South Florida real estate?

As kinda mentioned earlier there is a big sell-off right now, particularly in Daytona/Flagler. There are huge assessments for hurricane damage to seawalls and even after you pay, the condo association is raising prices to try and preempt this issue in the future.

My friend has a beach front condo in S Daytona and they had an assessment of $135,000 per unit for seawall/pool area repairs and replacement. They were on the repairs quickly, but others delayed and are still only protected by temporary walls. People in their development sold out rather than pay the assessment. Not sure if it was "a deal" for the buyer, but they might have gotten something that would have been hard to get otherwise.

Also, not sure if this situation impacted the gulf coast with their more recent issues (the Daytona thing was from a prior hurricane).

 

I was talking about doing the Florida condo thing a few months back and our agent said something like "Do not, under any circumstances do it."

Didn't pry too much into it at the time but even a little research after she said that told me I didn't want to.

 

If the result of non-payment is eviction, then it's just a matter of semantics.

You could more accurately describe it as renting with the right to transfer the rental agreement to another entity at a price.

 

I'd like to see those that are wanting to move to FL during the winter re-visit the idea in August.

I was in Orlando last week. I admit the weather was pleasant. I would certainly like the idea of having a place there for three-four months a year.

But year round? HALE no! The combination of heat and humidity is just too much.

 

They clearly don't get it, and don't have the capacity to.

 

I get it... I'm just perplexed as to why some people choose to view things this way.

 

Just a simple answer to the question. If you don't pay your property taxes, you lose your property.
Call it whatever you want, but that is the answer to the question posed.

 

Sure, but some people are making the leap to say that if you don't pay your taxes and lose your property, then you don't own it in the first place. Which, of course, is total BS.

Let's also not ignore the fact that you don't lose your ENTIRE property. I imagine it would auctioned off or whatever, and you can recover the net after back taxes and penalties have been paid.

 

As a local I wanted to buy a 3/2 oceanfront condo as an occassional getaway and guest house for visiting friends & relatives. The assessment money is an unknown expense and the idiots running those boards are clueless when it comes to understanding how to solicit bids. Something Im not willing to sit back & wait on or do the air bnb thing.
The base costs of ownership were ~$2,300 for taxes & maintenance fees if we paid cash so if the urge arrised we could simply rent the few times a year or stay at our townhouse thats 5 blocks from the ocean.

 

Its a long process and many Counties dont want to take possession of a property unless the listed owner just ignores all notices of the foreclosure. You can play the game of buying it back at auction if you overpaid or the value tanked.

 

I don't know if anyone is equating it with the pure definition of ownership, but rather the illusion of it.
The same doesn't exist for many other items, from something as simple as your clothing and jewelry to a motorcycle, etc.

 

OK, help me out. I'm feeling a little slow here. What are the odds that this benefits you? Wouldn't the property have been repossessed from you at about the same value it will bring at auction?

 

You get used to it, but it is brutal in the summer. Do outdoor activities in the morning and stay in the pool or A/C in the afternoon.

 

As I said, it's a matter of semantics. Don't forget too, that you very often have to get a permit, usually from a different office of the same entity that charges your property taxes, to build something on (*ahem*) "your" property.

 

If you overpaid for it originally, it should bring a lower sale price at auction. In theory

 

You live in TI too? I’m over in Isle of Palms.

Actually staying in Gulfport until we get everything fixed and hopefully elevated…

 

Don’t forget, no open container law. One of only a couple places in the state that you can legally drink on the beach or anywhere else for that matter.

 

That's what I'm thinking. There is no way this turns out to be a good thing.

 

Yes, In Sunset Beach, we’re elevated but meter set was partially flooded in the first storm, that’s all been taken care of. The second storm a microburst must have rolled through. We live in a nine unit condominium across from Shrimpys Waterfront, six of which including mine on the water. The portion of the waterfront building had its roof peeled off , 4 units had catastrophic water damage, including the one right beside me. We were very lucky and actually had zero damage, the permanent roof repair is actually starting to stage to begin this week. It’s been a long process, hopefully they can get the roof done without affecting our unit.

 

You’d be better off doing something like this. A whole lot cheaper. No strings. Ability to try multiple areas of the country.

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