On a Key Biscayne condo listing, the special assessment field is filled in by the listing agent and reflects only what that agent declared. The Florida resale contract works differently. Since the start of 2025, it has to state in conspicuous type where the building stands on its milestone inspection and structural integrity reserve study. The statutory outer deadline for those reserve studies is December 31, 2026. For an older building that is still finishing its study, the numbers a buyer needs may arrive after the listing went live. That makes the documents in a fall 2026 contract more useful than the checkbox on the listing.
What the September snapshot counted
Islander News reported on October 2 on a MIAMI MLS snapshot from September 25, 2026. On that day, 23 of the 101 active condo listings on Key Biscayne declared a special assessment, 65 declared none, and 13 left the field blank. Among listings that answered, 26.1% reported an assessment. The Miami-wide figure that day was 23.6%.
Split by building age, the island numbers are thinner than they first look. In buildings finished before 1998, 20 of the 71 listings that answered declared an assessment, or 28.2%. In buildings finished in 1998 or later, 3 of 17 did, or 17.6%. That second figure rests on a very small sample. The same report gives the Miami-wide pattern. Among pre-1998 buildings that answered, 35.9% carried a declared assessment, against 10.8% for newer ones. The 1998 cutoff comes from Miami-Dade's own recertification rules.
The analyst behind the figures told Islander News that the field records only what the listing agent declared. That makes it "a floor rather than a census," and blanks are not counted as "no." The analyst added that no public dataset lists every Key Biscayne condo with an assessment. One in eight island listings in that snapshot gave no answer at all.
The contract has to say what the listing can leave blank
Florida's Condominium Act covers this gap. Under section 718.503 of the Florida Statutes, every resale contract signed after December 31, 2024 must state one of three things in conspicuous type. The association may be required to have a milestone inspection, turnover inspection report or structural integrity reserve study and has not completed it. It may not be required to have one. Or it has completed one, and the contract then acknowledges that the buyer received a copy.
The same section entitles a resale buyer, at the seller's expense, to:
- The declaration of condominium, articles of incorporation, bylaws and rules
- The association's annual financial statement and annual budget
- The inspector-prepared summary of the milestone inspection report, if applicable
- The most recent structural integrity reserve study, or a statement that one has not been completed
- The turnover inspection report, for turnover inspections performed on or after July 1, 2023
- The state's "Frequently Asked Questions and Answers" document
If these documents arrive after signing, the statute's contract language gives the buyer 7 days, excluding Saturdays, Sundays and legal holidays, to cancel in writing once they are received. That right ends at closing, and any purported waiver of it has no effect. The statute also says a real estate licensee who obtains or provides these documents is not liable for errors in them. That puts the weight on what the association produced, and on the buyer reading it.
| Layer | Who produces it | What it tells a buyer |
|---|---|---|
| MLS special assessment field | Listing agent's declaration | Whether a current assessment was reported; blanks are not answers |
| Resale contract status clause | Required wording under section 718.503 | Whether the building's milestone inspection, turnover report or reserve study is incomplete, not required, or completed |
| Reserve study | Licensed engineer, architect or credentialed reserve specialist | Remaining useful life, replacement cost and a recommended reserve funding plan for each item studied |
| Budget and financial statement | Association | Whether reserve funding matches the study's plan |
Why December 31 matters for this fall's paperwork
Section 718.112 requires a structural integrity reserve study at least every 10 years for each condominium building three or more habitable stories tall. The study covers the roof, structure, fireproofing and fire protection, plumbing, electrical, waterproofing and exterior painting, and windows and exterior doors. Unit-owner-controlled associations that existed on or before July 1, 2022 had a December 31, 2025 deadline. An association with a milestone inspection due on or before December 31, 2026 may complete both together. In no event may the study be completed after December 31, 2026.
That timing matters for a buyer. Some associations on the island may not have finished a study yet, and for them the cost picture is still being written. The statute also says that if a study is done before the association approves a special assessment, line of credit or loan, it must be updated to reflect the funding method chosen. An association must also obtain an updated study before adopting a budget whose reserve funding doesn't match the study's plan. So a "no" on a listing can describe a building where a later study, or a funding decision, may change the cost picture.
Funding rules have tightened too. For budgets adopted on or after December 31, 2024, associations subject to these studies cannot waive or reduce the reserves the study requires. The law permits special assessments, loans and lines of credit as funding methods. A majority of owners may also approve a temporary pause or reduction in reserve contributions to pay for milestone inspection repairs. That pause is limited to two consecutive annual budgets, and only budgets adopted on or before December 31, 2028 qualify. Each of these choices changes what an owner pays and when, and the reserve study and budget record them in detail.
Once an association receives a completed study, it has 45 days to give each owner a copy or a notice that the study is available. Within the same window, it must file a completion statement with the state.
Two island buildings, one obligation, two ways of paying
Earlier coverage in Islander News shows how an assessment flag can sort Key Biscayne buildings by how they pay, not by how well they are run. One report described concrete restoration and fire sprinkler installation at The Sands, a 120-unit building. One owner there was facing either a $50,000 lump sum or $1,100 a month for five years, on top of regular fees. The same story said The Sands had completed its 40- and 50-year recertifications.
A separate Islander News account reported that Oceansound at Key Colony finished its 40-year recertification two months early. The total cost was $194,000, paid without a special assessment or added condo fees because the money had already been reserved.
Both stories predate the current deadlines and say nothing about either building today. They do show what the listing field cannot. One building recorded the work as an assessment, and the other recorded it as a reserve withdrawal. The October 2026 Islander report cited the same analyst's view that an assessment does not mean a building is unsafe, because many well-run buildings carry one precisely because they are doing the work.
Where the island's building records live
Four public or association sources fill in what a listing leaves out:
- The association's website or app. Under section 718.111 of the Florida Statutes, associations with 25 or more units must post inspection reports and the most recent reserve study on a protected website or app. The state's Division of Condominiums gives January 1, 2026 as the initial posting deadline.
- The state's reserve study reporting lists. The Florida Department of Business and Professional Regulation publishes associations' self-reported study completions in two lists, before and after July 2025. These lists record what associations reported. They are not a state review of each study's findings.
- The Village of Key Biscayne. The Village's recertification page says the Village sends recertification notices, audits submitted reports and issues acceptance letters. Questions go to [email protected]. Records can be requested through the Village's public records hub.
- Miami-Dade County. The county's recertification portal searches by address, folio or owner. The county also notes that municipal building officials have jurisdiction within their own municipalities.
The schedules don't match from one source to the next. The Village page describes recertification at 40 years. Miami-Dade's amended program sets 25 years for coastal condo buildings of three or more stories built in 1998 or later, and 30 years for other qualifying buildings, with inspections every 10 years after that. State law sets the milestone inspection at 30 years and lets local agencies require it at 25. For any particular building, the Village's recertification office can confirm which date applies.
A market with room to read the documents
The countywide numbers give buyers time to read. According to the MIAMI REALTORS September 2026 summary, Miami-Dade had 11,706 active condo and townhouse listings, or 12.3 months of supply, down from 14.0 a year earlier. The median time to contract was 67 days, and sellers received a median 93.9% of their original list price. These are county figures, not island figures. Still, with that much supply on the market, a buyer who asks for the reserve study before signing is asking during a period when listings have been taking about two months to go under contract.
A few common questions
Does a declared special assessment mean a building has a problem?
Not necessarily. An assessment is a charge beyond the regular budget. It can pay for concrete restoration, a roof, a seawall, elevators, insurance or catching up on reserves. The reserve study and budget show what the charge pays for and how long it runs.
Do these reserve study rules apply to every Key Biscayne building?
The study requirement applies to condominium buildings three or more habitable stories tall. It excludes shorter buildings, and any portion of a building maintained by a party other than the association. Under section 718.503, the contract must still state whether a study is required.
Is the state's reporting list proof that a study is sound?
No. The state's lists show which associations reported completing a study. They do not evaluate the study's contents.
This post is general information, not legal or financial advice. A real estate attorney can confirm how these statutes apply to a specific contract and building.
When we represent buyers on the island, we review a building's reserve study, budget and recertification history alongside the listing itself, and we make sure those documents are in hand while there is still time to read them. If you are weighing a Key Biscayne condominium this fall, the Cromer Team would welcome the chance to go through a building's documents with you. Request a Private Consultation.
