Why purchasing apartment units can be perilous in Brazil

    It just came upon my knowledge a tactic employed by some Florida  Real Estate investors, a tactice  seldom used in Sao Paulo ( to the best of my knowledge, by the way ), Brazil, nonetheless having taken place in Sao Paulo .  The rare occasions it took place here, in Sao Paulo Brazil , it was related to the hoarding of condominium office suites by a single investor holding a majority stake in an office building. Under adverse market conditions, I would daresay.   
This serves as an alert to home buyers as well as to real estate investors in Large MSAs such as Sao Paulo, Rio, Florianopolis, Fortaleza.  And to a very lesser extend in places such as Belo Horizonte,, Curitiba, Porto Alegre, Campinas, Recife, Ribeirao Preto,

   
    -@sprealestatebroker

This is not new in Brazil. I have seen this many times in SP in my short fifteen years. There are numerous variations to this theme too, often by the condo developers themselves.

I just saw this exact report on video today.

The 6 or so remaining owners (if we're talking about the same complex) are suing the developer asking for compensation equal to the balance of the other purchases. Apparently these people are being offered some 33% less now that they've legally dissolved the condo corp........

I'd appreciate your insight into the large number of empty office/residential buildings in SP.......saw a couple of detailed reports about it online..........

This serves as an alert to home buyers as well as to real estate investors in Large MSAs such as Sao Paulo, Rio, Florianopolis, Fortaleza.  And to a very lesser extend in places such as Belo Horizonte,, Curitiba, Porto Alegre, Campinas, Recife, Ribeirao Preto,

What is an MSA?

Wow...  I didn't even think to look at the previous HOA fees🤔🤔🤔..

Sounds like whales moving the markets..

Under Florida law if 80% of the owners approve the termination of the HOA the remaining owners can be forced to sell. I wasn’t aware of that, but l just found it online.

Another big issue for retirees in Florida is skyrocketing homeowners insurance. Imagine owning your home, but being forced to sell because you can’t afford the insurance and property taxes.

    Imagine owning your home, but being forced to sell because you can’t afford the insurance and property taxes.         -@KenAquarius

That one's already a reality in a lot of US jurisdictions, not just Florida.  If I hadn't moved to Brazil when I retired, I would have had to sell and move somewhere anyway:  my property taxes in suburban Cook County IL were already close to $13K/year back in 2017, more than I could manage without working.  The county lets seniors freeze their taxes, but only at the price of a lien for the cumulative increases, payable when the property is sold or the homeowner dies.  So the county becomes an heir to their estates, ahead of their children!

@abthreeThey should rename it “Crook County “.

09/14/23    @abthreeThey should rename it “Crook County “.         -@KenAquarius

For sure.  Illinois has such a huge pension liability with no plans on solving the problem that living there is like living on a fiscal volcano -- and the volcano already has tremors, for anyone willing to notice.  A lot of people are getting out while they can, but many more are living in denial.  And it sure isn't for the weather!

    This serves as an alert to home buyers as well as to real estate investors in Large MSAs such as Sao Paulo, Rio, Florianopolis, Fortaleza.  And to a very lesser extend in places such as Belo Horizonte,, Curitiba, Porto Alegre, Campinas, Recife, Ribeirao Preto,

What is an MSA?
   

    -@Peter Itamaraca

MSA = Metropolitan Statystical Area - Same as Ciity plus suburbs minus exurbs.

   
09/14/23    @abthreeThey should rename it “Crook County “.         -@KenAquarius
For sure.  Illinois has such a huge pension liability with no plans on solving the problem that living there is like living on a fiscal volcano -- and the volcano already has tremors, for anyone willing to notice.  A lot of people are getting out while they can, but many more are living in denial.  And it sure isn't for the weather!
   

    -@abthree

I saw this one the news.  I've been to the City twice. First time out towards Lombard, for most of the time spent there. Second time, by Lincoln Park. Flew both Midway and O'Hare.

Here's a few observations to my knowledge....

1.States cannot claim bankrupcy.  So,  Illinois is  on the hook for their liabilities for a long generational time.

2.Chicago is also near bankrupcy.  Or Cook''s county. Unlike Detroit, not all cities can declare insolvency.

3.Chicago corruption goes way back since the city was incorporated.  Little wonder the Natives gave up claims on the territory by the River towards white settlers ( and some French Priest ) . The whole area exuded some kind of stench.

4.Chicago lost a lot of manufacturing jobs. And so many other towns ( Urbana, Bloomington, Scarsdale, Peoria, Springfield ). Only that the MSA gained jobs in the service sector.

5.It surprises me that the Cubs are drawing well at Wriggley. A lot of Cub's ticket holders are middle class ones, the very same ones that left. town  My guess, they are booking a lot of tourists at the turnstiles. 

   
09/14/23    @abthreeThey should rename it “Crook County “.         -@KenAquarius
For sure.  Illinois has such a huge pension liability with no plans on solving the problem that living there is like living on a fiscal volcano -- and the volcano already has tremors, for anyone willing to notice.  A lot of people are getting out while they can, but many more are living in denial.  And it sure isn't for the weather!
   

    -@abthree

The Social Security, and Medicare are also Pension Liabilities. a GAAP exemption precludes these agencies from adding their future obligations against the National Debit Tallies.  That's a 120 trillion bill to be paid by future generations, for the next 30 years ahead. On today's present values.

Your baby boomers on hitting retirement, and labor shortages, those  millenials  might be the saving grace to make up the shortfall on Social Security and Medical Benefit entitlements, if you think about it.  Forget about the zoomers,, they don't procreate as much. 

And do not forget Calpers, that  KY Pension Fund Bankrupcy..  If anything else, Detroit's plan indicates pension collecting beneficiaries might end up with the short end of the stick.