RENTING OUT YOUR LOFT DOWNTOWN IN LOS ANGELES:
A Case Study of Lease Listing at Alta Lofts
Brian L. requested purchase comps for his 2-story Alta Lofts condominium unit in April of 2013.
Brian received flyers on various Alta Loft units for sale and wanted to know what Realtor(R) Corey Chambers thought Brian’s 1,689 sq ft, 1.5 bath loft unit would sell for or lease for. Brian asked Corey: “If I decided to sell my loft, would you represent me?”
All loft buildings have issues. Alta Lofts has some unique challenges that must be overcome by an Alta specialist real estate professional; these issues include Lincoln Heights neighborhood issues, expiration of FHA approval, unfinanceability by most home lenders, limited comps, etc. For several years, and including more than 25 transactions completed here, our team has continuously marketed Alta Lofts, attracting prospective buyers nearly every day with our several websites including AltaLoft.com and AltaLofts.info, and many of our other marketing components that are dedicated to Alta Lofts.
Based on the comps, the suggested asking price for a typical 1700 sq ft Alta loft is around $470,00 to $500,000. The proven success of an experienced team’s knowledge and marketing structure can provide the best opportunity for a seller to get full market price or more for his property. The agent then makes an appointment to take a look at the loft and then give the specifics about the loft.
The unit comes with 1 parking space. Major appliances are included, and furniture is optional. Suggested asking rent is $2,100 to $2,400 per month or $2,500 to $2,800 furnished. The furniture is not bad, but not particularly stylish either. 95% of renters have their own furniture. Very few renters are seeking furnished condos.
The listing agent advertises to find applicants and attract lease offers. The listing agent runs the credit reports with background check for each adult resident. The applicant pays for the credit reports. The new tenant usually pays one month rent plus refundable security deposit equal to one month rent. They will be submitted to the owner along with the applicant’s offer. The offer will include the desired lease terms such as desired move-in date, length of lease, rent amount, deposit amount, desired furnishings etc.
The Alts unit received several offers, the first two offers fell out of negotiations. The third offer was a charm: a 2-year lease by a two nice guys with good credit.
Find out how much your loft or condo will rent out for. Get a free, quick lease evaluation online by completing the simple form below: