Large loft in converted warehouse sells in a ‘tricky’ Toronto market

The action

When the owners of this 1,625-square-foot loft in the converted Merchandise Building were notified that their tenants were moving, they decided to test whether there was any pent-up demand from buyers since the last large loft in the building had sold a year ago. That two-bedroom plus den loft sold for $1.1-million, so they priced theirs, of a similar size, at a touch under $1.2-million in January.

“There wasn’t much turnover for larger spaces, like this one,” said agent Christopher Bibby.

“The majority of the units coming on the market were smaller, under 1,200 square feet, which is still quite large, but not for that building.”

College Park condo’s skyline views and spaciousness propel quick sale

Only three buyers requested a once-over of the updated loft near Toronto Metropolitan University. One buyer made an offer that was $23,000 under the asking price.

“Units that have undergone a refresh are selling a lot better than other ones,” Mr. Bibby said.

“For condos, it’s impossible to get full list price unless it’s been relisted multiple times. It’s a tricky market, so this wasn’t a bad outcome.”

What they got

About 25 years ago, the former Robert Simpson Co. warehouse built in 1910, was converted into residential suites like this west-facing unit with 12-foot ceilings and multipane windows.

Several years ago, the owners renovated the kitchen, complete with an island and stainless-steel appliances and the two bathrooms.

Sellers ‘fortunate’ to break even on Queens Quay condo sale

A new gas fireplace and a built-in dry bar were also installed in the living room.

Parking is included. Monthly fees of $1,593 cover water bills, concierge and use of recreational facilities.

The agent’s take

“It’s in the old Simpsons warehouse, and conversions always have a lot of charm and high ceilings, so it stands out,” Mr. Bibby said.

“The amenities often draw people in. There’s quite a bit, like a basketball court, pool and rooftop terrace.”