Loft sellers hold out for more after spate of low-ball offers

637 Lake Shore Blvd. W., No. 305, Toronto

Asking price: $1,325,000 (June, 2024)

Selling price: $1.3-million (September, 2024)

Taxes: $4,664 (2023)

Days on the market: 85

Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty

The action

Over the summer, this two-bedroom corner loft with 1,279 square feet of living space had no trouble attracting house shoppers, despite competition from smaller units in the same heritage-designated building and in other high-rises across the street. But locking down a reasonable offer was a different story.

“We had a particular goal in terms of our price, so there were a couple of offers we declined working with,” said agent Christopher Bibby.

“People who expressed interest initially were trying to see if there was a good opportunity for them or if we were desperate and had to sell – which we didn’t.”

It was only after Labour Day that the sellers met a buyer who came within range of their asking price.

“In that area, you don’t often see units about 1,300 square feet come up for sale,” said Mr. Bibby. “And it’s the only loft building on the water.

“These were the original owners of the unit, so this type of layout doesn’t pop up on a regular basis.”

What they got

The loft has 14-foot concrete ceilings with exposed ductwork and expansive windows that mimic the original windows in the former men’s-wear clothing warehouse constructed in 1929.

There is hardwood flooring in the living room and bedrooms, two full bathrooms and stainless-steel appliances in the kitchen.

The unit also comes with a storage locker and parking spot.

Monthly fees of $1,052 cover water and concierge, as well as use of the gym and rooftop deck.

The agent’s take

“To the west is Coronation Park, so it’s protected land-wise from future development, and with the southwest view, you do get some lake views,” Mr. Bibby said.

“This is essentially the quietest corner in the entire building, so that drew a lot of people.”