Loft sold by Lance Horsley at 1701 Kalorama NW
Real estate agent Lance Horsley has made a business out of specializing in that most urban of real estate styles: the loft. Having represented buyers or sellers in hundreds of loft sales over the last eight years, Horsley has learned a thing or two about loft real estate in DC. For all you home buyers out there who hope to find that perfect post-industrial space with soaring ceilings, exposed ductwork, and a wide-open floor plan, here are five need-to-know tips direct from DC’s loft specialist.
#1 – Know Where To Look
Unlike other major cities in the U.S., there is no large concentrated warehouse district in Washington. “We just don’t have a SoHo,” explains Horsley. “So finding lofts is a bit difficult. You have to know where to look.”
The one exception is the so-called Mid-city Loft District, an area bounded by 14th, 15th, P, and Q Streets in Logan Circle, where one-time body shops have been converted into high-end loft spaces.
#2 – Old Schools & Churches
Over the years, DC’s developers have made up for the lack of livable industrial spaces by looking for alternative property types. “Schools and churches were the buildings that were abandoned in DC, so developers have gone into them and created some very cool lofts,” says Horsley. Examples include Landmark Lofts on H Street NE and Bryan School Lofts, Carbery School Lofts, and Lovejoy Lofts in Capitol Hill. Bishop’s Gate, a church-cum-loft space on 15th Street in Logan Circle, has 25-foot-high ceilings with stained glass.
Another loft sold by Horsley at 1445 Church Street NW
#3 – Expect to Pay a Premium
“Because they are usually unique properties and there aren’t that many available in DC, lofts tend to sell for more per-square-foot than typical condos,” says Horsley. A rough rule of thumb is that lofts command a 10 to 25 percent premium, but Horsley cautions that the exact amount ultimately depends on the unit.
“There’s always a premium for uniqueness, so the more wow-factor that you add, the more the premium. For example, when you have a vaulted ceiling that’s 40 feet high with stained glass windows, you just can’t compare that to a normal condo.”
#4 – They Get Snapped Up Quickly
Horsley says that, due to their limited number in DC, loft spaces frequently don’t even make it onto the open market before they are sold. And if they do come on the market, they sell very quickly.
“People looking for a loft in DC really need to get their ducks in a row and be prepared to move when they see a loft they like hit the market.”
#5 – Go With a Specialist
Given the tight supply and high demand for lofts in DC, you really need the help of an expert. There is no search category for lofts in the MLS, which means home buyers can’t just find lofts like they can single-family homes and condos.
“My clients come to me because I know every loft development in the area,” Horsley said. “If someone is looking for a loft here in DC, the quickest, easiest way is to get in touch with my team.”
This article originally published at https://dc.urbanturf.com/articles/blog/sponsored_post_looking_for_a_loft_in_dc_5_things_you_need_to_know/2097.
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