Sunday, July 21, 2024

COCNDO CONUNDRUM........

 

The days of  condos are numbered .....they used to be a   nice way to live .no grass to cut......nice pool ......but the  cost of living !!!!!!....thanks.....biden!!!!!! and  china  you bastards ......But  since the  demise of the  champlain towers .......which was   fucking stupid as  fuck!!!!!! .....i mean really ......stop and think about it ......the whole building was in  shit  repair .......  ....and  no one  wanted  to  fix it .......or pay the  bill .....which inevitably lead  to  death ad  destruction ...........cracks and  shit  ..... ...parking lot  flooded  .......as they say penny wise ....piound foolish ...... and when you are near the  ocean .......that salt water  ...is the beast of beasts!!!!!.......listen........ i  looked after   a  condo on lake worth  beach Florida... ...and it was nothing  but  rot  and  shit  ......eating at everything  .......even the  residents  cars  were  always  getting  eaten up .......

I personally lived in a  condo for a  while  ....and they are okay  ........but there  are  restriction ....this that and  th other  ......and nosey neighbors  ......i had my time  .......and to be honest ....you never  ever  really  own your  condo like i  have said .....i was  glad  i left  mine  .....and worst of  all now   is the co-ops  in condos   those  are getting   way way  too expensive  ...what with  the  weather ....... and   now ........ the   champlain  bollocks  ....which......... i personally think........ they are .......  abusing  ....but   people are being assessed  now .......  for  upgrades .......... and  damage   they are finding ..........seems to me  like  it is   a  scam ....but then i  think  condos are  a  fucking bad idea/scam.....  .........people stacked on top of one another ....like a human rat cage .......yes you have  gyms/meeting rooms/computer rooms/laundries/craft rooms/many pools    all sorts of  amenities .......but that shit is not  free .......it   has  to be paid  for  and the maintenance .......  people  too ........and  all sorts of   stuff  insurance  ......etc .......etc ......

But!!!!!!....if money is no  object  ...then you are  in good  shape .......if you can afford all the  bills and  stuff and  HOA's.....then  good   luck  and  enjoy .......but i  have been  hearing horror stories of people   in    deep shit ....... because of   assessments......unlike a house ....... a condo .......  you   own the space inside......  and  are restricted  you  cannot  do a lot of  things..... you could do with a house  .......and of course ...... you  just live  in a concrete box .......like the other20/30/50/10/200....or how many live in the condo ........yes you can paint  ...furnish/spend as  much as your  jolly  fucking heart desires  .....but at the  end of the  day  ....you are paying to live in a   concrete  square  ...that is  the  fact ........beside another  bunch of  fuckers ......less than some acres ......i loved my condo .....but then the  time came  to move on ......so glad i took my money and  ran .........

They keep building these  fucking eyesores...... and  swallowing up beautiful communities  ....but  this  will never  end ...... as  people  want to  live in  places  they do not  care  as  long as  they  can  buy  something .....as long as there is  demand ...there w ill be  suppliers .......just like  drugs  .....

In china   there are  60 million empty (give or take a  few hundred/thousand ....... )......  condos in cities  no one   lives in  ...and they are having to  demolish them  !!!!!!....it on the  internet.. ......not  made  up.........but  who the  fuck wants  to live in china ........not me ......

Another sign of trouble? South Florida condo sales drop by double-digits, report shows

It seems like the perfect storm right now for South Florida’s high-rise market.

Condo deals in Miami-Dade and Broward counties fell double digits in June, according to the latest real estate report — just as condo owners become increasingly strapped by rising homeowners association fees aimed at meeting new legal requirements to maintain larger maintenance reserves after the Surfside condo collapse.

The number of annual condo sales fell by 26.8% in June 2024 in Miami-Dade, to 865 deals from 1,181 deals in June 2023, according to the latest breakdown of Florida new signed contracts compiled by the Elliman Report.

Buyers also are facing a more challenging landscape, as interest rates have held steady — despite expectations that they would fall early this year — and insurance costs have skyrocketed, according to real estate experts.

TELL US: Homeowners association fees keep rising. How are South Florida condo owners managing?

The picture was no better in Broward, which saw 412 sales, down 31.7 percent from 603 sales in June 2023.

“The big reason was in January, February, March there was expectation that the Fed was going to cut rates and maybe cut them three times or more,” said Jonathan Miller, president and CEO of the Miller Samuel real estate consultancy firm and author of the Elliman Report. “The promise of lower rates didn’t happen. That caused some people to pause.”

Sales fell annually across all price points in Miami-Dade, including those priced below $200,000 and those priced over $5 million. The same downfall happened in Broward, except for condos priced over $3 million.

Rising HOA and insurance costs have many buyers on the sidelines, said Ilene McMenamin, a real estate agent with the Oakland Park-based real estate brokerage and property management firm McElliot Properties.

“People are afraid to buy a condo,” McMenamin said. “What’s the advantage of it? The equity isn’t there. The maintenance fees are high.”

Homeowners association fees, or HOA fees, have skyrocketed since the collapse of Champlain Towers South in Surfside in 2021. The collapse of the 12-story beachfront condominium killed 98 people.

After facing scrutiny for policies allowing condo associations to forgo reserves and delay repairs, Florida lawmakers banned condo associations from waiving financial reserves. Condominiums also are required to conduct “structural integrity reserve studies” by January 2025 to understand how much funding is needed for structural repairs.

If the annual decline in condo sales continues, prices are soon expected to follow given climbing inventory and rising costs that come with owning a condo, said Mike Pappas, CEO and president of The Keyes Company.

At the moment, Miami-Dade has 8.6 months of inventory and Broward has 7.6 months of inventory, according to the latest Miami Association of Realtors monthly home sales report.

A balanced market consists of six to nine months of inventory with anything under benefiting sellers and anything over benefiting buyers.

Condo conditions are expected to sour not brighten for sellers with a rebound happening in one to two years, Pappas said.

“You have a tale of two condominium markets. You have the luxury beachfront, Brickell, Miami Beach, Aventura — all of the coastline sales those are still fueled by South Americans and (buyers from) the Northeast. You also have some wealthy locals,” he said.

“As you go west, you have a more suburban market, low rise Kendall and those are Miami-Dade County residents — the first entry for first-time buyers. Once you get that financing and reserves put into place and get the financing tour, that may open up more sales. “

No comments:

ANOTHER NEWSLETTER ...........

  Once again todd  thank you todd!!!!!.....for your   contribution  letter  .........nice and  clean   ......keep em!!!!!  coming   ....... ...