Shopping for a terrific real estate investment?
The multi-family market in Manchester, New Hampshire is a very attractive place to start. Nick Hardman at Prudential Verani Commercial Services recently sold a five family property on Somerville Street for $300,000. The property even had tenants and was well maintained!
“I like helping sellers and buyers with multi’s”, said Hardman.” There are a number of pitfalls that can trap a novice investor. I have worked for a property manager of such properties, so I know what to watch for.”
In the last 10 weeks there have been 38 sales of such properties in Manchester, with 3 to 7-unit properties comprising about half of them. The average price per unit is $30,000 to $60,000 per unit, depending on the property conditions. Some distressed and bank owned properties are selling for even less.
Article by Tom Duffy, Manager – Commercial Division
Wake up, prospective commercial real estate buyers! You may not know it, but it’s a great time to buy commercial real estate. And our Commercial Agents would be more than thrilled to help out serious buyers.
While marinating ice cubes with some commercial agents recently, I was struck by the incredible pessimistic tone of the chatter. Even the ‘marinade’ didn’t perk up the crowd as much as usual!
“I’m a professional tour guide” said Andy Levy of the Meg Companies. “I’ve shown one building at least 40 times! It’s priced at about half its replacement value, but no one will pull the trigger.” Many heads nodded to the lament.
Another agent reported that he had not received a call from a loan officer scouting for business in over 6 months. “That’s a bad sign”, he sighed as he sampled his marinated cubes.
The Doom and Gloom was as thick as a Miami heat wave in August, but Dave Morin at Prudential Verani Commercial is celebrating…
Dr. Elizabeth “Lisa” Lynch of Brentwood doesn’t hesitate to acknowledge the expertise and diligence of commercial real estate agent Bob Anderson when she talks about her new sleep center, the Sleep Institute of New England, scheduled to open this spring at 1 Little River Road in Kingston.
Lynch, a graduate of Pennsylvania State University College of Medicine, the University of Connecticut and Boston University who specializes in Internal, Pulmonary and Sleep Medicine, calls the culmination of a year’s worth of searching, networking and planning a “joyous gift.”
The doors of the new practice will open after a complete renovation of the 5,000-square-foot building previously owned by Dutch Ophthalmic of Exeter.
Read more to see how Bob Anderson helped her achieve her goal.
Finally, the largesse of Washington DC is showered on business owners seeking to buy real estate and equipment for their business. President Obama signed the U.S. Department of Defense (DOD) appropriations bill on Saturday, which included $125 million to continue through Feb. 28, 2010, the enhancements made possible through the American Recovery and Reinvestment Act (ARRA) to SBA’s two largest loan programs. The SBA estimates the additional funding will support $4.5 billion in small business lending. New approvals of loans with the higher guarantee and reduced fees made possible by ARRA began Dec. 28. Loan applications from borrowers who chose to be placed in the SBA’s Recovery Loan Queue will be funded first, followed by new loan approvals beginning on or before Dec. 28.
As part of ARRA, SBA received $730 million, which included $375 million to increase the SBA guarantee on 7(a) loans to 90 percent and to waive borrower fees on most 7(a) and 504 loans.
Since I consider myself a bit of a Libertarian and somewhat of a rebel, what I’m going to propose here will come as surprise to many who know me: Our current taxation system really is set up to encourage and help entrepreneurs start and build their small businesses. If one makes smart choices and pays his or her fair share of taxes, there is a big reward when it comes time to apply for a commercial loan or to sell.
We all have our reasons for not liking to pay taxes; I’m certainly no different. But trying to beat the system is not necessarily the right economic strategy.
EXETER — Provident Bank, an Amesbury, Mass.-based independent community bank temporarily operating a branch at 120 Water St., has officially found a new, permanent home in town, and Regional Vice President of Commercial Banking Allison Field said that’s thanks to New Hampshire Commercial Realtor, Bob Anderson’s vast expertise and tenacity.
The bank recently bought property at 95 Portsmouth Ave., former site of a KFC fast-food franchise, and that achievement was a direct result of the Prudential Verani Realty agent’s skills and hard work, including finding the ideal location and negotiating with its owner, working closely with engineers and town officials to gain all proper approvals and negotiating a sales contract in a timely manner.
Real estate sales can often be compared to a 100-meter sprint, with all parties racing to get to the finish line as quickly as possible. But sometimes they are more like marathons, in which many variables must be considered along the route and the runner must be conditioned to overcome obstacles and endure challenges to reach glory at the end.
Read more
