The Great Housing Bubble witnessed many foolish ideas and beliefs about real estate. Among the most foolish was the idea that prices went up because everyone wants to live wherever they are. When rational arguments fail to explain something, it is only natural that people will start making things up.
Everyone believes they live in a very desirable location; after all, they choose to live there. People who make this argument fail to understand that the place they live was just as desirable before the bubble when prices were much lower, in fact, probably more so.
What is it about their area that made it two or more times as desirable during the bubble? Of course, nothing did, but that does not stop people from making the argument.
In California, people could claim it was the climate or the culture that attracted people to the area and induced them to pay ridiculous prices for real estate. There is a comforting conceit contained in that belief which is probably why it was so widespread.
There is a certain emotional appeal to believing the place you chose to call home is so desirable that people were willing to pay ridiculous prices to live there. The reality is prices went up because people desired to own an asset that was increasing in price. People motivated by increasing prices do not care where they live as long as prices there are going up.
Prices did not go up during the Great Housing Bubble because everyone wanted to live in certain areas. Prices went up in almost every market. This had nothing to do with the desirability of the neighborhood or the general location. It had everything to do with loose credit and greedy buyers pushing prices higher and higher.
What is it about the high windows and ceilings, exposed brick and open floor plans that make so many people want to live in loft style apartments? Maybe it’s the carefree lifestyle that such an open style of living space represents. Maybe it’s because such a home can be as detailed or sparsely decorated as the resident wishes it to be. Or maybe it’s the artsy, urban lifestyle that’s been publicized so much in the movies and on television. Whatever the case may be, loft living doesn’t merely reflect a unique lifestyle, but it also creates a truly distinctive and unique attitude!
The vast majority of lofts are apartments that have been built into a vacant industrial building- one that’s been empty for some time. As the two-floored version of mono-spaced studio apartments, lofts typically have an open floor plan for a living room and kitchen area, plus an open-concept upstairs for the bedroom. The former warehouse-type building is chosen as the base of this trendy apartment style because of the high roof/ceilings that accompany industrial buildings, acting as a key component for “urban renewal" projects around the globe. The results of such projects are art galleries, art studios, and of course, the artsy lofts.
But exactly how did lofts become the status symbol of “the cool life"? It seems that back in the 1950’s, in the midst of the American domination of the world economy, the hustle and bustle of a once-thriving industrial areas, such as New York’s Soho district, had begun to vacate the large, high ceiling industrial-style buildings, as these buildings were no longer suitable for the changing times and modernizations required. The now-empty buildings forced landlords to look to the art community as a source for rent money, as the art and creative communities could certainly use the space.
Just as today, legal restrictions and zoning laws made life a bit tricky for the new residents. These studios were “designed" for the use of artists as a place to work, not to live. So sometimes, historically, to hide their domestic usage of the property, a series of pulleys and false walls were added so that the living and sleeping arrangements of the “studio" could be hidden from the variety of inspectors that would come by at a moments notice. The rest is loft history, including the incredible “shrinking" loft, for as the demand for such apartments grew, the available space shrunk.
Since the 1990’s, loft living has been synonymous with a “Soho/New York"- type of busy, carefree lifestyle and attitude, as lofts offer an extra touch of excitement! It’s considered to be genuine lifestyle that sets residents apart from the “dull and monotonous" life of suburbia
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Alex Gwen Thomson has sinced written about articles on various topics from Home Management, Income Tax Return and Wrinkles. is the author of The Great Housing Bubble: Why Did House Prices Fall?Learn more and get FREE eBooks at:. Alex Gwen Thomson's top article generates over 673000 views. to your Favourites.
Maria Hayden has sinced written about articles on various topics from Network Marketing, Real Estate. Maria Hayden recommends that you visit for more information on lofts.. Maria Hayden's top article generates over 1900 views. to your Favourites.