Latest news with #MayraRodriguez
Yahoo
25-05-2025
- Business
- Yahoo
‘Why so much?': Florida condo owners fear losing their homes after being handed shocking $3.5M assessment
Like many condo owners in Florida, residents at the Heron Condominiums in West Kendall were expecting to receive a special assessment of some kind. The mandatory 40-year recertification inspection is the result of new regulations for condominiums in the state following the deadly 2021 condo collapse in Surfside, Florida. But when their special assessment came back for $3.48 million, the residents were aghast. While the aging condo building was likely to need repairs of some kind, the colossal price tag has left many worried about potentially losing their homes. "They're not against the special assessment," said Mayra Rodriguez, a resident speaking on behalf of several homeowners in an interview with CBS News Miami. "They're just saying, why so much?" Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Those who own condos know that some of the costs and maintenance responsibilities are outside the residents' control. For example, this condo needs roof repairs, building repairs, waterproofing and other structural work. And, until these are completed, the buildings cannot be recertified and must bare code violation signs throughout the property. These repair costs are covered through the assessment, which is divided between the number of units a building has so that each unit covers a portion of that total bill. In this case, the $3.48 million assessment is spread across approximately 250 units. Residents at Heron have a choice between two different payment options: a 10-year bank loan amounting to roughly $154 per unit per month or a self-funded payment of over $13,200, paid either as a lump sum or divided into four quarterly payments of roughly $3,300, starting in June. In order for the condo board to move forward with the bank loan payment option, at least 66% of the condo owners must approve that action. With the vote yet to happen, residents are worried about being able to cover the cost on their own. 'That's $3,300 every three months," Rodriguez explained. "Most people here just can't afford that." Beyond the consternation about the upcoming assessment, residents are frustrated about the lack of communication and transparency from the board. The owners at this condo complex already pay $260 per month in dues. But they aren't clear on how those funds have been used. "Where is all the money we've been paying for?" asked Jose Redondo, an owner in the complex. Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Earlier this month, Governor Ron DeSantis signed a bill aiming to bring immediate financial relief to condo owners. The bill allows condo associations to tap into lines of credit or loans for their reserves and allows for an extra year to make repairs following a structural inspection. While this bill may offer some financial relief for condo owners in the short term, it doesn't entirely protect their budget or longer-term financial wellbeing. The ability to tap into loans likely means many condo owners will face an ongoing monthly payment (with interest) or higher condo dues. Similarly, not all residents have the luxury to wait for the bill to come into effect in July (Heron residents for example are expected to start paying their portions of the assessment in June). So while Florida's post-Surfside condo regulations were made with safety in mind, the new requirements have also meant greater financial strain for those living on a fixed income. Some residents of the Heron complex are seniors living on such an income. While their property values might be high, these lower-income residents may feel 'house rich but cash poor.' Depending on the situation, some residents might also not qualify for new loans to cover their assessment costs. If they wanted to leave the complex, they might struggle to find a comparable housing option in the area. With that, many condo owners might feel compelled to sell below market value, downsize to a smaller place, relocate to a more affordable city, or switch to renting for the foreseeable future. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
25-05-2025
- Business
- Yahoo
‘Why so much?': Florida condo owners fear losing their homes after being handed shocking $3.5M assessment
Like many condo owners in Florida, residents at the Heron Condominiums in West Kendall were expecting to receive a special assessment of some kind. The mandatory 40-year recertification inspection is the result of new regulations for condominiums in the state following the deadly 2021 condo collapse in Surfside, Florida. But when their special assessment came back for $3.48 million, the residents were aghast. While the aging condo building was likely to need repairs of some kind, the colossal price tag has left many worried about potentially losing their homes. "They're not against the special assessment," said Mayra Rodriguez, a resident speaking on behalf of several homeowners in an interview with CBS News Miami. "They're just saying, why so much?" Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Those who own condos know that some of the costs and maintenance responsibilities are outside the residents' control. For example, this condo needs roof repairs, building repairs, waterproofing and other structural work. And, until these are completed, the buildings cannot be recertified and must bare code violation signs throughout the property. These repair costs are covered through the assessment, which is divided between the number of units a building has so that each unit covers a portion of that total bill. In this case, the $3.48 million assessment is spread across approximately 250 units. Residents at Heron have a choice between two different payment options: a 10-year bank loan amounting to roughly $154 per unit per month or a self-funded payment of over $13,200, paid either as a lump sum or divided into four quarterly payments of roughly $3,300, starting in June. In order for the condo board to move forward with the bank loan payment option, at least 66% of the condo owners must approve that action. With the vote yet to happen, residents are worried about being able to cover the cost on their own. 'That's $3,300 every three months," Rodriguez explained. "Most people here just can't afford that." Beyond the consternation about the upcoming assessment, residents are frustrated about the lack of communication and transparency from the board. The owners at this condo complex already pay $260 per month in dues. But they aren't clear on how those funds have been used. "Where is all the money we've been paying for?" asked Jose Redondo, an owner in the complex. Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Earlier this month, Governor Ron DeSantis signed a bill aiming to bring immediate financial relief to condo owners. The bill allows condo associations to tap into lines of credit or loans for their reserves and allows for an extra year to make repairs following a structural inspection. While this bill may offer some financial relief for condo owners in the short term, it doesn't entirely protect their budget or longer-term financial wellbeing. The ability to tap into loans likely means many condo owners will face an ongoing monthly payment (with interest) or higher condo dues. Similarly, not all residents have the luxury to wait for the bill to come into effect in July (Heron residents for example are expected to start paying their portions of the assessment in June). So while Florida's post-Surfside condo regulations were made with safety in mind, the new requirements have also meant greater financial strain for those living on a fixed income. Some residents of the Heron complex are seniors living on such an income. While their property values might be high, these lower-income residents may feel 'house rich but cash poor.' Depending on the situation, some residents might also not qualify for new loans to cover their assessment costs. If they wanted to leave the complex, they might struggle to find a comparable housing option in the area. With that, many condo owners might feel compelled to sell below market value, downsize to a smaller place, relocate to a more affordable city, or switch to renting for the foreseeable future. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
25-05-2025
- Business
- Yahoo
‘Why so much?': Florida condo owners fear losing their homes after being handed shocking $3.5M assessment
Like many condo owners in Florida, residents at the Heron Condominiums in West Kendall were expecting to receive a special assessment of some kind. The mandatory 40-year recertification inspection is the result of new regulations for condominiums in the state following the deadly 2021 condo collapse in Surfside, Florida. But when their special assessment came back for $3.48 million, the residents were aghast. While the aging condo building was likely to need repairs of some kind, the colossal price tag has left many worried about potentially losing their homes. "They're not against the special assessment," said Mayra Rodriguez, a resident speaking on behalf of several homeowners in an interview with CBS News Miami. "They're just saying, why so much?" Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Those who own condos know that some of the costs and maintenance responsibilities are outside the residents' control. For example, this condo needs roof repairs, building repairs, waterproofing and other structural work. And, until these are completed, the buildings cannot be recertified and must bare code violation signs throughout the property. These repair costs are covered through the assessment, which is divided between the number of units a building has so that each unit covers a portion of that total bill. In this case, the $3.48 million assessment is spread across approximately 250 units. Residents at Heron have a choice between two different payment options: a 10-year bank loan amounting to roughly $154 per unit per month or a self-funded payment of over $13,200, paid either as a lump sum or divided into four quarterly payments of roughly $3,300, starting in June. In order for the condo board to move forward with the bank loan payment option, at least 66% of the condo owners must approve that action. With the vote yet to happen, residents are worried about being able to cover the cost on their own. 'That's $3,300 every three months," Rodriguez explained. "Most people here just can't afford that." Beyond the consternation about the upcoming assessment, residents are frustrated about the lack of communication and transparency from the board. The owners at this condo complex already pay $260 per month in dues. But they aren't clear on how those funds have been used. "Where is all the money we've been paying for?" asked Jose Redondo, an owner in the complex. Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Earlier this month, Governor Ron DeSantis signed a bill aiming to bring immediate financial relief to condo owners. The bill allows condo associations to tap into lines of credit or loans for their reserves and allows for an extra year to make repairs following a structural inspection. While this bill may offer some financial relief for condo owners in the short term, it doesn't entirely protect their budget or longer-term financial wellbeing. The ability to tap into loans likely means many condo owners will face an ongoing monthly payment (with interest) or higher condo dues. Similarly, not all residents have the luxury to wait for the bill to come into effect in July (Heron residents for example are expected to start paying their portions of the assessment in June). So while Florida's post-Surfside condo regulations were made with safety in mind, the new requirements have also meant greater financial strain for those living on a fixed income. Some residents of the Heron complex are seniors living on such an income. While their property values might be high, these lower-income residents may feel 'house rich but cash poor.' Depending on the situation, some residents might also not qualify for new loans to cover their assessment costs. If they wanted to leave the complex, they might struggle to find a comparable housing option in the area. With that, many condo owners might feel compelled to sell below market value, downsize to a smaller place, relocate to a more affordable city, or switch to renting for the foreseeable future. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CBS News
07-05-2025
- Business
- CBS News
Heron condo owners in West Kendall face $3.4 million special assessment, fear losing homes
Condo owners in the Heron community in West Kendall are facing a steep $3.4 million special assessment following a mandatory 40-year recertification, leaving many fearing financial ruin as they brace for a vote that could determine how or whether they will be able to keep their homes. Many residents said the timeline and lack of transparency from their condo board have added stress to an already desperate situation. With a payment plan potentially starting next month, homeowners are sounding the alarm, saying the costs are unaffordable and may drive some out of their homes. Residents said assessment threatens their homes According to a 14-page notice from the condo association, the $3.4 million is needed for roof repairs, building improvements, waterproofing, and other structural work flagged by Miami-Dade County during the recertification process. "They're not against the special assessment," said Mayra Rodriguez, a resident speaking on behalf of several homeowners. "They're just saying, why so much?" On Wednesday evening, condo owners will vote on how to fund the work. The board has proposed two options: a 10-year bank loan that would cost each unit owner $154 per month, or a one-time self-funded assessment of $13,200. If the loan option is not approved by at least 66% of owners, the lump-sum plan will go into effect, with payments potentially beginning in June. "That's $3,300 every three months," Rodriguez explained. "Most people here just can't afford that." Board cites urgency, residents demand transparency Miami-Dade County has posted code violation signs throughout the property, underscoring the urgency of the repairs. The condo board says delaying the work is not an option. "Not performing the work required by Miami-Dade is not an option," said Reinaldo Castellanos, who identified himself as the general counsel for Heron. "The association must find a way to complete the work required to recertify the 28 Heron buildings." Still, homeowners like Jose Redondo question how their monthly dues — $260 per unit — have been managed. "Where is all the money we've been paying for?" he asked. Rodriguez and others said communication from the board has been poor. "We need transparency," she said. "Homeowners have asked questions, and they don't send any information." Hope in state legislation, but help may come too late State Rep. Juan Carlos Porras, who represents the Heron community, is a co-sponsor of a bill that could provide financial assistance for condo owners facing burdensome assessments. The legislation has passed the Florida Legislature and is awaiting the governor's signature. "I would say that they should wait until this legislation is passed so that they don't have to, one, have an emergency special assessment, and two, not have to have that self-funded assessment," Porras told CBS News Miami. But residents said they may not have the luxury of waiting. With the board possibly demanding payment next month, the timing of the legislation could come too late for many. "I'm on a fixed income," said Lillian Bernal, who also cares for her elderly mother. "There's no way I can pay something like that." The meeting between the condo board and homeowners is scheduled for Wednesday at 7 p.m.
