SB Grand – Troubles and Triumphs of an Historic Loft Building

It is perhaps the most troubled and challenged loft building in Downtown Los Angeles.

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With more than 50% renters, the mixed-use condominium, commercial and rental apartment building has previously had difficulty obtaining any home financing.  For years, all transactions had to be cash only.  Today, the situation has improved, as a precious few lenders will finance the building with 20% down or more.

Outside the building, the sidewalks are frenetic and sometimes frantic as the homeless, near homeless and other busy Downtowners go to and fro, and also loiter around Metro station next door. Occasionally, the homeless will drop in front of the door from drug overdoses or mentally ill will shout threatening verbiage, only to be quickly arrested by plain clothes metro police.

The large number of renters who live in the building can be fun, feisty and more flaky than the condo owners, with just a bit more littering in the building and with cigarette butts dropped on neighboring balconies below.

The homeowners are in a somewhat precarious position as SB Grand has had more homeowners fail to pay HOA dues, and the HOA Homeowner’s Association lacks some of the paperwork that most HOAs provide to sellers and buyers.

The L.A. Loft Blog has received word that a 710 sq ft loft with a view and bed area separation may be coming onto the market soon. The units sometimes come up for sale first as a pocket listing.

For sellers in the building, they may need to allow for longer selling times as several recent transactions have taken between 134 and 234 days to close. Many agents are not aware of the lenders who will provide mortgages for buyers of SB Grand lofts. Failed lending is one of the most common disasters in SB Grand home sales. It is easy to prevent by using an agent who has provided faster-than-average transactions in the building.

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