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Find Blog Articles for Florida’s Condo, HOA and the Management Industry.
A slow-motion crisis is unfolding in Florida’s condo market, threatening to upend the state’s image as a haven for retirees and reasonably priced beach living.
Owners of the state’s older condos are bracing for steep special assessments, while racing to sell their homes and receiving only tepid buyer response.
Amid a property market that’s still vibrant for nearly every other segment, Florida’s aging condominiums are losing value. And nearly 1,400 buildings are now blacklisted from receiving mortgage financing, making those apartments an even-tougher sell.
At the heart of this turmoil is a basic reality: Florida’s aging condo buildings desperately need repairs, and state officials are forcing them to assess (and pay for) those long-overdue upgrades.
Under a law enacted after the tragic 2021 collapse of Champlain Towers South in Surfside, which saw 98 people lose their lives, condo boards may no longer defer major structural improvements to another day — or decade. The “Building Safety Act” required every condo tower in Florida aged 30 years or older to complete a structural integrity study by the end of 2024, to get a full grasp of what problems need fixing.

This year, the tab for those repairs comes due. Condo boards must now set aside funds to fix the issues found in those studies — from concrete restoration to balcony overhauls. And the assessments on individual condo owners are looking both pricey and unsettling.
“You’re going to see a massive reduction in the value of these buildings based on these giant special assessments and the work that has to be done,” said Orest Tomaselli, CEO of Strategic Inspections, which advises condo boards nationally on how to shore up their reserves.
In Florida buildings he’s worked with, Tomaselli has seen special assessments as low as $250 per month, to a property that levied $2,500 per month, per unit owner, for a three-year stretch.
“There are real people in these units that may be displaced,” Tomaselli said of the assessments, “that may lose their nest egg and may lose tremendous amounts of value in their units.”
”At Aventura’s Mediterranean Village, a waterfront condo complex with a marina out front, unit owners were hit with six-figure special assessments last year, some as high as $400,000, according to published reports.

At Miami’s Cricket Club, a 50-year-old waterfront tower burdened with $134,000 special assessments per condo, 23 of the building’s 217 condos are currently for sale, according to brokerage Compass. In a Miami market where the median condo price was $445,000 in the fourth quarter of last year, condos at the Cricket Club are seeking buyers with prices as low as $220,000 for a 1,950-square-foot two-bedroom on the 19th floor. (The owner initially sought $330,000).
Meanwhile, at Summit Towers in Hollywood, a building-wide special assessment of $56 million led to the ousting of four board members in a January election, in favor of new members who promised “a more moderate approach” to building up reserves, said Amy Greenberg, a broker and resident of the building with several listings there.
“A lot of people moved here to be able to retire and live their life here, and they’re on fixed incomes,” said Kathleen DiBona, a 50-year resident of Hollywood who serves as president of the Hollywood Beach Civic Association. “They’re having a difficult time being able to manage all that’s coming and hitting them.”Many owners whom DiBona knows in Hollywood, a city dotted with older towers, are seeking to off-load units with little success. Others, she said, have dropped insurance coverage for their condos so they can manage to pay their special assessments.
Failure to pay these assessments will impact more than just the individual owners who can’t afford them. If 15% of unit owners in a building default, the entire property could become ineligible for mortgage financing, according to Tomaselli of Strategic Inspections.
“What happens if nobody can get a loan to buy a unit in your building?” says Joseph Hernandez, a Miami-based partner in the real estate group of law firm Bilzin Sumberg. “It essentially makes the units in your building unsaleable and it makes the value of those units go down.
“We may see a lot of condo projects go into distress.”
Some could already be getting close. In February, Fannie Mae, the national mortgage finance agency, updated its running list of “unavailable” US condo buildings, meaning they are no longer eligible for mortgage financing. Of the 4,885 buildings currently on the list, 29% are located in Florida, the highest share of any state. The top reason: “critical repairs or deferred maintenance,” according to a person familiar with the roster.

One newly flagged example is 4000 Island Blvd., a 32-story condominium in Aventura’s exclusive Williams Island, which was built in 1985 and added to Fannie Mae’s no-lending list in January. At least 24 unit owners are trying to sell, according to Compass. Barry Sytner, the condo board’s president, called the building’s inclusion on Fannie Mae’s list “incorrect,” noting that the property just secured a bank loan commitment to cover expenses tied to its 40-year inspection.
There are roughly 1.1 million condo units in Florida that are 30 years old or more, and subject to the new law, according to the Florida Policy Project. Of those, 58% are concentrated along the Southwest and Southeast coastal counties, in places like Tampa, Clearwater and the greater Miami metro area, including Fort Lauderdale and Palm Beach County.
That means the law’s reach extends to more than half of all condo owners in Florida’s famed retirement enclaves. According to brokerage ISG World, apartments that are over 30 years old accounted for 86% of all Southeast Florida condo listings in the fourth quarter of 2024 — a total of 17,198 properties for sale across Miami-Dade, Broward and Palm Beach counties.
Yet even as thousands of newcomers flock to the region, these abundant and discounted units are languishing on the market, weighed down by the threat of special assessments and uncertainty over looming repair costs.

“The fear of the unknown is scaring the hell out of potential buyers,” said Craig Studnicky, ISG’s chief executive officer.
“Remember that show, ‘Let’s Make a Deal?’ ” Studnicky said. “They may get a special assessment and it could be quite modest, which means you just made one hell of a deal. But what if you’re wrong, and the special assessment is gargantuan? Not only is the special assessment big, but the scope of construction is big, and you’re going to be living in a construction site for the next two years.”
The full extent of special assessments is still an open question for many Florida properties. While the state deadline for condos to submit their structural integrity studies was on Dec. 31, only 39% of buildings in Southeast Florida have done so, according to the Miami Association of Realtors.
Some of that’s because engineers were simply not available, amid a statewide rush to get these studies completed. Others could be gambling that enforcement won’t be robust or swift, said Peter Zalewski, a Miami-based broker, analyst and condo investment consultant.
“You have buildings that are shopping for studies, because maybe they’re coming in too high, and maybe they can find someone who can lowball it,” Zalewski said.
“People are figuring out what to do,” Zalewski added. “They think there will be a silver bullet, some kind of cure in the upcoming Florida legislative session” amid outcry from condo owners
The state legislature, which convenes its 2025 session March 4, has no plans to bail out condos or offer reprieve from the deadlines to fund repairs, Florida legislative leaders said at a condo conference last month held by Miami Realtors, according to Homes.com.
Lawmakers, however, might consider financing solutions to help condos cover the cost of structural studies and maintenance, including allowing reserve funds they set aside to be invested.

Despite some maintenance challenges, Florida’s older condos still reflect the only affordable opportunity at homeownership for those who can’t swing the price tags of Miami’s new crop of ultra-luxury developments, says Scott Diffenderfer, a Miami-Beach-based broker for Compass who specializes in sales of older units.
He says he’s pretty upfront with potential buyers these days about the scope and costs of repair that some of his listings will undergo.
Brokers view the new regulations and mandatory repairs as a necessary correction to Florida’s once-lax condo standards, Diffenderfer explained.
Previously, buyers had little insight into a building’s true condition — much like purchasing a used car without a Carfax report.

Now, with stricter enforcement requiring proper reserves and full disclosure of maintenance history, brokers say the condo market could become more transparent and ultimately unlock greater value for owners.
“For probably 75% of the buildings in South Florida, when the dust settles, people are going to say, ‘You know what? That was painful. But look at these buildings!’ ” Studnicky said. “They’re in great shape.”
We see our members for the past years the ones being called upon by condo Boards to help them navagate the waters for inspections, Boards tell us SFPMA Directory is one place they find the most help, top companies giving them the honest assessments for Owners.

Tags: Condo and HOA, Engineering Articles, Florida Building Inspections
Florida enacted strict laws requiring regular structural inspections for condos, particularly older buildings, following the tragic Champlain Towers collapse in Surfside.
Condo associations that fail to get inspections done could face penalties, including difficulty securing insurance, higher insurance costs, and potential legal action from unit owners.
Inspection reports must be disclosed to potential buyers, making it difficult to sell units if the building has not been inspected and repairs are needed.
In Florida, if your condo association fails to get a required “milestone inspection” done by the deadline, they could face legal consequences, including potential fines and penalties, as the law mandates these inspections for structural integrity, particularly for buildings reaching 30 years old and every 10 years thereafter; however, if you are actively trying to schedule the inspection and encounter delays due to factors like a backlog of engineers, you might be able to demonstrate “good faith effort” to avoid severe repercussions.
Florida law requires most condominium buildings to undergo a comprehensive “milestone inspection” once they reach 30 years old and then every 10 years after that.
If the inspection is not completed on time, the condo association could face penalties or legal action from the state or unit owners.
If the association can demonstrate they were actively trying to schedule the inspection and encountered unavoidable delays (like a shortage of qualified engineers), they might be able to avoid severe penalties.
SB 4-D increases the safety of Florida’s condominiums by requiring inspections for all condominiums and cooperative buildings that are three stories or higher. SB 4-D requires the following for condominiums and cooperatives:
SB 4-D increases the safety of Florida’s condominiums by requiring inspections for all condominiums and cooperative buildings that are three stories or higher. SB 4-D requires the following for condominiums and cooperatives:
SB 154 revised the requirement for condominiums to collect reserves and allows a majority of voting residents to elect not to provide reserves or to provide less reserves than required. However, this legislation prohibits waiving or reducing reserve funding for repairs and maintenance of structural components identified in the SIRS.
Additionally, SB 154 refined the requirements of the SIRS to provide clarification on the items required in a SIRS and expanded who can perform a SIRS.
SB 154 allowed a specific type of condominium (multi-condominium with 25 condominiums or more) to provide no reserves or less reserves than required if an alternative funding method was approved by the Division of Condominiums, Timeshares, and Mobile Homes. The Division received funding to contract with a third-party to review alternative funding methods submitted to the Division for review and approval.
HB 1021 increases transparency and accountability through changes to meeting requirements, voting, education for condominium directors, recordkeeping and reporting, and support from the Florida Department of Business and Professional Regulation (DBPR). Additionally, HB 1021 introduced criminal penalties for board members who act in bad faith, increased DBPR’s ability to address resident complaints through investigations, and established a criminal referral process to streamline accountability for individuals that have engaged in criminal activity.
The SIRS requirements do not apply to buildings less than three stories in height; single-family, two-family, or three family dwellings with three or fewer habitable stories above ground; any portion or component of a building that has not been submitted to the condominium form of ownership; or any portion or component of a building that is maintained by a party other than the association.
A residential condominium association must complete a SIRS for every building in the condominium that is three stories or higher, as determined by the Florida Building Code.
Unit owner-controlled associations existing on or before July 1, 2022, must have a SIRS completed by December 31, 2024. A residential condominium must have a SIRS completed at least every 10 years after the condominium’s creation.
If your budget is adopted on or before December 31, 2024, you may vote to waive or provide less than the required SIRS reserves with a majority vote of the total voting interest of the association. You will need to begin funding your SIRS reserves in accordance with the reserve study January 1, 2026.
If your budget is adopted on or after January 1, 2025, you may not waive your SIRS reserves and need to begin funding your SIRS reserves in accordance with the reserve study.
Within 45 days after receiving the SIRS, the association must provide the division with a statement indicating the study was completed and provided to the unit owners.
An association that is required to complete a MI in accordance with section 553.899, Florida Statutes, on or before December 31, 2026, may complete the SIRS simultaneously with the milestone inspection (MI). However, in no event may the SIRS be completed after December 31, 2026.
If the MI required by section 553.899, Florida Statutes, or an inspection completed for a similar local requirement, was performed within the past 5 years and meets the SIRS requirements, such inspection may be used in place of the visual inspection portion of the SIRS.
A milestone inspection is a structural inspection of the building, including the load-bearing elements.
A SIRS is based off a visual inspection of the items required in s. 718.112(2)(g), F.S. and is a budget planning tool that identifies components of a condominium that are the responsibility of the association to maintain and replace and includes a plan to fund future maintenance and repairs.
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Building inspections are crucial for maintaining the safety and integrity of buildings. This is particularly true here in South Florida due to our region’s unique climate and environmental conditions. High humidity, Salt Air, extreme heat, and the hurricane season can all cause damage to building’s structure and envelopes over time. These are some of the reasons why building recertification has become mandated in South Florida every 30 or 40 years, depending on the building’s age.
Identifying Hidden Problems
Building inspections are essential to identify underlying problems that may not be readily apparent to residents. For instance, buildings may develop foundation cracks, leaks in the roof, or other issues that can pose significant risks to the property’s structural integrity. Regular inspections can catch these issues early and detect severe problems that may cause serious water damage or building collapse.
Building inspections can prevent these situations, uncover hidden issues, and allow for prompt repair or replacement. Identifying problems early on can also save property owners money and time by preventing more severe cases from developing. Deterioration in coastal environments is a progressive problem that will cost more to address as time passes. By addressing these problems, property owners can promote their buildings’ safety and structural integrity.
Cost Savings
Building inspections can provide property owners with significant cost savings in the long run by identifying potential issues early on. Often, structural engineers can find problems during an inspection that can be repaired immediately at a lower cost than if they were allowed to escalate into more significant issues.
For example, if a building inspector discovers a small leak in the roof, the property owner can have it repaired before it causes more extensive damage to the interior of the building. If left unattended, this leak could cause extensive water damage, resulting in costly repairs and possible damage to the building’s structure.
Inspectors may identify areas in the building that could be more energy-efficient. In this case, the property owner can upgrade the building’s insulation, HVAC, or lighting systems—leading to significant savings in energy costs and reducing the property owner’s overall operating expenses.
Experience and Expertise
Structural Workshop has extensive experience conducting building inspections. Our experienced engineers and inspectors work closely with clients to help them keep their buildings safeand well-maintained. Whether you are a property manager, building owner, or homeowner, we can help you navigate the complexity of building inspections. Please get in touch with us today to schedule a recertification or learn more about our services.

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Tags: Engineering Articles, Florida Building Inspections
Recovery From Hurricane Ian
Unfortunately, Hurricane Ian was a historic storm and has left a wide and substantial swath of damage across Southwest Florida. As we all work to recover from the ongoing effects of Hurricane Ian, I would like to share a few pointers we have learned from past storms and some things we are experiencing with Ian:
While getting dry-out work started quickly is critical, the association should not enter into a contract with a remediation company, or any vendor, if the association is not comfortable with the term of the agreement and confident in the company. It is always better to take a step back and make a thoughtful decision than to rush into a bad agreement.
The next few months will be a trying time for everyone in Southwest Florida and practically every community association will have to deal with some consequence from Hurricane Ian. The decisions that board members and owners make at this time will, to a great degree, determine outcome for many communities.
Joseph E. Adams is a Board Certified Specialist in Condominium and Planned Development Law, and an Office Managing Shareholder with Becker & Poliakoff. Please send your community association legal questions to jadams@beckerlawyers.com. Past editions of the Q&A may be viewed at floridacondohoalawblog.com.
Tags: Condo and HOA, Florida Building Inspections, Management News
To get a precise cost comparison, it would be best to obtain quotes from local contractors who can take into account the specific details of the building and local material and labor costs. This will give a more accurate estimate of the potential savings.
While both flat concrete roofs and trussed tiled roofs have their merits, when considering factors such as insurance costs, durability, repair expenses, fire resistance, and utilization of roof space, flat concrete roofs offer substantial advantages, particularly in the context of Florida’s unique climate and weather conditions. The ability to use the roof for gardening, solar panels, and recreational activities further adds to the appeal of flat concrete roofs. As we continue to confront the challenges of climate change and urban living, the choice of roofing material has implications beyond aesthetics. It is a decision that can significantly impact a building’s resilience, sustainability, and overall cost-effectiveness. The evidence suggests that, for Florida homeowners, flat concrete roofs represent a compelling choice.
For more information, please contact SRI Consultants, Inc. at (561) 372-1290 or via email at office@sriconsultants.net.
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