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Instead of "months of supply", it would be better if they just stated the number of properties for sale.
Today there are much fewer transactions than back 4 years ago, so months supply is misleading.
Florida’s Condo Prices Are Falling As Cost of Insurance and HOA Fees Skyrocket
Florida’s Condo Prices Are Falling As Cost of Insurance and HOA Fees Skyrocket
Citizens Property Insurance Corp., Florida’s residual but still-largest property insurer, has posted new information about when and where flood insurance is required for policyholders.
The Florida Legislature last year approved Senate Bill 2A, making big changes to laws governing claims litigation and requiring most Citizens’ policyholders to also obtain flood insurance within three years. The idea, supporters of the bill said, was to help push homeowners back to the primary market and help protect Citizens from legal disputes over wind-versus-water damage.
This year, lawmakers revised the law slightly to exclude policyholders who own condominiums on upper floors.
The bulletin from Citizens, posted Aug. 22, explains the phase-in of the flood requirement:
Starting in January 2024, all structures with a replacement value of $600,000 must obtain flood insurance.
The value requirement of the structure drops until 2027, when all Citizens-covered structures, regardless of value, must maintain flood coverage.
The insurer said it will soon send more information to agents, including a list of their affected policies.
FL Condo Act now forces boards to inspect and repair or reserve for known future repairs.
This will include structures NOT in a Flood Plain.
one thing that surprises me is that the condo's master insurance company did not send out inspectors to check the condition of that building and threaten to cancel the policy based on their inspections
some old wise ass gave a long "Listen Jack, I'm Not paying! It'll be Fine
The Condo President actually quit because at the meeting to vote on raising money to slowly make repairs,
old school pensions of 65% last 3 years salary plus guaranteed COLA
AmericanKulak says
old school pensions of 65% last 3 years salary plus guaranteed COLA
The only source I can think of this is either federal government pensions CSRS (not FERS), which means they were hired before Reagan's second term.
Or its a state pension like New York.
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MIC contractors with big checks or two decent checks (military and Boeing/Lockheed) every month, plus investments, Soc Sec, etc.
80s Cocaine Condo Construction Binge
Lockheed (or Lockmart) as well as the rest of the major MIC's like Boeing stopped their defined pension plans and went 401k path at least 35 years ago.
My county in Virginia just sent out assessment notices. Massive increase averaging about 25%, mine was actually 36% which means my real estate tax will be about $2,000 higher next year. I plan to go to the next county board meeting just to see the reaction from all these citizens who will also see massive tax increases. I am sure the county supervisors are dreading the April meetings.
Nothing says prices going up quite like free money. Biden's proposing $10000 in free money for 1st time homebuyers and $10000 to the people who sell their homes that have a mortgage.
As a special freebie offer for illegals $25000 in down payment assistance.
It's only your taxes.
https://www.msn.com/en-us/money/realestate/biden-has-a-plan-to-make-homeownership-more-affordable-here-s-what-it-could-mean-for-hopeful-homebuyers/ar-BB1jzVXY?ocid=hpmsn&cvid=1d4564ac011f45c88696c3c60ba42747&ei=143
This guy who worked for NY State since 1960s has to be at least 75 years old.
Florida has a law called Save Our Homes (SOH). It is a property tax cap amendment to Florida's constitution, homestead property assessments can't increase more than 3% from the previous assessment period. (The cap for non-homestead properties is 10%.)
Homeowners who receive the homestead exemption also benefit from the Save Our Homes assessment limitation, which caps increases in assessed value at 3% or the rate of inflation, whichever is lower. So even if you own a home in a hot housing market, your taxes won’t skyrocket (unless one of your local government bodies increases rates).
This country is a financial joke to the max. F'ng clown world.
GNL says
This country is a financial joke to the max. F'ng clown world.
I would say the 80's and 90's that the economy was remarkable. Look by 1999 how the internet became a major part of economy and society.
The economy has produced achievements since then but its also been susceptible to Wall Street bubbles and housing inflation.
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ROCKET MORTGAGE SHUTS DOWN ORIGINATION DEPARTMENT
Rocket to shut down origination channel for real estate and insurance agents
All real estate agents, insurance agents and other financial pros must submit new mortgage applications by March 29, 2024
https://www.housingwire.com/articles/rocket-to-shut-down-origination-channel-for-real-estate-and-insurance-agents/
Rocket was the largest retail lender, and largest online lender.
I know it doesn’t fit the narrative for some folks here who believe this place is a shithole. Given it’s ranked one of the best places to live, I can’t imagine where they live would be called. 🤔
https://abc7news.com/san-jose-us-news-and-world-report-25-best-places-to-live-ranked-number-4-in/14496724/
Eman says
I know it doesn’t fit the narrative for some folks here who believe this place is a shithole. Given it’s ranked one of the best places to live, I can’t imagine where they live would be called. 🤔
https://abc7news.com/san-jose-us-news-and-world-report-25-best-places-to-live-ranked-number-4-in/14496724/
I'm sorry man but I lived in San Jose for almost six years and really disliked it. Ridiculous traffic, terrible schools, insanely expensive, massive salad bowl of multiculturalism where people stay segregated, total lack of community, no real city identity.
The only thing going for it was the weather and jobs.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.