People can't afford the repairs. Many are being forced out of their condos.
The governor is to have a meeting Jan 27 to discuss if anything can be done.
They can't kick the repair can down the road. Grandpa can't afford the repair bill.
- VitaMan
- Today, 03:01 AM
- Unique_Carpenter
- Today, 06:46 AM
Btw, this is not just Florida, although the Florida laws from a few years ago are what bring this topic into the news.
For any condo assoc the "reserve" for repairs part of monthly dues is frequently intentionally ignored. I still have clients that ask me from time to time what I thought of them buying a condo, and numerous have walked away from a buy when condo assoc annual reports show no or inadequate reserves.
And this in Kansas, Missouri, Calif. New Jersey, New York, Texas, Illinois.
Frankly, any situation where there is not a decent reserve (like the Florida laws now call for) is simply a pyramid scheme where the early owners bail out. It's like selling a car with hidden known defects.
BTW, ALWAYS ASK for the Condo's Reserve study.
My old outfit is now seeing that Mortgage Lenders will not finance a buy unless the reserve study is also included in the mortgage application.
For any condo assoc the "reserve" for repairs part of monthly dues is frequently intentionally ignored. I still have clients that ask me from time to time what I thought of them buying a condo, and numerous have walked away from a buy when condo assoc annual reports show no or inadequate reserves.
And this in Kansas, Missouri, Calif. New Jersey, New York, Texas, Illinois.
Frankly, any situation where there is not a decent reserve (like the Florida laws now call for) is simply a pyramid scheme where the early owners bail out. It's like selling a car with hidden known defects.
BTW, ALWAYS ASK for the Condo's Reserve study.
My old outfit is now seeing that Mortgage Lenders will not finance a buy unless the reserve study is also included in the mortgage application.
- VitaMan
- Today, 11:12 AM
Condo owners don't want to pay in advance for something that may not be needed. Just like telemarketers wanting to sell you a vacation spot in the future. A very tough sell. Condo owners just want to pay for what they have to.
- VitaMan
- Today, 12:16 PM
Regarding the governor meeting Jan 27, how can they change or backtrack now ? It would just be kicking the can down the road.....again.
Regarding condo reserve studies, there was one done on the condo I live in a few years ago. Recommended reserves for possible future repairs were something like 40% of the value of the building. Actual reserves were 2 %. A special assessment was floated, resulting in an uproar from condo owners. In the end nothing was done.
Regarding condo reserve studies, there was one done on the condo I live in a few years ago. Recommended reserves for possible future repairs were something like 40% of the value of the building. Actual reserves were 2 %. A special assessment was floated, resulting in an uproar from condo owners. In the end nothing was done.
- Unique_Carpenter
- Today, 01:15 PM
VM,
It's quite simple. All bldgs need a new roof every 20 +/- years.
The biggest issue is that condo boards skimp on normal maintenance and then that becomes deferred maint at a much higher expense.
Exterior painting/staining, window sealing, for example. 1/5th should be done every year out of normal maint budget, but no....
Parking lot sealing is a 5 year item also.
For your place, seriously keep an eye on the maintenance budget and consider selling before the next special assessment gets proposed. Sooner or later that assessment will have to be enacted so get out of the pyramid scheme there while you can.
It's quite simple. All bldgs need a new roof every 20 +/- years.
The biggest issue is that condo boards skimp on normal maintenance and then that becomes deferred maint at a much higher expense.
Exterior painting/staining, window sealing, for example. 1/5th should be done every year out of normal maint budget, but no....
Parking lot sealing is a 5 year item also.
For your place, seriously keep an eye on the maintenance budget and consider selling before the next special assessment gets proposed. Sooner or later that assessment will have to be enacted so get out of the pyramid scheme there while you can.
- VitaMan
- Today, 01:27 PM
It's not simple. You left out the money in your discussion.
Buildings need to be repaired. And condo owners don't want to pay for possible repairs in advance.
If you have not seen an uproar by condo owners when asked for extra money, you have not seen anything.
In many cases, the board gets voted out immediately.
Now Florida with their new laws, has demanded the condo owners pay. They can't.
Very similar to an unfunded government mandate. Good intentions that don't work.
The ones that work the best are to get out of town visitors pay for your sports stadium.s
Let's see what come out of the Jan 27 governor review. I am renting, not an owner.
Buildings need to be repaired. And condo owners don't want to pay for possible repairs in advance.
If you have not seen an uproar by condo owners when asked for extra money, you have not seen anything.
In many cases, the board gets voted out immediately.
Now Florida with their new laws, has demanded the condo owners pay. They can't.
Very similar to an unfunded government mandate. Good intentions that don't work.
The ones that work the best are to get out of town visitors pay for your sports stadium.s
Let's see what come out of the Jan 27 governor review. I am renting, not an owner.
- Salty Again
- Today, 01:40 PM
... Not to be a wet blanket to yer good discussion, mates
- but WHAT in the blue-eyed world does THIS have to do with politics??
#### Salty
- but WHAT in the blue-eyed world does THIS have to do with politics??
#### Salty
- VitaMan
- Today, 01:43 PM
The governor of FL is holding a meeting Jan 27, to discuss this and existing FL laws.
That is state politics and policy. Does everything here have to be about Washington DC and federal politics ?
That is state politics and policy. Does everything here have to be about Washington DC and federal politics ?
- Salty Again
- Today, 01:56 PM
... Not as I understand things - prolly CAN discuss state issues.
Thanks for the explanation.
#### Salty
Thanks for the explanation.
#### Salty
- VitaMan
- Today, 02:04 PM
The Political Forum Discuss anything related to politics in this forum. World politics, US Politics, State and Local.
CA gets a lot of posts
CA gets a lot of posts
- Unique_Carpenter
- Today, 02:32 PM
Condo R&M is currently a very hot current Florida political item
VM, I have seen it.
My old outfit used to collect the repair bids and put together the "Reserve Studies". Yes owners get excited. Yes they frequently vote no. And then two years later they ask why the numbers changed. Yes board members get replaced. And then the new board members also get replaced at end of their terms cause they realize the issue is not going away and also propose an assessment. I have seen numerous ex-board members decide to sell due to this.
Btw, what Florida ha put into law is actually still a bit insufficient for funding. They should have also included requirements related to normal maint not being deferred.
VM, I have seen it.
My old outfit used to collect the repair bids and put together the "Reserve Studies". Yes owners get excited. Yes they frequently vote no. And then two years later they ask why the numbers changed. Yes board members get replaced. And then the new board members also get replaced at end of their terms cause they realize the issue is not going away and also propose an assessment. I have seen numerous ex-board members decide to sell due to this.
Btw, what Florida ha put into law is actually still a bit insufficient for funding. They should have also included requirements related to normal maint not being deferred.