Coronavirus Tips and Updates for Los Angeles, California Real Estate

Crisis Update: Urgent News about Los Angeles Real Estate
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Temporary Changes to Local Realtor® Activities
We’re Here For You. We want to assure you that The L.A. Loft Blog is making every effort to assist you during these challenging times. Below is an updated summary of new rules and real estate updates during the COVID-19 crisis. #coronavirus #tips #updates
New Rules & Updates: Already Implemented | Blog Video

Physical (Face-to-Face) Open Houses Prohibited & Will Be Replaced by Virtual Open Houses The MLS™ #realestate agent multiple listing service has removed all current and upcoming open houses, and has disabled the creation of new open houses. Amid the Coronavirus (COVID-19) global outbreak, Governor Gavin Newsom has issued a statewide order to “Stay at Home”. Per the California Association of REALTORS® (C.A.R.), agents and brokers should cease doing all face-to-face marketing, including open houses, in order to comply with the state mandate.

Hold Status Extended to 60 Days Twice Hold Status has been extended from 10 days to 60 days. Sellers and their agents can opt to use the Hold Status up to two times, however, it cannot exceed the duration of the listing agreement.

DOM Days on Market Freeze Because properties cannot be fully marketed at the moment, the days counted as being on the market has been frozen. Until further notice, and due to the current orders in place on a federal, state and local level, the computation of Days on Market (DOM) has been suspended until further notice. The MLS™ will suspend counting Days on Market (DOM) retroactive to March 15th.

“Coming Soon” “Coming Soon” listing status can be used for the entire duration of the listing contract.

Soon-to-Be Released

Virtual Open Houses – Release Date 3/30/20 Virtual open houses will soon become available to help sellers attract home buyers while adhering to the new “Stay at Home” policy. Sellers may request that their agents select to create and share a virtual open house on social media platforms, such as YouTube, Facebook, and Instagram. #losangeles #california
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Critical Bulletin: Immediate Changes Affecting Los Angeles, California Real Estate

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.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.

Coronavirus Update: Counteroffensive by California Condos

REAL ESTATE NEWS

Los Angeles condominium home owners are fighting back against the Covid-19 virus by erecting barriers to social amenities. In order to prevent the potential spread of the pandemic pathogen, condo boards are placing restrictions on the community common areas. For example, one Los Angeles loft building closed its Community Room, Fitness Center, and Barbecue until further notice, disabling the access fob. Given the importance of these facilities to many residents, the community plans to open them back up as soon as possible. In the mean time, no common areas may be reserved for private events. Homeowners meetings have been postponed while they plan for teleconferencing of future meetings. #coronavirus #realestate #update | Blog Video

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The CDC and other organizations have issued guidance regarding social distancing, avoiding groups more than 10 and other such information. By closing the gathering places, condominium community residents reduce the chances of spreading the virulent scourge, working towards the common goal of causing Covid-19 numbers to collapse before the virus can spread out of control.

Reader Questions:

Q: What’s happening with los angeles ocean plaza? A: Assuming you mean OceanWide Plaza, the Downtown Los Angeles megaproject condo/hotel/shopping construction site next to LA LIVE has been sitting in limbo for many months as the developer has run out of cash, and is attempting to find a buyer. After the Corona Crash, their prospects just got a bit dimmer as fewer seek to buy assets, while more must liquidate to raise urgently needed funds. MORE

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.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. #condo #lofts #losangeles