LA Loft Blog

Little Tokyo Lofts Live/Work Condo with Mills Act Property Tax Benefits For Sale in Downtown Los Angeles

Amazing loft unit in the historic Westinghouse Electric elevator factory. Originally built in the Roaring Twenties, the building was converted into live work residential condominiums in 2006. The loft features high ceilings, large windows with original steel frame, in-unit laundry, and large walk-in closet. Amenities include heated pool, hot tub spa and sun deck, outdoor grills, 24-hour security and a fitness room.

High up on the top floor, get ready to take in the sunshine and blue sky of this bright loft throughout the day, turning into a very cozy fireplace unit in the evening. Great natural light in quiet courtyard with private covered balcony, the unit features an open floor plan with separated bed area, deeded assigned parking space and additional 25 guest parking spaces. 11 ft high ceilings with exposed ductwork and the massive original concrete pillar columns add an industrial character to this loft. The unit also boasts hardwood and concrete floors, in-unit laundry washer and dryer, stainless steel kitchen appliances with gas stove, central air A/C and heat. The historic building is approved for substantial Mills Act property tax benefits. Additional building amenities include electric car chargers, guard gate free guest parking, 24-hour security and a small fitness room with lots of fun workout equipment. A dog run lets you walk your pets without leaving the gated complex. Nice BBQ barbecue grill area, gym, a courtyard and outdoor lounge area with sofas, and a reading library. Little Tokyo Lofts is a peaceful, guarded sanctuary within the bustle of vibrant urban Downtown Los Angeles.

Only a few minutes walk to restaurants, bars, museums and shops in the Historic Core, the Arts District, shopping promenade, museums, art galleries, breweries and famous tasty restaurants like Daikokuya Little Tokyo, Marugame Monzo and Sushi Gen.

Get a list of Mills Act lofts with property tax benefits. Fill out the online form:

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. 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.

Living in a condo community means dealing with a board of your peers who are not professionals

Who is to blame when the board is out of hand? When buying an industrial loft or condo, your lender will want to see the books to ensure the building owners’ operations are on the up and up. The rules and resources of the community board provide the insight you can use to ensure your condo or loft purchase is going to be a good move. Look carefully at the minutes and interactions residents have with the board members. A Smart building board will hire a professional property management company to handle the day-to-day operations and budgeting of funds for repairs and operations.

A condominium, cooperative, or homeowners’ association elects a board for a specific purpose: to manage the community’s day-to-day business, oversee special projects, and draft and uphold the rules and regulations that keep life orderly and harmonious. Don’t forget these are just regular people with no special skills or experience. Once elected, they gain life and death powers, as seen in the recent Florida condo collapse tragedy. In fact, the board has an inflexible fiduciary duty to act in the community’s best interests as a whole. The question of whose best interest is being acted on leads to most of the conflicts seen in litigations and disputes among stakeholders and residence of a community-owned building.

This means that boards have an obligation to stay consistently on the side of good, advocating for residents and promoting neighborly well-being – and most boards do just this. Unfortunately, however, boards are made up of humans, and humans are wildly fallible. Having sampled even a morsel of power, some find themselves starving for more; oftentimes, other less malicious folks simply make mistakes, and rather than correct them, keep on stumbling down a wrong path. #entarlovesyou

Once the board crosses over to the dark side, it can mean serious consequences for not only its members but every owner or shareholder in the building or HOA. Infighting, backstabbing, loss of funds, declining property values, and even legal consequences may well ensue if the ship isn’t righted. Attorneys caution that it is better to be proactive rather than litigious with your board, a court case would be expensive to prosecute and yield uncertain results. #industriallofts

Seek legal advice from a real estate attorney get a free list. Fill out the online form.

<a href="https://laloft.wufoo.com/forms/mijzj6n1k589pw/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

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Corruption on the Condo Board a Danger to Everyone

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