Sale of the Week: The Roncesvalles loft that gained almost $300,000 in value in under two years

Address: 363 Sorauren Ave, Suite 111 Neighbourhood: Roncesvalles Agent: Eileen Lasswell, Chestnut Park Real Estate Ltd., Brokerage Previously sold for: $725,000, in 2017

The property

A recently renovated ground-floor loft in an old candy factory.

The history

The seller is a musician from Burlington who bought the suite less than two years ago to be closer to the downtown scene. He has since decided to pursue professional cycling. Initially, he wanted to lease the unit while he was training overseas, but he wasn’t getting any takers at $4,000 per month, so he decided to sell.

The living area has a ground-floor walkout:

Concrete floors mean never having to worry about spilling a little wine:

The bedroom is upstairs:

The bed has a nice view of the rafters:

And here’s the master bathroom:

The fate

The buyers are a couple. Along with the unit, they bought some of the seller’s furniture and artwork, including the two antique car doors hanging on one of the walls:

The sale

The seller decided to list exclusively, meaning the condo didn’t appear on Toronto’s Multiple Listing Service, the online database that feeds property information to realtors throughout the GTA. The selling agent suggested the low-key approach as a way of avoiding overexposure during a quiet time for the market. Because there had been some recent bathroom and kitchen renovations, the seller set the asking price at $1,049,000, much higher than the recent sale prices of neighbouring units. After three days of negotiations, the seller accepted the buyers’ offer for $54,000 less.

By the numbers

• $995,000 • 935 square feet • 2 bathrooms • 1 bedroom • 1 parking space