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Thread: Picture Perfect FL Condo lowers price from $1.187M to $715M

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08-13-2024, 03:56 AM
#1

Picture Perfect FL Condo lowers price from $1.187M to $715M

https://www.zillow.com/homedetails/1...47125719_zpid/

Great Condo near the water in St. Pete. Great views from every room.

Floridacels seeing pricing fall off of a cliff.
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08-13-2024, 03:57 AM
#2
master class
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08-13-2024, 03:58 AM
#3
Originally Posted By redwine91⏩
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It’s already $60k below the 5/2020 sale price, so any massive Florida Covid gains have officially been erased(and a lot more).
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08-13-2024, 04:00 AM
#4
Still 3/4 of a million after taxes a fees.

Goodluck still.
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08-13-2024, 04:01 AM
#5
Originally Posted By CRYSULLY⏩
Still 3/4 of a million after taxes a fees.

Goodluck still.
Does Florida have terrible transfer tax on these?
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08-13-2024, 04:05 AM
#6
$2,276/mo HOA
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08-13-2024, 04:23 AM
#7
Originally Posted By CRYSULLY⏩
Still 3/4 of a million after taxes a fees.

Goodluck still.
That's $275k in 2019 Dollars JACK!

It's only 750k in Monopoly money.
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08-13-2024, 04:36 AM
#8
it's a condo… lol

rent's still due bud
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08-13-2024, 05:04 AM
#9
Originally Posted By joeysmokes⏩
it's a condo… lol

rent's still due bud
It's a great condo. A location, A view. This thing should be skyrocketing in value.
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08-13-2024, 05:30 AM
#10
I live in St Pete and have been in that building. The problem with Florida condos is that they changed the laws in 2024 on reserves for deferred maintenance. Remember that condo in South Florida in 2021 that collapsed and 98 people were killed? That's what prompted this change.

I would absolutely not buy a condo because the budgets are always mismanaged. Had a condo on the water in 2000 where the HOA was $190/month. I thought this is crazy. Even when your condo is F&C I still have to pay that fee. A couple weeks ago I dropped a girl off who lives in that same community. Asked her about the condo fees and she said $850/mo.

Originally Posted By OliverHeldens⏩
Does Florida have terrible transfer tax on these?
70 cents per $100 on the deed transfer
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08-13-2024, 06:11 AM
#11
Originally Posted By PaulJerome⏩
2000, where the HOA was $190/month.
What were they doing with that money?
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08-13-2024, 06:14 AM
#12
715 million! Holy phuck!
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08-13-2024, 06:21 AM
#13
Originally Posted By FrankCostanza⏩
$2,276/mo HOA
This. Ain't nobody got time for that.
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08-13-2024, 06:24 AM
#14
Gross. I hate condos, they're glorified apartments. If I'm gonna pay $700k, I expect a loft with high ceilings, exposed brick. Sophisticated james bond style.


These are much much better op.

https://www.zillow.com/homedetails/6...mmlb=g,5better than the op.

https://www.zillow.com/homedetails/1...81394134_zpid/
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08-13-2024, 10:41 AM
#15
Originally Posted By PaulJerome⏩
I live in St Pete and have been in that building. The problem with Florida condos is that they changed the laws in 2024 on reserves for deferred maintenance. Remember that condo in South Florida in 2021 that collapsed and 98 people were killed? That's what prompted this change.

I would absolutely not buy a condo because the budgets are always mismanaged. Had a condo on the water in 2000 where the HOA was $190/month. I thought this is crazy. Even when your condo is F&C I still have to pay that fee. A couple weeks ago I dropped a girl off who lives in that same community. Asked her about the condo fees and she said $850/mo.



70 cents per $100 on the deed transfer
Oh that’s not too bad. Yeah I guess buying a condo in FL right now is basically bailing out someone’s decision.
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08-13-2024, 10:42 AM
#16
For those unaware, the op is a realtor trying to drum up business since AI is impacting the industry. Avoid clicking on any links to prevent increasing traffic.
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08-13-2024, 11:08 AM
#17
They’re clearly hiding the price delta in the HOA, Zillow and Redfin etc need to start tracking HOA changes if they don’t already (I don’t see HOA price history on Zillow)
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08-13-2024, 12:09 PM
#18
Beautiful views of the parking lot.

Good luck getting insurance with wind.
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08-13-2024, 12:19 PM
#19
I was on some other site that showed a listing for a Florida condo. The asking price was like 190k. It had about 150k in special assessments coming, and had over a 3k per month maintenance fee

Surely at some point it makes more sense to just condemn the building?

Trying to find the listing but I can't remember the building
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08-13-2024, 12:32 PM
#20
buyers were morons. no way that was ever worth over 675k and there they go listing it for like $1.1M.

Originally Posted By OffwhiteBrah⏩
For those unaware, the op is a realtor trying to drum up business since AI is impacting the industry. Avoid clicking on any links to prevent increasing traffic.
srs?

you also think it's OPs listing?
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08-13-2024, 12:33 PM
#21
HOA fee: $2,276 monthly


half your mortgage payment is in a fake organization fee
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08-13-2024, 03:01 PM
#22
How do you lower the price and end up with it being 714 million more?
We seem to be experimenting some technological differences.
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08-13-2024, 03:16 PM
#23
Are HOAs taking ownership of places and selling them for lower prices but crazy fees or something like that? Or is the price of this suppressed simply because of the crazy HOA fees?

Realtor has this place estimated for like $3million in the same building with a $300/month HOA fee

https://www.realtor.com/realestatean...1_M58255-15317


To me this looks like playing games trying to catch people lackin, brb $1 purchase price and then $8000/month HOA
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08-13-2024, 03:30 PM
#24
Originally Posted By Uhyeahokay⏩
What were they doing with that money?
The HOA money goes to the common areas (guard gate, elevators, roof, lawn, etc) but I'd rather hire a lawn guy and fix my own roof once every 30 years than pay $850/mo to an HOA.

Originally Posted By OffwhiteBrah⏩
For those unaware, the op is a realtor trying to drum up business since AI is impacting the industry. Avoid clicking on any links to prevent increasing traffic.
This made me LOL. I own a real estate brokerage and if someone from this site somehow found me, I would hang the phone up on them.
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08-13-2024, 03:47 PM
#25
Most Florida condos are worthless right now due to deferred maintenance.
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08-13-2024, 05:38 PM
#26
Originally Posted By rectifryer⏩
Most Florida condos are worthless right now due to deferred maintenance.
As of 2024, they are now required to have balanced budgets so they give special assessments sometimes in the tens of thousands per unit. Imagine being a retiree on a fixed income who had their condo paid for and downsized their life only to get a bill for $35,000 from the association because the budget was underfunded.
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08-13-2024, 05:43 PM
#27
Originally Posted By OffwhiteBrah⏩
For those unaware, the op is a realtor trying to drum up business since AI is impacting the industry. Avoid clicking on any links to prevent increasing traffic.
Ha! I am a Realtor, but I rarely sell Residential property. Definitely not Condos in Florida.
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08-13-2024, 06:04 PM
#28
Originally Posted By PaulJerome⏩
As of 2024, they are now required to have balanced budgets so they give special assessments sometimes in the tens of thousands per unit. Imagine being a retiree on a fixed income who had their condo paid for and downsized their life only to get a bill for $35,000 from the association because the budget was underfunded.
It's far worse than that. It was obvious to everyone with a brain that these multimillion dollar buildings are going to be expensive to maintain but idiot boomers kept buying condos anyways. A lot of condos are now millions of dollars behind thanks to contractors price gouging everyone.

Seriously, if they simply did the math they would know that there is no way the hoa fee times the number of owners is going to solve anything. I have ZERO remorse for these people. They were simply expecting to sell before this was an issue.
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08-13-2024, 06:14 PM
#29
Originally Posted By rectifryer⏩
It's far worse than that. It was obvious to everyone with a brain that these multimillion dollar buildings are going to be expensive to maintain but idiot boomers kept buying condos anyways. A lot of condos are now millions of dollars behind thanks to contractors price gouging everyone.

Seriously, if they simply did the math they would know that there is no way the hoa fee times the number of owners is going to solve anything. I have ZERO remorse for these people. They were simply expecting to sell before this was an issue.
In judicial foreclosure states like Florida, the HOA can file a foreclosure and go all the way through to get a certificate of title. Someone may have a million dollar mortgage on a million dollar condo. The HOA gets title which is subject to the million dollar loan and the investors who bid on these at auction might pay $20k and rent the unit out until the mortgage finishes their foreclosure which could take a couple years. So you basically rent a million dollar condo for two years at a cost of $20k.
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08-13-2024, 06:19 PM
#30
I might snatch that bad boy up. Thanks for the tip Oliver!
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