A new style of condo building has been built on 25th Avenue near Constituyentes Avenue. This building is called the Nuove Loft Building. As part of our series of writing about new buildings, condos and places to rent or buy here in Playa Del Carmen we are bring you a review of this project.
Nuove Loft Building Description
This building was built on a small footprint of land but they managed to maximize the space to build condos with some underground parking (not all units come with parking). The style is reminiscent of a New York City loft building complete with New York names for the units. There is a lot of polished concrete and modern design and a touch of the Yucatan with pasta tiles cleverly incorporated throughout the building.
Unlike other buildings, this one is coming with what furniture is already in the units. The furniture is good design and quality and would make for an easy move in or with just a few purchases to make it rental ready.
Below you can see the pasta tile used in the lobby. The entrance is simple but elegant and since there are only nine units you don’t need much of a large lobby. There is an elevator in this building but it is not really handicap accessible since the lobby has stairs.
The Nuove Loft Building is on 25th Avenue between Constituyentes Avenue and 20th Street. This puts it only couple of minutes walk across the street from Mega Grocery store which is great for renters or people living here. It is also about 5 blocks to the beach. This area is experiencing a boom in building and the other side of the street is having two projects built there now. This area will continue to get more trendy and has been one of the most sought after rental areas for years now especially for people looking for weekly or monthly vacation rentals.
The Condo Units
There are nine units in this building and each one is a little different with three main styles. One style is a true loft style with open kitchen and living room with vaulted ceiling and loft style sleeping area. This unit has two bathrooms and is about 53 Square meters in the main level and the mezzanine of about 20 square meters.
There are larger units that run the full length of the building from front to back. They have a separate bedroom in the front that has a separate access and can be rented as a short term rental. This separate room only has a microwave and sink with small counter. Otherwise the unit is open and can be a second bedroom. These units are split level and are about 107 square meters.
The midsize units only have windows on a courtyard. The windows are very New York feeling with the black frames and small panes. The courtyard is a light shaft with a tower with plastic plants on it. This tower kind of divides the space but your windows are directly across from the other unit on that floor so you would need some sheer curtains in the day and something thicker at night to block views. During cloudy days this unit might become a little dark but on sunny days it is pretty impressive the amount of light that comes in through this courtyard.
At the bottom of the tower is a small pool of water like a tranquil pond.
One good thing is if there is ever a hurricane these units are virtually invincible to damage.
The medium size units have one bathroom and are about 58 square meters of living space. We think these units are the best overall value since they are about $140,000USD. We say medium units because the loft units actually feel smaller.
Below is an example of one of the small bathrooms. We like the use of the decorative pasta tile that seamlessly goes across the floor, up into the shower and up the wall.
With only 9 units this small roof area will often be empty and you can enjoy it by yourself. There is a small view of the ocean now but that is not a major selling point nor should it since it will soon be obscured by a new building going up. We like the seating area in the back and the TV/Media available for you to use. There is also an area to barbeque here. The tiled square in the photo is the light shaft/courtyard that lefts light down into the units.
The front half of the roof is available for sun bathing and there is a small pool. It really is a dip pool and only good for a few people to sit in. This is not a great feature of this property but you would be surprised how many people want a unit with pool and never use them.
Prices for these condos
Prices range from about $140,000 USD to about $260,000 for the larger units. Most of these units are already sold and as of May 2015 only three units were available. This building sold pretty fast by Playa standards mainly because of the desirability for a rental location.
Renting or buying
This building is going to be mostly rentals. We say this because it is so centrally located that it will rent very well for vacation rentals and the way the units are designed. The larger units with the lockoff separate rental room are great for short term rentals and not really designed for year round living because it would be a waste for a family needing two bedrooms to have one with a kitchenette. The smaller units in the back are also not full sun, so living year round might not be ideal.
Of course it you did want to live here it can be an option for a smaller building with not too many neighbors and close access to a supermarket and 5th Avenue. It can also offer you a unit under $150,000 USD for a condo which is increasingly hard to find in the center of Playa Del Carmen.
As the block across from this building gets developed we see this investment remaining solid. The area from Constituyentes to 34th Street and from 10th Avenue to 30th Avenue is hot now and many new buildings are going up. This neighborhood will continue to infill and many trendy restaurants are here and more are sure to come.
Need more information on Real Estate in Playa Del Carmen?
If you are interested in real estate here in Playa Del Carmen and want us to visit a building you are interested in or want an independent opinion of where the market is, where to buy and what areas are good for rentals or living, contact us here. We love helping readers discover the best of Playa and help them make educated purchases, after all you will be our neighbors. Best of all we do not sell real estate and can give you unbiased advice. Also if you do want a recommendation for a realtor that will be able to answer all your questions, be recommended by their reputation and someone who fits your needs, we can give you some options for the best ones in Playa.