A South Florida condo can look like a bargain on paper and still carry costs that surface only after closing. Since the state’s post-Surfside reserve requirements took effect, the documents behind a building have become as important to a purchase as the unit itself, and in many cases more so.
The Document List
Loodmy Jacques, a real estate agent who leads The Jacques Team at Keller Williams Reserve in West Palm Beach, says the review now begins with the building’s records. He advises buyers to request the milestone inspection report, the Structural Integrity Reserve Study, the current budget, two years of financial statements, 12 to 24 months of board meeting minutes, any approved or pending special assessments, the master insurance policy and its premium history, and details of any association loans or lawsuits. For financed buyers, he adds, confirming early that the building passes lender review is essential, since relatively few South Florida buildings qualify for some loan types.
Inside the Reserve Study
The reserve study shows how well-funded an association is and which major components, such as roofs and elevators, will need attention in the next five years. It also reveals whether the association is saving for that work or relying on borrowing and delay.
Warning Signs
Some signals are straightforward. Jacques says he advises buyers to walk away when “the minutes mention ‘concrete’ but the budget says ‘no assessment.'” Other concerns include associations that decline to share reserve studies or inspection reports, engineering findings with no repair plan, and large assessments under discussion but not yet voted on, which a new owner would inherit.
Comparing All-In Costs
When buyers weigh a condo against a single-family home, Jacques compares total monthly cost rather than list price: mortgage, taxes, insurance, association dues, and a realistic estimate of assessments over the expected ownership period. That comparison often changes which option looks affordable.
It also clarifies a common misreading of market data. County-wide condo prices, which Jacques puts up about 5 percent year over year, blend newer, well-funded buildings with older ones that may be flat or declining. The figure says little about any single unit.
Where Condos Still Fit
Condos continue to suit seasonal residents, downsizers, and frequent travelers who value a lock-and-leave lifestyle, walkability, or waterfront access at prices a house in the same neighborhood rarely matches. The strongest candidates, in Jacques’ view, are buildings that have already funded reserves, completed restoration, and secured financing approval.
As more associations complete their reserve studies, the gap between prepared and unprepared buildings is becoming easier to see. For South Florida condo buyers, that record is now part of the price.
About Loodmy Jacques: Loodmy Jacques is a real estate agent and team leader of The Jacques Team at Keller Williams Reserve in West Palm Beach, Florida. He has 17 years of experience in South Florida residential real estate, serving Palm Beach County and surrounding areas. loodmyjacques.com
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
