As the Loft Blog recently reported, the average condo has dropped in value by around $100,000 in just the last few months. Rent prices, on the other hand are going up in response to continuing inflation, interest rates increases and purchase reluctance. In addition to price reductions, we can likely soon expect to see more motivated sellers, distressed properties, foreclosures and short sales. In the current market of active listed L.A. urban properties for sale, 53 home sellers have recently reduced asking prices:
Distressed properties quietly return to Downtown Los Angeles
ASK COREY
Q: How do they expect to draw interest in this property without showing any pics of the interior. I would like to set up a time to view this unit. — Mike S.
A: Thank you for your request on the L.A. Loft Blog. We are told that the loft for sale may have an un-cooperative, non-paying renter tenant in place who comes with the unit. If true, it will probably require an eviction after escrow closes, thus may potentially be sold AS IS, perhaps with no inspection or limited inspections. Sadly, this has become more common recently in Los Angeles as the city and state have gone too far with virus hysteria, new counter-productive rent control laws and misguided socialist policies. Below are links to photos and videos of similar units.
Technically, a squatter is a person who unlawfully occupies an uninhabited property, but the term may sometimes be applied to a renter who stops paying rent for an extended period of time. Landlords who wish to avoid conflict sometimes prefer to sell a property for a very good price rather than battle an aggressive, non-paying tenant. For business minded investors, this can offer a profitable opportunity. A stylish historic industrial style loft with character and large square footage at a low price, this type of distressed property may present a special deal for the right buyer, particularly an investor and cash buyer:
Welcome to this lovely high ceiling loft located on 312 W 5th St #907 in the Historic Core of Los Angeles surrounded by Little Tokyo, Toy District and the Arts district, #10,#110, #101 Freeways. Walk into your LA Loft with High ceilings, open floorplan with AC inside. The building features a rooftop pool, spa, lounge, with an amazing 360-degrees panoramic view overlooking downtown L.A. 24/7 security and concierge, and gym. Easy walk over to the farmers market, Disney Concert Hall, Crypto arena/LA Live! This loft could make a great investment opportunity. | PROPERTY DETAILS
