Hollywood Condo Milestone Inspections and Special Assessments

Pull two numbers from the same Hollywood ZIP code and the market looks like it's telling two different stories. In July 2026, the median list price for a house in 33020 was $527,500, down from $634,500 a year earlier. The median list price for a condo or co-op in the same ZIP was $225,500, down from $244,500. Houses gave back about 17% on the ask. Condos gave back roughly 8% on a base less than half the size.

That looks like a bigger cut on houses. Read it again with a different lens and it isn't.

Hollywood's condo asking prices aren't sliding because demand disappeared. They're sliding because the cost of owning a condo migrated off the price line and onto the dues and assessment line. Buyers who only compare list prices are pricing the wrong number.

The rest of this post is about where that cost went, which buildings are carrying it, and how to tell a repriced-for-a-reason listing from a repriced-because-the-seller-gave-up listing.

The gap that tells the story

Here is what the surface market read in Hollywood at the start of Q3 2026.

The ZHVI and city-wide inventory come from Zillow's June 30, 2026 update. The Resideline read for July 2026 shows 60 pending sales against those 368 actives, with a middle-half closing band between $249,900 and $595,000 over the trailing six months.

The single-family price cut is a demand story. The condo price cut is a different animal, and it starts under the building.

What actually changed under the building

Florida's post-Surfside framework has three moving parts, and 2026 is the year all three landed at once.

Milestone structural inspections under Florida Statute 553.899 apply to every condominium and cooperative building three or more habitable stories tall. The trigger is 30 years from the certificate of occupancy, or 25 years where the local jurisdiction imposes the earlier deadline for coastal exposure. After the initial inspection, the cycle repeats every 10 years. Miss the deadline and the local enforcement agency can impose $500-per-day fines and, in a worst case, refer the building to the Construction Board of Adjustment and Appeals for an unsafe-building determination.

The Structural Integrity Reserve Study, governed by FL Stat. 718.112(2)(g), required associations existing on or before July 1, 2022 to have a completed SIRS on file by December 31, 2025. The study identifies eight component categories that can no longer be waived through a member vote: roof, load-bearing walls and primary structural members, fire protection, plumbing, electrical, waterproofing, and windows and exterior doors, plus any other item with a deferred maintenance or replacement cost above the HB 913 threshold, which was raised from $10,000 to $25,000 and indexed to inflation. For any budget adopted after December 31, 2024, waiving those reserves is off the table. Full funding began January 1, 2026.

HB 913, signed by Governor DeSantis on June 23, 2025 and generally effective July 1, 2025, refined the framework rather than replacing it. It clarified that associations may fund SIRS reserves through special assessments, a line of credit, or a loan with majority approval of the total voting interests. It also allows a board to suspend reserve funding for up to two years after a milestone inspection in order to redirect cash to urgent repairs identified in the report.

Everything in the paragraphs above is why a condo advertised at $225,500 today can carry more real cost of ownership than a condo advertised at $244,500 did last summer.

The buildings most likely to be repricing right now

Hollywood's condo stock is not uniform, and the milestone and SIRS regime doesn't hit uniformly either. Two rules of thumb narrow the field.

Three or more habitable stories. Duplexes, triplexes under three habitable stories, and low-rise garden-style buildings with fewer stories fall outside the milestone requirement entirely.

Age against the local trigger. Broward County sits in the coastal corridor where local enforcement agencies can require the initial inspection at 25 years rather than 30. That pulls buildings built as late as 2001 into the current wave. Anything east of US-1 with an ocean or Intracoastal exposure is where the salt-driven 25-year trigger is most likely to apply, and it's where the 1970s and 1980s mid-rise stock is concentrated. Newer downtown product around Young Circle is on the same statute but decades away from its first inspection.

The buildings quietly repricing this year are almost always in that older east-of-US-1 band, and the reprice usually shows up before the assessment does. Sellers list a little softer because their listing agent has seen what happens to sale price when a pending assessment lands in the middle of the inspection period.

The six documents to pull before you write an offer

Hollywood's standard Florida condo rider gives a buyer a three-day right of rescission on the delivery of condominium documents. That window is short, and board meeting minutes, which often contain the earliest signals of a pending assessment, are not always included in the automatic delivery. Buyers who wait to request documents until after signing have almost no room to react.

The document pull that separates a sound purchase from a six-figure surprise:

1. The full milestone inspection report, both Phase 1 and, if triggered, Phase 2.
2. The completed SIRS with its funding schedule, and the current reserve balance measured against that schedule.
3. The last 12 months of board meeting minutes. Language about proposals, engineer bids, and "funding options" is where an assessment first appears.
4. Any special assessment notices, resolutions, or association loan agreements already in place.
5. The master insurance declarations page with the current coverage amount and recent premium history. Inadequate master coverage is the single most common reason a Florida building lands on Fannie Mae's unavailable list.
6. The lender's condo questionnaire and the estoppel certificate, both requested early enough to review before the rescission window closes.

Ask for these on the day the offer is drafted, not the day it's accepted.

The financing wrinkle most buyers miss

Fannie Mae retired its Limited Review pathway for condo loans. Every condo purchase now runs through Full Review, which means the lender pulls the HOA budget, financial statements, reserve study, delinquency data, and insurance documents on every file. More documents mean more surfaces where an underwriter can flag a problem, and a building that would have quietly cleared Limited Review two years ago can stall today.

The Fannie Mae Condo Project Manager lookup shows whether a specific building is on the unavailable list. A building on that list is effectively cut off from conventional financing until the underlying issue, usually insurance or unresolved structural findings, is fixed. That takes a full segment of the buyer pool offline, and the listing price adjusts to what the remaining pool, largely cash buyers, is willing to pay.

Check the lookup before you tour. It is a two-minute filter that eliminates the buildings where price and financing are quietly out of sync.

How to read a list-price cut in this market

A repriced Hollywood condo listing is a question, not an answer. Three lenses to hold up against the cut.

Ask what changed under the building. If the milestone inspection came back clean, the SIRS is fully funded, and the master insurance renewed at a manageable premium, a price cut is a straightforward demand story and there is real value on the table. If any one of those three is unresolved, the cut is compensating for a cost the buyer will inherit.

Ask what the neighbors are doing. The City of Hollywood Building Department is the local enforcement agency for 553.899 filings inside city limits, and Broward County Building Code Services handles unincorporated pockets. Comparable buildings from the same era in the same corridor tend to move through inspection and funding on similar timelines, and a well-priced comp with a completed SIRS is the honest yardstick.

Ask what the total monthly carry actually looks like. Add current dues, the SIRS-driven reserve contribution ramp, any active or amortized special assessment, and the buyer's own insurance if it's a walls-in policy. That number, compared against the mortgage payment on a Hollywood single-family in the same price range, is the real budget conversation. In many cases, the two are closer than the list prices suggest.

Short FAQ

Does the milestone requirement apply to a two-story condo building in Hollywood? No. The statute applies to buildings three or more habitable stories. Two-story garden condos and townhome-style associations sit outside the milestone framework, though they may still carry reserve obligations under their own governing documents.

If a building has a pending special assessment, can the seller pay it at closing? Sometimes. Whether the seller or the buyer is responsible for an assessment that has been formally noticed depends on the closing date and the language of the resolution. It is one of the specific terms worth negotiating on the offer itself rather than after the contract is signed.

How long does the milestone process typically take from Phase 1 to a funded repair plan? It varies widely. Phase 1 is a visual and documentary review. Phase 2, when required, involves testing and can add months. Under state law, repairs must commence within 365 days of the Phase 2 report, though the local governing body can require an earlier start.

Buying a Hollywood condo in 2026 is a document exercise as much as a property exercise, and the buildings that reward the work are not always the ones with the softest list price. If you want a second read on a specific building, the inspection status, the SIRS, or the total monthly carry against a comparable single-family option, Grayson Adler is set up to walk through it with you before you write an offer. Let's connect.