Category: home values

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Happy in Downtown Los Angeles Lofts, Condos and Apartments

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Downtown Los Angeles is today experiencing one of the largest influxes of residents in American history.  During the renaissance and revitalization of Downtown from 2000 to 2015, the Downtown population has tripled from around 25,000 to more than 75,000. And it’s no wonder why: The renewal of DTLA has created more than 500,000 jobs, one of the highest ratios of available jobs per resident in the world.

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The bigger reason is quality of life, as Downtown LA now has more amazing restaurants within walking distance than residents will ever have time to experience. There’s more concert halls, theaters and art gallery venues and events than we can ever hope to take in… and more choices of fun bars, pubs and other entertainment opportunities than most can imagine. Downtown L.A. also has more amazing lofts with historic and industrial   character than another city in the sunny climate Southern California.

HOME PRICES

While so many are moving into Downtown, some home owners find that now is the time to sell during a strong market with higher home values and prices so that they can lock in their gains. Find out what the loft down the street sold for. Fill out my online form.

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

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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, 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.

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What in the Hell is Going On with The Higgins Building? Mills Act Lofts Not a Panacea

In one of the cleanest, quietest parts of Downtown Los Angeles, with plenty of restaurants, shops and transportation nearby, the Higgins Building is a beautiful historic live/work loft condominium building.

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Residents enjoy all of the original marble in the lobby and hallways, and the units have large windows and original flooring mix of concrete and historic tile. But there is a down side. Even though they have substantial savings from the Mills Act status, Higgins lofts have experienced a recent sell-off and minor glut. The reason — a substantial HOA Home Owner’s Association assessment is in the works.

Several years ago, the HOA sued the developer for construction defects and placed some catch nets to stop the crumbling building facade from falling onto pedestrians walking on the sidewalk.  The homeowners did not get enough money to pay for everything.

The L.A. Loft Blog has recently learned that the unfortunate home owners will get stuck paying millions of dollars to replace the decayed decorated coating on the outside of the building. Every homeowner may soon be required to pay as much as $25,000 or more to make up for the shortfall of funds.  It is not clear exactly how the homeowners will finance the big cash outlay.

As a result, home prices at Higgins have been comparatively stagnant as compared to many other Downtown buildings.  A 650 sq ft interior unit that sold for $377,000 (without parking) less than 2 years ago will only sell for around $387,000 today.  Not too bad — but compare that to a Molino loft with a view that sold in the Arts District for around $550,000 that will sell for more than $680,000 in today’s real estate market. While they are not qualified for Mills Act tax savings, the Molino lofts makes up for it with low HOA dues, convenient parking and a rooftop pool deck.  The Molino lofts building can expect to see further increase involve after the new hip shopping center opens across the street, adding highly desirable retail to the immediate industrial neighborhood. The Higgins Building does have its benefits however in the form of Mills Act savings, and some sellers are actually paying the assessments so that the buyer might be spared a major unexpected expense.

Get a list of Mills Act lofts.  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  |  More

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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, 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.