Tampa Bay couple in 'awful situation,' forced to sell as condo converted to rental (Miami: for sale, apartments)

[BucFan]

Another case of corporation snagging a condo/apartment conversion for fraction of what the owners paid. Owner didn't have homestead exemption.


Tampa Bay couple in 'awful situation,' forced to sell as condo converted to rental | Tampa Bay Times

[kmarc]

Originally Posted by BucFan

Another case of corporation snagging a condo/apartment conversion for fraction of what the owners paid. Owner didn't have homestead exemption.


Tampa Bay couple in 'awful situation,' forced to sell as condo converted to rental | Tampa Bay Times

Well, that's the end of the condo market in Florida. Unless people pay cash. I don't think lenders would lend under these circumstances, although after all the crazy stuff that's happened since the first bubble, who knows?

Remember when renters were being tossed out of apartments at the height of the first bubble, so that condo conversions could take place? Looks like that trend has reversed. It also demonstrates a bit of a trend in the rental market. Although, as illustrated by another thread in this forum, it's all "luxury" apartments, with pools and playgrounds and exercise rooms and running trails and all that stuff. Not exactly "workforce" housing.

[chaseo1]

In my area since 2010, there has been ZERO new houses built but at least 5 or 6 phases of apartment buildings. The new norm it seems.

[vaughanwilliams]

This is a good example of being careful whom you vote for. It's criminal (except it's legal) what's happening to that family.

[upgrader]

Originally Posted by kmarc

I don't think lenders would lend under these circumstances, although after all the crazy stuff that's happened since the first bubble, who knows?

The Florida lenders losing out? Cool! I think there is nothing more corrupt than the Florida Condo/HOA rules that make mortgages superior to Association fees. Face it, your association, whether a condo or HOA is another level of government. A volunteer government (that's a whole nother problem). I think the lenders have been laughing their butts off at them.

If you are prudent, you will treat a Florida condo or HOA property like a used car. Buyer beware.

One organization is devoted to this topic (and no, I am not involved with them).

CYBER CITIZENS FOR JUSTICE, INC.

[PhotoProIP]

Originally Posted by chaseo1

In my area since 2010, there has been ZERO new houses built but at least 5 or 6 phases of apartment buildings. The new norm it seems.

Wages are making it impossible for a lot of people to buy homes, since the cost of owning a home is not just the "purchase price". Maintenance is expensive.


This sucks royally; I would sue them if I was in that situation. These corporations are really out of control.

[PhotoProIP]

Originally Posted by upgrader

The Florida lenders losing out? Cool! I think there is nothing more corrupt than the Florida Condo/HOA rules that make mortgages superior to Association fees. Face it, your association, whether a condo or HOA is another level of government. A volunteer government (that's a whole nother problem). I think the lenders have been laughing their butts off at them.

If you are prudent, you will treat a Florida condo or HOA property like a used car. Buyer beware.

One organization is devoted to this topic (and no, I am not involved with them).

CYBER CITIZENS FOR JUSTICE, INC.

That is true; basically, the city, county, state have NO POWER over HOAs. FYI if you didn't know it already. Something really fishy to know that these HOAs are completely immune to laws. If you sue them, you have to have a lot of money and a really good attorney to win; most don't win.

I don't understand why people buy in these communities and don't boycott them. I'm saying that because those who live in HOAs are not low lives who wouldn't maintain their homes. Think about it. We didn't have an HOA in Miami and our neighborhood was gorgeous. (Coral Gables).

[mrviking]

Originally Posted by vaughanwilliams

This is a good example of being careful whom you vote for. It's criminal (except it's legal) what's happening to that family.

The way I read the story, This was an old law put in 2007 before Gov Scott was in office. He signed a law this past july to help people that the law was hurting. The bill almost went down but was able to be passed with the amendment of the homesteading. People will always get hurt when bad things happen. Even without this law in 2007 people were getting hurt with all the empty condos abandoned dropping property values for the ones still left. Anytime a law or new regulation is passed there will be winners and losers.

[SandyJet]

I doubt it is wages. Perhaps laziness. Someone in my condo complex had an estate sale where kids were out of state and owner wanted it gone. They sold the condo for $205,000 and it has $500 a month maint and around $400 a month taxes. Guy who bought it lives nearby paid cash and turned it around as a rental to a newlywed couple who rented it for $2,100 a month.

Unit was for sale for at lease 9 months. The unit was empty so new owner used seller realtor to find a tenant prior to closing which was this couple.

Why is this couple renting? The couple even complained about the rent. I mean with just 20% down all they needed was $41,000 down. They were just engaged and both work full time so that means it was just $20,500 each. Really you don't have 20K bucks to your name and couple looks in their early 30s.

At 3.9% interest the mortgage would be just around $600 and add in maint and taxes we are at around $1,500 a month. So couple is paying an extra $600 a month to rent. If I factor in the RE taxes and Mortgages are tax deductible more like $900 a month to rent.

Don't get it. Meanwhile I rent in same complex to a nice couple. They make I would guess 150K to 225k a year. When that unit sold I thought I was going to lose them. The unit was right below them. They also told me this is a 5-10 year thing they want to rent from me. I thought for sure they would buy it.

The renters downstairs I notice both smoke, have two cars, always a beer in their hands or out riding bikes or going to beach and have a dog. Well I guess they have cash flow issues. When I was saving for a house I did not have a dog, did not smoke or was pounding beers all afternoon.

[SandyJet]

BTW my condo complex I am on the board and we have a large board around 15% of building is on board and we are allowed up to 20% believe it or not. We don't even really have elections as 100% of folks who run get on board.

We forced on serial complainer on the board last year and now he wants to quit. To quote him, it is a lot more easy to complain than to sit here and spends tons of hours trying to fix issues only to have to listen to folks complain you did it wrong. That is real reason HOAs and condos often fail as too many owners act like renters