DOWNTOWN LOS ANGELES LOFT DISTRESSED PROPERTY SALES AND FORECLOSURES
When Downtown real estate is sold in an urgent manner, often at a loss. Distressed sales often occur at a loss because funds tied up in the asset are needed within a short period of time. The funds from these assets are most often used to pay for debts, medical expenses or other emergencies. A free list of Downtown distress / foreclosures is available.
Downtown Los Angeles Distressed Property and Foreclosures
A distressed property is one that is under a foreclosure order, short sale or any unusual need for a quick sale often for less than a market rate.
The loft may be damaged or in poor physical condition due to the owner’s precarious financial situation. Distressed properties offer tremendous opportunities for buyers and investors alike.
Buying a distressed home is a terrific opportunity to acquire a property at a discount price. It provides you with the possibility of buying a larger loft than you would have thought possible. Reap a good profit with distressed properties by buying them cheaply, fixing them up at minimum cost and reselling them on the open market.
L.A. Loft Blog, 200 N. San Fernando Rd., #119, Los Angeles, CA 90031
The #1 Downtown buyer’s agent with 19 successful buyer transactions closed in 2013, Corey Chambers is a Realtor®, and member of the Top 6 award-winning, 5-Star Yelp rated team. J.D. Power Award 2012 – Keller Williams Realty ranked Highest in Overall Satisfaction for Home Buyers and Sellers Among National Full Service Real Estate Firms. DRE#01889449
LA River Lofts 2943 Gleneden Street, Los Angeles, CA 90039
FOR UPDATED INFORMATION, VISIT WWW.LARIVERHOUSE.COM The L.A. Loft Blog is not affiliated with River House.
River Lofts ( now River House ) is looking more like River Apartments. The developer has still not released any information about descriptions or pricing. Join the interest list to get info as soon as it is released.
River Lofts begins to look a bit less lofty as the first and second stories are added. The building so far looks more like more common condos or apartments. This building is entirely new construction, the ceiling height looks standard, and only a few large windows seem to be appearing. Perhaps the only thing lofty about River Lofts is the developer’s imagination.
On the bright side, there are a few moderately large window frames promising views facing one of the most natural, pretty and vibrant sections of the Los Angeles River. Fishermen, waterfowl and bicyclists all enjoy this sprawling section of river.
River Lofts – Not looking very lofty so farRiver Lofts new construction
Currently under construction in Elysian Valley on the L.A. River between Elysian Park, Glassell Park and Silver Lake. The L.A. River Lofts are in a great location right on the Los Angeles River. Get notified of new lofts by registering on the New Loft Interest List.
The new loft project will consist of about 56 condominium units averaging approximately 800 sq ft each, conveniently located near the 5 freeway and Dodger stadium.
Headed by 50 year old Redondo Beach real estate entrepreneur Scott Anastasi, the project is expected to be completed in early 2015. L.A. Loft Blog readers will have an advantage in staying informed about the project completion and will perhaps get some early viewings during construction.
River LoftsRiver Lofts – New ConstructionRiver Lofts – New Lofts Under Construction
River Lofts experienced heavy rain during the initial foundation work, but it is now dry, and the large crew is now hard at work building the structure.
Landscape design and construction by Glen Dake, a specialist in watershed protection, documents for 56 homes for-sale on a parcel with 450 feet of Los Angeles River frontage and featuring state of the art watershed-friendly design features.
Construction/Project Manager at Anastasi Construction Larry Lewis says that River Lofts is a challenging 4 over 2 project.
One real estate team has gained the most attention over the past few years for providing privileged access to new lofts in and around Downtown Los Angeles. This team has provided more than 121 pocket listings in the past 18 months. We know that they are some of the most amazing lofts, best deals and best chance of success because more than half of the buyers who were offered the pocket listings chose to place an offer, and were successful in the purchase. Of course it helps that one of the best benefits of a pocket listing is that the other eager buyers are not aware of the unlisted property until after the VIP buyer nabs it. Buyers can register for the free VIP priority notifications at LAsecretLofts.com and buyers an also receive notification specifically about River Lofts and other new lofts near Downtown at NewLoftLA.com
Over a 7 year planning period, the project had to make some minor compromises to address concerns by the neighboring community and the City of Los Angeles as mentioned in this early letter from a community member to the L.A. Planning Commission:
February 7, 2007 (TO:)President Jane Ellison Usher Los Angeles City Planning Commission Los Angeles, California
Dear President Usher: The undersigned members of the community sought to speak at today’s City Planning Commission heating regarding CPC-2£}BS~6‘796~GPA-EC-ZV-ZAA, the proposed development at 2943 North Gleneden Street. Unfortunately, the Commission could not approve our request to adjust the agenda to accommodate community members. The reason we sought this change was to meet work schedules and school schedules. Since we understand you could not meet this request, we ask that you accept this letter in place of the testimony we would each give. This letter also serves as the formal objection of Elysian Valley United, the only non profit organization that serves the Elysian Valley community. The undersigned community stakeholders oppose the proposed development at 2943 North Gleneden Street as weil as any and all zoning variances requested pursuant to that development. The River Lofts project stands as a danger to our community and all of its residents. As designed it will permamently alter the population, feel and character of our neighborhood. It will cement a process of gentrification that has been marked by the displacement of residents who lived in single family rental unit and hence had no protections under Los Angeles City Housing Code. Further, the project destroys the unique residential character that nas long offset a lack of resources for neighborhood residents. Finally, as the first project in our new Commercial Manufacturing Zone, the proposed development sets dangerous precedent in term of both the content and the quality of newly designed housing stock in the Elysian Valley corridor that adjoins the Los Angeles River.
Specifically, the undersigned oppose this project because there is absolutely no affordability component to the development. As designed, almost no neighborhood families could afford to live in these “River Lofts.” Presenting the development as lofts will further discourage families who might consider stretching to make an investment. Next, the proposed development is completely incongruous with existing neighborhood housing stock. The neighborhood consists almost exclusively of single family craftsman or Spanish style homes. The largest apartment complex in the community has eight rental units. That means the River Lofts development is 8 times larger than the largest existing housing unit. And, while models exist for increasing density without altering the development have resisted such ingenuity and have instead developed a project with the ambiance of a residential strip mall. Finally, the development stands to highly impact traffic flow in this heavily traveled part of the neighborhood. The actual volume of cars does not reflect the fact that there are only two ingress and egress points for the approximately 6500 residents in this section of our community. Read entire document
river-lofts-map
So far, there is no word on the features, or whether or not the units will have high ceilings. Developers are often uncertain themselves about pricing, and if the units will be sold as condos, or if they will be rented as apartments.
Loft shoppers can register for the free VIP priority notifications at LAsecretLofts.com and buyers an also receive notification specifically about River Lofts and other new lofts near Downtown at NewLoftLA.com
Be among the first to see the new River Lofts by getting on the New Homes Interest List. Fill out the online form.
