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Old 03-04-2024, 06:56 AM
 
Location: New Jersey/Florida
5,818 posts, read 12,624,105 times
Reputation: 4414

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Quote:
Originally Posted by Corrie22 View Post
her unit is 201

same building......$2,100,000

1063 Hillsboro Mile #303,
Hillsboro Beach, FL 33062

https://www.redfin.com/FL/Hillsboro-.../home/42011220
Nice spread, there's an old saying. You wanna play, you have to pay.
HOA yearly dues- 25,692
Property Tax- 21,600
Insurance- 28,000

Sub total yearly 75,292

That's without any assessments or power etc. So you're close to 100K per year just to put the key in the door.
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Old 03-04-2024, 08:47 AM
 
7,789 posts, read 3,803,815 times
Reputation: 14710
Quote:
Originally Posted by sinatras View Post
https://www.dailymail.co.uk/yourmone...ida-condo.html

I don't think it has anything to do with climate change; it has to do with insurance fraud and price gouging!
There is no such thing as price gouging. It. Does. Not. Exist.
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Old 03-04-2024, 10:08 AM
 
78,385 posts, read 60,566,039 times
Reputation: 49653
Hard to judge the story without knowing where her property sits, if it's first floor etc. and also what the coverage is for.

She may have a replacement cost policy which pays her market value.

Also no mention of getting other quotes for coverage.

As to the overall issue in Florida, it's no mystery that the problem is rooted in both the weather and the litigation.
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Old 03-04-2024, 04:49 PM
 
30,432 posts, read 21,241,024 times
Reputation: 11979
Quote:
Originally Posted by sinatras View Post
Suze's condo is a 2 bedroom, 2100 heated sq feet home. We can agree to disagree on what is a "sprawling" home; however never ever have I seen a 2 bedroom, 2100 sq foot real estate listing described as "sprawling".

I did not word anything to mislead anyone. $28,000 is an outrageous premium for a 2100 sq foot 2 bedroom condo whether oceanfront or not.

Yes, condo prices are falling in Florida. Which is what I said in my post.
Soon it will all come falling down. Ins will run many out of the state and would love to see prices drop back to like they did in 2008.
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Old 03-04-2024, 05:26 PM
 
Location: Prepperland
19,022 posts, read 14,198,297 times
Reputation: 16747
The hoax of "climate change" is useful to cover up a host of problems.
What is really killing insurers (gamblers) is the escalating cost to pay claims - especially after storms. (Lumber prices are ridiculously high - thanks to COVID-19, not climate change)
They have to pass those costs to their customers.
Ergo, ridiculously high premiums.
And ending hyperinflation is just one part of the equation.
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Old 03-04-2024, 07:37 PM
 
17,302 posts, read 22,030,713 times
Reputation: 29643
Quote:
Originally Posted by sinatras View Post
https://www.dailymail.co.uk/yourmone...ida-condo.html

I don't think it has anything to do with climate change; it has to do with insurance fraud and price gouging!
Ehhh she lives in Hillsboro Mile, a sliver of land between the ocean and intracoastal. I'm stunned her HOA will allow her to self insure. While she is worried about her 2100 square foot condo, what happens if she has a fire/flood that ruins the neighbors condos? Insuring your own unit is one thing, but trying to cover surrounding units also gets dicey.

https://en.wikipedia.org/wiki/Hillsboro_Beach,_Florida
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Old 03-04-2024, 07:39 PM
 
17,302 posts, read 22,030,713 times
Reputation: 29643
Quote:
Originally Posted by LKJ1988 View Post
Soon it will all come falling down. Ins will run many out of the state and would love to see prices drop back to like they did in 2008.
Nah........people will self insure or cut coverages.
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Old 03-05-2024, 05:28 AM
 
11,175 posts, read 16,014,540 times
Reputation: 29925
Quote:
Originally Posted by sinatras View Post
Property value has little to nothing to do with property insurance premiums. Insurance premiums are based on dwelling replacement cost, claims history, credit history and of course location. None of which necessitate a $28,000 premium for a 2k sq foot condo in Florida or anywhere in the US. This is exactly why condo prices are plummeting in Florida. And soon to be SFHs as well.

Thanks Meatball for doing nothing to fix this!
Quote:
Originally Posted by sinatras View Post
A "sprawling oceanfront condo"? We are talking about a 2,000 square feet, 2-bedroom condo here. NOT SPRAWLING whatsoever. There is absolutely NO JUSTIFICATION requiring a $28,000 insurance premium for that condo. NOTHING. I could understand a premium like that (and higher) for a "sprawling" 6,000 sq ft oceanfront mansion and grounds, yes.

As for condo prices:

https://www.redfin.com/news/florida-...ices-dropping/
https://www.insurancejournal.com/new.../28/762682.htm
https://www.msn.com/en-us/money/real...31a806eb&ei=15
https://www.wptv.com/money/real-esta...in-report-says
https://fortune.com/2024/02/27/flori...insurance-hoa/
https://www.moneytalksnews.com/flori...minium-prices/

Let's make sure we’re providing accurate information here.
ROFL

You've provided six links to the exact same single report from Redfin. And to top it off, you misread the data, lol. If you had bothered to look at the chart rather than just read the headline, you would have seen that the year-over-year median price of condos in Florida as a whole not only didn't plummet, but they rose 2.4%. As Nancy Reagan used to say, Reading is Fundamental.

Now sure, in a few major metro areas where prices skyrocketed over the past few years, they've come down a little. The drop in Tampa was a miniscule 1% decline, Miami a meager 2.5%, and Orlando 4.8%. Even the worst performing metro area in the state, Jacksonville, only dropped 6.5%. And again, that would hardly constitute plummeting in any sense of the word.

Anyone with a lick of sense should realize that after the almost historic rise in prices over the past few years, some pullback in prices was an inevitability. I think we need to wait a little longer before declaring that the sky is falling (or plummeting).
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Old 03-05-2024, 05:40 AM
 
Location: South Tampa, Maui, Paris
4,479 posts, read 3,847,143 times
Reputation: 5329
Quote:
Originally Posted by MadManofBethesda View Post
ROFL



Now sure, in a few major metro areas where prices skyrocketed over the past few years, they've come down a little. The drop in Tampa was a miniscule 1% decline, Miami a meager 2.5%, and Orlando 4.8%. Even the worst performing metro area in the state, Jacksonville, only dropped 6.5%.


Exactly thanks!!!!!!
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Old 03-05-2024, 07:24 AM
 
Location: SW Florida
14,945 posts, read 12,139,254 times
Reputation: 24822
Quote:
Originally Posted by moguldreamer View Post
There is no such thing as price gouging. It. Does. Not. Exist.
Actually it does exist. Generally price gouging may rear its ugly head in the setting of post-natural or other disasters in an area where services and supplies are ( temporarily, one would hope) virtually nonexistent. I recall one of these lowlife price gougers standing on a street corner in our neighborhood shortly after hurricane Andrew in 1992 selling 5 lb bags of ice for $15 each, at a time when the going price was less than a dollar for the ice. At the same time, out of towners and others looking to make a hefty profit on the misery of others bought out every chainsaw they could find ( where they were available), brought them to the area and were selling them for way over the going price ( don't recall exactly what that was). Or the gas station owner who had gotten a shipment of fuel and was selling that at greatly inflated prices.

THIS is price gouging, and Florida has had a law against these activities since ( IIRC) shortly after hurricane Andrew. However, the law only goes into effect and is applicable to areas in which the governor has declared a state of emergency.

What left-leaning folks are labeling "price gouging" isn't really that. They're calling the increased prices for grocery, supplies and services "price gouging" to deflect the blame for the inflation and supply chain issues from their real cause, the policies of the Biden administration to the business owners. Seems that label likely came from the official leftist "spinners" who control the narrative that's passed along to their minions for regurgitation, because you hear it all over the main stream media, and others who fancy themselves " in the know".
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