Developing land can be an exciting venture, allowing one party to create a building that can generate profits and positively contribute to its bottom line. However, amid the excitement that comes with commencing such a project, it is natural to face a myriad of challenges. For instance, the party may find it challenging to see eye-to-eye with another party during negotiations related to the commercial real estate transaction. With the commercial real estate market particularly prime for a boost in the near future in Florida, these kinds of challenges certainly will be inevitable at times.
International investors recently have been drawn to Florida's commercial market. Likewise, homeowners who are interested in taking up residence downtown instead of in the suburbs are driving attention to the state's residential real estate sector. What specifically makes the state so appealing to businesses and people with large sums of money is the fact that Florida has no income tax.
The fact that Florida has no income tax also is beneficial for baby boomers who are interested in retiring in the state. The city of Miami is especially drawing interest globally. It appears that downtown high-rise buildings along with residences will keep the real estate market going strong in the near future.
Some commercial real estate development deals go smoothly, while others don't. When a commercial real estate transaction ends up being a little rocky because both parties can't establish themselves on common ground, the transaction can go belly-up, thus wasting money, time and energy. However, understanding related laws can help a business to strike a deal that will work in its best interest long-term in Florida.
Source: Miami Herald, South Florida real estate market has international appeal, developers and investors say, Evan S. Benn, Feb. 14, 2014