Posted on December 00, 0000 in Zoning and Land Use

One might like to think that they can do whatever they want with their property, but as one Illinois family is learning, that is not always the case. After purchasing a swing set for their children and placing it in the front yard, someone filed a complaint and they received notice that they were in violation of the local zoning laws. Now they are at risk of being forced to remove the swing set and they may even incur fees – all because of neighborhood aesthetics. What can you do if faced with a similar situation? The following explains.

Why Zoning Laws Exist

In the right context, zoning laws can preserve communities. As an example, zoning laws do not permit industrial development in certain residential areas; this protects the community from noise and air pollution and preserves its aesthetics. Unfortunately, some communities can go overboard with their zoning laws. They become overly restrictive, prohibiting anything and everything that makes each home unique.

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 Posted on December 00, 0000 in Zoning and Land Use

When Zoning and Land Use Laws Change

Municipalities tend to have a long-term vision for the way they want their town or city developed. Typically based on a variety of factors, such as land or wildlife preservation; values, needs, and desires of the community; and earning or tourist potential, this vision is usually outlined far in advance. Of course, things change. Perhaps the population ages or the town experiences a significant and unexpected influx of young people or successful entrepreneurs. Maybe the area starts to flood or suffer from erosion, or an indigenous species become endangered. Regardless of the reason, the city must then attempt to accommodate the change. That may require alterations to their plan, or even to zoning and land use laws.

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 Posted on December 00, 0000 in Zoning and Land Use

When you invest in commercial property, it is critical that you are able to use it as planned. Unfortunately, if due diligence is not performed, there could be zoning issues that hinder the completion of a project. Depending on the situation, developers may be permitted an exception, otherwise known as a zoning variance. Learn more about variances, when they apply, and how a skilled real estate attorney can help with pursuing one for your current development project.

What is a Zoning Variance? 

Local municipalities are responsible for the way their community develops. Zoning ordinances allow them to control and limit the presence of undesired structures and land uses. Most of the time, those ordnances are based on community desires (i.e. residents not wanting a factory near their homes), rather than government desires, but there are exceptions. Examples include ordinances that prioritize land and wildlife preservation.

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 Posted on December 00, 0000 in Zoning and Land Use

In 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:

• Area Variance – An area variance is quite common, and used when compliance with a specific zoning law would create an unreasonable restriction on the use of the land. For example, if a plot of residential land is oddly shaped, making it difficult or impossible to build a home on it while complying with standard setback requirements, an area variance would be granted.

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 Posted on December 00, 0000 in Zoning and Land Use

Few things in life are as satisfying as the purchase of an undeveloped plot of land. It is, essentially, a blank slate, an opportunity to build your vision. Land development requires more than just an idea, however. Investors must also navigate through a complex set of nuanced rules and regulations. Overseen and enforced by local, state, and even federal municipalities, the laws of greatest concern relate to how the land can be used. Learn more about zoning and entitlements in the commercial real estate industry (CRE) in the following sections.

Zoning and Entitlements - What Are These Laws and Why Do They Matter?

New CRE investors are often surprised to discover just how important zoning and entitlements are to their real estate projects. Able to bring a development project to a complete standstill, zoning and entitlement issues can hike up costs and threaten a project's completion. So what, exactly, are these laws, and how can you avoid them in your investment projects?

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 Posted on December 00, 0000 in Residential Real Estate

Even though the U.S. is well on its way to recovering from the recession, there are still investors who fail in the real estate development market. In contrast, there are those who consistently make money, despite any changes or fluctuations. The following strategies, employed by the savviest of investors, are often key in giving the latter their edge over the former.

Study and Know Local Pricing

Studying and knowing your local market is an invaluable strategy in real estate development and investment. Not only do you learn which prices are fair (which can assist in finding the best prices), you are also able to better stay ahead of the trends. Take, for example, an area in which home sales are accelerating at a faster rate than its neighboring towns or subdivisions; this can tip you off to areas that are currently in high demand.

Know How to Spot a Catalyst

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 Posted on December 00, 0000 in Residential Real Estate

House-flipping, defined as a house that is bought, revamped, and then sold within a 12-month period, is now sitting at a 10-year high. Experts say popular television shows are at least partially responsible for this hike. Unfortunately, such shows do not give an accurate portrayal of the industry and the challenges that house-flippers may face during the house-flipping process. Educate yourself on the process, and discover how a seasoned real estate lawyer may be able to help mitigate the risks and potential issues you may deal with along the way.

The Pros and Cons of House-Flipping

Under the right circumstances, house-flipping can be a lucrative market. Unfortunately, all the professionals that are needed to complete the process - real estate agents and brokers, builders, construction crews, etc - cut into your bottom line. You can increase your profits by learning more about the industry and expanding your knowledge (i.e. becoming a real estate agent), but one cannot realistically handle all aspects of their deals.

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 Posted on December 00, 0000 in Residential Real Estate

When a real estate investor wants to achieve a profitable return on investment (ROI), it is important that they consider a number of variables and factors related to the property. The projected growth of an area, which is arguably one of the most critical factors in this equation, can be extremely difficult to determine, as the economy and access to jobs can change dramatically over the course of just a few short years.

Information, recently released by the Environmental and Energy Study Institute (EESI), the National Association of Realtors (NAR), and the American Public Transportation (APTA), suggests that access to public transportation may be useful in determining both the immediate growth and future growth in a given area. Learn more about the intricate connection between public transportation and real estate growth, and discover how a seasoned Naperville real estate attorney can help to increase your chances of a positive ROI on your next real estate project.

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 Posted on December 00, 0000 in Residential Real Estate

During 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 

Although there are many factors affecting the house-flipping market, one of the biggest is the shrinking profit margin for investors. A healthy housing market means mortgage prices are on the rise. Since flipped houses tend to come at a premium price, many buyers are lowering their expectations. Some are even willing to make the repairs themselves if it means the difference between renting a little longer and owning their own home.

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 Posted on December 00, 0000 in Commercial Litigation

Whether it is used to cover the terms of a rental property, outline the specifics of a business transaction, or define a code of ethics and/or integrity, contracts are designed to ensure all parties hold up their end of the deal. If a party fails to fulfill their part of the contract, indicated they have no intention of fulfilling their part of the contract, or makes it impossible for the other party to fulfill their end of the contract, this is known as a breach of contract. If this happens, the wronged party may be able to take legal recourse.

Lawsuits for Breach of Contract

Before a lawsuit can be filed for a breach of contract, certain stipulations must be in place. Firstly, a contract must generally be in writing (few oral agreements qualify). Moreover, the contract must fall within the Illinois Statute of Frauds limitations, which includes:

• The sale of a real estate property,

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