CAN FLORIDA CONDO OWNERS SURVIVE THESE CHANGES?

[marindependent]

Solid Video to show your FL Condo Clients or scare them away from a Florida Condo purchase:
from Palm Beaches Paul



and the best part is its not from the media nor an insurance related company.

 

[adjusterjack]

A financial tsunami of epic proportions.

Hype much?

Not media, not insurance related company.

Worse - a realtor. "Don't buy a condo, call me and I'll sell you something else."

I don't trust realtors.

And I sure don't trust anybody who pronounces insurance with the emphasis on the first syllable.

 

[marindependent]

Hype much?

Over Exageration - Sure.

I don't trust realtors.

I don't always either - but sometimes I do.

And I sure don't trust anybody who pronounces insurance with the emphasis on the first syllable.

Yah - but do you have any opinions about the insurance elements involved here?

Do you think that there is not an Condo Insurance Problem in Florida?

 

[MIGA1626]

I started as a Realtor fresh out of college. Sheer HELL! I hated that job.... and I drank a lot... it was depressing.... INSURANCE SAVED MY LIFE

 

[AZDave]

The Surfide collapse started the snowball, then add a handful of giant storm losses, sprinkle it with the ongoing litigation allowed with all property claims and what do we have?

A mess.

With the extreme cost and difficulty to obtain, many of these condo unit and small sinigle family owners are going to decide to self insure. The next big storm is going to be the one that really busts the real estate values, IMO. People will just walk away.

 

[Lloyds of Lubbock]

I owned a condo near surfside... I heard the collapse.
My condo was a 2 story townhouse basically made out of cement.
My association dues were minimal just to cover basic maintanence.
In a condo meeting I suggested we put some money away for a rainy day.
I thought I was going to be shot.
Now they just had a 2k assessment and were told next years dues would double, just to cover insurance.
Then they will have to raise dues again to meet the new guidelines on reserves.
This will push dues close to $1,000 per month.
Selling will be next to impossible, It is a very nice property but new buyers carring a mortgage plus dues will not be attractive

 

[Juannywags]

The next big storm is going to be the one that really busts the real estate values

We are going to have the same problem with Condo's in the Midwest if another Derecho or Golf Ball sized hail (see my avatar) event occurs in the next few years

 

[Al3x Lee]

Meanwhile in Oregon, we're opening magic mushroom facilitation centers.