RIP Florida real estate

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Just look at the details in this listing. The special assessments are outrageous.

https://www.redfin.com/FL/Miami/1800-NE-114th...t-1502/home/43010955

It's a tear down.

Less than 50 years old not even one lifetime? What a waste.

[Anonymous]

Cash offers only. Yes, because nobody would be able to get a loan for this.

[Anonymous]

Anonymous wrote:Just look at the details in this listing. The special assessments are outrageous.

https://www.redfin.com/FL/Miami/1800-NE-114th-St-33181/unit-1502/home/43010955

Holy Crap.

THERE ARE 2 EXISTING SPECIAL ASSESSMENTS ONE IS $175/MONTH UNTIL 2036 & SECOND IS FOR $160/MONTH UNTIL 2034 – MAKING THE TOTAL CURRENT MAINT FEE $2,911/MONTH. IN ADDITION, ANOTHER NEW SPECIAL ASSESSMENT HAS BEEN APPROVED W/ ADDITIONAL ESTIMATED PAYMENTS TO BE AS FOLLOWS - $15,200 DUE JULY 1, 2024, $15,200 DUE OCTOBER 1, 2024, AN ADDITIONAL TOTAL OF $40,000 PAID QUARTERLY IN 2025, AN ADDITIONAL TOTAL OF $36,000 PAID QUARTERLY IN 2026, AN ADDITIONAL TOTAL OF $29,000 PAID QUARTERLY IN 2027. THESE COSTS ARE IN ADDITION TO THE MONTHLY MAINT FEE. SOLD AS-IS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Just look at the details in this listing. The special assessments are outrageous.

https://www.redfin.com/FL/Miami/1800-NE-114th...t-1502/home/43010955

It's a tear down.

Less than 50 years old not even one lifetime? What a waste.

The problem is the 1960s-1980s were the worst for construction. So many shoddily built dwellings and home renovations.

This was the time when they started having aluminum wiring as an example…which turned out precisely as dangerous as it sounds.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Just look at the details in this listing. The special assessments are outrageous.

https://www.redfin.com/FL/Miami/1800-NE-114th...t-1502/home/43010955

It's a tear down.

The building itself? I wonder if they will buyout the owners to do just that. It actually makes sense if you have non payers.

If they don’t pay, the HOA will foreclose to take ownership of those units. It will then make owners who are current on their fees that much richer. The only end game is to eventually sell to a developer. Might as well wait until a certain % lose their home for a big haircut. Name of the game is to be the last man standing who get the proceeds from the sale to the developer.

What I want to know is how the property tax assessments work. These buildings probably need their property taxes to be cut by 50-60%. Huge death spiral for Florida municipalities.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Just look at the details in this listing. The special assessments are outrageous.

https://www.redfin.com/FL/Miami/1800-NE-114th...t-1502/home/43010955

It's a tear down.

The building itself? I wonder if they will buyout the owners to do just that. It actually makes sense if you have non payers.

If they don’t pay, the HOA will foreclose to take ownership of those units. It will then make owners who are current on their fees that much richer. The only end game is to eventually sell to a developer. Might as well wait until a certain % lose their home for a big haircut. Name of the game is to be the last man standing who get the proceeds from the sale to the developer.

What I want to know is how the property tax assessments work. These buildings probably need their property taxes to be cut by 50-60%. Huge death spiral for Florida municipalities.

It’s not at all going to work like that. Banks will own many units due to mortgages. It will be a mess. Plus being the last one standing means paying 200k in assessments. And are you paying everyone else’s propert taxes too. The condo assoc should solicit offers now from developers and just get everyone a payout as quickly as possible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just look at the details in this listing. The special assessments are outrageous.

https://www.redfin.com/FL/Miami/1800-NE-114th-St-33181/unit-1502/home/43010955

Holy Crap.

THERE ARE 2 EXISTING SPECIAL ASSESSMENTS ONE IS $175/MONTH UNTIL 2036 & SECOND IS FOR $160/MONTH UNTIL 2034 – MAKING THE TOTAL CURRENT MAINT FEE $2,911/MONTH. IN ADDITION, ANOTHER NEW SPECIAL ASSESSMENT HAS BEEN APPROVED W/ ADDITIONAL ESTIMATED PAYMENTS TO BE AS FOLLOWS - $15,200 DUE JULY 1, 2024, $15,200 DUE OCTOBER 1, 2024, AN ADDITIONAL TOTAL OF $40,000 PAID QUARTERLY IN 2025, AN ADDITIONAL TOTAL OF $36,000 PAID QUARTERLY IN 2026, AN ADDITIONAL TOTAL OF $29,000 PAID QUARTERLY IN 2027. THESE COSTS ARE IN ADDITION TO THE MONTHLY MAINT FEE. SOLD AS-IS.

No wonder it’s priced to sell before that July 2024 payment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just look at the details in this listing. The special assessments are outrageous.

https://www.redfin.com/FL/Miami/1800-NE-114th-St-33181/unit-1502/home/43010955

Holy Crap.

THERE ARE 2 EXISTING SPECIAL ASSESSMENTS ONE IS $175/MONTH UNTIL 2036 & SECOND IS FOR $160/MONTH UNTIL 2034 – MAKING THE TOTAL CURRENT MAINT FEE $2,911/MONTH. IN ADDITION, ANOTHER NEW SPECIAL ASSESSMENT HAS BEEN APPROVED W/ ADDITIONAL ESTIMATED PAYMENTS TO BE AS FOLLOWS - $15,200 DUE JULY 1, 2024, $15,200 DUE OCTOBER 1, 2024, AN ADDITIONAL TOTAL OF $40,000 PAID QUARTERLY IN 2025, AN ADDITIONAL TOTAL OF $36,000 PAID QUARTERLY IN 2026, AN ADDITIONAL TOTAL OF $29,000 PAID QUARTERLY IN 2027. THESE COSTS ARE IN ADDITION TO THE MONTHLY MAINT FEE. SOLD AS-IS.

No wonder it’s priced to sell before that July 2024 payment.

No one is buying this unit. Those payments for 2026/2027 will be revised upward due to localized inflation - all the buildings need updates at the same time, so competing for labor & materials with lots of other blogs. No bank would underwrite a loan for a mortgage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just look at the details in this listing. The special assessments are outrageous.

https://www.redfin.com/FL/Miami/1800-NE-114th-St-33181/unit-1502/home/43010955

Holy crap they could tear it down and rebuild for all that money for the residents they should just collectively sell the land to a developer!

Except it might be pre firm grandfathered. I own a condo by the beach we can’t build what exists. One developer did try it on similar plot tore down building in 2010 got permission to rebuild in 2023 after 13 years.

[Anonymous]

Why is Florida so scammy and full of ups and downs? what a meme, unserious state

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just look at the details in this listing. The special assessments are outrageous.

https://www.redfin.com/FL/Miami/1800-NE-114th-St-33181/unit-1502/home/43010955

Holy Crap.

THERE ARE 2 EXISTING SPECIAL ASSESSMENTS ONE IS $175/MONTH UNTIL 2036 & SECOND IS FOR $160/MONTH UNTIL 2034 – MAKING THE TOTAL CURRENT MAINT FEE $2,911/MONTH. IN ADDITION, ANOTHER NEW SPECIAL ASSESSMENT HAS BEEN APPROVED W/ ADDITIONAL ESTIMATED PAYMENTS TO BE AS FOLLOWS - $15,200 DUE JULY 1, 2024, $15,200 DUE OCTOBER 1, 2024, AN ADDITIONAL TOTAL OF $40,000 PAID QUARTERLY IN 2025, AN ADDITIONAL TOTAL OF $36,000 PAID QUARTERLY IN 2026, AN ADDITIONAL TOTAL OF $29,000 PAID QUARTERLY IN 2027. THESE COSTS ARE IN ADDITION TO THE MONTHLY MAINT FEE. SOLD AS-IS.

The price reflects this. A condo on the water would be double the price without these assessments. But it's an old building, renovations will be a pita.

[Anonymous]

Anonymous wrote:This is good, I want to buy something down there cheap not too far from Tampa. I'd like to have a house there within maybe five miles of the coast but easy driving distance to Orlando as well.

Try Ponte Vedra.

[Anonymous]

Anonymous wrote:Florida has been ruined by invading dorks since around the year 2000. I hate going home now. Other than helping with my parents estate when that time comes I’ll be avoiding it.

Same thing happened to every other not horrible place in the US. California was awesome in the 1950s. Humans are cockroaches.

Another slug who is a product of a FL upbringing. Gotta “help” with upkeep of your family “estate” for when you crash and burn from your venture out into the world where the big kids live.

[Anonymous]

There’s a bunch of local news stories that popped up on YouTube about crazy assessments. Like people being asked to cover a $60k assessment in Tampa and another one where they’re asking for a $100k assessment. The condo market there is cooked. Maybe it’s a good buying opportunity for some.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good lord. Well, if you choose to buy in Florida, you have to pay for it.

Wind insurance is just one half of the insurance you need for a hurricane. Still need to pay separately for flood insurance policy.

o

And lots of septic issues in Miami because flooding and high water table. It’s horrifying Ron Desantis is passing bills to remove climate from legislation and backing fossil fuel drilling instead of focusing on resiliency and creating zoning laws that discourage building or drilling or development near the water and wetlands. Ignoring climate science continues to backfire and at some point it will simply be too late for a lot of people. It already is for many.

Resiliency is expensive and hard. Florida has their collective head in their (stunning, sunny) sand.

Like watching a train wreck in slow motion.

You think Florida has their head in the sand after years and years of hurricanes? Storms did not just recently start hitting Florida, in spite of what people may have read on social media. Newsflash: Hurricanes form over warn water in the summer and hit the areas that are next to the warm water. People who live there choose to take the risk because they do not get hit by hurricanes in the exact same spot every year. Storms move quickly and can change track or dissipate completely.

i wonder if texas has the same insurance issue…. Looks at beryll

2024 may be one for the books