Owners are being asked to pay $175,000 each towards their 40-year recertification and this is a story we have been hearing more and more across South Florida.
Stop over paying and stop moving in hoa type mob organization to steal from you. Seriously crazy like everyone is going to the bathroom and dumping wads of hundreds once they finish.
Sounds like the people of the condo need to replace the management company. And if the board will not fire them, they need to elect one that will. People seem to forget that the HOA board is an elected government.
You have the right to wish for whatever you want but that wish is delusional as that's not a possibility. We live in a world where the exact opposite happens- a fraudster lying con artist gets elected to the highest office to lead the people. I used to be like you but I saw the light. When you do you'll no longer wish for that but instead, you'll live your life according to that reality. Even the people you would least/never expect can and will betray you.
Having lived in Miami for several years in the past, I can say with certainty that the entire metropolitan area attracts grifter and scam artists from all over the world. None of this internal corruption surprises me. I am glad I sold my condo at the top of the market years ago and got out (20 years ago). I miss the beach, but I would miss my financial security more.
This, I purchased a car from an SF dealer, he was ok as he was getting older, the car sold to me was sound mechanically but not so great electrically. Did a little digging found he was arrested for money laundering years ago
This is why I will never live in any home that has an HOA. I will have 100% control of my residence. I pay the bills can decide what goes/stays and also what needs to be fixed.
Exactly. I like my rural area, also no pants sagger crime, no army of overzealous, overfunded cops either. These people can live in their rat box in their urbanite scumzone away from me.
The very fact that the Property Management's engineer wanted to give the contract to their sister company should be more than enough info to tell you what's going on here.
Depends on the commission. A property managers job includes all of the duties of a general contractor and more. If you already have a property manager who hires subcontractors, schedules their work, coordinates with tenants, provides site access, monitors the work, ensures the quality, pays the invoices, etc. then why hire a general contractor to do the same thing instead of paying a commission? If the presumption is that people are corrupt then this applies equally to general contractors. I just had one contractor bid $3000 for windows cleaning I managed myself for $450 and power washing $1500 I managed myself for $350. I'd rather pay a 20% commision to a property manager to manage the work than deal with it myself. But the bids I get from general contractors are 400% commission lol. Also, I think a property manager should be rightfully pissed if they're getting cut out of an existing commission agreement.
As the cost of re-certification skyrockets, it appears that the only solution would be for owners to kick residents to the street and let the federal government subsidize illegal immigrants as the new occupants. A word of warning: watch out for empty beer cans falling down from the upper floors. 😂😂😂
This is not a fact at all-- it was simple conjecture by clearly biased condo owners. There was absolutely no evidence presented for, nor did the news segment say, that was the condo board was going to use their sister company.
Because the owners don’t want to spend any money -and vote no on any type of improvements and by the time they finally got an inspection, it’s too late they do it to themselves my building has an on-site building manager who is on salary. The HOA members are voted to the board by the members. We vote on every penny that we spend, and we have mandatory three-year inspections. We got three or four prices for every trade, and review each bed carefully and present to the owners.
As it should be. Since the collapse, each HOA is required to be fully funded. It is what it is. Insurance doubled because whiny p.a.b. DeSantass was too busy going after Disney and drag queens, and got laughed out of the primaries because he's so uncomfortablein his own skin, he needed to hire a consultant to teach him how to smile. Maybe if he wasn't bitching all the time he could relearn how to smile. @@dan797
@@dan797- did you bother to watch the video? AKAM's engineer over-inflated prices and it's suspected that was because they wanted to contract the repairs to their sister company.
Like I said, none of the owners would vote for any improvements we vote on every penny spent I don’t care about this stupid videos. We’re being fucked now.
Many homeowner associations are mismanaging funds. We had reserves of almost $1 million but the association, on behalf of all of the homeowners, took out a $5 million loan, and raised our monthly association dues. There needs to be regulations prohibiting such.
That's why anyone who buys a home in a place with a HOA deserves what they get. We already get trampled by the government, toxic workplace leadership, and then you want to come HOME and deal with MORE BS voluntarily? Most Americans do not even like their spouses either. Most toxic society on Earth.
Repairs should be done at the time they are first needed, and paid for by the monthly HOA dues that are already being paid. This definitely needs to be investigated.
True but the woman saying it would cause people to lose their home needs yo be forced to sell by the hoa and go live in the burbs on the money she has not the money she pretends to have
Yes THE WHOLE WORLD bumbed up scamming and sketchy business by 68% since the pandemic locked us up for a year. Now all of a sudden these unnecessary fees are coming out of nowhere
But HOA's don't work that way. If these assessments were part of the monthly HOA dues, dues might be $1,000 per month higher. Condo owners don't want to do that. They want to live in a fantasyland where HOA fees are cheap, but then complain when the bill comes due for needed repairs.
A major issue that no one mentions is HOA's hire management companies. Those companies derive their main income from the $ receivable (usually 10%). So what do management companies do, hire CPA's and lawyers to tell them their reserves are not enough and up goes the assessments. The laywers get their money, the management companies skim the top off a huge amount, and the cycle continues.
I had a condo for 16 years. We hired & fired 4 different HOA management companies in that period. Same story every time... HOA identifies a problem, quotes an exorbitant price, and wants to give the contract to a subsidiary. Every. Single. Time.
Have the HOA management company sign a fiduciary contract. On the flip side, my neighbors is an HOA ran by a HOA management company. The property manager had been assigned to the unit for 2 years, and not once in those 2 years had he even been on site. I think to this day, he hasn't done a walk around on the property.
@@encinobalboa how exactly does that work with apartments....what you are saying makes no sense.....with apartments the owner of the apartment building is also the "HOA" and they are the "Management Company" and of course they are the OWNER......so if they decide to use a company that they also own or they are affiliated with to do major repairs or renovations and to over charge (or under charge) for than it makes no difference to anyone else.....because the owner of the apartments is the one deciding what company to use and what bids to accept......with a condo building made up of individual owners and an HOA that takes care of repairs and renovations it does make a difference to the individual owners who gets the bid and if the bid is competitive or if there is double dealing and over charging
If you buy any property with an HOA, review the financial statements . If it looks like they need to make an assessment, use it to negotiate the price.
I'm cool with my rural farmhouse. Thinking of getting a hunting cabin. You urbanites can live in your rat cage among the rats. Please stay there away from me.
Sad thing is, these types of buildings are going to keep needing these repairs. The life expectancy of a unprotected steel reinforced concrete structure in a salt spray zone is limited. It’s kind of amazing that these designs were allowed from a materials perspective, but not so from a profit motive. I don’t know about current building codes, but I hope the lessons learned from looking at the problems historically would spur them to update the building codes to prevent this in the future. Coated rebar, maybe not the whole structure, may have saved or certainly delayed the need to do such expensive repairs.
Sue the hoa for negligence and endangerment as the repairs should be addressed yearly! And the hoa has a responsibility to do structural repairs immediately!
@@MegaSunshineyday depends, on if they hired a company to act as the hoa !or preform maintenance But its a good question ! Also insurance could be involved ! As usual the news has no idea how to ask pertinent questions!
If your HOA fees are low or if your HOA doesn’t have a savings account for expenses like this it is best to move. HOA fees that residents pay over time should cover this instead of pushing such a large bill all at once. Low HOA fees for such a large building are a red flag.
That is so true. My HOA chatting ove$ 10 and k another 1 year over $500 to pay immediately and less than 1 year and HOA increase. If y pau special assessment y are not credited for what y pay. It is very bad in Florida
i live in florida and you can find communities that doesn’t have hoa its not rare. in fact you can find communities that doesn’t have hoa in every state and there is a lot of them in every state.
I've been doing property managment for 30 years now and here in germany you need a resolution for almost every repair over a certain amount of costs. It's up to the owners. They decide, not the manager.
Its the same here. The board members have to approve. The issue is why the structural repairs we not evaluated and done sooner and perhaps staggered so the costs could be staggered and more affordable and the contracts for work should always go out to bid to reputable firms with no middleman.
That type of corruption is far more common than people realize. A friend of mine lived in one such condominium, and when he spoke out, the building management company obtained some type of gag order and threatened him with legal action.
I talked to a guy that owned a nice condo, elevator repairs $13k each. Front brick repairs $10k each, garage repairs $8k each all in a 3 year period. Be really careful with condo's and townhouses.
What you really mean is be careful about buying into a neglected building. All those repairs are going to come up eventually one of your first hence will be the common charges are unusually low on an old building.
@@neilkurzman4907 Exactly, it requires looking and reading the HOA meeting reports which most people don't do. I bought into a brand new complex years ago and there were issues but not huge ones like $175,000 per. The condo only cost $180k at the time. Elevators, fancy brick, underground parking, etc. are red flags if you are going to retire.
How the management company thought they would get away with this is beyond me. That's pure arrogance to assume that their little master plan would go unnoticed.
No, the new rules require a fully funded reserve account. These owners have been getting away with partial or no reserve funding for years and now the law is forcing them to do the right thing. Also, you should have an inspection of not only the physical building but also association financials. If you don't pay attention before buying or deciding to continue to own then you end up like this.
you are assuming there was not money in that account. 46M / 175 is around 260. That building does not look like a 260 unit building.. Meaning there was money from somewhere else. Sounds more like they inflated the cost to hire their sister company to do the work@@bubbajones4522
I'm still confused by details here. The HOA itself isn't the property managers. There should be building residents on the HOA board. Those residents should be able to exercise the option to reject what the property managers are proposing and/or demand property managers present multiple quotes for work. Here in NY, I have never seen a property management contract such that it couldn't be vetoed. In fact many have walk away clauses where either side can quit their property manager with 60-90 day notice. Florida must be special.
@@bubbajones4522A fully funded reserve account is bot helping you if the management company commits a fraud, and wants to charge double price for the fixes…
The condo owners pick their management company. This story makes zero sense. They can vote to fire the current company and do it themselves or hire a new management company. The management company has zero power to do anything because the condo owners give them power that can be just as easily taken away.
In my condo the management company presented the Board with a $1.1 million estimate for exterior repairs. Board members then took it upon themselves to talk to contractors and got the same work plus a few more things done for $503,800.
That is still too much money. If you can pay that, then why not just 'buy' a regular home, which you will have to pay for repairs and upkeep anyway, and you will own the bldg itself, not a piece of it, that will be at the whim of these crooks.
What it seems to be is a “kicking the can down the road” approach to maintaining the building and now, with a mandatory 40 year inspection looming, the neglected repairs must be made. Be Leary of extremely low monthly HOA fees when looking to buy a condo.
As someone with more than 20 years experience doing structural engineering and currently living in Florida I think that’s a total joke! Glad I have my little house
Anyone else notice the algorithm tells me I have a reply but there’s nothing there. For a long time I’ve suspected my replies or just deleted or hidden-dead Internet theory
@@nickbeaucage4711 Yes that’s been happening to me as well! Also if I have a notification I can click it and see a reply to a comment thread I’m on but when I go back to the entire comment thread I can’t see that comment anymore. Or I’ll see a comment thread that says 4 replies yet when I click on it only 2 will be there. It’s really weird how RU-vid operates anymore.
If you have not served yet on a condo board, this is why you should. Very stressful for the residents, we have been through this in Vancouver on 100s of condo (strata) buildings. Here it was leaking exterior wall surfaces. Regulations need to be in place and understood, or lobby for changes to them.
Lol regulations what are you a communist? People just need to vote with their wallets and fix the problem. Instead people are stupid and fall for deals too good to be true. They get what they deserve. Next time spend more time researching your home.
A typical renovation is 10% of value every 10 years. If they haven't regularly improved the property then this is not surprising. I bought a 10 unit Class C building in Miami Beach for $2.5m. A full renovation will cost $1.25m or 50% of the purchase price because the previous landlords did not do any improvements. That comes out to $125k per unit a one-story building with concrete block foundation! Welcome to being a property owner: You have to constantly reinvest 40% of net income to maintain value.
@@nathanieltalcott8171 My brother's tenant was there for 5 years. My brother thought he was a good guy for not raising the rent but he did not keep up with the repairs either. Now, he is $500/mo under market and the tenant says he should reduce her rent because the house if falling apart. She left and he now has to spend $65,000 before the next renter can move in. You got to keep the monthly rent at market.
When you buy a condo, you get all the documents and the current budget. But that doesn’t mean a year or two later you won’t end up with some kind of assessment for a different Repair.
I lived in South Florida for 8 years. Out of all the people I met, hundreds of people, I can count the number of honest people on one hand. I am so glad I left that hellhole years ago.
I’ve lived in 5 states over 42 years because of job relocations. I’ve met honest and dishonest people everywhere. I’m now in Florida. Good people and bad people. Just like every other state and all over the world.
@@Mexicobeanpole Here are some of the things which happened to me in the 8 years I lived in Florida. 1. The guys who owned the condo above mine were drug addicts with a rap sheet. One of them got elected to the condo board, then fired the lawyers and manager, and with another board member, hired their cronies instead. They dropped stuff at all hours of the night, waking me up just about every night. The cops sided with them and said they were "model citizens"! 2. An older guy at the LGBT center and his friends almost drove their car into mine. I had to brake hard to avoid hitting them. Then he got out and walked over laughing at me. 3. Another guy at the LGBT center shoved me into a door as I politely tried to exit around him. He wasn't even thrown out of the meeting for his violence. 4. A cop rear-ended my car. The cop who came out failed to assign fault, but the other guy's insurance quickly paid all of my bills so long as I didn't sue. Years later, looking through old papers, I Googled the guy who rear-ended me. He made the local news because he was a fake cop! 5. I was hit while walking by a car which made a right-hand turn from the left-lane directly behind another car to enter the CVS at the last second. Luckily I wasn't seriously injured. 5. Several of my "friends" including many older guys I was dating would trash me behind my back. I found out about it because I did computer work and sometimes saw the message they sent about me to other people. 6. A drunk guy at my friend's condo yelled at me for parking in the guest spot. When I started recording him with my phone, he physically attacked me trying to steal my phone away. He later told the cops that he was saving that only guest spot for one of his guests. 7. An older guy who just moved there yelled at me because I was calling the score when serving at doubles tennis. So I stopped calling the score to appease him. Then my longtime tennis partner started yelling at me because I wasn't calling the score. Then they both yelled at me at the same time for completely opposite reasons. 8. I got yelled at for about 10 minutes for kissing my boyfriend before he went back to Boston for the summer, by a homophobic employee at the LGBT center. The center's director stood by his homophobic employee. 9. I was crossing the street with the Walk signal. A minivan failed to yield and turned in front of me! I tapped their back window to alert them that they almost hit me. The cop who came out sided with the driver of the minivan, who falsely claimed that I was on drugs. The cop lectured me that if I had broken their window, I would have to pay them $600. No concern that they failed to yield and almost ran me over which likely would have seriously injured or killed me. Florida is renowned for being a crazy state, if not the craziest state. Do a search for "Florida man" to find out.
They're being robbed ,even at 23 million. In a condo you own only the interior of your space, the association owns the building and all common areas. This is supposed to be maintained/ repaired, buy the association in lieu of condo fees, PERIOD. Clearly, fraud/ negligence is/ has been committed here.
I agree. You would of had to have ignored every single problem over the last 40 years to justify 23 million dollars in repairs,,, unless of course the problems are the result of original construction failures. I think they need to sue the heck out of this place.
The association is the homeowners. Ultimately They still need to come up with at least 15 million at least it seems. As is the property is worthless until it’s certified,
No doubt. Imagine there's only one resident in the entire building, would that mean they need to pay the full $23 million? This doesn't make any sense.
The owners are the association! It's mind boggling that people don't understand there isn't some magical, mystical pot of money that can appear out of thin air.
You sound very woke liberal and idiotic. According to you " money is there to be spent. Some people have more than they need - this is an opportunity to dump some of the money they don't need anyway.
Higher HOA fees are needed to pay for future expenses. Roof fund, exterior repair fund, and many more. Every building needs to address this ahead of time.
@LM Jo the signed up to live in a HOA. It's a contract not much else they can do unless the have a time machine. But this is why people buy into HOA so they know only other people like themselves will be able to afford to live near them and protect property value.
its a 40+ year old building on the edge of the water with decades of under budgeting for repairs and deferred maintenance like most of the buildings from that time period in florida. It probably needs to be mostly rebuilt. No surprise there. People just assume structures last forever. They don't. Especially if you aren't constantly taking every precaution to protect them, which MOST Hoas do not because it -is- expensive. Most people dont know what theyre getting into and dont understand what theyve bought.
@LM Jo , if one doesn't pay fees or assessments, the condo association can likely foreclose on the property and sell it leaving the former owner with nothing but bad credit.
After what happened in Florida and hearing this, I'm never living in a high rise condo/appartment... especially by the ocean, that's way too scary for me.
Those areas near the ocean were never suitable for the construction of high rise buildings. The developers literally got away with murder getting permits to build these buildings. The natural motion of the ocean itself can easily undermine the foundations and cause all kinds of structural damage and in extreme cases as we have seen buildings can collapse with disastrous results.
@@1575murray Imagine the many condos in south Florida that are well over 50 stories or the complexity of a car elevator in that Porsche Design Tower condo. Why does one need to park their car 40 floors up? The maintenance on those elevator systems will be expensive.
@@1575murray Salt air corrodes steel, water seepage corrodes rebar. Remodeling of high-rise condos eventually results in formica and linoleum being replaced by tons of granite that perhaps weren't factored into the original plans. Years of wear from sun and temperature expansion and wind damage from hurricanes take a toll. One hopes that the long-gone contractors didn't cut any corners on materials, that the now-dead or retired building inspectors were honest back in the 70's or 80's and that whoever drove the piledriver for the foundations got far enough through the sand and seashells to reach bedrock before saying "close enough."
I was looking to buy a 1BR condo in Miami. Then the Champlain Towers collapsed during my home search. It made me rethink why would I want to live in tuna can on the 16th floor and paying absurd HOA fees and now a reassement fees. Il keep the farm
The fees aren't just the issue int his case. The property manger asked as sister company to make the repairs and therefore increase and share profits. The initial 46 Million repair bill seems pretty large to me too. But the 23 Millions bill is still huge but reasonable for building of that size and age.
@paxundpeace9970 I only manage my own properties so no conflict of interest. If I hire someone to powerewash it might be $350. If I hire a contractor to sub the same job it will be closer to $500. Why have a general contractor manage subcontracts if you're already paying a property manager to do this work? And by this work I mean hiring subs, scheduling them, coordinating with tenants, supervising the work, checking the quality, paying the invoices, and dealing with complications. If you're already paying a property manager to do these things then hiring an outside contractor to do the same work is dumb. I manage my own properties but I know other managers charge a commission on work done. You either pay the property manager or you pay the general contractor. I wouldn't assume one is better than the other; it is very situational. But noone manages construction projects for free.
that's the illusion lol. you don't actually OWN anything. they can take it from you, ANY TIME. it's all a scam. most homeless people HAD a home, a family, a future so bright. Until they encountered SOCIETY.
A couple of things: The building is owned by the condo association. The property manager works for the condo association. So how can the property manager impose its will on the owners? Why are owners being assessed at a flat rate of $175,000. I owned a coop for 25 years, and while coops are different from condos, assessments are usually done on a per share basis. Shares are usually allocated according to the size of the apartment. It’s unfair to give the same assessment to the owner of a one-bedroom unit and to the owner of a three-bedroom unit. Something isn’t adding up. Unless possibly does not own the land on which it sits and the property manager is trying to drive out the residents so that it can redevelop the property for the luxury market. Even if the lower estimate is correct, the owners will have to cough up about $80-90,000 each, which is still pretty expensive.
This is happening all over Florida. Rent is completely outrageous and getting to the point being homeless is a very good possibility. You can’t make a car payment and insurance and utilities then pay a rent that’s 300-500 to 2000 more than it’s worth and should be able to charge. Oh did I mention food?? It’s really does amaze me what one person will do to others for money. Sickening world
Perhaps if the Governor of Florida would spend less time on his anti-Woke policies and focus on the real problems that Floridans face, things would be better. You get what you vote for.
Unfortunately, a lot of property has been mismanaged, with lots of deferred maintenance. My condo bylaws stipulate that 5 percent of the sale price of each unit gets claimed by the building. It keeps our monthly fees low and our prudent reserve flush with cash. It also discourages property flipping. We recently did our facade and balconies refurbished and our assessment is only 110 dollars a monthly for 4 years. We also have money set aside to replace both elevator controllers. Most of our condo board members have backgrounds in finance. If you are buying a condo and see any deferred maintenance in the common areas, don't buy. It's a huge red flag. The building I live in was built in the late 60s. Everything looks pristine. Hallway carpeting is replaced on a rotating schedule. I've been here for 9 years. It has been a good experience, quite different from the horror stories you hear.
My condo, 2nd home, is in Miami Beach. Like most all condo HOA’s, the Board is elected by condo owners and is comprised of the condo owners. They serve voluntary, no compensation. For years, we had a corrupt and self serving board. Finally, we have an honest professional board. Yet, our current re-certification and code requirements is $19M. Why??…because owners refused,for years, to vote to set reserve money for deferred maintenance. Of the $19M, $5M is for all windows to be replaced to meet hurricane codes-we’ve known this for 5 years but no reserve was set up. $5M for meeting fire suppression code-we’ve known this for 5 years but no deserve was set up. Stupid owners elect stupid boards who make stupid (no) planning decisions. Now, tough love!
It is very annoying to see owners, especially investors, whose sole aim is to minimise spending of money, even if it is best in the long term to spend the money.
You are spot on, but i don’t think it’s all stupid people. There’s a lot of desperation and bad understanding of the costs/expectations of managing buildings
@@Ken-er9cq it’s systemic, most people on live somewhere a handful of years. So they want to avoid anything long term. It’s selfish and wrong but that’s how it’s done
We also do the same thing with our local, state, and federal governments. Higher irresponsible people who are going to pass the buck. Or put the buck in their pocket.
It’s tough… We have all seen what happens when you don’t do upkeep on Miami buildings… people die. Then again when I was starting my company there to do structural concrete work, I had a gut feeling I didn’t have enough money for the property management and engineering firms. Of course it’s not legal, but that’s how it’s done.
@@efonwang that's why you ask pertinent questions when buying a condo in Florida. Get the HOA financial statements, how much is in the reserves, are there any special assessments, get the minutes of last HOA meeting, talk to current residents.
It's a common thing for HOA to hire the most expensive contractors available, the property managers most possibly get some kickbacks for the inflated costs, and the sketchy contracting business probably pocket the rest
The lesson to be learn here is, unless you have a lot of money DO NOT live in a condo tower as the maintenance is going to hurt your pocketbook especially after the collapse of the building in Miami.
The numbers make no sense , I would think a million max like what are those repairs cause at 46 million even 23 million you could just build a new building almost
The fees are there for a reason. You haven’t seen a condo collapse in Miami? Because of shady construction and owners were stalling repairs for a decade. Truth is if you are not willing to deal with repairs you can’t afford to own anything. In collapsed condo repairs were also worth 200 k each owner but people stalled, the more you stall the more damage there is ,the more expensive repairs become
My late uncle had belonged to his HOA in Los Angeles county. 48 townhomes in a gated community with one shared swimming pool and tennis court. Each were forced to pay $18,000 for a new roof. Years later, my real estate friend visited my uncle's home; he told me he could have gotten it repaired for $3,000.
@@armchaireconomist8648 I would say read that comment slower. New roof versus a simple repair, yes i could picture the difference in amount. Imagine replacing an area of shingles for example from tree damage on part of the roof for less where maybe an HOA would say they prefer a whole new roof for what ever reason.
@@2wheel_freedom so years later a realeatate friend examined each of the 48 townhomes and determined that these roofs could have been repaired for $3,000.00 each instead of being replaced for $18,000.00 each. The realestate agent is either a genius or a liar.
Repairing a roof for $3k is much different than a new roof for $18k. A $3k repair may need to be done again next year, then again and again. A roof that is 30 years old may need new underlayment, all new tiles, etc then it is good for another 30+ years. Repairs are just putting off the inevitable for an old roof.
It seems that many if not most condo residents can't afford to live there. The reserves need to be properly funded and need to be reviewed annually. Also, maintenance needs to be performed contiuously. Proper funding seems to be tough everywhere. HOA's and COA's are chuck full of ummmmmm (I was going to say boat anchors).
Condo's are just glorified apartments that you own and are able to sell like a house, but the same financial bs comes with it. Just like apartment management raises rent and other bs fees and drama you get the same with condos.
It's not the same. You can just leave an apartment if the rent is too high. You are the owner of the condo, so you would have to put it on the market and hope to find a buyer at a profitable cost.
46 million? How the hell did it get that bad? HOA needs to be investigated for letting it get so bad (or committing fraud/whatever). At 46 million they may as well build a new complex from scratch.
This happens a lot. We have presidents, VP etc of the strata council here in Vancouver, BC, Canada and they get kickbacks from companies to implement things in the building and charge us. Example: they entered an agreement with our water treatment and the residents were outraged and voted against it but still had to pay the company for breaking contract. Many buildings were built shoddily that there was a flurry of leaky condos and special assessments to the tune of $50k plus. This property management company needs to be fired and investigated
50 million dollar building -46 million repairs = condemned building not sound and needs for closed. That other building that collapsed was around 46 years old in Florida on beach.
We had the same issue but not as much. I quickly gathered owners contacts and we formed a chat group and started many private meetings. Got the price down to 1/3 by finding a different contractor.
HOA's and similar are usually run by a VOLUNTEER Board of owners, and MAY hire an outside firm to expend monies and stay on top of things. But at the end of the day, the owners have to engage in oversight. Getting lazy (for years) and not complying with setting aside LONG TERM funds for long term issues is one achilles heal. Today with data there is no reason why expenditures cannot be posted and examined in real time by the owners, instead of crying when five years or a decade later you find you've been scammed.
So what you’re saying is they should allow the building to collapse, then collect the insurance and sell the property? It’s people exactly like you that caused the building to collapse in Miami.
@@Unpopularity Tenants? no the condo owners decided that instead of running the building themselves, they would hire a management company. they are not tenants. Extort? The status extorting them. They told them if they don’t inpect their building, and correct, the faults, they’re going to lose their certificate of occupancy. The building needs millions of dollars in repairs. The question is how many millions. If they don’t like the management company, they can hire a different one. Or they can manage the renovations themselves. Capitalism? They are free to get as many quarts is they want. And they want to pay for. If they want shoddy, barely passing work, that’s their choice. Basically, they hired a contractor to do the repairs. And don’t like the price. I don’t see how that’s extortion. I’m not sure where the defending themselves from. They own the building.
Before anyone agrees to pay a special assessment like this, they should ask for a full audit of where the HOA money is gone in the past. The people in charge of the HOA where I lived, treated it as their own personal bank account for home projects.
Why anyone wants to manage their own properties is beyond me. I own and manage an apartment building in Miami Beach. And I live in a rental. I bet you do your own lawn care and painting too! Because someone doesn't understand basic economics. Why would a software engineer making $150 an hour not pay a property manager $25 an hour to do the job faster and better?
@@nathanieltalcott8171 I apologize for the confusion when I said property I meant ones residence. Meaning putting the welfare of my home in the hands of others leads to this kind of situation.
I think the mistake by managements here is, they thought they were dealing with poor residents who typically have very little resources to verify anything. There are many professionals that live in that building and those places are not cheap to rent either. The residents quickly called management out on the bullshit too.
What a lot of people don’t realize is that anytime they buy property governed by an HOA, whether condominiums or homes, hey may be on the hook for any assessments that may be incurred by the HOA. I’ve always said that I won’t belong to an HOA even though there are some benefits.
The HOA is the owners dummy, the assessments are not incurred by the HOA, they are incurred by the owners. There is not some giant tooth fairy that pays to maintain your property, you do.
This is so sad to see. I lived at the Palm Bay for over 17 years and left the building to move to DC in 2017. So many great neighbors, and employees. I hope the issue gets resolved, a historical building that deserves to be saved. 😢Sending good vibes to my friends in the building, wishing you all the best!
Then you are one of the grifters that underpaid maintenance costs for a long time and bailed before the conditions forced current owners to pay for major repairs all at once. Congrats on winning florida hot potato.
Concrete is porous. Living near the ocran can be costly. Salt water enters the concrete for 40years. This saltwater affects the rebar. It reduces the size of the rebar. Reducing the structural integrity of that of the original concrete. Making concrete collapse more likely. Concrete restoration is very expensive. They should phase the project into 3 phases to space out the cost to owners.
I remember when we stayed in a condo when I was a teenager and the lady in the office in charge of collecting rent stole over $150k and ran to Cuba. That's when I knew I would never buy a condo.
$150k in Cuba goes a long way. I don't know how the beach was able to take $10,000 out of the country without declaring it. Did she take a tire tube back to Cuba?
