Weekly price drops around here. Heavyhanded-one-size legislation ruining lives for a lot of condo owners.
Well, NOT doing safety checks didn’t work out too great, either.
My kids (Gen Z and millennials) will soon be living on the streets or at home with their parents. It’s too expensive to buy a house and way too costly to buy or rent a condo!!
This entire market is BS-—this generation needs to vote all this crap out now!!!
The HOA’s Fault?
Later.
Boo fugging hoo. It sounds to me as if the condo owners did not do any due diligence before buying their condos and are not shocked to discover they bought a piece of Kommie-La housing. Their failure to have their condos and the buildings they are in inspected for structural defects is the problem. They caused the problem. They own the problem. And now, they are trying to sell the problem to some other idiot.
Too many weather catastrophes in Florida for me.
I practically gave away the last of my three FL condos just to be rid of it.
I sleep much better without having to deal with the neighborhood nazis.
It might be cheaper to rebuild.
A few units might be added to generate money for residents who can’t financially participate otherwise.
Most of the value is often in the land.
The terms Catastrophic and, especially Bankrupt, should not be in quotes. These possibilities are real ... and DeSantis must know this.
Florida real estate is grossly overpriced in certain areas, and there are too many people moving here. A market correction was due, and the structural integrity of far too many structures in South Florida is questionable and needed to be addressed. Personally, I would never live anywhere with a HOA, too many horror stories of “Hitlers and Capones” heading them up. One of the biggest problems in some areas is the members don’t pay enough attention to what’s happening with the money. If the folks running the HOA balk at complete transparency there’s a reason why, and it’s usually not a good one.
You pay and pay some more to live on the beach...I was looking at buying a small vacation house on the Gulf in Mississippi or Louisiana off the beaten path well away from Florida where prices are insane and way too many Yankees.
The increased listings could merely be a sign of a softening property market.
Palm Beach, Miami, Broward, and particularly on the high-end, are much more speculative markets relative to most of the country - during Covid, condo prices crashed, only to spike much higher in the following years.
More real estate professionals now expect a recession in the USA, and places like Palm Beach will show the signs first.
Our experience was that the HOA "regime" was putting off maintenance in the years before we bought in order to keep the fees low. (I bought sight-unseen and have only myself to blame for not doing more due diligence). Given that this is the Land of Slackers, I am confident ours is not a unique experience.
So part of the sticker shock is that rates were artificially suppressed by mismanagement of the assets. In that environment of willful neglect, the Nanny will step in and make everyone go clean their rooms.
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.
Maybe renting an apartment or house is a better idea.
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.
Is Florida actually considered a ‘Southern’ state??? I always considered it to be lower New York.
They cheaped out for years on maintenance and now the bill is coming due. Boo hoo.
If I read this correctly, the guy in the story is down $1968/month BEFORE mortgage, taxes, and insurance, utilities.