Condo prices in Florida are collapsing. 40% reductions on distressed listings. 

I wasn't expecting to see such severe price reductions so quickly. Here in St. Petersburgh there's condo units going for 30-40% below peak price. And now below 2019-20 values as well. The reason? Huge HOA assessments. This is just beginning.

I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?

I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .

I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways

$1600/mo is rent. You may BUY one of these condos, but you will never OWN it. IT will always own YOU.

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

Frankly, these condos are now worthless. At current HOA and insurance rates -- my offer is this -- zero ....

Stability is a result of our economy's struggles with uncertainty, housing issues, foreclosures, global volatility, and the pandemic's consequences. To restore stability and promote growth, all sectors must respond quickly to concerns about growing inflation, slow growth, and trade disruptions.

I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments..

. Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts

A million dollars for a condo in Florida??? People have lost their frickin minds!

I’ll buy one of those condos…. For a dollar. That’s the only thing that makes sense for $1,600 HOA

This could be a sign of a bigger issue in the market. A downturn like this could have severe repercussions, not just for property owners but for the overall economy of the region

at this point there is no point to insure anything, buy anything, or even look... it's beyond the cost it should be many times over

I can tell you as a Floridian it is true the condo real estate in Florida is collapsing spectacularly, nobody's buying condos anymore. Having said that, Single homes are coming down a little bit but still extremely overpriced, and I mean extremely overpriced, definitely the prices are unsustainable they need to come down by 30% or 40% or more in some cases

40% is not enough, with those skyrocketing HOA fees.

Who can afford these prices? Mobsters. Drug dealers. Cartels.

And I still can't believe they said Mar-A-Lago is only worth 18 million😂

Considering the economic situation I ask,?? How can we save our families and friends from financial slavery. It's getting more scary how people are really suffering these days.I can't fold and watch people around me suffer.

It’s not really a crash when the incompetent HOAs failed to adequately maintain reserves for the past 30 years. It’s more like a snail slowly chugging into the center of a hot parking lot and wondering how it got there after a concerted effort to arrive just there.

I would never get involved in any property with an HOA!

Remember how the percentages work. A 100% increase in value is wiped out completely by a 50% reduction in value. Let's say you buy a property valued at $100,000 and it appreciates 100% to $200,000. Well a 50% reduction on that $200,000 gets us back to $100,000, our starting value.

$20K of HOA a year is absolute insane.

I used to live in an old condo on Miami Beach, and people used to buy a unit and I think they would illegally change a studio to a one-bedroom or a one-bedroom to a two-bedroom. Somehow they sold them that way, and I don't understand how they did that. One guy said that you could not make a wall go all the way up or down, so it is more like a divider than a wall, but they still rented and sold them as one or two bedroom units. A real estate agent said to me she was showing a two bedroom unit and I said that there are none as far as I know. They are not allowed, and she seemed upset that she was pretending to not know anything about what the deeds say, etc. If you buy or even rent on Miami Beach in a condo, you are putting yourself in danger. A plumber looking for a leak in the units above me said that one renovated unit had pipes that were not even meant to be used in plumbing. Another plumber refused to work in the building because the pipes were so rusty that he said if he fixes one place, he will break a pipe somewhere else because the pipes needed to be replaced. And that place passed the 40 year inspection somehow.

The FBI NEEDS TO INVESTIGATE AND PROSECUTE THE HOAs and the management companies in Florida.

Unfortunately, not all of us were financially literate early. I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!

Nobody will ever buy a condo now. .....

I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

If I ever feel bad about myself, I’ll just remember that somewhere out there someone took an L worth $500k

Miami is a dump.

These HOAs ignored maintenance and safety issues for years now the current owners have to play catch up. Unfortunately it took a tragedy for safety to be enforced.

This is a really informative channel. I love catching your daily posts.

So, they're gonna crash the condo market so the rich and famous can secure the land the condos sit on, and build ulta-luxury homes.

Here is a parallel: I bought a time share in Key West back in 1985. I bought the smallest unit in the complex and the initial price was $4500. The contract stipulated a 10% allowable increase per year, but within five years, the "maintenance fee" went to over $500. I had a few issues with this: 1. $500 for one week's use of a studio, gorgeous as it was, was really no different than rent raising the issue: what does ownership mean? 2. ALL units paid the same maintenance even though it was obvious that the large 2-bedroom units required more maintenance costs AND they rented at $250 a night meaning those owners would gain back their investment. This, like many things, represents a pyramid of privilege under the guise that "all are treated equal." I walked away from this. And learned a lesson.

This is ridiculous, the state of affairs when it comes to the costs of LIVING ANYWHERE is f'ing insane.

When my wife & I had our beach front condo from 2009-2018 we saw the prices go from 1 to 3.5 million for our unit , plus the HOA went 3x and the RE taxes went from 7k-25K and that's when we had enough. BTW the condo insurance went from $400/yr to 2500/yr. Crazy. we used the condo maybe 2 months in total per year. Now we just go to a nice hotel instead.

Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Susan Jane Christy ❤️

Fantastic video! I have incurred so much losses trading on my own.... I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??

OK, but what about condo owners whose buildings have already passed their inspections and don't require expensive repairs? As the inventory shrinks as the towers get knocked down, the value of the units in good shape should skyrocket.

So i did some research on property values in florida as i live in florida. The statistics say that by 2070, one-third of florida will be under water. It was referring to the lower third, which, of course, includes Miami.

No wonder Buffett says that owning a home is the worst investment

Miami native here. Your video is a spot-on description of what's going on in Miami right now. I have no idea how locals are buying houses at the moment. A "starter" home in an area considered half-decent goes for about $600,000. Nothing special...nothing fancy. I truly have no idea how middle-class people afford these homes - unless they're selling another home and had tons of equity for a huge down payment. I hope things come back down to a reasonable price, but I would not be surprised if this is permanent.

The cynic in me thinks that the Florida legislature wrote the bill with a harsh timeline knowing it would create buying opportunities for developers to pick up prime real estate cheap.

This happened in the 90,s. I remember a friend buying a 300,000 condo that dropped to 99,000.

First, it's a condominium association, NOT an HOA! The two are VERY different. Next, the dramatic rise in assessments is the result of condominium owners DECIDING FOR THEMSELVES to underfund or even totally waive reserve funding for DECADES. They CHOSE to ignore long-term maintenance needs in order to "keep the assessment low." They routinely failed to follow the guidance of required reserve studies. Unfortunately, many of those who created this mess are now deceased or living elsewhere. They "kicked the can" as far as they could and now here we are. With regard to the Champlain Tower collapse, the majority of unit owners were non-residents. Many inherited their units and had not interest in them beyond collecting a rent check. Despite knowing that the structure was failing, time and time again they voted against doing anything about it. Ignorance and greed caused the deaths of nearly 100 people.

Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 100k to a decent 432k in the space of a few months... I'm especially grateful to Sandy Barclays, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

Amazing video, you work for 40yrs to have $1M in your retirement, mean while some people are putting just $10K into trading from just few months ago and now they are multimillionaires

Back to 50k average price we go!

Condo's can be a money pit as they age. I talked to a guy that got hit 3 times with special assessments in just 3 years. Elevators, roof, and brick work. Each time it was well over $10k.

It’s FL! Imagine that no one thought to regulate the construction of condos .

De Santis isn't really to blame here, the real issue is the lack of reserve fund and maintenance requirements on condos. Most places have had these regulations for ages.

My wife and I saw this coming two years ago when a condo in Daytona Beach (Holly Hill) HOA fee jumped from $975 to $1,445 overnight! We asked an agent to write us an offer prior to this and he put another offer in front of the sellers without even keeping his appointment to write our offer. Now, we thank God he did what he did. I spoke to an agent that sells in the building. She informed me that HOA fees we go even higher. This was at the Marina Grande.

Florida condo market is going to implode Nick, not collapse. Great videos thanks for making them. Welcome to Florida!

Even if they drop by 100%, they're still unaffordable for native Floridians in need of housing. It's crazy out here

Years of neglect. People didn't want reserve funds and now elderly people largely on fixed incomes will never be able to afford the large assessments that will be required to bring this stuff into compliance. There's going to be a crash!

*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*

Florida did the right thing with HOA fees. Absentee/partime owners created this problem by keeping fees low. Now people pay what is needed.

Condos will become the next Timeshares. People will be willing to give them away in order to get rid of their HOA fees.

Condos in Metro Atlanta were selling for $17K for 1bd/1ba and $38K 2bd/2ba in North Atlanta (Sandy Springs area) in 2011-2012. This is the value of the condos in Miami with the assessments it takes to maintain condos in hurricane prone areas.

Between the insurance premiums going hyperbolic, the HOAs going hyperbolic and reserve requirements causing special assessments this looks like it will snowball into a full market meltdown. Add to this corrupt and kickback taking condo management and it’s a total nightmare scenario. Before, you could wait it out but there’s just no way the first 2 factors will drop to manageable levels again. Glad I sold our condo in North Bay Village 10 years ago!!

Thank you for your honesty and transparency. It's refreshing to see someone acknowledging the harsh reality of rising prices, which are leaving many of us feeling battered and bruised. Despite the dip in the market I stil thank you for level headed financial advice. I start investment with $11k and since following Clara Brandon for few weeks now I've gotten $19k in my portfolio.

Stop waiting for the government to give job opportunities which are wasting much of your time when you can invest in digital marketing and live your dream life.

The values may tank but the cost to live in the condos is staying the same. Lower mortgages but higher hoa and insurance.

A 40% price drop is nothing when they jack the price up 40%, so if drops 65% then the price will meet the cost of Americans salary.

Why get into a 2 bed 2 bath for $1600??? Plus tax and insurance? You can rent for the same price, and you don't need to pay mortgage

The problem with condos is you can have a mortgage payment that keeps climbing due to taxes/insurance plus on top of that you can have an HOA that can soar to ridiculous levels. Houses as well will eventually have a major problem as taxes for a lot of people are now soaring close to 10k for just a 400-500k assessed home plus another 10k for insurance. So in 10 years you can pay 200k just in those two values and that's not even including mortgage interest. The middle class has quickly eroded after COVID due to rampant inflation esp. in housing.

Last 4-5 years pretty much all of the sun-belt went up close to 100%!!

A $38mm home means real estate taxes around $60 to $70,000 per month! Miami has always been boom or bust especially the condos. Unfortunately the crazy prices for premium properties are likely to get worse. Rich people from all around the world have heard about Florida or seen it on TV or in movies, and many of them are desperate to get capital out of their home countries and their crap currencies. Brics or no Brics they want dollar assets and real property that is unlikely to be seized. That goes for Americans as well, because in Florida, a primary residence of unlimited value is protected from judgement creditors. When I attended University of Miami School of Law, many students in the law and undergraduate schools were busy funneling money out of home countries for tuition and “living expenses,” the higher the better. Frequently the wealth was beyond belief. For example, I assisted a young lady with settling her father’s estate in Florida. Her family farm in Brazil was 20,000 square kilometers, roughly the size of New Jersey. I wanted to buy a house on Sunset Island or Rico Alto Island for myself, but the taxes and insurance scared the hell out of me, and that was 25 years ago. Great life style, but you better be prepared. By the way, if your condo building has a sea wall and dock, repairs can easily exceed $10mm every 10 to 15 years on top of the elevators and the roof which also cost a fortune. On top of that condo boards in Miami like to redecorate the lobby every few years for several hundred grand a pop. Seems wealthy ladies are all interior decorators.

LMFAO... No one wants a neglected property... How shocking

FL RE is like the tide. It rises, it falls, hurricane comes, it rebuilds. Retirees invest, they die, foreign investors come, they sell.

Everyone who was blasting "overregulation" before the Seaside collapse, raise your hands please? Had the laws required maintenance and their appropriate fees to be collected, these condos wouldn't be hiking the way they are now. But this is what happens when you demand to cut regulating industries.

Our congress has no idea how we Americans are feeling, we individuals are fed up with this treasonous administration. I feel pity for our country. A lot of people are suffering to survive! I appreciate Ornstein Lindsey! Imagine investing $2.5k and receiving $10,650. in 6 days

Who in their right mind would buy a condo with a $1,614 a month HOA. That on top of property taxes.

For decades condo owners voted against funding needed maintenance on their buildings to keep fees low. After the Surfside collapse the state stepped in and passed laws to require condo associations to assess and fund repairs and maintenance for the buildings. If the owners had approved the cost years ago to protect their investment they would not be where they are now.

Considering that property insurance market in the state is on the verge of collapse, 30% discount is still a huge premium. Any prospective homeowner, doesn’t want to get into something that has uncertainty about future viability of insurance cost or worst if insurance would be available and the ever increasing Hoa which will only get worse. Buying an apt in the US is just nonsensical. There is so much corruption in HOA awarding contracts

If you really want a house in FL, be patient. Prices will drop by 50% or more when the crash comes.

I was born in Florida and I’m glad my parents moved us years ago. Between the rising heat, hurricanes, increasing insurance, and housing costs there’s no way a normal person could afford to live there anymore

What good is the price cut if the HOA fees are going crazy. You'll lose money in the long run.

We’re lucky Desantis didn’t get a chance to put lousy policies like this across our country. Easy to rubber stamp legislation in that swamp state.

I wouldn't want to pay any price for an HOA condo. HOAs are legal loan sharks & a RIP off

I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?

a lotta HOA fees are "scams". hoa(builders) paying a gf or wife $10k a month to work 2 hrs a week.

I lived in an old condo on Miami Beach for years. They refused to fix anything. They had low reserves and low monthly fees, but then when they needed to do something, it was very expensive all at once. It was stupid and horrible. Once a building inspector came to the building and he leaned against a railing on the 4th floor, and the railing was so loose, he almost fell off the building. I heard his assistant had to grab him to save him. Another person was severely injured by their terrible maintenance and the building was sued. They didn't care because that is what insurance is for. Instead of doing the right thing, just let the insurance and lawyers take care of things.

They need to turn these high-rise condos into lower price departments. Not low income apartments, just lower income apartments.

Educate yourself young man. Learn the difference between the sewer and a storm drain. If anyone were pumping raw 'sewage' into the ocean, they would be in jail before you could blink

6:34 no, PERCiEVED value. In reality, the value never changes. It’s the fake money, fiat currency depreciating. Plus a whole lot of FOMO and hype.

Absolute price correction,, so overdue it's going to hurt and cause lots of grief and harm to many. This dream of never putting any money back into the building and watching your asset triple or more to extreme levels is just wrong and now they have to pay. People are going to be condo shy and it may get harder to sell that over priced unit as more time goes on.

When the FED cut rates in September, 2007 the Dow fell 51%. Gold rose 250%, Silver 300%. In 2024, who in their right mind would purchase real estate?...

But.... fees have been collected for decades..... they have been paid..... where's the money gone????🤔

Where is Governor Ron DeSantis? He seems to have opinions on everything but what about this one?

Lived in Florida for two years a decade ago. Hated it, full of yentas with verklempt meshuggenahs, and cockroaches in swamp like humidity.

People in our society are finding it necessary to acquire new sources of income due to the always shifting economic conditions. For this reason, I am considering investing in the stock market to help me reach my $3 million retirement goal; my main concern is the recent market meltdown.

Florida Senate Bill 264 went into effect on July 1, 2023, thus Chinese nationals cannot purchase property in the state any longer. Any regrets, DeSantis?

2000 HOA fees makes zero sense.. someone stealing these money or what?

Those condos aren't crashing yet. They still have to go through price reductions of at least another 70% to equal their real value.

A bunch of people that wear tiny hats live in those condos in Florida… back to New York City it is for them 😂

I can afford a mortgage on a home worth 750k. I'm not buying until the housing market crashes in 2025. No point in buying a home with the over inflated prices. In the US the market is disgustingly high.

Around $250,000 was made when I sold my flat in Rochester. That's why I was upset when my standard savings account yielded only $171 in interest. It was suggested to me to buy stocks after I conducted some study. Which stocks would be a good place to start?

Soon blackrock will be laughing all the way to the bank. Who do you think will end up buying all those condos at firesale prices.

50% shadow inventory. Time to give keys to back. No one in their right mind would buy a condo today.