Lofts

One of the biggest factors in the real estate bubble that has occurred in the past decade has been the changing landscape of the country.  This is particularly true of cities and urban real estate has drastically changed in the last few years because of it.  Whereas in the past, cities have been known as economic centers, things have changed.  Suburbs popped up when real estate property prices rose in the city and in the past couple of decades, industrial buildings and other shops that were mainstays in the city have followed residents by moving to smaller centers.

So what is to be done with these old industrial buildings that dot each city?  Well this is where real estate innovation comes in and there is no other faster rising urban real estate property than the loft.  Lofts are by definition residential real estate spaces that were converted from a commercial space such as a factory or a warehouse.  They are known for their adaptability and are  known for their large windows, concrete floors, and high ceilings made from concrete.  In many cases, real estate investors purchase a loft and have the option of converting its large open space into a number of rooms.

The loft is a true representation of the innovation of our time.  They have not only converted old unused buildings into prime real estate but they have also remarkably changed the value of neighborhoods.  They originally came to be to feed the needs of urban artists looking for a cheap place to stay and work on their art.  The loft story continued as they grew slowly in actual popularity and quickly as myth.  Going to a loft party became one of the coolest things you can do in the city and movies portrayed loft living in a romantic light.

Skip to today and many artists have now left their loft beds and moved on.  A major reason for this is because of the ironic rise in popularity of lofts.  For those of you interested in real estate investing, the market value of lofts have skyrocketed and are now sought after by real estate investors and people who live in the city.  Its popularity can be seen in the example of New York’s Meatpacking District, a haven of urban cool.

For this reason, many real estate developers have created loft spaces to compete with lofts actually converted from old buildings.  This allows potential homebuyers to buy a loft that has all of the unique qualities of a loft but without the worry of living in an undesirable neighborhood.  As lofts increase in popularity, more and more cities are following this real estate blue print.  For investors, lofts are one of the most profitable forms of real estate.  For those of you who are looking for a place to stay, lofts are an affordable alternative to a house and have a bit more cool cache than living in a condo.