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Los Angeles real estate is constantly changing, as are most property markets in Southern California, home of native real estate professional Corey Chambers. One aspect of L.A. real estate that’s different from most American neighborhoods is that it’s the entertainment capital of the world. Creativity is the name of the game for urban LA home buyers. That’s why lofts and other modern creative spaces for sale and for lease have replaced ordinary apartments for many city dwellers. Warehouse and historic office conversions with high ceilings, oversized windows, polished concrete or original wood and tile floors, large pillar columns and other attributes give lofts character. Turned into expressive condominium units, many even help to pay for themselves as highly productive live/work residences, while some even pay the owners to maintain their historic integrity thanks to California’s Mills Act law that gives property tax benefits. #coreychambers | Blog Video
For those who also need common features such as bedrooms with doors that close and private garages, lofty houses, townhomes provide and other single family residences with character can also provide creature comforts and expected conveniences with high ceilings, rafters and other naturally exalted architectural components. “Most home buyers near Downtown Los Angeles are looking for something extraordinary, with open space and character,” says Los Angeles Realtor Corey Chambers, “They want the residence to be functional, while providing a bold way for the resident to express themselves with an energetic vibe.” #realtor
Buying and selling industrial or loft conversions is a bit different from transacting traditional homes. There are a couple common disasters that must be prevented for buyers and sellers of lofts. Regular home loan mortgage companies are not familiar with many of the unique issues around lofts, such as commercial spaces, concrete floors, higher renter ratios and more frequent litigation. To help ensure a successful transaction, a loft specialist Realtor® and loft specialist lender are often necessities. If the property has any lawsuits, then a litigation specialist lender may be required. #dtla
The Corey Chambers Team donates a portion of their income from every home they sell to help the amazing kids at Children’s Hospital Los Angeles
As the Editor-in-Chief of the L.A. Loft Blog, Chambers has been providing the most up-to-the-minute, actionable, objective Downtown Los Angeles real estate news for more than 9 years. Not only does the blog reveal unlisted, off-market unadvertised loft deals for sale and for lease, but it also gives insightful intelligence on the Downtown Los Angeles loft and condo buildings under construction, along with billions of dollars of financial information such as the most accurate local economic forecasts, news and real estate market calls. “We accurately told buyers and investors to BUY, BUY, BUY — that they would be gaining so much equity, almost like getting a free loft in our 2012 forecasts.” For the last year, we’ve precisely sounded the alarm: “Sell, sell, sell.” Unfortunately, some will hear or heed the call too late, says Chambers, “We’re going to see a recession in the next few years, and it will be bad for those who are unprepared for stagflation.”
DTLA loft buyers listened and bought up as much as 25% of the units in some loft conversion buildings like the Beacon Lofts in the Arts District. Those homeowners are sitting pretty after gaining up to 300% equity in the last 9 years. Those who are renting may see a bit of leveling off for a few years as Downtown real estate plateaus while trying to absorb tens of thousands of recently built apartment units. But, then rents will shoot up again. “Renting is almost always a total loss,” reminds Air Force Veteran Corey, “Where as owning in California is almost always a recipe for significant gains.” The outer edges of Downtown, including South Park, Financial District, Bunker Hill, Civic Center and Arts District will faire the best over the next few years, but suburbs away from homeless tent encampments will do even better. #realestate
In his own live/work loft condo at Alta lofts near Downtown Los Angeles, Chambers updates the blog with local real estate news scoops nearly every day. Lofts for sale around Downtown Los Angeles have dropped in price about 4% last year, while the super attractive loft units continue to break price records. Some currently unlisted lofts in the Bartlett Building are said to include pocket listings, along with pending sales in escrow at close to a million dollars.
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P.S. Your Referrals Help The Kids! The Corey Chambers Team is on a mission to raise $25,000 to help the extraordinary kids in need at Children’s Hospital Los Angeles. We do this by donating a portion of our income on every home we sell. Help us help Children’s. Who do you know considering making a move that would benefit from the services we provide? Call me at 213-880-9910 with their contact info, or have them contact me. You can also visit www.ReferralsHelpKids.com. Thank you in advance!
