If you're rich, go ahead and buy one if it suits you, but middle-class people should stay FAR away from condos, government assistance or not.
Nah
@@primecash144 Great argument. Lots of brilliant counterpoints. The only thing you were missing was the adolescent "lol" at the end, the classic response from someone with no argument. Yah.
@@MrDCMiami 🤣🤣🤣 Why waste a lot of words when you are wrong. Condos are great for first time home buyers, vacation homes and rental properties. The real estate system has worked well long before your opinion. HOA scrutiny is required but condos are not a failed property type.
@@primecash144 The past does not equal the future. Recency bias is dangerous and will lead many to financial harm.
@@MrDCMiami No bias, the middle of L.A, New York or Chicago do expect a young person to buy a SFR? It's not practical. The system is simple try and buy a cheap condo in your 20's turn it to a rental in your 30's and then buy your family home. Your bias won't change the simple facts or the real estate system.
Desantis pandering
Not having certain vehicles in a driveway and having your garbage cans taken in does add much value to community. I would hope the HOA would have something else going for it.
In short, DO NOT EVER BUY A HOME in a HOA. Its like asking to live in a gestapo. Even Adolf/Stalin would be proud of the HOA.
HOA's are for Karens
GOP socialism !
HOA's suck
Old people in condos vote.
It's mine boggling that adult people want too live in hoa,like being back in high school don't do this and that
Yes, it’s mind-boggling. How people like you don’t understand that others don’t like it when you do whatever the hell you want to do like elementary school.
And he’s talking about condominiums, which require an HOA by design
I have an opinion about HOA but I will reply if Ben posts a comment on my comment to let me know he is interested and has read this comment. 😊
Lol go on....
@@bensellin IMHO HOAs are a way to eat your cake and still have it too for the original developer who built the community. U get?
I don't understand why you seem to be against these law changes or clarifications. Many HOAs abuse their power. Everyone deserves a notice before receiving a violation fine. It is not too much to ask for. What's the matter with you? I lived in an HOA for years and think never again, but now will rethink it. Will probably move family to Florida in the next 1-3 years or when and if prices become realistic considering the average income. Enjoy your content, but had to call you out on that.
I said in the video specifically that I think notice before a violation is a good idea?
Hey Ben.. New sub here. Special request, I like your close V-neck tee shirt. looks great. Could you mention or link the brand please? Enjoy these Florida real estate vids. I'm in the primary demographic of boomer / X type that have been long term looking but passed as this round of inflation went parabolic. Still keeping an eye open and following.
Thanks for the sub glad to have you on board! I grab all my V-Necks from Target or Walmart.
No more bailouts… let prices correct themselves … this will make those 300% appreciations fall back to normal levels to account for hoa increases. Same with home bailouts… let them foreclose and correct.. thats what we need