TrojanDLA's Blog: All Categories

From the anecdotal short sale front, the news appears to be improving. Lenders are facing reality and becoming less cavalier in their disdain of short sale offers. They are actually accepting prices that reflect the market! Of course, your experiences may vary, but word from my agents and colleagues are that a few things are improving: 1. lender response is a "little" quicker and more importantly, 2. lender pricing is more realistic. The only caveat is that buyer agents MUST have everything in order. Whatever the lender package requires, it would be inexcusable to leave anything out.

My theory as to why lenders are accepting the short sale offers is that the "credit crisis" has them squeezed for cash. They need money NOW.  Banks are facing federal…

The Roosevelt Building was built in 1927 and upon completion, was one of the largest office buildings in Southern California encompassing most of Seventh Street between Figueroa and Hope streets. It is an E-shaped building with a terra cotta exterior recalling elements of Italian design. The entrance incorporates high arches that serve as a dramatic exclamation point to the Rennaissance inspired details. The same architects that designed two other Downtown landmarks, the Eastern Columbia and Equitable buildings, also designed the Roosevelt. Originally, this building was a medical office occupied by occupied by doctors and dentists with ground floor attracted attention housing a large barber shop and popular shoe store. Especially notable in 1927, were the…

This week's Downtown Los Angeles loft challenge pits similarly priced lofts from Roosevelt and Elleven. The Roosevelt unit is on the 5th floor with 2bed/2baths and 1498s.f. of living space all for $870,000. The Elleven loft is also on the 5th floor with 2bed/2baths and 1538s.f. of living for $825,000. Let's look at why the Roosevelt is so attractive. This building not only beautiful early century classic, but also a historical landmark subject to Mills Act property tax savings. Moreover, with its timeless old school marble lobby and brass door elevators, residents are immersed in a bygone era of class and style. Elleven on the other hand is a definition of modern "green" living with a corner unit view that stretches over 180 degrees around. Both offer…

There is nothing more aggravating than attempting to buy a short sale home - it is simply not worth it if an equivalent REO listing is available. The reasons why short sales are the biggest sham in the market today are:

1. They are no "cheaper" than comparable listings because banks refuse to deal for less than market on a short sale, despite its stated purpose: to sell short of the loan amount.

2. It takes literally weeks to get an answer from the bank, and even then, some bank do not give guidance as to what price they will accept. They just simply say "no", the offer is too low. How many buyers are willing to wait 4 weeks just to hear "no"?

3. The listing agent is powerless to help the buyer convince the bank of the strength of the offer price.

4.…

Swathed in dramatic turquoise terra cotta and gold leaf, the premier art deco tower that opened in 1930 is now an architectural statement topping Los Angeles' list of historic and cultural monuments. Modern, elegant, timeless: each of Eastern Columbia's light-filled lofts combines luxurious contemporary upgrades with authentic period details. Is living in a modern museum setting for you?

It depends what you are looking for. The Eastern Columbia (E.C.) lacks the virtues of green living, but you do get a Mills Act tax break of in property taxes. The windows are sparse, and many complain of "darkness", however, the  striking statement of the exterior is unmatched by any loft historic loft thusfar. If you enjoy expansive city views through floor to ceiling…

In one corner we have a Roosevelt Loft weighing in at 1 bedroom/1 bath and costing $633,000. Cutting edge design fused with a historic 1920s building to produce a one of a kind living experience in the Financial District. Residences include top of the line appliances and fixtures, from Bosch and Bontempi. Live-work loft sizes range from 800 to 2700 square feet and start at $550,000.: Cutting edge design fused with a historic 1920s building to produce a one of a kind living experience in the Financial District. Residences include top of the line appliances and fixtures, from Bosch and Bontempi. Live-work loft sizes range from 800 to 2700 square feet and start at $550,000.

In the other corner we have this weeks challenger Toy Factory Lofts weighing in at 1…

Comparing and contrasting Roosevelt Lofts to 1100 Wilshire condos. Prices and square footage being equal, I'd choose Roosevelt. But the market reality is that 1100 Wilshire is about $150,000 cheaper for a similar sized unit, now what? Which is better now?

1100 Wilshire with a view and $150,000 cheaper? I'd take 1100 Wilshire in a heartbeat. As good as Roosevelt is, I believe, a skyline view is still desirable and worth something. Unfortunately, the market forces are such that 1100 Wilshire is currently selling at a pretty good discount. What are those forces? First, 1100 Wilshire units were on sale a few years ago, which means current sellers paid less for their units relative to construction costs. Second, Roosevelt lofts are currently being sold…

Question of the week: The escrow is scheduled to close in another 45 days but the sellers would like to close earlier so that they can purchase a bank owned property. At the same time, they are asking for a 45-day leaseback so that they have time to move into their new house. Should I agree to that?

No. When it comes to real estate deals that are already in escrow, both parties are bound to complete the deal unless the lender refuses to fund or a contingency is unsatisfied. Remember that you are not obligated to "go out of your way" to accommodate the seller - just live up to your side of the contract and let the seller deal with his needs; it won't "ruin" the deal, unless the seller wants an ugly lawsuit on his hands. It is completely ridiculous for the…