If you have only purchased residential real estate in the past -- such as a family home -- and you're now thinking of buying a commercial property, you need to know that there are some significant differences in the way that you determine the value of that property. Before you close, make sure you know exactly what you're buying and why you're paying for it.
If you've recently set out to purchase commercial real estate in Florida, then you're probably well aware that while it's similar in some aspects to the residential process, it's very different in many ways as well. One factor that sets one type of transaction apart from the other is the time it takes to wrap up a deal. Commercial property closings notoriously take a long time.
If you're in the market for commercial real estate, you're probably looking forward to the day when you finally make a purchase. As excited as you may be, it's critical to pay attention to the many details associated with your transaction.
One option you have when considering commercial property is to buy space in a mixed-use building. While many buildings are zoned for either commercial or residential use, these buildings are zoned for both. The classic example is an apartment building with apartments on the top few floors and shops and stores on the ground floor.
The Florida commercial lease tax rate is set to drop from 5.7% to 5.5%, the third reduction in three years.
Florida is among the states that are expected to see a growth in the demand of commercial property in a specific sector: cold storage.
Melbourne realtors often clamor to get an exclusive listing to sell units in a condo building the moment they hear that a new Florida development is in the works. They attract customers in the market for a newly constructed home by telling them that the earlier they buy, the better the price will be. They also let them know that they customize their unit. Even though it may seem ideal to buy a condo during the preconstruction phase, that's not always the case.
According to a report published by the Federal Bureau of Investigation's Internet Crime Complaint Center in 2017, there were 21,887 cases of wire fraud reported in Florida that year. This didn't just pose a threat to parties to residential real estate transactions. Research shows that fraudsters are targeting commercial buyers and sellers at an alarming rate too.
When you close on a property, you need to sign a lot of different documents. Often, officials will simply give you a quick rundown of what the page says and what it means before you sign. This speeds the process along for everyone involved.
The city of Miami Beach is being sued by a cannabis company that had signed a commercial lease for a medical marijuana dispensary but was thwarted in its efforts to do so.