What’s Wrong With Downtown Lofts – Special Update #dtla #problems

While all Downtown loft buildings have issues that prospective buyers want to be aware of, the Downtown real estate market is having just a bit of a lull currently due to the relatively high prices as compared to a few years ago. It’s scary for some — an opportunity for others.

Raw lofts and fixers in Downtown LA

On top of that, people are scared of the upcoming election, and not it’s the holiday season, the only slow season for Downtown. In addition to Skid Row and nearby homeless, many loft and condo buildings also have real problems such as lawsuits and financing problems. The good news is that, even with its drawbacks, Downtown keeps outperforming expectations. Here’s just a few of the issues that buyers should know about:

1100 Wilshire – Lawsuits, reduced maintenance. Dwindling reserves. Views soon blocked.
655 Hope – Claustrophobia. Windows don’t open. No guest parking.
Alta Lofts – Notice of claim – HOA to sue developer – construction defects. Theft.
Barker Block – Lawsuit settled for construction defects.
Bartlett Building – No parking space included.
Barn Lofts – Free street parking is going away.
Beacon Lofts – Nobody knows what it is. No staff.
Biscuit Company – No metro nearby. Getting hard for guests to park.
Bunker Hill Tower – High HOA dues. No washer-dryers in most units.
Concerto Lofts – Lawsuit. HOA suing developer – construction defects.
Cornell Building – Most parking spaces are a block away in skid row.
Douglas Building – Most units have no parking. No guest parking.
Eastern Columbia – Parking lawsuit. High HOA does. Views being blocked.
Eckardt Building – Most parking spaces are a block away in skid row.
El Dorado Lofts – No amenities. Nobody’s heard of it. Don’t own parking.
Elleven Lofts – No fitness center. Shares pool and courtyard with Luma.
Evo – Lawsuit. HOA suing developer for construction defects.
Flower Street Lofts – No views and losing views. HOA dues rising.
Glen Donald Building – Not in Downtown. Dirty neighborhood.
Gallery Lofts – Construction next door.  Mostly no views.
Grand Avenue Lofts – No character. No amenities.
Higgins Building – High HOA. Special assessment. No parking. No amenities.
Library Court – No character. Most have no views. Litigation.
Little Tokyo Lofts – Homeless shelters next door.  Leak concrete. Mental clinic in building.
Luma – Losing views. Glut. Expensive. Construction nearby. Litigation.

New condos by the river suffer from freeway noise


Market Lofts – No character. Unfriendly security.
Metropolis Los Angeles – Not finished yet.  Expensive.  China company.
Molino Lofts – Some units not updated. Nearby construction.
Mura Condominiums – Not a loft. Oppressive rules.
Oceanwide Plaza – Not built yet. Stuck in big event traffic.
Ostrich Farm Lofts – Far away.  Out in the tulies.
Pan American Building – Nothing for sale.  Nobody has heard of it.
Promenade Condominiums – The 80s called. They want it back.
Promenade West – Expensive.  High HOA dues.
Puerta Del Sol – Disrepair. Nothing to walk to.  Freeway. Black lung disease?
Ritz Carlton Residences – Expensive HOA. Hotel nuisance. Mandatory valet parking.
River House – Freeway noise. Blah architecture. Prowling coyotes. River bums.
Rowan Lofts – High HOA dues. Most have no views. Don’t own parking.
Santee Village – Most parking spaces are a block away in skid row.
Savoy Condominiums – Not a loft. No character. Some have no views.
SB Grand – Loiterers, renters galore. HOA financials incomplete. Many issues.
Skyline Condominiums – 1980 wants its condos back.
Sky Lofts – No pool. High HOA dues. Construction noise.
SL70 – Not in Downtown. No pool.
Ten50 – Not completed yet.  Cramped floorpans. No microwave oven.
Teramachi Homes Senior Condos – Gotta be a senior age 55+.
Textile Building – Nothing really available.  Can’t lease it out.
Title Guarantee – Canceled. Nothing for sale.
Tokyo Villa Condominiums – 1979 wants it back. Weird koi pond courtyard. Outdated.
Toy Factory – No metro nearby. Slowly losing its street parking. No guest parking.
Toy Warehouse – Noisy floors and thin ceilings.
Vero – Not in Downtown. No character. Most have no views. Thin walls.

Report problems and fixes:  Call (213) 880-9910 or email update@laloftblog.com

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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449  Not associated with the homeowner’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.

Based on information from the Association of REALTORS®/Multiple Listing as of [date the AOR/MLS data was obtained] and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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Who’s Buying Downtown Lofts? It’s Constantly Changing #millennials #lofts

Think All Millennials Live in Their Parent’s Basement? Think Again!
barn-lofts-sugar-lofts-ins-soAccording to the Census Bureau, millennials have overtaken baby boomers as the largest generation in U.S. History. Millennials, or America’s youth born between 1982-2000, now represent more than one quarter of the nation’s population, totaling 83.1 million.
There has been a lot of talk about how, as a generation, millennials have ‘failed to launch’ into adulthood and have delayed moving out of their family’s home. Some experts have even questioned whether or not millennials want to move out.

signat-higgins-705-399The great news is that not only do millennials want to move out… they are moving out! Thousands of them are moving to Downtown Los Angeles. The National Association of Realtors (NAR) recently released their 2016 Profile of Home Buyers and Sellers in which they revealed that 61% of all first-time homebuyers were millennials in 2015!

The median age of all first-time buyers in 2015 was 31 years old.

Here is chart showing the breakdown by age:

Think All Millennials Live in Their Parent's Basement? Think Again! | Simplifying The Market

Many social factors have contributed to millennials waiting to buy their first home. The latest Census results show that the median age of Americans at the time of their first marriage has increased significantly over the last 60 years, from 23 for men & 20 for women in 1955, to 29 & 27, respectively, in 2015.

little-tokyo-lofts-coupleThose who went to college and took out student loans are finally paying them off, as the terms on traditional student loans are 10 years. This means that a large portion of the generation is making its last loan payments and is working toward saving for a first home. Millennial are the most likely age group to seek and rent a loft. Many of them took advantage of lower prices around 2012 and bought condos in the Arts District such as Beacon lofts, but sadly, many decided to rent and are now locked out of buying due to increased home prices and increasing rents that make it harder to save a big down payment. But they are still buying, often with the help of parents.

As a whole, the first-time homebuyer share increased to 35% of all buyers, up from 32% in 2014. Not all millennials are first-time buyers, they also made up 12% of all repeat buyers!

Bottom Line

Millennials will continue to drive the housing market next year, as well as in the years to come. As more and more realize that owning a home is within their grasp, they will flock to own their piece of the American Dream. Are you ready to buy your first or even second home?

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Copyright © 2016 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 homeowner’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.