Mills Act Buildings Downtown Los Angeles Update

Nothing is certain except death and taxes. So, it’s no wonder that these amazing lofts with property tax benefits consistently top the charts for LA Loft Blog readers. #millsact

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While some have never heard of the Mills Act, it offers some financial advantages for LA loft owners. It can save a bundle of money on taxes while giving an amazing urban abode with truly gratifying character. #millsact #la   |   SOLD

MillsActLA.com  –  Benefits of a Mills Act Loft

To help preserve the historic structures of L.A., a significant tax incentive has been legislated by California state and local governments called the Mills Act. The unique tax law offers home owners of qualifying historic properties as much as 66% or more off of their property tax bills. Owners of lofts in historic buildings can potentially save thousands of dollars each year. That money can be used to help furnish the home, put more money down at purchase to reduce monthly mortgage payments, trade up to a larger loft or spent on anything. But, buyers should also be prepared by saving some of the money for potential special assessments in the future should the building need major restoration.  The Higgins Building loft owners endured a special assessment in 2017 of around $15,000 to $45,000 per unit for repairs to its crumbling old facade. The Higgins restoration is under way now.

Sometimes listing agents (especially out-of-area agents) make mistakes and incorrectly report that a specific loft building is Mills Act approved.  For example, the SB Grand at 312 W 5th St has a current listing that is incorrect.  That building is NOT Mills Act approved unfortunately. Neither is Alta Lofts.

The Mills Act offers a substantial reduction in property taxes for owners of qualified historical properties, provided that they agree to preserve, restore, rehabilitate, and maintain the historical and architectural character of their properties. Many owners report that they save about 2/3 off of their property taxes.  The formula is complicated, and varies by building, so prospective Mills Act home buyers should check with the city, county and a tax professional to determine what the real savings may be.   |   MILLS ACT LOFTS FOR SALE   |   MILLS ACT RECENTLY SOLD

How Mills Act Tax Saving Benefits Are Calculated

Mills Act participants may realize very fruitful property tax savings each year for recently improved or purchased old properties because the valuation of a Mills Act property is determined by the Income Approach to Value rather, not by the common Market approach to calculating appraised value. The Income Approach, divided by a capitalization rate, gives the assessed value of the property. Generally, the income potential for an owner-occupied residential property is calculated by looking at rental rates for comparable nearby properties, while the income from a commercial property is based on actual rent received. Because rental values vary greatly, the actual Mills Act historic property tax savings may vary.

Mills Act LA Property Tax Los Angeles

MILLS ACT PROPERTIES FOR SALE  |  DOWNTOWN LOFTS FOR SALE

MillsActLA.com  â€”  Want to save a bundle on your property taxes while helping to maintain the authentic integrity of an historic California building? The Mills Act is a California law allowing cities to enter into contracts with the owners of historic buildings. The City of Los Angeles has such contracts, as do many other cities in Southern California.

Mills Act Historical Property Contract Program

How does it work?  A written agreement, generally known as a Mills Act or Historical Property Contract, is executed between the City of Los Angeles and property owners for a revolving ten-year term. The developer or HOA homeowners association takes care of the details. Contracts may automatically renew each year so that the term of the contract normally extends for 10 years. Builders and homeowners agree to restore, maintain and protect the property in accordance with specific historic preservation standards and conditions identified in the agreement. Periodic inspections by LA City and County officials ensure proper maintenance of the property. The City may impose penalties for breach of contract or failure to protect the historic property. The contract is transferred to new owners if the property is sold, and is binding to all successive owners.  MILLS ACT DETAILS  >> MORE

The list of Downtown L.A. Mills Act properties changes. Here are some recent examples:

108 W 2ND ST — Higgins Building
1850 INDUSTRIAL ST — Biscuit Company
215 W 7TH ST — Bartlett Building
257 S SPRING ST — Douglas Building
315 E 8TH ST — Textile Building
416 S SPRING ST — El Dorado Building
420 S SAN PEDRO ST — Little Tokyo Lofts
460 S SPRING ST — Rowan Building
738 S LOS ANGELES ST —  Eckardt Building
746 S LOS ANGELES ST — Cornell Building
849 S BROADWAY â€” Eastern Columbia
>> MORE

MILLS ACT PROPERTIES FOR SALE  |  DOWNTOWN LOFTS FOR SALE

More info on Mills Act Properties is available at https://www.laloftblog.com/?s=mills+act

Get a Mills Act updated list of buildings and properties for sale. To receive this free info, fill out the online form:

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Higgins Mills Act Building Restoration in Progress, Downtown Los Angeles, CA

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

New-Construction, For-Sale Housing Opportunity to the Downtown Los Angeles with Adaptive Reuse Lofts Priced from $400K

Click on Photo for Video of New Lofts
Click on Photo for Video of New Lofts

The only new-construction, for-sale housing opportunity in Downtown Los Angeles came on the market Jan. 11.

68 adaptive reuse lofts that will add an additional 72,599 square-feet to the existing 242 live/work lofts in the neighboring building that was completed in 2007.

Affordably priced from $400,000, the one- and two-story lofts are housed in a reinvented and restored early 20th-century Furniture factory and warehouse.  Preserving the building’s original details including exposed brick, heavy timber beams and columns, wood and concrete floors. One-story lofts range in size from 679 to 2,000+ square-feet while two-story lofts range from 1,134 to 1,300+ square-feet. Construction is nearly finished and set to go on the real estate market.

GET PRIORITY ACCESS TO SECRET, UNLISTED LOFTS IN DOWNTOWN!
http://www.laloftblog.com/new-lofts

Sales began during the grand opening weekend on Saturday, Jan. 11 and Sunday, Jan. 12 where there was seasonal hors d’oeuvres, craft beer and wine, music, valet parking, tours of the property and lenders on-site. These lofts are in the process of procuring its final FNMA approval and loans with as little as five percent down will be available for qualified buyers.

GET A FREE HOTLIST OF SECRET LOFTS AND CONDOS IN DOWNTOWN L.A.

Existing amenities include a resort-style rooftop deck with pool, spa, private cabanas, sunning lounge, sitting and gathering areas, outdoor fireplace and privacy landscaping that overlooks the city skyline, a fitness center with state-of-the-art equipment, onsite, controlled parking, a formal reception lobby with secured access and 24/7 security.

Jan 16“What we have been able to achieve by preserving the historic elements and fine craftsmanship of this landmark building—and integrating those virtues with modern comforts and conveniences—offers outstanding and lasting value for prospective homeowners,” said the developers. “We are committed to creating sustainable, well-designed, and thoughtful places to live and work, and this is a project of which we are exceptionally proud. In this second and final phase of this loft project, buyers will experience the inimitable and authentic spirit and character of the building’s vintage past, as well as innovative amenities that exceed any other residential offering in downtown Los Angeles.”

164137_kitchenSelect residences will include oversized windows, private patios and balconies, two-story open floor plans, spacious closets and ceiling heights up to 18 feet. All lofts have interior details such as quartz kitchen countertops with custom wood cabinetry and Jenn-Air stainless steel appliance packages with gas ranges. Spacious bathrooms include oversized soaking tubs with ceramic tile walls, flooring and vanity lighting.

The lofts also incorporate new technology features like the convenience of Nest programmable thermostats and charging stations with USB ports. In reclaiming, renovating and repurposing this historic building, The developers are preserving elements of character while delivering the environmentally-friendly benefits of removing fewer raw materials from the Earth. These energy-efficient homes will utilize insulated dual pane windows and Energy Star appliances.

Several new amenities for owners are being added in the final phase including a gallery, a dynamic arts and events space curated by the community that features a versatile social space with handcrafted hanging chairs. Other new additions include a welcoming garden-themed outdoor lounge complete with green canopy, water fountain, fireplace, grills and intimate seating areas for dining and conversation. The open-air courtyard with foliage incorporates unique touches such as hammocks and love seats suspended from rafters and decorative lighting to add charm and style.

For More information on the location and to view this brand new loft building contact our team or complete the form below.

Corey Chambers, REALTOR® (213) 478-0499 Mobile

Business Hours: 9 AM to 8 PM every day coreychambers@yahoo.com

The #1 Downtown buyer’s agent, Corey Chambers is a Top 6 Realtor® with a Double Platinum award-winning, 5-star Yelp rated team.  J.D. Power Award 2012 – Keller Williams Realty ranked Highest in Overall Satisfaction for Home Buyers and Sellers Among National Full Service Real Estate Firms. DRE#01889449