Condo owners say they are being forced out in Miami
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Published 2023-09-07
All Comments (21)
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So even if you buy your house or condo anyone can come and force you out. Sounds like you don't really own anything even after you've purchased it. This is ridiculous and shameful as hell.
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This is why investment companies need to be kept out of housing. We own nothing, only the rich do
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People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
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Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
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THIS is why I would NEVER buy a home in a building or in a subdivision with an HOA. Property owners lose rights that way. It’s unscrupulous and shouldn’t be allowed. These people paid for their units with many believing they would never have to move again. I don’t understand how this could legally happen.
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As a native Floridian, developers and investors and absolutely destroying this state. I've never seen anything like the last 3 years here in my lifetime.
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NEVER, EVER, EVER buy a home in an HOA, condo, or anything where you don't own the land outright. Make sure you can easily afford to pay the property tax, even if you lose your job!
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UNREGULATED CAPITALISM AND CORPORATE GREED IS A PROBLEM. 😮
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My parents have been saying Condos are a scam for the past 40 years. They weren't saying that for no reason.
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$400k is absolutely disrespectful.
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I looked deeper into this story. The reason for the owners to be forced out is that it is basically cheaper to destroy the building and rebuild a new building than to force residents to pay for all the construction that will take 5 years or more to complete. Once the building is up-to-code, the maintenance will be more reasonable but the condo purchase price will be 10x the price of the old building. I speculate that in another 50 years, rinse and repeat.
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When I was younger I wanted a condo.. as an adult, I know it is a foolish move.. you pay as much as you do for a house with a yard and actual privacy. There are neighbors right there, on your sides, above and below you. You share walls.. that is literally an apartment.. you just paid a bunch of money for an apartment. No. Just buy a house ppl.. I mean, now isn’t a good time. But when the time comes but a house. Stop giving money to these ppl who can care less about you.
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This should be a warning for all future condo owners.
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This is why regulations need to exist to protect people's lives.
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Meanwhile, in the condo where I own a unit, a group of us are hoping to find a developer because we bought in an older building and know it’s only a matter of time before a massive special assessment that will destroy the value of our units. Be careful where you buy!
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How is this legal? They are owners of their apartments! This is disgusting. I don't care what the law says. Laws were written by the rich to serve the rich, not rightful homeowners.
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This is why I never understood how a person could buy an apartment inside of a building that they don't own.
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This is frightening. How can they own condos but be forced out? This is unreal.
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How can someone force you out of something you own?
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that
