Insurance Appraisal, Condo Master Policy CFAC in Orlando Florida has mastered the science of producing Insurance Appraisals for Condominium Master Insurance Policy Appraisals. Daniel Peele, RZ 887 is a State Certified General Real Estate Appraiser with 35 years of experience in the appraisal business. The primary data source for the industry is from CoreLogic and is called "Property Express", a web-based app that subscibers purchase. CoreLogic assigns "Codes" to different types of property such as "Code 1335" which is for residential condos without any interior finish included in the cost estimate. The reason for this exclusion is the fact that the interior of each unit is protected by a separate unit-owners policy. A law was passed some years ago that requires the "Condo Association" to have an appraisal on file that in no more than (3) years old which documents the "Replacement Cost New" based on one of three approved cost-est...
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Jet Realty in Orlando, FL offers new "Referral Service" Owners of Commercial Real Estate in central Florida now have a one-stop source of Service Providers for many things related to owning commercial real estate. Daniel Peele is the Broker/Owner of Jet Realty and the founder of Central Florida Appraisal Consultants (CFAC). Over his (40) years of experience, Mr. Peele has come to know many of the "players" in both the appraisal and brokerage sides of the commercial real estate market. The "players" include banks, mortgage brokers, private lenders, appraisers and various trades including electrical, paint, plumbing & roofing. This valuable first hand knowledge is now available to property owners at-no-charge simply by contacting Mr. Peele by email at Dan@DanPeele.com Jet Realty https://jetrealty99.com/ CFAC https://www.cfappraisal.com/
What is "Commercial Express" from Corel CoreLogic Commercial Express is a web-based cost estimating service that has become the "standard' in estimating the "Replacement Cost" of improvements in the business of Insurance Appraisals. A Master List of "Codes" from CoreLogic is available to guide the appraiser. For example, Code 1335 is defined as "Condominium, w/o Interior Finishes". Marshal Valuation Service Manual For the last (40) plus years, real estate appraisers have relied on a (7) ring binder from the Marshall Valuation Service to estimate the "Replacement Cost" of buildings and site improvements. Subscribers pays $600 per year to receive monthly updates which are inserted into the 30" wide binder. Every conceivable improvement from high rise office buildings to various site components such as lighting & fencing is included. CoreLogic purchased the Marshall Valuation Service and it's database whi...
Reserve Study, Condo & Homeowners A Reserve Study is a financial planning tool that takes into account future projected capital expenses such as roof replacement, paint, paving & sealing etc. Excel spreadsheets are used to display the input parameters such as replacement cost per item, the estimated useful life the remaning useful life. The 2nd half of the analysis shows the reader how much money must be put aside in a reserve fund to pay for these future expenses. The infomation is diplayed in both dollar sums per year and by graphs that show the "percent funded" at various points in time based on beginning account balances & amount put aside per year. There are different types of Reserve Studies, some are called "SIRS" or Structural Integrity Reserve Study, the other type is a "Traditional Reserve Study". Only certain buildings with age and height requirements are required to have a SIRS completed by December 2024. Reserve Studies have t...
Master Policy Insurance Appraisal
Serenata, a 398 unit condominium in MetroWest, Orlando FL In June 2024, CFAC provided an Insurance Appraisal for the Condominium Master Insurance Policy. CFAC offers competitive low prices along with the best quality work product in the business. Daniel Peele, RZ887, State Certified General Estate Appraiser is a Business Member of CAI, the Community Associations Institute in Orlando.
Insurance Appraisals
Insurance Appraisal, What is it? An insurance appraisal documents the estimated cost to rebuild improvements to a property after a catastrophic event such as fire, storm or flood. Market value, land value and depreciation which are typically part of a mortgage-based appraisal are not considered. The Replacement Cost New (RCN) estimate of a properties improvements can be obtained in (3) ways: 1) Your Insurer pays an expert to estimate RCN 2) Your Insurer uses "in house" cost estimating software 3) Property owner pays an expert to estimate RCN Pros & Cons of each method 1) Good IF you get a say in who the contracted "expert" is 2) Good IF Insurer spends adequate time in the RCN estimate 3) Best IF you are looking for "peace-of-mind" by knowing that you are not under-or-over insured. Your insurer will likely prefer this method since they are not liable for you being underinsured under this scenario. Your Expert Daniel Peele, RZ 887 is a State...
Subdivision & Sellout Property Appraisal Documents Needed PSP , Preliminary Site Plan Approved, at a minimum. This document shows the layout of lots, streets, common areas, retention, etc. A civil engineering firm will create your plat and submit it to the local planning department for approval. The first step in the approval process is Preliminary Site Plan (PSP) approval. Purchase Contact Shows price paid for “Blanks”, an industry term used to describe raw land approved for subdivision development. Infrastructure Cost The cost to construct underground utilities, roads, accel / decel lanes, etc Ratio Analysis as a "Road Map" Take the average retail price of a finished home, multiply by 35% and you get the "indicated" retail value of each lot. Ratio analysis give you a "guide" to go by for a quick check of economic feasibility and for "comp selection". Example (Assume) 100 lots in a subdivision with homes that sell for an...