Florida condo owners are stuck in a 'train wreck' as prices drop and mounting insurance rates scare away buyers

[3rdWorld]

Couldn't happen to a more deserving state..

 

[WIA20XX]

Not sure that condos are affected too much by Hurricanes.

I can tell you from professional experience, Condos get involved in hurricanes, tornados, fires, and every other possible event.

You could be on the 20th floor in your condo, see a Hurricane, and the Insurance will deny you, on the grounds that the damage to your place was caused by FLOOD and not wind.

They are still fighting lawsuits from 2005's Hurricanes Katrina/Rita/Wilma

19 Years later.

Moreover, the same companies that insure SFH's in hurricane areas, also insure condo's. (and cars, and apartments, and businesses)

There's plenty of wind damage from a Hurricane, but most insurance companies says that your roof flying off was from the flood water on the ground.

 

[88m3]

nothing of value lost

 

[Ed MOTHERFUCKING G]

Meanwhile, prices dropped by as much as 7% in Jacksonville, to $254,000, and 3% in Miami, to $385,000. By contrast, median condo prices nationally rose 8% over the same period, to around $340,000.

 

[Json]

Basically Florida been lying playing hot potato with not collecting fees to keep things cheap for years and now these HOAs are in a deep hole

Ain’t no way a HOA should be down 17 million

 

[beaniemac]

I'd NEVER buy real estate that has a HOA.

my homeowners insurance tried to jack up the rates by 25% this year, but I switched to costco insurance (same as my car) and I got it a couple hundred lower than last year.

I don't escrow my home insurance and property taxes and pay them myself, so it's very easy for me to insurance shop and switch carriers at the drop of a dime. so next year, if costco starts BS'ing me on the rates, then I'm switching insurance carriers once again.

I just paid my homeowners insurance in april, and it cost me $1900. I remember back in the day paying maybe like $1000 for homeowners insurance tho.

 

[the elastic]

High insurance and property tax is worth it, so long as my children aren't being exposed to WOKE media propaganda

 

[beaniemac]

this breh is always laughing while discussing bad news

he's fukking annoying with his condescending attitude and constantly acting like he's predicting the future like a damn genie on some "I told u so " shyt.

 

[FaTaL]

Basically Florida been lying playing hot potato with not collecting fees to keep things cheap for years and now these HOAs are in a deep hole

Ain’t no way a HOA should be down 17 million

It should be if you’ve been filling your pockets



HOA presidents