Corruption on the Condo Board a Danger to Everyone

Living in a condo community means dealing with a board of your peers who are not professionals

Who is to blame when the board is out of hand? When buying an industrial loft or condo, your lender will want to see the books to ensure the building owners’ operations are on the up and up. The rules and resources of the community board provide the insight you can use to ensure your condo or loft purchase is going to be a good move. Look carefully at the minutes and interactions residents have with the board members. A Smart building board will hire a professional property management company to handle the day-to-day operations and budgeting of funds for repairs and operations.

A condominium, cooperative, or homeowners’ association elects a board for a specific purpose: to manage the community’s day-to-day business, oversee special projects, and draft and uphold the rules and regulations that keep life orderly and harmonious. Don’t forget these are just regular people with no special skills or experience. Once elected, they gain life and death powers, as seen in the recent Florida condo collapse tragedy. In fact, the board has an inflexible fiduciary duty to act in the community’s best interests as a whole. The question of whose best interest is being acted on leads to most of the conflicts seen in litigations and disputes among stakeholders and residence of a community-owned building.

This means that boards have an obligation to stay consistently on the side of good, advocating for residents and promoting neighborly well-being – and most boards do just this. Unfortunately, however, boards are made up of humans, and humans are wildly fallible. Having sampled even a morsel of power, some find themselves starving for more; oftentimes, other less malicious folks simply make mistakes, and rather than correct them, keep on stumbling down a wrong path.  #entarlovesyou

Once the board crosses over to the dark side, it can mean serious consequences for not only its members but every owner or shareholder in the building or HOA. Infighting, backstabbing, loss of funds, declining property values, and even legal consequences may well ensue if the ship isn’t righted. Attorneys caution that it is better to be proactive rather than litigious with your board, a court case would be expensive to prosecute and yield uncertain results. #industriallofts

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Be proactive with your community board to avoid disasters like we have seen recently

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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.

Top Three Amenities Readers Ask for in DTLA Lofts and Condominiums.

Downtown Loft and Condo buyers are looking for these popular amenities to round out their wishlists. The LALoftBlog team has surmised three top picks for the most in-demand amenities in a loft or condo building. Loft and condo buyers are seeking to be one or all of the following: “a fool for the pool”, “Hans & Franz” in the gym, or “Doris Day” in the parking garage What Amenities would you like to see in your Loft or Condo? Leave a comment at the end and we will research requests for future stories.

Downtown Los Angeles Lofts with parking Parking is by far the most mentioned request either on site or nearby. Off-Street, secure and accessible 24 hours. Don’t discount an otherwise perfect building for lack of parking. Your agent will be able to search for available parking within a block or two that could suit your needs. Even Doris Day did not always get to park in front.

Secure Parking with an assigned off street location is an ideal amenity to seek out

Lofts with Gyms in DTLA Just like location is the most important aspect of real estate, convenience is the cornerstone of a gym. On-site fitness centers make skipping your fitness routine almost impossible. It may not be the biggest or the best-outfitted gym but being on-site makes it easy to get your steps in or like Hans and Franz, pump you up. As James Clear says in Atomic Habits “Make the hard things easy and the easy things hard” when forming good habits like working out regularly. #entarlovesyou

DTLA Lofts with on-site pools An outdoor space with a pool is inviting and fun. You may not be a Tokyo Bound Olympic swimmer but catching some sun by the pool is a relaxing way to meet your neighbors or convent for entertaining friends and family from out of town. Are you a toe dipper or an all-at-once off diving board kind of gal?

Luxury Lofts in Downtown Los Angeles tend to have at least one if not all three of these popular amenities and more If not on-site than nearby. The Biscuit loft for example has a shared fitness center across the street. And some other Loft buildings don’t have parking on site but as we said your clever agent will make it work by finding something nearby. #luxurylofts

DTLA Lofts with parking included get a free list. Fill out the online form.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
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Pools are a popular amenity in DTLA buildings. What other Amenities would you like to see?

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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.