House of the Week: $2 million for a Junction loft with a design pedigree (and secret rooms)

11 thoughts on “House of the Week: $2 million for a Junction loft with a design pedigree (and secret rooms)”

1. I don’t know, you could buy a building on the Danforth or pretty much any other commercial street and convert the upstairs units into one loft for pretty much the same price. That way you’d be able to choose who occupies the first floor and collect rent. This guy decides to move his business elsewhere you could be stuck with Toronto’s “hippest” new bar downstairs.

2. You know what else separates it from the endless supply of glassy rectangular Toronto housing stock? About 10 kilometers. Seems like a premium price to pay in an neighborhood that’s a passing fad. If real estate is about location, location and location, I’m kind of feeling this one barely qualifies as having one of those.

3. It’s $2m for the building (zoned commercial with a two storey residential unit above). The article states that the owner also occupies the main floor retail portion…so clearly whoever owns the building decides if they want Toronto’s hippest new bar there.. Which also would require a zoning amendment to permit that usage.

4. Depends what your definition of location location location is. Is it the concrete jungle with little green space, perpetual traffic congestion or an area close to parks, good schools that has history and character where you say hi to the people you recognize on the street?

5. The story describes the unit as the loft that takes up the second and third floors of a Dundas West building. Nothing about ownership of the entire building. Not uncommon to have a building divided into separate ownerships.

   Since you have a vested interest in the property, why don’t you take this opportunity to tell us more about it. Obviously you feel the article has missed key points..

6. The East/West discussion always comes up with clients. From the images the place looks pretty unique. Income from the commercial space is a great help. It might not be for everyone, but it does look cool.

7. I have no interest in the property.. just wanted to shed some light on what’s being sold. It’s 2989 Dundas Street West – “3 storeys”. No unit #, which would indicate it’s the whole building that is for sale. Your comment was basically that you can’t pick your neighbours or who occupies the space below you, and that for 2m you wouldn’t even be collecting rent. Not the case here. http://realtor.ca/propertyDetails.aspx?PropertyId=14552419

8. The biggest barrier to a property like this is the mixed commercial-residential zoning. Banks will require a commercial mortgage, which need a min of 30% down payment & usually have higher interests rates. Not to mention that the commercial portion of the building will be taxed at commercial rates (typically 3x residential tax rates) and I may be wrong on this, but the commercial portion of the building may also be subject to HST when the deal is closed (another 13% to dish out). Not to mention the new owner will be paying a premium for most admin functions required for the house, everything from appraisal to insurance, etc.

   Even though it has residential components, it’s kinda misleading profiling it as a ‘House of the week’. Not hating on the property, but this type of real estate isn’t for everyone.

9. Points well taken. Hopefully the purchaser took these issues into account, or at least discussed them with their Agent.

10. Guess you haven’t visited J-town in awhile. Drop by anytime!

11. Love the library area and the seats at the kitchen table. Great use of the wood in the chairs!.

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