While all Downtown loft buildings have issues that prospective buyers want to be aware of, the Downtown real estate market is having just a bit of a lull currently due to the relatively high prices as compared to a few years ago. It’s scary for some — an opportunity for others.
On top of that, people are scared of the upcoming election, and not it’s the holiday season, the only slow season for Downtown. In addition to Skid Row and nearby homeless, many loft and condo buildings also have real problems such as lawsuits and financing problems. The good news is that, even with its drawbacks, Downtown keeps outperforming expectations. Here’s just a few of the issues that buyers should know about:
1100 Wilshire – Lawsuits, reduced maintenance. Dwindling reserves. Views soon blocked.
655 Hope – Claustrophobia. Windows don’t open. No guest parking.
Alta Lofts – Notice of claim – HOA to sue developer – construction defects. Theft.
Barker Block – Lawsuit settled for construction defects.
Bartlett Building – No parking space included.
Barn Lofts – Free street parking is going away.
Beacon Lofts – Nobody knows what it is. No staff.
Biscuit Company – No metro nearby. Getting hard for guests to park.
Bunker Hill Tower – High HOA dues. No washer-dryers in most units.
Concerto Lofts – Lawsuit. HOA suing developer – construction defects.
Cornell Building – Most parking spaces are a block away in skid row.
Douglas Building – Most units have no parking. No guest parking.
Eastern Columbia – Parking lawsuit. High HOA does. Views being blocked.
Eckardt Building – Most parking spaces are a block away in skid row.
El Dorado Lofts – No amenities. Nobody’s heard of it. Don’t own parking.
Elleven Lofts – No fitness center. Shares pool and courtyard with Luma.
Evo – Lawsuit. HOA suing developer for construction defects.
Flower Street Lofts – No views and losing views. HOA dues rising.
Glen Donald Building – Not in Downtown. Dirty neighborhood.
Gallery Lofts – Construction next door. Mostly no views.
Grand Avenue Lofts – No character. No amenities.
Higgins Building – High HOA. Special assessment. No parking. No amenities.
Library Court – No character. Most have no views. Litigation.
Little Tokyo Lofts – Homeless shelters next door. Leak concrete. Mental clinic in building.
Luma – Losing views. Glut. Expensive. Construction nearby. Litigation.
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Market Lofts – No character. Unfriendly security.
Metropolis Los Angeles – Not finished yet. Expensive. China company.
Molino Lofts – Some units not updated. Nearby construction.
Mura Condominiums – Not a loft. Oppressive rules.
Oceanwide Plaza – Not built yet. Stuck in big event traffic.
Ostrich Farm Lofts – Far away. Out in the tulies.
Pan American Building – Nothing for sale. Nobody has heard of it.
Promenade Condominiums – The 80s called. They want it back.
Promenade West – Expensive. High HOA dues.
Puerta Del Sol – Disrepair. Nothing to walk to. Freeway. Black lung disease?
Ritz Carlton Residences – Expensive HOA. Hotel nuisance. Mandatory valet parking.
River House – Freeway noise. Blah architecture. Prowling coyotes. River bums.
Rowan Lofts – High HOA dues. Most have no views. Don’t own parking.
Santee Village – Most parking spaces are a block away in skid row.
Savoy Condominiums – Not a loft. No character. Some have no views.
SB Grand – Loiterers, renters galore. HOA financials incomplete. Many issues.
Skyline Condominiums – 1980 wants its condos back.
Sky Lofts – No pool. High HOA dues. Construction noise.
SL70 – Not in Downtown. No pool.
Ten50 – Not completed yet. Cramped floorpans. No microwave oven.
Teramachi Homes Senior Condos – Gotta be a senior age 55+.
Textile Building – Nothing really available. Can’t lease it out.
Title Guarantee – Canceled. Nothing for sale.
Tokyo Villa Condominiums – 1979 wants it back. Weird koi pond courtyard. Outdated.
Toy Factory – No metro nearby. Slowly losing its street parking. No guest parking.
Toy Warehouse – Noisy floors and thin ceilings.
Vero – Not in Downtown. No character. Most have no views. Thin walls.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 Not associated with the homeowner’s association, seller 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.
Based on information from the Association of REALTORS®/Multiple Listing as of [date the AOR/MLS data was obtained] and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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