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The statistics in this L.A. Loft Blog post will surprise and shock home buyers and real estate agents alike. Realtors who specialize in helping buyers are facing a diminished financial future as buyers are feeling more empowered by the internet to find homes on their own. #buyersagent #homeprices
While using a buyer’s agent is not a legal requirement for purchase of a home in California, nearly 100% of transactions involve getting help from a buyer’s agent, listing agent or attorney. For a good chance of a successful purchase, the offer needs to be written up properly, with sufficient supporting documents so that it can be seriously considered by the seller. Most buyers choose to find and use their own agent who specializes in helping buyers and who can be dedicated to helping the buyer to find the right home, then to negotiate the best price and terms that are in the buyer’s best interest. Because technology is improving, a growing number of buyers are finding their own on real estate websites, and then contacting the listing agent without getting help from a buyer’s agent.
The Los Angeles Times reported on why some buyers are ditching the real estate agent and turning to start-ups and other websites for help instead. In the past, real estate agents had exclusive access to much real estate information that home buyers could not get themselves. But today, property listings, photos, recently sold prices, school ratings and neighborhood information such as crime rates are available free on the internet. For some assertive buyers, that’s an invitation to bypass an agent and, in the process, try to negotiate some of the 2.5% to 3% that is commonly paid to the buyers agent. Why not ask for some of that to be applied to lowering the purchase price if no buyer’s agent is being utilized? There are some new websites that specialize in helping buyers with an online platform. Some, such as Open Listings represent the buyer and then rebate half of the selling agent’s commission to the buyer.
Even with the latest technology to help buyers (92% of buyers use the Internet during their home search according to National Assn. of Realtors), most decide to use a buyer’s agent so that they won’t risk missing out on the perfect home, and they want the most powerful negotiator that comes from a full-service, fully-compensated agent who will creatively overcome the many tricky hurdles that are typical with most California real estate transactions. Most buyer choose to hire good representation because they know that there is not enough inventory in today’s market, often too many buyers who they must compete with who are using the best strategies and tactics to get the best home for the least amount of money. Then, if lucky enough to beat out the other buyers to the best deals, the buyer must then face an adversarial seller who is represented by a clever listing agent employing every strategy in their arsenal to extract as much money from the buyer as possible on the seller’s terms. Most buyers know intuitively that a cut-rate service could be risky, especially in a sophisticated area like Los Angeles, and buyers want the best help possible representation when the difficult rivals, problems and questions present themselves in a real estate transaction.
These questions include: How do I find the listing agent? How do I get just the right properties that match my criteria in my email every day as soon as they come on the market? How do I find the real bargains that are not on the internet? How do I see new homes under construction? How can I put in an offer with an escalation clause? Where can I find the special deals like distressed properties, raw lofts, REO, foreclosures, auctions, bank owned, for sale by owner, expired listings, company owned, estate sales, probate sales, homes falling out of escrow, homes falling out of contract, expired listings, listings on hold, vacant homes, divorce sales, auctions, pre-auctions, pre-foreclosure, off market properties, private listings, unlisted homes for sale, pocket listings, need-to-sell-now homes, unclaimed homes, upcoming new loft conversions and homes for sale by sellers who do not want to pay an agent? Many of these deals are missed by buyers with or without an agent.
Shocking Facts About Buyer’s Agents – Homes Sell Faster Without ‘Em
The reality of today’s real estate market is that the buyer’s agent is slowly diminishing in necessity. Possibly because they are actually slowing down home sales. As a matter of fact, the big real estate news today is that homes now sell faster when the buyer’s agent is offered less commission. Yes, you read that correctly. Homes now sell faster when the seller and listing agent share less money with the buyer’s broker. We could not believe it when some leading real estate coaches and brokers recently told us, so we ran the recent numbers for the local Los Angeles market. Higher CSO shared commission to buyer’s agent of 2.6% or more resulted in an average of 70 days on the market, while a lower CSO of 2.4% or less delivered a sale in just 57 days on average during the same 6-month period based on TheMLS data. Of course, the average home sold for significantly less money with a lower average sold price when the shared commission was lower.
While most prospective home buyers search the internet themselves first, most of them still ultimately prefer to use a buyer’s agent because that way they can feel confident that a trusted professional is on their side exclusively, they can get all of the pros and cons, and the seller pays for it.
Hard-to-Find Bargains DTLA – Find out where they are. — Get a free list of the best DTLA loft and condos investments with best prices and special deals. Fill out the online form:
While nothing in downtown Los Angeles is really cheap anymore these days, we can still find comparative bargains with the lowest price per square foot for a nice open loft with industrial character and amenities such as rooftop sundecks, swimming pools and hot tub spas, along with 24 hour security sent desk concierge. #affordable #lofts #DTLA
Some of these low priced lofts for sale are in of the most walkable neighborhoods of downtown Los Angeles near shopping, dining, bars and pubs, entertainment and public transportation. Some have upgraded flooring while others have covered parking included. THE TOP 10 LIST STARTS WITH THE SB GRAND AT 312 W. 5TH ST. #307, FOLLOWED BY ALTA LOFTS AT 200 N. SAN FERNANDO RD. AND LITTLE TOKYO LOFTS AT 420 S. SAN PEDRO ST. CLICK ON THE LINK TO SEE THE FULL REPORT IN PDF FORMAT.
Real Estate News — Comparing the Lowest Priced Lofts in DTLA
The L.A. Loft Blog recently reported that Downtown L.A. homes sold at a median price of $619,500 with 42 days on market. Since many buyers need to spend less than that, this post will compare and contrast the lowest priced loft buildings in Downtown LA. #dtla #realestatenews
TOP 10 PLACES WITH THE BEST DEALS
For those who need to get more for less, there are ten buildings that are most likely to be in the running. Starting with the best deals, the lowest asking prices and lowest HOA dues, here is a quick comparison of the pros and cons so that prospective Downtowners and investors can find the right match at a glance:
SB Grand 312 W 5th St – Lowest price per square foot and lowest HOA dues. Popular location by Pershing Square in the Historic Core. Rooftop pool and hot tub spa. 24-hour front desk security concierge. Incomplete financials, lots of chaos and commotion outside, high renter ratio, litter, plumbing issues, lender issues.
Little Tokyo Lofts 420 S San Pedro St – Best deal on a Mills Act historic industrial loft that includes covered parking, free guest parking, swimming pool, hot tub spa, BBQ and 24-hour security of gated complex. Across the street from homeless shelters and tents. Water intrusion. Mental clinic in the building.
Textile Building 315 E 8th St – Beautiful Mills Act historic building with big windows, natural light, views and convenient parking. Rooftop deck. Near Skid Row. Leasing restrictions. Noisy intersection.
Eckardt Building 738 S Los Angeles St – Mills Act historic industrial building with all of the amenities and patrolling security guards near lots of shopping and dining. Most affordable units have parking a block away in Skid Row. Water intrusion.
Cornell Building 746 S Los Angeles St – Mills Act historic industrial building with all of the amenities and patrolling security guards near lots of shopping and dining. Rooftop BBQ lounge. Most affordable units have parking a block away in Skid Row.
Higgins Building 108 W 2nd St – Beautiful clean, safer neighborhood across from police headquarters, Mills Act historic building has rooftop deck with dramatic up-close skyline views. Restaurants in building. Parking not included. HOA special assessment cost.
Bartlett Building 215 E 7th St – Central walkable location, Mills Act historic building has rooftop deck with dramatic skyline views. Parking not included. Busy, noisy street.
Douglas Building 257 S Spring St – Beautiful Mills Act historic building with distinctive architecture and character. Original brick and amazing original wood floors. Some units include parking in building. Usually nothing for sale.
Beacon Lofts 825 E 4th St – Industrial lofts in the best part of the Arts District across from Little Tokyo Mall, entertainment and large grocery store. Rooftop deck with hot tub spa, outdoor kitchen and skyline views. 2-car tandem parking. Usually nothing for sale.
Alta Lofts 200 N San Fernando Rd – Bigger, modern industrial lofts with lots of natural light and views, low cost per square foot. Parking and guest parking. Social room and gym. In less-walkable industrial neighborhood, 3 miles to Downtown with increasing traffic.
Looking at what sold recently is a great way to see what is really happening with the real estate market of Downtown LA. #downtownla #sold #homes
Home prices and values can best be determined by learning the prices of lofts, condominiums and houses that sold nearby recently. The money actually paid for a home that just sold tells us the most accurately about what similar properties will likely sell for today. | REPORT
As the average Downtown home price surpasses $600,000, it can be a daunting task to find a good deal in the most exciting place on earth. The LA Loft Blog is helping by showing the amazing lofts that are in the most affordable price range, listed with the biggest and best bargains on top. #downtownla #lofts #bargains
In today’s market, serious buyers often find that they are outbid by other buyers, especially when trying to pick up a beautiful home that is listed at an excellent price. Prospective home owners can beat out other buyers to the best deals by getting them first, and also getting the unlisted lofts, pocket listings and the best deals that are not on the internet.
Lofts and Condos in Downtown L.A. Without Costly Mistakes
When moving to a loft or condominium in the most exciting place on earth, buyers want the fun and convenience without the hassles and drawbacks that can often occur for new home buyers and experienced real estate investors alike. #dtla #homebuyer #mistakes To help home buyers get the good while dodging the negatives, here is a list of the top thirteen pitfalls to hurdle when looking into DTLA homes for sale:
Loft Lending Problems – Most properties in Downtown Los Angeles are in industrial or commercial buildings that have been converted to live/work residential units under the special Los Angeles Adaptive Re-Use Ordinance. Most home lenders are unfamiliar with these rare property types, causing a host of misunderstandings, delays, cost overruns and failed transactions. Loft loans can be a breeze when buyers use a Downtown loft specialist lender.
Lawsuits and Litigation – More than 25% of homes listed for sale are currently or recently involved in legal issues that may affect purchasability and profitability of the property. Downtown loft specialist realtors have the most knowledge and information on these issues to share with prospective buyers and to ensure a happy home purchase.
Maintenance Issues – While industrial and commercial lofts generally have superior robust construction, all properties require maintenance that is best done before the inspection process. Buyer also want to be in a building with excellent building maintenance and low HOA dues.
Low Appraisal – While home prices are above average, reducing the chance of a low appraisal, home buyers and seller should see a full CMA Competitive Marketing Analysis or comps (recently sold comparable properties) before entering into a transaction.
Out-of-Area Agents – Getting help from a local Downtown loft specialist is the most popular way to prevent errors and omissions that are common when relying on a real estate professional who is not among the most experienced and knowledgable about the complications of Downtown L.A. real estate.
Insufficient Knowledge – The costliest and most worrisome mistakes are made when buyers and sellers make hasty emotional decisions that are not based on tried and true experience in DTLA real estate. Home buyers and sellers can get free information easily from the LA Loft Blog. | ASK
Defects and Damage – All properties, buildings and neighborhoods in Downtown Los Angeles have issues that buyers need to know about before going to see properties. In addition to hidden defects, buyers need to know in advance about what is happening in and around the building.
Loft Issues – In addition to building conversion and architecture issues, buyer need to know about tax status, zoning, live/work status, renter ratio, retrofit inspections and other issues that affect the value and desirability of each different building.
Downtown Disasters – Urban areas have more going on, both good and bad. With a large homes population, common urban crime, and financial issues of some buildings, buyers need to receive an abundance of disclosures and info.
Air Quality – Most of Downtown Los Angeles is in a red zone of pollution, noise and other hazards. Prospective Downtowners need to know about all of them.
Too Many Buyers – The market is great for sellers, and challenging for buyers. When a super deal comes up on a beautiful home, many buyers must compete to try to buy the right place.
Not Enough Inventory – Home owners are happy with the results of their investment, and few have any reason to sell. The results is a low number of properties for sale on the market.
Missing Out on the Perfect Place – The #1 fear of buyers is to not see or to be too late when the perfect home does come up for sale. This can be prevented by automatically receiving all of the homes from all real estate companies as soon as they hit the market, including the unlisted homes, along with the best deals that are not on the internet.
While any or several of these issues can really put a damper on the enjoyment and profitability of a Downtown Los Angeles property, solutions exist that can prevent or eliminate any serious problems. Get a free information on Downtown L.A. homes. Fill out the online form:
BMI, the largest music rights organization in the world, recently congratulated 2017 Emmy Award winner Jeff Beal at his studio in Los Angeles. #dtla #artists
Once known as the home to struggling, starving artists, Downtown Los Angeles has transformed from strife and decay into a powerful juxtaposition of struggle and achievement that cooks up an environment of toil-cum-luxe super-creativity. This rare kind of stimulating bastion continues to draw more and more of the world’s greatest talents in music, television, film and business. As the urban neighborhoods continue a dramatic renaissance from blight to renewal, the shining beacon brightens for DTLA. While many low-revenue artists have sadly been gentrified out of Downtown LA, the positive change and sweeping growth assures that thousands of commercially successful artists of all kinds return to the city’s center as the infrastructure of business, transportation, entertainment, crafts, ingenuity and real estate have exploded beyond expectations over the last two decades.
The artists of all kinds are enchanted by Downtown’s unique historic vibe combined with the impactful energy of new creative residents. Cleverness, inventiveness and imagination abound in Downtown Los Angeles as new galleries, museums and fun pop-up businesses launch frequently. The high-ceilings, large windows, city views, historic architecture among walkable urban energy engage and foster the inspiration and vision of the leading artisans, inventors, painters and composers.
Get paid to own a beautiful historic property. Receive a free list of Mills Act lofts in Downtown Los Angeles. Fill out the online form:
Shybary Grand Loft for Sale #lofts #dtla #historic #live/work
312 W 5TH ST #307 — Enjoy Downtown life in a nice spacious modern open loft with high ceilings and fantastic NYC-like character on Broadway and Historic Core. This live-work loft has cool private balcony facing original brick lightwell. Modern kitchen open to the living area. Wood floors. Washer and dryer in unit.
Large soaking bath tub. Open and airy living space witH A/C and heat. The happy building features friendly 24-hr security front desk concierge, fitness room, outdoor lounge, rooftop sun deck, pool, hot tub with OMG panoramic views of the Downtown Los Angeles skyline. Wired for cable and Internet. Low HOA dues. Pets okay. Great for Downtown live/work! The building has valet parking available. By Metro station, Pershing Square concerts bring good vibes in Summer and ice skating Winter. Stroll through the renaissance of Broadway with coming street car as part of the Bringing Back Broadway project. Excellent downtown location near Farmers Market, Grand Central market, Ralph’s and great shopping and dining amid the renaissance and renewal of Downtown L.A. Historic Core. To see, call Corey (213) 880-9910. | DETAILS
Get free information on Downtown L.A. Live/Work Lofts. Fill out the online form:
LA Loft blog readers demand an alluring abode with stylish urban character that makes for a superior investment. Below is a list of the top ten picks for best Downtown L.A. lofts in the lower price range.
Here’s the list of amazing lofts starting from the lowest price: