DOWNTOWN LOS ANGELES LOFT DISTRESSED PROPERTY SALES AND FORECLOSURES
When Downtown real estate is sold in an urgent manner, often at a loss. Distressed sales often occur at a loss because funds tied up in the asset are needed within a short period of time. The funds from these assets are most often used to pay for debts, medical expenses or other emergencies. A free list of Downtown distress / foreclosures is available.
Downtown Los Angeles Distressed Property and Foreclosures
A distressed property is one that is under a foreclosure order, short sale or any unusual need for a quick sale often for less than a market rate.
The loft may be damaged or in poor physical condition due to the owner’s precarious financial situation. Distressed properties offer tremendous opportunities for buyers and investors alike.
Buying a distressed home is a terrific opportunity to acquire a property at a discount price. It provides you with the possibility of buying a larger loft than you would have thought possible. Reap a good profit with distressed properties by buying them cheaply, fixing them up at minimum cost and reselling them on the open market.
L.A. Loft Blog, 200 N. San Fernando Rd., #119, Los Angeles, CA 90031
The #1 Downtown buyer’s agent with 19 successful buyer transactions closed in 2013, Corey Chambers is a Realtor®, and member of the Top 6 award-winning, 5-Star Yelp rated team. J.D. Power Award 2012 – Keller Williams Realty ranked Highest in Overall Satisfaction for Home Buyers and Sellers Among National Full Service Real Estate Firms. DRE#01889449
LA Loft Laws, Lawsuits and Other Issues #adaptive #reuse
Construction of Lofts Los Angeles
The Adaptive Reuse Ordinance has become one of the most significant incentives related to historic preservation in Los Angeles, facilitating the conversion of dozens of historic and under-utilized structures into new housing units. The Ordinance was originally approved in 1999 for downtown Los Angeles and was extended into other neighborhoods of the city in 2003. It provides for an expedited approval process and ensures that older and historic buildings are not subjected to the same zoning and code requirements that apply to new construction. The result has been the creation of several thousand new housing units, demonstrating that historic preservation can serve as a powerful engine for economic revitalization. Today, nearly all of the converted lofts have been sold, and there are now very few in the development pipeline, if any. | LAWSUITS AND LITIGATION
Los Angeles is a city of innovation and reinvention, and no city policy embodies those principles more than the Adaptive Reuse Ordinance. The Adaptive Reuse Ordinance allows for the conversion of commercial buildings to new uses including apartments, condos, live/work lofts, retail and hotels. When buildings are brought back to life through adaptive reuse, they revitalize neighborhoods by preserving our historic architecture, creating new housing and mixeduse opportunities, and increasing public safety. Adaptive reuse enhances economic growth in urban and commercial cores. The Adaptive Reuse Ordinance originally focused on Downtown, and the results have been truly dramatic. That success led us to expand adaptive reuse citywide, and it’s helping revitalize neighborhoods across the city. The Adaptive Reuse Team helps projects navigate through the permitting and development process as well as qualify for tax credits and other financial incentives. #laloft #laws
All buildings in Downtown Los Angeles have problems or issues that prospective buyers should know about before going to look at lofts for sale.
Please do not hesitate to contact them with any questions you may have or to receive any help that you need. | LOFT PROBLEMS
The City provides a handbook that assembles in one location the regulations the City of Los Angeles has adopted to encourage “adaptive reuse”—the conversion of existing buildings to new residential uses, including apartments, condos, live/work units, and hotels. The City’s Adaptive Reuse Program works by streamlining the process developers must follow to get their projects approved, resulting in substantial time saving. The Program’s first component, a set of land use ordinances, relaxes parking, density, and other typical zoning requirements. Through fire and life safety measures, the Program’s second component provides flexibility in the approval and permitting process. Since the initial Adaptive Reuse Ordinance and fire and life safety measures went into effect in 1999, over 6,500 units have been completed, or are currently under construction. An additional 4,000 units are in the development pipeline. Based on many successful downtown projects, in 2003 the City expanded the program to cover parts of Hollywood, Mid-Wilshire, Koreatown, Chinatown, Lincoln Heights and Central Avenue. A Zoning Administrator process was also established to enable case-by-case review of adaptive reuse projects citywide. In response to various questions raised by the development community, several clarifying interpretations were also issued, and the fire and life safety measures were updated. Get more info on Adaptive Re-Use Ordinance here. Some historic loft buildings offer significant property tax discounts under the Mills Act.
Mike P. enjoys his industrial loft conversion that was not listed on the MLS. LAloftBlog.com
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.
