The Current Florida Condo Crisis & Why Owners Are Rushing to Sell | Episode 116

Good ol' supply and demand, especially when it comes to residential real estate. But who would've predicted that insurance is one of the reasons why supply is overheated in some Florida markets. Queue in Mr. Sean P. Mooney. In this Bricks & Risk toppie, Sean gets into the nitty gritty of why the Florida condo market has experienced such large insurance increases, coupled with Timmy G. explaining why the current oversupply is making prices go down in some areas. Dig in, folks!

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→ Tim Garrity, The Tim Garrity Team: www.timgarrityteam.com/

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Transcript

SPEAKER_00 0:00

It's like these HOAs and HOA boards, which pretty much run the HOA, are self-policed. Yeah. Like the people on the HOA board are condo owners. Yeah. And they like me at my first condo association says, I want to get involved. Like the reason I got involved in that, I just wanted to understand it. That was all it was. I own a piece of real estate. I want to understand what makes the HOA go. I have to know. I think it was like maybe in my first like three years or so. There were like mild increases. And then it might have been like the fourth or fifth year. I think they went up like five or six percent. I'm like, why? Yeah. I don't understand why. Yeah. And then that was kind of, yeah, I talked to some people. Oh, you're on the board. Why did that happen? They're like, look, the price, like gas went up, and gas is part of our HOA fee. So that was the main. If you look at the budget, people are sharing stuff with me. If you look at the budget, look at how much gas went up between this year and this year. So we had to go to the unit owners because the gas is part. We have a master account with PGW in Philadelphia. So we have to raise it. Welcome to the podcast dedicated to real estate, insurance, and building your business. Join us as we take you along our own business building journeys with additional wisdom from our network of local and national experts. Welcome to Bricks and Risk.

SPEAKER_02 1:22

This episode is brought to you by Property Management Redefined. PMR is not just managing properties, we're creating partnerships that build long-term success for property owners. John and his team can be reached at manage at gopmr.com or by phone 267-753-6005. Tim. Yes, John. Who's a good client for PMR?

SPEAKER_00 1:50

Property management redefined is looking for property owners who value three things accountability, reliability, and a results-driven approach. I want to maximize returns, but still provide client and tenant satisfaction.

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There's a lot of property managers out there.

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There are. What does PMR do really well? Biggest thing is they're seamless and they're worry-free. So with that approach in mind, it allows the property owner to put their trust in PMR and know that the results will be there. The other thing I think a property owner is really going to value because they do it so well is that they have a local expert team, boots on the ground, managing your properties and your tenants' expectations every day so that you feel good about your investments.

SPEAKER_02 2:34

We have millions of listeners out there. Tens of millions.

SPEAKER_00 2:38

If they want more information, how do they find PMR? Right here, guys. Reach out to John Sachs and his team at Property Management Redefine. We'll take good care of you. I'm Timothy Michael, James Garrety the First. And I'm Seanie. What's up, bro? How are we doing?

SPEAKER_02 3:05

Good.

SPEAKER_00 3:06

Oh!

SPEAKER_02 3:07

Oh, what are these? These are the brand new hot off the presses BR licensed one of fifty stickers.

SPEAKER_00 3:19

You could take this to a club and it would count as your tip after they mix your drink. True story. No, seriously, folks, if you want to get one of the new bricks and wrist stickers, laptop, car bumper, garage fridge, snowboard, 10-year-old water bottle. I mean, because we want all the 10-year-olds to go to school with bricks and wrist stickers on their water bottles. Because then they'll just automatically make a whole bunch of friends that they didn't have before.

SPEAKER_02 3:47

I did get it, uh you'll enjoy this. I did get a new snowboard for Oh, did you? Yeah. Okay. And uh my first sticker on it. Well, not a first sticker. So on a s Rogue bricks and risk? No. So you have your board and then you have your like bindings where your feet go. Yep. And then in the middle you got like because you come off the lift and you're not taught you're not buckled in. So you have like something to catch your foot. Oh, I gotta show it to you. It's Doom.

SPEAKER_00 4:16

Oh yeah? Well you send it to Tara. Maybe he can pull it up.

SPEAKER_02 4:20

Dude, so I sent, I was like, I don't even know how I got the idea. Is it it just says Doom or is it like it's the mask? It's the album cover from Doomsday when he's got the mic. Oh, sick. And uh I didn't even uh because I was looking, I was like, I don't want that, I don't want that, I don't want that. I was like, I wonder if I could just make my own. I mean you you probably ask yourself that question every day. Pretty much. So then I found a guy, shout out Tahoe Tahoe Stomp Pad. All right, I'll link it up. Shout out to Tahoe Stomppad. And he was like, This is I've been doing these for like ever. This is the coolest. I'm like, are you a Doom fan? He's like, dude, I love Doom. I was like, you do, and you never made one, and now I'm coming to you.

SPEAKER_00 5:07

Oh, that's cool. So you connected over Doom. Yeah, awesome. All right, so want a sticker, email. Email, leave a review. We'll get email.

SPEAKER_02 5:19

The email address, folks, is bricks and risk at gmail.com. Right.

SPEAKER_00 5:25

Nice pricey domain email address right there.

SPEAKER_02 5:27

Fire it up, send it over, and we'll get you.

SPEAKER_00 5:30

We'll mail it, we'll mail it to your house. Seriously.

SPEAKER_02 5:32

Imagine you were like at someone's house and you went to grab a beer out of their fridge in their garage and they put it on there. Yes. All right, what are we talking about today? Today we're gonna be talking about condominiums in Florida and why. Oh god, why this is really at a point it's a tipping point uh where things are starting to fall apart.

SPEAKER_00 5:57

Remember, I made the example, we say Florida, but other people say Florida. Florida? Florida. We vacationed in Florida.

SPEAKER_02 6:04

That's like how you say water and I say water.

SPEAKER_00 6:08

I basically just uh, you know, dissed people from the West Coast. Sorry, West Coast. Fair enough. We're Easters.

SPEAKER_02 6:16

But this is a very good topic in that the insurance and the real estate are in intersecting because the forces of the insurance are dictating real estate pricing.

SPEAKER_00 6:28

This is another episode where the real estate and the insurance is locked together. A little synergy of the two, if you will. All right, so you found this article. Let's pull it up real quick. And then New York Post article. Here's the article. Why did this one, aside from what we just said, why did you throw this one on the nothing dock?

SPEAKER_02 6:49

So these topics, you know, stuff that just catches my eye, and you know things happening in the marketplace are kind of like things that catch my eye. And this was just one that everybody moving to Florida, everybody moving to Florida, Florida's great, Florida's the best, what is it? And then this is kind of the antithesis of that is like like hold your horses.

SPEAKER_00 7:11

Here's here's a big con of what people are dealing with right now. Because this condos are a little bit more on the affordable shot.

SPEAKER_02 7:17

Should in any market? Well, you're living with 500 other people, you don't have your own home, so there's gonna be uh a premium for your own home, so the affordability side would fall on the condominium for sure.

SPEAKER_00 7:30

Here's a fun fact for people who don't know a lot about condos out there. Did you know that the con the ownership of the condo itself, you only own the space within the walls? Meaning a lot of times with a condo, like the you know, the exterior, the roof, you know, if you got a deck, all those things, those are usually considered common elements or limited common elements of the homeowners association, aka the HOA. So you only really own space, not necessarily a building. Well, think about it and no land.

SPEAKER_02 8:04

Um my cousins have a condominium on the beach in brigantine. If that thing burns down, you don't really own that. Like you know what I mean? Yeah, yeah. You have like ownership rights in a space of the new building that would get built.

SPEAKER_00 8:26

And this is why, aside from square footage, usually, condos are they're not as expensive because you don't really have land, and that's really what it is. Most of the time, it's like you own space, not land. Yeah. Whereas you have a house, even if it's a town home and there is no HOA or it's a row home. You own the land. You own the land. Yeah, that lot is it's yours. Yeah. So, all right, so let's talk about condos and let's talk about you know when this article came out, like you know. And let's start from an insurance standpoint. When did it did this come out and why is it happening in Florida?

SPEAKER_02 9:04

So the article was released in April of 2025, so less than a year ago. And what the the the overall statement in the article was the effects of what is happening for uh condominium owners that in a lot of cases are are really catching people by surprise. Yeah. It's kind and the and the one example that's given is pe uh family moves down from New York to buy this place, uh $300,000 or something, set up by the beach. Yep. And you know, you you're running the calculations for what your monthly uh living Yeah.

SPEAKER_00 9:58

What I used to call it, what's your P IT I? Your principal interest, taxes, and insurance. And if you own a condo, you got your P ITI, plus you have a monthly condo fee.

SPEAKER_02 10:06

Yeah. So you have your mortgage, you have taxes, you have insurance, and then you have your association. And that's bundled together, and that's your monthly nut of what you'd be paying for your residence. Yep.

SPEAKER_00 10:23

All right, and let's also like so this came out April 2025, right? Yeah. Um let's also talk about the buildup. You know, we've talked about this on lots of past uh bricks and wrists episodes. The buildup of where insurance premiums started going up by like double digits. Yeah. Obviously very high in Florida due to like natural disasters, you know, a lot of water around, yeah, things like that. Talk about that.

SPEAKER_02 10:50

Yeah. And so I guess it would start, let's go back to like COVID, right? And COVID, everyone had a lot of people were leaving urban areas to get to Florida. Yep.

SPEAKER_00 11:04

They wanted, you know, they wanted open air, they wanted better weather.

SPEAKER_02 11:06

Yep. Whatever. Well, it gets it would kind of open the door and give them an excuse to like leave. Right. Like, I don't like this.

SPEAKER_00 11:12

This is brutal here. Right. Let me go somewhere where it's warm, it's my opportunity. Right. They've probably already been thinking about it for five, ten, fifty years. Or have family there or vacation there or whatever, have some exposure.

SPEAKER_02 11:26

It can be a second home if we want it to be.

SPEAKER_01 11:28

Yeah.

SPEAKER_02 11:28

And so during COVID, a lot, you know, with all these people going down there, it really you know had a lot of influx of people moving to that area. Yeah.

SPEAKER_00 11:40

So that was kind of the first steps of what was going on. And they were having supply-demand issues. So if everyone's moving to a certain area and there's only so many homes and condos for sale, that's when prices start going up drastically. Yep.

SPEAKER_02 11:55

And so the next kind of thing that occurred in Florida was the collapse of the condo building. I think it was I think it was in Miami or or just outside.

SPEAKER_00 12:14

Yeah, like a Lauderdale, Miami, West, you know, West Palm Beach or something.

SPEAKER_02 12:17

And so that really was the the start of of when things started to insurance companies were like come undone. Yeah. Because they've always had storms and they've always could kind of maneuver around it, but the liability of what happened after that occurred was it was monumental in the way that it impacted insurance and it really, I guess would say put a microscope on it, right? Because it was kind of exposing all of these condominiums and the boards. And, you know, everyone started to point fingers as to how this happened and why it happened, right? So who's responsible, right? You know, is it the board, right? Did they not do a good job of maintaining this building? Yeah, was it like negligence of the board? Was it the the township or or the city code? Because they should have been making sure that these buildings were up to code, and you know, could this have been avoided if the if they were there doing that?

SPEAKER_03 13:29

Yep.

SPEAKER_02 13:29

Right. So anytime you have a circumstance like this where something of this magnitude happens, um, everyone starts to point the finger, everyone's looking for the responsible party, and then as the end result being, what steps can we take so this doesn't happen again?

SPEAKER_03 13:50

Yep.

SPEAKER_02 13:51

And so that was kind of the straw that broke the camel's back.

SPEAKER_00 13:56

So you had COVID, people flocking to this area. Yep. Then you had the building collapse. Yep. Um, and then in general, it wasn't just Florida, it's just the insurance industry in general, due to like inflation and like the cost of labor and the cost of materials, insurance across the entire US started going up by double by double digits. Yep. And then what also was happening in Florida, so you have these skyrocketing insurance premiums because of the reasons you just gave. But then what also, when these condo buildings were being looked at with a microscope, fine-tooth comb, whatever you want to call it, they started doing special assessments. Because they're like, we have to have a structural engineer look at this building or our buildings, and that's gonna cost, I don't know, $50,000, $100,000. So now we have to charge each uh condo owner, you know, five grand. Yeah, $10,000 or $1,500. It doesn't matter what it is. It's money that you weren't expecting to pay, and you have to pay it because you're an owner in that condo building andor HOA. Yeah. So then the special assessments started happening, which also at the same time, they're probably raising like their monthly HOA fees because they're like, we have to do a combo, special assessment, because we got to pay the structural engineer, but we should maybe do like a 3% or a 5% increase of our monthly HOAs to start patting the bank account because there's like all sorts of issues going on.

SPEAKER_02 15:22

Well, that's what it was too, is that the the the other thing that came about when you put the magnifying glass, these these associations didn't have the reserves. Yep. Like if something happened to a lot of these buildings, who's footing the bill? Correct.

SPEAKER_00 15:40

It's gonna go back to the each of the unit owners. It comes to the owners because the people who own the condos own a small percentage of the HOA. The board is just there, like they're it's a charity. Like, that's volunteer work. Hey everyone, this is Tim, your favorite bricks and risk co-host. But don't tell Sean. I hope you're enjoying this episode, and I'll get right back to it in a moment. Our audience grows through word of mouth, so if you would please take a moment of your time and give us a review on the platform you're on, that would be fantastic. Please also help spread the BR word by sharing your favorite episode with a friend. We greatly appreciate your time and trust. Now, back to the show.

SPEAKER_02 16:27

But but if you if you need to get the inspections done and then they find work that needs to be done to the, you know, you could be talking $20,000. Well, what if that that homeowner, unit owner, doesn't have that money?

SPEAKER_00 16:43

Okay. I'm gonna give a really good example here. Back from my the first piece of real estate I ever owned was a condo.

SPEAKER_02 16:49

That was the first one.

SPEAKER_00 16:50

First piece of real estate I ever owned. Yeah. So I don't need to name everything. I'm just gonna use this example. So I buy a condo. I owned it for, I actually ended up owning it for 17 years. So I owned it for a very long time. I only sold it a couple years ago. Um, so I buy this condo and I house hacked it. So at the time it was me buying it by myself, but I brought in two roommates and they were paying me rent. Shout out to Pav and Fresh. Okay. Yeah, yeah. Okay, so I'm owning this condo, and what I was learning is like based on the price point of the condo, my condo fees were kind of expensive. Okay. They included some utilities which added to the monthly cost. Not all condo associations do that. But then what happened was I'm like, I'm kind of curious, what how did the condo fees get established? Like, what is that? Oh, there's a board. Based on what? There's a there's a HOA Homeowners Association board, and if you want, you can throw your hat in the ring and you can run for office. You can run for the board. So someone in the community came up to me and said, You should run for the board because I was doing real estate, like I was involved, I'd go to the pool, I'd meet people. So, fun fact the first time I ran for the board, I lost. I didn't get on the board. I was a little pissed. Who did you lose to? I don't even know. It doesn't matter.

SPEAKER_02 18:05

I thought you would be like, it's Bill Smith, and it was 99.

SPEAKER_00 18:10

I'm not competitive like that. So I lose, a little pissed off. Why were you why were you upset? You really wanted to be part of the board. You really did. I did, I wanted to learn. So I was like, okay, I'll run again, run the next year. I get on. So I get on, end up being on the board for I think it was close to five years. Yeah. I started out as a board member, then I was the treasurer, then I was the president. Shocker. So doing all that, the reason I want to make this example, when you're on an HOA board, do you know what the HOA board starts like thinking in their head? They're like, how do we keep condo fees as low as possible? Because we're again, it's a little bit more of a charity. They're thinking of the unit owners and themselves, because they are owners in the HOA.

SPEAKER_02 18:57

Like a business.

SPEAKER_00 18:58

So how do we keep the condo fees down? So you do that through a lack of maintenance. You do that through no increases. And then what happens over time if you don't run it right? Like you said, you don't have a reserve. Because the thing is, a lot of these HOA boards have like reserve requirements. Who the hell is looking into it? Besides the board, besides themselves, besides the board and the HOA owners making a stink.

SPEAKER_02 19:22

Well, it should be treasurer, and and that's why they have you know directors and officers, insurance.

SPEAKER_00 19:28

I will say the HOA I was on, the first one, we ran it so well. We had a like a I think it was almost like a multi-million, maybe a million dollar project to do something because it had like crazy topography. And we were able to get a loan for a big balance of it, but we had a ton of money in the reserves. So we're like, we'll throw in some cash, we'll get a loan, and we'll just increase condo fees by like 5%. So we pulled off like a really big project without any special assessments. So that what is what I would call like a responsible HOA board. They're trying to keep, you know, keep everything in check, but they're like, look, how do we financially run this like a bit? What's the best decision for the entire HOA to get this done, improve the community, but also like not, you know, not do special assessments. And that's that's my example.

SPEAKER_01 20:18

Yeah.

SPEAKER_00 20:19

Um, all right. So let's also talk, we talk about skyrocket, skyrocketing insurance premiums, special assessments, and then we also talked about in this article restrictive lending.

SPEAKER_01 20:30

Yeah.

SPEAKER_00 20:31

So I don't know all the details of this, but what I would say, if I had to guess, go back to my lending days, just like insurance companies raising all the premiums because they're scared about the rising costs and they're not making money anymore. Yeah, what lenders would do is they don't want to lend in these condo communities that have, let's call it, like lawsuits or like poorly run HOAs or like lots of special assessments with a lot of pissed off owners because they're like, if we lend in there, like what what happens if the thing goes belly up?

SPEAKER_02 21:04

Well, I think that's that's the point of it. And the other point being there's no crystal ball with this, right? There's no way for the bank to know if this is real really like you're not pulling the board's financials when you're lending out the loan. You're underwriting against you, the unit buyer. And there's this, you know, unknown when you lend in this scenario. And just like the example given in this article, they come down, everything gets blown up. Now you gotta sell. But now you gotta sell, and so do 30 other people have to sell at the same time because this these assessments come through right at the same time for everyone. It's a domino effect, right. And so the bank, what happens? The example given in the article was they had to take, you know, 20K less than what the unit was listed for. Right. So now the bank is like, holy smokes. Like we had it appraised for this. We put out the loan for this. Now they're selling. Like, how does the bank get their money back if the thing, the value on this depreciates in in such a quick amount of time?

SPEAKER_00 22:30

Dude, yeah. I'm just reading some of this right now. It's it's pretty crazy. Um, so it's interesting you make that point. And then also, like, this brings us to kind of like the last point of the article is that all right, so let's go back to the beginning. COVID happens, influx of people moving into the state of Florida. The popularity prices are rising dramatically. Yeah. As the prices rise dramatically, it's harder to get, let's call it a single family home or a non-HOA home. So what happens? People start building condos or selling condos because they're getting top dollar. So the people that are like, hey, I'm in the 400,000 price point, and the cheapest single family residence uh is 600. So I can't buy that. But there are condos down here for 300, and I'm in the 400. I'll just buy a condo. Where are the HOE fees? Oh, you know, that monthly payment is that different than buying a single family. So COVID happens, prices go up, the popularity of condos goes up due to affordability. Okay, everyone buys these condos. Then all this other stuff happens and it goes the opposite way. I always say peaks and valleys in real estate. Up, up, up, up, up, and then bang, back down. The reason, as you had said, all these people want to sell now. I don't want to own this thing anymore. I can't afford it. I can't afford it. I don't have five grand. You know, I'm getting sick of this. I want to move back home, whatever it is. My company's telling me I got to go back in the office now. I can't even live here anymore. There's lots of reasons why people were selling. So perfect example of supply and demand. When the supply is super high, the demand, you know, is low. Yeah. And vice versa. When COVID was happening, demand was super high, so the supply was low. So it just went the inverse. And then what happens? Too much supply, prices go down. And then when that happens, that's when everyone starts getting pissed off and they start writing articles about it.

SPEAKER_02 24:22

Well, you had also, too, is in some of these counties in Florida, they had different zoning laws change, right? Oh, really? Because of it. So now you have now you now you have to they give you like a timeline like this needs to be done in this amount of time.

SPEAKER_00 24:38

You have like a basic any basic examples that you know of off the top of your head? Like what kind of zoning were they changing? Structural, roofing, like windows being hurricane proof.

SPEAKER_02 24:48

Like there's all of these different factors, you know, that they would institute because they wanted to not have something like this occur again. Yeah, let's get stricter moving forward. Like hairline fractures on foundations, like this needs to be repaired. You know, they started looking at all of these condominium buildings, and then you're finding stuff that needs to be repaired. And if you're not, then you're in violation of code. Now fines get done. Like there's a whole snowball effect of all of these different items, the insurance, zoning, and different other things that was just driving prices, uh, you know, for the associations, repairs and everything.

SPEAKER_00 25:36

Yeah, well, what's interesting, like you had said before, it's like these HOAs and HOA boards, which pretty much run the HOA, are self-policed. Yeah. Like the people on the HOA board are condo owners. Yeah. And they like me and my first condo association says, I want to get involved. Like the reason I got involved in that, I just wanted to understand it. That was all it was. I own a piece of real estate. I want to understand what makes the HOA go. I think it was like maybe my first like three years or so. There were like mild increases, and then it might have been like the fourth or fifth year. I think they went up like five or six percent. I'm like, why? Yeah, I don't understand why. Yeah. And then that was kind of, you know, I talked to some people. Oh, you're on the board. Why did that happen? They're like, look, the price, like gas went up, and gas is part of our HOA fee. So that was the main. If you look at the budget, people are sharing stuff with me. If you look at the budget, look at how much gas went up between this year and this year. So we had to go to the unit owners because the gas is part. We have a master account with PGW in Philadelphia. So we have to raise it. And I'm like, interesting.

SPEAKER_02 26:37

We actually I've seen some instances around here where we insure the uh condominium association. The master policy. Yeah. And I've had instances where um I say, reach out to the board member. Sometimes there's not a board. Like if there's like four or five units.

SPEAKER_00 26:58

Yeah, they they really don't have much of a board. Like I just sold a condo in a three-unit building, and there was like one person keeping their eye on everything.

SPEAKER_02 27:07

So I reached out, I remember this one in particular, and I reached out to say, hey, renewals 45 days out. You know, here's a copy of the renewal policy, here's a copy of the invoice. And they're like, We don't have the money for the insurance policy. I'm like, what do you mean? And they had been collecting nothing. Like, like they weren't putting away any money. There's like no banking, no reserve. They would pay their bills, right? Everybody, but but there was nothing there in any account for anything. Whoa. So my question to you is have you ever seen it where and it probably exists, I've never seen it, but is there ever like a third party administrator? Like, let's say there is no board, but we need to have someone execute the the role of the board. Do you ever have ever seen that where it's not a board amongst the unit owners, but a third-party administrator for board uh responsibilities?

SPEAKER_00 28:12

I have, but only in like bigger HOAs. So, like that's small, it's called like a three-unit, five unit, whatever, the brownstone in Philadelphia, and they chopped it into three units, five units, this big old mansion, let's call it. Those are really just like good neighborly HOAs. Like, hey, Bill, hey, I'm having a leak. We got to fix the roof. I got a quote, it's 15 grand. Like, can I get like 3,000 out of you? Like, well, if that's what we have to do. It's like, well, here's the HOA paperwork again. You know, that's the small one. Yeah. Then you go to the big one that I was on, and you have how many units were in? It was like over 200 units.

SPEAKER_02 28:49

Oh, okay.

SPEAKER_00 28:49

Over 200 units. I think we had like a $2 million budget.

SPEAKER_02 28:52

Yeah.

SPEAKER_00 28:53

Um, over 200 units, HOA board. We even had committees because there's all sorts of things going on up there. We had a social committee. Oh, remember the one if you want to play musical chairs on Friday night with Fruit Punch? We're doing it.

SPEAKER_02 29:08

Do you remember the one on Henry Avenue? I believe uh Newman lived there, and there was like a bar and everyone Summit. Was that what it was? Yeah. Remember it was like Friday night, like bring a pitcher, fill a pitcher or whatever it was. It was awesome. They had a pool. Like sand volleyball.

SPEAKER_00 29:26

Like he would invite like 10 people because it was like a party. Yeah, it was great. Um, all right. So you had the Shout out to Newman. Shout out to Newman, couple hundred units, HOA board, and then we had a big uh management company, like a property management company. Oh, cut the grave. Manage Shovel of Snow. They would like manage the HOA. Oh. So they would basically be like, like you said, kind of like that big brother that'd be like, you should you need to go hire this property management company because who are you gonna, yeah, who are you gonna use to clean up the common areas? Who are you gonna use to like clean up the leaves or plow the snow or like fix uh 80 mailboxes if they break? Yeah, or we had two pools. Who's gonna re-you know plaster the pools? You had all this stuff. So we needed that large management company to oversee everything. So I if I had to guess, you know, in my 15 years of dealing with real estate, the smaller ones, no, it's knocking on the door. The larger ones, you get a letter, you get an email, you got all these big people getting involved, and they're like, let's go. We're special assessing.

SPEAKER_02 30:31

It's just crazy. I mean, the the the incident in Florida, like what's happening down there, is just crazy. And actually, Chris was sending us like some values at some time, like these these prices on these single families are just wild. Even the even the condos on on some of these buildings, depending on where they were. Not anymore. I know, it's just it's wild. It is speculative. But I guess that's like Florida in general, right?

SPEAKER_00 30:57

It is, yeah. It's a second home, it's like paradise. It's like, you know, you got a home like in like the Bahamas. Like the the industry there is tourism. Like that's the industry. Yeah. All right, why don't you go ahead and shut this one down?

SPEAKER_02 31:11

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SPEAKER_00 31:41

That's all we have for this one, folks. Thank you for tuning in again to another episode of Bricks and Risk. See you next week. Thank you for joining us on another episode of Bricks and Risk. Our goal is that you walk away with one or two valuable nuggets, and we greatly appreciate you sharing your time with us today. You can find all BR episodes on Spotify, Apple Music, YouTube, and anywhere else you get your podcast content. Until next time, keep learning and keep growing.