Category: Real Estate News

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Downtown Los Angeles Loft Residents Take a Stand | Community Voices Heard: First and Broadway Park to Remain a Park, DLANC Votes Against Homeless Housing Proposal

REAL ESTATE NEWS – A community initiative led by residents of the Douglas, Higgins, and Pan American lofts have successfully preserved the planned park at First and Broadway (FAB) in Downtown Los Angeles.

Residents came out in numbers last night to voice their opposition to Councilmember Kevin DeLeon’s motion to convert the planned FAB park into “temporary” homeless housing. The Downtown Los Angeles Neighborhood Council (DLANC) voted against supporting the motion, citing the various arguments presented by the community. Loft residents of the Douglas Building, Pan American Building and Higgins Building were there to oppose the planned homeless encampment.

A Unified Effort

Scott Mahoy, who was integral in coordinating the opposition, thanked community members Anita, Deborah, and Allen for speaking eloquently against the proposal. Mahoy acknowledged the collective effort, stating, “It helped that we had a number of us there. Numbers matter.”

Key Arguments Presented

  1. The Need for Parks: Los Angeles ranks 80th in the top 100 most populated U.S. cities for park systems, according to The Trust for Public Land. Advocates stressed the importance of expanding L.A.’s park footprint.
  2. Safety Concerns for Children: Residents pointed out that the proposed housing site is directly adjacent to a very active playground, raising concerns about children’s safety, particularly given the lenient drug policies adopted in L.A.’s temporary homeless developments.
  3. Wasteful Spending: Opponents of the motion cited the millions already spent in planning the FAB park, arguing that another expensive, “temporary” development was wasteful and ill-conceived.
  4. Lack of Support from the Homeless Community: Several homeless individuals and service providers, including DLANC’s own homeless resident director, Rick Young, also opposed the project, stating they would not utilize such housing.
  5. Alternative Solutions: L.A. City Controller Mike Galperin has identified 26 locations across the city totaling 1.7 million square feet that could be more appropriate for homeless housing.

Next Steps

Community members are encouraged to continue their advocacy through calls and emails to Mayor Karen Bass and city council members. As of now, the planned park at First and Broadway will continue to be developed as a community green space, with its original design to be carried out by the award-winning architecture firm Studio MLA.

For more information and to get involved, residents can contact:

For an extensive city contact list, visit here.

Written by Corey Chambers, Broker and Publisher of the L.A. Loft Blog, Founder of Entar Real Estate and Financial Marketing Tech.

For further updates on local real estate trends and community development, follow the L.A. Loft Blog.

If you’re interested in more community updates and real estate opportunities in Los Angeles, reach out to Corey Chambers. Offering valuable insights for both sellers and buyers, renters and landlords, as well as investors, Corey is dedicated to providing exceptional service and information in the L.A. real estate market.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. 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. Text and photos created or modified by artificial intelligence. 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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The Changing Landscape of Real Estate Commissions: Is a Buyer’s Agent Necessary? Who Pays?

Are Real Estate Agents Doomed?

REAL ESTATE NEWS (National, U.S.) — The real estate industry is undergoing a seismic shift, and one of the most debated topics is the role of buyer’s agents in the transaction process. With the National Association of Realtors (NAR) recently allowing listing brokers to offer 0% compensation to buyer’s agents, the question arises: Is a buyer’s agent necessary? This blog post will delve into the implications of this change and how it could reshape the industry.

The Traditional Model

Traditionally, the seller’s agent and the buyer’s agent split the commission, usually around 5-6% of the home’s sale price. This model has been in place for years, but with most buyers now finding homes through third-party websites like Zillow and Redfin, the value proposition of a buyer’s agent is being questioned.

The NAR’s Sudden Reversal

NAR’s recent announcement that listing brokers can now offer 0% compensation to buyer’s brokers is a game-changer. This move has led many to question the necessity of buyer’s agents and whether home sellers and their agents should continue to share commissions.

The Argument for Eliminating Buyer’s Agent Commission

Cost Savings for Sellers
One of the most compelling arguments for eliminating the buyer’s agent commission is the potential cost savings for sellers. If a seller can secure a listing at a 3% commission rate instead of 5-6%, they stand to save a significant amount of money.

Direct Communication
Another point in favor of this change is that it allows for more direct communication between the buyer and the seller’s agent. This could lead to more efficient transactions and a better understanding of the property by the buyer.

Lead Generation
For listing agents, this change could also mean that lead generation takes care of itself. When consumers go directly to the property, listing agents get all the leads, including those who have to sell a house to purchase a new one.

The Argument for Keeping Buyer’s Agent Commission

Buyer Advocacy
Some argue that a buyer’s agent provides a level of advocacy and expertise that is beneficial to the buyer. They help with negotiations, inspections, and other aspects of the buying process that go beyond just finding a property.

Market Exposure
In the current model, offering a buyer’s agent commission increases the property’s exposure, as it incentivizes other agents to show the property to their clients. However, this argument is losing ground as more buyers find properties themselves online.

The Future Landscape

The industry is at a crossroads. On one hand, the traditional model provides certain benefits that are hard to ignore. On the other hand, the changing landscape, driven by technology and consumer behavior, is challenging the status quo.

Death of the Buyer’s Agent? No more NAR?

The debate over the necessity of buyer’s agents and shared commissions is far from over. However, one thing is clear: the industry is changing, and both agents and consumers need to adapt. Whether this will lead to better outcomes for buyers and sellers is yet to be seen, but it’s an issue that can’t be ignored.

The Likely Outcome

The Death of the Traditional Agent?
While it’s unlikely that real estate agents will become entirely obsolete, there’s a strong case to be made that their roles will evolve. Agents who fail to adapt, who don’t offer clear value beyond what digital platforms provide, may find themselves out of business.

Is NAR a Dead Duck?
NAR’s decision may be a sign of adaptability rather than a death knell. By changing their stance, they’re acknowledging the new landscape, even if it’s forced upon them by litigation risks. However, NAR will need to do more to stay relevant, including offering training and resources for agents to adapt to the new landscape.

Are Buyer’s Agents Doomed?
Not necessarily, but they are at a crossroads. Those who can adapt by offering services that genuinely add value to the transaction will survive and even thrive. Those who can’t will likely be phased out.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. 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. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.