Owners of older condominiums in Aventura face growing financial pressure as Florida's post-Surfside building safety requirements and stricter mortgage lending standards reshape South Florida's housing market.

Luxury condominium sales rose 143% in the first half of 2026 compared with the same period in 2019, while sales of units priced below $1 million fell 27%, according to Multiple Listing Service data provided by Analytics Miami and reported by The Real Deal on Oct. 7.

Nearly 1,200 condominium buildings in Miami-Dade County are subject to Florida's post-Surfside safety requirements, according to HOA Contact Lists data cited by The Real Deal. The database identifies at least 3,839 buildings statewide, with approximately 750 flagged as potentially overdue for compliance.

Those estimates do not constitute official findings that individual buildings violated state requirements.

Florida law requires inspections, reserve studies

Florida's 2022 condominium safety legislation, adopted after the 2021 Surfside condominium collapse, established milestone inspections for residential condominium and cooperative buildings at least three habitable stories tall.

Under Florida Statute 553.899, buildings generally must undergo their first milestone inspection by Dec. 31 of the year they reach 30 years of age, followed by inspections every 10 years.

Local building authorities may require inspections beginning at 25 years based on environmental conditions, including proximity to salt water.

Separate requirements govern structural integrity reserve studies, which assess major building components and recommend funding for future repairs and replacements.

Under Florida Statute 718.112, qualifying associations generally were required to complete their initial reserve studies by Dec. 31, 2025.

Associations required to complete milestone inspections by Dec. 31, 2026, may coordinate their reserve studies with those inspections. The law also allows certain post-inspection deferrals.

The requirements can increase costs for associations that must complete inspections, address deferred maintenance or build reserves.

Mortgage rules add financing pressure

Fannie Mae eliminated its Limited Review process for condominium projects effective for loan applications dated Aug. 3, 2026, or later, according to Lender Letter LL-2026-03.

The change generally requires more extensive condominium project reviews, although other permitted review options remain available.

Beginning Jan. 4, 2027, projects subject to Fannie Mae's Full Review process must allocate at least 15% of annual budgeted assessment income to replacement reserves, up from 10%.

The lending requirements are separate from Florida's statutory reserve obligations. They can affect whether buyers qualify for certain conventional mortgages.

More than 1,400 Florida condominium buildings had reportedly appeared on Fannie Mae's list of projects ineligible for its financing before the latest changes, according to The Real Deal, citing the Miami Herald.

Aventura disputes unsafe-building designation

A July report from Florida's Office of Program Policy Analysis and Government Accountability identified 19 condominium and cooperative buildings in Aventura as unsafe or uninhabitable.

City spokesperson Evan Ross disputed the classification, telling WUSF that Aventura had no unsafe structures and believed the 19 buildings had been incorrectly classified.

Ross said the city had asked the state agency to revise the report.

The statewide findings were incomplete. Only 64% of local enforcement agency jurisdictions submitted 2025 milestone inspection data, while 21% of Miami-Dade municipal building officials did not report.

The report identified 30 buildings designated unsafe or uninhabitable in 2024 and 24 in 2025 statewide. State officials also acknowledged inconsistencies in how local authorities applied those classifications.

Aventura has adopted local engineering-report requirements intended to improve building oversight, according to a city government notice.

County offers loans for special assessments

Miami-Dade County has offered financial assistance to eligible condominium owners through its Condominium Special Assessment Loan Program.

The program provides loans of up to $50,000 per unit at 0% interest to qualifying households facing required building repairs, according to a May 26 county announcement.

Eligible applicants may earn up to 140% of the area's median income, and residents 62 and older receive priority.

The county reported distributing more than $55 million through the program as of May. NBC 6 later reported that the program had provided nearly $60 million in loans to approximately 2,100 families.

The county's most recently verified application window ran June 1-30, 2026. Residents should check with the Housing and Community Development Department for information about future application periods.

The state's inspection report also documented rising repair costs. The average reported permit value for repairs identified during second-phase milestone inspections increased from approximately $337,000 in 2024 to $496,000 in 2025.

For prospective buyers, the combination of structural inspections, reserve requirements and mortgage eligibility rules makes reviewing an association's inspection reports, financial records and planned special assessments particularly important.