Mdrnight, Home Buyer in Marina del Rey, CA

I am considering buy a unit in the element lofts marina del rey. This building went bankrupt then up for auction. Some units fell out of escrow and

Asked by Mdrnight, Marina del Rey, CA Tue Feb 16, 2010

our back on the market. The one unit i was in love with got sold and I am kicking myself for not getting it (unit 511). There are two other units left. One is sooo small but I love the view and location in the building (unit 510). The other is more space (unit 516). What is a good investment? Is anyone familiar with the building? Well the resell be good for any of these units?

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Hi Mdrnight,
It's the Marina, is all I can say. People who don't know the area probably don't realize what that means. The fact that the development had financial problems is not that unusual, giving our current economy. All of us in Real Estate are banking on the market improving eventually.
In my professional opinion try to get the larger unit, most buyers want 1,000SF or more. Send an email if I can help further.
Best of Luck to you.
3 votes Thank Flag Link Tue Feb 16, 2010
Hi Mdrnight,

Just to play devil's advocate a bit, There are some pretty incredible condos in Venice & Marina del Rey right now that are a lot closer to the beach with out the high HOA fees. On the topic of resale, I've always found that properties close to the beach fare very well on this score. Also, high density housing is the wave of the future and there will be nothing to especially recommend cookie cutter units in terms of value. Which brings up the final point... there are also usually plenty of homes in the area on full size lots for $600k to $700k.

Here's a link to my 'Beach Cities' real estate page which lists all of the properties available in these areas. Plaese feel free to contact me if you have questions or need more information. Best of Luck.
1 vote Thank Flag Link Fri Feb 19, 2010
unit 510 is 907sf but looks smaller
unit 506 is 1400sf more space than i need
1 vote Thank Flag Link Tue Feb 16, 2010
4141 glencoe marina del rey
1 vote Thank Flag Link Tue Feb 16, 2010
It's a nice building, but right next to a body shop and FedEx, and the HOA is high for what they offer. The HOA could be lowered, but again, it could get higher. No one knows since it is new. The area is also mapped for liquefaction. There are so many lofts in the area.
0 votes Thank Flag Link Fri Feb 19, 2010
Hello Mdrnight,

If you can afford the Marina and are willing to pay higher dues there are much better deals in the Azzurra, Cover and Regatta. Buyers in the Marina want views. For the same price you could snap up a great short sale in one of those buildings where the deals are abundant and the HOA a little bit more established.


Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
0 votes Thank Flag Link Tue Feb 16, 2010
All 41 units have been sold except for 2. I have been told the buyers plan to live in them...however they could lie and rent it out.

HOAs are 500+. Kind of expensive for not much amenities. They told me they are building up HOA reserves and this maybe reduced soon.
0 votes Thank Flag Link Tue Feb 16, 2010
Since the building went bankrupt are the units all sold or are there a lot of rentals in the building also?

Having a building that is mixed is a worse investment than one that is all privately owned.

Does the building have a HOA? What are its fees? That is important to find out and know.
0 votes Thank Flag Link Tue Feb 16, 2010
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