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