Sale of the Week: the $424,000 condo that proves downtown doesn’t have a monopoly on cool lofts

By Nicholas Mizera | November 10, 2014

By Nicholas Mizera | 11/10/2014

toronto-condo-of-the-week-1001-roselawn-avenue-intro

Address: 1001 Roselawn Avenue, Suite 221
Neighbourhood: Briar Hill
Agent: Susan Lee, Slavens and Associates Real Estate Inc., Brokerage

The Property: This loft, on the second storey of a converted industrial building, has 13-foot ceilings with exposed ductwork, plus two bedrooms and a private terrace on the building’s roof, not accessible from within the unit.

The History: The building, which dates to 1932, was once a textile factory. Developers converted it into condos in 2003. The suite’s previous owners, a young professional couple, decided to sell so they could trade up to a detached home.

The Fate: This industrial neighbourhood northwest of Eglinton and Allen will likely keep attracting new development. The nearby Eglinton light-rail line, currently under construction, is a powerful lure for investors.

The Sale: The agent wanted to attract the same type of young professionals that buy downtown condos, and that’s exactly who bought the unit. The first-time buyers got more square footage than they would have been able to afford in the core. The unit was on the market for two weeks.

By the Numbers:

• $424,000
• 1,177.5 square feet
• $604.55 in maintenance fees
• 398.8 square foot rooftop patio
• 99 per cent of list price
• 82-year-old building
• 14 days on the market
• 13-foot ceilings
• 2 bedrooms
• 2 washrooms
• 2 storage lockers
• 1 parking space
• 1 offer