SoHo Lofts, Las Vegas - A New Trend
The real estate statistics of Las Vegas are staggering. The land
value is increasing at a phenomenal pace. Vacant land has sold
here for $20 million per acre and nearly 5500 people move to the
valley each month! The high-rise condos are expected to
appreciate 30% this year. This is the city where over
$500,000,000 ($500 Billion) will be invested in new construction
and remodeling in the next five years.
It looks like the recent jump in high rise construction projects
is here to stay with more people are purchasing high rise
condominiums as second homes in Las Vegas. People from the West
Coast, living in Arizona, California, Oregon, and Utah are a
short drive or cheap flight to Las Vegas. Obviously there are
many benefits, including easy maintenance, stunning views of the
city of
Las Vegas, comfortable living and proximity to the
entertainment that draws folks to Sin City. It seems like a good
time to purchasea condo or loft here even as a second residence,
as it can become the primary home when the owner retires. Nevada
levies no state income tax and has favorable estate tax laws at
the moment.
With the Mayor of the city going all out to promote the downtown
area, it looks like things will continue to look upward.
Permissions for redevelopment are easy to get but one wonders
about the infrastructure being able to keep pace with the
anticipated growth. Secondly, the neighborhood needs to be
spruced up and safety increased. SoHo Lofts, which broke ground
in the first week of June 2004, is sold out, except for the
penthouses. Just ready for occupation, SoHo Lofts is the first
of many high-rise condominium projects in the
downtown area as a part of the redevelopment of Las Vegas.
The building is located right on Las Vegas Blvd. just north of
Charleston Ave and the external appearance is intentionally
reminiscent of New York's SoHo art district and the
turn-of-the-century art deco architecture. SoHo Lofts blends
classic architecture with state of the art design and
construction. It is one of the few condos in Las Vegas to offer
lofts, with 11-foot ceilings, exposed pipes and lots of light.
The city is promoting the area as the art district and the lofts
look perfect for working artists and lovers of cosmopolitan
living space. Residents will find themselves walking distance to
the Stratosphere Hotel and the Fremont Street Experience.
The SoHo Lofts has 112 units in the 240-foot high-rise with
homes measuring from 1300 to 4,000 square feet. The 4,000 square
feet on the ground floor includes retail and restaurants and
there are five floors of enclosed parking above that. The units
feature terraces and occupants have the option of converting
part of the loft into bedrooms or office space. Residents can
enjoy the benefits of a pool and Jacuzzi, fitness center, and
observation deck on the roof. It is sold out, but you can
purchase a brand new resale with prices in the mid $600s.