When it comes to buying and selling commercial real estate in the Boston area, an appraisal is a standard step in the process. Going into the appraisal, business owners must keep in mind that a commercial appraisal is vastly different from a residential one.
Talk to most about buying commercial real estate in Boston and you are bound to hear many of the positives, including additional cash flow and a more open buying market than one may see with residential real estate. However, even though there are certainly many benefits to buying commercial real estate in the Boston area, it is imperative to take certain steps from the very beginning to ensure you are getting the best deal possible.
A recent case brought before the Massachusetts Supreme Judicial Court is highlighting some of the pitfalls developers can find themselves facing when trying to get a project plan approved and moving forward. While this case highlights the fact that not all cases can avoid litigation, and that sometimes residents in the area end up raising concerns, it also speaks volumes to the importance of careful and meticulous front-end planning.
While banks are attempting to take advantage of Boston's commercial real estate market, there are concerns regarding another possible real estate bubble. Lending by the Boston area's 25 largest banks has risen by approximately 40 percent over the past three years. The national average during this same period was 16 percent.