Home buying thread

Foler said:

There are tons of old condos in Florida, doesn’t surprise me..

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I mean, I "feel" for those people. I hope Im not old as fuck one day and Im getting taxed so heavily that my only option is to leave. But HOA dues in Condo's have been going up heavily across the country ever since inflation went fucking nuts. HOA's have been struggling to keep up with rising costs, offering less amenities and more because the actual voting owners would/are refusing the increase.

The Condominium Association that I manage has went up on their dues 6 times over the past two years. The bylaws state that its a max of 3 times a year, and that its 10% maximum raise each time if my memory is correct. All six times has been the maximum. They went from the lowest square feet condo's paying $130/month to $230/month in just two years iirc. That's not a lot, sure. But lets keep in mind that these condo's are roughly 8 years old. The condo's that I outright own on the other side of town have only went up a handful of times and are the biggest sq/ft in that association. Going from $120 to $188/month - which really, they were built in the 1980's and will need far more repairs than the first association I mentioned.

So I cant imagine some BEACH FRONT Condominium buildings, that have survived Hurricane force winds yearly, wouldnt need a SUBSTANTIAL increase. The article that tweet links to is kind of misleading though. "Owners have to pay upwards of $110,000 for the repair!" ... Which spread over, lets say 90 Condo's, over the course of a year, thats just a $100 increase per month roughly.

Shits getting expensive. Pikachu Shocked!

Daidraco said:

So I cant imagine some BEACH FRONT Condominium buildings, that have survived Hurricane force winds yearly, wouldnt need a SUBSTANTIAL increase. The article that tweet links to is kind of misleading though. "Owners have to pay upwards of $110,000 for the repair!" ... Which spread over, lets say 90 Condo's, over the course of a year, thats just a $100 increase per month roughly.

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I think the way I read that article it isn't $110,000 spread over 90 condos... it's $110,000 FOR EACH OF THE 90 CONDOS ($9 million repair)

Kithani said:

I think the way I read that article it isn't $110,000 spread over 90 condos... it's $110,000 FOR EACH OF THE 90 CONDOS ($9 million repair)

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I pulled 90 out of my ass. But if thats a cost per condo then they are fucked.

Actually, that brings up the question of how that works out if they cant afford it. Does the building get condemned at that point? If its condemned, what happens to the peoples property at that point. Does it get liquidated and they get pennies on the dollar at that point? Because an investor could afford the repair and the purchase of the building, but its obviously not going to go for a premium.

I remember the collapse and another article pointed out how another facility was having a similar issue and I theorized how a developer was actually behind it all in order to get the property much cheaper…

It’s mostly the big buildings because the collapse caused them to require the removal of a lot of the brick right?

my parents have a condo in a 3 unit building but it is stick frame and no assessments at all.

Sanrith Descartes said:

Also, the home insurance market is fucked in FL. Especially down south. If they can't get a passing four point that can't get insurance for the building. When you are in hurricane alley this is part and parcel of what you have to live with.

I own a condo in S Fla. Calling around for better ins rates is an exercise in futility. Lots of companies aren't writing new policies and those who are have jacked rates to the sky. Age of the rood and what code it was installed under are the only questions they care about. Having a new roof actually saves money in ins savings over the long term

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My dad built a house on Boca Grande. The insurance company quoted him $35k per year to cover the property. He said fuck that, spent $100k extra overbuilding the house to a cat 5 hurricane spec, and self-insured. He sold it a few years ago, but in '22 his house got hit dead fucking center by the eyewall of Ian. There was a lot of damage to the island and surrounding properties, but once the dust settled the new owners called my dad to thank him because there wasn't so much as a loose screw on the place.

If we ever figure out a way to build our place in Orange Beach, that's what I want to do as well. Make it a fucking tank and hurricane proof. Just grab some flood insurance and not worry about the rest.

Gravel said:

Just grab some flood insurance and not worry about the rest.

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My dad built his two-story where the living space was self-contained on the upper level and ground level was garage/storage with breakaway walls in case of flood. He'd lose the lower siding and whatever shit was down there, but his house was on 20-foot stilts and the water would just flow through. His only real worry was if a storm surge ripped someone else's house off their foundation and it hit his.

After dealing with water damage and termites I fantasize about building a future house out of welded 3/4'' steel plate like Andrew Camarata.

Sanrith Descartes said:

A couple of points.moat likely many condos haven't had a roof redone in decades. People only notice the assessments when they get hit. They ignore the decades with no assessments as "normal". Shit needs fixed now and again.roof mounted industrial AC units eventually due in the S FL heat.

Also, the home insurance market is fucked in FL. Especially down south. If they can't get a passing four point that can't get insurance for the building. When you are in hurricane alley this is part and parcel of what you have to live with.

I own a condo in S Fla. Calling around for better ins rates is an exercise in futility. Lots of companies aren't writing new policies and those who are have jacked rates to the sky. Age of the rood and what code it was installed under are the only questions they care about. Having a new roof actually saves money in ins savings over the long term

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How does this work in FL exactly? From a Euro perspective, I'd expect the HOA fees to include insuring and maintaining the building, landscaping, pool etc. Would you need to buy additional insurance if you owned a unit in the building?

I'm going to be in the market for a snowbird perch in a few years so I was checking out a few of the places I rented on a recent trip there. 2/2 1100 sq ft condo in Miami was over $900 in HOA fees and another 6k a year in property taxes. Probably won't be going there.

Lambourne said:

How does this work in FL exactly? From a Euro perspective, I'd expect the HOA fees to include insuring and maintaining the building, landscaping, pool etc. Would you need to buy additional insurance if you owned a unit in the building?

I'm going to be in the market for a snowbird perch in a few years so I was checking out a few of the places I rented on a recent trip there. 2/2 1100 sq ft condo in Miami was over $900 in HOA fees and another 6k a year in property taxes. Probably won't be going there.

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HOA fees generally only cover insurance for common areas. You're on the hook for your personal part of the property.

Captain Suave said:

HOA fees generally only cover insurance for common areas. You're on the hook for your personal part of the property.

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So if the building burns down/falls over, I'd on the hook for the cost of rebuilding unless I had additional insurance? Where I live, the entire building would be covered via the HOA and my risk would be limited to furniture, carpets or a more luxurious kitchen than what the building came with.

Cad said:

The listing agent for my house told me how much to counter so I could win the final bid because she didn't like the other family. They are truly scum who have no ethics.

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Did you listen to the agent?

Cad said:

Of course where you're going with this is I must be unethical if I used the information, right? And that probably sounds good to someone with a second-grade view of ethics.

I didn't have any duty to any involved party, whereas the agent had a duty of confidentiality to the other buyer. I had no such duty.

I don't expect you to understand this though, I'm sure this is just another "omg lawyerz are the worst!!!!11" post, and I'm sure your reply will oblige me.

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LOL. No. I wrote that expecting your usual choad view of things. You always deliver.

Anyone have a website for good comps for real estate, without the need to sign up or add a phone number/email? Zillows estimate seems very low when compared to the recently sold listings.