How to get the most out of the most important investment in the most exciting place on Earth, real estate in Downtown L.A. #downtown #condos Revelers have a lot to be happy about at the end of 2015, posting gains of 8% for DTLA property values. This L.A. Loft Blog post will give a prediction of the market for 2016 and beyond. This comes on top of even larger gains for 2012 through 2014.
While revelers prepare to enjoy New Year’s Eve in Downtown’s LA LIVE, the new center of the universe that is slowly replacing celebratory aspects of Hollywood and Times Square, the savvy investors are staying home to plot their plans for big gains in 2016. The home buying season starts early every year in Downtown LA because the energetic, entrepreneurial urbanites usually have no kids or school to be concerned with. Many buyers begin seriously searching for properties to buy in January, and then a large number of home purchase escrows are usually closing by May.
As the floodgates of homebuyers opens up for the new year, prospective home buyers are preparing for an uphill battle, competing against a large number of potential Downtowners for a very low inventory of lofts and condos for sale in DTLA. With a limited selection of homes for sale, investors and future urbanites need as many advantages as possible to find the most amazing loft at the best price. To help with that goal, the L.A. Loft Blog presents a few of the most important items to help buyers to get the best deal in Downtown:
- Pocket Listings, Unlisted and Off Market Properties – 45% of the best deals in Downtown real estate are not listed on the internet, and not listed in the agents and brokers Multiple Listing Service. A Downtown LA pocket listing specialist is the best source to provide access to these private deals at no cost to the buyer.
- Get informed on all of the unique challenges and downsides of Downtown lofts. Besides lots of homeless people running around, Downtown Los Angeles lofts have other unique issues. More than 25% of current listings involve a building that is currently or recently engaged in a lawsuit or litigation of some kind. The popular Barker Block is involved with litigation, and has a questionable new shopping center, also a possibly contaminated park being built across the street. Buyer’s need a Downtown specialist to help provide information about these potentially negative issues. Alta Lofts HOA recently announced a claim against the developer for construction defects that could potentially turn into a lawsuit and affect home values. All Downtown buildings have major pros and cons.
- Avoid loft lending nightmares – More than half of homes for sale in Downtown are industrial or commercial buildings that have been converted to live-work under the City of Los Angeles Adaptive Re-Use Ordinance. Most home loan companies do not know what a loft is, they do not check the building type up front, and they come back later with bad news about delays, cancellations or higher rates for loft financing.
- MORE – Beat out other buyers to the best deals in Downtown condos and lofts. Most buyers and most agents do not know how to implement very advanced strategies to give the buyer as much advantage as possible. These strategies include advanced software, intelligence gathering, outmaneuvering, and out-negotiating the listing agent to place the buyer’s interests far above the seller’s interests. The good news is that it is free. The buyer simply needs to make a decision that they deserve the best deal possible, the best price and the all possible advantages. Get free information on how to take advantage of the Downtown VIP Buyer program at no cost at www.LALoftVIP.com or visit http://www.lacondoinfo.com/technology
PREDICTION FOR 2016
The L.A Loft blog predicts that 2016 is expected to have gains similar to 2015, around 7%. Most buyers have been cautious recently. Contrary to what some believe, there will be no big, dramatic drop is prices any time soon. Because the money supply is still very loose, the opposite is actually more likely. Inflation pressure caused by unprecedented quantitate easing is just as likely to cause home prices to have an unexpected jump in the near future.
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Corey Chambers, Realty Source Inc, BRE#01889449
