"Associations who have reserved funds all along are prepared; those who failed to adequately reserve are playing catchup...and the cost to catchup can be substantial to the point to where owners sell." David Novak of Longboat Private Services gave that assessment to the Longboat Observer this spring. His firm manages more than 900 residential units.
The same story carried a finding that buyers of older Gulf-front condos should keep in mind. Every Longboat Key building that needed a milestone inspection passed. For a buyer at Longboat Key Towers or another south-end building of that era, the open question is how the association pays to keep the building sound, and what that will do to the next budget.
The inspection settled the safety question
Town Planning, Zoning and Building Director Allen Parsons told the Observer that 198 Longboat Key buildings needed milestone inspections. Only two were sent on to a "phase two" inspection, the deeper review that can look beneath surface materials. Neither of those two needed follow-up building permits to correct structural problems.
Parsons described the inspection as a check for visible cracking, "intended to kind of ensure the safety of those structures for the folks that are in them." The town acts as "kind of a librarian" of the reports. It notifies associations, collects the completed reports and sends them to the state.
The Observer described one Longboat Key report by Tampa structural engineering firm Thornton Tomasetti. It covered support beams, the roof, patios and staircases, and it recommended several repairs to keep the building safe. Those recommended repairs are where cost and safety start to meet.
The cost moved into the reserve line
Florida paired the milestone inspection with the structural integrity reserve study, or SIRS. The SIRS sets how much an association must put aside for roofs, structural systems, fire protection, plumbing, electrical, waterproofing and exterior paint, and windows and exterior doors, according to the Florida Department of Business and Professional Regulation.
Mayor Debra Williams told the Observer that the list of required items used to be much shorter. "Prior to the Surfside disaster several years ago, you had to keep reserves for painting, paving and roofing and everything else was optional," she said. "Across the board when you talk to people that live in condos, quarterly payments have gone up quite a bit because there are a lot more of these reserve items that they have to fund."
In practice, two Longboat Key buildings can both pass their inspections and still carry very different costs. One may have saved steadily for decades. The other may now be paying for years of reserve contributions that were optional when they were skipped.
Building age matters most on the south end
The south end of Longboat Key has buildings from several decades side by side. The Observer's photo of the area shows Longboat Key Towers, built in 1970, next to the Beaches of Longboat Key from 1984 and Regent Place of Longboat Key from 1995. Longboat Key Towers has 140 Gulf-front residences behind the Longboat Key Club gates.
Under Florida Statutes section 553.899, a condo building three or more habitable stories tall needs its first milestone inspection by December 31 of the year it turns 30. After that, it needs one every 10 years. Local officials may require the first inspection at 25 years because of local conditions, including closeness to salt water.
A building from 1970 hit that first 30-year mark decades before the inspection law existed. For a building that old, the reserve history carries more weight, because the SIRS asks whether money for future major repairs and replacements has already been set aside.
A low quarterly payment can be a pause
The 2025 condo law, CS/CS/HB 913, gave associations more ways to pay for these obligations. Each one changes what a buyer sees in the budget. The Florida Senate's bill summary lists them.
| Funding tool under the 2025 law | What it requires | What a buyer may see |
|---|---|---|
| Special assessment, line of credit or loan to fund SIRS reserves | Approval by a majority of the association's voting interests | Financing details in the annual financial statement given to buyers |
| Temporary pause or reduction of reserve contributions | Majority vote of total voting interests, a milestone inspection within the prior two years, and a budget adopted on or before December 31, 2028 | Lower reserve contributions for up to two consecutive annual budgets, with the money going to repairs the inspection recommended |
| Restart after a pause | A new SIRS before contributions resume | A new funding plan once the pause ends |
The second row matters most for an older Gulf-front building. Imagine an association that just finished its milestone inspection and is now paying for the recommended repairs. Under this provision, it may legally reduce or stop reserve contributions for up to two budgets while that work is done. During those budgets, its quarterly payment could look lower than the payment at a similar building nearby that is still funding reserves on schedule. After the pause, a new SIRS sets the contribution again.
So a low payment in a 50-year-old building needs some context before you count it as savings. It could be the result of decades of careful saving, or it could be a pause that will end. The budget and the SIRS show which one it is.
The market is moving faster again
These documents matter more because Sarasota County's condo market has picked up. In September 2026, according to the Realtor Association of Sarasota and Manatee, county townhome and condo closings rose 34.3% from a year earlier to 309. The median sale price was $335,000, up 6.3%. Active listings fell 12.0% to 1,601, and supply dropped to 4.9 months from 6.8. The median time to contract in September 2026 was 77 days, down from 108 a year earlier.
These are countywide figures that combine townhomes and condos. They are not Longboat Key numbers. They still show the general direction. Sarasota Magazine reported that the rebound came after years of buyer worry about association fees, insurance, special assessments and reserve requirements. A local broker the magazine quoted said much of the early sticker shock has faded, though buyers still need to understand a building's future obligations. Nearly 61% of Sarasota County condo and townhome purchases in Q3 2026 were paid in cash. Median prices were still below levels seen through much of 2022, 2023 and 2024.
With buyers returning, many paying cash and less inventory to choose from, a buyer may have less time to study a building before another offer comes in. Much of that study now happens inside the contract period.
What arrives during the contract
Florida law gives resale condo buyers a defined set of documents and a defined amount of time to review them. Under section 718.503, the seller provides, at the seller's expense:
- The declaration, articles of incorporation, bylaws and rules
- The annual financial statement and annual budget
- The milestone inspection summary prepared by the inspector, if applicable
- The most recent SIRS, or a statement that none has been completed
- A qualifying turnover inspection report, if applicable
- The association's frequently asked questions document
- The governance form
If the documents arrive after the contract is signed, the buyer may cancel in writing within seven days after receiving them, not counting Saturdays, Sundays and legal holidays. The 2025 law lengthened that window from three days. On written request, the buyer may push closing back by up to seven such days after receiving the documents. The right to cancel ends at closing.
Some of this is also public before an offer. Associations that manage 25 or more units, in condominiums without timeshare units, must post certain official records online, including structural inspection reports and the latest SIRS, under section 718.111. The SIRS and the annual financial statement are the two documents that show the trade-offs described above. The financial statement lists any loan, line of credit or special assessment used to fund reserves.
This post is general information, not legal or financial advice. Before acting on any of these rules, confirm how they apply to your contract with a Florida real estate attorney or another qualified professional.
FAQ
Is there still a SIRS deadline coming up? Yes, for some associations. Section 718.112 set December 31, 2025 as the general SIRS deadline for existing owner-controlled associations. An association whose milestone inspection is due by December 31, 2026 may complete its SIRS at the same time, but no later than December 31, 2026.
Did 2026 legislation change any of this? The Florida Senate's analysis describes Chapter 2026-14 as a reviser's bill. It made technical changes, including cross-reference corrections in section 718.503, rather than new policy.
What if a SIRS has not been completed? The seller must provide a statement saying so, and the contract must say so conspicuously.
If you're comparing an older Gulf-front building like Longboat Key Towers with newer buildings on the south end, Bruce Myer Group can help you go through the reserve study, the budget and the financial statement before your review period runs out. Talk with us about your real estate plans.
