Florida Condos See Big Price Declines From High Premiums and Rising HOAs

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TOPSHOT - A man takes photos of boats damaged by Hurricane Ian in Fort Myers, Florida, on September 29, 2022. - Hurricane Ian left much of coastal southwest Florida in darkness early on Thursday, bringing "catastrophic" flooding that left officials readying a huge emergency response to a storm of rare intensity. The National Hurricane Center said the eye of the "extremely dangerous" hurricane made landfall just after 3:00 pm (1900 GMT) on the barrier island of Cayo Costa, west of the city of Fort Myers. (Photo by Giorgio VIERA / AFP) (Photo by GIORGIO VIERA/AFP via Getty Images)

If you are considering retiring in Florida and buying a condo, think again.

Florida is over-crowded, suffers from changes in global warming, has a reactionary state government focused more on anti-WOKE issues than good government, is the nation’s fraud capital, and has a shaky real estate market that is very localized and socially fragmented.

Condo prices in Florida are falling fast, as this video shows.

Towns and cities in South Florida are run by real estate developers who disregard issues about congestion and infrastructure, pressure local governments for easements and zoning variances and fight for every square foot of buildable space. This means residents are left to repair the mess.

Worse, Florida residents have a tough time buying home insurance due to hurricanes and state authorities’ lax enforcement of insurance fraud. Florida is the nation’s fraud capital, and it has become larger under Florida’s authoritarian governor, DeSantis, and MAGA Senator Marco Rubio. This lax enforcement means that shady business people and investors will find a haven in Florida and can avoid prosecution for fraud.

These frauds range from tax evasion to shoddy construction, running fake charities and tax-exempts, and real estate scams.  All these fraudsters are now welcome in Florida because DeSantis has known that fraudsters are welcome in the Sunshine State.

A government lawyer said in an article by Jasper Craven in the Nation (September 2022) that states with strict consumer protection and oversight of nonprofits noted that when they prosecuted fraudsters, they moved to other, friendlier states with lax oversight.

Do your homework before you buy in Florida.

Watch this video.

 

 

 

 

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Chuck Epstein has managed marketing communications and public relations departments for major global financial institutions and participated in the launch of industry-changing financial products. He also has written by-lined articles for over 50 publications, five books and served as editor and publisher of nation’s first newsletter on the topic of using the PC for personal investing and trading. (“Investing Online, 1994-1999). He also is a marketing consultant, writer and speaker on topics related to investor protection and opportunities in the very dynamic cannabis industry. He has held senior-level marketing, PR and communications positions at the New York Futures Exchange, Chicago Mercantile Exchange, Lind-Waldock, Zacks Investment Research, Russell Investments and Principal Financial. He has won national awards from the Mutual Fund Education Alliance (MFEA) and his web site, www.mutualfundreform.com, was named best small blog in 2009 by the Society of American Business Editors and Writers (SABEW).

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