More than half of all of those who are thinking about owning a loft in Downtown will choose a new loft development in an historic or industrial loft building when given the opportunity. Recently, that chance has only come around about once every couple of years or so.
New lofts are popular because they combine the authentic urban character with convenient amenities, modern appliances and stylish finishes. They are often the best deal because the developer creates a glut of dozens of units for sale at a time that must be sold.
Other benefits of new lofts are an initial lack of lawsuits and litigation that plague nearly 20% of Downtown loft listings. While existing loft buyers often have issues getting a home loan, there is usually no problem getting financing at a new loft development as the developer has already connected with a lender who will provide loans on the special loft conversion condos in the formerly commercial building. There are pitfalls to avoid.
Buyers often make many mistakes when dealing with developers. In an extremely competitive environment, some buyers make the mistake of blindly trusting the seller, and then fail to get free representation from a Downtown specialist Realtor who can help the buyer to get as many advantages as possible over the seller and competing buyers. The most common and biggest mistake is innocently walking into a new loft sales office without an agent. The innocent visitor, who is just browsing, does not know that he or she will love the lofts until after seeing them. By that time, IT’S TOO LATE. The developer has already set up the potential buyer to waive several of their legal rights, starting with the right to free representation by a Downtown specialist Realtor. That is why everyone, especially first-time buyers, absolutely MUST bring a Downtown specialist real estate agent to the very first viewing to protect the buyer’s rights. Some unlucky buyers are never informed about all of the pros and cons of the building, and worst of all, some buyers never find out what is really the lowest price that the developer will accept. Many buyers pay $10,000 or more than necessary because they did not take advantage of a Guaranteed Savings Program such as Save10Grand.com.
Anyone interested in new Downtown lofts can request property descriptions, photos and an early viewing. Beat out other buyers to the best new lofts and best deals. Fill out the online form:
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 associated with the home owner’s association, seller 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.