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Post-Surfside, lenders evaluate: building age and condition, milestone inspection results (if required), reserve fund percentage (many lenders require 10%+ of budget), deferred maintenance backlog, litigation history, and insurance coverage adequacy. A building that fails any of these checks may be classified as "non-warrantable" — meaning conventional Fannie/Freddie mortgages are not available.
Which PBC Communities Are Affected
Legacy condo communities with buildings 30+ years old are most affected: Century Village Boca, Century Village WPB, Kings Point, Sterling Village, Village Royale, High Point, Colonial Club, Banyan Springs. Not every building in these communities is non-warrantable, but many are. Newer construction (Baywinds, Valencia series, Cresswind, Regency at Avenir) is not affected.
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What This Means for Buyers
If you need financing: confirm with a lender that the specific building is warrantable BEFORE making an offer. If it is not warrantable, you will need to pay cash or find a portfolio lender (who keeps the loan on their books rather than selling to Fannie/Freddie). Portfolio loans typically have higher interest rates and stricter terms.
What This Means for Sellers
If your building is non-warrantable, your buyer pool is limited to cash purchasers. This reduces demand and can suppress sale prices. The financing landscape is now a factor in resale value that did not exist before Surfside.
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