Home Buying in Los Angeles>Question Details

devang026, Home Buyer in Los Angeles, CA

which are the few best buildings in los angeles downtown which i should be looking to buy a condo/loft ?

Asked by devang026, Los Angeles, CA Fri Nov 9, 2012

my question is at the investment point of view considering the locality(which has good future), monthly association(does not have to be the least but the least in that category of building), the highest positive income i would get after paying the association and the mortgage etc. may be each buildings has its ups and down but which one has the best potential ? name few and i will keep my eyes on them to buy . thanks

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That's a very difficult question to answer without knowing what your price range is, and what the size of your mortgage would be. With that said, in my opinion, some of downtown's belter buildings are the Rowan, Luma, Elleven, EVO, Market Lofts, 920 E 2nd, the Ritz-Carlton, Barker Block, Cornell, Eckhardt, Beacon, 655 Hope, Little Tokyo Lofts, Eastern Columbia. All of these have their appeal, but again, so much depends on your price range and mortgage amount (amount down). I hope this helps. Please don't hesitate to contact me so I can do more than just generalize for you.

Marty Walker
eXp Realty
323.559.5823
marty.walker@exprealty.com
0 votes Thank Flag Link Fri Nov 9, 2012
Hi Devan,

I've read the answers to your question and all are good advice, however, I am a downtown agent and the downtown market currently is very challenging, to say the least. There is no inventory, even in the high end market, which in turn means, for every one unit on the market, there are approximately 25-50 buyers. In addition, investors, such as yourself, who have cash, are scooping up the units that are short sales and/or REO's as these units are considerably under market value. Most sellers, whether in short sales or standard sales, would prefer to accept an all cash offer before they will accept a financed offer. That being said, in your price range, there are even more buyers. I'm currently working with half a dozen clients in your price range and they can tell you, there is no inventory. As well, in your price range, you would be looking at about 700sqft, which in turn, will net you about $1600 to $1800 in rental income. With respect to HOA dues, the minimum you will pay will be around $300 per month and the only building I know of in this range that includes parking, is Little Tokyo Lofts. Others in the $300 range will not include parking, which is usually $100-$150 per month in addition to your HOA dues. Then you will have property taxes and insurance in additon to your mortgage, HOA dues, and possibly parking fees. The best advice I can give you is to do your pre-buying homework i.e., get pre-approved and have your down payment and closing cost seasoned in your bank account. You will need to have the pre-approval letter and a copy of your proof of funds just to submit an offer. Get set up on the MLS and when a unit comes on the market in your price range, good square footage, good neighborhood, jump on it!
1 vote Thank Flag Link Tue Nov 13, 2012
I'll be happy to help you, Devan. As I said below, I live downtown and I've been an agent for nearly 15 years. I'm also an L.A. native. Please contact me directly so we can get to work. I can also send you client testimonials and more information about me, if you'd like.

Thanks, I look forward to hearing from you soon.

Marry Walker
eXp Realty
323.559.5823
marty.walker@exprealty.com
0 votes Thank Flag Link Mon Nov 12, 2012
thank you very much for the help and the answers below . for mr. richard's concern i am not in real estate and have no intentions of you working for me for free. sorry you felt like this.
i have 200 to 350 in cash so i can go all cash or with big down payment depends on different deals i find . this will be an investment property for rent. i would like to get 2 b/2b but if the budget is too low maybe i can go with 1b loft/ 1b. the building has to be nice with reasonable associations. i hope it helps to answer better.
thank you again
0 votes Thank Flag Link Mon Nov 12, 2012
Dear Dave,
This is a very difficult question to answer due to the many "unknowns" surrounding the Downtown area. Downtown Los Angeles is experiencing a Renaissance no doubt about it, and those of us who have lived in L.A. for many years welcome that. I'm quite sure it is everyone's hope that we will one day have an exciting, safe and vibrant Downtown area as we see in other big cities.

Exactly which building, and what neighborhoods will be the best in the future of Downtown is hard to know. I do know that a large park is being planned near the Dorothy Chandler which should be great. Staples Center and the areas surrounding are also a good bet.
0 votes Thank Flag Link Sun Nov 11, 2012
To answer your question about who an expert is, well, I'm an LA native; I live downtown in the loft I recently purchased; most of my clients are people who are buying or have bought lofts downtown; and I've been an agent for almost 15 years. I'll leave it to you to determine whether or not that makes me an expert.

Marty Walker
323.559.5823
marty.walker@ziprealty.com
0 votes Thank Flag Link Fri Nov 9, 2012
So are you asking for help or just getting information and then working for yourself. I have sold 100+ properties in downtown over the past 10 years and have a lot of information and inside tips regarding certain buildings, but have a concern with your "name a few and I will keep my eyes on them to buy" We dont work for free though a lot of people sure think so... I would be happy to assist but your statement sounds like you dont want agent assistance, just our experience and information to do it yourself? If you are not in the business of real estate, you should do yourself a favor and get a downtown specialist to commit yourself to and work with... this will assure you of the service and information you want to get and as a buyer, plus, it is not going to cost you anything. It is the agents job to satisfy your questions and investment needs. As nice as it is to get free information, agents do like to get paid for our experience and service.
0 votes Thank Flag Link Fri Nov 9, 2012
yes also who is an expert broker in downtown la for condo/lofts?
0 votes Thank Flag Link Fri Nov 9, 2012
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