THE DOWNTOWN CONDO TEAM HAS SOLD NINE SO FAR IN 2011

The first to close at the end of February 2011 was a two-bedroom, two-bath, two parking at The Skyline, Unit 606, in the South Park neighborhood of Downtown. We represented the Buyer of this 1193 square foot unit, whose Purchase Price was $400,000. This was a short sale, which is a long, complicated process, but our Buyer hung in there through all the difficulties, and THE DOWNTOWN CONDO TEAM is not scared away by challenging transactions, as long as our client gets a good deal.

Next, in early March, we closed an auction property at Little Tokyo Lofts, Unit 209. Our Buyer, whom Stephen and Wayne co-represented, was the high bidder for this unit at the auction of 22 remaining developer-held lofts in November 2010. His Purchase Price for this large 870 square foot loft-style condo with skyline view was $183,750. This unit came with one deeded parking space and all appliances.

In mid-March, we closed escrow on an 1193 square foot two-bedroom, two-bath, two deeded parking spaces luxury condo with large private balcony an all appliances again at The Skyline, 600 W. 9th St., #205. Stephen had represented the owner as Buyer when he purchased in the 1990's. This time, we co-represented the owner as Seller. The property sold for $375,000 and the Seller was happy to receive a sizable net proceeds check at Close of Escrow.

Our fourth sale this year closed in late-April 2011. We represented the Buyer on a short sale of this 860 square foot loft-style condo, 1100 Wilshire Blvd., Unit 2404. This landmark "wedge-on-a-cube" building is located in City West, 90017. Besides having panoramic views and cross-ventilation on the 24th floor through two walls of windows, the unit has a defined sleeping area (not a "bedroom") and came with two parking spaces. Our client got this great Downtown condo for the bargain price of $300,000.

The Downtown Condo Team continued its selling streak at Little Tokyo Lofts, 420 S. San Pedro St. in early May, representing the Buyer of a 660 square foot top-floor unit with large closet, and view of Little Tokyo, the north end of Downtown and the snow-capped San Gabriel Mountains. This was a short sale, and the Purchase Price was $126,000 ALL CASH, including a deeded covered parking space. With this fifth sale so far this year, the Downtown Condo Team has sold more than in all of 2010. Is the market picking up? Still some great deals to be had, but the inventory of good units seems to be drying up. If we're not at bottom, we're close to it, so now is probably the right time to make your move if you've been thinking of buying.

Number six was just a couple days after #5, also at Little Tokyo Lofts, Unit 412. This transaction was different from most of our deals, because The Downtown Condo Team represented both the Seller and the Buyer. Also a short sale, this corner unit is 1300 square feet with a very interesting floor plan, many different distinct areas, unlike the rectangular shape one often finds in loft condominiums. The views through two walls of windows are to the south, facing the beautifully remodeled New Downtown Women's Center, and to the west for the spectacular Downtown skyline. The Purchase Price was $240,000 and included two deeded, covered, spaces in the adjoining secure parking structure.

We had our first transaction in Santee Village in early June, making this our seventh sale in six months. We're having a good year! Our Buyers bought a 659 square foot loft on the 5th floor of the eleven story Cornell Building at 7th & Los Angeles St. in the vibrant Fashion District. Our Buyers bought an exterior unit for $239,000 with large windows, extra deep tub, high ceilings, and a large granite counter top that serves as an island separating the kitchen from the living area. Building amenities include a pool, roof-top spa, fitness center, a dog park, and the beautifully designed Santee Village central courtyard. A significant incentive for buying in the Cornell Building is that it is Mills Act approved, which grants a big reduction off the owner's property taxes, for the purpose of preserving L.A.'s historic buildings.

Shortly after our sale at the Cornell Building, we had another early June sale in the neighboring Eckhardt Building, also in Santee Village. Unit 907 at 738 S. Los Angeles St. has 860 square feet and our Buyer got it for the Purchase Price of $194,000. He was able to obtain 80% conventional financing with 20% down payment, which is difficult to obtain in some downtown condo properties. The Eckhardt Building has the added feature of qualifying for the Mills Act for tax savings, and amenities include a rooftop pool, fitness center, and inside laundry. This makes Sale Number 8 for the Downtown Condo Team in 2011.

In August, Stephen solo-represented a Buyer (Wayne was busy on another project) in the purchase of a huge multi-level unit at Alta Lofts on San Fernando Road in the Lincoln Heights neighborhood, just two miles north of Downtown. This unique loft has 1.50 baths, and a huge glass garage-size door on a track with electric opener that gives new meaning to indoor-outdoor living. My client paid $240,000 for this extraordinary loft condominium, which was listed for far more.

THE DOWNTOWN CONDO TEAM CLOSED FOUR TRANSACTIONS IN 2010

In January, we sold a penthouse unit at The Skyline, 600 W. 9th St., #1502, representing the Sellers in a short sale. The 1621 square foot condo was purchased by a happy investor for $550,000.

In March, we sold a bank-owned property at Little Tokyo Lofts, Unit 606 for $240,000.This top-floor unit has a fireplace, city view, and at 850 square feet, is one of the larger units in the complex. In this transaction, we represented the Buyers.

Another Little Tokyo Lofts bank-owned unit turned out to be the perfect match for our Buyer, a personal trainer. Since all adaptive reuse condos Downtown are zoned for live-work, he can meet with clients in the on-site gym. Add to that the convenience of 29 covered, secure guest parking spaces. Unit 218 is 990 square feet, has a huge walk-in closet, and closed escrow in early May for $168,900. 

In June, we represented a couple who bought a 945 square foot loft-style condo at the Rowan Lofts at the corner of Spring and 5th St. on Gallery Row. They specifically wanted an exterior unit for the connection to street life and the city lights view. Interestingly, in June 2009, we represented a Buyer who preferred a Rowan Lofts courtyard unit for the quiet! This June's clients bought for $365,000, also through the Sales Office. Only a few units remain for sale in this exceptionally beautiful  and well-located Downtown condo building.

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The Downtown Condo Team, Wayne A. Willbur and Stephen Seiferheld May, are available to show you properties in any Downtown condo buildings on a day and at a time of your convenience. We work weekdays and weekends. If you're interested in a particular building, we'll email you a list of units currently for sale in that building. Or, if you want to buy in a particular price range, we can send you a list of properties that meet your criteria.

Call, text, or email us, and we'll get started right away.

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THE DOWNTOWN CONDO TEAM 

Stephen Seiferheld May, DRE #01052170

Loft Condominiums 213-804-3800

downtownlofts@gmail.com

Wayne A. Willbur, DRE #01716358

deasy/penner&willbur 213-500-0254

wwillbur@deasypenner.com