CAN FLORIDA CONDO OWNERS SURVIVE THESE CHANGES?

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
 
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.
 
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
 

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