A sponsored post by Nest Forward –
The Summer of $200,000+ Loft Sales!
I realize that we are well into autumn at this point, but I’d still like to report that downtown Lynn saw a very encouraging summer of loft sales. The neighborhood saw its first sales that topped $200,000 since 2009! Check out the details and photos of the three worthy DTL lofts that topped $200,000 this summer!
Sloan Machinery Lofts – 589 Essex Street, Loft 306 sold in just 39 days for $224,000! Nest Forward represented the sellers on this sale. The compelling feature of this unit is that it has two bathrooms, one of which is a master bathroom. This unit also came with one deeded outdoor parking space. The buyer of this unit is new to the neighborhood and is very happy to be here! This sale is great news for other unit owners in DTL, especially those at Sloan with 2 bed/2 bath top floor units that offer deeded garage parking and deeded access to build a semi-private roof deck (a valuable amenity for all 4th floor units at Sloan). We sure would love to see someone with a fourth floor unit build a roof deck! There haven’t been any owners at Sloan yet who have taken advantage of this valuable and unique feature. If any Sloan owners would like to explore the advantages of added value that a roof deck would create, I would be more than happy to share my thoughts. I believe that a roof deck at Sloan would really help to shine a brighter light for out-of-towners on the amazing real estate available in downtown Lynn.
The next loft that we are happy to report on is at New Sherry Block Lofts – 170 Oxford Street, Loft 506. Nest Forward was not involved in this sale at all (Coldwell Banker Lynnfield represented the seller), but we are thrilled by the final sale price nonetheless. This unit sold for
$208,000 in 55 days! This unit is a top floor 2 bed/1 bath unit with one deeded outdoor parking space and a separate storage unit. The Sherry Lofts aren’t quite as raw and lofty as Sloan Machinery Lofts and Boston Machine Lofts, but the units do have high ceilings, exposed ducts, and nice large windows overlooking the city. The buyer of this unit owns another loft in DTL where she has been living since 2004. She loves the neighborhood so much that she decided to invest in a second loft that offered her more living space. We love seeing this kind of staying power with residents!
The last loft that we are highlighting is at Boston Machine Lofts – 13 Willow Street, Loft 506. This was a private sale, so we do not have any MLS listing details or unit photos to share. What I do know is that it is a top floor 2 bed/1 bath loft spread out over 1,500 square feet. The absolute BEST feature of this unit is that it has 16 large windows. Yes, that’s right, 16 large windows! I know of some single family homes that don’t even have 16 windows! Not to mention, tons of exposed brick, a skylight, and a surprising 30 foot long private entryway into the main space. In my opinion this unit should have sold for a lot more, but the final sale price was roughly $210,000. (Boston Machine Lofts does not offer parking, but the building and units offer such stunning architecture that lack of parking doesn’t really matter to most people.) Like the buyer for the New Sherry Block Lofts unit, the buyer for the Boston Machine Lofts unit also decided to invest in a second unit in the neighborhood. She has owned and lived in a smaller unit at Boston Machine Lofts since 2004 and wanted more space. Since she loves the neighborhood so much, she decided to “double down.” You go girls!
Nest Forward is committed to continuing to raise real estate values in downtown Lynn, both in sales and rentals. Increased values obviously benefit sellers, but we also believe that increased values will continue to remain attractive to buyers because lofts in downtown Lynn are still comparatively far less expensive than other areas locally, including Chelsea, Everett, Salem, and even Lowell (which is surprising considering Lowell’s distance to Boston). Buyers also like to know that the neighborhood they are investing in is stable or on the upswing and increased real values are surely a positive sign.
With all of that said, who wants to buy or sell a loft in downtown Lynn?