Journal · Miami Luxury Condos Blog
Since 3 August 2026, established Miami condo projects need a Full Review for financed buyers.
By Josh Stein · Florida license SL3057661 · Updated 22 October 2026
Key Takeaways
- Since 3 August 2026, established Miami condo projects need a Full Review for financed buyers. Limited Review for established projects was retired on that date.
- Down payment no longer shortens the questions: twenty percent down and fifty percent down both trigger the same Full Review.
- A building that fails a Full Review becomes cash-only, not unsellable.
- About half of the buyer pool disappears for a cash-only building, and it lands in a condo market with 12.3 months of supply, against 4.9 months for single-family.
- Cash was 48.5% of Miami-Dade condominium sales in June 2026 (MIAMI Association of Realtors, 17 July 2026).
- The pool of mortgage-eligible buyers is decided at the building level, by insurance, reserves and structural compliance.
Since 3 August 2026
Losing half your buyers in a 4.9-month market is survivable. Losing half in a 12.3-month market is a repricing.
On 3 August 2026 the Limited Review process for established condominium projects was retired. Limited Review was the light-touch path: a larger down payment bought a shorter list of questions about the building. It no longer exists.
Established projects now require a Full Review, or a waiver that covers projects with ten or fewer units. That means essentially no Miami condominium tower qualifies.
Listing information is deemed reliable but is not guaranteed and is provided exclusively for consumers' personal, non-commercial use. Data is supplied by the MLS and may be subject to change or withdrawal without notice.
Last updated 27 minutes ago
Down payment no longer shortens the questions
This is the part buyers and sellers keep getting wrong. Twenty percent down no longer shortens the questions. Fifty percent down no longer shortens the questions. If your buyer is financing, the building is getting a Full Review, at every down-payment level.
What failing actually does
A building that fails a Full Review does not become unsellable. It becomes cash-only. Since 48.5% of Miami-Dade condominium sales closed in cash in June 2026, that sounds survivable. It is not, and the reason is supply.
Miami-Dade condominiums carried 11,550 listings and 12.3 months of supply in June 2026, with the median down 3.15% year over year and a median 85 days to contract. Single-family homes sat at 4.9 months with the median up 3.73%.
Losing half your buyers in a 4.9-month market is survivable. Losing half your buyers in a 12.3-month market is a repricing.
Why this is a building question
Nothing about the apartment changes. The finishes, the view and the floor plan are what they were. What changed is the pool of people permitted to buy them with a mortgage. That is decided at the building level, by insurance, reserves and structural compliance.
This is the single most important thing to understand about buying a Miami condominium in 2026, and it is not a unit-level question.
Frequently asked questions
What changed for Miami condo buyers on 3 August 2026?
The Limited Review process for established condominium projects was retired. Financed purchases in those projects now require a Full Review regardless of down payment.
Does a larger down payment avoid a Full Review?
No. Neither twenty nor fifty percent down shortens the review for an established project.
What happens if a building fails a Full Review?
It becomes effectively cash-only for buyers, removing roughly half the buyer pool in a market already carrying 12.3 months of condominium supply.
How has your building held its value? The Miami Condo Index ranks Miami condo buildings by their county sale records: real price per square foot, turnover and four-year change.
Sources and further reading
- MIAMI Association of Realtors, Miami-Dade Posts Best June in Three Years, 17 July 2026miamirealtors.com
- Josh Stein Realtor: Miami Luxury Condos, building by buildingjoshsteinrealtor.com