Firstly I’d like to wish you a very happy new year, and may great things happen for you in 2026! Secondly I’d like to say thank you to those who trusted me to assist them achieve their real estate goals in 2025, either selling or buying a home. Whether you succeeded in selling or buying in 2025, or if you were just assessing the market, or working on finances or just working through the many considerations that go into a decision to buy or sell….I’ve thoroughly enjoyed working with you and I’ll be here for your next move! And of course, keep referring family, friends and neighbors to me! Make 2026 the best ever!!
Is now a good time to buy a condo?
Condos have gone through a rough time in the last few years. The Milestone requirements have forced inspections and repairs that weren’t budgeted. SIRS has forced reserves for critical building systems to be fully funded, again fully funded reserves were not budgeted by many condo buildings.
The Result
Weary condo owners hit with special assessments for repair costs and reserve contributions, many in the tens of thousands of dollars and more in some cases.
The Impact
The condo market slowed to what felt like a crawl, with the number of condos for sale increasing year on year by ~25% by Dec 2024 and another ~15% by Dec 2025. Condo prices dropped across the board by around 10%, with bigger drops locally. Right now there is an 8 month inventory of condos on the market, that means at the current rate of sales it will take 8 months to sell the condos currently for sale – a balanced market is 5-6 months of inventory.
More Changes
In addition to this, new laws have just been introduced in Florida aiming at improving transparency around financials, upcoming assessments, and building structural condition. Associations must now post documents online that give potential buyers access to critical building information that was too easily missed prior to 2026. Florida Realtors are also supporting better transparency by introducing new purchase/sale forms that make it easier for sellers to provide access to documentation and for buyers to ask for it.
Is now a good time to buy a condo?
Yes…but be sure to do your diligence! Prices are still depressed, the market is still slow and there are lots to choose from, so the condo market definitely favors buyers.
With the inspections completed and any remediation work identified, all of the major issues should be known and either fixed or at least budgeted for. With SIRS compliance, reserves should be on track to be fully funded to limit financial surprises later on – no more huge special assessments when that $300k roof reaches end of life and there’s no money in the kitty to replace it!
The legislation was introduced to ensure buildings are safe and well maintained, and repair and replacement of major structural components are budgeted and funded. Assuming these goals have been met, condos should be in a better place financially and with less deferred maintenance than they may have been in for a long time.
It’s critical you still do diligence on any condo you are considering. Check the financials to see reserves really are fully funded, and understand where that money is coming from – regular assessments or specials – or if there is an assessment increase coming. Check the Milestone Report, have all issues been dealt with, is a Phase II inspection needed? Check meeting minutes for any proposals for assessment increases or specials, or work that is being planned in the future. There is lots to follow up on when considering a condo purchase!
As ever, if you are considering buying or selling a condo in our area, I recommend engaging an experienced agent to help navigate and take advantage of this slow market!
Pinellas County Year on Year
Have you considered moving to Tarpon Springs?
SOLD FAST! St. Pete Beach Gem at 406 86th Ave Sold in Just 2 Weeks for $510K
I’m delighted for the Buyers and Sellers of 406 86th Ave, St Pete Beach FL 33706, we just closed the sale after being on the market for only 2 weeks and just 30 days in contract. The property sold for $510,000. Tim Wood of Austen Wood Realty listed and marketed this beautiful piece of St Pete Beach real esatate on behalf of the Sellers, and the Buyers were not represented by a brokerage. See here for more pics and info and why this sale is important
Tim Wood Broker, Realtor
Austen Wood Realty
Tim@TimWoodRealtor.com
(727) 401-5997