Warning: 62% Of South Florida Condo Associations Failed To Complete A SIRS By 2025 Deadline
In this latest issue of the Miami Condo Market Intelligence Report™, we examine a new report that found most South Florida condo associations have failed to complete a mandatory life-safety study.
Volume 2025, Issue 8 (Subscribe here)
For this week’s Miami Condo Market Intelligence Report™ newsletter, we examine a new report from the Miami Association of Realtors that found 62 percent of South Florida condo associations have failed to complete a mandatory Structural Integrity Reserve Study (SIRS) despite a deadline of Dec. 31, 2024.
Miami-Dade County has the distinction of being the top performer, with a staggering 56 percent of its associations failing to complete a SIRS, according to the report from Miami Realtors Chief Economist Gay Cororaton that was unveiled at the trade group’s “Condo Summit” on Feb. 14, 2025.
Broward County ranked second with a 59-percent rate of condo associations failing to complete a SIRS. Palm Beach County was a distant third with a fail rate of 72 percent.
The high fail rate for South Florida condo associations could be yet another obstacle for sellers in a sluggish market as industry watchers have recommended that buyers only purchase units in communities where a SIRS has been completed.
Florida condo associations with buildings that are at least three-stories tall and built on or before July 1, 2022, were required to complete a SIRS before 2025.
A SIRS is a comprehensive evaluation conducted primarily by licensed architects or engineers that provides condo association directors and unit owners with a detailed roadmap of the current physical condition and future needs of their respective buildings.
As part of a SIRS, a financial estimate is provided, enabling condo associations to budget and collect reserves for current and future expenses necessary to maintain their buildings for at least the next decade.
Unit owners and prospective condo buyers are entitled to receive a copy of a condo association’s SIRS, allowing them to better understand the communities in which they live and or are considering making a purchase.
The Miami Realtors report also found that about 61 percent of the overall supply of condos in Miami-Dade County is at least 30 years old, placing these units into a category that we call Vintage.
Vintage units represent about 86 percent of the overall condo supply in both Broward and Palm Beach counties, respectively, according to the Miami Realtors report.
In the wake of the Surfside condo collapse, Florida now requires older buildings to undergo exhaustive Milestone Studies before reaching their 30-year anniversary of receiving a Certificate of Occupancy.
A Vintage condo is not an industry designation but rather a term we began coining in August 2024 to identify older units that have existed for at least 30 years.
It is worth noting that buildings located within three miles of the coastline can be required - depending upon the county - to conduct Milestone Studies at the 25-year mark.
Condo buildings older than 30 years, in general, are said to be tougher to sell, more expensive to insure and burdened with significant association maintenance fees and special assessments.
For clarity, the Miami Realtors report by Chief Economist Cororaton focused on five Southeast Florida counties, including two Treasure Coast counties - Martin and St. Lucie - that are outside of our coverage area.
As a result, we pared down the statistics that were presented in Cororaton’s report so that we could focus exclusively on the tricounty South Florida region of Miami-Dade, Broward and Palm Beach.
We recognize that Cororaton - in putting together the Miami Realtors report - did a fine job of stitching together valuable information that was collected at different times from a variety of sources.
We understand how challenging it can be to collect condo information that is reliable and timely so we salute Cororaton for her work in bringing improved transparency to the South Florida market.
It is worth noting that we are sharing a portion of our research for free with subscribers to our newsletter and readers of MiamiCondo.Club.
If you want access to all of our published information and charts, we would encourage you to join the Miami Condo Investing Club™.
The objective of the Club is to create a community that shares realtime, actionable information on the latest real estate trends, opportunities and service providers in South Florida.
The Club is ideally suited for Do-It-Yourself (DIY) condo buyers and real estate professionals, alike, who can rely on our latest statistics, expert opinions and access to consulting services.
Additionally, we encourage you to listen or view our podcast wherever you get podcasts. The podcast is available on Apple, Spotify and/or YouTube.
As a reminder, we are always available for consulting, expert witness work and buyside brokerage services just as we have been since 2006.
If you are seeking information on condo resales in South Florida, please visit CondoVulturesRealty.com or call the office at 305.865.5859.
— Peter Zalewski, Founder of the Miami Condo Investing Club™
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The views and opinions expressed in this report are for general informational purposes only. It is believed to be accurate and complete based on current market trends but cannot be guaranteed or warranted as circumstances change without notice. It should not be considered as financial, legal, tax or investment advice. This content should not be relied upon as the sole basis for making any financial decisions. Before making any investment or financial decisions, you should consult with a qualified professional to determine the suitability of any investment or strategy for your individual circumstances and goals.
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