Florida’s condominium market is undergoing a dramatic transformation following the tragic 2021 Surfside collapse that claimed 98 lives and exposed systemic weaknesses in building safety oversight.
Statewide, condo values plunged 9.9% in 2025—the biggest drop since 2009—per housing analyst Nick Gerli’s new data in the Daily Mail. Luxury condos are holding steady, but buyers in those markets are turning to newer buildings with tougher post-Andrew standards, as insurance spikes, special assessments, skimpy reserves, and stricter rules pile on. That spells a real need for tools to spot solid properties amid the distress.
Photo Courtesy of Mohamed Hakim
The Condo Crisis Takes Shape
The collapse of Champlain Towers South triggered sweeping legislative reforms. Florida lawmakers responded with Senate Bill 4-D in 2022 and subsequent updates, including House Bill 913, which imposed strict requirements for milestone inspections, reserve funding, and financial transparency. Buildings three stories or higher must now undergo structural inspections after 30 years (or 25 years if within three miles of the coast), with Structural Integrity Reserve Studies (SIRS) every 10 years. These new laws, which went into effect January 1st of this year, require associations to fully fund reserves for structural repairs eliminating the previous option to waive these critical accounts.
These reforms are squeezing owners financially. Many now face special assessments from tens of thousands to hundreds of thousands per unit. On top of that, Fannie Mae keeps a secret list of buildings that don’t qualify for standard loans. Florida accounts for approximately 1,400 buildings on this “blacklist,” with nationwide totals exceeding 5,000 properties, up from just a few hundred in 2021. Buildings on this list face severe disadvantages; buyers cannot qualify for conventional loans, and interest rates on alternatives are typically 1 to 1.5 percentage points higher with down payment requirements of 25% or more.
“When you evaluate a condo, you have to look at when it was built. Anything before 2000 is in a doom loop. Anything between 2000 and 2010 has staying power,” says Miami consultant Peter Zalewski, founder of Condo Vultures and a recognized expert on South Florida’s condo market. His take highlights the growing divide: aging buildings lag while newer, modern-standard ones still draw buyers and loans.
Introducing My Condo Health Score
In this environment, a new technology tool is helping buyers, sellers, and lenders evaluate condo buildings with unprecedented clarity. My Condo Health Score, created by Miami-based proptech company Domexa Labs, is a publicly available scoring system that translates condo risks into clear, actionable metrics.
The tool was developed by Laura Murray, an attorney and former condo board president who experienced firsthand the challenges of navigating complex obligations within an association. “This is the tool I wish I had before buying my condo,” Murray stated, reflecting on purchasing an aged condominium unit in Miami nearly 10 years ago. “When I purchased my unit nearly 10 years ago, I barely knew what an assessment was, or how various factors would impact the property’s value in the next 10, 20 years. People invest in condos for the luxury of waterfront property, but not always with a full understanding of the financial or structural risks that come with the building. That is something we aim to address with this tool”.
Fellow founder Adam Cohen, director of customer acquisition and a realtor with 15+ years helping buyers and sellers, added: “Dealing with condo info is a slog. It’s time-consuming and tough for buyers to grasp how it hits property values.”
How the Health Score Works
My Condo Health Score uses a proprietary algorithm based on critical legal, financial, structural, and operational data to generate a standardized building rating. The scoring system analyzes real-world risk factors including reserve funding levels, deferred maintenance, building age, environmental factors, and regulatory compliance. These variables are weighted based on their actual impact on building stability, financial risk, and long-term performance.
The tool leverages publicly available records and compliance filings mandated by Florida’s new legislation, including milestone inspection reports, reserve studies, maintenance histories, and financial data. “There are so many stories right now in Florida where associations are only now realizing the extent of their building’s problems – when there’s a financial shortfall or an emergency repair,” Murray explained. “My Condo Health Score is designed to empower communities by surfacing risk”.
Building Market Transparency
Real estate pros and attorneys say buyers now insist on deep due diligence before signing. “Sellers and agents can’t just disclose unit-specific issues anymore,” one notes. Buyers demand the latest repair logs, geologic surveys, and reserve funds.” The Wall Street Journal and Miami Herald back this up. Traditional evaluation methods focused primarily on individual unit features, but comprehensive building-wide health assessments are now becoming essential for understanding long-term value and financeability.
Condo associations are also using the score to better understand their buildings’ condition, prioritize improvements, and protect property values. The tool provides a way to demonstrate compliance and financial health to potential buyers, which can help buildings avoid or remove themselves from Fannie Mae’s ineligibility list.
Domexa Labs has also launched My Condo Compliance, a separate platform designed to help associations stay compliant with Florida’s complex laws. The software streamlines tracking of inspection deadlines, reserve studies, and reporting requirements, delivering automated reminders to reduce confusion and legal exposure.
Market Outlook
Experts agree that health scoring brings greater transparency and empowers buyers, but ongoing regulatory pressures and financing constraints mean the Florida condo market remains volatile. The contrast between older and newer buildings continues to sharpen, sales of luxury condos priced at $1 million or more increased 6.4% year-over-year in Miami-Dade County, while overall condo sales dropped 25%. Buildings that have addressed safety concerns and maintained adequate reserves see sustained demand, while those with compliance gaps are losing value.
As Florida’s condo market evolves, tools like My Condo Health Score represent a shift toward data-driven decision-making. By surfacing critical information about building health, financial stability, and regulatory compliance, these platforms help buyers avoid hidden risks, enable sellers to demonstrate their properties’ value, and provide lenders with transparency for sound financing decisions. In a market where the difference between a sound investment and a financial trap can be difficult to discern, comprehensive building health assessments have become essential.
