In 2024, owners at the two 45-story towers at 1050 and 1060 Brickell were asked to fund a $21 million special assessment for repairs. Many of them objected that the buildings, completed in 2008, were 16 years old. That was far short of the 30-year mark most people link to Florida's structural recertification rules. Owners recalled the board. The assessment stayed in place. The current association president told The Real Deal that the recall avoided change orders that could have pushed the cost closer to $48 million.
For a buyer comparing Brickell condos this fall, that episode undercuts a common shortcut. A newer building does not, by itself, mean lower assessment risk. The building's documents carry that information, and Florida law now puts them in the buyer's hands under a set timeline.
A young building with a large assessment
The 1060 Brickell Condominium Association represents 592 units: 576 residential and 16 commercial. According to The Real Deal, the association based the assessment on its engineer's Structural Integrity Reserve Study, or SIRS. An engineer hired by unit owners disputed how urgent the work was. The scope of work included stucco replacement, concrete and post-tension cable repairs, crack repair, waterproofing, painting, and glass and glazing work. The complaint describes the assessment as payable in an upfront quarter-share followed by nine quarterly installments.
The story is still developing. On October 1, 2026, the association sued its contractor in Miami-Dade Circuit Court. The complaint alleges overbilling, unfinished work, and two exaggerated construction liens filed in August totaling nearly $3 million. Those claims are allegations, not court findings.
For a buyer, the main point is that this tower's costs came from a reserve study and a repair program. The building's age had nothing to do with it.
Why the build year is a weak filter
Florida's post-Surfside rules involve two separate obligations, and they are triggered in different ways.
- Milestone inspections are tied to age. They apply to qualifying condo buildings at least three stories tall once they reach 30 years, or 25 years in certain coastal jurisdictions, and repeat every 10 years after that.
- The SIRS is tied to height. Florida's Department of Business and Professional Regulation says it applies to residential condo buildings of three habitable stories or higher.
In practice, nearly every Brickell tower falls under SIRS requirements, whatever year it was built. Under HB 913, passed in 2025, existing associations had until December 31, 2025 to complete their studies. DBPR's condominium FAQ also clarifies that "fully funded" does not mean every future replacement dollar must already be in the bank. Required reserves are funded each year based on each component's remaining life and replacement cost, and associations cannot waive or divert required SIRS reserves for the covered structural items.
Market data has not punished older buildings the way the shortcut would predict. MIAMI REALTORS reported that through November 2025, Miami-Dade condos in buildings 30 or more years old averaged 66 days on market year-to-date. Units in buildings 29 years old or newer averaged 81 days. Those figures are countywide, they measure speed rather than price, and they are almost a year old. They offer background, not a current Brickell measurement. Still, they fit a simple explanation: many older buildings have already completed their inspections and absorbed their assessments, so buyers there know what they are taking on.
What the resale packet tells you
Under Section 718.503(2) of the 2026 Florida Statutes, a resale buyer under contract is entitled to a set of documents, at the seller's expense.
| Document | What it can reveal |
|---|---|
| Declaration of condominium | How ownership, common elements and costs are divided |
| Articles of incorporation | The association's legal structure |
| Bylaws and rules | Board powers, voting and day-to-day rules |
| Annual financial statement and budget | Current reserve contributions and operating costs |
| Inspector-prepared milestone inspection summary, if applicable | Structural findings flagged by the milestone inspector |
| Most recent SIRS, or a statement that none is complete | Which components need funding, and on what schedule |
| Turnover inspection report, for inspections on or after July 1, 2023 | Conditions documented when the developer handed control to owners |
| "Frequently Asked Questions and Answers" document | A plain summary of key terms and fees |
| DBPR governance form | Owner rights around meetings, records and assessments |
Two details matter here. The packet includes the milestone summary, not the full report. DBPR says that when a report is required, associations must post both the full report and the summary on the association website. Other records, such as board minutes or full technical reports, are optional requests that the seller has to agree to provide. They are not part of the statutory package.
For contracts signed after December 31, 2024, the contract itself must state conspicuously if the association has not completed a required milestone inspection, turnover inspection report or SIRS. If the association is not required to have a milestone inspection or a SIRS, the contract must say that too. A contract that leaves this out is voidable by the buyer before closing.
The seven-day clock
The statute pairs those documents with a short review window. Here is how it works:
- The buyer signs the contract.
- The buyer receives the required documents.
- From the later of those two dates, the buyer has seven days, excluding Saturdays, Sundays and legal holidays, to cancel in writing.
- If the documents arrive close to the closing date, the buyer may ask in writing to extend closing by up to seven such days.
- The right to cancel ends at closing, and any attempt to waive it has no effect.
HB 913 extended this window from three days to seven, effective July 1, 2025. The 2026 session made only technical cross-reference edits to Chapter 718 through SB 104, and the resale disclosures and cancellation rights did not change.
Seven business days is enough time to read a reserve study carefully. It is not enough to request one from an association, wait for it, and then start reading. In practice, the window works best when the buyer and their advisors know what they are looking for before the packet arrives.
Your lender reads the same paperwork
As of August 3, 2026, the reserve study also affects financing. Fannie Mae retired its limited review process, and Freddie Mac retired its streamlined review. Conventional mortgages now go through full project review unless the building qualifies for a waiver, which applies to projects of 10 units or fewer. Every Brickell tower is larger than that.
According to The Real Deal's coverage, when lenders rely on a reserve study, they must confirm the budget uses the highest recommended reserve allocations. They can no longer accept a baseline funding method, which historically let reserve cash balances approach zero. For loan applications starting January 4, 2027, reserves must equal at least 15% of the annual budgeted assessment income, up from 10%. Experts quoted in the article said the changes could slow loans and cause some deals to fall through.
A building whose budget meets those standards can draw from a wider pool of financed buyers. One that falls short may be limited mostly to cash buyers, whether it was built in 1985 or 2015. The same SIRS and budget figures that shape a buyer's carrying costs also determine which loans are available for that building.
Why this matters more in Brickell's current market
According to a Q3 2026 Brickell report built from Miami MLS closed sales, the neighborhood recorded 198 condo closings from July through September. The median sale price was $592,500, the median price per square foot was $585, the median time on market was 78 days, and units sold at 95.4% of list price. Price per square foot rose 3.2% year over year, while the median price slipped 0.4%. Active listings, compared against sales over the past 12 months, put Brickell at roughly 18 to 19 months of supply as of October 2026. That is an approximate figure, not an official quarterly statistic.
Across Miami-Dade in August 2026, MIAMI REALTORS counted 12.1 months of condo supply, well above the six-to-nine-month range it considers balanced. Condos took a median of 66 days to go under contract, and sellers received 94% of the original list price.
That much inventory gives buyers time, and time is what the document review takes. Prices across Brickell also vary widely. Over the trailing 12 months, median prices ran about $516 per square foot at 500 Brickell, $1,003 at Brickell Flatiron and $1,053 at Echo Brickell. A price per square foot reflects views, finishes and location. It does not show the reserve schedule, a pending repair program or lender eligibility. Those appear only in the association's documents, which is why two units with similar asking prices can have very different costs after closing.
Frequently asked questions
Does a building under 30 years old skip the structural rules? It may not need a milestone inspection yet, but the SIRS requirement applies to residential condo buildings of three or more habitable stories regardless of age. 1060 Brickell's assessment came from a SIRS-based repair program when the towers were 16 years old.
Will I see the full milestone inspection report in my resale packet? The statute requires the inspector-prepared summary. DBPR says associations must post the full report and summary on their website when a report is required.
Did anything change for condo resales in 2026? The 2026 legislative changes to Chapter 718 were technical. The bigger 2026 change came from lenders: Fannie Mae and Freddie Mac moved to full condo reviews on August 3, 2026, and a higher reserve threshold applies to applications starting January 4, 2027.
Can a real estate advisor interpret the reserve study for me? An advisor can help you get the documents, track the seven-day window and coordinate the timeline. Questions about what a study means for your legal rights or finances belong with a Florida condominium attorney, an engineer or a lender, each of whom provides those services directly.
If you are comparing Brickell buildings and want help lining up the association documents, the review window and the right specialists before you sign, Leodan Leonel Leon can coordinate each step with care and discretion. Request a Private Consultation to start with the building you are considering.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
