Downtown Los Angeles Real Estate Backup Archived Article Records Pt 2
This week, the LA Loft Blog is restoring some old posts from the defunct blog.com server that began a slow and painful demise a few years ago. Because it is taken from Archive.org Wayback Machine, some of the photos and links are not working. The historical text can be helpful to show what was happening with urban properties a few years ago. Some of the text may be updates, but most is old information from the time that the blog post was originally written. #laloftblog #dtla
LOFTS FOR SALE IN DOWNTOWN | LOFTS FOR LEASE IN DOWNTOWN | CONTACT USAs a Realtor(R) real estate agent in Downtown Los Angeles, I work hard to promote equality and opportunity for everyone in Downtown housing. Nevertheless, lofts in Downtown are not the cheapest residential real estate to buy or rent. Lofts often tend to appeal to those demographics that have average or above average income and resources. Lofts are a unique and different way of living and working that seem to have greater appeal to or access by people of means. While I don’t believe in race, as all humans are of African descent, I cannot help notice that some of the loft buildings are not as diverse as they perhaps should be in Downtown Los Angeles. I thank God for giving me close family members who are very racially diverse. I want Downtown to be equally blessed.
The LA Weekly blog recently questioned the ethics and validity of the loft-based gentrification of Downtown. It states that poor blacks have moved out as rich whites have moved in? Is it racial cleansing?
Following the logic of the LA Weekly blog article, we would have to ask another question. In the 1950s, 60s and 70s, were middle class and wealthy caucasians displaced by African Americans and Hispanics in downtown and south central Los Angeles? If so, was it racial cleansing?
Having observed the white, black, Hispanic and Asian members of my own family pull themselves up by hard work and determination, I must conclude that each individual is best suited to help themselves, their family, and community in that order. The government is inherently too distant to be very good athelping individuals.
The best help the government can provide is to get out of the way and let people help themselves and help others in the way that keeps proving to work best – free enterprise.
The team at Loft Living L.A. has been helping the poor and homeless in Downtown regularly for more than 10 years.
Skid Row is currently a place where families feel unwelcome and unsafe. That is not fair for families, residents and businesses who support Downtown. It is time to turn Skid Row into what it should be. It is ultimately not fair to the homeless to provide half-way support and services. We need to turn their lives around while turning Skid Row around that the same time. It it time to do it now. It is time to step up and to provide the funding necessary to create more homes, jobs, training and services, and to turn the blighted Central City East “Skid Row” into a beautiful neighborhood that is powerfully uplifting for the local residents. You may support the new family-friendly casino district by signing the petition at http://www.facebook.com/skidrowcasino
Corey Chambers, REALTOR®
(213) 478-0499 Mobile
(877) 4LA-LOFT Office
(213) 232-7778 FAX
Business Hours: 9 AM to 8 PM every day
corey@loftlivingla.com
http://www.LAloftBlog.com
Loft Living L.A., 1308 Factory Place, #112, Los Angeles, CA 90013
Corey Chambers is a Realtor® Downtown loft specialist with Loft Living L.A., Keller Williams Pasadena
Double Platinum award-winning Downtown living team with volume over $15 million in 2010
Keller Williams Pasadena – 445 S. Fair Oaks Avenue, Pasadena, California 91105
DRE#01889449
LOFTS FOR SALE IN DOWNTOWN | LOFTS FOR LEASE IN DOWNTOWN | CONTACT US
Southern California Real Estate Prices Up Reports Los Angeles Times
The L.A. Loft blog reported last year that real estate prices were going up in Downtown Los Angeles. Along with other sought after areas such as West Los Angeles and beach areas like Malibu, Downtown was among the first to see home prices rise. Other cities are catching on. And now the real estate recovery is official. Read the Los Angeles Times article
The Wall Street Journal NewsHub reported that billionaire Warren Buffet is now investing big in residential real estate.
L.A. Loft blog readers should note that reduced inventory comes with higher prices. Selection has been dropping, and competition among other buyers is fierce for the best properties. The best properties in Downtown are often receiving 5 to 20 offers in a matter of days, and the most popular lofts and condos are beginning to sell for substantially more than the asking price in many cases.
Finding, financing, negotiating and closing on a Downtown loft can be much more difficult than a traditional home. Buyers must use a Downtown specialist Realtor(R) to get the best chance of success when seeking a Downtown loft or condo.
LOFTS FOR SALE IN DOWNTOWN | LOFTS FOR LEASE IN DOWNTOWN
Corey Chambers, REALTOR®
(213) 478-0499 Mobile
Business Hours: 9 AM to 8 PM every day
http://www.LAloftBlog.com
DRE#01889449
Real Estate Prices Up in Downtown Los Angeles – Lofts, Condos for Sale and Rentals Show Lower Inventory and Higher Values
Real Estate Prices Rise in Downtown Los Angeles
Demand is up, while housing inventory is down. The number of properties available to purchase has shrunk from 139 to 125. Properties are selling much faster. The number of days on the market has shrunk from 85 to 55, more like around 5 days for the best properties. The low end price has risen from $96,600 to $107,500, while there are now very few properties remaining under $250,000. The high end price has risen from $1,966,300 to $7,250,000. It is now officially a seller’s market as the average selling price has increased from 95.44% to 112.50% of the listed price. The market analysis reports are below.
What Loft Living real estate agents have witnessed personally is much more dramatic than these numbers because we deal with the highest quality properties in Downtown. We have seen the number of purchases grow dramatically over the past few months. And we have even more closing in the next few months.
LOFTS FOR SALE IN DOWNTOWN | LOFTS FOR LEASE IN DOWNTOWN
To see lofts and condos for sale in Downtown, contact:
Corey Chambers, REALTOR®
(213) 478-0499 Mobile
http://www.LAloftBlog.com
DRE#01889449
Market Analysis Report
| Last Run: 06/26/2012 at 4:20:48 PM Status: Sold Sold Date: 3/1/2012 to 5/31/2012 Areas: (23) Metropolitan — (42) Downtown L.A. |
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| * = Square footage calculations do not include those listings with a reported square footage of zero (2 such listings were found). |
| *** = Lot size calculations do not include those listings with a reported lot size of zero (194 such listings were found). |
| ** = All calculations in the “Sold (Sold Price)” column do not include those Sold listings with either a reported square footage of zero or a reported Selling Price of zero (0 such listings were found) or a reported lot size of zero (0 such listings were found). |
| Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of the property provided by the seller or obtained from Public Records or other sources. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Copyright © 2012 by Combined L.A./Westside MLS, Inc. Information deemed reliable but not guaranteed. Prepared by: Corey Chambers DRE# 01889449 |
Corey Chambers – LAloftBlog.com – (213) 478-0499 – coreychambers@yahoo.com
New Lofts Under Construction in Downtown Los Angeles – Exclusive Preview for Loft Living L.A. Clients
Loft Living L.A. is pleased to announce that twenty-one units are near completion of a New York style live/work loft building in Downtown Los Angeles. Loft Living L.A. clients are among the very first to get a sneak preview of the units before construction is complete and before the building is open to viewing. At least one Loft Living client has submitted an offer on a unit with private outdoor space. The buyer is likely to get first dibs on a loft with big windows and a large patio.
A short walk to the hip, social pubs of the Arts District and culinary delights of Little Tokyo promenades, units in the six-story building will range from around 630 to 2,200 square feet. Many will have 2-bathrooms and balcony or patio. Several come with 2-car tandem parking spaces. The layouts are among the most thoughtful and well balanced, with ceilings ten to eleven feet high, lofty openness, big windows and natural light, closets and just the right amount of separation of the bedroom areas. Some of penthouses are 2-story with large terraces. The rooftop is equipped with a large hot tub spa, lounge area and barbeque with outdoor kitchen.
A second phase of the project is in the planning stage. All buildings have various issues that buyers need to know about. A knowledgeable Downtown loft specialist can share the pros and cons of this building so that a potential buyer will have the best chance of making a happy purchase decision and great investment.
To get in early and get the best pick, call Corey:
Corey Chambers, REALTOR®
(213) 478-0499 Mobile
(877) 4LA-LOFT Office
(213) 232-7778 FAX
Business Hours: 9 AM to 8 PM every day
corey@loftlivingla.com
http://www.LAloftBlog.com
Loft Living L.A., 1308 Factory Place, #112, Los Angeles, CA 90013
Corey Chambers is a Realtor® Downtown loft specialist with Loft Living L.A., Keller Williams Pasadena
Double Platinum award-winning Downtown living team with volume over $15 million in 2010
Keller Williams Pasadena – 445 S. Fair Oaks Avenue, Pasadena, California 91105
DRE#01889449
LUMA LOFTS FOR RENT DOWNTOWN LOS ANGELES
Downtown Luxury Rental in the Luma building, South Park by L.A. Live
1100 S Hope St Apt 816, Los Angeles, CA $5,800
http://www.postlets.com/rtpb/7442198
Corey Chambers, REALTOR®
(213) 478-0499 Mobile
(877) 4LA-LOFT Office
(213) 232-7778 FAX
Business Hours: 9 AM to 8 PM every day
corey@loftlivingla.com
http://www.LAloftBlog.com
Loft Living L.A., 1308 Factory Place, #112, Los Angeles, CA 90013
Corey Chambers is a Realtor® Downtown loft specialist with Loft Living L.A., Keller Williams Pasadena
Double Platinum award-winning Downtown living team with volume over $15 million in 2010
Keller Williams Pasadena – 445 S. Fair Oaks Avenue, Pasadena, California 91105
DRE#01889449
Buying a Loft in Downtown Los Angeles – Short Sale, Resale, New Development or Foreclosure?
Short Sale, Resale, New Development and Foreclosure
Short Sales, Foreclosures, New Developments and Resales -Lofts for Sale in Downtown Los Angeles –
Downtown Los Angeles offers four common types of sales, each with its own set of benefits and drawbacks. They each require different tactics and strategies, and are appropriate for different types of buyers. A short sale, for instance, is most appropriate for investors because of its lengthy transaction period, and the need to place offers on many properties, without getting attached to any particular property. Standard sales include resale of used properties, and sale of new developments. Perhaps the most desirable for the buyer (and the most rare) is the foreclosure, which often provides for a quick transaction.
Short Sales, Foreclosures, New Developments and Resales
A short sale is not short. It usually takes the longest period of time from placing an offer to closing escrow, usually more than three months. Some short sales by Bank of American have recently closed in just 2-3 months. The results of most offers on short sales is nothing. An offer is placed, and there is no response from the seller. Sometimes the seller’s agent does not even acknowledge receipt of the offer. It the bidder is lucky to receive an affirmative response from the seller, it means that the bidder, if lucky, might have a 50% chance to buy the property. The seller will submit the offer to the bank, then wait patiently for a month or two before the bank begins to consider the offer. The counter offer usually comes months later. What usually happens, unfortunately, is that the buyer has a already moved on by the time the bank has come back with a counter offer. The highest back-up offer often has a better chance of making the purchase than the original bidder.
Standard sales fall into two categories: new development and resale. A new development often offers a relatively fast transaction, easy purchase with a sales office (bring an agent with you on your first visit, or you may not have an expert to look after your best interests). Resale of used properties can also offer a fairly quick and easy transaction.
Each type of sale requires a different strategy for placing offers and negotiating the best price and terms. For Downtown lofts, it is very important to use a Downtown loft specialist who knows the issues good and bad for each building. Those who use an agent from another area almost certainly face extra delays, more costs. A Downtown specialist Realtor(R) more often than not makes the difference between a failed transaction and a successful Downtown home purchase.
Corey Chambers, REALTOR®
(213) 478-0499 Mobile
(877) 4LA-LOFT Office
(213) 232-7778 FAX
Business Hours: 9 AM to 8 PM every day
corey@loftlivingla.com
http://www.LAloftBlog.com
Loft Living L.A., 1308 Factory Place, #112, Los Angeles, CA 90013
Corey Chambers is a Realtor® Downtown loft specialist with Loft Living L.A., Keller Williams Pasadena
Double Platinum award-winning Downtown living team with volume over $15 million in 2010
Keller Williams Pasadena – 445 S. Fair Oaks Avenue, Pasadena, California 91105
DRE#01889449
Coming Soon — Expensive Lofts Only. Lofts Under $250,000 must be purchased now.
Due to the changing market, prospective buyers must be prepared to start paying higher prices. Prices are rising. Inventory is low in Downtown, while the number of serious buyers is increasing. Beginning the 2nd half of 2012, the Loft Living L.A. team may no longer be able to help buyers who need to purchase properties under $250,000 because there will few if any quality properties in that price range.
If you plan to purchase a loft or condo in or around Downtown for less than $250,000, you must make your purchase now. By 2013, we expect the minimum price for quality Downtown lofts to be closer to $300,000.
To see low cost properties while they are still available, contact:
Corey Chambers, REALTOR®
(213) 478-0499 Mobile
(877) 4LA-LOFT Office
(213) 232-7778 FAX
Business Hours: 9 AM to 8 PM every day
corey@loftlivingla.com
http://www.LAloftBlog.com
Loft Living L.A., 1308 Factory Place, #112, Los Angeles, CA 90013
Corey Chambers is a Realtor® Downtown loft specialist with Loft Living L.A., Keller Williams Pasadena
Double Platinum award-winning Downtown living team with volume over $15 million in 2010
Keller Williams Pasadena – 445 S. Fair Oaks Avenue, Pasadena, California 91105
DRE#01889449
MILLS ACT PROPERTY TAX SAVINGS ON HISTORIC BUILDINGS IN DOWNTOWN LOS ANGELES
Some Mills Act buildings in Downtown L.A. offer a great rooftop along with potential tax savings
The Mills Act offers potential savings on county property tax to owners of condominium units in qualified historic buildings in Downtown Los Angeles. We have not been able to obtain much hard data on the program, just rumors and 2nd hand information. We recently have learned that the savings could be much less than the 30% savings that we heard earlier. In fact, some could even end up owing more tax than without the Mills Act. Overall, however, the Mills Act seems to be performing, and we have heard that the savings will be higher when the property values go back up again. The savings is apparently based complex formula (which we have never seen) on the commercial rental value of the properties. The Mills Act is only on certain old buildings that have not made significant changes to the external appearance, such as windows.
Higgins is among the list of Mills Act historic buildings in Downtown L.A.
Here is the only article that I have seen on the Mills Act recently. We are making no representations on this info, simply passing it on. Do your own research to confirm everything:
Downtown Los Angeles is home to many historic buildings qualified for the Mills Act
Benefits of the Program
Benefits to Owners
Qualified Historic Property
(213) 478-0499 Mobile
(877) 4LA-LOFT Office
(213) 232-7778 FAX
Business Hours: 9 AM to 8 PM every daycorey@loftlivingla.comhttp://www.LAloftBlog.comLoft Living L.A., 1308 Factory Place, #112, Los Angeles, CA 90013Corey Chambers is a Realtor® Downtown loft specialist with Loft Living L.A., Keller Williams Pasadena
Double Platinum award-winning Downtown living team with volume over $15 million in 2010
Keller Williams Pasadena – 445 S. Fair Oaks Avenue, Pasadena, California 91105
DRE#01889449
Studio 1700 Lofts – New Rentals in Downtown Los Angeles – Now Open for Lease
Studio 1700 Lofts Downtown Los Angeles
Studio 1700 Lofts New Rentals in Downtown Los Angeles
Now open, the Studio 1700 Lofts are the newest loft rentals in Downtown Los Angeles. Technically in Boyle Heights right over the 4th Street bridge, the new loft apartments are conversions from a charming 0ld, historic brick industrial building. They feature plenty of raw original wood floors and exposed brick, while upgraded with brand new kitchens, bathrooms, A/C and dual-pane windows. SEE PHOTOS
To be among the first to see the new units, call Corey (213) 478-0499 |
MORE PHOTOS | MORE INFO | VIDEO
Downtown Los Angeles Loft Real Estate Specialist Realtor
Corey Chambers, REALTOR®
(213) 478-0499
corey@loftlivingla.com
Corey Chambers is a Realtor® Downtown loft specialist with the Double Platinum award-winning Downtown L.A. team with volume over $15 million in 2010
Keller Williams Pasadena – 445 S. Fair Oaks Avenue, Pasadena, CA 91105
DRE#01889449
LOFT BARGAINS & NEWS – L.A. Loft Blog: http://www.laloftblog.com
LOFTS DOWNTOWN LOS ANGELES FOR SALE – Market Heats Up, Prepares to Skyrocket
downtown-la-lofts-spring-street-3rd
After several years of falling prices in Downtown real estate, the agents at Loft Living L.A. began to notice some leveling in 2010, and then a few increases in the beginning of 2011. By June of 2011, most prices were either level or increasing. For a nice luxury condo in Bunker Hill, a buyer spent about $60,000 more than it was purchased for less than a year before.
Downtown never did get very many foreclosures. Most Downtown agents now agree that the long spell of falling prices is over in Downtown. Evan Fujii of Wilshire Metro Realty calls it “stabilized,” while Corey Chambers calls it “white hot!”
Lofts in Downtown Los Angeles are the best investment
“Now most of the bargain hunters who put in offers at or below the comps are being outbid,” says Downtown specialist Realtor® Corey Chambers. ”Only the properties outside of Downtown offer the comfort of allowing the placement of a low offer while expecting a purchase to likely occur. In most parts of Downtown, an offer must be $20,000 to $80,000 above the comps in order to win a purchase.” Most desirable lofts are receiving 3 to 10 offers within just a few days of a new listing. Just this week, one hopeful buyer offered a whopping $100,000 above the asking price, hoping for a sure thing. The huge offer was outbid by an even more aggressive offer.
Agents Corey Chambers, Drew Panico Discuss Downtown Real Estate Boom
One thing is for sure. It is looking more and more like the next real estate boom has already begun in Downtown. With the improving economy, bustling Downtown renaissance, and with the shrinking inventory of residential properties, Downtown condo and live/work loft prices are sure to keep trucking. They could be among the best and smartest investments of all. With prices at or near the bottom, and with the record low interest rates, buyers simply cannot go wrong in today’s market turn-around.
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. This post is an archive backup for historic purposes, not intended to represent current information. Portions have been updated, but most has not. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.