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.