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Old 03-07-2023, 12:48 AM
 
194 posts, read 236,419 times
Reputation: 188

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Quote:
Originally Posted by DovieHarding View Post
USING OPM is better 8 times out of 10. People can walk away from a condo, hand them the keys, and say good bye if they need too, and still have money squirreled away. Never sink your cash in a structure to eat and sleep in. Forgive me, I just enjoy OPM.
Nothing to forgive..., if you're comfortable with walking away from all that interest money you'll be paying during the early years...maybe the money that you squirreled away will make up for the cumulative interest charges you paid during the early years of your mortgage, which is a lot...best luck
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Old 03-07-2023, 12:52 AM
 
194 posts, read 236,419 times
Reputation: 188
Quote:
Originally Posted by Eda_Pimentel View Post
Unfortunately I made one of those mistakes already.
not an expert here, however, i don't think this is the exact best time to buy real estate in FL, condos, houses, etc. I'd wait until price keep settling down and interest rates too, hopefully a year or two
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Old 03-07-2023, 08:27 AM
 
65 posts, read 42,696 times
Reputation: 90
Quote:
Originally Posted by Alfiehurt View Post
not an expert here, however, i don't think this is the exact best time to buy real estate in FL, condos, houses, etc. I'd wait until price keep settling down and interest rates too, hopefully a year or two
What I've seen is a strange sense of urgency by some to buy obviously overpriced, smaller houses (SF). It's like no one is paying attention and willing to get victimized. First time buyers do not exist, which seems like a very very bad sign and reality. Older former buyers should know that buying at the top is never a wise move. Also, mortgage rates are increasing not decreasing which is having a chilling effect on all potential buyers except I guess those that are crazy enough to dump all of their cash money into an overpriced condo or smaller house (SF).This is not a gold rush I would think.

I'm seeing smaller houses that were $350,000 only about three years ago that are now priced at $625,000. Maybe I'm too young or too old, but that doesn't make good sense to me, well as a seller but not as a buyer. That seems abnormal to say the least and maybe a warning?
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Old 03-08-2023, 01:57 AM
 
194 posts, read 236,419 times
Reputation: 188
Quote:
Originally Posted by Eda_Pimentel View Post
What I've seen is a strange sense of urgency by some to buy obviously overpriced, smaller houses (SF). It's like no one is paying attention and willing to get victimized. First time buyers do not exist, which seems like a very very bad sign and reality. Older former buyers should know that buying at the top is never a wise move. Also, mortgage rates are increasing not decreasing which is having a chilling effect on all potential buyers except I guess those that are crazy enough to dump all of their cash money into an overpriced condo or smaller house (SF).This is not a gold rush I would think.

I'm seeing smaller houses that were $350,000 only about three years ago that are now priced at $625,000. Maybe I'm too young or too old, but that doesn't make good sense to me, well as a seller but not as a buyer. That seems abnormal to say the least and maybe a warning?
Unless it is an emergency, I would not buy real estate now in FL, cash or mortgage, it is enough to see how real estate prices are dropping down steadily since last fall. As painful as it is renting now, I'd stick to renting for at least one year
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Old 03-08-2023, 10:48 AM
 
11 posts, read 6,783 times
Reputation: 15
I never understood either why some people get in a hurry to get totally sc rewed. You can get done way at any time. What's the rush, right? (well unless there are family or job issues to solve quickly).I guess some people's money is burning a hole in their purses. Certainly looks that way.
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Old 03-08-2023, 02:59 PM
 
Location: West Florida
16,826 posts, read 14,992,137 times
Reputation: 23386
Quote:
Originally Posted by XavierMarchande View Post
I never understood either why some people get in a hurry to get totally sc rewed. You can get done way at any time. What's the rush, right? (well unless there are family or job issues to solve quickly).I guess some people's money is burning a hole in their purses. Certainly looks that way.
I never understood either why some people get in a hurry to create new accounts the very second they get banned. You can get done way at any time. What's the rush, right? (well unless there is some sort of ulterior motive).

It's okay, Dovie. We know this isn't your first romp in the park, nor will it be your last.

Why though?
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Old 03-12-2023, 09:44 PM
 
27,206 posts, read 46,537,403 times
Reputation: 15661
Quote:
Originally Posted by Sunshine Rules View Post
If a condo association has been negligent in collecting sufficient reserves to take care of big ticket items such as roofs, elevators, concrete structures, etc then yes, those condo communities will most likely take a hit in prices when the monthly fees are raised substantially or special assessments are levied.

If a condo association has been diligent in collecting sufficient funds for reserves to meet future structural obligations, then those associations probably won't take price hits.

Also, those special inspections were implemented for a reason -- to keep residents safe in multiple story buildings. It forces condo associations to have structural inspections. It forces them to acknowledge current and/or future structural repairs and budget sufficiently for those repairs. Some would say those are positives not negatives........
Surfside collapse is what has caused these new regulations to be in place. Many Condo associations have not gone through engineering inspections as nobody expected to happen what happened in Miami.

The cost of repairs is in many cases higher than expected and reserves were mostly based on roofs and other items but not as much for structural items as since Surfside collapse.

Not many associations have sufficient reserves but there are some that have.
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Old 03-18-2023, 08:58 AM
 
71 posts, read 63,142 times
Reputation: 106
Quote:
Originally Posted by bentlebee View Post
Surfside collapse is what has caused these new regulations to be in place. Many Condo associations have not gone through engineering inspections as nobody expected to happen what happened in Miami.

The cost of repairs is in many cases higher than expected and reserves were mostly based on roofs and other items but not as much for structural items as since Surfside collapse.

Not many associations have sufficient reserves but there are some that have.



There are a few older DT condos around Sarasota that are probably in the similar shape or condition. I know I would never buy a condo in FL anyway ! the boards have too much power over the residents.
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Old 03-19-2023, 06:11 PM
 
Location: tampa bay
7,113 posts, read 8,596,740 times
Reputation: 11695
Quote:
Originally Posted by bentlebee View Post
Surfside collapse is what has caused these new regulations to be in place. Many Condo associations have not gone through engineering inspections as nobody expected to happen what happened in Miami.

The cost of repairs is in many cases higher than expected and reserves were mostly based on roofs and other items but not as much for structural items as since Surfside collapse.

Not many associations have sufficient reserves but there are some that have.
What are some of the disclosures condo owners/realtors are obligated to make about any current or future assessments that maybe coming? How does a buyer assess what sufficient reserves are?
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Old 03-20-2023, 07:54 AM
 
27,206 posts, read 46,537,403 times
Reputation: 15661
Quote:
Originally Posted by DovieHarding View Post
USING OPM is better 8 times out of 10. People can walk away from a condo, hand them the keys, and say good bye if they need too, and still have money squirreled away. Never sink your cash in a structure to eat and sleep in. Forgive me, I just enjoy OPM.
Really! Lenders can and will go for judgments so your OPM will live a short life.
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