Traditional Condominium Buyers are Turning Towards Loft Space

It is well known that Boston is one of the most expensive markets in the country to purchase a condominium. The main reason for this is a lack of quality supply. Many contemporary or newly renovated condominiums that run greater than 1000 square feet are out of reach for young professionals within the city of Boston. Newly renovated, spacious condominiums greater than 850 square feet, in the Back Bay and South End areas selling over the last 6 months have an average sale price of 1,200,000.00 (Based on 261 condominiums greater than 850 square feet in the South End and Back Bay that sold over the last 6 months). Very few of these are one bed units! However buyers are finding a solution.

There are an abundance of Lofts in Boston that many times go unnoticed. Most of these loft buildings reside in the Leather district, Financial District, or South Boston. Many young professionals are finding spacious large newly renovated lofts to be the perfect solution. Many lofts offer a lot of natural light and fantastic character that just isn’t found in a more traditional unit! As compared to more traditional units in the Back Bay and South End lofts greater than 1000 square feet in the leather district, Seaport or South Boston have an average sales price of $408,000.00 (Based on 156 condominiums with greater than 1000 square feet of space sold over the past 6 months in the Seaport, Leather District and South Boston.). Also, it just so happens that many of these buildings are new construction or newly renovated. A great example is the new Allele building which was completed in 2008. The Allele Loft Development currently has a large 1 bed listed for $459,000.00 that is over 1000 square feet!

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