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There’s No Place Like Home
A dedicated Yorkville condo dweller takes advantage of a softening market
THE BUYER
Jon Mamela,
director of product and service strategy
for Fairmont
Hotels. He didn’t want to leave
Yorkville, where he’d recently sold his condo, but
didn’t think he could afford to stay.
The price range: $350,000–$450,000.
The criteria: At least one bedroom, nice finishes, 800 square feet, hardwood floors, gas stove,
two bathrooms (one ensuite), a concierge, and close
to groceries, a gym and restaurants.
The agent: Nissan Michael, Harvey Kalles Real Estate.
The search: Looked at four places over three months.
Option 1: Avenue Road and Davenport; fourth floor, one bedroom plus den, listed at $369,000
It was close to Yorkville and all Mamela’s old haunts. The size (800 square feet) and the reno were decent, but it had dark hallways and low ceilings (he estimates eight and a half feet). “I could have settled, but it wasn’t what my heart was set on,” he says.
Option 2: Yonge and Summerhill; third floor, one
bedroom plus den, two bathrooms, listed at $429,000
The building—a mix of commercial and residential suites—intrigued him, and he liked the area. The neighbours, however, were a problem: there was a doctor’s office
next door. Ultimately,
he figured having patients walking up and down the halls was “a bit weird.”
Option 3: Adelaide and
Sherbourne; 12th floor, one
bedroom plus den, 800 square feet, listed at $349,000
Though the condo fees were low and he liked the building, he didn’t love the area. It was no Yorkville. And there were no decent gyms or grocery stores within walking distance.
The buy: Avenue Road and Yorkville;
one bedroom, one and a half bath-rooms, 980 square feet, purchase
price $475,000
This unit, a one-bedroom sub-penthouse suite, was for sale in his old condo building. When he first started looking, the asking price—$540,000—was too much. Then it was re-listed at $500,000, so Mamela went to look. The ceilings were higher than in
his former unit, the view was better and the place was bigger. He offered low, with
a 30-day closing, which the seller wanted. He had to get a 30-year mortgage, but
he figures it’s worth it. “It’s very loft-like in
an un-loft-like building,” he says. “I love it.”
Photographs by Ryan Szulc
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