Buyer guide
Buying a Condo in Southwest Florida: The 2026 Checklist for SIRS, Inspections and Assessments
Condo prices in Lee and Collier have softened, which gives buyers leverage. The catch is the paperwork. Here is what to read and ask before you commit.
Buying a condo in Southwest Florida in 2026 can be a good value, because the condo median across the eight MLS areas we track fell 3.7% to $395,000 over the 12 months to October 2026, with 6.4 months of supply (Cameron Smith analysis of MLS data, 12 months to October 2026). The risk sits in the building, not the unit, so read the structural integrity reserve study (SIRS), milestone inspection, budget, reserves and board minutes during your 7-day review period before you are bound. Buildings with underfunded reserves or unfinished structural repairs can mean special assessments for you and can block conventional financing.
Last updated November 6, 2026.
Is now a good time to buy a condo in Southwest Florida?
For buyers who do the homework, conditions are favorable, with condo supply at 6.4 months in October 2026 and 53.3% of condo sales over the past year closing after a price reduction (Cameron Smith analysis of MLS data, 12 months to October 2026). Prices are lower than a year ago, there is more to choose from than in single-family homes, and sellers are negotiating.
| Metric | Oct 2026 | Oct 2025 | 12 months to Oct 2026 | 12 months to Oct 2025 |
|---|---|---|---|---|
| Median sale price | $366,250 | $390,000 | $395,000 | $410,000 |
| Median price vs a year earlier | down 6.1% | Base year | down 3.7% | Base year |
| Closed sales | 512 | 530 | 8,065 | 6,660 |
| Median days list to contract | 60.5 | 93.5 | 72 | 74 |
| Sale price vs original list | 93.4% | 90.6% | 91.5% | 90.6% |
| Sales with a price reduction | 43.9% | 56.4% | 53.3% | 57.6% |
| Cash sales | 69.1% | 63.6% | 66.3% | 64.6% |
| Active listings at period end | 4,292 | 5,276 | 4,292 | 5,276 |
| Months of supply | 6.4 | 9.5 | 6.4 | 9.5 |
Source: Cameron Smith analysis of Southwest Florida MLS data, pulled November 6, 2026.
| City | Median price | Change from prior 12 months | Months of supply, Oct 2026 | Median days list to contract | Sale vs original list | Cash sales |
|---|---|---|---|---|---|---|
| Cape Coral | $212,500 | down 5.6% | 6.1 | 66.5 | 89.7% | 58.3% |
| Fort Myers | $315,000 | down 5.1% | 6.4 | 70 | 92.6% | 62.6% |
| Lehigh Acres | $195,000 | flat | 8.1 | 49 | 92.4% | 46.4% |
| North Fort Myers | $165,000 | flat | 11 | 75 | 90.0% | 67.4% |
| Estero | $366,476 | down 3.6% | 4.9 | 69 | 92.6% | 67.7% |
| Bonita Springs | $425,000 | down 3.4% | 6 | 73 | 91.4% | 68.6% |
| Naples | $446,700 | down 2.5% | 6.5 | 73 | 91.4% | 67.6% |
| Marco Island | $613,750 | down 1.8% | 6.7 | 79 | 90.5% | 68.5% |
Source: Cameron Smith analysis of Southwest Florida MLS data, pulled November 6, 2026.
- Naples-area condo values: down nearly 17% from the August 2022 peak (Zillow data via Gulfshore Business, August 1, 2026)
- Marco Island condo median: $600,000 (Marco Island Area Association of Realtors, September 2026)
The softness is not random. Older buildings are carrying new inspection, reserve and insurance costs, and buyers are pricing that in. A well-run building with a funded SIRS can be a strong buy at today's prices. A building with deferred structural work can cost far more than its list price suggests.
Building height splits the market, with condos in buildings of three or more stories selling at a median $590,000 over the past 12 months but taking 84 days to go under contract, versus 66 days for buildings under three stories.
| Segment | Closed sales | Median price | Median price per sq ft | Median days list to contract | Sale vs original list |
|---|---|---|---|---|---|
| 3 or more stories | 2,708 | $590,000 | $415 | 84 | 90.0% |
| Under 3 stories | 5,357 | $370,000 | $239 | 66 | 92.1% |
Source: Cameron Smith analysis of Southwest Florida MLS data, pulled November 6, 2026.
How these numbers were measured. Figures come from closed MLS sales and listings in Southwest Florida MLS, pulled November 6, 2026. Each city follows the MLS City field. Estero includes Miromar Lakes, Fort Myers covers only the city limits and downtown MLS areas (unincorporated Fort Myers mailing addresses are left out), and Naples is the Naples postal city on the Collier mainland, with Marco Island counted separately. Single-family means detached homes and detached villas that are not condo owned. Condo and townhouse covers condo-owned units in low, mid and high rise buildings, attached villas and townhouses. Manufactured homes, co-ops, timeshares, land and rentals are excluded. Sales under $20,000 or below 50% or above 150% of list price were dropped, and sales entered after the fact without MLS marketing count toward prices but not toward days or sale-to-list figures. Days list to contract runs from the listing date to the first pending date. Months of supply is active listings at period end divided by average monthly closed sales over the prior 12 months. Flood zone is not in the MLS export, so any flood zone figures on this page come from FEMA or county sources. Condo special assessment means the listing shows a recurring or one-time special assessment.
What did Florida's condo laws change for buyers?
After the 2021 Surfside collapse, Florida required milestone structural inspections and structural integrity reserve studies for condo buildings three or more habitable stories tall, and HB 913 in 2025 adjusted those rules and gave buyers more time to review documents.
Milestone inspections are due once a building reaches 30 years and every 10 years after. A SIRS is required every 10 years and covers the roof, structure, waterproofing, plumbing, electrical and other major components. HB 913, signed June 23, 2025 and effective July 1, 2025, made these changes (Governor's office; Withum, July 16, 2026):
- Moved the first SIRS deadline to December 31, 2025.
- Raised the SIRS component threshold from $10,000 to $25,000, adjusted for inflation.
- Let associations pause or reduce reserve contributions for up to two consecutive budgets to fund milestone inspection repairs, for budgets adopted on or before December 31, 2028.
- Let associations fund reserves through a special assessment, loan or line of credit with a majority vote of the total voting interests.
- Extended the buyer's resale document review period from 3 days to 7 days and required disclosure of the SIRS funding method.
- Expanded online records, conflict of interest disclosure and competitive bidding rules.
The 2026 Legislature did not enact a bill amending Chapter 718 condo governance. HB 797 rewrote nonprofit corporation rules with conforming condo changes, and the HOA and condo omnibus bill HB 657 died in the Senate (Hamilton Mikes, September 26, 2026). The rules you are buying under come from the 2024 and 2025 laws.
Which documents should I read in my 7-day review period?
Read the governing documents, the money documents and the building condition documents, in that order of urgency: condition and money first. Florida resale buyers can cancel within 7 days of receiving the required documents under HB 913.
- SIRS: which components it covers, their remaining life, the recommended reserve funding, and whether the association is funding it. The funding method must be disclosed.
- Milestone inspection reports: phase one findings and any phase two inspection, plus the repair plan and timeline.
- Current budget and financial statements: reserve balances, operating shortfalls, delinquency levels and insurance cost lines.
- Board and owner meeting minutes, at least the last 12 months: look for discussion of loans, assessments, engineering reports, litigation and insurance renewals.
- Master insurance policy: wind and flood limits, deductibles and the carrier.
- Declaration, bylaws and rules: leasing limits, pet rules, renovation approval, and minimum lease terms.
- The condo FAQ sheet and estoppel certificate: current dues, approved special assessments and amounts owed on the unit.
Cameron goes through this package with buyers line by line and flags questions for the association manager, your lender and, when needed, a real estate attorney before the 7 days run out.
How do I spot a building facing a big special assessment?
Compare what the SIRS says the reserves should hold with what the budget actually funds, and read the minutes for any talk of loans or engineering work. A large gap usually means an assessment is coming.
- The SIRS recommends far more annual funding than the budget shows.
- The milestone report found structural or waterproofing work that has no funded plan.
- Minutes mention bank loans, lines of credit, or "phased" repairs.
- Insurance renewals rose sharply, or the association changed carriers or raised deductibles.
- Several units in the building are listed at once, or many listings mention an assessment "paid by seller."
Ask the association in writing about any approved or proposed special assessment and who pays it at closing. Florida's standard contract forms address who pays, and the terms can be negotiated, so read them before you sign. Sellers dealing with this can see how to sell a condo in Southwest Florida.
What does a reserve pause mean for me?
A pause means the association is spending money on milestone repairs now instead of building reserves, which can lower dues in the short term but leaves the reserve account thinner later.
HB 913 allows the pause or reduction for up to two consecutive budgets, only to fund milestone inspection repairs, for budgets adopted on or before December 31, 2028 (Withum, July 16, 2026). If your building is using it, ask when the repairs will be done, when full reserve contributions resume, and what dues will look like once they do. Budget for higher dues later rather than assuming today's number lasts.
How do insurance and the Citizens flood rule apply to condos?
Condo unit-owner (HO-6) policies are exempt from Citizens' flood requirement, which reaches all other wind-covered personal residential policies on January 1, 2027 (Citizens). The building itself is insured by the association under its master policy.
The master policy is a large line in the budget, so check its wind and flood coverage and deductibles. A high wind deductible can turn into a special assessment after a storm. SB 1028, effective June 16, 2026, expanded the Citizens clearinghouse to commercial lines, including condo associations, and set a 15% surplus lines price test for commercial residential applications (ResourcePro, 2026). For your unit, get an HO-6 quote and consider unit flood coverage for contents and interior improvements, especially on lower floors. See the flood insurance guide.
Can I finance a condo in an older building?
Often yes, but conventional financing depends on the building, not just you. Fannie Mae treats a project with critical repair needs as ineligible, including failed mandatory structural inspections or unfunded repairs over $10,000 per unit needed within 12 months (Fannie Mae Selling Guide B4-2.1-03, accessed November 2026).
Lenders must also review structural or mechanical inspection reports completed within the past 3 years and document each special assessment's purpose, amount and payoff date. If a special assessment pays for a critical repair that is not yet fixed, the project is ineligible until the work is done and documented by an engineer (Fannie Mae). That is one reason 66.3% of condo sales across the eight MLS areas we track were cash over the 12 months to October 2026 (Cameron Smith analysis of MLS data, 12 months to October 2026).
If you are financing, have your lender review the building's condo questionnaire early, ideally before the end of your document review. With the 30-year fixed rate at 7.18% (Freddie Mac, November 5, 2026), also ask about portfolio loans for buildings that do not meet agency rules.
How do Amendment 3 and homestead apply to condos?
A condo you own and live in as your permanent residence qualifies for homestead like any other home, including the larger exemption approved by about 62% of voters on November 3, 2026 (unofficial count, News4Jax).
The new exemption covers up to $150,000 of non-school assessed value in 2027 and $250,000 in 2028 (ClickOrlando, November 4, 2026). Property appraisers say people who are permanent Florida residents by December 31, 2026 qualify for the larger amount, while later arrivals start lower and reach it in the fifth year of homestead. Details are still being finalized, so confirm with the Lee or Collier County Property Appraiser (Leon County Property Appraiser; Volusia County Property Appraiser FAQ). File by March 1. Condo dues and special assessments are not property taxes and are not reduced. A condo you rent out or use as a second home gets no homestead, but from 2027 its non-school assessment increases are capped at 5%. See buying after Amendment 3.
Frequently asked questions
What is a milestone inspection?
A milestone inspection is a structural inspection Florida requires for condo buildings three or more habitable stories tall once they reach 30 years of age, then every 10 years. A licensed engineer or architect checks load-bearing elements, and a more detailed second phase follows if problems are found. Buyers should read the report and the association's repair plan before closing.
What is a SIRS?
A structural integrity reserve study, or SIRS, estimates the remaining life and replacement cost of a condo building's major components, such as the roof, structure, waterproofing, plumbing and electrical systems, and recommends reserve funding. Florida requires one every 10 years for buildings three or more stories tall. HB 913 set the first deadline at December 31, 2025.
How many days do I have to cancel a condo contract after receiving documents?
Seven days for a resale. HB 913, effective July 1, 2025, extended the buyer's review period for condo resale documents from 3 days to 7 days, per the Governor's office (June 23, 2025). Use that window to read the SIRS, milestone inspection, budget, minutes and insurance, and cancel in writing within the period if the building does not work for you.
Are condo unit owners exempt from the Citizens flood requirement?
Yes. Citizens lists condominium unit-owner policies as exempt from its flood insurance requirement, which applies to all other wind-covered personal residential policies starting January 1, 2027. The association's master policy covers the building, so check its flood limits and deductibles. Many unit owners still buy flood coverage for contents and interior improvements, especially on ground floors.
Do condos qualify for the homestead exemption?
Yes. A condo you own and occupy as your permanent residence on January 1 can qualify for Florida homestead, including the larger Amendment 3 exemption of up to $150,000 of non-school value in 2027 and $250,000 in 2028. Apply with the Lee or Collier County Property Appraiser by March 1. Second-home and rental condos do not qualify.
Why are so many condo buyers paying cash?
Over the 12 months to October 2026, 66.3% of condo and townhouse sales across the eight MLS areas we track were cash, ranging from 58.3% in Cape Coral to 68.6% in Bonita Springs (Cameron Smith analysis of MLS data, 12 months to October 2026). Mortgage rates near 7.18% (Freddie Mac, November 5, 2026) play a part, and so do lending rules. Fannie Mae treats buildings with unaddressed critical repairs as ineligible, so some older buildings are hard to finance until repairs are finished.
Did the 2026 Legislature change condo law?
Not in a major way. No bill amending Chapter 718 condo governance was enacted in 2026, and the HOA and condo omnibus bill HB 657 died in the Senate, per Hamilton Mikes (September 26, 2026). HB 797 rewrote nonprofit corporation rules with conforming condo changes. The main buyer rules still come from the 2024 and 2025 laws, including HB 913.
Talk to Cameron
Looking at condos in Lee or Collier County? Call or text Cameron at (239) 940-2101 or use the contact page. Cameron will request the SIRS, milestone report, budget and minutes early, walk through them with you inside the 7-day window, and get your lender's condo review and insurance quotes moving at the same time. Condo-heavy areas: Naples, Marco Island, Fort Myers, Bonita Springs and Estero. Comparing markets? See Naples vs Bonita Springs.
Cameron Smith, eXp Realty LLC. Florida Sales Associate, license SL3246540. This page is general information, not legal, tax or insurance advice. Condo laws, lending rules and exemption details can change. Verify building documents and assessments with the association, financing with your lender, coverage with a licensed insurance agent, homestead with the property appraiser, and contract questions with a Florida real estate attorney.
Sources
- Cameron Smith analysis of Southwest Florida MLS data, pulled November 6, 2026
- Naples Area Board of Realtors, September 2026 market report
- Marco Island Area Association of Realtors, real estate stats (September 2026)
- Gulfshore Business, SWFL housing market cools as inventory climbs (August 1, 2026)
- Office of the Governor, DeSantis signs condo relief legislation (June 23, 2025)
- Withum, SIRS update: what it did and what it didn't do (July 16, 2026)
- Withum, Key changes from Florida House Bill 913 (August 2025)
- Hamilton Mikes, Florida condominium law changes (September 26, 2026)
- Florida Condo and HOA Law Blog, Community update (July 28, 2026)
- Citizens Property Insurance, Flood insurance requirement (accessed November 6, 2026)
- ResourcePro, Florida SB 1028 overhauls the Citizens clearinghouse (2026)
- Fannie Mae Selling Guide, B4-2.1-03 Ineligible projects (accessed November 2026)
- Freddie Mac, Primary Mortgage Market Survey (November 5, 2026)
- News4Jax, Amendment 3 election results (November 3 to 4, 2026)
- ClickOrlando, How Florida's newest property tax plan works (November 4, 2026)
- Leon County Property Appraiser, Amendment 3 post-election update (November 2026)
- Volusia County Property Appraiser, Amendment 3 FAQ (accessed November 6, 2026)
- Lee County Property Appraiser, Exemptions and portability
Southwest Florida area guides
Have Cameron review the condo documents
Cameron reads the SIRS, milestone report, budget and minutes with you during your 7-day review window.