Sale of the Week: the $870,000 loft that shows one bedroom is no deterrent to enterprising buyers
Address: 637 Lake Shore Boulevard West , Unit 120
Neighbourhood: Harbourfront
Agent: Jason Lau , Century 21 Leading Edge Realty Inc.
The Property: Unit 120 in the Tip Top Lofts building spans three levels, but comes with the singular drawback of having only one unwalled bedroom on the second storey—a sticking point for buyers. The space sports raw details like concrete flooring, iron hand rails, exposed cinder-block walls and a (thankfully, sealed) elevator shaft in the dining area. It’s also the only loft at Tip Top to have direct access to its two underground parking spaces, via a lower-level exit.
The History: The Tip Top Lofts building is the converted remains of the menswear retailer’s former headquarters, originally completed in 1929. The residential conversion happened in 2002. Respecting the building’s Art Deco style, unit 120’s former occupants added a swanky raised platform in the living room. (The designer kitchen is a more modern touch.) Downstairs, they added a workshop to the lower level by walling off two of four existing parking spots.
The Fate: The unit was bought up by an investor who plans to add two more bedrooms to boost its value—probably to around the $1.1 million mark, the selling agent thinks. For now, the loft is available to rent for around $7,500 a month. The interim tenant will be able to look forward to shopping at the soon-to-open Loblaws at Bathurst and Lake Shore, and will also be able to watch at least six planned condo buildings pop up across the street. Despite the competition, however, unique lakeshore lofts like this one tend to hold their value.
The Sale: The listing price offered buyers remarkable value per square foot. Even so, after a few price shifts, the sellers told their agent to “get rid of it,” resulting in a sale $9,000 under asking.
By the Numbers:
• $870,000
• $7,500 to rent it for a month
• 2,700 square feet, approximately
• $1404.04 in monthly maintenance fees
• 99 per cent of list price
• 85-year-old former factory building
• 14.5-foot ceilings
• 11 days on market after the last price adjustment
• 4-head “rain” shower
• 3 storeys
• 2 parking spots
277688 The unit is in the Tip Top Tailor lofts Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-1-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-1.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-1.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-1/ toronto-sale-of-the-week-637-lakeshore-boulevard-1 0 0
277689 This stage-like area functions as a living room Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-2-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-2.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-2.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-2/ toronto-sale-of-the-week-637-lakeshore-boulevard-2 0 0
277690 The kitchen is as sleek and industrial as the rest of the space Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-3-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-3.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-3.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-3/ toronto-sale-of-the-week-637-lakeshore-boulevard-3 0 0
277691 Another view of the kitchen Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-4-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-4.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-4.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-4/ toronto-sale-of-the-week-637-lakeshore-boulevard-4 0 0
277692 The dining area Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-5-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-5.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-5.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-5/ toronto-sale-of-the-week-637-lakeshore-boulevard-5 0 0
277693 The second floor consists of the master bedroom and a den Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-6-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-6.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-6.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-6/ toronto-sale-of-the-week-637-lakeshore-boulevard-6 0 0
277694 Here's the second-floor den Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-7-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-7.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-7.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-7/ toronto-sale-of-the-week-637-lakeshore-boulevard-7 0 0
277695 The master bedroom has some big, tall factory windows Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-8-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-8.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-8.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-8/ toronto-sale-of-the-week-637-lakeshore-boulevard-8 0 0
277696 And here's the view from the bed Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-9-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-9.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-9.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-9/ toronto-sale-of-the-week-637-lakeshore-boulevard-9 0 0
277697 The master bedroom's en suite washroom has sort of a David Cronenberg thing going on Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-10-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-10.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-10.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-10/ toronto-sale-of-the-week-637-lakeshore-boulevard-10 0 0
277698 This office space is on the lower level. It used to be parking before the former owners walled it in Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 Sale of the Week: 637 Lakeshore Boulevard West, Unit 120 https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-11-96x96.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-11.jpg https://torontolife.com/wp-content/uploads/2014/06/toronto-sale-of-the-week-637-lakeshore-boulevard-11.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-637-lakeshore-boulevard-west/slide/toronto-sale-of-the-week-637-lakeshore-boulevard-11/ toronto-sale-of-the-week-637-lakeshore-boulevard-11 0 0
Normally I love the hard-loft look, but this place is awful. That photo of the office with the red chair looks like some sort of interrogation room. The shower is nice, though. Hopefully the new owner will hire a skilled decorator.
A friend was a (the?) former owner of this unit and with the right art, furniture and decor (this might have been staged – definitely not what he had in there) it’s absolutely stunning. I’m surprised they didn’t show the walk-in closet – it’s quite grand. The photos and shown decor do not do this place justice.