New Law
 

The new law gives prison time to those on the board who get any kind of a “kick back”.
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And they board better keep good records.

Rebar
 

Not an expert on the rusting rebar in concrete on the beach, but found it interesting to learn - back when we were looking to buy down yonder - that essentially all of the balconies on all of the high rises in the regions on either side of Lauderdale-by-the-Sea had already been replaced in the recent past for that reason.

Did a fair bit of "looking into" that collapsed high rise. The problems that led to it had been known of for quite a long while. Ugly stuff.

The (leaking) pool above the underground parking in our condo on Pompano Beach was in the process of being replaced when we left. The processes and time involved for getting that work started was right concerning.

Boards
 

Thanks. Reading that reminds me of that one owner down on the third floor whose hobby was filing goofy lawsuits against the board. Don't miss it.

Interesting article. I don’t know why anyone would want to be on the board! Not much upside and huge downside!

Agreed. It is not hard to suss that out when you move into a condo. If you move into a home that was built in 2005; and and the roof has NOT been replaced; shame on you for being "surprised/assessed" when the $20,000 roof needs to be replaces in 2025.

Still--my heart goes out to those retirees that are stuck with the bill in 2024 for the past twenty years of indifference.

A Condo is one of the worst investments you can make. You are subject to all sorts of fees. Ones located on the Coast are the worst. People don’t realize that insurance does not cover everything that might be damaged and the deductibles can be huge.

We purchased a condo (Gulf Island off of Sea Ranch drive) on the west coast shoreline in Hudson, Fl about three years ago. Less than six months after the purchase, we were accessed a fee for the rebuilding of the two elevators. As we are located on the top floor, we were happy to do so. Because Florida now requires maintance funds for all building issues to be accumulated by the condo association, we will never see a special maintance request again. In my opinion, our view of the gulf waters is hard to beat so I am happy we made this purchse. It takes us 1.5 hours to drive from TV to the condo to then live in another world.

Shouldn’t be on ocean from property :eclipsee_gold_cup:

Condo boards were trying to keep fee's low for the residence, to a point of under-funding any type of reserves that are used for emergency repairs. Our friends just bought a condo in New Smyna last year right after a 6000 dollar accessment for dock repairs.

It doesn't take a real estate lawyer, to sort that one out. It's nonsense. I don't think there are any states in the USA, that don't regulate Condominiums. The entire premise is that fees are based on a percentage of ownership or a percentage of value.

In most states, the Master Deed (which usually sets forth everyone's % ownership), can't be amended, without the agreement of 75% of the ownership interest.

I and another developer own about 60% of the units in a renovated mill building in MA. We have controlling interest in the Condominium, but pursuant to Chapter 183A in MA, we can't change voting power, nor can we change the % of ownership of any owner, without 75% agreement. Even then, voting power is still solely dependent on the % of ownership a person has.

if someone can identify a state were someone can control % of ownership (or voting power), because they own 50% of the units, I'd be shocked.

Not all condos are badly managed or poor investments. We have a condo in northern Illinois, to which we return in the summer. Importantly, in our association the condos may not be rented out. Since the units are owner occupied, the owners tend to be more understanding of the need to have a current reserve study (it is updated every 5 years) and an hoa fee that allows for accumulation of a reserve account to pay for expenses as they arise, as well as the importance of attending to maintenance issues promptly.

The key to purchasing a condo on the coast is due diligence same as purchasing any property. Six years ago we invested in one where the HOA had a million dollars plus in reserves. We only wish we had bought the only other one for sale at the time. The condos in our complex are selling for over twice as much today. I think they are overpriced just like many resales in The Villages. Six years ago they were a good investment. It’s all about timing and location location.