What’s Going on At ALTA Lofts This Week? Shopping and Melty Madness with the Grilled Cheese Truck!

Thursday, January 27^th from Noon to 2PM

What a way to get your Thursday groove on! St. Vincent De Paul is having a 3-hour sale from 12:30 to 3:30 PM where you can get 50% off of all clothing and shoes. AH-MAZING!

St. Vincent De Paul is just steps away from ALTA Lofts at 210 North San Fernando Road, Los Angeles, CA 90013. For more than 100 years, St. Vincent de Paul has provided programs and services for children, the homeless and the poor within the counties of Los Angeles, Ventura and Santa Barbara.

Everything you purchase helps this organization help the less fortunate in our city. SVDP has a great rep among set designers, wardrobe consultants and stylist that has made it a staple among creative professionals and bargain shoppers with style. Our buyers shop at SVDP, so we have teamed-up to make Thursday a special ALTA Lofts day! So, shop, make a difference and swing by ALTA Lofts to eat at LA’s favorite food truck!

Everyone knows it’s cool to live in a loft. That’s why lofts are becoming more and more popular – especially with young, creative professionals. This is probably due to the hip-sophisticated image that loft living conjures: urban setting, open spaces, huge windows, visible air ducts, original columns and high ceilings. ALTA Lofts offers all of that and more, and is quickly becoming the popular place for young professionals.

Determine the Function of the Space

What will you do with all of the space? Don’t panic. Take a deep breath and walk around your space and decide the best areas for working, relaxing and entertaining. Once the natural flow of the space has been determined, then you can start to divide the space into rooms, if you choose.

Divide and Define Your Own Walls

Separate spaces inexpensively with bookshelves, artwork, tapestries and other dividers.

Look for Furniture that Leads a Double Life

Save money by having furniture serve a dual purpose. For example, create couches from twin mattresses - they can double for seating and sleeping for guests. A couple of twin beds and throw pillows are a lot less expensive than a designer couch.

Create Storage in Hidden Places

Organization is key to loft living. Look for furniture with storage; like beds with built-in drawers or ottomans that have storage. Use a book case as a headboard. Look for an old steamer trunk to double as a coffee table as well as for storage space.

Dig Deep for Deals

You don’t have to go too far to find great bargains in Los Angeles. The famed St. Vincent De Paul is right around the corner and L.A. is packed with hotel liquidations and swanky estate and garage sales. Affordable furniture is out there - you’re just going to have to dig a little deeper for it.

The Fuller Paint building was given a new lease on life when it was converted into the stylish living spaces, ALTA Lofts. This is great news for
artists, actors and young business professionals who are finding ALTA Lofts a perfect fit for their lifestyle and budget.

The loft spaces at ALTA Lofts provide an open canvas where creative adjustments can be easily made. Loft living is about creating your space for your lifestyle. Lofts can also be customized to the owner’s specifications.

ATLA Lofts is even being compared by many to the traditional Manhattan lofts that are generally born form older, industrial buildings with exposed brick, original windows, and located near areas where there are is an abundance of artistic and creative types.

This leads us to another bonus of ALTA Lofts: being situated near Downtown Los Angeles, Chinatown, Silverlake, Echo Park and other coveted areas of the city. This location provides great access to businesses and entertainment areas.

Not only does ALTA Lofts fit the creative requirements and geographic requirements of the young L.A. artistic type, but it also fits the budget; Now, buyers can own for the same price as renting for as low as $1,669* a month.
ALTA Lofts are like New York lofts but with a far better climate and price!

* Disclaimer to read: Advertised monthly payment is for illustrative purposes only and is based on a sales price of $224,312 with a conforming loan amount of $216,461 and may vary based on down payment assistance,borrower’s credit, actual closing costs and other variables. Scenario is based on borrower ualification for a 30-year fixed rate loan at 4.750% (4.875% APR.) Monthly payment of $1,669 includes taxes, insurance, and HOA. Borrower down payment is 3.5%. Down payment assistance programs through LAHD and other City assistance are available to qualified buyers based on income qualifications. There are a limited number of moderate income units. Rates effective January 2011 and are subject to change without notice. Scenario assumes the buyer has good credit. Not all buyers will qualify. This offer subject to underwriting guidelines and available only for owner-occupied homes. Pricing and terms subject to change without notice. See salesperson for further details.*

Buying a home still has enormous financial benefits. One measure of knowing when it’s a good time to buy is when you can buy for about the same price as renting. Right now at ALTA Lofts, you can own for as low as $1,669* a month. That’s right. In Los Angeles!

If this payment isn’t enough incentive - here’s five reasons of why buying is still a smart move:

1. Housing is more affordable than it has been in a long time and many experts predict that it has reached fair value. ALTA Lofts IS an excellent example of this. Right now, ALTA is priced from the mid $200,000s.
2. Interest rates are still historically low. Although they have been ticking up the last few weeks, buyers can still get a 30-year fixed-rate loan under 5%.
3. Homeowners save on taxes, as they can take advantage of the tax deductions.
4. Eventually real estate prices will head up again. Demand will increase as will the price of supply. Real estate is always a great investment.
5. It’s forced savings. When buyers begin to build equity, they’re paying themselves. Rent goes directly into someone else’s pocket.

Now, you can own for the same price as renting. Buying a home has long-term financial benefits. Now, more than ever is the time to seize the opportunity.

* Disclaimer to read: Advertised monthly payment is for illustrative purposes only and is based on a sales price of $224,312 with a conforming loan amount of $216,461 and may vary based on down payment assistance, borrower’s credit, actual closing costs and other variables. Scenario is based on borrower qualification for a 30-year fixed rate loan at 4.750% (4.875% APR.) Monthly payment of $1,669 includes taxes, insurance, and HOA. Borrower down payment is 3.5%. Down payment assistance programs through LAHD and other City assistance are available to qualified buyers based on income qualifications. There are a limited number of moderate income units. Rates effective January 2011 and are subject to change without notice. Scenario assumes the buyer has good credit. Not all buyers will qualify. This offer subject to underwriting guidelines and available only for owner-occupied homes. Pricing and terms subject to change without notice. See salesperson for further details.

Over the last few years, the popularity of FHA Loans has increased substantially. However, many buyers still do not understand them completely. ALTA Lofts is the first adaptive reuse project in Los Angeles to be approved for FHA, so we would like to share this information about FHA financing:

FHA LOAN FACTS

• FHA financing is not affiliated with the section 8 housing program. FHA loans have nothing to do with low-income subsidized housing. FHA loans are mortgages issued by qualified lenders and are simply insured by the Federal Housing Administration (FHA).
• FHA loans are not only for lower-income borrowers. There is no maximum income restriction associated with an FHA loan. All borrowers need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are truly able to afford their future homes.
• FHA loans are not just for conforming loan amounts or small loans; in fact, jumbo loans are also available.
• FHA loans are not only for first-time buyers.
• FHA loans often offer the same interest rates as other loans. However, borrowers benefit from a much lower down payment of as low as 3.5%.
• It is often easier to get a loan when purchasing at an FHA approved development. In today’s tight lending environment, lenders are more likely to lend money on an FHA insured loan. It is more difficult to obtain FHA financing on a non-FHA approved community or home.

At ALTA Lofts, we love our neighbors so we want you to support them this season. Just a few miles away from ALTA Lofts is one of L.A.’s best neighborhoods: Silverlake.

Silverlake is a quirky, eclectic pocket of Los Angeles and it has a few little shops that deserve a shout out this season. From hipster bar gear to wine and cheese, there are plenty of places to shop locally and get something cool for the cool loved ones in your life.

Silverlake Wine Co.

2395 Glendale Blvd.

Los Angeles, CA 90039

Pour it! Serious Vinos and casual sippers alike agree that this wine is one of the best in town. They have a reputation for stocking rare and sought after bottles and hosting hip gatherings. Their Thursday Night Flights are highly recommended by locals and are replete with a hot dog cart. The owners of this wine boutique have lofty pedigrees (one was a James Beard award-winning sommelier at Campanile), but you’d never know it from the vibe. Wine is a perfect gift for many and Silverlake Wine Co. is the place to get it this year.

Say Cheese

2800 Hyperion Ave.

Los Angeles, CA 90027

For over 35 years this little café and gourmet cheese market has been charming locals into saying ‘cheese.’ Say Cheese is an adorable and delicious Silverlake staple. They have a wonderful collection of cheese, chocolate and champagne. And really – what makes a better gift than that combination?

Bar Keeper

3910 W Sunset Blvd.

Los Angeles, CA 90029

Because Eastsiders take their cocktails seriously, they have a serious shop for serving their cocktails in style! It’s a mecca for cocktail couture! Whatever you need: wine openers, glassware, ice cube trays, napkins, shakers and recipe books, Bar Keeper helps keep your bar super stylish and makes a great gift for those who like things shaken and stirred.

ALTA Lofts is proud to be the first, and currently the only adaptive reuse building in Los Angeles to qualify for FHA financing. The ALTA team has been working for a long time to make this happen. So, why is this such good news? Simply put, because FHA has been helping buyers purchase homes since 1934.

FHA insures their loans while offering buyers:

• Low down payments
• Low closing costs
• Easier credit qualifying

With FHA financing, a down payment can be as low as 3.5% and closing costs may be lowered or covered. ALTA LOFTS is priced from the mid $200,000s which means that more people can purchase a new loft with only 3.5% down. Interest rates are still historically low so the end result is a lower monthly payment.

Obtaining an FHA loan is easier for someone with a blemished credit history, or a less than perfect FICO score. A lower FICO score may be a factor in obtaining a loan from a traditional lender , but FHA is more lenient. At a time when the credit market has tightened, and getting a loan is a little tougher now more than ever, but with FHA financing, homeownership is much more attainable.

ALTA Lofts is understandably very happy to be the first adaptive reuse building in L.A. to be approved to offer FHA financing – but buyers should be more excited, because it puts owning a new home/loft back on the table for many who thought it was just not even possible.

Get a Great Deal at ALTA Lofts: Urban Lofts near Downtown Los Angeles

People are loving ALTA Lofts in Lincoln Heights just north of Downtown Los Angeles. What’s not to love? The area is going through a renaissance and is conveniently nestled near and adjacent to some of L.A.’s trendiest neighborhoods that embrace and nurture those seeking the cutting-edge of fashion, architecture, design, art and cuisine. ALTA Lofts fits right in on the Eastside and offers unique lofts with towering ceiling heights and open floor plans. ALTA Lofts is a stellar example of how adaptive reuse can artfully blend old and new.

One of the most exciting things about ALTA Lofts is its affordability. Right now, ALTA has two winter specials:

Loft 405 is unique space with high ceilings, exposed original walls, original windows reglazed with dual panes, hardwood floors, Whirlpool stainless steel kitchen appliances, granite countertops and more! This 974 sq. ft., 1 bedroom/1 bath loft has a view of Downtown Los Angeles and is an amazing space to create a home without traditional boundaries. Loft 405 was prices at $306,000 and is now priced at $275,400!

Loft 508 is a penthouse on the 5^th floor which was added to the original structure with high ceilings a private balcony, a roll-up sectional overhead door, cement flooring, new Whirlpool stainless steel kitchen appliances, granite countertops and more. The balcony provides unique outdoor space with a view of downtown. Loft 508 is an887 sq. ft., 1 bedroom/1 bath loft that was priced$284,600 and is now only $256,000!

These are the real prices….for new construction! And now that ALTA Lofts has been approved for FHA – This means lower down payments for buyers! FHA only requires 3.5% where as traditional loans require at least a 10% down payment, making it even easier to buy a new loft.

ALTA is the only adaptive reuse project in Los Angeles that is FHA approved!

The city of Los Angeles has just enacted a new ordinance that allowed the live/work percentages to be changed. Previously, issues arose because ALTA Lofts and other downtown condos are primarily live/work units, a classification that allows both residential and commercial uses. When L.A. first defined live/work, it did so as 2/3 commercial and only 1/3 residential. This did not work for FHA, who won’t insure loans for a building that isn’t primarily residential. The percentages resulting from the newly enacted ordinance are 25% commercial and 75% residential.

ALTA Lofts is the first and currently the only new residential development in all of Los Angeles to meet the new requirements at 24% commercial usage!

Other buildings currently selling are listed as two-thirds commercial and one-third residential. Because ALTA is brand new building, we are able to get approved under the new ordinance.

Existing condo buildings must apply for re-certification to be eligible under the new rules. And because they have residents, the HOA would need a vote to change the percentage. Where FHA previously allowed the buyer of a single unit to apply for a spot approval, now the whole building must be certified. The building must also be in good financial standing, with less than a certain percentage of owners behind on their dues. All of this makes it difficult to change the live/work percentages.

Due to these changes, ALTA has become the most unique building in L.A.! The city took a year and a half to change the ordinance and ALTA is the first to receive a certificate of occupancy meeting the new requirements.

This is amazing news for buyers as it allows them to have as little as 3.5 % down which saves them thousands of dollars! This is both a business and consume- friendly move by the city of L.A. And ALTA Lofts is now part of history!