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Toronto Real Estate Buyer adds $78,100 to offer for loft in Toronto’s Fashion District

Sotheby’s International Realty Canada

The Fashion District Lofts had three vacancies in February.

Sotheby’s International Realty Canada

10 Morrison St., No. 712, Toronto

Asking price: $599,900

Selling price: $678,000

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Previous selling price: $425,000 (2014); $253,541 (2009)

Taxes: $2,688 (2018)

Days on the market: four

Listing agents: Nigel Denham and Robert Nelson, Sotheby’s International Realty Canada

The action

Units rarely trade hands in the Fashion District Lofts building, but in February there happened to be three vacancies. This one-bedroom unit was listed around $600,000 and was seen by 30 visitors, before one put a halt to more showings by making an offer with a $78,100 premium tacked on.

“Recent sales history indicated a preference for setting up pricing competitively on the low side to generate a quick and effective sale in multiples,” agent Nigel Denham said.

“We had a pre-emptive offer from someone who didn’t want to wait for an offer date a couple days away.”

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What they got

The loft-like unit has dark cabinetry and hardwood floors.

Sotheby’s International Realty Canada

Constructed about a decade ago, this 615-square-foot suite has a loft-like atmosphere with over 9½-foot concrete ceilings, a wall of windows and sliding terrace doors along the width of the entertaining area.

Dark cabinetry and hardwood floors add warmth to areas such as the open Scavolini kitchen.

Storage options include a laundry closet, two lockers and parking. Monthly fees of $418 pay for water and heating.

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The agent’s take

The unit has a clear view of St. Andrew's Playground.

Sotheby’s International Realty Canada

“It has forever views of a park across the street,” Mr. Denham said. “[Plus] we were boasting a 250-square-foot terrace, an extra locker and upgrades to cabinetry, so it was a more substantial offering.”

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