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Congratulations to Michael Thomas, who will be closing escrow soon on his beautiful Elleven modern soft loft with dramatic wall of floor-to-ceiling windows and south facing city views garage with bright natural light. The high ceilings and open space are further expanded by two Juliette balconies that allow the lucky new resident to reach out and feel the awe-inspiring sunsets.
The timing to pick up this loft could not be better as prices are a bit lower than they would otherwise be due to recently settled litigation, holiday season, construction of the imposing array of new residential towers that will ultimately add to the value of the rapidly improving neighborhood that is anchored by the Times Square of California, L.A. LIVE. #elleven #lofts
Soft lofts are modern construction buildings with open floor plans, high ceilings with exposed plumbing and heating. A soft loft generally has more finish with drywall instead of concrete or brick.
At 1111 S Grand Avenue, the Elleven building lobby is currently being re-designed with the latest of modern interiors. If you think the lobby looks good in the before picture, wait until we show you the updated lobby coming soon! After all of the commotion of construction settles down, this building’s value will have a particularly big upswing. #southpark #dtla
Get free information on Downtown L.A. loft litigation and lawsuits. Fill out the online form.
Downtown Los Angeles has plenty of dangers for people and pets, and some of them are less obvious, but more deadly than others.
Pet-friendly tall loft buildings and high-rise towers with views are awesome places to live, but they have their hidden dangers. Residences have had fingers broken by elevators doors, and worse. Dogs have no way to understand the inherent dangers of elevators, so they need extra protection around elevator doors in the form of extra caution, especially when they have a leash around their neck. #petfriendly #dtla #lofts
Zzyzx the wuppy has nine lives, but not all dogs are so lucky. The intelligent, human-like little pup has survived being abandoned on the street, nearly starved to death, high drops onto his face, being slammed in heavy closing doors, agonizing back problems, near misses by speeding cars, even a recent mauling by a pit bull. The expressive chihuahua mix makes it abundantly clear that he hates to be left at home alone, so he is sometimes brought with me to showings of lofts in Downtown Los Angeles.
Just a couple weeks ago, Zzyzx and I walked into an elevator at the SB Grand as I made the dumb mistake of trying to carry a ladder onto the elevator at the same time. This led to a disastrous distraction as it caused Zzyzx to walk out of the elevator just as the door was closing. The door could have closed on him, hurting his thin, fragile bones. But, the instant that I saw the door closing onto the leash as I was in the elevator holding the other end of the leash, I could tell that my loving puppy’s life was in serious danger, and I would give my right arm to save him. I jumped toward the elevator buttons, thinking about how the elevator will go up and pull my little lap dog with thousands of pounds of force, and possibly a truly horrible outcome. I also knew that finding the right button that would successfully open the door would only be hit and miss proposition, as I use elevators in 75 different Downtown buildings daily, and often fail to press the right button at the right time only to have the elevator take off to an unknown floor to pick up a passenger. Extremely scared, I looked for a stop button. There was none. In a flash, I pressed the emergency call button and poked what was hopefully the door open button. I did not expect it to work. I feared for the worse as a vision of my puppy-baby’s mangled body flashed in my mind. Anything could happen. Luck has is that the door opened because nobody had called the elevator. Zzyzx was safe.
After that scary event, I took to Youtube when I got home to find that my fears were unfortunately correct. While most dogs that get their leash trapped by an elevator door survive after the leash is snapped by the forceful elevator car pulling on the snagged leash, some dogs are hanged to death when the elevator car pulls the dog up to the top of the doorway and the dog sometimes gets stuck there to strangle. If the door had not opened for me and Zzyzx, he would have been pulled up 7 feet into the air, then dropped onto concrete when the leash snapped, injuring him, or worse. Thank God he survived yet another harrowing ordeal. It is hoped that this tale helps to prevent harm to anyone’s loving pet.
The L.A. Loft Blog recently helped prevent financial disasters by putting a local fraudster behind bars after some powerful blog posts, and hopefully, this article will help prevent a hairy pal from getting hanged.
Get a free list of Downtown lofts, condos and high-rise apartments with views for sale and for lease. Fill out the online form:
Downtown Los Angeles home shoppers are often paying close attention to what others have bought and rented recently because it’s important to get it right the first time. Here’s what new Downtowners have been snapping up and moving into recently. #sold #dtla #lofts
Little Tokyo Lofts are ever popular as they combine authentic industrial loft style with low price and superior amenities such as 24-hour security, nice swimming pool, guest parking and a quick walk two the lovely Little Tokyo Promenade. Best of all, Little Tokyo Lofts is one of the few industrial lofts that offers substantial Mills Act property tax benefits.
Eastern Columbia have recently been the most popular lofts for lease because the building is an art deco masterpiece, and an awe-inspiring historic landmark. And as for lofts purchased, historic industrial condos like Little Tokyo Lofts have been going the fastest because Mills Act participants may realize substantial property tax savings of between 40% and 60% each year. Get a free list of Mills Act lofts for sale. Fill out the online form:
So many readers enjoyed seeing the Top 10 Posts yesterday that we are going to show you today what they looked at after they saw the top ten list from the previous days. This time, Mills Act showed up prominently as it should since many DTLA loft buyers are paying attention to Mills Act lofts lately. Here are yesterdays most viewed top ten posts:
Beautiful historic lofts for sale with big savings on property taxes has been on the top of the list of successful DTLA home buying strategies for many recent buyers. Get a free list of Mills Act lofts. Fill out the online form:
As Downtown L.A. transforms into an expensive luxury neighborhood, prospective home buyers must put more effort into finding the best deals on amazing lofts. The Mills Act lofts can make it easier to find a great deal by provide property tax benefits that can represent a great deal on a home in Downtown L.A. #millsact #downtownlosangeles #lofts
The Mills Act economic incentive program helps private home owners, including loft condominium unit owners in California with the restoration and preservation of qualified historic buildings. For L.A., the program is administered and implemented by the City of Los Angeles. Mills Act contracts are between the property owners (HOA for condo buildings) and the city and county government granting the tax abatement. | REQUEST LIST
The Mills Act helps Los Angeles city hall to design preservation programs to accommodate Downtown and the entire city’s needs and priorities for rehabilitating its neighborhoods, encouraging seismic safety programs, contributing to affordable housing, promoting heritage tourism, and fostering pride of ownership. The city and neighborhoods get economic benefits of conserving resources and reinvestment as well as playing an important role in historic preservation for revitalizing older areas, creating cultural tourism, building civic pride, and retaining the sense of place and continuity with the community’s past. | MILLS ACT HOMES FOR SALE
Each local government establishes their own criteria and determines how many contracts they will allow in their jurisdiction. The laws involved are California Government Code, Article 12, Sections 50280 – 50290 and California Revenue and Taxation Code, Article 1.9, Sections 439 – 439.4.
Mills Act contracts are for 10 years initially with automatic yearly extensions and stay with the property when transferred. Subsequent owners are bound by the contract and have the same rights and obligations as the original owner who entered into the contract. Because the local government and the property owner negotiate other specific terms of the contract, Mills Act home owners must contact the local government office to find out the benefits and obligations. The State Board of Equalization has provided Guidelinesguidelines for county assessors for use in assessing properties under the Mills Act. The City of Los Angeles provides a website with details at:
Those who want to be real experts on Mills Act can join the L.A. Loft Blog team at the upcoming event:
2018 Mills Act Program and Annual Workshop
Applications for the 2018 cycle will be posted by the first part of January 2018 and Part 1 applications will be due by 5pm on Friday, March 2, 2018.
For more info about the City of Los Angeles’ Mills Act Program, the Office of Historic Resources will be holding its annual Mills Act Workshop on Wednesday, January 10, 2018 at 6:30pm. This event will give an overview of the Mills Act Historical Property Contract Program and details about the City of Los Angeles’ application process for 2018. All prospective applicants and others interested in learning more about the program are invited to attend.
2018 MILLS ACT WORKSHOP January 10, 2018 at 6:30 pm (Doors open at 6:00pm) Barnsdall Gallery Theatre, 4800 Hollywood Blvd., Los Angeles, CA
Property tax relief helps to dramatically defray costs to rehabilitate and maintain the historical and architectural character of Downtown LA properties for at least a ten-year period, which usually gets renewed. The Mills Act program is especially beneficial for recent buyers of historic properties and for current owners in historic buildings. Participants may realize substantial property tax savings of between 40% and 60% each year for newly improved or purchased older properties because valuations of Mills Act properties are determined by the Income Approach to Value rather than by the standard Market Approach to Value. The income approach, divided by a capitalization rate, determines the assessed value of the property. In general, the income of an owner-occupied property is based on comparable rents for similar properties in the area, while the income amount on a commercial property is based on actual rent received. Because rental values vary from area to area, actual property savings vary from county to county. In addition, as County Assessors are required to assess all properties annually, Mills Act properties may realize slight increases in property taxes each year.
Where are the most amazing lofts at the best prices? And how does it all work? The answers to these all-important questions are changing every day as the pace of new technology accelerates. The L.A. Loft Blog is always among the first authoritative media to discuss the changes in the real estate industry, especially those rare, valuable and challenging insights that some prefer not to think about.
There’s more money than ever at stake in Downtown Los Angeles housing. The astute observers pay close attention while the movers and shakers benefit from these major changes in the housing market. Compare the number of Google searches of real estate, AirBNB and Zillow:
Homes now sell faster when the buyer’s agent receives less commission. Yes, the property actually has fewer days on market and a quicker sale transaction when the buyer’s licensed real estate professional is offered less of the shared percentage, while homes are now really selling slower when that commission is higher. This is one of several indicators that point to the fact that Zillow, Trulia and other major online real estate websites have home search functions that are diminishing the needs for a buyer’s agent. Zillow is blowing away real estate agents. #airbnb #zillow #realestate
Nobody has really ever been particularly interested in real estate agents. They seem to show up sooner or later as the home buyers or sellers kind of know that they still need one to make sure that all of the buyers see all of the appropriate homes, and agents help negotiate the best price and terms, while helping take care of the massive stack of paperwork that is required in litigation-crazy California.
Just as it is clear the AirBNB is beginning to nibble at the hotel pie (average AirBNB stay is 4 days, compared to average hotel state of 2 days), Zillow is now slurping down huge pools of cash from what was once the grips of buyer’s agents. More than 20% of real estate investors are now seeking properties that can easily be rented out on AirBNB. Most Downtown condo lofts are not efficient for AirBNB because of strict HOA homeowners rules that do not permit such short rentals.
There are some sectors of real estate that Zillow and Trulia do not compete well. Those are the ultra-local, specialized markets like Downtown Los Angeles lofts such as historic Mills Act lofts with property tax benefits, L.A. Adaptive Re-Use Ordinance buildings with lofts for lease, 2-story lofts, live/work lofts and industrial buildings.
Get a free list of Mills Act homes for sale in Los Angeles. Fill out the online form:
Everyone’s heard of real estate. And, by now, most Downtowners have also heard about Bitcoin, the digital currency that some say could potentially replace the almighty dollar some time in the future. #bitcoin #realestate #dtla
Real estate has been around since the beginning of civilization, for thousands of years, as has the old trusty stand-by of true money, gold. At first, real estate and bitcoin sound quite odd when mentioned in the same sentence or the same article. This is because they are opposite in several ways. The L.A. Loft Blog has brought them up together because their opposing natures give them surprisingly superior diversification, thus safety and security in an investment bundle of two. In fact, those who purchased $10,000 of Bitcoin when the LA Loft Blog first mentioned it in January of 2014 now own an investment that can be used as a $176,000 down payment on an amazing Downtown loft!
Most of us have heard of investment gurus like Warren Buffet, Jim Cramer and Suze Orman talk about how diversification of investments increase the safety for our hard-earned money. They are quite right of course. Equally true is that over-diversification reduces potential gains. For those who want to maximize returns while not putting all eggs in one basket, real estate provides the tried-and-true age-old tangible asset that is one of the three basic demands of humans: food, clothing and shelter. In contrast and in support, bitcoin provides a new life-changing technology that brings a breakthrough in the way goods and services are transacted, along with a fundamental shift in our relationship with the government, banks and businesses. In short, real estate is super-tangible and physical, while Bitcoin is the killer app that can make physical dollars obsolete. Bitcoin is the Internet of money. The amount of money to buy a house can now be kept in your wallet, flash drive or even in your head as a word sequence called an HD or Hierarchical Deterministic key.
We already know and understand the basics of real estate: we need to live somewhere, so why not gain from it like an investment. And why not pay for our own mortgage instead of paying for our landlord’s mortgage? The average homeowner is 44 times wealthier than the average renter. These are excellent reasons to own real estate. But why should we also own any Bitcoin? Take a look at the Google Trends chart that shows what billions of people are really interested in based on their actual Google searches:
The chart suggests that the public interest in land with a house on it has decreased, while our interest in Bitcoin has skyrocketed. The interest in trusty old gold has increased reliably.
There are countless talking heads and blow-hards spewing their useless opinions of the trials and tribulations of Bitcoin: “Bitcoin is a bubble about to burst…”; “One Bitcoin will be worth more than $1 million.” They are both quite possibly true at different times, so let’s make sure we know why and when. I only listen to those who know as much or more than I know about Bitcoin fundamentals, coding, economics, banking and investment. I’ve been programming computers for more nearly 40 years since the age of 12. I was an Information Systems Specialist at the U.S. Air Force Space Command’s Space Test Center in Silicon Valley. I’ve studied economics extensively, I’ve been a banker, and have helped investors to make millions in real estate. I’ve gained substantially from Bitcoin personally, and vitally learning from small mistakes along the way. I’ve successfully predicted where Bitcoin and real estate are going, along with when, why and how.
There are three fundamentals of Bitcoin that the mainstream media routinely fails to mention. These key facts that are vital for everyone to know in the age of digital money:
Bitcoin has increased in value to 250,000 times its originally traded value of 6 cents in 2010. To get that much return on your real estate investment, your $700,000 loft would need to go up in value to $17,500,000,000. Your loft is not going to increase to $17 billion any time soon.
Bitcoin has more intrinsic value than the US Dollar. Now that everyone understands that one Bitcoin currently has a lot more monetary value than one dollar, we need to know why. The dollar is backed by fiat of a government that is still the world’s economic superpower, but has been slipping on several economic fronts. The government prints and prints more and more dollars to address the needs of the government, causing the dollar’s value to fall by more than 70% in my lifetime. Most expect that to get worse, while some predict that the dollar will crash to near worthlessness like every currency has eventually done throughout history. Bitcoin, on the other hand, is backed by the largest distributed computer network in the world, and is limited to 20 million Bitcoins, so the value must go up as more people use more and more Bitcoin to conduct cheaper, faster, more private transactions over the internet and in person. Bitcoin is already the most economical method to transact large amounts of money internationally, and has already rendered government-imposed capital controls all but useless. Bitcoin is already defeating failed, antiquated government economic policies, in favor of free-enterprise and personal freedom. Bitcoin is more trustworthy simply because it requires no trust of a third party. It relies on the same type of SHA-256 cryptography that is relied on by banks, secure internet websites and used by the U.S. Government to protect nuclear secrets. Bitcoin is already diminishing the power of big banks, helping to correct bloated governments, and is democratizing rigged Wall Street by forcing crony capitalists to playing fair with the little guy.
Bitcoin is extremely volatile, and is not yet worthy of placing a very large percentage of your assets. Please do NOT put all of your retirement savings into Bitcoin! Crytocurrencies are all a high-risk, high-return investment, and a great place to put a small percentage of your risk capital. The quick, ethereal value of Bitcoin is wonderfully complimented by the hard, tangible, long-term qualities of real estate. Just like we might choose bread, milk and eggs if we can only eat three foods, we might choose real estate, gold and Bitcoin if we could only choose three investments to survive and thrive on. This volatility also gives Bitcoin extreme profit as an investment for those who understand the cycles, for those who hold it for the long term, and for those who know when to get out of Bitcoin before its ultimate demise.
Get a free list of Downtown Los Angeles real estate investments. Fill out the online form:
REAL ESTATE NEWS — The average loft in Los Angeles sold for $699,475 in 2017 (median price $622,500 in the last 12 months). The prices are expected to increase next month as throngs of loft home shoppers come out for the new year with a resolution to change their lives while also improving the lives of others. They will be bidding against each other, driving up the the price, while many prospective buyers will find themselves outbid on their dream loft.
DOWNTOWN REAL ESTATE MARKET
The average loft was on the market for 64 days (52 median days on market). The best deals go fast. In fact, more than 31% of the lofts sold in less than 30 days, at an average of more than 100% of asking price. The under $700,000 price range is the most popular. Sellers in DTLA are happy with their superior investments, and they are not letting their homes go cheap. In a competitive marketplace like Downtown L.A., buyers who don’t have unlimited money will need to have the right plan, strategies and tactics to get the most amazing loft and the best deal. #popular #lofts #dtla
Buyers save big on property taxes with historic Mills Act lofts. Get a free list of the most popular Mills Act lofts in Downtown Los Angeles. Fill out the online form:
Some Downtown L.A. loft condo buildings such as SB Grand lofts and a few others have issues that can make it difficult to finance units in the building. The reasons often involve high renter ratio, mixed-use, industrial or commercial buildings and incomplete or minimal HOA financial documents. Can buyers get a mortgage in these buildings? #unwarrantable #condos #dtla
Yes, it can be done. When a condo project is deemed non-warrantable, the choices that exist will usually come at slightly higher mortgage rates and fees than a conforming or “warrantable” loan. The lender generally needs to have appropriate portfolio investor connections or investors “in house” that make exceptions for non-warrantable condos. The DTLA agents and brokers who specialize in these most challenging of lofts only know of 2 or 3 lenders who can make it happen.