(A REAL loft is a minimum of 1,000+ sf with no walls, but could be divided up into several rooms if so desired.)
"OF COURSE it's a LOFT, my real estate agent ASSURED me of this! I mean, I wouldn't have paid $900K for a studio apartment! "
Really: A 400 square foot walk-up apartment with a cheap coat of paint hiding the asbestos. Should rent for $500/month, but some sucker is willing to pay $1500. The neighborhood is almost never as nice as the brochures make it out to be.