CondoRiskFL Pre-Commitment Risk Diagnostic · Sample Report
Surfside Gardens Condominium
Hollywood, FL 33020 · Built 1981 · 96 units
Report Date: March 7, 2026
Risk Verdict
⚠ HIGH PRE-CLOSE CAUTION
2 high-priority findings require immediate action before closing.
Surfside Gardens Condominium
Hollywood, FL 33020
Built 1981 · 96 units · 45 years old
Bottom Line
Surfside Gardens has 2 high-priority findings and 4 moderate issues that require resolution before your client commits. The most critical issue is an underfunded reserve at 34% — well below the Florida SIRS minimum — which creates significant special assessment risk for any buyer. Before closing, obtain a current estoppel confirming no pending assessments, and have your buyer's attorney review the 2023 board minutes regarding the ongoing elevator dispute.
What Was Checked
All 11 Florida condo risk domains evaluated against uploaded documents.
Florida Industry Guidelines
How this building compares to Florida CAI Chapter 2023 industry guidelines for similar condos.
Florida avg: 58–72% · Statutory min: 50% by Dec 2025
Hollywood FL avg: $380–$550/mo for buildings this age
Healthy range: <5% · Concern: >8%
HIGH Priority Findings (2)
Reserve fund is 34% funded — below the Florida statutory minimum threshold for buildings 3 stories or taller. Under SB 4-D (effective December 31, 2024), associations cannot waive or reduce SIRS reserves. At current funding levels, a mandatory special assessment is likely within 18–24 months.
“Current percent funded: 34.2%. Threshold funding required by statute: 50% by December 31, 2025.”
Reserve Study 2024.pdf · p. 4
Buyer Exposure
Buyer assumes risk of a near-term special assessment. Ask seller for written confirmation of no pending board votes on special assessments.
Building is 45 years old (built 1981) and no Phase 1 Milestone Inspection report was found in the uploaded documents. Under SB 4-D, all buildings 3 stories or taller reaching 30 years of age (or 25 years if within 3 miles of the coast) were required to complete Phase 1 by December 31, 2024.
Buyer Exposure
If the inspection has not been performed, the association is out of compliance and may face DBPR enforcement. Verify directly with the association whether Phase 1 has been completed and request the report.
MODERATE Findings (3)
Board minutes from October 2023 reference a $42,000 emergency elevator repair with costs not yet allocated to unit owners. The estoppel does not confirm whether this amount has been levied as a special assessment.
“Emergency elevator motor replacement — $42,100 total cost — reserve allocation pending board vote November 2023.”
Board Minutes Oct 2023.pdf · p. 7
Buyer Exposure
If the elevator repair costs are levied after closing, the buyer may be liable. Require an updated estoppel dated within 30 days of closing that explicitly addresses this item.
SIRS reserve study is dated January 2022 — over 4 years old. Florida statute requires reserve studies to reflect current conditions. The 34% funding figure may be higher or lower based on current building conditions.
Buyer Exposure
Request a current reserve study from the association before advising your buyer on special assessment risk.
Underfunded reserves combined with a pending elevator repair and missing milestone inspection represent a compound risk pattern. Three simultaneous compliance issues in an older coastal building significantly increases the probability of a major special assessment.
Buyer Exposure
Consider requesting a seller concession to fund a reserve escrow, or advise buyer to factor potential $5,000–$15,000 special assessment into purchase price negotiations.
LOW / Informational (1)
The 2024 annual meeting minutes were not included in the document upload. While not a statutory violation, board meeting minutes from the past 12 months are standard TC due diligence and may contain material disclosures.
Buyer Exposure
Request the 2024 annual meeting minutes from the seller.
Buyer Suitability Information
Rental, pet, parking, and lifestyle restrictions extracted from governing documents.
TC Pre-Close Checklist
AI-extracted answers to the 10 standard TC pre-close questions.
Building Event Timeline
Significant events extracted from uploaded documents, newest first.
Pool resurfacing assessment — $1,200/unit
Verify with estoppel that this assessment has been paid by seller before closing.
Emergency elevator motor replacement
Check estoppel for whether repair costs have been levied. If not, buyer may be responsible post-closing.
Property insurance renewal — premium increased 38%
Verify current coverage is adequate. Large premium increases signal insurability concerns for coastal buildings.
Board president resignation — new president elected at special meeting
Governance instability can affect decision-making quality. Review 2023 board minutes for continuity.
Roof replacement completed — $280,000 contract
Positive — major expense completed, reducing near-term roof assessment risk.
Documents Analyzed
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Run Deal-Killer Analysis →This is sample output generated from fictional data for demonstration purposes only. CondoRiskFL is not a law firm and does not provide legal advice. All reports are AI-assisted document analysis. Consult a licensed Florida real estate attorney before advising clients on statutory compliance matters.