Toronto two-storey loft fits buyer’s math

Wednesday, Feb. 06, 2013

261 KING ST. E., NO. 405, TORONTO

ASKING PRICE $825,000

SELLING PRICE $795,000

TAXES $5,977 (2011)

DAYS ON THE MARKET 18

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

The Action: In the Abbey Lane Lofts, a couple of blocks from the historic St. Lawrence Market and Distillery District, this two-storey suite opened its doors to more than a dozen buyers requesting private showings.

What They Got: A roughly decade-old building with less than 30 units provides an intimate setting for this over 1,800-square-foot plan with loft-style traits, such as concrete floors and walls in the kitchen, dining area and entertaining space, which also features double height ceilings, windows and terrace doors.

Hardwood floors appear in the main-level den, which is hidden behind sliding doors, and two bedrooms upstairs, including a 21-by-16-foot master suite with nine-foot ceilings.

Two bathrooms and laundry facilities form the rest of the unit, which also has a locker, parking and monthly fees of $699.

The Agent’s Take: “For soft lofts, you can see prices anywhere from about $600 per square foot, but this was $441 per square feet, so that’s tremendous value given the fact its 1,800-square feet,” agent Christopher Bibby said.

“It was marketed as a two-bedroom-plus-den, but all three rooms were enclosed with natural light coming through, so a family could have lived in the space.”

Unlike conventional buildings, each unit was different, from varying ceiling heights to one and two-storey layouts. “[Here] the master bedroom was probably the largest master bedroom I’ve been in in a condominium,” Mr. Bibby said.

“We had a south-facing terrace with a view of the city skyline, Financial District, CN Tower and the lake, and again, in a lot of loft buildings in general, you don’t see a lot of exterior space of this size, so that was unique as well.”