Category: Lofts Downtown Los Angeles

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SB Grand Lofts Building Review 312 W 5th Street Los Angeles 90013

Shybary Grand Lofts Building Downtown Los Angeles Rooftop Pool
Shybary Grand Lofts are a centrally located loft community in a renovated historical building. Sometimes spelled in different ways, the Shiberry Grand is situated in the vibrant hub of the Historic Core and Gallery Row, a thriving, creative live-work enclave in DTLA. Living in this convenient area of Downtown L.A., its residents will have the opportunity to see the progression and the makings of a vibrant neighborhood. #sbgrand

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One resident was happy with the location and management team. She says, “they could not have found a better place to live.”

“The decks and pools are really nice.” one resident stated. #shybary

The Shy Barry is within walking distance of famous hotels, restaurants, theaters, and parks. It has easy access to all major freeways and is right next door to the Pershing Square Metro station. Luxury, comfort, convenience, spectacular views and entertainment are all located at the most exquisite loft homes in DTLA. It is the best of all worlds at affordable pricing.

Another tenant also found the maintenance response positive, “they saved us by fixing our fan quickly during a heatwave.” #shybary

“Big thumbs up for the location and convenience.” Stated a condo owner in the building.

Some potential down sides of the building: The units do not come with parking. Parking in the building can be rented for an additional fee. Many of the units in the building are permanently rented out, thus the building has a relatively high renter ratio, with perhaps the highest percentage of renters of any condo building in DTLA. In fact, because about 1/3 of the units are still owned by the developer Barry Shy or his affiliates, the SB Grand is one of the few condo buildings that has a leasing office in the building. The neighbors and passers-by tend to be more transient than average, leading to more potential commotion and chaos in and around the building. This is good news for investors who would like to operate an AirBNB type of short term rental, because the SB Grand has also been perhaps the most tolerant condo HOA regarding very short term rentals.

Constructed in the mid-1920s, this storied building has been updated for modern living in many facets. Units have been laid out and equipt for form and function and satisfy even the most discriminating tastes. Surrounded by the destination neighborhoods in DTLA like the financial and theater districts, the building offers excellent amenities, including a pool and Jacuzzi, fitness club, upgraded stainless kitchens and large tubs. The SB Grand is the talk of Downtown and its occupants enjoy the warmth of an urban home and the appeal of luxury lofts. It has drawn buyers from all over the United States and remains among the most “in demand” loft buildings in the area.

#entarispowerful

SB Grand an affordable downtown location. Get a free list of available units. Fill out the online form.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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By Pershing Square, in the Historic Core, SB Grand Lofts resides in a century old DTLA building

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. 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. 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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FHA and VA Loans: How to Get 5% Down on Lofts and Condos

Lofts and condos are popular living situation but financing with VA and FHA can be tricky

Why are most condos not approved for FHA or VA loans?

Many different types of FHA loans are available for borrowers who want more options than a typical suburban home. Many properties may be purchased with an FHA-insured mortgage, including manufactured homes, multi-family units and condominiums.

FHA Condo Loans Feature Unique Requirements

FHA condominium loans can be more complicated than other types of new purchase real estate loans because the FHA has requirements for liquidity, ease of sale etc. However, these factors shouldn’t discourage a borrower from exploring their low down payment condo loan options. Still, it’s essential to be aware of the rules to save time and to begin searching for a new home in the right place.

Condos have restrictive covenants, rules and other issues that the FHA usually rejects. 

For a given condo to be approved for an FHA home loan, it must be on (or added to) the FHA’s list of approved condominium projects. In addition, FHA publishes a searchable list of approved condo projects on its website. 

What criteria must a condominium project meet to be included on that approved condo project list? FHA guidelines state, “to be eligible for FHA mortgage insurance, the project must have been declared and exists in full compliance with applicable State law requirements of the jurisdiction in which the condominium project is located and with all other applicable laws and regulations.”

“FHA insures condominium single unit loans for up to 30-year terms to purchase or refinance a unit in an FHA-approved condominium project. The condominium project must be primarily residential, contain at least two dwelling units, and can be detached, semi-detached, a row house, a walk-up, mid-rise, high-rise, including those with or without an elevator, or manufactured housing.” That is a quote from the FHA/HUD official site.

#entarissmart

Some properties are not eligible due to the nature of the project. For example, “condo hotels” are not allowed on the FHA-approved condo project list. Also forbidden–timeshares, houseboat projects, or condos that feature more than one dwelling in a single condominium unit.

Fill out the online form to get a free list of FHA/VA and Low Down Payment Homes.

The good news is that many condo buyers can get a home loan with 5% down.

Condo projects may not be FHA approved if they contain restrictive requirements. For example, the “right of first refusal” clause in some condo owner association agreements can be problematic for FHA borrowers.

If you want an FHA condo loan, FHA encourages the use of the approved condo list as a way to start searching for a suitable building in your area. The HUD search tool lists approved condo projects by condo name, state, zip code, and other factors.

A condo project that is not currently on the approved list may be added with the help of your participating lender-speak to a loan officer about what may be required.

#5%downhomeloans

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Use the FHA guidelines to secure a loft or condo loan with 5% down

Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. 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. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.