Month: April 2023

Posted on

Newberry Downtown Loft

At 900 E 1st St, Los Angeles, CA 90012, Industrial Charm Meets Modern Living in Downtown L.A.’s Arts District

REAL ESTATE NEWS (Los Angeles, CA) — Nestled in the vibrant Arts District of Downtown Los Angeles, Newberry Lofts is a stunning example of industrial architecture transformed into contemporary living spaces. Once the main warehouse for J.R. Newberry Co., a Los Angeles grocery store chain, this historic building has been converted into spacious, unique lofts that cater to the creative individuals drawn to this dynamic neighborhood. In this blog post, we’ll delve into the rich history of the Newberry Lofts, explore its stylish features, and discuss why it’s the perfect place to call home in the heart of the Arts District. | MORE

A Rich History: The Origins of Newberry Lofts

The Newberry Lofts building is a significant part of Los Angeles’ history, as it was originally the main warehouse for the J.R. Newberry Co. This grocery store chain, which housed a candy store, blacksmith shop, and restaurant, was founded by J.R. Newberry, a pioneering entrepreneur who played a vital role in the development of the city. In addition to his grocery business, Newberry was one of the organizers of the Merchants and Manufacturers Association, one of the first directors of the Chamber of Commerce, and a key player in bringing the Santa Fe Railroad to the area. The building is eligible under Criterion C as a representative example of industrial warehouses at the turn of the century. Some of the beautifully renovated lofts feature exposed brick walls, floor to ceiling windows, city views, granite kitchens, baths and elegant lighting.

The building’s location, close to the Atchison Topeka & Santa Fe Railroad rail yards, and its architectural features, including its simple plan, relatively plain wall surface, random placement of the fenestration, and use of brick as a construction material, make it eligible for recognition under Criterion C of the U.S. National Park Service. This designation acknowledges the Newberry Lofts as a representative example of industrial warehouses at the turn of the century.

Stylish Living in the Arts District

The Newberry Lofts building has been thoughtfully renovated, offering unique loft spaces that retain the original charm of the warehouse while incorporating modern amenities. Each unit features exposed brick walls, floor-to-ceiling windows, and sweeping city views. The spacious, open living areas provide tenants with the freedom to bring their creativity to life and customize their space according to their preferences.

Some units have been upgraded with all-electric kitchens, updated bathrooms, durable concrete floors, and industrial heating and air conditioning systems. The lofts’ high ceilings, large wooden beams, and accent brick walls further emphasize the building’s historic charm.

As the building has been home to many students of the nearby Southern California Institute of Architecture, the units vary greatly in their level of modification and upgrades. This diversity in design adds to the unique character of the Newberry Lofts community.

Living in the Heart of the Action

Located just two blocks from the Southern California Institute of Architecture and within walking distance of Little Tokyo Village, Newberry Lofts is ideally situated for those who appreciate art, culture, and convenience. Residents have easy access to the 101 Freeway, as well as a plethora of nearby grocery stores, restaurants, and shopping options.

Tenants on the upper floors of the building can relax and soak in the stunning city views, all while living in the center of the highly desirable Arts District. The area boasts a thriving creative scene, with galleries, studios, and performance spaces at every turn.

Amenities and Pet-Friendly Living

The Newberry Lofts management understands the importance of providing a comfortable living environment for both tenants and their pets. Dogs and cats are now accepted, subject to management rules. This pet-friendly policy ensures that residents can enjoy the company of their furry companions in their stylish loft homes.

Parking is available for tenants, with some units even including parking as part of the lease. This added convenience makes living in the bustling Arts District even more attractive for prospective renters.

Experience Newberry Lofts for Yourself

While the Newberry Lofts building may have some downsides, such as inadequate insulation and noise transmission between units, the charm, history, and prime location of these lofts far outweigh these minor inconveniences. Most of the windows are merely standard size, which may not let in enough natural light for some of the very large, deep loft units. Some of the lower units may require additional lighting to be added to the back, but the top floor units tend to have skylights with extra abundant natural light. The industrial design, coupled with the creative energy of the Arts District, provides a unique living experience that caters to a diverse array of tastes and lifestyles.

If you’re seeking a one-of-a-kind living space in the heart of Downtown Los Angeles, Newberry Lofts may be the perfect fit. With its blend of historic charm and modern amenities, this converted warehouse offers a truly exceptional living experience. And with its close proximity to the Southern California Institute of Architecture, Little Tokyo Village, and a wealth of cultural attractions, you’ll never be far from the action.

VIDEOS
Newberry Lofts 900 E 1st St #206 | #210 | #214 | #301 | #305 | #312

To see Newberry Lofts and other Arts District lofts for lease, call (213) 880-9910 to schedule a viewing. Don’t miss your opportunity to make your home in one of Los Angeles’ most dynamic and creative neighborhoods.

Newberry Lofts is a shining example of how historic buildings can be transformed into modern, stylish living spaces that cater to the needs of today’s urban dwellers. Its rich history, distinctive architectural features, and prime location in the heart of the Arts District make it an attractive option for those seeking a unique and inspiring place to call home. With its blend of industrial charm and contemporary amenities, Newberry Lofts offers a truly unparalleled living experience in the heart of Downtown Los Angeles.

Get a free list of Arts District lofts for lease or for sale. Fill out the online form:

newberry-lofts-kitchen-220122-1116-j-e
newberry-lofts-kitchen-220122-1116-j-e

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. 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.

Posted on

Probate Sale in Los Angeles: Everything You Need to Know

REAL ESTATE NEWS (Los Angeles, CA) — We’ve seen a small rise in total deaths over the last couple years, probably more from the hysteria and over-reaction than from the virus itself. The good news is that even big tragedies can come with their own proportionate silver linings: Today, there are more than 100 probate sale property listings in the Greater L.A. Area, offering good deals to home buyers and investors with a little patience.

The loss of a loved one can be an incredibly difficult time, especially if there are legal and financial matters that must be dealt with. One such matter is the sale of property that is subject to probate. Probate is the legal process of distributing a deceased person’s assets according to their will or, if there is no will, according to state law. This process can be complicated and time-consuming, and it is important to understand how it works, especially when it comes to selling real estate.

It often saves the heirs around $20,000 and 4+ months of time when the homeowner gets a trust and a will ahead of time. When heirs inherit a home without a trust, they have to pay for an attorney and wait for court cases, which can sometimes take more than a year.  In this article, we will provide an overview of the probate process in Los Angeles, California, including the role of trustees, successor trustees, and conservators, as well as the different types of authority that may be granted to personal representatives. We will also discuss the various types of property ownership and how they can impact inheritance and taxes, and provide tips on how to navigate the probate process successfully.

Trustees, Successor Trustees, and Conservators

A trustee is the person who creates a trust, which is a legal arrangement in which assets are held and managed on behalf of a beneficiary. A successor trustee is the person who inherits the trust after the death of the original trustee. In the case of a probate sale, the successor trustee is responsible for selling the property and distributing the proceeds to the beneficiaries of the trust.

It is important for the trustee to choose a successor trustee to avoid conflicts among the beneficiaries. This can be especially important when there are multiple beneficiaries who may not agree on how to proceed with the sale of the property. It is not uncommon for families to argue over trivial matters, such as where to get dinner. In more extreme cases, heir hunters may be hired to find beneficiaries who may not be aware of their inheritance, but this can come at a steep price, often taking 45% of the inheritance.

In cases where there is no will or trust, the property must go through probate. A grant deed and probate may be necessary to transfer ownership of the property to the rightful beneficiaries. It is worth noting that only property held in trust can escape the probate process.

Types of Authority

There are two types of authority that can be granted to a personal representative during the probate process: full authority and limited authority. Full authority is the most prevalent, with approximately 90% of probate cases falling under this category. Full authority allows the personal representative to sell the property without the need for judicial approval. This can expedite the sale process, with escrow closing in as little as 2.5 months instead of the usual 9.5 months. In contrast, limited authority requires court approval for the sale and is typically used in cases where there is disagreement among the heirs or beneficiaries.

The estate planning package can help dictate how authority is granted in the case of incapacity, where the trustee is unable to make decisions for themselves. A living trust may provide a judge with clear intent on who should be appointed as conservator. Without a trust or estate planning package, a family member may need to go to court to request to be conservator and the judge will have a hearing to determine capacity and who to give conservatorship to.

Trust Documents

A complete estate planning package includes five essential documents: the trust, durable power of attorney, advance healthcare directive, pour over will, and trust transfer deed. The trust can either be revocable or irrevocable, but most trusts are revocable as they allow for changes to be made over time. The durable power of attorney allows someone trustworthy to act on the trustee’s behalf if they become incapacitated. The advance healthcare directive allows authorized persons to access medical records and deal with doctors. The pour over will eliminates the need for clear intent to put items in the trust. Finally, the trust transfer deed is used to transfer property into the trust.

Taking Title Types

The type of title that is used to hold the property can have a significant impact on inheritance and taxes. Joint tenancy is the most popular type of title and allows the surviving spouse to inherit the entire property without any tax implications. In contrast, tenants in common divide ownership of the property between multiple individuals, and each individual can leave their share of the property to whomever they choose. Community property, with or without right of survivorship, is a type of ownership that allows the surviving spouse to inherit the entire property without any tax implications. Sole ownership splits the inheritance between the surviving spouse and children. Other types of ownership include LLCs, corporations, partnerships, trusts, and revocable transfer on death.

Father and Son Buy House Together

If a father and son buy a house together, the property should not be given to the child while the father is alive, as the child will pay capital gain taxes. Instead, it is usually recommended to put the property in a trust, so the child will inherit it after the father’s death. This allows the child to avoid capital gain taxes if they sell the property, and if they choose to live in the property, they will have to pay full property tax. To pay less tax, they can file a claim for reassessment exclusion for transfer between parent and child, which allows them to avoid the reassessment of property taxes.

Inheriting a House

When a child inherits a house after the death of a parent, their name should be on the trust, not on the grant deed. It is important to obtain a licensed appraiser or broker price opinion to determine the value of the property. The trust can take on the mortgage and distribute money to other beneficiaries, and this can be used to counter the assessor’s determination of who takes the most money. Non-pro rata distribution should be in the trust, which allows inheritors to pick and choose assets as long as they receive at least 50%.

Probate Sale Process

To begin the probate process, a petition must be filed with the court, which includes the attorney’s contact information, the name of the deceased’s estate, and the name of the petitioner, who is usually the child of the deceased. The petitioner becomes the personal representative of the estate and can sell the property with full authority or limited authority. If there is a will, the child becomes the executor, and if there is no will, the child becomes the administrator.

Full authority allows for the easiest sale of the property, as the personal representative can sell the property at any price without the need for an auction. Multiple offers can be considered, and any deposit can be accepted. If limited authority is granted, the selling price must be within 90% of the probate referee’s appraised value, and a customary court deposit of 10% is required. If the deposit is made through an FHA loan, judge permission is required to take a 3% deposit, and the sale must comply with FHA guidelines.

The Notice of Oppose Action must be mailed to all heirs, who have 15 days to object, or escrow will close. If there are multiple offers, the client with full authority can make a decision on which offer to accept. If limited authority is granted, the court must confirm the sale through an auction process, where the overbidding formula is used to determine the highest bidder. The court must issue an order to close escrow with limited authority.

Get a free list of probate properties for sale and auctions anywhere in the Greater Los Angeles Area. 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 | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. This article does not constitute legal advice. For legal advice, talk to an attorney. 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.