Via PBJ: Prominent Philadelphia developers, in their own words

Earlier, I was reading an article in the Philly Business Journal, when I happened upon an interesting image:

It is from a conference held by the Philadelphia chapter of the Urban Land Institute last week at the Villanova Conference Center. The topic was “Betting on real estate in the city or the suburbs…or hedging your bet?”

There are good quotes in there from local developers and other attendees – some about the convoluted process in Philly, others about the recent real estate market in general. One panelist compares the recession-damaged industry to post-WWII Germany.

It’s worth a read: Prominent Philadelphia developers, in their own words

The Difference Between Classes of Office Space

class b office space

Class B office space is often competitive with Class A space, in terms of appearance, amenities, and location.

When looking for an office space to fit your needs, you will notice that the office spaces are categorized into three classes: A, B, and C. The class that each particular unit is placed into depends on a number of things including the desirability of the location as well as the quality of the particular office.

Variables such as cost, tenants, age, location, and other specific features of the building play a part in understanding the class to which each office space will be categorized. It is important to understand the differences between these three classes because it will help you to decide which office space is best for your business. Continue reading

Philadelphia’s Actual Value Initiative (AVI) – Part 1

A Look at Real Estate Taxes in Philadelphia

In Philadelphia, there has been a great deal of worry over how the city’s Actual Value Initiative (commonly referred to as AVI) will affect homeowners, the local real estate market, the school district, the City of Philadelphia’s financial health, as well as the overall health of the city’s economy.

Nevertheless, some people, especially those living outside of the city, are asking more basic questions like: “How do Philadelphia’s real estate taxes work?”, “What is AVI and how does it work?”, and “How will real estate taxes in Philadelphia compare to surrounding areas?”. Continue reading

Purchasing Foreclosed Homes

Foreclosed homes are abandoned homes that are not classified under the financial district or neighborhood they are built by. Foreclosed homes are often vacated in a rush and as a result, are neglected when it comes to home up keep. Foreclosure most of the times occurs when the homeowner can no longer afford to make his or her mortgage payments. In cases like this, homes are repossessed by the bank, and the former tenants are forced to leave the property.

Home foreclosures are becoming more and more common. With the decline of the economy it is becoming increasingly difficult for many people to make their monthly payments. Such homes are often marked for sale when the owner fails to meet the last minute agreement for tax or mortgage. These homes are sold under auction; ads related to its marketing can be seen in newspapers. Continue reading

Settling for Real Estate Foreclosures

Foreclosures are legal procedures that go along with homeowners who can no longer afford to make their mortgage payments on their homes. Being foreclosed on is an upsetting and stressful process, but sometimes it seems that the circumstance is unavoidable. It often happens unfortunately or unpredictability from a variety of reasons. Being laid off, inability to continue making payments because of medical conditions, problems with co-owner, excessive debts and other mounting bills, transfer of job to another place far away are some of the reasons why people opt for foreclosures.

The people who are specialists in buying foreclosures prefer to buy these assets before the proceedings get real. Foreclosure proceedings vary. In mortgage situations, the seller can stay in their homes for a year before moving out. The seller has every right to withdraw the sale at any time, in the event he or she has managed to gather the required funds to prevent the sale. Buy homes that have been foreclosed on is taking advantage of the seller’s misfortune.

Hiring a Real Estate Lawyer before Buying or Renting

Buying or leasing a property should be done with great care. An attractive property that falls within your budget might be something of which you have always dreamed. You want to ensure that you attend to all legal formalities. This will make the process as hassle free as possible.

Many problems could exist at properties that are not visible externally. In the same way you need to hire a real estate inspector for the property, you should hire a real estate lawyer to inspect the contract. A real estate lawyer will go through the documentation carefully, protecting your interests. Continue reading

When is it a good idea to do a short sale of a property?

short sale attorneyIn a short sale real estate transaction, a homeowner sells a property for a price that is less than the actual mortgaged amount. To facilitate such a deal, the homeowner gets in touch with their bank or mortgage company and requests a discount on the due amount.

Although these are not the ideal conditions for selling a home, it prevents foreclosure and even bankruptcy for some homeowners. In today’s economy, short sales have become very popular, as many homeowners are “upside down” or “underwater” on their mortgages. Continue reading

Environmental Permitting and Compliance Lawyers for Real Estate

Real estate law often deals with issues related to the buying and selling, as well as the leasing of, properties. If you are planning to enter the real estate business, or otherwise buy or sell a property, then it is important that you understand various important aspects of real estate law.

environmental permitting and compliance lawyer

Along with transactional concerns, environmental compliance is often an unforeseen detail. Regardless of our experience in real estate, it can be important to hire a good environmental permitting and compliance lawyer who is experienced in this area. This is especially true if you have development plans for the property, which could very likely mean a number of permitting requirements.

There are many real estate lawyers available today that specialize in environmental compliance matters. These lawyers are commonly hired by large construction companies, who often get involved in legal disputes with a local municipality or other government agency during a project. Hiring an environmental permitting and compliance lawyer now may prevent unexpected problems in the future. If you already have compliance issues, hiring an expert can help resolve the issue properly and in a timely manner.

Bankruptcy Attorneys are Helpful when Debt is out of Control

Like two sides of a coin, your finances will have good and as bad periods. You may be earning a significant amount when business is good, but there may be equally low periods where your business is not doing so well.

Many in this situation work harder when growth of a business is stagnant or on a diminishing trend, however sometimes their efforts go in vain. Debt may increase on a daily basis and they begin to worry what will happen to their business, themselves, and those who depend on them. Continue reading