If you're shopping for a condo in St. Pete in 2026, you're navigating a market that looks very different from two years ago. Florida's condo legislation, passed in the wake of the Surfside collapse and updated again in 2024, created new requirements around reserves, structural inspections, and financial reporting that have fundamentally changed how condos are bought, sold, financed, and insured. Here's what it means for you.
What the law requires:
Buildings three stories and taller now must complete a Milestone Structural Inspection by a licensed engineer or architect. The timing depends on the building's age and location. Buildings within three miles of the coast have earlier deadlines.
On top of that, associations are required to fully fund their reserves based on a Structural Integrity Reserve Study (SIRS). No more waiving or underfunding reserves, a practice that was common for years and left many buildings financially unprepared for major repairs.
For buyers, this means two things: some buildings are in excellent shape and compliant, while others are staring down significant special assessments to catch up on deferred maintenance and reserve funding.
What special assessments look like right now:
I've seen them range from a few thousand dollars to over $50,000 per unit in older buildings with serious deferred maintenance. That's a number that has to be factored into your offer. A condo priced at $350,000 with a $30,000 pending special assessment is actually a $380,000 purchase, and the financing works differently too, since most lenders won't roll a special assessment into a mortgage.
This is not theoretical. It's happening in buildings across St. Pete right now, and it's one of the primary reasons condo inventory has built up while prices in some segments have softened.
What I pull before we make an offer on any condo:
HOA financials: at least two years of budgets and meeting minutes Reserve study (the SIRS if available, prior studies if not) Milestone inspection status and any engineer's report Pending or anticipated special assessments Insurance certificates: some buildings are having difficulty renewing coverage or facing significant premium increases Lender eligibility: not every building qualifies for conventional financing right now
This takes a few extra days. It's worth it every time.
Which St. Pete condo buildings are in good shape:
I won't publish a list here because conditions change. A building that was well-funded six months ago may have just levied a new assessment. What I will say: newer construction (generally 2015 and later) tends to have stronger reserve positions and modern construction standards. Well-managed older buildings that have been proactively maintaining reserves are also in much better shape than those that have been kicking the can.
The buildings I'm most cautious about are the ones that still haven't completed their milestone inspection, have thin reserves relative to their SIRS requirements, or have HOA fees that seem suspiciously low given the building's age.
The opportunity side of this:
Not all of this is bad news for buyers. The uncertainty in the condo market has pushed some prices down meaningfully in buildings that are actually well-managed and financially sound. Buyers who do the homework can find real value. The due diligence is more involved, but the buyers who are willing to do it are operating in a less competitive environment than they would have been two years ago.
If you're looking at condos in St. Pete, I'd strongly recommend working with someone who knows which questions to ask and which buildings to avoid. Reach out. I'm happy to walk you through any specific property or building you're considering.
Written by
Alexis Kaplowitz
Realtor · Smith & Associates · St. Petersburg, FL