Latest news with #EastLake
Yahoo
06-07-2025
- Business
- Yahoo
How a single shed in a Florida backyard triggered a flurry of HOA lawsuits costing local homeowners thousands
Formerly friendly neighbors in Stonebriar, a quiet subdivision in northern Pinellas County, Florida, are at odds over an $82,000 special assessment the homeowner's association (HOA) has levied. It's a lot of money — $1,400 per household. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) 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 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 'It's insane to ask people to pay that,' resident Ken Christensen told ABC Action News. 'We have lives besides our mortgage payments. I personally have a son in hockey. There are people with kids in college.' Unlike regular HOA dues, special assessments are meant to be one-time fees designed to cover unexpected expenses. But this one follows another special assessment that the Stonebriar Improvement Association levied last year to the tune of $35,000, or $595 per household, The situation has caused anger to erupt in the once-peaceful East Lake community of 59 single-family homes. 'When we all got the letter that showed why this assessment was necessary, people really reacted,' resident Dorothy King said. What has residents at odds is the rationale. The board is raising the money to pay its legal fees in a long legal battle with one resident: John Siamas. As with so many battles, it started over something seemingly small. It all began in 2020 when Siamas installed what he describes as a small "plastic, snap-together shed" in his backyard. The HOA board said the structure violates a rule prohibiting outbuildings in Stonebriar, and is suing Siamas over the matter, demanding he take it down. 'He put up a shed and the covenants indicated no sheds — and the board nicely asked him to remove it. He said no,' resident John Papa said. 'One thing after another, now we've got a lawsuit on our hands.' Read more: No millions? No problem. With as little as $10, here's of diversified assets usually only available to major players For his part, Siamas says he told the Stonebriar Improvement Association board about his plan to install a shed, and the board never rejected it. Mind you, they didn't agree to it, either. Now Siamas has escalated an already tense situation with the board by attempting to trademark the HOA's name: Stonebriar Improvement Association, Inc. 'I think it's foolish,' Papa said. 'Why would he do it?' Many residents counter that the HOA's costly legal battles are foolish. The trademark case will cost an estimated $425 per hour over 141 hours through to November 2026. Former Stonebriar HOA president Stephen King says the trademark battle is unnecessary as the Stonebriar Improvement Association has served the community well for 33 years without having a trademarked name. Meanwhile, Siamas has filed federal complaints against HOA president Gayle Zelcs over the board's trademark challenge, saying she and the board are trying to ruin him financially and force him to 'sell his home' and move out of Stonebriar. For his part, Christensen agrees that the board and its president are causing unnecessary financial hardship in a battle he describes as 'nonsense.' He wants things to return to normal. 'It's a good family neighborhood,' he said. 'It used to be peaceful, no drama.' Living in an HOA-governed community comes with financial responsibilities that can go well beyond monthly dues. Special assessments for out-of-budget anomalies like legal fees, structural repairs or emergencies can cost homeowners thousands of dollars, often with little warning. Unlike traditional emergency expenses (like a car repair or medical bill), HOA assessments may be non-negotiable and time-sensitive, with tight payment deadlines and legal consequences for nonpayment. While you can't avoid them altogether, there are things you can do to ensure you're prepared: Budget for the unexpected. Plan for financial risks by building a designated HOA emergency reserve in addition to your general emergency fund. Many HOAs set aside 25 to 40% of their monthly dues for reserves to avoid sudden assessments. For individual homeowners planning, that translates to $2,000 to $5,000, ideally. To estimate what you'll need, review your HOA's budget, reserve studies (which outline anticipated expenditures) and minutes to understand upcoming projects and potential liabilities. If you see any red flags — lawsuits, aging buildings, vague expense reports — increase your reserve savings accordingly. Review governing documents early. If you're in the market for a condominium, understand the rules for special assessments before buying. For example, Florida law requires at least 14 days' notice before forming a special assessment meeting. Push for transparency. Attend meetings, demand clear breakdowns of fees and question exorbitant or unusual costs — like $82,000 in trademark legal expenses. Build community alliances. Get to know your neighbors and understand their concerns and questions. When you're in a unified front, it's easier to vote in new board members, renegotiate payment terms or challenge unfair assessments. Know your rights. Condominium boards can't always apply unlimited assessments without owner approval. HOAs may face similar constraints depending on the state law and bylaws they're subject to. If board actions seem suspect, seek legal counsel. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk 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 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Reuters
03-07-2025
- Business
- Reuters
PGA Tour overhauls playoff bonus structure for this season
July 2 - The PGA Tour has restructured the distribution of playoff bonuses, including the FedEx Cup champion this season earning $10 million in prize money instead of $25 million as in the past two years. The new payouts from the $100 million total in bonus money -- first reported Wednesday by Front Office Sports and posted on the PGA Tour website -- were revealed weeks after an announcement in May that the Tour Championship's "starting strokes" format will be eliminated. The season-ending tournament in August -- for the top 30 following two previous playoff events -- will be a standard 72-hole stroke-play format at East Lake Golf Club in Atlanta. The new three-tier system will reward golfers based on the FedEx Cup points standings after the regular-season finale at the Wyndham Championship (the top 10 splitting $20 million, with No. 1 getting $10 million), and after the second playoff event, the BMW Championship (top 30 splitting $23.93 million, with No. 1 getting $5 million). The Tour Championship winner will get $10 million of the remaining prize money ($57.08 million), with the rest paid to the other 29 players based on their finishes. Players ranked Nos. 31-150 will divide $17.08 million in deferrals. "To account for the increased volatility of the final event, reward season-long performance and recognize the significance of the FedExCup, the FedExCup bonus distributions for the top 30 positions were rebalanced," the PGA Tour posted on its website. Front Office Sports worked the scenario that if current points leader Scottie Scheffler is the No. 1 at the end of the regular season and after the BMW Championship and then wins the Tour Championship, he will receive the same total of $25 he collected for winning the 2024 FedEx Cup. The tour also posted that there are no changes in 2025 for the Comcast Business Tour Top 10, which pays $40 million to the top 10 players in the standings at the end of the regular season. First place is worth $8 million, and each place earns less down to $2 million for 10th place. The bonus structure was led, per the Front Office Sports report, by the PGA Tour Player Advisory Council's business subcommittee, which consists of Maverick McNealy, Keith Mitchell, Brandt Snedeker and Kevin Kisner, and is overseen and player director Patrick Cantlay. --Field Level Media
Al Arabiya
02-07-2025
- Business
- Al Arabiya
PGA Tour's FedEx Cup Bonus Goes From a Lump Sum to One Winner to 3 Payoffs
The PGA Tour has done away with the staggered start for the FedEx Cup finale. In its place is a new pay structure with staggered bonuses to whoever is leading at three points in the final month of the season. The FedEx Cup champion will get $10 million, down from $25 million. However, if the No. 1 seed stays at the top throughout the playoffs, he would still get $25 million. The bonus pool remains at $100 million under the structure released Wednesday. But instead of the FedEx Cup champion receiving $25 million at the end of the Tour Championship, the No. 1 player will get $10 million after the regular season ends with the Wyndham Champion. Whoever leads the FedEx Cup after the BMW Championship gets $5 million. And the Tour Championship winner gets $10 million. This caps an overhaul to what the PGA Tour hopes can lead to a more compelling–and less confusing–end to the season. The staggered start–also known as starting strokes–gave the No. 1 seed a two-shot lead at the Tour Championship by putting him at 10-under par before the tournament even started. Now the top 30 who reach East Lake will start even, just like any tournament, and whoever wins the Tour Championship is the FedEx Cup champion. To account for the winner-take-all nature of the Tour Championship, the pay structure was altered to make sure season-long performances were still rewarded and top players did not get penalized too much for having a bad week at East Lake. Scottie Scheffler was so dominant last year he led the FedEx Cup all through the playoffs, picking up the $25 million bonus as the champion. If the new payment structure had been in place in 2023, however, Jon Rahm would have received $10 million for leading the FedEx Cup going into the playoffs, Scheffler would have won $5 million for leading after the BMW Championship, and Viktor Hovland would have won $10 million for being the FedEx Cup champion. Rahm was the No. 1 seed starting the 2023 playoffs, tied for 18th in the Tour Championship, and his postseason payout was $675,000. Under the new payment plan, Rahm would have received $12,208,750 for his FedEx Cup bonus–No. 1 going into the playoff, No. 4 after the BMW Championship, and a tie for 21st in the Tour Championship. The Tour Championship effectively would have a $40 million purse, but the bonus money still will count as unofficial. The FedEx Cup points for the FedEx St. Jude Championship and the BMW Championship will remain quadruple the value to allow for movement in the standings. The Comcast Business Tour Top 10 is still around, a $40 million bonus pool for the regular season. So for this year, whoever leads the FedEx Cup going into the postseason would get $10 million from the FedEx Cup bonus and $8 million from Comcast.
Associated Press
02-07-2025
- Business
- Associated Press
PGA Tour's FedEx Cup bonus goes from a lump sum to one winner to 3 payoffs
The PGA Tour has done away with the staggered start for the FedEx Cup finale. In its place is a new pay structure with staggered bonuses to whoever is leading at three points in the final month of the season. The FedEx Cup champion will get $10 million, down from $25 million. However, if the No. 1 seed would still get $25 million if he stays at the top throughout the playoffs. The bonus pool remains at $100 million under the structure released Wednesday. But instead of the FedEx Cup champion receiving $25 million at the end of the Tour Championship, the No. 1 player will get $10 million after the regular season ends with the Wyndham Champion. Whoever leads the FedEx Cup after the BMW Championship gets $5 million. And the Tour Championship winner gets $10 million. This caps an overhaul to what the PGA Tour hopes can lead to a more compelling — and less confusing — end to the season. The staggered start — also known as starting strokes — gave the No. 1 seed a two-shot lead at the Tour Championship by putting him at 10-under par before the tournament event started. Now the top 30 who reach East Lake will start even, just like any tournament, and whoever wins the Tour Championship is the FedEx Cup champion. To account for the winner-take-all nature of the Tour Championship, the pay structure was altered to make sure season-long performances were still rewarded, and top players did not get penalized too much for having a bad week at East Lake. Scottie Scheffler was so dominant last year he led the FedEx Cup all through the playoffs, picking up the $25 million bonus as the champion. If the new payment structure had been in place in 2023, however, Jon Rahm would have received $10 million for leading the FedEx Cup going into the playoffs; Scheffler would have won $5 million for leading after the BMW Championship; and Viktor Hovland would have won $10 million for being the FedEx Cup champion. Rahm was the No. 1 seed starting the 2023 playoffs, tied for 18th in the Tour Championship and his postseason payout was $675,000. Under the new payment plan, Rahm would have received $12,208,750 for his FedEx Cup bonus — No. 1 going into the playoff, No. 4 after the BMW Championship and a tie for 21st in the Tour Championship. The Tour Championship effectively would have a $40 million purse, but the bonus money still will count as unofficial. The FedEx Cup points for the FedEx St. Jude Championship and the BMW Championship will remain quadruple the value to allow for movement in the standings. The Comcast Business Tour Top 10 is still around, a $40 million bonus pool for the regular season. So for this year, whoever leads the FedEx Cup going into the postseason would get $10 million from the FedEx Cup bonus and $8 million from Comcast. ___ AP golf:
Yahoo
02-07-2025
- Business
- Yahoo
PGA Tour to redistribute FedExCup bonus money in three waves
The PGA Tour has recalibrated how it will pay out its top FedExCup finishers this year. Less than two months after the Tour announced it was doing away with its starting-strokes format in favor of traditional stroke play for the Tour Championship, the Tour revealed Wednesday afternoon that the $100 million in bonus money, traditionally awarded after the playoff finale, will be distributed in three waves – after the regular-season-ending Wyndham Championship, BMW Championship and Tour Championship. Advertisement The update by the Tour, which did not coincide with an official announcement, comes after Front Office Sports reported on the changes earlier on Wednesday. Per a breakdown on the Tour's website, $20 million will be split among the top 10 in the FedExCup after Wyndham, including $10 million to the leader. Another $22,925,000 will be doled out among the top 30 after BMW, including $5 million to the leader. And then the remaining $57.08 million, including $10 million to the winner at East Lake, will be awarded based on how players finish in the Tour Championship. Previously, the FedExCup champion would receive $25 million. Here is the full breakdown: The Tour previously noted back in May when it announced the format change that it would make some adjustments to its bonus structure to 'account for the increased volatility, reward season-long performance and recognize the significance of the FedExCup.' Also, the Tour said that an additional $40 million would still be given out via the Comcast Business Tour Top 10 following Wyndham.
