Eckardt Building Historic Mills Act Loft in Downtown Los Angeles | Early Offer Viewing Contingency

Character and Charm: Los Angeles is a city of dreams, where modernity blends with history. In the heart of the Fashion District, a unique opportunity presents itself with the listing of a historic loft in the Eckardt Building at 738 S Los Angeles St #206. This loft combines the allure of historical architecture with contemporary amenities and unique opportunities, making it a coveted residence and potential investment in Downtown Los Angeles (DTLA). | PROPERTY DETAILS AND PHOTOS

Historical Significance: The Eckardt Building, approved by the City of L.A. as a historical building, is a testament to Los Angeles’ rich cultural past. Built in 1914, it has witnessed the evolution of the city from its early days to its current status as a global metropolis. While this unit may be somewhat lacking in natural light and views, it features several windows and upgraded lighting. Being a part of the Mills Act, the property offers significant tax benefits, adding to its appeal.

Loft Details:

  • Price: Listed at $499,888
  • Size: 880 Sqft
  • Bedrooms/Bathrooms: 1 Bed / 1 Bath
  • Floor: Located on the second floor
  • Parking: Dedicated covered parking space on Maple St

Interior Features:

  • Design: Contemporary style with an open space floor plan
  • Flooring: Wood flooring throughout
  • Kitchen: In-line stone counter, stainless appliances including dishwasher, stove, microwave, refrigerator
  • Laundry: In-unit washer and dryer
  • Additional: Potential to convert to one bedroom with a constructed wall

Building Amenities:

  • Rooftop Pool & Spa
  • Fitness Gym
  • Half Basketball Court
  • BBQ Area
  • Golf Range
  • 24 Hour Security

Neighborhood and Accessibility:

  • Transportation: Excellent public transit access with around 10 bus lines nearby
  • Walk Score: 9.6, indicating most daily needs can be met within walking distance
  • Community Features: Curbs, Park, Sidewalks, Street Lights

Current Tenancy and Potential Opportunity: The loft is currently tenant-occupied on a month-to-month lease but will be delivered vacant at close of escrow. This situation presents a unique opportunity for buyers. The current tenancy could be seen as a distress property feature, potentially allowing negotiation for a lower price.

Eckardt Lofts Building

Investment Potential: The combination of historical significance, modern amenities, and the bustling location of DTLA makes this loft an attractive investment. The Mills Act tax benefits further enhance its appeal, offering long-term financial incentives.

Character and Property Tax Savings: 738 S Los Angeles St #206 is more than just a property; it’s a piece of Los Angeles’ history. Its combination of past charm and present-day convenience makes it a unique and valuable investment. Whether you’re a history enthusiast, a lover of urban living, or an investor seeking a property with character and property tax savings and extra potential, this loft in the Eckardt Building represents an opportunity not to be missed.

Unlocking Opportunities: Early Offers with Viewing Contingency in California Real Estate

Introduction: In the dynamic California real estate market, savvy buyers and investors are always seeking ways to gain an edge. One strategy gaining traction is placing early offers with a viewing contingency on properties featuring unreachable, incommunicado, or uncooperative tenants. This approach, which works particularly well for buyers and investors with good credit and excellent finances, not only circumvents potential roadblocks but also capitalizes on unique opportunities.

Understanding the Strategy: The core of this strategy lies in making an offer on a property before viewing it, contingent upon later inspection. This is particularly relevant in situations where tenants are not allowing access. By doing so, buyers position themselves favorably, indicating serious interest while still protecting their rights.

The Four-Pronged Contingency Approach: California home buyers typically rely on three standard contingencies: inspection, appraisal, and loan. The viewing contingency adds a fourth layer, specifically addressing the challenges posed by difficult tenant situations.

Eckardt Lofts Building
  1. Inspection Contingency: Ensures the property’s condition meets the buyer’s expectations.
  2. Appraisal Contingency: Protects the buyer in case the property appraises for less than the offer price.
  3. Loan Contingency: Ensures the buyer can secure necessary financing.
  4. Viewing Contingency: Unique to situations with uncooperative tenants, this allows the buyer to view the property post-offer and retract if it doesn’t meet their standards.

Advantages of Early Offers with Viewing Contingency:

  1. Early Bird Advantage: By expressing interest early, buyers may edge out competitors who wait for open access.
  2. Negotiation Leverage: This proactive approach can be appealing to sellers who are struggling with tenant issues, potentially leading to more favorable terms.
  3. Risk Mitigation: The contingency safeguards the buyer, allowing them to back out if the property doesn’t meet expectations upon eventual viewing.

Navigating Tenant Issues: Dealing with uncooperative tenants is a delicate matter in California, where tenant rights are strongly protected. This strategy respects legal boundaries while advancing the interests of potential buyers.

Case Studies and Success Stories: Examples abound of investors who have successfully used this strategy to acquire properties at below-market rates or with favorable terms. These stories highlight the potential for significant returns while also emphasizing the importance of due diligence and legal compliance.

Legal and Ethical Considerations: While this strategy is innovative, it’s crucial to navigate it ethically and legally. Buyers should work with experienced real estate professionals and legal advisors to ensure compliance with California’s real estate laws and tenant rights.

Gain the Advantage: Placing early offers with a viewing contingency is a strategic approach that can unlock unique opportunities in the California real estate market. It allows buyers to navigate around tenant roadblocks, offering a path to potentially lucrative investments. However, it’s essential to approach this strategy with thorough understanding, professional guidance, and respect for legal and ethical standards. In a competitive market like California’s, such innovative tactics can be the key to success for discerning buyers and investors. | REQUEST ADDITIONAL PHOTOS

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 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. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Los Angeles Distressed Property Deals and Fixer-Uppers: Top 10 Hidden Gems Just Listed for Sale

Welcome to the vibrant and ever-evolving landscape of Los Angeles real estate, where the allure of transformation beckons! In a city renowned for its glitz and glamour, a different kind of treasure awaits discovery – the top 10 fixer-upper and distressed properties just listed for sale. These hidden gems are more than just structures; they are canvases awaiting the brushstrokes of creativity and vision. From the historic corridors of Downtown LA to the scenic hillside retreats, each property tells a story, ripe with potential and possibilities. Whether you’re a seasoned investor, a first-time homebuyer with a knack for DIY, or simply a dreamer seeking to carve out your own corner in the City of Angels, these fixer-uppers are your gateway to crafting a unique space in one of the world’s most dynamic cities. Let’s embark on a journey through these top 10 special deal properties, each with its own character and charm, waiting to be unveiled and transformed into something extraordinary.

1. Urban Elegance at 939 S. Broadway #509, Los Angeles, CA 90015

  • Price: $589,000
  • Size: 780 Sqft, 1 Bed, 1 Bath
  • Features: This condo in the heart of Downtown LA combines historical charm with modern amenities. High ceilings, original windows, and a chef’s kitchen with stainless steel appliances and Quartz countertops make it a unique find. The building offers 24-hour security, a rooftop pool, and is close to cultural landmarks. Add a feature wall and watch the value skyrocket.

2. 9611 Zamora Avenue, Los Angeles, CA 90002

  • Price: $495,000
  • Size: 1,040 Sqft, 2 Beds, 1 Bath
  • Potential: A promising fixer-upper with the possibility of adding a second bathroom and an ADU. Ideal for investors or DIY enthusiasts.

3. 10328 Hickory St, Los Angeles, CA 90002

  • Price: $549,000
  • Size: 846 Sqft, 2 Beds, 1 Bath
  • Highlights: Offers privacy and potential for a first-time homebuyer. Features a detached garage and a backyard with room for up to 4 cars.

4. 2221 W Avenue 33, Los Angeles, CA 90065

  • Price: $599,000
  • Size: 576 Sqft, 1 Bed, 1 Bath
  • Charm: A charming fixer-upper in North East Los Angeles with potential for renovation and personalization.

5. 817 W 101st St, Los Angeles, CA 90044

  • Price: $650,000
  • Size: 1,786 Sqft, 4 Beds, 2 Baths
  • Special: Spacious with potential for an ADU, ideal for handymen or investors.

6. 7250 Franklin Ave #1107, Los Angeles, CA 90046

  • Price: $685,000
  • Size: 1,260 Sqft, 1 Bed, 2 Baths
  • View: Offers panoramic views and is a fixer with great potential in a high-rise building.

7. 5521 W 118th Pl, Los Angeles, CA 90304

  • Price: $850,000
  • Size: 1,704 Sqft, 2 Beds, 3 Baths
  • School District: Located in the Wiseburn School District, this home has upgraded HVAC systems and potential for an ADU.

8. 1787 W 35th St, Los Angeles, CA 90018

  • Price: $899,000
  • Size: 1,720 Sqft, 4 Beds, 2 Baths
  • Investment: An R2 zoned property, ideal for student housing development near USC.

9. 3999 Fredonia Dr, Los Angeles, CA 90068

  • Price: $1,200,000
  • Size: 2,068 Sqft, 2 Beds, 3 Baths
  • Unique: A 1949 hillside home with tree-top views and potential for a private retreat.

10. 6379 Colgate Ave, Los Angeles, CA 90048

  • Price: $3,995,000
  • Size: 4,981 Sqft, 5 Beds, 6 Baths
  • Luxury: A custom contemporary masterpiece with breathtaking views, a private motor court, and high-end finishes.

Each of these properties offers a unique opportunity for renovation and personalization. Whether you’re an investor or looking for a project home, these fixer-uppers in Los Angeles present a chance to create something truly special. Remember, the charm of a fixer-upper lies in its potential to be transformed into a dream home or a profitable investment.

As our tour of Los Angeles’ top 10 fixer-upper properties comes to a close, it’s clear that each of these homes is more than just a building; they are stories waiting to be told, dreams waiting to be realized. In the hands of the right visionary, these properties can transform from forgotten structures to vibrant homes, bustling with life and character. Whether it’s the urban chic of a downtown loft, the cozy potential of a suburban house, or the grandeur of a hillside estate, each property offers a unique opportunity to leave your mark on the Los Angeles landscape. So, grab your imagination and your toolbox – the city’s next stunning transformation could be yours to create. In the world of Los Angeles real estate, the only limit is your creativity. Happy renovating!

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 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. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.