Do Not Buy a Florida Condo Until 2025! The Condo Crisis Gets Worse! 80 Percent of Condos in Florida Are Functionally Obsolete (Video)
In this 6 September 2024 video, host Yak Motley, a real estate agent in the area, talks about the negative impacts to condo unit owners and highlights what the communities in Florida will be facing with structure repairs, building demolitions and replacement construction projects. What is happening currently in the Florida condo market will take years to correct and recover from as residents are being forced out of the condo units they own by HOAs and owners of the overall condo properties.
Eighty percent of condos in the state of Florida are functionally obsolete. What does that mean?
Functional obsolescence is when an item becomes less desirable or useful due to an outdated design or features that can’t be easily updated.
https://youtu.be/-wwJBP2281Q
This video comment shares more.
“This Florida law, authored by Daniel Perez, the incoming Speaker of the Florida House, was passed with unanimous support from all legislators, even those who expressed sympathy for its potential impact on residents. On one hand, this change has been a long time coming—over 40 years—due to the consistent failure of condo associations to adequately fund reserves. On the other hand, having managed condos and HOAs for over 20 years, I believe this is part of a broader strategy to condemn older, vintage condominiums, ultimately forcing owners to sell and paving the way for high-density luxury developments. The rest is just political posturing.”
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