What to do with inherited condo in South Florida

I'm a cash buyer. But I am 52, single but locked out of 55 and over properties. Makes no sense, I tell ya.

In the end a lot of these condos will be bought by investors to turn the condo back to rental property. then when the market rebounds (ten or so years from now) the process will reverse and the rental property will go condo.

If your condo association doesn't allow rentals, hire a lawyer! Chances are they passed the rule without following the requirements of FS 718. Do your homework. These associations are like a noose around the necks of the unit-owners, walk away and don't pay, screw 'em. Why pay $9000 a year on a $40,000 condo? Get real.

If they don't die first, Broward kleptocrat taxes will drive them away. Best you can do now is take out an ad on Craig's list in Haiti or Jamaica and move to Texas or some parts of Nevada. Most folks who have the resources already have.

LarryO in Coconut Creek wrote:

If your condo association doesn't allow rentals, hire a lawyer! Chances are they passed the rule without following the requirements of FS 718. Do your homework. These associations are like a noose around the necks of the unit-owners, walk away and don't pay, screw 'em. Why pay $9000 a year on a $40,000 condo? Get real.

Before paying for a lawyer, check the association documents; they were established by the developer. If the rule is there; end of story.
If the rule was added as an amendment, check to see how the amendment was incorporated. It must be by membership vote, request to see the tally and also to see if the amendment was filed in court; that's a legal requirement.

Flagrante Delicto wrote:

I'm a cash buyer. But I am 52, single but locked out of 55 and over properties. Makes no sense, I tell ya.

Not quite. 55+ means that 80% of the units must be occupied by someone 55 or older. The rest of the units are available to those under 55, but still meet the minimum age in the association documents.

This continues to unwind at blinding speed; the time is already coming where condos are becoming "worthless" in S. FL. That trend will continue for some time; there's such an overbuild of condos that low 5 digit sales (30K, 40K) are going to become common in many areas.

There are simply not enough people to soak up all these units; a problem exacerbated by Save Our Homes (because nobody will move here to pay 3X your taxes) and the builders during the boom. In most areas of S. FL, there's no need to build for another 5 years, not a single home needed to meet demand. That has a disasterous effect on prices, one that simply has no solution other then time, and continue price drops.

100/sq/ft is a reasonable starting point for homes in S. FL (2000 sq/ft (under air) home, think 200,000 dollars). Condos, much less, probably in the 50-75/sq/ft.

Make sure you kick a MTG broker today, and think about the 4-8 trillion dollars in losses that we (the taxpayers) now have to absorb because of the greed and stupidity of a few (RE flippers, MTG brokers, homebuilders) during the boom.

Pretty sad when those with an advantage only see the problem.

Convert it into a brothel

well many of you have some good points. and they have not stopped building and building. there are so many new places that no one lives in. just look all around. i live in delray. in the past 5 years there have been over 2 dozen new places built. it doesnt matter what time of the year it is, they are 85% empty. all year long. it is doubtful that anyone actually owns these places. ive wondered if investers or the builders themselves are the owners. someone must be paying maintainence and taxes. so many people saw the greed of their fellow neighbor and could not resist. they falsely overinflated the prices of everything and now are crying poverty. they all thought they would make a quick big buck. so now when it is my time to inherit a family condo, i will be stuck with a useless and worthless piece of property.

Ibrahim wrote:

If they don't die first, Broward kleptocrat taxes will drive them away. Best you can do now is take out an ad on Craig's list in Haiti or Jamaica and move to Texas or some parts of Nevada. Most folks who have the resources already have.

Texas or Nevada? Might as well move to Cancun--same demographics but with prettier scenery, better weather, and lower living costs.

Zifrony says"if you decide to sell or rent upgrade the kitchen" yeah right upgrade the kitchen for a renter that destroys those new stainless steel appliances, allows a 50 cent washer to flood the new cabinets!!!! What an opportunist! It's probably his cousins remodel company.

Mike Fink wrote:

This continues to unwind at blinding speed; the time is already coming where condos are becoming "worthless" in S. FL. That trend will continue for some time; there's such an overbuild of condos that low 5 digit sales (30K, 40K) are going to become common in many areas.
There are simply not enough people to soak up all these units; a problem exacerbated by Save Our Homes (because nobody will move here to pay 3X your taxes) and the builders during the boom. In most areas of S. FL, there's no need to build for another 5 years, not a single home needed to meet demand. That has a disasterous effect on prices, one that simply has no solution other then time, and continue price drops.
100/sq/ft is a reasonable starting point for homes in S. FL (2000 sq/ft (under air) home, think 200,000 dollars). Condos, much less, probably in the 50-75/sq/ft.
Make sure you kick a MTG broker today, and think about the 4-8 trillion dollars in losses that we (the taxpayers) now have to absorb because of the greed and stupidity of a few (RE flippers, MTG brokers, homebuilders) during the boom.

Did the people in SOH who are now moaning about amendment 1 being passed, as well as the recapture rule stop to think that their would have been no need for amendment 1 if it was not for SOH. SOH is the death kneel of S Florida real estate.Now that the state itself is strapped for cash it willbe interesting to see what Fl does for revenue.

No, I'm sure they didn't think for one second about that, only about how much they "saved" because of the exemption (I would argue that anyone with a house <1M dollars in this state is hurt by SOH, not helped, but that's for another day)..

Anyway, I just wanted to quickly respond to your final statement. It's not going to be "interesting" to see where the revenue comes from. I already know what's going to happen, and have been trying to explain this to others for the past 5 years. They are going to raise the mill rates as the assessed values drop, which will push up the taxes for both SOH and non-SOH people. SOH does NOT protect against mill rate increases, a cute little loophole in the law!:)

SOH is the most effective tax hiking mechansim EVER passed into FL law. Don't believe it? Look at the records, tax revenues have never grown as quickly as the period since SOH has passed. And yet we continue to support this plan because of our perceived "savings" at the expense of our children and new residents? SOH has helped destroy the housing market, and will guarantee that the FL market will crash harder, further, and take longer to recover then anywhere else in the country. We have locked out first time buyers, the ONLY people who can actually remove inventory from the market! Great plan.

Deerfield Beach wrote:

<quoted text>
Did the people in SOH who are now moaning about amendment 1 being passed, as well as the recapture rule stop to think that their would have been no need for amendment 1 if it was not for SOH. SOH is the death kneel of S Florida real estate.Now that the state itself is strapped for cash it willbe interesting to see what Fl does for revenue.

I suggest donating the property to charity. The donor gets a tax deduction and the charity does not have to pay real estate taxes. The charity could rent the unit, sell it, or use it for charitable housing.

Mike Fink wrote:

This continues to unwind at blinding speed; the time is already coming where condos are becoming "worthless" in S. FL. That trend will continue for some time; there's such an overbuild of condos that low 5 digit sales (30K, 40K) are going to become common in many areas.
There are simply not enough people to soak up all these units; a problem exacerbated by Save Our Homes (because nobody will move here to pay 3X your taxes) and the builders during the boom. In most areas of S. FL, there's no need to build for another 5 years, not a single home needed to meet demand. That has a disasterous effect on prices, one that simply has no solution other then time, and continue price drops.
100/sq/ft is a reasonable starting point for homes in S. FL (2000 sq/ft (under air) home, think 200,000 dollars). Condos, much less, probably in the 50-75/sq/ft.
Make sure you kick a MTG broker today, and think about the 4-8 trillion dollars in losses that we (the taxpayers) now have to absorb because of the greed and stupidity of a few (RE flippers, MTG brokers, homebuilders) during the boom.

Actually there are plenty of people waiting to soak up the inventory. When it becomes cheaper again to own a condo than rent an apartment, people will be ready.

The problem was speculative builders who could only find small tracts and opted for multi-family housing and pricing it as single family housing. When a condo overlooking a shopping center can sell new for more money than my single family on one acre, something is just plain wrong with real estate mentality.

It will correct and it's just a matter of time when some condo owners will finally lick their wounds and admit to stupidity.

Anything will sell for the right price. If you want to be greedy your luck is over. If somebody dies and leaves you something you are getting it for free. If yo uwalk away with one dollar, you have more than you had. If the gift has a negative value than just walk away from it and let the State take it over. You walk away even.

Flagrante Delicto wrote:

I'm a cash buyer. But I am 52, single but locked out of 55 and over properties. Makes no sense, I tell ya.

Yes it does! You are NOT 55.

15k in upgrades to a 30k condo....wow and I thought I was alittle challenged when it can to real estate decisions;)...

She could try and shove it up her as.s! Everyone else should have such problems!