Character and Charm: Los Angeles is a city of dreams, where modernity blends with history. In the heart of the Fashion District, a unique opportunity presents itself with the listing of a historic loft in the Eckardt Building at 738 S Los Angeles St #206. This loft combines the allure of historical architecture with contemporary amenities and unique opportunities, making it a coveted residence and potential investment in Downtown Los Angeles (DTLA). | PROPERTY DETAILS AND PHOTOS
Historical Significance: The Eckardt Building, approved by the City of L.A. as a historical building, is a testament to Los Angeles’ rich cultural past. Built in 1914, it has witnessed the evolution of the city from its early days to its current status as a global metropolis. While this unit may be somewhat lacking in natural light and views, it features several windows and upgraded lighting. Being a part of the Mills Act, the property offers significant tax benefits, adding to its appeal.
Loft Details:
- Price: Listed at $499,888
- Size: 880 Sqft
- Bedrooms/Bathrooms: 1 Bed / 1 Bath
- Floor: Located on the second floor
- Parking: Dedicated covered parking space on Maple St
Interior Features:
- Design: Contemporary style with an open space floor plan
- Flooring: Wood flooring throughout
- Kitchen: In-line stone counter, stainless appliances including dishwasher, stove, microwave, refrigerator
- Laundry: In-unit washer and dryer
- Additional: Potential to convert to one bedroom with a constructed wall
Building Amenities:
- Rooftop Pool & Spa
- Fitness Gym
- Half Basketball Court
- BBQ Area
- Golf Range
- 24 Hour Security
Neighborhood and Accessibility:
- Transportation: Excellent public transit access with around 10 bus lines nearby
- Walk Score: 9.6, indicating most daily needs can be met within walking distance
- Community Features: Curbs, Park, Sidewalks, Street Lights
Current Tenancy and Potential Opportunity: The loft is currently tenant-occupied on a month-to-month lease but will be delivered vacant at close of escrow. This situation presents a unique opportunity for buyers. The current tenancy could be seen as a distress property feature, potentially allowing negotiation for a lower price.
Investment Potential: The combination of historical significance, modern amenities, and the bustling location of DTLA makes this loft an attractive investment. The Mills Act tax benefits further enhance its appeal, offering long-term financial incentives.
Character and Property Tax Savings: 738 S Los Angeles St #206 is more than just a property; it’s a piece of Los Angeles’ history. Its combination of past charm and present-day convenience makes it a unique and valuable investment. Whether you’re a history enthusiast, a lover of urban living, or an investor seeking a property with character and property tax savings and extra potential, this loft in the Eckardt Building represents an opportunity not to be missed.
Unlocking Opportunities: Early Offers with Viewing Contingency in California Real Estate
Introduction: In the dynamic California real estate market, savvy buyers and investors are always seeking ways to gain an edge. One strategy gaining traction is placing early offers with a viewing contingency on properties featuring unreachable, incommunicado, or uncooperative tenants. This approach, which works particularly well for buyers and investors with good credit and excellent finances, not only circumvents potential roadblocks but also capitalizes on unique opportunities.
Understanding the Strategy: The core of this strategy lies in making an offer on a property before viewing it, contingent upon later inspection. This is particularly relevant in situations where tenants are not allowing access. By doing so, buyers position themselves favorably, indicating serious interest while still protecting their rights.
The Four-Pronged Contingency Approach: California home buyers typically rely on three standard contingencies: inspection, appraisal, and loan. The viewing contingency adds a fourth layer, specifically addressing the challenges posed by difficult tenant situations.
- Inspection Contingency: Ensures the property’s condition meets the buyer’s expectations.
- Appraisal Contingency: Protects the buyer in case the property appraises for less than the offer price.
- Loan Contingency: Ensures the buyer can secure necessary financing.
- Viewing Contingency: Unique to situations with uncooperative tenants, this allows the buyer to view the property post-offer and retract if it doesn’t meet their standards.
Advantages of Early Offers with Viewing Contingency:
- Early Bird Advantage: By expressing interest early, buyers may edge out competitors who wait for open access.
- Negotiation Leverage: This proactive approach can be appealing to sellers who are struggling with tenant issues, potentially leading to more favorable terms.
- Risk Mitigation: The contingency safeguards the buyer, allowing them to back out if the property doesn’t meet expectations upon eventual viewing.
Navigating Tenant Issues: Dealing with uncooperative tenants is a delicate matter in California, where tenant rights are strongly protected. This strategy respects legal boundaries while advancing the interests of potential buyers.
Case Studies and Success Stories: Examples abound of investors who have successfully used this strategy to acquire properties at below-market rates or with favorable terms. These stories highlight the potential for significant returns while also emphasizing the importance of due diligence and legal compliance.
Legal and Ethical Considerations: While this strategy is innovative, it’s crucial to navigate it ethically and legally. Buyers should work with experienced real estate professionals and legal advisors to ensure compliance with California’s real estate laws and tenant rights.
Gain the Advantage: Placing early offers with a viewing contingency is a strategic approach that can unlock unique opportunities in the California real estate market. It allows buyers to navigate around tenant roadblocks, offering a path to potentially lucrative investments. However, it’s essential to approach this strategy with thorough understanding, professional guidance, and respect for legal and ethical standards. In a competitive market like California’s, such innovative tactics can be the key to success for discerning buyers and investors. | REQUEST ADDITIONAL PHOTOS
Place an early offer today. Fill out the online form.
LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]
SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by Building | Neighborhood | Size | Bedrooms | Pets | Parking
Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker 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. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
