Toronto Condo and Real Estate Blog

Bell Canada’s ‘overbuilt’ complex finds new life as Network Lofts

Back in 1971, Bell Canada overdid it. That year, Bell built a combined office building and switching station near the intersection of Islington Avenue and Bloor Street West.

A development team of Finer Space Construction and The Alterra Group has now finished converting the 12-storey former Bell building into a 13-storey loft building called Network Lofts.

The Network Lofts building suits a loft conversion because ceiling heights average 10 1/2 feet and the extra structural strength allows for wide spans between columns and load-bearing concrete walls.

With residential lofts, you have to provide lots of natural light. The conversion has changed the character and feel of the place - when you have a stretch of windows 10 1/2 feet high, it’s almost like being outside.

The loft conversion work meant removing the all of the old mechanical and electrical systems and replacing them with systems that meet current building-code standards, as well as the expectations of today’s loft buyers.

The mechanical floor will then be converted into two-storey loft units with ceiling heights open to the 17-foot mark. Located across the street from the Islington subway station and just west of the Kingsway Village, the building sat empty for about a year after Bell moved out and put it up for sale. Barnett says it makes good sense to convert the building from office to residential use.

Network Lofts will offer one and two-bedroom units, with and without dens. Network Lofts features include ceiling heights ranging from 10 feet to 17 feet, polished concrete floors, exposed concrete columns and oversized windows.

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I have a seller, who has a 2-bedroom, 2-bathroom loft on the ninth floor he wishes to sell. He takes occupancy on December 1st, so I should be able to arrange showings not long after that. If you are interested in this loft, please contact me for further information.

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Contact the Jeffrey Team for more information - 416-388-1960

Greater Toronto Resale Housing at 2,000 Sales in Mid-November

Greater Toronto real estate agents recorded 1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.

The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007. The year-to-date average price was recorded at $380,470 in 2008 from $374,678 in 2007.

In the 416 area, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007. In the 905 Region there were 1,161 sales during the first half of the month from the 1,901 transactions recorded at mid-November 2007. The year-to-date figures show 42,348 compared to 49,949 recorded in 2007.

“It’s particularly important to interpret the 416 area statistics in context given the market surge we saw a year ago when buyers moved to avoid the new Toronto Land Transfer Tax,” said Ms. O’Neill. “At midmonth a year ago, transactions in the 416 area had increased 24% over the same period in 2006.”

In the first two weeks of November 2008, the average price of a home in the GTA was $375,712 compared to $393,084 recorded a year ago.

In the 416 area, homes are currently selling for an average of $400,305 from the $432,972 average recorded during the same time period in 2007. An average price of $383,029 was recorded in the first two weeks of November 2006.

In the 905 Region the average price is currently $358,130 from $358,610 recorded a year ago. During the first half of November 2006 the average price was recorded at $336,576.

“As an investment, a home not only offers shelter and an environment in which life’s most important moments are shared, but also offers financial appreciation in the long term, said Ms. O’Neill.”

Currently there are 27,562 homes listed for sale on the TorontoMLS system compared to a year ago when 20,173 properties were available. As such, the average time homes are remaining on the market is 41 days from 31 days in 2007. Sellers are currently achieving 97% of their list price.

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Contact the Jeffrey Team for more information - 416-388-1960

Discover authentic loft living

From New Dream Homes and Condos Magazine

At Alterra, it’s all about creating exceptional living spaces and that’s just what they’ve done at Network Lofts.

Once an office for Bell Canada, the Network Lofts building at Bloor and Islington has been retrofitted, refurnished, and reborn. With direct connections to the city’s financial and entertainment districts, Network Lofts offers residents stylish living spaces in Toronto’s west end.

This landmark building has been refaced with a shimmering new glass and stucco exterior. Step inside and enjoy real loft living with polished concrete floors, exposed concrete columns, and ceilings ranging from 10 1/2 to 19 1/2 feet. Panoramic floor-to-ceiling windows provide spectacular views of the city and the lake.

Your transition from the outside world to the luxury within Network Lofts is made through an elegant covered entrance, past a front porch and vestibule, and into a refined boutique-style lobby. Here, a 24-hour concierge greets you and your guests, welcoming you into a sophisticated reception area with wood-paneled walls and stone and steel accents.

The lofts feature individually controlled in-suite heating and cooling system, French balconies with sliding doors (as per plan), and track lighting in entrance foyer and kitchen area. Each suite includes a security system and telephone intercom entry system for receiving guests.

The kitchens at Network Lofts are a gourmet’s dream with their custom “Eurostyle” cabinetry, double stainless steel sink with upgraded washerless single lever extended lever handle faucet, and four appliances.

The trendy Network Lofts bathrooms include porcelain or ceramic tile floors and porcelain or ceramic tile shower surrounds with ceramic tile floor finish. They also feature “Eurostyle” design finish cabinets with cultured marble countertops and integrated sinks with upgraded single lever faucets.

Ready to pamper you in both body and mind, Network Lofts‘ recreational amenities offer a relaxing sanctuary after a hard day at the office or during a weekend entertaining guests from out of town.

Amenities include a relaxing whirlpool spa, men’s and women’s steam rooms, lockers, and change rooms.

The fully equipped exercise room includes treadmills, elliptical exercisers, free weights, and a flat screen television. Other amenities include a party room with kitchen, a media lounge with home theatre system, a yoga studio, and fully finished guest suite.

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I have a seller, who has a 2-bedroom, 2-bathroom loft on the ninth floor he wishes to sell. He takes occupancy on December 1st, so I should be able to arrange showings not long after that. If you are interested in this loft, please contact me for further information.

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Contact the Jeffrey Team for more information - 416-388-1960