Sale of the Week: the $400,000 Parkdale suite that shows hard lofts can hold their value
The Property: This hard loft has exposed brick, wooden beams and hardwood floors throughout. Unlike many units of similar size, though, it also has a separate bedroom. Two large windows and a space-saving storage unit built into the raised den further separate it from the rest.
The History: The building, formerly a toy factory, was converted into the Noble Court Lofts in 1989. After the current seller purchased the apartment, she had the kitchen upgraded with new cabinets and shelving, and also built matching shelves for the living room. In the bathroom, she added a one-of-a-kind cement bathtub, with a matching sink.
The Fate: The agent estimates that authentic lofts make up just three per cent of Toronto’s total condo market, and they aren’t likely to become much more numerous in the future: there are only so many untouched ex-industrial buildings to go around. The constrained supply can make a unit like this one a better-than-average investment.
The Sale: The unit sold for $162,000 when it was first put on the market in 1989. The real estate crash of the mid-nineties caused its value to dip to $50,000 at one point. In 2010, the current seller got a hold of it for $323,000. After six offers in the space of a week, unit 406 sold for $406,406 (how appropriate) following a few rounds of negotiation.
By the Numbers:
• 550 square feet
• 108 per cent of list price
• 26 years since being converted into a condo
• 17 days on the market
• 6 offers
• 1 separate bedroom
• 1 bathroom