LA Loft Blog

REAL ESTATE NEWS (Los Angele, CA) — Just about everything seems to be in short supply these days, including Downtown L.A. lofts, condos and apartments for lease and for sale. Several prospective renters are fighting over a bare selection. In the Arts District, there’s only one large loft for lease under $4,000. It’s on the ground floor. Most renters prefer to be higher up in the building.

While there are plenty of expensive cookie cutter apartments for lease, lofts with character are hard to find. Last week, only 12 lofts were listed for lease. Compare that to 19 lofts listed for sale. Rents are going up. The average downtown renter is now paying $2,994 per month for rent.

Stagflation plays a major hand in the property market today, amid crashy stock markets and rising interest rates. While most markets are cooling off, Downtown LA is heating up as far as price goes. Mostly fueled by inflation, prices are rising even while the overall market is stagnating.

More buyers are showing up to pick up a nice historic loft in May. They’re finding plenty of competition. The high-up condo units are going fast, leaving mostly darker units with no view, or ground floor opportunities that fewer people want. The good deals are going fast. The unadvertised bargains can be found by trying out the Top Level Tour. Big savings on condos with character can also be nabbed by taking advantage of little-known government programs. Get a free list of amazing historic Mills Act lofts for sale. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/ze1qfwn1rrhoda/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, 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. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Politicians profit from states that steal.

REAL ESTATE NEWS (Los Angeles, CA) — In which states do homeowners not really own their homes? More and more home owners seem to be complaining that local and state governments are sticking their greedy fingers into the homeowner’s business, trying to take a bigger slice of the economic pie. “Some towns in America are basically stealing peoples homes,” according to consumer advocate journalist John Stossell. In some jurisdictions, one missed property tax payment can lead to the government taking away a private home, selling it, and keeping all of the profits. In come cases, a late payment has led to the loss of the entire home. In one instance, the city kept $286,000 more than the homeowner owed in local property taxes, which was only $900. It gets worse. In another case, a county took away an entire home — over an $8 debt. And recently, a city even took a home from a grandmother, who now must sleep in her car.

The arguably sh!thole state of Michigan is known to be one of the worst culprits. Eleven states allow this kind of home confiscation profiteering, including Oregon and Arizona. But, with Los Angeles and many other California cities unable to take care of their massive, expensive homeless problems, could the once-golden state be next to start stealing homes from the middle class using this trick? Historically, this type of confiscation has been ruled unconstitutional, but those who can barely afford to pay taxes, cannot afford a legal battle, thus cannot afford to fight city hall. When Stossell looked into the matter, he found blatant corruption. In one case, a mayor was using the city to steal houses, then giving the profit straight to his own company, to the tune of $10 million. Because real estate is often the biggest investment that middle-class taxpayers make, this means that these states and cities profit by stealing the life savings of many families, leading to devastated lives.

Fortunately, there are a few legal advocates such as Pacific Legal Foundation, a non-profit that has defended Americans from government overreach and abuse since 1973. Please consider giving them a donation.

The good news is that not all states and municipalities are greedy. In fact, Los Angeles offers a very generous property tax discount for those who like to live in a well-maintained loft condo with amazing character and style. Get a free list of Mills Act historic homes in Downtown or most anywhere in California. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/ze1qfwn1rrhoda/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]