Real Estate Tips and Tricks: This Simple Tactic is the Most Overlooked Trick to Getting the Best Deal on an Amazing Home
Open space with big windows and light, by the best walking areas near restaurants, shopping and entertainment. But what if the price is too high? This blog post has answers to that question. For those who are very business minded, it comes naturally. For the rest of us who must learn and work to make good things happen, we need to put in just a bit of effort to find and get the best deals.
Before getting to this step, the home buyer or renter will have maximum leverage for low price by getting access to all of the properties, and not just some of them. For Downtown, these unadvertised bargains can be found with a free VIP Buyer Program or a paid VIP Renter Service such as the LA Loft Tour at www.LALoftTour.com.
Failing to ask is the number one mistake for humans who want something and don’t get it. So, when it comes to getting a good deal, we need to ask. Only about 70% of home buyers and just about 30% of renters place an offer less than the asking price. So up to 30% of home buyers and up to 70% of renters are not negotiating to get the very lowest price. It is a 2-step process. The first step is to ask the seller, owner, listing agent or manager if there are other offers or applications for the property or rental. Also ask how long it has been on the market. Then place an offer. This works best when there are 2 or more properties that you like, and you place offer on both properties. Many renters and home buyers get obsessed with a single property, which reduces the chances of getting a bargain price. The most seasoned real estate professionals of all types, especially those who must get a great price, place many offers on many properties. For those who are obsessed with a particular property, and want to try to get that property for sure, the safest tactic is to place the highest and best offer as soon as possible.
Get access to the best deal on LA Lofts, Condos and Apartments. Fill out the online form.
New Construction Houses and Condos For Sale in Los Angeles
Bright, shiny, new, clean, modern and up-to-date — these are the happy things that lure us to new construction homes. Because developers create a glut when they build dozens at a time, they can even make for a better deal than a resale home sometimes. But what dangers do a shiny new object distract us from?
There are three areas of thought that can help prevent disasters before a prospective new home buyer considers a walk into a new homes sales office:
#1 Leaving the checkbook at home will not protect. — Just browsing? Better plan ahead; and here’s why: As soon as someone steps into the sales office of a new home development, they are asked to sign in. That signing in seems innocent and safe enough, but it is often the first and biggest mistake in the process. Most who stroll in to see new homes instinctively know that they will probably not purchase a home there, but they are rightfully curious. The first problem is that the buyer has unknowingly signed away their right to get free help from a licensed real estate professional. Unless they are accompanied by an agent or broker on the very first visit, the buyer has actually agreed to give away their free protections given to them by the laws of the great state of California. The innocent visitor has waived rights to free representation by a local real estate professional. Should they fall in love with the new condo or house, the buyer now has but two choices: buy the home directly from the developer’s sales team without the assistance of a knowledgeable professional — or do not buy a new home at that new development. The visitor has inadvertently hired the fox to guard the hen house. The first step of the buying process has begun, and possibly on the wrong foot.
#2 Today’s home buyers in Los Angeles have high standards, which might not
be met. Home shoppers want a clean, quiet home with open space, high ceilings, lots of big windows and light, a pretty view of some kind, architectural character, neighborhood safety, convenient parking and walkable to coffee, shops, entertainment and public transportation. Some of the shiny homes in today’s new construction market suffer instead from excessive freeway noise or train noise, gnat swarms, boxy architecture, small windows, freeway view or no view, inconvenient tandem parking spaces, dangerous raceway bike path and prowling coyotes. Some new homes for sale do not yet have final approval from the City of Los Angeles, and in-house lenders sometimes experience big delays, so the sales could potentially be delayed many months.
Some new park-side houses under construction near the river have a land lease so that the owner does not really own all of the property. This limits the long-term value of the property because the land lease impact snowballs to a greater and greater negative factor over time.
#3 The Los Angeles River will flood – The area around the river is a flood plain. The city has prepared for a major flood to happen about every 100 years. It could happen in a thousand years, or it could happen next winter. While the new homes may not technically be inside the official flood zone, the concrete LA River has nearly overflowed its banks before, and, sooner or later, it will flood neighboring homes and businesses, especially underground parking, ground level, first floor and possibly even flood 2nd-floor units.
Homebuyer Protection Programs
When the buyer does find the right home, they must face competition from the seller and from other buyers. In today’s real estate market, there are a relatively large number of buyers, and few sellers. Most buyers are unpleasantly surprised that they are usually outbid by other buyers or sometimes virtually ignored by the seller. To have a good chance of success in the current home buying environment, buyers can take advantage of strategies that help them tobeat out other buyers to the best deals by getting priority access to all of the properties. This includes getting access to the largest number of pocket listings, off-market, unlisted and unadvertised bargains. Buyers are more satisfied with their home purchase when they get access to the pros and cons, including the negative information on properties such as lawsuits and litigation, along with undesirable construction and defects that sellers sometimes try to ignore or even hide. Buyers want to understand the neighborhood and know what is going on and coming up in the neighborhood. Like a fly-by-night used car lot, new home sales offices typically pack up and leave town after they reach their sales goals. Rather than relying on a sales office agent, or a friend/relative who happens to be an out-of-area agent from another neighborhood, smart home buyers take advantage of specialized neighborhood knowledge combined with the latest real estate technology such as a neighborhood heat map. Buyers get the best home purchase terms, incentives, loan rates and fees when they have access to compare several local lenders who know the building. Buyers avoid expensive mistakes when they get help scheduling a local inspection company who specializes in that type of building in that area.
The most serious and astute of home buyers consider all of the costs and possibilities to save as much money as possible on their home purchase. A local neighborhood specialist
often knows what the bottom line is for the seller, allowing the home buyer to place the lowest offer rather than offering tens of thousands of dollars too much on a desirable new home. A savings guarantee can ensure that the new home buyer can negotiate down $10,000 from the asking price or the agent pays $1,000 toward the buyer’s closing costs – visit www.Save10Grand.com. A Free Home Warranty could cost the buyer $575.00, but some agents will offer to pay for this if the seller won’t pay for it. Usually, nothing is guaranteed in real estate. It is all too common for buyers to buy a new home, then find out they don’t love it as much as they thought. There is a solution: The Love Your Home Guarantee. Get the details at www.LoveYourHomeGuarantee.com
The take-away. Always bring a local neighborhood specialist real estate professional before browsing any new construction condominiums or houses. It’s free, and the right Home Buyer Protection Program can prevent numerous problems while giving many surprising benefits at no cost to the buyer.
Get as much free information as possible by getting on the new homes interest list. Fill out the online form:
The foreclosure crisis transformed America into a market of renters and rent collectors. The share of single family homes used as rental properties has surged to a 30-year high. Only 65 percent of homes purchased in 2015 are owner-occupied. A recent report by Bloomberg shows how it is easier to be a landlord now than it has ever been in the history of the U.S.
The share of U.S. households that rent is at its highest level since 1965. Downtowners can take full advantage of the situation by renting a nice loft in the most exciting neighborhood on Earth, while at the same time buying a positive cash flow rental income investment property for as little as $33,000 that already has a property manager and tenants.
And they’re renting some nice lofts in Downtown LA:
Several amazing deals on rental income properties for sale under $50,000 with positive cash flows are available that have already been refurbished, property managers hired, and renter tenants already been in place. Get a free list of these positive cash-flow investment properties. MORE | REQUEST
Tens of thousands are flocking to Downtown LA because it provides the most efficient lifestyle with the coolest lofts for sale and for lease with open space, big windows, lots of natural light, and walkable to coffee, restaurants, shopping, entertainment and transportation.
The best apartments, lofts and condos for lease in Downtown LA are often not listed on the internet. Get VIP access to these unadvertised bargains. Fill out the online form:
A Tale of Two Condos – Contrasting Traditional and Industrial Home Styles
Recently, some clients were discussing and comparing two nearby buildings in the Arts District, both along Alameda Street by the most popular part of Little Tokyo. These are two different types of condominiums that are not usually enjoyed by the same kind of people. Both have condo units for sale and for lease, but it’s like comparing apples and oranges, so lets enjoy delving into the big differences. #artsdistrict #condos
Beacon Lofts is an historic industrial loft building, while Savoy, a block away, is a modern construction traditional condominium complex. Right off the bat, those who want more traditional comforts will prefer The Savoy while those who want industrial character will certainly like Beacon Lofts better.
While most of our loft specialist team’s clients have preferred Beacon Lofts, a recent LA Loft Blog reader and rental-seeker recently chose the Savoy Condominiums at 100 S Alameda Street because she felt that a one bedroom with an actual door is preferable. The delineation of space also makes it feel bigger and more homey to her. She mentioned that a lack of closet and/or storage space at the nearby Beacon loft would be a huge issue for her and her boyfriend, and that the balcony with extra storage space at Savoy is a huge perk. The amenities at Savoy are really nice (pool, gym, covered parking, landscaping, etc), Beacon doesn’t have those. The location of Savoy is preferable for her since she intends to take the train most days and Savoy is a block closer to the Gold Line Metro and Union Station.
The Beacon loft is super cool, modern loft but feels a little too industrial for her preference. Because it lacks bedroom walls and bedroom door, lofts like Beacon are easier to visualize when they have furniture to give people an idea of how cool they can look when set up because lofts are neat spaces, and Beacon has with cool amenities in the surrounding area.
Compared to other nearby condos and apartments, Beacon lofts at 825 E 4th Street has plenty of street parking for guests around the area. Satelite speed internet hook-up, no annoying on-site management and no strict move-in/move-out rules (at other nearby condos, you can’t move in or out on the weekends) — Beacon is mostly owner occupied and self-governed with a community feel. Beacon is a concrete building so no ants/roaches/bugs/rodents. The sound isolation is much better that most buildings. No strict restrictions on the rooftop deck, BBQ, and hot tub (may be used late at night).
Just a quick note to remind you that you can do anything! No matter what your situation is, you can accomplish your highest goals, dreams and aspirations.
Yes, while I often prefer vegetarian, I do appreciate a steak once in a while that is way too big to eat in one sitting. I do like left-overs, and try to make the most of everything. My family once lived in a tiny one-room shack behind a family friend’s house. Today, I get to help buyers and sellers to overcome obstacles when buying and selling million dollar lofts and condos in Downtown Los Angeles, and that led to owning a big, 2-story L.A. loft of my own.
I’m am lucky enough to have an amazing and special family member, Bob Wieland, to inspire me, and hopefully to inspire you as well:
The year was 1969 when Bob Wieland an All Star athlete from Milwaukee, Wisconsin was drafted and sent to Vietnam. When Bob was given a choice of becoming a cook or a medic, he chose medic.
Bob recounts: Well I’ll tell you what happened I ended up in the middle of the jungles of Vietnam showing with first platoon Alpha Company 2nd of the 14th Battalion 25th Infantry Division and one day we were on a search-and-destroy mission heading toward the enemy stronghold. We were told to turn the place into a parking lot, but I was surprised when it was our company that got ambushed.
Bob Wieland lost both of his legs in combat when he stepped on a land mine, yet still went on to break world records, then walk across America on his hands to help children. Bob Wieland, Mr. Inspiration as he is now known, today shows us how to take the steps of faith that we need to help us overcome all obstacles. He helps millions of children and adults to realize their full potential.
The next time someone says “It can’t be done,” we will remember that it most certainly can be done if we are motivated and inspired to achieve it. I’d like to hear your Downtown Los Angeles aspirations or your real estate goals no matter how challenging they may seem.
America’s Best Investor Homes For Sale Might Not Be in Downtown LA
It’s been exciting to help million dollar buyers and sellers in Downtown Los Angeles. Today, I’m just as excited to help people turn small investments into immediate positive cash flow with infinite returns.
From L.A. Lofts to Infinite Income:
Hi I’m Corey Chambers. You know me as the Downtown Los Angeles real estate professional, publisher of the LA Loft Blog and the SoCal Home Blog. Overall, nothing beats the Southern California lifestyle, and that is why Southern California real estate has been a great investment for many decades. My most recent client is very happy with their purchase of an amazing penthouse level loft with lots of windows and light in the most creative neighborhood in the world, the Arts District of Downtown Los Angeles. Congratulations to them!! But, the fact is that most potential real estate investors do not have $700,000 to $900,000 cash to buy an Arts District loft.
Today, we’re helping clients build property wealth one property at a time. We are a real estate investment network that provides training, consulting and support. We help our clients by identifying properties where we’re buying real estate right. We’re maximizing cash flow. We’re leveraging where possible and using rental income to pay the debt down. The ultimate goal is free and clear ownership of income-producing properties. We have rental homes that are fixed up, professionally managed and rented out for $800 a month — priced at about $40,000. We have multi-family properties with astounding cash flow but most important in this whole process is that when you’re ready to invest, you contact us for a free no-obligation consultation where we can customize an investment plan that is a specific fit to your goals. Get a free report by calling our 24-hour recorded hotline 1-800-791-4541 ID#8087 or online at www.CoreyChambers.us
DISCLAIMER: This is not intended to be an offer to sell nor a solicitation of offers to buy real estate in states where registration is required prior to any offer being made or in any other jurisdiction where prohibited by law. The L.A. Loft Blog is referring potential buyers only and does not represent buyers or sellers in any capacity on out-of-state real property transactions. Real estate ownership involves risks which buyer assumes. It is your duty to do your own due diligence. Read all documents and agreements before signing anything. It is your duty to consult with your own legal financial and tax advisers regarding any real property transaction. Out of state property transactions are not represented by a California real estate broker and the L.A. Loft Blog does not create market sell or refer anyone to securities offerings.
While the average American is out of shape, Downtowners and urbanites in general are some of the most fit people in the world. They like to walk and stay in shape. Staying fit in Downtown LA can be easier than the suburbs because most of the condos for sale and for lease are within short walking distance to so many great shops and entertainment venues. Young urban professionals are often competing in the dating world, and want to sport an attractive athletic body to help score the best catch. Others simply want to be healthy. While we get to walk more, it’s also a quick walk to many exciting bars and restaurants, and walking around may not be enough to stay in the kind of physical shape that we want. More than half of the condo buildings in Downtown have some kind of workout room or gym as part of the condominium building homeowner’s association amenities. For those who choose a building without a gym, there are several commercial gyms in DTLA, including LA Fitness, Gold’s, Equinox, Trojan Crossfit, 24 Hour Fitness, City Athletix, Los Angeles Athletic Club, FitPros LA and YMCA.
The loft conversion boom reads like an obituary: #LA #Historic
Downtown Los Angeles — Loft boom (2003 to 2013), died three years ago at the age of 10. The large number of conversions was part of the transformation and renaissance of Downtown Los Angeles from a place of blight to a prosperous, rapidly growing area of urban renewal, attracting the middle class and wealthy to return to the Downtown area. The loft conversion boom died at the end of 2013 after the birth of its last child, Barker Block Warehouse One
From 2003 to 2013, many old LA buildings were converted to live/work lofts under the City of Los Angeles Adaptive Re-use Ordinance. Since then, one developer attempted to go condo with an already converted loft rental historic building called The Title Guarantee Building by Pershing Square. The loft condominium sale was abruptly called off just hours before Downtown agents were schedule to meet for its launch briefing. The Downtown specialist agents and brokers were bummed because selling conversions accounts for up to half of their incomes. While the developer would not provide a reason for the sale cancellation, the rationale is clear… like other loft conversions before it, the developer planned to sell the units as condos, but later crunched the numbers and realized that the long-term big money is in renting out the units, not selling them. Title Guarantee was not alone in being built for sale but then never selling; Chapman Flats, The Brockman and others were designed to be condos, and may still go condo when the time is right.
As Downtown rents skyrocket, increasing on average more than $400 per month in less than 3 years, landlords and rental building owners have profited handsomely. With now more than 500,000 jobs, Downtown LA is a boomtown of employment and rentals. Of course, most DTLA condo owners are doing well, sitting pretty on loads of equity, and able to lease out their units at higher-than-expected rent amounts. Many new apartments are being built recently, as well as a few new high-rise condo buildings such as Metropolis and Ten50. As renters continue to flood into Downtown, the rental boom is expected to continue for many years, while those who prefer to own a historic loft are left with a very dwindling inventory and pricey choices. Many Downtown home buyers now end up buying homes outside of Downtown, such as the new homes on the LA River.
The death of the conversion boom is not necessarily all bad. The lack of new conversions creates scarcity and higher prices, thus leads to more value and equity for those who own a historic Downtown loft.
The homeowners of 1100 Wilshire got what they asked for, but apparently paid an extremely hefty price.
CORRECTION: The L.A. Loft Blog incorrectly reported that Chase Bank purchased or leased control of 1100 Wilshire guest parking. The L.A. Loft Blog has since learned that the former guest parking is primarily controlled by the commercial space owner Wilshire Commercial LLC. The free guest parking was lost in connection with ongoing litigation between 1100 Wilshire Property Owners Association and Wilshire Commercial LLC.
Some homeowners have since complained that the problems mentioned in the L.A. Loft Blog (loss of guest parking and reduced maintenance) are caused, not by Chase Bank, but by a rogue homeowners board that has launched expensive lawsuits without majority homeowner approval. The homeowners board and management believe that they are working in the homeowners best interests to reverse adverse impacts to the homeowners caused by actions of Wilshire Commercial LLC.
What is, for the moment, still among the most respected buildings in the Downtown Los Angeles area has been trying for years to get all of its 3 or so commercial spaces filled up with businesses. Everything was going great until they gave away the farm to Chase Bank. (Lesson learned: Always be very cautious when dealing with banks because they are naturally the best swindlers out there — for banks, it really is all about the money). Now Chase affects 1100 Wilshire, which you can easily see after they pulled down the 1100 sign, replacing it with the Chase sign. The sad result so far is that the extra money from Chase does not appear to cover the cost of all of the extra wear and tear on all of the interior areas from the parking and elevator halls to the once-pristine lobby, which is not so pristine any more. There is so much soil and wear from the foot traffic, that busy maintenance crews now appear to have trouble keeping up. Worst of all, LA Loft Blog sources say that the HOA actually lost control of its valuable, once plentiful guest parking to the retail owner due to ongoing litigation with the building’s retail space owner Wilshire Commercial LLC. It’s now a lot harder to have visitors over, so the once-social residents must now kiss their many friends goodbye.
Now the Chase problem is unfortunately only the beginning of 1100 Wilshire’s woes. Homeowners recently called an emergency meeting to try to come up with a strategy to prevent the future blockage of 1100 Wilshire’s pool deck by the upcoming 36-story behemoth Bixel Tower. 1100’s glorious 17th floor sundeck with high-end infinity pool, outdoor kitchens, hot tub spa with views, private party patio, cabanas and fire pit, the entire 17-th floor rooftop sun deck and south-facing units could soon be blacked out by the upcoming Bixel Tower. This will block the natural light and views, thus diminish the property values of 1100 Wilshire condominiums.
Our guess is that the residents of 1100 Wilshire, angry at recent results of dealings with Wilshire Commercial LLC and Chase Bank, will vent their frustrations at Bixel tower, perhaps putting a damper on Bixel’s sky-high aspirations.
Find out what Downtown loft and condo buildings are involved with lawsuits and litigation. Fill out the online form:
MODERN FLATS IN L.A’S ARTS DISTRICT
The Garey Building Apartments is a new modern living, dreaming and creative hub in the Arts District fueled by visionaries and designed to inspire. Distinctive rental flats rise above a pedestrian promenade filled with shops, cafés and spaces for impromptu gatherings. Say hello to a truly unique community in LA’s most vibrant neighborhood.
Personal Balconies or Patios*
Open Layouts with 9-Foot Ceilings Throughout
Distinctive Wood-Style Flooring Throughout
Energy-Efficient, Dual-Pane Windows
Gourmet Kitchens with Gas Stoves
Stainless Steel GE Energy Star Appliances
Quartz Countertops Throughout
European Style Cabinetry
In-Unit Washers and Dryers
USB Charging Outlets
Generous Walk-In Closets*
Spacious Linen Closets
Centrally Located In the Heart of Downtown L.A. Arts District
Restaurants, Entertainment and Shopping within Walking Distance
Close to Music, Arts, Theaters, Museums, Galleries and Sports Venues
Easy Access to Public Transportation
Garage Parking Available
Excellent Freeway Access
Light Rail Access
Professional On-Site Management
On-Site Recycling Program
Electric Vehicle (E.V.) Charging Stations
The Collective – Ground floor gathering space with individual work stations, a conference room and a comfortable resident lounge
The Improvement Club — State-of-the-Art Fitness Room
The Post — Resident Mailroom
The Pet Perks — Dog Run, Pet Salon and Off-Leash Dog Park – We Love Pets!*
The Spoke and Wheel — Bicycle Storage and Repair
Lounge 905— Indoor Multimedia Social Zone and Hangout
The Library — Indoor Lounge and Reading Area
The Union — Indoor/Outdoor Lounge Area
The Retreat — Pool and Spa with Gas Barbeques, Fire Pit, Lawn Games, Cabanas and Fountain
The Yard (North and South) — Lush Outdoor Areas Tailored for Entertainment and Relaxation
The Lookout – Rooftop Deck with Incredible Views of Downtown Los Angeles
The Gallery — Leasing Office