Florida RE melting down

[billymach4]

Florida Crisis Is Now Creating Massive Problems For New York

A new crisis in the state of Florida is now causing issues in New York State.

hudsonvalleypost.com

 

[billymach4]

Fears in Florida grow over condo crisis as time running out: "I'm scared"

Florida lawmakers are considering two dueling solutions to the state's condo crisis, but time is running out to make a decision.

www.newsweek.com

 

[andre10056]

Florida Crisis Is Now Creating Massive Problems For New York

A new crisis in the state of Florida is now causing issues in New York State.

hudsonvalleypost.com

I read your clickbait article and have no doubt that some New Yorkers who moved to Florida end up returning to New York...as has been the case for decades. But I didn't see anything that explained what "massive problems" New York state was experiencing as a result. But the article title did make me click on it...so mission accomplished by whomever the article title editor was.

 

[andre10056]

Fears in Florida grow over condo crisis as time running out: "I'm scared"

Florida lawmakers are considering two dueling solutions to the state's condo crisis, but time is running out to make a decision.

www.newsweek.com

Here's an excerpt from your article:

"I'm scared," Georgie Pratt, the owner of a one-bedroom condo at Winter Park Woods in northern Orange County, told WESH 2 reporter Justin Schecker.

"My mortgage is a percentage of what these fees are," said Pratt, who has owned the unit since 2006. "My mortgage is about $300 a month, and my fees are now $2,100."

Monthly condominium fee is now $2100???!!! No wonder the inventory of condos for sale is rising. With that kind of monthly condo fee, the condo has zero value...and yet sellers want megabucks. With such a fee, the condo has negative value.

 

[WorldT]

Here's an excerpt from your article:

"I'm scared," Georgie Pratt, the owner of a one-bedroom condo at Winter Park Woods in northern Orange County, told WESH 2 reporter Justin Schecker.

"My mortgage is a percentage of what these fees are," said Pratt, who has owned the unit since 2006. "My mortgage is about $300 a month, and my fees are now $2,100."

Monthly condominium fee is now $2100???!!! No wonder the inventory of condos for sale is rising. With that kind of monthly condo fee, the condo has zero value...and yet sellers want megabucks. With such a fee, the condo has negative value.

$2100 is an interesting fee. But I am more interested in the $300 mortgage. What did he buy?

 

[dioxide45]

Here's an excerpt from your article:

"I'm scared," Georgie Pratt, the owner of a one-bedroom condo at Winter Park Woods in northern Orange County, told WESH 2 reporter Justin Schecker.

"My mortgage is a percentage of what these fees are," said Pratt, who has owned the unit since 2006. "My mortgage is about $300 a month, and my fees are now $2,100."

Monthly condominium fee is now $2100???!!! No wonder the inventory of condos for sale is rising. With that kind of monthly condo fee, the condo has zero value...and yet sellers want megabucks. With such a fee, the condo has negative value.

Looking at photos of the condos on Realtor.com, they are all in two story buildings and wouldn't even be subject to the new Florida statutes. So I am not sure how they could have fees that high. They were built in 1974, perhaps they have a lot of vacant units and bad debt.

 

[andre10056]

Looking at photos of the condos on Realtor.com, they are all in two story buildings and wouldn't even be subject to the new Florida statutes. So I am not sure how they could have fees that high. They were built in 1974, perhaps they have a lot of vacant units and bad debt.

So George Pratt really should be scared. Even if the Florida state legislature eases up on such and such height condos having to abide by new enhanced structural and financial requirements, he gets no relief as his condo building already isn't subject to such requirements. Oh boy. Poor George.

 

[dioxide45]

So George Pratt really should be scared. Even if the Florida state legislature eases up on such and such height condos having to abide by new enhanced structural and financial requirements, he gets no relief as his condo building already isn't subject to such requirements. Oh boy. Poor George.

Perhaps I may have not been clear enough. They at least weren't subject to the inspection requirements. Though they might still be subject to certain fully funded reserve requirements. I suspect this association has been lax over many years with not collecting enough in reserves to fix certain structural items as it came time to do repairs or replacements.

 

[andre10056]

Perhaps I may have not been clear enough. They at least weren't subject to the inspection requirements. Though they might still be subject to certain fully funded reserve requirements. I suspect this association has been lax over many years with not collecting enough in reserves to fix certain structural items as it came time to do repairs or replacements.

$2100 monthly condo fee. That's a lot of lax.

 

[geekette]

Florida does have more than it's share of problems that are causing real estate prices to drop and ownership costs to rise. Even so, the weather is often nice and the beaches are beautiful.

I'm a timeshare person over vacation home ownership for the most part. I'm not wanting to work on something when we show up.

Bill

Oh boy, that right there! Few chores at timeshare. I’m not the one weeding the landscape or skimming the pool. Kitchen appliances clean and ready to use.

I don’t so much enjoy the humidity but FL is a draw for many. Now that natural and manmade disasters are pummeling the state, and insurers exacerbating the pain, it’s understandable that the market is reacting.

 

[Panina]

Increases were due to not collecting enough thru the years for reserve, a steep increase to replace roofs, increase of building insurance and inflation. Still even with the increases many condos in Florida are more affordable than renting.

The communities one time assessments and increases that are so out of line are the stories you are hearing. It is just like a timeshare who did not increase mf's and maintain an adequate reserve to maintain the property.

Whereas there is more inventory (I live in south Fl) homes are still selling. What is having difficulty selling are homes that are older and not renovated inside and need a new roof. People are opting for renovated. Renovation costs have skyrocketed since the pandemic and buyers are being smart and calculating how much it would cost. Renovated houses are selling.