Hi Kudra: I've been helping people find lofts in Downtown Los Angeles since 2001. It's very difficult to find FHA approved property in the downtown Los Angeles area. The status of FHA is an on-going hit or miss, because FHA has various strict qualifications for buildings. For example, one community I won't mention due to the sensitive nature of this topic to some home owners, recently lost their FHA approval because too many rental units are in their building. So, though today, it might be FHA approved, tomorrow your loan might not go through. If you have any more questions about Downtown Los Angeles lofts and condos, check out our website at www.LoftLivingLA.com... more
Yes the three sister developments by South Group developers are LEED-certified buildings and great, solid investment properties. Personally, I live in Luma, which is the second-phase of the three buildings and thoroughly enjoy urban living. Of the three, EVO is the third and last phase, higher-end, and only LEED Gold certified, which is a higher rating. These properties are located in the prime South Park area of Downtown. The downtown Streetcar (which is set to be electric and very quiet) will run down 11th Street and connect the buildings to all that downtown has to offer. Whole Foods is coming in 2015, The Bloc (currently Macy's Plaza) will become the modern open-air mall that will have new shopping and food options, the Historic Broadway Core will be completely revamped, the Farmer's Stadium has just gone through the permitting process with the City. Downtown is an amazing place to be right now, and South Park is the posh place to live, with all the luxury of comfort at your fingertips. I'm an active member of the Downtown Los Angeles Neighborhood Council (DLANC) so yes, I get pretty passionate about this stuff.
If you would like to discuss anything further, feel free contact me at firstname.lastname@example.org or (310)804-8874. Cheers!... more
Many of the answers below are a great start. My curiousity is why is this comingup now. You should have gotten a complete copy of the CC&R's from the HOA, for you and your agent ot review. If there was a red flag, it should have shown itself at that time. And, the lender will need to clear the termite work before the close of escrow unless otherwise negotiated. Review with your Realtor so there is not miscommunication before the close of escrow.
Keller Williams-Hollywood Hills