I decided to open a blog so it will be much easier to keep everybody updated.
History...
Last Saturday a few people (Loft owners) had a brief conversation complaining about the conduct
of the Management Company and the high cost of HOA.
A few emails have been already sent...
Eryn wrote:
Just thought I would update you all.
I had a lovely chat with Tony in the sales office tonight about HOA and the Management Company...... He explained that they are aware of the problems and are putting pressure on them to get there act together..... Ray is no longer responsible for our building and they ( the sales team ) are exploring other options for the Management of our building.
Tony explained to me that normally in situations like ours the management company is responsible for calling the first HOA meeting and setting up the HOA when enough of the unit are sold, etc......
Because we have had so many problems with our management company this is a huge concern.
As for setting up a meeting of our own and trying to include all the buyers getting a list of people is a bit tricky.
The sales office is by law is not at liberty to distribute the names and contact info of the owners at LTL. And because on new conversions it take about a year to get information on the owners of the building through the state property directory this is not an option. I am talking with Tony and Angela about how as concerned property owners we might proceed .... I am waiting for them to get back to me.
Tony gave me a copy of the draft for LTL which has all the laws and procedures of the building.....I believe everyone recieved one on CD when they closed. ( I can't access mine because a mac won't read it).... So I will look through the hard copy for the exact protocol on starting the HOA... Some one mentioned when 51% of the building had been sold or 6 months after the first sale the HOA s supposed to be activated... We need to find that in writing so we can move forward...
If any one knows exactly where it is let me know.
As, for getting people together I think we should start with the people that we know or have meet since we have been here.... word of mouth, get an email add it to the list and we will just start communicating about what is going on. If some one wants to initiate a gathering one evening, go for it with the few people that we have who want to be involved in taking care of our building.
A quick note on that..... There are a few people who rent and they have no weight in the HOA or in helping us move forward with our concerns about the management company.
Just to keep it simple they don't need to be get involved at this time.
The sales team is great, are aware of our concerns and seems to be ready to help us sort this out. This is very cool because it is not in their responsibility. So, I will keep you all posted on what the sales team gets back to me on in the next few days or so.
We thought it could be a good idea write a letter to slip under doors of other loft owners in order to inform them about what we are doing...
Anne wrote:
Here is a draft of a letter to slip under doors, take a look at it if you have time and let mw know any changes that should be made. I offered my e-mail address, but if any of you feels super organized e-mail wise, maybe another address would be better? Matt reminded me that the builders are owners, too, and should get a copy of this letter.
Below the letter Anne wrote:
DEAR FELLOW LTL HOMEOWNER,
A few loft owners have had problems with the person assigned to us at LB Properties, (the management company assigned by the Builders for our building.)
We are slipping this note under your door to inquire about your interest in making sure we have a manager and Management Company who are attentive to us and our building. Some issues that seem to have been neglected by LBP are things like billing for HOA dues (even though it might seem nice not to have to pay now, we’ll pay later if this money is not collected or is mismanaged!) and prompt and polite return of phone calls and e-mails regarding maintenance.
If you, as an owner, have had any problem with LB management and would like to have an informal meeting to discuss what we can do, send an e-mail to annedudek@mac.com and we’ll figure out a time for the concerned owners to meet in person.
A few loft owners have had problems with the person assigned to us at LB Properties, (the management company assigned by the Builders for our building.)
We are slipping this note under your door to inquire about your interest in making sure we have a manager and Management Company who are attentive to us and our building. Some issues that seem to have been neglected by LBP are things like billing for HOA dues (even though it might seem nice not to have to pay now, we’ll pay later if this money is not collected or is mismanaged!) and prompt and polite return of phone calls and e-mails regarding maintenance.
If you, as an owner, have had any problem with LB management and would like to have an informal meeting to discuss what we can do, send an e-mail to annedudek@mac.com and we’ll figure out a time for the concerned owners to meet in person.
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APRIL FOCUS -- LITTLE TOKYO LOFTS
(This is an article I sent out at the beginning of April to 944 subscribers to my eNewsletter.)
In early March, I bought a unit at Little Tokyo Lofts, which now serves as the office of Downtown Residential Real Estate and as my second home. I like the place very much, both as a place to live/work and as a long-term investment.
The Sales Office of the developer, Hammer Ventures, informs me that there are around 40-45 units out of 161 still available at this time, going fast. They are for sale at a variety of prices, mostly lower floors, various floor plans, three remaining exposures (northern is pretty much sold out). I can represent a buyer of these units, negotiate concessions/amenities on my client's behalf, and get paid a commission by the Seller/Developer.
There is, in addition, what I consider to be an especially good opportunity to buy upgraded units from a reseller. These are the only two units published for sale on the MLS other than those being sold by developer Hammer. They are both approximately 800 square feet with city views. These properties are listed with another agent, who represents the seller and offers to "cooperate" with a buyer's agent. Seller pays all commission. For sake of ease, I will simply reprint here the MLS-published remarks of the List Agent. Call me, Stephen May, at 213-221-4514, who will represent you the Buyer exclusively, for more information or to arrange a showing.
Unit 522, Asking $455,000--List Agent's REMARKS:
"Come Now! Model unit priced for immediate sale! Slashed over $50k! Designer upgrades include additional cabinetry, lighting, window treatments, niches, all stainless appliances, lush paints & so much more. Plus an unbelievable 2 car parking that you own & an unheard of 1 year paid HOA at $429 per month. Dont miss this once in a lifetime chance to own a gorgeous live/work loft in the heart of downtown LA."
Unit 402, Asking $457,000--List Agent's REMARKS:
"Huge reduction.. over $50k! Model unit priced to sell quickly. Your gain on an a move in ready designer unit.. ready to go! Plus, you own 2 car parking and get a FREE year of HOA at $419 per month. For a live/work loft of this quality and calibur at this price simply does not exist anywhere in downtown LA. Do not miss this golden opportunity. Come now!"
The language the Seller's Agent uses in his property description is a little different from the language I use...but you get the picture.
Again, call Stephen May, REALTOR at 213-221-4514 for more information or to arrange a showing of these two units (any day, any time), or other units being sold through the Sales Office (Monday-Saturday, 10-5). I especially like Little Tokyo Lofts. I bought here myself. And I know Downtown condos!
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