Downtown L.A. Home Buyers Change Their Minds Due to Rising Crime

REAL ESTATE NEWS (Los Angeles, CA) — More prospective Downtown Los Angeles homebuyers have been changing their minds, deciding not to buy, as Los Angeles crime grows out of control. Their stories are similar: #dtla #homebuyers #renters

My wife and I have decided to abandon our search in DTLA. The crime situation (which I had been trying to turn a blind eye to) is just too troubling for us to feel like we wish to continue living here. We have grown tired of the constant sirens, LAPD helicopters and today more knife crime only a few blocks away. I think we will now take stock and sadly look at renting in a safe part of LA County.

Other would-be loft buyers have echoed the sentiment, calling Skid Row “intense.”

Established residents are beginning to take action as the streets fill up with derelict vehicles, and sidewalks become unwalkable. A group of residents at one Los Anglees loft condominium building recently put together a petition requesting that their city provide adequate law enforcement, and clean up the surrounding streets and sidewalks, which are cluttered and clogged with dangerous refuse that breaks federal laws and likely to cause injury as residents trip over the objects or are forced to walk in the streets that lack functioning street lights.

Even after the recent riots quieted down, Angelenos are unable to get basic emergency services as violent assaults occur in LA streets. When a lady was assaulted by a bottle-throwing mentally ill woman this week, calls to 9-1-1 emergency hotline went unanswered, with busy signal after busy signal.

Local residents plea for assistance:

Our neighborhood looks worse every day. it would be so wonderful if we could get some kind of plan of action by way of street cleaning in our area. I know the city is low on money and I’m sure our community would be willing to pitch in. I know that 26th and Humboldt has regular street cleaning services. We request the surrounding areas around Alta lofts be included. Let me know how I can help.

Businesses and residential neighborhoods alike are impacted as women and children find many areas too unclean and unlawful for anxious residents to walk safely:

Please clean up the homelessness and trailers around Barranca St and San Fernando Rd. I’ve seen several people living in them peeing and defecting on the street with their exposed parts showing around young children.

The City of Los Angeles is today facing the most worrying explosion of urban blight in the city’s history as city, county and state officials are focused narrowly on politics while neglecting to take care of the basic necessities of tax-paying residents.

The taxpayers simply ask for basic cleanliness and safety that the City of Los Angeles is required to provide in exchange for tax dollars, as succinctly clarified by one L.A. loft owner:

Please keep our neighborhood from going ugly and keep our streets sanitary.


Reader Questions:

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Get a free list of lofts for lease in Downtown LA. Fill out the online form:

Assault victims in peril as 9-1-1 emergency services fail to answer the call in Los Angeles

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.

Downtown Los Angeles Real Estate: Loft Living and Investments, Back-Up Offers

Bartlett Building loft corner unit with amazing views. (special strategy suggested)

Placing Back-Up Offers on Properties In Escrow

In normal real estate markets, about 10% of escrows fall through. So, when a prospective home buyer places a back up offer, it generally has less than a 10% chance of success. During a financial panic and pandemic, the chances of back-up offer acceptance goes much higher because more than 30% of escrows fall out during a time of economic crisis like today. This makes back-up offers much more significant for sellers, as back-ups grow more feasible for buyers. | Blog Video

Most home buyers must have stable employment or other steady income in order to purchase a property. With recent massive layoffs, and as April is expected to bring the highest unemployment rate on record, home buyers are facing instant loss of income, with sudden disqualifications from home purchase. This causes buyers to cancel and leads lenders to re-check employment, and to cancel loans during escrow. As lenders also run low on money to lend, they won’t admit that the money is scarce; they instead merely increase or change their standards, rejecting more buyers and rejecting more properties as unqualified. Cash buyers always have an edge, especially now.

VIDEO

Top 5 Corona-Panic Negotiating Tactics

Like short sale offers, back-up offers should be taken advantage of by promptly placing an offer that makes financial sense for the buyer. The most sophisticated investors are aware of the strategies and tactics to employ to take advantage of today’s hysteria and high failure rate for Los Angeles real estate transactions. These tactics include:

  1. Placing offers on active listings, pending listings, homes under contract, vacant and distressed properties.
  2. Placing offers for lower dollar amounts — Generally 4% to 9% less than last year’s sold prices, while there are few competing buyers.
  3. Negotiating for seller to pay more of buyer’s closing costs.
  4. Negotiating for seller to pay more toward repairs based on general home inspection.
  5. Negotiating for a reduced price at any time during the escrow, based on Coronavirus Force Majeure.

Buyer Questions:

Q: What is a Coronavirus Property Entry Advisory and Declaration? A: That is a form that California home buyers are asked sign, before seeing a home for sale or for lease, regarding the risks and protocols for viewing real estate during the covid-19 pandemic.


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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.