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 Venice Florida
Venice, Florida, boasts a rich history that dates back to the early 20th century. The city’s origins can be traced to the efforts of the Brotherhood of Locomotive Engineers, a labor union that purchased a large tract of land in the area in 1925. Inspired by the serene and picturesque canals of Venice, Italy, they envisioned creating a similar community in Florida. The original plan included a network of waterways, lush landscaping, and Mediterranean-inspired architecture. The city’s unique design earned it the nickname “The City on the Gulf.”
The real estate boom of the 1920s propelled the growth of Venice, attracting settlers and developers alike. The iconic Venice Avenue, adorned with charming shops and cafes, was one of the first roads constructed in the city. Despite facing economic challenges during the Great Depression, Venice managed to persevere, and by the 1950s, it had become a popular destination for retirees seeking a tranquil coastal lifestyle. The city’s commitment to preserving its historical charm is evident in the Venice Historic District, where visitors can stroll through well-preserved architecture and enjoy a glimpse of the past.
img. source HistoricalPreservationSarasota.com
A city is born. On June 10, 1926, the first street in Venice opened. Nassau Street ran from the terminus of Tamiami Trail, past the Hotel Venice, through Venezia Park, and again into the Trail. By mid-June, the first phase was complete with 6 miles of graded streets and a mile of 7-foot-wide sidewalks and gutters. Venice Avenue was paved. Crews worked around the clock to build a road east of town to the area where small acreage farms were for sale.
Venice Florida Property Appraisal
Venice’s Real Estate Landscape
Venice, Florida, has evolved into a vibrant community with a strong emphasis on cultural and recreational activities. The Venice Theatre, established in 1950, is one of the oldest community theaters in the United States, providing residents and visitors with a diverse array of performing arts. The Venice area is also renowned for its beautiful beaches, attracting tourists and nature enthusiasts to explore the stunning coastline and unique ecosystems. As Venice continues to embrace its history while adapting to the needs of a modern society, it remains a distinctive and appealing destination along Florida’s Gulf Coast.
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
Venice Florida Historical Properties
The Pollyanna Inn
In 1925, Dr. Fred H. Albee, a well-known orthopedic surgeon, purchased 2,916 acres of land from the Venice-Sarasota Company. Earlier, he developed Nokomis and built its first luxury hotel, the Pollyanna Inn. Albee retained John Nolen, a world-renowned city planner, to design a city on his land. This city would be called Venice.
img. source HistoricPreservationSarasota.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.