Since August 3, 2026, a conventional loan on a Brickell condo has had to clear a full review of the building's association before it can close, unless the building qualifies for a narrow waiver. That's because Fannie Mae retired its Limited Review option and Freddie Mac retired its Streamlined Review for loan applications received on or after that date. According to The Real Deal, about 40% of condos nationwide used limited review last year, and Florida has the highest concentration of condos in the country.
This change matters for a buyer comparing a 1990s tower on Brickell Avenue with a glass building finished a few years ago. Most people assume the newer building is the easier purchase. The current data points the other way. A building's age now matters less than whether its finances and inspections hold up to a lender's review. Many older buildings have already been through that review once, because Florida law forced them to.
The supply numbers run against the assumption
Miami condo analyst Peter Zalewski splits the Greater Downtown Miami condo market into two groups. Modern units are 29 years old or newer, and Vintage units are 30 years or older. His territory runs from the Rickenbacker Causeway north to the Julia Tuttle Causeway, and from Biscayne Bay west to I-95, so it includes Brickell.
| Greater Downtown Miami | Modern (29 years or newer) | Vintage (30+ years) |
|---|---|---|
| Months of supply, as of late July 2026 | 18.7 | 8.8 |
| Average transaction price, first half of 2026 | More than $933,235 | Less than $572,000 |
| Asking-to-achieved price spread, against first-half 2026 sales | 50% | 20% |
Supply for Modern units is close to the 19-month mark Zalewski uses to define a severe buyers market. Vintage units sit in the range he calls a regular buyers market. He says a spread of about 20% between asking and achieved prices is normal for a balanced market. By that measure, sellers of older units in the first half of 2026 were pricing close to what buyers would pay. Sellers in newer buildings were asking well above it.
The county numbers point the same way. The MIAMI Association of Realtors reported in December 2025 that Miami-Dade condos in buildings 30 years or older spent 66 days on market year to date. Units in buildings 29 years or newer spent 81 days.
Brickell's core ZIP code shows how heavy the overall supply is. In August 2026, condos and townhomes in 33131 had a median sale price of $655,000, down 6.4% from a year earlier. The ZIP had 18 months of supply and a median of 116 days to contract. The county as a whole had a $408,000 median, 12.1 months of supply and 66 median days to contract that month. So Brickell moves more slowly than the county overall, and most of the slowdown sits in newer inventory.
Why the older buildings cleared first
Under Florida law, buildings are generally due for a milestone inspection 30 years after their certificate of occupancy, and every 10 years after that. Since budgets adopted on or after December 31, 2024, most associations controlled by unit owners can no longer vote to waive or reduce reserves required by a Structural Integrity Reserve Study. The law allows special assessments, loans or lines of credit to cover the gap.
That put the cost on older buildings first, and the bills were large. A Miami Herald report from July 2025 described a Brickell Key owner paying $1,300 a month in maintenance plus nearly $300 a month toward a $45,000 assessment. She cut her asking price from $390,000 to $300,000 while trying to sell. In that same report, an agent said some older units sell only after a price cut or after the assessment is paid off.
Price cuts like that are a big part of why older units sell faster. Owners took the loss on price, and some buildings paid for their repairs. Buyers looking at those units now see a building that has already been inspected and has its costs out in the open. Zalewski credits the split between older and newer condos to growing buyer confidence in the milestone inspection process. He also says buyers like that older units tend to have more living space, better locations and self-parking, while most newer associations require valet parking.
A newer building doesn't mean a smaller bill
1060 Brickell shows why age alone doesn't predict cost. The two-tower complex was completed in 2008, so it falls in the Modern group. Its association still approved a $21 million assessment. The Real Deal reported in July 2025 that the plan included $7.7 million for façade work, $3.5 million for the garage and basement, $2.5 million for general conditions and $1.7 million for the rotunda. The average was more than $35,000 per owner. NBC Miami reported in December 2024 that individual bills ranged from $30,000 to $110,000. A later court order replaced the board but didn't settle the litigation over the assessment.
The building is 17 years old, so this bill didn't come from a 30-year milestone inspection. Reserve study obligations apply to buildings that haven't reached milestone age, too. A newer Brickell building can still have its biggest costs ahead of it. An older building that has finished its inspection and repairs may have those costs mostly behind it.
What the lender now checks
Since August 3, the federal rules have pushed the market further toward judging buildings on their records. Under full review, a lender evaluating a building may look at:
- Inspection reports. Fannie Mae requires lenders to review structural or mechanical inspection reports completed within the past three years, including reports that weren't required. A building that failed a required local safety inspection, or didn't complete a required recertification, isn't eligible.
- How reserves are funded. If a lender uses a reserve study to show reserves are adequate, the budget must use the study's highest recommended allocation. Baseline funding is no longer accepted. The Real Deal noted that baseline funding has historically let a reserve balance fall toward zero.
- Association documents. The agencies' questionnaires are optional. If an association's answers are missing or incomplete, though, the lender has to find enough other material to decide, such as meeting minutes, financial statements, engineer reports or inspection records.
- Building size. Projects of 10 units or fewer can qualify for a waiver. The details are conditional, and 5-to-10-unit projects can't be part of a master association. Few Brickell towers will qualify.
South Florida mortgage broker Melissa Cohn of William Raveis Mortgage told The Real Deal in September that deals are still closing, but "the question is the pricing." Brokers have been waiting on associations for documents. Once the documents arrive, more buildings are falling short of the agencies' thresholds, which sends buyers to non-QM lenders that usually charge higher rates. FHA loans offer little help. As of the MIAMI Association of Realtors' August 2026 release, only 21 of the 2,397 condo buildings in Miami-Dade, Broward and Palm Beach counties were FHA-approved.
The next change takes effect January 4, 2027. For loan applications from that date, Fannie Mae's minimum reserve contribution rises from 10% to 15% of an association's annual budgeted assessment income. "A lot of these buildings don't have the financial capacity to increase their reserves to 15 percent," Cohn said, adding that the change "will put a premium on the value of the buildings that are compliant."
How to shortlist Brickell condos now
Since financeability now affects price, check the building before you fall for the unit. For each building on your list, ask for these before you make an offer:
- The date of its milestone inspection, or the expected date if it's coming up, and whether any required repairs are done.
- The current reserve study and the funding method the budget uses.
- A record of special assessments, both approved and under discussion, including any payment that's due up front. At 1060 Brickell, owners said 25% of their share was due up front.
- Whether the association has used HB 913's option to pause or reduce reserve contributions for up to two annual budgets, through 2028, while it pays for repairs recommended in an inspection.
- A lender's read on whether the building is eligible under full review before you commit to a contract.
If you're buying to rent out, the numbers are tighter still. Zalewski reported median asking rents in Greater Downtown Miami at $4,100 a month, compared with $3,600 achieved in the first half of 2026.
Quick answers
Does an older Brickell building mean a special assessment is coming? Not always. Many older buildings have already done their milestone inspections and approved their repairs, and the 1060 Brickell case shows a 2008 building can face a large assessment too. The building's own documents are the only reliable guide.
Did Florida change its condo laws again in 2026? Two 2026 bills, SB 1498 and HB 657, died in committee and didn't become law. The statute governing association finances does list a 2026 amendment, so have your attorney confirm the current rules for any specific purchase.
When is newer market data coming out? The MIAMI Association of Realtors has scheduled its September 2026 figures for release on October 16, 2026.
If you're comparing Brickell condo buildings, The MIA Home Group can help you collect the association documents, inspection records and reserve details before you make an offer, in English or Spanish. Let's Connect.
