In episode 65 of the Living in Las Vegas Podcast, we did a show title, “Living the Loft Lifestyle in Las Vegas”. In it, we featured three loft projects in the Las Vegas valley, one of which was Newport Lofts. For those who remember the show, I was pretty impressed by the property.
Good thing I wasn’t too impressed.
At the time of the episode (February 2009), their entry-level studio loft (at about 912 square feet) was being offered at $199,000. . .which seemed reasonable considering they were once priced MUCH (2x I believe) higher. I thought so highly of the Newport Lofts that I seriously considered purchasing one as a business investment.
Good thing I didn’t pull out my checkbook.
When I checked back with the website about two or so weeks after the show, the price for that studio loft had dropped an additional $20,000. In two weeks. And while that was psuedo-good news, it spooked me a bit as well- - -enough so that I decided against moving forward. (There were other reasons as well, to be sure. But the price dropping that much seemed a bit ominous.)
Good thing I spook easily.
I just saw today that 20 units (out of a total of 168) are being auctioned off, with a starting “reserve” price of. . .get this. . $90,000. Can you imagine if you had invested in that property in February. . .or before?!?
I wish I knew more about real estate and how to truly measure the soundness of a property like Newport Lofts. Truth is, the potential of that property, with its amenities and location, seems very good. But clearly, there’s more to it than that.
For those interested in the auction, here’s their flyer announcing the event [pdf]. It’s being help on August 29, 2009 at 3PM at the Renaissance Las Vegas Hotel. (Wonder why they wouldn’t have the auction at the Newport Lofts?)
If I owned that entire property, I would look into converting it (or allowing for) commercial activity. They would have to address the parking issue, but with those types of prices, imagine how quickly small business folks would snap those properties up. It would great for artist/creative folks. . .and others as well.
Regardless, I sure hope this property makes it. It’s beautiful and very well situated, just a few blocks south of Fremont street.