Скачать с ютуб THIS IS GETTING OUT OF CONTROL - FLORIDA CONDO CRISIS в хорошем качестве

THIS IS GETTING OUT OF CONTROL - FLORIDA CONDO CRISIS

Buy me a coffee ☕☕☕ https://www.buymeacoffee.com/maciekz 🔔🔔🔔 Sign up to get the ULTIMATE FSBO PLAN! https://bit.ly/UltimateFSBOPlan 🔔🔔🔔 🟢 Start Here! - Search for real estate: https://bit.ly/searchflorida ►►For client inquiries, call me or text me at 941-400-7084, or email at [email protected] ►►Schedule a 30 minute call with Maciek! https://calendly.com/maciekz/real-est... ►►Need a loan, refinance, or want to talk to Chris Kouvatsos? Give him a call: 941-806-7625 Florida Condo Crisis: Potential Bankruptcies and New Laws There's a looming crisis in Florida that could see many condo associations facing bankruptcy. The associations themselves might have to file for bankruptcy, which would lead to even more problems. This situation is crucial for anyone thinking about buying a condo, currently owning a condo, or having loved ones with condos in Florida. Over 1 million condo units in Florida are subject to new rules taking effect on January 1st, 2025. 🏢 Understanding the New Rules The new regulations require condo buildings to undergo milestone inspections for structural integrity and reserve feasibility studies to ensure adequate funding for required components. These changes to the Florida Condominium Act highlight significant vulnerabilities, especially in buildings around 45 years old. Not all buildings are affected equally—lower and middle-income condos, typically valued under $400,000, are most at risk. Owners of these condos are already listing their properties to avoid hefty assessments and soaring association dues. 📋 Impact on Condo Owners Many condo associations are not fully funded and have structural issues. As a result, owners are listing their condos en masse, leading to a race to the bottom in prices. This surge in listings has caused a dramatic increase in condo inventory across Florida. The rules mainly apply to buildings three stories or higher within three miles of the coastline, which encompasses a significant portion of Florida's condo market. 🌊 The Role of Investors Investors might see this crisis as an opportunity. As condo prices drop, investors can buy out majority units, push for further assessments to drive out remaining owners, and eventually redevelop the properties into luxury condos. This trend is particularly noticeable in prime locations like Miami Beach and Siesta Key. Luxury condos, however, remain relatively unaffected due to their affluent owners' ability to cover costs. 💼 Alternatives for Buyers If you're considering buying a condo, explore alternatives such as two-story buildings, villas, or townhouses. These types of properties are governed by the same laws but are exempt from the stringent new rules for higher structures. 🏘️ Specific Cases and Predictions There are rumors in Sarasota about a building that failed its structural integrity inspection. Special assessments in some condos have reached over $100,000, and some buildings have had multiple assessments over the years, drastically reducing their market value. If a developer aims to buy out a condo building, they need 95% of the unit owners to vote to terminate the condominium. This situation presents a significant challenge for those who do not wish to sell. 🔍 Final Thoughts The impending crisis in Florida's condo market is a complex issue with significant implications. If you own a condo, are considering buying one, or know someone affected, it's essential to stay informed and consult professionals to navigate these turbulent times. 🌟 By the way, I'm Maciek Zaremba, a real estate agent in Florida. Today, I'm speaking to you from Phillippi Estate Park in Sarasota. It's a beautiful spot, although rain is expected soon. If you have any questions or need further information, feel free to reach out! ☀️🌴