Florida Condo Catastrophe Is In Complete Freefall! Condo Owners Want Out.

The Florida older condo market (3 stories and higher) is in a freefall and crashing. A lot of it has to do with the mandates posed by the Surfside Bill which was passed in 2021. In this video we will discuss recent stats, how the condo collapse came to be, and how you can best navigate the Florida housing market in general.

➡️GET IN CONTACT WITH KATRIN:
Areas served: Sarasota, Lakewood Ranch, Bradenton, Venice

➡️GET YOUR FREE SARASOTA GUIDE:

➡️CHECK OUT ALL MY LINKS IN ONE AREA:

➡️SAY HI ON SOCIAL:

➡️AMAZON PRODUCTS I RECOMMEND AND USE (no extra charge for you):

00:00 Intro
00:45 Condo Stats
01:28 Surfside Bill
03:20 3-Stories & Up Crisis
04:57 Senate Bill 4-D Requirement Details
06:20 SB-154 Bill Requirements
07:00 Current 3-Stories & Up Condo Situation
08:56 Opportunities In This Market
11:08 Single-Family Homes Market
12:08 Final Thoughts
----------------------------------
🔴DISCLAIMER: All content provided on this YouTube channel and via this channel (including documents and sheets) are for educational and entertainment purposes. The owner of this channel, Anne Katrin Pfitzenreiter, PLLC (Katrin), makes no representations as to the accuracy of any information on this site or in the documents. The information on this channel does not substitute consultations with local real estate agents, mortgage brokers, insurance brokers, financial advisors, and lawyers. The information provided is subject to change, as they so often do in this fast-paced world. The use of the internet and digital methods for communications with Katrin such as e-mails and sharing of the documents/sheets described in this video does not establish a formal business relationship. Katrin or any of the channel guests will not be liable for any mistakes in this information. Katrin or any channel guests will not be liable for any injuries or damage from the display or use of this information.

Links included in this description may be affiliate links. If you purchase a recommended product/service with the links I may receive a small commission. There is absolutely no extra charge to you!

Thank you so much for supporting my channel which motivates me to provide you with free content each week! Don't forget to subscribe to this channel :). See you in my next video.

[KJRitch]

Every time I think a condo is a good idea the HOA fees bring me back to reality.

[lucreciadiaz]

I'm so glad i sold my condo in 2019 and bought a house. The last condo meeting I went to almost killed me

[Bronx_Yankee]

I saw the handwriting on the wall, I sold my condo in 44 days in May 2022 and moved away from the water to central Florida. No HOA, no flood insurance, no rotational guest parking…1/4 acre 3/2 for half the price of the condo

[zoxgbxl]

Deferred maintenance in a salty environment only leads to one place. And, you have arrived at that place.

[Sam-M]

I’m grateful I left Florida a decade ago. I’ve never looked back. Outrageous home owners insurance, property taxes, auto insurance etc etc.

[CubanForChrist]

I am so blessed to have gotten out of Florida when I did, Feb 2022. Sold my house in 8 days, cash deal, exact amount I asked for. Moved to Tennessee. 50 years in Florida was enough for this Native.

[WvvwvvwwVvwwvwv]

Yesss! I am so glad I got rid of my Miami Beach Condo when everyone was overpaying left and right.

[GeeGee]

When i moved to south Florida in 2008 they were giving away condos at rock bottom prices they were also giving away houses also at fire foreclosure sales. Thank God i decided to buy a house that 3x in value since i brought it. When the say real estate is a good investment they dont mean Florida condos.

[John-vfqe]

After the Surfside tragedy, the state passed some strict mandates requiring condos to meet stricter safety standards, like mandatory inspections and structural repairs for older buildings. A lot of owners are now facing massive bills they can’t afford, and it's pushing them to sell, flooding the market with supply

[brianmatthews]

Another thing in free fall. Cars, houses, RV's, boats yet nobody can afford them. The trick is to figure out how far the free fall is. Condo's have always been poorly built anyway. I've worked on a lot of them.

[RBAILEY]

I'm originally from FL, and spent my first 13 years there, in the 1960's.
When I retired in 2020, my wife and I considered moving there from our home in Virginia.
We go there every couple of years, and we're so glad now that we didn't move.

[gavinhenry]

So glad I sold my Waterfront condo properties this and last year before all these problems took hold. The condo HOA went up by 70% and the taxes were killing my profit as an investor

[Khanfuzed]

Title correction:

Old, Deferred Maintenanced, No Reserve Condos Are “still” above their value from a couple years ago

[Troll]

Can’t imagine moving there with the HOA and insurance alone. The price of insurance is enough to almost buy a new place away from the coast. I’m spoiled living in Portugal with being able to walk to the beach in ten minutes and my yearly insurance is just a few hundred bucks a year.

[LogoTimeClark]

The major problems: Property Taxes, Property Insurance, and Adequate Replacement Reserve. As a member of our cooperative's finance committee, you learn that you can't scringe on maintenance. Elevators, Sprinkler Sysytems, Safety Systems, and HVAC systems are costly, but required to be insured.

[glizbpr]

Classic example of the "Greater Fool" syndrome. At some point in time - you run out of "Greater Fools" with money.

[lorraineperron]

You can't be succesfull because the cost of owning a condo has tripled so it's not price but condo fees at many hundreds of dollars.Insurance costs/taxes/repairs another one to two thousand a month. Florida is over.We were priced out of our condo last year sold it just in time. Europe is the place to be for half the cost (Italia).

[brianponcelet]

I think the biggest reason is the ever increasing property and casualty insurance rates going up. The market is backed by reinsurance companies which are limiting their liability in Florida. This means 10-15% increases at least every year for as far as the eye can see. Essentially doubling of costs every 4-6 years.

[ScreenProductions]

This is all calculated. Blackrock, State Street, Vanguard, and Blackstone all waiting to swoop in and increase their real estate holdings at drastically reduced valuations.

[mrright]

If you work on a salary and live in a condo you are on a fixed income. Its not just retirees. The gravy train for FL condos is over.