Buying a loft

Loft living in Boston

Boston has some great loft buildings. Some of these are converted industrial and manufacturing spaces, some have been built from the ground up. Either way, if you’re looking for a unique and interesting place to call home, chances are, Boston has it.

The best way to find a loft space is to contact a real estate agent to see what types of loft spaces are out there. The two of you can take a look around, to see what each place is like. Is the building in the Seaport District, in the financial district, in the South End, or elsewhere? Are the condos just open space, or have the units been “built-out” with bedrooms? Once you see what types of things are available, you can decide what would work best for you.

The next step is to find out about current availability. You’ll want access to MLSPIN, the real estate database used by most real estate agents in the city, so you can search on your own. A lot of the time, lofts are listed simply as “one bed” or “two bed” units, so it might take some time to find the places you are looking for. Again, an agent would be willing to do the legwork for you, and keep you updated on all the properties on the market, and any new ones that come available.

Fortunately, in the past couple of years, there’s been a lot of development in Boston. New loft spaces are coming on to the market. For example, Wilkes Passage, in the South End, are luxury lofts that were built from the ground up, and sold with just the four walls and kitchen and baths built out. All interior walls, flooring, etc., were the responsibility of the buyer. At the Court Square Press building, units were sold with bedrooms built out, but flooring choice was left to each buyer. Things vary.

There is a common misconception that loft condos are cheaper than regular condos. This simply isn’t true. If there is a difference in price, it is insignificant. For example, condos at Wilkes Passage run about $600/sf and up and in the Court Square Press building, $500 – $700 per square foot. This is about the same price as for a standard condo.

Lofts that are for sale on the re-sale market have already been renovated by their current owners. Lofts that are just coming on the market in new developments are being built to luxury levels, and the prices reflect that. Keep in mind, as well, if you buy a loft, there may be additional expenses, such as painting your walls, installing hardwood floors over the concrete, and putting in all of the overhead lighting.

SEARCH FOR CONDOS FOR SALE AND RENTALS

For more information please contact one of our on-call agents at 617-595-3712.

Updated: November 2017

 

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