Buying a Condo in Tampa Bay: What to Know (2026)

Condos are a big part of the Tampa Bay market — especially in St. Pete, the beaches, and downtown. But Florida's condo rules changed significantly after the 2021 Surfside collapse, and buyers need to do more homework than before. Here's the plain-English version. (General information, not legal or financial advice — review the association's documents and consult professionals.)

The two documents that matter most

Florida now requires condo buildings three stories or taller to complete:

• A Milestone Inspection — a structural safety evaluation by a licensed engineer, generally required at 30 years old (25 years if within three miles of the coast), then on a recurring cycle.
• A Structural Integrity Reserve Study (SIRS) — a financial study that inventories major structural components and sets how much the association must reserve for future repairs.

Reserves can no longer be waived

As of January 1, 2026, associations must fully fund reserves for the SIRS structural components (roof, load-bearing structure, waterproofing, and more), and owners can't vote to waive them. That's a good thing for safety — but it means some older buildings have raised dues or issued special assessments to catch up.

Special assessments — the big risk

The item that surprises buyers most is a special assessment: a one-time charge to fund repairs or reserve shortfalls. On older buildings these can be significant. Before you offer, get written disclosure of any current, pending, or anticipated assessments.

What to request before you offer

1. The Milestone Inspection report (if the building qualifies).
2. The SIRS and current reserve funding level.
3. Written disclosure of special assessments.
4. Recent association budgets and meeting minutes.

Financing can be affected

Lenders (and Fannie Mae/Freddie Mac) may flag buildings with missing inspections, underfunded reserves, or major deferred maintenance as harder to finance — which can affect your loan and the unit's resale value. Confirm the building's status early.

The bottom line

A Tampa Bay condo can be a great buy — you just have to vet the building, not only the unit. Get the documents early and lean on a local agent and attorney who know the post-Surfside landscape.

Tamily Abdo is a REALTOR® with the Kendall Bonner Team at eXp Realty (FL License SL3261339). Considering a condo? Reach out and we'll help you review the building before you commit.