The LA Fashion District spans many blocks in the Central, South and Southeast portions of Downtown Los Angeles. The neighborhood contains many retail, office and industrial buildings and businesses relating to apparel and accessories, textiles, flowers, even live/work lofts. #Garmet District
Fashion District Street View in DTLA
From early in the 20th Century the first garment and textiles manufacturing came to Downtown Los Angeles. By 1929, development in the district flourished, creating a significant and influential piece of the City’s rich heritage. In 2001, these buildings were designated local historic monuments in recognition of their significance as a social and architectural representation of industrial Downtown Los Angeles. Each of these heavy, concrete-frame buildings reflects a distinctive architectural style through its decorative facade and oversized, industrial loft windows designed to maximize natural light, both typical design features of the time. MJW Investments purchased the buildings in 1998 from Mr. Arthur Gerry, a prominent local businessman. MJW since committed its energies and efforts into reinventing these unique architectural landmarks.#Lofts
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4 Steps to Follow When Presenting an Offer in Today’s Market! |
So, you’ve been searching for that perfect Loft to call a ‘home,’ and you’ve finally found it! The price is right, and in such a competitive market, you want to make sure that you make a great offer so that you can guarantee that your dream of making this Loft yours comes true!
Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration:
1. Determine Your Price
“You’ve found the perfect Loft and you’re ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair.”
Based on your agent’s experience and key considerations (like similar lofts recently sold in downtown Los Angeles or the condition of the Loft and what you can afford), your agent will help you to determine the offer that you are going to present.
Getting pre-approved will not only show home-sellers that you are serious about buying, but it will also allow you to make your offer with confidence because you’ll know that you have already been approved for a mortgage in that amount. #Lofts #dtla
2. Submit an Offer
“Once you’ve determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller’s real estate agent. This offer will include the purchase price and terms and conditions of the purchase.”
Talk with your agent to find out if there are any ways in which you can make your offer stand out in this competitive market! A licensed real estate agent who is active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer.
3. Negotiate the Offer
“Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller’s agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.
Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer.”
If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller or even cancel the contract altogether.
4. Act Fast
The inventory of Lofts listed for sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as quickly as possible.
Bottom Line
Whether buying your first home or your fifth, having a local real estate professional who is an expert in his or her market on your side is your best bet in making sure the process goes smoothly. Let’s talk about how we can make your dreams of home-ownership a reality!
Check out this Affordable Downtown Los Angeles Loft at 800 W 1st Street. The Perfect Location to Take Advantage All Downtown Offers.
High floor studio, 1 bath unit, part of the prestigious Bunker Hill Tower. Excellent building amenities, guest parking, security system, heated pool, spa, sauna and more. Centrally located by the courthouse, concert hall and financial district. It has a fantastic down town city & Hollywood sign view. Its first class amenities include 24 hour concierge, tennis court, hair saloon, market, dry cleaner, storage, etc.
From early in the 20th Century the first garment and textiles manufacturing came to Downtown Los Angeles. By 1929, development in the district flourished, creating a significant and influential piece of the City’s rich heritage. In 2001, these buildings were designated local historic monuments in recognition of their significance as a social and architectural representation of industrial Downtown Los Angeles. Each of these heavy, concrete-frame buildings reflects a distinctive architectural style through its decorative facade and oversized, industrial loft windows designed to maximize natural light, both typical design features of the time. MJW Investments purchased the buildings in 1998 from Mr. Arthur Gerry, a prominent local businessman. MJW since committed its energies and efforts into reinventing these unique architectural landmarks.#Lofts
