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Search Results for: hard loft

Second offer takes unique three-storey Toronto factory loft

Syd­nia Yu – The Globe and Mail

ADDRESS: 200 Clin­ton Street, No. 1
ASKING PRICE: $1,495,000
SELLING PRICE: $1,300,000
PREVIOUS SELLING PRICES: $471,000 (1998); $349,000 (1996)
TAXES: $5,776 (2011)
DAYS ON THE MARKET: 125

Button Factory Lofts - 200 Clinton Street

But­ton Fac­tory Lofts – 200 Clin­ton Street

THE ACTION: On a res­i­den­tial street between pop­u­lar restau­rants and cafés on Har­bord and Col­lege streets, this three-storey, ground floor unit at the But­ton Fac­tory Lofts was slowly cased by about 60 buy­ers start­ing in the fall. A low­ball offer was turned away, but the seller’s patience paid off with another viable bid by the end of winter.

Com­ment: Don’t be fooled by the long time on the mar­ket, expen­sive prop­er­ties like this always take time to sell.

WHAT THEY GOT: In the 1990s, a century-old, uni­form fac­tory was rede­vel­oped with 13 raw loft spaces. This one occu­py­ing the building’s north, east and south cor­ner was the largest with 2,400 square feet of inte­rior space and 600 square feet out­doors, exclud­ing the pri­vate front yard.

The main floor has three entry points, includ­ing a door between the car­port and the kitchen and din­ing area and the warehouse’s orig­i­nal front entrance between the gar­den and fire­side liv­ing space with 24-foot ceil­ings, orig­i­nal post and beams, hard­wood floors and cus­tom spi­ral staircase.

A second-floor ter­race can be reached from the den and bed­room, while the rooftop deck is at the top of the stairs from a third floor mas­ter suite with one of three bathrooms.

With­out recre­ational facil­i­ties or concierge on site, monthly fees are just $964.

THE AGENT’S TAKE: “It’s a hid­den gem with only 13 units in the com­plex, so there’s next to no turnover,” agent Christo­pher Bibby said. “[This unit] is such a unique prop­erty, it is the largest in the com­plex and it has the most exte­rior space.”

Lofts rarely pos­sess an orig­i­nal front door, sky­lights, wood-burning fire­place, spi­ral stair­case and out­door space, much less all those ele­ments com­bined, he said.

In a lot of con­ver­sions, you’re on a higher floor. Here, the entire unit was at grade, so it really felt more like a free­hold prop­erty, but it did have lofty char­ac­ter­is­tics,” Mr. Bibby added.

It’s not com­mon in a loft to have 2,400-square feet spread over three floors.”

Com­ment: Amaz­ing, I sold one in this build­ing a few years ago. Even with mul­ti­ple offers, it only went for a bit over $800k. I can­not believe how much prices have risen here!

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Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.

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In Canada’s housing market, the other shoe has already dropped

David Parkin­son – The Globe and Mail

For those who have been wait­ing for the other shoe to fall in Canada’s housing-market slow­down, I have news for you: It already has. It just hasn’t hit the ground yet.

As sales and con­struc­tion have slowed dra­mat­i­cally in recent months, home prices man­aged to resist slump­ing along with them. This curi­ous phe­nom­e­non had the opti­mists talk­ing about a soft land­ing for the sec­tor; but the pes­simists (real­ists?) saw this as a Wile E. Coyote-esque illu­sion, cer­tain that as soon as the mar­ket noticed that the ground beneath it had fallen away, it would plunge through the thin air inex­plic­a­bly hold­ing it aloft.

Com­ment: Except that when sup­ply decreases and demand stays the same, it puts pres­sure on inven­tory. And that pushes prices up, not down. Sales are start­ing to rise again, from –17% in March to –9% in May – with 3% fewer list­ings. Not sur­pris­ingly, prices rose over 5%. Sales started slump­ing in July, right after the new mort­gage rules came into effect. And prices have risen every months. Even con­dos are see­ing prices rebound and go up again. As new con­dos have slowed, the resale condo mar­ket has picked back up. There is no soft land­ing… because there is no land­ing. Sales will bounce back and prices will con­tinue to rise. Heck, even nation­ally sales are up 0.6% and prices up 0.2%. If things con­tinue to go up, that means they are not going to land.

The lat­est Teranet-National Bank House Price Index num­bers, released Tues­day morn­ing, sug­gest much of the coun­try has stopped run­ning and looked down.

Admit­tedly, that’s hard to see when you look at the head­line num­ber: The nation­wide com­pos­ite index was up 2.0% year-over-year in April, and up 0.2% from March. Doesn’t look much like a plummet.

Com­ment: Exactly. We have 6 dif­fer­ent mea­sures here, all but one are ris­ing. How is that a landing?

But National Bank Finan­cial econ­o­mist Marc Pin­son­neault noted that the month-over-month price gains in April – his­tor­i­cally a pretty strong month rel­a­tive to March, as the arrival of spring ramps up activ­ity – were the second-weakest in the 15-year his­tory of the index, with only the 2009 reces­sion gen­er­at­ing a weaker April per­for­mance. On a year-over-year basis, the price increase was also the weak­est it has ever been out­side the Great Recession.

Com­ment: It was also a crappy April for weather, plus the only April with the new mort­gage rules. Let’s wait for the next one and make some comparisons.

Indeed, the pace of year-over-year price appre­ci­a­tion has been slowly erod­ing for the past year and a half. Of the 11 major urban cen­tres tracked by the national com­pos­ite, seven (Vic­to­ria, Van­cou­ver, Edmon­ton, Toronto, Hamil­ton, Ottawa-Gatineau, Mon­treal) now show price declines from their 2012 highs. In April, five of the 11 (Van­cou­ver, Vic­to­ria, Ottawa-Gatineau, Que­bec City, Hal­i­fax) suf­fered month-over-month price declines. The scales are, increas­ingly, tip­ping toward actual defla­tion in the Cana­dian hous­ing mar­ket – and are already pretty deci­sively there in some parts of the coun­try, most notably the West Coast.

Com­ment: Good, the rate of increase can slow. But it con­tin­ues to be an increase, not a decrease.

Mr. Pin­son­neault noted that new-listings and sales data point to con­tin­ued mar­ket ero­sion in sev­eral major cen­tres, specif­i­cally Van­cou­ver, Vic­to­ria, Mon­treal and Ottawa-Gatineau. “It is there­fore likely that the annual price infla­tion in the Teranet-National Bank com­pos­ite index will con­tinue to dimin­ish sub­stan­tially in the months ahead,” he concluded.

Com­ment: None of which affect Toronto :)

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Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.

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Architect angles a Toronto condo for a difficult urban spot

Alex Bozikovic – The Globe and Mail

In the real estate world, mar­ket­ing peo­ple and proud archi­tects occa­sion­ally insist that a build­ing is a work of art. That is some­times true, but archi­tec­ture is not sculp­ture: Mak­ing a good build­ing demands all kinds of good urban wis­dom, tech­ni­cal skills, good money and a good piece of land.

Like­wise, if you start with an inter­est­ing site, you will likely get an inter­est­ing build­ing. A case in point is the prop­erty at 138 St. Helen’s Ave., near Bloor and Lans­downe. It is a rough beauty: a for­mer cold-storage ware­house, with con­t­a­m­i­nated soil, hard against a rail cor­ri­dor, jammed in by houses and a plumbers’ garage.

But it also bor­ders on a park. And that made it attrac­tive to Van­cou­ver devel­op­ers Aragon Prop­er­ties, who are about to mar­ket a build­ing with 90 condo units and 20,000 square feet of office space. The design, by Quad­ran­gle Archi­tects, is a three-dimensional pile of blocks that will look dif­fer­ent from every cor­ner. It reflects some smart city-building and also a mad spirit of invention.

Yes, things are get­ting interesting.

Toronto devel­op­ers have never had to work that hard for their sites,” says Quadrangle’s Richard Witt, the archi­tect who is lead­ing the project. “And now, sud­denly, they’re going to.” For Mr. Witt, a tal­ented and ambi­tious archi­tect who’s now a prin­ci­pal at Quad­ran­gle, this call from the West Coast rep­re­sents a chal­lenge on sev­eral levels.

He describes the build­ing as “a kinked tower,” but in fact it’s more like three build­ings: two L-shaped blocks, each four storeys tall, arranged to frame a court­yard, and a five-storey bridge across the mid­dle from one to the other. The forces shap­ing those forms are many: rail lines, zon­ing rules, views and, yes, a fair bit of artistry.

Point num­ber one: zon­ing. “The site,” Mr. Witt, explains, “is actu­ally des­ig­nated employ­ment use.” That is to say, com­mer­cial or indus­trial, the type of areas that city hall is fight­ing to pre­serve in the down­town from the march of more prof­itable con­dos. “But it has an exemp­tion in the offi­cial plan which allows for a com­bi­na­tion of res­i­den­tial and employ­ment. And the thing that dove­tails nicely with that is the rail tracks.” To wit: You can’t put apart­ments too close to rail­road tracks, but you can put office and com­mer­cial space. One prob­lem solved.

Point num­ber two: the neigh­bours. Just to the south is a small green space, called Mac­Gre­gor Park, and then a high school; to the north is a dense block of houses, light indus­try, and then Bloor Street and the Lans­downe sub­way sta­tion. The mixed industrial-residential char­ac­ter that has always existed here invites a bold archi­tec­tural response.

The carv­ing of the build­ing into three parts is bold. Fac­ing the park, to the south, one L will con­tain town­houses and apart­ments; to the west and north, the design puts office space against the tracks and its indus­trial neigh­bours. It will not over­whelm the cou­ple of houses that sit on its north­east cor­ner. And the tall part of the build­ing will be in the mid­dle of the site – five thin slabs, spread­ing out slightly at their edges like a hand of cards being shuf­fled. This is com­plex, as is the neighbourhood.

The exte­rior of the build­ing may take things a step fur­ther with an unortho­dox façade treat­ment. “The build­ing is flat, but I didn’t want it to be flat,” says Mr. Witt. “We wanted it to move.” So Quad­ran­gle is design­ing it with a bold dec­o­ra­tive pat­tern of chevrons, made from high-quality Aus­trian fiber cement pan­els. It is gutsy and its suc­cess will lie in the detail­ing, but in con­cept it looks ravishing.

Then there is the big pic­ture: Why do build­ings on this scale? Mr. Witt, a native Ontar­ian who’s worked in sev­eral Euro­pean cities and for the world-leading Fos­ter and Part­ners in Lon­don, has lived with such mod­er­ate and adapt­able build­ings. He sees mid-rise as an inevitable next step for Toronto’s urban form. He is now work­ing with var­i­ous devel­op­ers on pro­pos­als to inten­sify the city’s major streets. “There’s a matur­ing of the city,” Mr. Witt says. “There is a grow­ing num­ber of peo­ple who want to live in the city in multi-unit build­ings, but not nec­es­sar­ily in a 40-storey tower. So how do we cre­ate a vari­ety of options for them all?”

This coin­cides with a new push from Toronto’s chief plan­ner, Jen Keesmaat, to rein­force a decade-old pol­icy in favour of mid-size build­ings. Given the intense pop­u­la­tion growth that Toronto is expect­ing – half a mil­lion peo­ple in the next quarter-century – and the equally intense polit­i­cal push­back to large build­ings in low-rise neigh­bour­hoods, it is a given.

So the project, chris­tened Enigma Lofts and set to launch July 6, is in a sense a lab for the future of Toronto hous­ing. That makes sense, for it is a neigh­bour­hood on the cusp; long poor, rel­a­tively dan­ger­ous and resis­tant to gen­tri­fi­ca­tion, it is now fac­ing rapid hipsterification.

Since we started the project, sud­denly the whole area has got­ten more excit­ing,” Mr. Witt explains. Daniel Faria, one of the city’s lead­ing young art deal­ers, now has his gallery up the block, and Scrap Metal, a pri­vate gallery that is now on the city’s short list of con­tem­po­rary art des­ti­na­tions, has slid into an indus­trial unit around the cor­ner. All this makes the block more attrac­tive to condo-buying res­i­dents, and also for a vari­ety of office uses.

This block is still, make no mis­take, messy: mar­ble and gran­ite work­shops, fish­mon­gers, all kinds of light indus­try, a loft con­verted to con­dos, a few dozen mod­est houses. A decade ago it would never have been the site for a new, high-end, slightly artsy build­ing. But this is Toronto in 2013, and things are cer­tainly not boring.

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Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.

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