Sale of the Week: the King West loft that shows what $1 million gets you downtown
The Property: An elevator opens directly into the den of this hard loft, which features original exposed beam-and-brick walls throughout, as well as 10-foot ceilings. It occupies the entire south side of the Monarch Building’s third floor, granting it views to the south, east and west.
The History: The Monarch Building was originally built in 1915 and was later bought up by its namesake conveyor belt manufacturer in 1948. Developers converted it into condos in 1998. The previous owner of this particular unit, a fashion designer and sci-fi writer, kept the place up to date during her residence.
The Fate: The condo was bought up by a pair of midtown downsizers who were seeking a spot closer to the action in downtown Toronto. About 60 per cent of the listing’s suitors were in similar situations, according to the agent. The new owners are planning to carve an extra bedroom out of the pad, a change enabled by the brick-and-beam construction, which makes it possible to demolish interior walls without causing a cave-in.
The Sale: Although many potential buyers expressed interest in the condo over the course of its 37 days on the market, several were put off by the wooden stage in the sitting room. The agent removed the platform himself and received what would turn out to be the final offer after the very next showing.
By the Numbers:
• 1,706 square feet
• $829.36 in monthly maintenance fees
• 99-year-old former factory
• 98 per cent of list price
• 37 days on the market
• 10-foot ceilings
• 3 exposures
• 2 washrooms
• 1+1 bedrooms
• 1-car parking
• 1 offer
• 1 direct-access elevator