Large Cabbagetown loft snapped up quickly after relisting

Published Thursday, May.14 2015

50 BLEECKER ST., UNIT C, TORONTO

ASKING PRICE $785,000

SELLING PRICE $785,000

PREVIOUS SELLING PRICE $580,000 (2011); $420,000 (November, 2003); $392,000 (May, 2003); $232,500 (1999)

TAXES $4,696 (2014)

DAYS ON THE MARKET One

LISTING AGENT Christopher Bibby, Sutton Group-Associates Realty

The Action: Around the corner from Allan Gardens, the Bleecker Street Lofts can go without any vacancies for years. By chance, two lofts were posted for sale last fall, yet this two-bedroom-plus-den unit waited for a feasible deal for months. So it was relisted with a condo specialist – agent Christopher Bibby – whose first visitor made an enticing offer that 15 other buyers couldn’t surpass with only 24-hours notice.

What They Got: In 1994, a brick heritage structure was converted into four lofts with street access, including this 2,144-square-foot unit with east and west-facing windows and a fusion of old and new features, such as an upper bedroom with exposed brick walls and a combined walk-in closet and bathroom with a frameless shower stall.

Ceilings are 14 feet above both the skylit den and living room upstairs, as well as the lower-level entertaining area, dining space and kitchen equipped with hardwood floors, stainless steel appliances and access to a second bedroom and bathroom.

The loft comes with surface parking and monthly condo fees of $720 to cover utilities.

The Agent’s Take: “This is very unique because there are only four units in the building and it’s self-managed, so it’s a very intimate building where everyone knows each other,” says agent Christopher Bibby.

“The division of space was incredible because there was so much to work with. [For instance], it was incredible how you have to walk through the closet and washroom to get to the master, which provided a lot of privacy for the owners.”

What pleased buyers even more was that the sizable loft didn’t require a big budget. “[The units] are all more or less the same, but this is the largest of the four,” Mr. Bibby notes. “For this price, even under $800,000, you’re not going to get over 2,000 square feet of living space in a semi-detached house in Leslieville. So I saw a lot of people frustrated with the freehold market and saying this could be a good alternative.”