Longboat Key Condos: Costs, Rules and Questions to Ask First

Buying a condo on Longboat Key should feel exciting, not overwhelming. Yet between HOA dues, new Florida safety rules, insurance shifts, and local rental policies, it is easy to miss the details that change your total cost. You want clear answers so you can compare buildings with confidence and avoid surprises.

This guide breaks down what your monthly dues actually cover, how new structural inspections and reserves affect assessments, how insurance deductibles work, and which rental rules apply on Longboat Key. You will also get a checklist of documents to request and smart questions to ask before you make an offer. Let’s dive in.

The real costs of owning a Longboat Key condo

Your monthly association dues pay for things like common-area upkeep, staffing or management, master insurance, reserves, landscaping, security, trash, and amenities. Each building is different, so always review the full budget. The master policy and reserve planning are two of the biggest variables that drive owner exposure and future assessments.

On Longboat Key, many mid and upper market Gulf or bay buildings show monthly dues around the low to mid four figures. It is common to see $1,000 to $2,000 or more per month, while smaller or older low-amenity communities can be lower. Use list prices and stated dues only as a starting point. The budget breakdown, current reserves, and any pending projects matter much more than the headline fee.

Florida law gives owners a voice if budgets jump sharply. If a board adopts a budget that increases assessments to more than 115 percent of the prior year’s assessments after excluding certain required items like reserves and insurance, owners can call a special meeting to consider a substitute budget. This rule shows how much dues can move when new inspections or reserve plans reveal big needs. You can read more on the budget process in Florida Statutes §718.112.

Reserves, SIRS and special assessments

Florida now requires Structural Integrity Reserve Studies (SIRS) and Milestone Structural Inspections for condo buildings that are 3 or more stories. The Milestone inspection happens at 30 years from the building’s certificate of occupancy, though local officials can require it at 25 years in coastal situations. Phase 1 is a visual review by an engineer or architect. Phase 2 is triggered if Phase 1 finds substantial structural deterioration. Results must be shared with owners and guide reserve funding. See the state’s overview from the Department of Business and Professional Regulation (DBPR) on milestones and SIRS.

If a SIRS shows underfunded structural items, associations must raise money. That can happen through higher monthly assessments, special assessments, or association loans. Many existing buildings have deadlines that fall between 2024 and 2026, which is why you may see more dues changes and special assessments now. When you compare condos, do not skip the SIRS report, current reserve balance, and any planned capital projects.

Key financial documents to request:

• Last 3 years of budgets and year-end financials
• Current reserve balance, latest reserve study, and the SIRS report if required
• Notices of any recent or pending special assessments
• A line-item summary of what the monthly dues include

Insurance: master policy, deductibles and your risk

Florida law sets the framework for condominium association insurance. Associations typically carry a master property policy that covers the building structure and common elements. The statute also details what is usually the unit owner’s responsibility inside the unit. Always ask for the Certificate of Insurance and the policy declarations page to confirm coverages and deductibles. Review the statute here: Florida Statutes §718.111.

Hurricane or wind deductibles are often a large percentage of the building’s insured value. Associations must fund those deductibles when a covered loss occurs, and if reserves are not enough, the cost can be passed to owners by a special assessment. This is why your own HO-6 unit policy with loss-assessment coverage is important. A building with slightly higher dues but a well-funded reserve and reasonable master deductible can be less risky than a lower-dues building with a very large deductible and thin reserves.

Insurance costs have been a major driver of HOA increases lately. State reporting and local press show that many Florida condo association policy costs more than doubled from 2022 to 2024. Rising reinsurance costs, post-Surfside risk reviews, and replacement-cost updates contributed to the jump. You can read a summary of this trend in InsuranceNewsNet’s coverage of association insurance costs.

What to request from the association on insurance:

• Master policy declarations for the current year and the prior year
• Exact hurricane or wind deductible terms, including percentages and allocation method
• Any history of loss assessments and how they were handled

Building age, safety and inspections

Older coastal buildings may face near-term work such as concrete restoration, balconies, waterproofing, parking decks, and roofs. Newer buildings that follow more recent Florida Building Code standards and have updated envelopes, impact windows, and recent roofs can be easier to insure and sometimes face lower premiums. For Florida Building Code adoption timing and context, see the state’s code adoption overview.

Milestone inspections and SIRS directly affect carrying cost and resale. A Phase 2 finding or a SIRS that identifies large unfunded structural items usually leads to special assessments or higher monthly reserves. That can reduce the pool of buyers and affect financing eligibility. The policy shift that followed the Surfside tragedy underscores why these rules exist. For broader context on the safety and legislative response, see AP News coverage of Surfside and resulting changes.

Rental rules on Longboat Key

Longboat Key enforces a rental policy that generally requires a minimum 30-day stay in residential zones unless a unit is grandfathered or the property is in tourism zoning. As of October 1, 2023, the town also requires a Residential Rental Registry for rentals under 6 months, with registration, life and safety inspections, and a requirement to include the rental certificate number in advertisements. Learn more on the town’s page about short-term rentals and the rental registry.

These local rules shape your options. Buildings that allow short stays and operate like a condo-hotel may be less likely to qualify for conventional or FHA financing. Buildings that follow 30-day minimums and traditional residential rules are more likely to be eligible, but you still need to confirm project status with your lender.

Financing and warrantability: check early

Your lender will review the building through project-approval tools. Fannie Mae’s Condo Project Manager, Freddie Mac’s systems, or HUD’s condo approval determine if a building is warrantable for conventional or government loans. If a project is ineligible, your financing options narrow and the future buyer pool may be smaller. Check project eligibility early using tools like Fannie Mae’s Condo Project Manager so you know what to expect.

What to compare across buildings

Use this simple matrix to compare properties side by side. Ask for documents that verify each item.

Due diligence checklist

Financials and budgets:

• Current year budget plus prior 3 years of budgets and statements
• Latest reserve study and SIRS report if required, plus current reserve balance and percent funded (see DBPR SIRS overview)
• Any pending special assessments and related board minutes
• Master policy Certificate of Insurance and declarations with hurricane or wind deductible details (see Florida Statutes §718.111)

Building condition and compliance:

• Milestone inspection reports (Phase 1 and Phase 2 if applicable) and cost estimates to complete recommendations (see DBPR milestones)
• Certificate of occupancy date; list of major capital updates (roof, windows, waterproofing, plumbing)
• Elevation Certificate, FEMA flood zone, and any documented flood mitigation or prior claims

Rules, rentals and use:

• Declaration and bylaws; leasing restrictions; building rental policy and enforcement
• Confirmation of Longboat Key rental registry and certificate number if renting under 6 months (see town rental rules)
• Any rental management program details or mandatory pooling

Legal and governance:

• Litigation disclosure for the association and any major contractor disputes
• Minutes from the last 6 board meetings and any engineer or contractor bids tied to SIRS or milestone findings

Financing and resale:

• Project eligibility status for Fannie Mae, Freddie Mac, or HUD; or any lender restrictions (check tools like Fannie Mae’s CPM)

Red flags to watch on Longboat Key

• A building older than 25 to 30 years with no recent SIRS or milestone inspection on file. See the DBPR overview.
• Low dues paired with a very large hurricane deductible or thin reserves. Review Florida Statutes §718.111 to understand master policy expectations.
• A pending Phase 2 milestone, active major litigation, or large special assessments, which can reduce the buyer pool and block agency financing. See Fannie Mae’s project review guidance.
• Marketing that promises short stays when the unit is not grandfathered or tourism-zoned. Learn the town’s short-term rental rules.

Smart questions to ask first

• What is the building’s certificate of occupancy date, and has the association completed its Milestone and SIRS? If yes, when, and can we see the reports? Refer to DBPR guidance.
• How large is the master hurricane or wind deductible, and how would it be funded after a loss? Please provide the current year policy declarations. See Florida Statutes §718.111.
• What is the current reserve balance and the percent funded for structural items listed in the SIRS? Provide the reserve schedule and any board plans to increase funding.
• Are there any approved or pending special assessments? What are the amounts per unit and timelines?
• Is the project eligible for Fannie Mae, Freddie Mac, or HUD financing, or is it flagged as unavailable? Check Fannie Mae’s CPM.
• Does the association allow rentals shorter than 30 days for this unit, or is the unit specifically grandfathered? Confirm alignment with Longboat Key’s rules.

How we help you compare condos

You deserve a clean, side-by-side picture before you buy. Our team reviews budgets, reserves, SIRS and milestone reports, master policy terms, and rental rules so you see the full financial picture, not just the listing headline. We coordinate with your lender on project eligibility and help you weigh insurance and assessment risk across buildings. If you are relocating, we simplify tours and paperwork so you can move at your pace with confidence.

If you are considering a Longboat Key condo and want a clear plan from first look to closing, connect with Sarasota Neighborhood Experts. We will help you compare buildings apples to apples and find the right fit.

FAQs

What do Longboat Key HOA dues usually cover?

• Dues typically fund common-area upkeep, staffing or management, master insurance, reserves, landscaping, trash, security, and amenities. Always review the budget to confirm inclusions.

How do Florida SIRS and milestone inspections affect my costs?

• SIRS and milestone findings drive mandatory reserve funding and can trigger special assessments, which may increase your monthly dues or require one-time payments. See DBPR guidance.

Why are condo insurance costs rising in Florida?

• Association policy costs rose sharply from 2022 to 2024 due to reinsurance prices, post-Surfside risk reviews, and coverage adjustments. See InsuranceNewsNet’s summary.

What rental rules apply on Longboat Key for condos?

• Residentially zoned properties generally require a 30-day minimum stay. Rentals under 6 months must be registered with the town and pass life and safety inspections. See the town’s rental rules.

How do master policy deductibles impact me as an owner?

• Large hurricane or wind deductibles can lead to loss assessments if reserves are insufficient after a covered loss. Ask for the declarations page and consider HO-6 loss-assessment coverage; review Florida Statutes §718.111.

What is “warrantability” and why does it matter?

• A warrantable condo meets agency guidelines so buyers can use conventional or government loans. If a project is ineligible, financing choices shrink, which can affect resale demand. Check status via tools like Fannie Mae’s CPM.