Buyer adds $15,100 to asking price to close on art deco loft

637 Lake Shore Blvd. W., No. 221, Toronto

Asking price: $699,900 (May, 2023)

Selling price: $715,000 (May, 2023)

Previous selling prices: $355,000 (May, 2014); $315,000 (September, 2012); $277,000 (February, 2008); $178,886 (September, 2006)

Taxes: $2,096 (2022)

Days on the market: Three

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

The action

Last fall, agent Christopher Bibby advised his client to delay the listing of this roughly 600-square-foot unit at Tip Top Lofts until market conditions in the area near the CNE grounds had improved. This spring he judged the time was ripe, and the one-bedroom unit was posted for sale priced at $699,900.

“When we came on, there wasn’t anything for sale in the building other than a listing for $3.5-million,” said Mr. Bibby.

“The last time a one-bedroom unit in the 500- to 600-square-foot range came up was in January, which was a very different market, so our timing was great and that was reflected in the fact … there were two offers and it ended up going a couple per cent over asking.”

Optimal weather also accelerated the loft’s sale. “It’s right at the tree line, so that time of year, everything had come into bloom, so in the living and dining room, even the bedroom, it felt like you were in a tree house.”

“It had a very bright, open, and airy feel, but if we had [shown] it in the winter, the view would have been completely different.”

What they got

The unit is part of a renovated and expanded art deco building built in the 1920s as the headquarters and manufacturing facility for Tip Top Tailors men’s wear. It now has numerous modern lofts like this one-bedroom version with 14-foot, concrete ceilings, exposed ductwork, and multi-pane windows.

The kitchen is equipped with stainless steel appliances, and the four-piece bathroom was outfitted with laundry facilities.

Monthly fees of $409 cover water, concierge service and use of the gym and rooftop deck.

The agent’s take

“It’s the only loft conversion on the harbourfront,” said Mr. Bibby.

“It has that iconic, Tip Top Tailors sign out front and the big fountain, so there’s so much about the building that stands out and is unconventional.”