The statistics in this L.A. Loft Blog post will surprise and shock home buyers and real estate agents alike. Realtors who specialize in helping buyers are facing a diminished financial future as buyers are feeling more empowered by the internet to find homes on their own. #buyersagent #homeprices
Death of the Buyer’s Agent
While using a buyer’s agent is not a legal requirement for purchase of a home in California, nearly 100% of transactions involve getting help from a buyer’s agent, listing agent or attorney. For a good chance of a successful purchase, the offer needs to be written up properly, with sufficient supporting documents so that it can be seriously considered by the seller. Most buyers choose to find and use their own agent who specializes in helping buyers and who can be dedicated to helping the buyer to find the right home, then to negotiate the best price and terms that are in the buyer’s best interest. Because technology is improving, a growing number of buyers are finding their own on real estate websites, and then contacting the listing agent without getting help from a buyer’s agent.
The Los Angeles Times reported on why some buyers are ditching the real estate agent and turning to start-ups and other websites for help instead. In the past, real estate agents had exclusive access to much real estate information that home buyers could not get themselves. But today, property listings, photos, recently sold prices, school ratings and neighborhood information such as crime rates are available free on the internet. For some assertive buyers, that’s an invitation to bypass an agent and, in the process, try to negotiate some of the 2.5% to 3% that is commonly paid to the buyers agent. Why not ask for some of that to be applied to lowering the purchase price if no buyer’s agent is being utilized? There are some new websites that specialize in helping buyers with an online platform. Some, such as Open Listings represent the buyer and then rebate half of the selling agent’s commission to the buyer.
Even with the latest technology to help buyers (92% of buyers use the Internet during their home search according to National Assn. of Realtors), most decide to use a buyer’s agent so that they won’t risk missing out on the perfect home, and they want the most powerful negotiator that comes from a full-service, fully-compensated agent who will creatively overcome the many tricky hurdles that are typical with most California real estate transactions. Most buyer choose to hire good representation because they know that there is not enough inventory in today’s market, often too many buyers who they must compete with who are using the best strategies and tactics to get the best home for the least amount of money. Then, if lucky enough to beat out the other buyers to the best deals, the buyer must then face an adversarial seller who is represented by a clever listing agent employing every strategy in their arsenal to extract as much money from the buyer as possible on the seller’s terms. Most buyers know intuitively that a cut-rate service could be risky, especially in a sophisticated area like Los Angeles, and buyers want the best help possible representation when the difficult rivals, problems and questions present themselves in a real estate transaction.
Buyer’s Agents Feel Squeeze of Technology
These questions include: How do I find the listing agent? How do I get just the right properties that match my criteria in my email every day as soon as they come on the market? How do I find the real bargains that are not on the internet? How do I see new homes under construction? How can I put in an offer with an escalation clause? Where can I find the special deals like distressed properties, raw lofts, REO, foreclosures, auctions, bank owned, for sale by owner, expired listings, company owned, estate sales, probate sales, homes falling out of escrow, homes falling out of contract, expired listings, listings on hold, vacant homes, divorce sales, auctions, pre-auctions, pre-foreclosure, off market properties, private listings, unlisted homes for sale, pocket listings, need-to-sell-now homes, unclaimed homes, upcoming new loft conversions and homes for sale by sellers who do not want to pay an agent? Many of these deals are missed by buyers with or without an agent.
Shocking Facts About Buyer’s Agents – Homes Sell Faster Without ‘Em
The reality of today’s real estate market is that the buyer’s agent is slowly diminishing in necessity. Possibly because they are actually slowing down home sales. As a matter of fact, the big real estate news today is that homes now sell faster when the buyer’s agent is offered less commission. Yes, you read that correctly. Homes now sell faster when the seller and listing agent share less money with the buyer’s broker. We could not believe it when some leading real estate coaches and brokers recently told us, so we ran the recent numbers for the local Los Angeles market. Higher CSO shared commission to buyer’s agent of 2.6% or more resulted in an average of 70 days on the market, while a lower CSO of 2.4% or less delivered a sale in just 57 days on average during the same 6-month period based on TheMLS data. Of course, the average home sold for significantly less money with a lower average sold price when the shared commission was lower.
Lower CSO associated with faster home saleHigher CSO correlates with slower home sale
While most prospective home buyers search the internet themselves first, most of them still ultimately prefer to use a buyer’s agent because that way they can feel confident that a trusted professional is on their side exclusively, they can get all of the pros and cons, and the seller pays for it.
Hard-to-Find Bargains DTLA – Find out where they are. — Get a free list of the best DTLA loft and condos investments with best prices and special deals. Fill out the online form:
Shiny new and sparkling clean new homes with the latest architecture and most modern convenience combine with new loft conversions, newly remodeled historic and industrial buildings converted to modern urban live/work residences, coming to DTLA. #newlofts #dtla #newhomes
Historic building soon to become residential live/work lofts
NEW LOFTS
Prospective Downtowners and investors appreciate it when old historic and industrial buildings are converted from useless dilapidated structures into repurposed residential live-work lofts with open spaces, lots of oversized windows and natural light, in the best walking areas near shopping, dining, entertainment and transportation. From 2000 to 2014, more than 20 buildings were converted. But in the last 3 years, there have been only rentals, and not available for purchase. The good news is that this trend may be changing.
Newest Buildings Lofts popular, well-known condominium loft building in the Arts District and other neighborhoods in and around Downtown Los Angeles. It’s been several years since any loft buildings have been created in Downtown Los Angeles. The most recent one was Barker Block Warehouse 1.
Downtown Los Angeles.
New Lofts Downtown LA
Where are the new Lofts in Downtown Los Angeles? When Barker Block Warehouse 1 opened in 2014, there was a mad rush on the very first day of sale, with 2,800 lookers for only 15 available units. The seller had a big advantage. The developer’s sophisticated marketing machine captured offers well above asking price, above the comps and above market value for Downtown L.A.
VIP Access to New Constructon Lofts Downtown L.A.
While the neighborhood suffered from a glut of unsold properties six years ago, Downtown L.A. today is today experiencing a dramatic shortage of affordable homes for sale. Buyers of lofts and condos are finding that cheapest entry level lofts have tripled in price from around $150,000 in 2011 to around $450,000 today. New residents and investors who put faith into Downtown real estate have been proven right in a big way. Downtown homeowners are sitting pretty, but it takes some new thinking for buyers to make the best of the current market. We can clearly see the very good side to owning real estate in the world’s most amazing Downtown renaissance, a bright financial future.
Successful buyers today must take advantage of the most powerful strategies to find bargains around Downtown. Today’s successful buyers get access to REO bank-owned foreclosures, short sales, distress sales, fixer uppers, raw lofts and nearby condos and houses outside of Downtown. For those who want to live in the heart of Downtown, new construction and unlisted properties have most recently provided the best solution. Pocket listings have accounted for nearly half of the best deals in the past 5 years. Not every agent can help with pocket listings because they are exclusive in nature. Those unfortunate buyers who are using an out-of-area agent have had the worst luck.
New L.A. Loft Construction
There is hope for buyers who need to see more properties for sale! Many successful buyers have found more than 200 unlisted properties for sale in the past few years, including more than 100 new construction lofts. While the general public has seen rising prices along with fewer and fewer good properties available, thousands of smart buyers have discovered hard-to-find information and were able to see a variety of pocket listings in Downtown Los Angeles.
Home buyers have had found the most amazing lofts and the best prices when they were able to see as many amazing lofts and condos as possible. They focused on total properties to see. There are always a number of unlisted loft bargains in Downtown. Simply sign up for the New Loft Interest List.
New Lofts Coming to Downtown – Find Out When and Where, and get email notification when new lofts are announced.
Barker Warehouse
Title Guarantee
Chapman
Brockman
MORE
Downtown Los Angeles New Lofts Coming Up For Sale – Which Loft Buildings Will Go Condo?
Downtown Los Angeles New Lofts Coming Up For Sale:
Which Loft Buildings Will Go Condo?
Downtown is SOLD OUT!!!!!!!! If you did not purchase a new loft in the past three years, then you are out of luck. Or are you?
In 2007, Downtown had at one point around 300 brand new loft conversions coming onto the market. Today, the number is close to zero new constructions lofts for sale. Resale loft inventory is also near an all time low. There are almost no foreclosures or short sales. When new Barker Block Warehouse 1 lofts went up for sale in January, buyers faced widespread sticker shock as the prices were nearly all above $500,000. Buyers are looking for a deal. For 2014/2015, the two best places to find the best loft deal are new lofts and unlisted lofts.
The L.A. Loft Blog has the scoop on the loft rental buildings that are most likely to come onto the market for sale in the near future, including:
Downtown SOLD – Request VIP access to new upcoming lofts for sale
Luxury Loft Tower
Historic Furniture Warehouse
Luxury Historic Lofts
Historic Core Flats
Luxury Restaurant Row Historic Lofts
Historic Core Loft Tower with Balconies
Shopping and Restaurant Arcade Lofts
Pershing Square Historic Loft Building
Other loft buildings going condo and new construction lofts: Get a free hotlist of new lofts coming up for sale, with loft rental buildings that are rumored to be going condo in the future.
Be among the first to be notified of new lofts coming up for sale. As a VIP Buyer, you will also receive lists of Downtown distress sales, unlisted lofts, short sales, raw lofts and sold lofts for comparison. Get invited to see new lofts under construction, loft condo conversions and loft buildings going condo by registering for the VIP Buyer Program free at http://www.lacondoinfo.com/vip_buyer.asp
Which loft condo rental buildings is most likely to go condo next?
Promenade West
Title Guarantee
The Brockman
Spring Arcade
None of the above
New Lofts Coming to Downtown – Which Loft Rental Building is Most Likely to Go Condo Next?
Which Loft Rental Building is Most Likely to Go Condo Next? Take the GOING CONDO Quiz.
Which loft rental building is most likely to GO CONDO next? Take the Quiz.
More than half of Downtown loft buyers prefer to purchase a new development of a genuine historic loft. These newly renovated lofts are often considered to be the most modern, chic and impressive homes of today. Out are the small, dark compartmented rooms with wall-t0-wall carpet – yuk!! In are huge windows, bright natural light with views, open floorpans with just the right bed area separation, polished floors and stainless steel appliances. The L.A. Loft Blog has recently heard from several sources about one impressive loft building in particular that may be going on sale very soon. Be among the first to find out. Take the Loft Blog “Going Condo” Quiz to test your Downtown loft knowledge. You will immediately get the correct answer, and you will be notified by email of upcoming loft condos for sale.
Test your Downtown loft knowledge. Which Downtown loft rental building is most likely to go condo next? Take the Quiz and find out now! Fill out my online form:
We have recently received word of some new Downtown historic lofts coming up for sale in September, several new luxury high-rise condos for sale, new 3-story townhomes in Silver Lake (some with private rooftop terraces and views), new high-rise luxury Downtown apartments for lease and even new short-term luxury high-rise apartments as well.
Save $25,000 GUARANTEED or I’ll Pay You $3,000 – Details at http://www.coreychambers.com/save-4-25k
Now that most experts agree that interest rates will be rising sooner rather than later, buyers can lock in low rates in a super strong, relatively stable market in the most exciting place on Earth. We are recently hearing more and more people compare Downtown L.A. to New York City. Of course, Downtown does not compare to NYC in population density, and New York does not compare to Downtown LA in spaciousness, climate or entertainment and recreation options. Best of all, compared to New York City, prices in Downtown Los Angeles are still quite a bargain for now.
New Apartments Downtown Los Angeles
Get more info on new historic lofts coming up for sale, new luxury high-rise condos now for sale, new apartments for lease, new short-term high-rise apartments or Silver Lake Townhomes.
New Lofts Coming Up For Sale in Downtown Los Angeles – Modern, Updated Condos in Historic Building
This is it! It’s what you’ve been looking for: Newly renovated Downtown historic live-work lofts with spacious open floor plan, high ceilings, lots of windows and light, and easy walk to dining, shopping and entertainment. Find out more. Get on the New Lofts Interest List.
Those who are interested can get details, photos and and early viewing with the L.A. Loft Blog information request form below.
New Lofts DTLA
The public will soon have an opportunity to own an icon of an Art Deco style high-rise building in Downtown Los Angeles. The selection of several new lofts for sale were built in 1930s. Originally luxury office building designed in the roaring 20’s, the historic buildings have been converted into loft homes. Just minutes from upscale restaurants, steps away from dining, well-known art galleries, cultural attractions, L.A. Live, Staples Center, Metro transportation and shopping and entertainment venues.
Courtesy Killefer Flammang Architects
Prices soon to be available to the public. There are several different floor plans, some with
terraces and balconies. Studios from 750 sq. ft. – 855 sq. ft. One bedrooms at 1,020 square stumptown-coffee-artsfeet – 1,100 sq. ft. Two bedrooms at 1,390 sq. ft. – 1,410 sq. ft. Duplex with 2 and 3 bedrooms at 1,280 sq. ft. – 1,945 sq. ft. Penthouses 1,620 sq. ft. – 3,565 sq. ft.
We anticipate a quick sell out of these unique one-of-a-kind loft homes in downtown LA.
Get more information with descriptions and photos, and request an early viewing. Fill out the online form below.
New Lofts Development For Sale Coming Soon To Downtown Los Angeles
More than half of all of those who are thinking about owning a loft in Downtown will choose a new loft development in an historic or industrial loft building when given the opportunity. Recently, that chance has only come around about once every couple of years or so.
New lofts are popular because they combine the authentic urban character with convenient amenities, modern appliances and stylish finishes. They are often the best deal because the developer creates a glut of dozens of units for sale at a time that must be sold.
Other benefits of new lofts are an initial lack of lawsuits and litigation that plague nearly 20% of Downtown loft listings. While existing loft buyers often have issues getting a home loan, there is usually no problem getting financing at a new loft development as the developer has already connected with a lender who will provide loans on the special loft conversion condos in the formerly commercial building. There are pitfalls to avoid.
Buyers often make many mistakes when dealing with developers. In an extremely competitive environment, some buyers make the mistake of blindly trusting the seller, and then fail to get free representation from a Downtown specialist Realtor who can help the buyer to get as many advantages as possible over the seller and competing buyers. The most common and biggest mistake is innocently walking into a new loft sales office without an agent. The innocent visitor, who is just browsing, does not know that he or she will love the lofts until after seeing them. By that time, IT’S TOO LATE. The developer has already set up the potential buyer to waive several of their legal rights, starting with the right to free representation by a Downtown specialist Realtor. That is why everyone, especially first-time buyers, absolutely MUST bring a Downtown specialist real estate agent to the very first viewing to protect the buyer’s rights. Some unlucky buyers are never informed about all of the pros and cons of the building, and worst of all, some buyers never find out what is really the lowest price that the developer will accept. Many buyers pay $10,000 or more than necessary because they did not take advantage of a Guaranteed Savings Program such as Save10Grand.com.
Anyone interested in new Downtown lofts can request property descriptions, photos and an early viewing. Beat out other buyers to the best new lofts and best deals. Fill out the online form:
