Sale of the Week: The $1.9-million suite that proves co-op living is alive and well in Summerhill
A corner unit in an exclusive 50-year-old co-op building.
The co-op was built in 1969. This particular unit was originally two separate suites, but they were combined into one by a previous owner. The seller, who moved in about six years ago, renovated in 2013, adding stainless steel appliances, new flooring, updated bathrooms, and some built-in shelving.
Here’s the living area:
The dining area:
And the kitchen, with new appliances:
There are three bedrooms. This one is being used as a den:
And the master bedroom:
The balcony is nothing too special, but it’s big and it has a view of some greenery:
The process of buying a co-op unit is unlike buying a condo. Because buyers are essentially purchasing shares in the co-op, the board has a stringent financial review process to make sure the new owners won’t default on their contributions. The buyers of this unit, a married couple downsizing from their Rosedale house not far away, easily passed.
Although the building generates a lot of interest, most of the demand is for units smaller than this three-bedroom place. Plus, the co-op’s strict rules—no pets of any kind and no ensuite laundry—are a dealbreaker for many. The unit drew one offer, for $70,000 under asking.
By the numbers
• 1,812 square feet
• 12 days on MLS
• 3 bedrooms
• 2 bathrooms