July 2020 – LA Loft Blog

REAL ESTATE NEWS

Why only 1 of 16 Little Tokyo Lofts sold at full price, and how they did it.

GDP Gross Domestic Product is way down, with the biggest drop in history. DTLA real estate is affected greatly. In the last six months, for example, sixteen units have been listed for sale in the industrial style condo building at 420 S San Pedro Street in Downtown L.A. Of those listed, only four have sold, and only one sold at full asking price. How did they do it? How did one out of sixteen do so well as to attract one hundred percent of their desired selling price? They took these three steps: 1. The unit was listed at the correct price; 2. Unit was presented well: uncluttered, clean; 3. Unit has upgraded, updated kitchen, bath and built-ins.

The successful sale was an excellent example of how the currently challenged market strongly favors a loft unit that is professionally fixed up to stand out, and priced right.

FRAUD ALERT

Keep in mind that the recent panic and confusion have increased the amount of fraudulent activity, such as fake escrow requests for bank wire transfers, fake home buyers, fake rental listings and fake real estate agents. Always check credentials of professionals; report to police any earnest money deposits that are not confirmed by escrow; and warn clients not to bank wire money without first calling to double check the bank wire instructions validity with escrow.

Low rent prices, out-of-town owners and unlisted text only phone numbers are signs of fraud. Prospective renters should never give money or personal information to any unconfirmed rental owner/manager/agent.

Be on the look for con artists who claim to be wealthy philanthropists offering to give real estate. Do not give money or personal information. Report them to police and to the L.A. Loft Blog fraud@laloftblog.com.

Avoid this when selling a condo or house in California 2020

Get a free guide of whats happening in today’s real estate market, what mistakes to avoid, along with what to expect when selling a home and how to get the most money for a home. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/m178p8on1l7j142/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [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.

Kerry Marsico completed many Market Lofts sales in Downtown Los Angeles

Cause of Death

Top Los Angeles real estate professional Kerry Marsico sold some of the most amazing and opulent homes in the world. Now he’s dead. Several people have been asking about him over the last few days, so here’s an update about him and his well-known luxury Downtown L.A. loft sales.

Reader Questions:

Q: Where can I find Kerry Marsico’s obituary? A: An obituary can be found on the L.A. Loft Blog.

Q: How did Kerry Marsico of Los Angeles die? A: What was his cause of death?

Kerry died in April of 2019. His autopsy results have come back – shockingly to some, he died from an overdose of fentanyl and methamphetamine. #kerrymarsicorealestate #kerrymarsico #losangeles #realestate

For those who really know Kerry Marsico, his death was a sad event, but the autopsy results were not shocking. Kerry was honest and open about his challenges with substance abuse. Fentanyl and methamphetamine are highly addictive, and often deadly combination. Frequently abused, their use has been skyrocketing across the United States in recent years.