For Lease: Individually Owned Lofts or Managed Communities?
by Corey Chambers, Lofts Downtown Los Angeles
For those searching for lofts to rent, this article will help prevent frustration by making the Downtown loft search easier. It will save time and money by helping to find hidden loft bargains. It will reveal a method of getting three months of searching done in about three hours. Lower rents, lower deposits, nicer selection of lofts can all come into sight when one is aware of unadvertised, unlisted, hard-to-find lofts.
Of the 160 residential properties in Downtown L.A., about 60 of them are loft-style condominium buildings with individually owned units. The other 100 or so buildings are apartments and other managed communities with loft units. The managed communities usually have leasing offices, while the individually-owned lofts generally do not.
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The managed communities and owner listings will only push their own units, while a listing by a real estate agent can lead to additional services such as offering to show several different buildings in a desired price range during the same appointment. A loft specialist Realtor® provides pros and cons on each one. By knowing the positives and negatives up front, one can often make a better decision in advance, without needing to learn tough lessons after moving in. The real estate agent may provide a warning in advance about which buildings have thin walls and noise problems, higher crime rates, issues with maintenance and management, etc. The Realtor® can also provide a comparison of which might be the better value. The agent can often provide applications for more than one unit, and sometimes save the applicant money by only charging for one credit report for multiple applications.
Downtown Los Angeles is like a glazed donut in the shape of its neighborhoods. The outer edges are the preferred areas, while the “hole” in the center is Skid Row, where many new residents try to avoid. A Realtor® can help guide newcomers to the right neighborhoods. Some prospective residents prefer the new, upscale neighborhood of South Park, while others like the raw, industrial feel of lofts buildings in the Arts District. Many prefer to be in a neighborhood such as the Old Bank District where they can walk to their favorite stores, restaurants and entertainment, while others prefer to drive to most places. The more isolated neighborhoods usually offer larger loft units, along with better parking situations such as free guest parking on the street.
Most real estate agents will show only the individually owned lofts because they get paid a commission after the client finds the right place. When asked, the agent will usually not show a building with a leasing office because the management will usually not pay the agent anything. The agent will tell the client that the individually owned lofts are better because they are largely owner-occupied with residents who are better neighbors. The other side of the argument is that the leasing communities can provide twice as many units to choose, from often for less money than the individually owned lofts.
Many loft-seekers prefer to be fully informed of all of the bargains in Downtown living, including the condo lofts, hard-to-find managed community lofts and unadvertised bargains in Downtown. Some have budgets under $1,750, and therefore need to see more loft units in a specific price range. They can get a private tour with a licensed Downtown real estate specialist, and the tour will only include properties that match specific search criteria.
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Corey Chambers, REALTOR®
(213) 478-0499
coreychambers@lyahoo.com
Corey Chambers is a Realtor® Downtown loft specialist with Keller Williams Realty Double Platinum award-winning team.
200 North San Fernando Road #119, Los Angeles CA 90031
www.LAloftBlog.com
DRE#01889449
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