The Condo Collapse has started! (Politicians race for answers!)

Okay, so the Florida condo market is ready to implode. It is primed and ready for a disaster. Skylines will take your breath away, but so will living in one of the buildings, and Governor DeSantis, he knows that he has a worsening crisis on his hands. With the price of paradise and a looming crisis in Florida's condo market. Governor Ron DeSantis heard the condo horror stories firsthand in Miami Monday. How are we going to do this? How are we going to stay living here? Toy went from $900 to $1,300 in addition to the special assessment, which is average $50,000 per unit. Let's talk about it. When you see politicians coming to the table and they don't know what they're talking about, it is time to fire sell these bad boys, especially the old ones. The legislature engaged in a good faith effort, but it sounds, and this is feedback we've been receiving now for many months, it sounds like there are a lot of condo unit owners who are just not in the financial position to pay large assessments on such short deadlines. We have a lot of residents that are retired and on a fixed income, and some of them had to sell their unit after being there for over 20 years. I've made like four or five, six videos on the condo disaster in the state of Florida, and how this is a guinea pig for the rest of the country. And if you own a condo anywhere in the United States, you better be paying attention because. We're talking about tens of thousands, probably hundreds of thousands of Floridians who are impacted by this that are left without options. And it's a lot of heartbreak and it's bankruptcies and it's foreclosures. Florida did not fix their insurance problem and it is spilling over into every part of real estate. Hold us expensive insurance and surging HOA fees are making life unaffordable for condo owners. They have no clue what's going on. It is ripe for real estate investors, big holding companies to come in and just snatch these properties from people. And it's happening. I've talked about it time, time and time again. People are moving out and moving away from this area of town. All together is like an extra thousand dollars more a month. So for a lot of people that can't do that. On my other videos, go watch those in detail on how the 1.5 million condos in the state of Florida could wind up being under some massive pressure. My brother and sister-in-law live in a older building on Brickell Key and they have, they've had three special assessments, one per year over the last three years. I mean, inventory is stacking up on condos in the state of Florida is going up, up, up, up, up, up, up. You need to get the word out to Tallahassee that you have to do something. Texas up, up, up, up, up, up. Cause they smell what the rock is cooking over in the state of Florida because it is something. If you've been following along the survey studies, say 30 years or older, you're going to get a big detailed inspection on all the structural stuff. 25 years and older. If you're within three miles of the, of the water, three stories and above, but it has been spilling over into the one story, two story and three story. But Tampa saw the highest jump in condo HOA fees. Now averaging more than $600 a month for condos HOA fees. Many, many, many, many years, many, many, many years. They have been terribly run by novice board members on these condo associations. And they just failed to do anything for the most part. They kicked the can down the road, which I've talked about in a lot of videos. We want our condos to be safe in the state of Florida, but we also want to make sure that any safety measures are implemented in ways that are reasonable and affordable to the residents. We don't want to see people forced out of a unit because they have a crushing assessment. If they were planning to sell, well, they just didn't do an assessment. They waited until they were gone. And then it was left for the next person to deal with the assessments. And people have been coming down with $100,000, $200,000, $300,000 assessments, $50,000 assessments. And your HOA dues, your condo dues have been going up 50, 60%. Now, what is this telling me about the market here in the state of Florida? 30% of the people living in my building have lived there since the inception of the building, since the 70s. So they're literally looking at their entire life, where their kids grew up, where they raised their families, and they're struggling. With a special assessment, which is average $50,000 per unit. The legislature has said, we're not going to deal with this. We're going to wait until next session. So what does that say? Yeah, in a memo last month, Senate President Kathleen Pasadena said she had no intent to call a special session on this issue and said she wants to wait until next legislative session. DeSantis comes out and says, okay, we might have a problem here. Maybe this law was too toothy. Everybody with a fixed income, retirees in their condos, they've been there for a long time, are probably going to get forced out. Hey, state legislature, you need to do something. They said, you know what? We're not coming back in off vacation. That's not our problem. We live in a nice little gated community away from all this. It's not our problem. If you own condos, you live in a condo, you need to take a good look at these legislatures and vote them out. If every legislature is not standing up right now and screaming, get to Tallahassee, we got to fix this, that maybe 100,000 people could be homeless because of this yarn ball we pulled the string on that unraveled on us because we didn't know what we were talking about, that maybe we didn't talk to the right real estate people and said, whoa, whoa, whoa, whoa, red flag. If you do this, here's what's going to happen. This is what always happens with things like real estate, with big things. Legislatures, politicians don't know what they're talking about. Most have never been in real estate. They've never done anything to do with, like, let's say foreign policy. And then they come in and they make some good idea theories. And it always comes back to haunt us, the civilian, the person that is just the everyday guy trying to go to work, pay your bills, pay your taxes, and just live. No, no, no, no, no, no. That's not how that works. They listen to the guys that give them money for their campaigns. And that's who they legislate for. If you've been paying attention a lot, a lot of these big real estate companies have been easing their way into the super majority on these condo boards, especially the ones that are going to have large assessments, the ones that have got a lot of problems and they're in prime locations. This is one of the greatest real estate grabs of all times. Let me explain. I've explained this in every video. Here's what they do. Like, oh, that piece of property right there is big enough for a 50-story building, okay? It's worth way more than the building's worth. Let's get into that board. Let's get a hold of those board members. And let's say, hmm, I need 80% super majority. Let's buy a handful of units. Let's get on the board. Let's get them to up the assessments. Assessments really should be about 20,000. Let's do 75 or 80. We know that most people in there are on fixed income. That's what our recon tells us. We can up the price. We'll double the HOA. They're not going to stay around. They'll sell it to me. We get a super majority. We vote the condo into another ownership. Sell it off to one of our sister companies. And we just made, hmm, lots of money. They demolished the building. They build a 50-story. The city gets more property tax. And the real estate company makes a ton of money. Does that sound viable? It is totally viable. You got to understand that all this has a bigger picture to it. It is about revenue going up. Even the sheriff's for it because he gets paid out of property tax for the most part. Everybody on that beach wants more people on the beach. It is like fighting an uphill battle because when you're, I'm not a lawyer. It's the real estate agent here on the Gulf Coast. When you go up against these machines, they got lawyers and you as just a blue collar worker doesn't. You go to fight them, it'll take years. Your property, for the most part, will be gone before you can fight them. And they know that. They're going to keep media off the property because they'll just make that rule. They've already done it in the videos I've already shown. They keep the media far away. So you're speaking at a distance trying to help these people. And I feel like I've made enough noise. My peer, other peer YouTubers have made enough noise about this that the governor came to the table and said, hey, I'm going to direct the state legislature to do something about this. But it fell on deaf ears because the state legislature said they're not going to do it until next session. So let's roll this down. Assessments are due by December. And a couple months away. Large assessments. Most people aren't that liquid. Most people can't just liquidate their 401k, their IRA or whatever and just give you this money. They'll force foreclosure before the legislature ever comes back. By the time the legislature gets done with all their little pork fat in their bill, all their little side jobs and side announcements, six months, seven months will have passed. And most of these people will be getting foreclosed on or will sell their unit. Now let's talk about selling your unit. Not a lawyer. But here's how this will probably play out. Every building that's over 30 years old or within that grid square, an older building, you're going to be looking at, what is my condo worth? Okay. Well, if everybody's suing the condo association, no underwriter is going to give you a loan. That's just my opinion. You're going to be looking at cash. And if everybody's running for the door, which they are, because look how many condos are coming on the market in South Florida, North Florida, anywhere along the coast, because a large percentage of these buildings are over 30 years old or over 25 years old. You got to be saying, what does this thing worth? If you look at what sells a property, price, condition, and how many are on the market. If there's a ton on the market and you say that condo's worth 500,000, try 375, 400, because who's got cash? That's the next thing you got to wonder if they're not going to loan on these things. And wait until the insurance company starts twisting that in really good. Because this is an insurance problem. The state of Florida never fixed their insurance problem. Spilled over into these condos. These large buildings that now are coming up with these studies, being forced to get these studies. And they're coming back saying there's things wrong with them. We're going to be like, these insurance products are going to be astronomical. Okay. And when you got an insurance problem, you got a price problem, you got a bunch of them on the market. They're all old. The building is just, the municipalities don't want it anyway. So you think anybody's going to go and buy that thing? No. Like I hate to be the bearer of bad news. I'm the only one shouting. There's a few other YouTubers out there shouting this message because most of the agents you're talking to want to sell those condos. Okay. And I talked about in my other video, if you're going to buy one, here's how to do it. Go check that video out. There are ways. You got to make sure everything is up front, has been assessed. You know, all the variables in it before you even go. All the documents are there. But the problem is, in many of these condo associations, they have no financials. They've been running out of deficit. They haven't been assessed in years. The board members have no idea what's going on. You can't trust the new board, the one that third party board of professionals that they say is going to run it instead of normal people, because they might be on the payment plan for one of these big real estate holding companies to assess you and force you out. You can't trust anybody at this moment. And that's what's scary. That's what's really making me mad about this, is if you have a grandma or mom or a dad or you or your uncle are in one of these condos, you inherited it. And all of a sudden you're staring at this, what are we doing situation? It is very frustrating. Could we be looking at the end of the condo association experiment? Okay. This idea of the community running itself. Well, you have corruption in every bunch of people. Just go to an HOA board member meeting or HOA meeting or a neighborhood watch meeting and watch the politics. And you can't tell me that somebody is not in cahoots with the rest of them to do an end result. Okay. There are some people out there that want their condos bought out by a larger conglomerate. Some know that they can't sell it right now. And they've got this offer on the table and they know work's coming. They know whatever's coming. They're just going to get rid of it. These board members knew there were assessments coming. They knew things were coming before the owners knew. And that needs to be investigated. You're going to find out five, 10 years from now that there was embezzlement going on. There was blackmail, fraud, all types of financial crimes going on by some of these things. And without litigation going on, you'll never find out. Most of these companies get bought, sold, deleted, liquidated. Over the years. And following the paper trail is almost impossible in my opinion. You know, one thing about buying a piece of property is you know when you pay it off that maybe you can have a fixed cost for the rest of your life. That's the idea of paying for real estate. Paid for real estate. When you have a condo association, an HOA association, they can assess you at any time for anything. And let's say you do get done with this $100,000 assessment. Next year, there could be another one. The next year, there could be another one. Oh, we need a new elevator. Oh, the tennis courts need repainting. Oh, this needs that. Oh, it needs that. You'll forever see the pot of water getting hotter and hotter around you. This is like this idea of condo associations might be proving itself before our eyes to not be a real thing that needs to be done. We're just seeing this before our eyes. We're seeing things not being taken care of. We're seeing bait and switches. We're seeing fraud. We're seeing embezzlement. There's so many cases out there, as I've been doing this research, of HOAs and condo association members being arrested for financial crimes. It's happened over and over and over again. And you got to really ask yourself, do you own your condo or does the condo association own it? Because they can just do just about anything they want to. They get enough votes. Ask these questions. Now, comment down below. Am I right? Am I wrong? Am I making good points? So everybody can learn from each other. There are a lot of people out there asking questions, trying to learn, because they're in this situation. What do you think is going to happen? Do you think politicians are going to save you or are you on your own? I think you're on your own, on your own. I don't think that they're going to have a good idea that's going to save you. Now, if they drag the, in my opinion, if they drug out the time period on the non-necessities for the assessment, as in, if it's not going to make that building collapse, we can draw it out for a couple of years to assess, to figure it out. Now, they came out and said yesterday that they're talking about giving loans to the condo associations for the amount up front and then it'll be a no interest loan. Now that sounds like right for embezzlement. Two, how many people do you think fudged on those federal loans for the COF COF, okay? The EIDL, the PPP, all that type of loan. You're going to see these associations run up the cost of repairs. They're going to get the money and then they're going to drag it out for years and odds are there's going to be a lot of rounded zeros in that, in those loan numbers, just my opinion. Got to be very careful on how that money is given to the association or to the condo owners themselves. That is ripe for problems. I don't even know who's going to go through the man hours to implement this money. Okay, most of these condo association board members don't get paid. If it's a third party, well, you're going to see a lot of problems with that too. It's almost like the machine's too big and they can't let it fail right now and it's ripe for a bailout. You might see federal and state grants just coming out and wiping the board with it. Now, the regular taxpayer, the regular single family homeowner is going to pay for it through their taxes. There's no way that grants and cheap money gets put onto the market without everybody paying for it. If anything, just keeping the prices up or making the prices go up on condos, you're paying for it. It's free money floating around and it just makes inflation. What we're seeing is regulation versus feasibility. Government tried to regulate something that wasn't really feasible. It's going to take a long time for real estate to fix itself. And some of these buildings are just at their term date and they need to be crushed. But because concrete only lasts so long, fixtures, plumbing, everything electrical only lasts so long, it's not modern. The problem is that banks are still loaning on these things. And until they stop loaning and they come out and say, hey, if your condo is 30 years old, cash only, we're not doing loans on it. And then the insurance company says, hey, building's over this old, we're not loaning on too much, they might collapse. And when that starts happening, the condo, the old condo, idea of the condo might be over because it's just too big to regulate properly if that makes any sense. Lives are in the process of being stolen and it's just happening. The cost of repairs are really more than the buildings are worth in some of these situations. But that's all I really got for this video. These are my opinions. Go watch my other videos that I've basically led up to this point in detail. Can't put everything on this short video. Don't forget to like and subscribe. Comment down below. Let's get some discourse. Let's get some yelling and screaming back and forth because maybe the answer comes out in that. And go call your legislator, your congressman, and tell him to get his butt back to the capital and fix this before it's a major problem that hundreds of thousands of people are homeless or in bankruptcy. And then the bankruptcy court gets piled up and then it gets overfilled and it's got a problem. It's a snowball effect. The contractors, and the entire economy that surrounds everything to do with these condos is in trouble. It's on the brink. And when it goes down, it is going to drag the rest of the economy with it. Single family houses too. Don't forget to like and subscribe. I'll see you guys on the next video. If you are looking to buy or sell real estate on the Gulf Coast of Florida, I will do my best to help you. Just email down below. And if I can't, I'll find somebody that will. And if you are trying to buy or sell a condo, let me know. I will figure that one out too. See you guys later.