With an increasing number of people shunning the suburbs in favor of urban living, the downtown condo and loft market is positively booming.
That being said, there’s a lot of confusion today as to the difference between condos and lofts — and rightfully so.
In the past, lofts were mainly converted warehouses that doubled as both a living and work space. While condos were traditional single family homes that came equipped with a number of public amenities.
Today, the lines between condo and loft living have blurred. And from a legal standpoint, most lofts are in fact, condos. In both instances, an owner holds ownership of their particular unit, as well as a common stake in the shared areas of the building itself (e.g., lobby, hallways, roof, elevators).
So what is it that differentiates a condo from a loft? The answer is Style and layout.
Key Differences: Style and Layout
Lofts:
A true loft by definition is a large, un-partitioned room that has been converted from an industrial warehouse or manufacturing facility. Loft living originated in Paris, and was usually owned by artists as a combination residence and studio. In addition to having very open floor plans, most lofts feature a number of industrial elements like high ceilings, concrete finishes, exposed mechanical systems, and huge floor-to-ceiling windows. Lofts can be 1, 2, or even 3-stories and are located in a downtown urban setting.
In addition to true lofts (see Broadway Park Lofts), many real estate developers have started labeling newly built complexes as loft living spaces — though they have more in common with traditional condos. Known as “soft lofts” these units offer a more conventional condo-like feel, mixed with some of the more desirable design elements of loft living.
Condos:
A traditional condo unit is newly built and features structural designs often found in single family homes. All of the rooms are dedicated to a specific function, making them great for families who need privacy and space. Finishes vary, but you’ll always find well defined and partitioned rooms like bedrooms, living rooms and kitchens.
Because they’re built from the ground up, most traditional condos also have more amenities such as 24-hour concierge or valet services, private entrances, swimming pools, fitness centers, securities systems and large entrance lobbies.
So when deciding whether to buy a condo or a loft, it really comes down to your preference of style and layout. If you want the more open and urban feel, then a loft is what you’re looking for.
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