The Boston Business Journal recently reported that sluggish sales at American Brewery Lofts are prompting the owners to offer discounts of $30,000 each to the first 20 buyers.
The American Brewery Lofts is a restoration of a former brewery west of Boston originally architected by Frederick Footman of Cambridge. The development is an elevator served 79-unit loft development at 251 Heath Street, which includes garage parking and a 5,000 square foot interior courtyard.
The owners of the American Brewery Lofts in Jamaica Plain are holding a winter clearance sale, offering the first 20 buyers a $30,000 discount each in hopes of pushing the project past the 50 percent sold mark.
Further, the first 10 buyers will each be eligible to receive up to three $5,000 coupons they can use toward closing costs, hardwood floors or for sealing and staining floors. Only the next 10 buyers will receive the $30,000 discount.
The clearance sale begins February 24, 2008.
The loft units are being offered for between $299,000 and $700,000.
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Tim Ryan 
Looks like a home with airy vaulted spaces. This is the type of property that would attract me if I were to live in the city. I really like the brick interior as well.
They may have to evenually convert to rental units!!
Has anyone stopped in to see these lofts? They look very nice, but my initial reaction was that they’re overpriced for a part of JP where there isn’t much going on. Maybe that’s why they’re not selling. I’d be interested to hear anyone else’s opinion on that. Thanks.
My husband and I looked at these last fall. We thought they were overpriced for the area–essentially the back of the VA Hospital. And there are really no “amenities” in that part of JP.
And the finishes were very low-end Ikea, if you know what I mean. I think if they had done a better job w/ finishes or if they had offered them as raw space at lower prices, they would have sold faster. Just my opinion.
I totally agree with cbrown, we have been flirting with these lofts for 3 mths now, and the finishes are sub par, and what you get for the price is not comparable per/sq ft to other developments in the city. With that said, it’s primed for negotiations especially since they are looking to sell 20 units to get up to the 50% completion mark. and chris has hit it on the head it might go rental, especially with a couple new developments cropping up in better locations.
Just a note about the rental possibility at the lofts… They will never be rented. There is a restriction by the city to the developers that states that the developer can NEVER rent any of the units. I am buying and had my attorney discuss this specific topic with the developer’s attorney. I can rent my unit in the future, but they will never rent.
If you are familiar with lofts and loft living, they are industrial buildings that are converted into residental space. Typically, you will not find industrial buildings in the center of an area where “everything” is going on. For example, Charlston Lofts (taffy) – surrounded by highway, commuter rail, delapitated building and major throughway. The Leather District, The South End. Remember the saying’ “build it and they will come”.
Robert,
Were you able to get the asking price down? The units still seem a bit overpriced. Just wondering as I’ve been thinking of purchasing one – but offering a bit below asking price. Any help you could offer would be great! Also, do you know if the condo fees assessed right now will go down once the entire complex is full? They seem a bit high for no building amenities other than the courtyard – which has no seating!
Any help would be so much appreciated!
Thanks!
Just wanted to jump in there and point out that at the time that I went to the open house they were offering a $30k credit to people who didn’t want a parking space and the condo fee included heating and air conditioning.