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Converted Heritage Building Finds Right Buyer In Cabbagetown

Featured on  Globe and Mail September 05, 2017 @ 4:56 pm

Posted in: Done Deals, Globe and Mail,

SYDNIA YU | THE GLOBE AND MAIL | PUBLISHED THURSDAY AUGUST 31, 2017

289 SUMACH ST., NO. 4, TORONTO

ASKING PRICE $899,900

SELLING PRICE $872,500

TAXES $3,392 (2016)

DAYS ON THE MARKET 40

LISTING AGENT Christopher Bibby, Re/Max Hallmark Bibby Group Realty

The Action: The converted heritage building is just a few streets away from Riverdale Farm. About 30 buyers toured this two-storey loft in late May, just as Toronto’s real estate market was beginning to soften. In June, a deal was struck for roughly $27,000 less than the $899,900 list price.

“There are only 10 units in the building and turnover is exceptionally low, so we really only see one unit go for sale every year or year and a half,” agent Christopher Bibby said. “There’s nothing else like it out there, so my seller was firm in his expectations and the buyer kept coming back, and we were able to make a deal happen.”

What They Got: The more-than-century-old building once served as a nursing college but now holds private residences, such as this 1,100-square-foot loft with original hardwood floors, exposed brick walls and 14-foot ceilings on the main floor.

The cooking and dining quarters are open-concept, and have a living room with a gas fireplace.

Upstairs are two bedrooms, including one with a skylight and the other with a deck.

A bathroom, laundry facilities, Miele and Sub-Zero stainless-steel appliances round out the unit. It also comes with a locker and parking. Monthly fees of $525 cover water.

The Agent’s Take: “It felt more like a freehold property than a loft,” Mr. Bibby said, crediting its size and two-storey setup.

“And the nice thing about this particular unit is it had both east, west and some north exposure, so it had windows on all different sides, skylights throughout … and a large terrace off the master bedroom.”