Last updated: June 2026

If you own or are buying a unit in a Miami condo tower built between 1975 and 1995, a 2026 special assessment is best read as a one-time capital call against an aging building, not as a reason to walk. The driver is Florida's post-Surfside reserve law: SB 4-D, passed in 2022, requires a Structural Integrity Reserve Study (SIRS) and a milestone inspection for buildings three or more habitable stories tall, and HB 913 (signed June 22, 2025, effective July 1, 2025) extended the initial SIRS deadline to December 31, 2025 and closed the loophole that let boards waive structural reserves.[1][2][3] Towers of this vintage are now in the inspection window, and many kept thin reserves for decades, so the catch-up bill is real. At North Miami's Cricket Club, a roughly 50-year-old bay-front building, the board levied a near-$30 million assessment that worked out to about $134,000 per unit for roof, facade, and structural work.[4][5] The way to underwrite a number like that is to value the building after the repairs are funded, not before. This guide covers the rules, the real figures, and the after-repair math.

Why 1975-1995 Miami towers are getting assessed in 2026

The milestone inspection clock is what put this vintage on the front line. Under Florida Statutes 553.899, a building must complete its first milestone inspection at 30 years of age, or at 25 years if it sits within three miles of the coastline, and every 10 years after that.[6] Building age runs from the certificate-of-occupancy date. A tower finished in the late 1970s or the 1980s is now past its first trigger, and a coastal building from the early 1990s has reached the 25-year mark. The inspection starts with a Phase 1 visual review and advances to a Phase 2 invasive review if substantial structural deterioration is found.[6]

For decades many Florida boards voted to waive reserves to keep monthly dues competitive, which pushed the structural bill into the future.[3] SB 4-D ended that practice, and HB 913 confirmed funding has to ramp on a defined schedule.[1][3] HB 913 also raised the per-item reserve threshold that must be studied from $10,000 to $25,000 and added a two-year pause option that lets a board redirect reserve contributions toward urgent milestone repairs.[1][2] The net effect on a 1975-1995 tower is the same: years of deferred concrete, waterproofing, and roof work now have to be funded, and that shows up as either higher dues or a one-time special assessment.

What a 2026 special assessment actually costs per unit

The honest answer is that the figure is building-specific, so a credible underwrite uses named examples and the building's own disclosures, not a market-wide guess. The Cricket Club in North Miami is the cleanest public example: a near-$30 million assessment across the building, about $134,000 per unit, to fund roof replacement, facade waterproofing, and structural recertification on a building close to 50 years old.[4][5] Reporting on that building documented owners selling into the assessment, including one unit that had listed at $350,000 selling for $110,000 after the levy passed.[5]

That single data point tells you more than any range. A six-figure per-unit assessment is plausible on an older tower carrying multiple major systems at once, and it can erase a large share of a unit's equity if the building waited until the bill came due. The study that prices the work is a separate, smaller cost: a SIRS itself runs roughly $5,500 to $16,500 depending on building size and complexity, and that is just the study, not the repairs it scopes.[7] When you evaluate a specific tower, pull the SIRS, the milestone report, and the board minutes, and use the building's real numbers. I run these figures with clients during a buyer consultation so the assessment exposure sits inside the offer rather than surfacing after closing.

After-repair value: the underwriting lens that matters

The reason a large assessment is not automatically a reason to sell is that it changes the asset's risk profile. A tower that has completed its SIRS, passed its milestone inspection, and collected its catch-up assessment is, in underwriting terms, de-risked. The structural liability that was hidden in deferred maintenance is now funded and visible. A comparable tower that has not been inspected is priced before its bill arrives.

This is the after-repair value frame. Think in terms of total basis: list price plus the assessment you inherit, measured against the building's condition once the work is paid for. Two units at the same sticker price can carry very different real costs, and the de-risked one is often the better hold even at a higher all-in number, because the next decade of capital exposure is already on the books. The variable that should move the price is the repair bill itself, which is why building-specific figures beat averages every time. Over a multi-year hold horizon, a funded building also re-rates upward relative to its un-inspected neighbors as buyers learn to price the difference.

What the Miami condo market looks like as of April 2026

Inventory has tightened and transaction volume has risen, which matters because it gives a prepared owner or buyer more leverage on a building mid-assessment. In the Miami Beaches and barrier-island submarkets, condo inventory fell 13 percent year over year to 3,919 listings in the first quarter of 2026, while condo closings rose 15 percent to 693, per the Corcoran Group as reported by The Real Deal.[8] On the coastal mainland, which includes Brickell, Edgewater, Coral Gables, and Coconut Grove, inventory slipped to 4,584 condo listings and closings rose 13 percent to 759.[8]

Statewide, Florida Realtors reported that existing condo-townhouse sales rose 6.9 percent in April 2026 over April 2025, while the statewide median condo-townhouse price held flat at $315,000.[9] At the top of the market, MIAMI REALTORS reported the Miami-Dade single-family ultra-luxury threshold (top 1 percent) rose to $13.6 million in the first quarter of 2026, up from $10.4 million a year earlier, as global buyers continued to relocate.[10] For a buyer at that level, a well-maintained coastal condo with a funded reserve can be an efficient way into the lifestyle without a sprawling estate, which is part of why supply has stayed tight in established enclaves like Key Biscayne and Miami Beach.

Financing has been steady in parallel. Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed mortgage at 6.36 percent for the week of May 14, 2026, down slightly from 6.37 percent the prior week.[11] Stable rates do not change the assessment math, but they make it easier to underwrite a hold horizon when you are deciding whether to absorb a capital call or refinance around it.

Insurance relief is offsetting part of the carrying cost

One tailwind for owners in these towers is insurance. Citizens Property Insurance, the state-backed insurer, received approval for a statewide average rate decrease of 8.7 percent for 2026, its first rate cut since 2015, with Miami-Dade County averaging roughly a 14.0 percent reduction according to the Florida Office of Insurance Regulation and the Governor's office.[12][13] Reductions take effect at policy renewal beginning in 2026.[13]

That matters because a condo's master insurance policy flows directly into the association budget. Lower premiums ease some pressure on dues at the same time reserve funding adds pressure. The two move in opposite directions, so model them together when you project carrying cost on an older building, not in isolation.

How to approach a six-figure assessment

The goal is to move from reaction to strategy. Before you decide to absorb, refinance, or sell around an assessment, confirm the following on the specific building and read each document yourself.

Milestone inspection report. Has Phase 1 been completed, and did it trigger a Phase 2? If repairs were flagged, are they scoped and funded?[6]
Structural Integrity Reserve Study. Is the SIRS complete, and what schedule does it set for the roof, structure, and waterproofing?[1][3]
Proposed versus passed assessments. Read the board minutes. A pending assessment that has not been voted on is still your exposure if you close before it passes.
Reserve-funding status. Has the board used the HB 913 two-year pause, and if so, what gets funded when the pause ends?[1][2]
Insurance position. Is the building benefiting from the 2026 Citizens reductions, or is a high master-policy cost keeping dues elevated?[12][13]

Brickell and the coastal mainland hold a deep stock of 1970s-through-1990s towers now in the inspection window, so this review is non-negotiable in submarkets like Brickell. The aim is not a building with no issues. It is a building that has disclosed its issues and funded them.

Frequently asked questions

Why are Miami condos built between 1975 and 1995 seeing special assessments in 2026? These towers are now past the milestone-inspection trigger of 30 years, or 25 years within three miles of the coast, under Florida Statutes 553.899, and many waived reserves for decades. SB 4-D and HB 913 ended the waiver, so deferred structural work is being funded through dues increases or one-time assessments.[1][3][6]

What is the deadline for these buildings to complete their structural reserve study? HB 913, signed June 22, 2025 and effective July 1, 2025, extended the initial SIRS completion deadline to December 31, 2025. For budgets adopted after the study, associations may no longer waive or underfund the SIRS reserve components.[1][2]

How large can a per-unit assessment be on an older Miami tower? It is building-specific. As a documented example, North Miami's Cricket Club levied a near-$30 million assessment, about $134,000 per unit, for roof, facade, and structural work on a roughly 50-year-old building. Verify the actual SIRS and board minutes for the property you are evaluating.[4][5]

Does a large assessment mean I should sell? Not by itself. A building that has funded its repairs is de-risked, and the assessment is a one-time capital call against an aging asset. Weigh your total basis, list price plus inherited assessment, against the building's after-repair condition and your hold horizon.[1][3]

Are Miami condo insurance rates still rising in 2026? Not at Citizens. The state-backed insurer received approval for an 8.7 percent statewide average rate decrease for 2026, its first cut since 2015, with Miami-Dade averaging about a 14.0 percent reduction at renewal.[12][13]

If you are weighing a sale instead of a purchase and want to understand how reserve and assessment status affects your pricing, start with a listing valuation.

Gabriel

Sources

Gabriel A. Moyers, PA. eXp Realty. Florida License #3407280. Equal Housing Opportunity. This article is general information as of June 2026 and is not legal, tax, or financial advice. Verify current figures against authoritative sources before acting.

Miami 1975-1995 towers: how to underwrite a 2026 special assessment