Rare Casa Loma-area loft sells quickly

Published Thursday, Oct. 03 2013, 8:57 PM EDT
Last updated Thursday, Oct. 03 2013, 10:52 PM EDT

380 MACPHERSON AVE., NO. 423, TORONTO

ASKING PRICE $409,900

SELLING PRICE $398,000

PREVIOUS SELLING PRICE $242,585 (2009)

TAXES $2,159 (2012)

DAYS ON THE MARKET Nine

LISTING AGENT Christopher Bibby, Sutton Group-Associates Realty Inc.

The Action: In a predominantly low-rise neighbourhood around Casa Loma, the Madison Avenue Lofts is one of few buildings offering loft condominiums. Earlier this summer, there were a few units for sale, but this one-bedroom plus den suite sold faster than normal after it clocked 17 showings.

What They Got: On the fourth floor of a former hydro building converted to house over 200 suites, this roughly 800-square-foot space was refashioned with 14-foot ceilings, hardwood floors, granite counters, two marble bathrooms and stainless steel appliances four years ago.

The living, dining and cooking areas against the east-facing, floor-to-ceiling windows are open concept, while the den and bedroom is enclosed.

The suit has parking and laundry facilities, and a 24-hour concierge, a gym, theatre, party room and rooftop terrace with barbecues. There is a monthly fee of $421 for water and heating.

The Agent’s Take: “This is probably the perfect locale for people who want to live in the Casa Loma/Annex area, which is quite convenient because you’re walking distance to St. Clair, Dupont subway, Annex, Yonge Street and Yorkville,” says agent Christopher Bibby. “On the east side, there’s a little parkette and this [unit] overlooks that, so if you were in the kitchen or living and dining room, all you saw was trees.”

The different design of this loft was also its strength. “Typically, there is a solarium, but [the sellers] completely opened it up, so the living/dining area is much larger than a typical suite,” Mr. Bibby adds. “Almost every one-bedroom plus den – with the exception of this layout – had one bathroom, but we had two.”

Editor’s Note: In the Press|Done Deals contain information gathered from real estate agents, home buyers, home sellers and sale prices that are publicly available from government sources. While we try to publish In the Press|Done Deals as soon as possible after the transaction has occurred, long closings can cause delays.