Longboat Key Florida
Why Choose SDI Appraisal
Stephen D. Ihrig II, SRA is principal of SDI Appraisal, specializing in the valuation of residential real estate. Steve has been providing appraisal and consulting services since 2003.
The Rich History of Longboat Key Florida
Longboat Key, a slender barrier island nestled between the Gulf of Mexico and Sarasota Bay on Florida’s west coast, has a history steeped in the charm of Old Florida. Originally inhabited by indigenous peoples, the area witnessed the arrival of Spanish explorers in the 16th century. However, it wasn’t until the late 19th century that Longboat Key began to see permanent settlement. Early pioneers, such as Thomas Mann and John Gillespie, ventured to the island, drawn by its natural beauty and abundant resources.
In the early 20th century, the completion of the Sarasota Bay Ringling Causeway in 1921 facilitated easier access to Longboat Key, spurring development on the island. The 1920s Florida land boom brought an influx of new residents and developers eager to capitalize on the island’s picturesque landscapes. Longboat Key became a destination for those seeking a tranquil escape with its pristine beaches, swaying palm trees, and proximity to cultural amenities in nearby Sarasota.
img. source LongboatKey.com
In the late 1800s, the first setters began homesteading Longboat Key, mostly at the northern end of the island, which became known as Longbeach. In 1895 a passage was dug from Sarasota Bay to Tampa Bay, which made the island more accessible by larger boats and caused the area to gain greater popularity among both visitors and new residents.
Longboat Key Florida Property Appraisal
Longboat Key’s Real Estate Landscape
Longboat Key has evolved into an upscale residential community with a commitment to preserving its natural environment and maintaining a low-key atmosphere. The island is dotted with luxurious resorts, golf courses, and marinas, attracting both permanent residents and seasonal visitors. Despite its modern amenities, Longboat Key has successfully retained a sense of tranquility, making it a sought-after destination for those seeking a relaxed coastal lifestyle.
Understanding Home Appraisals
A home appraisal is an unbiased estimate of a property’s fair market value, conducted by a qualified appraiser. Several factors influence this valuation, including the property’s location, size, condition, and comparable sales in the area. The appraisal process involves a detailed examination of the property, considering both its interior and exterior features. Appraisers also analyze recent sales of comparable properties, known as “comps,” to determine the property’s value. Their findings are documented in a comprehensive appraisal report.
Home Appraisal vs. Home Inspection
It’s essential to distinguish between a home appraisal and a home inspection. While an appraisal focuses on determining the property’s value, an inspection evaluates its structural integrity and identifies potential issues. Various myths surround home appraisals, such as the belief that home improvements always result in a higher appraisal. Debunking these myths ensures homeowners have accurate information about the appraisal process.
Choosing the Right Appraiser
Selecting the right appraiser is crucial. Homeowners should prioritize qualified, experienced professionals who remain impartial throughout the appraisal process. Appraisals play a significant role in mortgage approval. Lenders use the appraised value to determine the loan amount they are willing to extend to the borrower.
Realtors and appraisers often work together for their clients. Effective communication between the two parties enhances the overall real estate experience. In cases of disagreement with the appraisal, homeowners have options for resolution. This may involve providing additional information or formally appealing the appraisal.
Reconsideration of Value
Sometimes you disagree with an appraised value, or you just get a bad appraisal. Before getting a second opinion of value (see below) you may be able to resolve your issues by filing a reconsideration of value with the lender. Download our -FREE- “Reconsideration of Value Request” Template and the Example as a guide showing how to fill this form out. Many Realtors have used this more than once, often with great success, so save these on your computer. A well written reconsideration of value is a powerful tool!
Notable Sarasota Florida Property Appraisals
Longboat Key Florida Historical Properties
Ritz Carlton Hotel
Circus magnate John ringling tried to get Longboat Key on the map in 1926 when he broke ground for a luxury hotel to be called the Ritz Carlton. He was able to complete much of the hotel at the site of the present Chart House Restaurant at New Pass Bridge. However, the Florida land boom bubble burst in the the late 1920’s, and Ringling abandoned the project. Ruins of the dream hotel languished for many years until it was razed in the 1960’s
img. source DwellingWell.com
FAQ Frequently Asked Questions about Property Appraisals
1. What is a property appraisal?
A property appraisal is a professional assessment of the value of a real estate property. It involves a comprehensive evaluation conducted by a qualified appraiser who considers various factors to determine the property’s market value.
- Key Information:
- A property appraisal is conducted by a certified appraiser.
- It provides an unbiased and expert opinion on the property’s value.
- The market value is determined based on factors like location, condition, and recent sales of comparable properties.
2. Why is a property appraisal necessary?
A property appraisal is necessary for several reasons, primarily to determine the fair market value of a property for various stakeholders, such as lenders, buyers, and sellers. It plays a crucial role in real estate transactions.
- Key Information:
- Lenders use appraisals to assess the property’s value for mortgage approval.
- Sellers rely on appraisals to set a reasonable listing price.
- Buyers use appraisals to ensure they are not overpaying for a property.
3. How is the value of a property determined during an appraisal?
The value of a property during an appraisal is determined through a meticulous process that considers multiple factors. Appraisers analyze recent sales data, property condition, location, and other relevant aspects to arrive at an accurate valuation.
- Key Information:
- Recent sales of comparable properties (comps) heavily influence the valuation.
- The property’s physical condition and any improvements or defects are taken into account.
- Location, including neighborhood and proximity to amenities, is a critical factor in valuation.
4. Can property improvements increase its appraised value?
Yes, property improvements can positively impact the appraised value. Appraisers consider any upgrades or renovations that enhance the property’s overall appeal, functionality, and condition.
- Key Information:
- Renovations like kitchen upgrades, additional bathrooms, or modernized systems can increase value.
- Quality materials and craftsmanship in improvements contribute to a higher appraisal.
- It’s essential to keep records of improvements to provide evidence for the appraiser.
5. How long is a property appraisal valid?
The validity of a property appraisal depends on various factors, but typically, it is considered valid for a specific period. The real estate market’s volatility and changes in property values may necessitate more frequent appraisals.
- Key Information:
- An appraisal is typically valid for a few months, often around 90 days.
- Changes in the market, property condition, or significant improvements may prompt the need for a new appraisal.
- Lenders may require a current appraisal at the time of loan approval.
SDI Appraisal Mission Statement
Committed to empowering our clients with clarity and direction.
Stephen D. Ihrig II, SRA is principal of SDI Appraisal, specializing in the valuation of residential real estate. Steve has been providing appraisal and consulting services since 2003. Currently a Certified Residential Appraiser in the State of Florida, Steve was awarded the SRA designation from the Appraisal Institute.
In today’s ever-changing real estate market, utilize only the best and most qualified individuals to perform your residential appraisals. An accurate value supported by data and analysis, that reflects market trends, can hold up in any court of law, is considered a high-quality report by any lender’s underwriting system, and meets all USPAP (Uniform Standards of Professional Appraisal Practice) standards should be your primary objective when retaining a real estate appraiser.
Specialized Professional Education and Development
- SRA Designation, Appraisal Institute
- Private Appraisal Assignments: Attorneys, Accountants, Property Owners, Trusts & other entities
- Expert Witness Testimony
- Real Estate Finance Statistics and Valuation Modeling
- Relocation Appraisal
- REO Appraisal: Appraisal of Residential Property Foreclosure
- FHA & USDA Approved Appraiser
- Uniform Standards of Professional Appraisal Practice (USPAP)
- Michigan State University Alumni
20+ Years of Experience
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Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google. 
Trustindex verifies that the original source of the review is Google.