Buyers trim price on two-storey loft in converted Annex mansion

228 St. George St., No. 2, Toronto

Asking price: $899,000 (February, 2023)

Selling price: $885,000 (March, 2023)

Previous selling prices: $820,000 (April, 2017); $387,000 (February, 2007); $225,000 (May, 1999); $194,295 (March, 1997)

Taxes: $3,279 (2022)

Days on the market: 27

Listing agent: Kimmé Myles, Sotheby’s International Realty Canada

New Corian countertops and appliances have been added in the kitchen.Sotheby’s International Realty Canada

The action

This two-storey loft in a former Annex mansion provided a unique condo alternative in February and drew three dozen potential buyers for a walk-through. The absence of comparable units in the area made pricing a challenge, but the sellers were happy to accept a bid that came within $14,000 of list.

“There was a small buyer pool because it’s in an older building and house, and there are no amenities,” agent Kimmé Myles said. “So it’s not a traditional condo where you’ll have amenities, concierge, a big lobby and swimming pool.

“There hadn’t been any recent sales of any of the larger units, so we took a stab at the pricing and listed it for $899,000 and it sold for $885,000.”

The lower level has two bedrooms, a second bathroom and a second entrance.Sotheby’s International Realty Canada

What they got

This brick mansion was built around 1900, designed by well-known arts and crafts architect Eden Smith. In the 1990s, the structure was reconfigured with eight lofts and expanded at the rear with 16 stacked townhouses.

This roughly 1,100-square-foot loft has 10-foot ceilings, with leaded glass windows in the principal room. New Corian countertops and appliances have been added in the kitchen.

The lower level has two bedrooms, a second bathroom and a second entrance.

A storage locker and parking are included. Monthly fees of $801 cover water costs.

This roughly 1,100-square-foot loft has 10-foot ceilings, with leaded glass windows in the principal room.Sotheby’s International Realty Canada

The agent’s take

“The building lobby and entryway is completely original with wood panels,” Ms. Myles said.

“The unit had been somewhat renovated … so that enhanced the beauty, uniqueness and heritage of the space.”

This unit is also well-situated at the front of the building, facing the street. “It’s an unusual property that feels like a home rather than a condo,” Ms. Myles said.

“It had a lot light coming in, and the windows [downstairs] weren’t entirely below grade, so it didn’t feel like a lower level.”