When buying a St. Petersburg condo in 2026, the two documents that matter most are the milestone inspection report and the structural integrity reserve study, or SIRS. Florida law now requires the seller to give you both, and you have 7 business days after you receive them to cancel the contract.
These two reports tell you whether the building is sound and whether the association has the money to keep it that way. Together they explain most of the price movement in the Pinellas condo market over the past two years.
This guide explains what each report is, which buildings need them, what the 2025 law changed, what the St. Pete condo market looks like right now, and the questions to ask before you write an offer. We are grateful to help buyers through this, and it is far less confusing once the pieces are laid out.
What Is a Milestone Inspection?
A milestone inspection is a structural review by a licensed engineer or architect that Florida requires for condo buildings of three or more habitable stories once the building turns 30 years old, then every 10 years after that. Local building departments can require it at 25 years for buildings near salt water, which covers much of St. Petersburg.
The inspection has two phases:
- Phase one is a visual review of the structure. If the engineer finds no substantial deterioration, the inspection is complete.
- Phase two is required only when phase one finds substantial structural deterioration. It involves testing and produces a repair plan. Repairs must begin within 365 days of the phase two report.
The association must notify owners within 14 days of receiving notice from the county, complete phase one within 180 days, and share a summary with owners within 45 days of the report.
Phase one typically costs a building $5,000 to $25,000 for a small building and $30,000 to $150,000 or more for a large one. Phase two can run $40,000 to $250,000. Buildings that turn 30 in 2026 must complete their inspection by December 31, 2026.
What Is a SIRS and Why Does It Drive Condo Fees?
A SIRS is a study that tells the association how much money it must set aside each year for the building's structural components, and since 2025 the association cannot vote to waive those reserves. This is the change that raised monthly fees across Pinellas County.
The study covers eight categories:
- Roof
- Structure, including load-bearing walls
- Fireproofing and fire protection systems
- Plumbing
- Electrical
- Waterproofing and exterior painting
- Windows and exterior doors
- Any other item over $25,000 that affects those systems
Before this law, many Florida associations voted every year to waive reserves and keep dues low. The bill came due as a special assessment when the roof failed. Now the money must be collected in advance. A building that collected $50 to $100 a month per unit for reserves may now need $300 to $800 a month per unit.
The SIRS deadline was December 31, 2025. Associations that also had a milestone inspection due in 2026 could do both together, but no later than December 31, 2026. A SIRS costs a building roughly $5,000 to $25,000 depending on size and must be updated every 10 years.
What Did the 2025 Law Change?
House Bill 913, effective July 1, 2025, gave associations more flexibility on how they fund reserves without removing the requirement to fund them. The key changes for a buyer to know:
Change | What it means for you |
|---|---|
Rescission period extended from 3 to 7 business days | You have a full week after receiving all documents to cancel |
Three "habitable" stories is the threshold | Parking levels do not count; some mid-rises fell out of the rule |
Reserve item threshold raised from $10,000 to $25,000 | Fewer small items in the SIRS, adjusted for inflation yearly |
Pooled reserves allowed without a member vote | Boards can manage one reserve fund instead of many |
Loans and lines of credit allowed for SIRS repairs | Repairs can be financed instead of assessed all at once |
Two-budget reserve pause after a milestone inspection | An association can pause reserve contributions for up to two years to prioritize repairs, through 2028 |
That last item matters. If a building is using the two-budget pause, its dues may look lower than they will be in 2028 or 2029. Ask whether the association has paused contributions and what the plan is when the pause ends.
The 2026 legislative session did not change the milestone or SIRS rules. A separate bill created a Citizens clearinghouse for condo master policies starting January 1, 2027, which may help buildings that have struggled to get insurance.
What Documents Must the Seller Give You?
Florida Statute 718.503 requires a resale seller to provide, at the seller's expense, the governing documents, the most recent year-end financial statement and budget, the FAQ sheet, the milestone inspection summary, the turnover inspection report, and the most recent SIRS or a statement that none has been done.
The 7 business day cancellation clock does not start until you have received all of them. If a seller delivers everything except the SIRS, the clock has not started.
The Florida Realtors condo rider updated in July 2025 also lets you request 12 months of board minutes, the insurance declarations pages, and any inspection or reserve reports, plus up to three more documents you name. Ask for the minutes every time. Minutes are where you learn about the assessment the board is discussing but has not yet voted on.
What Does the St. Pete Condo Market Look Like Right Now?
The Pinellas County condo median was $272,000 in July 2026, up 8.8 percent from a year ago, with 69 days to contract and 6.7 months of supply. Closed condo sales were up 28 percent year over year, and inventory was down 7 percent. The market is moving again after a slow 2025.
The median bounces month to month because of what sells. In February 2026 it hit $360,000 when several new downtown St. Pete towers closed their first units. By July it was back to $272,000. Sellers received about 92 percent of their original asking price, which is lower than the 96 percent for single family homes.
Typical downtown St. Pete resale price bands in 2026:
- One bedroom: $280,000 to $420,000
- Two bedroom: $420,000 to $650,000
- Three bedroom: $650,000 to $1.2 million
- New construction towers: starting around $700,000
Monthly dues run about $250 to $450 for lofts and smaller buildings, $300 to $550 in mid-rises, and $600 to $1,200 in waterfront high-rises. Dues under $300 in a full-service tower are a signal to look harder, not a bargain. Either the reserves are underfunded or the building is small enough to fall outside the SIRS rules.
How Special Assessments Show Up
Special assessments in older coastal Florida buildings have ranged from $10,000 to more than $100,000 per unit, and the largest ones come from buildings that deferred maintenance and never funded reserves.
An assessment is not automatically a reason to walk away. A building that just completed a $4 million concrete restoration and assessed each owner $30,000 is now a building with a fixed structure and a known number. A building that has not done its milestone inspection yet and has $40,000 in reserves is the one with the unknown.
Ask three questions about assessments:
- Has any assessment been approved but not yet fully collected? You may inherit the balance.
- Has the board discussed an assessment in the last 12 months of minutes?
- Did the milestone or SIRS report recommend work that has not been funded?
Can You Get a Mortgage on the Building?
Not every St. Petersburg condo building qualifies for a conventional loan, and the number that do not has grown. As of early 2025, about 1,438 Florida buildings were on Fannie Mae's ineligible list, more than a quarter of the national total. The usual reasons are insurance gaps, deferred repairs, reserves below the required level, and litigation.
Three rule changes in 2026 tighten this further:
- Fannie Mae and Freddie Mac eliminated the limited review for applications on or after August 3, 2026, so every building gets a full review.
- The master policy deductible per unit is now capped at $50,000, effective July 1, 2026.
- The reserve requirement rises from 10 percent to 15 percent of the annual budget on January 4, 2027.
Ask your lender to check the building's status before you write an offer, not after. If the building is ineligible, your options are a portfolio lender at a higher rate or cash. Knowing that on day one changes how you write the contract.
The Buyer's Checklist
Bring these questions to the listing agent, the association manager, and your lender.
- Has the milestone inspection been completed? Phase one only, or phase two? What did it find?
- Is the SIRS complete? What percentage of the recommended reserve is actually funded?
- Are there approved, pending, or discussed special assessments?
- Is the association using the two-budget reserve pause? When does it end?
- Does the association have a loan or line of credit, and what are the payments?
- Who is the master insurance carrier, what is the per-unit deductible, and when does it renew?
- Is the building on the Fannie Mae or Freddie Mac ineligible list?
- Is there any litigation involving the association?
- How many habitable stories is the building, when was it built, and how close is it to salt water?
- On what date did I receive every document required under 718.503?
Frequently Asked Questions
Which condo buildings need a milestone inspection in Florida?
Buildings with three or more habitable stories, starting at 30 years of age and every 10 years after. Local building departments can require it at 25 years for buildings near salt water. Four-family buildings of three stories or less are exempt.
Can a condo association still waive reserves in Florida?
Not for SIRS components. Since budgets adopted after December 31, 2024, associations subject to a SIRS cannot waive those reserves. The only exception is the temporary two-budget pause allowed after a milestone inspection through 2028.
How long do I have to cancel a condo contract in Florida?
Seven business days after you receive all required documents, including the milestone summary and the SIRS. The clock does not start until the last document arrives. Developer sales carry a 15-day period.
How much does a milestone inspection cost?
Phase one runs about $5,000 to $25,000 for a small building and $30,000 to $150,000 or more for a large one. Phase two can reach $250,000. The cost is paid by the association and shows up in dues or an assessment.
Why did condo fees go up so much in St. Petersburg?
Because reserves for structural components can no longer be waived, and buildings that had collected $50 to $100 a month per unit now often need $300 to $800. Insurance premiums added to the increase, though the insurance market has stabilized in 2026.
What is the median condo price in Pinellas County?
$272,000 in July 2026, up 8.8 percent from a year earlier, with 69 days to contract and 6.7 months of supply. Downtown St. Pete resale units run higher, from about $280,000 for a one bedroom to over $1 million for three bedrooms.
How do I find out if a building is on the Fannie Mae ineligible list?
Ask your lender to run the building through the Fannie Mae Condo Status Finder before you make an offer. Associations can also check their own status. If the building is ineligible, plan on a portfolio loan or cash.
Ready to Take the Next Step?
A St. Petersburg condo can be a wonderful way to live downtown or on the water, and the new rules actually make it easier to know what you are buying. The reports exist now. The reserves are being funded. The buildings that did the work are stronger than they were, and the paperwork tells you which ones those are.
If you are considering a condo in St. Petersburg or anywhere in Pinellas County, reach out to Rocks Realty. We will help you gather the documents, read the reports, check the lending status, and decide with confidence.
