The Florida CONDO FIRE-SALE IS HERE! INVENTORY EXPLODES!

People are starting to have major problems with old condos that haven't been maintained properly to the point where they are just listed them for sale and hoping to get out from under them before the whole building sinks into the financial abyss. But there might be some light at the end of the tunnel. This condo crisis may actually make buildings that are in good financial standing increase in value while buildings that haven't been maintained properly fall in value.

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Articles Mentioned in the Video

#realestate #housingmarket #homeprices #housingmarketcrash

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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.

[AnnaOllsson]

Purchasing a condo is already a very difficult thing to do, unless you pay cash or don’t get a loan from the government. If only my minimum monthly house payment, over the course of 30 years I’ll pay more than double what my home is worth. I purchased before things got crazy so I got a good interest rate. I couldn’t imagine trying to rent or buy right now..

[nicolasbenson]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[Cooper]

3000 thousand dollars a month for HOA!!! Even if they gave you breakfast lunch and dinner with house cleaning service, that is WAY too much

[jukejointjordan]

I talked to a guy at a Garage sale this weekend who was selling his fishing equiptment. He told me he was living with his sick parents who died last year and the home that they had biught in 1972 is now in his name and his Taxes are 18k a year and his Insurance is 6k PER QUARTER, thats over 40k a year in Taxes and insurance, needless to see he is selling the house and leaving Florida

[iceblulady]

We would never buy a condo, it's just a over priced apartment plus the fees/HOA's. No thank you

[imanqoly]

Owning 3 grands/month HOA house is like you rented your own house from yourself.

[Gt_]

We got rid of ours a few months ago. HOA was 800 and going up. Ridiculous

[timr]

Florida is just way too hot and humid.. and in the winter when it's tolerable... There's just way too many people there....😮

[keytothegate]

It's not about repairing the buildings it is about extorting the equity from the owners

[karengrice]

Given the high condo fees, it will be difficult to sell them to anyone else. 😊

[zeusgsxr]

Sounds like condos will have the same appeal of timeshares. 😢

[ThePerfectSeason]

those prices are criminal . I cannot believe how much they are asking and the HOA fees are outrageous and we haven't even talked about property taxes and insurance. Homeowners are being wrongfully displaced. How is this legal ?

[Juliet]

A friend of mine lives in a newer condo and the HOA fees have almost tripled. Even newer condos get assessments. Needless to say they want out. Thanks Michael and Happy Wednesday!

[pavman]

I will never buy a property with a HOA. Ever. They have way too much power over your property rights. Anyone paying $3k+ a month for a HOA is an idiot.

[shellylofgren]

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

[johnbruenn]

I don’t care how much money you make. What kind of FOOL pays $3K per month HOA fees? How the hell does that even make sense?

[chipprovost]

Condos and fast food industry facing some serious challenges.

[inquirer]

Never ever buy a condo. Nothing but a money pit. HOA fees are killers. Then comes those Special Assessment to make you poorer.

[josephtrudel]

Just one word about buying firesale condos... DON'T

[Jeffrey-sg]

I'm in the Midwest, and even here is ticking upwards. We have an affordability crisis across America!

I'd also like to remind everyone remember the reason for Memorial Day. Also, thank you to all our service men and women who made the ultimate sacrifice for us and our country. 🫡 🇺🇸 ❤