What is an Appraisal?

The appraisal is the value of a property from a professional appraiser’s perspective and opinion. To make a relevant appraisal, one needs to research the market on which it exists, the gathering and analysis of information relevant to the property in question and of course the knowledge, expertise and professional discernment of a licensed appraiser. Real estate appraisals may be required when the property needs to be sold, mortgaged, insured, taxed or developed. Any type of property can have itself appraised: single-family homes, apartment buildings and condominiums, office buildings, shopping centers, industrial buildings and even land. The situations when you would need a property’s value appraised are, and not limited to: preparing for mortgage lending purposes, tax assessment and appeals of assessment, when a buyer and a seller negotiate for a price, in the case of government acquisition of private property for public use, business mergers and dissolutions, lease negotiations etc.


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How fast can a standard commercial appraisal be done?

Due to the complicated nature of the whole process a lot of hours need to be spent. A typical turn-around time for a commercial appraisal is two to three weeks. Dade Appraisals provides a faster service for an additional fee.

What are the most important commercial appraisal reports?

Summary Appraisal Report

The Summary Appraisal Report will respect the requirements stated under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice (USPAP) which concerns the above mentioned Summary Appraisal Report. As stated in its name, the report contains only the summarized data, reasoning and analysis which were used by the appraiser to express his opinion of value in the appraisal process. Any other support document that more thoroughly discusses the data, reasoning and analysis made, will be found in the appraiser’s file, the Summary Appraisal Report containing information specifically intended to the needs of the client.

Self-Contained Appraisal Report

The Self Contained Appraisal Report is used to fully describe the data and analyses used in the assignment having all the appropriate information without any reference to the appraiser’s file. A Self Contained Appraisal Report is thorough enough to include the physical and economical characteristics of the real estate involved in the appraisal as well as a description of the information analyzed, the procedures followed in the appraisal of the property in question as well as the reasoning which supports the analyses, opinions and conclusions of the process.

What is the Appraiser’s job?

In the process of making the best and relevant appraisal, an appraiser will present his objective and unbiased opinion about the value of the property that was appraised to further fulfill the needs of those who are the owners of the property, manage it, sell it, invest in it, and/or lend money on its security. To develop its opinion of value, the appraiser will gather statistics, facts and other relevant information about the property, after which he will analyze it to determine it’s true value on the market. This process will push the capabilities of any appraisers testing their analytical skills, compelling them to deliver pertinent conclusions about the value of the property they are in charge of, all the while communicating efficiently with the client.

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What is an MAI?

An MAI is a designated member of the Appraisal Institute, the highest level of accreditation in the industry.

What is a Green Building?

A Green Building benefits from a comprehensive process of design and construction that employs techniques to minimize adverse environmental impacts and reduce the energy consumption of a building, while contributing to the health and productivity of its occupants. A common metric for green buildings is the LEED (Leadership in Energy and Environmental Design) certification.

What is LEED?

LEED or Leadership in Energy and Environmental Design is a registered system of rating existing and new buildings, interiors, and other components based on environmental effectiveness.

What criteria must an Appraiser meet?

Educational requirements for real estate appraisers vary by state. Academic programs for aspiring real estate appraisers vary from certificate programs to associate's or bachelor's degree programs. Course topics typically include appraisal principles and procedures, site valuation, cost approach, real estate law and residential report writing. Requirements can also range depending on the value or types of property with which appraisers work. According to the U.S. Bureau of Labor Statistics (BLS), federal law mandates that real estate appraisers be certified. States may also have their own licensing requirements. These requirements may vary in each state, so individuals pursuing this career should check with the state in which they wish to work.

What is Market Value?

International Valuation Standards defines market value as "the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion." When the title ownership for a property is changed (transaction between a buyer and a seller) market value is used as reference for negotiations as well as respecting a few conditions for the success of the transaction:

  1. Both parties are motivated to partake in the transaction;
  2. It’s expected that both the buyer and the seller are well informed and/or advised in acting for their own best interests;
  3. The property is offered a reasonable exposure time on the open market;
  4. The transaction will use as currency U.S. dollars or any other currency in terms with the financial agreement between the two parties;
  5. The final value of the property which is reflected in its price will represent the normal consideration for the property unaffected by financing and sales concessions affiliated with anyone partaking in the transaction.

What is the Highest and Best Use of a property?

Highest and best use, or highest or best use (HBU), is a concept in real estate appraisal that shows how the highest value for a property is arrived at. In any case where the market value of real property is sought, that value must be based on its highest and best use. Highest and best use is always that use that would produce the highest value for a property, regardless of its actual current use. The Appraisal Institute of Canada defines Highest and Best Use as "the reasonably probable and legal use of property, that is physically possible, appropriately supported, and financially feasible, and that results in the highest value".

How do you approach value?

Appraisers use three approaches to value in Appraisal Practice when determining the Market Value of a property:

The Sales Comparison Approach
The most frequently-used and accepted approach to determining value in real estate appraisal practice is the sales comparison approach. This approach to value bases its opinion of value on what similar properties (otherwise known as “comparables”, or “comps”) in the vicinity have sold for recently

The Cost Approach
The second approach to determining the value of a property is the cost approach. This approach seeks to determine how much a property would cost to replace (meaning, rebuild) after subtracting the damages of time as a result of wear and tear or obsolescence. The cost approach appraisal is frequently the only approach that is considered to be reliable when appraising special use properties such as commercial/industrial properties or public properties such as libraries, schools or churches which are not traded on the open market.

Income Approach
The third approach to value is called the income approach. When a property generates income for its owner, that income, or potential for income, helps to substantiate, calculate or identify the market value of the property. Apartment buildings and duplexes are examples of income-producing properties. Appraisers use the income derived from the property as part of the assessment the market value of the property.


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Commercial Appraisals

You can call it commercial appraisal, commercial valuation, commerical property appraisal, commercial real estate appraisal, commerical building value or just an appraisal, we can help you. We are Florida's most recommended company for all valuation needs. Our commerical real estate appraisals are the best in South Florida.

Licensed Commercial Appraisers

We are your commercial appraisers, commercial real estate appraisers, commercial property appraisers, and commercial valuation experts. No matter how you label it, we are the experts for all commercial appraisal needs. At Dade Appraisals, we have the most highly skilled, experienced and licensed commercial appraisers dedicated to commercial valuation.

Commercial Valuations are Essential

Commercial valuation has never been more important than it is today. A well-written, unbiased, and honest opinion can be the difference between a successful project and an unsuccessful project, especially in the state of Florida.

We have commercial appraisers focused on many markets and cities such as Miami Beach, Gladeview, Key Biscayne, Coral Gables, Miami Shores, West Little River, Pinewood, Miami Springs, Coral Terrace, South Miami, Hialeah, North Miami, Westview, Westchester, Glenvar Heights, and more! We make your commercial appraisal projects fast and easy by giving you with a feeling of security based on our qualifications and prior work.