We Tried To Obtain SIRS Reports For South Florida Condo Associations. It Wasn't Easy.
As Structural Integrity Reserve Studies take on greater importance in 2025, we spent a day searching for SIRS reports and statistics on South Florida condo associations complying with the law.
Has the time finally come to drop the oldest real estate industry cliche of them all - “location, location, location” - when searching for a South Florida condo?
Some would say the importance of the “location, location, location” approach in Florida was upended in the wake of the Surfside condo collapse in June 2021 when nearly 100 people died and a $1 billion settlement was paid out to the victims’ families.
After all, isn’t the need to know that a condo building is structurally sound and has a capital plan to address any and all future life-safety issues more important than an address?
In an attempt to avoid a repeat of the Champlain Towers South disaster, the state legislature passed a number of laws designed to keep insurance companies active in Florida and restore the public’s confidence that older condo buildings are safe.
A key component of the initiative is the Structural Integrity Reserve Study (SIRS).
Think of it as an all-telling analysis conducted by licensed experts that results in a blunt assessment of a condo building, and then attaches an estimated price to what it will cost to keep a project safe for the next decade.
It has long been required that a SIRS be conducted every 10 years after a building receives its Certificate of Occupancy (CO).
The difference now is, as of January 2025 Florida condo associations can no longer really defer - except in a few circumstances - collecting the necessary money from unit owners to fund the maintenance and fixes identified by the experts and documented in the SIRS reports.
This change is expected to result in significantly higher costs for unit owners in the form of skyrocketing maintenance fees and hefty special assessments.
News reports have already chronicled condo owners selling their units at deep discounts in anticipation of the 2025 start date.
People are dubbing this moment as the 2025 Florida Condo Association Financial Cliff.
Given the increased importance of the SIRS reports, we spent a day trying to obtain copies of SIRS reports as well as lists of South Florida condo associations that are - and are not - complying with the 2025 deadline.
This is our story along with several valuable links to assist you in obtaining SIRS reports for South Florida condo associations that you are considering purchasing but not yet under contract for a unit.