Some of my coworkers have purchased condos in Panama City Beach for their retirement about 8 years ago. Sadly, the rising HOA fees and insurance have made it almost impossible for them to retain their properties. They're planning to sell their condos in the very near future and moving back to Alabama.
Thanks for watching. Condo Master Insurance policies are pretty exotic compared to a standard homeowner’s policy. There are only so many providers in Florida; the herd got thin after Hurricane Ian caused so much damage. The increased costs from the association is mostly from insurance hikes. Most of the Gulf Coast States are seeing increased costs to own. Florida is on the higher side because of the Hurricane risk. Also age and upkeep of the building are a huge part of it too. So it’s important to review all the details.
I own two condos in Panama City Beach, both in the same building and on the same floor. I live in one and rent the other and still in 2024 the proceeds from the one support both of the condos assessments, tax, utilities and insurance. If I had a mortgage that wouldn’t be possible but fortunately for me my condos are paid off.
Fantastic! Definitely an ideal scenario having both paid off. STR is competitive but strong in PCB. Many new attractions on the horizon that owners and guests should be excited about. Things have been more difficult for the last few years, but that isn’t stopping people from pursuing a second home and working to cover and using STR to help shoulder the cost. Folks approaching retirement and some younger too want that beach respite, home away from home. PCB is still one of the most affordable beaches in Florida.
HOA are created by the builder/developer to control the owners. The board members are initially run by their relatives who happens to be homeowners there until the builder/developers are off the hook.
Vertical living has some considerations with all the common area involved. The maintenance on large projects are tricky to manage even with experienced management. I don't disagree with you on that the transition from builder/developer to owners can be a conflicted.
I appreciate your enthusiasm on Hallandale Beach. I have been through most of Florida, but haven’t been. I prefer the laid back vibes in the Panhandle to the busy South Florida life, maybe in my 20’s. There’s something for everyone in this great state.
There’s definitely some caveats with Florida living. Storms, gators, and the infamous Florida Man. There are some pros, I like to think the sunshine and negative ions have done this pasty kid from Buffalo some good. I can’t seem to leave the FL Panhandle.
Great question, there are definitely many general points in this video that would carry over into a CONUS condo purchase. There are several Florida specific related items discussed in the cons section: Hurricane Considerations, Insurance, and the new FL structural requirements via SBD4. Thanks for watching.
