Latest news with #HOA
Daily Mail
12 hours ago
- Politics
- Daily Mail
Major update for Florida condo owners in midst of crisis
Fed-up Florida homeowners just scored a rare win after years of skyrocketing costs. Starting July 1, a new law will rein in homeowners associations (HOAs) long accused of slapping residents with surprise fees and fines for petty infractions. Governor Ron DeSantis signed HB 1203 into law earlier this month, ushering in sweeping reforms aimed at making HOA boards more transparent and less intrusive. Under the new rules, any HOA with more than 100 homes or condos must post key documents — including budgets, covenants, and bylaws — on a publicly accessible website by January 1. Board members and property managers will also have to complete 4 to 8 hours of state-approved education each year. And homeowners must now get at least 14 days' notice, along with an agenda, before any board meeting. The changes are being welcomed by property owners who say they've been blindsided with arbitrary violations and ballooning fees with little warning or recourse. And this could be just the beginning of nitpicky HOAs. Lawmakers have signaled more limits may be on the way, in Florida and other states. A new law Florida Gov. Ron DeSantis signed with the aim of tighter regulations over Homeowner Association Fees will go into effect July 1 They can no longer ban residents from parking non-commercial, personal or work vehicles on the property. Also exempted now are first responder vehicles. HOAs can no longer create rules for the interior of a home that is not visible from the street. Now, plans for central air conditioning, refrigeration, heating or ventilation systems and changes or upgrades to adjacent common area or community golf courses require a review and approval. HOAs can no longer prevent homeowners from having a vegetable garden that can't be seen from the street, and they can't fine residents for leaving garbage cans at the curb or end of their driveway within 24 hours of a scheduled trash collection. Residents will no longer be fined for leaving up holiday decorations or lights longer than indicated in the HOA's governing documents without prior notice. Homeowners will have one week to take their decorations down after a written warning. Florida lawmakers unanimously passed HB 1203 in March before DeSantis signed it. 'This bill comes from a lot of listening to owners talk about how they know their building needs to be safe but pleading that the process be fair and workable,' state Sen. Jennifer Bradley (R-Fleming Island), said at a press conference. The law comes as a relief to Floridians who have seen their HOAs skyrocket in the wake of the Surfside condo collapse in June 2021. Laws now require structural inspections for condos and additional money to be set aside for repairs, leading to an increase in required payments. More frequent natural disasters such as hurricanes and flooding have also led homeowners associations to raise fees in anticipation of repairs and mitigation needs. Several retirement hotspots in Florida in particular have been hit with high spikes on their HOA fees on their condos. Tampa, Orlando and Fort Lauderdale have all seen HOA rises of more than 15 percent in the last year, according to Redfin. In Tampa, the median monthly HOA fee jumped 17.2 percent over the year to July 31, according to Redfin. In Orlando, the fees soared by an average of 16.7 percent, and in Fort Lauderdale they rose by 16.2 percent, it found. This is compared to an average hike of 6 percent across the 43 most populous metro areas which Redfin analyzed. HOA fees also rose in West Palm Beach by 12.8 percent, by 7.6 percent in Jacksonville and by 5.7 percent in Miami. 'Many buildings - even those without amenities - now have HOA dues north of $1,000 a month,' Rafael Corrales from Redfin said. The HOA problem had gotten so out of hand in the Sunshine State that South Florida's pandemic property boom has officially reversed. After years of surging demand, the region's real estate market is now flooded with listings as desperate homeowners rush to sell amid soaring costs and vanishing buyers. According to a report from Cotality, the number of homes for sale across Miami-Dade, Broward, and Palm Beach counties has quadrupled since 2022 — hitting the highest level in nearly a decade. 'The last 25 years have seen home prices, homeowners' insurance, and property taxes surge in Florida,' explains Cotality chief economist Selma Hepp. 'When you add in the unflagging migration that is straining the state's public services and inflated costs across the board, the pressure on the quality of life has become so great that it is beginning to tip the balance. Many households are finding it increasingly difficult to stay in the state.'
Borneo Post
a day ago
- Business
- Borneo Post
Woodside and Petronas eye long-term LNG supply
Woodside Energy vice president of business development and origination Jae Yoon Song (left) and PLL chief executive officer Ezran Mahadzir during the HOA signing. KUALA LUMPUR (June 19): Woodside Energy and Petronas, through its subsidiary Petronas LNG Ltd (PLL), have signed a non-binding heads of agreement (HOA) for the supply of one million tonnes per annum of LNG to Malaysia from 2028 for a period of 15 years. The LNG would be supplied from Woodside's global portfolio, and may include the recently approved Louisiana LNG project in the United States. Held on the sidelines of Energy Asia 2024, the HOA reflects the shared ambition of both companies to formally commit to deepening cooperation across the LNG value chain, building a relationship of mutual trust, benefit and success. Woodside executive vice president and chief commercial officer Mark Abbotsford welcomed the HOA with Petronas, recognised globally as one of Asia's most respected energy companies. 'This agreement marks the beginning of a new era of collaboration between Woodside and Petronas, and is an important step towards what would be our first long-term LNG sales to Malaysia. It reflects the value global buyers see in Woodside's Louisiana LNG project and our reputation as a safe and a reliable supplier of energy to Asia.' The agreement is expected to support Petronas' efforts to ensure secure, flexible LNG supply to meet growing demand in Peninsular Malaysia and the broader Asia-Pacific region. 'We are pleased to launch our new collaboration with Woodside, a leading supplier of LNG to Asia. We hope this will be the start of cooperation between Petronas and Woodside on future opportunities to support energy security and sustainability across the region,' said Shamsairi Ibrahim, Petronas vice president of LNG marketing and trading. The agreement was exchanged at the Energy Asia 2025 conference in Kuala Lumpur in the presence of Woodside CEO Meg O'Neill and Petronas executive vice president and chief executive officer of gas and maritime business Datuk Adif Zulkifli. The parties are now working to convert the HOA into a sales and purchase agreement. Woodside and Petronas share a long-standing relationship, having previously cooperated on exploration studies and research and development initiatives along with both spot and mid-term LNG sales and purchases. corporate news energy Energy Asia 2025 oil and gas Petronas
New Straits Times
2 days ago
- Business
- New Straits Times
Woodside to supply 1.0mil tonnes of LNG to Malaysia annually for 15 years
KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) subsidiary Petronas LNG Ltd has signed a non-binding heads of agreement (HOA) with Woodside Energy for the supply of liquefied natural gas (LNG) to Malaysia. In a statement, Petronas said Woodside will supply one million tonnes per annum of LNG to Malaysia from 2028 for a period of 15 years. The LNG will be supplied from Woodside's global portfolio, and may include the recently approved Louisiana LNG project in the United States. "The HOA reflects the shared ambition of both companies to formally commit to deepening cooperation across the LNG value chain, building a relationship of mutual trust, benefit and success," it said. Woodside executive vice president and chief commercial officer Mark Abbotsford said this agreement marks the beginning of a new era of collaboration between the companies and is an important step towards what would be its first long-term LNG sales to Malaysia. "It reflects the value global buyers see in Woodside's Louisiana LNG project and our reputation as a safe and a reliable supplier of energy to Asia," said Abbotsford. The agreement is expected to support Petronas's efforts to ensure secure, flexible LNG supply to meet growing demand in Peninsular Malaysia and the broader Asia-Pacific region. The parties are now working to convert the HOA into a sales and purchase agreement.
Yahoo
2 days ago
- Business
- Yahoo
What's the One Thing All Retirees Should Do Before Claiming Social Security Benefits in 2025?
The right time to claim Social Security does not have a one-size-fits-all answer. Determing the right time for you begins with evaluating your claiming strategy. If you're married and the higher-earning spouse, it will impact your partner's benefits. The $23,760 Social Security bonus most retirees completely overlook › If there's one thing all retirees should do before claiming Social Security, it's to evaluate their claiming strategy. "Claiming strategy" refers to determining when it's the right time to begin receiving benefits. Once you've moved through the steps of evaluating your strategy, you should have a clearer sense of the direction you want to take. Your FRA is the age at which you are eligible to receive full Social Security benefits. The age varies, depending on the year you were born, but for most people, it's between 66 and 67. Let's say your FRA is 67, but you're in poor health and decide to claim benefits at age 62 (or you may just be sick of your job). Since you didn't make it to FRA, your monthly payment will be 30% lower than if you'd waited until 67. The closer you get to FRA, the less of your monthly payment you'll lose. That said, if you evaluate your financial needs and find that you'll do just fine receiving the reduced amount, you can smile at the knowledge that you'll bank five more years' worth of payments than you would have if you'd waited. While you may have a friend who couldn't get by on less than $10,000 a month, you may be comfortable with a lower amount. It all boils down to your financial obligations and retirement goals. Creating a post-retirement budget can be tricky. You must account for all expenses you know you'll have, such as groceries, healthcare, utilities, transportation, and possibly housing. Then, you need to include the costs you expect to incur, such as home repairs, pet care, HOA dues, and property taxes. Additionally, you'll want to include funds for activities you enjoy, such as hobbies and travel. In other words, you may not get your post-retirement just right, but you'll have an idea of what you're aiming for. The nice thing about math (even if you hate math) is that it's black and white. By comparing your expected expenses with the money you'll receive from Social Security and other sources, you can tell if there's a gap between the two or if you'll have plenty of money coming in. If you have other income sources, like a pension, annuity, rental income, or royalties, make sure to include them in your total income. If you don't have as many income sources as you would like, it's not too late to consider diversifying your revenue streams by investing in real estate, a real estate investment trust, annuities, or dividend-paying stocks. Now is a great time to develop a withdrawal strategy. For example, suppose you plan to collect Social Security and make regular withdrawals from a retirement account. In that case, a retirement advisor can help you develop a strategy that optimizes tax efficiency and income flow. Consider your current health and examine your family's history of longevity. If health concerns lead you to believe you have a shorter life expectancy, it may make sense to claim Social Security benefits early. However, if most of the folks in your family lived into their 90s and you're fit as a fiddle, delaying benefits until FRA (or later) could maximize the overall amount of Social Security you collect through the years. If you're married and one spouse has earned considerably less than the other through the years, the lower-earning spouse may benefit from claiming Social Security based on a higher-earning spouse's work record. Let's say you're the higher-earning spouse, and your partner claims benefits based on your work record. That means they can receive up to 50% of your full retirement age benefit. However, if you claim Social Security before FRA, their benefit will be permanently reduced along with yours. Here's why that's important: If you're counting on both of your incomes in retirement, you may decide that working until FRA is your best move since the decision will impact both of your benefits. Note: If you decide to max out benefits by working until age 70, your spouse will still receive up to 50% of the benefit you would have received at FRA. As you strategize, remember that you may have to pay federal taxes on your Social Security benefits, depending on your adjusted gross income (AGI). Depending on the state in which you live, you may also have to pay state taxes. The way states calculate taxes in retirement varies dramatically by state. Your best move is to look into how your state taxes benefits (if they do). While you have a lot to plan for and look forward to, there's one reason your claiming strategy is so important. That's because it's permanent. It's not as though you can claim at 62 and then, at age 64, tell the Social Security Administration (SSA) that you've made a mistake. There is no one-size-fits-all rule for determining the right time to claim benefits. What's important is figuring out the right time for you. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. What's the One Thing All Retirees Should Do Before Claiming Social Security Benefits in 2025? was originally published by The Motley Fool Sign in to access your portfolio
Daily Mail
3 days ago
- Business
- Daily Mail
Florida's already fragile condo market faces devastating final blow
Florida 's already faltering condo market is about to get hit again — quite literally —with hurricane season headed the state's way. As hurricane season ramps up, forecasters are warning of an 'above normal' number of storms — threatening to push an already fragile sector to the brink. Condo communities across the Sunshine State are still reeling from skyrocketing HOA fees, steep maintenance costs, and tough new building laws passed in the wake of the Surfside collapse. Now, experts say a major storm could deliver a knockout punch. 'As a Florida resident, I certainly hope we are spared a direct hit this hurricane season,' Alessandra Stivelman, partner at Eisinger Law, told 'But from a legal and structural perspective, Florida condominiums are currently facing what I would describe as a perfect storm of vulnerability — both physical and financial.' 'After several relatively quiet hurricane seasons on the east coast, any significant storm now has the potential to inflict far more than just wind or water damage. 'It could expose and magnify deep-seated issues that have been building for years, including deferred maintenance, underfunded reserves, insurance gaps and a lack of readiness for new legal requirements.' Many of Florida's condos were built decades ago — long before modern hurricane codes. That means no storm-rated windows, no reinforced roofs, and poor waterproofing. But even newer buildings aren't necessarily safer. Some suffer from poor upkeep or are ill-equipped to handle storm surge and prolonged flooding. 'Condominiums, especially those located in coastal and flood-prone regions like Florida, are inherently vulnerable to hurricanes due to their high-density, multi-story construction and shared infrastructure,' Stivelman says. Heavy rains, even outside of hurricane season, can overwhelm existing infrastructure and lead to water seepage, flooding and mold—problems that are difficult and expensive to fix. Over 8 million homes in Florida are at risk of suffering moderate or greater risk of hurricane wind damage this year, while over 2 million are at risk of significant storm damage, says a new report by Cotality. The National Oceanic and Atmospheric Administration (NOAA) predicts a dangerous hurricane season, which officially began on June 1 and will continue until November 30. They project 13 to 19 heavy storms, 6 to 10 hurricanes and 3 to 5 major hurricanes. With predictions of up to 19 named storms and five major hurricanes, residents of the Sunshine State – many already paying the highest home insurance premiums in the nation – are petrified. Over the last five years, several major natural disaster insurance providers have pulled out of Florida entirely or have slashed their coverage options, citing unsustainable catastrophe exposure. While many homeowners have watched their premiums triple, NerdWallet reports the annual cost of home insurance in Florida is now $2,625, which is 24 percent above the national average. Champlain Towers was in the midst of its 40-year structural review when it collapsed without warning in the early morning hours of June 24, 2021, killing 98 people Florida's condo owners are facing even more challenges, many of them tied to sweeping legislation introduced in the aftermath of the tragic 2021 Surfside condo collapse. The new building safety law, which includes mandatory inspections and strict reserve funding rules, has had a major effect on HOAs and reserve funds. 'With the recent implementation of Florida's Milestone Inspection and Structural Integrity Reserve Study (SIRS) laws, associations are under immense pressure to fund repairs and reserves simultaneously,' Stivelman says. 'A hurricane event could trigger emergency structural assessments, accelerate statutory deadlines, and force boards to make immediate financial decisions, often without sufficient insurance proceeds or reserve funds in the bank.' Stivelman adds that In some cases, associations may find themselves unable to meet both the regulatory obligations and the financial burden of post-storm recovery. 'The impact is not just property damage; rather, it's about legal compliance, market stability, and the long-term viability of aging buildings across the state,' she says. Florida condominiums are undeniably more vulnerable today than in prior years, not solely due to physical aging or deterioration, but as a result of a complex convergence of financial, regulatory, and environmental pressures layered atop existing structural risks, according to Stivelman. 'Many of the state's condominium buildings include aging structures that are increasingly susceptible to significant damage under storms and post-storm conditions,' she says. The aftermath of Hurricane Helene in 2024 leaves buildings demolished 'Additionally, continued urban development without commensurate investment in stormwater infrastructure has increased the flood risk across the state—even in the absence of hurricanes.' With all of the problems at hand, many are choosing to sell—but the flood of listings has left the market oversaturated and buyer interest has been sluggish. There are a few things condo owners can do to prepare for hurricane season. First of all, condo owners should understand that living in a condominium means sharing financial responsibility for the upkeep of the entire building, not just their individual unit. A multi-residential housing model, and major repairs like roof replacements, structural work, or waterproofing must be planned and funded collectively. 'If you are an owner and you are not consistently contributing to reserves through your dues, then when a major repair is needed, the cost will come due all at once, whether through a special assessment, a personal loan/refinance, or even being forced to sell,' says Stivelman. 'Owners should expect these expenses and plan accordingly.' She adds that in addition, active participation in condominium meetings and staying informed are essential. Florida condominium owners may qualify for assistance through several state and local programs designed to ease the financial burden of storm-resilient upgrades 'Understanding the building's financial health, upcoming repair needs, and the legal obligations of both the owners and the association is critical,' Stivelman says. 'Florida law now requires more transparency and financial responsibility from associations, but it's up to the owners to remain engaged, ask questions, and hold boards accountable. 'Knowledge and involvement are key to avoiding unnecessary surprises and ensuring the long-term stability and value of your property.' Florida condominium owners may qualify for assistance through several state and local programs designed to ease the financial burden of storm-resilient upgrades and regulatory compliance. For instance, the My Safe Florida Home Program offers matching grants for improvements such as impact-resistant windows and doors, while Miami-Dade County's Condominium Special Assessment Program provides low-interest loans to eligible owner-occupants facing significant assessments related to building repairs and recertification.
