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;

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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’s Wrong With Downtown Lofts – Special Update #dtla #problems

While all Downtown loft buildings have issues that prospective buyers want to be aware of, the Downtown real estate market is having just a bit of a lull currently due to the relatively high prices as compared to a few years ago. It’s scary for some — an opportunity for others.

Raw lofts and fixers in Downtown LA

On top of that, people are scared of the upcoming election, and not it’s the holiday season, the only slow season for Downtown. In addition to Skid Row and nearby homeless, many loft and condo buildings also have real problems such as lawsuits and financing problems. The good news is that, even with its drawbacks, Downtown keeps outperforming expectations. Here’s just a few of the issues that buyers should know about:

1100 Wilshire – Lawsuits, reduced maintenance. Dwindling reserves. Views soon blocked.
655 Hope – Claustrophobia. Windows don’t open. No guest parking.
Alta Lofts – Notice of claim – HOA to sue developer – construction defects. Theft.
Barker Block – Lawsuit settled for construction defects.
Bartlett Building – No parking space included.
Barn Lofts – Free street parking is going away.
Beacon Lofts – Nobody knows what it is. No staff.
Biscuit Company – No metro nearby. Getting hard for guests to park.
Bunker Hill Tower – High HOA dues. No washer-dryers in most units.
Concerto Lofts – Lawsuit. HOA suing developer – construction defects.
Cornell Building – Most parking spaces are a block away in skid row.
Douglas Building – Most units have no parking. No guest parking.
Eastern Columbia – Parking lawsuit. High HOA does. Views being blocked.
Eckardt Building – Most parking spaces are a block away in skid row.
El Dorado Lofts – No amenities. Nobody’s heard of it. Don’t own parking.
Elleven Lofts – No fitness center. Shares pool and courtyard with Luma.
Evo – Lawsuit. HOA suing developer for construction defects.
Flower Street Lofts – No views and losing views. HOA dues rising.
Glen Donald Building – Not in Downtown. Dirty neighborhood.
Gallery Lofts – Construction next door.  Mostly no views.
Grand Avenue Lofts – No character. No amenities.
Higgins Building – High HOA. Special assessment. No parking. No amenities.
Library Court – No character. Most have no views. Litigation.
Little Tokyo Lofts – Homeless shelters next door.  Leak concrete. Mental clinic in building.
Luma – Losing views. Glut. Expensive. Construction nearby. Litigation.

New condos by the river suffer from freeway noise


Market Lofts – No character. Unfriendly security.
Metropolis Los Angeles – Not finished yet.  Expensive.  China company.
Molino Lofts – Some units not updated. Nearby construction.
Mura Condominiums – Not a loft. Oppressive rules.
Oceanwide Plaza – Not built yet. Stuck in big event traffic.
Ostrich Farm Lofts – Far away.  Out in the tulies.
Pan American Building – Nothing for sale.  Nobody has heard of it.
Promenade Condominiums – The 80s called. They want it back.
Promenade West – Expensive.  High HOA dues.
Puerta Del Sol – Disrepair. Nothing to walk to.  Freeway. Black lung disease?
Ritz Carlton Residences – Expensive HOA. Hotel nuisance. Mandatory valet parking.
River House – Freeway noise. Blah architecture. Prowling coyotes. River bums.
Rowan Lofts – High HOA dues. Most have no views. Don’t own parking.
Santee Village – Most parking spaces are a block away in skid row.
Savoy Condominiums – Not a loft. No character. Some have no views.
SB Grand – Loiterers, renters galore. HOA financials incomplete. Many issues.
Skyline Condominiums – 1980 wants its condos back.
Sky Lofts – No pool. High HOA dues. Construction noise.
SL70 – Not in Downtown. No pool.
Ten50 – Not completed yet.  Cramped floorpans. No microwave oven.
Teramachi Homes Senior Condos – Gotta be a senior age 55+.
Textile Building – Nothing really available.  Can’t lease it out.
Title Guarantee – Canceled. Nothing for sale.
Tokyo Villa Condominiums – 1979 wants it back. Weird koi pond courtyard. Outdated.
Toy Factory – No metro nearby. Slowly losing its street parking. No guest parking.
Toy Warehouse – Noisy floors and thin ceilings.
Vero – Not in Downtown. No character. Most have no views. Thin walls.

Report problems and fixes:  Call (213) 880-9910 or email update@laloftblog.com

Beacon Lofts – Little-Tokyo – Downtown – Avoid Buyer Traps!

LIST OF DOWNTOWN LOFT BUILDINGS AT LALOFTBUILDINGS.COM

Get free information on which Downtown lofts have lawsuits and litigation – free info in your email. Fill out the online form:

 

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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  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.

Based on information from the Association of REALTORS®/Multiple Listing as of [date the AOR/MLS data was obtained] and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

*seller and Corey must agree on price and time of possession – details and conditions visit coreychambers.com

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