How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo

by WestsideDB on December 17, 2010 · 0 comments

in Rental Information,santa monica condos,Santa Monica real estate

DSC08833 1024x576 How to Navigate Santa Monica Rent Control when Buying a Santa Monica CondoHave you been looking for a townhouse for sale Los Angeles?  And even more specifically, for a Santa Monica condo for sale?  Well, rent control in Santa Monica is no joke and you need to be armed with a solid Realtor by your side to help you navigate these tricky transactions.  Every time I assist a buyer looking at a condo that has some rent control laws in place, we have to be careful to make sure that we understand completely what we are getting into.

Just a few things to consider -

  • Back in the 60′s and 70′s many apartment buildings were converted into condos.  Sometimes an owner would keep a few units to continue renting out – LOOK OUT = if one person in the building owns more than 10% of the units – often a lender won’t touch it.
  • Depending on when the building was converted (called a Torca conversion), a tenant could have LIFE RIGHTS to stay in the unit, often paying far below market rents.  So even if you wanted to owner occupy the unit, you can’t!  You can offer them an incentive to move out, like a lump sum of money, but why would they want to leave their home they’ve been in for 15 years?  After all, they will have to pay a lot more in rent should they move.
  • That being said, there are plenty of ways to purchase property either for owner occupancy or for investment – just talk to your Realtor for additional things to look out for.

I suggest that if you are looking to purchase property in Santa Monica, whether it’s an investment property in Santa Monica, or a condominium for sale in Santa Monica, and especially if there is a tenant in place, that you call the Rent Control Board. at 310-458-8751.  They are great at helping us understand the laws and what is permissible under current laws.  Also, be considerate – the laws are there to protect people.

If you’ve got questions, give me a call.  You can click that icon in the upper corner, or just dial direct 424.229.1626

pixel How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo
Who do you know that might like this?
  • facebook How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo
  • twitter How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo
  • linkedin How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo
  • email link How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo
  • googlebookmark How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo
  • digg How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo
  • stumbleupon How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo
  • delicious How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo
  • yahoobuzz How to Navigate Santa Monica Rent Control when Buying a Santa Monica Condo

Leave a Comment

Previous post:

Next post: