Delaware County PA commercial real estate associate broker Jeff Dowd sees a 'perfect storm' brewing in the market, making it an ideal time for businesses to buy into a commercial property.
Online PR News – 13-February-2013 – Media, PA – Delaware County commercial real estate broker Jeff Dowd from Zommick McMahon Commercial Real Estate, Inc. has more than a decade of experience in the industry. During that time, Dowd has worked extensively in every area of the commercial market, including retail space, office buildings, vacant land, and industrial properties. As a top Philadelphia area commercial real estate agent, Dowd has seen just about every kind of market imaginable.
As 2013 gets into full swing, Dowd says he has never seen a better buyer’s market, particularly for professionals and small business people.
"I believe right now is the “perfect storm” of market conditions for business people looking at buying commercial property,” Dowd says. “Right now, we are seeing low prices on properties, high inventories, and record low interest rates. We almost never have all 3 of these working in the buyer’s favor at the same time."
For a business professional, Dowd believes there may never be a better time to buy a piece of commercial property.
"With these low prices and interest rates, and the wide selection of properties out there, a small business can find the ideal property and potentially save a lot of money on what they are currently paying for rent," Dowd continues. "In addition, if you can find a property with an existing tenant (or two) to rent out part of the building, they could pay a large portion of your mortgage and put you in an even better financial position."
Dr. Maureen O’Leary, PT, DPT, owner of The Vertigo Centre and one of Dowd’s client’s, recently purchased a 5,800 square foot building in Springfield, PA to move her office. Some very favorable conditions factored into this sound investment, including:
• A competitive sale price
• A 4.8% exceptional interest rate
• An existing tenant renting nearly half the building
"I’m confident that I made a smart business decision when I bought this property,” Dr. O’Leary says. “The rent I’m collecting helps to cover a portion of the mortgage and at the same time I can build equity in the property while paying less than when I leased office space."
O’Leary acknowledges that she couldn’t have done it without Dowd’s expertise. "Jeff is extremely knowledgeable and experienced in the commercial real estate market. He guided me through the process, prioritizing and planning each step of the way, until we closed the deal. Most importantly, Jeff was trustworthy and dedicated to my best interest."
O’Leary also worked with a solid group of experts assembled by Dowd, including a mortgage broker and an attorney. Among Dowd’s network of professionals is Attorney Joseph D’Alonzo at Michael F.X. Gillin & Associates. D’Alonzo often works closely with Dowd’s clients in commercial transactions to achieve the balance between protecting their interests and preserving relationships, making himself available to the clients around the clock.
"It’s important for individuals and small businesses to understand the pitfalls and variables associated with these relationships (being a property owner and leasing a portion of that property to a tenant)," D’Alonzo points out. "In these transactional relationships, you’re more than a landlord, your neighbors and you will be working side by side in a literal sense. So while you want your interests protected, you want the relationship between yourself and your tenant(s) to remain strong, which is achieved by a thorough understanding of the lease and what the expectations are, and projecting where you, as the landlord or even the tenant, want to be when the lease expires or is renewed."
Dowd encourages small business people and professionals like Dr. O’Leary to take advantage of this market while it’s still here.
"We never know what the market will look like in a year, 6 months, or even 3 months. I would say that if you have been thinking about making the jump from a renter to an owner, give me a call and we can sit down and discuss your options. I know it’s an often over-used cliché, but there truly may never be a better time than the present to buy into your ideal commercial real estate property."
Jeff Dowd is a Delaware County commercial real estate broker with almost 13 years in the business. Jeff currently serves as senior salesperson and Associate Broker for Zommick McMahon Commercial Real Estate, one of the top names in the industry, serving the Philadelphia area since 1949. During Jeff’s career, he has handled numerous multi-million dollar transactions for big name clients, and has been involved in virtually every aspect of the commercial properties market.