IT JUST DOESN’T WORK ANYMORE! Retirement and Jobs ARE FINISHED! kzread.info/dash/bejne/fods2NqBqaq0YLg.html

@Airbender-kl7cu

2 ай бұрын

Yeppers it's all Done Son 😢

@bodyloverz30

Ай бұрын

Living on Collins/"Millionaire's Row," yes there will be many developers, but many other areas, may be few if any offers.

@silviatio9312

Ай бұрын

Yes you are right

@kevinstrong7520

Ай бұрын

Yep so adapt and reinvent yourself. It is the ONLY option left

@kenyokoo4693

Ай бұрын

❤❤❤❤❤ 9:39

I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?

@Michaelparker12

22 күн бұрын

Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.

@nicolasbenson009

22 күн бұрын

You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.

@BridgetMiller-

22 күн бұрын

Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.

@nicolasbenson009

22 күн бұрын

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

@berniceburgos-

22 күн бұрын

Thank you for this tip , I must say, Melissa appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, educational background, and qualifications, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.

If I am going to rent an apartment,.....I will rent an apartment,.....but I am not going to buy an apartment. ''F'' condos and HOA' nightmares.

@verbalasswhooping

2 ай бұрын

Got a point. But to each it's own. I'd buy one cash to rent out as real estate for income but to live in, I'll pass.

@Tonymanero1960

2 ай бұрын

​@@verbalasswhoopingMaybe,...but even Michael has said that the hassle of being a landlord isn't even worth the return anymore..Other investments have a better return.

@hideoussails1783

2 ай бұрын

Right, at least you know what you're paying up front

@nouche-30064

2 ай бұрын

​@@verbalasswhoopingGood luck with HOA nightmares ‼️

@bigradwolf5001

2 ай бұрын

@@verbalasswhooping It depends on the condo. I enjoy living in mine, 63 million square miles of property in front of me.

Never ever share a wall or ceilings with your neighbors. You have been warned.😢

@ClubhouseRide

Ай бұрын

So True.

@chris20041958

Ай бұрын

Or a driveway

@denialphasebitcoin5639

Ай бұрын

Exactly

@ralphholiman7401

Ай бұрын

Or a wife.

@jjohnson8977

Ай бұрын

100%. It's hard enough even in my detached house. People love to project thier lifestyle choices even beyond their house

The biggest scam of all when you buy a condo is that you still have to pay property tax. Property tax on what? You don’t even own your outside walls. What a joke

@MichaelBordenaro

2 ай бұрын

I agree that is a joke at least if we’re going to get taxed like that, the property taxes should be significantly lower than owning a home

@reginafisher9919

2 ай бұрын

Agree

@francismarion6400

2 ай бұрын

​@@MichaelBordenaroCondos require firetruck with ladders. Just one example.

@gregorylyon1004

2 ай бұрын

You pay property taxes so all the state workers receive a lifetime free ride pension from the state. That's why property taxes on condo's. Pension money

@samabdel8676

2 ай бұрын

Same when you buy a damn Car , it’s financed and still have to pay Taxes

If I was going to live in a condo I would just rent so you can bounce if things go bad.

@sues3218

Ай бұрын

Correct, it isn't as easy to move if you own it.

I've said it before and I'll say it again---we're ALL renters. Some of us are just more free than others.

@julielehman1921

Ай бұрын

Your smart, if we're paying property taxes after home is even paid off and the taxes are based off how nice it looks because you take pride in your home you get taxed for caring.

@nononsenseBennett

Ай бұрын

RIGHT! Unless you buy a HOUSE outright, it's not yours - it's the bank's. Still, even if you do buy it outright the government taxes it in perpetuity. So you're right, we all rent in the end. I used to bemoan not having property but as a renter I'm freeer than most.

@georgiapatriot4575

Ай бұрын

yep--if you think you own your house, stop paying your property tax and see how long you continue getting to live there...

I have owned condos and houses. When you have an HOA, you must be prepared and committed to spending the time to stay informed and be involved, go to the meetings, read all the documents, vote on the proposals, run for a rotation on the Board. Otherwise, things will get voted in or out that affect you and that you're not happy with, or fraud and embezzlement will go undetected. I found it way too time consuming, like a full time second job. So no more HOAs for me!

@robertmanley2687

2 ай бұрын

When I moved into a Gated community I immediately got on the board. We had a hurricane and the president a slickster came up with a cleanup bill for $35,000 at the meeting I got a bid without him knowing from the company we were using for $5,500. He faked heart pains and grab his chest. My profession was a purchasing manager I know all the tricks

@chrisweidner4768

2 ай бұрын

@@robertmanley2687Thank you sir for the heads up. All the best.

@GT-1902

2 ай бұрын

The same can be said for EVERYTHING.

@rhondae8222

2 ай бұрын

Right!

@jimb3093

2 ай бұрын

thanks for sharing that.

In Italy (and most of the world, really) houses are heavily built out of stone. They last hundreds of years and are infinitely rehabbable. Here, a "piece of junk" wood mess is derelict in 30-40 years? The US is a throwaway society!

@user-oe5ey3ex8b

Ай бұрын

Which is why they are giving them away for 1 euro.

@danielvillareal2569

Ай бұрын

I agree 100%! I’ve been in construction over 30 years now. People don’t even realize what’s behind the painted walls or under the tile floors. Wood built homes are garbage and cheaply built not to last…

@pl6035

Ай бұрын

Cob built homes in NZ and UK are 400+ yrs old. Cob doesnt burn or require hvac as it is naturally insulated. Cob is illegal in USA. See?

@coloradobrad6779

Ай бұрын

Florida-duh

@pl6035

Ай бұрын

Cob homes are the way to go

I thought I’d move to FL one day but now I’ve totally given up on that idea. Too risky in several ways.

@chrisweidner4768

2 ай бұрын

Sadly leaning in that direction as well.

@user-kk3qg5el1m

Ай бұрын

Visit when you want and leave, it’s much better that way.

@bill-fc6hz

Ай бұрын

I feel the same way. I guess rent don't own. Florida cheap housing is going going gone.

@Scorpio1060-

Ай бұрын

The west is the best.

@johncronin5311

Ай бұрын

Dont do it

Absolutely true about condo boards. I lived in two condos. The one i live in now is self-managed. I am the property manager and we pay a bookkeeper. I stay on because there is a tendency for board members who know nothing about building maintenance to make decisions about decisions about what needs to be fixed , when to fix it and how. I have a building maintenance experience.

@MAfanwoods37

Ай бұрын

That's ideal

Just an observation done while vacationing with my family in Florida, when my family and I were visiting we were eating at a restaurant and my son noticed almost 90+ % of the customers were well over the age of 50. This was in every place we frequented for lunch and dinner. My son said to me, “When all these boomers die, who will have the money to keep these businesses doors open because almost every person in here is old”. Moreover, while I was speaking with the HOA president at the place we were staying he said, people were being kicked out of their residents if they did not have $40,000.00 to put up for repairs ! Like, what or who has 40 grand just laying around ? How are people going to afford living in Florida ? Unless your an illegal who get free room and board !

This sounds like a lawyer's paradise. Litigation for years.

The late comedian Gallagher used to joke that condos were created when a bunch of Apartment managers got together and decided that they needed to come up with a con to get more dough. And that's how condos were created 🤣

@arneminderman3770

2 ай бұрын

😂😂😂

@susanebrown-yp5ny

2 ай бұрын

I LOVED Gallagher !!!!!!! He was SO funny!!!!!

@kevinjohnson8220

Ай бұрын

That's what happened in Edmonton 20 years ago. A lot of apartment building owners condoized their properties between 2005-08 and rents on other places literally tripled

@cindybrockman4643

Ай бұрын

After all the people from the baby boomer generation have passed away , and the population decreases, who is going to live in all these places?

@ddawson8069

Ай бұрын

Those currently identified as "illegal aliens" and those that just arrived.@@cindybrockman4643

The condo boom has blown up. I live in a condo community, and we started with the reserve study. Back before COVID, we elected a new HOA board. These people were on top of things. The reserve study cost $5,000 in 2016. The HOA fees went up, and within 3 yrs, 2018, we had 3 new roofs up on 3 buildings. 2019, the last building finished new roof. The parking lot was completed in 2020 right before COVID came. New trax wood replaced rotted out porch planks, and sides of the buildings. It took time, but by 2021, the majority of the work was completed. The HOA got reelected cause they weren't there to become our masters, but they really cared for their and our investment. Now our HOA fee went up again, but it's still a bargin, and we are able to do a reserve study, this time it costs $7,000.00. Inflation has hit the Reserve Study book! If you have a board that cares for it's property, they can make it work. If you don't have anyone that cares, or a lousy HOA team, your in big trouble.

Listen to Michael Bordenaro. My advice if you live in an old condo and can afford to move, do it. They are ticking timebombs for expensive repairs. I sold my condo in IL last year. The complex had 550 units and was built in 1975.. I am glad I did. A lot of plumbing problems began to happen in the buildings. Speaking to friends who still live there will be a special assessment this year. Turns out the water supply lines from the city mains as well as the pipes under the foundations have reached the end of their life. All the piping under the slabs of the buildings needs replacement. There are 58 buildings in total. It is going to be extremely expensive and could bankrupt the association. I dodged a bullet. A lot of people are not so lucky.

@MichaelBordenaro

2 ай бұрын

You definitely dodged a bullet!!

@genxx2724

Ай бұрын

I don’t understand putting plumbing under a slab. They build places as if the elements of the building are going to last forever.

@billping2633

Ай бұрын

@@genxx2724 Its less expensive than a full basement. Builders and people think short term. Not 40 to 50 years in the future.

@johndrago8370

Ай бұрын

You might have dodged the bullet but it hit the guy you sold it too. Under new Florida laws you would have had to pay your way while you still had a position in the falling down building you sold

@debbie6533

Ай бұрын

I lived in a condo where there was a construction lawsuit going on so we all had to pay normal HOA dues and a special assessment monthly. Get out from underneath it is my advice. We paid for that extra fee 10 years later. A lot of lenders won’t loan on it either.

Only those with real assets and income will be living in South Florida- Gone are the days of it being a retiree’s paradise .

So, the Surfside collapse had nothing to do with the structural integrity of the towers!!! They put a swimming pool over the hollow space of the parking garage!!! The pool deck had a structural crack and that gave way taking down the tower with it. So the law that Desantis signed so quickly was not done responsibly, he rushed to judgement on this and created a super mess and financial heartache unnecessarily!! We’re in a condo on Siesta Key going through a ridiculous concrete restoration that started as a few black circles on the building and as a $1.4 million project and now up to $9 million and not done yet!! No-one is talking about the fact that Surfside was the pool deck over a hollow space!!! Come on!!! So now, we can’t sell because of the ridiculous assessments already at $60,000+ and not done yet. Some residents are delinquent on these assessments and I personally think that we are being taken to the cleaners by the engineers and restoration company with no oversight and I agree, HOA Boards have little to no clue!!

@izzo2998

Ай бұрын

Wow, I had no idea that they put a pool over a hollow space. WOW!

@user-pk7hk3vb4s

Ай бұрын

Your first mistake in Florida was voting for grifter Republicans in Tallahassee.

OMG! Built in the 1940's! That would be new in CT. Got houses in my area built in the 1600's

when the new york carpet baggers descend unto an area, you know for a fact that joe blow is going to pay more.

Please help me understand something. We live in a 34 storey Hi-Rise Condo Tower in Vancouver, British Columbia. For the sake of the argument, we have 300 individual units in the building…and the lowest monthly “Strata / HOA fee” is right around $500 / month. (Some are clearly much more..reaching all the way to $1000 / month and beyond depending on square footage. But for sake of the argument let’s use $500 / month. This means that the building takes in $150,000 / month which equates to $1.8 million dollars / year. We have a communal pool shared with other buildings, an un-attended exercise room, parking including 30 visitor spots, two elevators and modest lawns and small trees surrounding the building. We also have one care-taker that organizes move-outs..and deals with services providers. We also have one cleaning person that ensures cleanliness of shared / public areas. The two on-site workers possibly make $4,000 / month. So this expense is about $10,000 loaded cost for both together. We have lawn maintenance come twice a month likely for another $10,000 / month. Our garbage removal is apparently $8,000/month. Elevator Stand-by Emergency response Services is $5,000 / month. Our share of the pool maintenance is $5000 / month. Liability insurance is approximately $10,000 / month. Property Insurance is $10,000 / month. And we have monthly water bill for the building. (Quite nominal). So our “generous” total accounting for most services is: $58,000 / month. Our Strata takes in $150,000 / month. We should easily be putting away $1.1 million / year….if placed into a 5% GIC this should produce an additional $55,000 / year. So where does the rest of this money go?…specially given that we are constantly being asked to contribute for special assessments such as painting of the floors in each balcony with new more water resistant paint…at a cost of $6000 for each resident…etc..etc. I don’t get it..where does this money go? Nothing catastrophic has happened to this building since its construction in 2006…meaning that we should theoretically have between $15 million to $18 million in our “contingency” account by now, easily generating $600,000 / year just in interest. Instead..more “special assessments” are on their way..as one of the elevators is acting up now. Am I missing something?

@ltrecords4500

Ай бұрын

Yes.unfurtunately you are. But I'll say what others won't. If you take Florida as a good example you'll find an old history of deception, embezzlement and dozens of HOA members doing time right now for this. HOAs have been for a long time a money making scheme where contractors turned "members" hire each other in this eternal gain of function. Most HOAs are under water....even after years of constant assessments. Where does the money go? No body knows.

It's a shame what happened (and continues to happen) to Florida.

Biggest problem by far is rebar used in concrete. They have coated rebar that last way longer now. All new buildings near oceans should be using only coated rebar

@ericrawson2909

Ай бұрын

I guess the coating is epoxy. Scratches and other damage allow corrosion to penetrate in spite of the coating. I just learnt that the huge mosque in Casablanca had restoration costing fifty million euros because of corrosion. The repairs used moly grade stainless steel rebar. Ordinary steel is a slow death sentence for a concrete structure.

Condo board members are synonyms to politicians. Full of the ambitious and the incompetent.

@unclebrucelive

Ай бұрын

ABSOLUTELY!!!

"A very old house...1950s or 1960s"... lol ! My last house in England was built in 1725... That was 20 years before The Scottish Jacobean army swept past

@CM7777...

Ай бұрын

You say that like it's a good thing

@ggee7391

Ай бұрын

The building next to me in England was built in 1426 from a ship wreck - it has had good work done on it over the years since I've lived here and is in excellent shape. It's best to own your own freehold so you can maintain it yourself.

@SunofYork

Ай бұрын

@@ggee7391 Mine in Yorkshire was a mere youngster and built in 1725... before The Scottish Army marched past it on their way South... I hated it. Damp, and the mice lived in the 18 inches thick wall (centre filled with wet rubble).. I tried to sell it and could not get a viewer in 18 months. Then the market turned instantly and hordes of people were threatening to sue me if I didn't sell to THEM ! I live in a dry, well insulated house in Wisconsin now. Its great. People say its it OLD coz it is 1990 !

You always make me feel better about my situation. So many are going to be devastated in this perfect storm. Get out of debt people before it's too late.

@peter-pg5yc

Ай бұрын

But sooner or later maintenance repairs need to be performed not ignored. or have it fall down. we already know that

@KikoValleyMan

Ай бұрын

@@peter-pg5ycYes. If not maintained it returns to dirt form.

Noway! Stay away from HOA. Not to mention, why would anyone desire to be that close to neighbors. Completely defeats the #1 benefit of owning real estate. 😳

@islesofshoals3551

Ай бұрын

Yup. Neighbors are noisy. I just left a condo because my unit was right next to the laundry room. Nightmare. Never thought noise pollution would be such a huge part of my life. These stupid architects never think about such things

@blackworldtraveler3711

Ай бұрын

@@islesofshoals3551 No noise in my condos even when the windows or balcony doors are open. Both has its own in unit walk in laundry room with sink, high end impact resistant windows/doors, and double walled air gap between units with four layers of sound attenuation blankets. My condo in Oklahoma is an Italian split level with concrete floors, tornado/safe room,two car oversized garage. Condo on Marco Island is newer mid rise built in 90s under new codes. Seems like you owned the older converted apartments I’ve heard about.

@izzo2998

Ай бұрын

@@islesofshoals3551Honestly, architects do. That's literally their job is to think of things like that. Problem is, some builder or developer likely overruled the architect.

Michael most of us HOA members are retirees, not engineers, it takes a LOT of personal time and effort to manage communities, and it is a lot of stress and frustration with no salary and no benefits.

@genxx2724

Ай бұрын

It’s thankless, as well.

@ryanyoder7573

Ай бұрын

Another good reason to avoid condos

@bigm980

Ай бұрын

“Manage communities”…yuck

The charm of South Florida is being deleted. This process has been going on since I moved to Ft. Lauderdale in 1956. In this case, the State is subject to the developers. Money talks! Where are our representatives? That’s right, we have none!!

@rv6205

Ай бұрын

we used to have a condo at lago mar in 1975 ..is that place still around

P. Diddy's 2 homes on Star Island might be available in the near future. 😂😂😂

Perfect Storm not to mention the perfect storm hurricane season coming up 🌀

All of the companies that are doing these inspections will be completely biased and recommend extensive repairs to every building they inspect. A lot of them will probably be even part of larger companies which offer construction services. If I was a contactor in the USA I would be moving to Florida ASAP as there will be endless work at top dollar pricing for decades to come.

@MichaelBordenaro

2 ай бұрын

That is possible and I wouldn’t be surprised. Unfortunately there’s not much that can be done about it.

@francismarion6400

2 ай бұрын

Also ALOT of liability to do the job right. The companies you refer to are licensed engineers.

@robertbrandywine

2 ай бұрын

They *better* over-recommend because if anything goes wrong because they didn't recommend enough, then they will be bankrupted by lawsuits.

@drbichat5229

Ай бұрын

Is happening in most states. Maryland passed similar law already

@marblox9300

Ай бұрын

Good Point Mark.

Perfect storm...condos needing refurbishment, jobs disappearing and inflation eroding the value of the USD.

@SunofYork

Ай бұрын

Inflation is 3%

I smell a blackrock windfall at the end of this year, all those bldgs shut down if people don't pay

@murrayterry834

2 ай бұрын

probably.

@dannylengyel5830

Ай бұрын

A buying opportunity for investors and hopeful homeowners..

@bevalindaj.443

Ай бұрын

Blackrock Blackstone Redfin will all be ready.

@annetteniebelski7513

27 күн бұрын

That's the plan

After surfside tragedy, it’s surprising anyone is still interested in a condo in Miami

@dannylengyel5830

Ай бұрын

Have you kept up with the cost of real estate there? It's through the roof. You live where you can afford.

As someone who has moved to GA, been here for about 6 months now. A lot of the local GA folks talk about housing being unaffordable for them, taking money out of their 401ks, it is pretty interesting.

Old buildings are often mold infested...

@hideoussails1783

2 ай бұрын

Termites also

Even when HOA has done things right and gotten insurance, in Florida, many of those insurance companies are declaring bankruptcy to avoid paying for structural repairs, roof repairs. Disgusting

@peter-pg5yc

Ай бұрын

ten they will be condemed rightly so..

So sad, the charming part of Miami Beach is about to be gone.

Are you seriously hoping the condo requirements get deferred?? People freaking died in Surfside because problems weren't being fixed. Condos on the ocean will have tons of issues with steel corrosion including concrete spalling. If the residents can't afford to fix them, too freaking bad, those buildings are death traps.

what happens to all the people who owns those condos and are now going to be displaced???? Screw them right ??? A lot of retirees that can't afford the higher prices where do they go ??? They bought thinking they were done moving for the rest of their lives now they're getting screwed again...

@MichaelBordenaro

2 ай бұрын

It is a real issue. The only hope is they get enough money from the sale of their condo that they can move somewhere else and live comfortably.

@francismarion6400

2 ай бұрын

Did you vote for FJB?

@Dan_the_mn

Ай бұрын

Maybe they shouldn't have ignored the maintenance all these years ?

@jackwilson3121

Ай бұрын

@@francismarion6400 Did you vote for FDT?

@francismarion6400

Ай бұрын

@jackwilson3121 Yes, I didn't vote for open borders, vaccine mandates, lockdowns,or the new green deal. Things that cause inflation.

More opportunity for corruption in the condo community's.

I love my apartment and the landlord is an angel to me. They like my attitude and cut me slack on the rent. Will die here (no property taxes or crazy insurance.). Have saved tons of money for investments and no money dished out for maintenance.

@johgndavis8159

2 ай бұрын

God for you!

@treesnmoguls

2 ай бұрын

Enjoy it WHILE YOU CAN...Sooner or later the property will be sold and or inherited. The new owner/managers will evaluate the rents, then you will be moving...

@markpitchford7375

2 ай бұрын

@@treesnmoguls small landlords are generally smarter. they know that turnover and vacancy are the two WORST things that negatively impact returns on the property. big companies are the rent raisers.

@jackwilson3121

Ай бұрын

Still better to own than rent over the long term.

@jackwilson3121

Ай бұрын

@@markpitchford7375 Small landlords tend to keep their properties maintained better.

Currently taking care of my dad in STL. He doesn’t want to leave his home. I respect that. My plan is to move to one of the tiny apartments in South Beach. However, the HOA and property taxes look like they’re going to make it prohibitive. Sad face.

@dannylengyel5830

Ай бұрын

You forgot insurance.

@chrisweidner4768

Ай бұрын

@@dannylengyel5830 Yep, I did, as well as assessments. Sigh. All the best.

I'm a homeowner, 5 acres, paid for, single, no kids, but want to downsize. Would love a condo, maintenance free, resort style living. But we shall see.

@paulmiller6245

Ай бұрын

Don't do it

@tonettesharp6418

Ай бұрын

Ride the storm out jimb---I think you will be glad you did!

Michael, my condo purchase in 2010 had a mortgage qualification requirement. The condo had to be solvent. The seller did have an outstanding $8k assessment. It was paid. The owner was Venezuelan media company. They took a loss of 150 thousand on top of the assessment. It's about to get UGLY. There will be demo's. And tiny box apartments in their place. Mo money, MO money.

Given that Florida has sinkhole problems and liquefaction issues; why then are they permitting the building of homes and multi story buildings and residences within 50 feet of the ocean? I would never buy anything built so close to the ocean in Florida or California. Seems like insanity to me.

@hideoussails1783

Ай бұрын

Profit, then sell it and walk away

Better to be alive than have a cheap (i.e. dangerous) condo. Great job once again Governor DeSantis. Safety first.

Large swaths of Miami will end up looking like decaying Havana today.

....and Roman structures are still standing throughout Europe.

@dannylengyel5830

Ай бұрын

Many are not

Mike, keep up the great work. You are on point with what you’re doing. I did not have a college education but made it right in life so kudos to all of us have done that.

@MichaelBordenaro

2 ай бұрын

I appreciate that!

I live in an ocean front condo in Daytona Beach. Fortunately, our building was fully renovated two years ago and we have a lot of money in reserves. But one thing he said made me remember something I told my wife in 2006. They were tearing down mom and pop motels in Daytona and building high rise condos everywhere. I remember telling my wife it is going to end badly because these were half-million plus condos and they were going up everywhere. I told my wife, " There aren't going to be enough rich people around to buy all these new condos". I was right. If they start tearing down old buildings and putting up new 3/4 million dollar condos by the thousands who is going to buy them? You can build them but there still aren't enough rich people out there wanting to buy them. My guess is a lot of buildings will be torn down and left as vacant lots. Developers aren't going to build new high rise condos if there aren't enough people out there wanting to buy them.

@MichaelBordenaro

2 ай бұрын

I guess that one highly depends on where because here in Miami, I keep getting surprised over and over when we see these new condos being built and selling for the four to $10 million range and still selling out

@stevefischer6623

2 ай бұрын

International buyers....

@genxx2724

Ай бұрын

Chinese investors who need a place to park cash. They will never even visit the place.

@jackwilson3121

Ай бұрын

@@MichaelBordenaro The economy must be good in Miami in order to sell $4 to $10 million dollar condos.

@deb6061

Ай бұрын

I think a lot of corporations buy them as well. Also, foreigners will buy them. We owned a condo in the Central FL area and I was shocked at how many Canadians owned condos in the bldg. They come down for 3-4 months in the winter to get away from the cold weather.

The same can be said of our nations infrastructure in general , roads , bridges electric grid , etc. Defered maintainence can make the bottom line look good for only a little while .

@jackwilson3121

Ай бұрын

The Republicans voted against the infrastructure bill but took credit for the money that their states received like Tommy Tuberville of Alabama.

@pmscalisi

Ай бұрын

@@jackwilson3121lol what “infrastructure “? The LGB, CRT, Ukraine infrastructure? 😂😂 That was 90% of the bill. lol stop watching CNN, MSDNC or even Fox for that matter. It’s all clickbait lies now.

@dannylengyel5830

Ай бұрын

@@jackwilson3121 The infrastructure bill was not an infrastructure bill at all. It was a pork bill with a single digit percentage going to infrastructure. Every reason to vote against that.

Since the buildings may be out of code it makes me wonder how they manage to get homeowner's insurance.

I saw this coming. My small community already passed Inspection and had multiple insurance companies write policies for it. The HOA went up, but it wasn’t unexpected. No short term rentals are allowed. There are fewer than 20% long term renters and they have been here for years. We have regular HOA meetings and communication is transparent.

Really great info Michael. I live in WPB and have many friends this condo nightmare will affect. Lots of developers will be there with cash to take advantage of this mess yet again, caused by our government. Thank you for sharing this valuable information. 👍

@MichaelBordenaro

2 ай бұрын

Glad it was helpful!

@francismarion6400

2 ай бұрын

Caused by lazy condo owners.

@jackwilson3121

Ай бұрын

How is this the governments faulty( State or Federal)? Sounds like you should blame the owners & HOAs for not keeping up the maintenance on their buildings.

A lot of condo buildings in my area of Palm Beach County (unincorporated Lake Worth, or Greenacres) are one or two stories. Key repair and replacement issues are outside electrical sub-panel replacement, and roof replacement. Sub-panels will like run less than $2000 per unit, roofs around $10 to $15,000 per unit. We have a roof reserve but too small to cover full replacement. This constant hysteria over condo terminations and ‘millions’ in future assessments, primarily effects only high rise buildings 😂 of 3 stories or more.

@motherofdragons3481

Ай бұрын

The fact that they consider 3 story buildings high rises is crazy to me.

We are going through the same situation in Maryland. Our building was built in the 1970s, well maintained, low quarterly fees. However we had little to no reserves, an issue brought to our attention by lenders several years ago when units went up for sale. Many owners fought the association tooth and nail against small fee increases. Now , by law, our reserves need to increase 4 fold. To achieve that our condo fees will have to increase by 80 %. Still relatively low compared to other condominiums around. The next owners meeting is going to be interesting

The solution to this problem is the free market, not government! IT’S NEVER THE GOVERNMENT! Owners can sue property managers if anything catastrophic happens.

The value of condos in 2-story buildings will soar.

@nrich5127

2 ай бұрын

Rising insurance costs , morgage rates , property State taxes , risk of hurricanes will put a lid on that possibility. The good old days of cheap living in Florida are gone.

@blackworldtraveler3711

Ай бұрын

@@nrich5127 Cheap living for you are gone. There were people before you said that and moved out of Florida before others. There’s a new lever of cheap now. Just raised the bar. Happens every 20 years or so. I’m good financially and enjoying the ride.

@davidhunternyc1

Ай бұрын

Nope, the city and state will simply scratch out the 3 and replace it with a 2. C'mon, you're not that gullible.

@blackworldtraveler3711

Ай бұрын

@@nrich5127 Days are gone for you and others who can no longer afford it. Florida is upgrading to next level of homeowners like it does every 20 years or so.

I am so relieved that I am completely debt free. No credit card debt, no mortgage debt, and no car loan debt. I just have to worry about property taxes and utility bills. 🙏🏾🙏🏾🙏🏾

@vincentleoni6334

Ай бұрын

How old are you if I may ask?

@vincentleoni6334

Ай бұрын

How old are you if I may ask?

@user-rh5zh7uw3s

Ай бұрын

@@vincentleoni6334 55 next month. Woohoo! Senior discounts here I come! 😅😅😅

@dannylengyel5830

Ай бұрын

And maintenance. And inflation. And insurance.

Sounds like a nightmare. I had a friend on Hutchinson Island That lived on the 13th floor of a 20 story Beach front building. The maintenance was never ending with the crumbling balcony's and cement/stucco siding, replacing elevators etc....Some of the high rises in that area were not keeping up with necessary maintenance.

It'll really all come to a head when new developers are no longer interested. Then there won't be options.

"America, Vote for me, lets keep kicking that can down the road together" ---- UNCLE JOE

@latsnojokelee6434

Ай бұрын

Can’t tell if you’re a foreign troll or not, but the federal government has nothing to do with what happens at a local level with an HOA.

@JustDItY

Ай бұрын

@@latsnojokelee6434 Maybe but then again it may all be instigated by the WEF and the biden admin is certainly in cahoots with them.

It looks like I'm going to have to consider getting my folks out of West Palm. My parents condo is from the late 70's I was just down there and all they are building is high end high dollar condos!

@MichaelBordenaro

2 ай бұрын

That could be an opportunity for their building to receive a nice buyout

@thearch1tect249

2 ай бұрын

@@MichaelBordenaro That's true but this is just so out of control!

@MichaelBordenaro

2 ай бұрын

@@thearch1tect249 you got that right

@jayemowrey1416

2 ай бұрын

That's the sad part you've got a lot of seniors in these older condos that thought they were set for life and now they're going to be displaced ,not fair

@thearch1tect249

2 ай бұрын

@@jayemowrey1416 I couldn't have said it better myself!

If condos aren’t making repairs? What are they doing with all that money they get???

i made the mistake of buying a condo. i had no idea you could get huge assessments against them. Our complex was in danger of bankruptcy. fortunately i was able to sell and now happily renting an apartment. Never again lol

Some board members know exactly what they're doing...

@jackwilson3121

Ай бұрын

You don't get rich being a condo board member. Usually what you get is everyone bitching at you no matter what you do.

@ronbronb

Ай бұрын

@jackwilson3121 unless you are a professional investor owner with connections making money getting on boards to bring them down to the hands of your city and developer friends. This happens all the time, they look just like the true incompetent members who follow without knowing.

Two story condos are exempt from the new law

@vincentleoni6334

Ай бұрын

Omg, what a relief 😅. My condo is a 2 story.

Deferred maintenance usually means increased repair. It makes me wonder how bad those buildings really are.

Moved my parents in their mid-70s back to Ohio '2020 . . they could see the writing on the wall after the Miami condo collapse........ smartest move ever their bills are a 3rd ! ! COST of what they were here in Clearwater Florida

Mike, This video is the most well articulated And knowledgeable explanation of a very Serious problem. I'm so impressed with Your ability to produce high quality content About complex issues. Thx, Mark I'm a Real Estate Broker of 45 years in Dana Point/Laguna Beach, California. Bravo !!!!

It sounds like a lot of condos are going to be torn down and a lot of more expensive condos are going to be put up in their place in Florida.

Every building has a lifespan. These condo's were built as cheaply as possible. If you are one of the owners when the word comes down.........that the building has to be demolished you are screwed. If I lived in Florida I would get out now.

you are so right. building new buildings that no one can afford anymore! doesn't work.

The Florida legislature overacted due to the condo building collapse

@MaksimSSM

2 ай бұрын

It's for benefit for "inspections", insurers, and others Interesants. Like taxes in private hands 😂

@nunya2954

2 ай бұрын

Not really, because had they only put a bandaid on the problem with all of these buildings that haven't been maintained and there is another collapse, the outcry would be huge. Folks like you always think like that, UNTIL SOMETHING HAPPENS THAT KILLS PEOPLE. It humid in S. Florida there have been many, many, many hurricanes in S. Florida the last 60 years, so where no one can see on those buildings, there's no telling what part of the structure is in need of repair. Just like really smart folks don't buy homes that have been flipped. You have no idea what was hidden behind some new sheetrock, or wood and paint. And inspectors can't see through walls and they will TELL you that. So, you have no way to know, until something happens that your newly purchased "flipped" house by maybe not so stellar companies isn't a fixed up nightmare

@serggla924

2 ай бұрын

The state of Florida is all about big business and lawyer money, and not at all about the common man trying to make it. They don’t give a sh*t about your freedom or your entrepreneurship. The laws in many industries are just as restrictive as democratic states. The big lawyer firms are the ones destroying the insurance premiums in Florida they nickel and dime the insurance companies at every turn and make it impossible for them to do business in Florida. Floridas real estate is being bought up by big corps while they continue to force the multigenerational locals out. The entire state of Florida is turning into one big scam. And you will soon see how bad it gets.

@francismarion6400

2 ай бұрын

Perhaps but if this were the only option to prevent all insurers from dropping condo policies, then the people got served.

@nrich5127

2 ай бұрын

Actually they are reacting to the negligence of the HOA's who deferred maintenance for too many years and now many condo buildings are timebombs waiting to explode.

Happy friday brother. Let's go!!!!

@MichaelBordenaro

2 ай бұрын

Same to you!

The next real estate class actions should be against the HOA's. This is gross negligence.

If a condo is deemed a canadate for demolishing ( not high enough above sea level, structural issues ), you will also have owners who are facing assessments they can’t afford. Might not the best solution be that they get an buyout offer from a developer, versus selling for the ( almost worthless ) current fair market value? I see this as a potential win-win.

Condo is less maintenance!! I love it!!

Any required condo repairs will be slow and expensive because contractors are short of help and charging plenty. Sounds like contractor boom-time to me.

Nobody in my family owns property in the US so when you started talking about HOAs I had no clue. Now that I know what they are I'm shocked that they even exist. Such a steal

@jackwilson3121

Ай бұрын

So how would you maintain condos without an HOA?

Condo=Overpriced apartment with extra costs

Sounds like there's going to be a lot of vacant lots in Florida, that's assuming developers can even afford to tear the properties down.

An absolute Gem of a show Michael!!

At a minimum need to replace the roof every 15 years paint every 5, resurface parking lot every 5 +++ then regular pool and grounds maintenance

Gentrifying the neighbourhood! They have been doing the same thing in the UK.

“They don’t build anything that people can afford.” Uhm, then why do they build? What is the logic? Are you saying there are no more rich people? I suspect there is a viable market for high-end luxury condos.

I would say it definitely is not good... As long as those buildings are good and strong they should be kept.. the owners should have a right to decide to be able to sell for a premium if they choose but not get bullied out of their properties buy red tape

I think seniors bought condos for a simpler lifestyle... Now, that lifestyle is deteriorating like those buildings... It's probably best to sell the entire building to a developer... At least the owners will receive some money for their units...

People make a big mistake not looking at HOA reserves as a contingency of sale. I wonder if developers are behind the new law, knowing it will result in condo terminations and development opportunities!

Michael, You are absolutely correct....a lot of people are buying a condo because they can't afford a house. You are one of them!!

@MichaelBordenaro

2 ай бұрын

Actually, that’s not my case. The only reason I bought the condo is because my wife needs to live here to continue running her business. I would prefer to buy a house somewhere else.

@nicolcacola

2 ай бұрын

Would love to see a video on, if you were to buy, what you would go for​@@MichaelBordenaro

@josephmucaria4808

2 ай бұрын

just curious where you would move to/buy?@@MichaelBordenaro

@Dan_the_mn

2 ай бұрын

Where would you like to live M ?

@aylara84

Ай бұрын

@@MichaelBordenaro I never wanted to live in a house. I feel more safe living in a condo. And, houses in Miami Beach with the ocean view are $30 million + Yes! If I could buy that kind of house instead I would definitely go with a house.

I have a good chunk of money in Synovus Bank, and hadn't heard the news about the downgrade until you mentioned it. What surprised me was that I imagined the stock would be sharply down on that news. Surprisingly the stock price was up, so I'm not sure what to make of that.

@MichaelBordenaro

2 ай бұрын

I don’t know we are living in upside down world these days. The stock market goes up with good news or bad news so you can’t trust it.

@MM-ig2zq

Ай бұрын

Stock and the Health Rating of the bank are very different. Let’s say if your bank downgraded from an overall A rating to a B, I wouldn’t worry too much. Now see the specific rating for loans in commercial real state, that’s where the problem might be.

I owned a condo built in 1979. The plumbing was starting to have issues. I lived upstairs and sometimes my plumbing would leak into the unit below. I knew it was time to sell when the managers replaced electrical boxes with no concern for the future of EV's (internal combustion vehicle sales are outlawed in that states starting in 2030). So the plumbing isn't planned for, and the money for the electrical system was wasted because anyone with a new vehicle won't be able to charge at home. It's a financial time bomb. Now I live in house where I'm solely responsible for decision making.

I'm surprised that banks have been giving loans to buyers of condos when the association didn't already have a current reserve study and sufficient reserves. (And foreclose if those aren't kept up to date.)

I hate seeing old building get torn down, for me it's a link to the past. They were also built better, and even look better depending on who you ask.

Friend: What are youre plans for the evening? Me: Just watching my favourite KZreadr and getting more educated in the housing market and the economy!

@MichaelBordenaro

2 ай бұрын

👌😎

@FAAMAN841

Ай бұрын

😅

I was in a condo in a converted mansion, six units. My unit was huge, 2,800 sq ft inside, 1,500 sq ft garden space. Never again. Eight years of madness and stress, with absentee landlords, no one willing to participate effectively on the board, and the overall building was a maintenance nightmare just waiting to happen. Because of the size of my unit, the largest, I paid 1/3 of all condo fees. Luckily, I sold about three years ago at a tidy profit and moved to the burbs, into an apartment. I will never, ever buy a condo or get into a coop or (fingers crossed) purchase a home with any physical or financial connection to neighbors or a development. HOA fees are insanely dangerous. Do not be beguiled by HOA fees which seem low at the point of purchase. They will, eventually, blossom into something ridiculous, driven by taxes, maintenance, insurance, vendor fees, other labor costs, and so on. What I'm trying to predict, is what do these Florida condo issues mean for single family detached home prices and sales in Florida. Will those driven out of Florida condos be forced to try to buy again in Florida or will they give up and leave the state? This is already happening for non-condo people, leaving for financial, political, lifestyle reasons. Will there be opportunities in the nearish future for purchasing single-family detached homes that don't have HOA fees, if you can swing the ever-increasing insurance costs to home AND autos?

@walkingstick6655

Ай бұрын

@@frankopanchas112 Hmm. News to me. Never heard of such.

I'm providing SIRS studies and milestone inspections for an engineering firm, the law just passed in NJ this year. While I understand it will raise costs, it really is necessary. No one wants a repeat of Surf Side, which is the reason why these laws were passed in the first place.

Wow! Reminds me of what happened in my area. A relative of a big developer got into city government and starting issuing housing permits for an area that had made off limits for flood pourposes. By the time anybody fiquered it out it was too late. There would massive lawsuits if the city followed up. Apparently there were no criminal penalties. Clearly they knew that ahead of time. Then there was santa rosa. A short time before the houses burnt down to ash that exact area was rezoned to high density housing. Then you have lahaina...and the blue roofs. Governments job is to accomodate the wants of the wealthy. They know just how to design deceptive legislation...getting what they want while selling it as something else. There might be a flurry of painting roofs blue along the coast of florida. For now theyre leaving them a choice...