FedEx Delivers Stark Warning-Economy is in Trouble kzread.info/dash/bejne/fYudpsOuodG_n5c.html

@jjohnson8977

Жыл бұрын

Your friend feels safe in that old building? NOT ME!

@rjbz554

Жыл бұрын

wake up so naive, developers in cahoots with "building dept" pay some guys to say shit about building...we want the land...greedy crooks, did they get a second structural opinion?

@thomasallen6980

Жыл бұрын

He wants every one in a panic so Donald Trump can steal back his throne. I dont think it is working too well. Everyone is sick of Ros Perot and he needs to go away. Spit the red pill out.

Those people who got bought out dodged a very large bullet here. My grandmother used to tell me, own the dirt. I don't care about the views, I'd rather own the dirt.

@cherlgolja5402

Жыл бұрын

Yes yes yes I own 2 acres and house in northern CA for over 25 years 😎

@FloridaGirl-

Жыл бұрын

Agree w/tour gma Cathryn!! 👍

@tropicalblum

Жыл бұрын

Smart woman your grandmother .

@sleepy670

Жыл бұрын

Not all dirt is created equal. I'd prefer dirt in a really nice location

@MR..181

Жыл бұрын

Great but not if asociations own adjacently even to mow a tiny peice of " public" lawn..

Let's not forget that when these condos were originally built they were displacing people who could could no longer afford to live in that neighborhood. It's the same game just on repeat.

It is unfortunate but let’s be honest they need to get rid of these dangerous structures.

@domcizek

2 ай бұрын

NEVER HAPPEN, TO MANY PEOPLE NOT ENOUGH HOUSING

This is why so many people now live in their cars, in shelters, on the streets, on the beaches, in the subways, in the store parking lots or living 2 and three families in 1 apartment.

@MichaelBordenaro

Жыл бұрын

That’s right

Whenever a Michael Bordenaro video is up, you can count on many things: Real estate info, economy info, some Miami Vice feeling, good looks and those stellar shades. 😄

@MichaelBordenaro

Жыл бұрын

Haha thanks Martin! I am glad those are the takeaways from my vids 😎

I live in southern California --- once upon a time, it was middle-to-upper-class areas. I watch another vlog - where the host shows people living in their cars, SUVs and motor homes. So many homeless - from San Diego all the way up the coast to Ventura County - and beyond. Many homeless sleep in the streets, under freeways, under bridges. In Los Angeles - the streets surrounding the Government Center --- are filled with people living in small tents. There are also many families with children on the streets - and in parks - there is no media coverage. Our politicians/leaders - "elites" - don't care - they go home to their mansions and beach houses. So Shocking!!!!!

@MichaelBordenaro

Жыл бұрын

It is shocking and quite sad that that is the reality in so many areas of California now.

@pattersonellen

Жыл бұрын

Yes . Ron de santis has stopped conglomerates coming in and buying up to force regular citizens out of the market.

I feel like I live in an alternative universe. Apartment buildings, regardless of the view, selling for 700,000 a unit was an 'affordable neighborhood'. The number of people with a lot of money boggles my mind.

@MR..181

Жыл бұрын

10% down PROMISE to pay, writting rule on 700,000..

If you are offered a nice buy-out, you are one of the lucky ones.

Those implosions may well affect the foundations of those surrounding old buildings.

this happened to me in NJ I rent a condo and the owner sold it, I was only paying $700.00 a month well to stay in the condo building the people who run it said that there was only one unit available and the rent was double. Yes I am a retired senior and not at all prepared for that, this unit I live in now is 100% down grade in ever aspect of what I had. nothing works and the owner does not care and the people who run the building do not care. I am not looking forward to the up coming year for sure the rent will go up and after looking else where for a place the rents are even higher. I pray all the time,

@MichaelBordenaro

Жыл бұрын

Sorry to hear that Anne! I hope you find a better place once this lease is up.

@Katy32344

Жыл бұрын

Renters have no rights.

@collette6103

Жыл бұрын

Probably no consolation but it’s worldwide. In Ireland there is a new rule for six months notice if owner is selling and the PRTB (private residency tenant board) where all rentals must be registered have rules in place but they are not always adhered to either. My dream is an over 55 condo in Florida eventually when I can return to the US. I missed all the bargains last time but I’d rather own one of them and know it’s mine than keep renting.

@SamuelClemente7718

Жыл бұрын

Anne what about your pension, or your savings?

@mrmrsjg3919

Жыл бұрын

Do you live in North Jersey? South Jersey is much cheaper in rent. You might find something in that area.

This video touches gold and people have no idea what you just did here. Condos are risky in general but this example makes them more risky. HOA prices will soon be as high as a single family home mortgage.

@FloridaGirl-

Жыл бұрын

Amen! That’s what I keep saying!

In the mid 70s DADE , PALM BEACH AND MONROE counties allowed developers to mix salt water in the concrete to SAVE WATER Expect all of those old condos to PANCAKE and lots of people will perish.

Miami is following The Villages lead. Removing all forms and types of any affordable housing for the working class and then they can't find anyone to hire in order to work in their restaurants and small local shops.

@MichaelBordenaro

Жыл бұрын

Yep it’s really crazy and totally unsustainable

@nancysmith2389

Жыл бұрын

Lolololololololol. In a way that is really funny. Guaranteed none of them would wait on each other.

The sad thing about these condo's is that if there never was that tragedy at the surfside condo's this new law would probably never would have been enacted

@MichaelBordenaro

Жыл бұрын

That is the reality, Carl I’m glad you said that!

@dennish4603

2 ай бұрын

Yes and someone could be injured in a catastrophic event.....or many injured

The greed in this country has Gotten out of hand. Foreign investors should not be allowed to buy up Everything in our country and the average person can't afford to live or work there. Florida used to be such an affordable place To live and vacation in. Not anymore

@aliannarodriguez1581

Ай бұрын

It changed so fast.

Thanks Michael for great info. It's saddening to see how people lose their life styles for these big builders and big corporations. Rent is going up, mortgage is not affordable, buying groceries is really painful, cost of living is through the roof... so where would ordinary people go?

@MichaelBordenaro

Жыл бұрын

You're welcome Kabir, I have been wondering the same...

@Old_Geezer

Жыл бұрын

To the "smart megacities" of your glorious sustainable future. That is if you're one of the 500M "survivors" of their global depopulation agenda. That's right, you get to "live" in a digitally controlled open prison in a closet sized apartment with shared kitchen and bathroom facilities - provided you do everything you're told to do, and I mean everything, and are still of some limited value as a slave. Otherwise it's curtains for you. How many people reading this think they are going to be among the 500M, considering there are allegedly close to 8 billion of us on the planet? This is their way of "saving the planet" and they've sold it to hundreds of millions of imbecilic peasants via "climate crisis", "overpopulation" and "pandemic disease". So, the obvious question everyone should be asking, (but are not) is that if 6 or 7 billion have to die, just who the hell are we saving it for?

@mirelinde5430

Жыл бұрын

Living with family? I’ve seen it here in UT. Families are getting together and buying a single home for two households (related). And what will this do to demand for new houses/inventory…?

@franniefargo9454

Жыл бұрын

@@mirelinde5430 that’s how people lived until the 40’s and 50’s when they broke up family units to single family units. In the 60’s and 70’s it was free love and drugs making a lot of single parent families. In the 80’s and 90’s came the two parents working putting the children into day orphanages/daycare since infancy. It’s been a long time coming but the powers that be are getting pretty close to their master plan.

@rubyparchment5523

2 ай бұрын

Great point. What kills me is that folks living together still make no effort to get along. While my house was being renovated & sold, I rented a room from my ex + his new wife, sweet son (2-bedroom apt.). We discussed buying a house and staying together. But we couldn’t get along! 3 years hence - I’m alone in a nice condo. Wife & child in an apartment. Ex is alone in original apartment, price having gone from $1,500. to $1,840. (He’s had 2 groups of roommates, but they left.) He sleeps on a wooden floor; at 58, the man doesn’t own a mattress.

This is what happened to me. I was born in San Diego and I've been pushed out.

@stewartteaze9328

2 ай бұрын

Same here; but 8 years ago ended up selling out my small in-city house and getting a golf course condo in SD Country Estates next to a year-round creek... IT'S WAY BETTER OUT HERE! This is what Mike is saying - embrace the change!

Well, in Europe you have buildings that are hundred of years old right on the ocean/Mediteranian see and they are just fine. i lived in Florida and the construction quality of these buildings is so bad as the materials used are not up to standard. This starts at the iron bars used and ends with the concrete. Over the last 20 years I looked at many of those and just by looking at them you get the feeling they are falling apart. Just hoping that the new buildings are built better.

@MichaelBordenaro

Жыл бұрын

Construction quality is definitely the reason for the longevity in Europe.

@Katy32344

Жыл бұрын

Exactly. How are they able to have buildings that last hundreds of years, but FL buildings are falling down?

@jjohnson8977

Жыл бұрын

You got that right iron rebar corrodes just by looking at it wrong. There is a new coated rebar that lasts way longer. But until code changes to require it, no one will use it.

@CH-vm6cq

Жыл бұрын

The fact that Miami Beach is reclaimed land probably plays a factor. It's not a natural land mass and it's eroding.

@elamd

2 ай бұрын

There are no 14 story buildings on the coast in Europe that are hundreds of years old. And any old building is not 'fine'. They require constant upkeep.

Another Great Video Michael. So glad you never run out of material.

@MichaelBordenaro

Жыл бұрын

Thank you Keith! I don't think I'll ever run out, theres always something to talk about 👌

I really like your compassion.

This is my biggest fear in buying a condo in FL: spiraling monthly maintenance costs plus needing hurricane and maybe flood insurance. Thanks for your perspective on rent control disadvantages too, Michael.

@xfhnhhgjbvcfg

Жыл бұрын

As long as you aren't on the first floor why would you need flood or hurricane insurance?

@micheleD498

Жыл бұрын

I own a house in central Florida. I'm no where near the ocean or the gulf and I have flood insurance. It's an extra $600 / year. I prefer to have it as it gives me peace of mind...

@xfhnhhgjbvcfg

Жыл бұрын

@@micheleD498 the original comment was about a condo, I'm curious how that would work because the structure is not yours.

Such interesting video's, delivered well by a top bloke. Really enjoyed this one

I love this guy's videos. And he doesn't push you to subscribe to his channel. Keep up the good work dude. I just subscribed

@MichaelBordenaro

Жыл бұрын

I appreciate that Gregory!

As a Surfside Florida ocean front condo owner I will tell you that we are constantly being contacted by developers wanting to buy out our condo buildings. Developers have been contacting us since my condo bldg was only 10 years old. It is because they have run out of land to build and they can sell these units for $$$ millions. I just sold two units for over listing price. One was sold in 1 hour and the other in 8 hours. All cash even without seeing the properties in person. The return on investment that those owners got from the building that you showed on this video is great. I have lived in NYC & California and would never leave Florida. South Florida - Miami Dade & Broward have the strictest codes for building. Is it perfect no there is always room for improvement but at least we are building with wood like in many places in the US.

After the Surfside building collapse the county required new inspections on all those older condos and most of them don't have the reserves in their HOA's to do the inspections or the repairs, so especial assessments are handed out to the building residents and they have to cover all the cost. Well most of them in those older buildings are older people living on fixed income so they are left with no choice but to sell. Also I'm sure insurance rates have shot way up for those older buildings. So, yeah, there is going to be a surge of inventory for those all condos.

Yay! This is wonderful for big developers. They're the only ones who matter now in today's market. Good for them!

That condo built in 1964, concrete structure, it's now uninhabitable, and it's only 58 y/o. My 3-story childhood home, in New England, was built in 1900, all wood, with a dirt basement and a foundation built out of stone sourced on site. Still standing, looks great, and recently sold for $600K.

@lilirobin7136

Жыл бұрын

My house was also built in 1900 in Denver CO. Brick and still looks great.

@MichaelBordenaro

Жыл бұрын

I’m willing to bet that 120 year old house received much more love and maintenance over the years though than this building did

@jjohnson8977

Жыл бұрын

@@kananimiranda3376 yeah 1970 the introduction of plastics, MDF "wood" , nails dipped in wax to hammer in fast, one nail max in all 2x4's. MDF is the worst product ever. its only good for junk furniture.

@nancysmith2389

Жыл бұрын

@@jjohnson8977 Yeah, the Trumpers generation started ripping everyone off. That's why we hate him.

@jasoncrandall73

2 ай бұрын

These condos end up in more modest income hands. Comparing your northeast home away from a barrier island near a southern ocean is like comparing 🍎🍎 to 🍊🍊.

Love you youtube videos...im always learning something new about the market ❤️

Good one, thanks . Things are getting tricky with geo/ enviornmemtal and climate variables.

@andreah6379

Жыл бұрын

Builders don't give a crap about rising waters in Florida. They don't care about hurricanes getting stronger & more powerful. They will build as long as they believe they can make their greedy profits, screw mother nature.

And the condo owners have to pay for all the improvements necessary, if they decide to improve. Middle Class Gentrification takes place in most desirable urban locations. Tax increases and inflation are driving retired people out of their homes.

Thanks for all the info. I wanted to move to FLORDIA. I’m gonna move to ITALY 🇮🇹.

@CarlWithACamera

Жыл бұрын

I lived in a waterfront condo in Boca Raton. Sold it and moved to The Philippines. No regrets.

Thank you…great advice!!!!!!

I enjoy your videos man. Don’t stop! 🤙🏽🤙🏽

@MichaelBordenaro

Жыл бұрын

Awesome, I won’t!

Thanks Michael. Always interesting and informative.

@MichaelBordenaro

Жыл бұрын

Appreciate that Tom!

Thanks Michael for another eye opening video. There are homes in Michigan 100 years old and not unsafe, but that salt water, humidity, and sand base may be the contributing factor.

@MichaelBordenaro

Жыл бұрын

You’re welcome, Donna! Yes, being right on the ocean destroys everything. The weather here is very extreme and the salty air combined with moisture is extremely corrosive.

Gentrification is all over Miami and Florida in general. In Miami due to re-built and in the rest of Florida due to overpricing and home insurance.

@SamuelClemente7718

Жыл бұрын

I'm from California. Is still cheaper in Florida. Many of friends still buying 2nd homes out there

Regular citizens paid $400k for a condemned condo home. That hurts.

@SamuelClemente7718

Жыл бұрын

That's their FAULT

@esteban1487

Жыл бұрын

@@SamuelClemente7718 That's THEIR fault. Fixed it for you.

@SamuelClemente7718

Жыл бұрын

@@esteban1487 never waive your home inspection!!! NEVER NEVER

@esteban1487

Жыл бұрын

@@SamuelClemente7718 I never did. Never would.Never will! 🤣

@MikePietronRealtor

Жыл бұрын

“Regular citizens”?

Grateful we bought in the early 2000’s. It is tough out there! Thanks for this video in the pretty area.

@MichaelBordenaro

Жыл бұрын

I agree Jeannie it’s a whole other world today

Hi Michael, Greetings from Europe! I’m a big fan of your content and delivery, on target every time! 🙏

Eye-opening, but to be expected with climate conditions in Florida. Thanks for the informative and revealing video, Michael. You are doing "boots on the ground" reporting.

@MichaelBordenaro

Жыл бұрын

Thanks Ginia!!

@analyticalhabitrails9857

Жыл бұрын

Sure is!

Another good one! I lived in Kendall back in the glory days.

@stevenwarren8629

Жыл бұрын

Alienate societies working class, big trouble portends

Great KZread channel, Mike. Thanks

@MichaelBordenaro

Жыл бұрын

Glad you enjoy it!

Thanks Mich!!

I hope you are right about Fresno, CA...Houses in Fresno is way over priced by like $60-150k

@MichaelBordenaro

Жыл бұрын

Seems like there is going to be a lot of potential foreclosures coming to that area, and their fundamentals cannot support these prices.

thanks man. I like your forward thinking and provide some of the consequences.

@MichaelBordenaro

Жыл бұрын

Appreciate that!

Love the sound of the bugs as you walk around

Great content. Affordability is key.

@MichaelBordenaro

Жыл бұрын

Absolutely, without affordability the whole area will be left with no one to work the jobs that are needed to service the place

Michael, Another informative video. You are so right about everything ---- People should Never get an adjustable loan or a HELOC. They will lose their money and property. Also, people don't know if they'll have the same good-paying job several years up-the-road. Life in America has changed so much in the last10/20 years. When the banks/mortgage companies start raising ur mortgage payments - after the teaser rates expire --- it will be several hundred $$$$$ more a month. Very few people could afford that. The banks/mortgage play with people's desire to own a home/condo --- but buyers will be the losers!!!!

@MichaelBordenaro

Жыл бұрын

Thank you, Sandy! As usual, I’m trying to make people aware how dangerous these financial mistakes can be. Although it’s up to everyone out there if they are going to move forward with these decisions or not. You’re right, our country has changed a ton in the past 20 years and everything is much more volatile than it used to be

I know a guy that lucked out in Chicago. He bought a modest home for $150k a month later COMED offered him $300k , because they wanted to expand their infrastructure. He’s like okay. Took the money and ran. He said it was the easiest money he ever made lol

@MichaelBordenaro

Жыл бұрын

Absolutely probably almost anyone would take the money and run

Sounds like a great buyout deal for the condo owners. They get a big payment to move and don't have to pay for the big repair job if they stay in an old place. The renters get screwed out of the area.

@MichaelBordenaro

Жыл бұрын

Absolutely it’s a fantastic deal for owners especially if they bought a long time ago. Renters not so much.

@WhySoLoud

Жыл бұрын

I wonder how much the government goons will take from the buyouts?

@julia0917

Жыл бұрын

Probably many people living in those condos now couldn't afford to come up with huge assessments for repairs ... Either as a lump sum...or several payouts ...or even rolled over into the HOA fees which are already extremely high

@MB-oj7ds

Жыл бұрын

They also won't be able to replace their view they just lost and they may have to pay capital gains,

Thank you for the update AMZR12 is done right, and waiting is part of the process,

I was lucky in Hallandale.We passed the 50 year.Thanks for your Videos.

I just want to see valuations drop as those properties are referenced as comps. On the way down the ridiculousness that are comps should have the opposite effect they did on the way up.

Thanks for sharing.

You know were screwd when the cost to buy an old mobile home and the right to pay rent in the park is $150,000 or more.

@greensorrel6860

Жыл бұрын

I see many over $250,000, it’s crazy plus HOA fees

@1mchartmann

2 ай бұрын

Yes it's screwed. It used to be the fallback if you could not afford to buy a house was buy a mobile home. Now you pay crazy prices and get the privilege of paying $800 on up for lot rent.

Hey buddy ! l'm following your youtube channel in Brasil. I like your comments.l Think those informations are very good to the people don't know the area. Keep doing the goog job.GOD bless you.

@MichaelBordenaro

Жыл бұрын

Glad you like them!

Brooklyn is huge and most of the best areas are still going up in price. Perhaps the bad areas like Bensonhurst that gentrified are hitting the flatline, but Park Slope and other good areas still going up in price.

I always wondered about the upkeep. the owner gotta keep cash ready to refurbish every 25 years or so

Very good point!

I just wanted to say THANK you.🌻😊

@MichaelBordenaro

Жыл бұрын

I just want to say thank you for being here and watching 😀

I retired this year and moved to Florida from Reno, NV for a dozen reasons. Of course, we considered a lot of different areas in Florida, but finally decided on North Central Marrion County. Prices per sqft. were more attractive, local services and retail was still top notch, demographics and crime statistics were similar to Northern Nevada. There is no storm surge and less flooding and we like the close proximity to Tampa, Orlando, Daytona, Gainesville and Jacksonville, when we're in the mood to go somewhere.

@MichaelBordenaro

Жыл бұрын

Its nice to hear moving success stories like yours!

@jcglobalnetworks6715

Жыл бұрын

@@MichaelBordenaro Thanks Steve. Your channel was part of the research we did last year when we were deciding where to live. I appreciate your coverage of local property values and your light objective coverage of current market conditions and headwinds. My 30 year old daughter lives in Portland, OR. I sent her a link to a recent video where you spoke about the real estate market in Portland. Not sure if she watched it but she did say she thought you were handsome... Lol.

@onezero9512

Жыл бұрын

Would love to read a longer blog post reviewing you and your wife’s calculus

@jjohnson8977

Жыл бұрын

I'll check it out looking at fort meyers cape coral. Only problem I see is prices doubled in last year. If you look at history of a home that sold. they bought a year ago for $400k now want $800k. no way props doubled in value. so Not this guy! don't want to get caught. Sellers seem to be cashing out. But I don't want to get caught like people did in 2008.

@jcglobalnetworks6715

Жыл бұрын

@@jjohnson8977 I look at homes everyday in our area off hwy 35 in East Ocala. Excellent suburban area adjacent to the Ocala National Forest, close to tons of shopping in the Villages or Ocala.. and close to golf courses. Nice stucco homes built in the early 2000s.. 1300-1600sqft are under $300k and even going as low as $225k right now.

Any "Older" waterfront 2 story Condo (or less) are GOLD! They are safe and in the BEST waterfront areas and RARE! Older HIGH Rise (60-70 even 80's) Condos...stay away! Location and LOW RISE is the way to go! Pricey though. I found SW FL has some of these RARE older waterfront Condos left. Naples, Ft. Myers, Cape Coral.

I think this is a pretty unique situation where the land had significant value… what about failing condos not on the beach? I don’t think “let’s sell this dump and get rich” will work for most old condos in the future.

You really do have a good channel...I'll say it again if your young or willing get a job in the construction industry youll be better off then most...show up and be the best employee you can be.

@MichaelBordenaro

Жыл бұрын

Thank you very much! We are in shortage of construction workers among many others

Great educational video. My husband and I are planning to buy a condo somewhere in Florida.

@MichaelBordenaro

Жыл бұрын

Glad you got value out of it!

@TheGregWallace

Жыл бұрын

Good luck!

This may be a niche to look further into. Old building's that are coming up on their 50 year inspections.

I live in San Bernardino county and yes,, it’s happening! I check Zillow every single day!

@kepop98

Жыл бұрын

Empty homes and condos

Renters have very few rights in some states. I think maybe the trend will be to continue to give them more. It adds stability to neighborhoods and lives that may be worth more than profits for the owners. Where I live if your building is sold out, they literally have to negotiate with you, people walk away from these things with sometimes up to 100k as compensation for being kicked out of their home.

@MichaelBordenaro

Жыл бұрын

Wow that would be a generous severance packages just for being a tenant!

@the_derpler

Жыл бұрын

@@MichaelBordenaro Yeah sometimes they can be huge. I think this is usually done when it's an older tenant who has the argument that they have been there so long, that its impossible to re-create their situation given inflation of property values etc. I'm sure there are bad and good things due to this situation though.

@UserError7861

Жыл бұрын

@@the_derpler yes, those are some of the many factors that cause rents to continually increase so much. Look at NYC, a ridiculous number of regulations giving tenants more rights over the property than the owner. You have rent control, so tenants are subleasing for a profit. Taking that profit away from the owner, who then can’t afford to maintain the building repairs. And no tenant should be paid to move. If the lease has ended then the landlord has met the agreement with that tenant and is not financially liable for them. Regulations taking away property rights of the owners are never good in the long run.

@jonniricard5383

Жыл бұрын

The nature of rental is that it is temporary. This should be on people's minds, planning into the future. If I were in this situation, I would move to a cheaper area. A beach front property is not a necessity,.

@UserError7861

Жыл бұрын

@@jonniricard5383 Unfortunately it seems like people are starting to think they shouldn’t have to sacrifice anything to achieve what they want. But that the sacrifice should be done by someone else. Yet not realizing that even if they achieved their utopia of everything being given to them they sacrificed everything instead. Freedoms, rights, opportunities…

I throw a handful of salt in the bathtub and imagine I live oceanside as I bathe. Keep in mind I keep a stack of cash nearby per I don't live oceanside! 😆

@MichaelBordenaro

Жыл бұрын

😆

It’s good thing that building is getting buy out. Most buildings in Miami beach are very old they need to rebuild most of them.

I wouldn't live beachside for all the tea in china due to car exterior damage. I reside in broward - literally about a block away from my old town boca in palm beach. Moved into an old - 20 unit - condo, built in the mid 70's, upgraded all the way around but was missing a decent a/c. Spent 9k on a dual zone which solved that issue. My old building - in Boca which btw, palm beach does NOT have the 40 year building inspection - until recently - that broward has in place. As a result (when I left and before the building inspection law) building jacks were all over the place i.e., in hallways, and propping up patios because of the rusted out re-bar. When I was on the board at boca and I would mention "building re-bar" inspection because I spotted some serious water damage. Sadly, I would always get shot down and told: "there's no law on that here." we'll just hire a "handy man" to patch it up - which that answer didn't sit well with me. Meanwhile, I've been gone from that place for over 17 months and they're still working on that building and I know as a fact they don't have reserves. Here at my new building they have plenty of reserves, had our building inspected last year (one minor repair) AND strange as this may sound, our insurance decreased! I have no idea where the "cut off" mileage would be for a building to not get minimal or zero rebar/metal damage. Both buildings (broward and palmbeach) were maybe a mile away from the ocean. Love your videos! You always provide people with EXCELLENT - take to the bank - info.

@MichaelBordenaro

Жыл бұрын

Oh yeah living oceanfront does a number on your car and when you get that bandaid mentality with the condo board, its a recipe for disaster!

Thanks for your video Michael ....I guess my dreams that I promised my wife of retiring to a beach Condo in SE Florida are going to have to change as middle class Americans will not be able to afford these sky high prices. Very bad news. Well, maybe if is some sort of RE crash we can get lucky if we continue to work hard and be patient - Looking forward to your next video.

@MichaelBordenaro

Жыл бұрын

You're welcome Ira, but don't give up the dream! There could be more opportunity after 2024 when more of these buildings have to face buyouts or fix things up, and I believe that will put a lot more inventory out there

@iraAlbucher

Жыл бұрын

@@MichaelBordenaro I hope this is the case. But I do feel sorry of all the people that are forced to move out and to go where? The beach front property is for the ultra rich so it seems at least for now. 2024 a guess a lot can change. Thanks so much for your videos.

@pattersonellen

Жыл бұрын

@@MichaelBordenaro that doesnt make sense. Buyouts push up prices.

Yes I saw Amazon AMZR12 they announced a partnership with huobi

Excellent content. I used the last dip to stock up, buying AMZR12 now its cheap, can't miss the presale.

Michael, I wouldn't buy at those prices for those new condos. I think the reason people would buy is for the fear of missing out.....or FOMO, and this method poses a high risk of being underwater on the investment. But then the saying goes they are not making any more waterfront land are they? I am with you Mike I think prices will not remain lofty as they are.

@MichaelBordenaro

Жыл бұрын

Yes FOMO will be an ongoing thing for people are desperate. and think they'll never own anything unless its today. I think everything will start to go down, it already is many areas. I will have a new video on that tomorrow.

When the market tanks the developers will be nowhere to be found. Many of these projects will become empty lots just like after 2008. There are simply enough buyers to buy all those "luxury" condos. The new trend is rural living, not pidgeon hole stack and pack white elephants. The smart people (like me) will be getting the hell out of this dump and going somewhere else to live. Key Largo is where I built a home and unlike a condo I can fix it up myself. Thankfully not on the ocean but even there the concrete rebar likes to rust.

@chargermopar

Жыл бұрын

@@Dentalcoverage4u The coastal environment is not a good place for high rises. The only way to build high rises is with steel.

@greensorrel6860

Жыл бұрын

Problem is that people from Miami and all over are flooding rural areas and they won’t be rural for long, where I live a farmer is selling thousands of acres and all will be developed

$4mm WTFFFFFFF. Where do people get this kind of money?

Wonder why you rarely ever hear of these old condos rebuilding in a new structure. Expensive but you can wind up with a very valuable unit.

If you’re using an ARM to buy a second home, at least you can try to sell the place if the rates don’t work for you when the interest reset comes. Of course, as Michael said, the price in five years might be down. And if you have an ARM on the only home you own, you’re stuck if the new interest rate s too high. Foreclosure city.

@MichaelBordenaro

Жыл бұрын

Thats right!

@pattersonellen

Жыл бұрын

He said prices down this and next year, not 5 years. Not seeing it.

I hope you film the implosion and share with us....but from far away so you stay safe.

The super rich will be buying those super expensive condos. Average citizens are going to be living out of their cars or in trailers.

Michael is always entertaining to listen too . I think as A. I. becomes more a factor in every day living the price of high skill labor will go down . Instead of going to my local Attorney and paying them thousands of dollars , I will ask A.I. and get the same results for hundred of dollars , instead . So the demand will go down paying those high H O A and higher taxes along with the housing markets . The High Tech in Calif. is seeing this play out in real time . I would be checking on Miami 2 , Panama City , Panama as my next move where living can be very similar but cheaper . Until other people get the same ideas . Thanks for the 20/20 advice Michael .

Very interesting , I am sure some deep pocket investor may want to buy condos that in that situation ,,,,if then can turn a profit..by a developer take over of the old building , But if too many of these places come on the market builders may have below market low offers, . If the condo is locked down and the owners cannot live there ,,,they would be forced to sell cheap . The prices in Miami are crazy. I am sure there will have to be some creative lending in the future where you never pay off the total mortgage amount , shared ownership with the lender are who owns the mortage ....It would be like renting with an equity ,,,,

New week up as many FOMO in. But the AMZR12 story isn’t over yet. The only strat that works under all circumstances is DCA all the time with solid, large companies (not hyped ones).

Think it would be a long way before we could meet affordability again. These rental rates are going insanely high. Great work, man! Informative as always.

@MichaelBordenaro

Жыл бұрын

I think so too. We’re gonna have to see big drops and rental prices and home prices for things to get back to a realistically affordable level.

Cicadas are horrendous at the end of the video. Hoping for a mild season with them in GA but it’s unlikely, lol. 😂

Developers paying those prices is a blessing

Michael, when you say 1/3 of income for mortgage, does that include escrow for insurance and taxes? Thanks for clarifying. Stay safe out there.

@MichaelBordenaro

Жыл бұрын

Yes, that usually includes insurance and taxes plus your mortgage payment to determine your debt to income ratio. So a lot of times people are going over there 1/3 rule for the total payment.

Michael, what year was your oceanfront condo built? Is it well-preserved and in very good condition? Any big assessments on the horizon? Any risk that it may become uninhabitable sometime in the next 20 to 40 years?

@MichaelBordenaro

Жыл бұрын

Ours was built in 1992 and they did some concrete restoration about 10 years ago to keep up with the maintenance. We have a special assessment right now and for our unit it’s about 20 K for more concrete restoration and pool deck. Repairs to stay up-to-date with maintenance. Plus we have the 10% reserves. If this wasn’t the case I would not have bought the place because I have seen the financial money pit a lot of these buildings have become.

FL high rise condos serious risk due to elements (seaside, rust, deterioration, etc....) high structural safety and investment risk...! You have n control over HOA and if they have adequate reserves. It's for the birds.

They'll never be able to sell for $10M+ It'll end up like 2008. They'll sell at a discount around $400k.

@jdariusz7760

Жыл бұрын

They'll sell to very rich Asian and other foreign buyers. Rich Asians want to get their money here to the USA.

The deveoloper is right and for the other buildings that haveto come down what the market will bare.

Miami is doing now what nyc started to do in the late 80s. Every old building you knock down and make super luxury means way less supply of upper middle class condos. Rent prices will be high for even a shit old building in 10 years. Won't be long before you need to make 180k a year just to have a basic apartment. This is bullish for the cheaper areas of Florida as people get priced out. Short term we could have a crash though. Long term super high rents. =(

I am in Palm Beach and I am looking at more affordable markets and I am looking at north Florida coastal areas and also looking at a move to Panama.

I bet the HOA fees are going to be expensive.

Come to Pensacola! Nice 1,800 sqft two house for under $700,000.00

Michael I think you’re pretty great you’re bringing a great point polite to the people of South Florida to let them know that you don’t want to take these files because you’re just gonna push you right out of Miami and then I’ll I got to collect all the big money take care of all these ballots that happen they should just get all together and build a condo themselves I wouldn’t let the big developers come in it’s a good thing you should and laid on the big all the gods of the developers not being kind to believe me

Why did everyone decide to retire in Florida at the same time? As a young boomer, it seems I’m always a day late, and now a dollar short. I guess, I’ll have to wait another 4-5 years for things to cool down and get back to reality.

Taking the buyout is wise.