Year’s first listing at Toronto’s Tip Top Lofts snags several suitors

PUBLISHED TUESDAY, APRIL 16, 2019

637 Lake Shore Blvd. W., No. 432, Toronto

Asking price: $875,000

Selling price: $865,000

Previous selling prices: $618,000 (2015); $406,000 (2008); $310,969 (2006)

Taxes: $3,575 (2018)

Days on the market: 19

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

The action

Buyers looking to get into the Tip Top Lofts had to wait until February for an opening – this two-bedroom unit. Though it lacked a balcony – as many of the hard lofts at Tip Top do – nearly three dozen shoppers scheduled a personal visit.

“Turnover in the building is generally quite low. We didn’t have any competition at the time we listed, and we were actually the first unit to list all year in the building,” agent Christopher Bibby said.

“We did have an offer early on we turned away and two offers ended up coming in on the property.”

What they got

An Art Deco warehouse originally home to the Tip Top men’s-wear retailer 90 years ago was refurbished and topped up to create hundreds of lofts about 10 years ago. This 1,065-square-foot unit is in the original section, with 14-foot concrete ceilings and southwest-facing windows in the principal room and in the master bedroom’s walk-in closet.

Modern updates include hardwood floors, two renovated bathrooms, kitchen and laundry appliances, plus parking.

Monthly fees of $697 cover the cost of water and heating, concierge, a rooftop deck, fitness and party rooms.

The agent’s take

“While Queens Quay and Harbourfront has traditional high-rise and low-rise condominiums, this is the only conversion,” Mr. Bibby said.

“The things that make this unit so unique are … the large windows, lot of natural light and exposed concrete ceilings, so it had an open, airy, loft-like feeling.”