Condo of the Week: $400,000 for a Lytton Park suite with an unusual ownership structure

Address: 2603 Bathurst Street, Unit 407
Neighbourhood: Lytton Park
Agent: Kori Marin, Sage Real Estate Limited, Brokerage
Price: $399,000

The place

A one-bedroom unit on the fourth floor of a former 1950s apartment block, with a balcony at tree level.

A row of coat hooks squeezes a little extra functional space out of the entry:

A big sectional couch defines the living room (and those bookcases make an interesting backdrop):

There’s a little space behind the couch for a desk:

Lots of room left over for a dining table:

Here’s the kitchen:

And the bedroom:

The history

This apartment complex was converted into a co-ownership building in 2009, which means that each person owns a percentage share of the entire property, rather than an individual unit. The seller, who works in publishing, has been here since the conversion, but is now planning to move to Leslieville.

Big selling point

The uncommon ownership structure should make this place a little less expensive than comparable condos, meaning the buyer may be able to get into a desirable neighbourhood at a lower-than-average cost per square foot.

Possible deal breaker

Lenders are wary of co-ownerships, so the buyer will probably need a big downpayment to get financing.

By the numbers

• $399,000
• 834 square feet
• $492 in monthly maintenance fees
• 70-square-foot balcony
• 1 bedroom
• 1 bathroom
• 1 parking space

The Hunt

City

“I’ve been a family doctor for more than 20 years. Now, I have no choice but to close my practice”

Rising costs, new administrative duties and subsequent burnout have made it impossible for physician Fan-Wah Mang to keep her Mississauga clinic open. Delivering the news to her patients—many of whom have nowhere else to go—broke her heart