How foolish is this? [Buying waterfront apartment in Florida]

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Stubbie
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Stubbie »

If you can easily afford it and it will make you happy, do it!
You don't want to be the richest person in the graveyard.
If you don't at least go for it now you will be kicking yourself.
Is it the best move financially? Who cares! You can easily afford it even if it isn't.
tibbitts
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Re: How foolish is this?

Post by tibbitts »

protagonist wrote: Fri Apr 16, 2021 8:46 am
tibbitts wrote: Thu Apr 15, 2021 11:20 pm
protagonist wrote: Wed Apr 14, 2021 12:00 pm
jebmke wrote: Wed Apr 14, 2021 11:33 am Have you reviewed the condo association balance sheet? The biggest risk could be lack of reserves for common expenses.
I considered that. I have a copy but am having a hard time interpreting it....lack of experience. I want to run it by someone with more experience. One possible red flag (?) is that the HOA fees took a big bump in 2021 over last year- $395 to $456/mo. I want to know why.
Just based on my south florida condo that's a very, very low condo fee. My condo is 3mi from the beach and in the $100k range - no elevators, gated/covered parking, etc. Fees are lower, but not that much. The only person I know with a beachfront high-rise condo pay much higher fees than those.
Could that be related to the number of owners sharing the cost?
I inherited a freestanding villa in a gated community from my mom in Boynton Beach that I sold last year...fees were lower.
I am rather surprised when I see how much the fees vary from property to property, even between properties that superficially seem very similar in close proximity to each other.
It could be and definitely they can vary. Probably insurance has a big effect, and of course facilities. Mine is in the $350 range with a couple of hundred units.
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galawdawg
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by galawdawg »

protagonist wrote: Wed Apr 14, 2021 11:18 am It just went on the market and the open house at 9AM today was a feeding frenzy. The owners are going to sort through offers tomorrow and choose the best one.
I won't chime in with my thoughts since according to this, it is too late!

What was the end result? Did you make an offer? Are you under contract?
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hand
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by hand »

There's two ways of thinking of this:
1) Is this a good investment?
2) Is this an efficient use of money for me?

As noted, there is lots of investment risk to buying now mid-frenzy, in the middle of a pandemic, and with sea levels rising.

On the other hand, what is the marginal savings for missing out on enjoying the property this year? Perhaps cost of something like a vacation property should be valued more based on total cost of ownership divided by number of years you enjoy the property - by waiting a year, you reduce the number of years of enjoyment, and may very well increase the cost per year more than any premium you pay for buying now.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

galawdawg wrote: Fri Apr 16, 2021 9:53 am
protagonist wrote: Wed Apr 14, 2021 11:18 am It just went on the market and the open house at 9AM today was a feeding frenzy. The owners are going to sort through offers tomorrow and choose the best one.
I won't chime in with my thoughts since according to this, it is too late!

What was the end result? Did you make an offer? Are you under contract?
The offer went in yesterday. I should find out by the end of today.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

Stubbie wrote: Fri Apr 16, 2021 8:54 am If you can easily afford it and it will make you happy, do it!
You don't want to be the richest person in the graveyard.
If you don't at least go for it now you will be kicking yourself.
Is it the best move financially? Who cares! You can easily afford it even if it isn't.
Agreed. That's what I keep telling myself.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

hand wrote: Fri Apr 16, 2021 10:44 am There's two ways of thinking of this:
1) Is this a good investment?
2) Is this an efficient use of money for me?

As noted, there is lots of investment risk to buying now mid-frenzy, in the middle of a pandemic, and with sea levels rising.

On the other hand, what is the marginal savings for missing out on enjoying the property this year? Perhaps cost of something like a vacation property should be valued more based on total cost of ownership divided by number of years you enjoy the property - by waiting a year, you reduce the number of years of enjoyment, and may very well increase the cost per year more than any premium you pay for buying now.
Right, and as I pointed out in another post above, the stock market is also risky. But if you lose in the stock market, you have no insurance- the money is gone- whereas if your home gets destroyed by a hurricane, hopefully you will be compensated for your loss, and at least you got to enjoy your investment while it lasted.

I don't expect to make money on this property over time (unless I am extremely lucky). If it happens, that would just be icing on the cake. And if my heirs inherit it at half its current value, it will still be free money, so no tears will be shed (I experienced that inheriting my mom's condo in FL).
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ResearchMed
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by ResearchMed »

protagonist wrote: Fri Apr 16, 2021 10:48 am
galawdawg wrote: Fri Apr 16, 2021 9:53 am
protagonist wrote: Wed Apr 14, 2021 11:18 am It just went on the market and the open house at 9AM today was a feeding frenzy. The owners are going to sort through offers tomorrow and choose the best one.
I won't chime in with my thoughts since according to this, it is too late!

What was the end result? Did you make an offer? Are you under contract?
The offer went in yesterday. I should find out by the end of today.
Please keep us posted.
Good luck.

You WILL have a housewarming party and invite us all, right?
Yup, that's what I thought... :wink:

RM
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Wricha
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Wricha »

protagonist wrote: Wed Apr 14, 2021 4:25 pm
Wricha wrote: Wed Apr 14, 2021 4:10 pm The price seems very reasonable, water view? (Gulf, lake, canal, river). Is this a hotel - condo deal? (If so, these are the first to take hit in the downturn and the last to recover.)
Not a hotel. It is in a well-established over 55 community on the gulf, or more specifically, a bay, but with spectacular views. I think it seems very reasonable for what it is. I'm surprised that properties like this are selling in that range, but then again, I am used to Northeast prices. I think 55+ communities appreciate much slower than others, and maybe that is a factor.
This sounds like a very good deal. Good for you.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

ResearchMed wrote: Fri Apr 16, 2021 12:00 pm
protagonist wrote: Fri Apr 16, 2021 10:48 am
galawdawg wrote: Fri Apr 16, 2021 9:53 am
protagonist wrote: Wed Apr 14, 2021 11:18 am It just went on the market and the open house at 9AM today was a feeding frenzy. The owners are going to sort through offers tomorrow and choose the best one.
I won't chime in with my thoughts since according to this, it is too late!

What was the end result? Did you make an offer? Are you under contract?
The offer went in yesterday. I should find out by the end of today.
Please keep us posted.
Good luck.

You WILL have a housewarming party and invite us all, right?
Yup, that's what I thought... :wink:

RM
Yes, if you live nearby, and if I get it, I will invite you. I'm new to the community. I could use more friends there *555*
Hebell
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Hebell »

Just wait a few years before you run for the Board.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

Hebell wrote: Fri Apr 16, 2021 2:05 pm Just wait a few years before you run for the Board.
I would rather stick hot pokers in my eyes. The last way I want to spend my retirement is listening to people's grievances. I'm too much of a "live-and-let-live" sort for that. More likely I would be running FROM the board. :happy
mgensler
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by mgensler »

protagonist wrote: Thu Apr 15, 2021 10:52 am
mgensler wrote: Thu Apr 15, 2021 10:41 am We have a unit in a 2004 building on the ocean in FL. We've owned it for about seven years. Things we had to remove/replace/repair since purchasing include:

All appliances except induction cooktop and wall ovens, Hvac units, wood flooring (replaced with tile), water heater, plumbing shut off valves (we have cpvc water lines), roof 2x due to hurricane, beach crossover, exterior and interior paint, repair 2-3 hurricane shutters per year, bathroom exhaust fans.

Since your building is older some of these items most likely have already been replaced or are due for replacement again.

Our association fees and property taxes have risen 50%+. The other owners complained so now for last three years, we've had no increases in the monthly hoa fee but we annually have had a large lump sum assessment.
I'm curious why hurricane shutters need to be repaired so often (2-3 shutters per year!)
If that is the case, I wonder if it would be more cost-effective to replace the windows with "hurricane-proof" impact windows .
We have about 30 shutters. These were installed in 2004 when the building was built. I repaired two myself and found the tubular motors are made in France and typically used for automatic shades. The motors don't seem to be the problem as they are well made. It's all the plastic end caps and steel bearings that fail. It's a pretty bad design but I haven't found anything better. And yes these were specified by an engineer. I have the stamped drawings.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

Update: We lost the bid.

Our bid was over 10% above asking price with no contingencies.
It sold for a much higher bid within a day of going on the market (also with no contingencies).

Obladi Oblada. Life goes on. Bra.
Carol88888
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Carol88888 »

I would look into how much insurance costs in the area. I was in Florida years ago and the retirees I met were all in a panic because their insurance costs kept going up and up.

If you do buy, please let us know your experience. I am thinking of a move there myself.
Carol88888
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Carol88888 »

Don't feel bad. You should never feel bad about losing a bidding war.

The hurricane season starts soon doesn't it? Just wait until a few hurricanes hit and then go out house hunting.
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watchnerd
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by watchnerd »

oldfatguy wrote: Wed Apr 14, 2021 1:45 pm
protagonist wrote: Wed Apr 14, 2021 11:18 am We are thinking of bidding on a great 2 br apartment on the 10th floor of an building on the waterfront ...
How far above current sea level is the property around the building?
Yeah, that's what I was wondering, too.
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av111
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by av111 »

protagonist wrote: Fri Apr 16, 2021 7:28 pm Update: We lost the bid.

Our bid was over 10% above asking price with no contingencies.
It sold for a much higher bid within a day of going on the market (also with no contingencies).

Obladi Oblada. Life goes on. Bra.
Yes 400k seemed like a real deal for a condo with great views. What zip code is it

Someone I know bought a condo for 900+ in Tampa and then started redecorating for 200k
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retiredjg
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by retiredjg »

protagonist wrote: Fri Apr 16, 2021 7:28 pm Update: We lost the bid.
Thanks for the update. :(
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midareff
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by midareff »

I'm 73 now, 10 years retired and have lived in South Florida long term. If you think you are going to live another 50 years that could be an issue, the rising water level and such. For me at 73 it is a non-issue. I'll be out exercise walking in about a half hour at 74 degree weather. No nights below 49 degrees this winter, many at about 60 degrees with low 70's days... of course add 20 or more to that for the summer. Methinks we have another northern transplants here already... you are clogging up our roads.. LOL.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

Carol88888 wrote: Fri Apr 16, 2021 8:26 pm I would look into how much insurance costs in the area. I was in Florida years ago and the retirees I met were all in a panic because their insurance costs kept going up and up.

If you do buy, please let us know your experience. I am thinking of a move there myself.
My personal (apartment) homeowner's insurance or the insurance for the building, that is contained in the HOA?
Where are you considering moving?
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

Carol88888 wrote: Fri Apr 16, 2021 8:30 pm Don't feel bad. You should never feel bad about losing a bidding war.

The hurricane season starts soon doesn't it? Just wait until a few hurricanes hit and then go out house hunting.
*laughing* In this market I am not sure that would deter anybody. Plenty of units sold well in August-November 2020. We are hoping things might settle a little price-wise later in the year but my guess is they will rise, since each unit that sells seems to be at a higher price than the previous one, which is probably driving prices up (much higher comps).

I think many people are so flush with cash due to the raging stock market, and with interest rates bottomed out, no safe place to put all that money, and being bored with being homebound due to the pandemic, they are buying up property faster than Sherman went through Georgia.

Just my theory of course.....
Last edited by protagonist on Sat Apr 17, 2021 12:24 pm, edited 3 times in total.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

midareff wrote: Sat Apr 17, 2021 7:44 am I'm 73 now, 10 years retired and have lived in South Florida long term. If you think you are going to live another 50 years that could be an issue, the rising water level and such. For me at 73 it is a non-issue. I'll be out exercise walking in about a half hour at 74 degree weather. No nights below 49 degrees this winter, many at about 60 degrees with low 70's days... of course add 20 or more to that for the summer. Methinks we have another northern transplants here already... you are clogging up our roads.. LOL.
OUR roads? You mean the ones you clogged up 10 years ago?? *giggling*
I lived your lifestyle a month ago. Today I will be out shoveling snow.
Thegame14
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Thegame14 »

I dont see any mention of your finances, so I dont think we can give financial advice, so then it is just emotional so then it is up to you to evaluate the financial aspect, and for the emotional aspect, assuming finances make sense, YOLO, being happy is highly UNDER rated, cant worry about a hurricane, look at 2020, no one saw a chinese coughing airborne virus completely changing the world. I wouldnt want to live in a condo until everyone is vaccinated, but I assume you are or else I would want a free standing house.
Shaneman
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Shaneman »

Can you share the MLS listing so we can all see the property? Also can you share what you found out about past assessments and whether the condo association had adequate reserves? How did you find out about the stucco?

From the input of other BH it makes me think I would only look at units built within the last 20 years.

Sorry you did not get the condo but things happen for a reason. Maybe this will be a bad hurricane season and better opportunities are coming for you purchase your winter getaway.
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Outer Marker »

protagonist wrote: Wed Apr 14, 2021 11:18 am For years I have told others how stupid it is to buy waterfront real estate in Florida now....housing bubble, hurricane risk, volatile home values, etc. Especially in 55+ complexes like this one. Nor would I normally forego a home inspection...seems insane....
Sound advice! Every time I come back from vacation on the Outer Banks I'm convinced I want to buy a house down there. Then sanity returns. Renting is the better, lower cost option. Plus, you have the flexibilty to "winter" anywhere you want - whether its that complex, the Bahamas, or Hawaii. I would not want to be tied down, and I would especially not want to be a buyer in this market. Selling an inherited property this week. It's a good time to be on that end of the the transaction.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

Shaneman wrote: Sat Apr 17, 2021 8:34 am Can you share the MLS listing so we can all see the property?
I would rather not for privacy issues, since we will likely bid on another apt. in that building if and when one becomes available and that would be like posting my future address on the internet.
Sorry, but I am sure you understand.
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Tamarind
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Tamarind »

My personal judgement is that waterfront property can no longer be considered a lifelong, let alone generational, investment. Long term, probably, but you can't be assured it will have any value at all to your children. I love to visit the Outer Banks but I would not buy there, as current predictions suggest I'll see most of them permanently submerged in my lifetime.

In my (non-coastal) area I have already observed that riverside and even creekside properties that are not considerably higher than the current waterline are beginning to sell at a discount to their neighbors at higher elevation. Frequent heavy rain and urban flooding events are starting to winnow out which homes are at greatest risk. A few (dense, expensive) places on the coast may do engineering or buyouts, but for the most part I suspect the market will be left to sort it out which means someone will be left out when the music stops.

Adjust your estimate of the value accordingly and buy if it still makes sense and you want to.
bltn
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by bltn »

Sorry that you lost out in the bidding.

As a homeowner on the Gulf, I think there has been a lot of useful advice provided for your next bid. Ive been considering a full time move to Florida. No state income tax, no state inheritance tax, modest property taxes and modest sales taxes.

Best of luck with the next one.

What was the final sale price?
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by JBTX »

I would look at is in terms of can I afford to lose everything I have invested in it, as a worse case highly unlikely scenario. If you can, then that is a risk worth taking to increase your quality of life. Objectively it could be less risky than buying a very high value home in a HCOL area that could plunge in value in a bad economic situation.
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Kitty Telltales
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Re: How foolish is this?

Post by Kitty Telltales »

Watty wrote: Wed Apr 14, 2021 11:38 am One thing to keep in mind is that if you are planning on renting it out then that might not be allowed.

Even normal condos often have a restriction on the percent of units that can be rented out since if the percentage of rentals goes above a certain level future owners cannot get normal mortgages. Many places also do not allow short term vacation rentals.
My experience has been that the association turns these restrictions on and off depending on if and when association board members plan to rent out units.

Look into what the new property taxes will be based on the purchase price. You might get sticker shock.

Sorry you lost the bid. Perhaps you’ll find something interesting in August when many who thought they were relocating flee back north to cooler temperatures.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

bltn wrote: Sat Apr 17, 2021 1:32 pm Sorry that you lost out in the bidding.

As a homeowner on the Gulf, I think there has been a lot of useful advice provided for your next bid. Ive been considering a full time move to Florida. No state income tax, no state inheritance tax, modest property taxes and modest sales taxes.

Best of luck with the next one.

What was the final sale price?
I agree.

Asking was $359K. I bid $391K, no contingencies, all cash. I even threw in a "love letter" to tug at the seller's heart strings. I don't know the final sale price yet, but the listing agent said it was "much higher" than my bid.
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protagonist
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Re: How foolish is this?

Post by protagonist »

Kitty Telltales wrote: Sat Apr 17, 2021 1:46 pm

Sorry you lost the bid. Perhaps you’ll find something interesting in August when many who thought they were relocating flee back north to cooler temperatures.
Well, maybe, but only if the stock market crashes in the interim and a Category IV hurricane hits the west coast of Florida in July. *laughing*
Last edited by protagonist on Sat Apr 17, 2021 3:18 pm, edited 1 time in total.
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

JBTX wrote: Sat Apr 17, 2021 1:32 pm I would look at is in terms of can I afford to lose everything I have invested in it, as a worse case highly unlikely scenario. If you can, then that is a risk worth taking to increase your quality of life.
That is a great way of thinking about it, and is, indeed, my attitude.
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

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marielake
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by marielake »

I moved from the Boston area to coastal NC 6 years ago and a few years later decided to buy a second home. I couldn't decide between a condo on the beach or one in the mountains--affordable only because prices are considerably lower here than Boston area. In Mass, I don't recall experiencing any hurricanes, just tropical storms or northeasters. My first hurricane here, made the decision easy. After experiencing the anxiety and damage from Florence, I opted for the mountains. My advice is to be sure of your tolerance for anxiety/stress whenever you hear warnings for hurricane.

On the increase in the building's condo fees, our wind and hail insurance for primary home near the intercostal increased 25% this year because of damage from 3 hurricanes in 3 years.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

marielake wrote: Sat Apr 17, 2021 3:06 pm I moved from the Boston area to coastal NC 6 years ago and a few years later decided to buy a second home. I couldn't decide between a condo on the beach or one in the mountains--affordable only because prices are considerably lower here than Boston area. In Mass, I don't recall experiencing any hurricanes, just tropical storms or northeasters. My first hurricane here, made the decision easy. After experiencing the anxiety and damage from Florence, I opted for the mountains. My advice is to be sure of your tolerance for anxiety/stress whenever you hear warnings for hurricane.

On the increase in the building's condo fees, our wind and hail insurance for primary home near the intercostal increased 25% this year because of damage from 3 hurricanes in 3 years.
I lived in New Orleans for 7 years , and I was working on my mom's condo in Boynton Beach, FL in 2005 when the eye of Wilma (Cat. 4 if I recall) passed right over my eye. I had no choice but to stay since I flew down when it was still sunny, and, needless to say, there was no hope of changing my return ticket for an earlier date once the news of the hurricane coming hit the airwaves. I spent the night huddled on the bathroom floor (safest part of the house) while listening to the pounding of the windows. So yes, I know hurricanes. I still prefer them to "wintry mix" *hoping you are laughing*
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by marielake »

LOL. "So yes, I know hurricanes. I still prefer them to "wintry mix" *hoping you are laughing*". I actually miss the wintry mix.
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by LongTermInvestor88 »

Sometimes you just have to enjoy the fruits of your labour. What's the point otherwise. I'm a late starter to investing and starting own electrical business. Saved and worked hard last few years. By no means got anywhere near the funds of some on here. But treat and goal for myself is once have £100, 000 In investible assets a hard top Mercedes convertible is in order. Life is short enjoy the things that make you happy.
ballons
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by ballons »

midareff wrote: Sat Apr 17, 2021 7:44 am I'm 73 now, 10 years retired and have lived in South Florida long term. If you think you are going to live another 50 years that could be an issue, the rising water level and such. For me at 73 it is a non-issue. I'll be out exercise walking in about a half hour at 74 degree weather. No nights below 49 degrees this winter, many at about 60 degrees with low 70's days... of course add 20 or more to that for the summer. Methinks we have another northern transplants here already... you are clogging up our roads.. LOL.
Rising waters, higher storm surge, coastal erosion, and saltwater intrusion are an issue today.
https://www.sun-sentinel.com./news/soun ... story.html

In South Florida’s war against the tides, it may be time to recognize that discretion is the better part of valor.

For the past 70 years, the state of Florida has spent more than $1.3 billion on packing sand onto eroding beaches, according to a Reuters report — far more than any other state.

In recent years, we’re spending more than ever as erosion increases due to greater beachfront development and more powerful storms. In the 2016 and 2017 state budgets, $30 million went to beach renourishment projects around the state. This year, it was $50 million.

And that’s just at the state level. Much of that money goes to local governments for 50-50 matching grants. Federal money is involved as well. And all it takes is a hurricane or two to undo years of work and the spending of millions upon millions of dollars of taxpayer money.


You are in wetbulb temps where 18 year old physically fit humans can't cool down in the summer--today.
stan1
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Re: How foolish is this?

Post by stan1 »

protagonist wrote: Wed Apr 14, 2021 12:00 pm One possible red flag (?) is that the HOA fees took a big bump in 2021 over last year- $395 to $456/mo. I want to know why.
How long were they at $395/month? Some boards put in a 2-3% auto escalation for inflation each year, others try to raise fees less frequently. The jump you see could be in large part due to labor increases that were absorbed for many years. Perhaps the board minutes are online as well? Maybe your realtor knows?

A few years ago we raised ours from $300/month to $350/month which was caused primarily by minimum wage increases for the landscapers and security patrol staff. Personally I'd prefer to inflate it 2-3% every year (based on actuals of course), but others on the board like the idea of keeping the dues stable and raising less frequently (e.g. in multiples of $50 in our case).
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midareff
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by midareff »

protagonist wrote: Sat Apr 17, 2021 8:23 am
midareff wrote: Sat Apr 17, 2021 7:44 am I'm 73 now, 10 years retired and have lived in South Florida long term. If you think you are going to live another 50 years that could be an issue, the rising water level and such. For me at 73 it is a non-issue. I'll be out exercise walking in about a half hour at 74 degree weather. No nights below 49 degrees this winter, many at about 60 degrees with low 70's days... of course add 20 or more to that for the summer. Methinks we have another northern transplants here already... you are clogging up our roads.. LOL.
OUR roads? You mean the ones you clogged up 10 years ago?? *giggling*
I lived your lifestyle a month ago. Today I will be out shoveling snow.
SNOW, in the 30's and 40's I'm not even sure we go out... like at all.
fatmike91
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by fatmike91 »

Sorry it didn't work out, but it's not foolish at all.

There is basically unlimited land to develop in Florida (inland). There will always be a new development that is newer and better.

Buying a condo on the water is different. Substantially all of the waterfront is developed. I expect waterfront Florida to do very well over the next few decades and to separate from inland Florida.

Do your due diligence, but AC units, old stucco and stuff like that is just noise.

Good luck in the search. The next time you find a place you like do what's necessary to buy it.

/
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

midareff wrote: Sat Apr 17, 2021 6:20 pm
protagonist wrote: Sat Apr 17, 2021 8:23 am
midareff wrote: Sat Apr 17, 2021 7:44 am I'm 73 now, 10 years retired and have lived in South Florida long term. If you think you are going to live another 50 years that could be an issue, the rising water level and such. For me at 73 it is a non-issue. I'll be out exercise walking in about a half hour at 74 degree weather. No nights below 49 degrees this winter, many at about 60 degrees with low 70's days... of course add 20 or more to that for the summer. Methinks we have another northern transplants here already... you are clogging up our roads.. LOL.
OUR roads? You mean the ones you clogged up 10 years ago?? *giggling*
I lived your lifestyle a month ago. Today I will be out shoveling snow.
SNOW, in the 30's and 40's I'm not even sure we go out... like at all.
*laughing* I am becoming more and more like that.
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

fatmike91 wrote: Sat Apr 17, 2021 6:40 pm

Good luck in the search. The next time you find a place you like do what's necessary to buy it.

/
I thought I did. My realtor thought I had a better than 90% chance. But in this market, the sky is the limit.
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midareff
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by midareff »

protagonist wrote: Mon Apr 19, 2021 3:42 pm
fatmike91 wrote: Sat Apr 17, 2021 6:40 pm

Good luck in the search. The next time you find a place you like do what's necessary to buy it.

/
I thought I did. My realtor thought I had a better than 90% chance. But in this market, the sky is the limit.
Give it another 12-18 months and they will be trying to give the stuff away... December 2010 Shiller @ 15, April 2021 Shiller @ 37.6 It smells like winter is coming.
Carol88888
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Carol88888 »

protagonist wrote: Sat Apr 17, 2021 8:14 am
Carol88888 wrote: Fri Apr 16, 2021 8:26 pm I would look into how much insurance costs in the area. I was in Florida years ago and the retirees I met were all in a panic because their insurance costs kept going up and up.

If you do buy, please let us know your experience. I am thinking of a move there myself.
My personal (apartment) homeowner's insurance or the insurance for the building, that is contained in the HOA?
Where are you considering moving?
I don't know. I've heard St. Petersburg FLorida is nice but I have never been there. Problem is I love snow. I just know that I can't stay in NYC. Not forever. Right now I am using up all my tax losses that I harvested against my capital gains in hopes of lowering my estate taxes because my accountant tells me the losses can't be passed down.

But then, again, I could wait till I am old and senile and then I won't mind the hot summers.
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by Busdrvr »

OMG I just saw this thread. My condolences as we are currently shopping for same just in Brevard county where we have a OF timeshare and have been going for decades. Our plan is to escape the WI winter and state income tax for at least that 1/2 of the year. Unfortunately we are seeing exactly the same in terms of market conditions as some new listings are going in hours or days, sometimes above asking. I have watched this local market for years and this is not normal. I just wonder how much is driven by a large influx of out of state (NE) folks who have had enough. I also wonder if the tide will turn, but I don’t expect to see a huge reversal occurring any time soon. I wish you luck in finding what you’re looking for. One thing I know for sure, it is not snowing in central FL right now. But it is where I am in WI :oops:
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protagonist
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Re: How foolish is this? [Buying waterfront apartment in Florida]

Post by protagonist »

Busdrvr wrote: Wed Apr 21, 2021 12:36 pm OMG I just saw this thread. My condolences as we are currently shopping for same just in Brevard county where we have a OF timeshare and have been going for decades. Our plan is to escape the WI winter and state income tax for at least that 1/2 of the year. Unfortunately we are seeing exactly the same in terms of market conditions as some new listings are going in hours or days, sometimes above asking. I have watched this local market for years and this is not normal. I just wonder how much is driven by a large influx of out of state (NE) folks who have had enough. I also wonder if the tide will turn, but I don’t expect to see a huge reversal occurring any time soon. I wish you luck in finding what you’re looking for. One thing I know for sure, it is not snowing in central FL right now. But it is where I am in WI :oops:
*smile* Yeah, we had some snow as well a few days ago in MA. I think what is driving prices is a perfect storm:
1. People loaded with cash from a raging stock market and nothing to spend it on since restaurants have been closed, travel limited, etc.
2. Interest rates at an all-time low
3. No good safe place to put your money and watch it grow
4. Restlessness after being homebound for a year due to the pandemic
5. People living in big cities that got hit badly by COVID wanting out or retiring early....etc. etc. etc.
Hebell
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Re: How foolish is this?

Post by Hebell »

Kitty Telltales wrote: Sat Apr 17, 2021 1:46 pm
Watty wrote: Wed Apr 14, 2021 11:38 am One thing to keep in mind is that if you are planning on renting it out then that might not be allowed.

Even normal condos often have a restriction on the percent of units that can be rented out since if the percentage of rentals goes above a certain level future owners cannot get normal mortgages. Many places also do not allow short term vacation rentals.
My experience has been that the association turns these restrictions on and off depending on if and when association board members plan to rent out units.

Look into what the new property taxes will be based on the purchase price. You might get sticker shock.

Sorry you lost the bid. Perhaps you’ll find something interesting in August when many who thought they were relocating flee back north to cooler temperatures.
Condo associations cannot change the rental rules willy-nilly. Changing rental regulations is considered a material alteration to the property and requires a change to the governing documents. Which means it has to be put up to a unit owner vote. So, if you want to buy into a condo community, look into their rental regulations. But take some comfort it cannot be capriciously changed. It is an arduous process.
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