These Guys Are Sharks, They Are Going To Make A Fortune

A report from the Baltimore Sun. “Michael and Maud Ziegler might have thought twice about purchasing their condo in Ocean City if they’d known their fees would be projected to increase from $900 to $3,300 a quarter. The projected increase stems from a Maryland law passed in 2022, requiring condos, homeowners associations and cooperative housing corporations to perform reserve studies identifying how much money is needed for future repairs and maintenance. For many Maryland residents, it’s not just vacation properties affected by the higher fees. One condo owner in Roland Park, who requested not to be named due to concerns about divulging his personal information, had to take out a loan to cover a $12,000 ‘special assessment’ charge that his condo required him to pay within a month and a half. That was in addition to increased monthly fees rising from $830, when he bought the condo three years ago, to $1,350 now. ‘How feasible is it for someone to be legally on the hook to contribute that?’ the resident said. He said he plans to sell his condo after his daughter finishes high school.”

“One of the most ‘troubling’ aspects of Holmes’ bill is a provision allowing for a delay in repairs if residents are experiencing financial hardship, said Peter Miller, president of Miller Dodson Associates, a reserve study firm based in Annapolis who also served on a task force to develop national reserve study standards. ‘That’s exactly what got Florida into trouble,’ Miller said. ‘The Florida law allowed them to either partially fund or not fund the reserves based on a majority vote… We’re repeating the same stupid mistake by telling the board that, ‘Oh well, if you’re in too bad of shape, you don’t have to do it.’ Which means, in two years, you’re going to be in even worse shape.'”

Market Watch. “Dear Big Move, I’m 73, and I have two rental properties. Living in Florida, condo owners are facing very high cost of assessments and ever-increasing homeowners association fees. Those costs can’t possibly be passed on to the tenants, as they are impossibly high. My individual retirement account helps fill the gap, but at my age with more conservative investments, my portfolio is shrinking. So when should I sell? When is a good time to sell them? Small-time Landlord in Florida. Dear Landlord, You’re not the only one suffering from the rise in homeowner’s association fees. HOA dues rose a median of 15% year-over-year in Tampa, Orlando and Fort Lauderdale, compared with a median gain of 6% across the 43 metros, according to Redfin. ‘It’s common for HOA fees to increase over time as property prices increase, but that’s not what’s happening in Florida,’ the study found. ‘Condo prices are actually falling in many parts of the Sunshine State, in part because HOA fees have surged so much.'”

WINK News in Florida. “A long-awaited luxury riverside development in Fort Myers has faced several delays, leaving potential homeowners frustrated with the project. The empty lot on First Street was supposed to transform into a two-tower, 202-unit, 22-story condominium complex, but that has yet to happen. Both projects faced the threat of foreclosure earlier this week, after developer Bob MacFarlane was asked to pay $36.9 million in funding. When he failed to do so, the properties were placed on the auction block Thursday. In an interview with WINK News reporter Amy Galo, Fort Myers Mayor Kevin Anderson said he’s spoken with several out-of-state individuals who put down payments on units, expecting completion this year. ‘They’re very frustrated, very concerned,’ said Anderson. MacFarlane also assured those who made down payments that they have options. ‘Whoever continues with the site, they can either get their money back or they can stay on the site,’ said MacFarlane. ‘There have been a few people that were angry and upset.'”

From WEAR Pensacola. “More than three million Canadians came to Florida last year, according to data from Visit Florida. But new rules from the Department of Homeland Security (DHS) could make it more difficult for those travelers. ‘The word amongst Canadians in the U.S. is shock,’ said Marc-Andre Seguin, vice president of the Canada-Florida Chamber of Commerce (Canada Chapter). ‘Canadians aren’t used to being received as invaders when living or spending time on American soil and enjoying time with their neighbors. They see themselves as investors and members of the community.’ Seguin calls the new rules disappointing. And he says some Canadians who own property in Florida feel the same. ‘A lot of Canadians that we’ve been in touch with over the last couple of days have considered simply selling their property and moving elsewhere to spend their winters just because they are concerned,’ said Seguin.”

From KOLD. “The U.S. is tightening immigration rules, affecting Canadian travelers. The new rule is drawing mixed reactions from the Yuma Canadian snowbird community. ‘Oh, I won’t be back next year, no,” said Bruce Henry, a Canadian citizen. Henry said the U.S. government’s recent actions have not felt very neighborly. ‘It’s just not what you do; it’s like burning your neighbor’s house down,’ said Henry. Nearly 1 million Canadians visit Arizona each year, contributing significantly to the state’s economy, but this could now be affected. ‘I’ve talked to folks who have tried to put their property on sale to make sure they don’t come back,’ said Norm Duquette, a Canadian snowbird.”

Fox 7 in Texas. “A so-called ‘ghost neighborhood’ has been demolished after the developer failed to finish construction. Neighbors say the vacant Southstone homes were attracting homeless people and it became potentially dangerous. Nearly 45 acres of rubble and ash were left in close to a dozen Southstone homes in South Austin. Neighbors say the new development turned ‘ghost town’ became a dump site and eye-sore when the developers failed to complete the project. ‘My neighbors have sent emails to city council members asking for some resolution. We knew it was a difficult situation, but it was impacting our property values and our quality of life because just the things that were happening over there,’ says neighbor Bryan Poff. ‘I understood what was happening to the developers when interest rates took off. It was too expensive for them to borrow money. Plus, any potential buyers that had went away. So, they were just kind of stuck. They couldn’t develop any further.'”

Washington Post on California. “There has been a frenetic rush to buy and sell scorched lots since wildfires leveled thousands of homes in Altadena and Pacific Palisades two months ago. As residents reckon with the reality that they may need to sell, many wonder what it may mean for their families — and the fate of their communities. ‘People are getting shamed for selling, but the bottom line is people need money and want to get the most for their property,’ Ramiro Rivas said. ‘Every little cent counts right now.’ In nine days, Rivas closed Altadena’s first post-fire residential land sale. And more hit the market every day. In Altadena, some lots seem to be selling for substantially less than they would have before the fires, said Mark Karlan, a real estate finance professor at UCLA. ‘Something is wrong with the Altadena prices, especially for how big those lots are,’ he said after reviewing listings. And with many owners in financial distress, that can lure predatory buyers, he added.”

“Retirees on a fixed income and residents with little or no insurance are more likely to sell out of desperation in an effort to recoup whatever money they can, said José Loya, an urban-planning professor at UCLA’s Luskin School of Public Affairs. ‘They’re trying to sell their homes because they’re in a very vulnerable financial situation,’ Loya said.”

“When he heard the price, Steven Lamb sat up straight against the back of his mother’s antique blue couch. There’s no way he was going to sell his land, even if it was full of charred trees and burned orange metal, for that. A broker on the phone had just offered Lamb $462,000 in cash for his 8,900-square-foot plot. The lifelong Altadena resident and former developer was thinking about selling, but he estimated that the plot beneath the remains of his redwood craftsman should be worth at least $800,000. ‘I mean, that’s just insane,’ Lamb replied, indignant. He pressed on: ‘Don’t you know what empty lots were selling for before the fire?’ ‘Yeah,’ the broker replied. ‘I think you’re going to see a new standard of compensation.'”

“At 67, and now living with his sick, elderly mother, he and his wife have been debating whether a long and costly rebuild is worth it. A company called AIE Realty, short for Always in Escrow, told Lamb in a letter that it was a local real estate team ‘working with a serious buyer’ to pay cash for their lot — toxic debris and all. Curious, Lamb picked up the phone. But minutes into the call, he’d heard enough. ‘These guys are sharks,’ he concluded. ‘They are going to make a fortune.'”

From Global News. “The outlook for Canada’s housing market remains uncertain after the Bank of Canada cut its key interest rate on Wednesday amid what it calls ‘pervasive uncertainty’ around the trade war imposed by the U.S. Clay Jarvis, a mortgage expert at NerdWallet Canada, said while a March rate cut is typically good news for the spring housing market, it is hard for Canadian homebuyers to have confidence right now. ‘A March rate cut from the Bank of Canada would usually act as fuel for the spring housing market, but it’s hard to start a fire when the economy is soaked through with uncertainty,’ Jarvis said. ‘No one knows what’s going to happen with tariffs. They could wind up decimating several industries. It’s hard to sign up for a mortgage when you don’t know if you’ll have a job later this year.'”

“Penelope Graham, mortgage expert at Ratehub.ca, said, ‘Tariff uncertainty has thrown cold water on what otherwise would have been a robust early spring market; home buyers are hesitant to buy properties as a potential recession looms, while sellers pile inventory onto an already saturated market.'”

The Globe and Mail. “The Bank of Canada’s latest interest-rate cut will help homeowners who are due to renew their mortgages. But experts say they don’t expect cheaper loans to motivate more prospective homebuyers to wade into the market. ‘There is a lot of uncertainty. That has prompted households to take a wait-and-see approach,’ said Samantha Villiard, a regional vice-president with Re/Max Canada real estate brokerage. Her fellow regional vice-president Kingsley Ma said home sellers and buyers would rather put plans on hold until the economic uncertainty subsides. Mr. Ma said he did not think the bank’s 25-basis-point cut would persuade buyers to make a purchase. ‘If you lose your job, you won’t be able to pay your mortgage so it doesn’t matter if the interest rates are lower,’ he said.”

The Jerusalem Post. “Israel’s housing market is sliding into recession with Tel Aviv leading in sales of new apartments but also having the biggest supply of new homes, while Haifa leads in second-hand home sales, according to the latest Central Bureau of Statistics figures on housing deals in January 2025. Housing supply is again breaking records, even though in December 2024 there was a rush of buyers to purchase new apartments, ahead of the VAT hike in January 2025. In general, the supply of unsold new apartments reached about 78,000 new apartments in January, which is equivalent to 18 months of construction, continuing to break records, despite the difficult situation for real estate developers, who start new projects even before they manage to sell the apartments in their previous projects.”

“June 2024 appears to be the watershed month in the market, with the impact of real estate developers buy now pay later offers diminishing, and despite buyers rushing to buy new apartments in December 2024 to avoid the VAT increase, apartment purchases are in decline and the supply of apartments is rapidly increasing. Since June 2024, the data show that each month the number of new apartments sold decreased by about 3% from the previous month.”

The Vietnam Express. “Developers are struggling to sell villas and townhouses in southern Vietnam with only 1% of primary market supply being bought this year, mostly due to high prices. Of 5,000 units becoming available for sale in HCMC and its vicinity, only 75 were bought, according to a report by property consultancy DKRA Group. In the same period last year 16% of the supply had been sold, and the average absorption rate for the whole year was 21%, DKRA added. Vo Hong Thang, deputy CEO of DKRA Group, blamed this on ‘unappealing products’ and sky-high prices. ‘The current supply of housing with land consists mainly of older stock relisted for sale and unsold inventory from 2024.'”

“Cao Thi Thanh Huong, senior research manager at Savills HCMC, said newly launched villas and townhouses in the city averaged VND350 million per square meter, with 74% of supply priced above VND30 billion. With buyers wary of high-value assets and hesitant to use credit, expensive properties struggle to find buyers, especially with their limited diversity and a stagnant secondary market, she said. Most developers are avoiding outright price cuts and instead offering extended payment plans, she said. ‘However, these measures have yet to effectively boost liquidity as hoped.’ Research firms predict southern Vietnam will see 3,000-5,000 new units comprising land and housing this year.”