So even if you buy your house or condo anyone can come and force you out. Sounds like you don't really own anything even after you've purchased it. This is ridiculous and shameful as hell.
One of the big problems with owning second homes is that you don’t want to pay the same amount of maintenance that you would on your primary home. And that building had a lot of owners who use it as a vacation rental or as a second home. As a result, it had a ton of deferred maintenance. I’ll give you an example of another building with a ton of deferred maintenance, Champlain tower in Surfside. I feel bad for them because they’re obviously full-time residents. But the building is in poor condition and not safe to live it. They were giving above market value offers. So it’s really on them at this point.
@mr.a. You say you own a home in Miami. Well... according to this report = you don't. If a third party can force you out of your property, it clearly isn't "your property" to start with.
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. Sure I'm not alone in my chain of thoughts.
To be on the safer side and not second guess your market decisions, I’d suggest you reach out to a proper investment adviser for guidance, they’re better equipped at understanding market patterns/movements and adjusting portfolio to match up with these market trends.
I’m a contractor, and my job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary " Colleen Janie Towe " actively restructuring my portfolio for the past 5 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.
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.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
As a native Floridian, developers and investors and absolutely destroying this state. I've never seen anything like the last 3 years here in my lifetime.
Thanks to Desantis or “De Satan”! He is destroying the state of Florida! Pulling it down to the gutter & bringing predators rich investors and developers to Florida! I bet some of these people who got kicked out voted for that vile vicious mongrel! 🙄
Florida developers and investors are messing up the whole of America and causing several states in dominoes form, to enact rent controls and other policies. It appears Florida is like hell and all its demons are flying out.
The country, they are destroying the country. It is pai ful to see. Between those fires burning nature and homes, lands being sold after (!!!), condos being forced taken, family homes being bought by corporations while families try to make it... what is the future?
THIS is why I would NEVER buy a home in a building or in a subdivision with an HOA. Property owners lose rights that way. It’s unscrupulous and shouldn’t be allowed. These people paid for their units with many believing they would never have to move again. I don’t understand how this could legally happen.
Oh, don't you are safe just because you "own" a mortgaged detached property. Farmers are being forced off their generational land, people's mortgages are being bought by Chase, or Blackrock, and suddenly payments are skyrocketing and people forclosed on, Amish farmers are being raided and shut down, or - consider Láhainá...
This has everything to do with hiring a decent attorney and understanding your property deed/purchase agreement. There must have been something in the sales agreement that explained the buyer and seller’s rights. Sounds like an imminent domain situation with the corporation acting like the government through a prior agreement. I would have taken a fair market offer and called it a day.
NEVER, EVER, EVER buy a home in an HOA, condo, or anything where you don't own the land outright. Make sure you can easily afford to pay the property tax, even if you lose your job!
Good advice, I don't think some of these long-term we're really aware of that back in the day. Hopefully they will give them triple or quadruple the amount
--------------------------- agreed.....what is there to do..... hire atty. ....? fight large realestate corporation .....good luck w/that .....not just Miami ....r_e brokers (banks) invade large cities throughout entire country.... under buyout siege.....thanks4sharing
Yeah but they willfully rejected above market offers to vacate. They had poor legal advice if they though they could stay after the 80% voted to take their offers. Now they are crying to the media. Sorry but as a FL condo owner myself who knows what I got into….I have little pity.
I looked deeper into this story. The reason for the owners to be forced out is that it is basically cheaper to destroy the building and rebuild a new building than to force residents to pay for all the construction that will take 5 years or more to complete. Once the building is up-to-code, the maintenance will be more reasonable but the condo purchase price will be 10x the price of the old building. I speculate that in another 50 years, rinse and repeat.
@@chicagonorthcoast It will start the increase in maintenance at 20 years and try to keep the building functional until around 50 years. Maintenance can keep the thing functional but at some point it makes sense to destroy the build and rebuild. It wouldn't be a smart investment to live on the beach unless it was a grass hut.
When I was younger I wanted a condo.. as an adult, I know it is a foolish move.. you pay as much as you do for a house with a yard and actual privacy. There are neighbors right there, on your sides, above and below you. You share walls.. that is literally an apartment.. you just paid a bunch of money for an apartment. No. Just buy a house ppl.. I mean, now isn’t a good time. But when the time comes but a house. Stop giving money to these ppl who can care less about you.
Not really. It’s rare for this to happen and most people are smart enough to take the above market offers. These holdouts are foolish and got poor legal advise if they thought they could fight it. I’m a FL condo owner myself and if I got above market offers for my place I’d take the money and run, especially in this inflated market.
@@WELVAS. Thankfully. Otherwise we’d be over regulated like California and New York. There is a reason the Florida real estate market is still booming compared to most other places and it isn’t because we are run by a bunch of liberal idiots.
How is this legal? They are owners of their apartments! This is disgusting. I don't care what the law says. Laws were written by the rich to serve the rich, not rightful homeowners.
Meanwhile, in the condo where I own a unit, a group of us are hoping to find a developer because we bought in an older building and know it’s only a matter of time before a massive special assessment that will destroy the value of our units. Be careful where you buy!
easy - the fine print of the purchase agreement would indicate that you really don't own the thing outright. Awful tricks indeed, so these things always need full disclosure up front in BOLD print...
Easy. The place was a maintenance disaster waiting to happen. The smart owners (80% of them!) saw the writing on the wall. The choice was to take a fair offer and get out or be assessed probably 100-200k in a maintainence fee. Do nothing was no longer an option here.
It's sad because if you're forced out & still have mortgage payments on your unit, you're paying on something you have no right to call as your own. It's not uncommon.😢
@@gladitsnotmeIt looks like the original poster wrote "This is why I never understood how a person could buy an apartment inside of a building that they don't own." You must be dyslexic.
When you’re a condo, owner, you own a percentage of all common property. The building, the landscaping, the pool, blah, blah blah. I think those police were in the wrong honestly, because those owners do on that property. Not just, the investment firm, Something doesn’t make sense.
You don’t know that. Usually condos own the land under the building. In this case, a developer bought out most of the other owners and dissolved the condo association.
the first I'm hearing Abt this one. It's like a big brother to HOA, the HOA can take ur condo if u don't pay their fees. They can do a quick foreclose n sell it for the amount of ur late fees. Sounds like a builder can buy bldg, dismantle HOA and kick u out even without selling ur actual unit? Is that correct? They offered, people refused, now just get out with nothing? WOW they're more brutal than their lil bro the HOA
its not... these people were going to be well compensated and can negotiate... win win for everyone including us with more supply in the city... these people probably had a mental illness
Courts should step in and stop this outrage. I left Miami in the 70’s, back then I was sure government was evil. This proof. My lived in Miami since the 1920’s and just got to bad. Just a note, in Florida you can own property as long as it convent to the government. They will take and give it to private businesses.
We did this in our Miami condominium. Here is what is not in the video: 80% of the unit owners in the Association voted to terminate the declaration of condominium and accept an offer from a developer to redevelop the property. WHY? Because in Florida ALL condominiums MUST complete a 40 year (now 30 year) recertification of structural integrity and every 10 years thereafter. That recertification requires that the building comply with all building codes. In our case, that was going to cost $5M ($100,000 per unit) considering the cost to replace an old roof, out of date elevators, windows, refurbishing the pool and much more (another $2M +/-). In short, the Unit Owners for YEARS refused to pay to maintain the building resulting in millions of dollars in deferred maintenance. On top of the 40 Year Recertification requirements, as of December 31 ALL FL condominium reserves must be fully funded. Many condos are not fully funded and must specially assess to fund reserves. Then here is the new reality of the cost of insurance. In our building insurance went up from $130,000 in 2020 to $750,000 for 2024. Condo fees commencing May 1, 2023 were just shy of $3000 per month. So most of the unit owners said enough is enough. That is what happened here. There were hold outs who did not want to sell. Sorry, but if you live in a condo it is majority rule. Living in Florida is not cheap. Florida's legislature has done an extremely poor job of dealing with the insurance crisis, the Champlain Towers disaster, and skyrocketing taxes.
How cool for developers in Florida! Just take over a whole premium beachfront location and give original owners pennies on the dollar for their units. Resell the new units at top dollar. How wonderful for the billionaires that are doing business by destroying people’s life savings and filling their pockets with sales of other people’s real estate that they swindled from them.
believe it or not, many people buy a home/condo to live their whole lives in....by forcing them out they are forcing people out of their history, traditions, dreams....
@@maidenthe80slaagree. It’s happening in WA State where I live. Chinese and Russian investors are swooping up prime real estate, something our realtor told me (who has been in the business over 40 years). We sold my mom’s outdated 1970’s house (only 1,500 sq feet) in 2021 for $760K. A Russian developer (who lied to us about who he was) flipped it and sold it for $1.7M. It was ridiculous.
I'm a real estate agent and former Vice President of an HOA. Owning a condo is not like owning a house. In a condo, you only own the space between the walls and a fraction of the grounds (if any). In this case, it sound like the vast majority of owners and the HOA decided to sell because of the expenses for deferred maintenance. I would have been happy to sell and leave because who wants to live in an old crumbling high rise. We already saw what happened in Surfside where the building collapsed. They might be holding out for more money too. But who knows?
Unbelievable...Owners being forced to leave their own homes, it doesn't make sense but, the developer wants the property to turn down and make a new more expensive building that is it. The developer bought 80% + units from the others owners now the few owners will have to leave. Sad.
So the 80 percent of lovely neighbors are the ones responsible for this. So I don't see the developers at fault. The 80% percent majority should have not sold.
The building was really old and dangerous, the vast majority of owners themselves opted to sell. They are all being paid from the sale of the land, they’re gonna make money from that. Sorry it’s an old moldy dangerous building, most of the tenants didn’t want to pay a crazy price to fix the building so the majority of them instead opted to sell. Those 3 tenants who wanted to stay in a dilapidated building could pay to get it fixed but without 80% of the other tenants wanting to pay they probably can’t afford how crazy it’ll cost to fix so most opted to sell. It’s really not that crazy an idea.
@@tinawindham6958 I remember, in 1992 , 3 bedrooms and 2 baths homes were going for 40 to 50 grand brand new with no HOA, they were like about 1200 to 1500 square feet in Miramar Florida, my sister had brought one.... Florida was cheap and the wages were super low.......... A two bedroom , two bath condos were about 8,000 more or less depending on the location.....Florida was the location retirees flocked, for the lost cost of living and weather....The TV show Miami Vice in the mid 1980s was the catalyst for Florida...... young people wanted to make the move.... Now, Florida is practically unaffordable, thank god I chose Texas...... even though cost living has risen, it is a better value here.. I am from NYC......
A perfect explanation is found in the TV broadcasters final comment: Developer offered 400k to unit owners to sell. Cost of maintenance over a number of years for recertification (say$200k per unit) nearby similar unit sells for $1,500,000. Maintain your buildings people!
It just goes to show that even if you pay for your condominium, you really do not own anything. Buy low sell high, bending Condo owners over their desk on the way out.
Moving on up to the deluxe apartment we're the beans don't burn on the grill took a lots of trying to get up that hill ha ha they renting and making money and condo you never really own it and hundreds of unit
its always been that way and anyone who ever thought they fully owned a condo that their offspring could live in 10 generations from now is an idiot. that only works if you own the entirety of the land and the building, or ofc in an average example the farmland and the home. even then, the feds/state truly own it and can come in on a whim and steal it, but land ownership is the best option we have if we want the freedom to live peacefully without being bothered.
Collectively owning something carries certain risks. An individual owner can’t block what everyone else wants to do. An arrangement that requires unanimous consent to do anything is an arrangement that either never does anything or where a minority can demand a high price for acquiescing.
In this country, the land doesn't belong to you. Only the building. Its probably why somehow they can punk it out of you... say what you want in the US about Haiti, but we buy the land, not the building only.
Yes but that 1600K could be a 4 bedroom penthouse vs a studio in overlooking the street. no details where given, but im sure devs are not the stupid to put such weak offers esp if they want it.
The sickest part about this is it’s not just limited to people who own condos, this is even happening to people, like myself, who own homes. It’s so illegal but when judges are paid off and your rights don’t matter they get away with it. All you can do after is sue but you still have lost your home. Never ever in my life would I have ever believed this was even possible or could of would happen! I got evicted out of my home and the judge refused to let me exercise my rights and fight it because she claimed I had been served documents through the mail. When the hell did serving someone in the mail with no proof ever become enough to say they were served anything. A lot of people made a good chunk of money except for those people who got their condos, their homes, stollen from them.
@@StevieSeagal Fear-mongering BS. Please get some help, mental help - from a registered healthcare provider. You really want a civil war over abusive condo owners? The irony too since this is Florida, bordering on the reddest of red states currently. Either way, no one should live their life in that much fear/paranoia over some random event like this causing Civil War II. Maybe you should step back from media for awhile, get some fresh air. Spend quality non-panicking time with your family.
@@TitaniumTurbine I agree with most of your comment, however the fact it's a red state means nothing. It can happen in any state and is not a blue/red issue. It's an issue all Americans should be concerned with.
Not everything in life is about the money. It's easy to judge people who rejected the offers, but these are people's lives that you are messing with...their memories, their homes...
I lived an apt since childhood and was forced to leave several years ago. The entire experience was jarring and I didn't even own my apt. I cant imagine what it must feel like for these people.
@@Shebathebigcatsince we’re talking about south Florida specifically, you’re either buying or renting. Renting you’re paying almost double monthly than owning (condo) and owning you run the risk of stuff like this happening. Aside from that I don’t really see the other options
@@Luisjusthere I'm sure your correct about the area but to many storms. The bad weather is another reason to avoid the area. But if your filthy rich you have enough income to recover from these red flags.
@@ShebathebigcatSo you want everyone who lives in a town home or HOA single family home community to stop living there? Where will 120 million people go?
If you can force condo owners out of their homes, then these ppl were just paying rent all along…which is the problem to begin with. How can anyone lawfully undo a mortgage they didn’t sign into?
What are you talking about? Not a word was mentioned about mortgages. The one woman has been there for decades, she's likely mortgage free. This has to do with being forcefully removed from a home that you have title to, regardless of it having a mortgage.
@@soILLitsADVISED- Not everyone has to have a mortgage. That has nothing to do with it. There are specific underwriting guidelines and requirements when it comes to condos, especially in in Florida. It’s been that way for over 20 years.
How is it possible for these developers to literally steal people’s property from them. If they’re going to take possession of the property, then they need to fairly compensate the owners by paying full-market value. Otherwise, they’re stealing the equity the owners have built up on their property. This should be illegal. The law needs to be changed.
I’m dumbfounded as well. I hope these people win their lawsuit and get the full value of their stolen property along with compensation for pain and suffering.
@@mydongpandong9644 That’s precisely why I would never buy a condo or buy property anywhere that has a homeowners association. When you look at this situation, you have to ask who really owns the property. These people are thieves, plain and simple.
Changing laws won't matter much, because the concept of condos is just a really bad one. Living in a condo is just asking out loud to get abused and robbed. Ask me how I know.
@@TUKByVlots of them don't stay there so they own a few and rent them out and that's the problem bc they use it as income and while capitalism is not always good and condo can raise the fees anytime
so let me get this straight, the developer bought the building and bought out over 80% of the units, meaning they paid each condo owner (idk, a million dollars?) per unit. those owners 'took the deal' and decided to leave of their own free will. but these 6 are the hold outs who had no wish to sell, and are thus being muscled out, via shut down of building services such as water and power, etc etc, I am sure they might tow their cars away etc... and now since those people decided not to sell and leave of their own free will, they are stuck with a far lower pay out, and will lose their unit anyway?
Someone above said they wanted it to tear down and build new. What developers are these that have this kind of money to buy them out and rebuild? I just watched a video on Jackson Hole WY and how the rich moved there during covid and now property and other costs are so high that ppl who lived there previously can't afford it and some live in cars. If you are single and make 60k year, you will live in your car! This is horrible. There's a real takeover of beautiful places by the rich right now. Maui is another recent example.
the first I'm hearing Abt this one. It's like a big brother to HOA, the HOA can take ur condo if u don't pay their fees. They can do a quick foreclose n sell it for the amount of ur late fees. Sounds like a builder can buy bldg, dismantle HOA and kick u out even without selling ur actual unit? Is that correct? They offered, people refused, now just get out with nothing? WOW they're more brutal than their lil bro the HOA
Yeah, well expect that to change soon. A large percentage of people live in Condominiums and will not stand for this. I hope the investors lose everything @@michaelvargas2005
This wasn’t legal. The developer amended the HOA bylaws to lower the approval from 100% down to an 80% vote to dissolve HOA. This will be struck down in court, but they just plan on paying the fines and legal fees as the cost of business.
@@danr9584 It’s legal. Unethical maybe, but not illegal. If he has an 80% stake in the HOA he can most definitely do that. They should be glad they even got 400k. The new developer didn’t have to pay them anything and could’ve made them go after the previous owner of the property in court which could take months. But I’m sure the 400Kx2was agreed to before the new developer signed the contract to purchase.
@@lovealwayswins6784 It's not legal. This HOA's bylaws Specifically stated that they needed a 100% vote to dissolve the HOA from its inception, which most of these news stories aren't mentioning. Legally, they would have needed a 100% vote to change that, they will end up losing in court, and just pay the damages as part of the cost of doing business.
I live in Clearwater Beach Florida. In a highrise building. It happens more than you think.. There in Miami Florida, $400K sounds like a lot, but a drop in the bucket.
Ok so these people bought their condos, it was sold to a developer and the developer wants to buy out these current owners. Developer is going to do a make over and then sell them for one million or more. And these owners are essentially screwed. Nice.....what a 💩show!
@@mrxman581 It's not Florida-specific at all, several states have the same law for condominiums, including states like Arizona, Illinois and Pennsylvania.
@@VideoArchiveGuy That's true. My point is that it's not a federal law that exists in all states. So the version in Florida is specific to that state. That law is badly written because it favors development companies over individual owners. The threshold is too low. It should be that 100% of condo owners need to agree to sell, not just 80%.
They signed the contract and sold their condo and were paid. There was no manipulation. What about the majority of the other owners who equally signed and were paid.
I would suppose the $400,000 IS what the condo is worth. The value of the land ----minus the cost to demo the building. The building itself is a liability. Of course, any bank loans they have on the condo would be deducted and paid before they get anything. What could be more fair?
Heartbreaking 😢😢 that persons able to purchase properties in condos are left homeless and or near destitute unable to find replacement housing. This IS horrible and should not be an American business standard 😒
@@hottestartists101 the sum offered doesn't allow for comparable housing replacement and they MAY very well become homeless. It's a big cheat to have bought into having a place to call home and a developer (much like eminent domain) comes to kick you to the curb ! That's the metaphoric comparison I meant hello if they are cut a check of course they are NOT homeless but there's a great imbalance going on.
This is why I've always said a condo is nothing more than an overpriced apartment. If you can be forced out of a unit you "owned" after a building is sold, you never owned it. You just got comfortable enough to believe you did.
This a Florida specific law that allows you to dissolve a HOA if 80% of the unit owners agree. Every owner does own their own unit and a share of the common areas. The building wasn't sold per se. What happened is that 80% of the unit owners voted to dissolve the HOA and accept the offer the investment company agreed to pay each unit owner. That means the 20% who didn't agree are out of luck because they lost the vote to reject the offer so they need to abide by what the majority of unit owners decided. So it was unit owner against unit owner that ultimately decided the fate of the HOA for this complex. The majority of unit owners decided to sell the building .
Pick up that cheque but don't cash it! Hire a lawyer and start a class action with the remaining 6 residents. Make the developer pay for this travesty and set a precedent at the same time. This madness only stops when we fight against it!
People wonder why homelessness in this country is getting worse. If you are elderly and live off of your social security you can't afford to go anywhere same for those who bought these units years ago at a decent price. The greed in this country is despicable and it will ruin our society.
In England property ownership is non transferrable. Idk if it’s the same in the USA but basically, if you have a lease or freehold right to a property, even if the land underneath you gets bought out, you still have rights over that property you own. I learned this in Week 1 of law school 😮
I know someone who’s local. They said that building is another Surfside waiting to happen. The six individuals could not afford just like the other people in the building to pay for the massive amount of maintenance that was needed so they had to sell it to a developer. While, I feel for these people they need to pick up the stuff and get out.
This is the the most accurate statement here. Unfortunately the many owners opted to keep maintenance fees low throughout the years and didn’t properly fund and perform the necessary maintenance and reserves throughout the years. Now due to the enacted laws as a result of Surfside, they can no longer look the other way or choose to defer necessary maintenance.
@@OceanfrontWaves Yes, built in 1964. Even before the Surfside collapse, units in that building were rather inexpensive. If you look at past sales from 2019/2020, a one bedroom was selling for an average of $270K, a two bedroom for $350K and a three bedroom for $435K.
@@OceanfrontWaves LOGIC and Common Sense, ain't COMMON. This Under maintained 60 year old structure needed to be rebuilt from the ground level. For 450k u can find an inter-coastal view within walking distance to the beach still in Hollywood, FL.
GREED, IF YOU TRULY OWNED THE UNIT THEN YOUR PAYING THE BANK, NOT SOME REALESTATE FIRM OR SUB OWNER. EITHER WAY YOU OBVIOUSLY DONT OWN IF SOMEONE HAS CLAIM OVER THE BUILDING. DISPITE THE FORMALITIES, YOUR JUST A UNIT RENTER.
Same way Biden let's millions of illegals into the country and pays millions for their housing food medical transportation and cell phones. The destruction of America on purpose and on schedule.
the first I'm hearing Abt this one. It's like a big brother to HOA, the HOA can take ur condo if u don't pay their fees. They can do a quick foreclose n sell it for the amount of ur late fees. Sounds like a builder can buy bldg, dismantle HOA and kick u out even without selling ur actual unit? Is that correct? They offered, people refused, now just get out with nothing? WOW they're more brutal than their lil bro the HOA
I had only 4 days (and I was working 3 of them) to vacate the building where I've lived for over 25 years in North Bay Village. The excuse was that, all of a sudden, it was structurally unsafe. That, after we signed a contract with developers more than a year ago - which they totally ignored honoring. Also, that happened after we spent over 250K redoing the roof, which meant a lot of cash out of our pockets since it is a small building. Now we're still paying mortgage, maintenance fees, attorneys, and a rental somewhere else where we can live...each story has its variables but they all come down to the same lack of decency, justice, and regulations. Oh, and the affected properties are all waterfront, for some reason...unacceptable and surreal, imho
@nesq4104, great point. I know a person that recently purchased in Florida. They were interested in Miami, but was outbid several times by outside interests with cash offers.
I never understood the whole concept of the condo. Where you buy a part of a unit and you’re responsible for maintaining it but you still pay fees to cover the entire building, maintenance and upkeep, but when someone new buys it, they can throw you out? How does this make any sense and why would anyone want to buy into it?
How about this.... When the Barclay Center in Brooklyn was built. Families who owned Brownstones and lofts, some for generations, had a similar thing happen. Its called Immenent domain here.
They own the bloody units. I feel really bad for these owners as they are pushed out of homes they have lived in for years. The developer is lying through his teeth by saying he offered the owners fair market value. Find me an ocean view condominium in downtown Miami for $400,000. It would be one thing if they were renting but they aren't.
The Gullah in the Carolinas have owned their land and their homes and family cemeteries for 8 and 9 generations and because whites want this prime real estate for vacation homes and golf courses,the Gullah have to claim 'heirs' rights to save their land. Can't feel sorry for the Condo owners.They bought a unit. They don't anything like the Gullah. Chickens have come home to roost.
Why would 80% of the owners sell for $400k if it wasn't fair value? More than likely the building is old and needing of a lot of repairs and don't rent for much.
@@4evahodlingdoge226 Did it say they sold for $400K? I’m sure the place is old and outdated, possibly even unsafe like the place that collapsed due to the sea air damaging the concrete and rebar of the parking garage.
I’ve seen this happen in the nicer or luxury mobile home parks. Where the land was sold and people had nowhere to go with their mobile homes that weren’t mobile. Own the land, or don’t buy at all. But we’ve seen cases lately where if you don’t sell your land they come and take it by any means, look at Lahaina.
There aren't any insurers covering beach front property in Florida, anyway. If you make a claim, they will never pay. The big buildings are protected by too many nefarious lawyers.
This is what has ruined Miami, my hometown. Land developers buying up property everywhere, anything waterfront being developed on and displacing everyone in between.
