June 05, 2013 (Press-News.org) A new medical building is going up in Santa Cruz and will be four times the size of its current location. According to the Santa Cruz Sentinel, property in the popular Mission Street area is in such high demand that the clinic had to settle for a 20 year lease instead of purchasing the property outright. The expansion of the medical facility is just one of many signs indicating an uptick in the real estate market in California.
California's real estate boom
Across the state, realtors are reporting increasing demands for industrial, residential and commercial properties. More than 30,000 retail property brokers attended the International Council of Shopping Centers' convention earlier this month, the most attendees since 2008, a sure indicator that the economy is improving in the U.S.
Demand for industrial-zoned properties is rising in various pockets in California as developers clamor for space for massive warehouses and distribution centers. Many big-box companies want to be near the West Coast in order to more easily ship their products overseas.
The news is good for residential property sales in central California as well. An article in the Santa Cruz Sentinel reports that sellers are back in the driver's seat and median home sale prices almost hit $650,000 last month, the highest average price in the past five years. The residential homes are not just selling to California natives. Chinese purchasers are looking for affordable houses away from the political unrest of their home country. Billions of dollars are being spent on luxury condominiums and single-family homes each year.
Common real estate transaction issues
With any business or real estate transaction, some legal issues may arise. Common issues may be avoidable by hiring legal counsel and by following some of these tips:
- Get it in writing: Make sure your lease or purchase and sale agreement has a complete and proper legal description and contains all of the agreed-to provisions. Do not make side agreements with a handshake or a friendly understanding.
- Verify zoning and land use codes: It is important to obtain independent verification that the property is approved for its intended use. Some uses may have been grandfathered in and will not transfer to a new tenant or owner.
- Obtain clean title: Make sure the seller has proper authority to sell and that there are no clouds on the title.
- Buyer beware: Scrutinize and double-check all disclosures so you know exactly what you are getting and fully disclose everything you are legally obligated to disclose.
A lawyer can help
If you or your business is buying, leasing or selling a property in California, consult an experienced real estate attorney. A lawyer knowledgeable about real estate and business transactions may be able to help you with your legal needs efficiently and cost-effectively.
Article provided by Timothy J. Morgan, Attorney at Law
Visit us at www.timothyjmorgan.com
Upturn in California real estate market increases need for legal help
California's real estate market is booming. Industrial, residential and commercial properties are in high demand and some companies are settling for long-term leases in order to obtain what they want.
2013-06-05
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[Press-News.org] Upturn in California real estate market increases need for legal helpCalifornia's real estate market is booming. Industrial, residential and commercial properties are in high demand and some companies are settling for long-term leases in order to obtain what they want.