Price flexibility sells Foundry Loft

Written by Sydnia Yu | Published in The Globe And Mail
In the Press
May 31, 2024

1100 Lansdowne Ave., No. 351, Toronto

Asking price: $1,049,900 (March, 2024)

Selling price: $1.03-million (April, 2024)

Previous selling prices: $908,000 (August, 2020); $380,368 (June, 2009)

Taxes: $3,318 (2023)

Days on the market: 24

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

The action

This two-bedroom loft was listed for $1,049,900 with the assumption that buyers would likely press for a discount. However, the sellers felt confident they could weather the storm, as they were the only unit then for sale in the building directly across from Earlscourt Park. Sixteen parties toured the space over three weeks. One bidder finally came forward with an offer only slightly under the asking price, with some minor conditions attached.

“There was nothing for sale in the building, and nothing identical had been on in about a year’s time,” said agent Christopher Bibby.

“We went out with an asking price we felt would inevitably be negotiable given market conditions and with some patience, knowing we may not get the first person coming through to fall in love with it or jump on it right away.”

What they got

This metal casting factory originally built in 1902 was converted into more than 100 lofts in 2008.

This 1,169-square-foot unit spans two floors and has exposed brick walls and double-height ceilings in the living room.

There are bathrooms on both levels. The kitchen has an island and stainless-steel appliances.

The unit comes with a storage locker and parking. Monthly fees of $866 cover the use of the building’s gym and entertaining spaces.

The agent’s take

“This was really the only [loft] conversion option in the neighbourhood,” Mr. Bibby said.

“And being higher up, this unit has lots of natural light,” said Mr. Bibby. “There are a couple large, mature trees in front of the unit that provide some privacy and greenery.”

“There’s lots of new construction going on [in the area], and further east, Galleria [mall] is being redeveloped

“There’s a growing food scene/culture on Geary Avenue.”

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