Price flexibility on laneway loft draws offer

Written by Sydnia Yu | Published in The Globe And Mail
In the Press
April 8, 2024

50 Bartlett Ave., Th. 11, Toronto

Asking price: $1,695,000 (February, 2024)

Previous asking prices: $1,695,000 (November, 2023); $1,795,000 (October, 2023); $1,795,000 (August, 2023); $1,895,000 (June, 2023)

Selling price: $1,592,000 (March, 2024)

Previous selling prices: $1,590,000 (May, 2019); $833,928 (March, 2018)

Taxes: $5,617 (2023)

Property days on market: 279

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

The action

This three-storey loft in a former yarn factory on a laneway near Bloor and Dufferin streets was listed in June last year with an asking price of $1,895,000 in the belief that it could do better than the last loft that sold in the building, which traded for $1.59-million in 2022. But visitors were sparse in the summer doldrums and then disappeared altogether, despite two price cuts of $100,000 each over the following months.

“When we went on [the market], a couple of interest rates hikes had just happened, so that took a lot out of the momentum out of the process,” said agent Christopher Bibby.

“We adjusted to … show the market there was some wiggle room on the price. And the fall market was still very slow for everyone.”

In February, the loft was relisted at $1.695-million and managed to attract an offer, though, at $1.592-million, less than they had hoped for. Nonetheless, the seller accepted. “Things are starting to pick up, especially for very unique properties like this,” Mr. Bibby said.

“It has very raw construction components with the concrete and exposed, steel beams.”

What they got

In 2016, this brick warehouse tucked behind traditional houses was converted into 13 townhouse-style lofts. This 1,700-square-foot model has a rooftop terrace.

The concrete flooring is heated in the kitchen and dining area, and the living room, with 18-foot ceiling, has plenty of natural light from large windows. The space is overlooked through a wall of glass in the primary bedroom on the second floor.

The third level has another bedroom, a den and one of the home’s three bathrooms.

Water is included in monthly fees of $1,128. Tandem parking spots are in a garage with a stacking system.

The agent’s take

The kitchen, dining area and living room are overlooked through a wall of glass in the primary bedroom on the second floor.MICHAEL PEART PHOTOGRAPHY

“This is more like a luxury condominium or a higher-end product, and a very large, unique space,” said Mr. Bibby.

“And the third-floor terrace was a great oasis for people to enjoy barbecuing in privacy.”

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