Before you write an offer on a Miami-Dade condo, ask for the building's milestone inspection report, its Structural Integrity Reserve Study (SIRS), the last 12 months of board meeting minutes, and confirmation that the building isn't on Fannie Mae's unavailable list. Three Miami-Dade buildings have hit owners with special assessments between $134,000 and $400,000 per unit since 2024, and in each case, the warning signs were sitting in documents most buyers never ask to see. If a building can't produce a current inspection report or reserve study, or if it shows up on Fannie Mae's list, financing and resale can both be at risk.

By Giovanni Altamiranda | July 16, 2026

A condo in Coconut Grove, Key Biscayne, Brickell, or Aventura can look finished and move-in ready online while still carrying structural or financial issues that never appear in the listing photos. That's not a scare tactic. It's the actual situation a growing number of Miami-Dade condo buyers have walked into over the past two years, especially in older buildings where years of deferred maintenance are now coming due, and the documents that would have warned them were available the whole time. They just weren't part of a typical home search.

I work mostly with families buying single-family homes in Coral Gables, Pinecrest, South Miami, and Palmetto Bay, but a fair number of my clients also look at condos, usually as a second home or a more lock-and-leave option near the water. The single-family side of this market and the condo side are behaving very differently right now, and condos carry a risk that doesn't show up in the listing photos: structural compliance and the financing it touches.

Here's what's actually going on, and the six things I tell every client to check before they make an offer.

The deadline most people have backward

If you've read anything about Florida condo law in the last few years, you've probably seen December 31, 2026 mentioned as "the deadline." It isn't, at least not for the part that affects you as a buyer.

Florida's milestone inspection law (created by SB 4-D in 2022 and amended since) set two real inspection deadlines: December 31, 2024, for buildings that hit 30 years old before July 2022, and December 31, 2025, for buildings that crossed that threshold a bit later. As of mid-2026, most of the roughly 900,000 Florida condo units subject to this law should already have a completed inspection on file. December 31, 2026 is actually the outer limit for a related but separate requirement, the building's Structural Integrity Reserve Study, when it's done alongside a milestone inspection.

What that means for you: you're not buying into a building that's waiting on an inspection someday. You're buying into a building that, in most cases, already has results. Good or bad, those results exist right now, and you're entitled to ask for them.

There's a second piece that changed on January 1, 2026. Florida no longer lets condo boards vote to waive reserve funding for eight specific structural components: the roof, load-bearing walls and primary structural systems, fire protection, plumbing, electrical, waterproofing, windows and exterior doors, and anything else with a repair or replacement cost over $10,000. For years, boards kept monthly fees artificially low by skipping these reserves. That option is gone for the items most likely to cause a six-figure surprise.

What a failed inspection actually costs

This isn't theoretical. Here's what's happened at three Miami-Dade-area buildings since 2024:

The Cricket Club, North Miami, a 1975 bay-front building. Total assessment: $30 million, roughly $134,000 per unit.
Palm Bay Yacht Club, Miami, 235 units across 27 stories. Total assessment: $46 million, $140,000 to $175,000 per unit.
Mediterranean Village, Aventura, assessments reported as high as $400,000 per unit.

None of these were sudden. Each came out of years of deferred maintenance that a milestone inspection and reserve study were specifically designed to surface. Owners who'd held their units for decades, expecting a comfortable retirement or a clean sale, found themselves facing assessments larger than what they'd paid for the unit in the first place.

If you're buying into an older building, this is the risk you're actually pricing, not just the HOA fee on the listing sheet.

Why financing can fall through even when your offer is solid

Here's the part most buyers don't see coming, and it's the one I spend the most time on with clients who are financing rather than paying cash.

Fannie Mae keeps an internal, non-public list of condo buildings it won't lend on, often called the unavailable list. Buildings land on it mostly for two reasons: inadequate master insurance, or unresolved critical repair and inspection issues. As of March 2025, roughly 696 buildings across Miami-Dade, Broward, and Palm Beach counties were on it, out of about 5,000 nationally. Because the list isn't public, most buyers and even some owners don't find out their building is on it until a lender runs the check and the loan gets denied.

Fannie Mae also retired its shortened "Limited Review" option for condo loans. Every condo purchase now goes through Full Review, which means your lender needs the HOA's budget, financial statements, reserve study, delinquency data, and insurance documentation before your loan can close. More documents means more chances for an underwriter to flag something, which is exactly why this needs to happen early, not during your financing contingency window.

If you're paying cash, you skip the Fannie Mae problem, but you don't skip the assessment risk. A building that can't get financed is also a building future buyers won't be able to finance, which affects your resale pool down the road.

This is the kind of thing I check for clients before we even schedule a showing, partly because I'm their advisor and partly because I'm a licensed loan officer who sees exactly where these deals stall. It's one advantage of working with someone who does both.

The six things to ask for before you make an offer

Whether you're financing or paying cash, request these before you write a contract, not after:

The most recent milestone inspection report. Confirm it's been completed and ask whether it triggered a Phase 2 (a deeper structural review).
The current Structural Integrity Reserve Study (SIRS). It should include a funding plan that keeps the reserve balance above zero, not just a list of components.
Board meeting minutes from the last 12 months. Special assessments and major repair discussions show up here before they show up in an official notice.
Written confirmation of any pending or proposed special assessments. Ask directly. Don't assume "no HOA increases" on a listing means there's nothing coming.
The building's status on Fannie Mae's Condo Status Finder. Your lender or agent can run this check. If you're paying cash, run it anyway, for resale purposes.
The current master insurance policy, coverage amount, and recent premium history. Inadequate coverage is the single most common reason buildings land on the unavailable list.

None of this should take more than a few days to gather, and a well-run building will produce it without much friction. If a seller or listing agent hesitates on any of these, that's information too.

If you're weighing a condo against a single-family home in Coral Gables or South Miami instead, the calculation is simpler. You won't deal with milestone inspections or SIRS reports, but you'll want to understand the full closing cost picture for Miami buyers, since Florida's customs around who pays what at closing surprise a lot of relocating families either way.

Every building is different, and the right read on a specific property depends on its age, its location, and what's actually in its reserve study, not just a general rule. That's exactly the kind of review I walk clients through before they fall in love with a unit.

Frequently Asked Questions

Is December 31, 2026 the deadline for Florida condo milestone inspections?

No. The actual milestone inspection deadlines were December 31, 2024, and December 31, 2025, depending on a building's age. December 31, 2026 is the outer limit for completing a Structural Integrity Reserve Study when it's done alongside a milestone inspection. Most eligible buildings should already have inspection results by now.

How do I find out if a Miami-Dade condo building has a pending special assessment?

Ask the seller or listing agent directly, and request board meeting minutes from at least the past 12 months. Special assessments are usually discussed by the board before they're formally announced, so minutes often reveal what's coming before an official notice does.

What is Fannie Mae's condo unavailable list, and how do I check if a building is on it?

It's a confidential list of condo buildings Fannie Mae won't lend on, usually due to insurance gaps or unresolved structural issues. Your lender can run a building's status through Fannie Mae's Condo Status Finder. If you're buying with cash, it's still worth checking, since a building blocked from financing limits your future resale pool.

Do I need to worry about milestone inspections if I'm paying cash for a Miami condo?

You avoid the financing denial risk, but not the underlying problem. A building with deferred structural maintenance can still hit you with a large special assessment after closing, and it can limit who can buy from you later if the building remains unfinanceable.

What's the difference between a milestone inspection and a Structural Integrity Reserve Study?

A milestone inspection is a one-time, then every-10-years, structural safety check performed by a licensed engineer or architect. A Structural Integrity Reserve Study is a separate, ongoing financial planning document that estimates the remaining life and replacement cost of major building components and sets a funding schedule. Florida requires both for most condo and co-op buildings three stories or taller.

Buying a condo in Miami-Dade right now isn't riskier than it used to be, it's just more transparent, if you know which documents to ask for. The buildings that have done the work show it. The ones that haven't usually show that too, once you know where to look.

If you're thinking through a condo purchase, or trying to decide between a condo and a single-family home for your situation, I'm happy to walk through it with you. No pitch, just a straight conversation. Schedule a free consultation at moveupmiami.com.

About Giovanni Altamiranda
Giovanni Altamiranda is a Miami-native real estate advisor at LUXE Properties, a team that closes over $1 billion in annual sales volume, and a licensed loan officer with Columbus Capital. With 11 years of experience and designations including SRS, ABR, and RENE, Gio specializes in the southern Miami suburbs: Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, and surrounding neighborhoods. He works exclusively with move-up buyers and relocating families in the $1M to $5M range, and is recognized as a top agent on Zillow. Rather than pushing a transaction, Gio's approach is advisory, helping buyers and families work through the real tradeoffs so they can make the decision that's right for them, not just right now. Born and raised in Miami, he brings firsthand knowledge of the neighborhoods, commutes, and market dynamics that out-of-town agents can't replicate. His dual license as both advisor and loan officer means clients get a cleaner, faster transaction with no surprises at the closing table.

Giovanni Altamiranda, NMLS# LO52044, Licensed Mortgage Loan Officer, Columbus Capital. This is not a commitment to lend. Loans are subject to borrower and property qualifications. Rates and program guidelines subject to change without notice.

This content is for informational purposes only and does not constitute legal or financial advice. Consult a licensed professional for guidance specific to your situation.

By Giovanni Altamiranda | June 22, 2026

A condo listing in Coconut Grove or Key Biscayne can look finished and move-in ready online and still be sitting on top of a financial problem the seller hasn't mentioned. That's not a scare tactic. It's the actual situation a growing number of Miami-Dade condo buyers have walked into over the past two years, and the documents that would have warned them were available the whole time. They just weren't part of a typical home search.