416 South Spring Street, #1105, Los Angeles, CA 90013 – Transaction Details

Date: August 14, 2015
Property Type: 1 Bedroom, 2 Bathroom, 1,190 Square Foot Condominium
Purchase Price: $705,000.00
Year Built: 1914
Description: Represent the first-time home-buyer of this spacious condominium in the historic El Dorado Lofts on Spring Street in Downtown Los Angeles.

416 South Spring Street, #1105, Los Angeles, CA 90013 – Transaction Summary

This deal is an excellent example of a client finding a property that is uniquely perfect for her. After expressing an initial interest in purchasing a condominium in one of the buildings in Downtown Los Angeles’s Historic Core, preferably in the El Dorado Lofts, our buyer explored the possibility of purchasing a small single family home in the surrounding Highland Park and Echo Park areas. When this specific unit in the El Dorado Lofts on South Spring Street came onto the market, our client jumped at the opportunity and was one of the first people to view it, and was also the first person to make an offer. After beating out another offer with an offer price just slightly above list price and a waiver of the appraisal contingency, and a very smooth escrow period, our client closed escrow in just 30 days. Now she is the owner of her dream unit and a piece of Los Angeles history. The icing on the cake is the building’s Mills Act approval, which guarantees our client a reduced tax bill for many years to come, as well as the maintenance and repair of the building as a piece of LA’s history. There could not possibly be a better fit between client and property than this unit.

For more information on this transaction or to discuss any other questions you may have concerning the Los Angeles real estate market, contact Esquire Real Estate Brokerage, Inc. at 213-973-9439 or info@esquirereb.com.

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