Sale of the Week: The $2.3-million building that shows what commercial frontage on Queen West is worth
Address: 654 Queen Street West
Neighbourhood: Trinity Bellwoods
Agent: Richard K. C. Ling, Harvey Kalles Real Estate Ltd., Brokerage
The property: A Queen West commercial-residential property, with a storefront at street level and living space above.
The history: The seller bought the property four years ago, wanting a place to stay when she was visiting her daughter, who goes to school nearby. She renovated the living space into a modern two-storey loft.
The fate: The buyers are a couple looking to move into the area. They loved the renovation and the potential for extra income from the storefront downstairs, currently leased to a candle boutique.
The sale: The selling agent marketed the property on Facebook, and also reached out to some personal contacts. He says the fact that the storefront is already under lease was a dealbreaker for a few suitors who wanted to use the space themselves. There were a few interested parties, but none were able to offer anywhere near the asking price. Finally, after the agent spent weeks courting several buyers, a five-way bidding war ensued. The seller took the highest offer, at $380,000 under asking.
By the numbers:
- $15,362.39 in property taxes (2015)
- 174 days on the market
- 14.83-by-107.33-foot lot
- 4 bathrooms
- 3 bedrooms
- 0 parking spaces
The seller turned the upstairs living space into a modern, two-storey loft.
That brown cabinet in the background is actually a Murphy bed.
The kitchen is small, but it’s modern.
One of two bedrooms, with terrace access.
The master bedroom.
The third-floor terrace.
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