Is Sarasota in a bubble (Miami, Miami Beach: short sale, foreclose, eviction)

[MOforthewin]

Originally Posted by KMerendino

Ah....you can "request" an inspection from the Board, but "demand" ? well no...but you can sue the board.




Some would say that if you "don't see this incident as being a market changer" , then you might want to get a fresh vision examination.


Disasters ALWAYS change market prices and demand and all financial experts adhere to this conclusion


"Changing"? change is already underway, we're just in the early stages of the economic domino .

https://slate.com/business/2021/06/m...=pocket-newtab

So lets say you will be able to get condos dirt cheap if they become unpopular because of this.


if you're getting a steal of deal how much would it cost to hire an engineer to walk around and inspect the foundation, if that's allowed?

[beach43ofus]

Originally Posted by MOforthewin

So lets say you will be able to get condos dirt cheap if they become unpopular because of this.


if you're getting a steal of deal how much would it cost to hire an engineer to walk around and inspect the foundation, if that's allowed?

Even if the high rise condo market crashes, I won't buy one. I'd rent one though, probably a newer one on th beach, but with max set back. That will likely be our last stop, before the nursing home...a beachfront condo lease. If values crash, rents will fall too.

[KMerendino]

people should be skeered !


lots of condos are in trouble across the state - east coast, west coast, apartments, hotels and single -family houses -


have you seen some of these builds??

[joshan]

do you not get tired of making new accounts ban after ban? It is kind of psychotic behavior. You have 4 different accounts posting in this thread alone by my quick count.

Is it just a pastime activity for you to try and scare northerners? You have to realize your posts on this forum do absolutely nothing to slow down the people moving.

[gosouth01]

The town manager of Longboat Key confirms that Longboat Key does not have building recertification requirements.
https://www.yourobserver.com/article...fside-collapse

Town Manager Tom Harmer said in Broward and Dade counties, they have recertification requirements. After 40 years, private property owners in condos have to hire a structural engineer to evaluate their property, and then also provide a copy of the report for the city every 10 years after that.

“We’re looking at their regulations to see how that might apply here, and if that makes sense for something the commissions may want to consider as a potential change in our ordinance or code,” Harmer said.

[KMerendino]

Originally Posted by gosouth01

The town manager of Longboat Key confirms that Longboat Key does not have building recertification requirements.
https://www.yourobserver.com/article...fside-collapse

No one should be surprised about the lack of inspection requirements. There are condos, hotels, mid-rise commercial/business properties such as office buildings, Banks, etc that I have been aware since before 1980 that have problems - some severe, even their parking decks and garages.


Decades ago, for example, there was a huge problem with the condo(s) at 888, and/or its sister property at 988, right near the Sarasota Hyatt. The Hyatt had problems and still does. I know they had problems with the elevators/shafts, fire steps, balconies/railings, massively leaking windows/sliders etc. They finally knocked down the rotting Quay office building/retail plaza - it was literally falling apart next to the Hyatt.
I used to bring my SeaRay into the Quay and The Boathouse (part of the Hyatt), and the floor of The BoatHouse was falling apart as well. The Holiday Inn at the corner of 41 and Gulfstrm was finally removed, it too was already falling apart starting back in the 80s.


Several other condos all over places like Sunset point area and on the bayfront I wouldn't touch. One senior-related highrise on 41 is an accident waiting to happen, I think it was built in the late 70s.


I wouldn't have an office in the old Ellis Bank Building either.


A few around Venice Island are very suspect. Clearwater Beach around Mandalay could be a nightmare esp around Sand Key - I know, I used to live at Island Estates right off sr60.


Natives and long time residents can remember the severe problems at The Colony on LBK. Newcomers and transplants know NOTHING, other than to shoot off their mouths about "everything"...and think everything is just peachy because they just got here in the newest wave of the easily mislead/impressed.


We as citizens should do a much much better job at inspection - whether high-rise, SF, or cluster, etc.

[joshan]

Lack of recertification process does NOT equal lack of inspection process...

[KMerendino]

That's correct.


Recertification in Sarasota, Manatee et al can't take place without thorough "inspection"....FIRST.


Recert should flow from a detailed inspection...that's common sense. You have to know want you're "re-certifying"....it ain't just paperwork or a seal of a county official.


This stuff has NOT been done on hundreds of buildings. That's why many of these condos are patently dangerous.


Sloppy building is done all over, that includes all kinds of neighborhoods newly constructed in LWR especially. A number of the multi-family, apartments, condos, townhouses and even SF houses are questionable.....I walked through and saw for myself the materials and applications, they might meet "code", but I'd say 60% are garbage, esp the multi. Many of the now overpriced 500k SF houses are substandard...but pass "code". Sobeit.

[joshan]

time to remind myself of the golden rule...

If you passed a person on the corner spouting nonsense, would you stop and debate them? Than why would you do it on the internet.

I forget far too often.

[beach43ofus]

This topic thread is almost 2 years old now. For the record, prices have increased during this time.

We have not even clarified what the meaning of a bubble is. What percent do values have to fall in the future, to prove we are in a bubble today? 5%, 10%, 20%, or more?

If the OP bought when they wrote the original post, they would have enjoyed some nice appreciation.