In Missouri, commercial real estate developers understand the complicated process that often happens when they try to secure funding for their planned developments. Traditional commercial real estate lenders may go through an investigative process that can take months in order to make their decisions. If they decide to deny the applications, then the developers must find new lenders and go through the process again.
Traditional construction concepts and practices have resulted in many projects ending up off the rails. By that it is meant that many residential, commercial, and industrial construction projects end up being completed beyond the contractual deadline and with tremendous cost overruns.
Missouri residents may understand that businesses are looking to save money whenever possible. However, they may also understand that saving money today may ultimately result in paying more in the future. John Eagle Collision center was reportedly pressured by State Farm to use glue when repairing a 2010 Honda Fit despite the repair manual saying that welds were required. By using glue instead of welds, the overall repair work cost $3,000 less to complete.
It is common for businesses to sign contracts in Missouri without paying much attention to the general conditions that are contained in the fine print. It is important for businesses to take the time to review the general conditions that are contained in the contracts before they sign them. There are several important provisions that may be contained in the general conditions and that might lead to disputes and problems.
When a problem emerges during or after a construction project in Missouri, the owner, contractor and architect often point fingers at each other when liability needs to be determined. Architects include language in their contracts meant to protect them from liability in the event of construction problems. However, courts tend to scrutinize these terms, and they do not necessarily let architects avoid responsibility.
Kansas City is one of the commercial real estate markets in Missouri that is currently recommended to family offices and high-net-worth investors who wish to avoid competing with institutional and foreign investors. Increasingly, these types of investors are looking beyond so-called "gateway" cities to other markets. The multifamily property market has become particularly competitive. However, there are a number of deals available under $10 million that require some work, and these could still be lucrative.