In part 1 of this 3 part blog, we reviewed steps needed to understand what you own or have inherited. Now that you have an understanding of the property, you may have decided to keep the property and operate it for income purposes. This blog will review issues relating to owning and operating the property.
Many of our clients are multi-generational property owners; sometimes the junior family members are involved in the business and are ready to step into ownership of the commercial real estate. Other times, those who inherit the property have never owned the particular property or commercial properties before. In this 3-part blog series, we will review some key factors and options relating to owning commercial properties. Some of these factors will apply to first time buyers as well. Part 1 will cover briefly the steps needed to understand what you've obtained; Part 2 will cover issues relating to retaining the property; and Part 3 will cover issues relating to selling the property. For all purposes, these posts are intended to apply to commercial properties in all forms, but some of the options may relate to owning residential property for income purposes as well.
In a prior post, we highlighted the sunny outlook for commercial real estate projects in Southern California. Essentially, there is a strong sense of confidence among commercial real estate developers that is expected to last through 2018. With such optimism on the commercial side of real estate development, can the same be said for residential projects?
A recent trend in Southern California cities has real estate developers concerned. Simply stated, cities are being restricted from issuing zoning changes which are crucial for new development projects. Cities like Malibu, Encinitas, and Newport Beach are just a few examples of cities that already have restrictions in place that prevent them from issuing the zoning changes for real estate development projects.
As we have noted in our past posts, it appears that the commercial real estate market in Southern California has come back. And with such real estate at a premium, large private equity groups are purchasing warehouses, vacant retail locations and office buildings ostensibly with the anticipation that values will consistently increase.
In our first bi-weekly edition of the North San Diego County Real Estate Update, we wanted to compile a summary of a few recent stories that may be of special interest to our readers. Moving forward, we plan to publish an update every few weeks to note stories that may affect the commercial real estate and residential real estate markets in Northern San Diego County.
There's some truth to the old adage "hope springs eternal." In most regions of the country, this is associated with the changing of winter to spring and the optimism that comes with it. Even though it is spring time for most of the year in our region, the optimism for the commercial real estate market continues.
Last week, a social media post regarding a commercial real estate lease has gone viral. Yes, you read that correctly, a social media post regarding a commercial real estate lease went viral (over 1,800 comments and 2.5 million views). I never thought I'd see that day. With that said, it's understandable based on the interesting facts of this story.
To the untrained eye, a commercial real estate transaction should seem simple. A business sees an ideal location, finds out how much it would cost to run their operations from the location, negotiates a price with the owner, and the transaction concludes.