In a Law360.com article published on July 12th titled “4 Ways Brexit Could Shape The US Real Estate Landscape,” Andrew McIntyre of Law360 looks at four ways attorneys say the Brexit could play out in the following US real estate market areas: Office investment increases Lower interest rates Declining US hotel occupancy rates Luxury residential gets a … Continue Reading
Several counties in Pennsylvania are conducting countywide property reassessments. This update provides status changes for Washington, Blair and Lancaster Counties, along with a set of important deadlines and basic assessment appeal information. Washington County Washington County rolled out informal notices setting forth the tentative reassessment values for tax year 2017 for commercial properties last week, … Continue Reading
Starting July 1, 2016 Virginia local governments must, in reviewing a residential rezoning or concept plan amendment, determine whether a requested land use exaction addresses an impact that is “specifically attributable” to the proposed new residential development. Virginia’s unique proffer system allows a rezoning applicant to voluntarily offer to provide reasonable conditions governing the proposed … Continue Reading
Dusty Elias Kirk was interviewed this morning on Pittsburgh NPR station WESA concerning the upcoming property reassessments in Washington County, PA, the county immediately south of Pittsburgh’s home Allegheny County. This is the first reassessment of property in Washington County in over 35 years. Allegheny County last reassessed in 2012. Nearby Butler County hasn’t reassessed property values … Continue Reading
Washington County, Pennsylvania recently concluded its first county-wide reassessment in over thirty-five years, with reassessment values effective for the 2017 tax year. Property owners will receive two separate notices regarding the new values. The first notice will be a Notice of Informal Review which will be mailed to property owners starting March 1, 2016. These notices … Continue Reading
In a Law360.com article published on January 4th titled “California Real Estate Legislation and Regulation to Watch in 2016,” Andrew McIntyre of Law360 addresses the challenges facing the California real estate market in the new year. Here are the items on the 2016 legislative agenda: Proposition 13 Bay Area Housing Earthquake retrofitting San Francisco’s Proposition M Overall … Continue Reading
In a Law360.com article published on December 23rd titled “4 Areas of Retail Real Estate to Watch in 2016,” Andrew McIntyre of Law360 writes about the changes we will see in retail in the new year. The four developing areas are: Unlocking Additional Value Moving to Smaller Spaces Opening new categories of restaurants Tinkering with the … Continue Reading
In a Law360.com article published on December 17th titled “4 Common Errors in Year-End Race to Seal Real Estate Deals,” Simon Adams of the San Francisco office of Reed Smith offered his thoughts on the risks that appear when speed becomes a requirement of year end deals. Andrew McIntyre of Law360 identifies the following common … Continue Reading
On your next visit in Manhattan, go to the corner of Seventh Avenue and Christopher Street. You’ll be standing on the smallest piece of property in New York City. Hess Triangle is a tiny sliver of real estate in the shape of a triangle, measuring just 25.5 inches at the base and 27.5 inches on … Continue Reading
In a Law360.com article published on August 18th titled “4 Tips For Advising Tech Companies On Real Estate Deals,” Simon Adams of the San Francisco office of Reed Smith offered his thoughts on the property challenges facing technology firms. Andrew McIntyre of Law360 identifies the following tips: Need for expansion drives many deals Simon states … Continue Reading
It would be unfair (and likely bad faith) for a property owner to terminate a brokerage agreement prior to entering into a sales agreement or lease just to avoid paying a real estate commission. Yet, if a property owner is dissatisfied with the services of the broker, the owner should be able to terminate the … Continue Reading
Real property is generally conceived of as tangible and two dimensional. We acquire land described by courses and distances in a deed, depicted by lines on a survey. The laws respecting that land are well-formed; most in the U.S. derive from English common law. These laws give landowners extensive rights in their property, including the … Continue Reading
It’s that time of year again, as Pennsylvania real property tax assessments will soon be upon us. It is important that property owners do not take an assessment or reassessment at face value. Please contact us if you would like assistance in evaluating your property for a possible 2016 appeal. The annual appeal deadlines for … Continue Reading
In a June 9th article on Law360.com, Simon Adams comments on the challenges commercial real estate investors face when seller are requiring prospective buyers to undertake due diligence in ever shortening time frames. Among the four methods is locating pre-existing surveys and documents, which can be substantial time and money savers for prospective buyers. The … Continue Reading
Multiple counties throughout Pennsylvania are conducting county-wide real property tax reassessment projects in 2015, including Washington, Indiana, Lancaster and Blair counties. Information requests are also being mailed out to property owners. Here are some details for each county. Washington County The county-wide reassessment is underway and is expected to conclude by the end of calendar year 2015. The county … Continue Reading
This post was also written by Todd Maiden. The All Appropriate Inquiries Rule (the “AAI Rule”), set forth at 40 CFR Part 312, serves as a benchmark protocol for inspecting a property’s environmental condition. If the benchmark is met, a prospective purchaser can be insulated from liability under the Comprehensive Environmental Response, Compensation, and Liability Act … Continue Reading
Simon Adams of Reed Smith’s San Francisco office commented on a Law360 article concerning the pitfalls foreign investors face when investing in US based hotels. The article addresses five areas where investors new to the US hotel market should exercise care. A failure in any one area can be the difference in a successful hotel investment. … Continue Reading
In an article published on Law360.com titled “Banks Face Steep Learning Curve In Targeting Senior Housing,” Simon Adams of Reed Smith’s Real Estate Practice Group comments on the complexities banks face with senior housing project lending, a financing area new to major banks. The article addresses issues specific to senior housing, triggered by an announcement … Continue Reading
You may want to use caution in drafting a Letter of Intent because a court may find it binding even if that was not your intent. On January 27, 2015, the Court of Appeals of Maryland entered a finding that a letter of intent could in fact be enforceable if it was inclusive and definite … Continue Reading
As discussed in a prior blog , Basel III regulations governing high volatility commercial real estate (HVCRE) went into effect. The HVCRE rules require lenders to assign a higher risk weighting to loans for the acquisition, development or construction (ADC) of commercial real estate. The higher risk weighting may be avoided if: the loan-to-value ratio … Continue Reading
By Steven M. Regan and William G. Bornstein on Posted in Real Estate (U.S.)
The Pennsylvania Legislature enacted extensive changes to Title 56 of the Decedents, Estates and Fiduciaries Code affecting powers of attorney, effective as of January 1, 2015. The amendments create a number of issues for creditors in commercial transactions and individuals and businesses engaging in the transfer of equity interests, bonds or other assets of a … Continue Reading
On January 1, 2015, the final Basel III rules regarding regulatory capital for banks with greater than $500 million in assets and all savings and loan holding companies took effect. Basel III imposes new rules for high volatility commercial real estate (HVCRE) which the regulations define as a credit facility that finances the acquisition, development … Continue Reading
When multiple people inherit an interest in real property, each is responsible for their share of the ad valorem taxes of the property. What happens if one party fails to meet its tax obligations? What recourse is available to a party that pays more than its share of the tax obligations? In Texas, a co-owner … Continue Reading
The EB-5 Visa Program has become an increasingly popular vehicle for real estate project financing in the United States. Last year, for the first time in the Program’s history, the annual supply of EB-5 immigrant investor visas, which is capped at 10,000, was fully depleted. More than 11,000 foreign citizens applied for EB-5 Visas in … Continue Reading
