Two-storey Toronto loft sells after one-and-a-half years on the market.

111 St. Clair Ave., W., No. 819, Toronto

Asking price: $2,195,000 (September, 2024)

Previous asking prices: $2,349,900 (May, 2024); $2,395,000 (January, 2024); $2,495,000 (August, 2023); $2,575,000 (April, 2023)

Selling price: $2,127,000 (October, 2024)

Taxes: $7,981 (2023)

Property days on market: 546

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

The action

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This 1,710-square-foot loft was listed for sale in the spring of 2023 with an asking price of $2.575-million based on the rarity of its three-bedroom design spanning two levels inside the restored 1957 Imperial Oil building on St. Clair Avenue. The owner was not hard-pressed to sell but reduced its price roughly every four months to rouse a fresh batch of buyers.

“The majority of suites in the building are not two-level units,” said agent Christopher Bibby. “In fact, I don’t think there is another unit exactly like this one with three bedrooms and four bathrooms. It was set up almost like a home within a condo.”

This fall, a further price drop of more than $154,000 to $2.195-million finally brought out its first offer. After negotiations, a deal for $2.1.

“The building was doing exceptionally well in ‘21 and ‘22,” said Mr. Bibby. “We started to see a slowdown by ‘23 with record low level of transactions.”

“When we came down to a more digestible price in line with what we felt would prompt a sale, that ended up getting the transaction done.”

What they got

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In 2017, the former headquarters for Imperial Oil was converted to luxury lofts with upscale retailers below. This corner suite has 14-foot ceilings above the kitchen and entertaining area.

The unit includes a storage locker and two parking spots.

Monthly fees of $2,010 cover the use of a clubhouse with a pool, squash courts, theatre, and golf simulator.

The agent’s take

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“One thing that is really cool is they have a recording studio with instruments, microphones and a green room if people want to film themselves for a podcast.”