( 7 MISTAKES ) When Buying A Condo…
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- čas přidán 9. 02. 2024
- If you are buying a condo, selling a condo, or living in a condo this video is a must-watch! Many condos in Florida are already feeling the Tsunami of hidden expenses because new structural mandates and the rising insurance costs at the very same time are making these condo fees double and triple. This is a massive problem for many condo homeowners. And Now this is having ripple effects with ALL CONDOS throughout the nation. It's Happening! Here is what you need to know! Get your pen and paper ready. This video is packed with super helpful information.
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✳️ Buying a Condo MISTAKES | Top Things To Avoid When You Are Purchasing A Condo - • Buying a Condo MISTAKE...
✳️ Cash Flow Positive Real Estate | Things To Look For & What To Avoid - • Cash Flow Positive Rea...
✳️ Alternative Places BEFORE Buying, Relocating or Retiring to Florida! - • Moving To Florida? Alt...
✳️ INSIDE 3 NEW AFFORDABLE HOUSE TOUR IN SOUTH CAROLINA UNDER $300,000 -
• INSIDE 3 NEW AFFORDABL...
✳️ 10 IMPORTANT Things To Know Before YOU Move To Florida - • 10 IMPORTANT Things To...
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✳️ AVOID MOVING TO SOUTH CAROLINA - Unless You Can Deal With These 10 Facts - • AVOID MOVING TO SOUTH ...
#condo #condoliving #buyingacondo
Brought to you by:
Jerry Pinkas Real Estate Experts
604 N 27th Ave
Myrtle Beach, SC 29577
843-839-9870
🟢 Start Here! - www.HomeGuideMyrtleBeach.com
Florida condo owners are really getting slammed by the perfect financial storm. Homeowners insurance rates already doubling and tripling in some buildings with all the new changes. The Florida Condominium Act is going to absolutely crush many when these new laws go into effect in 2025. And it's not going to get any better for some condo owners.
Disclaimer: All information given in my videos is meant to be educational. This video is not intended to replace your research, nor to provide legal, investment, or financial advice. For legal advice consult a lawyer.
rule #1 EVERYTHING FALLS APART AT THE BEACH.I learned this in my 20's cleaning houses. I would never buy at the beach, you're investing in a sandcastle.
Not to mention what the salt does to your car! A garage is a must - but still wash your car on a regular basis.
Never Heard that 'Saying ..Sand 'Castle...Wow
Very well said. Like folks buying properties close to rivers. Buy a houseboat not a house.
More milliom dollar propertys exist near water for a reason
Good point. Go to the beach and build sandcastles. You don’t need to live in one there!
4 years ago here in North Texas as I was shopping for a house. There was a condo unit available. 2 bedrooms, 2 full baths, 5th floor overlooking the northeast of town and a corner unit with nice wrap around patio. Kitchen was great. The price was affordable and I really liked it a lot. I could afford it. Problem was when I asked to see the HOA fees. Those extra fees included $400 for swimming pool, $285 for parking, $300 security, $300 for fitness center, and $200 for the association. Those fees were MONTHLY 😬. It didn’t take me long to walk away. Putting the pencil to it, those fees would have cost me MORE than the unit itself and interest rates were at 2.5%. Found me a 3 bdrm, 2 bath, large lark w/brick fireplace, 2 car garage, a large covered patio, privacy fence, with a nice yard with plenty of space separation from neighbors, and NO HOA fees. I do pay my grandson to mow my yard weekly during spring summer and fall but it is worth it. Condos equal SCAM.
Thanks for watching and commenting
Quality condos are for low maintenance living. Enjoying the gym swimming pool steam saunas.
It might be better if you just total the exact number of the HOA monthly instead of breaking it apart saying this is for the pool this is for the...😂
Sounds like a lot of people are getting screwed not good
My HOA is $978. monthly. Bay area California
Wow! I'm so glad you walked out of that one and I don't even know you😅
But yes,that almost happened to me. The initial cost was great until I saw the gym, parking fees etc etc almost doubling the initial advertised cost and said " NO thank you".
Avoiding these condo-buying mistakes is crucial for a smooth process. Your insights are truly helpful for potential buyers.
I inherited my late mother's Florida condo in June. It is a two story garden style unit 5 miles from the beach on a golf course. Since then the condo fee went from $375 to $650. The insurance on the unit went up about 300%. If it were a single family home I would drop it and self insure like some of my friends are doing, but the HOA requires it. We got hit with a special assessment to cover emergency repairs on the building. Then they put the roof on a 3 year replacement cycle which means more fee increases in the future. My wife and I decided to keep it to clean it out gradually, do some renovations, use it as a vacation home, and possibly move into it someday. There are many elderly people living in the complex that are being forced out to live with relatives. There are about 25 units on the market the past few months that are not selling and the prices are going down.
Why buy WITH PARTNERS, when you know they will pay themselves through admin fees, first.
Your post was very interesting. I had no idea that these HOAs require unit owners to have insurance. I bet that is going to change. I believe many are going to have to have insurance for liability only and will be forced to self-insure against property damage. I see no way around it
Condo documents require the Association to carry property insurance for all of the buildings, general liability and more. This cost is in the HOA/COA fees. It is mandatory. Think about it, many condo owners have mortgages and insurance must be supplied or no lender will offer a mortgage..
The docs vary on whether an individual condo owner must carry insurance on their specific unit. The condo-owner policy covers the interior of the unit, things like attachments to the walls (like kitchen cabinets), appliances, flooring, personal property etc., plus liability insurance. We pay $135 a month just for condo-owners insurance we buy individually and is not in the HOA/COA fees. We know quite a few people who go bare on condo-owner coverage.
Aside from Insurance, the biggest problem of ocean front condos is deterioration. Moisture, salty air and wind eating those condos alive...
Very true. A great hotel owner explained why they never would own oceanfront property.
Those very elements form mountains, nothing man made its as good with deterioration than the great mountains of the world.
I live in South Florida. I'm so grateful I sold my very old condo with board members who never spent any money on the property right before the Surfside collapse. They also had O dollars in reserves. This video is extremely helpful for people like me who never did my due diligence before purchasing. Thank you.
Excellent comment
Thanks Fred!@fredk9999
As the owner of a condo in coastal Alabama, your advice on HOAs and the competence of the board members is absolutely dead on. We are blessed with an extremely active and knowledgeable president and board that has saved us literally millions in insurance claims, payouts and building maintenance.
@@DaveP-uv1mlIt is so sad that they actually have to pass laws for condo HOAs to have reserve funds. It is simple common sense to have a health reserve fund especially near the water
@@DaveP-uv1ml😂. So true! What is so funny is that the people who don’t use common sense then complain that the “government” has too many rules and regulations
Your videos are always informative; great job!
Thank you, Jerry! Great video !
My mom has a condo, and the board management is terrible. They hire family members, they hide money in CD's, and they spend money on special projects that only benefit themselves.
Your mom should sell because fighting them is nearly impossible
Love your content. Thank you for sharing your research findings.
Very informative! Thank you 😊
That was extremely helpful, thank you for taking the time to do it.
I love your videos, Jerry; so much good info!
Very informative content, thanks. 🙏🏾
As always, thanks for sharing.
Love your videos! Very informative and succinct! Thanks for sharing your experience and knowledge.
Another good one. Thanks Jerry.
Appreciate this information, as people who used to buy houses, look to buy a condo that might be more affordable. Out here is Arizona, dry head does a lot of damage too.
I am so glad I purchase a small 738sq feet private home back in 2016 in Florida. My girlfriend went with a condo. We both paid cash. Her condo is truly beautiful and her condo fee was only 195.00. Today is just shy of 750.00 a month. My home zero fees. She tells me all the time she truly wishes she did what I did. Her neighbors are all up in her business too
Rules, rules and more rules. Fighting over parking spots! Me, Zero issues. She mentioned a few months back she might have to sell and rent as her condo fee is getting outrageous and I told her good luck. Her condo at best is worth 90k. Where do u go with only 90k. My home, I paid 40k put 50k into it and it's paid in full. I only pay for insurance and taxes.
So glad I went with my gutted. I knew a condo was not for me as I have Rottweilers and they are not allowed in many areas.
Thank you Jerry!! Steven
Jerry you are a good person. Thank you
Avoiding these condo-buying mistakes is crucial. Thanks for sharing these tips to ensure a smooth and successful purchasing process.
Thx u sharing very informative 👍
a lot to think about . good video JP . ~ JDS/CT
Thanks 4 your hard work
$425 for my HOA in Los Angeles for a townhouse built in 89. Pays for insurance, water, and building maintenance for an 8 unit building at the moment.
I pay more than that but it doesn't include water. It's also important to have condo insurance since their insurance only covers the building. It's quite expensive owning a condo.
Good deal
@@ryanyoder7573 Its only a good deal if they are paying into reserves for future capital expenditures. Otherwise, cheap today and special assessment tomorrow.
I have been an HOA board member in AZ. People don’t want to participate until the prices go up. The fiduciary duty the HOA has and the viewpoint/vision is vitally important. The last thing I want to do is a special assessment because we didn’t do our duty. The condo HOA’s are way more complex than single family housing. That engineering assessment of your building and how the HOA addresses it is really important. I think that if you’re thinking about investing, watch the summary of the Champlain towers. Lot’s of commentary, but listen to engineers describe failure and what should have been done. Then you’ll understand the dynamic.
Older people don't want to pay assessments they may only be there another 5 years it does not matter how much equity they have.
@@info781 So you sign onto an HOA. It doesn’t say if you’re interested, it says you are an owner. Your lack of understanding or participation is totally on you. You can’t complain on fees if you sit idly by and do nothing. That falls into the 90% homeowners.
@@edjarrett3164 Oh they don't sit idly by, they fight every assessment, that is why Surfside collapsed. Everyone knew it needed work, they did not want to pay. As Jerry says 2025 legislation will change that in Florida. There are going to be some large bills due in FL in the next few years.
I’ve served on a condo board and hoa board, insider elitist attitudes and power tripping ruled supreme in both cases. They somehow believed their position on a board was akin to royalty, bunch of clowns lol
@@elduro5977 I’m sorry you had such a bad experience. I serve because the ethos of military service stays with me. No ego, no secret agenda, serving my community is what is important. I wish others viewed the service similarly.
Ty - super informative
It is horrible that people are under so much stress because of this
It's their own fault. Should have done their due diligence.
ignorance has that effect.
@@bobjames6622EXACTLY! I don’t feel sorry for any of these people. Due diligence. It is not as if the dangers of storms and living in a hot climate near the water is a big secret.
@@lizhoward9754 I spent many years working in debt collection and debt management, followed by another long stint working in an anti fraud unit. What I learnt is that 99.99% of humans are as dumb as a box of rocks.
Live in ft. Myer. Coach home. 550 per month which includes landscaping, roof replacement every 25 years, exterior paint every 7 years, cable/internet. One small pool and workout room
Bought condo in Aug. 2020 Hilton Head SC (2/2 1665 sq. ft.) for $305K cash. POA fees $403/month (insurance, grounds, pool, outside bldg maintenance). POA boards and companies cannot be trusted! Sold Aug. 2023 for 565K. POA increased to $525/month and DID NOT cover new insurance premium. Was assessed $1775 for 1/2 year premium increase. Luckily we were only liable for one month due to our closing date. We are renting now looking to move off this money pit of an island by summer. However we were very, VERY fortunate (and lucky!) to buy and sell at the right times. We learned our lesson about condos and never again! Off to a “4 season” area (Smokey Mtns?) for new retirement plan. Beach life is WAY over rated! Run away!!!
Lol you had 85% returns for just paying like $122 per month extra. You must be an idiot if you think you lost money.
@thomas wow! You were incredibly blessed and lucky whatever you want to call it do you have a guardian angel? You got in at $300,000 and sold it for over $500,000 in 3 years wow! I just sold my condo in the Bay Area and the HOA 978 monthly. This increase in HOA has lowered the condos value.
We paid 360K ten yrs ago and sold for only 438K.
The scenario given by the original commenter is interesting. So an assessment became due during escrow and the buyer didn’t renege on the purchase (or did the buyer know about the assessment and decided to proceed with the purchase anyway)? As a buyer that would raise a million red flags for me. I had a similar situation when I sold my condo. I was the HOA president so I voted for a special assessment of $2250 to pay for the insurance. I decided I was done with the building since it was a money pit so I put my condo up for sale but I made it part of the sale that I would payoff the assessment before closing. That seemed to put potential buyers at ease bc my place was under contract in about 10 days
Well, you know that high demand, high risk, beachside properties are going to have extremely high HOAs.
I’m on our board here in SC on a near beach front condo complex (2-4 of our buildings are ocean front). We try to keep the monthly increases every 3-5 years but it’s tough. We raised them about 9% for the first time in a few years. But, we have separate annual assessment for the master HOA property insurance/flood insurance which went up 25% from 2022 to 2023. This year, it’s up another 4% or so. The insurance assessment will keep coming due to insurers pulling out of that coastal flood market and increasing building costs, along with the “Florida” impact. What happens in FL affects all other coastal insurances. Always has, always will. Potential owners must do research prior to buying, make sure it’s affordable to them. There’s a local complex that assessed its owners 330k/each due to structural deficiencies about 2 yrs ago.
Exactly! And I crack up at these Florida people trying to get out and move near the water in GA, SC and NC. How is it any different than Florida? It is the exact same thing. Living near the water is risky regardless of where
I always thought that I would rather live under a bridge before I purchased a home managed by and HOA.. I now have to reconsider as I move to a different state. That is most likely all I will be able to afford!
I'm finding that myself as I look for a retirement property in NC, SC, or AL, but I know that property is out there. I might have to compromise and live a few miles from the beach, because condo's are the only things on the beach but if I can get within a couple miles, I'll be happy. (especially if I can drive a golf cart! LOL!)
Our condo fee has gone up gradually over the past 17 years and includes the reserve for roofing and other infrastructure in accordance with state law, insurance master policy, water and sewer, trash removal, pool and clubhouse, landscaping, and property management.
so good!
This video was helpful to me, even though I have no practical need for the info. Sad to see that a bunch of retirees in Florida are, effectively, about to get hit with mortgage-sized HOA fees.
Thank you so much for taking the time to watch this helpful video and to comment here on this channel. Truly appreciate you doing so see you in the next video.
My wife and I we’ll be visiting you guys soon thanks
Upkeep is paramount whether you own a home or a condo....Some out of our out of pocket expenses we've paid for our single family home over the past 7 years that was built in 1985.....prices include labor, $8500 new roof, $1600 new water heater, $4200 deck refurb, $1200 outside repairs, $4000 new gutters and roof for deck. This doesn't include new kitchen countertops and appliances as well as carpeting where needed...We are fortunate we could pay cash for all of this but owning a home has a cost if you want to keep it in good working order and ensure the property will retain value. Granted our property has appreciated way more than the upkeep cost but it would suffer if these things hadn't been done. I've never been part of an HOA but there is no free lunch...
@Jerry Pinkas is always the most informative RE channel on CZcams. Thank you
In Alaska, they generally hold steady between $400 and $550 and usually include heat (that's a HUGE deal up here, obviously). One building needed new windows and hit the residents with a $10,000 special assessment AND made them have them installed theirselves! Everyone listed them for sale, cheap cheap, but with the assessment still in place.
We have an ocean front condo (3BR, 2BA) in Myrtle Beach. The $1530/mo HOA fees cover water, electricity, HO6 insurance, internet, indoor and outdoor pools, free EV charging in the parking garage. That's a 10.6% increase over last year, mostly due to rising insurance costs. Reserves look reasonable. HOA meetings are mostly about what we need to pay for, and not about what we can avoid paying for as long as possible.
Uff. That’s still a lot
so paying over half a million in HOA fees over the course of a 30 mortgage? what was the point of your comment again?
My condo HOA only went up $20 in San Diego. The complex down the road in a more picturesque setting got rezoned as a fire hazard and they got hit with a $15K insurance fee. Flood and fire zones will hose you.
Jerry your videos are great I learned so much! I live in oregon, my mom bought a condo in Florida!! I know what to expect because of you thank you God bless!!
Condo fees are like time shares. I will NEVER go into an HOA! The board members are out for themselves! Don't TELL ME what I can and can't do to my own home!?
So when you walk out the door of your “private home” what control do you have over EVERYTHING outside your property line. Home Owner Associations can be a pain in the arse, but they are often better then dealing with local government to take care of your sidewalk, street, local park pool etc
@@alanaldpal950 I am not new to owning homes sir. I also know many many people who live in condo's that are ruled by the condo board and are DICTATED down to the color of curtains they can put up in the name of aesthetics. I've always lived in neighborhoods that show pride of ownership WITHOUT being dictated by a board with their own agendas. I've also been UNFORTUNATE to own a timeshare so I am familiar with the fees and assessments. BTW, unloaded it due to gross mismanagement by the board (ie,, didn't pay taxes and wanted US to foot the bill) Anyway, I think I've answered your question sufficiently as to my feeling on the subject. Thanks for letting me rant!! Bless!
@@peggysmith4445 I have ranted about my (5,000+ Home) HOA plenty of times. There are good ones and bad ones and even still the good ones have some things to complain about. However, well run ones protect against some pretty stupid 💩 that your neighbors or others may do in a normal town/city neighborhood where you won’t get any relief from the……. GOVERNMENT (which is actually the biggest and WORST home owners association).
I hate the condo fees and their rules but I hate shoving, landscaping and maintenance even more
@@peggysmith4445 when you buy into a Condo you are given a copy of the RULES you are agreeing to. If you do not want rules, do not buy in that community. This is simple and in fact, there are rules everywhere, State, County, town, Subdivision HOA or COA. Whining about pre-existing rules is absurd, as the rules are the same for all owners and is a part of joint ownership of the common areas and Condo buildings in condominiums.
People who misunderstand the condominium or HOA concept do not belong in them because they often ignore rules to the detriment of all the neighbors, then they get violation fees and requests for compliance and complain about been hassled or discriminated against. They should move if they are unhappy and no one will miss them.
Florida is the poster child. In Chiraq our HOA managed by Cagan Management has created a "hurricane" category on the monthly financial statements and now working on 10m special assessment for replacement/repair costs to common areas.😢
Some fees go up and some don’t; great advice
My buddy has a 2200 square foot condo in Riverside, CA and his HOA fee is $400 a month. We have a 900 square foot rental condo in Palm Desert, CA and the HOA fee is also $400 a month. In California the HOA fee can not increase more than 20% from the previous year unless member vote for a higher increase. I think HOA members should be required to be residents of the complex. Many HOA's here are like that.
This is more complex than most of us would ever imagine. One think I know I will not be buying a condo especially the one on the beach!
Condo HOA and insurance have gone bonkers... RUN AWAY...😮😮😮
Bought a condo in Monterey Bay last year and this year they raised the HOA dues about 15 percent. It has OK cash flow but I bought it more for personal use than investment. Will be looking to buy more golf resort properties in the area from now on.
In 2005, a Scottsdale, AZ rental condo HOA was $230. For 17 years, no increases. Now it's $398 plus a recent $5,500 assessment. Thankfully, No increase for 2024.
If I wanted to live in a beachside apartment block, I'd rent.
You clearly don't realise that if you rent, then the associated costs will STILL be on you. And you would not even "own" the property. You're not very bright, are you?
Rental costs are what the market will bear, not what the property owner's costs are to own. Duh.
@andrewwhite1968 not really at all!!!
@@bobjames6622 no they wouldn't. Sure they may raise the price because a huge assessment but then you can just move somewhere else that doesn't.
@@user-cv7pl2ii2l Yeah, right. Good luck with your delusional thinking. I could try to explain to you why you're delusional, but it would clearly be a total waste of my time. So I won't bother wasting my time on you.
See ya! Wouldn't wanna be ya!
Be very, very careful with condos. Especially in NY and FL. Many of them have and will have extremely high special assessments for significant repairs / Insurance costs / lawsuits, etc.
They are all aging (very old NY). Co-ops are especially a bad situation.
Hi Jerry thank you for your great videos although my question is not about this.
I would like to move out of Seattle because there is too much rain and it is cloudy most of the time. Would you please tell me where I should move to have good weather, like four seasons and sunshine, not too hot?
My experience has been that real estate agents make it more difficult to get to the bottom of the information as they know, once you find out about all the problems you will walk away from the sale... Over promising and under delivering is the motto of realtors nowadays!
You do not own any property.
Real Estate Agents are required to disclose all information that is known to them. A Potential buyer should be aware of their concerns and ask any questions they may have. Information on the HOA is typically disclosed. Of course, a Buyer should learn about the HOA's finances, planned renovations, and other pertinent details specific to the development.
A real estate group like Pinkas is your ally to help you make an educated decision.
maybe the listing agent if you are a buyer but not the buyers agent. cause hiding info doesn't benefit anyone and can kill the entire sale
There’s inflation plus price gouging everywhere. Can’t even buy a bag of candy without getting hosed lol, much less a doctor, lawyer or property
I'm in Sedona, Arizona and lived in my condo since 1979. My HOA is $285 a month. I've never had a bit of problems with my HOA.
The $285 a month is a big problem. I pay zero a month because I have no HOA.
@@drc3poyou pay as well just over time that probably includes grass shrubs as well as roofs etc
Well,I'm in a house too and just spent $15,000 for a new roof. I also need to replace part of my driveway. Nothing is free
You are one of the lucky and blessed ones.
@@lori-annefay4138 Luck had nothing to do with it. I worked two jobs for decades to make it happen. Lazy people blame their lack of effort for their own well being on bad luck.
excellent
I just put an offer on a condo in Virginia, after reading the HOA paperwork I'm ready to back out. No reserve, and they're having to pay more for insurance, which is going to increase the HOA fee.
be it a water system, sewer system, storm water system, streets, and power lines. One thing is constant. Do you save money now instead of borrowing money later and have a huge pot of money for capital projects but have to raise rates for the yearly operations and maintenance of the building and grounds. What does a roof cost, mid-life repairs for the structure, end of life replacement and when is that? sell build sore where else or demolish and rebuild..
We have two great condos in a large US city, both built in the early 70s. One has really high maintenance fees, about $630 per month. I hate that the fees are so high but the buildings are well maintained and we have hefty reserves, plus we self maintain it. The other condo has a really small maintenance fee, under $300 a month. Although this is a really nice unit we hardly have any reserves and the covenants established back in the 70s don’t allow for an increase without approval of 65% of the owners, and with a bunch of retirees in there most people won’t agree to the increase. We’re planning to sell this one in the fall when our current renter’s lease runs out.
Whoever the owners collectively elect to be on The Board MUST be trustworthy.
I lived in a 80 unit condo in CA for 2.5 years. The Board president & 1 trustee were reelected repeatedly by their friends, other owners in the building that truly believed these 2 women who lived together were worthy of our trust.
Incredible considering these 2 , one a trustee who did the maintenance work around the building constantly would screw us all with high & frequent HOA increases for no obvious reasons. She would go to the nursery gardens across the street, with our HOA $$$ in her hands, buy dozens of new plants, drop them off in the same planter they were purchased in & never water or transfer the plants into the ground. She did this over & over again.
This couple also never treated the wood porch near the community spa and in no time found termite damage & rotted wood all around that area.
Again, where were our +$275-350/mo per unit HOA fees going?
The problem was, these 2 roommates had blind supporters to all their theft & refused to investigate these women.
Last month my monthly HOA condo fee went from $865 a month now it's $980 a month.
East Bay California.
The issue isn't the monthly fee increases, it's the fact that there has been big monthly fee increases without the corresponding decrease in condo values! At least so far.
Thank you. Very informative as ready to retire to S/E Florida and really don't want to buy a home and considering condo...Oh oh
Jerry, Wouldn't high condo association fees, high insurance, high hoas, and overcrowded like what is happening in Florida happen in Myrtle Beach?
Condo fees every year increase. There should be a cap on one time reassessment fees but this hard to predict. I have a love hate relationship with condos. A greatly managed condo one year can turn for the worse the following year. Is buying a house better? it depends on the house.
Bluewater (the building behind him at the start) was one of THE WORST condo's possible in Myrtle Beach. We owned at SeaWatch for 17 years and could have DOUBLED our money if we had sold 9 months after buying it but we held on through the ups and downs and essentially broke even over all those years but we DID get 17 years of enjoyment and free (to us) vacations, golf trips, motorcycle rallys without having to pay any additional $s as rentals covered everything. Sold it about 5 years ago and moved those funds into a ski condo in Snowshoe WV and did double our profits in 2 years and rolled those $s into a larger ski condo that we also remodeled just like we had done with all prior condos including our SeaWatch 2 BR in Myrtle.
We are getting assessed for $20k on our townhouse in FL right now, after our HOA doubling. Insurance was a big factor, and needed new roofs all the sudden and this weird flat roof issue. Shit sucks
What about in south east Florida beachside condo. They hire one construction company to do the necessary repair works to get the building up to code. That co gets fired. Now another assessment to pay for the new construction company !!
What are elderly residents to do ? And who’s going to buy there now ? Thank u !
Renters can just walk away. Living at the beach, I saw big air conditioners rot within six years and car suspension components crack , car hood hinges rot from the inside. Taught me enough about owning things at the beach.
God bless you!
Your content is helping thousands of us who doesn’t know a thing about real estate
I am a 40 year Mariner. I am NOT a climatologist, and know nothing about changing climates, global warming, or whatever.
BUT. . . .I can testify to the ocean getting taller every decade. And the taller it gets, the faster it seems to be rising.
If you have ANY property within 1/4 mile, and less than about 100 feet elevation, YOU NEED TO SELL YESTERDAY!!
Oceans are rising about 1/5" per year, or 1" every 5 years. Experts say every 1" of rise causes 200 feet of lateral erosion. This is easy to see in the Outer Banks of NC, or Pacifica, CA, or North Shore, Oahu, Hawaii.
Don't be the last sucker left holding the bag. Somebody HAS TO LOSE.
Over baked hysteria, according to this you have a rise of 1” every five years with 200 ft of lateral erosion every 5 years….just not happening at that pace.
Coastal Calif with sandstone cliffs should never have buildings built on them, those building or giving building permits are both at fault…
....and the sun is burning out😢
The 'experts' have been wrong 100% of the time. Live your life.
The small harbor in Kona was built in 1970. About 20 years ago we were standing in ankle deep water to tie our boats at the ramp. So The State built a new one, a little higher
6 yrs ago, same story, so they did it again. Few months ago, during a Spring Tide water just peeked over the concrete AGAIN.
So if the first dock lasted 30 years, the 2nd lasted 14, and the 3rd one 6, how tall should the next one be??
The experts will say whatever someone pays them to say. Usually a leftwing college professor.
130 $ monthly for Iowa includes water, garbage. Plus when extra repairs is needed everyone participate.
Remember the Champlain Towers, Surfside Beach collapse. Those owners were wealthy and would not approve a recommended structural repair at $80,000 or higher per unit. Building should have been condemned
I'm 65yrs old . So glad I bought a house in LA for 80k. In 1986 Never refinance.
I love my home.
80K? Wow. The average house where I live is $750K and that's like a 2 bedroom. I should move.
@@B-ch6uk That what it's worth today. I was making 30k a yr. Now I make 80k with no house payment
@@ralphramirez1979 I see
How do you get your hands on that "black list" of condos? Would be nice to see BEFORE you agree to purchase.
Try to avoid anything HOA, pay your mortgage as fast as you can, and then taxes will raise to former mortgage levels
Where can I find that list of condos you mentioned. I own a PUD in South Louisiana and our HOA fee had to be increased due to our wind and hail coverage doubling. A real insurance crisis here too! That being said I own 2 weeks in a high rise resort in Daytona Beach Shores. We were spared as the building was not affected by the hurricanes, but out pol, hot tub, deck and sea wall were destroyed. An assessment of $750 per week, and the BOD is aware of the new law. Fortunately they have been budgeting for reserves and upkeep that is inevitable in a beach front building.
If I was buying or renting in Florida, I'd want Jerry in my corner. I can see Jerry going to the condo management and putting fear in their hearts with his long list of probing questions. LOL
All the COA/HOA has to do is upon request supply a copy of meeting minutes, Ass’n Docs, and financials (printed at your cost). If there are engineering reports or inspections, those will likely be supplied as well if requested. Property Mgrs and Boards do not engage in discussion of these issues with potential buyers or realtors, except to supply documents.
All those condos must have structural inspections now, that is huge money. He is right. These will be selling for $0 just like timeshares in time
Guys, do you realize how incredibly complicated these problems have become.? The HOA will keep this stuff secret because if it becomes known the condos lose 60% of their value. I would avoid condos completely.
My parents made the mistake of buying an older vacation resort studio condo built in the early 80s, in the NC mountains. Shortly after, they were assessed a $10,000 maintenance fee toward renovating the complex. Which was noticeably dated & beginning to show signs of neglect. They paid $30K for the unit, but the value had now dropped to
Can you address CDD fees as it relates to expenses. The "Villages" in Florida is one example of this type of management.
It’s the owners , not the board who could vote to reduce or eliminate reserves. (Florida)
Reserves will be required for condos over two stories, not all condos. (Florida)
You can use the Google to read the actual law and law change. (Florida)
Please correct me (preferably with a source reference) if I’m wrong on any of this.
Good morning from far north Idaho ✨️
Canada??
Almont
@@susieseltz6876 oh, oh, ok 👍
Wow I need knew this could affect so many States and people
I'm a homeowner, a single family home. I would never buy a condo or townhome and I would never buy cheap into a 55+ retirement community.
All you have to do is look at what is happening to homeowners on rented lots out west in retirement communities, they are essentially having their homes stolen as the land owners, knowing the homeowners can't move their homes increase the fees and rents until the homeowners walk away.
I know what you mean! Couldn't understand why the property on a lake was so inexpensive until I found out that the land is "owned" by Army Corps of Engineers and they hold the deed. You only own the house.. No thank you!
My family owns a condo in boca raton on a1a old building but beautiful they have always kept up with the maintenance but now they are doing structural work on the building and we are being assisted at 80 000 should I be worried I think it still has value what do you think
Our home in Cebu, Philippines took a huge hit with typhoon Odette a couple years ago. We happen to be at
the right angle as the storm came off the water. Lost a good portion of our roof. Our 1 bedroom condo unit a
couple blocks closer to the water also was damaged. No power or water for several months. It cost us 20k at
least to fix both places up. No insurance, ever tried to get a 3rd world ins. company to pay up? Sold the condo
last Dec. for 4 million Pesos ( $80k ) Our home is maintained constantly , Don't care where you are, stuff happens.
Maybe better to just buy a house.
Yes
Many coastal single family neighborhoods have an HOA to pay for clubhouse, pool, etc. At least it's not as an expensive monthly but your personal insurance is increasing across the board.
My building here in Center City (downtown) Philadelphia is very well managed. It has a 5 million dollar reserve fund, has never had an assessment, and our 4% HOA increase this year was the first in 15 years. I guess the lesson learned from your video is get the hell out of Florida! lol
How can I find out if my condo is on the blacklist?
What’s the hoa charge for new developments in Miami
I can only imagine
I can easily understand how ANY of this condos as they age will need vastly increased maintenance. Maybe they were built on the cheap before the new laws? Especially as they are closer to the shore.
Jerry aren't you going to see condo terminations eventually with most of the older buildings in south Florida? Associations will be dissolved and developers will offer buyouts and teardown the older buildings and then build new ones that will be up to code.
Already happening.
I want to move where it is warm. Tired of Ohio winters. I am genuinely terrified of unforeseen condo association fees. Was looking at the Hilton Head area but association fees are scaring me off. Thinking about a small home a few miles from the coast.
Sounds like a solid alternative plan...but home prices in that area, wow have they gone up! Hilton Head and Bluffton SC are located in the "low country" area... ie: salt marsh, swap, flood, no see ums etc. Have you considered Myrtle Beach, Conway, Loris, Longs and North Myrtle? Give our office a call we have a lot of helpful info to share 843-839-9870
@@JerryPinkas I have been to Myrtle Beach a couple of times. Not too keen on the boardwalk and the atmosphere in that area. I seen lots of questionable situations to say the least however we are open other areas. Looking for that perfect fit. Nice downtown, short distance to the coast, amenities etc. Plan on buying within the next year.
You can buy in a plantation that is off Hilton Head Island to avoid expensive flood/hurricane insurance. With a single family home, the HOA becomes more limited to providing security/gate entrance, pool/community center, and roads. The association fees are predictable since each homeowner is responsible for their own residence.
Do a video on vacation rental HOUSES….I know you have them on condos, but what about houses? Good investment? Bad? Money pit? I don’t want a condo…tell us about houses near and on the ocean.
Waiting