Relisted at a lower price, east Toronto penthouse sells

Written by Sydnia Yu | Published in The Globe and Mail
In the Press
October 11, 2012

Published Thursday, Sep. 20, 2012




TAXES $3,207 (2011)


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

The Action: This one-bedroom-plus-den corner penthouse was listed at $499,000, but no offers were made despite 50 showings. To revive interest in the unit, the price was dropped and the entire place decluttered and staged with appropriate furniture. The move successfully lured a buyer to the bargaining table by the second day.

What They Got: The Tannery Lofts redeveloped a century-old, brick warehouse to accommodate a large collection of authentic lofts and topped up with an addition for four penthouses with loft-style elements.

This 880-square-foot model has a den and bedroom for privacy and a living and dining area for entertaining, complete with hardwood floors, exposed brick walls and fireplace, in addition to large windows and a walkout to a 500-square-foot terrace with gas and water hookups.

Facilities for cooking and cleaning include an open kitchen with an island and stainless steel appliances, a four-piece bathroom and ensuite laundry facilities.

This unit comes with a locker and two outdoor parking spots – which was only offered to two penthouse owners while other residents rent from an adjacent parking lot – plus monthly fees of $581 that include heating and water costs.

The Agent’s Take: “It was such a beautiful space,” says Mr. Bibby, citing 13-foot ceilings to a rare gas fireplace fashioned with bricks salvaged from the building. “You have the combination of a soft loft and hard loft.”

This unit also had private outdoor areas others lacked. “A lot of conversions don’t have exterior space, but we had the second largest terrace in the building,” Mr. Bibby states. “[Parking] is surface, but they could be enclosed and they were tandem, so they were deep enough for two cars.”

Editor’s Note: In the Press|Done Deals contain information gathered from real estate agents, home buyers, home sellers and sale price data that is 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.

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