Home Selling in 90021>Question Details

Peartree07, Home Seller in 90021

Should I sell my loft in downtown los angeles?

Asked by Peartree07, 90021 Mon Jan 10, 2011

I have a loft at 1855 Industrial street, in downtown L.A. Toy Factory Lofts. 920 SF. I bought it in 2004, and can make a small profit if i sell now. Should i sell? and invest in something else?? i feel like the prices will be back at 2004 levels soon......

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Sheyenne Schultz’s answer
Peartree07....if you call me at 310-429-4170 or email me at shy@shysells.com
I can look up info for you and do the comps and see what would be a fair price to price this property at?
This will let you determine what you may be able to "walk away" with.
Sheyenne Schultz
Real Estate Network Group
2601 Airport Drive #120
Torrance, Ca 90505
http://www.shysells.com 310-429-4170
Need to sell or buy? Just call Shy!
0 votes Thank Flag Link Mon Jan 10, 2011
Thank you for your question about selling your downtown condo now, when the time is right. I do not recommend selling now unless you need the money because the market is flat right now. There may be small troughs and lows in this already depressed market, but we have reached rock bottom and will be going up from here.
1 vote Thank Flag Link Thu Jan 27, 2011
HI Peartree07
Here's my opinion. I would only say to sell if you were going to invest in a bigger place to live. Perhaps a house, apt building etc or ?? something else. Now is the time to make that move if, and take your profit. There is nothing EVER wrong with taking profit off the table. If you do it right, you can do a 1031 tax exchange, and not pay any taxes on your deal. In th elong run you just keep rolling your profit on your properties into the next. Therefore avoiding any tax penalties.This is one of the basic principles of being sucessful in real estate
Call me anytime and lets discuss your options!
Best of luck to you!
Take care
Neal http://www.nealgrusky.com
310 266-1217
DRE# 01890580
0 votes Thank Flag Link Mon Jan 31, 2011
Dear Peartree07,
I would sell. I would be happy to go over everything with you as well as answer whatever questions specifically you may have. I have sold more units in this building than any other agent in Los Angeles. I have just sold units #503 and #614. I can give you additional info regarding the building, trends, etc, for the neighborhood. This is info that most agents do not know or have because they have not worked this building or neighborhood often. I have. I have personally consulted Linear City, (Yuval and Paul) and would be pleased to do the same for you. Please contact me. I can guide you in the right direction, stressfree and without obligation. Thank you. Hope to hear from you.
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Mon Jan 31, 2011
"IF" you want to upgrade to a bigger home...a more expensive home, then YES, sell now and buy now. Prices for buyers are still lower than they've been in many years, interest rates are still some of the lowest we've ever seen, so it is a great time to be buying! In general, real estate is a big cycle of up and down, so prices are down...but they will come back up. So your current loft will appreciate in the future...but, if you have upgraded and gotten into a bigger, more expensive home (for less money than you could've bought in 2004), then THAT home will be appreciating for you...and the same appreciation percentage will be happening for you on a bigger number, rather than on the smaller loft.

Again, ONLY if you're planning on upgrading does this scenario and option to sell NOW kick into place.

Call me for more details...I'll run the numbers on a mock situation and allow you to compare.

Good luck!
Jayne Clement
Keller Williams Realty
213/309-5005
jayneclement@gmail.com
0 votes Thank Flag Link Mon Jan 31, 2011
It doesn't seem to make a whole lot of sense to sell and then rebuy. You'd have to wait a period of time for a house price drop. I think it might be a good strategy if you wanted to purchase a duplex or triplex instead of a loft, because you would have more monthly positive return. I wouldn't sell and buy in the same building because you'll lose 10% in transaction costs on both sides.

If you want a personal consultation, call anytime.

Richard Schulman
#1 Listing and Selling Agent
KW Westside
310-482-0173
schulmanrd@yahoo.com
0 votes Thank Flag Link Thu Jan 27, 2011
Oh, I also thought this might help you, it's an article I wrote recently about selling your home right now. I left the link below for you.
0 votes Thank Flag Link Thu Jan 27, 2011
Hello Peartree07, your first step is to get a comparative market analysis, this will give you a good idea of what your property is worth and how much you will net from it. Email me or call me and I can prepare one for you, it's free and it's the best place to start. The real estate market has been very busy lately and many areas prices have increase steadily for the last 4 months. Where are you thinking of moving to? Have you started looking at any properties yet that you like?

Heather Paul
Coldwell Banker
(424)625-1037
http://www.HeatherPaul.ListingBook.com
0 votes Thank Flag Link Thu Jan 27, 2011
Dear Peartree,
I assume you are thinking of another residential property as an investment? It's hard to say if the Real Estate market will drop more, as some economists feel prices have stabilized now, and that we are in a recovery phase.
If you could take the profits and invest in a larger property in a High Demand area, that might be somthing to consider. Some areas hold their value,.better then others.
0 votes Thank Flag Link Mon Jan 24, 2011
If you buy now, won't you be in the same spot with a replacement property?
0 votes Thank Flag Link Tue Jan 11, 2011
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