It’s not rocket science to know a condo on the waterfront will face some of the harshest conditions that will lead to deterioration of the support structure without maintenance.
@@alphaomega1351 Yes, people prefer buying homes that haven’t been maintained in decades. Is that what you’re trying to say? It’s a condo there’s no way to have it without an HOA. It’s not the same as buying a single-family house in an HOA.
@@Macky1101that’s only if they haven’t got a new building assessment that eats up the gap between the purchase and sell price, or more, which is what’s happening to a lot of owners.
Those developers are getting billions of dollars to restructure it, and they will also be getting subsidies for the five families that will be living in every single unit in your neighborhood while they send all their money home to Mexico and all the other countries they are from allegedly
Florida weather is extremely harsh, which makes everything rust and rot quickly. It's understandable that homeowner maintenance and insurance expenses must be higher. If expenses have been low for many years, that means no maintenance has been done, and it's just a matter of time that homes will crumble.
@@limepiper3650 That has happened before, but more likely is that people are cheap and they don't want to pay to fix things, and they elect board members with that view.
@@francismarion6400 and in Florida, if you are near the coast, the salt is in the air vapor. it rots out HVAC units, even door hardware like knobs and hinges that are exposed to the coastal air.
If someone offers to buy the building and they give you a good price, sell and run. Those buildings will not last forever. A single family house can be taken down to the studs but a condo can not while people are living there.
And then you will find out just how hard it is to find a place to park that van now. Trying to live 'down by the river' will get you thrown in jail, and lose your van and everything in it.
What's a shame, is that with proper maintenance and upkeep, these buildings could have theoretically lasted many more generations. Concrete structures are very very durable, but you must not allow the steel underneath to get exposed to moisture over time. You can apply coatings that prevent moisture from coming in, while allowing the concrete to breath so moisture isn't trapped in. Other things, like rainwater management play a huge part. I drove by one that is slated for demo after the buyout. The downspouts were dumping water directly onto deteriorated foundation pillars, nothing was sealed around it, and the asphalt was missing too. So for years, maybe even decades, water has been dumping literally down into the foundation pillars. Of course, stress fractures were all over the pillar due to the metal underneath rusting and expanding. Truly mind boggling how stupid and poorly run these associations were.
@@info781 i’m sure they would prefer to keep living there on the cheap. At least they walked away with something. That’s not going to happen to every building.
Yep! Paying a couple of hundred dollars a month for decades while living near the water not doing any major maintenance in a climate that causes corrosion and other damage.
The cost of living in waterfront properties were artificially pushed down by kicking the can down the road. These people didn’t have the money to pay for that kind of lifestyle from the get go. Now, they are forced to face the music. At least they got to live on waterfront for awhile when the going was good. If it’s too good to be true, usually it is. Hope these retirees find a suitable place to live soon.
Other states don’t get as many hurricanes,tropical storm, major storms. It’s not even close , Florida literally is so lucky every year it hasn’t got hit with any major hurricanes
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 54.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
@@info781 It didn't say if they are going to make or lose money on this sale. That one woman won't see dolphins play anymore. If they are making $500K profit as you say that wouldn't be a bad thing, but maybe they aren't.
@@info781 Yeah but they are not bragging about how much they got either. I'm sure there were some that did not want to leave but it was a majority vote and the financials made the decision obvious.
@@UncleDavesKitchen I think that the amount of money that each condo owner got should be compared in relationship to how much they could sell each unit for after bringing it up to code. It could literally be well under $100,000.
The developers are achieving their goal. A new form of eminent domain , confiscated of property. All of this organized by the county , insurance companies.
Remember when the Gov said welcome to the free state of Florida. This is what he meant. You are free to pay exorbitantly to live here all thanks to him keeping us “open” during COVID. Now those same folks who hailed him as a hero curse his name. Everything he has done has backfired. Disney, anti woke school initiatives, property insurance crisis. And the list keeps growing.
@@Betty-ub1jcit certainly does. While Ron had y’all scared of Judy Blum books and transgender kids he let the insurance industry and developers bend y’all over backwards. Y’all let your bigotry turn you into rubes.
@Betty-ub1jc It kinda does. He signed a law into place that's now backfiring. That seems to be a trend of his administration. Republicans tend to govern in a reactionary way, and it always seems to end up hurting more people, being more costly, and causing more harm than good.
THIS was the purpose of the new law- to have old buildings knocked down and new ones built. They could have stretched the reserve cost for 5+ years. Eminent Domain by another name
The purpose of the new law is to make sure no more buildings fall down. If these people had been maintaining their building for the past 30 years, it wouldn’t be falling down right now.
Yeah the people that originally purchased when the place was new got off easy but then as a year's World by They Kick the Can down the road and now they are Reckoning has come I sold mine in Lake Worth and did okay moved up north here to beat her my son he's in Washington DC but I might see next year if the price is bottom out I might buy another one and jump into it I bought this during covid and I made out pretty good
@@wayneredd6776 Fighting The Mouse and The Woke, banning books, hunting down Critical Race Theorists, and making sure Drag Queens aren’t ruining kids’ lives by reading to them.
@@francismarion6400 u would think they wouldn’t have to deal with the 800% increase on insurance makes u wonder if they are in it with the developers. Make the wieners get to a point of no return and sell it’s not much about money but setting things up for it to work in your favor that’s what the developers do
Why should the government bail them out? The owners should have paid more attention to the age of the building, asked more questions, demanded more of or joined the board, etc. Taxpayers should not be the hook for their ineptitude and failure to maintain properties for decades.
Sorry but a lot of this falls on the condo owners themselves and the elected board members along with the property management companies, who the board chooses. They should have known for years if not decades repairs needed to be done. So how this is a surprise to anyone is a mystery to me. An ounce of prevention is worth a pound of cure.
They are getting a good payout and will make money, there are worse things in life. Not everyone in a building is going to want to leave at the same time.
The perceived notion that Florida is the "cheap" place to live is over!! Retirees, you're better off staying in your current state. It's gotten way too expensive to live here and 25 years of Republican rule has caused this. There is zero checks and balances in the corruption capital of Tallahassee, Florida!
The houses are in a salt fog that causes rust and material decay that requires constant maintenance HOA and home owners deferred paying smaller amounts over the years to kick the can down the road. Now it's massively expensive to make repairs. My condo, too, had the residents decline needed repairs not wanting to pay for maintenance. Change the oil in the car for a few dollars or buy a new engine for thousands later on.
It would be nice to know what their condos were worth before the special assessment how much the special assessment was which you told us and how much they sold for
So, we knew they had until the end of the year to pass inspection. But now, a new law has been passed about reserves and insurance??? I suppose this is needed and warranted but I think I would lease if I wanted to live like that. Ownership is too unstable. We natives laugh now because we determine everything by lot size and location. As long as its high and dry, not in a flood zone. Most of us lived in these areas for decades but not anymore. I will be another multi -generational Floridian who leaves when I've had ENOUGH...
This is purely all about construction cost cutting at the beginning. We know how to design for long life but it costs much more. Initially financiers and original builders strive to build for the lowest cost techniques and materials that will last for the original mortgage length and that satisfies the current building code. In all these cases it is the permeability and porosity of cheap concrete and the steel rebar that corrodes with the intrusion of water and salt that can be improved upon. Today for critical structures the GOVT with its deep pockets builds with fortified concrete that is air and water proof and with fiberglass and galvanized rebar that will not corrode because moisture and salt oozed into the concrete and rusted the reinforcement. Remember the old " AN OUNCE OF PREVENTION IS WORTH A POUND OF CURE " ..... If in the original design the more expensive build techniques and materials were required by code, we would not have the structural deterioration. Yes the original costs would be more but 30 years later we would not have to demolish the building. How can we convince developers to spend a lot more money up front to save the buildings from degrading years in the future when the builders are long gone? Only Govt required Code can accomplish that but not with the developers padding the wallets of politicians who approve of the cheapest build laws. In particular study the construction of highway bridges that cars and trains roll over and dams that keep the water backed up for well more than 30 years. Use the stronger and more watertight concrete and reinforcement to build for long design life. Finance the extra cost to build right and it may be more in the beginning but over the long term 75 or 100 years, it will be MUCH cheaper. Specifically, this problem cannot be fixed with “MAINTENANCE” It can only be fixed with replacement and how can you replace the inner guts inside and under these skyscraper building. You have to do it right up front or what you end up with is a disposable building with a skeleton that is continually rotting from the beginning.
The "international" investors who purchased condos in Miami to rent out will finally wake up and LOWER rents so that they have steady, reliable income. HINT: A ONE bedroom at the average s.f. for such a unit, should have a rent price BEGINNING with a "1." A TWO bedroom with a "2" and so on! People simply aren't going to be willing to pay THREE grand for a ONE bedroom or worse, a studio! Time to bring those rents DOWN, DOWN, DOWN!
It's not looking good. At this point, the land is more valuable than the building. Selling to a developer is looking like the best option. Tearing down the old and building new will probably be the end result.
DeSantis handed a gift to greedy real estate developers. He knows the market for these condos has functionally collapsed and the only people that would buy these buildings are developers for the purpose of tear down. The owners and prior owners are to blame - they created unsafe situations and a perfect storm by refusing to do the necessary work and repair. The developers were waiting on the sidelines until some catastrophic failure (Surfside collapse) so legislation could get on their side. Developers will come in, lowball all the owners in a building, toss them out, collapse the building and they'll build the next generation of cheaply made ticking time bombs for 5x the original prices. Thirty years from now, the developers will do it all again because owners will fall into the same trap of deferring maintenance
No, they want the ones right by the water so that they can build a new luxury condo. Not everybody’s getting so lucky that they can just sell out the land.
The exact senario will happen in many Australian Buildings! Particularly waterfront properties! There appears to be little if any future thinking of body corporates of these mega structures! Yet alone any forethought for training people who can demolish a skyscraper in Australia! Yet alone the emergency services required to rescue people from a burning or crumbling building of multi storey! People are sold a dream, ( Rose coloured glasses syndrome) they never mention the nightmares that can follow!
So sorry to hear you won’t get to see dolphins play in the ocean from your condo anymore. Sounds like rich people problems. Meanwhile, people are living in their cars and the streets.
New Yorkers and Wall Street finance bros moved down there and all of a sudden costs rise to the point where people have to sell their homes, People really can't figure this out? 😂
When governments mandate an action and deadlines there are people getting rich from it and poor from it. Engineers, contractors etc cleaning up by the force of government. Customers getting poorer.
What about owners that refuse to fix anything big and elect board members with the same view,? That is what happened to surfside and caused the new laws.
Yes, you’re right. The government should’ve allowed the people to die in their collapse buildings if they wanted to. And then once the building started collapsing, then the exact same thing would’ve happened as people tried to escape their death traps
No, the developers are buying up the building with the best locations to build new ones. I guess the hedge funds can buy what’s left if they want to throw billions of dollars into Florida
Housing crisis has been for a while, a old years news buried under the desk because Governor DeSantis didn't wanted to be publicly blamed for it. 20 years of GOP Legislature and Governorship has taken us into this crisis. The alarm has could been raised a long time ago, now it's too late to save people of their own doom. Lack of information is another cause.
More and more news showing the same problem. Why the news doesn't meet with the politicians to talk about what they are going to do for the ones that vote for them. Talk to the politicians, that we are supposed to pick during elections. That will be more of a new.
Some of the 100,000's of thousands of condo owners vote Republican all the time. Meanwhile these Reps ghost their constituents. If you own a condo and have voted Republican in Florida, you have yourself to blame.
