STR appraisal process

[Nick Florio]

I have a house under contract in Treasure Island, FL that is zoned for nightly STR but has always been used as an annual rental. The majority of the Island is zoned for 90 day min rental which dramatically impacts the price. All of the comps in the appraisal set were 90 day min rental (one was even 18 months old).

The appraisal came in well below the contract price and what I believe the real value of the property should be. I challenged the appraisal based on the old comps used and submitted a zoning map which indicates where the zoning changes. It was denied a new appraisal and now I must bridge the appraisal or find a new lender.

I have 3 RE licenses and multiple investment properties, some are even STR, but I am not sure if the zonig should be a factor in the appraisal process. Obviously from an investment standpoint it greatly impacts the value but and seems like it should be given consideration but I am looking for feedback from other investors/appraisers to see if zoning is a ever factor used in the appraisal process.