Last updated: June 2026

A Structural Integrity Reserve Study, or SIRS, is the engineering-backed funding plan that Florida now requires for condominium and cooperative buildings of three or more stories. It tells you how much an association must reserve for major structural components like the roof, load-bearing walls, and waterproofing. For a Miami condo buyer in 2026, the SIRS is the single most important document in your file, because it predicts whether you will inherit a special assessment after closing. Under Florida's SB 4D framework, associations that existed on or before July 1, 2022 had to complete their first SIRS by December 31, 2024, and as of that date they can no longer waive or reduce reserves for the covered structural components [1][2]. The practical effect: older buildings that deferred maintenance for years are now funding it on a fixed timeline, and that cost shows up in your basis. Treat the purchase price and the pending or likely assessment as one number, then underwrite from there. This guide covers what SIRS requires, what assessments are running, and how the current rate and insurance backdrop changes your carrying cost. Signed, Gabriel.

What SIRS and SB 4D actually require

Florida Statute 718.112, as amended by SB 4D in 2022, requires a SIRS for residential condominium and cooperative buildings that are three stories or more in height [1]. The study inspects and budgets for structural components on a defined schedule, and the reserve-waiver prohibition that took effect December 31, 2024 means boards can no longer vote to skip funding those line items [1][2].

SIRS works alongside the milestone inspection requirement. A building must complete a milestone structural inspection by December 31 of the year it reaches 30 years of age, and every 10 years after that [1]. For buildings within three miles of the coastline, the first milestone inspection is required at 25 years [2]. Much of Miami's waterfront inventory in Brickell, Miami Beach, and Key Biscayne falls under that coastal 25-year trigger, which is why the document review matters more here than in many markets.

The cost of compliance: assessments and reserves

The reason SIRS belongs at the center of your underwriting is the assessment that often follows it. In older Florida buildings, special assessments tied to structural repairs and reserve shortfalls have routinely run $20,000 to more than $100,000 per unit [3]. The figures are not hypothetical. Residents at the Palm Bay Yacht Club in Miami were assessed roughly $50,000 per unit, and one Miami building's 40-year recertification work drove a per-unit figure well past $100,000 [3]. At 1060 Brickell, a SIRS-identified scope including facade, roof, and pool-deck work translated into a roughly $21 million building-wide assessment [3].

For a buyer, this reframes the price tag. A unit listed below comparable buildings is frequently pricing in an assessment that has not yet been levied. A building that has already completed its milestone inspection, finished its SIRS, and funded its reserves carries a higher sticker but a cleaner forward cost. Run the listing valuation with the assessment baked in, because the lower nominal price can be the more expensive basis once the capital call lands. If the SIRS is recent and the reserve schedule is funded, you are buying down future surprise; if the study is pending, you are underwriting an unknown.

Miami condo inventory and sales: where the market sits

Demand for Miami condos held up through the SIRS transition rather than collapsing under it. As of the May 2026 MIAMI REALTORS report, existing condominium sales rose 5.4% year over year to 1,022 closings, up from 970 a year earlier [4]. Inventory tightened over the same period: total condo listings fell 8.91% year over year to 12,016, which the report frames as roughly 12.9 months of supply [4]. The cash share remains high, at 49.7% of existing condo transactions, which tells you a large slice of this market is buying without rate sensitivity [4].

The split worth watching is between buildings that have cleared their structural obligations and those still working through them. The same demand that absorbs supply rewards the cleaner financial profile, so a funded, recently studied building tends to trade at a premium to one carrying an open milestone inspection. If you are weighing neighborhoods, the structural-compliance question travels with you across Coral Gables, Aventura, and Brickell alike, so screen on building health first and location second.

Luxury thresholds keep rising

The high end of the Miami market continued to climb into 2026. Per MIAMI REALTORS, in the first quarter of 2026 the single-family luxury threshold (top 5% of sales) rose to $4.1 million, up from $3.2 million a year earlier, while the ultra-luxury entry point (top 1%) rose to $13.6 million from $10.4 million [5]. Chief Economist Gay Cororaton attributed part of the move to relocations by global executives [5].

For condo buyers, the read-through is that the floor for what counts as luxury keeps moving up, and the cash-heavy buyer pool at the top is comparatively insulated from financing costs. That does not exempt those buildings from SIRS. A trophy unit in an aging tower still inherits the same reserve math, so the structural-document review applies at every price point.

The rate and insurance backdrop

The carrying-cost picture is more legible than it has been in several years. As of June 18, 2026, the Freddie Mac Primary Mortgage Market Survey put the 30-year fixed mortgage at an average of 6.47%, down from 6.52% the prior week and below the 6.81% averaged a year earlier [6]. Rates have drifted lower rather than spiked, which steadies the financed portion of a Miami purchase.

Insurance, long the wild card in Florida condo budgets, also moved in buyers' favor. Citizens Property Insurance is reducing homeowners multiperil rates by an average of 8.8% statewide in 2026, with the change approved by the Office of Insurance Regulation and taking effect July 1, 2026 [7]. Citizens describes this as its first rate reduction for personal-lines policyholders since 2015 [7]. Lower premiums and steadier mortgage rates do not erase a pending special assessment, but they make the recurring side of the carrying cost easier to model over a multi-year hold.

On the macro side, the Federal Reserve changed leadership this spring. The Senate confirmed Kevin Warsh as Fed chair on May 13, 2026 by a 54 to 45 vote, and he took office on May 22, 2026, succeeding Jerome Powell [8]. The transition is worth noting for anyone modeling rate direction over a hold horizon, though near-term mortgage pricing has stayed in the mid-6% range described above [6][8].

How to underwrite a SIRS-era condo

A disciplined buyer treats building financials with the same rigor as the unit itself. The practical checklist:

Read the latest SIRS and the most recent milestone inspection before you write an offer, especially on any building 25 years or older within three miles of the coast [1][2].
Pull the association's current balance sheet and reserve schedule, and ask in writing whether a special assessment is pending or contemplated.
Add the likely assessment to the purchase price and underwrite the combined basis against your hold horizon and expected post-sale net.
Favor buildings that have already completed their milestone inspection and funded reserves when the math is close, since they remove a known future liability.

If you want a second set of eyes on a specific building's documents, start with a buyer consultation and bring the SIRS, the milestone report, and the reserve schedule.

Frequently asked questions

What is a Structural Integrity Reserve Study? A SIRS is an engineering-backed reserve study required by Florida law for condominium and cooperative buildings three or more stories tall. It inspects major structural components and sets the reserve funding the association must maintain for them [1].

When were Florida condos required to complete their first SIRS? Associations that existed on or before July 1, 2022 had to complete their first SIRS by December 31, 2024, and as of that date they may no longer waive or reduce reserves for the covered structural components [1][2].

How much are SIRS-related special assessments in Miami? In older Florida buildings, structural special assessments have commonly run from $20,000 to more than $100,000 per unit. Real examples include roughly $50,000 per unit at one Miami building and a building-wide assessment of about $21 million at 1060 Brickell [3].

Is Miami condo inventory rising or falling? It is falling. As of the May 2026 MIAMI REALTORS report, condo inventory was down 8.91% year over year to 12,016 listings, about 12.9 months of supply, while existing condo sales rose 5.4% to 1,022 [4].

What are mortgage rates and Citizens insurance doing in 2026? As of June 18, 2026, the Freddie Mac 30-year fixed mortgage averaged 6.47% [6]. Citizens Property Insurance is cutting homeowners multiperil rates an average of 8.8% statewide, effective July 1, 2026, its first personal-lines reduction since 2015 [7].

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.

SIRS and the Miami condo market: a 2026 buyer's guide