Lakewood Ranch 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 Lakewood Ranch Florida
Lakewood Ranch, located in southeastern Manatee County and northeastern Sarasota County in Florida, has a rich history that traces its roots back to the early 20th century. Originally, the land was part of a sprawling agricultural area known for its cattle ranches and citrus groves. In the 1920s, the Uihlein family, prominent in the Schlitz Brewing Company, purchased a significant portion of this land, intending to use it for agricultural purposes. However, the Great Depression and various challenges in the agricultural sector altered their plans, leaving the land largely undeveloped for several decades.
The transformation of Lakewood Ranch into the vibrant and master-planned community it is today began in the early 1990s. The Uihlein family, recognizing the region’s potential, partnered with Schroeder-Manatee Ranch, Inc. (SMR) to create a visionary development that seamlessly blends residential, commercial, and recreational spaces. This marked the inception of Lakewood Ranch as a carefully planned and meticulously designed community. Since then, Lakewood Ranch has experienced exponential growth, attracting residents, businesses, and visitors alike.
img. source ThatFloridaLife.com
Lakewood Ranch is also home to many parks where you can plan sports, go walking, biking, fishing and kayaking. In fact, the community includes 150-plus miles of multi-surface trails and nature trails through preserves that you can enjoy for your health, to stay active, or just because you love the outdoors. You’ll also find boardwalks and even disc golf courses to play!
Lakewood Ranch Florida Home Appraisal
Lakewood Ranch’s Real Estate Landscape
Lakewood Ranch stands as one of the top-selling master-planned communities in the United States. Its history reflects a transition from agricultural lands to a thriving, dynamic community that prioritizes an exceptional quality of life. The development has not only preserved the natural beauty of the area but has also incorporated sustainable practices, making it a model for responsible community planning and development in the state of Florida.
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 Lakewood Ranch Florida Property Appraisals
Lakewood Ranch Florida Luxury Properties
Not to be ignored is the fact that Lakewood Ranch has become a community in every sense of the word, Cole said. “Our residents had deep roots in their communities of origin. They look at Lakewood Ranch and know that they have everything they need in close proximity, maintained at the highest level, with the greatest hospitality in mind. We’ve earned a reputation for fulfilling our promises. This inspires confidence and trust in people with high aspirations who are relocating to a place for a better quality of life. It also doesn’t hurt that we are near the best features that the Sarasota/Manatee areas offer.”
img. source SceneSarasota.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.