Why Sarasota condo buying changed after 2022
After the Surfside collapse in 2021, Florida added two big obligations for condo associations. Buildings of three or more habitable stories need milestone structural inspections once they reach 30 years old and every 10 years after. They also need a structural integrity reserve study, known as a SIRS, and must fund reserves for the major structural items the study identifies.
HB 913, which took effect on July 1, 2025, adjusted those rules. It pushed the SIRS deadline to December 31, 2025, applied milestone inspections to buildings of three or more habitable stories and let some associations pause or reduce reserve contributions for up to two annual budgets to pay for repairs identified by a milestone inspection. It also extended a resale buyer's cancellation period from 3 days to 7.
For you, this means the price of a Sarasota condo can hide a large future bill. A building that has deferred work may need a special assessment or a sharp rise in monthly dues.
Documents to request before you sign
- Milestone inspection reports. Phase one, and phase two if one was required, with the engineer's list of repairs.
- The SIRS. Check the baseline funding plan and compare it with what the current budget actually puts into reserves.
- Current budget and last two years of financial statements. Look at reserve balances, not just the monthly fee.
- Board minutes for the last 12 months. Special assessments and loans are usually discussed here first.
- Insurance summary. Coverage, deductibles and any change of insurer.
- Rules on leasing and pets. Minimum lease terms and approval rules vary by building.
- An estoppel certificate. This confirms what the seller owes and any assessments already approved.
Ask your agent exactly when your 7-day cancellation window starts under your contract, and read the documents quickly. Our Florida condo buying guide has a longer checklist.
Where Sarasota's condos are
Condos are spread across the area, but the market splits into a few groups:
- Downtown and the bayfront. High-rise and mid-rise buildings, many with bay views. ZIP 34236, which covers downtown and the nearby keys, had a Zillow typical value of $1,004,398 in August 2026, though that blends condos with single-family homes.
- Lido Key and Longboat Key. Gulf-front and bayfront buildings. See our Lido Key and Longboat Key guides.
- Siesta Key. Gulf-front towers and low-rise complexes. See our Siesta Key guide.
- Mainland suburbs. Low-rise condos and villas in communities such as The Meadows and Palmer Ranch. Buildings under three habitable stories are outside the milestone and SIRS rules, but you should still check reserves and roofs.
Leasing, pets and use rules
Each building sets its own rules, and they can decide whether a unit works for you. Before you make an offer, read the declaration and rules for:
- Minimum lease length and how many leases are allowed each year.
- Whether the association must approve buyers or tenants, and how long approval takes.
- Pet limits by number, size or breed.
- Renovation rules, including flooring, windows and hurricane shutters.
If rental income is part of your plan, get the leasing rule in writing before you rely on it.
Flood, insurance and hurricane checks
Hurricane Milton made landfall near Siesta Key in October 2024 as a Category 3 storm, with water levels more than 8 feet above normal near Sarasota. Ask whether the building flooded, what was repaired and whether any claims are still open. Ask what flood policy the association carries and what your unit policy needs to cover, including loss assessment coverage for your share of any special assessment.
What a Sarasota condo really costs each month
Add these together before you compare a condo with a house:
- Principal and interest. At 7.03%, a $300,000 loan costs about $2,002 a month.
- The association fee, including any reserve increase already approved.
- Property tax. Inside the City of Sarasota, the 2025 combined rate was about 14.88 mills before special districts.
- Your unit insurance, including loss assessment cover.
- A cushion for special assessments if the SIRS shows reserves are underfunded.
Our Sarasota cost of living page has current utility rates and more on insurance.
Common questions
What is a milestone inspection for a Florida condo?+
It is a structural inspection required for condo and co-op buildings of three or more habitable stories once they reach 30 years old, then every 10 years. If the first phase finds problems, a phase two inspection follows. Under HB 913, counties must require repairs to begin within 365 days after a phase two report is received.
What is a SIRS and why does it matter when buying a condo?+
A structural integrity reserve study, or SIRS, estimates the cost and timing of replacing key building components and sets a baseline funding plan. Under HB 913, it was due by December 31, 2025, for buildings of three or more habitable stories. Compare the plan with the current budget to spot underfunded reserves that could lead to special assessments.
How long do I have to cancel a Sarasota condo purchase?+
For a resale bought from an owner rather than the developer, HB 913 extended the presale cancellation period from 3 days to 7 days, effective July 1, 2025. Your contract may add other contingencies. Ask your agent or a Florida real estate attorney to confirm when the period starts and ends in your specific contract.
Are Sarasota condo fees going up?+
In many older buildings, yes, because Florida now requires funded reserves for structural items in buildings of three or more habitable stories. Some associations have raised fees or levied special assessments. Ask for the current budget, the SIRS and 12 months of board minutes to see what is planned.
Sources
- Florida Senate: CS/CS/HB 913 (2025) bill summary
- Withum: Key changes from Florida House Bill 913 explained
- Zillow Research: Home Value Index and market data (August 2026)
- Sarasota County Tax Collector: 2025 ad valorem taxes and non-ad valorem assessments
- Wikipedia: Hurricane Milton
- Freddie Mac: Primary Mortgage Market Survey