10 Mistakes to Avoid when Buying a Loft, Condo or House in the Downtown Los Angeles Area

Before seeing homes or meeting with a real estate agent, prospective Downtown LA home buyers should be aware of some of the most common problems and how to avoid them.

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These problems include: lawsuits, litigation, loft and condo lending problems, getting trapped by a real estate agent, missing out on the best deals, losing out to other buyers, failing to negotiate the best price and terms, delays due to failed inspections, HOA move-in delays, unpermitted improvements, risk of losing deposit and no electricity. Here’s how to make the home buying process go more smoothly and to profit in DTLA:

10 IMPORTANT HOME BUYING TIPS:

The #1 mistake that we have seen since 2011 is prospective buyers delaying a home purchase. Prices have been going up about 1% every 6 months for the last several years, with rents going up about the same. Homeowners have gained an average of more than $200,000 in equity, while renters have really lost out in terms of net worth.

Place the highest and best offer on the very first day of a listing. Prices and terms are negotiable. Buyers may ask the seller to pay some of the expenses such as closing costs. If buyers asks for too much, they may lose to another offer.  Buyers should get a list of comps, recently sold comparable homes, in the building or neighborhood so that he buyer can see first hand what buyers have paid recently for a similar home. #dtla #buyermistakes

Most purchases entail delays and unexpected miscellaneous expenses. Some transactions fail after incurring expenses for the prospective buyer. Some borrowers are unable to obtain financing. Loft purchase may require a loft specialist lender.  They can be found at www.LALoftLoan.com.

Delays are common. Be sure to allow plenty of extra time for moving, and extra money for unanticipated costs.

Ensure that the seller has installed a carbon monoxide detector before the inspections.

For condos, HOA move in fee, move out fee and HOA move in security deposit are often required; ask HOA for details. A move in appointment and information form is required by most HOAs. Contact the HOA well in advance to make move in arrangements.

For houses, always ask seller for any permits pertaining to additions and major improvements. Buyers can get a free floor plan at MyFloorPlanFree.com.

Removing contingencies places the buyer’s¬†deposit at risk. Do not sign off on all contingencies until sure that the transaction will¬†be completed. Buyers must usually remove contingencies before seller completes repairs.

Electricity may be turned off before or right after the purchase. Order utilities in advance of move-in.

Buyer’s can avoid most mistakes simply by hiring at no cost a Downtown area specialist who is knowlegable about the buildings and neighborhood issues. ¬†A good local agent will take down the buyer’s¬†home buying criteria, to help to get priority access to hot new listings, to aid the buyer¬†in receiving proprietary information such as unlisted properties, and to show several homes when possible.¬† A¬†free home buyer consultation is the¬†first step to a successful home purchase.

Buyers should pay nothing for this service, and there should be no obligation to buy a home. To expedite the process, buyers should give the agent proof of funds (a statement of an account with some down payment funds, black out the account number). Also, buyers will get priority service from agents and owners if buyer is preapproved for a loan. Get a free list of Downtown loft lenders who can finance a live-work loft, Mills Act loft, and other homes converted under the Los Angeles Adaptive Re-Use Ordinance. Fill out the online form:

UTILITIES DOWNTOWN L.A.

Call DWP to turn on electricity
ladwp.com
800-dial-dwp

SoCal gas
1-800-427-2200

Cable tv is usually
http://www.timewarnercable.com/
888-tw-cable
(or)
AerioConnect http://www.aerioconnect.com

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Higgins Building – Ascendance from Hellish Hidden Unknowns to Hallelujah Hereafter!

The L.A. Loft Blog has received word that several qualifed buyers are trying to purchase a loft¬†in the Higgins Building, which sits conveniently¬†between¬†Downtown’s Historic Core, Civic Center and Little Tokyo neighborhoods. The building was scary just a few months ago when a proposed special assessment was coming up for a vote, and few details were available on the fate of the structure and its residents. The only thing known was that a big bill may or may not be coming for every homeowner in the Higgins. #higgins #building

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Home to America’s 2nd largest cluster of government workers,¬†Downtown Los Angeles¬†now¬†provides¬†an astounding 500,000 jobs. The Higgins directly¬†benefits from the LAPD headquarters across the street that provides nearly round the clock vigilance by police in and around the building, and a large lawn that has become a very popular defacto dog park. The residents are quite happy, but a $15,000 to $30,000 question about a potential assessment can really put a crimp on future plans.

DOWNTOWN LA LOFTS OPEN HOUSE jan-29-2017-dtla

Now that the Higgins homeowners association has recently passed its special assessment to pay for a $4 million renovation, the future is clear and bright for the Mills Act historic building. The crumbling facade will be completely replaced with a newly restored exterior, complete with incomparable details, which could never be duplicated by new construction. Historic building engineering specialists Simpson Gumbertz & Heger have provided a proposed facade restoration plan that gives a glimpse of the many fixes. See it the hoa-proposal. Higgins unit number #705 what was listed for sale and received few offers during the holidays, suddenly received 4 offers in 2 days, and has several other interested buyers who have expressed interest, including several all cash buyers.

higgins-metro-station-rendering-jA new Metro station is under construction across the street on Spring, which will add a lot of transportation convenience and urban value to the building when the big construction project is completed in 2018.

Several buyers, including some all cash buyers, are actively trying to buy a Higgins loft around 650 to 750 sq ft or more, around the price range of $375,000 to $475,000 or so.  Those who might know an owner of a Higgins loft (or a similar building nearby) who may be interested in selling can notify the L.A. Loft Blog at higgins@laloftblog.com or call (213) 880-9910 so that a free online home evaluation can be provided to the homeowner.

childrens-hospital-los-angeles-baby-careP.S.¬†Your Referrals Help The Kids!¬†¬† $125 donation goes to help the extraordinary kids in need at Children’s Hospital Los Angeles on every home we sell this year. ¬†Help us help Children’s. ¬†Who do you know considering making a move that would benefit from the services we provide? ¬†Call Corey at 213-880-9910 with their contact info, or have them contact us. ¬†You can also visit¬†http://www.ReferralsHelpKids.com. ¬†Thank you in advance!

property-dtla-value-heat-map-2Investors and prospective home buyers can get a free heat map of local building values, building types, estimated equity, recent sale, foreclosure, owner occupied, turnover, year built, property type, square footage, assessed value and mortgage debt, all visible as color maps at a glance. Get a free heat map of home values in the Downtown area. Fill out the online form:

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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 We are not associated with the homeowner’s association 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.

River House Update

River House new condos are nearly 50% sold. First residents to begin move-in next week.

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River House in Frog Town (Elysian Valley, Los Angeles) – new condos are in yellow

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New Homes For Sale

On the L.A. River near Downtown Los Angeles, 2 Bedrooms are starting at $499,900. #riverhouse #newhomes

River view new homes still available!

Get new homes information in your email. Fill out the online form:

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Higgins Building Loft Unit #705 In Escrow
Higgins Building Loft Unit #705 In Escrow

Copyright ¬© 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 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.

Los Angeles Loft Laws: Adaptive Re-Use Ordinance, Litigation, Lawsuits LALoftLaws.com

Before looking at lofts for sale, prospective buyers want to know how a live/work loft fits into our lifestyle and our finances. #dtla #lawsuits

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How does a loft work as an investment?  Buyers need to know how lofts fit into the real estate industry, how to avoid the problems with lofts such as loft lending problems, lawsuits, litigation and other issues that affect the loft buildings and sometimes plague urban neighborhoods. Investors can cash in with big tax advantages that come with lofts in some historic buildings.

LALoftLaws.com

To help Downtown homeowners and would-be urbanites to make the right decisions, the LA Loft Blog has created several information resources to help avoid the down sides of Downtown while enhancing lifestyles and real estate investments.  The newest is the new domain LALoftLaws.com, which contains much information about the legality of live-work lofts in L.A.  The site also points to other much-needed info on lawsuits, litigation and other issues of DTLA loft buildings.

Financing Fiasco! ¬†In addition to lawsuits, the biggest disaster that often happens to loft buyers is finding out too late that their traditional home loan is not going to work for a loft purchase. Here’s what happens all the time: The buyer’s buddy Joe, who’s a mortgage guy and long-time friend, says, “Sure we’ll hook you up.” ¬†NOT!!! ¬†Joe has no idea what a loft is, and the buyer finds out too late that Joe cannot really get the financing done because of the many issues that loft buildings often have. Lofts are an uncommon type of real estate. Get details about this common problem at www.LALoftLoan.com

Special Assessments

Downtown lofts have not seen many special assessments until recently.  One has popped up at the Higgins Building. The HOA recently voted to spend more than $4 million to renovate the exterior of the building, including the entire facade and portions of the rooftop and other elements.  Since the homeowners association reserves are around $1.4 million, the residents need to raise about $3 million by directly collecting cash from each home owner. Because it takes cash directly away from homeowners, a special assessment is the most serious of financial issues that a condominium community might experience. It can happen to any building, but the Higgins community was hit hard because the loft conversion developer Barry Shy did little to remedy the crumbling facade of the nearly 100 year old building when it was converted to live/work residential lofts around 2004. (Shy does deserve credit or being an early visionary in loft conversions when there was less information and guidance available on live-work loft conversion.) Today, the Higgins Building has no lofts for sale, and a convenient, new Metro station is under construction coming across the street on Spring.   LAWSUITS  |  ASSESSMENTS  |  LOFT LENDERS

Mills Act

Some loft owners save thousands or tens of thousands per year on county property taxes due to the Mills Act historic building property tax benefits. Find out the details at www.MillsActLA.com and get a free list of local Mills Act buildings in your email. Fill out the online form;

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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 We are not associated with the homeowner’s association 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.

JUST SOLD – LITTLE TOKYO LOFTS 420 S SAN PEDRO ST

Knowing what sold recently is the most reliable way to discover the current home value.

Just Sold Little Tokyo Lofts

HOME PRICES

findoutwhat-1041 copyBy ¬†learning what people actually paid for a property, we don’t need to guess as to what buyers will pay today. ¬†The Listing Price (or Asking Price) can help to understand the psychology of the seller, but they are only accurate predictors about 1/3 of the time, as about 2/3 of properties in downtown sell for significantly more or less¬†than the asking price. #dtla #sold

Property Values:  The above Little Tokyo Loft 3rd floor unit sold this week. Since it went into escrow, prices have increased while inventory has shrunk because the unit was purchased during the holiday season.  The busy real estate season in Downtown Los Angeles starts Jan 2 and stays busy all the way until October 29.

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The Little Tokyo Loft south side unit sold for a bit less than the asking price. The unit has a leak in the rooftop drain pipe that extends vertically all the way through the building. The pipe is more than 100 years old, and leaks slightly whenever it rains hard. The Little Tokyo Lofts Homeowners Association is again trying to repair the leak.  The HOA is being sued by another residents who had a leak in his unit, that damaged his rare hollywood prop wallpaper.  Find Downtown and L.A. recently sold loft prices at www.LALoftPrice.com.

Find out how much the loft down the street sold for.  Request a free list with sold prices. Fill out the online form:

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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 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit CoreyHasTheBuyers.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.

Downtown Los Angeles MLS

L.A. Home Search by MLS Number  #listingid #property

loft-search-jLofts for sale and for lease in Downtown LA and Southern California can be found by searching by address, building name, neighborhood or city.  Prospective home buyers can also look up the property by the Listing ID or property number assigned by the real estate professional organization Multiple Listing Service. This MLS number looks something like this: 16-169904 (enter the numbers only without the hyphen or dash). The MLS number might sometimes include various letters as well, and these might not work as well in the search, so call for free help at (213) 880-9910.

PROPERTY SEARCH mls-home-search-listing-id

If you know the MLS number of a property, and you would like to see the details, visit the LA Loft Blog MLS Search Page CLICK HERE to enter the number or call us at (213) 880-9910 for free assistance. Those who do not know the MLS number can also get free help online. Fill out the online form:

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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 We are not associated with the homeowner’s association 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.

Luxury Lofts Los Angeles

For rent and for sale, luxury lofts in L.A. are all the rage.  #luxurylofts #losangeles

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Downtown Los Angeles is the Mecca for live/work industrial, historic and luxury lofts in Southern California. More than half of properties for sale are loft conversions under the City of Los Angeles Adaptive Re-Use Ordinance.  More than one third of Downtown LA rentals are lofts. Hollywood, Pasadena, Marina Del Rey and other neighborhoods have some luxury lofts also.

luxury-downtown-la-loft-watermarke-07-e-mkBesides being all the rage for their chic style and hip urban character, lofts are practical for their urban settings near restaurants, coffee, shopping, entertainment and transportation hubs. They offer a more convenience, efficiency and more wealth of opportunity, including personal life and financial success because of their close proximity to so many singles, young couples, entrepreneurs and successful artists.

With high ceilings, open floor plans, lots of windows and natural light, lofts give a feeling of great freedom, spaciousness, creativity and positive energy. As Downtown LA recaptures more and more television and film industry activity, the neighborhood firmly stands as part of the entertainment capital of the world. With America’s¬†2nd largest concentration of government workers, DTLA is home to more than 500,000 jobs. While the Los Angeles is teaming¬†with amazing restaurants, Downtown L.A. alone has more restaurants within walking distance than we can ever hope to taste¬†in our lifetime. Combined with the energetic vibe of Downtown life, penthouses and other luxury lofts provide the most creative¬†way of thinking and the most innovative way of working with the highest example of a vibrant lifestyle. ¬† LUXURY LOFTS FOR SALE¬† | ¬†FOR LEASE

Get a list of luxury lofts in your desired neighborhood. Fill out the online form:

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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 We are not associated with the homeowner’s association 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.

LA Loft Blog Launches New, Agent-Friendly Downtown Real Estate Directory Entar.com

Downtown LA home buyers, sellers, renters and landlords need to find each other, but it’s amazing how popular, yet sometimes business-unfriendly some directories, ratings and review sites can be. Find a 5-star rated Downtown real estate agent. #entar #dtla

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While some are marvelous ways to find properties, to find 5-star rated real estate agents and to collect and to share information on real estate brokers and other professionals and businesses, some of the most popular ratings and review sites sometimes seem to tacitly encourage nameless people to give fake reviews and baseless rants, while preventing business owners from having control over their information. Other directories are helpful, but none really give full. all-out effort to helping businesses grow while actively helping the professionals to improve their businesses and attract genuine positive reviews from real customers and clients.

That is why the L.A. Loft Blog is sponsoring the launch of a new online business directory ratings and review website called Entar where real estate pros and organizations get a free business profile at www.Entar.com.  The site is starting off as a local real estate professional directory, and will gradually expand to include mortgage brokers, real estate inspection companies, then additional business categories and larger geographic areas.

“If you can’t say something nice, don’t say nothin’ at all.” We learned that when we were kids, but many have forgotten. Real estate clients (buyers, sellers, renters and landlords) can enjoy ranting and raving away about their agent, broker, apartment manager etc. The Entar.com directory allows negative comments and bad ratings, but the¬†negative feedback must be real, and the posting member must be able to back it up. Finally, a business owner can dispute and remove fake negative feedback, especially¬†if the bad review is not even from a real customer or client.

Entar Agent Directory Free Real Estate Business Listing
Entar Agent Directory – Free Real Estate Business Listing. Find a 5-star rated real estate agent.

Additionally, aside from Google and few other directories, most ratings website provide very little in the way of advertising and marketing. Businesses can and do receive free leads from Entar, with premium members getting first priority at the leads and additional advertising exposure.

Now prospective home buyers, renters, sellers and landlords can find professionals all in one place. Businesses and professionals can add and improve their profiles with business information, self-reviews, customer reviews, ratings, blogs, photos and multimedia.

Agents and brokers can get free marketing and free client leads. Check out the LA Loft Blog’s profile on Entar at www.entar.com/blog/la-loft-blog-17¬†and then create your own directory profile¬†free at¬†entar.com/join

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Copyright ¬© This free information provided courtesy L.A. Loft Blog and Entar.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit Entar.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.

Johnny Depp Downtown LA Home

Here’s an update on Depp’s Eastern Columbia loft condominium penthouse for sale in Downtown Los Angeles. #depp #home

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Depp’s luxury penthouses for sale are big real estate news, attracting other celebrities and successful artists do the most exciting place on earth, DTLA. Prospective Downtown L.A. home buyers can¬†get advantages by finding out the good and bad information on¬†the¬†resale of Depp penthouses, and by¬†avoiding common downtown disasters such as rampant lawsuits and litigation, learning the pros and cons of the condo units, building and neighborhood.

Based one the coinciding timing, it appears as though Johnny’s divorce from Amber Heard may have something to do with the sale. But, no doubt that economics has something to do with it, as the price increases have netted Depp a more-than-tidy profit. He’s earned it by taking risks in purchasing while others were scared, choosing irreplacable condo units in an art deco masterpiece landmark, and adding his own magic aura of fame, notoriety and public adoration. Long after he has departed, and even¬†after they are resold, these properties will be forever known as the Johnny Depp Penthouses.

The LA Loft Blog has received the scoop on two Depp penthouse listings coming up at the Eastern Columbia. They are getting prepared to list:

One of them is a 12th floor penthouse Sale with two bedrooms and three bathroom, about 3,300 sq fts that will be asking just under $4,000,000 including a storage unit,
Monthly HOA is about $1,200 and includes one parking space.  This luxury Mills Act building potentially saves the owner up to around $40,000 a year or more off of county property taxes.

For more details about this and the other upcoming Depp penthouses for sale, along with floor plans, call Corey at (213) 880-9910 or fill out the online form:

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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 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.

Downtown Top 5 Best Investment Property Listings Request

The Fab 5 Downtown LA Loft and Condo Property Picks for Investors

arts-district-downtown-la

REAL ESTATE NEWS SPECIAL UPDATE:  Downtown property values rise for 2017.  The lowest price medium size loft for sale leaps to $425,000 to kick off the new year. #investments #downtownlosangeles

  1. 108 W 2nd St #705 – IN ESCROW
  2. Pocket Listings at Alta, SB Grand and Beacon Lofts – UNLISTED
  3. 215 W 7TH ST #412
  4. 257 S SPRING ST #3D
  5. 312 W 5TH ST #515

MORE

Get the top 10 DTLA investments free info in your email. Fill out the online form:

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NOTICE:  IN CASE OF TEMPORARY OUTAGE OF THE LA LOFT BLOG DOWNTOWN HOME SEARCH, USE THE BACK-UP HOME SEARCH FOR DOWNTOWN LA HOMES FOR SALE LINK:

http://socalhomeblog.idxbroker.com/i/downtown-los-angeles-homes-for-sale-map

Copyright ¬© 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 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.