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 Ellenton Florida
Ellenton, situated in Manatee County, Florida, has a history rooted in agriculture, community development, and cultural significance. The area’s early settlement can be traced back to the mid-19th century, with pioneers establishing homesteads and cultivating the fertile land for farming. Ellenton’s growth gained momentum in the late 1800s, marked by the establishment of the Ellenton Post Office in 1881, which played a crucial role in shaping the town’s identity.
The agriculture-centric history of Ellenton was notably shaped by the arrival of the railroad in the early 20th century. The Seaboard Air Line Railway, connecting Tampa to the south and Palmetto to the north, transformed Ellenton into a key transportation hub for the shipment of agricultural products. The fertile soil in the region made it ideal for cultivating crops, and Ellenton became known for its bountiful harvests of tomatoes, eggplants, and other vegetables. The agricultural legacy of Ellenton is still visible in the region’s farmlands and nurseries.
In addition to its agricultural prominence, Ellenton is home to the Gamble Plantation Historic State Park. The park houses the Gamble Mansion, the only surviving antebellum plantation house in Florida. Built in the mid-1800s, the mansion served as a refuge for Confederate Secretary of State Judah P. Benjamin during the Civil War. Today, the Gamble Mansion stands as a testament to Ellenton’s historical significance, offering visitors a glimpse into the area’s past and its role in the broader context of Florida’s history.
img. source FloridaRambler.com
The mansion was built in 1844 and has survived wars, hurricanes and tropical humidity – but just barely. After being used to store fertilizer, it sat vacant in the 1920s, decaying away. The United Daughters of the Confederacy came to its rescue, purchasing the property and deeding it to the state.
Ellenton Florida Property Appraisal
Ellenton’s Real Estate Landscape
Nestled on the banks of the Manatee River, the little community of Ellenton is home to a little over 3100 people. Ellenton is just minutes away from Bradenton and Sarasota, with the beach communities of Anna Maria Island, Holmes Beach and Longboat Key just a short drive away. Over a fifth of the area within Ellenton’s designated boundaries is water, which means that waterfront properties are everywhere.
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
Ellenton Florida Historical Properties
The Gamble Plantation
Major Gamble ran the plantation from 1844 to 1872 at which time he sold it to Major George Patton. The town around the plantation, Ellenton, was named for Major Patton’s daughter Ellen.
Gamble Plantation is the only surviving plantation house in South Florida. Confederate Secretary of State, Judah P. Benjamin, took refuge here after the fall of the Confederacy. He hid in the mansion until he could catch a sailing ship that took him to England.
In 1925, the house and 16 acres were saved by the United Daughters of the Confederacy and donated to the State of Florida. It is now a state park and open to the public.
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.