Ongoing lack of inventory and the desire for buyers to live close to restaurants, night-life, sporting events, and large Downtown employers are the driving forces behind the demand for loft-style condos in Downtown and Freemason.
Appealing to both young professionals and empty nesters, Downtown has been a desirable neighborhood for over a decade. Today, as more professionals leave surrounding suburbs to relocate to Norfolk’s Downtown urban community, demand for lofts is higher than in previous years.
Today’s Downtown buyer is attracted to the open floor plans, high ceilings, industrial elements, and the overall creative space and design lacking in traditional condo buildings. Lofts tend to offer smaller space equaling less square footage than their traditional counterparts, which also appeals to savvy buyers.
This upward trajectory is expected to continue. Buildings featuring elevators, big windows with lots of natural light, and end units have the highest demand. Buildings with deeded parking spaces and parking lots garner higher prices than units with nearby city parking options.
Currently, there are only 13 lofts in Downtown and Freemason listed for sale on the local MLS, and 2 are Under Contract. These include original warehouse conversions and newer construction buildings designed with the space, style, and elements of loft living. Price points range from $125,000 for a one bedroom with 532 square feet of living space to $585,000 for a 2 bedroom with 2348 square feet of living space and two parking spaces.
For more information about Downtown living or available loft-style condos, please, reach out to me via phone at 757-647-3126 or email me. I am always available and love talking about Norfolk real estate!
Written by Shannon Allen
Shannon is a Top Producer real estate agent with over 13 years experience assisting buyers and sellers in Norfolk Virginia. Shannon lives and works in Norfolk and knows the real estate market well; she loves assisting clients buy or sell in Downtown and Freemason.
Chandler Realty 701 W 21st Street Norfolk, Virginia 23517