Loft Residence is a new building that is very well-kept. At about $13 per night, it is true value. The largest issue I had with it was that it is so far from the "action" - about a half hour walk to the nearest gate which leads to the core of Chiang Mai. If you don't mind being a bit isolated and shelling out extra for tuk-tuks, you'll love this place. It is very close to a major grocery store, which was a great place to nip into in the mornings for a fresh croissant to nibble on my long walk to the centre of things.
Another complaint, and it is minor, is that there was no top sheet on the bed - only a blanket which I KNOW they don't wash after each guest leaves. A chair on the balcony would have been nice too.
All-in-all, a good spot.More