Sell Your Miami-Dade Condo Before the Special Assessment?

Should You Sell Your Miami-Dade Condo Before a Special Assessment Hits?

If your building hasn't finished its Structural Integrity Reserve Study (SIRS) or milestone inspection, you're facing real risk of a special assessment running anywhere from $30,000 to $200,000 or more per unit under Florida's post-Surfside condo law. In many cases, selling now — before the assessment is levied and while your building's reserve status is still ambiguous to buyers — nets you more than waiting, because values in under-reserved Miami-Dade buildings have already dropped 20 to 40 percent in some towers. The right call depends on your building's specific reserve study, its milestone inspection status, and how close it is to a repair deadline, not a blanket rule.

By Pedro Casanova | August 6, 2026

Every week I hear from a condo owner somewhere between Brickell and Kendall asking some version of the same question: sell now, or wait and see what the assessment actually costs? Florida's condo safety laws finally have teeth in 2026, and for most owners in older buildings, waiting is the riskier move, not the safer one.

What Changed for Miami-Dade Condos This Year

Florida's SIRS and milestone inspection requirements trace back to Senate Bill 4-D, passed in 2022 after the Surfside collapse. House Bill 913 pushed the original SIRS completion deadline to December 31, 2025, and as of January 1, 2026, condo associations can no longer vote to waive or underfund reserves for the eight structural components a SIRS is required to cover — roof, load-bearing structure, fire protection, plumbing, electrical, waterproofing, windows and doors, and any other item over $25,000 that affects those systems.

Milestone inspections, governed by Florida Statute 553.899, apply to any condo building with three or more habitable stories. Buildings within three miles of the coast need their first inspection at 25 years; inland buildings get 30 years (or 25, if the local building department requires it). After that, inspections repeat every 10 years. A Phase 1 visual inspection has to happen within 180 days of official notice, and if that flags real structural deterioration, a Phase 2 evaluation follows — with required repairs starting within 365 days of that report reaching the local building official.

Here's the part most owners don't realize: as of early 2025, only about 47.6% of Miami-Dade associations had actually completed their SIRS. That means a large share of the county's condo buildings are still working through this process heading into 2026, and plenty of boards are only now discovering how underfunded their reserves really are.

That gap is showing up in real dollar figures. In Hollywood Beach, owners at The Summit are facing special assessments averaging roughly $99,000 per unit. At 1060 Brickell, a $21 million assessment has left some owners with individual bills over $40,000. Broader reporting across South Florida puts serious structural-repair assessments in the $134,000 to $400,000 per unit range for buildings with major findings. These aren't outliers anymore — they're becoming the new normal for buildings that deferred maintenance for decades.

If You're Leaning Toward Selling

Here's what makes this decision time-sensitive rather than something you can sit on indefinitely: buildings with a disclosed or pending assessment have already seen values drop 20 to 40 percent in some older Miami-Dade towers, and lenders are getting stricter about financing units in buildings with unresolved structural findings or thin reserves. That shrinks your buyer pool. If more owners in similar buildings decide to sell over the next year, as many are expected to, you're competing against more listings, not fewer.

Before you list, get ahead of the questions every serious buyer and their lender will ask:

• Request an estoppel letter now. Under Florida Statute 718.116(8), your association has 10 business days to respond, and it must disclose any pending special assessments. Don't wait until you're under contract to find out what it says.
  
  
• Pull your building's most recent SIRS and milestone inspection report. If your board has one, get it in writing. If they don't, that's information a buyer needs too.
  
  
• Ask the board directly whether any assessment vote is scheduled or under discussion, even if nothing has been formally approved. Buyers will ask, and vague answers cost you credibility during negotiations.
  
  
• Price to the numbers you actually have, not the numbers you're hoping for once the building "gets through this."
  
  

Your exact number is going to depend on your building's compliance status, its reserve funding level, and how your specific unit compares to what else is listed nearby — that's exactly the kind of due diligence I walk sellers through before we ever put a sign in the ground.

If You're Leaning Toward Staying

Selling isn't the only path, and it's worth knowing what's changed on the other side of this too.

Miami-Dade County's Condominium Special Assessment Program has been reported as reopening in 2026, offering loans up to $50,000 with a 40-year repayment term for owners under 140% of the area median income. Program details and funding availability shift, so verify current status directly with the county before you count on it.

There's also a rare piece of good news on the insurance side. Citizens Property Insurance is cutting rates an average of 8.7% at spring 2026 renewals statewide, with Miami-Dade seeing one of the steeper regional cuts. It won't offset a six-figure assessment on its own, but it's one less cost working against you if you decide to hold.

If you're on the buying side of this instead, know that Florida's document voidability window — the period during which you can walk away after reviewing an association's governing documents — grew from three business days to seven business days, effective January 1, 2026. Any waiver of that right is void by law, so use the full window to actually read the SIRS and reserve numbers before you're locked in.

Whether you sell, wait, or apply for assistance, the worst move is doing nothing while your board figures it out. Every situation is different, and the only way to know what's actually right for your unit is to run the numbers with someone who's watching this market closely.

If you want to walk through your building's specific situation, I offer a free buying or selling strategy session — no pressure, just a straight conversation about where you stand and what your options are. You can grab a time here.

Frequently Asked Questions

What is a Structural Integrity Reserve Study (SIRS), and does my building need one?

A SIRS is a state-mandated inspection and 30-year funding plan covering eight structural components of a condo building — roof, load-bearing structure, fire protection, plumbing, electrical, waterproofing, windows and doors, and any related item over $25,000. Any Florida condo building three or more habitable stories must complete one, and as of January 1, 2026, associations can no longer vote to waive or reduce reserve funding for those components.

How much can a Florida condo special assessment actually cost?

Recent Miami-Dade and Broward examples range widely — some owners have faced bills around $40,000 to $99,000 per unit, while buildings with major structural findings have seen assessments reported between $134,000 and $400,000 per unit. The amount depends entirely on your building's age, prior maintenance, and how underfunded its reserves were before the SIRS mandate took effect.

What is an estoppel letter, and why do I need one to sell my condo?

An estoppel letter is a statement from your association confirming exactly what's owed on the unit, including any pending special assessments. Florida law requires the association to provide it within 10 business days of a request, and buyers typically require one before closing since they become jointly liable for unpaid association debts once they take title.

Will a pending special assessment scare away buyers?

It can shrink your buyer pool and affect financing, since lenders now scrutinize a building's reserve status and structural compliance before approving a condo loan. That's exactly why getting your estoppel letter, SIRS report, and milestone inspection status documented before you list matters — buyers who see clear, complete information negotiate differently than buyers working off rumors.

Is there help available if I can't afford my building's special assessment?

Miami-Dade County has reported reopening its Condominium Special Assessment Program, offering loans up to $50,000 over a 40-year term for owners under 140% of the area median income. Availability and terms can change, so confirm current details with the county directly, and talk through whether selling, financing, or holding makes more sense for your specific situation.

About Pedro Casanova

Pedro Casanova is a real estate broker that leads The KREN Group real estate team serving the Southeast Florida area. They specialize in helping people build wealth through real estate by helping buyers and sellers maximize their opportunity in every transaction. Connect with the team at www.thekrengroup.com.

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