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Toronto Real Estate Large loft in downtown Toronto sells after two price drops

The Weir Team/The Weir Team

155 Dalhousie St., No. 1116, Toronto

Asking price: $2,029,000

Selling price: $1,865,000

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Taxes: $8,029 (2018)

Days on the market: 18

Listing agents: Cameron Weir, Scott Hanton and Fuji Duong, The Weir Team

The action

The interior details range from exposed ductwork, multipaned windows and a custom steel staircase to classic Brazilian walnut hardwood floors.

The Weir Team/The Weir Team

In September, this two-storey penthouse made its market debut at $2.3-million, but in the following months, the price was twice reduced and the property relisted. Those moves sparked the interest of buyers with bigger budgets than the average shopper looking for units in the Merchandise Building, which contains mostly smaller condos. A deal for $1.865-million was finalized mid-November.

“Above the $2-million price point, [properties] tend to sit for a little longer,” agent Fuji Duong said.

“When we took the listing, we told the seller this would take three to six months … because the buyer pool is so small and we were coming up to November and December when things are slower.”

What they got

The unit is in a former Sears warehouse near the downtown Toronto campus of Ryerson University.

The Weir Team/The Weir Team

Just east of Ryerson University, a former Sears warehouse was converted into lofts, such as this custom 2,627-square-foot unit with a 600-square-foot terrace off the second-floor den.

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The interior decor ranges from industrial, exposed ductwork, multipaned windows and custom steel staircase to classic Brazilian walnut hardwood floors and two gas fireplaces.

The unit features two gas fireplaces.

The Weir Team/The Weir Team

The main floor was arranged with a raised dining area, an open kitchen and living room, as well as two of the three bedrooms with private bathrooms.

The unit also comes with a built-in sound system and two-car parking. Monthly fees of $1,750 cover heating and water costs, along with concierge, gym, pool and party room.

The agent’s take

The unit has a 600-square-foot outdoor terrace.

The Weir Team/The Weir Team

“This was Crestford’s first developments in the area, so they were more flexible in terms of their build options and let people buy two units and combine them. Like, upstairs and downstairs units were combined [to create this loft],” Mr. Duong said.

“[Plus] the outdoor space was great because it was a bigger space, and it wasn’t super high and super windy.”

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