Los Angeles Loft Laws: Adaptive Re-Use Ordinance, Litigation, Lawsuits LALoftLaws.com

Before looking at lofts for sale, prospective buyers want to know how a live/work loft fits into our lifestyle and our finances. #dtla #lawsuits

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How does a loft work as an investment?  Buyers need to know how lofts fit into the real estate industry, how to avoid the problems with lofts such as loft lending problems, lawsuits, litigation and other issues that affect the loft buildings and sometimes plague urban neighborhoods. Investors can cash in with big tax advantages that come with lofts in some historic buildings.

LALoftLaws.com

To help Downtown homeowners and would-be urbanites to make the right decisions, the LA Loft Blog has created several information resources to help avoid the down sides of Downtown while enhancing lifestyles and real estate investments.  The newest is the new domain LALoftLaws.com, which contains much information about the legality of live-work lofts in L.A.  The site also points to other much-needed info on lawsuits, litigation and other issues of DTLA loft buildings.

Financing Fiasco!  In addition to lawsuits, the biggest disaster that often happens to loft buyers is finding out too late that their traditional home loan is not going to work for a loft purchase. Here’s what happens all the time: The buyer’s buddy Joe, who’s a mortgage guy and long-time friend, says, “Sure we’ll hook you up.”  NOT!!!  Joe has no idea what a loft is, and the buyer finds out too late that Joe cannot really get the financing done because of the many issues that loft buildings often have. Lofts are an uncommon type of real estate. Get details about this common problem at www.LALoftLoan.com

Special Assessments

Downtown lofts have not seen many special assessments until recently.  One has popped up at the Higgins Building. The HOA recently voted to spend more than $4 million to renovate the exterior of the building, including the entire facade and portions of the rooftop and other elements.  Since the homeowners association reserves are around $1.4 million, the residents need to raise about $3 million by directly collecting cash from each home owner. Because it takes cash directly away from homeowners, a special assessment is the most serious of financial issues that a condominium community might experience. It can happen to any building, but the Higgins community was hit hard because the loft conversion developer Barry Shy did little to remedy the crumbling facade of the nearly 100 year old building when it was converted to live/work residential lofts around 2004. (Shy does deserve credit or being an early visionary in loft conversions when there was less information and guidance available on live-work loft conversion.) Today, the Higgins Building has no lofts for sale, and a convenient, new Metro station is under construction coming across the street on Spring.   LAWSUITS  |  ASSESSMENTS  |  LOFT LENDERS

Mills Act

Some loft owners save thousands or tens of thousands per year on county property taxes due to the Mills Act historic building property tax benefits. Find out the details at www.MillsActLA.com and get a free list of local Mills Act buildings in your email. Fill out the online form;

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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SEARCH LOFTS FOR SALE UNDER $400,000  |  $800,000,  |   $30,000,000
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking

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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.

What the Hell is Going on with FHA/VA Loans in Downtown Los Angeles Lofts and Condos?

Happy Veterans Day Downtown L.A.!  #financing #lofts

Veterans Day Downtown LA Military - FHA/VA Financing

As a veteran of the United States Air Force, it’s a special day for me and for our troops who corey-chambers-air-force-1988are fighting and guarding us day and night. They all very much deserve our thanks!  VA and FHA home loans are government sponsored financing to help veterans and also non-veteran first time homebuyers to afford the American Dream of home ownership. It turns out that helpful mortgage programs like these change sometimes, and, more often, become more or less effective based on changes in the housing market.  Today unfortunately, FHA and VA are nearly 100% INEFFECTIVE in the booming Los Angeles housing market, especially for condominiums, and they have lately been totally useless for Downtown Los Angeles lofts for sale. But, there are other low-down payment alternatives.

The good news is that our heroes, both military and civilian, who thought that that they needed FHA or VA financing can find out that FreddieMac and other mortgage lender programs have plenty of low-down financing with 5%, 3% or even no down payment. The LA Loft Blog has posts with more details about the problems, delays and other issues that make VA/FHA impractical for Downtown lofts.  >> MORE

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LOFT & CONDO LISTINGS DOWNTOWN LA  [MAP]

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SEARCH LOFTS FOR SALE UNDER $400,000  |  $800,000,  |   $30,000,000
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking  |  More

As a reader of the L.A. Loft blog, you have priority access to privileged information about the best deal on a Downtown Loft Loan. Fill out the online form:

Copyright © 2016 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.

LA Loft Loans – Financing Industrial and Commercial Loft Conversions in Downtown Los Angeles

LA Loft Loan Problems – 
Financing Industrial and Commercial Loft Conversions in Downtown Los Angeles

Commercial Loft Conversion
Commercial Loft Conversion

It is the #1 most common disaster that buyers and sellers encounter when transacting a loft condo in LA.  —  This shocking problem happens most frequently when the buyer and seller both use an out-of-area agent who has no idea about the uniquely challenging financing issues that surround live-work loft conversion.  After an often clumsy process of finding the right loft, and then finally getting into escrow, the buyer receives a very unexpected phone call from the lender that goes something like this: “of course we cannot complete the loan as promised… we are a residential lender and you told us you were financing a residential property.  This is not a residential building.”

Avoiding this disaster is easy when the buyer has access to the best information about loft financing.  Below is a list of loft buildings that may require a loft lender, litigation lender or other special financing.

MOST DIFFICULT  DOWNTOWN BUILDINGS TO FINANCE:

1100 Wilshire – 1100 Wilshire Blvd, 90017 – COMMERCIAL
655 Hope  – 655 Hope St, 90017 – COMMERCIAL
Alta Lofts –  200 San Fernando Rd, 90031 – INDUSTRIAL
Barker Block – 510 S Hewitt St & 530 S Hewitt St, 90013
Bartlett Building – 215 W 7th St, 90014 – COMMERCIAL
Barn Lofts – 940 E 2nd St, 90012 – INDUSTRIAL
Beacon Lofts – 825 E 4th St, 90013 – INDUSTRIAL
Biscuit Company – 1850 Industrial St, 90021 – INDUSTRIAL
Bunker Hill Tower – 800 W 1st St, 90012 – LITIGATION
Douglas Building – 257 S Spring St, 90012 – COMMERCIAL
Eastern Columbia – 849 S Broadway, 90014 – COMMERCIAL
El Dorado Lofts – 416 S Spring St, 90015 – COMMERCIAL
Flower Street Lofts – 1130 S Flower St, 90015 – INDUSTRIAL
Gallery Lofts – 120 S Hewitt St & 130 S Hewitt St, 90013 – INDUSTRIAL
Grand Avenue Lofts – 1100 S Grand Ave & 330 W 11th St,  90015 – COMMERCIAL
Higgins Building – 108 E 2nd St, 90012 – COMMERCIAL
Little Tokyo Lofts – 420 S San Pedro St, 90013 – INDUSTRIAL
Metropolis Los Angeles – 8th Street and Francisco – NEW DEVELOPMENT
Molino Lofts – 500 Molino & 530 Molino St,  90013 – INDUSTRIAL
Pan American Building – 253 S Broadway, 90012 – COMMERCIAL
Rowan Lofts – 460 S. Spring St, 90013 – COMMERCIAL
Santee Village – (See EckardtCornell and Textile) – INDUSTRIAL
SB Grand (Shybary Grand or Shy Barry Grand) – 312 W. 5th St, 90013 – INDUSTRIAL
Sky Lofts – 801 S. Grand Ave, 90017 – COMMERCIAL
Textile Building – 315 E 8th St, 90014 – COMMERCIAL
Toy Factory – 1855 Industrial St, 90015 – INDUSTRIAL
Toy Warehouse – 215 S Santa Fe Ave, 90012 – INDUSTRIAL

LOFT FINANCING – HOW TO GET A DOWNTOWN LOFT LOAN

A free report has been prepared entitled “How to Get the Best Deal on a Downtown Loft Loan” that will help buyers and sellers to complete a live-work loft transaction quickly, smoothly and at the lowest cost, and how to find the right lender for the right loft.  To get your free loft lending report, fill out the online form:

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Your Home Sold GUARANTEED or I’ll Buy It*

Corey Chambers, REALTOR®
(213) 880-9910
www.HomeSoldForSure.com

Copyright © 2015 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 necessarily associated with the home owner’s association, seller 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.
*seller and Corey must agree on price and time of possession – details at HomeSoldForSure.com. Realty Source Inc  BRE#01889449