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All Downtown Los Angeles loft buildings have issues, but one stands out as possibly the most troubled loft project ever in DTLA. The ShyBary Grand has some advantages: genuine historic lofts at good prices, but the worst thing may be the way it makes one feel.
The Homeowner’s Association does not provide all of the financial documentations that one might expect. Several homeowners have not paid HOA dues in a long, long time. We don’t know what kind of reserves the HOA has or does not have.
With more than 50% renters, most lenders will not finance units at SB Grand. When the developer sold the condos, they only sold about 70% of them to real home buyers, and held out around 30% for the developer and other commercial interests to rent out. Weird — it’s the only condo building that has a leasing office. The units rent cheap, and take a long time to rent out. The result is that SB Grand is a condominium that is all but devoid of ownership pride. In fact, the building’s true personality comes out every Spring Break as the pool gets fun and frolicky.
Hectic with a capital HECK! While SB Grand is not in Skid Row, it might as well be, as Skid Row comes to the building nearly all day long every day because the neighboring Metro station is the closest station to Skid Row. Around the SB Grand, the homeless are the least of the problem; the main problem is the almost homeless. That’s where the hectic, frantic situations occur outside. Like a pimp and ho version of General Hospital – How about General Rehab?
Loiterers stand around in front and nearby almost constantly. Many of them are yelling, sometimes obscenities, sometimes threats, sometimes drop to the ground from drug overdoses, sometimes get rescued by paramedics, and sometimes get a gun in the face compliments of undercover Metro police.
Inside the building is a different type of turmoil. The renters sometimes have people over, questionable dealings, sometimes arguments occur in the common areas. The renters sometimes litter in the building and throw cigarettes down onto neighboring balconies below.
Oh, and parking is not included, but the HOA dues are low.
LOFT & CONDO LISTINGS DOWNTOWN L.A. [MAP]
Corey Chambers, Realty Source Inc, BRE#01889449