[Variable]

Suze's $28k/year condo insurance policy is only for the interior of her unit, from the drywall inward. Flooring, walls, interior fixtures, interior doors and trim, interior plumbing and electrical, appliances and furnishings.

The condo association has a separate insurance policy which covers the buildings, including the roof, exterior walls, balconies, elevators, stairwells, windows, exterior AC units, parking garage, gutters, electrical and plumbing that is not inside a unit, halls, common areas, etc.

Condo association building/common area insurance policy increases are causing the condo associations to increase the monthly condo maintenance fees for all owners. Suze has to pay her share of the condo association fees which covers the building insurance (and other things), regardless if she chooses to go bare on her 'inside the walls' insurance for her individual unit.

[sinatras]

Originally Posted by Variable

Suze's $28k/year condo insurance policy is only for the interior of her unit, from the drywall inward. Flooring, walls, interior fixtures, interior doors and trim, interior plumbing and electrical, appliances and furnishings.

The condo association has a separate insurance policy which covers the buildings, including the roof, exterior walls, balconies, elevators, stairwells, windows, exterior AC units, parking garage, gutters, electrical and plumbing that is not inside a unit, halls, common areas, etc.

Condo association building/common area insurance policy increases are causing the condo associations to increase the monthly condo maintenance fees for all owners. Suze has to pay her share of the condo association fees which covers the building insurance (and other things), regardless if she chooses to go bare on her 'inside the walls' insurance for her individual unit.

That makes the $28,000 EVEN WORSE.

[NorthofHere]

Originally Posted by kidyankee764

This is misleading, as it’s not some small condo worth 400k. This is in Hillsboro Beach, a super wealthy enclave where these condos are worth millions. Additionally, it’s oceanfront.

28k is still quite a lot, but wouldn't be so eye popping if these facts were part of the original post.

Very misleading because condo associations should have insurance to cover the building itself, however, it is possible she is including her share of the increase in cost the condo association has to pay for that insurance. I live in a condo association but not on the water or even near it and our condo association insurance for 16 buildings of 2 units each increased substantially and we had to put on a $150/month surcharge. We decided instead of increasing the condo fees to do a surcharge so that it just doesn't get forgotten and can be adjusted up or preferably down. My own insurance is under $700 (although we might be underinsured) so this increases it to roughly $2500 a year.

[Wile E. Coyote]

Glad they are charging more for oceanfront rather than billing me for it. Why should I pay for Floridians taking the hurricane and erosion risks.

[Variable]

Originally Posted by NorthofHere

Very misleading because condo associations should have insurance to cover the building itself, however, it is possible she is including her share of the increase in cost the condo association has to pay for that insurance...

Doubtful that she is including her share of the condo association's "building" insurance because she said she's going to go bare(not get insurance).

Condo owners must pay their share of the condo association insurance because it's part of the monthly maintenance fee that all condo owners must pay, else they get foreclosed on by the condo association.

[xray731]

Originally Posted by sinatras

Suze's condo is a 2 bedroom, 2100 heated sq feet home. We can agree to disagree on what is a "sprawling" home; however never ever have I seen a 2 bedroom, 2100 sq foot real estate listing described as "sprawling".

I did not word anything to mislead anyone. $28,000 is an outrageous premium for a 2100 sq foot 2 bedroom condo whether oceanfront or not.

Yes, condo prices are falling in Florida. Which is what I said in my post.

It's sprawling - my 3 bdrm house was only 1,000 sg ft. Take a virtual tour of the one going for 2.1 million with an HOA fee of $2141 a month.

https://my.matterport.com/show/?m=wV8bCRpM2Np

[kidyankee764]

Originally Posted by xray731

It's sprawling - my 3 bdrm house was only 1,000 sg ft. Take a virtual tour of the one going for 2.1 million with an HOA fee of $2141 a month.

https://my.matterport.com/show/?m=wV8bCRpM2Np

Exactly. A 2 bedroom condo that’s nearly 2500 square feet? That’s huge.

[Buckeye77]

Here's an idea. If you don't wanna pay the big bucks for insurance, don't buy the fancy ocean front condo.

[Wile E. Coyote]

Originally Posted by Buckeye77

Here's an idea. If you don't wanna pay the big bucks for insurance, don't buy the fancy ocean front condo.

Yes, we are all crying in our coffee over it...

[moguldreamer]

Originally Posted by Travelassie

Actually it does exist.

Incorrect.

Originally Posted by Travelassie

Generally price gouging may rear its ugly head in the setting of post-natural or other disasters in an area where services and supplies are ( temporarily, one would hope) virtually nonexistent.

Incorrect. When a seller raises prices to meet demand, that is not price gouging. That is raising prices to meet demand. Economies use the price system to allocate scarce resources.



IN FACT, as you can see from the above chart, the increase in price is 100% attributable to buyers, not to sellers.

Originally Posted by Travelassie

I recall one of these lowlife price gougers standing on a street corner in our neighborhood shortly after hurricane Andrew in 1992 selling 5 lb bags of ice for $15 each, at a time when the going price was less than a dollar for the ice.

If you - you personally, Travelassie - wanted to buy ice, you were free to offer the seller $1 for a bag, and he was free to accept or decline it.

Indeed, the seller would have been faced with "The Streetwalker's Dilemma" in economics: take your offer of $1, or wait in hopes someone else would offer more. And just as the value of the streetwalker's "goods" decline as the night progresses towards morning, so also does his bag of ice decline in value because it is melting.

Should that seller wait until the ice has melted, stubbornly refusing an offer of $1 per bag?

And, if a buyer says, "I'd willingly pay $20 for ice - this guy is selling it for a mere $15" and buys a bag, both the seller and the buyer are better off. No one is worse off.

There is no price gouging. There is no such thing as price gouging.

[quote=Travelassie;66495236]
At the same time, out of towners and others looking to make a hefty profit on the misery of others bought out every chainsaw they could find ( where they were available), brought them to the area and were selling them for way over the going price ( don't recall exactly what that was).

Incorrect again. Those out-of-towners were selling them at the going price, not at over the going price. Any price above the going price is met with crickets - no buyer will buy that chainsaw for $1000 if the going price is $100.

Those enterprising out-of-towners were risking their capital. They took their savings and bought chainsaws, transported them at their own expense, and sold them to willing buyers.



IN FACT, as you can see from the above chart, the increase in price is 100% attributable to buyers, not to sellers.

Originally Posted by Travelassie

Or the gas station owner who had gotten a shipment of fuel and was selling that at greatly inflated prices.

Not price gouging. The seller is merely responding to the desires of buyers.

Originally Posted by Travelassie

What left-leaning folks are labeling "price gouging" isn't really that. They're calling the increased prices for grocery, supplies and services "price gouging" to deflect the blame for the inflation and supply chain issues from their real cause, the policies of the Biden administration to the business owners. Seems that label likely came from the official leftist "spinners" who control the narrative that's passed along to their minions for regurgitation, because you hear it all over the main stream media, and others who fancy themselves " in the know".

I agree. When a government engages in a $5 Trillion helicopter drop, what could possibly go wrong?