Welcome to urbaneer.com’s Home Of The Month feature, which showcases what our Buyers have recently purchased in the City of Toronto.
This month we feature the story of an international investor familiar with Toronto.
While pundits predict a housing bubble that will burst, contradicting the stability and strength represented by solid sales this 2013, it’s the condominium segment which is serving as the Toronto housing market’s love-to-hate villain. And, well, this is understandable if one acknowledges the sheer number of ubiquitous box-in-the sky condominiums which are popping up left right and centre. Certainly with an increasing number of these sky-high condo boxes nearing completion, the market does remain vulnerable. So the question is, if you’re going to make a condominium purchase, what do we recommend you buy?
Urbaneer recommends buying something special which you’re prepared to hold for the long term. And DON’T buy a suite in a super high-rise. As glamorous as these tall towers are presented, do not forget that the value of any condominium high-rise suite is dependent on the most desperate of Sellers. If you’re in a 50-storey 400-unit condominium that has 200 one-bedroom suites similar to yours, the ability for it to increase in value is essentially in the hands of the most desperate of sellers owning any unit similar to yours. Our advice? Buy a condominium which is the least likely space to be replicated in the neighbourhood you’re buying in. And search for condominiums that have a unique quality (i.e. properties with a thoughtful space plan, decent vista or in highly coveted locations) which are more likely to hold their value by virtue of their rarity on the market.
Which is exactly what our investors did.
In their decision to expand their real estate investment portfolio, they decided to purchase this vintage two bedroom two bath brick and beam loft in the heart of St. Lawrence Market listed for $549,000.
This is a loft conversion we adore.
Located on the south side of Front Street East, between Church and Jarvis Streets next door to the St. Lawrence Market, the dynamite St. Lawrence Loft Condominium is in one of the city’s most convenient urban locations. While all your transportation needs are covered, with a 24hour streetcar connecting directly to the Yonge and University Subway lines, and just blocks from Union Station to the Go and Via Rail trains, this is truly a walking neighbourhood. Here you’re a short stroll to everyday shopping including the charming St. Lawrence Market with its purveyors of fresh produce and specialty foods, the Starbucks and liquor store directly below on ground level, and even a top notch 24hour Metro grocer across the street for those with irregular work hours. And for those with a love of design, you’re smack dab in the centre of oodles of design retailers, art galleries and a fantastic array of entertainment and cafés, including the Sony Centre for bright light big city shows!
Situated in a collection of the oldest heritage buildings in Toronto, these vintage warehouses date from 1860 – before Canada was even a country! Although now located far from the lakefront, at the time of their construction these buildings served as the warehouses at the foot of the lakeside shipping wharves. Occupied by wholesale grocers and commercial operations serving this British colonial outpost, these three architecturally resplendent Pre-Confederation character buildings reflect the Northern Italian Renaissance and Georgian Classical design elements that were popular in commercial architecture at the time. Converted by the Georgian Group in 2002, this intimate complex contains just 54 brick and beam lofts ranging from around 600 to almost 1300 square feet. Depending on the level and location within the complex, ceiling heights range from nine to sixteen feet with one and two level units. Featuring rustic brick walls, vintage wood beam columns and hardwood flooring, this character-rich complex is as charming inside as it is out.
Our Buyers purchased a top floor south-facing two-storey end-unit loft which features vaulted ceilings, skylights, and plenty of exposed brick. When you marry this kind of space in a Triple AAA location, you’re guaranteed to attract a quality tenant willing to pay the market rent for this rare-to-find-space. This loft will command around $2700 per month plus utilities.
Here are some pics and the floor plan of the loft our clients purchased:
With 1058 square feet, this vintage loft sold for around $510 per square foot.
This property is a great long-term hold that will provide a solid income stream! If you’re interested in purchasing an investment property in the City Of Toronto, or know someone who is, please know this is one of our fortes. With a multi-disciplinary education in housing, over twenty-four years of real estate sales, marketing and development including a sterling reputation as one of Bosley Real Estate’s Top Producers, we make it our mandate to guide buyers and sellers through all their real estate needs.
~ Steven and the urbaneer team
Home Of The Month