Downtown is dangerous! That has been occasionally true, especially when visitors and residents do not have all of the best information. Living and working in Downtown and its surrounding neighborhoods can be quite safe, efficient and really fun when we have access to the right knowledge. Providing accurate information is of paramount importance to buyer, sellers, renters, landlords and real estate professionals. #lofts #millsact
Because lofts are among the more complicated properties to deal with, they can be more difficult to figure out, and more challenging to understand. Involved with tough issues such as the Los Angeles Adaptive Re-Use Ordinance, Mills Act, lawsuits, litigation, unwarrantable buildings, incomplete financials, dwindling reserves, lending issues, FHA/VA conflicts, homeless issues, lawlessness neighborhoods, live/work designation confusion, special assessments, new construction, changing skylines, rapid growth, gentrification — just to name a few issues, lofts can be quite a handful as far as providing and receiving accurate information.
Take Alta Lofts as a recent example. A for sale listing recently stated that Alta Lofts is a Mills Act approved historic loft building, which it most certainly is not. Being an Alta lofts resident, I pay county property taxes on the property, have been involved with more than 10 transactions in the building, and I’m an Alta loft specialist real estate professional. Only approved historic buildings with original facade and windows intact are eligible for Mills Act tax benefits. Prospective residents should check with an attorney, tax professional and Los Angeles County regarding Mills Act.
Sellers are required to provide accurate information and to disclose any information about conditions that could affect the value of the home. Some sellers wrongly believe that they can get more money for the property and protect themselves by using an out-of-area agent to sell the home because the agent does not know about all of the downsides and defects. The reverse is true of course. A local specialist who knows the pros and cons of the building can protect the seller by properly disclosing information and by correctly selling the benefits of the property and the upsides of its condition. A local specialist real estate professional is the best protection for a buyer as well, and the buyer can get the very best assistance at no cost to the buyer because the seller pays for the buyer’s agent.
To avoid buying, renting or selling a property with inaccurate information, prospective residents can also request any type of information free from the L.A. Loft Blog. Fill out my online form. 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.