Sale of the Week: the $740,000 suite that proves even condos can have heritage appeal

Sale of the Week: the $740,000 suite that proves even condos can have heritage appeal

Sale of the Week: 32 Gothic Avenue, Unit 5

Address: 32 Gothic Avenue, Unit 5
Neighbourhood: High Park
Agent: Adam Charlesworth, Keller Williams Neighbourhood Realty, Brokerage

The Property: One of seven units built into a heritage mansion located practically across the street from High Park, this condo has a wrap-around balcony, a patio, hardwood floors and a fireplace. As with most of the units in the building, this one has a private second entrance. The Bloor West Village shopping strip and High Park station are nearby.

The History: The mansion was originally built in 1889 as the home of George Johnston St. Leger, the second Mayor of the Town of West Toronto. From 1907 to 1922, it was used as a sanatorium, complete with mineral-salt baths. Later, the building was converted into a private maternity hospital known as Strathcona House. In 2007, after the property had fallen into disrepair during years spent as a halfway house for troubled youth, it was converted into condos.

The Fate: The buildup of cookie-cutter condo towers in the area may limit the unit’s resale value. 20 Gothic Avenue, a mid-rise built in 2009, has already completely obscured the mansion’s view of the park. On the other hand, the maintenance fees are reasonable by Toronto standards, at just over 50 cents per square foot. Because those fees pay for exterior maintenance, the new owners won’t have to worry too much about the building’s heritage status. In fact, the designation allows them to apply for an annual tax rebate from the city.

The Sale: A recently retired Bay Street professional decided to put this unit on the market after several lifestyle changes (a marriage, a new interest in pottery) demanded more space. The agent set the listing price just above the unit’s assessed value and marketed the sale to downsizers and young professionals. Several open houses attracted roughly 60 visitors a day, including a nurse who had worked at the maternity hospital decades ago. A single offer for $10,000 under listing was made and accepted, while two other potential buyers sat on the fence. If you missed your chance, don’t fret: unit number six is currently on the market.

By the Numbers:

• $739,000
• 1,500 square feet, approximately
• 500 square feet of balconies and patios
• 125-year-old mansion
• 99 per cent of list price
• 21 days on the market
• 10-foot ceilings
• 3 bathrooms
• 2 bedrooms
• 1 offer
• 1 parking space