Top 10 Rip-Offs in Downtown Los Angeles Real Estate For Sale and For Lease

1. Open House Property Theft – The MLS Multiple Listing Service Issued an Warning Yesterday about a $30,000 jewelry theft from a house for sale in Los Angeles.  Here’s the notice, followed by 9 other rip-offs that we’ve seen around the Downtown Los Angeles area, in no particular order:

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(MLS Crime Alert) We are writing to inform you of a theft that occurred at a open houses on Tuesday of this week.  Please make your agents aware that the man in question was of the following description: About 5’10”, of Middle Eastern descent, full beard, 165-185lbs, very well dressed (this particular day, he was in a light grey suit and sky blue tie). We’ve received word that other agents in the area also had suspicious interaction with him, where he asked questions about “who owned the home”, etc. He presented himself as an agent in the Palisades and by the name of “Simon”.  An estimated $30,000 worth of jewelry was stolen from a locked drawer in the master bedroom. The owners say that this thief clearly knew what he was taking as he left some jewelry behind and left from a side door that was locked. 

2. Car Break-Ins – Downtown actually has a fairly low rate of car break-ins compared to the surrounding areas.  Don’t ever leave anything at all in a car parked on the street or unguarded lots.

3. Agents who give low estimates and then buy the home to flip – It is illegal for a real estate agent to give an artificially low home evaluation to an unsuspecting seller so that the agent can have a friend buy it at a discount.  Always get a 2nd opinion on your home’s value before selling.

4. Craigslist rental fraud with rocketlease applications for identity theft – Fraudsters impersonate a real estate agent advertising a super deal on a property for lease.  They claim to be “out of town” and request that you complete a RocketLease application ahead of time so that they can get your personal information to sell on the identity theft black market.  Assume everything on Craigslist is a fraud until proven otherwise. Always meet and verify an agent or anyone before giving your money or personal information. Find lofts and condos for sale and for lease by genuine real estate agents.

5. High rents and rent increases – Downtown is popular, so the rents are relatively high.  This a fact of supply and demand, not really a rip-off.  Just keep in mind that buying gives you a bright future while renting gives your landlord a bright future. Stop Renting

6. Parking Problems – Deeded parking with no deed, Disappearing parking, rising prices – Several home buyers in Downtown thought that they were getting deeded parking, only to find out that someone else owns the parking space, and they are jacking up the monthly rent on the parking space, or the space could be lost completely. Before buying, take a close look at the parking situation, and ask an attorney to double check if you’re not sure.

7.  Agent sells against properties with low commission – Some real estate agents will tell a buyer client that a property is no good just because the commission offered is lower.  Be sure that you understand how your agent gets paid. Don’t be afraid to ask how much the CSO agent commission is on each property that you are interested in.

8. Loft Loans – Many home lenders will say that they can lend on a loft, and then later tell you the rate will be much higher or they will not lend at all.  If you buy an industrial or commercial loft conversion, use a loft lender or a lender who has financed a loft recently.

9. Lawsuits – More than 20% of the listings that you see are involved currently or recently with a lawsuit or some other litigation. Use a Downtown specialist Realtor who is knowledgable about these lawsuits.

10. Devious Developers – When buying new construction lofts, condos or houses for sale, always bring your agent with you on the first visit.  Otherwise the developer’s sales team might tell you that you cannot get representation from an agent. Buyer’s agents are free and are required to get you the best deal while the sales office is required to give you the highest price possible.

One last rip off is J-walking citations targeting the wealthy and middle class – You must use the crosswalk in Downtown, and you can only cross while the pedestrian light is solid and says walk.  If blinking or saying don’t walk, the police will give you a ticket. The police seem to be targeting South Park and Restaurant Row for these $170 tickets while Skid Row appears to be unfairly exempt from this enforcement.

How to Avoid 9 Common Buyer Traps BEFORE Buying a Home

Avoid Paying Too Much When Buying a Home

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Buying a home is a major investment no matter which way you look at it. But for many homebuyers, it’s an even more expensive process than it needs to be because many fall prey to at least a few of many common and costly mistakes which trap them into paying too much for the home they want, losing their dream home to another buyer, or worse, buying the wrong home for their needs.

A systemized approach to the homebuying process can help you steer clear of these common traps, allowing you to not only cut costs, but also buy the home that’s best for you.

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LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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SEARCH LOFTS FOR SALE UNDER $400,000  |  $800,000,  |   $10,000,000
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking

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Copyright © 2015 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 necessarily associated with the home owner’s association, seller or developer. For more information, contact (213) 478-0499 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.

LA Loft Blog Announces $500 Photography Contest for Pics of Downtown Life, Lofts, Condos

One of Downtown’s residents or visitors with a keen eye for photography has a chance to win a $500 LA Loft Blog gift certificate by sending a photo of Downtown loft living, architecture, interiors, skyline or other facet of Downtown life.

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Los Angeles, CA (April 18, 2015)  The L.A. Loft Blog, the authority on Downtown Los Angeles residential real estate, is pleased to announce the first ever LA Loft Blog photography contest for Downtown’s residents and visitors. “The renaissance of Downtown Los Angeles helped the city to set a record of more than 40 million total visitors last year,” says L.A. Loft Blog Publisher Realtor Corey Chambers, “A photography contest is a great chance for our readers to show off their home improvement and decorating skills.” While photos of loft interiors and loft living are highly encouraged, all pics related to Downtown will be considered in the judging. The winner will receive a $500 L.A. Loft Blog gift certificate that can be used toward a residential lease, purchase or sale.  Or if not making a move in the next 6 months, the winner may instead choose to receive a check for $250 cash.

The LA. Loft Blog is the #1 source of photographs that depict buildings, lofts and city life of Downtown Los Angeles.  The photos will be shown on LALoftBlog.com, and will also be displayed at a booth during the Downtown Los Angeles Art Walk event. The contest will add a new level of variety, creativity and energy to the Downtown art scene, while allowing the many Downtown artists, designers and photographers to showcase their talent.

If you are one of 40 million to see the Los Angeles area, and have got a keen eye for photography, send a photo of your Downtown-related memory for the chance to win. You may also submit a video of a Downtown even or loft living clip or testimonial video about how you like living in Downtown. Entry will be judged by the LA Loft Blog executive staff for photographic quality, aesthetics and depiction of Downtown life. The LA Loft Blog plans to use these photos wherever possible, including internet and print, so high resolution is preferred. Submit one or more photos or videos by 10/17/2015 to contest@laloftblog.com or by snail mail to LA Loft Blog Photo Contest, 200 N San Fernando Rd, #119, Los Angeles, CA 90031.

The LA Loft Blog will announce the winner on October 19, 2015 on LALoftBlog.com. For the latest news on the contest, and to see some of the first entries, visit this blog post. Here you can also catch a glimpse of Loft TV, The LoftsInLA collection of YouTube videos featuring amazing Downtown lofts, condos and apartments.

The LA Loft Blog also provides free information on lofts for sale in Downtown Los Angeles, as well as tips for sellers, buyers and renters to save thousands of dollars by knowing what to watch out for before finding or listing a loft in Downtown LA.

Bargain hunters can find special deals such as unlisted lofts and distressed condos on LASecretLofts.com, LALoft.org, LACondoInfo.com, and CoreyChambers.com. For questions, call Corey Chambers at 1-800-791-4538, visit LALoftBlog.com or visit the LA Loft Blog Downtown photo site at https://plus.google.com/+CoreyChambersLA/photos

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Submit your entry for the Downtown Los Angeles Photo Contest by email or use the online form:

To be eligible, photographer and submitter are responsible for obtaining permission from all models or subjects in the photos when required. The LA Loft Blog will accept all photos up to 10 megabytes in jpg, png, tif, or psd (or video formats avi, mpg, mp4 or mov). All photos & videos submitted may be used for L.A. Loft Blog promotions.

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

button        button (1)        

SEARCH LOFTS FOR SALE UNDER $400,000  |  $800,000,  |   $10,000,000
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking

ASCENDING ORDER (low to high)    |    DESCENDING ORDER (high to low)

Copyright © 2015 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 necessarily associated with the home owner’s association, seller or developer. For more information, contact (213) 478-0499 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.