Illinois zoning variance lawyersIn DuPage County, and virtually every other county in America, most land is zoned, or designated, to be used for specific things. For example, a plot of land could be zoned as single-family residential, in which case it could not be used to build an apartment complex or open a business. In most situations, large areas are made up of plots of property that are zoned in the same way. If you want to open a business in an area that is zoned as residential, you will have to get what is called a variance, or exception, to the zoning rules. In order to open the business, you would need a commercial real estate zoning variance.

Types of Variance

There are two types of variance available, and you need to apply for the correct one when seeking a commercial real estate zoning variance. The two options are:

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Illinois real estate lawyersBitcoin, though introduced back in 2009, has made little headway in the real estate market. Still, there are enthusiasts who still believe Bitcoin real estate transactions (and other blockchain exchanges) are the wave of the future, and even real estate professionals have a mixed opinion about the future of cryptocurrency in real estate. What does all this mean for investors who are looking to sell or buy a property using blockchain, and how can a seasoned real estate lawyer help to mitigate the potential risks of such a transition? Learn more in the following sections.

Bitcoin Transactions in Real Estate 

Last fall, a Miami condo made national headlines when its listing announced that the seller would only take Bitcoin for the transaction. The price, which was set at 33 Bitcoins, amounted to about $544,500 at that time. While others had allowed cryptocurrency for real estate transactions, this was the first ever “Bitcoin only” transaction.

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 Naperville condo deconversion attorneysJust as trends come and go in other business arenas, they also make their mark in the commercial real estate world. The condo deconversion is one of the latest booming trends to hit commercial real estate, but some experts believe this may be more than a trend that will fade with time.

There are a few simple realities behind this reasoning: condo deconversion is based on restructuring older properties, and alternatives to new construction are continually in demand. There are - and will continue to be - older properties in need of modernization, and at the same time, real estate investors in need of more affordable construction methods. This makes the condo deconversion business model very appealing in commercial real estate, which means the market will likely continue to see a lot of them in the future.

What does this mean for HOA condominium owners? If you are considering any kind of condo deconversion transaction, it's important to know what you're getting into beforehand. Consider the following as you explore your options:

1. What will the process entail? Selling your property as an individual unit is a complicated process, and you may not make as much selling it individually as you might in a bulk sale, or as a whole property unit. Either way, the process will involve hiring a broker and managing the legal costs to complete the sale. As you assess property value, keep in mind that many different factors may affect the sale price. For example, each condo owner's home is different. Some will have certain upgrades and aesthetic finishes that others lack. 2. Is my HOA on the same page? When it comes to selling a condominium property as a member of an HOA, whether or not the HOA committee is on the same page can make a huge difference in the overall selling process. There are definite benefits to agreeing to sell the condos in a bulk sale. Legally there must be a vote amongst the HOA, and typically a certain percentage must vote in favor of the bill sale before it is permissible by law. Consider speaking with your committee and consulting with professional brokers and legal representatives who can guide you in the right direction. Contact Our Naperville Conodominium Deconversion Lawyers Commercial real estate decisions such as condo deconversion sales can be tricky, but also financially rewarding, so long as your rights are protected from start to finish. To ensure you're prepared for any potential complications that may arise during your transaction, speak with a Naperville commercial real estate attorney today. Call Lindell & Tessitore, P.C. at 630-778-3818 for a specialized consultation today. Source: https://www.forbes.com/sites/forbesrealestatecouncil/2018/07/03/what-members-of-every-hoa-should-know-about-condo-deconversions/#4191f7fe61c9

Naperville real estate lawyersThe Tax Cut and Jobs Act went into full effect at the start of 2019. Sadly, this new law will fall short on delivering some of its promises. A prime example is the small business tax benefit, which was supposed to allow taxpayers who made less than $157,500 ($315,000 for a married couple) to deduct 20 percent of  a pass-through business’ income from their overall taxable income. Yet, in what many call a “shocking” and “counterintuitive” move, the Treasury announced that taxpayers who use triple net leases will be blocked from claiming the deduction.

What might all this mean for your investment portfolio, and what can our seasoned Naperville real estate lawyers do to help? The following information explains further.

Triple Net Leases - The “Gold Standard” in Commercial Real Estate

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Naperville residential real estate lawyerDuring the housing market crash of 2017, investors flocked to pick up every distressed property that they could find. Many sold their assets to other investors. Others remodeled the properties and rented them out, securing themselves a fairly steady cash flow. Still others decided to “flip” their houses and sell them. This last group of investors, otherwise known as “house-flippers” have become commonplace in the last decade, but with fears of a market cool-down mounting, many are now selling their assets and bowing out. Should you do the same, or is now the time to hold onto your assets?

The answer to this question may depend greatly on your current situation.

Profit Margins Shrink as the Cost of Repairs and Mortgage Prices Rise 

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From our offices in Naperville and Oak Brook, Lindell & Tessitore P.C. represents clients throughout Illinois including the areas of Plainfield, Oswego, Aurora, Lisle, Winfield, Wheaton, St. Charles, Geneva, Oakbrook Terrace, Elmhurst, Hinsdale, Burr Ridge, Batavia, Yorkville, Downers Grove, Warrenville, Woodridge, Lemont, Romeoville, Joliet, Bolingbrook, Mokena, New Lenox, Frankfort, Channahon, DuPage County, Will County, Lake County, Kendall County, Kane County, Cook County, and the greater Chicagoland area.