Condos On The Decline: Is There Any Hope Left?
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- čas přidán 8. 09. 2024
- The Demise Of Condos: Is There Any Hope Left? Condos in Florida are facing significant troubles due to a combination of new regulations, increased costs, and market instability:
New Regulations: In response to the Surfside condominium collapse, new state laws have been enacted to ensure the resilience and safety of condominiums. These regulations require stricter maintenance and reserve funding, which are increasing the financial burden on condo associations and owners.
Rising Costs: Maintenance fees and insurance costs are skyrocketing, putting a financial strain on condo owners. This has led some owners to sell their units, but potential buyers are also wary of these high costs.
Market Instability: The condominium market in Florida is experiencing a downturn. Market indicators show that the value and demand for condos are decreasing, contributing to a state of market freefall.
Financial Cliff: There is a looming financial cliff for condo owners due to these new regulations. The increased costs associated with mandatory maintenance and reserve funding could make condo ownership financially untenable for many by the end of the year.
Disclosure:
Please note that all the information provided on this CZcams channel or through it is only for entertainment and educational purposes. The owner of this channel, Jimmy Bitzas, is not a realtor or a financial planner and cannot guarantee the accuracy of the information shared in this video. The information shared is subject to change, as is the nature of the fast-paced world we live in. Jimmy Bitzas cannot be held responsible for any errors in the information shared or any injuries or damages that result from the use of this information.
I owned a few condos (not in Florida) and the HOA was terrible. The type of people that want to be on condo HOA boards are usually retirees. The retirees bring a combination of not knowing how to recognize required maintenance (cheaper to maintain than to replace) and a "must save save save for a rainy day" so nothing gets done. We had that combined with a terrible management company and a hurricane. Some of the units roofs were damaged to the point that they had waterfalls in certain rooms of their condo when it rained and the board of old ladies would meet once per month to consider proposals from construction companies to fix it. They would ask more questions, wait another month. This went on for many months until the residents all got together and led a revolt. We stacked the board with the "pissed off majority" and I was president. I fired the management company and got the roofs fixed but there was still so much to do it was crazy.
Thank you for the feedback. It’s greatly appreciated and very interesting reading. Yes maintenance can get out of hand very fast again thank you.
Under the new rules: Condos three stories and higher must undergo an inspection after 30 years and every 10 years thereafter. This will determine whether the building is structurally sound and if it needs repairs. Buildings that are already 30 years or older must have inspections completed before the end of the year
Very true statement Thank you for commenting.
I have owned several condos. The HOA is necessary to maintain the property values but only if it is a good management company. That being said I am now on my one and final condo. My HOA is up to 353.00 which is not bad. I am selling, with the expense of just living, and then adding on a monthly HOA that can go up 10% or more a year. Do not forget the assessments for roofs, painting, and amenities maintenance.
100% true statement I agree with you. Thank you for commenting greatly appreciate the feedback.
I'm glad last year we bought our condo in Florida. We are on the ground floor corner unit in a 2 story building. 2nd home. Decided to have an HO-6 walls in policy. HOA fee went up 45.00 mostly due to insurance increase. So far no other fees.🤞🤞I do see place selling at reduced prices.
That’s great. It’s only two floors that probably saves you thousands of dollars in special assessments. Thank you for the feedback. It’s greatly appreciated.
There probably is a lot of condos that have delayed very needed repairs. This law seems to have been a reactionary over reach.
As a Home Inspector, I see it every day deferred maintenance to the point that it gets out of hand
Nope!!! They are ALL IN TROUBLE!!!
It does feel that way doesn’t it? Thank you for the feedback.
Overpriced and poorly run...............
True, a lot of of them are