Interested in real estate in Pennsylvania? 2014 may be your year.
With stronger financing options and a larger inventory, 2014 may be a good year to consider joining the real estate development market.
February 01, 2014 /24-7PressRelease/ -- Interested in real estate in Pennsylvania? 2014 may be your year.
Article provided by Caldwell & Kearns, P.C.
Visit us at http://www.caldwellkearns.com
From residential to commercial, resort to rural land, the real estate market is poised for growth in 2014. Recent articles from financial professionals with CNN Money, Forbes and CBS MoneyWatch have touched on a variety of projections for the market in the new-year. Although each professional has some specific predictions, two were repeated within almost every source: an increased inventory and an increase in the availability of financing for real estate.
Tips for entrepreneurs considering real estate development
These projections may spark some interest in those already considering a real estate development venture, or those looking to expand a current business. Those interested in this field are aware that success requires more than just a smart purchase. In addition to finding the right piece of property for a project's needs, success also requires the ability to properly finance the venture, the presence of a strong development plan and the ability to supervise the process to help better ensure the plan comes to fruition.
Entrepreneurs looking to take advantage of the market could do well by following these tips:
-Cities. Focus on "second-tier" cities. According to a report by CBS MoneyWatch, investors, builders and developers will be most successful if they shift away from large cities like New York, also referred to as 24-hour gateway cities. Instead, financial experts recommend a focus on smaller cities. This projection could mean that investments in cities like Philadelphia and Pittsburgh are sound decisions in 2014. Why? These so called "second-tier" cities are more likely to have good housing deals while still offering the benefits of city life.
-Courage. Barbara Corcoran, a successful real estate entrepreneur in New York and star of ABC's Shark Tank, gave the following advice to Fortune: have the courage to speak up and the wisdom to step back. Take the time view things from a different angle and take advantage of opportunities others are not (such as Internet sales).
-Collaboration. The Urban Land Institute, a nonprofit research and education group focused on exchanging ideas and information about real estate development, notes that a successful real estate developer knows the importance of collaboration with multiple professionals. This can include fellow real estate professionals, architects and specialists in the field of commercial law.
Navigating through the various issues that can arise with property development matters and the accompanying paperwork can be intimidating. Those who are considering going into this line of business should contact an experienced commercial property law attorney. This legal professional will be able to guide you through the process and better ensure your interests are properly protected.
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