APPRAISALS|MARKET STUDIES|ESTATE APPRAISALS
Where Common Sense Collides with Appraisal Theory
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Property Types
My expertise is centered in Sarasota, Manatee and Charlotte Counties. The appraisals that I am engaged for include retail, office, multiple family, industrial, churches, schools, subdivisions, condominium projects and vacant land tracts. If you would like more information, please contact Jim with any questions
Retail
Single Tenant
NNN Leased
Strip Centers
Shopping Centers
Gas Station/ C-Stores
Showroom/Warehouses
Self Storage
Industrial
Warehouses
Flex Industrial
Distribution
Light Industrial
Manufacturing
Service
Office Properties
Single Tenant
Multiple Tenant
Medical
CBD
Multiple Family Residential
Apartments
Condo Projects
Mobile Home & PV Parks
Vacation and Short Term Rentals
Specialty
Churches & Schools
Golf Courses
Condominium Common Area
Land
Commercial
Residential Land & Subdivisions
Industrial Land
Condominium sites
Entitled Sites
WHAT SHOULD YOU EXPECT FROM AN APPRAISAL
By definition, an appraisal is defined as the act or process of developing an opinion of value; an opinion of value. So, simply put everyone does appraisals-no one would buy or sell if they didn’t have an opinion of value.
But, not everyone is a professional appraiser licensed by the State of Florida like myself and my peers. Many appraisals are for market value which is defined generally as: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.
ESTATE APPRAISALS
Typically, when appraisals are completed for income tax purposes, the definition of value is fair market value provided by the Internal Revenue Service for certain purposes is as follows: The price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. The fair market value of a particular item of property includible in the decedent’s gross estate is not to be determined by a forced sale price. (IRS Regulation§20.2031-1)
MARKET STUDIES / FEASIBILITY ANALYIS
Carpenters will often use the motto, measure twice, cut once. That is the wisdom in a real estate market study. No one wants to build to a market that is saturated. Empty buildings are expensive.
The first step in conducting real estate market analysis is to clearly define the specific goal at hand. Is the primary aim to identify the ideal market for self storage units, car washes, indoor Pickleball and on and on? But whatever the main goal, hard data is key. In this guide, we’ll uses best practices for conducting commercial real estate market analysis and leverage location intelligence to boost the accuracy and quality of real estate market analysis and improve your CRE decision-making.
