To Buyers: What Not to Do in a Sellers' Market

Some sad situations that buyers get themselves in today's seller's market: Bidding 10% below asking on a well priced loft at the Eastern Columbia building? Good luck with that. Asking  the seller to patch up a couple of nail holes on the wall and repaint the place when the property is a short sale? Laughable. Waiting until the last minute to get a preapproval on a loft at Barker Block? Silly. Know the market, know the buildings, know how to navigate and work the process, or get an agent who does, otherwise you just might lose out on the property.

SOLD - Stunning Views for Miles, Huge Private Balcony - EVO #810

This beautiful loft has stunning views towards the west of twinkling lights, LA Live, and downtown. The loft has an open floorplan with a sleek galley kitchen and bar/counter that's great for entertaining, huge floor to ceiling windows that open out to the balcony, a separated bedroom area, oversized bathroom, and even an ample sized laundry and storage room. Located in the beautiful LEED Certified EVO building, amenities include an infinity pool with views from the pool deck, rooftop gym, rooftop lounge, BBQ deck, doorman, front desk concierge, in building parking and more. Located in the heart of South Park where you can walk to The Bloc, Staples Center Fig & 7th, LA Live, Ralphs, Ace Hotel, FIDM and more. Asking $629k. Email me to schedule a viewing.

Courtesy of Yuri Huxley, Town Square Real Estate

L.A. Rents Will Continue to Rise in 2015 and 2016

Unless you are renting for a ridiculously priced, nicely maintained property in a great location that is under rent control, it's not easy to be a renter these days. From Venice to Mid City to Highland Park and Downtown, rents have been steadily increasing and are expected to keep rising in 2015, and up to 8.2% by 2016, according to the USC Casden Multifamily Forecast.


This tells us that it's good to be a landlord. And downtown has no rent control on most of its buildings, which makes it even more appealing. Explains why so many people have investment properties in DTLA--the renters are essentially paying for their landlord's mortgage.

DTLA props under 300k...

Back in 2012, and even the early part of 2013, you were still able to find several lofts for under $300k. Sure they were small, mostly in buildings without parking or amenities, but they were out there. Present day, there are just 2. One is in a building with lending issues, and the other is TINY and borders skid row. You'll have to venture to the surrounding areas or up your budget. It seems that $400k is the new $300k. Next year, prices are expected to continue to rise.

SOLD - Immaculate Loft Overlooking Spring St. Park - El Dorado #1106

Charlie Chaplin once lived at the El Dorado. How's that for old Hollywood pedigree? Originally a hotel built in 1914, the building has been beautifully remodeled for discerning residents, and is conveniently located on Gallery Row in the Old Bank District, next door to Spring Street Park. Currently available is an immaculate 1176sf loft with concrete walls, Snaidero cabinetry, Bosch appliances, private balcony, 2 baths. Offered at $679k.

Courtesy of Jeremy McGinnis, Kobeissi

SOLD - Beautiful South-Facing Loft - Eastern Columbia #1005

This is a spacious south facing unit in the Art Deco Eastern Columbia building, developed by The Kor Group. The unit features beautiful banks of windows, polished concrete floors lots of sunlight from the east. Comes with 1 parking space, and building amenities include a 24-hour concierge, gym and fabulous rooftop pool. Walkable to Spring Street, Ace Hotel, Umami, Figaro, Alma, Pellicola, Sparkle Factory, Grand Central Market, and more. Listed for $699k with 1120sf of space. This building is also Mills Act approved.

CANCELLED - Massive Corner Industrial Loft - Molino Lofts #215

True live/work loft for sale in the Molino Lofts building. Designed by The KOR Group, the building boasts a rooftop pool, gym, sundeck, and parking. The stunning corner loft features more than 2600sf of space. Hardwood floors throughout and the best part is a private balcony overlooking the 4th Street bridge. Comes with 1 assigned parking space. Asking $1,088,000.

SOLD - Post and Beam Warehouse Loft - Barker Block #335

True live/work loft for lease in the Barker Block building with over 1600sf of living space. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The stunning oversized loft features original wood beams, beautiful hardwood floors, and numerous upgrades. Includes one assigned parking space. Listed at $935k. 

SOLD - Upgraded Industrial Loft in Arts District - Barker Block #242

True live/work loft in the Barker Block building with an unusual wide floorplan featuring 1090sf of living space and appliances by Miele. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. Walk to Arts District Flea, Little Tokyo, Wurstkuche, Piehole, SciARC, Bestia, Church & State, Daily Dose, and more The stunning loft has 1 bathroom1 and 1 assigned parking space. Listed at $649,000. 

SOLD - Penthouse Loft with Sunset Views to the West - Barker Block #505

True live/work penthouse loft in the Barker Block building with views of beautiful sunsets. This west facing loft features 1310 sf of living space, making it one of the more spacious lofts in the building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The stunning loft has beautiful polished concrete floors, 1 bathroom1 and 1 assigned parking spaces. Listed at $799,000. 

Pros & Cons of Buying During the Holidays

Do I wait til 2015 or do I take the plunge now? Some pros and cons to buying at this time of year. Surprisingly, it's mostly pros.

PROS

• Less competition with other buyers because many will wait until next year
• Interest rates are slated to increase in 2015
• Close before December 31, and get awesome tax breaks in time for 2014 taxes
• Spot things you might not otherwise see such as leaks due to rain
• Get deals on properties that have been sitting on the market
• Sellers can get desperate if they want to close before the end of the year

CONS

• Less inventory than say, spring or summer
• Properties may not initially look as good if the weather is drab or raining

SOLD - Immaculate Open Plan Industrial Loft - Barker Block #246

True live/work loft for lease in the Barker Block building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition breezeway. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The open floorplan loft features a mix of concrete walls, dark hardwood floors exposed wood beams, open space kitchen and living area. Listed at $565k for 980 sf of livable, workable space. Includes 1 assigned parking space. Walk to Stumptown, Urth, Zinc, Blue Bottle, Wurstkuche, Little Tokyo, Pie Hole, Bestia, Church & State, Little Bear and more.