According to West Penn Multi-List, Inc., a multiple listing service company for some Pennsylvania realtors, the real estate market appears to be picking up in the state. Realtors are seeing residential homes selling more quickly and for higher prices than they were a year ago.
In Philadelphia, multifamily and other commercial real estate is moving as well. The Philadelphia Business Journal reports that investors are clamoring to purchase property in the city. The popular city is attracting more and more highly educated and well-to-do residents and they all need homes and office space.
A sign of the times is the potential sale of an apartment building that is still under construction. The developer of 2040 Market St. in Center City is expecting to sell the property at a record setting price of nearly $150 million. Other apartment building developers are watching the real estate transaction with keen interest.
Additionally, Wynn Resorts Ltd. has applied for a gaming license in Philadelphia and is proposing to build a casino and resort that will be three times larger than Penn’s Landing. With a price tag of nearly a billion dollars, it will be the largest private construction project in the state. The proposed development will not only provide jobs during the construction but has the potential of employing hundreds of local residents.
The business of real estate
With any real estate development comes a multitude of uncertainties, financial decisions and required documents. Large projects take years to plan and years to construct. One misstep along the way can cause innumerable legal problems.
Contractors, builders and developers have to make sure every necessary step is taken during the planning and completion of their projects. Many rely on real estate professionals to assist them through the various legal issues that arise during all stages of the construction and development process. Questions and disputes may arise concerning issues dealing with:
- Environmental compliance
- Land use and zoning
- Road use, access and traffic
- Encroachments, easements and boundary lines
- Site plans, declarations and public filings
- Leasing, purchasing and construction agreements
- Financing documents
Seek legal counsel
Whether you represent a large developer, own a medium size construction firm or are an individual looking to purchase your first home, an experienced real estate lawyer may be able to provide you with invaluable assistance. An attorney knowledgeable about commercial and residential real estate transactions can help as you plan and execute your next real estate transaction.