Sale of the Week: the $870,000 loft that shows one bedroom is no deterrent to enterprising buyers
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:
• $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