What is a loft?
A loft is a unit that consists
one two or more stories with open space. For instance, the unit
would be one large room with double height ceilings and the
bedroom would be in a "loft" upstairs. The loft area would
overlook the story below it. Many units sold as lofts are not
really lofts but an open floor plan with high ceilings. This has
confused the buying public, a favorite trick of the marketers -
confused people buy less condo for more money. To be a true loft
the unit would have and area upstairs that overlooks the area
downstairs. The term has nothing to do with exposed beams,
brickwork or an industrial concrete type space although that is
usually where marketers use the term.
Lofts are usually converted older
industrial buildings. Its cheaper for developers to leave all
the industrial pipes, beams and concrete rather then convert the
industrial look into something more traditional home space. Some
people enjoy this look and are willing to pay for it. Others do
not enjoy exposed ductwork, concrete floors and feel like they
are in a garage to get their oil changed rather then a home.
Condo buyers should pay special attention to the "features" of
loft buildings. Exposed ductwork in an old factory is not
something the developer paid extra for and neither should you.
If you enjoy this look and feel great but its not wise to pay
more for less finishing.
Lofts became quite popular in the
late 90's and early 2000's. This interest was the perfect
vehicle to renovate old warehouses that are typical in old parts
of town. Many old run down neighborhoods have been transformed
by the loft interest and others simply remain bad areas with
some residential units where vacant buildings once stood. Many
loft buildings are little more then old warehouses with divider
walls installed. The appeal has faded in many areas but interest
does still exist and real estate marketers jump at the chance to
run an old buildings into cash with minimum effort. For all the
mentioned reasons buyers should be careful when dealing with
lofts.
How did the loft concept
begin?
A few decades ago, New York
artists seeking dirt-cheap space to work and live in, found
abandoned warehouses ideal. They quickly built loft bedrooms,
under which they built their kitchens and bathrooms, leaving a
large, double-height workspace/living space for their artful
creations. These NY-style lofts often had large windows, exposed
ceilings, an open floor plan and no interior walls. The light
and view in these initial units were spectacular, and because
they were in the city, were within walking distance to the
downtown. Needless to say, these became wildly popular,
especially at 3 cents/sq.ft. The fact of the matter is lofts
were real estate no one else wanted. No one looked at them a
home material. Artists built them out of necessity. When you
cannot afford a home and a studio, why not build a bed over your
workspace? Much like the punk fashions that resulted from the
Sex Pistols taking clothes from the garbage (because they had no
money, not because they wanted too), lofts have also become a
trend people actually pay for. Real Estate developers have taken
to lofts with great zeal as they can be a profit machine. Put up
walls and leave the rest as is, then collect a premium price.
Dictionary Definition for Loft
–noun
1. a room, storage area, or the
like within a sloping roof; attic; garret.
2. a gallery or upper level in a church, hall, etc., designed
for a special purpose: a choir loft.
3. a hayloft.
4. an upper story of a business building, warehouse, or factory,
typically consisting of open, unpartitioned floor area.
5. such an upper story converted or adapted to any of various
uses, as quarters for living, studios for artists or dancers,
exhibition galleries, or theater space.
6. Also called loft bed. a balcony or platform built over a
living area and used esp. for sleeping.
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Loft Pros and Cons
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