[007 license to sell]

Originally Posted by Hivemind31

I looked, but didn't find this post. Any more info about this place?

I tried to find it to, it's not headlined as loft 5 it was something like what do you do when a subcontractor sues after you close on a unit?
It was a few months ago, so it's hard to find.

What you need to do is have your realtor dig around and find out what is happening with that property before you purchase. If you want to go ahead and make an offer the title company should find the liens since they have been filed a few months ago. And any other information you get from the title company that you get that your not willing to go along with then you have the right to rescind your offer.
The previous post did mention that the title company hadn't listed the liens and that isn't the title companies fault since the liens were filed until after the title search. You have to be careful with some of this highrise and midrise projects that got caught up in the economy bust and the developers went bankrupt or taken over by the bank and in some cases the bank that took over the property was taken over by FDIC which in turned has sold the properties to other entities that you don't know what they will do with the remaining inventory such as turn it in to a hotel, or rental property or continue selling them as in some cases already in Vegas.

I hope this is helpful.

[olecapt]

I just looked hard at Loft 5 for a client. I suggest you look elsewhere. The lofts appear fine and all that. But only 15% have sold and it looks like the owner has decided to lease the rest.

So you end up owning a unit surrounded by renters with the HOA controlled by the leasing company. Note that in such a circumstance the leasing company may make it i9mpractical for you to lease your unit...or to lease it if not through them.

Just loaded with downside potential. Don't go there.

[007 license to sell]

Also check out what the leasing company will charge you for leasing out your property.
Not only is there a percentage, but there is usually an upfront fee which I have heard some charge $1000.00 plus the property management company will ask you for money for an account to repair any damages. It just depends on the company there is allot of fees at some of them.
And Olecapt is right you will be surrounded by renters and that doesn't help with future appreciation.

[3Bets]

Ok, so it looks like buying in Loft 5 is not a good idea. But currently rental is being offered there that looks attractive to me. I am not asking for input on the value of the place. I am only asking if it's unstable ownership and development history is a reason not to rent there? Or is there any other reason not to rent there?

Thanks. Great forum!

[007 license to sell]

Originally Posted by 3Bets

Ok, so it looks like buying in Loft 5 is not a good idea. But currently rental is being offered there that looks attractive to me. I am not asking for input on the value of the place. I am only asking if it's unstable ownership and development history is a reason not to rent there? Or is there any other reason not to rent there?

Thanks. Great forum!

There could be problems, if the HOA hasn't been paid on the property then you may not be able to use any of the amenities plus, you could get evicted if the HOA forecloses on it.
If the property itself is having maintenance issues and the HOA is in trouble who will you go to in regards to fixing them. There may be even more problems, unpaid taxes, unpaid note to the bank and if the bank forecloses on the whole project will they let the renters stay? Will they up the rent, anything can happen when you take the chance to go into a property that has major issues.

[mickeyt999]

There are new owners at Loft 5 after the trustee sale in December. Does anyone know who they are? The rumor is that they are still contemplating if they want to sell or continue to lease out the property. They are supposed to be meeting with Garabaldi this week to discuss the direction of the property.

The leasing office that is contracted out to Garabaldi may not be telling the new owners of the interest of existing tenants interested in purchasing their units like us. I also had 3 other friends who were interested in buying units but no response from the leasing office. They keep saying they haven't heard anything. I think the real owners may not be informed because if the property goes to sale, there will not be a job for Garabaldi anymore.

The leasing office is very responsive for any maintenance or complaints. We currently rent one of the largest units and really love our home here. I would really like to buy my unit but will give up in the next 2 months if I don't get a response. Anyone have more info?

[Loft5owner]

I've been an owner of a loft b converted two bedroom since day one. I'm interested in selling if there are any buyers out there.