If you’ve been keeping an eye on the Florida condo market lately — or if you own a condo here — you’ve likely heard about the changes that came after the tragic collapse of the Champlain Towers South building in Surfside in 2021. While that event occurred on the east coast of Florida, the ripple effect has reached every corner of the state, including our beloved Naples and the broader Southwest Florida region.
In Florida, a “Milestone Inspection” is a structural inspection of a building, specifically condominium and cooperative buildings that are three stories or more, to assess its structural integrity and ensure safety. These inspections are required when a building reaches certain ages, typically 25 or 30 years, and then every 10 years thereafter.
Let’s break down how this has impacted the condo landscape and why now might actually be a smart time to explore opportunities in key Naples ZIP codes: 34102, 34108, and 34110.
What Is the Milestone Report — and Why Does It Matter?
Following the Surfside collapse, Florida passed stricter legislation in 2022 to enhance building safety, especially for older condos. The new law requires milestone inspections for condominium buildings that are three stories or taller and at least 30 years old (or 25 years old if the building is within 3 miles of the coastline). These milestone inspections are designed to assess the structural integrity of buildings and identify any necessary repairs.
In addition to the inspection requirement, condo associations are now mandated to conduct structural reserve studies every 10 years and maintain sufficient reserves to cover future repairs. Gone are the days of kicking the can down the road on maintenance issues or voting to waive reserves — this is now a legal and financial obligation.
The Immediate Effects
These changes have brought a wave of adjustments across the market:
- Increased HOA fees: Associations are raising monthly dues to build up required reserves.
- Assessments for deferred maintenance: Buildings that postponed repairs are facing steep assessments to bring structures up to code.
- Stricter buyer lending requirements: Lenders are now scrutinizing condo financials and inspection reports, making some condos harder to finance.
While this has caused short-term uncertainty and price softening in some areas, it’s also creating a more stable and safer long-term condo environment. And for savvy buyers? It’s creating opportunity.
Why This Is a Great Time to Look at Naples Condos
Despite the new regulations, Southwest Florida — especially Naples — continues to be one of the most desirable places to live, vacation, and invest. Inventory is slowly rising, and buyers are gaining leverage they didn’t have during the red-hot post-pandemic boom. Let’s take a look at current Altos Research market snapshots for three key Naples ZIP codes:
📍 ZIP Code 34102 (Old Naples, Coquina Sands, Port Royal)
- Market Action Index: Cooling off slightly, shifting to a more balanced market.
- Median List Price: High, due to luxury inventory, but seeing occasional price reductions.
- Opportunity: Buyers can negotiate more freely, especially in older buildings facing upcoming inspections or reserve funding needs.
📍 ZIP Code 34108 (Vanderbilt Beach, Pelican Bay)
- Market Action Index: Stabilizing — still a seller’s market but trending toward neutral.
- Median List Price: Slight downward trend as some sellers adjust expectations.
- Opportunity: Some beachfront buildings built in the 1980s–1990s are proactively upgrading, creating solid long-term investment potential for buyers.
📍 ZIP Code 34110 (North Naples, The Dunes, and newer developments)
- Market Action Index: Stronger than other areas due to newer construction and lower inspection-related risk.
- Median List Price: Holding steady.
- Opportunity: Ideal for buyers looking for lower-maintenance properties with fewer potential assessment risks.
The Bottom Line
The condo market in Florida is evolving. The Surfside tragedy has led to long-overdue reforms that prioritize safety and proactive maintenance. Yes, these changes come with growing pains — but they also create openings for buyers to enter the market strategically while others hesitate.
If you’re considering a move or investment in Naples condos, especially in 34102, 34108, or 34110, this is a smart time to explore what’s out there. I’m here to help you navigate the complexities of the new condo environment and find the property that’s right for you.
Have questions about specific buildings, upcoming milestone reports, or want a personalized market analysis? Let’s connect. Naples is still paradise — and now it’s being made safer, smarter, and more stable for years to come.
We appreciate you,
Marissa, The DiMare Group
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