Comments by "John P" (@johnp139) on "Condo Owners Told To Pay $100,000 Special Assessment" video.

  1. You think that lawmakers think?
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  2. No, GREED IS! I guess you are right.
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  3. You should be illegal.
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  4. People in red states don’t want to be forced to take care of their finances.
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  5. Such ignorance.
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  6. The funds are going towards regular and recurring costs. The problem is that the monthly fees are insufficient to build an adequate reserve.
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  7. Most probably have to get at least 3 quotes.
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  8. This is what happens when red states are resistant to regulations!!!
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  9. They are both the same. The owners are also the members of the HOA.
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  10. What exactly do you mean?
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  11. What???
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  12. Insurance doesn’t cover neglect.
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  13.  @Br3ttM Then the owners should be attending the board meetings.
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  14. Going to the normal and basic recurring expenses like lawn care, exterior painting, pool maintenance, etc. The problem is that the condo fees weren’t high enough to build a sufficient reserve for high expense repairs such as this.
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  15. Proof??? The treasury records are required to be made available to the owners. Stop LYING!!!!
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  16. Proper inspections and maintenance would have resulted in proper repairs to the inadequate construction.
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  17. Very ignorant and naive of condo associations AND THE STATE to not think of this 30 years ago when these were all being constructed. If $20 a month was added 30 years ago, then there would have been plenty of money to do those major inspections and repairs.
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  18. Why?
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  19. They are $500k+. They can refinance.
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  20. EXACTLY!!! “The MLS is not GUARANTEED!!!” IT SHOULD BE!!!
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  21. Learn how to write.
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  22. Exact same scenario. People didn’t vote for the school levies to maintain the buildings, which resulted in the lack of maintenance and additional cost for a new building since it would now cost more to repair.
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  23. There was no way to know the extent of the repairs prior to the inspection.
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  24. But many didn’t, which is why this law was passed.
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  25. Where, in Detroit?
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  26. It’s not that they didn’t MANAGE the fees, it’s because they weren’t able to COLLECT SUFFICIENT FEES.
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  27. What? This is based on analysis and what is not required by law!!!
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  28. Right, outright GREED!
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  29. It’s insane that crap like this has been legal until just recently.
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  30. They should be doing car inspections and forcing people to comply.
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  31. Basic operating costs and maintenance. Look at the treasury reports.
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  32. That’s NOT CAPITALISM!!! 😉
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  33. Regular and recurring costs.
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  34. *you’re. And it was the Champlain Towers South that collapsed. Google is your friend.
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  35. The problem is that the associations WEREN’T COLLECTING money for long term high cost maintenance.
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  36. Maybe the members (owners) didn’t approve to increase the fees to an amount to reach a sufficient reserve for situations like this.
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  37. Surfside is A CITY. Reasonable is irrelevant, it’s based on the actual costs.
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  38. Because that only because state law recently after almost 100 people died. Red states don’t want government regulations, so they get what they reap.
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  39. Less than $100k? Where, in a swamp in Mississippi?
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  40. Sometimes there is not much other choices.
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  41. Learn how to write, and listen. The fee wasn’t sufficient to cover the maintenance costs.
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  42. They caused this economy.
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  43. Learn how to write.
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  44. That’s not much. How many units?
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  45. Wrong
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  46.  @nipperdawg1865 That’s why this needed to be a law…30 years ago!
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  47. It sounds like they weren’t collecting ENOUGH FUNDING.
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  48. It was the condo owners that were committing a scam by not paying their fair share for future repairs.
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  49. Or prior member/owner votes to not increase the condo fees.
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  50.  @Br3ttM Reason’s Swiss cheese model.
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  51. Poor choices
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  52. Google it.
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  53. These problems started over 20 years ago.
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  54. Wrong
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  55. The treasury reports should show where it all goes. You might be able to build something new, but you first either need to find new property or raze the current structures.
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  56.  @Tugela60 Especially the people who just bought 1-3 years ago.
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  57. No, but they should be able to sue the past condo owners!!
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  58. The owners probably voted to NOT increase the condo fees for the past 20 years even though prices have been increasing over this time period.
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  59. For every building they designed and built, even 30 years later? You missed a key party…the building permitters/inspectors.
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  60. Didn’t you hire an inspector before buying?
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  61. For negligence of the owners not maintaining their property?
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  62. Yes, but that wasn’t required until this law was passed.
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  63. Renew their mortgage???
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  64. Even if you have already paid $500k for the unit?
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  65. What???
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  66. It’s not just the assessment, that also includes bringing the reserves up to proper levels.
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  67. The owners kept kicking this down the corner and it finally caught up to them.
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  68. The owners are a part of the association.
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  69. How about the permitting and building inspectors? They are the ones that approved all of this.
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  70. Who is “they”?
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  71. EXACTLY!!!!
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  72. Who’s getting rich?
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  73. Refinance.
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  74. EXACTLY!!!
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  75.  @bobthetitanic Read the investigation reports.
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  76. How did that get past the permit approvals and inspections???
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  77. What exactly does that mean? Foreclose and lose all of your equity? Also messing up your credit rating? Where do they go from there with no money?
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  78. Wrong
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  79. Per unit.
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  80. Anything will depreciate without proper maintenance.
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  81. What?
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  82. Because a law was passed and condo owners weren’t paying sufficient funds for major repairs.
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  83. How else would condos work???
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  84. How about the inspectors who approved the plans and construction?
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  85.  @lisashiela9137 and don’t go swimming until an hour after eating…
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  86. That’s very arbitrary.
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  87. No, you have no idea what you are talking about.
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  88. You also have demolition and design costs.
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  89. Refinance or get a home equity loan.
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  90. Their fault in the first place, and lack of government regulations that was pushed by the Greedpublicans.
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  91. Who is “they”?
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  92.  @RipliWitani what? Learn how to WRITE!!!
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  93. Making up for years of neglect.
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  94. No
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  95. Perhaps you should look at the financial reports!
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  96. This is an engineering assessment which requires preliminary inspections and detailed cost analysis. $200k is cheap.
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  97. Because in theory they can build up equity and have some money for something better when you sell.
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  98. The owners probably voted down fee increases.
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  99. Insurance doesn’t cover negligence.
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  100. Because otherwise the condos will be condemned and they will have nothing. Not that difficult of a concept.
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  101. The old owners ARE RESPONSIBLE FOR THIS HAPPENING!!!!
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  102. A few hundred million.
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  103. Non sequitur
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