For a lender, time is always money. Interest is charged on loans to account for the cost of a borrower using the bank’s money over time. And when it comes time to foreclose on a property, it is typically because the borrower has stopped making their monthly mortgage payments. This costs the lender money, so…
What is Specific Performance?
Real estate is different from most other “products” that you buy or sell, what with every parcel of residential or commercial real estate being unique. Some may be very similar, but even with tract homes they each have a unique location. When something goes wrong with a real estate deal, because of this uniqueness, you…
$100 billion Boston
With any purchase of real estate, there are many associated costs incident to ownership. You know that that assuming it isn’t just a vacant lot, you will have maintenance and other upkeep costs on the structures, and there will always be property tax. If you have owned the property for a few years, you may…
Are you ready for next year?
Luck, it is said, is something you make yourself. This assumes that you have the foresight and astuteness to recognize opportunity and be in position to capitalize on it. According to the National Association for Business Economics (NABE), next year could turn in the strongest economic performance in 10 years. The NABE issued its forecast…
Could the Boston food market be replaced by Olympic rings?
Currently, the site is unimpressive. Low industrial buildings, with trucks and trailers parked all around. It seems unlikely to be viewed as a “prime location,” until you step back and recognize the New Boston Food Market occupies an extremely valuable piece of Boston real estate. And while most land owners are happy to know that…
Traffic may jam your next development project
Commercial real estate development is a complex business and in order for your project to be successful, you need to ensure that all the preparatory work is completed before you begin. You need to have the conceptual idea, and the plans that will implement that concept. You also need your finances in order, whether self-financed,…
Easements are not always that easy
Easements are an area of property law that a few people, outside of real property lawyers, really understand. But if you own a business, the scope of the easements that are attached to your property are often essential to your ability to operate your business and care should be taken to consider their potential effects….
Land use and zoning: are Massachusetts laws too restrictive?
The broad legal authority of local governments to regulate property use through zoning laws was established long ago. A U.S. Supreme Court case, Village of Euclid v. Ambler Realty, made that clear nearly 90 years ago. But this does not mean that a particular zoning law, as applied, as reasonable. And in Massachusetts, the very…
Business property and local taxes: hypothetical taxes not allowed
Commercial real estate development often involves negotiations with local governments about services and tax payments. If all goes well, these negotiations can yield the “win-win” arrangement that everyone seeks. Local governments get the benefit of development that might otherwise not have happened. And businesses, for their part, not only get tax incentives. They get much-needed…
Swedish firm invests in Boston property
A Swedish commercial real estate development firm recently announced that it made another investment in the state of Massachusetts. Skanska USA Commercial Development, with regional offices in Boston, acquired a one-acre parking lot in that city. The commercial real estate purchase was made from a joint venture between Morgan Stanley and Boston Global Investors. A…