Private equity companys waiting to buy condos for less

The future is not looking good for non wealthy citizens and it's a lot more challenging for elderly people 😟.

@mjblue84

21 сағат бұрын

That is the "intention." America is now "the land of the GREED."

Unfortunately this is what these people voted for and got.

Florida is a mirage.

@marknewton6984

2 күн бұрын

But a nice one...

@28704joe

2 күн бұрын

@@marknewton6984 You got a point, Disneyland ain't too bad.

@jlam3927

2 күн бұрын

Not for millionaires and billionaires.

@trumpwon8064

Күн бұрын

​@@28704joeDisneyland is in California

0.36 timestamp... reporter says it's $1200 assessment.. it's really $12,000 as shown on letter. Back to journalism 101 for her

@gabyfields3235

2 күн бұрын

Not true, it looks like ca. $1,610.92 per unit, times 8 units: $12,887.32 for all 8. For a smaller unit, the assessment seems to be around $1,200 (depending on the exact size of the unit)

@jlam3927

2 күн бұрын

@slynn246 - No it's not. That is the amount times the number of units ($1,610.92x 8 = 12,887.36). Not sure what her unit number is so it's one of the other lines. Don't feel bad I'm certified as a condo board member in FL and a former VP of the board.

@exoressdelivers70

Күн бұрын

​​​@@jlam3927LOL! there's no such thing as a 'certified' condo board member.

@jlam3927

Күн бұрын

@@exoressdelivers70 FL 720.3033 Officers and directors.- (1)(a) " in lieu of such written certification, the newly elected or appointed director may submit a certificate of having satisfactorily completed the educational curriculum administered by a division-approved education provider within 1 year before or 90 days after the date of election or appointment. (b) The written certification or educational certificate is valid for the uninterrupted tenure of the director on the board. A director who does not timely file the written certification or educational certificate shall be suspended from the board until he or she complies with the requirement. The board may temporarily fill the vacancy during the period of suspension." Crawl ...away.

@jlam3927

Күн бұрын

@@exoressdelivers70 Want to bet?

But this looks like a 2 story condo building and those are not required to have these reserves and studies, only three stories and higher. Aside from that $1200 dollars is nothing compared to what I've seen stories about assessments of hundreds of thousands of dollars.

That's not that much of an assessment compared to everywhere else in Florida I've heard on the news. Hope she worked and saved up for a rainy day because it's all rainy days from here on.

@kpeezyforsheezy

2 күн бұрын

What a mortifying sentence…

@donviloche

2 күн бұрын

Besides I see where the figure was really $12,000.

@davidthaler7018

2 күн бұрын

@@donvilocheAnd even that’s significantly lower than other places with six-figure assessments.

@jlam3927

2 күн бұрын

@UncleDavesKitchen - Not too bad, but this could be only one of many assessments.

@exoressdelivers70

Күн бұрын

​@@donvilocheNo. It's only $1,200. Expand the video you can do so by just stretching it out with your fingers and you can see on her letter it's about $1,200.00 for her unit. That's probably why she has only until July 1st to pay it, it's not much.

Im confused as to who supposed to live in thewe places if everyone is priced out

reckless growth has destroyed this once nice state.

I bought my 2nd property in San Diego of August 2022 for 685k with rate of 4.375. Now the property current value is 895k. In LESS than 2 years I’m already up over 30% in equity. No reason to sell because I’m cash flowing on 2 ADUs studio and I already made over 90k in rental cash flow which covers my monthly mortgage. Not to mention my rate is freaking low and I consider it as asset

@ms_jon1

2 күн бұрын

I feel sorry for 1st time homebuyer who were never able to afford it to start. I don’t feel sorry for 1st time home buyers who were able to afford it but choose to wait thinking market is crashing and now priced out

@collins.l454

2 күн бұрын

Real Estate is still a very LOCAL Market. Prices in one City do not reflect the Prices in another City.

@republican7

2 күн бұрын

I've recently been thinking about getting in touch with consultants. I'm an adult, therefore I need direction, but I'm not sure if their services would be very beneficial.

@FreestyleJameZ

2 күн бұрын

The information you need to work with a letter to schedule an appointment would be included when you search *Leah* *Foster* *Alderman*

@agentjacob4099

2 күн бұрын

For those in need of direction, consulting with an experienced, independent financial counselor is advised.

This is atrocious

It is a shame the former owners did not create a strong fund for maintenance. I guess they thought the Building would last forever. The Old Lady in question had it easy for 30 years, and now it is time to pay up. They could sell the building if needed.

@jlam3927

2 күн бұрын

They never will. Florida allowed a loophole in funding reserves whereby all owners could vote to partially fund them. This has been going on for decades and now the bill for major projects like roofs and structural repairs is due. Big big problems for older places.

@danielterry382

Күн бұрын

My Parents had a Condo in Boca in the 80's, and my Dad voted against every spending request. He and his friends kicked the can down the road. I am thinking the Building in that unit now are facing Reality.

@jlam3927

Күн бұрын

@@danielterry382 No one who is 70-80+ wants to fund anything long term. It's a big problem. Or was. I'm lucky and our condo was built in 2001 and is still in ok shape.

What a sht world

@frankmacleod2565

2 күн бұрын

In Florida

@jlam3927

2 күн бұрын

@@frankmacleod2565 Must be why everyone's fleeing their right? What little lefty s-hole do you come from i'm curious?

@zanebea3437

3 сағат бұрын

It’s as far north as montana too. It’s bs

In many states 'fully funded' is a moving window of expected spending over a 5 yr window. But if the reserves are low in funding that 5 yr window may include significant spending especially if a major inspection is needed. It's no surprise that Florida condo's were geared for seniors, with lower price and fees than a regualar condo elsewhere. It was a 'kick the can down the road' attitude that attracted seniors. For these, a loan against the equity is one option,or a reverse loan morgage and failing that selling.

@jlam3927

2 күн бұрын

What states? Fully funded is determined by the "useful life" of the line item. For example a roof can be broken out over many years, usually decades.

@mikew.to1

2 күн бұрын

@@jlam3927 That's what I said, a reserve determines a useful life span, but reserves studies are done every five years along with if they are fully funded. That means every 5 yrs 'fully funded' changes such that the roof is indeed fully funded by the time a replacement in needed at the end of it's lifespan including inflation, materials and labour within it's 5 yr window etc.. a roof, a sidewalk a foundation is spread over different lifespans. Costs vs 'fully funded' is only valid in 5 yr windows and changed as needed over time. How the reserve is managed in detail elsewhere isn't relevant to Florida where many condo's had no reserve requirement to be fully funded to begin with.

@jlam3927

2 күн бұрын

@@mikew.to1 Ehhh yeah not really what you said. True that reserve studies must be done every 5 years, but something like a 30 year plus roof isn't going to change much in 5 years unless something rare happens to it.

@mikew.to1

2 күн бұрын

@@jlam3927 It's not the change in lifespan, but the associated costs that change over the years. If a roof normally has a 20 yr life, then it's cost is spread over 4, five year assessments, such that in it's 2nd five year study the costs may have changed of it's 50% reserve to increase the next 5 yr money held in reserve such that after it's 4th reserve assessment the 'full' 100% amount is there at the time it needs to be replaced including changes in labour, materials, etc.. Once the roof is replaced it's percentage of annual payments start over again spread over the next 20 yrs. Each line item in the study has it's own associated lifespan but costs can't be accurate, like the weather or interest rates beyond a 5 yr period. It's the costs that change and not normally it's lifespan.

@mikew.to1

2 күн бұрын

@@jlam3927 WFLA censored my reply, in short it's the costs that change not the lifespan. How a regulated reserve 'works' isn't applicable to FLA who are starting from ground zero with different inspection requirements.

They need to allow more time for these people to pay the fees.

@Tugela60

12 сағат бұрын

They already had 30 years, but keep putting it off.

@mickeyhead9770

3 сағат бұрын

@@Tugela60 yes, but you can’t blame the old lady, it’s the condo boards that were responsible for the messes going on now. A lot of them are corrupt. Drastic changes need to be made to the laws governing them and these people on the boards need to be held legally responsible for their mismanagements.

@Tugela60

2 сағат бұрын

@mickeyhead9770 Dude, she has almost certainly been voting down any expenditures, so yes, I can blame her. If $1200 (which is very modest as special assessments go) is too much for her, she is very unlikely to have approved anything. It sucks for her, but you can't let the whole development fall apart because fixing problems costs too much for a few residents.

Is it 2008 in Florida again?

Why the hell do you keep calling it paradise? Heat, humidity, insects, and the worst: DeSantis.

@Gone_huntingg

Күн бұрын

and becoming very crowded.

@trumpwon8064

Күн бұрын

Leave

@mickeyhead9770

3 сағат бұрын

You can always go and live in the paradise state of California with Gavin! It’s always the people who do not live in the state that want to criticize when they don’t know what they are talking about! Trump 2024🇺🇸

At least they are doing installments. Some HOAs just demand the balance up front with minimal notice.

Sad story. Great report by Linnie ❤.

U sign some kind of contract. Read the fine print. Look. Owners r getting slammed by property tax, insurance premiums, etc. that will be passed on. They don’t want to have to F you, but they r actually being Fd’. Unfortunately. Shit rolls down hill. Rings true.

That old lady 20 grand plus a month from all those damn condos she owns boohoo she has to pay a little old 1200

GENTRIFICATION

@frankmacleod2565

2 күн бұрын

Capitalism!! Huge win

@jlam3927

2 күн бұрын

@goldengoose97 LMFAO what? Please do explain that.

@jlam3927

2 күн бұрын

@@frankmacleod2565 No it's a Florida reserve loophole that allowed owners to vote to not fully fund long term projects. Loophole is closed. Time to pay the piper.

@steven4315

2 күн бұрын

@@jlam3927 Gentrification is the process where wealthy people move into an area and force out the not-wealthy. While that is happening in Florida, it doesn't really apply to this situation.

@jlam3927

2 күн бұрын

@@steven4315 Yeah I know, is your name @goldengoose97?

A gift to the investors…get those condos for pennies on the dollar. So what do you think will happen then?

@frankmacleod2565

2 күн бұрын

Huge win for capitalism

Take out a home equity loan and pay the assessment.

The artificial rates held up by investment properties are finally driving out condo owners. Saw it with all the apartments in the past two years leading up to this. It's the next domino to fall in the housing market. We are approaching critical mass - sub-prime mortgages will finally make their grand return to the stage. This time they'll be double the market share of The Great Recession. That should take a dent out of inflation lol

@jlam3927

2 күн бұрын

@P2HTUSYP - This has nothing to do with interest rates, and everything to do with partially funding reserves for big projects. That loophole just closed in Florida.

@P2HTUSYP

2 күн бұрын

@@jlam3927 - free debt flooded Trump's housing market, as we transitioned to Biden, inflating the housing market so rapidly and drastically that rent and property values were sent soaring. The same forces pushed out Downtown locals, and continues creeping down Central in St. Pete. When the Fed was the mercy of a lunatic that wanted his big, beautiful economy to "look" good at the end of his term, only to utterly fuck the WORLD ECONOMY for minimally a decade. Now he's a Convicted Felon on Fraud charges, and he's one of two fucking choices our country currently has for president. Can we re-roll for candidates at this point, since both are utter garbage?

This is what happens when years of neglect are allowed to go unchecked

@jlam3927

2 күн бұрын

That is correct. Florida allowed this loophole where all owners could vote to partially fund reserves. Do you think an elderly person who will live 10 years will vote to fully fund a 30 year reserve for the roof?? Nope.

@info781

2 күн бұрын

​@@jlam3927bingo, lots of old folks love the equity but don't want to maintain it.

This is really sad.

jew psyop in surfside, this is the fallout, they buy it all up on the cheap

Condos need decentralized financial management. Florida condos owners are getting all types of screwed.

@mikew.to1

2 күн бұрын

That would be a freehold house - with no HOA, not a condo. Nothing is 'needed', the choice is there already.

Most buy a home to lock in housing cost to be affordable for their future so do not buy into HOA’s or condo’s because over time you can be priced out of a home that you supposedly owe… also being told what you can or can not do on your own property; an HOA foreclosed on a house because she parked on the grass due to fines, small driveway with three cars… wtf

I wouldn't touch condos with a 10-foot pole.

the fl state legislature will cave in and amended the law for the fully funded special assessment fees to be deferred to a later date that won't be specified. the fl state legislature will be hedging their votes that another total collapse of an aged condo tower won't happen in the near future.

@jlam3927

2 күн бұрын

They should dial it into only "major structural issues" must be immediately funded, and the rest can be added in slowly over more years.

fix the audio. Way too low.

I thank you people that has horror experience with HOA and share your experience so other people can learn from you not to buy property that has HOA.👌

@jlam3927

2 күн бұрын

HOAs (single houses) can be ok, just make sure there aren't any common area at all. No clubhouse, pools, tennis courts etc. to maintain by BONEHEADS. Everything is under your control. Never by a COA - Condo.....NEVER.

This is terrible! What is going to happen to this lady? Is she going to become homeless at this age! Shame on you!!!

Many retirees gonna be on the streets 🙁

EXTORTION

What is worst is that some condos residents will pay these fees for inspections and there will be nothing wrong with the buildings. They will still have to pay or sell and move when nothing was wrong with the property because of a new regulation.

@mikew.to1

2 күн бұрын

The inspection fee is not a lot when split between owners. But selling a condo with no inspection and unknown condition compared to one that has passed with no issues found will certainly show up dramatically in the selling price far more than the inspection costs or none.

This is why I wish I didn't buy a condo. Eventually, the maintenance fees and special assessments will be unpayable.

St. Petersburg is paradise? Florida, you crazy

Dont worry Florida governor has all the answers,

Some blame probably should be levied on the residents because I willing to bet anytime a raise in dues was suggested to put more money into reserves or overdue maintenance, they probably voted it down. They were just kicking the can down the road.

Can they just get a HELOC? Most of these condos have equity

@winstonsmith6204

2 күн бұрын

Association have been putting liens against them

Easy solution, DO NOT BUY A CONDO.

It’s so ridiculous that it’s almost hilarious that the news reporter seems to think that it’s just a matter of selling your condo to solve the reserve fund problem that these condo owners have. Not only will it be difficult for a lot of these owners to come up with the money that is now being demanded in special assessments to fund the reserve, it will be very difficult for these owners to sell their unit because they will have to disclose what the condo fees are and what is owing for their unit to the reserve when they sell. This kind of information doesn’t make buyers happy and if a buyer does decide to buy into a condo That has not been properly managed and maintained they certainly are going to want to pay the lowest possible price to get in because they’re going to need all of their money to fund the reserve to get the work done and the maintenance that will be necessary to protect their investment in the building once they become owners. It’s always a difficult situation and minium when boards try to keep everybody happy with low fees but eventually you have to pay and it’s better to do that on it. Ongoing incremental basis year after year then to be hit with thousands of dollars in special assessments in financial year, especially when you’re still paying a mortgage on that condo or you own it but you’re in retirement. It’s shocking to hear that it’s 2024 and Florida is only now legislating that condos have to be inspected by engineers and prove that they’re fully funded in order to maintain those buildings when Florida has had thousands if not, millions of condos For decades and decades just kicking this problem down the road. Florida is somewhere that people should avoid and if they are already there and they can they should escape.

@jlam3927

2 күн бұрын

The only way to sell would be to subtract the assessment from the selling price. You can find idiots that don't care or know but most savvy buyers will see it as a major red flag that the place has been mismanaged.

Why can't there be a City for all Rich people and all the other cities only for middle class! and poor people!.

@steven4315

2 күн бұрын

The city is called Miami, they are in the process of running off the not-rich.

Very sad..

I have never bought Properties. I think I am better off.

@mikew.to1

2 күн бұрын

Maybe now, you may think so, but when you retire or are unable to work, can you afford to continue to rent. A lot of people are being evicted who may have agreed with you.

@annem.parent8580

2 күн бұрын

@@mikew.to1 I am a US Army Army Veteran and am retired. I got rid of my SUV and live in a city where the city bus route I am on runs every 15 minutes. The VA helps with my rent and I pay only $2.00 to ride the bus even with transfers all day long if I like. There are a lot of seniors put out of their rents. I feel sorry for them. Some have felonies which cannot get Section 8. Besides that the Housing unit in the city have taken over 10K applicants and have closed their doors until those applications are dealt with.

Pay attention to your board agendas!! Make sure you get them. These things must be voted on long before they go into effect. That is the time to deal with it. The boards cannot keep them 100% quiet, like they would like to do.

@exoressdelivers70

Күн бұрын

That was the problem. The owners have to vote on special assessments. The board can't just pass them by themselves. And no one voted yes for special assessments down through the years. It's like you voting yes for special taxes to be levied on yourself.

@jlam3927

Күн бұрын

@@exoressdelivers70 The problem is owners voting on regular montlly assessments and only partially funding the reserves. It was a loophole in the law that never should have been.

@exoressdelivers70

Күн бұрын

@jlam3927 it wasn't a loophole. It was common sense thinking. Now common sense is gone in this new law. Condo buildings are privately owned buildings just like a house. The new law requiring condos to have reserves for repairs is like a law requiring all homeowners to have money in a savings account for repairs such as for a new roof (old roof may come down and kill a family member or visitor inside). A better law would have been requiring all condo buildings without reserves or inspections to post a sign outside reading 'BUILDING HASN'T BEEN INSPECTED IN X NUMBER OF YEARS AND MAY COLLAPSE AT ANY MOMENT. ENTER AT YOUR OWN RISK'. That way, those owners who want to get the repairs done would do so. Those who don't won't have to.

@jlam3927

Күн бұрын

@@exoressdelivers70 You don't understand condos very well.

Housing shouldn’t be a commodity at all. Neither should health care or education.

Sell you say? Sell to who?

@frankmacleod2565

2 күн бұрын

So nobody wants to live in Florida?

Florida ban HOA's not books!

What is it with the media constantly calling Florida paradise?

@Misty-gc6bq

2 күн бұрын

I think it's because of the natural beauty but only the wealthy can enjoy a good quality of life.

This is a stupid law that punishes the condo residents for the failures & greed of the building owners and management. It is sad to watch what is about to happen in Fl.

@mikew.to1

2 күн бұрын

The condo residents are the building 'owners' and it's their own greed and poor management. There are no others to blame this time. You don't know what a condo is. That may be why you think it's stupid.

@stephen5147

2 күн бұрын

It's not a STUPID LAW. It's a law that's way overdue. Should have been funding maintenance all along.

@frankmacleod2565

2 күн бұрын

You get what you vote for

@jlam3927

2 күн бұрын

People own condos. They are the owners. They did this to themselves by partially funding reserves for decades.

@Tugela60

12 сағат бұрын

The condo residents ARE the building owners, lmao, what do you think a condo is?

CENTRAL BANKS

Worse than communism , what country is this .... nightmare.

Why did they vote for this? Feel bad for Floridians. Where the governor? Just when the hurricanes are coming. This is terrible.

@jlam3927

2 күн бұрын

I have a feeling they will have to amend the law. They suspected, but didn't know that condos where this badly managed.

@JeffBrown-pb5qr

2 күн бұрын

Gov. deSantis could care less. He's only interested in being a member of the Trump Cult, fighting Disney, making sure bridge lights are only red, white and blue (no rainbow colors) & today he announces...no balloon releases. FL has the highest auto insurance rates, highest home insurance rates, highest flood insurance rates, HOA's are in trouble, homeless is a major issue and elderly people on fixed incomes who are struggling. Florida = paradise lost. Time to moved back to Ohio.

@info781

2 күн бұрын

Maintenance is a good thing.

@trumpwon8064

Күн бұрын

​@@JeffBrown-pb5qrgood, go back to Ohio.

This is a clear sign that the insurance industry should be regulated. They are the only ones who win their games of calculated risk.

@Tugela60

12 сағат бұрын

It has nothing to do with insurance. The assessments are for repairs they have been putting off for decades but now have to do.

@twystedhumour

7 сағат бұрын

Ahh, at least this is letting us know who the Communists here are.

Special assessment-it's legalized racketeering, and no one can't do anything about it. This is your capitalism or American dream-I mean nightmare.😢

@jlam3927

Күн бұрын

That's not even close to what this is.

You have maintain things, if you own a house you have to buy a roof once in a while.

@buzz5969

2 күн бұрын

Not in a cement home, my roof wont be repalced in my kids lifetime, build cement and rebar.

GOP, another 2 trillion dollar 1% tax cut should fix this

Mean while President Biden said that he is helping the elderly!!!

@jmwloup5110

2 күн бұрын

you mean nice while? lol

$1200 isn't that high and you really need to pay more attention to your boards and what you are doing each year. There are annual meeting, newsletters etc. Most owners just don't pay attention.

Welcome to trumps florida

@22trem

2 күн бұрын

🤣🤣🤣 You aren't all that intelligent, are you...

@mlohorn

2 күн бұрын

@@22trem trumpers ALWAYS blame the people who tell the truth dont ya? hope you lose YOUR condo !

@darrylnelson05

2 күн бұрын

@@22trem Anonymous Knuckle Dragger

Blame desantis

@mikew.to1

2 күн бұрын

I guess states like Florida and Texas left the market less regulated with more 'buyer beware' needed when purchasing. That 'kick the costs down the road' game played by many condo's was a factor in the deaths of some, so some amount of regulation was needed or no one would buy a condo if it was a gamble risk of being the one to die because of it. That liability has ended costing far more in insurance claims than a regulated market would normally see. No normal person senior or otherwise would invest that kind of money and gamble (although that's essentially what some seniors did) and the condo market would collapse as an option to buy. A level of regulation by the state was inevitable, but while it lasted some lived essentially subsidized because of it.

@stephen5147

2 күн бұрын

"Blame desantis" What an ignorant comment.

Quit voting Republican

@trumpwon8064

Күн бұрын

MAGA 24

@trumpwon8064

Күн бұрын

Tell us how many billions Joe sent to Ukraine?

@jontucker1925

Күн бұрын

@@trumpwon8064 ask fox"news"they'll tell you what to think

I don’t know why condos are popular. Kind of like renting only worse .

@mikew.to1

2 күн бұрын

A properly run condo is essentially a co op, not for profit rental with the big exception lower monthly fees and that you 'buy' and can sell usually at significant return on investment. A rental doesn't mean better maintenance either, and with profit going to a landlord can be more expensive. The problem in an unregulated condo market, many condo's co op boards chose to run the building to the ground, but that can also be true of renting but with no means of changing course. In a regulated market, codo's are far better than any rental with a much larger selection to chose from.

That's what happens when you have total unregulation, corrption, and lackadaisical attitude by the state (Republicans). And all of a sudden, after a building collapses due to the aforementioned reasons, the state scrambles and regulates with an iron fist....even though the Republicans always complain about "too much government". Y'all wanted capitalism, so that is the result. Well, that's what you get in the end stage of unfettered predatory capitalism! The goal is basically to get the poor seniors and middle-class people out of highly desirable areas (usually along the ocean), buy their properties on the cheap, tear them down and build luxury properties for the very wealthy. Don't whine, you all voted against your interests, and now you have the consequences!

@trumpwon8064

Күн бұрын

That's not at all true what you said 😂

@gabyfields3235

Күн бұрын

@@trumpwon8064 Oh, please elaborate then. What exactly caused all of Florida's real estate problems then?

That's soooo much bull!!!! Not fair at all!

The Red hats would have us believe that Floorida is a paradise! haha...

Cette conversation témoigne du pouvoir des femmes qui se réunissent pour partager leurs connaissances et leurs expériences.😘