Owning a condo has become harder after Surfside. Here’s what to know before you buy | Opinion

The latest reports about Miami-Dade County’s condominium values show that a once hot market has now become more favorable to buyers. Overall, condo values dropped 1% as 2025 began compared to a 9% growth the previous year, the Herald reported in July. Steeper drops were seen in cities closer to the coast such as Aventura and Miami Beach while some communities still saw prices rise.

But buying a condo — especially one that’s decades old — feels like a risky proposition after the state imposed stricter maintenance and financial reserve requirements in response to the 2021 Surfside building collapse. The new safeguards are critical. The Champlain Towers South condo that fell in the middle of the night, killing 98 people, is a tragedy that must never happen again.

The increased maintenance costs associated with the new laws have resulted in a softening condo market.It also leaves prospective buyers in a tough spot, as they consider both safety and finances, wondering: Will I be hit with large special assessments and higher associations fees after I move in?

These are important considerations given that Miami-Dade’s condo inventory skews older. Of the 315,600 condo units in the county, 48% of them are at least 30 years old, according to a 2024 report compiled with data from the Florida Division of Condominiums, Timeshares and Mobile Homes. That 30-year mark is important because that’s when the new laws require so-called milestone structural inspections to make sure buildings are safe, inspections that also are needed every 10 years thereafter.

Ryan Poliakoff, a condo association lawyer, told the Herald Editorial Board that he hasn’t seen restoration projects in older buildings that cost less than $5 million total. For an individual condo unit owner, that could mean a sudden bill for thousands in maintenance costs in the form of a special assessment.

The Legislature this year gave associations more flexibility in meeting the new state requirements. But the long-term commitment of living in a condo still is more complex than before Surfside. That doesn’t mean buying a condo is a bad idea, especially with prices dropping and expected to drop further, according to condo analyst Peter Zalewski.

Still, here are some things you need to know first:

• Know before you sign: This is important if you’re buying a “vintage” condo — that’s what Zalewski calls units that are at least 30 years old: First, the condo association must have completed the 30-year milestone inspection, if applicable, as well as a “Structural Integrity Reserve Study” signed by an engineer, which is required by law every 10 years to determine the necessary reserve funds for future repairs and replacements. If this hasn’t happened yet, then you’ll be “rolling the dice,” Zalewski said, as you can expect special assessments in the future. Or, you “really need to negotiate” the selling price to make up for future expenses, he said.
• One thing to know about special assessments: If a building has “gotten hit with a special assessment, understand that is the first special assessment. There are going to be additional ones,” Zalewski told Community News in May.
• What to ask: Poliakoff said buyers should ask for the condo association’s budget (check to see if reserves have been kept, which is now required under the law); the building’s maintenance history and the last time it underwent concrete restoration; and whether there are any planned special assessments or discussions about it. The seller might not disclose an assessment that hasn’t been approved, so it’s important to “ask around” if you can.
• Specifically: Ask for an “estoppel letter,” which must include an itemized list of all special assessments and other money owed by the seller.
• What to look for: Poliakoff advises walking around the building. Not every structural problem is visible to the naked eye, but look for signs of concrete spalling, which happens when reinforced steel rods known as rebar in a building’s support beams rust and expand, a common consequence of water intrusion. The visible results may be chunks of concrete missing from external walls, he said.
• If the building has a garage: Check to see if there are formations hanging from the ceilings like a cave’s stalactites, which can signal water intrusion, Poliakoff said. Pay closer attention to garages that are located underneath a pool, as was the case with the Surfside building, because they are especially vulnerable to water intrusion.

These are just general tips and each purchase will require personalized professional advice. But the message is: Do your homework before you buy and understand the financial risks of condo living post Surfside.

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This story was originally published July 21, 2025 at 6:00 AM.