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Southern state hit by mass exodus of condo owners spooked by 'catastrophic' market in wake of costly new law that could 'bankrupt' residents
Daily Mail UK ^ | August 9, 2024 | Bethan Sexton

Posted on 08/09/2024 6:57:44 AM PDT by Red Badger

Condo listings in Florida have skyrocketed as desperate owners attempt to dodge a costly new law requiring increased safety checks.

The legislation was brought in following the 2021 collapse of the Champlain Tower South in Surfside, which killed 98 people.

It later emerged that the condo association had postponed crucial repairs to avoid increasing costs, prompting lawmakers to introduced new regulations which take effect at the end of the year.

As a result, the number of condos on the market has soared, especially in southern Florida, prompting warnings of a 'mass exodus.'

There were 20,293 condo listings in the Palm Beach, Broward and Miami-Dade counties in the second quarter of 2024, ISG World reports.

The figure is an 143 percent leap from the 8,353 in the same period last year. Almost 90 percent of those for sale are in buildings more than 30 years old.

Under the new guidelines, condos older than 30 years or more than three stories will require increased inspections from December 31.

Read More REVEALED: The cities offering the most apartment space on a $1,500 budget article image The cost of insurance and Homeowners' Association fees to cover the special assessment requirements has also jumped.

'Condo costs are shocking,' said Juan Castro, a Redfin Premier agent in Orlando. 'Condos that used to have a $400 monthly maintenance fee may now have a $700 fee. It's causing buyers to rethink their plans.'

Arkadiy Kats, 71, already pays $340 a month for a special assessment and $897 a month for monthly condo HOA fees.

Starting next year, he is expected to contribute an additional $731 toward reserves.

He has taken the decision to return to work as a real estate agent to help cover the costs.

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: Business/Economy; History; Society
KEYWORDS: condos; florida; inspections; realty
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To: xoxox

Back in the late 70’s when I lived in Margate, there was a huge building boom. They overbuilt (probably with cocaine money being laundered), to the extent that they were offering six months free rent to long term lease signers.

I wonder how many of these condos were built by mafia and cartel owned companies that used substandard materials and bribed inspectors to look the other way?.....................


41 posted on 08/09/2024 7:28:31 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: xoxox

Back in the late 70’s when I lived in Margate, there was a huge building boom. They overbuilt (probably with cocaine money being laundered), to the extent that they were offering six months free rent to long term lease signers.

I wonder how many of these condos were built by mafia and cartel owned companies that used substandard materials and bribed inspectors to look the other way?.....................


42 posted on 08/09/2024 7:28:52 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: xoxox

“Of course it’s a real problem. It’s just not a problem that every.single.condo has.”

If not every condo has a problem there is still the necessity to inspect and find the ones that do.

And later reinspect the ones that did not show problems earlier.


43 posted on 08/09/2024 7:29:28 AM PDT by jeffersondem
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To: Red Badger

When Miami noted many hundreds of condo buildings having similar HOA management issues around the same lack of critical repairs, I figured we would be seeing a few more of these spectacular building collapses, in the coming years.

When residents refuse to maintain buildings against corrosive influx and repair such damage, get ready for what comes.

I have to admit, the stories occupants and of those who barely got away, were remarkable to hear, and the stuff of nightmares.

You just don’t think something so “solid” can instantly crumble—but it can.


44 posted on 08/09/2024 7:29:34 AM PDT by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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To: xoxox
It's one of the underlying flaws of living in a condominium. I would steer clear of it at all costs.

Here is how a condo association typically works:

1. Nobody wants to spend any money on the common elements.

2. When something inevitably goes wrong, everyone suddenly gets outraged and points fingers at the "negligent" condo board for failing to make repairs.

45 posted on 08/09/2024 7:30:22 AM PDT by Alberta's Child (“Ain't it funny how the night moves … when you just don't seem to have as much to lose.”)
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To: xoxox

Yes and it’s collapsing in a faster and faster snowball..............


46 posted on 08/09/2024 7:30:36 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: icclearly

“Choose your poison. Die in a building collapse or pay up”

Option 3......just dont live there. 🤷

As the crow flies I live 5 miles from the beach and I’m fine.


47 posted on 08/09/2024 7:31:20 AM PDT by V_TWIN (America...so great even the people that hate it refuse to leave!)
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To: Red Badger

Maybe renting an apartment or house is a better idea.


48 posted on 08/09/2024 7:32:18 AM PDT by 1Old Pro
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To: Red Badger
“Unless the engineers can come up with a new method of construction to negate the effects of salt water intrusion, the beachside condo may become history as they all eventually are torn down..................”

There is currently rebar approved for marine applications; coated or stainless. More expensive for sure.

49 posted on 08/09/2024 7:33:43 AM PDT by jeffersondem
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To: jeffersondem

That’s what I was thinking of. Coated with evil plastic and made with evil carbon......................


50 posted on 08/09/2024 7:35:30 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Red Badger

As a general matter, regulation like this is necessary. Could it have been drafted in a less overbearing way? I don’t know. Does it disproportionately affect the people who own the condos now? Yes. But any legislation always is going to do that. Perhaps there could be a phase-in period to make it less impactful immediately, but if this truly is a safety issue, then it probably can’t.

I’ve had plenty of experience with HOAs and condo associations. Issue #1 is that no one wants to pay fees to build up reserves for long term repairs. They see a pot of money and want to reduce fees or spend it immediately rather than build up hundreds of thousands or a million dollars of reserves for things like this. If its done over time, there is no big negative impact. But unfortunately, no one wants that.


51 posted on 08/09/2024 7:36:22 AM PDT by Opinionated Blowhard (When the people find that they can vote themselves money, that will herald the end of the republic.)
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To: Alberta's Child

not unlike the symbiotic leech-host relationship.


52 posted on 08/09/2024 7:39:16 AM PDT by xoxox
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To: Red Badger

Who do you think you are, bringing engineering rationality to the thread?


53 posted on 08/09/2024 7:41:01 AM PDT by FreedomPoster (Islam delenda est)
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To: Red Badger

Is Florida actually considered a ‘Southern’ state??? I always considered it to be lower New York.


54 posted on 08/09/2024 7:41:33 AM PDT by Cowgirl of Justice
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To: Cowgirl of Justice

Depends where you’re at in FL. N. FL and the Panhandle are definitely Southern.


55 posted on 08/09/2024 7:44:54 AM PDT by FreedomPoster (Islam delenda est)
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To: Red Badger
The steel company Gerdau spent years testing, patenting and getting regulatory approval for the use of their ZBar product for use in high chlorine environments; then stupidly refused to market it.

Strangely when they didn't market it they couldn't sell it and abandoned the product that solved a real problem. People that actually got some to use liked it even at the higher cost.

Don't ever let anyone tell you that big companies don't make bad decisions.

https://www.aist.org/gerdau-ameristeel-launches-rebar-corrosion-technology

56 posted on 08/09/2024 7:48:17 AM PDT by jeffersondem
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To: FreedomPoster
😁
57 posted on 08/09/2024 7:49:07 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Red Badger; AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; BraveMan; ..

58 posted on 08/09/2024 7:53:07 AM PDT by SunkenCiv (Putin should skip ahead to where he kills himself in the bunker.)
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To: Opinionated Blowhard

The same sort of thing happens in local governments.


59 posted on 08/09/2024 7:55:18 AM PDT by FreedomPoster (Islam delenda est)
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To: Red Badger

They cheaped out for years on maintenance and now the bill is coming due. Boo hoo.


60 posted on 08/09/2024 7:58:00 AM PDT by glorgau
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