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In a surprising turn, Florida officials voted Tuesday to approve the purchase of 340 acres of forest land in Hernando County from Cabot Citrus, a luxury golf resort once at the center of a heated public lands controversy. This time, there’s no land swap involved—just a straightforward acquisition aimed at expanding conservation efforts near the Withlacoochee State Forest. The vote came from the Florida Cabinet, with Gov. Ron DeSantis, Attorney General James Uthmeier, and Agriculture Commissioner Wilton Simpson all in favor. If Cabot Citrus sounds familiar, it's because the resort drew fire last year after receiving initial approval to trade more than 300 acres of state-preserved forest for land it hoped to develop into more luxury golf amenities. The backlash was swift and widespread. After the Tampa Bay Times reported on the proposed trade, public outcry escalated, and Cabot quietly pulled the deal. Though DeSantis didn’t comment on the Cabot purchase specifically during Tuesday’s meeting, his office later celebrated the conservation deal in a press release, grouping it in with other land buys. Simpson, who previously supported the land swap proposal, offered a lengthy post-vote statement that subtly acknowledged the controversy and praised the new direction: “We paused, looked at alternatives, and ultimately arrived at a better path — one that serves the long-term interests of Florida and its people,” he said. He also commended Cabot for “shifting focus and prioritizing conservation,” calling the outcome a model for how land preservation decisions should unfold. Notably, just weeks ago, Gov. DeSantis was photographed golfing in a Cabot Citrus hat alongside Florida Fish and Wildlife chair Rodney Barreto, further fueling speculation about the resort’s influence. The land now on the table for acquisition sits directly southeast of Cabot’s current footprint—home to multiple golf courses and luxury cottages starting at $1.7 million. It borders the same area the company previously sought to acquire via land swap. The state still needs to appraise the land to determine its value. According to the Florida Department of Environmental Protection, the purchase price won’t exceed the appraised value. If the deal moves forward, the Florida Forest Service has agreed to manage the land and integrate it into the broader state forest system. While many conservationists welcomed the move, they also expressed caution. Eugene Kelly, president of the Florida Native Plant Society and a Hernando County resident, said the shift is promising but remains wary: “It would be great to see the land added to the state forest,” he said. “But I see all these mixed signals coming from the state.” Kelly has also called for full funding of the Florida Forever land acquisition program, urging lawmakers to allocate at least $100 million after earlier budget proposals offered none. After a string of recent land-use controversies—including efforts to develop state parks and transfer pristine conservation land to mysterious LLCs—this decision marks a rare about-face. Whether it signals a long-term commitment to conservation or a one-time course correction remains to be seen. Thank you for your interest. Have questions regarding the local market? Navigate the Real Estate Market with confidence, and contact us at Cliggitt Valuation for your appraisal, consulting, and valuation needs today. Mike Cliggitt, MAI, MRICS, CCIM 813.405.1705 | 863.661.1165 - Direct Lines findvalue@cliggitt.com Appraisal & Valuation Markets Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt. Sydney Avolt 727.403.7418 - Direct Line sydney@cliggitt.com
Plans for a 104-room boutique hotel on the east side of Gulf Boulevard were unanimously rejected by St. Pete Beach city commissioners during a May 13 meeting, effectively halting the proposed Windward Pass Resort. The decision denied the developers a conditional use permit, a hardship variance, and access to room credits from the city’s lodging pool. The project, which would have included six stories, waterfront boat access to McPherson Bayou, a three-story parking garage, two pools, a miniature golf course, bars on the ground and rooftop levels, a 12-slip dock, and more, was met with strong opposition. Developers sought 104 temporary lodging unit credits from the district’s 325-room allocation. However, with Hotel Zamora already approved for 64 units, only 261 credits remain for future projects—making this request a significant ask. City Planner Brandon Berry reminded attendees that unlike the western portion of Gulf Boulevard—where lodging is permitted by right—the Bayou Residential District does not allow temporary lodging as a matter of course. “This is not a lodging-permitted area,” he explained. The 2.67-acre site is one of the few remaining large, undeveloped waterfront parcels on the east side of Gulf Boulevard. Despite its size, project architect Jack Boziak argued that the site’s irregular shape—ranging from 293 feet wide on one end to just 125 feet on the other—left less than 40% of the land buildable after accounting for setbacks and drainage requirements. He called this a clear hardship. But commissioners weren’t convinced. Commissioner Betty Rzewnicki emphasized that the lot consists of four separate parcels and is located in a clearly residential area: “You’re trying to introduce a commercial resort into a residential neighborhood. That’s not a hardship—that’s a zoning mismatch.” Commissioner Joe Molholland echoed that sentiment, citing concerns about putting a large hotel with a rooftop bar in a low-density district. “This isn’t the western side of the beach where that kind of activity is expected,” he said. Commissioner Lisa Robinson also pointed to concerns about increased noise, traffic, and overall intensity: “A 104-unit condo hotel with multiple amenities is a lot for this area. The noise and density are already issues. Adding more would overwhelm the neighborhood.” Environmental concerns played a major role as well. Mayor Adrian Petrila specifically called out the potential damage to the shallow bayou and its manatee habitat: “This isn’t just a question of land use—there’s a real environmental impact to consider,” he said. “Even the so-called 'quiet pool' won’t be quiet in practice. I’ve been to enough resorts to know better.” In the end, the commission found that the proposal failed to adequately address community concerns or offer solutions to mitigate the negative impacts. Without clear benefits to the neighborhood and no meaningful compromises presented, all requests—including the rooftop bar and the 104-unit credit allocation—were firmly denied. Source: Tampa Bay Times Thank you for your interest. Have questions regarding the local market? Navigate the Real Estate Market with confidence, and contact us at Cliggitt Valuation for your appraisal, consulting, and valuation needs today. Mike Cliggitt, MAI, MRICS, CCIM 813.405.1705 | 863.661.1165 - Direct Lines findvalue@cliggitt.com Appraisal & Valuation Markets Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt. Sydney Avolt 727.403.7418 - Direct Line sydney@cliggitt.com
In commercial real estate, understanding a property's value at a specific point in the past can be just as important as knowing what it’s worth today. Whether you’re dealing with an insurance claim after a storm, an estate settlement, or a legal dispute, retrospective appraisals can play a critical role—especially here in West Central Florida where market conditions shift rapidly and weather events are frequent. What Is a Retrospective Appraisal? A retrospective appraisal is exactly what it sounds like: an appraisal with an effective date in the past. It allows us to determine what a property was worth at a specific historical moment, based on the conditions and data available at that time. Unlike current or prospective appraisals, this type requires the appraiser to essentially “recreate” the market as it existed on that date—everything from sales comps to economic factors and the property’s condition. These types of reports are essential in several scenarios: Storm-related insurance claims : Establishing pre-loss value after hurricane damage Estate settlements : Determining fair market value as of the date of death Litigation support : Supporting disputes like business dissolutions or eminent domain Property tax appeals : Contesting over assessed values from prior years Financial reporting : Accurate historical valuations for audits or compliance Why They Matter in Florida Florida’s West Central region has seen rapid growth, market fluctuations, and its fair share of natural disasters. A solid retrospective valuation is often the foundation for a fair resolution—whether it's getting a tax adjustment or ensuring heirs aren’t hit with unnecessary capital gains. For example, Pinellas County encourages owners to seek certified appraisals to verify a property’s value before a storm—especially if they’re trying to comply with FEMA’s 50% Rule for rebuilding. Similarly, when a commercial property is inherited, a date-of-death appraisal ensures tax basis is properly adjusted for the new owner, which can have long-term financial benefits. Our Approach at Cliggitt Valuation At Cliggitt Valuation, retrospective appraisals are one of our specialties. We’ve completed these assignments for everything from small retail buildings to complex industrial facilities across Tampa, St. Pete, and Lakeland. Every report we prepare is: Detailed and data-driven , often requiring historical sales, old records, and archived financials Tailored to the local market , reflecting our deep knowledge of past market cycles in West Central Florida Credible and defensible , written with clarity and strong support so it holds up in court, with insurers, or in tax discussions Responsive and timely , because we know how important deadlines are in legal or estate matters We’ve helped clients with hurricane claims, tax disputes, estate transfers, and more. Each time, our goal is the same: to deliver a reliable and accurate value opinion that helps our clients move forward confidently. Final Thoughts Retrospective appraisals may look backward, but they’re one of the most forward-focused tools we have in real estate. When done right, they provide the foundation for sound decisions—financially, legally, and strategically. If you need a retrospective appraisal or just want to talk through a situation where one might apply, don’t hesitate to reach out. We’re here to help you look back, so you can move forward with clarity. Thank you for your interest. Have questions regarding the local market? Navigate the Real Estate Market with confidence, and contact us at Cliggitt Valuation for your appraisal, consulting, and valuation needs today. Mike Cliggitt, MAI, MRICS, CCIM 813.405.1705 | 863.661.1165 - Direct Lines findvalue@cliggitt.com Appraisal & Valuation Markets Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt. Sydney Avolt 727.403.7418 - Direct Line sydney@cliggitt.com
What is a Stepped-Up Basis — and Why Does It Matter for Commercial Property in Florida?
In recent years, Tampa Bay has become a hot spot for real estate investment — and not just from individual landlords or local developers. According to a new report from the Private Equity Stakeholder Project, nearly 25% of all apartment units in our metro area are now owned by private equity firms. That’s a major shift with big implications for renters, property owners, and real estate professionals alike. Nationally, private equity ownership accounts for about 10% of all apartment units, but the concentration is much higher in Sunbelt cities like Tampa, where demand is booming and tenant protections tend to be weaker. As Jordan Ash, the report’s research director, put it: “States that have weak tenant protections is something that private equity companies are attracted to... and the other just being growing population, which creates more of a demand for rental housing.” These firms, including big names like Greystar and Blackstone, typically focus on maximizing returns — which often means increasing rents and cutting costs wherever possible.
Florida's 2024 hurricane season left many property owners dealing with significant damage. After the winds and floods passed, these owners were left not only with repairs but also questions about financial recovery. One form of relief might be a tax deduction for a casualty loss – essentially, the loss in your property’s value due to the hurricane. To claim this, you document the loss on IRS Form 4684, which is where a casualty loss appraisal comes into play. What Is a Casualty Loss Appraisal? Casualty losses are losses from sudden, unexpected events like hurricanes, floods, or fires that damage your property. If your home or other personal-use real estate in Florida was damaged by a 2024 hurricane (in a federally declared disaster area), you may be eligible to deduct the loss in value on your federal taxes. IRS Form 4684 (Casualties and Thefts) is used to calculate and report that loss. But how do you figure out the dollar amount of your property’s loss? This is where a casualty loss appraisal is critical. A casualty loss appraisal is a professional assessment of your property’s fair market value immediately before the casualty and immediately after. The difference between those two values represents your property’s decrease in value due to the disaster In other words, it tells you (and the IRS) how much value your property lost because of the hurricane. Form 4684 will ask for the fair market value (FMV) of your property before and after the casualty. The IRS defines FMV as the price a willing buyer would pay a willing seller for the property, with both having reasonable knowledge of the facts For most homeowners, determining these values isn’t straightforward—you typically won’t know exactly what your home was “worth” right before and after the storm. That’s why the IRS and tax professionals often rely on a qualified appraisal to establish those numbers. According to IRS instructions, FMV is generally determined by a competent appraisal, considering sales of comparable properties around the time of the casualty and the specifics of your property’s condition In short, a casualty loss appraisal provides the official valuations needed to fill out Form 4684 accurately and substantiate your deduction. Calculating Fair Market Value Before and After a Disaster Calculating your property’s fair market value before and after a hurricane involves more than just guessing or looking at Zillow. A professional appraiser will assess your home’s condition, review comparable sales, and factor in the local real estate market to determine what your property was worth immediately before the damage and immediately after. The difference is your loss in value due to the casualty (subject to certain tax limits like your cost basis and insurance reimbursement). It’s important to note that the appraisal must isolate the loss due to physical damage. The IRS explicitly instructs that the post-casualty appraised value must be adjusted to remove any general market decline that happened at the same time as the disaster In plain English, this means the appraiser should not attribute a broad drop in market prices to your specific loss. For example, if an entire neighborhood’s property values fell because buyers became nervous about hurricane risks in that area, that general drop is not part of your individual casualty loss. Only the value drop caused by actual damage to your property counts. A qualified appraiser will understand this distinction and ensure your before-and-after values reflect solely the impact of the damage, not unrelated market fluctuations. Example: Suppose your home was worth $300,000 before a hurricane. After the storm, with a torn roof and water damage, its value might be only $240,000. At first glance, it seems you lost $60,000 in value. However, imagine the hurricane also caused a general decline in home prices in your area (say, about 5% because the whole region was impacted). If similar undamaged homes went from $300,000 to $285,000 due to the market’s reaction, then your $60,000 drop isn’t entirely due to your property’s specific damage. The appraiser would adjust for that market effect – meaning they might conclude your home’s value after the physical damage (excluding the general market dip) would have been around $255,000. Thus, the loss attributable to your property’s damage would be $300,000 minus $255,000 = $45,000. This is the number that would go on your Form 4684 as the casualty loss (before any insurance or other adjustments). The key is that the appraisal parses out what portion of the value loss was due to your house’s damage versus the overall market downturn. Using Repair Costs as Evidence of Loss What if you’ve already started repairs? The IRS recognizes that repair bills can sometimes serve as evidence of your property’s loss in value. However, you can’t simply take any repair estimate and call that your loss – specific criteria must be met for the “cost of repairs” method to be valid. According to IRS guidelines, you may use the cost of repairs as proof of the decrease in value if and only if you meet all of the following conditions: • The repairs are actually made: You must actually complete the repairs on the property. • Repairs restore the property to its pre-casualty condition: The work done should bring your home back to the way it was immediately before the hurricane. • The repair costs are not excessive: The amount you spend should be reasonable and necessary, not inflated. • Repairs only fix the hurricane damage: You can’t include upgrades or unrelated improvements. The repairs should address only the damage caused by the casualty. • Repairs don’t improve the property beyond its original value: After repairs, the property’s value should not be higher than it was before the disaster. In other words, you haven’t added value—just restored what was lost. If all of these conditions are met, the total cost of repairs can be used as a measure of how much value was lost. This makes sense because if you fully restore your home to its prior condition, the money you spent should correspond to the value it lost (as long as you didn’t over-improve). Keep in mind, the repair-cost method is mainly useful as supporting evidence. You would keep copies of receipts and contractor bills to show the IRS if needed. Also note that if your insurance reimbursed you for some repairs, your deductible loss would be reduced by that amount. For many large losses, especially if repairs are not completed by tax time, a professional appraisal is still the primary way to determine the drop in value. The repair costs method is just alternative evidence to bolster your claim. If your repairs meet the above criteria, you can use those figures on Form 4684 as evidence of the decline in FMV. But if the situation is complex (partial repairs, improvements mixed in, or market value shifts), it’s safest to get an expert appraisal. Your Entire Property Is One “Item” for a Casualty Loss When dealing with personal-use real estate (like your primary home), the IRS treats your property as one single asset for the casualty loss calculation. This means all the components of your property – the land, the house, the garage, the pool, the trees and landscaping, etc. – are considered together as one item for measuring the loss You do not calculate separate losses for each feature or improvement on that real estate. For example, you wouldn’t list the damage to your roof as one casualty loss and the damage to your fence as another. They’re part of the overall property loss. The logic here is that your home and its attached structures/improvements collectively contribute to the property’s value. So, you assess the decrease in value of the property as a whole. The appraisal will determine how the entire property’s market value changed due to the hurricane. (Personal belongings, however, are treated separately. If you also had damage to contents – say furniture or electronics – those would be itemized individually on Form 4684. The IRS gives an example that you would figure the loss separately for each piece of furniture, but not for parts of the real estate.) For Florida homeowners, it’s important to understand this “one property, one loss” approach so you don’t mistakenly try to break out losses by component. On your tax forms, you’ll combine the damage to your house, landscaping, and other fixtures into one calculation for that property. This also means the $100 deductibility threshold (and the 10%-of-AGI rule if applicable) is applied per overall event, not per item, so you can’t bypass it by splitting items. The appraisal report you obtain will reflect the total impact on your property’s value, which is exactly what the IRS wants to see for a personal-use casualty loss. Why a Qualified, USPAP-Compliant Appraisal Matters A casualty loss appraisal isn’t just any home valuation – it needs to be done right. The IRS mentions using a “competent appraisal” for a reason. A qualified appraiser who is USPAP-compliant will ensure that the appraisal stands up to scrutiny. USPAP (Uniform Standards of Professional Appraisal Practice) is the industry’s code of ethics and guidelines that appraisal professionals follow to produce credible, unbiased valuations. When an appraisal is USPAP-compliant, you can trust that it has documented all the necessary steps, considered all relevant market evidence, and followed standardized methods. This level of professionalism is important not only for your own peace of mind but also if the IRS ever questions your casualty loss claim. Remember, the goal of the appraisal is to prove your loss in value. An appraiser with experience in casualty loss valuations will know how to document the pre-disaster value (often using comparable sales from before the hurricane or reconstructed data) and the post-disaster value (accounting for the damage, as well as any repair estimates, and excluding general market drops as discussed earlier). The appraiser’s written report will typically include photographs of the damage, descriptions of your property’s condition, the methodology used to determine values, and references to comparable sales. This report becomes your evidence that “Yes, I really did lose $X in property value due to this hurricane.” Using a qualified, independent appraiser also adds credibility. It shows you didn’t just come up with a number to maximize your tax deduction; a trained professional calculated it. In the event of an audit or review, a solid appraisal report can make all the difference. It’s worth noting that while appraisals cost a fee, they can potentially save you much more in taxes (and protect you from penalties for inaccurate claims). As the old saying goes, “document, document, document” – and a USPAP-compliant appraisal is the gold standard documentation for a casualty loss deduction. How Cliggitt Valuation Can Help Dealing with the aftermath of a hurricane is stressful enough without having to become a tax or appraisal expert overnight. That’s where Cliggitt Valuation comes in. We understand both the local real estate market and the specific requirements for casualty loss valuations. We regularly perform IRS-compliant casualty loss appraisals for homeowners and property owners looking to maximize their eligible deductions after disasters. Our reports are prepared in accordance with USPAP standards and tailored to meet IRS guidelines, so you can confidently use them in support of your Form 4684 claims. We will walk you through the process: inspecting your property, researching market data, and explaining our findings in plain language. You’ll get an appraisal that not only provides the before-and-after values of your property, but also clearly documents how those values were determined. This gives you, your tax preparer, and the IRS a transparent record of your loss. Don’t navigate the casualty loss process alone. If your Florida property was damaged in the 2024 hurricane season, let us help you assess and document your loss accurately. With our qualified team on your side, you can focus on rebuilding, while we handle the valuation details. Here’s to a smoother recovery and the confidence of having experts support your claim every step of the way. Thank you for your interest. Have questions regarding the local market? Navigate the Real Estate Market with confidence, and contact us at Cliggitt Valuation for your appraisal, consulting, and valuation needs today. Mike Cliggitt, MAI, MRICS, CCIM 813.405.1705 | 863.661.1165 - Direct Lines findvalue@cliggitt.com Appraisal & Valuation Markets Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt. Sydney Avolt 727.403.7418 - Direct Line sydney@cliggitt.com
Disclaimer:
Please note that none of the information or opinions expressed herein are meant to convey nor should they be construed as real estate appraisal practice, brokerage practice, legal, tax, or financial advice.
