HOA – Page 5 – LA Loft Blog

Loft Blog Reader Questions #alta #lofts

Q: Hi Corey, I wanted to see if you could tell me if your Alta Lofts listing will require any seismic upgrading that would trigger HOA increases? Is it a true live/work space? What types of uses are allowed? What are the prohibitions? A: Alta and most other lofts received earthquake retrofits when they were converted to condo residences. I’m not aware of any additional seismic upgrading coming up. The homeowners on the board decide when HOA increases are necessary for any reason. Alta is a live/work loft building. Creative, office, arts, etc. The use must be appropriate for the building, and may not disturb the neighbors. Heavy industry and retail are not allowed. Smoking is not allowed at Alta. Using the gym and social room for customers is not allowed. There are likely other actives not allowed. The HOA may change the rules. CC&Rs are provided during escrow. #losangeles #pollution

Q: Does Zimas say that Alta Lofts are in some kind of pollution zone? A: While Zimas does not show air quality numbers measured at Alta lofts, there are pollution issues all around Downtown Los Angeles. Areas near traffic and freeways have lower air quality than small town, mountain and desert areas. Tests show that air quality issues are moderate at Alta Lofts. AQICN | PurpleAir | BreezoMeter | Freeway #zimas #purpleair | Blog Video

Q: What are average hoa dues for a $1? A: I’m not sure I understand the question. We don’t have exact amounts, but the average HOA dues for Downtown Los Angeles are around $600.00 per month. They range from around $300 per month to over $2,000 per month. | Low HOA Dues

Q: What are mills act property downtown la? A: That’s an easy one. Mills Act properties are the amazing historic lofts that have been approved for property tax benefits. Details at www.MillsActLA.com

Get a free list of Mills Act historic homes. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/ze1qfwn1rrhoda/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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.

Also in this article: Loft Down Payments; Corrupt HOA Boards #losangeles

Escape from the Burbs

For those who wish to escape the soul-crushing doldrums caused by monotony and mediocrity of suburban life, big city loft living often reveals the solution. The urban lifestyle provides a more natural social environment that is also more conducive to career and lifestyle efficiency. And think twice about moving to a rural area; cities are safer. Many are unaware that cities are safer than rural areas. Here are some more articles on why suburbs are bad for your mental health, and how Downtown Los Angeles is the cure. #downtown #hoa

https://www.businessinsider.com/why-suburbs-are-bad-2016-9

GET OUT of the suburbs

Down Payment For Loft #downpayment

While lofts can be purchased with the same low down payments as typical condos and houses, industrial and commercial loft conversions do tend to involve more complications than the average home purchase. Most lenders have little or no experience with loft condo financing. Mortgage brokers, banks and underwriters are usually unaware that a loft is involved until late in the lending process and late in the escrow, when the underwriter checks the building to find out that it is listed is a commercial building instead of a residential building, and that the building has ongoing commercial use, and commercial structure. More than 25% of lofts for sale today involved a building with current or recent litigation or lawsuits. For these reasons, a loft lender is often needed, and sometimes a litigation lender is required for financing. Nearly 40% of loft purchases are made with cash, but the majority still involve financing, usually with around 20% down. Those with less down payment, who have stable financial situations often put just a 10% or 5% down payment. 3% FHA/VA loans are basically out of the questions as their rules don’t match well with condos lately. How about no down payment? Veterans, doctors and lawyers can do zero down loans, but they rarely take advantage of that possibility. Get a free list of most challenging loft buildings to finance, as wells as a free list of loft lenders at www.LALoftLoan.com

COMING SOON IN THE L.A. LOFT BLOG: BAD BOARD 2: From Bad to Worse, Symptoms of a Corrupt HOA Board | See original article Bad Board Part 1

Check out L.A.’s possibilities and dangers of flying cars: ARTICLE

Get a free list of loft lenders. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/s1wm7iwc02dtdlv/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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.

Category: HOA

Earthquake Retrofit Alta Lofts Live/Work, HOA Dues and Mills Act Los Angeles

Los Angeles Live Work Lofts – Get Out of the Suburbs

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