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Done Deal. 121 Prescott Ave., Toronto (Geoffrey Parkin/GPPHOTO.CA)
Done Deal. 121 Prescott Ave., Toronto (Geoffrey Parkin/GPPHOTO.CA)

Toronto tannery loft offers an entry to the market Add to ...

121 PRESCOTT AVE. NO. 18, TORONTO

ASKING PRICE $329,000

SELLING PRICE $323,500

PREVIOUS SELLING PRICES $290,000 (2009); $225,000 (2007); $182,500 (2002); $139,000 (1999) ; $113,887 (1998)

TAXES $1,947 (2011)

DAYS ON THE MARKET 15

LISTING AGENTS Anil Khera and Nutan Brown, Royal LePage West Realty Group Ltd.

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The Action: This one-bedroom-plus-den unit at Studio One Lofts logged about 30 visitors evenly split between private showings and two open houses.

What They Got: In 1996, a former tannery was converted into 27 authentic lofts, including this nearly 1,100-square-foot space showcasing original brick walls and beams in the living room and combined dining and kitchen area, as well as modern granite counters and stainless steel appliances.

At some point, the carpeted master bedroom was reconfigured to create a den. Other essentials consist of a bathroom, laundry machines, a locker and surface parking. Utility costs are rolled into monthly fee of $532 as there are no on-site amenities. Local attractions include a recreation centre, Earlscourt Park and Corso Italia shops and restaurants on St. Clair Avenue, which has newer streetcar tracks.

The Agent’s Take: “For somebody looking to get into the market – particularly a loft space – hard lofts conversions are very difficult to come by,” says agent Anil Khera. “It’s not ideal for the first-time buyer who wants to be closer to downtown, but here, the value proposition is that you’re getting almost 1,100 square feet in the low $300,000s.”

Though every unit has a different layout and size, this one “has all the things you’d expect in a hard loft conversion: exposed brick walls, original hardwood flooring and exposed duct-work,” adds Mr. Khera.

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