Lehigh Acres is a 60,000 acre community that offers living to suit many lifestyles – family homes, apartments, golf course villas, townhouses, condominiums and more. A semitropical climate may be Lehigh Acres' greatest and most important asset. Sunny days are most common along the year, and temperature extremes rarely last very long. For those of you looking for peace dự án ocenan villa vũng tàu and quiet, this is the time to purchase real estate.
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Florida is the U.S. state with the highest rate of foreclosures. Property values have dropped about 40 per cent since the market there peaked in September 2005. For example: a 3 bedroom/2 bathroom single family home is up for sale at 30,000$ and with a little bit of negotiation it can drop below 29k. If this does not convincing, you should know that prices have dropped in all price ranges according to the Florida Association of Realtors. FAR statistics show that the market is slowly gaining terrain which means that now it is the perfect time to buy a home, before prices go up again. For those of you interested in investing in a couple of houses for a later resale, this is the ideal time.
Another advantage of the real estate situation in Lehigh Acres is the high inventory levels. Inventory is plentiful in all price ranges. But as sales volumes increase, inventory levels are likely to shrink. That reality translates into this advice for buyers: never wait too long. Potential customers should not forget the low mortgage rates Florida has to offer, especially Lehigh Acres. These rates still at the lowest levels since the 60 and that must stand for something. Simply put, the lower rates multiply a buyer's financial power. Even half a percent can make a huge difference. Let us take for example a $200,000 home; half of 1 percent could save the homeowner about $815 a year. Buyers can get more home for the money, which is a perfect scenario for families looking to upsize.
The general real estate situation is still suffering, but the effect is not that great upon Lehigh Acres. This is still a great place for kids and it is still seen as an ideal retirement destination as it has a nice climate, friendly atmosphere, peaceful and most important, affordable. Even with this unfortunate yet imminent slowdown in economic growth nationally (and globally), projections call for Florida's population to return to more normal growth levels of about 317,000 a year between 2010 and 2020, similar to the 1980s and 1990s, said Stan Smith, director of the University of Florida's Bureau of Economic and Business Research.
The economy fall has affected all branches, not only real estate, but this situation is less visible in Florida as there are some strong business sectors that do very well even now, when others are struggling to survive. The healthcare and technology sectors are becoming an important economic force in South and Central Florida in a very fast matter. The Milken Institute/Greenstreet Real Estate Partners ranked five Florida communities on its "Best Performing Cities Index 2008," which ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. Florida's business climate ranked fourth among executives and sixth overall on Site Selection magazine's 2008 Top State Business Climate rankings.
All these numbers and statistics stand for something, they show the fact that Florida, and in our case Lehigh Acres, is the place to get a home. Estate experts recommend this area not only for families, but also for investors. The area offers a complete package: nice weather, good neighborhood, strong business activity and others as well.
Commercial Property Contracts and Leases
Contracts written on commercial property differ slightly from those for residential properties:
Commercial Property Contract Differences
A residential contract is not appropriate to use for commercial purposes, because there are certain things that commercial buyers and sellers want to do that the standard residential contracts may not include, such as:
• Delayed deposit • Particular documents from Seller • Extended inspection periods • Specific representatives and warranties • Closing commercial considerations • Brokerage fees
Tip: Always use a special commercial contract that provides for these major differences.
Delayed Deposit
In a residential contract, the deposit check is customarily attached as a gesture of good faith and to demonstrate the ability to complete the deal. Apparently, commercial sellers aren't nearly as influenced by this custom. In commercial agreements, the deposit is usually received within two or three days after signing the contract. This gives everyone a chance to sign, so you don't have several deposit checks floating in and out of escrow accounts all over the county.
Almost all commercial real estate investors use delayed deposits. If you are making an offer on a property, you write the contract and prepare the offer. Where the contract says Deposit, you enter whatever amount your deposit is going to be and say that it will be posted with the seller's nominee.
The deposit is usually sent within three business days of all parties signing; in case contract negotiations take two or three weeks. Commercial sellers consider this standard operating procedure. However, there may be an occasional commercial business proposition, resulting in a signed contract with no money deposited.
Documents from Seller
As part of the commercial property contract or lease agreement, the seller must submit certain documents to you within a specified time, after the contract is executed, such as:
• Engineering plans, drawings, surveys, and artist's renderings • Economic and financial studies relating to the property
In the event that you do not purchase the property for any reason other than Seller's default, you must return all information to the Seller, together with any information that you may have compiled with respect to the property.
Inspection Period
Your commercial property contract should also state that you have an inspection period-a free look. This period is to allow you to conduct different types of inspections and pursue any lines of inquiry for the next 60, 90, or even 120 days-whatever it will take to get the job done. During that period, whatever deposit you submitted is not at risk. The inspection period starts when the Seller delivers the documents you requested. That way, your due diligence clock doesn't start immediately, which gives you sufficient time to address important issues, like environmental factors.
This period is extendable, so always ask for extensions. You are determining the usability of the property and may decide not to buy it. Therefore, you must be able to give notice of termination of this agreement at any time prior to the expiration of the inspection period or any extensions. If you decide to terminate the agreement, all deposits must be returned to you.
You may extend this inspection period for up to three 30-day periods without asking for the Seller's permission. However, you must give the Seller advanced written notice before the end of the inspection period, together with an additional deposit.
Stay tuned for more, as we will follow up with part 2 of Commercial Contracts and Leases in an upcoming article.
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