logo
Heron condo owners in West Kendall face $3.4 million special assessment, fear losing homes

Heron condo owners in West Kendall face $3.4 million special assessment, fear losing homes

CBS News07-05-2025

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.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The mystery seller of a $105M empty lot next door to Jeff Bezos's estate has just been outed
The mystery seller of a $105M empty lot next door to Jeff Bezos's estate has just been outed

Yahoo

time3 hours ago

  • Yahoo

The mystery seller of a $105M empty lot next door to Jeff Bezos's estate has just been outed

The secretive investor behind a record-setting 'billionaire bunker' transaction in Miami is celebrating his success. The seller of an undeveloped parcel right next door to Jeff Bezos has been revealed as a man named Mikhail Peleg, according to a release. The German developer and investor snagged $105 million for the plot on Monday, marking a record property price for the ultra-exclusive Indian Creek Island. The identity of the buyer could not be determined, but paid in cash, Forbes reported. Peleg is married and lives in Switzerland with two daughters, Sophia and Maria. He purchased the roughly 2-acre strip of land in 2018 for $27.5 million. Peleg's initial plans to build were ultimately scrapped, agent Ilya Reznik previously told The Post. Peleg had high hopes for the man-made island when he snapped up his empty plot there seven years ago. 'When I purchased this property in 2018, it was the highest sale price on the market,' Peleg said in a statement shared with The Post. 'People told me I was overpaying, that it wasn't a smart investment. But I saw the long-term potential in both the land and the vision we had for the property.' The property at 9 Indian Creek Island Road listed for $200 million late last year. Besides the eye-watering price tag, the property made headlines for its proximity to Jeff Bezos's holdings there. The Amazon billionaire purchased two neighboring homes in 2023 for $68 million and $79 million, respectively. Occupying 200 feet of west-facing waterfront along Biscayne Bay, the parcel boasts views of downtown Miami and space enough for a deep-water megayacht to dock. The property underwent two price cuts during its tenure on the market, down to $150 million in March and $130 million in June, according to Zillow. Initial reports of the under-contract sale in early June quoted a $110 million sales price from a developer familiar with the deal,but the mystery buyer paid out $5 million less than expected. The deep-pocketed buyer, previously identified only as 'an international finance executive,' by the Wall Street Journal, closed on Monday for $105 million. The final sales price for the empty parcel is just $15 million shy of Miami's most expensive home sale, but certainly sets a new record for Indian Creek Island. The previous record was set by Bezos himself, who purchased an $87 million home on the other side of the island last year while the parcel's neighboring two homes underwent renovations. 'I believe that truly exclusive locations, even if expensive, always prove profitable,' Peleg said in his statement. Access to the island is heavily restricted. Its tony inhabitants, including Tom Brady, Carl Icahn, Jared Kushner and Ivanka Trump, are secured by their own police force and a marine patrol. Just 41 homes currently occupy the island. Sign in to access your portfolio

Another buyer has made offer for Rays in potential twist
Another buyer has made offer for Rays in potential twist

New York Post

time3 hours ago

  • New York Post

Another buyer has made offer for Rays in potential twist

Another potential Rays buyer has thrown a hat in the ring. Trip Miller, the founder of a Memphis hedge fund, is the latest to join the billionaire race to own the Rays as he created a group that made an all-cash offer to Rays owner Stu Sternberg, according to The Athletic. 'We made an offer last week,' Miller said, per The Athletic. 'We have had contact with the club over the past month, specifically about our offer. 4 Rays' current owner, Stuart Sternberg, answered reporters' questions in March. Kim Klement Neitzel-Imagn Images 'If there is an exclusivity period that expires soon, and I don't know when it expires, we would welcome the opportunity to have a deeper discussion with the Rays about our offer.' It was reported Wednesday that Sternberg was in 'advanced talks' to sell the franchise with a group led by Jacksonville homebuilder Patrick Zalupski having executed a letter of intent to purchase the club. 4 Patrick Zalupski is the founder, chairman and CEO of Dream Finders Homes, a Florida-based homebuilder. University of Florida Zalupski's group's offer was reported to be $1.7 billion, according to Sportico. As for Miller's offer, he did not reveal the number but included that he and his group are willing to raise the number if necessary. The Rays are currently in need of a new stadium as they can't play at Tropicana Field after the stadium sustained damage from Hurricane Milton in October 2024. Tampa Bay has instead played at George M. Steinbrenner Field in Tampa — home to the Yankees' spring training and Low-A team. 4 Tropicana Field was ravaged by Hurricane Milton in October 2024. AFP via Getty Images The stadium issue is something that MLB is hoping a new owner would solve, as Sternberg had a deal in place to begin building a new 30,000-capacity stadium in downtown St. Petersburg before the plans ended because of financing delays. 'The league, that's what they're looking for — someone who can not only buy the club but solves the stadium problem,' Miller said. While finding a new stadium is a priority, relocating out of Central Florida is seemingly not an option. 4 Rays legend Evan Longoria puts on a jersey after signing an honorary one-day contract, alongside current Rays owner Stu Sternberg. AP 'This is not a relocation play to another state,' Miller said. 'You won't see the Rays relocating out of Central Florida, whether it was our group or another group.' Miller said that Orlando is not out of the realm of possibilities for relocation and that, all in all, the total investment for the team and a new stadium will be more than $3 billion.

Cash out refi vs. home equity loan: What you need to know
Cash out refi vs. home equity loan: What you need to know

Yahoo

time5 hours ago

  • Yahoo

Cash out refi vs. home equity loan: What you need to know

A cash-out refinance replaces your existing mortgage with a new one; a home equity loan is a second mortgage on top of your primary one. A home equity loan works well if you have a big ownership stake and need a large, fixed lump sum. A cash-out refinance may be the smarter option if you want a lower interest rate and to deal with just one big debt. If you need money and have a sizable amount of home equity built up, you may want to tap into that equity for the funds. Both a cash-out refinance and a home equity loan allow you to borrow against your ownership stake, using your home as collateral. They work differently, though. A cash-out refinance involves replacing your existing mortgage with a new one, while a home equity loan is a second mortgage you take out in addition to your primary one. If you're weighing a cash out refinance vs. a home equity loan, how do you decide which is the better option? Here are the benefits and risks to consider for each. Fixed or adjustable interest rate Fixed interest rate Interest rates comparable to purchase mortgages Interest rates 2-3% above mortgage rates Must maintain 20% equity stake in home Must maintain 15%– 20% equity stake in home Tax-deductible interest on mortgage principal; cash-out portion deductible if used on the home Tax-deductible interest, if funds used to 'buy, build, or substantially improve' the home Closing costs of 2-6% of loan principal Closing costs of 1-5% of loan principal Debt-to-income ratio maximum of 43% Debt-to-income ratio maximum of 43% Loan-to-value limit of 80% Loan-to-value limit of 80-85% Minimum 620 credit score Minimum 640 credit score A cash-out refinance pays off the remaining balance on your first home loan and replaces it with a new mortgage. The newly refinanced loan amount is for the remaining debt owed on the first mortgage, plus the amount you're 'cashing out' — that is, borrowing — from the equity. The loan term can be up to 30 years, and the interest rate — which can be fixed or variable — will reflect prevailing market rates. Cash-out refi rates tend to be a bit higher than traditional rate-and-term refinance rates, but overall, they're comparable to purchase mortgages. Some lenders and federal programs may set lower credit score requirements for cash-out refinancing. Because the refinancing lender assumes the first mortgage during a cash-out refi, that lender becomes the primary lien-holder in the event you default. With easier access to your home as collateral, lenders might be willing to offer lower rates compared to what you'll get with a home equity loan. Lower credit requirements One loan rather than multiple loans May boost credit score Lower interest rates than other types of debt Can be used for any purpose Risk of foreclosure Long application process At least 20% home equity stake required Closing costs can be high Low debt-to-income ratio required Closing costs for cash-out refis typically range from 2 percent to 6 percent of the loan's amount. Cash-out refis usually cost less than primary mortgages, as they don't require certain expenses, like title searches and title insurance, that are common when buying a home. But you can expect to see certain familiar fees: The lender will likely charge you for an appraisal of the property, for example. A home equity loan is a second mortgage against your home with its own terms and interest rate that are separate from your first mortgage. By refinancing using a home equity loan, you're borrowing against the home's equity — the difference between the appraised value of your home and what you owe on your mortgage. You can typically borrow up to 85 percent of your home's equity. However, your loan size depends on other financial factors, like your income and credit history, and the outstanding balance on your first mortgage. Home equity loans typically have a repayment period of up to 30 years, just like mortgages. Home equity loan rates may be higher than those of refis. The differences, however, vary significantly from lender to lender and over time. Fixed rates offer certainty Lower rates than unsecured debt Long repayment terms/low monthly payments Interest can be tax-deductible Use the cash for almost any purpose Foreclosure risk: home is collateral Higher credit requirements 15%-20% home equity required Must be paid off when home is sold Easy to overborrow due to lump sum distribution Home equity loan fees vary a good deal among lenders, highlighting the importance of comparing offers. While some lenders waive origination fees — often a big chunk of total closing costs — they may implement a slightly higher interest rate as compensation. And it's likely that, as with the refi, you'll have to pay for an appraisal and various administrative fees. In general, though, home equity loan closing costs tend to be lower than those for a refi: While they could be as much as 5 percent of the loan principal, they often are as low as 1 percent. That's partly because you may incur fewer costs, but also because you're likely borrowing a smaller amount, so percentage-based expenses — like origination fees — will be less. Cash-out refis generally have lower interest rates and are easier to qualify for, making them appealing to people who have less-than-perfect credit scores. They offer an option for homeowners to borrow a lump sum for planned expenses, with only a single repayment to track. However, they replace your existing mortgage with a new one, meaning a new payment term and interest rate. You'll have to pay new closing costs, too. If you got a great deal on your initial mortgage, you might not want to give it up if rates are now substantially higher. Or, if you've had your mortgage a long time, and your payments are now primarily going towards principal (not interest), you might not want to reset the amortization clock with a new loan. A cash-out refi also tends to make sense if you were thinking of swapping out your current mortgage anyway — perhaps because of a big drop in interest rates. Also if you can get a better rate on a new mortgage than you have on your existing one or, you want to adjust the repayment term of your loan. Home equity loans let you keep your existing mortgage. That can be helpful if you got a good deal on your original loan and want to keep it for as long as possible. Or just don't want to mess with it, in general. A home equity loan is a good option for those who've paid down a solid chunk of their mortgage and built up a lot of equity in their homes, and who have a strong credit history and score. The overall process of taking out a home equity loan can be simpler and quicker than that of a cash-out refinance, too. If your financials ensure you'll get a good rate on the loan — one that's competitive with refi rates — and you're able to find a lender that waives most closing costs, a home equity loan could be the right choice. The HELOC option Another way to borrow against your home equity is a home equity line of credit (HELOC). HELOCs give you more flexible access, letting you draw funds multiple times whenever you need to over a multi-year period. However, they usually have variable interest rates, which means your payments can be unpredictable. Just as with a home equity loan or a cash-out refi, your home is collateral, and you risk losing it if you can't make payments. The table below compares the costs of a cash-out refinance with that of a home equity loan, as of June 17, 2025. In this scenario, the refi comes out cheaper, despite its higher closing costs — because its interest rate is significantly lower than the home equity loan's. Loan amount $150,000 $150,000 Closing costs $2,400 $600 Interest rate 6.16% 8.33% Monthly principal and interest $1,279 $1,462 Total cost in first 24 months $33,091 $35,693 Total cost in first 48 months $63,782 $70,786 Total cost in first 120 months $155,855 $176,064 Total loan cost $232,620 $263,760 In the cash-out refinancing vs. home equity loan contest, remember that both are strategic ways to access the equity you've built in your home. However, you have to consider your financial situation, goals and how you plan to use the funds to determine the best approach. It's equally important to consider the qualification criteria for both options to gauge which you're most likely to get approved for. Regardless of which path you choose, always shop around and compare offers from several lenders. Also, make sure you get an itemized list of fees from your lender before committing, so you can calculate how much the loan will cost. How often can you do a cash-out refinance? There is no limit on how many times you can refinance your home, but you typically have to wait at least six months between cash-out refinances. This is called a 'seasoning' period. Different lenders have different requirements. How does a cash-out refinance affect taxes? A cash-out refinance is considered a loan, not income, so you will not have to pay taxes on the money you receive. Your cash-out refinance may be eligible for a tax deduction if you use the money to make permanent improvements to the home. This could include projects like putting in a swimming pool, adding a bathroom or upgrading the heating and air conditioning system. How long does it take to get a home equity loan? Getting a home equity loan can take anywhere from one week to two months, but most lenders advertise an average window of two to six weeks. What can a home equity loan be used for? A home equity loan can be used for virtually anything you want, but it is most commonly used to consolidate debt or finance renovations and big repairs. Applying it towards improvements is especially smart, because you're essentially using your home to enhance the value of your home. You can also deduct the interest on the loan if you use the funds for this purpose. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store