In Miami, the Condo You Love Is Only as Good as the Building It's In - Buyer Beware

CitiesFlorida
Written By John Voirol | St. Louis REALTOR®

One of the most common mistakes I see from buyers relocating to Miami is treating a condominium purchase the way they'd treat a single-family home purchase. They evaluate the unit — the layout, the finishes, the view, the floor plan. They make an offer. And somewhere in the transaction, they discover that the building has a $40,000 special assessment pending, that the reserve fund is at 12% of the SIRS-recommended level, and that Fannie Mae won't finance units in the building.

Florida's new mandatory reserve law changed what you're required to look at before you buy. The Structural Integrity Reserve Study — required for all condo buildings three stories or higher, with full funding mandatory as of January 1, 2026 — creates a paper trail about a building's financial health that did not previously exist in a standardized form.

That paper trail is your due diligence. Request the SIRS report. Review the reserve fund balance against the SIRS recommendations. Look at the most recent HOA meeting minutes for any discussion of pending assessments or structural issues. Ask specifically about milestone inspection findings.

A beautiful unit in a financially troubled building is a liability dressed up as a luxury purchase. In Miami's condo market right now, building fundamentals matter more than unit finishes. Price accordingly, and make sure your agent knows the difference.

John Voirol | John's Agents | Find My Agent

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In Miami, the Condo You Love Is Only as Good as the Building It's In - Buyer Beware
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One of the most common mistakes I see from buyers relocating to Miami is treating a condominium purchase the way they'd treat a single-family home purchase. They evaluate the unit — the layout, the finishes, the view, the floor plan. They make an offer. And somewhere in the transaction, they discover that the building has a $40,000 special assessment pending, that the reserve fund is at 12% of the SIRS-recommended level, and that Fannie Mae won't finance units in the building.

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Moving to Miami? It’s Now a Global City. Here’s What You Need to Know.
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The U.S. Census Bureau confirmed it: Miami is now the number two destination in the United States for international migration. Not the number two city people are moving to from Texas or California. The number two destination for people arriving from other countries entirely — ahead of cities three and four times its size, absorbing wealth, capital, and ambition from Latin America, Europe, and the Middle East in volumes that would have seemed implausible fifteen years ago.

This is not a real estate marketing claim. It is a structural shift in how global wealth thinks about where to live.

For buyers considering a move there, this is important context. The city you would be buying into in 2026 is materially different from the one that existed a decade ago. So is the decision.

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The headline from Miami-Dade County's January 2026 closing data is unusually clear: combined sales of properties priced above one million dollars surged more than 21% year-over-year. Both single-family homes and condominiums recorded similar increases. South Florida posted its highest-ever number of $20 million-plus condo transactions in 2025, alongside near-record activity at the $10 million tier. Cash buyers accounted for 44% of all closings in December 2025 — well above the national average of roughly 27%.

This is not a market in retreat. At the top end, Miami is operating as if the broader national softening does not apply. Understanding why is useful for buyers evaluating whether the price points they're looking at are defensible over time.

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John Voirol | St. Louis REALTOR®

I help people buy and sell real estate, in alignment with their goals and risk tolerance, in the St. Louis, Missouri area. Since 2015 I’ve helped hundreds of families and provided representation in over $70 million worth of transactions. I practice inclusivity, respect for all, and believe in creating space for everyone to be themselves.

https://www.johnvoirolgroup.com
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Moving to Miami? It’s Now a Global City. Here’s What You Need to Know.