Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.
For many years parking lots were overlooked, underappreciated and underdeveloped. That time is over.
Why are parking lots now in so much demand?
Many parking lots are valuable because they’re sandwiched in the middle of really strong locations.
The trend is fueled by lot owners looking to cash in on a booming real estate market and developers seeking to build on what are often the best sites in town.
Cash flow while you plan your project
If for some reason the developer can’t proceed with the project right away, they have a nice cash-flowing asset that is always parked on.
It takes time for the development process to play out. During that time, they have income coming in.
If the real estate cycle begins to slow, the developer can sit on the land and wait. Whenever the market comes back or the demand returns they will be ready to begin construction.
Surface lots are by definition empty. There’s no pre-existing building conditions so you don’t have to worry about demolition…and finding asbestos or other expensive environmental challenges.
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About Beau Beach, MBA CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee and South Florida markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 800-721-3287, click to schedule a call or Beau@BeachwoodSells.com